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Edison International and Southern California Edison I 2018 Annual Report Edison International and Southern California Edison Edison International and Southern California 2244 Walnut Grove Avenue Rosemead, CA 91770 www.edison.com I 2018 Annual Report Edison International and Southern California Edison I 2018 Annual Report EDISON INTERNATIONAL 2018 FINANCIAL HIGHLIGHTS Annual Meeting Transfer Agent and Registrar Inquiries may also The annual meeting of shareholders Equiniti Trust Company (EQ), which be directed to: Dollar amounts in millions, except per-share data will be held on Thursday, April 25, maintains shareholder records, EQ Shareowner Services Years ended December 31, 2017 2016 2018 2019, at 9:00 a.m., Pacific Time, at the is the transfer agent and registrar 1110 Centre Point Curve, Suite 101 Hilton Los Angeles San Gabriel Hotel, for Edison International’s common Mendota Heights, MN 55120-4100 Operating revenue $12,657 $12,320 $11,869 225 West Valley Boulevard, stock and Southern California Edison (1) Basic (loss) earnings $(423) $565 $1,311 San Gabriel, California 91776. Company’s preferred and preference Fax: Less: non-core items stock. Shareholders may call (651) 450-4033 EQ Shareowner Services, Wildfire-related claims, net of recoveries (1,825) - - Corporate Governance Practices (800) 347-8625, between 7 a.m. EQ Shareowner Services Impairment and other 9 (448) - A description of Edison International’s and 7 p.m. (Central Time), Monday www.shareowneronline.com Settlement of 1994 – 2006 California tax audits 54 - - corporate governance practices is through Friday, to speak with a Re-measurement of deferred taxes – (466) - available on our Web site at representative (or to use the Investor Relations www.edisoninvestor.com. The Edison interactive voice response unit www.edisoninvestor.com Sale of SoCore Energy and other (46) 13 5 International Board Nominating/ 24 hours a day, seven days a Email: [email protected] Discontinued operations 34 - 12 Corporate Governance Committee week) regarding: Phone: (877) 379-9515 periodically reviews the Company’s Online account information: Total non-core items (1,774) (901) 17 n stock transfer and name-change corporate governance practices and www.shareowneronline.com Core earnings (1) $1,351 $1,466 $1,294 requirements; makes recommendations to the (1) Basic (loss) earnings per share $(1.30) $1.73 $4.02 Company’s Board that the practices n address changes, including dividend Dividend Reinvestment and Core earnings per share (1) $4.15 $4.50 $3.97 be updated from time to time. payment addresses; Direct Stock Purchase Plan A prospectus and enrollment forms Total assets at December 31 $56,715 $52,580 $51,319 n electronic deposit of dividends; Stock Listing and for Edison International’s common Dividends paid per common share $2.42 $2.17 $1.92 Trading Information n taxpayer identification number stock Dividend Reinvestment and Total shareholder return (6.7)% (9.5)% 24.9% Common Stock: The New York Stock submissions or changes; Direct Stock Purchase Plan are available from EQ Shareowner Total employees 12,574 12,521 12,390 Exchange uses the ticker symbol EIX; n duplicate 1099 and W-9 forms; daily newspapers list the stock as Services upon request. EdisonInt. n notices of, and replacement of destroyed stock certificates and BUSINESS HIGHLIGHTS SCE’s 4.08%, 4.24%, 4.32% and 4.78% dividend checks; Southern California Edison Series of $25 par value cumulative n Edison International’s Dividend preferred stock are listed on the NYSE Reinvestment and Direct Rate base (2) $29,557 $27,816 $25,923 MKT stock exchange. Shares of SCE’s Stock Purchase Plan, including Capital expenditures (2) $4,363 $3,835 $3,527 preference stock are not listed on an enrollments, purchases, exchange. SCE Trust II, SCE Trust III, SCE Peak demand (megawatts) 23,766 23,508 23,091 withdrawals, terminations, Trust IV, SCE Trust V, and SCE Trust VI, transfers, sales, duplicate Total system sales (kilowatt-hours, in millions) 87,143 87,170 87,242 subsidiaries of SCE, have issued Trust statements and direct debit Preference Securities which are listed of optional cash for dividend on the New York Stock Exchange. reinvestment; and (1) Edison International’s earnings are prepared in accordance with generally accepted accounting principles (GAAP) used in the United States. Management uses core earnings and core earnings per share (EPS) internally for financial planning and for analysis n requests for access to online of performance. Core earnings and core EPS are also used when communicating with analysts and investors regarding our earnings results to facilitate comparisons of the Company’s performance from period to period. Core earnings and core EPS are non-GAAP account information. 