filings.toolsEdison International 10-K 2021-12-31
Filed 2022-02-24. 2 sections, 696K characters. Original on sec.gov · Markdown · JSON
Cover and table of contents
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-K
(Mark One)
☑ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
| | |
|---|---|
| For the fiscal year ended | December 31, 2021 |
☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from to
| | | | | | | |
|---|---|---|---|---|---|---|
| Commission File Number | Exact Name of Registrant as specified in its charter | State or Other Jurisdiction of Incorporation or Organization | IRS Employer Identification Number | |||
| 1-9936 | | EDISON INTERNATIONAL | | California | | 95-4137452 |
| 1-2313 | | SOUTHERN CALIFORNIA EDISON COMPANY | | California | | 95-1240335 |
| | | |
|---|---|---|
| EDISON INTERNATIONAL | SOUTHERN CALIFORNIA EDISON COMPANY | |
| 2244 Walnut Grove Avenue | | 2244 Walnut Grove Avenue |
| (P.O. Box 976) | | (P.O. Box 800) |
| Rosemead, California 91770 | | Rosemead, California 91770 |
| (Address of principal executive offices) | | (Address of principal executive offices) |
| (626) 302-2222 | | (626) 302-1212 |
| (Registrant's telephone number, including area code) | | (Registrant's telephone number, including area code) |
Securities registered pursuant to Section 12(b) of the Act:
Edison International:
| | | | |
|---|---|---|---|
| Title of each class | Trading Symbol(s) | Name of each exchange on which registered | |
| Common Stock, no par value | EIX | NYSE | LLC |
Southern California Edison Company: None
Securities registered pursuant to Section 12(g) of the Act: None
Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act.
| | | | | | | |
|---|---|---|---|---|---|---|
| Edison International | Yes þ No ☐ | Southern California Edison Company | Yes þ No ☐ |
Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Exchange Act.
| | | | | | | |
|---|---|---|---|---|---|---|
| Edison International | Yes ☐ No þ | Southern California Edison Company | Yes ☐ No þ |
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.
| | | | | | | |
|---|---|---|---|---|---|---|
| Edison International | Yes þ No ☐ | Southern California Edison Company | Yes þ No ☐ |
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).
| | | | | | | |
|---|---|---|---|---|---|---|
| Edison International | Yes þ No ☐ | Southern California Edison Company | Yes þ No ☐ |
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of "large accelerated filer," accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-12 of the Exchange Act. (Check One):
| | | | | | |
|---|---|---|---|---|---|
| Edison International | Large Accelerated Filer | Accelerated Filer | Non-accelerated Filer | Smaller Reporting Company | Emerging growth company |
| | ☑ | ☐ | ☐ | ☐ | ☐ |
| Southern California Edison Company | Large Accelerated Filer | Accelerated Filer | Non-accelerated Filer | Smaller Reporting Company | Emerging growth company |
| | ☐ | ☐ | ☑ | ☐ | ☐ |
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
| | | | | | | |
|---|---|---|---|---|---|---|
| Edison International | ☐ | Southern California Edison Company | ☐ |
Indicate by check mark whether the registrant has filed a report on and attestation to its management's assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C 7262(b)) by the registered public accounting firm that prepared or issued its audit report.
| | | | | | | |
|---|---|---|---|---|---|---|
| Edison International | ☑ | Southern California Edison Company | ☐ |
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).
| | | | | | | |
|---|---|---|---|---|---|---|
| Edison International | Yes ☐ No þ | Southern California Edison Company | Yes ☐ No þ |
Aggregate market value of voting and non-voting common equity held by non-affiliates of the registrants as of June 30, 2021, the last business day of the most recently completed second fiscal quarter:
| | | | | | | |
|---|---|---|---|---|---|---|
| Edison International | Approximately $22 billion | Southern California Edison Company | Wholly owned by Edison International |
Indicate the number of shares outstanding of each of the issuer's classes of common stock, as of the latest practicable date:
Common Stock outstanding as of February 17, 2022:
| | | | | |
|---|---|---|---|---|
| Edison International | | 380,696,945 | | shares |
| Southern California Edison Company | | 434,888,104 | | shares (wholly owned by Edison International) |
OMISSION OF CERTAIN INFORMATION
Southern California Edison Company meets the conditions set forth in General Instruction I(1)(a) and (b) of Form 10-K and is therefore filing this Form with the reduced disclosure format allowed under the General Instruction.
DOCUMENTS INCORPORATED BY REFERENCE
Designated portions of the Edison International Proxy Statement relating to Edison International's 2022 Annual Meeting of Shareholders are incorporated by reference into Part III of this report.
