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This excerpt taken from the EIX 10-Q filed May 8, 2009. Basis of Presentation Edison International's significant accounting policies were described in Note 1 of "Notes to Consolidated Financial Statements" included in its 2008 Annual Report on Form 10-K. Edison International follows the same accounting policies for interim reporting purposes. The December 31, 2008 condensed balance sheet data was derived from audited financial statements, but does not include all disclosures required by accounting principles generally accepted in the United States of America. Certain prior-year reclassifications have been made to conform to the current year financial statement presentation mostly pertaining to the adoption of SFAS No. 160 and the elimination of the previously reported income statement caption "Provision for regulatory adjustment clauses – net" through classifications within relevant captions including "Operating revenue," "Purchased power," "Other operation and maintenance" and "Depreciation, decommissioning and amortization." Except as indicated, amounts presented in the Notes to the Consolidated Financial Statements relate to continuing operations. These excerpts taken from the EIX 10-K filed Mar 2, 2009. Note 1 —
Basis of Presentation
The accompanying condensed financial statements of EIX (parent)
should be read in conjunction with the consolidated financial
statements and notes thereto of Edison International and
subsidiaries (“Registrant”) included in Part II,
Item 8 of this
Form 10-K.
EIX’s (parent) significant accounting policies are
consistent with those of Registrant and its wholly-owned
subsidiaries, SCE and EME.
EIX (parent) previously classified cash dividends received from
consolidated subsidiaries as a cash inflow from financing
activities. EIX (parent) revised these classifications to
instead appropriately disclose cash dividends received from
subsidiaries as an operating activity in 2008, with conforming
changes in 2007 and 2006.
Table of Contents
Note 1 —
Basis of Presentation
The accompanying condensed financial statements of EIX (parent)
should be read in conjunction with the consolidated financial
statements and notes thereto of Edison International and
subsidiaries (“Registrant”) included in Part II,
Item 8 of this
Form 10-K.
EIX’s (parent) significant accounting policies are
consistent with those of Registrant and its wholly-owned
subsidiaries, SCE and EME.
EIX (parent) previously classified cash dividends received from
consolidated subsidiaries as a cash inflow from financing
activities. EIX (parent) revised these classifications to
instead appropriately disclose cash dividends received from
subsidiaries as an operating activity in 2008, with conforming
changes in 2007 and 2006.
Table of Contents
Note 1 — Basis of Presentation The accompanying condensed financial statements of EIX (parent) should be read in conjunction with the consolidated financial statements and notes thereto of Edison International and subsidiaries (“Registrant”) included in Part II, Item 8 of this Form 10-K. EIX’s (parent) significant accounting policies are consistent with those of Registrant and its wholly-owned subsidiaries, SCE and EME. EIX (parent) previously classified cash dividends received from consolidated subsidiaries as a cash inflow from financing activities. EIX (parent) revised these classifications to instead appropriately disclose cash dividends received from subsidiaries as an operating activity in 2008, with conforming changes in 2007 and 2006.
Table of ContentsNote 1 — Basis of Presentation The accompanying condensed financial statements of EIX (parent) should be read in conjunction with the consolidated financial statements and notes thereto of Edison International and subsidiaries (“Registrant”) included in Part II, Item 8 of this Form 10-K. EIX’s (parent) significant accounting policies are consistent with those of Registrant and its wholly-owned subsidiaries, SCE and EME. EIX (parent) previously classified cash dividends received from consolidated subsidiaries as a cash inflow from financing activities. EIX (parent) revised these classifications to instead appropriately disclose cash dividends received from subsidiaries as an operating activity in 2008, with conforming changes in 2007 and 2006.
Table of ContentsBasis
of Presentation
The consolidated financial statements include Edison
International and its wholly owned subsidiaries. Edison
International consolidates subsidiaries in which it has a
controlling interest and VIEs in which they are the primary
beneficiary. In addition, Edison International generally uses
the equity method to account for significant interests in
(1) partnerships and subsidiaries in which it owns a
significant or less than controlling interest and (2) VIEs
in which it is not the primary beneficiary. Intercompany
transactions have been eliminated, except EME’s profits
from energy sales to SCE, which are allowed in utility rates.