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 refer to net income attributable to Edison International shareholders. (2) Represents year-end rate base at December 31, which includes capital expenditures related to certain FERC-approved projects during the construction phase. Capital expenditures for each year include accruals. ON THE COVER Edison crew replacing traditional wire with insulated wire, a key element of the company’s Grid Safety and Resiliency Program and Wildfire Mitigation Plan. Edison International and Southern California Edison 2018 Annual Report LETTER TO SHAREHOLDERS Edison International’s senior leadership team. Front row, left to right: Maria Rigatti, Executive Vice President and Chief Financial Officer; Caroline Choi, Senior Vice President, Corporate Affairs; Pedro J. Pizarro, President and Chief Executive Officer; Jacqueline Trapp, Senior Vice President and Chief Human Resources Officer; Adam S. Umanoff, Executive Vice President and General Counsel Back row, left to right: J. Andrew (Drew) Murphy, Senior Vice President, Strategy and Corporate Development; Ronald O. Nichols, President, Southern California Edison; Kevin M. Payne, Chief Executive Officer, Southern California Edison In the 12 months since my last letter, our company has been operating in a challenging environment. In 2018, we again saw the devastation of wildfires in California. Almost 2 million acres burned last year, and close to 100 lives were tragically lost due to these catastrophic events catalyzed by climate change. At the start of 2018, historic winter rains brought damaging mudslides. Our thoughts are with all those across the state who were affected by these events. Our company’s number one priority continues to be the safety of customers, first responders, workers and communities. At Edison, our 12,500 employees are meeting the In February of this year, our board approved an challenge daily of protecting our communities. They additional contribution of $3 million to the Edison make us proud to be part of this 133-year-old company International Wildfire Assistance Fund to enhance that is such a vital part of our region. Our crews, community resiliency and wildfire prevention working alongside first responders, restored power in and mitigation. fire and mudslide-impacted areas as quickly as possible Despite the adverse conditions, Edison International and without serious injury to any of our employees or reported core earnings for 2018 of $4.15 per share contractors. Our external outreach teams worked with compared to $4.50 a year ago. Comparison of year- affected communities on recovery, and together, our over-year results is not particularly meaningful company and employees raised more than $230,000 because Southern California Edison (SCE) has not in charitable contributions for recovery efforts. yet received a decision in its 2018 General Rate Case. 1 Edison International and Southern California Edison 2018 Annual Report LETTER TO SHAREHOLDERS s Our GAAP earnings, however, were impacted by a while protecting the financial health of our utility to $1.8 billion after-tax charge related to existing and continue to safely deliver reliable, affordable and clean expected claims arising from the wildfire and mudslide electric power. The widespread destruction of wildfires events of 2017 and 2018, resulting in a net loss of is a major threat to the safety of our communities, the $1.30 per share (see opposite page for a reconciliation health of our economy and California’s ambitious goals of core and GAAP earnings). These results compared for reducing greenhouse gas emissions. Achieving our to 2017 GAAP earnings of $1.73 per share. company’s and the state’s long-term goals requires addressing this immediate crisis first. In December, we increased our dividend for the 15th consecutive year to an annual rate of $2.45 per share. Multiple factors contribute to wildfires across SCE’s This reflected our continuing commitment, even in a service area and throughout California. These include challenging operating environment, to target a dividend the buildup of dry vegetation in areas severely payout ratio of 45 to 55 percent of SCE’s core earnings. impacted by years of historic drought, the failure of multiple responsible parties to clear this buildup of hazardous wildfire fuel, increasing temperatures, lower WE WILL EXECUTE OUR VISION WITH A humidity and strong Santa Ana winds. Such factors can trigger wildfires and strain or damage utility facilities, no RELENTLESS FOCUS ON OPERATIONAL AND matter how well designed, constructed and maintained. SERVICE EXCELLENCE, STARTING ALWAYS Wildfire risk is increasing at the same time that more and more residential and commercial development WITH SAFETY AS OUR FIRST PRIORITY. is occurring in some of the highest-risk areas — with about 35 percent of SCE’s service area in high fire Our stock price, which reached an all-time high in risk areas. 2017 before the recent fires and mudslides, continues From a business perspective, we recognize that this all to trade at a deep discount, reflecting investor has implications for the financial health of our industry. uncertainty over the state’s legislative and regulatory In January, Pacific Gas & Electric (PG&E) and its parent responses to these unprecedented conditions.
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