2015 General Rate Case

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1 Application No.: Exhibit No.: SCE-0, Vol. 01, Pt. 1 Witnesses: A. Herrera G. Huckaby (U -E) 01 General Rate Case Financial, Legal, and Operational Services (FL&OS) Volume 1, Part 1 Financial Services Department and Audit Services Department Before the Public Utilities Commission of the State of California Rosemead, California November 01

2 SUMMARY Exhibit SCE-0, Financial, Legal, and Operational Services Volume 1, Part 1 Financial Services Department and Audit Services Department is composed of the following chapters: Chapter I Financial Services Department Chapter I(A) Summary of Test Year Request Chapter I(B) Financial Services Activities Chapter I(C) Analysis of Recorded & Forecast Costs Chapter II Audit Services Department Chapter III Participant A&G and Pension and Benefits (P&B) Credits and Costs Chapter IV Capitalized A&G Expense Chapter V Capitalized P&B Expense The table below summarizes SCE s $0. million Test Year 01 forecast for Financial Services and Audit Services, a decrease of $0. million from 01 levels. Of the $. million, $. million is requested within this volume as further explained below and in Chapter I. Summary of 01 Forecast Expense (Constant 01 $000) 01 Recorded Expense 01 Forecast Expense Reduction from 01 Recorded Financial Services $,1 $1, ($0,1) Audit Services $, $, ($1) Total $,1 $0,0 ($0,) Chapter I summarizes SCE s Test Year forecast of A&G for SCE s Financial Services Department, which is comprised of the following groups: Controller s, Planning & Performance Reporting, Tax, Treasurer s, and Business Integration Services. Chapter I(A) discusses the business changes that affected SCE s test year forecast. Financial Services is requesting a total of $1. million in O&M expenses for Test Year 01, a decrease of $0. million from 01 spending levels. Of the $1. million requested in Test Year 01 for Financial Services, $. million is requested in this Exhibit. The decrease is primarily related to cost reductions realized from the Operational Excellence initiative. SCE is requesting $. million in

3 capital expenditures and $1. million in incremental non-capitalizable O&M expenses for two software projects to comply with regulatory requirements. 1 Chapter I(B) discusses the activities of the individual Financial Services groups. Chapter I(C) discusses 01 recorded costs and Test Year 01 forecast costs. Chapter II describes the Audit Services Department s request for $. million in O&M expenses for Test Year 01, a decrease of $1,000 from 01 spending levels. Chapter III discusses participant credits and costs for SCE s jointly owned facilities. Chapter IV presents the calculation of our proposed Test Year 01 capitalization rates for A&G expenses. Chapter V presents the calculation of our proposed Test Year 01 capitalization rates for P&B expenses. 1 See Exhibit SCE-0, Vol..

4 SCE-0: Financial, Legal, and Operational Services Volume 01, Part 1 - Financial Services Department and Audit Services Department Table Of Contents Section Page Witness I. FINANCIAL SERVICES...1 G. Huckaby A. Summary of Test Year Request Operational Excellence... B. Financial Services Activities Controller's Organization... a) Accounts Payable... b) Corporate Payroll and Expense Reimbursement... c) Time-and-Pay Operational Support... d) Non-Energy Billings and Payments... e) Corporate Accounting... f) Regulatory Accounting and Analysis... g) Accounting Advisory and Reporting... h) Capital Asset Accounting.... Planning & Performance Reporting (P&PR)... a) Operating Unit-Facing Organizations... (1) Power Delivery... () Generation... () Corporate & Shared Services...1 b) Planning & Budgeting Integration...1. Tax Department...1 a) Tax Accounting...1 -i-

5 SCE-0: Financial, Legal, and Operational Services Volume 01, Part 1 - Financial Services Department and Audit Services Department Table Of Contents (Continued) Section Page Witness b) Tax Analysis...1 c) Tax Filing...1 d) Tax Auditing...1 e) Tax Regulatory...1. Treasurer s Department...1 a) Financing, Banking, and Credit...1 b) Regulatory Finance, Economics, and Risk Operations & Analytics...1 c) Investments...0 d) Enterprise Risk Management (ERM) and Control...1 e) Financial Planning...1. Business Integration Services...1 C. Analysis of Recorded and Forecast Costs Accounts 0/1... a) Labor Costs... b) Non-Labor Costs.... Accounts & 0... a) Outside Services... b) Bank Service Fees... c) Credit Line Fees... d) Bond-Related Fees... e) Non-Labor Costs...0 -ii-

