Le Lézard
Classified in: Business, Covid-19 virus
Subjects: EARNINGS, Conference Call, Webcast

Edison International Reports Third Quarter 2023 Results


Edison International (NYSE: EIX) today reported third-quarter net income of $155 million, or $0.40 per share, compared to net loss of $128 million, or ($0.33) per share, in the third quarter of last year. As adjusted, third-quarter core earnings were $531 million, or $1.38 per share, compared to core earnings of $564 million, or $1.48 per share, in the third quarter of last year.

Southern California Edison's third-quarter core earnings per share (EPS) decreased year over year, primarily due to higher interest expense and a true-up recorded in the third quarter of last year related to the Customer Service Re-Platform (CSRP) decision. The true-up recognized previously unrecognized return on rate base related to the CSRP project. This reduction was partially offset by higher revenue from the escalation mechanism set forth in the 2021 General Rate Case final decision.

Edison International Parent and Other's third-quarter core loss per share increased year over year, primarily due to higher interest expense.

"We are pleased with our performance year to date and, combined with the outlook for the fourth quarter, we are confident in reaffirming our 2023 core EPS guidance range," said Pedro J. Pizarro, president and CEO of Edison International. "I also reaffirm our ongoing commitment to delivering 5% to 7% core EPS growth through 2025 and 2028, which does not factor in several potential upsides."

Pizarro added, "SCE's industry-leading, multi-layered wildfire mitigation practices differentiate the company as climate change-driven wildfire risk affects utilities across the nation. Against this backdrop, SCE has made tremendous progress since 2018, reducing its risk of losses from catastrophic wildfires by 85%. Additionally, with their deep experience and achievements, my SCE colleagues are sharing mitigation strategies with utilities across the country."

Edison International uses core earnings internally for financial planning and analysis of performance. Core earnings 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. Please see the attached tables to reconcile core earnings to basic GAAP earnings.

Revision to Best Estimate of Losses for 2017/2018 Wildfire/Mudslide Events

Each reporting period, management reviews its loss estimates for remaining alleged and potential claims related to the 2017/2018 Wildfire/Mudslide Events. Management's third quarter 2023 review included a review of information obtained from settling claims in the 2017/2018 Wildfire/Mudslide Events litigations through the third quarter of 2023, including higher than expected costs to settle claims. Management's review also included a review of third-party expert information obtained in the third quarter of 2023 regarding the nature of claims remaining in the 2017/2018 Wildfire/Mudslide Events litigations. As a result of management's third quarter 2023 review, a $475 million increase in estimated losses for the 2017/2018 Wildfire/Mudslide Events as of September 30, 2023 was recorded. As a result, SCE recorded expected recoveries through FERC electric rates of $27 million against the charge. The resulting net charge to earnings was $448 million ($323 million after-tax).

2023 Earnings Guidance

The company reaffirmed its earnings guidance range for 2023 as summarized in the following chart. See the presentation accompanying the company's conference call for further information and assumptions.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 
 

 

 

2023 Earnings Guidance

 

2023 Earnings Guidance

 
 

 

 

as of July 27, 2023

 

as of Nov. 1, 2023

 
 

 

 

Low

 

High

 

Low

 

High

 
 

EIX Basic EPS

 

$

4.18

 

 

$

4.48

 

 

$

3.21

 

 

$

3.51

 

 
 

Less: Non-core Items*

 

 

(0.37

)

 

 

(0.37

)

 

 

(1.34

)

 

 

(1.34

)

 
 

EIX Core EPS

 

$

4.55

 

 

$

4.85

 

 

$

4.55

 

 

$

4.85

 

 

* There were ($516) million, or ($1.34) per share, of non-core items recorded for the nine months ended Sept. 30, 2023. Basic EIX EPS guidance only incorporates non-core items to Sept. 30, 2023.

