Edison International Reports Fourth-Quarter and Full-Year 2023 Results
-
Fourth-quarter 2023 GAAP earnings per share of
$0.99 ; Core EPS of$1.28 -
Full-year 2023 GAAP EPS of
$3.12 ; Core EPS of$4.76 - SCE exceeds WMP covered conductor target of 1,100 miles; total deployment of more than 5,580 miles
-
EIX introduces 2024 EPS guidance of
$4.75-$5.05 - EIX reiterates long-term core EPS growth rate targets of 5%-7% for 2021-2025 and 5%-7% for 2025-2028
Southern California Edison’s fourth-quarter 2023 core earnings per share (EPS) increased year over year, primarily due to higher revenue from the escalation mechanism set forth in the 2021 General Rate Case (GRC) final decision and lower operation and maintenance expenses, partially offset by higher interest expense.
Edison International Parent and Other’s fourth-quarter 2023 core loss per share decreased year over year, primarily due to gains on preferred stock repurchases.
“Delivering core EPS above the midpoint of our guidance range demonstrates our ability to successfully manage variability in the business,” said
Pizarro added, “SCE’s industry-leading covered conductor program continues to make tremendous progress. In just five years, SCE has installed more than 5,580 circuit miles of covered conductor. When combined with enhanced vegetation management, asset inspections and other programs, this has significantly reduced the need for Public Safety Power Shutoffs.”
Full-Year Earnings
For 2023,
SCE’s full-year core EPS was higher, primarily due to higher revenue from the escalation mechanism set forth in the 2021 GRC final decision and higher interest income on balancing account undercollections, partially offset by higher interest expense.
Edison International Parent and Other’s full-year loss per share increased primarily due to higher interest expense, partially offset by gains on preferred stock repurchases.
2024 Earnings Guidance
The company announced its earnings guidance range for 2024 as summarized in the following chart. See the presentation accompanying the company’s conference call for further information and assumptions.
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2024 Earnings Guidance |
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|
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as of |
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|
|
Low |
|
High |
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EIX Basic EPS |
|
$ |
4.75 |
|
$ |
5.05 |
Less: Non-core Items |
|
|
– |
|
|
– |
EIX Core EPS |
|
$ |
4.75 |
|
$ |
5.05 |
Today, the board of directors of
Fourth-Quarter and Full-Year 2023 Earnings Conference Call and Webcast Details |
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When: |
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Telephone Numbers: |
1-888-673-9780 ( |
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Telephone Replay: |
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1-866-363-4001 ( |
Telephone replay available through |
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Webcast: |
About
Appendix
Use of Non-GAAP Financial Measures
Edison International’s earnings are prepared in accordance with generally accepted accounting principles used in
Core earnings and core EPS are non-GAAP financial measures and may not be comparable to those of other companies. Core earnings and core EPS are defined as basic earnings and basic EPS excluding income or loss from discontinued operations and income or loss from significant discrete items that management does not consider representative of ongoing earnings. Basic earnings and losses refer to net income or losses attributable to
Safe Harbor Statement
Statements contained in this presentation about future performance, including, without limitation, operating results, capital expenditures, rate base growth, dividend policy, financial outlook, and other statements that are not purely historical, are forward-looking statements. These forward-looking statements reflect our current expectations; however, such statements involve risks and uncertainties. Actual results could differ materially from current expectations. These forward-looking statements represent our expectations only as of the date of this presentation, and
- ability of SCE to recover its costs through regulated rates, timely or at all, including uninsured wildfire-related and debris flow-related costs (including amounts paid for self-insured retention and co-insurance), costs incurred to mitigate the risk of utility equipment causing future wildfires, costs incurred as a result of the COVID-19 pandemic, and increased costs due to supply chain constraints, inflation and rising interest rates;