6 SCE-0: Financial, Legal, and Operational Services Volume 01, Part 1 - Financial Services Department and Audit Services Department Table Of Contents (Continued) Section Page Witness. Account...1 a) Labor Costs...1 b) Non-Labor Costs... II. AUDIT SERVICES DEPARTMENT... A. Herrera A. Summary of Test Year Request... B. Activities of the Audit Services Department Business Changes Impacting Test Year Forecast... a) Operational Excellence... b) EME Bankruptcy... C. Analysis of Recorded and Forecast Costs Labor Costs.... Non-Labor Costs... III. PARTICIPANT A&G AND P&B CREDITS/COSTS... G. Huckaby IV. CAPITALIZED A&G EXPENSE... V. CAPITALIZED P&B EXPENSE... Appendix A Witness Qualifications... -iii-

7 SCE-0: Financial, Legal, and Operational Services Volume 01, Part 1 - Financial Services Department and Audit Services Department List Of Figures Figure Page Figure I-1 Financial Services Recorded and Adjusted 00-01/Forecast FERC Accounts 0/1 (Constant 01 $000)... Figure I- Financial Services Recorded and Adjusted 00-01/Forecast FERC Accounts /0 (Constant 01 $000)... Figure I- Financial Services Recorded and Adjusted 00-01/Forecast FERC Account (Constant 01 $000)...1 Figure II- Audit Services Department Recorded and Adjusted 00-01/Forecast FERC Accounts 0/1 (Constant 01 $000)... Figure III- Financial Services Recorded and Adjusted 00-01/Forecast FERC Account 0 Participant Credits (Constant 01 $000)...1 Figure III- Financial Services Recorded and Adjusted 00-01/Forecast FERC Account Participant Credits (Constant 01 $000)... -iv-

8 SCE-0: Financial, Legal, and Operational Services Volume 01, Part 1 - Financial Services Department and Audit Services Department List Of Tables Table Page Table I-1 Total Financial Services Expense Forecast: All Exhibits (Constant 01 $000)... Table I- Total Financial Services Expense Forecast: Financial Services Exhibit (Constant 01 $000)... Table I- Financial Services: Savings From Operational Excellence (Constant 01 $000)... Table I- Financial Services Labor Expense Forecast: All Exhibits (Constant 01 $000)... Table I- Financial Services Non-Labor Expense Forecast: All Exhibits (Constant 01 $000)... Table I- Financial Services Labor Expense Forecast: Financial Services Exhibit (Constant 01 $000)... Table I- Financial Services Non-Labor Expense Forecast: Financial Services Exhibit (Constant 01 $000)... -v-

9 I. FINANCIAL SERVICES This chapter summarizes SCE s 01 estimates of A&G for the Financial Services organizations: Controller s, Planning & Performance Reporting, Tax, Treasurer s, and Business Integration Services. Financial Services is estimating a total of $1. million in expenses in 01, $0. million below 01 recorded. The decrease is primarily due to the implementation of organizational changes to improve operational and service excellence plus reductions due to the retirement of SONGS (San Onofre Nuclear Generating Station). On June, 01, SCE announced the permanent retirement of Units & at SONGS. As a result, SCE will recognize a reduction in SONGS support staff, including staff in the Financial Services Department that previously supported SONGS. While neither the costs nor savings for these employees are requested in this exhibit, the additional reduction is shown below in Table I-1, for illustrative purposes only. Please see SCE-0, Volume 1 for testimony related to the retirement of SONGS. SCE recorded $. million in costs associated with financial services in 01, and these costs were appropriately recorded in FERC accounts representing the operating units receiving financial-related support. Table I-1 below summarizes the 01 recorded expenses, expense savings, forecast reduction, SONGS reduction savings, and 01 forecast related to all Financial Services activities presented in various operating units exhibits in this proceeding: 1

10 Table I-1 Total Financial Services Expense Forecast: All Exhibits (Constant 01 $000) Exhibit 01 Recorded/Adj Expense Savings Additional Forecast Reduction SONGS Savings 01 Forecast Financial Services - SCE-0 $, ($,) ($,) - $, Customer Service - SCE-0 $,00 ($1,0) - - $,1 External Relations - SCE-0 $1,0 ($) - - $0 Human Resources - SCE-0 $1 ($1) - - $ Information Technology - SCE-0 $,1 ($1,) - - $, Legal - SCE-0 $ ($0) - - $1 SONGS - SCE-0 $, ($) - ($,) $ Operational Support - SCE-0 $,0 ($1,) - - $, Power Supply - SCE-0 $,0 ($) - - $1, Trans & Distrib - SCE-0 $, ($) - - $,0 Total $,1 ($1,1) ($,) ($,) $1, 1 Table I- below summarizes the 01 recorded expenses, expense savings, forecast reduction, and 01 forecast related to all Financial Services activities presented in this exhibit: Table I- Total Financial Services Expense Forecast: Financial Services Exhibit (Constant 01 $000) FERC Acct 01 Recorded/Adj Expense Savings Additional Forecast Reduction 01 Forecast 0 & 1 $,0 ($,) $0, & 0 $,0 ($1,) (,),1 $ $0 0 Total $, ($,) ($,) $, Financial Services is also estimating a total of $. million in capital expenditures and $1. million in incremental non-capitalizable O&M expenses for software projects. See Exhibit SCE-0, Vol..

