Edison International Files 10-Q for Period Ending March 31, 2024

TL;DR

<b>Edison International submitted its Q1 2024 10-Q report, detailing financial positions and operational data for the quarter.</b>

AI Summary

EDISON INTERNATIONAL (EIX) filed a Quarterly Report (10-Q) with the SEC on April 30, 2024. Edison International filed its quarterly report (10-Q) for the period ending March 31, 2024. The filing covers the operations of both Edison International and its subsidiary, Southern California Edison Co. Key financial statement elements such as retained earnings, preferred stock, common stock, and additional paid-in capital are detailed as of March 31, 2024, and December 31, 2023. The report includes data for the first quarter of 2024 and 2023, specifically for the periods January 1 to March 31. Specific financial data points like 'Other Liabilities Noncurrent' are listed with values such as $384,735,109 and $383,924,912.

Why It Matters

For investors and stakeholders tracking EDISON INTERNATIONAL, this filing contains several important signals. This filing provides investors and analysts with the latest financial performance and position of Edison International and its primary utility subsidiary, Southern California Edison. The detailed breakdown of equity accounts and comparative figures from the previous year allow for trend analysis and assessment of financial health.

Risk Assessment

Risk Level: medium — EDISON INTERNATIONAL shows moderate risk based on this filing. The filing is a standard 10-Q, which typically contains a mix of routine financial data and disclosures. While no immediate red flags are apparent in the header, the full report would need to be reviewed for specific risks related to operations, regulation, or financial performance.

Analyst Insight

Review the full 10-Q filing to analyze specific revenue, expense, and debt figures for Q1 2024 to understand operational performance and financial health.

Key Numbers

• 2024-03-31 — Report Period End Date (CONFORMED PERIOD OF REPORT)
• 2024-04-30 — Filing Date (FILED AS OF DATE)
• 384735109 — Other Liabilities Noncurrent (Current Period) (http://fasb.org/us-gaap/2023#OtherLiabilitiesNoncurrent)
• 383924912 — Other Liabilities Noncurrent (Prior Period) (http://fasb.org/us-gaap/2023#OtherLiabilitiesNoncurrent)
• 434888104 — Other Assets Noncurrent (Current Period) (http://fasb.org/us-gaap/2023#OtherAssetsNoncurrent)
• 434888104 — Other Assets Noncurrent (Prior Period) (http://fasb.org/us-gaap/2023#OtherAssetsNoncurrent)

Key Players & Entities

• EDISON INTERNATIONAL (company) — FILER: COMPANY DATA: COMPANY CONFORMED NAME
• SOUTHERN CALIFORNIA EDISON Co (company) — FILER: COMPANY DATA: COMPANY CONFORMED NAME
• 2024-03-31 (date) — CONFORMED PERIOD OF REPORT
• 2024-04-30 (date) — FILED AS OF DATE
• 2024-01-01 (date) — Period for Q1 2024 data
• 2023-01-01 (date) — Period for Q1 2023 data
• 2244 WALNUT GROVE AVE (address) — BUSINESS ADDRESS
• ROSEMEAD (city) — BUSINESS ADDRESS CITY

FAQ

Key Dates

• 2024-03-31: Quarterly Period End — End of the reporting period for the 10-Q filing.
• 2024-04-30: Filing Date — Date the 10-Q report was officially submitted to the SEC.

Key Financial Figures

• $1.6 billion — AB 1054 Excluded Capital Expenditures $1.6 billion in wildfire risk mitigation capital exp
• $4 million — $ 438 $ 416 $ 22 1 Charges of $4 million related to claims from wildfires ignite
• $321 million — s first quarter 2024 earnings decreased $321 million from the first quarter of 2023, resulti
• $305 million — ng from a decrease in SCE's earnings of $305 million and an increase in Edison International
• $16 million — nternational Parent and Other's loss of $16 million. SCE's lower net income consisted of $3
• $324 million — on. SCE's lower net income consisted of $324 million of higher non-core loss, partially offs
• $19 million — gher non-core loss, partially offset by $19 million of higher core earnings. Edison Interna
• $3 million — non-core earnings, partially offset by $3 million of lower core loss. The increase in S
• $467 million — nd 2023 primarily included: Charges of $467 million ($336 million after-tax) recorded in 20
• $336 million — ily included: Charges of $467 million ($336 million after-tax) recorded in 2024 and $90 mil
• $90 million — million after-tax) recorded in 2024 and $90 million ($65 million after-tax) recorded in 202
• $65 million — -tax) recorded in 2024 and $90 million ($65 million after-tax) recorded in 2023 for 2017/20
• $119 million — " for further information. Charges of $119 million ($86 million after-tax) recorded in 202
• $86 million — information. Charges of $119 million ($86 million after-tax) recorded in 2024 for Other W
• $36 million — on. 5 Table of Contents Charges of $36 million ($26 million after-tax) recorded in 202