Third Quarter 2023 Earnings Conference Call and Webcast Details

 

 

 

When:

Wednesday, Nov. 1, 1:30-2:30 p.m. (PDT)

Telephone Numbers:

1-888-673-9780 (U.S.) and 1-312-470-0178 (Int'l) ? Passcode: Edison

Telephone Replay:

 

1-866-510-4834 (U.S.) and 1-203-369-1942 (Int'l) ? Passcode: 1650

Telephone replay available through Nov. 16 at 6 p.m. (PDT)

Webcast:

www.edisoninvestor.com

Edison International has posted its earnings conference call prepared remarks by the CEO and CFO, the teleconference presentation and Form 10-Q to the company's investor relations website. These materials are available at www.edisoninvestor.com.

About Edison International

Edison International (NYSE: EIX) is one of the nation's largest electric utility holding companies, providing clean and reliable energy and energy services through its independent companies. Headquartered in Rosemead, California, Edison International is the parent company of Southern California Edison Company, a utility that delivers electricity to 15 million people across Southern, Central and Coastal California. Edison International is also the parent company of Edison Energy LLC, a global energy advisory firm providing integrated sustainability and energy solutions to commercial, industrial and institutional customers.

Appendix

Use of Non-GAAP Financial Measures

Edison International's earnings are prepared in accordance with generally accepted accounting principles used in the United States and represent the company's earnings as reported to the Securities and Exchange Commission. Our management uses core earnings and core earnings per share (EPS) internally for financial planning and for analysis of performance of Edison International and Southern California Edison. We also use core earnings and core EPS when communicating with analysts and investors regarding our earnings results to facilitate comparisons of the Company's performance from period to period. Financial measures referred to as net income, basic EPS, core earnings, or core EPS also apply to the description of earnings or earnings per share.

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 Edison International shareholders. Core earnings are reconciled to basic earnings in the attached tables. The impact of participating securities (vested awards that earn dividend equivalents that may participate in undistributed earnings with common stock) for the principal operating subsidiary is not material to the principal operating subsidiary's EPS and is therefore reflected in the results of the Edison International holding company, which is included in Edison International Parent and Other.

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 Edison International assumes no duty to update them to reflect new information, events or circumstances. Important factors that could cause different results include, but are not limited to the:

Additional information about risks and uncertainties is contained in Edison International and SCE's most recent combined Annual Report on Form 10-K for the year ended December 31, 2022, and subsequent Quarterly Report(s) on Form 10-Q filed with the Securities and Exchange commission, including the "Risk Factors" sections. Readers are urged to read this entire release as well as the most recent Form 10-K and Form 10-Q (including information incorporated by reference), and carefully consider the risks, uncertainties, and other factors that affect Edison International's and SCE's businesses. Edison International and SCE post or provide direct links (i) to certain SCE and other parties' regulatory filings and documents with the CPUC and the FERC and certain agency rulings and notices in open proceedings in a section titled "SCE Regulatory Highlights," (ii) to certain documents and information related to Southern California wildfires which may be of interest to investors in a section titled "Southern California Wildfires," and (iii) to presentations, documents and other information that may be of interest to investors in a section titled "Presentations and Updates" at www.edisoninvestor.com in order to publicly disseminate such information.

These forward-looking statements represent our expectations only as of the date of this news release, and Edison International assumes no duty to update them to reflect new information, events or circumstances. Readers should review future reports filed by Edison International and SCE with the SEC.

Third Quarter Reconciliation of Basic Earnings Per Share to Core Earnings Per Share

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three months ended

 

 

 

 

Nine months ended

 

 

 

 

 

September 30,

 

 

 

 

September 30,

 

 

 

 

 

2023

 

 

2022

 

 

Change

 

2023

 

 

2022

 

 

Change

Earnings (loss) per share attributable to Edison International

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

SCE

 

$

0.62

 

 

$

(0.21

)

 

$

0.83

 

 

$

2.69

 

 

$

0.97

 

 

$

1.72

 

Edison International Parent and Other

 

 

(0.22

)

 

 

(0.12

)

 

 

(0.10

)

 

 

(0.55

)

 

 

(0.45

)

 

 

(0.10

)

Edison International

 

 

0.40

 

 

 

(0.33

)

 

 

0.73

 

 

 

2.14

 

 

 

0.52

 

 

 

1.62

 

Less: Non-core items

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

SCE

 

 

(0.98

)

 

 

(1.84

)

 

 

0.86

 

 

 

(1.43

)

 

 

(3.00

)

 

 

1.57

 

Edison International Parent and Other

 

 

?

