Company: SCE-PL
Filing Date: 2025-02-27
Form Type: 10-K
Source: 0000827052-25-000022
Chunk: 297

Company: SOUTHERN CALIFORNIA EDISON Co
Filing Date: 2025-02-27
Form: 10-K
Item: Item 1A
Chunk 297
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. Treasury rate plus a spread. In the first and second quarter of 2024, Edison International repurchased 20,000 shares and 9,000 shares, respectively, of its Series B Preferred Stock via open market repurchases for $19 million (at an average price of $952) and $9 million (at an average price of $967), respectively, including accrued and unpaid dividends. In December 2023, Edison International repurchased 29,186 shares of its Series A Preferred Stock and 133,323 shares of its Series B Preferred Stock via open market repurchases for $28 million (at an average price of $971) and $127 million (at an average price of $955), respectively, including accrued and unpaid dividends. In November 2023, Edison International, through a tender offer, repurchased 61,497 shares of its Series A Preferred Stock and 84,223 shares of its Series B Preferred Stock for $57 million (at an average price of $925) and $76 million (at an average price of $904), respectively, including accrued and unpaid dividends. Edison International recognized a total net gain of $1 million and $16 million for the years ended December 31, 2024 and 2023, respectively, from the repurchases as reflected in "Preferred stock dividend requirements of Edison International" on the consolidated statements of income.Edison International may, at its option, redeem its preferred stocks in whole or in part during certain periods of time prior to each of the dividend reset dates at a price equal to $1,000 per share plus any accumulated and unpaid dividends. Edison International may also, at its option, redeem the preferred stocks in whole but not in part at a price equal to $1,020 per share plus any accumulated and unpaid dividends within a certain period of time following any change in the criteria rating agencies use that would have adverse effects on the equity credit attributed by rating agencies to the preferred stocks. The preferred stocks rank senior to Edison International's common stock with respect to dividends rights and distribution rights upon liquidation. The preferred stocks are not subject to any mandatory sinking fund, retirement fund, purchase fund or other similar provisions. Holders of the shares of the preferred stocks do not have the right to require Edison International to repurchase or redeem shares of the preferred stocks.Preferred and Preference Stock of UtilitySCE's authorized shares are: $100 cumulative preferred – 12 million shares, $25 cumulative preferred – 24 million shares and preference with no par value –