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Schedule I - Condensed Financial Information of Parent | 12 Months Ended
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Dec. 31, 2020
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) | 2020 |  | 2019
Assets: |  |  |
Cash and cash equivalents | $ | 3 |  |  | $ | 15 |
Other current assets | 43 |  |  | 260 |
Total current assets | 46 |  |  | 275 |
Investments in subsidiaries | 17,706 |  |  | 16,530 |
Deferred income taxes | 675 |  |  | 608 |
Other long-term assets | 71 |  |  | 76 |
Total assets | $ | 18,498 |  |  | $ | 17,489 |
Liabilities and equity: |  |  |
Short-term debt | $ | 129 |  |  | $ | — |
Current portion of long-term debt | — |  |  | 400 |
Other current liabilities | 636 |  |  | 481 |
Total current liabilities | 765 |  |  | 881 |
Long-term debt | 3,133 |  |  | 2,733 |
Other long-term liabilities | 552 |  |  | 572 |
Total equity | 14,048 |  |  | 13,303 |
Total liabilities and equity | $ | 18,498 |  |  | $ | 17,489 |
EDISON INTERNATIONAL SCHEDULE I – CONDENSED FINANCIAL INFORMATION OF PARENT CONDENSED STATEMENTS OF INCOME For the Years Ended December 31, 2020, 2019 and 2018
(in millions) | 2020 |  | 2019 |  | 2018
Interest income from affiliates | $ | 1 |  |  | $ | 5 |  |  | $ | — |
Operating, interest and other expenses | 189 |  |  | 150 |  |  | 98 |
Loss before equity in earnings (loss) of subsidiaries | (188) |  |  | (145) |  |  | (98) |
Equity in earnings (loss) of subsidiaries | 851 |  |  | 1,385 |  |  | (376) |
Income (loss) before income taxes | 663 |  |  | 1,240 |  |  | (474) |
Income tax benefit | (76) |  |  | (44) |  |  | (17) |
Income (loss) from continuing operations | 739 |  |  | 1,284 |  |  | (457) |
Income from discontinued operations, net of tax | — |  |  | — |  |  | 34 |
Net income (loss) | $ | 739 |  |  | $ | 1,284 |  |  | $ | (423) |
CONDENSED STATEMENTS OF COMPREHENSIVE INCOME For the Years Ended December 31, 2020, 2019 and 2018
(in millions) | 2020 |  | 2019 |  | 2018
Net income (loss) | $ | 739 |  |  | $ | 1,284 |  |  | $ | (423) |
Other comprehensive loss, net of tax | — |  |  | (9) |  |  | (7) |
Comprehensive income (loss) | $ | 739 |  |  | $ | 1,275 |  |  | $ | (430) |
EDISON INTERNATIONAL SCHEDULE I – CONDENSED FINANCIAL INFORMATION OF PARENT CONDENSED STATEMENTS OF CASH FLOWS For the Years Ended December 31, 2020, 2019 and 2018
(in millions) | 2020 |  | 2019 |  | 2018
Net cash provided by operating activities | $ | 1,171 |  |  | $ | 181 |  |  | $ | 785 |
Cash flows from financing activities: |  |  |  |  |
Long-term debt issued | 400 |  |  | 1,399 |  |  | 549 |
Long-term debt issuance costs | (3) |  |  | (9) |  |  | (4) |
Long-term debt repaid | (400) |  |  | — |  |  | — |
Short-term debt issued | 800 |  |  | 1,000 |  |  | — |
Short-term debt repaid | (800) |  |  | (1,000) |  |  | — |
Common stock issued | 912 |  |  | 2,391 |  |  | — |
Payable due to affiliates | 135 |  |  | 5 |  |  | 13 |
Commercial paper and other short-term borrowing (repayments), net | 129 |  |  | (1) |  |  | (1,141) |
Payments for stock-based compensation | (3) |  |  | (27) |  |  | (24) |
Receipts for stock-based compensation | 21 |  |  | 39 |  |  | 14 |
Dividends paid | (928) |  |  | (810) |  |  | (788) |
Net cash provided by (used in) financing activities | 263 |  |  | 2,987 |  |  | (1,381) |
Capital contributions to affiliate | (1,446) |  |  | (3,258) |  |  | (10) |
Dividends from affiliate | — |  |  | 8 |  |  | 179 |
Net cash (used in) provided by investing activities: | (1,446) |  |  | (3,250) |  |  | 169 |
Net decrease in cash and cash equivalents | (12) |  |  | (82) |  |  | (427) |
Cash and cash equivalents, beginning of year | 15 |  |  | 97 |  |  | 524 |
Cash and cash equivalents, end of year | $ | 3 |  |  | $ | 15 |  |  | $ | 97 |
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 $1.3 billion, $400 million and $788 million in 2020, 2019 and 2018, 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. Effective January 1, 2020, the common equity component of SCE's CPUC authorized capital structure was increased from 48% to 52% on a weighted average basis over the January 1, 2020 to December 31, 2022 compliance period. 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. For further information, see "Notes to Consolidated Financial Statements—Note 12. Commitments and Contingencies." In May 2020, the CPUC issued a decision on SCE's application to the CPUC for waiver of compliance with its equity ratio requirement, that allows SCE to exclude from its equity ratio calculations (i) net charges accrued in connection with the 2017/2018 Wildfire/Mudslide Events and (ii) debt issued for the purpose of paying claims related to the 2017/2018 Wildfire/Mudslide Events up to an amount equal to the net charges accrued in connection with the 2017/2018 Wildfire/Mudslide Events. The temporary exclusion will lapse on May 7, 2022 or when a determination regarding cost recovery for the 2017/2018 Wildfire/Mudslide Events is made, whichever comes earlier. If the CPUC has not made a determination regarding cost recovery by May 7, 2022, SCE is permitted to file another application for a waiver of compliance with its equity ratio requirement. In the interim, SCE is required to 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 did not exclude the then $1.8 billion net charge and was 45.2% as of December 31, 2018 (at the time the common equity component of SCE's CPUC authorized capital structure was required to remain at or above 48% on a weighted average basis over the applicable 37-month period). SCE's spot equity ratio on December 31, 2018 would have been 48.7% had the $1.8 billion net charge at December 31, 2018 been excluded, therefore SCE will notify the CPUC if its spot ratio drops below 47.7% in any quarter. 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 April 2020, Edison International Parent issued $400 million of 4.95% senior notes due 2025. The proceeds were used to repay all $400 million of Edison International Parent's outstanding 2.125% Senior Notes due in 2020. In addition, at December 31, 2020, Edison International Parent had $400 million of 2.40% senior notes due in 2022, $300 million of 3.125% senior notes due 2022, $400 million of 2.95% senior notes due in 2023, $500 million of 3.55% senior notes due 2024, $600 million of 5.75% senior notes due in 2027 and $550 million of 4.125% senior notes due in 2028. At December 31, 2019, 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, 2020:
