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Schedule I - Condensed Financial Information of Parent | 12 Months Ended
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Dec. 31, 2018
Condensed Financial Information Disclosure [Abstract] |
Schedule I - Condensed Financial Information of Parent | EDISON INTERNATIONAL SCHEDULE I – CONDENSED FINANCIAL INFORMATION OF PARENT CONDENSED BALANCE SHEETS
| December 31,
(in millions) | 2018 |  | 2017
Assets: |  |  |
Cash and cash equivalents | $ | 97 |  |  | $ | 524 |
Other current assets | 52 |  |  | 340 |
Total current assets | 149 |  |  | 864 |
Investments in subsidiaries | 12,521 |  |  | 13,659 |
Deferred income taxes | 516 |  |  | 500 |
Other long-term assets | 78 |  |  | 91 |
Total assets | $ | 13,264 |  |  | $ | 15,114 |
Liabilities and equity: |  |  |
Short-term debt | $ | — |  |  | $ | 1,139 |
Other current liabilities | 498 |  |  | 467 |
Total current liabilities | 498 |  |  | 1,606 |
Long-term debt | 1,740 |  |  | 1,193 |
Other long-term liabilities | 567 |  |  | 644 |
Total equity | 10,459 |  |  | 11,671 |
Total liabilities and equity | $ | 13,264 |  |  | $ | 15,114 |
EDISON INTERNATIONAL SCHEDULE I – CONDENSED FINANCIAL INFORMATION OF PARENT CONDENSED STATEMENTS OF INCOME For the Years Ended December 31, 2018, 2017 and 2016
(in millions) | 2018 |  | 2017 |  | 2016
Interest income from affiliates | $ | — |  |  | $ | — |  |  | $ | 6 |
Operating, interest and other expenses | 98 |  |  | 92 |  |  | 86 |
Loss before equity in (loss) earnings of subsidiaries | (98 | ) |  | (92 | ) |  | (80 | )
Equity in (loss) earnings of subsidiaries | (376 | ) |  | 739 |  |  | 1,337 |
(Loss) income before income taxes | (474 | ) |  | 647 |  |  | 1,257 |
Income tax (benefit) expense | (17 | ) |  | 82 |  |  | (42 | )
(Loss) income from continuing operations | (457 | ) |  | 565 |  |  | 1,299 |
Income from discontinued operations, net of tax | 34 |  |  | — |  |  | 12 |
Net (loss) income | $ | (423 | ) |  | $ | 565 |  |  | $ | 1,311 |
CONDENSED STATEMENTS OF COMPREHENSIVE INCOME For the Years Ended December 31, 2018, 2017 and 2016
(in millions) | 2018 |  | 2017 |  | 2016
Net (loss) income | $ | (423 | ) |  | $ | 565 |  |  | $ | 1,311 |
Other comprehensive (loss) income, net of tax | (7 | ) |  | 10 |  |  | 3 |
Comprehensive (loss) income | $ | (430 | ) |  | $ | 575 |  |  | $ | 1,314 |
EDISON INTERNATIONAL SCHEDULE I – CONDENSED FINANCIAL INFORMATION OF PARENT CONDENSED STATEMENTS OF CASH FLOWS For the Years Ended December 31, 2018, 2017 and 2016
(in millions) | 2018 |  | 2017 |  | 2016
Net cash provided by operating activities | $ | 785 |  |  | $ | 462 |  |  | $ | 493 |
Cash flows from financing activities: |  |  |  |  |
Long-term debt issued | 549 |  |  | 798 |  |  | 400 |
Long-term debt issuance costs | (4 | ) |  | (5 | ) |  | (3 | )
Long-term debt matured | — |  |  | (400 | ) |  | — |
Payable due to affiliates | 13 |  |  | 8 |  |  | 34 |
Short-term debt financing, net | (1,141 | ) |  | 600 |  |  | (108 | )
Payments for stock-based compensation | (24 | ) |  | (260 | ) |  | (95 | )
Receipts for stock-based compensation | 14 |  |  | 144 |  |  | 51 |
Dividends paid | (788 | ) |  | (707 | ) |  | (626 | )
Net cash (used in) provided by financing activities | (1,381 | ) |  | 178 |  |  | (347 | )
Capital contributions to affiliate | (10 | ) |  | (122 | ) |  | (147 | )
Dividends from affiliate | 179 |  |  | — |  |  | — |
Net cash provided by (used in) investing activities: | 169 |  |  | (122 | ) |  | (147 | )
Net (decrease) increase in cash and cash equivalents | (427 | ) |  | 518 |  |  | (1 | )
Cash and cash equivalents, beginning of year | 524 |  |  | 6 |  |  | 7 |
Cash and cash equivalents, end of year | $ | 97 |  |  | $ | 524 |  |  | $ | 6 |
Note 1. Basis of Presentation The accompanying condensed financial statements of Edison International Parent should be read in conjunction with the consolidated financial statements and notes thereto of Edison International and subsidiaries ("Registrant") included in this Form 10-K. Edison International's Parent significant accounting policies are consistent with those of the Registrant, SCE and other wholly owned and controlled subsidiaries. Dividends Received Edison International Parent received cash dividends from SCE of $788 million, $573 million and $701 million in 2018, 2017 and 2016, respectively. Dividend Restrictions CPUC holding company rules require that SCE's dividend policy be established by SCE's Board of Directors on the same basis as if SCE were a stand-alone utility company, and that the capital requirements of SCE, as deemed to be necessary to meet SCE's electricity service obligations, shall receive first priority from the Boards of Directors of both Edison International and SCE. In addition, the CPUC regulates SCE's capital structure which limits the dividends it may pay to its shareholders. Under SCE's interpretation of CPUC regulations, the common equity component of SCE's capital structure must remain at or above 48% on a weighted average basis over the 37-month period that SCE's capital structure is in effect for ratemaking purposes. As allowed under the Revised San Onofre Settlement Agreement, which was approved by the CPUC in July 2018, SCE has excluded a $448 million after-tax charge resulting from the implementation of the Revised San Onofre Settlement Agreement from its ratemaking capital structure (see "Notes to Consolidated