Edison International 10-K 2024-12-31
Filed 2025-02-27. 2 sections, 776K 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, 2024 |
| ☐ 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, CA 91770 | Rosemead, CA 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 | ☐ |
| | | | | | | | | | | | | | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | -
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Item 6. Reserved.
This item no longer requires disclosure.
FORM 10-K SUMMARY
None.
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
Schedules II 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
Schedules I through V, inclusive, for SCE are omitted as not required or not applicable.
(a) (3) Exhibits
EXHIBIT INDEX
| Exhibit Number | Description | |||||||
| 101.2 | Financial statements from the annual report on Form 10-K of Southern California Edison Company for the year ended December 31, 2024, filed on February 27, 2025, formatted in Inline XBRL: (i) the Consolidated Statements of Income; (ii) the Consolidated Statements of Comprehensive Income; (iii) the Consolidated Balance Sheets; (iv) the Consolidated Statements of Cash Flows; (v) Consolidated Statements of Changes in Equity and (vi) the Notes to Consolidated Financial Statements | |||||||
| 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) | 2024 | 2023 | |||||||||
| Assets: | |||||||||||
| Cash and cash equivalents | $ | 4 | $ | 1 | |||||||
| Other current assets | 606 | 441 | |||||||||
| Total current assets | 610 | 442 | |||||||||
| Investments in subsidiaries | 20,630 | 20,026 | |||||||||
| Deferred income taxes | 760 | 700 | |||||||||
| Other long-term assets | 67 | 58 | |||||||||
| Total assets | $ | 22,067 | $ | 21,226 | |||||||
| Liabilities and equity: | |||||||||||
| Short-term debt | $ | 445 | $ | 246 | |||||||
| Current portion of long-term debt | 800 | 500 | |||||||||
| Other current liabilities | 639 | 598 | |||||||||
| Total current liabilities | 1,884 | 1,344 | |||||||||
| Long-term debt | 4,268 | 4,019 | |||||||||
| Other long-term liabilities | 350 | 362 | |||||||||
| Total equity | 15,565 | 15,501 | |||||||||
| Total liabilities and equity | $ | 22,067 | $ | 21,226 |
EDISON INTERNATIONAL
SCHEDULE I – CONDENSED FINANCIAL INFORMATION OF PARENT
CONDENSED STATEMENTS OF INCOME
For the Years Ended December 31, 2024, 2023 and 2022
| (in millions) | 2024 | 2023 | 2022 | ||||||||||||||
| Interest income | $ | 3 | $ | 2 | $ | 3 | |||||||||||
| Operating, interest and other expenses | 342 | 299 | 209 | ||||||||||||||
| Loss before equity in earnings of subsidiaries | (339) | (297) | (206) | ||||||||||||||
| Equity in earnings of subsidiaries | 1,610 | 1,498 | 867 | ||||||||||||||
| Income before income taxes | 1,271 | 1,201 | 661 | ||||||||||||||
| Income tax benefit | (100) | (83) | (56) | ||||||||||||||
| Net income | 1,371 | 1,284 | 717 | ||||||||||||||
| Preferred stock dividend requirements of Edison International | 87 | 87 | 105 | ||||||||||||||
| Net income available to Edison International common shareholders | $ | 1,284 | $ | 1,197 | $ | 612 | |||||||||||
CONDENSED STATEMENTS OF COMPREHENSIVE INCOME
For the Years Ended December 31, 2024, 2023 and 2022
| (in millions) | 2024 | 2023 | 2022 | ||||||||||||||
| Net income | $ | 1,371 | $ | 1,284 | $ | 717 | |||||||||||
| Other comprehensive income, net of tax | 9 | 2 | 43 | ||||||||||||||
| Comprehensive income | $ | 1,380 | $ | 1,286 | $ | 760 |
EDISON INTERNATIONAL
SCHEDULE I – CONDENSED FINANCIAL INFORMATION OF PARENT
CONDENSED STATEMENTS OF CASH FLOWS
For the Years Ended December 31, 2024, 2023 and 2022
| (in millions) | 2024 | 2023 | 2022 | ||||||||||||||
| Net cash provided by operating activities | $ | 1,097 | $ | 1,148 | $ | 1,133 | |||||||||||
| Cash flows from financing activities: | |||||||||||||||||
| Long-term debt issued | 1,049 | 1,549 | 945 | ||||||||||||||
| Long-term debt issuance costs | (7) | (16) | (6) | ||||||||||||||
| Long-term debt repaid | (500) | (400) | (700) | ||||||||||||||
| Short-term debt issued | — | 370 | 1,000 | ||||||||||||||
| Short-term debt repaid | (15) | (1,356) | — | ||||||||||||||
| Common stock issued | 12 | 20 | 13 | ||||||||||||||
| Common stock repurchased | (200) | — | — | ||||||||||||||
| Preferred stock repurchased | (28) | (289) | — | ||||||||||||||
| Payable due to affiliates | — | (3) | (14) | ||||||||||||||
| Commercial paper borrowing (repayments), net | 214 | 139 | 89 | ||||||||||||||
| Payments for stock-based compensation | (24) | (5) | (8) | ||||||||||||||
| Receipts for stock-based compensation | 206 | 71 | 72 | ||||||||||||||
| Common stock dividends paid | (1,198) | (1,112) | (1,050) | ||||||||||||||
| Preferred stock dividends paid | (88) | (108) | (99) | ||||||||||||||
| Net cash (used in) provided by financing activities | (579) | (1,140) | 242 | ||||||||||||||
| Cash flows from investing activities: | |||||||||||||||||
| Capital contributions to affiliate | (516) | (15) | (1,426) | ||||||||||||||
| Dividends from affiliate | 1 | 4 | 3 | ||||||||||||||
| Net cash used in investing activities: | (515) | (11) | (1,423) | ||||||||||||||
| Net increase (decrease) in cash and cash equivalents | 3 | (3) | (48) | ||||||||||||||
| Cash and cash equivalents, beginning of year | 1 | 4 | 52 | ||||||||||||||
| Cash and cash equivalents, end of year | $ | 4 | $ | 1 | $ | 4 |
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 $1.4 billion, $1.4 billion and $1.3 billion in 2024, 2023 and 2022, respectively.