Filing Documents

• eix-20240331x10q.htm (10-Q) — 3240KB
• eix-20240331xex10d1.htm (EX-10.1) — 167KB
• eix-20240331xex10d2.htm (EX-10.2) — 54KB
• eix-20240331xex31d1.htm (EX-31.1) — 23KB
• eix-20240331xex31d2.htm (EX-31.2) — 16KB
• eix-20240331xex32d1.htm (EX-32.1) — 11KB
• eix-20240331xex32d2.htm (EX-32.2) — 11KB
• 0000827052-24-000035.txt (&nbsp;) — 15563KB
• eix-20240331.xsd (EX-101.SCH) — 83KB
• eix-20240331_cal.xml (EX-101.CAL) — 95KB
• eix-20240331_def.xml (EX-101.DEF) — 485KB
• eix-20240331_lab.xml (EX-101.LAB) — 702KB
• eix-20240331_pre.xml (EX-101.PRE) — 593KB
• eix-20240331x10q_htm.xml (XML) — 3623KB

FORWARD-LOOKING STATEMENTS

FORWARD-LOOKING STATEMENTS 1

MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS 4

, Item 2

Part I, Item 2 MANAGEMENT OVERVIEW 4 Highlights of Operating Results 4 2025 General Rate Case 6 Capital Program 6 Southern California Wildfires and Mudslides 7 RESULTS OF OPERATIONS 8 Southern California Edison Company 8 Three months ended March 31, 2024 versus March 31, 2023 9 Earning Activities 9 Cost-Recovery Activities 10 Supplemental Operating Revenue Information 10 Income Taxes 10 Edison International Parent and Other 11 Loss from Operations 11 LIQUIDITY AND CAPITAL RESOURCES 11 Southern California Edison Company 11 Available Liquidity 12 Regulatory Proceedings 12 Capital Investment Plan 13 Decommissioning of San Onofre 13 Margin and Collateral Deposits 14 Edison International Parent and Other 14 Edison International Income taxes 15 Historical Cash Flows 15 Southern California Edison Company 15 Edison International Parent and Other 18 Contingencies 18 MARKET RISK EXPOSURES 18 CRITICAL ACCOUNTING ESTIMATES AND POLICIES 18 NEW ACCOUNTING GUIDANCE 19

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK 19

, Item 3

Part I, Item 3 i Table of Contents

FINANCIAL STATEMENTS

FINANCIAL STATEMENTS 20

, Item 1

Part I, Item 1 Edison International Consolidated Statements of Income 20 Edison International Consolidated Statements of Comprehensive Income 21 Edison International Consolidated Balance Sheets 22 Edison International Consolidated Statements of Cash Flows 24 SCE Consolidated Statements of Income 25 SCE Consolidated Statements of Comprehensive Income 25 SCE Consolidated Balance Sheets 26 SCE Consolidated Statements of Cash Flows 28

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS 29 Note 1. Summary of Significant Accounting Policies 29 Note 2. Consolidated Statements of Changes in Equity 32 Note 3. Variable Interest Entities 34 Note 4. Fair Value Measurements 36 Note 5. Debt and Credit Agreements 39 Note 6. Derivative Instruments 40 Note 7. Revenue 42 Note 8. Income Taxes 43 Note 9. Compensation and Benefit Plans 44 Note 10. Investments 44 Note 11. Regulatory Assets and Liabilities 46 Note 12. Commitments and Contingencies 47 Note 13. Equity 60 Note 14. Accumulated Other Comprehensive Loss 61 Note 15. Other Income 61 Note 16. Supplemental Cash Flows Information 61 Note 17. Related-Party Transactions 62

CONTROLS AND PROCEDURES

CONTROLS AND PROCEDURES 63

, Item 4

Part I, Item 4 Disclosure Controls and Procedures 63 Changes in Internal Control Over Financial Reporting 63 Jointly Owned Utility Plant 63

LEGAL PROCEEDINGS

LEGAL PROCEEDINGS 63

, Item 1

Part II, Item 1 2017/2018 Wildfire/Mudslide Events 63 Environmental Proceedings 64 UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS 65

, Item 2

Part II, Item 2 P urchases of Equity Securities by Edison International and Affiliated Purchasers 65 OTHER INFORMATION 65

Item 5

Part II Item 5 ii Table of Contents EXHIBITS 66

, Item 6

Part II, Item 6

SIGNATURES

SIGNATURES 67 This combined Form 10-Q is separately filed by Edison International and SCE. Information contained in this document relating to SCE is filed by Edison International and separately by SCE. SCE makes no representation as to information relating to Edison International or its subsidiaries, except as it may relate to SCE and its subsidiaries. iii Table of Contents GLOSSARY The following terms and abbreviations appearing in the text of this report have the meanings indicated below. 2017/2018 Wildfire/Mudslide Events the Thomas Fire, the Koenigstein Fire, the Montecito Mudslides and the Woolsey Fire, collectively 2023 Form 10-K Edison International's and SCE's combined Annual Report on Form 10-K for the year ended December 31, 2023 2023 MD&A Edison International's and SCE's MD&A for the calendar year 2023, which was included in the 2023 Form 10-K AB 1054 California Assembly Bill 1054, executed by the governor of California on July 12, 2019 AB 1054 Excluded Capital Expenditures $1.6 billion in wildfire risk mitigation capital expenditures that SCE has excluded from the equity portion of SCE's rate base as required under AB 1054 AB 1054 Liability Cap a cap on the aggregate requirement to reimburse the Wildfire Insurance Fund over a trailing three calendar year period which applies if certain conditions are met and is equal to 20% of the equity portion of the utility's transmission and distribution rate base, excluding general plant and intangibles, in the year of the applicable prudency determination ARO(s) asset retirement obligation(s) CAISO California Independent System Operator Capistrano Wind a group of wind projects referred to as Capistrano Wind Capital Structure Compliance Period January 1, 2023 to December 31, 2025, the current compliance period for SCE's CPUC authorized capital structure CAPP California Arrearage Payment Program CCAs community choice aggregators which are cities, counties, and certain other public age