- impact of affordability of customer rates on SCE's ability to execute its strategy, including the impact of affordability on the approval of operations and maintenance expenses, and proposed capital investment projects;
- ability of SCE to implement its operational and strategic plans, including its Wildfire Mitigation Plan and capital program;
- risks of regulatory or legislative restrictions that would limit SCE's ability to implement operational measures to mitigate wildfire risk, including Public Safety Power Shutoff (“PSPS”) and fast curve settings, when conditions warrant or would otherwise limit SCE's operational practices relative to wildfire risk mitigation;
-
ability of SCE to obtain safety certifications from the
Office of Energy Infrastructure Safety of the California Natural Resources Agency (“OEIS”); -
risk that California Assembly Bill 1054 (“AB 1054”) does not effectively mitigate the significant exposure faced by
California investor-owned utilities related to liability for damages arising from catastrophic wildfires where utility facilities are alleged to be a substantial cause, including the longevity of theWildfire Insurance Fund and theCalifornia Public Utilities Commission (“CPUC”) interpretation of and actions under AB 1054, including its interpretation of the prudency standard clarified by AB 1054; - risks associated with the operation of electrical facilities, including worker and public safety issues, the risk of utility assets causing or contributing to wildfires, failure, availability, efficiency, and output of equipment and facilities, and availability and cost of spare parts;
- physical security of Edison International’s and SCE’s critical assets and personnel and the cybersecurity of Edison International’s and SCE’s critical information technology systems for grid control, and business, employee and customer data;
-
ability of
Edison International and SCE to effectively attract, manage, develop and retain a skilled workforce, including its contract workers; -
decisions and other actions by the CPUC, the
Federal Energy Regulatory Commission , and theUnited States Nuclear Regulatory Commission and other governmental authorities, including decisions and actions related to nationwide or statewide crisis, determinations of authorized rates of return or return on equity, the recoverability of wildfire-related and debris flow-related costs, issuance of SCE's wildfire safety certification, wildfire mitigation efforts, approval and implementation of electrification programs, and delays in executive, regulatory and legislative actions; - potential for penalties or disallowances for non-compliance with applicable laws and regulations, including fines, penalties and disallowances related to wildfires where SCE's equipment is alleged to be associated with ignition;
- extreme weather-related incidents (including events caused, or exacerbated, by climate change, such as wildfires, debris flows, flooding, droughts, high wind events and extreme heat events) and other natural disasters (such as earthquakes), which could cause, among other things, public safety issues, property damage, rotating outages and other operational issues (such as issues due to damaged infrastructure), PSPS activations and unanticipated costs;
- cost and availability of labor, equipment and materials, including as a result of supply chain constraints and inflation;
-
ability of
Edison International or SCE to borrow funds and access bank and capital markets on reasonable terms; - risks associated with the decommissioning of San Onofre, including those related to worker and public safety, public opposition, permitting, governmental approvals, on-site storage of spent nuclear fuel and other radioactive material, delays, contractual disputes, and cost overruns;
- risks associated with cost allocation resulting in higher rates for utility bundled service customers because of possible customer bypass or departure for other electricity providers such as Community Choice Aggregators (“CCA,” which are cities, counties, and certain other public agencies with the authority to generate and/or purchase electricity for their local residents and businesses) and Electric Service Providers (entities that offer electric power and ancillary services to retail customers, other than electrical corporations (like SCE) and CCAs);
- risks inherent in SCE’s capital investment program, including those related to project site identification, public opposition, environmental mitigation, construction, permitting, contractor performance, changes in the California Independent System Operator’s transmission plans, and governmental approvals; and
-
actions by credit rating agencies to downgrade
Edison International or SCE’s credit ratings or to place those ratings on negative watch or negative outlook.
