Edison International 10-Q 2021-09-30

Filed 2021-11-02. 1 sections, 368K characters. Original on sec.gov · Markdown · JSON

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

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(Mark One)
☑QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
​For the quarterly period ended September 30, 2021
☐TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
​For the transition period from to

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Commission File NumberExact Name of Registrant as specified in its charter​State or Other Jurisdiction of Incorporation or OrganizationIRS Employer Identification Number
1-9936​EDISON INTERNATIONAL​California​95-4137452
1-2313​SOUTHERN CALIFORNIA EDISON COMPANY​California​95-1240335

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EDISON INTERNATIONALSOUTHERN CALIFORNIA EDISON COMPANY
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2244 Walnut Grove Avenue2244 Walnut Grove Avenue
(P.O. Box 976)(P.O. Box 800)
Rosemead, California 91770Rosemead, 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)

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Securities registered pursuant to Section 12(b) of the Act:

Edison International:

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Title of each classTrading Symbol(s)Name of each exchange on which registered
Common Stock, no par valueEIXNYSE LLC

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Southern California Edison Company: None.

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.

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Edison InternationalYes ☑ No ☐Southern California Edison CompanyYes ☑ No ☐

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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 during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).

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Edison InternationalYes ☑ No ☐Southern California Edison CompanyYes ☑ No ☐

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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.

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Edison InternationalLarge Accelerated FilerAccelerated FilerNon-accelerated FilerSmaller Reporting CompanyEmerging growth company
​​☑​☐​☐​☐​☐
Southern California Edison Company​Large Accelerated Filer​Accelerated Filer​Non-accelerated Filer​Smaller Reporting Company​Emerging growth company
​​☐​☐​☑​☐​☐

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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.

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Edison International☐Southern California Edison Company☐

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Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).

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Edison InternationalYes ☐ No ☑Southern California Edison CompanyYes☐ No ☑

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Indicate the number of shares outstanding of each of the issuer's classes of common stock, as of the latest practicable date:

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Common Stock outstanding as of October 26, 2021:​
Edison International379,908,256 Shares
Southern California Edison Company434,888,104 Shares

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TABLE OF CONTENTS

​​SEC Form 10-Q
​​Reference Number
GLOSSARYiv​
FORWARD-LOOKING STATEMENTS1​
MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS4Part I, Item 2
MANAGEMENT OVERVIEW4​
Highlights of Operating Results4​
2021 General Rate Case5​
Capital Program6​
2021 Cost of Capital Application8​
Southern California Wildfires and Mudslides9​
CSRP12​
COVID-1913​
Wildfire Mitigation, Wildfire Insurance and Restoration Expenses13​
RESULTS OF OPERATIONS14​
Southern California Edison Company14​
Impact of 2021 GRC14​
Three months ended September 30, 2021 versus September 30, 202016​
Earning Activities16​
Cost-Recovery Activities17​
Nine months ended September 30, 2021 versus September 30, 202018​
Earnings Activities18​
Cost-Recovery Activities19​
Supplemental Operating Revenue Information20​
Income Taxes20​
Edison International Parent and Other21​
Loss from Operations21​
LIQUIDITY AND CAPITAL RESOURCES22​
Southern California Edison Company22​
Available Liquidity23​
Regulatory Proceedings24​
Capital Investment Plan26​
Decommissioning of San Onofre26​
Margin and Collateral Deposits26​
Regulatory Balancing and Memorandum Accounts27​

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Edison International Parent and Other28​
Historical Cash Flows29​
Southern California Edison Company29​
Edison International Parent and Other33​
Contingencies33​
MARKET RISK EXPOSURES34​
Commodity Price Risk34​
Credit Risk34​
CRITICAL ACCOUNTING ESTIMATES AND POLICIES34​
[NEW ACCOUNTING GUIDANCE](#NEWACC

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