SCE’s accounting policies conform to accounting principles
generally accepted in the United States of America, including
the accounting principles for rate-regulated enterprises, which
reflect the rate-making policies of the CPUC and the FERC. SCE
applies SFAS No. 71 to the portion of its operations
in which regulators set rates at levels intended to recover the
estimated costs of providing service, plus a return on capital.
Due to timing and other differences in the collection of
electric utility revenue, these principles allow an incurred
cost that would otherwise be charged to expense by a
nonregulated entity to be capitalized as a regulatory asset if
it is probable that the cost is recoverable through future
rates; and conversely these principles require creation of a
regulatory liability for probable future costs collected through
rates in advance of the actual costs being incurred. SCE’
management continually evaluates the anticipated recovery of
regulatory assets, liabilities, and electric utility revenue
subject to refund and provides for allowances
and/or
reserves as appropriate.
Certain prior-year reclassifications have been made to conform
to the December 31, 2008 consolidated financial statement
presentation mostly pertaining to the adoption of
FIN 39-1
and the elimination of the previously reported income statement
caption “Provision for regulatory adjustment
clauses — net” through classifications within
relevant captions including “Operating revenue”,
“Purchased power”, “Other operation and
maintenance” and “Depreciation, decommissioning and
amortization.”
Financial statements prepared in conformity with accounting
principles generally accepted in the United States of America
require management to make estimates and assumptions that affect
the reported amounts of assets and liabilities and disclosure of
contingency assets and liabilities at the date of the financial
statements and the reported amounts of revenue and expenses
during the reported period. Actual results could differ from
those estimates.
Basis
of Presentation
The consolidated financial statements include Edison
International and its wholly owned subsidiaries. Edison
International consolidates subsidiaries in which it has a
controlling interest and VIEs in which they are the primary
beneficiary. In addition, Edison International generally uses
the equity method to account for significant interests in
(1) partnerships and subsidiaries in which it owns a
significant or less than controlling interest and (2) VIEs
in which it is not the primary beneficiary. Intercompany
transactions have been eliminated, except EME’s profits
from energy sales to SCE, which are allowed in utility rates.
SCE’s accounting policies conform to accounting principles
generally accepted in the United States of America, including
the accounting principles for rate-regulated enterprises, which
reflect the rate-making policies of the CPUC and the FERC. SCE
applies SFAS No. 71 to the portion of its operations
in which regulators set rates at levels intended to recover the
estimated costs of providing service, plus a return on capital.
Due to timing and other differences in the collection of
electric utility revenue, these principles allow an incurred
cost that would otherwise be charged to expense by a
nonregulated entity to be capitalized as a regulatory asset if
it is probable that the cost is recoverable through future
rates; and conversely these principles require creation of a
regulatory liability for probable future costs collected through
rates in advance of the actual costs being incurred. SCE’
management continually evaluates the anticipated recovery of
regulatory assets, liabilities, and electric utility revenue
subject to refund and provides for allowances
and/or
reserves as appropriate.
Certain prior-year reclassifications have been made to conform
to the December 31, 2008 consolidated financial statement
presentation mostly pertaining to the adoption of
FIN 39-1
and the elimination of the previously reported income statement
caption “Provision for regulatory adjustment
clauses — net” through classifications within
relevant captions including “Operating revenue”,
“Purchased power”, “Other operation and
maintenance” and “Depreciation, decommissioning and
amortization.”
Financial statements prepared in conformity with accounting
principles generally accepted in the United States of America
require management to make estimates and assumptions that affect
the reported amounts of assets and liabilities and disclosure of
contingency assets and liabilities at the date of the financial
statements and the reported amounts of revenue and expenses
during the reported period. Actual results could differ from
those estimates.