Additional information about risks and uncertainties, including more detail about the factors described in this release, is contained in
These forward-looking statements represent our expectations only as of the date of this news release, and
Fourth Quarter Reconciliation of Basic Earnings Per Share to Core Earnings Per Share |
||||||||||||||||||||||||
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||||||||||||||||||||||||
|
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Three months ended |
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|
|
Year ended |
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||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
|
|
2023 |
|
2022 |
|
Change |
|
2023 |
|
2022 |
|
Change |
||||||||||||
Earnings (loss) per share attributable to |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
SCE |
|
$ |
1.16 |
|
|
$ |
1.26 |
|
|
$ |
(0.10 |
) |
|
$ |
3.84 |
|
|
$ |
2.23 |
|
|
$ |
1.61 |
|
Edison International Parent and Other |
|
|
(0.17 |
) |
|
|
(0.17 |
) |
|
|
— |
|
|
|
(0.72 |
) |
|
|
(0.62 |
) |
|
|
(0.10 |
) |
|
|
|
0.99 |
|
|
|
1.09 |
|
|
|
(0.10 |
) |
|
|
3.12 |
|
|
|
1.61 |
|
|
|
1.51 |
|
Less: Non-core items |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
SCE |
|
|
(0.29 |
) |
|
|
(0.10 |
) |
|
|
(0.19 |
) |
|
|
(1.73 |
) |
|
|
(3.10 |
) |
|
|
1.37 |
|
Edison International Parent and Other |
|
|
— |
|
|
|
0.04 |
|
|
|
(0.04 |
) |
|
|
0.09 |
|
|
|
0.08 |
|
|
|
0.01 |
|
Total non-core items |
|
|
(0.29 |
) |
|
|
(0.06 |
) |
|
|
(0.23 |
) |
|
|
(1.64 |
) |
|
|
(3.02 |
) |
|
|
1.38 |
|
Core earnings (loss) per share |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
SCE |
|
|
1.45 |
|
|
|
1.36 |
|
|
|
0.09 |
|
|
|
5.57 |
|
|
|
5.33 |
|
|
|
0.24 |
|
Edison International Parent and Other |
|
|
(0.17 |
) |
|
|
(0.21 |
) |
|
|
0.04 |
|
|
|
(0.81 |
) |
|
|
(0.70 |
) |
|
|
(0.11 |
) |
|
|
$ |
1.28 |
|
|
$ |
1.15 |
|
|
$ |
0.13 |
|
|
$ |
4.76 |
|
|
$ |
4.63 |
|
|
$ |
0.13 |
|
Note: Diluted earnings were
Fourth Quarter Reconciliation of Basic Earnings Per Share to Core Earnings (in millions) |
||||||||||||||||||||||||
|
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
|
Three months ended |
|
|
|
|
Year ended |
|
|
|
||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
(in millions) |
|
2023 |
|
2022 |
|
Change |
|
2023 |
|
2022 |
|
Change |
||||||||||||
Net income (loss) attributable to |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
SCE |
|
$ |
445 |
|
|
$ |
478 |
|
|
$ |
(33 |
) |
|
$ |
1,474 |
|
|
$ |
847 |
|
|
$ |
627 |
|
Edison International Parent and Other |
|
|
(67 |
) |
|
|
(63 |
) |
|
|
(4 |
) |
|
|
(277 |
) |
|
|
(235 |
) |
|
|
(42 |
) |
|
|
|
378 |
|
|
|
415 |
|
|
|
(37 |
) |
|
|
1,197 |
|
|
|
612 |
|
|
|
585 |
|
Less: Non-core items |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
SCE1,2,3,4,5,6,7,8,9,10 |
|
|
(112 |
) |
|
|
(40 |
) |
|
|
(72 |
) |
|
|
(661 |
) |
|
|
(1,182 |
) |
|
|
521 |
|
Edison International Parent and Other11 |
|
|
— |
|
|
|
18 |
|
|
|
(18 |
) |
|
|
33 |
|
|
|
29 |
|
|
|
4 |
|
Total non-core items |
|
|
(112 |
) |
|
|
(22 |
) |
|
|
(90 |
) |
|
|
(628 |
) |
|
|
(1,153 |
) |
|
|
525 |
|
Core earnings (losses) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
