Edison International Reports Fourth Quarter and Full Year 2012 Results

  Edison International Reports Fourth Quarter and Full Year 2012 Results

Business Wire

ROSEMEAD, Calif. -- February 26, 2013

Edison International (NYSE: EIX) today reported fourth quarter and full-year
results, as summarized below.


Fourth Quarter and Full-Year Results Summary
                                                  
                               Quarter Ended           Year Ended
                                                       December 31,
                               December 31,
Per Share                     2012       2011       2012       2011      
Basic earnings from            $ 2.42     $ 0.68      $ 4.61     $ 3.20
continuing operations
Basic earnings (loss) from     (4.07 )   (3.25 )   (5.17 )   (3.31 ) 
discontinued operations
Basic earnings (loss)         $ (1.65 )  $ (2.57 )  $ (0.56 )  $ (0.11 ) 
Core earnings                 $ 1.79    $ 0.79    $ 3.92    $ 3.31   
Note: Basic losses include results from Edison Mission Energy.


Core Earnings Summary

The increase in core earnings in the fourth quarter and full-year was driven
by the implementation of Southern California Edison’s (SCE) 2012 General Rate
Case, which was approved by the California Public Utilities Commission in
November 2012.

“These strong results demonstrate Southern California Edison's ongoing ability
to deliver rate base growth and cost management during an extended period of
rate case uncertainty,” said Ted Craver, chairman and chief executive officer
of Edison International. “Looking ahead, success in providing our customers
with safe, reliable and affordable electricity provides the foundation for
sustainable growth in earnings and dividends.”

Note: Basic earnings and losses refer to net income or losses attributable to
Edison International common shareholders throughout this release. Core
earnings is a non-GAAP financial measure. See Reconciliation of Core Earnings
to Basic Earnings.

Fourth Quarter Earnings Detail

Southern California Edison’s (SCE) fourth quarter 2012 basic earnings were
$2.56 per share compared to $0.76 per share in the fourth quarter of 2011.
Core earnings were $1.85 per share compared to fourth quarter 2011 core
earnings of $0.76 per share. The core earnings increase was primarily due to
implementation of SCE’s 2012 General Rate Case which allowed SCE to recover
its revenue requirement retroactive to January 1, 2012, and record certain tax
benefits. The fourth quarter 2012 results also include rate base growth and
solid operating results, offset by severance costs as SCE continues to
optimize its cost structure and minimize impacts on customer rates. Non-core
items included a benefit from regulatory treatment of repair deductions for
tax purposes during 2009 – 2011 as adopted in the 2012 General Rate Case.

Effective December 17, 2012, Edison International no longer consolidates the
earnings and losses of Edison Mission Energy (EME) or its subsidiaries due to
EME and certain of its subsidiaries filing voluntary petitions for relief
under Chapter 11 of the Bankruptcy Code. EME and those subsidiaries in Chapter
11 proceedings retain control of their assets and are authorized to operate
their businesses as debtors-in-possession under the jurisdiction of the
Bankruptcy Court. Edison International has recorded a full impairment of the
investment in EME as a result of the deconsolidation of EME, recognition of
losses previously deferred in accumulated other comprehensive income, a
provision for losses from the EME bankruptcy, and estimated tax impacts
related to the expected future tax deconsolidation and separation of EME from
Edison International. The aggregate impact of these matters resulted in an
after tax charge of $3.86 per share during the fourth quarter of 2012.
Including EME quarterly earnings through the date of bankruptcy filing, the
fourth quarter loss was $4.07 per share.

Edison International parent company and other reported a fourth quarter 2012
basic loss from continuing operations of $(0.14) per share compared to a
$(0.08) per share loss from continuing operations in the fourth quarter of
2011. Core losses were $(0.06) per share compared to core earnings of $0.03
per in the same period last year. The decrease in core earnings was primarily
due to changes in income taxes and higher operating expenses.

Full-Year Earnings Detail

SCE’s basic earnings in 2012 were $4.81 per share compared to $3.33 per share
in 2011. Core earnings were $4.10 per share compared to $3.33 per share in
2011. The increase in core earnings was primarily due to rate base growth,
solid operating results and lower income taxes, offset by inspection and
repair costs related to outages at the San Onofre Nuclear Generating Station
and severance costs, as SCE continues to optimize its cost structure and
minimize impacts on customer rates.