Basis of Presentation The consolidated financial statements include Edison International and its wholly owned subsidiaries. Edison International consolidates subsidiaries in which it has a controlling interest and VIEs in which they are the primary beneficiary. In addition, Edison International generally uses the equity method to account for significant interests in (1) partnerships and subsidiaries in which it owns a significant or less than controlling interest and (2) VIEs in which it is not the primary beneficiary. Intercompany transactions have been eliminated, except EME’s profits from energy sales to SCE, which are allowed in utility rates. SCE’s accounting policies conform to accounting principles generally accepted in the United States of America, including the accounting principles for rate-regulated enterprises, which reflect the rate-making policies of the CPUC and the FERC. SCE applies SFAS No. 71 to the portion of its operations in which regulators set rates at levels intended to recover the estimated costs of providing service, plus a return on capital. Due to timing and other differences in the collection of electric utility revenue, these principles allow an incurred cost that would otherwise be charged to expense by a nonregulated entity to be capitalized as a regulatory asset if it is probable that the cost is recoverable through future rates; and conversely these principles require creation of a regulatory liability for probable future costs collected through rates in advance of the actual costs being incurred. SCE’ management continually evaluates the anticipated recovery of regulatory assets, liabilities, and electric utility revenue subject to refund and provides for allowances and/or reserves as appropriate. Certain prior-year reclassifications have been made to conform to the December 31, 2008 consolidated financial statement presentation mostly pertaining to the adoption of FIN 39-1 and the elimination of the previously reported income statement caption “Provision for regulatory adjustment clauses — net” through classifications within relevant captions including “Operating revenue”, “Purchased power”, “Other operation and maintenance” and “Depreciation, decommissioning and amortization.” Financial statements prepared in conformity with accounting principles generally accepted in the United States of America require management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingency assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reported period. Actual results could differ from those estimates. Basis of Presentation The consolidated financial statements include Edison International and its wholly owned subsidiaries. Edison International consolidates subsidiaries in which it has a controlling interest and VIEs in which they are the primary beneficiary. In addition, Edison International generally uses the equity method to account for significant interests in (1) partnerships and subsidiaries in which it owns a significant or less than controlling interest and (2) VIEs in which it is not the primary beneficiary. Intercompany transactions have been eliminated, except EME’s profits from energy sales to SCE, which are allowed in utility rates. SCE’s accounting policies conform to accounting principles generally accepted in the United States of America, including the accounting principles for rate-regulated enterprises, which reflect the rate-making policies of the CPUC and the FERC. SCE applies SFAS No. 71 to the portion of its operations in which regulators set rates at levels intended to recover the estimated costs of providing service, plus a return on capital. Due to timing and other differences in the collection of electric utility revenue, these principles allow an incurred cost that would otherwise be charged to expense by a nonregulated entity to be capitalized as a regulatory asset if it is probable that the cost is recoverable through future rates; and conversely these principles require creation of a regulatory liability for probable future costs collected through rates in advance of the actual costs being incurred. SCE’ management continually evaluates the anticipated recovery of regulatory assets, liabilities, and electric utility revenue subject to refund and provides for allowances and/or reserves as appropriate. Certain prior-year reclassifications have been made to conform to the December 31, 2008 consolidated financial statement presentation mostly pertaining to the adoption of FIN 39-1 and the elimination of the previously reported income statement caption “Provision for regulatory adjustment clauses — net” through classifications within relevant captions including “Operating revenue”, “Purchased power”, “Other operation and maintenance” and “Depreciation, decommissioning and amortization.” Financial statements prepared in conformity with accounting principles generally accepted in the United States of America require management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingency assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reported period. Actual results could differ from those estimates. This excerpt taken from the EIX 10-Q filed Nov 7, 2008. Basis of Presentation Edison International’s significant accounting policies were described in Note 1 of “Notes to Consolidated Financial Statements” included in its 2007 Annual Report on Form 10-K. Edison International follows the same accounting policies for interim reporting purposes, with the exception of accounting principles adopted as of January 1, 2008 as discussed below in “Margin and Collateral Deposits” and “New Accounting Pronouncements.” The December 31, 2007 condensed balance sheet data was derived from audited financial statements, but does not include all disclosures required by accounting principles generally accepted in the United States of America. Certain prior-year reclassifications have been made to conform to the current year financial statement presentation mostly pertaining to the adoption of FIN No. 39-1. Except as indicated, amounts presented in the Notes to the Consolidated Financial Statements relate to continuing operations. This excerpt taken from the EIX 10-Q filed Aug 8, 2008. Basis of Presentation Edison International’s significant accounting policies were described in Note 1 of “Notes to Consolidated Financial Statements” included in its 2007 Annual Report on Form 10-K. Edison International follows the same accounting policies for interim reporting purposes, with the exception of accounting principles adopted as of January 1, 2008 as discussed below in “Margin and Collateral Deposits” and “New Accounting Pronouncements.” Certain prior-year reclassifications have been made to conform to the current year financial statement presentation mostly pertaining to the adoption of FIN No. 39-1. Except as indicated, amounts presented in the Notes to the Consolidated Financial Statements relate to continuing operations.