11 Financial Services is responsible for essential finance functions, including: (1) maintaining SCE s accounting systems and reporting SCE s financial statements under U.S. Generally Accepted Accounting Principles (U.S. GAAP); () budgeting, forecasting, financial analysis, and management reporting; () managing SCE s credit and liquidity needs, investments, financials, and overall risk management; and () compliance with all applicable federal and state tax codes. As a regulated utility, SCE is subject to various laws and regulations at the local, state, and federal levels, including many that require the tracking and reporting of SCE s financial performance and maintaining effective internal controls over financial reporting. SCE reports on various aspects of its financial performance to the California Public Utilities Commission (CPUC), Federal Energy Regulatory Commission (FERC), Securities and Exchange Commission (SEC), California Franchise Tax Board, and Internal Revenue Service (IRS). Prudent management of the assets and employees that allow SCE to provide reliable electric service to customers dictates necessary financial activities, such as developing and monitoring expense and capital budgets, and managing short-term and long-term financial needs. A. Summary of Test Year Request 1. Operational Excellence As discussed in Exhibit SCE-01, SCE embarked on the Operational Excellence financial services initiative in late 0 to improve business processes, increase productivity, and assess the operating model and cost structure. This initiative covered finance activities being performed at the company, including those that were already centralized and reported only to the Chief Financial Officer, as well as those that were previously decentralized and reported directly to the various operating units. SCE conducted benchmarking comparisons with other companies and the results indicated that our costs to perform core finance activities (e.g., treasury and risk) were in the first quartile (i.e., were lower than percent of the other companies studied). However, the benchmarking results also identified that our costs to perform transactional finance activities (e.g., time and pay, accounting, and accounts payable) were in the third quartile and our costs to perform strategic finance activities (e.g., budgeting, Continued from the previous page Non-capitalized O&M expenses for software projects are recorded in Financial Services FERC Account. See workpaper entitled List of Companies Benchmarked. See workpaper entitled Finance Benchmarking.

12 planning, and reporting) were in the fourth quartile. In the past, both SCE s transactional and strategic finance activities had been decentralized and embedded within each operating unit, where they provided individualized financial services and other business support. These services included managerial reporting, time and pay services, internal controls, benchmarking, payment processing, and accounting transactions. Our review indicated that companies with a centralized organizational model design tended to be more efficient and incur lower costs than those with a decentralized model. The benchmarking results of our finance functions correlate with the degree to which we are aligned with the centralized organizational model. Our core finance functions, which are first quartile, are completely centralized, while our strategic finance functions were completely decentralized and in the fourth quartile. Because the benchmarking results indicated that our core finance costs were in the first quartile, we focused our improvement efforts on transactional finance and strategic finance activities, since these areas provided the greatest opportunities to reduce costs. We assessed our existing processes and organizational design, and identified areas of opportunity to improve efficiencies and reduce costs. Our assessment indicated that creating a centralized financial services organization would allow for standardizing processes, prioritizing work, and improving overall operations. In particular, centralization creates efficiencies through economies of scale, allowing us to reduce costs in our transactional and strategic finance activities by standardizing processes and various management reporting, such as year-end forecasts, recorded cost analysis, detailed budget variance reports, and reporting of key performance indicators. As discussed above, under the previous structure, strategic finance activities were decentralized throughout the operating units: Customer Service (CS), Transmission & Distribution (T&D), Generation, Information Technology (IT), Human Resources (HR), and other corporate shared services. These decentralized finance employees worked directly with operating unit personnel to develop budgets and provide budget-to-actual reporting and variance analysis. While the decentralized finance model provided specific financial support unique to each operating unit, we determined that we could achieve economies of scale to improve efficiencies and reduce costs by centralizing these processes. In December 01, the Planning and Performance Reporting (P&PR) organization was Id. See workpaper entitled Operational Excellence Assessment.