 

 

 

0.03

 

 

 

(0.03

)

 

 

0.09

 

 

 

0.03

 

 

 

0.06

 

Total non-core items

 

 

(0.98

)

 

 

(1.81

)

 

 

0.83

 

 

 

(1.34

)

 

 

(2.97

)

 

 

1.63

 

Core earnings (loss) per share

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

SCE

 

 

1.60

 

 

 

1.63

 

 

 

(0.03

)

 

 

4.12

 

 

 

3.97

 

 

 

0.15

 

Edison International Parent and Other

 

 

(0.22

)

 

 

(0.15

)

 

 

(0.07

)

 

 

(0.64

)

 

 

(0.48

)

 

 

(0.16

)

Edison International

 

$

1.38

 

 

$

1.48

 

 

$

(0.10

)

 

$

3.48

 

 

$

3.49

 

 

$

(0.01

)

Note: Diluted earnings/(loss) were $0.40 and $(0.33) per share for the three months ended September 30, 2023 and 2022, respectively. Diluted earnings were $2.13 and $0.52 per share for the nine months ended September 30, 2023 and 2022, respectively.

 
 

Third Quarter Reconciliation of Basic Earnings Per Share to Core Earnings (in millions)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three months ended

 

 

 

 

Nine months ended

 

 

 

 

 

September 30,

 

 

 

 

September 30,

 

 

 

(in millions)

 

2023

 

 

2022

 

 

Change

 

2023

 

 

2022

 

 

Change

Net income (loss) attributable to Edison International

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

SCE

 

$

239

 

 

$

(80

)

 

$

319

 

 

$

1,029

 

 

$

369

 

 

$

660

 

Edison International Parent and Other

 

 

(84

)

 

 

(48

)

 

 

(36

)

 

 

(210

)

 

 

(172

)

 

 

(38

)

Edison International

 

 

155

 

 

 

(128

)

 

 

283

 

 

 

819

 

 

 

197

 

 

 

622

 

Less: Non-core items

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

SCE1,2,3,4,5,6,7,9,10

 

 

(374

)

 

 

(703

)

 

 

329

 

 

 

(549

)

 

 

(1,142

)

 

 

593

 

Edison International Parent and Other8

 

 

(2

)

 

 

11

 

 

 

(13

)

 

 

33

 

 

 

11

 

 

 

22

 

Total non-core items

 

 

(376

)

 

 

(692

)

 

 

316

 

 

 

(516

)

 

 

(1,131

)

 

 

615

 

Core earnings (losses)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

SCE

 

 

613

 

 

 

623

 

 

 

(10

)

 

 

1,578

 

 

 

1,511

 

 

 

67

 

Edison International Parent and Other

 

 

(82

)

 

 

(59

)

 

 

(23

)

 

 

(243

)

 

 

(183

)

 

 

(60

)

Edison International

 

$

531

 

 

$

564

 

 

$

(33

)

 

$

1,335

 

 

$

1,328

 

 

$

7

 

 
1

Includes amortization of SCE's Wildfire Insurance Fund expenses of $54 million ($39 million after-tax) for both the three months ended September 2023 and 2022 and $159 million ($114 million after-tax) and $160 million ($115 million after-tax) for the nine months ended September 30, 2023 and 2022, respectively.

2

Includes charges for 2017/2018 Wildfire/Mudslide Events claims and expenses, net of recoveries of $459 million ($330 million after-tax) and $834 million ($600 million after-tax) for the three months ended September 30, 2023 and 2022 and $560 million ($404 million after-tax) and $1.2 billion ($891 million after-tax) for the nine months ended September 30, 2023 and 2022, respectively.

3

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 nine months ended September 30, 2023.

4

Includes a charge related to customer cancellations of certain ECS data services of $17 million ($12 million after-tax) for the three and nine months ended September 30, 2023.