SCE |
|
|
557 |
|
|
|
518 |
|
|
|
39 |
|
|
|
2,135 |
|
|
|
2,029 |
|
|
|
106 |
|
Edison International Parent and Other |
|
|
(67 |
) |
|
|
(81 |
) |
|
|
14 |
|
|
|
(310 |
) |
|
|
(264 |
) |
|
|
(46 |
) |
|
|
$ |
490 |
|
|
$ |
437 |
|
|
$ |
53 |
|
|
$ |
1,825 |
|
|
$ |
1,765 |
|
|
$ |
60 |
|
-
Includes charges for 2017/2018 Wildfire/Mudslide Events claims and expenses, net of recoveries of
$74 million ($53 million after-tax) and$11 million ($8 million after-tax) for the three months endedDecember 31, 2023 and 2022, and$634 million ($457 million after-tax) and$1.2 billion ($899 million after-tax) for the twelve months endedDecember 31, 2023 and 2022, respectively. -
Includes amortization of
SCE's Wildfire Insurance Fund expenses of$54 million ($39 million after-tax) for both the three months endedDecember 2023 and 2022, and$213 million ($153 million after-tax) and$214 million ($154 million after-tax) for the twelve months endedDecember 31, 2023 and 2022, respectively. -
Includes charges for wildfire claims and expenses, net of expected recoveries from
FERC customers, related to the Post-2018 Wildfires of$27 million ($19 million after-tax) and$34 million ($25 million after-tax) for the three months and the twelve months endedDecember 31, 2023 , respectively. -
Includes a charge of probable disallowance related to the reasonableness review of recorded San Onofre Units 2 and 3 decommissioning costs in the 2021 NDCTP of
$30 million ($21 million after-tax) for the twelve months endedDecember 31, 2023 . -
Includes a charge related to customer cancellations of certain ECS data services of
$17 million ($12 million after-tax) for the twelve months endedDecember 31, 2023 . -
Includes an insurance recovery of
$10 million ($7 million after-tax) and a charge of$23 million ($16 million after-tax) after net of estimated insurance recoveries related to settlement of an employment litigation matter for the twelve months endedDecember 31, 2023 and 2022, respectively. -
Includes a charge of
$81 million ($64 million after-tax) related to the Presiding Officer's Decision ("POD") inSeptember 2022 related to SCE's Upstream Lighting Program for the twelve months endedDecember 31, 2022 . -
Includes impairment charges of
$64 million ($46 million after-tax) for the twelve months endedDecember 31, 2022 , including$47 million ($34 million after-tax) related to SCE's CSRP settlement agreement and$17 million ($12 million after-tax) related to historical capital expenditures disallowed in SCE's track 3 of the 2021 GRC final decision. -
Includes a charge related to organizational realignment services of
$14 million ($10 million after-tax) for the twelve months endedDecember 31, 2022 . -
Includes a gain of
$10 million ($7 million after-tax) from SCE's sale of San Onofre nuclear fuel for both the three months and the twelve months endedDecember 31, 2022 . -
Includes net earnings related to customer revenues for an EIS insurance contract offset by expected wildfire claims insured by EIS of
$23 million ($18 million after-tax) for the three months endedDecember 31, 2022 , and$42 million ($33 million after-tax) and$36 million ($29 million after-tax) for the twelve months endedDecember 31, 2023 and 2022, respectively.