7
Table of ContentsThis excerpt taken from the EIX 10-Q filed May 8, 2008. Basis of Presentation Edison International’s significant accounting policies were described in Note 1 of “Notes to Consolidated Financial Statements” included in its 2007 Annual Report on Form 10-K. Edison International follows the same accounting policies for interim reporting purposes, with the exception of accounting principles adopted as of January 1, 2008 as discussed below in “Margin and Collateral Deposits” and “New Accounting Pronouncements.” Certain prior-year reclassifications have been made to conform to the current year financial statement presentation mostly pertaining to the adoption of FIN No. 39-1. Except as indicated, amounts presented in the Notes to the Consolidated Financial Statements relate to continuing operations.
7
Table of ContentsThese excerpts taken from the EIX 10-K filed Feb 27, 2008. Basis
of Presentation
The consolidated financial statements include Edison
International and its wholly owned subsidiaries. Edison
International consolidates subsidiaries in which it has a
controlling interest and VIEs in which they are the primary
beneficiary. In addition, Edison International generally uses
the equity method to account for significant interests in
(1) partnerships and subsidiaries in which it owns a
significant or less than controlling interest and (2) VIEs
in which it is not the primary beneficiary. Intercompany
transactions have been eliminated, except EME’s profits
from energy sales to SCE, which are allowed in utility rates.
SCE’s accounting policies conform to accounting principles
generally accepted in the United States of America, including
the accounting principles for rate-regulated enterprises, which
reflect the rate-making policies of the CPUC and the FERC. SCE
applies SFAS No. 71 to the portion of its operations
in which regulators set rates at levels intended to recover the
estimated costs of providing service, plus a return on capital.
Due to timing and other differences in the collection of
revenue, these principles allow an incurred cost that would
otherwise be charged to expense by a nonregulated entity to be
capitalized as a regulatory asset if it is probable that the
cost is recoverable through future rates; and conversely these
principles require creation of a regulatory liability for
probable future costs collected through rates in advance of the
actual costs being incurred. SCE’ management continually
evaluates the anticipated recovery of regulatory assets,
liabilities, and revenue subject to refund and provides for
allowances
and/or
reserves as appropriate.
Certain prior-year amounts were reclassified to conform to the
December 31, 2007 financial statement presentation. Except
as indicated, amounts presented in the Notes to the Consolidated
Financial Statements relate to continuing operations.
Financial statements prepared in conformity with accounting
principles generally accepted in the United States of America
require management to make estimates and assumptions that affect
the reported amounts of assets and liabilities and disclosure of
contingency assets and liabilities at the date of the financial
statements and the reported amounts of revenue and expenses
during the reported period. Actual results could differ from
those estimates.