TABLE OF CONTENTS
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Item 6. Reserved.
This item no longer requires disclosure.
DISCLOSURE REGARDING FOREIGN JURISDICTIONS THAT PREVENT INSPECTIONS
Not applicable.
EXHIBITS AND FINANCIAL STATEMENT SCHEDULES
(a) (1) Financial Statements
See Consolidated Financial Statements listed in the Table of Contents of this report.
(a) (2) Report of Independent Registered Public Accounting Firm and Schedules Supplementing Financial Statements
Edison International
The following documents may be found in this report at the indicated page numbers under the headings "Financial Statements and Supplementary Data—Reports of Independent Registered Accounting Firm" and "Exhibits and Financial Statement Schedules—Schedules Supplementing Financial Statements" in the Table of Contents of this report.
| |
|---|
| Report of Independent Registered Public Accounting Firm - Edison International |
| Schedule I – Condensed Financial Information of Edison International Parent |
| Schedule II – Valuation and Qualifying Accounts of Edison International |
Schedules III through V, inclusive, for Edison International are omitted as not required or not applicable.
Southern California Edison Company
The following documents may be found in this report at the indicated page numbers under the headings "Financial Statements and Supplementary Data—Reports of Independent Registered Accounting Firm" and "Exhibits and Financial Statement Schedules—Schedules Supplementing Financial Statements" in the Table of Contents of this report.
| |
|---|
| Report of Independent Registered Public Accounting Firm - SCE |
| Schedule II – Valuation and Qualifying Accounts of SCE |
Schedules I and III through V, inclusive, for SCE are omitted as not required or not applicable.
(a) (3) Exhibits
EXHIBIT INDEX
| Exhibit Number | Description | |
| 104 | | The cover page of this report formatted in Inline XBRL (included as Exhibit 101) |
- Incorporated by reference pursuant to Rule 12b-32.
** Indicates a management contract or compensatory plan or arrangement, as required by Item 15(a)(3).
Edison International and SCE will furnish a copy of any exhibit listed in the accompanying Exhibit Index upon written request and upon payment to Edison International or SCE of their reasonable expenses of furnishing such exhibit, which shall be limited to photocopying charges and, if mailed to the requesting party, the cost of first-class postage.
SCHEDULES SUPPLEMENTING FINANCIAL STATEMENTS
EDISON INTERNATIONAL
SCHEDULE I – CONDENSED FINANCIAL INFORMATION OF PARENT
CONDENSED BALANCE SHEETS
| | | | | | | |
|---|---|---|---|---|---|---|
| | | December 31, | ||||
| (in millions) | 2021 | 2020 | ||||
| Assets: | | | ||||
| Cash and cash equivalents | | $ | 52 | | $ | 3 |
| Other current assets | | 403 | | 43 | ||
| Total current assets | | 455 | | 46 | ||
| Investments in subsidiaries | | 18,924 | | 17,706 | ||
| Deferred income taxes | | 697 | | 675 | ||
| Other long-term assets | | 68 | | 71 | ||
| Total assets | | $ | 20,144 | | $ | 18,498 |
| Liabilities and equity: | | | ||||
| Short-term debt | | $ | — | | $ | 129 |
| Current portion of long-term debt | | 700 | | — | ||
| Other current liabilities | | 583 | | 636 | ||
| Total current liabilities | | 1,283 | | 765 | ||
| Long-term debt | | 2,438 | | 3,133 | ||
| Other long-term liabilities | | 535 | | 552 | ||
| Total equity | | 15,888 | | 14,048 | ||
| Total liabilities and equity | | $ | 20,144 | | $ | 18,498 |
EDISON INTERNATIONAL
SCHEDULE I – CONDENSED FINANCIAL INFORMATION OF PARENT
CONDENSED STATEMENTS OF INCOME
For the Years Ended December 31, 2021, 2020 and 2019
| | | | | | | | | | |
|---|---|---|---|---|---|---|---|---|---|
| (in millions) | 2021 | 2020 | 2019 | ||||||
| Interest income from affiliates | | $ | — | | $ | 1 | | $ | 5 |
| Operating, interest and other expenses | | 176 | | 189 | | 150 | |||
| Loss before equity in earnings of subsidiaries | | (176) | | (188) | | (145) | |||
| Equity in earnings of subsidiaries | | 956 | | 851 | | 1,385 | |||
| Income before income taxes | | 780 | | 663 | | 1,240 | |||
| Income tax benefit | | (39) | | (76) | | (44) | |||
| Income from continuing operations | | 819 | | 739 | | 1,284 | |||
| Preferred stock dividend requirements of Edison International | | | 60 | | | — | | | — |