|
|
|
|
|
|
|
||
Consolidated Statements of Income |
|
|
||||||
|
|
|
|
|
|
|
||
|
|
Year ended |
||||||
|
|
|
||||||
(in millions, except per-share amounts) |
|
2023 |
|
2022 |
||||
Operating revenue |
|
$ |
16,338 |
|
|
$ |
17,220 |
|
Purchased power and fuel |
|
|
5,486 |
|
|
|
6,375 |
|
Operation and maintenance |
|
|
4,138 |
|
|
|
4,724 |
|
Wildfire-related claims, net of insurance recoveries |
|
|
667 |
|
|
|
1,313 |
|
|
|
|
213 |
|
|
|
214 |
|
Depreciation and amortization |
|
|
2,635 |
|
|
|
2,561 |
|
Property and other taxes |
|
|
571 |
|
|
|
501 |
|
Impairment, net of other operating income |
|
|
1 |
|
|
|
49 |
|
Total operating expenses |
|
|
13,711 |
|
|
|
15,737 |
|
Operating income |
|
|
2,627 |
|
|
|
1,483 |
|
Interest expense |
|
|
(1,612 |
) |
|
|
(1,169 |
) |
Other income, net |
|
|
500 |
|
|
|
348 |
|
Income before income taxes |
|
|
1,515 |
|
|
|
662 |
|
Income tax expense (benefit) |
|
|
108 |
|
|
|
(162 |
) |
Net income |
|
|
1,407 |
|
|
|
824 |
|
Less: Preference stock dividend requirements of SCE |
|
|
123 |
|
|
|
107 |
|
Preferred stock dividend requirements of |
|
|
87 |
|
|
|
105 |
|
Net income attributable to |
|
$ |
1,197 |
|
|
|
612 |
|
Basic earnings per share: |
|
|
|
|
|
|
||
Weighted average shares of common stock outstanding |
|
|
383 |
|
|
|
381 |
|
Basic earnings per common share attributable to |
|
$ |
3.12 |
|
|
$ |
1.61 |
|
Diluted earnings per share: |
|
|
|
|
|
|
||
Weighted average shares of common stock outstanding, including effect of dilutive securities |
|
|
385 |
|
|
|
383 |
|
Diluted earnings per common share attributable to |
|
$ |
3.11 |
|
|
$ |
1.60 |
|
|
|
|
|
|
|
|
Consolidated Balance Sheets |
|
|
||||
|
|
|
|
|
|
|
|
|
|
||||
(in millions) |
|
2023 |
|
2022 |
||
ASSETS |
|
|
|
|
|
|
Cash and cash equivalents |
|
$ |
345 |
|
$ |
914 |
Receivables, less allowances of |
|
|
2,016 |
|
|
1,695 |
Accrued unbilled revenue |
|
|
742 |
|
|
641 |
Inventory |
|
|
527 |
|
|
474 |
Prepaid expenses |
|
|
112 |
|
|
248 |
Regulatory assets |
|
|
2,524 |
|
|
2,497 |
|
|
|
204 |
|
|
204 |
Other current assets |
|
|
341 |
|
|
397 |
Total current assets |
|
|
6,811 |
|
|
7,070 |
Nuclear decommissioning trusts |
|
|
4,173 |
|
|
3,948 |
Other investments |
|
|
54 |
|
|
55 |
Total investments |
|
|
4,227 |
|
|
4,003 |
Utility property, plant and equipment, less accumulated depreciation and amortization of |
|
|
55,877 |
|
|
53,274 |
Nonutility property, plant and equipment, less accumulated depreciation of |
|
|
207 |
|
|
212 |
Total property, plant and equipment |
|
|
56,084 |
|
|
53,486 |
Regulatory assets (include |
|
|
8,897 |
|
|
8,181 |
|
|
|
1,951 |
|
|
2,155 |
Operating lease right-of-use assets |
|
|
1,221 |
|
|
1,442 |
Long-term insurance receivables |
|
|
501 |
|
|
465 |
Other long-term assets |
|
|
2,066 |
|
|
1,239 |
Total long-term assets |
|
|
14,636 |
|
|
13,482 |
|
|
|
|
|
|
|
Total assets |
|
$ |
81,758 |
|
$ |
78,041 |
|
|
|