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations Montecito Mudslides the debris flows and flooding in Montecito, Santa Barbara County, California, that occurred in January 2018 Moody's Moody's Investors Service, Inc. MW Megawatt(s) iv Table of Contents NDCTP Nuclear Decommissioning Cost Triennial Proceeding, a CPUC proceeding to review decommissioning costs NERC North American Electric Reliability Corporation NRC United States Nuclear Regulatory Commission OEIS Office of Energy Infrastructure Safety of the California Natural Resources Agency Other 2017/2018 Wildfires Collectively, all the wildfires that originated in Southern California in 2017 or 2018 where SCE's equipment has been or may be alleged to be associated with the fire's ignition, except for the Thomas Fire, the Koenigstein Fire and the Woolsey Fire Other Wildfires Collectively, the Other 2017/2018 Wildfires and the Post-2018 Wildfires Palo Verde nuclear electric generating facility located near Phoenix, Arizona in which SCE holds a 15.8% ownership interest PBOP(s) postretirement benefits other than pension(s) PG&E Pacific Gas & Electric Company Post-2018 Wildfires Collectively, all the wildfires that originated in Southern California after 2018 where SCE's equipment has been or may be alleged to be associated with the fire's ignition PSPS Public Safety Power Shutoff(s) ROE return on common equity RPS California's Renewables Portfolio Standard S&P Standard & Poor's Financial Services LLC San Onofre retired nuclear generating facility located in south San Clemente, California in which SCE holds a 78.21% ownership interest SCE Southern California Edison Company, a wholly-owned subsidiary of Edison International SCE Recovery Funding LLC a bankruptcy remote, wholly owned special purpose subsidiary, consolidated by SCE SDG&E San Diego Gas & Electric Company SEC U.S. Securities and Exchange Commission SED Safety and Enforce

FORWARD-LOOKING STATEMENTS

FORWARD-LOOKING STATEMENTS This quarterly report on Form 10-Q contains "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements reflect Edison International's and SCE's current expectations and projections about future events based on Edison International's and SCE's knowledge of present facts and circumstances and assumptions about future events and include any statements that do not directly relate to a historical or current fact. Other information distributed by Edison International and SCE that is incorporated in this report, or that refers to or incorporates this report, may also contain forward-looking statements. In this report and elsewhere, the words "expects," "believes," "anticipates," "estimates," "projects," "intends," "plans," "probable," "may," "will," "could," "would," "should," "targets," and variations of such words and similar expressions, or discussions of strategy or plans, are intended to identify forward-looking statements. Such statements necessarily involve risks and uncertainties that could cause actual results to differ materially from those anticipated. Some of the risks, uncertainties and other important factors that could cause results to differ from those currently expected, or that otherwise could impact Edison International and SCE, include, but are not limited to the: 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 regulatory approval of opera

MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS MANAGEMENT OVERVIEW Highlights of Operating Results Edison International is the ultimate parent holding company of SCE and Edison Energy, LLC, doing business as Trio ("Trio") beginning in 2024. SCE is an investor-owned public utility primarily engaged in the business of supplying and delivering electricity to an approximately 50,000 square mile area across Southern, Central and Coastal California. Trio is a global energy advisory firm providing integrated sustainability and energy solutions to commercial, industrial and institutional customers. Trio's business activities are currently not material to report as a separate business segment. Edison International's earnings are prepared in accordance with GAAP. Management uses core earnings (loss) internally for financial planning and for analysis of performance. Core earnings (loss) are also used when communicating with investors and analysts regarding Edison International's earnings results to facilitate comparisons of the company's performance from period to period. Core earnings (loss) are a non-GAAP financial measure and may not be comparable to those of other companies. Core earnings (loss) are defined as earnings attributable to Edison International shareholders less non-core items. Non-core items include income or loss from discontinued operations and income or loss from significant discrete items that management does not consider representative of ongoing earnings, such as write downs, asset impairments and other income and expense related to changes in law, outcomes in tax, regulatory or legal proceedings, and exit activities, including sale of certain assets and other activities that are no longer continuing. Beginning July 1, 2023, SCE implemented a customer-funded wildfire self-insurance program. With the commencement of this program, Edison International and SCE no longer consider claims-related losses for wildfires