5

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 three and nine months ended September 30, 2023 and 2022, respectively.

6

Includes impairment charges of $64 million ($46 million after-tax) for the nine months ended September 30, 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.

7

Includes a charge related to organizational realignment services of $14 million ($10 million after-tax) for the nine months ended September 30, 2022.

8

Includes customer revenues, net of claims related to an EIS insurance contract of $(3) million ($(2) million after-tax) and $14 million ($11 million after-tax) for the three months ended September 30, 2023 and 2022, and $42 million ($33 million after-tax) and $14 million ($11 million after-tax) for the nine months ended September 30, 2023 and 2022, respectively.

9

Includes charge related to the Presiding Officer's Decision ("POD") in September 2022 on SCE's Upstream Lighting Program for the Upstream Lighting Program of $81 million ($64 million after-tax) for both the three months and the nine months ended September 30, 2022.

10

Includes charges of $7 million ($5 million after-tax) for wildfire claims and expenses, net of recoveries related to wildfires occurring prior to July 1, 2023 for both the three months and the nine months ended September 30, 2023.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Consolidated Statements of Income

 

Edison International

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three months ended

 

Nine months ended

 

 

September 30,

 

September 30,

(in millions, except per-share amounts)

 

2023

 

 

2022

 

 

2023

 

 

2022

 

Operating revenue

 

$

4,702

 

 

$

5,228

 

 

$

12,632

 

 

$

13,204

 

Purchased power and fuel

 

 

1,988

 

 

 

2,485

 

 

 

4,453

 

 

 

4,826

 

Operation and maintenance

 

 

882

 

 

 

979

 

 

 

3,207

 

 

 

3,827

 

Wildfire-related claims, net of insurance recoveries

 

 

482

 

 

 

889

 

 

 

578

 

 

 

1,316

 

Wildfire Insurance Fund expense

 

 

54

 

 

 

54

 

 

 

159

 

 

 

160

 

Depreciation and amortization

 

 

665

 

 

 

738

 

 

 

1,971

 

 

 

1,922

 

Property and other taxes

 

 

139

 

 

 

128

 

 

 

428

 

 

 

374

 

Impairment, net of other operating income

 

 

?

 

 

 

(1

)

 

 

?

 

 

 

60

 

Total operating expenses

 

 

4,210

 

 

 

5,272

 

 

 

10,796

 

 

 

12,485

 

Operating income (loss)

 

 

492

 

 

 

(44

)

 

 

1,836

 

 

 

719

 

Interest expense

 

 

(433

)

 

 

(302

)

 

 

(1,186

)

 

 

(819

)

Other income

 

 

130

 

 

 

85

 

 

 

377

 

 

 

219

 

Income (loss) before income taxes

 

 

189

 

 

 

(261

)

 

 

1,027

 

 

 

119

 

Income tax (benefit) expense

 

 

(23

)

 

 

(187

)

 

 

41

 

 

 

(235

)

Net income (loss)

 

 

212

 

 

 

(74

)

 

 

986

 

 

 

354

 

Preference stock dividend requirements of SCE

 

 

30

 

 

 

27

 

 

 

88

 

 

 

78

 

Preferred stock dividend requirement of Edison International

 

 

27

 

 

 

27

 

 

 

79

 

 

 

79

 

Net income (loss) attributable to Edison International common shareholders

 

$

155

 

 

$

(128

)

 

$

819

 

 

$

197

 

Basic earnings (loss) per share:

 

 

 

 

 

 

 

 

 

 

 

 

Weighted average shares of common stock outstanding

 

 

383

 

 

 

382

 

 

 

383

 

 

 

381

 

Basic earnings (loss) per common share attributable to Edison International common shareholders

 

$

0.40

 

 

$

(0.33

)

 

$

2.14

 

 

$

0.52

 

Diluted earnings (loss) per share:

 

 

 

 

 

 

 

 

 

 

 

 

Weighted average shares of common stock outstanding, including effect of dilutive securities

 

 

385

 

 

 

383

 

 

 

385

 

 

 

382

 

Diluted earnings (loss) per common share attributable to Edison International common shareholders