| Net income | | $ | 759 | | $ | 739 | | $ | 1,284 |
CONDENSED STATEMENTS OF COMPREHENSIVE INCOME
For the Years Ended December 31, 2021, 2020 and 2019
| | | | | | | | | | |
|---|---|---|---|---|---|---|---|---|---|
| (in millions) | 2021 | 2020 | 2019 | ||||||
| Net income | | $ | 819 | | $ | 739 | | $ | 1,284 |
| Other comprehensive income (loss), net of tax | | 15 | | — | | (9) | |||
| Comprehensive income | | $ | 834 | | $ | 739 | | $ | 1,275 |
EDISON INTERNATIONAL
SCHEDULE I – CONDENSED FINANCIAL INFORMATION OF PARENT
CONDENSED STATEMENTS OF CASH FLOWS
For the Years Ended December 31, 2021, 2020 and 2019
| | | | | | | | | | |
|---|---|---|---|---|---|---|---|---|---|
| (in millions) | 2021 | 2020 | 2019 | ||||||
| Net cash provided by operating activities | | $ | 817 | | $ | 1,171 | | $ | 181 |
| Cash flows from financing activities: | | | | ||||||
| Long-term debt issued | | — | | 400 | | 1,399 | |||
| Long-term debt issuance costs | | — | | (3) | | (9) | |||
| Long-term debt repaid | | — | | (400) | | — | |||
| Short-term debt issued | | — | | 800 | | 1,000 | |||
| Short-term debt repaid | | — | | (800) | | (1,000) | |||
| Common stock issued | | 32 | | 912 | | 2,391 | |||
| Preferred stock issued | | | 1,977 | | | — | | | — |
| Payable due to affiliates | | (13) | | 135 | | 5 | |||
| Commercial paper (repayments) borrowing, net | | (130) | | 129 | | (1) | |||
| Payments for stock-based compensation | | (3) | | (3) | | (27) | |||
| Receipts for stock-based compensation | | 31 | | 21 | | 39 | |||
| Common stock dividends paid | | (988) | | (928) | | (810) | |||
| Preferred stock dividends paid | | | (35) | | | — | | | — |
| Net cash provided by financing activities | | 871 | | 263 | | 2,987 | |||
| Capital contributions to affiliate | | (1,639) | | (1,446) | | (3,258) | |||
| Dividends from affiliate | | — | | — | | 8 | |||
| Net cash used in investing activities: | | (1,639) | | (1,446) | | (3,250) | |||
| Net increase (decrease) in cash and cash equivalents | | 49 | | (12) | | (82) | |||
| Cash and cash equivalents, beginning of year | | 3 | | 15 | | 97 | |||
| Cash and cash equivalents, end of year | | $ | 52 | | $ | 3 | | $ | 15 |
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 $975 million, $1.3 billion and $400 million in 2021, 2020 and 2019, 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. Certain amounts, including the impact of SCE's contributions to the Wildfire Insurance Fund under AB 1054, 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—Contingencies—Southern California Wildfires and Mudslides."
The CPUC authorized capital structure differs from the capital structure calculated based on GAAP due to certain exclusions allowed by CPUC. 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 and SCE anticipates filing another application for waiver of compliance with its equity ratio requirement in April 2022. Under the CPUC's rules, SCE will not be deemed to be in violation of the equity ratio requirement while the waiver application is pending resolution. While the exclusion is in place, 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. For further information, see "Notes to Consolidated Financial Statements—Note 12. Commitments and Contingencies—Contingencies—Southern California Wildfires and Mudslides."
Note 2. Debt and Equity Financing
Long-Term Debt
At December 31, 2021 and 2020, Edison International Parent had $400 million of 2.40% senior notes and $300 million of 3.125% senior notes due in 2022, $400 million of 2.95% senior notes due in 2023, $500 million of 3.55% senior notes
due in 2024, $400 million of 4.95% senior notes due in 2025, $600 million of 5.75% senior notes due in 2027 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, 2021:
| | | | |
|---|---|---|---|
| (in millions) | | ||
| Commitment | | $ | 1,500 |
| Outstanding borrowings | | — | |
| Amount available | | $ | 1,500 |
In April 2021, Edison International Parent amended its revolving credit facilities to extend the termination date to May 2025 and implement the transition from LIBOR to SOFR. The aggregate maximum principal amount under the Edison International Parent revolving credit facilities may be increased up to $2.0 billion, provided that additional lender commitments are obtained.
