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Schedule I - Condensed Financial Information of Parent | 12 Months Ended
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Dec. 31, 2019
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) | 2019 |  | 2018
Assets: |  |  |
Cash and cash equivalents | $ | 15 |  |  | $ | 97 |
Other current assets | 260 |  |  | 52 |
Total current assets | 275 |  |  | 149 |
Investments in subsidiaries | 16,530 |  |  | 12,521 |
Deferred income taxes | 608 |  |  | 516 |
Other long-term assets | 76 |  |  | 78 |
Total assets | $ | 17,489 |  |  | $ | 13,264 |
Liabilities and equity: |  |  |
Current portion of long-term debt | 400 |  |  | — |
Other current liabilities | 481 |  |  | 498 |
Total current liabilities | 881 |  |  | 498 |
Long-term debt | 2,733 |  |  | 1,740 |
Other long-term liabilities | 572 |  |  | 567 |
Total equity | 13,303 |  |  | 10,459 |
Total liabilities and equity | $ | 17,489 |  |  | $ | 13,264 |
EDISON INTERNATIONAL SCHEDULE I – CONDENSED FINANCIAL INFORMATION OF PARENT CONDENSED STATEMENTS OF INCOME For the Years Ended December 31, 2019, 2018 and 2017
(in millions) | 2019 |  | 2018 |  | 2017
Interest income from affiliates | $ | 5 |  |  | $ | — |  |  | $ | — |
Operating, interest and other expenses | 150 |  |  | 98 |  |  | 92 |
Loss before equity in earnings (loss) of subsidiaries | (145 | ) |  | (98 | ) |  | (92 | )
Equity in earnings (loss) of subsidiaries | 1,385 |  |  | (376 | ) |  | 739 |
Income (loss) before income taxes | 1,240 |  |  | (474 | ) |  | 647 |
Income tax (benefit) expense | (44 | ) |  | (17 | ) |  | 82 |
Income (loss) from continuing operations | 1,284 |  |  | (457 | ) |  | 565 |
Income from discontinued operations, net of tax | — |  |  | 34 |  |  | — |
Net income (loss) | $ | 1,284 |  |  | $ | (423 | ) |  | $ | 565 |
CONDENSED STATEMENTS OF COMPREHENSIVE INCOME For the Years Ended December 31, 2019, 2018 and 2017
(in millions) | 2019 |  | 2018 |  | 2017
Net income (loss) | $ | 1,284 |  |  | $ | (423 | ) |  | $ | 565 |
Other comprehensive (loss) income, net of tax | (9 | ) |  | (7 | ) |  | 10 |
Comprehensive income (loss) | $ | 1,275 |  |  | $ | (430 | ) |  | $ | 575 |
EDISON INTERNATIONAL SCHEDULE I – CONDENSED FINANCIAL INFORMATION OF PARENT CONDENSED STATEMENTS OF CASH FLOWS For the Years Ended December 31, 2019, 2018 and 2017
(in millions) | 2019 |  | 2018 |  | 2017
Net cash provided by operating activities | $ | 181 |  |  | $ | 785 |  |  | $ | 462 |
Cash flows from financing activities: |  |  |  |  |
Long-term debt issued | 1,399 |  |  | 549 |  |  | 798 |
Long-term debt issuance costs | (9 | ) |  | (4 | ) |  | (5 | )
Long-term debt repaid | — |  |  | — |  |  | (400 | )
Term loan issued | 1,000 |  |  | — |  |  | — |
Term loan repaid | (1,000 | ) |  | — |  |  | — |
Common stock issued | 2,391 |  |  | — |  |  | — |
Payable due to affiliates | 5 |  |  | 13 |  |  | 8 |
Short-term debt financing, net | (1 | ) |  | (1,141 | ) |  | 600 |
Payments for stock-based compensation | (27 | ) |  | (24 | ) |  | (260 | )
Receipts for stock-based compensation | 39 |  |  | 14 |  |  | 144 |
Dividends paid | (810 | ) |  | (788 | ) |  | (707 | )
Net cash provided by (used in) financing activities | 2,987 |  |  | (1,381 | ) |  | 178 |
Capital contributions to affiliate | (3,258 | ) |  | (10 | ) |  | (122 | )
Dividends from affiliate | 8 |  |  | 179 |  |  | — |
Net cash (used in) provided by investing activities: | (3,250 | ) |  | 169 |  |  | (122 | )
Net (decrease) increase in cash and cash equivalents | (82 | ) |  | (427 | ) |  | 518 |
Cash and cash equivalents, beginning of year | 97 |  |  | 524 |  |  | 6 |
Cash and cash equivalents, end of year | $ | 15 |  |  | $ | 97 |  |  | $ | 524 |
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 Parent's 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 $400 million, $788 million and $573 million in 2019, 2018 and 2017, 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. Prior to January 1, 2020, under SCE's interpretation of CPUC regulations and capital structure decisions, the common equity component of SCE's capital structure was required to remain at or above 48% on a weighted average basis over the 37-month period that SCE's capital structure was in effect for ratemaking purposes and SCE was 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%. Effective January 1, 2020, the common equity component of SCE's authorized capital structure was increased from 48% to 52%. Under AB 1054, the impact of SCE's contributions to the Wildfire Insurance Fund are excluded from the measurement of SCE's CPUC-jurisdictional authorized capital structure. On February 28, 2019, SCE submitted 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 requested 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. The CPUC has ruled that while the application is pending resolution, SCE must notify the CPUC if an adverse financial event reduces SCE's spot equity ratio by more than one percent from the level most recently filed with the CPUC in the proceeding. The last spot equity ratio SCE filed with the CPUC in the proceeding was 45.2% as of December 31, 2018. 