 

$

0.40

 

 

$

(0.33

)

 

$

2.13

 

 

$

0.52

 

 

 

 

 

 

 

 

 

Consolidated Balance Sheets

 

Edison International

 

 

 

 

 

 

 

 

 

 

September 30,

 

 

December 31,

(in millions)

 

2023

 

2022

ASSETS

 

 

 

 

 

 

Cash and cash equivalents

 

$

446

 

$

914

Receivables, less allowances of $341 and $347 for uncollectible accounts at respective dates

 

 

2,363

 

 

1,695

Accrued unbilled revenue

 

 

929

 

 

641

Inventory

 

 

505

 

 

474

Prepaid expenses

 

 

102

 

 

248

Regulatory assets

 

 

2,408

 

 

2,497

Wildfire Insurance Fund contributions

 

 

204

 

 

204

Other current assets

 

 

278

 

 

397

Total current assets

 

 

7,235

 

 

7,070

Nuclear decommissioning trusts

 

 

3,943

 

 

3,948

Other investments

 

 

81

 

 

55

Total investments

 

 

4,024

 

 

4,003

Utility property, plant and equipment, less accumulated depreciation and amortization of $12,928 and $12,260 at respective dates

 

 

54,852

 

 

53,274

Nonutility property, plant and equipment, less accumulated depreciation of $112 and $106 at respective dates

 

 

202

 

 

212

Total property, plant and equipment

 

 

55,054

 

 

53,486

Regulatory assets (include $1,571 and $834 related to Variable Interest Entities "VIEs" at respective dates)

 

 

8,774

 

 

8,181

Wildfire Insurance Fund contributions

 

 

2,002

 

 

2,155

Operating lease right-of-use assets

 

 

1,292

 

 

1,442

Long-term insurance receivables

 

 

549

 

 

465

Other long-term assets

 

 

1,234

 

 

1,239

Total long-term assets

 

 

13,851

 

 

13,482

 

 

 

 

 

 

 

Total assets

 

$

80,164

 

$

78,041

 

 

 

 

 

 

 

 

Consolidated Balance Sheets

 

Edison International

 

 

 

 

 

 

 

 

 

 

September 30,

 

 

December 31,

(in millions, except share amounts)

 

2023

 

 

2022

 

LIABILITIES AND EQUITY

 

 

 

 

 

 

Short-term debt

 

$

1,005

 

 

$

2,015

 

Current portion of long-term debt

 

 

2,939

 

 

 

2,614

 

Accounts payable

 

 

2,108

 

 

 

2,359

 

Wildfire-related claims

 

 

150

 

 

 

121

 

Customer deposits

 

 

175

 

 

 

167

 

Regulatory liabilities

 

 

717

 

 

 

964

 

Current portion of operating lease liabilities

 

 

179

 

 

 

506

 

Other current liabilities

 

 

1,754

 

 

 

1,601

 

Total current liabilities

 

 

9,027

 

 

 

10,347

 

Long-term debt (include $1,539 and $809 related to VIEs at respective dates)

 

 

29,532

 

 

 

27,025

 

Deferred income taxes and credits

 

 

6,507

 

 

 

6,149

 

Pensions and benefits

 

 

402

 

 

 

422

 

Asset retirement obligations

 

 

2,695

 

 

 

2,754

 

Regulatory liabilities

 

 

8,570

 

 

 

8,211

 

Operating lease liabilities

 

 

1,113

 

 

 

936

 

Wildfire-related claims

 

 

1,583

 

 

 

1,687

 

Other deferred credits and other long-term liabilities

 

 

3,164

 

 

 

2,988

 

Total deferred credits and other liabilities

 

 

24,034

 

 

 

23,147

 

Total liabilities

 

 

62,593

 

 

 

60,519

 

Commitments and contingencies

 

 

 

 

 

 

Preferred stock (50,000,000 shares authorized; 1,250,000 shares of Series A and 750,000 shares of Series B issued and outstanding at respective dates)

 

 

1,978

 

 

 

1,978

 