Basis of Presentation The consolidated financial statements include Edison International and its wholly owned subsidiaries. Edison International consolidates subsidiaries in which it has a controlling interest and VIEs in which they are the primary beneficiary. In addition, Edison International generally uses the equity method to account for significant interests in (1) partnerships and subsidiaries in which it owns a significant or less than controlling interest and (2) VIEs in which it is not the primary beneficiary. Intercompany transactions have been eliminated, except EME’s profits from energy sales to SCE, which are allowed in utility rates. SCE’s accounting policies conform to accounting principles generally accepted in the United States of America, including the accounting principles for rate-regulated enterprises, which reflect the rate-making policies of the CPUC and the FERC. SCE applies SFAS No. 71 to the portion of its operations in which regulators set rates at levels intended to recover the estimated costs of providing service, plus a return on capital. Due to timing and other differences in the collection of revenue, these principles allow an incurred cost that would otherwise be charged to expense by a nonregulated entity to be capitalized as a regulatory asset if it is probable that the cost is recoverable through future rates; and conversely these principles require creation of a regulatory liability for probable future costs collected through rates in advance of the actual costs being incurred. SCE’ management continually evaluates the anticipated recovery of regulatory assets, liabilities, and revenue subject to refund and provides for allowances and/or reserves as appropriate. Certain prior-year amounts were reclassified to conform to the December 31, 2007 financial statement presentation. Except as indicated, amounts presented in the Notes to the Consolidated Financial Statements relate to continuing operations. Financial statements prepared in conformity with accounting principles generally accepted in the United States of America require management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingency assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reported period. Actual results could differ from those estimates. This excerpt taken from the EIX 10-Q filed Nov 2, 2007. Basis of Presentation Edison International’s significant accounting policies were described in Note 1 of “Notes to Consolidated Financial Statements” included in its 2006 Annual Report on Form 10-K. Edison International follows the same accounting policies for interim reporting purposes, with the exception of the change in accounting for uncertain tax positions (discussed below in “New Accounting Pronouncements”). On April 1, 2006, EME received, as a capital contribution from its affiliate, Edison Capital, ownership interests in a portfolio of wind projects located in Iowa and Minnesota and a small biomass project. EME accounted for this acquisition at Edison Capital’s historical cost as a transaction between entities under common control. As a result of this capital contribution, Edison International’s nonutility power generation segment now includes the wind assets and biomass power project previously owned by Edison Capital and included in the financial services segment. Certain prior-period amounts were reclassified to conform to the September 30, 2007 financial statement presentation. Except as indicated, amounts presented in the Notes to the Consolidated Financial Statements relate to continuing operations.
7
Table of ContentsThis excerpt taken from the EIX 10-Q filed Aug 9, 2007. Basis of Presentation Edison International’s significant accounting policies were described in Note 1 of “Notes to Consolidated Financial Statements” included in its 2006 Annual Report on Form 10-K. Edison International follows the same accounting policies for interim reporting purposes, with the exception of the change in accounting for uncertain tax positions (discussed below in “New Accounting Pronouncements”). On April 1, 2006, EME received, as a capital contribution from its affiliate, Edison Capital, ownership interests in a portfolio of wind projects located in Iowa and Minnesota and a small biomass project. EME accounted for this acquisition at Edison Capital’s historical cost as a transaction between entities under common control. As a result of this capital contribution, Edison International’s nonutility power generation segment now includes the wind assets and biomass power project previously owned by Edison Capital and included in the financial services segment. Certain prior-period amounts were reclassified to conform to the June 30, 2007 financial statement presentation. Except as indicated, amounts presented in the Notes to the Consolidated Financial Statements relate to continuing operations. This excerpt taken from the EIX 10-Q filed May 9, 2007. Basis of Presentation Edison International’s significant accounting policies were described in Note 1 of “Notes to Consolidated Financial Statements” included in its 2006 Annual Report on Form 10-K. Edison International follows the same accounting policies for interim reporting purposes, with the exception of the change in accounting for uncertain tax positions (discussed below in “New Accounting Pronouncements”). On April 1, 2006, EME received, as a capital contribution from its affiliate, Edison Capital, ownership interests in a portfolio of wind projects located in Iowa and Minnesota and a small biomass project. EME accounted for this acquisition at Edison Capital’s historical cost as a transaction between entities under common control. As a result of this capital contribution, Edison International’s nonutility power generation segment now includes the wind assets and biomass power project previously owned by Edison Capital. Certain prior-period amounts were reclassified to