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Equity | 12 Months Ended
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Dec. 31, 2022
Equity |
Equity | Note 14. Equity Common Stock Issuances 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, 2022, 1,253,049 shares of common stock were issued as stock compensation awards for net cash receipts of $57 million, 273,642 shares of new common stock were issued in lieu of distributing $18 million to shareholders opting to receive dividend payments in the form of additional common stock, 157,000 shares of common stock were purchased by employees through the 401(k) defined contribution savings plan for net cash receipts of $10 million as dividend payments, 109,750 shares of common stock were issued related to optional cash investments of $7 million and 36,912 shares of common stock were issued to employees through the ESPP for net cash receipts of $2 million. During the twelve months ended December 31, 2021, 629,092 shares of common stock were issued as stock compensation awards for net cash receipts of $25 million, 522,400 shares of common stock were purchased by employees through the 401(k) defined contribution savings plan for net cash receipts of $30 million, 293,031 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 26,475 shares of common stock were issued related to optional cash investments of $2 million. Starting July 2021, the 401(k) defined contribution savings plan no longer offered Edison International's stock as an investment option to employees. Subsequent to the change, stock issued through the 401(k) defined contribution savings plan were dividend payments made in the form of additional common stock. At-the-Market Program In the third quarter of 2022, 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 $500 million. As of December 31, 2022, no sales had occurred and Edison International has no obligation to sell the remaining shares available under the ATM program. Preferred Stock Issuances In 2021, Edison International issued 1,250,000 shares of 5.375% Fixed-Rate Reset Cumulative Perpetual Preferred Stock, Series A, and 750,000 shares of its 5.00% Fixed-Rate Reset Cumulative Perpetual Preferred Stock, Series B, each with a liquidation value of $1,000 per share. The dividends are payable on a semi-annual basis, commencing September 15, 2021 and March 15, 2022, respectively. The dividend rate will be reset every five years beginning on March 15, 2026 and March 15, 2027, respectively, to equal the then-current five-year U.S. Treasury rate plus a spread of 4.698% and 3.901%, respectively. The net proceeds of $2.0 billion were used to repay commercial paper borrowings and for general corporate purposes, including making a total of $900 million equity contributions to SCE. Edison International may, at its option, redeem its preferred stock in whole or in part during certain periods of time prior to each of the dividend reset dates at a price equal to $1,000 per share plus any accumulated and unpaid dividends. Edison International may also, at its option, redeem the preferred stocks in whole but not in part at a price equal to $1,020 per share plus any accumulated and unpaid dividends within a certain period of time following any change in the criteria rating agencies use that would have adverse effects on the equity credit attributed by rating agencies to the preferred stocks. The preferred stocks rank senior to Edison International's common stock with respect to dividends rights and distribution rights upon liquidation. The preferred stocks are not subject to any mandatory sinking fund, retirement fund, purchase fund or other similar provisions. Holders of the shares of the preferred stocks do not have the right to require Edison International to repurchase or redeem shares of the preferred stocks. Preferred and Preference Stock of Utility SCE's authorized shares are: $100 cumulative preferred – 12 million shares, $25 cumulative preferred – 24 million shares and preference with no par value – 50 million shares. There are no dividends in arrears for the preferred or preference shares. During 2020, SCE redeemed $120 million of cumulative preferred stock consisting of all of the outstanding shares of the 4.32% Series, 4.08% Series, 4.24% Series and the 4.78% Series at a price of $28.75, $25.50, $25.80 and $25.80, respectively. SCE recorded a $9 million loss on the redemption of the preferred stock as an adjustment to net income available to common stockholders. No preferred shares were issued or redeemed in the years ended December 31, 2022 and 2021. There is no sinking fund requirement for redemptions or repurchases of preferred shares. Shares of SCE's preference stock rank senior to SCE’s common stock with respect to dividend rights and distribution rights upon liquidation. Shares of SCE's preference stock are not convertible into shares of any other class or series of SCE's capital stock or any other security. SCE's outstanding preference shares are not subject to mandatory redemption and there is no sinking fund requirement for redemptions or repurchases of preference shares. Preference stocks are:
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | Redemption | ​ | Dividends | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Shares | ​ | Price | ​ | Declared | ​ | December 31,
(in millions, except shares and per share amounts) |  | Outstanding |  | per Share |  | per Share |  | 2022 |  | 2021
No par value: |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |
3-month LIBOR + 4.199% Series E (cumulative) |  | 350,000 | ​ | $ | 1,000.00 | ​ | $ | 65.110 | ​ | $ | 350 | ​ | $ | 350
5.10% Series G (cumulative) |  | 88,004 | ​ |  | 2,500.00 | ​ |  | 127.500 | ​ |  | 220 | ​ |  | 220
5.75% Series H (cumulative) |  | 110,004 | ​ |  | 2,500.00 | ​ |  | 143.750 | ​ |  | 275 | ​ |  | 275
5.375% Series J (cumulative) |  | 130,004 | ​ |  | 2,500.00 | ​ |  | 134.375 | ​ |  | 325 | ​ |  | 325
5.45% Series K (cumulative) |  | 120,004 | ​ |  | 2,500.00 | ​ |  | 136.250 | ​ |  | 300 | ​ |  | 300
5.00% Series L (cumulative) |  | 190,004 | ​ |  | 2,500.00 | ​ |  | 125.000 | ​ |  | 475 | ​ |  | 475
SCE's preference stock |  | ​ | ​ |  | ​ | ​ |  | ​ | ​ |  | 1,945 | ​ |  | 1,945
Less issuance costs |  |  | ​ |  |  | ​ |  |  | ​ |  | (44) | ​ |  | (44)
Edison International's preference stock of utility |  |  | ​ |  |  | ​ |  |  | ​ | $ | 1,901 | ​ | $ | 1,901
​ Shares of Series E preference stock issued in 2012 may be redeemed at par, in whole or in part, on or after February 1, 2022. Dividends are payable at a floating rate from and including February 1, 2022. Shares of Series G, H, J, K and L preference stock, issued in 2013, 2014, 2015, 2016 and 2017, respectively, may be redeemed at par, in whole, but not in part, at any time prior to March 15, 2018, March 15, 2024, September 15, 2025, March 15, 2026 and June 26, 2022, respectively, if certain changes in tax or investment company law or interpretation (or applicable rating agency equity credit criteria for Series L only) occur and certain other conditions are satisfied. On or after March 15, 2018, March 15, 2024, September 15, 2025, March 15, 2026 and June 26, 2022, SCE may redeem the Series G, H, J, K and L shares, respectively, at par, in whole or in part. For shares of Series H, J and K preference stock, distributions will accrue and be payable at a floating rate from and including March 15, 2024, September 15, 2025 and March 15, 2026, respectively. Shares of Series G, H, J, K and L preference stock were issued to SCE Trust II, SCE Trust III, SCE Trust IV, SCE Trust V and SCE Trust VI, respectively, special purpose entities formed to issue trust securities as discussed in Note 3. During 2020, SCE redeemed $180 million of the outstanding shares of the Series G preference stock. SCE recorded a $6 million loss on the redemption of the preference stock as an adjustment to net income available to common stockholders. No preference stocks were issued or redeemed in the years ended December 31, 2022 and 2021.

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