Financial Statements—Note 12. Commitments and Contingencies—Contingencies—Permanent Retirement of San Onofre" for further information on the Revised San Onofre Settlement Agreement). At December 31, 2018, SCE's 37-month average common equity component of total capitalization was 49.7% and the maximum additional dividend that SCE could pay to Edison International under this limitation after paying preferred and preference shareholders was $459 million, resulting in a restriction on net assets of approximately $13.3 billion. Under SCE's interpretation of the CPUC's capital structure decisions, SCE is required to file an application for a waiver of the 48% equity ratio condition discussed above if an adverse financial event reduces its spot equity ratio below 47%. On February 28, 2019, SCE is submitting an application to the CPUC for waiver of compliance with this equity ratio requirement, describing that while the charge accrued in connection with the 2017/2018 Wildfire/Mudslide Events caused its equity ratio to fall below 47% on a spot basis as of December 31, 2018, SCE remains in compliance with the 48% equity ratio over the applicable 37-month average basis. In its application, SCE is seeking a limited waiver to exclude wildfire-related charges and wildfire-related debt issuances from its equity ratio calculations until a determination regarding cost recovery is made. Under the CPUC's rules, SCE will not be deemed to be in violation of the equity ratio requirement, and therefore may continue to issue debt and dividends, while the waiver application is pending resolution. For further information, see "Notes to Consolidated Financial Statements—Note 1. Summary of Significant Accounting Policies—SCE Dividends." Note 2. Debt and Credit Agreements Long-Term Debt In January 2018, Edison International Parent borrowed $500 million under a Term Loan Agreement due in January 2019, with a variable interest rate based on the London Interbank Offered Rate plus 60 basis points. The proceeds were used to repay Edison International Parent's commercial paper borrowings. In March 2018, Edison International Parent issued $550 million of 4.125% senior notes due in 2028. The proceeds from the March 2018 issuance were used to repay the $500 million Term Loan discussed above and for general corporate purposes. In addition, at December 31, 2018 and 2017, Edison International Parent had $400 million of 2.125% senior notes due in 2020, $400 million of 2.40% senior notes due in 2022 and $400 million of 2.95% senior notes due in 2023. Credit Agreements and Short-Term Debt The following table summarizes the status of the credit facility at December 31, 2018:
(in millions) |
Commitment | $ | 1,500 |
Outstanding borrowings | — |
Amount available | $ | 1,500 |
In May 2018, Edison International Parent amended its multi-year revolving credit facility to increase the facility from $1.25 billion to $1.5 billion. The facility matures in May 2023 and has two 1-year extension options. At December 31, 2018, Edison International Parent had no outstanding commercial paper. At December 31, 2017, the outstanding commercial paper, net of discount, was $639 million at a weighted-average interest rate of 1.70%. The debt covenant in Edison International's credit facility requires a consolidated debt to total capitalization ratio of less than or equal to 0.70 to 1. At December 31, 2018, Edison International's consolidated debt to total capitalization ratio was 0.55 to 1. Note 3. Related-Party Transactions Edison International's Parent expense from services provided by SCE was $2 million in 2018, $3 million in 2017 and $3 million in 2016. Edison International's Parent interest expense from loans due to affiliates was $5 million in 2018, $5 million in 2017 and $3 million in 2016. Edison International Parent had current related-party receivables of $41 million and $256 million and current related-party payables of $249 million and $235 million at December 31, 2018 and 2017, respectively. Edison International Parent had long-term related-party receivables of $73 million and $81 million at December 31, 2018 and 2017, respectively, and long-term related-party payables of $213 million and $200 million at December 31, 2018 and 2017, respectively. Note 4. Contingencies For a discussion of material contingencies see "Notes to Consolidated Financial Statements—Note 8. Income Taxes" and "—Note 12. Commitments and Contingencies."

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- Definition The entire disclosure for condensed financial information, including the financial position, cash flows, and the results of operations of the registrant (parent company) as of the same dates or for the same periods for which audited consolidated financial statements are being presented. Alternatively, the details of this disclosure can be reported by the specific parent company taxonomy elements, indicating the appropriate date and period contexts in an instance document. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 810 -SubTopic 10 -Section 45 -Paragraph 11 -URI http://asc.fasb.org/extlink&oid=108774443&loc=d3e5283-111683 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 942 -SubTopic 235 -Section S99 -Paragraph 2 -Subparagraph (SX 210.9-06) -URI http://asc.fasb.org/extlink&oid=6882215&loc=d3e537971-122884 + Details
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