Edison International parent company and other reported 2012 basic losses from
continuing operations of $(0.20) per share compared to basic losses from
continuing operations of $(0.13) per share in 2011. Core losses were $(0.18)
per share compared to ($0.02) per share last year. The increase in core losses
was due to changes in income taxes and higher operating expenses in 2012.

2013 Earnings Guidance

The company announced 2013 basic and core earnings guidance of $3.45 to $3.65
per share. It has assumed no non-core items in its guidance. There is no
expected impact of participating securities. See the risk disclosure statement
in the Appendix and the presentation accompanying the company’s conference
call for further information.

About Edison International

Edison International (NYSE:EIX), through its subsidiaries, is a generator and
distributor of electric power and an investor in infrastructure and energy
assets, including renewable energy. Headquartered in Rosemead, Calif., Edison
International is the parent company of Southern California Edison, one of the
nation’s largest electric utilities.

                                   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. 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 net income, basic EPS, core
earnings, or core EPS also applies 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 stock options 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 EIX parent &
other.

Risk Disclosure Statement

Forward-looking statements about the financial outlook for Edison
International and its subsidiaries are included in this news release. These
forward-looking statements reflect our current expectations; however, such
statements involve risks and uncertainties. Actual results could differ
materially from current expectations. Important factors that could cause
different results are discussed under the headings “Risk Factors” and
“Management’s Discussion and Analysis of Financial Condition and Results of
Operations” in Edison International’s 2012 Form 10-K, and other reports and
other reports and presentations filed with the Securities and Exchange
Commission which are available at: www.edisoninvestor.com. 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.

Reminder: Edison International Will Hold a Conference Call Today

When:               Tuesday, February 26, 2013, 2:00 p.m. (Pacific Standard
                     Time)
Telephone Numbers:   1-800-369-2198 (US) and 1-773-756-4618 (Int'l) -
                     Passcode: Edison
Telephone Replay:    1-866-489-8055 (US) and 1-203-369-1680 (Int’l) -
                     Passcode: 468529
                     Telephone replay available through March 6, 2013
Webcast:             www.edisoninvestor.com
                     

The prepared remarks made on the conference call by Ted Craver, chairman and
chief executive officer of Edison International will be available at
www.edisoninvestor.com.


Summary Financial Schedules
                                                                             
                                                                             
Fourth Quarter Basic Earnings (Loss) Per Share

                                                              
                                      Quarter Ended December 31,
Earnings (Loss) Per Share
                                     2012           2011        Change    
Attributable to Edison
International
        SCE                           $  2.56        $  0.76      $ 1.80
       EIX parent & other             (0.14  )      (0.08 )   (0.06 ) 
Earnings (loss) from continuing        2.42         0.68     1.74   
operations
Earnings (loss) from discontinued      (4.07  )      (3.25 )   (0.82 ) 
operations^1
Basic earnings (loss)^2              $  (1.65  )    $  (2.57 )  $ 0.92   
Diluted earnings (loss)              $  (1.64  )    $  (2.56 )  $ 0.92   

1. Results for Edison Mission Energy reported as non-core discontinued
operations for both periods.
2. The impact of participating securities on the per share amounts is included
in EIX parent & other and was zero per share for both quarters.


Fourth Quarter Reconciliation of Core Earnings (Loss) Per Share

to Basic Earnings (Loss) Per Share
                                                              
                                      Quarter Ended December 31,
Earnings (Loss) Per Share
                                       2012         2011    Change    
Attributable to Edison
International
Core earnings (loss)^1,2                           
   SCE                                $  1.85         $  0.76      $ 1.09
  EIX parent & other                  (0.06  )      0.03     (0.09 ) 
Core earnings                          1.79         0.79     1.00   
Non-core items
   SCE – Income tax repair               0.71            —           0.71
   deduction (2009-2011)
   EIX parent & other –
   Consolidated deferred tax             (0.08  )        (0.06 )     (0.02 )
   impacts related to EME changes
   EIX parent & other – Write-down
   of net investment in aircraft         —               (0.05 )    0.05
   leases
Earnings (loss) from discontinued                                  
operations
 EIX parent & other                   (4.07  )      (3.25 )   (0.82 ) 
Total non-core items                   (3.44  )      (3.36 )   (0.08 ) 
Basic earnings (loss)^1              $  (1.65  )    $  (2.57 )  $ 0.92   

1. See Use of Non-GAAP Financial Measures in Appendix. The impact of
participating securities on the per share amounts is included in EIX parent &
other and was zero per share for both periods.
2. Results for Edison Mission Energy reported as non-core discontinued
operations for both periods.