conform to the March 31, 2007 financial statement presentation. Except as indicated, amounts presented in the Notes to the Consolidated Financial Statements relate to continuing operations. This excerpt taken from the EIX 10-K filed Feb 28, 2007. Basis of Presentation The consolidated financial statements include Edison International and its wholly owned subsidiaries. Edison International’s subsidiaries consolidate their subsidiaries in which they have a controlling interest and VIEs in which they are the primary beneficiary. In addition, Edison International’s subsidiaries generally use the equity method to account for significant interests in (1) partnerships and subsidiaries in which they own a significant or less than controlling interest and (2) VIEs in which they are not the primary beneficiary. Intercompany transactions have been eliminated, except EME’s profits from energy sales to SCE, which are allowed in utility rates. On April 1, 2006, EME received, as a capital contribution from its affiliate, Edison Capital, ownership interests in a portfolio of wind projects located in Iowa and Minnesota and a small biomass project. EME accounted for this acquisition at Edison Capital’s historical cost as a transaction between entities under common control. As a result of this capital contribution, Edison International’s nonutility power generation segment now includes the wind assets and biomass power project previously owned by Edison Capital. SCE’s accounting policies conform to accounting principles generally accepted in the United States of America, including the accounting principles for rate-regulated enterprises, which reflect the rate-making policies of the CPUC and the FERC. Certain prior-year amounts were reclassified to conform to the December 31, 2006 financial statement presentation. Except as indicated, amounts presented in the Notes to the Consolidated Financial Statements relate to continuing operations. Financial statements prepared in conformity with accounting principles generally accepted in the United States of America require management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingency assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reported period. Actual results could differ from those estimates. This excerpt taken from the EIX 10-Q filed Nov 3, 2006. Basis of Presentation Edison International’s significant accounting policies were described in Note 1 of “Notes to Consolidated Financial Statements” included in its 2005 Annual Report. Edison International follows the same accounting policies for interim reporting purposes, with the exception of the change in accounting for stock-based compensation (discussed below in “New Accounting Pronouncements”). On April 1, 2006, Edison Mission Energy (EME) received, as a capital contribution from its affiliate, Edison Capital, ownership interests in a portfolio of wind projects located in Iowa and Minnesota and a small biomass project. EME accounted for this acquisition at Edison Capital’s historical cost as a transaction between entities under common control. As a result of this capital contribution, Edison International’s nonutility power generation segment now includes the wind assets and biomass power project previously owned by Edison Capital. Certain prior-period amounts were reclassified to conform to the September 30, 2006 financial statement presentation. Except as indicated, amounts presented in the Notes to the Consolidated Financial Statements relate to continuing operations. This excerpt taken from the EIX 10-Q filed Aug 8, 2006. Basis of Presentation Edison International’s significant accounting policies were described in Note 1 of “Notes to Consolidated Financial Statements” included in its 2005 Annual Report. Edison International follows the same accounting policies for interim reporting purposes, with the exception of the change in accounting for stock-based compensation (discussed below in “New Accounting Pronouncements”). On April 1, 2006, Mission Energy Holding Company (MEHC) received, as a capital contribution, ownership interests in a portfolio of wind projects located in Iowa and Minnesota and a small biomass project. See Note 9, “Acquisitions and Disposition” for further information. These projects were previously owned by MEHC’s affiliate, Edison Capital. Edison Mission Group is a subsidiary of Edison International and is the holding company for its wholly owned subsidiaries, MEHC and Edison Capital. MEHC is the holding company of its wholly owned subsidiary Edison Mission Energy (EME). EME accounted for this acquisition at Edison Capital’s historical cost as a transaction between entities under common control. As a result of this capital contribution, Edison International’s nonutility power generation segment will now include the wind assets and biomass power project previously owned by Edison Capital. Certain prior-period amounts were reclassified to conform to the June 30, 2006 financial statement presentation. Except as indicated, amounts presented in the Notes to the Consolidated Financial Statements relate to continuing operations. This excerpt taken from the EIX 10-Q filed May 8, 2006. Basis of Presentation Edison International’s significant accounting policies were described in Note 1 of “Notes to Consolidated Financial Statements” included in its 2005 Annual Report. Edison International follows the same accounting policies for interim reporting purposes, with the exception of the change in accounting for stock-based compensation (discussed below in “New Accounting Pronouncements”). Certain prior-period amounts were reclassified to conform to the March 31, 2006 financial statement presentation. Except as indicated, amounts presented in the Notes to the Consolidated Financial Statements relate to continuing operations. | EXCERPTS ON THIS PAGE:RELATED TOPICS for EIX:
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