Dividend Restrictions
For information on Edison International Parent dividend restrictions, see "Notes to Consolidated Financial Statements—Note 1. Summary of Significant Accounting Policies—SCE Dividends" and "—Edison International Dividends."
Note 2. Debt and Equity Financing
Long-Term Debt
The following table summarizes Edison International Parent's long-term debt at December 31, 2024:
| (in millions) | ||||||||||||||
| 4.95% Senior Note due 2025 | $ | 400 | ||||||||||||
| 4.70% Senior Note due 2025 | 400 | |||||||||||||
| 5.75% Senior Note due 2027 | 600 | |||||||||||||
| 4.125% Senior Note due 2028 | 550 | |||||||||||||
| 5.25% Senior Note due 2028 | 600 | |||||||||||||
| 6.95% Senior Note due 2029 | 550 | |||||||||||||
| 5.45% Senior Note due 2029 | 500 | |||||||||||||
| 5.25% Senior Note due 2032 | 550 | |||||||||||||
| 8.125% Junior Subordinated Note due 2053 | 500 | |||||||||||||
| 7.875% Junior Subordinated Note due 2054 | 450 |
For information on Edison International Parent's material provisions on long-term debt and credit facility, see "Notes to Consolidated Financial Statements—Note 5. Debt and Credit Agreements—Liens and Security Interests" and "—Credit Agreements and Short-Term Debt."
Common and Preferred Stock
For information on Edison International Parent common stock and preferred stock, see "Notes to Consolidated Financial Statements—Note 14. Equity."
Note 3. Related-Party Transactions
Edison International's Parent expense from services provided by SCE was $2 million in 2024, $2 million in 2023 and $2 million in 2022. Edison International Parent's interest expense from loans due to affiliates was $2 million in 2024, $2 million in 2023 and $3 million in 2022. Edison International Parent had current related-party receivables of $571 million and $400 million and current related-party payables of $186 million and $185 million at December 31, 2024 and 2023, respectively. Edison International Parent had long-term related-party payables of $98 million and $112 million at December 31, 2024 and 2023, respectively. For a discussion of Edison International Parent's contribution to Edison International Foundation for the year ended December 31, 2024, see "Notes to Consolidated Financial Statements—Note 18. Related Party Transactions".
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."
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/ Kara G. Ryan | By: | /s/ Kara G. Ryan | |||||||||||
| Kara G. Ryan Vice President, Chief Accounting Officer and Controller (Duly Authorized Officer and Principal Accounting Officer) | Kara G. Ryan Vice President, Chief Accounting Officer and Controller (Duly Authorized Officer and Principal Accounting Officer) | |||||||||||||
| Date: | February 27, 2025 | Date: | February 27, 2025 |
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) | |||||||
| Aaron D. Moss* | Senior Vice President and Chief Financial Officer (Southern California Edison Company) | |||||||
| C. Principal Accounting Officers | ||||||||
| /s/ Kara G. Ryan | Vice President, Chief Accounting Officer and Controller (Edison International) | |||||||
| Kara G. Ryan | ||||||||
| /s/ Kara G. Ryan | Vice President, Chief Accounting Officer and Controller (Southern California Edison Company) | |||||||
| Kara G. Ryan | ||||||||
| 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 | |||||||
| Marcy L. Reed* | Director | |||||||
| Carey A. Smith* | Director | |||||||
| Linda G. Stuntz* | Director | |||||||
| Peter J. Taylor* | Chair of the Edison International Board and Director | |||||||
| Keith Trent* | Director |
| *By: | /s/ Kara G. Ryan | *By: | /s/ Kara G. Ryan | ||||||||
| Kara G. Ryan Vice President, Chief Accounting Officer and Controller (Attorney-in-fact for EIX Directors and Officers) | Kara G. Ryan Vice President, Chief Accounting Officer and Controller (Attorney-in-fact for SCE Directors and Officers) | ||||||||||
| Date: | February 27, 2025 | Date: | February 27, 2025 |