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, 2021, Edison International's consolidated debt to total capitalization ratio was 0.61 to 1.
Equity
Edison International did not issue any shares during the three and twelve months ended December 31, 2021 through its "at-the-market" ("ATM") program established in May 2019. Under the ATM program, Edison International may sell shares of its common stock having an aggregate sales price of up to $1.5 billion. As of December 31, 2021, 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, 2021, 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, 629,092 shares of common stock were issued as stock compensation awards for net cash receipts of $25 million and 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. Starting July 2021, the 401(k) defined contribution savings plan no longer offers 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.
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.
Preferred Stock Issuance
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 contribution to SCE.
Note 3. Related-Party Transactions
Edison International's Parent expense from services provided by SCE was $2 million in 2021, $2 million in 2020 and $2 million in 2019. Edison International Parent's interest expense from loans due to affiliates was $5 million in 2021, $4 million in 2020 and $5 million in 2019. Edison International Parent had current related-party receivables of $361 million and $43 million and current related-party payables of $211 million and $323 million at December 31, 2021 and 2020, respectively. Edison International Parent had long-term related-party receivables of $52 million and $68 million at December 31, 2021 and 2020, respectively, and long-term related-party payables of $227 million and $219 million at December 31, 2021 and 2020, respectively.
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."
EDISON INTERNATIONAL
SCHEDULE II – VALUATION AND QUALIFYING ACCOUNTS
| | | | | | | | | | | | | | | | | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| | | | | | | Additions | | | | | | | | |||
| | | Balance at | | Charged to | | Charged to | | | | | Balance at | | ||||
| | | Beginning of | | Costs and | | Other | | | | | End of | | ||||
| (in millions) | Period | Expenses | Accounts | Deductions | Period | | ||||||||||
| For the Year ended December 31, 2021 | | | | | | | | | ||||||||
| Allowance for uncollectible accounts | | | | | | | | | ||||||||
| Customers | | $ | 175 | | $ | 33 | | $ | 91 | | $ | 6 | | $ | 293 | |
| All others | | 13 | | 11 | | — | | 8 | | 16 | | |||||
| Total allowance for uncollectible amounts | | $ | 188 | | $ | 44 | | $ | 91 | b | $ | 14 | a | $ | 309 | |
| Tax valuation allowance | | $ | 35 | | $ | 9 | c | $ | — | | $ | — | | $ | 44 | |
| | | | | | | | | | | | | | | | | |
| For the Year ended December 31, 2020 | | | | | | | ||||||||||
| Allowance for uncollectible accounts | | | | | | | ||||||||||
| Customers | | $ | 35 | | $ | 36 | | $ | 120 | | $ | 16 | | $ | 175 | |
| All others | | 14 | | 10 | | — | | 11 | | 13 | | |||||
| Total allowance for uncollectible amounts | | $ | 49 | | $ | 46 | | $ | 120 | b | $ | 27 | a | $ | 188 | |
| Tax valuation allowance | | $ | 35 | | $ | — | | $ | — | | $ | — | | $ | 35 | |
| | | | | | | | | | | | | | | | | |
| For the Year ended December 31, 2019 | | | | | | | ||||||||||
| Allowance for uncollectible accounts | | | | | | | ||||||||||
| Customers | | $ | 31 | | $ | 22 | | $ | — | | $ | 18 | | $ | 35 | |
| All others | | 20 | | 10 | | — | | 16 | | 14 | | |||||
| Total allowance for uncollectible amounts | | $ | 51 | | $ | 32 | | $ | — | | $ | 34 | a | $ | 49 | |
| Tax valuation allowance | | $ | 36 | | $ | — | | $ | — | | $ | 1 | | $ | 35 | |
| a. | Accounts written off, net. |
|---|
| b. | Amounts are deferred to regulatory assets. |
|---|
| c. | During 2021, Edison International recorded additional valuation allowance of $3 million for non-California state net operating loss carryforwards and $6 million for federal and California charitable contributions carryover from 2017. |
|---|
SOUTHERN CALIFORNIA EDISON COMPANY
SCHEDULE II – VALUATION AND QUALIFYING ACCOUNTS
| | | | | | | | | | | | | | | | | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| | | | | | Additions | | | | | | | | ||||