|
|
|
|
||
Consolidated Balance Sheets |
|
|
||||||
|
|
|
|
|
|
|
||
|
|
|
||||||
(in millions, except share amounts) |
|
2023 |
|
2022 |
||||
LIABILITIES AND EQUITY |
|
|
|
|
|
|
||
Short-term debt |
|
$ |
1,077 |
|
|
$ |
2,015 |
|
Current portion of long-term debt |
|
|
2,697 |
|
|
|
2,614 |
|
Accounts payable |
|
|
1,983 |
|
|
|
2,359 |
|
Wildfire-related claims |
|
|
30 |
|
|
|
121 |
|
Customer deposits |
|
|
177 |
|
|
|
167 |
|
Regulatory liabilities |
|
|
763 |
|
|
|
964 |
|
Current portion of operating lease liabilities |
|
|
120 |
|
|
|
506 |
|
Other current liabilities |
|
|
1,751 |
|
|
|
1,601 |
|
Total current liabilities |
|
|
8,598 |
|
|
|
10,347 |
|
Long-term debt (include |
|
|
30,316 |
|
|
|
27,025 |
|
Deferred income taxes and credits |
|
|
6,672 |
|
|
|
6,149 |
|
Pensions and benefits |
|
|
415 |
|
|
|
422 |
|
Asset retirement obligations |
|
|
2,666 |
|
|
|
2,754 |
|
Regulatory liabilities |
|
|
9,420 |
|
|
|
8,211 |
|
Operating lease liabilities |
|
|
1,101 |
|
|
|
936 |
|
Wildfire-related claims |
|
|
1,368 |
|
|
|
1,687 |
|
Other deferred credits and other long-term liabilities |
|
|
3,258 |
|
|
|
2,988 |
|
Total deferred credits and other liabilities |
|
|
24,900 |
|
|
|
23,147 |
|
Total liabilities |
|
|
63,814 |
|
|
|
60,519 |
|
Preferred stock (50,000,000 shares authorized; 1,159,317 and 1,250,000 shares of Series A and 532,454 and 750,000 shares of Series B issued and outstanding at respective dates) |
|
|
1,673 |
|
|
|
1,978 |
|
Common stock, no par value (800,000,000 shares authorized; 383,924,912 and 382,208,498 shares issued and outstanding at respective dates) |
|
|
6,338 |
|
|
|
6,200 |
|
Accumulated other comprehensive loss |
|
|
(9 |
) |
|
|
(11 |
) |
Retained earnings |
|
|
7,499 |
|
|
|
7,454 |
|
|
|
|
15,501 |
|
|
|
15,621 |
|
Noncontrolling interests – preference stock of SCE |
|
|
2,443 |
|
|
|
1,901 |
|
Total equity |
|
|
17,944 |
|
|
|
17,522 |
|
|
|
|
|
|
|
|
||
Total liabilities and equity |
|
$ |
81,758 |
|
|
$ |
78,041 |
|
|
|
|
|
|
|
|
|
|
|
|||
Consolidated Statements of Cash Flows |
|
|
||||||||||
|
|
|
|
|
|
|
|
|
|
|||
|
|
|
||||||||||
|
|
Years ended |
||||||||||
(in millions) |
|
2023 |
|
2022 |
|
2021 |
||||||
Cash flows from operating activities: |
|
|
|
|
|
|
|
|
|
|||
Net income |
|
$ |
1,407 |
|
|
$ |
824 |
|
|
$ |
925 |
|
Adjustments to reconcile to net cash provided by operating activities: |
|
|
|
|
|
|
|
|
|
|||
Depreciation and amortization |
|
|
2,721 |
|
|
|
2,633 |
|
|
|
2,288 |
|
Allowance for equity during construction |
|
|
(157 |
) |
|
|
(137 |
) |
|
|
(118 |
) |
Impairment and other expense |
|
|
1 |
|
|
|
54 |
|
|
|
71 |
|
Deferred income taxes |
|
|
108 |
|
|
|
(177 |
) |
|
|
43 |
|
|
|
|
213 |
|
|
|
214 |
|
|
|
215 |
|
Other |
|
|
57 |
|
|
|
75 |
|
|
|
40 |
|
Nuclear decommissioning trusts |
|
|
(180 |
) |
|
|
(123 |
) |
|
|
(256 |
) |
Proceeds from |
|
|
— |
|
|
|
— |
|
|
|
400 |
|
Contributions to |
|
|