(in millions) |
Commitment | $ | 1,500 |
Outstanding borrowings 1 | 130 |
Amount available | $ | 1,370 |
1 At December 31, 2020 Edison International Parent had $130 million outstanding commercial paper, net of discount, at a weighted-average interest rate of 0.42%. At December 31, 2019 Edison International Parent did not have any outstanding commercial paper. In March 2020, Edison International Parent borrowed $800 million under a term loan agreement due in March 2021 with a variable interest rate based on LIBOR plus 1.125%. The proceeds were used for general corporate purposes. In May 2020, Edison International repaid the outstanding balance of the term loan using the proceeds from issuance of common stock in a registered direct offering. The debt covenant in Edison International Parent's credit facility requires a consolidated debt to total capitalization ratio of less than or equal to 0.70 to 1. At December 31, 2020, Edison International's consolidated debt to total capitalization ratio was 0.59 to 1. Equity In May 2020, Edison International issued 14,181,882 shares of common stock in a registered direct offering and received approximately $800 million in proceeds, before deducting fees and offering expenses of $14 million. The proceeds were used to pay off debt outstanding under a term loan agreement and for general corporate purposes. Refer to Note 2 for details of the term loan. In May 2019, Edison International filed a prospectus supplement and executed several distribution agreements with certain sales agents to establish an "at-the-market" ("ATM") program under which it may sell shares of its common stock having an aggregate sales price of up to $1.5 billion. During the three months ended December 31, 2020, Edison International did not issue any shares through the ATM program. During the twelve months ended December 31, 2020, Edison International issued 391,501 shares through the ATM program and received proceeds of $27 million, net of fees and offering expenses of $0.3 million. During the three and twelve months ended December 31, 2019, Edison International issued 2,824,261 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, 2020, 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. Edison International continued to settle its ongoing common stock requirements of various internal programs through issuance of new common stock. During the twelve months ended December 31, 2020, 1,644,500 shares of common stock were purchased by employees through the 401(k) defined contribution savings plan for net cash receipts of $99 million, 387,425 shares of common stock were issued as stock compensation awards for net cash receipts of $16 million, 280,707 shares of new common stock were issued in lieu of distributing $17 million to shareholders opting to receive dividend payments in the form of additional common stock and 35,999 shares of common stock related to optional cash investments of $2 million. During the twelve months ended December 31, 2019, 595,200 shares of common stock were purchased by employees through the 401(k) defined contribution savings plan for net cash receipts of $41 million, 423,569 shares of common stock were issued as stock compensation awards for net cash receipts of $22 million and 125,481 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. Edison International did not have optional cash investment issuances in December 31, 2019. Note 3. Related-Party Transactions Edison International's Parent expense from services provided by SCE was $2 million in 2020, $2 million in 2019 and $2 million in 2018. Edison International's Parent interest expense from loans due to affiliates was $4 million in 2020 and $5 million in 2019 and 2018. Edison International Parent had current related-party receivables of $43 million and $272 million and current related-party payables of $323 million and $198 million at December 31, 2020 and 2019, respectively. Edison International Parent had long-term related-party receivables of $68 million and $73 million at December 31, 2020 and 2019, respectively, and long-term related-party payables of $219 million and $213 million at December 31, 2020 and 2019, respectively. Edison Mission Energy ("EME"), a wholly-owned subsidiary of Edison International, emerged from bankruptcy in 2014 and retained a lease investment in a hydroelectric power plant in Vidalia, Louisiana. In November 2020, the lessee exercised an option in the lease agreement and purchased the asset upon expiration of the lease term. EME received net proceeds of $132 million from sale, which was transferred to Edison International Parent as a related-party note and included in current related-party payables. 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://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 10 -Section S99 -Paragraph 6 -Subparagraph (SX 210.5-04(Schedule I)) -URI http://asc.fasb.org/extlink&oid=120391182&loc=d3e5864-122674 Reference 2: http://www.xbrl.org/2003/role/recommendedDisclosureRef -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 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 3 -Subparagraph (SX 210.12-04(a)) -URI http://asc.fasb.org/extlink&oid=120395691&loc=d3e24072-122690 + Details
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