Fourth Quarter Basic Earnings (Loss)
                                                               
                                       Quarter Ended December 31,
Earnings (Loss) (in millions)
                                      2012           2011        Change   
Attributable to Edison International
        SCE                            $  833         $ 247        $ 586
       EIX parent & other              (46     )    (26    )   (20  ) 
Earnings (loss) from continuing         787         221       566   
operations
Earnings (loss) from discontinued       (1,326  )    (1,060 )   (266 ) 
operations^1
Basic earnings (loss)                 $  (539    )   $ (839   )  $ 300   

1. Results for Edison Mission Energy reported as non-core discontinued
operations for both periods.


Fourth Quarter Reconciliation of Core Earnings (Loss) to Basic Earnings (Loss)
                                                               
                                       Quarter Ended December 31,
Earnings (Loss) (in millions)
                                      2012           2011        Change   
Attributable to Edison International
Core earnings (loss)^1,2                             
  SCE                                  $  602          $ 247        $ 355
 EIX parent & other                    (20     )    9         (29  ) 
Core earnings                           582         256       326   
Non-core items
  SCE – Income tax repair deduction       231            —            231
  (2009-2011)
  EIX parent & other – Consolidated
  deferred tax related to EME             (26     )      (19    )     (7   )
  changes
  EIX parent & other – Write-down of      —              (16    )     16
  net investment in aircraft leases
Earnings (loss) from discontinued
operations
 EIX parent & other                    (1,326  )    (1,060 )   (266 ) 
Total non-core items                    (1,121  )    (1,095 )   (26  ) 
Basic earnings (loss)                 $  (539    )   $ (839   )  $ 300   

1. See Use of Non-GAAP Financial Measures in Appendix.
2. Results for Edison Mission Energy reported as non-core discontinued
operations for both periods.


Full-Year Basic Earnings (Loss) Per Share
                                                              
                                         Year Ended December 31,
Earnings (Loss) Per Share
                                        2012         2011       Change    
Attributable to Edison International
        SCE                              $  4.81      $ 3.33      $ 1.48
       EIX parent & other                (0.20  )   (0.13 )   (0.07 ) 
Earnings (loss) from continuing           4.61      3.20     1.41   
operations
Earnings (loss) from discontinued         (5.17  )   (3.31 )   (1.86 ) 
operations^1
Basic earnings (loss)^2                 $  (0.56  )  $ (0.11 )  $ (0.45 ) 
Diluted earnings (loss)                 $  (0.56  )  $ (0.11 )  $ (0.45 ) 

1. Results for Edison Mission Energy reported as non-core discontinued
operations for both periods.
2. The impact of participating securities is included in EIX parent & other
and was zero per share for both periods.


Full-Year Reconciliation of Core Earnings (Loss) Per Share

to Basic Earnings (Loss) Per Share
                                                              
                                         Year Ended December 31,
Earnings (Loss) Per Share
                                        2012         2011       Change    
Attributable to Edison International
Core earnings (loss)^1,2                             
  SCE                                    $  4.10       $ 3.33      $ 0.77
 EIX parent & other                      (0.18  )   (0.02 )   (0.16 ) 
Core earnings                             3.92      3.31     0.61   
Non-core items
  SCE – Income tax repair deduction         0.71         —           0.71
  (2009-2011)
  EIX parent & other – Consolidated         (0.11  )     (0.06 )     (0.05 )
  deferred tax related to EME changes
  EIX parent & other – Gain on sale of      0.09         —           0.09
  Beaver Valley lease interest
  EIX parent & other – Write-down of        —            (0.05 )     0.05
  net investment in aircraft leases
Earnings (loss) from discontinued
operations
 EIX parent & other                      (5.17  )   (3.31 )   (1.86 ) 
Total non-core items                      (4.48  )   (3.42 )   (1.06 ) 
Basic earnings (loss)^1                 $  (0.56  )  $ (0.11 )  $ (0.45 ) 

1. See Use of Non-GAAP Financial Measures in Appendix. The impact of
participating securities is included in EIX parent & other and was zero per
share for both periods.
2. Results for Edison Mission Energy reported as non-core discontinued
operations for both periods.