(95 |
) |
|
|
(95 |
) |
|
|
(95 |
) |
Changes in operating assets and liabilities: |
|
|
|
|
|
|
|
|
|
|||
Receivables |
|
|
(349 |
) |
|
|
(252 |
) |
|
|
(514 |
) |
Inventory |
|
|
(63 |
) |
|
|
(58 |
) |
|
|
(21 |
) |
Accounts payable |
|
|
(408 |
) |
|
|
367 |
|
|
|
138 |
|
Tax receivables and payables |
|
|
9 |
|
|
|
18 |
|
|
|
13 |
|
Other current assets and liabilities |
|
|
185 |
|
|
|
207 |
|
|
|
(321 |
) |
Derivative assets and liabilities, net |
|
|
(174 |
) |
|
|
115 |
|
|
|
(12 |
) |
Regulatory assets and liabilities, net |
|
|
576 |
|
|
|
(51 |
) |
|
|
(720 |
) |
Wildfire-related insurance receivable |
|
|
(36 |
) |
|
|
(390 |
) |
|
|
708 |
|
Wildfire-related claims |
|
|
(410 |
) |
|
|
(56 |
) |
|
|
(2,648 |
) |
Other noncurrent assets and liabilities |
|
|
(4 |
) |
|
|
48 |
|
|
|
(123 |
) |
Net cash provided by operating activities |
|
|
3,401 |
|
|
|
3,216 |
|
|
|
11 |
|
Cash flows from financing activities: |
|
|
|
|
|
|
|
|
|
|||
Long-term debt issued, net of discount and issuance costs of |
|
|
5,121 |
|
|
|
5,971 |
|
|
|
5,412 |
|
Long-term debt repaid |
|
|
(2,498 |
) |
|
|
(1,085 |
) |
|
|
(1,037 |
) |
Short-term debt issued |
|
|
1,076 |
|
|
|
1,000 |
|
|
|
2,654 |
|
Short-term debt repaid |
|
|
(2,407 |
) |
|
|
(1,543 |
) |
|
|
(2,255 |
) |
Common stock issued |
|
|
20 |
|
|
|
13 |
|
|
|
32 |
|
Preferred and preference stock issued, net of issuance cost |
|
|
542 |
|
|
|
— |
|
|
|
1,977 |
|
Preferred stock repurchased |
|
|
(289 |
) |
|
|
— |
|
|
|
— |
|
Commercial paper borrowing (repayments), net |
|
|
1,102 |
|
|
|
(317 |
) |
|
|
(254 |
) |
Dividends and distribution to noncontrolling interests |
|
|
(117 |
) |
|
|
(110 |
) |
|
|
(106 |
) |
Common stock dividends paid |
|
|
(1,112 |
) |
|
|
(1,050 |
) |
|
|
(988 |
) |
Preferred stock dividends paid |
|
|
(108 |
) |
|
|
(99 |
) |
|
|
(35 |
) |
Other |
|
|
117 |
|
|
|
101 |
|
|
|
45 |
|
Net cash provided by financing activities |
|
|
1,447 |
|
|
|
2,881 |
|
|
|
5,445 |
|
Cash flows from investing activities: |
|
|
|
|
|
|
|
|
|
|||
Capital expenditures |
|
|
(5,448 |
) |
|
|
(5,778 |
) |
|
|
(5,505 |
) |
Proceeds from sale of nuclear decommissioning trust investments |
|
|
4,597 |
|
|
|
4,177 |
|
|
|
3,961 |
|
Purchases of nuclear decommissioning trust investments |
|
|
(4,417 |
) |
|
|
(4,054 |
) |
|
|
(3,705 |
) |
Other |
|
|
35 |
|
|
|
81 |
|
|
|
98 |
|
Net cash used in investing activities |
|
|
(5,233 |
) |
|
|
(5,574 |
) |
|
|
(5,151 |
) |
Net (decrease) increase in cash, cash equivalents and restricted cash |
|
|
(385 |
) |
|
|
523 |
|
|
|
305 |
|
Cash, cash equivalents and restricted cash at beginning of year |
|
|
917 |
|
|
|
394 |
|
|
|
89 |
|
Cash, cash equivalents and restricted cash at end of year |
|
$ |
532 |
|
|
$ |
917 |
|
|
$ |
394 |
|
View source version on businesswire.com: https://www.businesswire.com/news/home/20240221016634/en/
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