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 12. Commitments and Contingencies—Contingencies—Southern California Wildfires and Mudslides." At December 31, 2019, without excluding the $2.0 billion after-tax wildfire-related charges incurred in 2018 and 2019, SCE's 37-month average common equity component of total capitalization was 48.5% and the maximum additional dividend that SCE could pay to Edison International under this limitation was $179 million, resulting in a restriction on net assets of approximately $17.6 billion. If the wildfire-related charges were excluded at December 31, 2019, SCE's 37-month average common equity component of total capitalization would have been 49.6%. See "Notes to Consolidated Financial Statements—Note 1. Summary of Significant Accounting Policies—SCE Dividends." Note 2. Debt and Equity Financing Long-Term Debt In June 2019, Edison International Parent issued $600 million of 5.75% senior notes due June 15, 2027. Of the proceeds of the senior note offering, $450 million was contributed to SCE with the remainder to be used for general corporate and working capital purposes. In November 2019, Edison International Parent issued $300 million of 3.125% senior notes due 2022 and $500 million of 3.550% senior notes due 2024. A portion of the proceeds of the November 2019 offering was used to repay a borrowing under a term loan agreement due in April 2020, a portion is used to repay at maturity some or all of Edison International Parent's outstanding 2.125% senior notes due 2020, and the remainder for general corporate purposes. In addition, at December 31, 2019 and 2018, Edison International Parent had $400 million of 2.125% senior notes due in 2020, $400 million of 2.40% senior notes due in 2022, $400 million of 2.95% senior notes due in 2023 and $550 million of 4.125% senior notes due in 2028. Credit Agreements and Short-Term Debt The following table summarizes the status of the credit facility at December 31, 2019:
(in millions) |
Commitment | $ | 1,500 |
Outstanding borrowings | — |
Amount available | $ | 1,500 |
In April 2019, Edison International Parent borrowed $1.0 billion under a term loan agreement due in April 2020, with a variable interest rate based on the London Interbank Offered Rate plus 90 basis points. Of the proceeds of the term loan, $750 million was contributed to SCE with the remainder used for general corporate and working capital purposes. The term loan was fully repaid in December 2019. In June 2019, Edison International Parent amended the maturity date of its multi-year revolving credit facility of $1.5 billion. The facility now matures in May 2024, with an option to extend for an additional year, which may be exercised upon agreement between Edison International Parent and its lenders. At December 31, 2019 and December 31, 2018, Edison International Parent had no outstanding commercial paper. 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, 2019, Edison International's consolidated debt to total capitalization ratio was 0.55 to 1. Equity In May 2019, Edison International filed a prospectus supplement and executed several distribution agreements with certain sales agents to establish an ATM program under which it may sell shares of its common stock having an aggregate sales price of up to $1.5 billion. In the fourth quarter of 2019, Edison International issued 2.8 million shares through the ATM program and received proceeds of $198 million, net of fees and offering expenses of $2 million. The proceeds from the sales were used for equity contributions to SCE and for general corporate and working capital purposes. As of December 31, 2019, shares of common stock having an aggregate offering price of $1.3 billion remained available to be sold under the ATM program. Edison International has no obligation to sell the remaining available shares. In July 2019, Edison International issued 32.2 million shares of common stock and received proceeds of approximately $2.2 billion, net of fees and offering expenses of $52 million in an underwritten offering. Of the proceeds, $1.9 billion was contributed to SCE. The remaining was used for general corporate purposes. Beginning in July 2019, Edison International settled the ongoing common stock requirements of various internal programs through issuance of new common stock. In the year ended December 31, 2019, 0.6 million shares of new common stock were purchased by employees through the 401(k) defined contribution savings plan for net cash receipts of $41 million, 0.4 million shares of common stock were issued as stock compensation awards for net cash receipts of $22 million and 0.1 million shares of new common stock were issued in lieu of distributing $8 million to shareholders opting to receive dividend payments in the form of additional common stock. Note 3. Related-Party Transactions Edison International's Parent expense from services provided by SCE was $2 million in 2019, $2 million in 2018 and $3 million in 2017. Edison International's Parent interest expense from loans due to affiliates was $5 million in 2019, 2018 and 2017. Edison International Parent had current related-party receivables of $272 million and $41 million and current related-party payables of $198 million and $249 million at December 31, 2019 and 2018, respectively. Edison International Parent had long-term related-party receivables of $73 million at both December 31, 2019 and 2018, and long-term related-party payables of $213 million at both December 31, 2019 and 2018. 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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