Full-Year Basic Earnings (Loss)
                                                               
                                          Year Ended December 31,
Earnings (Loss) (in millions)
                                         2012        2011        Change   
Attributable to Edison International
           SCE                            $ 1,569     $ 1,085      $ 484
          EIX parent & other             (66    )   (44    )   (22  ) 
Earnings (loss) from continuing           1,503     1,041     462   
operations
Earnings (loss) from discontinued         (1,686 )   (1,078 )   (608 ) 
operations^1
Basic earnings (loss)                    $ (183   )  $ (37    )  $ (146 ) 

1. Results for Edison Mission Energy reported as non-core discontinued
operations for both periods.

                                                               
Full-Year Reconciliation of Core Earnings (Loss) to Basic Earnings (Loss)
                                                                             
                                                                             
                                          Year Ended December 31,
Earnings (Loss) (in millions)
                                          2012      2011     Change   
Attributable to Edison International
Core earnings (loss)^1,2                             
  SCE                                     $ 1,338      $ 1,085      $ 253
 EIX parent & other                      (60    )   (9     )   (51  ) 
Core earnings                             1,278     1,076     202   
Non-core items
  SCE – Income tax repair deduction         231          —            231
  (2009-2011)
  EIX parent & other – Consolidated         (37    )     (19    )     (18  )
  deferred tax related to EME changes
  EIX parent & other – Gain on sale of      31           —            31
  Beaver Valley lease interest
  EIX parent & other – Write-down of        —            (16    )     16
  net investment in aircraft leases
Earnings (loss) from discontinued
operations
 EIX parent & other                      (1,686 )   (1,078 )   (608 ) 
Total non-core items                      (1,461 )   (1,113 )   (348 ) 
Basic earnings (loss)                    $ (183   )  $ (37    )  $ (146 ) 

1. See Use of Non-GAAP Financial Measures on in Appendix.
2. Results for Edison Mission Energy reported as non-core discontinued
operations for both periods.

                                       
Consolidated Statements of                Edison International
Income
                             Quarter ended             Year ended
                                                     
                             December 31,              December 31,
(in millions, except        2012        2011        2012        2011
per-share amounts)
Electric utility             $ 3,057      $ 2,513      $ 11,848    $ 10,574
Other                        3          4           14         14       
Total operating revenue      3,060      2,517       11,862     10,588   
Fuel                         88           98           308          367
Purchased power              782          568          3,831        2,989
Operation and maintenance    1,013        1,017        3,904        3,718
Depreciation,
decommissioning and          375          368          1,562        1,427
amortization
(Gain) loss on sale of
assets, disallowances and    37         26          (28      )  26       
other
Total operating expenses     2,295      2,077       9,577      8,527    
Operating income             765          440          2,285        2,061
Interest and dividend        4            (2       )   10           6
income
Equity in income from
unconsolidated affiliates,   1            1            1            —
net
Other income                 34           35           138          141
Interest expense             (131     )   (125     )   (521     )   (485     )
Other expenses               (15      )  (18      )   (52      )  (55      )
Income from continuing
operations before income     658          331          1,861        1,668
taxes
Income tax expense           (154     )  95          267        568      
Income from continuing       812          236          1,594        1,100
operations
Income (loss) from
discontinued operations,     (1,326   )  (1,060   )   (1,686   )  (1,078   )
net of tax
Net income (loss)            (3,571   )   (3,337   )   (92      )   22
Dividends on preferred and
preference stock of          25         15          91         59       
utility
Net income (loss)
attributable to Edison       $ (3,596 )  $ (3,352 )   $ (183   )  $ (37    )
International common
shareholders
Amounts attributable to
Edison International
common shareholders:
Income from continuing       $ 787        $ 221        $ 1,503      $ 1,041
operations, net of tax
Income (loss) from
discontinued operations,     (1,326   )  (1,060   )   (1,686   )  (1,078   )
net of tax
Net income (loss)
attributable to Edison       (539     )  (839     )   $ (183   )  $ (37    )
International common
shareholders
Basic earnings (loss) per
common share attributable
to Edison International
common shareholders:
Weighted-average shares of   326          326          326          326
common stock outstanding
Continuing operations        $ 2.42       $ 0.68       $ 4.61       $ 3.20
Discontinued operations      (4.07    )  (3.25    )   (5.17    )  (3.31    )
Total                        $ (1.65  )  $ (2.57  )   $ (0.56  )  $ (0.11  )
Diluted earnings (loss)
per common share
attributable to Edison
International common
shareholders:
Weighted-average shares of
common stock outstanding,    329          329          330          329
including effect of
dilutive securities
Continuing operations        $ 2.39       $ 0.66       $ 4.55       $ 3.17
Discontinued operations      (4.03    )  (3.22    )   (5.11    )  (3.28    )
Total                        $ (1.64  )  $ (2.56  )   $ (0.56  )  $ (0.11  )
Dividends declared per      $ 0.3375   $ 0.325    $ 1.3125   $ 1.285  
common share
                                                                             