Common stock, no par value (800,000,000 shares authorized; 383,567,856 and 382,208,498 shares issued and outstanding at respective dates)

 

 

6,301

 

 

 

6,200

 

Accumulated other comprehensive loss

 

 

(8

)

 

 

(11

)

Retained earnings

 

 

7,399

 

 

 

7,454

 

Total Edison International's shareholders' equity

 

 

15,670

 

 

 

15,621

 

Noncontrolling interests ? preference stock of SCE

 

 

1,901

 

 

 

1,901

 

Total equity

 

 

17,571

 

 

 

17,522

 

 

 

 

 

 

 

 

Total liabilities and equity

 

$

80,164

 

 

$

78,041

 

 

 

 

 

 

 

 

 

Consolidated Statements of Cash Flows

 

Edison International

 

 

 

 

 

 

 

 

 

Nine months ended

 

 

September 30,

(in millions)

 

2023

 

 

2022

 

Cash flows from operating activities:

 

 

 

 

 

 

Net income

 

$

986

 

 

$

354

 

Adjustments to reconcile to net cash provided by operating activities:

 

 

 

 

 

 

Depreciation and amortization

 

 

2,034

 

 

 

1,977

 

Allowance for equity during construction

 

 

(116

)

 

 

(91

)

Impairment

 

 

?

 

 

 

60

 

Deferred income taxes

 

 

53

 

 

 

(237

)

Wildfire Insurance Fund amortization expense

 

 

159

 

 

 

160

 

Other

 

 

32

 

 

 

50

 

Nuclear decommissioning trusts

 

 

(94

)

 

 

(81

)

Changes in operating assets and liabilities:

 

 

 

 

 

 

Receivables

 

 

(692

)

 

 

(807

)

Inventory

 

 

(40

)

 

 

(20

)

Accounts payable

 

 

(186

)

 

 

363

 

Tax receivables and payables

 

 

127

 

 

 

171

 

Other current assets and liabilities

 

 

(214

)

 

 

(673

)

Derivative assets and liabilities, net

 

 

(139

)

 

 

(8

)

Regulatory assets and liabilities, net

 

 

705

 

 

 

1,032

 

Wildfire-related insurance receivable

 

 

(84

)

 

 

(383

)

Wildfire-related claims

 

 

(75

)

 

 

271

 

Other noncurrent assets and liabilities

 

 

90

 

 

 

(26

)

Net cash provided by operating activities

 

 

2,546

 

 

 

2,112

 

Cash flows from financing activities:

 

 

 

 

 

 

Long-term debt issued, net of discount and issuance costs of $48 and $36 for the respective periods

 

 

4,678

 

 

 

3,347

 

Long-term debt repaid

 

 

(1,867

)

 

 

(773

)

Short-term debt issued

 

 

851

 

 

 

600

 

Short-term debt repaid

 

 

(1,944

)

 

 

(993

)

Common stock issued

 

 

16

 

 

 

10

 

Commercial paper borrowing, net

 

 

74

 

 

 

529

 

Dividends and distribution to noncontrolling interests

 

 

(87

)

 

 

(83

)

Common stock dividends paid

 

 

(833

)

 

 

(787

)

Preferred stock dividends paid

 

 

(105

)

 

 

(99

)

Other

 

 

97

 

 

 

81

 

Net cash provided by financing activities

 

 

880

 

 

 

1,832

 

Cash flows from investing activities:

 

 

 

 

 

 

Capital expenditures

 

 

(3,991

)

 

 

(4,206

)

Proceeds from sale of nuclear decommissioning trust investments

 

 

3,223

 

 

 

3,120

 

Purchases of nuclear decommissioning trust investments

 

 

(3,129

)

 

 

(3,039

)

Other

 

 

3

 

 

 

20

 

Net cash used in investing activities

 

 

(3,894

)

 

 

(4,105

)

Net decrease in cash, cash equivalents and restricted cash

 

 

(468

)

 

 

(161

)

Cash, cash equivalents and restricted cash at beginning of period

 

 

917

 

 

 

394

 

Cash, cash equivalents and restricted cash at end of period

 

$

449

 

 

$

233

 

 


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