| | | Balance at | | Charged to | | Charged to | | | | | Balance at | | ||||
| | | Beginning of | | Costs and | | Other | | | | | End of | | ||||
| (in millions) | Period | Expenses | Accounts | Deductions | Period | | ||||||||||
| For the Year ended December 31, 2021 | | | | | | | | |||||||||
| Allowance for uncollectible accounts | | | | | | | | |||||||||
| Customers | | $ | 175 | | $ | 33 | | $ | 91 | | $ | 6 | | $ | 293 | |
| All others | | 13 | | 11 | | — | | 8 | | 16 | | |||||
| Total allowance for uncollectible accounts | | $ | 188 | | $ | 44 | | $ | 91 | b | $ | 14 | a | $ | 309 | |
| Tax valuation allowance | | $ | — | | $ | 6 | c | $ | — | | $ | — | | $ | 6 | |
| | | | | | | | | | | | | | | | | |
| For the Year ended December 31, 2020 | | | | | | | ||||||||||
| Allowance for uncollectible accounts | | | | | | | ||||||||||
| Customers | | $ | 35 | | $ | 36 | | $ | 120 | | $ | 16 | | $ | 175 | |
| All others | | 14 | | 10 | | — | | 11 | | 13 | | |||||
| Total allowance for uncollectible accounts | | $ | 49 | | $ | 46 | | $ | 120 | b | $ | 27 | a | $ | 188 | |
| | | | | | | | | | | | | | | | | |
| For the Year ended December 31, 2019 | | | | | | | ||||||||||
| Allowance for uncollectible accounts | | | | | | | ||||||||||
| Customers | | $ | 31 | | $ | 22 | | $ | — | | $ | 18 | | $ | 35 | |
| All others | | 20 | | 10 | | — | | 16 | | 14 | | |||||
| Total allowance for uncollectible accounts | | $ | 51 | | $ | 32 | | $ | — | | $ | 34 | a | $ | 49 | |
| a. | Accounts written off, net. |
|---|
| b. | Amounts are deferred to regulatory assets. |
|---|
| c. | Valuation allowance for SCE includes $6 million for federal and California charitable contribution carryover from 2017. |
|---|
SIGNATURES
Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the registrants have duly caused this report to be signed on their behalf by the undersigned, thereunto duly authorized.
| | | | | |
|---|---|---|---|---|
| EDISON INTERNATIONAL | | SOUTHERN CALIFORNIA EDISON COMPANY | ||
| By: | /s/ Aaron D. Moss | | By: | /s/ Kate Sturgess |
| Aaron D. Moss Vice President and Controller (Duly Authorized Officer and Principal Accounting Officer) | | Kate Sturgess Vice President and Controller (Duly Authorized Officer and Principal Accounting Officer) | ||
| | | | ||
| Date: | February 24, 2022 | | Date: | February 24, 2022 |
Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed below by the following persons on behalf of the registrants and in the capacities and on the date indicated.
| Signature | Title | |
|---|---|---|
| A. Principal Executive Officers | | |
| Pedro J. Pizarro* | | President, Chief Executive Officer and Director (Edison International) |
| Steven D. Powell* | | President and Chief Executive Officer and Director (Southern California Edison Company) |
| B. Principal Financial Officers | | |
| Maria Rigatti* | | Executive Vice President and Chief Financial Officer (Edison International) |
| William M. Petmecky III* | | Senior Vice President and Chief Financial Officer (Southern California Edison Company) |
| C. Principal Accounting Officers | | |
| /s/ Aaron D. Moss | | Vice President and Controller (Edison International) |
| Aaron D. Moss | | |
| /s/ Kate Sturgess | | Vice President and Controller (Southern California Edison Company) |
| Kate Sturgess | | |
| D. Directors (Edison International and Southern California Edison Company, unless otherwise noted) | | |
| Jeanne Beliveau-Dunn* | | Director |
| Michael C. Camuñez* | | Director |
| Vanessa C.L. Chang* | | Director |
| James T. Morris* | | Director |
| Timothy T. O'Toole* | | Director |
| Pedro J. Pizarro* | | Director |
| Steven D. Powell (SCE only)* | | Director |
| Carey A. Smith* | | Director |
| Linda G. Stuntz* | | Director |
| William P. Sullivan* | | Chair of the Edison International Board and Director |
| Peter J. Taylor* | | Director |
| Keith Trent* | | Director |
| | | | |
|---|---|---|---|
| *By: | /s/ Aaron D. Moss | *By: | /s/ Kate Sturgess |
| | Aaron D. Moss Vice President and Controller (Attorney-in-fact for EIX Directors and Officers) | | Kate Sturgess Vice President and Controller (Attorney-in-fact for SCE Directors and Officers) |
| | | | |
| Date: | February 24, 2022 | Date: | February 24, 2022 |