Consolidated Balance Sheets                            Edison International
                                                                   
                                                         December 31,
(in millions)                                           2012        2011
ASSETS
Cash and cash equivalents                                $ 170        $ 169
Receivables, less allowances of $75 for uncollectible    762          768
accounts at both dates
Accrued unbilled revenue                                 550          519
Inventory                                                340          350
Prepaid taxes                                            22           88
Derivative assets                                        129          65
Margin and collateral deposits                           8            17
Regulatory assets                                        572          494
Other current assets                                     119          73
Assets of discontinued operations                        —          1,941
Total current assets                                     2,672      4,484
Nuclear decommissioning trusts                           4,048        3,592
Investments in unconsolidated affiliates                 2            2
Other investments                                        184        211
Total investments                                        4,234      3,805
Utility property, plant and equipment, less
accumulated depreciation of $7,424 and $6,894 at         30,200       27,569
respective dates
Nonutility property, plant and equipment, less
accumulated depreciation of $123 and $113 at             73         75
respective dates
Total property, plant and equipment                      30,273     27,644
Derivative assets                                        85           70
Restricted deposits                                      4            3
Regulatory assets                                        6,422        5,466
Other long-term assets                                   704        486
Total long-term assets                                   7,215      6,025
Assets of discontinued operations                        —          6,081
                                                                      
                                                                      
                                                                      
                                                                      
                                                                      
Total assets                                            $ 44,394   $ 48,039
                                                                        

Consolidated Balance Sheets                          Edison International
                                                                 
                                                      December 31,
(in millions, except share amounts)                   2012        2011
LIABILITIES AND EQUITY
Short-term debt                                        $ 175        $ 429
Accounts payable                                       1,423        1,321
Accrued taxes                                          61           49
Accrued interest                                       176          172
Customer deposits                                      193          199
Derivative liabilities                                 126          266
Regulatory liabilities                                 536          670
Deferred income taxes                                  64           89
Other current liabilities                              990          794
Liabilities of discontinued operations                 —          359      
Total current liabilities                              3,744      4,348    
Long-term debt                                         9,231      8,834    
Deferred income taxes                                  6,127        5,065
Deferred investment tax credits                        104          84
Customer advances                                      149          138
Derivative liabilities                                 939          456
Pensions and benefits                                  2,614        2,715
Asset retirement obligations                           2,782        2,610
Regulatory liabilities                                 5,214        4,670
Other deferred credits and other long-term             2,299      1,839    
liabilities
Total deferred credits and other liabilities           20,228     17,577   
Liabilities of discontinued operations                 —          6,194    
Total liabilities                                      33,203     36,953   
Commitments and contingencies
Common stock, no par value (800,000,000 shares
authorized; 325,811,206 shares issued and              2,373        2,360
outstanding at each date)
Accumulated other comprehensive loss                   (87      )   (139     )
Retained earnings                                      7,146      7,834    
Total Edison International's common shareholders'      9,432      10,055   
equity
Preferred and preference stock of utility              1,759        1,029
Other noncontrolling interests                         —          2        
Total noncontrolling interests                         1,759      1,031    
Total equity                                           11,191     11,086   
Total liabilities and equity                          $ 44,394   $ 48,039 
                                                                             

Consolidated Statements of Cash Flows        Edison International
                                              Years ended December 31,
(in millions)                                2012      2011       2010
Cash flows from operating activities:                             
Net income (loss)                             $  (92 )   $ 22        $ 1,308
Less: Income (loss) from discontinued         (1,686 )  (1,078  )  164     
operations
Income from continuing operations             1,594      1,100       1,144
Adjustments to reconcile to net cash
provided by operating activities:
Depreciation, decommissioning and             1,562      1,427       1,274
amortization
Regulatory impacts of net nuclear             192        146         189
decommissioning trust earnings
Other amortization                            72         133         106
(Gain) loss on sale of assets,                (29    )   21          2
disallowances and other
Stock-based compensation                      33         26          24
Equity in income from unconsolidated          (1     )   —           (2      )
affiliates
Distributions from unconsolidated             —          —           1
affiliates
Deferred income taxes and investment tax      141        708         966
credits
Income from leveraged leases                  (5     )   (5      )   (5      )
Proceeds from U.S. treasury grants            68         —           —
Changes in operating assets and
liabilities:
Receivables                                   (13    )   (46     )   (195    )
Inventory                                     10         (18     )   (11     )
Margin and collateral deposits, net of        38         7           2
collateral received
Prepaid taxes                                 156        29          (251    )
Other current assets                          (76    )   (88     )   (98     )
Accounts payable                              14         45          2
Accrued taxes                                 33         5           (127    )
Other current liabilities                     152        (32     )   125
Derivative assets and liabilities, net        262        382         (62     )
Regulatory assets and liabilities, net        (314   )   (1,080  )   278
Other assets                                  (222   )   (128    )   (62     )
Other liabilities                             304      649       (427    )
Operating cash flows from continuing          3,971      3,281       2,873
operations
Operating cash flows from discontinued        (637   )  625       604     
operations, net
Net cash provided by operating activities     3,334    3,906     3,477   
Cash flows from financing activities:
Long-term debt issued                         395        896         1,535
Long-term debt issuance costs                 (4     )   (9      )   (19     )
Long-term debt repaid                         (6     )   (14     )   (348    )
Bonds purchased                               —          (86     )   —
Preference stock issued, net                  804        123         —
Preference stock redeemed                     (75    )   —           —
Short-term debt financing, net                (264   )   410         (66     )
Settlements of stock-based compensation,      (68    )   (15     )   (13     )
net
Dividends to noncontrolling interests         (82    )   (59     )   (52     )
Dividends paid                                (424   )  (417    )  (411    )
Financing cash flows from continuing          276        829         626
operations
Financing cash flows from discontinued        374      278       427     
operations, net
Net cash provided by financing activities    $  650   $ 1,107   $ 1,053 
                                                                             

                                        
Consolidated Statements of Cash Flows     Edison International
                                          Years ended December 31,
(in millions)                            2012        2011        2010
Cash flows from investing activities:                            
Capital expenditures                      $ (4,149 )   $ (4,122 )   $ (3,780 )
Proceeds from sale of nuclear             2,122        2,773        1,432
decommissioning trust investments
Purchases of nuclear decommissioning      (2,337   )   (2,940   )   (1,651   )
trust investments and other
Proceeds from sale of interest in         114          —            —
project, net
Proceeds from partnerships and
unconsolidated subsidiaries, net of       (4       )   5            18
investment
Customer advances for construction and    8            29           10
other investments
Effect of deconsolidation of variable     —          —          (92      )
interest entities
Investing cash flows from continuing      (4,246   )   (4,255   )   (4,063   )
operations
Investing cash flows from discontinued    (1,037   )  (678     )  (751     )
operations, net
Net cash used by investing activities     (5,283   )  (4,933   )  (4,814   )
Net (decrease) increase in cash and       (1,299   )   80           (284     )
cash equivalents
Cash and cash equivalents at beginning    1,469      1,389      1,673    
of year
Cash and cash equivalents at end of       170          1,469        1,389
year
Cash and cash equivalents from            —          1,300      1,075    
discontinued operations
Cash and cash equivalents from           $ 170      $ 169      $ 314    
continuing operations

Contact:

Edison International
Media relations contact:
Charles Coleman, (626) 302-7982
or
Investor relations contact:
Scott Cunningham, (626) 302-2540
 
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