13 established to centralize strategic finance activities in order to begin realizing cost savings associated with centralization. In addition, we centralized our financial services functions in December 01 by transferring employees performing finance activities within each operating unit into the Financial Services organization. For example, in transactional finance, the majority of savings was achieved based on an analysis of time-and-pay operational support. There had been time-and-pay personnel in various operating units providing payroll and timekeeping support. They assisted employees with activities ranging from timesheet adjustments to handling timekeeping for employees on disability. Our analysis indicated that we could create economies of scale and achieve cost savings by centralizing these activities. In December 01, time-and-pay groups throughout the operating units were consolidated into the Controller s organization to begin realizing cost savings. Centralization was followed by a percent reduction in our Financial Services headcount during the first quarter of 01. Given our commitment to achieve the savings through centralization, these reductions were made ahead of fully implementing all of the process changes required to operating financial services with reduced staffing levels. The new centralized organization continues to streamline operations by creating standardized processes and reporting in order to provide the required support with the reduced staffing levels. The reduction of financial services headcount is significant and will take time to stabilize as we implement the process changes required to operate under reduced staffing levels. These efforts will result in a reduction of $1. million in total Financial Services costs. Although we centralized our finance organization, our costs associated with financial services continue to be decentralized, and appropriately recorded to the FERC accounts receiving the respective financial-related support. Therefore, the savings associated with the Financial Services Operational Excellence initiative are included in various FERC accounts. Table I- below summarizes the total savings from the Financial Services department and how those savings are provided to ratepayers in the various operating units FERC accounts. See workpaper entitled Financial Services Cost Savings. See workpaper entitled Finance Headcount Reduction.

14 Table I- Financial Services: Savings From Operational Excellence (Constant 01 $000) FINANCIAL SERVICES EXPENSE SAVINGS IN THIS EXHIBIT FERC Account Labor 0/1 $, $,1 $, Non-Labor 1, 1, Total Financial Services Expense Savings in This Exhibit $,01 $,0 $, FINANCIAL SERVICES EXPENSE SAVINGS IN OTHER EXHIBITS FERC Account Labor Customer Service - SCE-0 01 $ $ $ Customer Service - SCE-0 0 External Relations - SCE-0 0/1 1 0 Human Resources - SCE-0 0/1 1 1 Information Technology - SCE-0 0/1 1 1, 1, Legal - SCE-0 0/1 1 0 SONGS - SCE-0 0 Operational Support - SCE-0 0/1 1,1 1, 1, Power Supply - SCE-0 Trans & Distrib - SCE-0 Trans & Distrib - SCE Total Labor Expense Savings in Other Exhibits $,0 $, $,1 Non-Labor Customer Service - SCE-0 01 $0 $ $0 Customer Service - SCE External Relations - SCE-0 0/ Human Resources - SCE-0 0/ Information Technology - SCE-0 0/1 1 Legal - SCE-0 0/ SONGS - SCE Operational Support - SCE-0 0/ Power Supply - SCE Trans & Distrib - SCE-0 1 Trans & Distrib - SCE Total Non-Labor Expense Savings in Other Exhibits $ $1,1 $1,1 Total Financial Services Expense Savings in Other Exhibits $, $,01 $,01 FINANCIAL SERVICES SAVINGS - EXPENSE $, $1, $1,0 FINANCIAL SERVICES SAVINGS - CAPITAL 1,,, FINANCIAL SERVICES SAVINGS - BALANCING ACCOUNTS GRAND TOTAL FINANCIAL SERVICES SAVINGS $1,00 $0, $1, Exhibit note: 1. Capital savings projects have been added to the capital forecast to include the capital savings listed above.. Balancing account savings will be reflected in balancing account activities.

15 B. Financial Services Activities 1. Controller's Organization SCE s Controller s Organization is responsible for essential financial activities, including: (1) managing the corporate disbursement functions (accounts payable and corporate payroll); () recording and monitoring financial performance; () maintaining SCE s budgeting and accounting systems and records of account; () advising SCE s corporate finance and other departments on compliance with U.S. GAAP, including the accounting principles for rate-regulated enterprises, which reflect the ratemaking policies of the CPUC and FERC; () identifying and designing internal controls over financial reporting and monitoring the effectiveness of those controls; () computing rate base and depreciation expense associated with SCE s capital assets for both financial reporting and income tax purposes; () providing timely corporate reporting of financial statements and other financial and operational information to the SEC, CPUC, FERC, and other external agencies; () accounting for regulatory balancing accounts and memorandum accounts; and () providing financial information to SCE management and other SCE departments necessary for investments and other decisions. The following groups within the Controller s Organization perform work for SCE-affiliated companies: Accounts Payable, Corporate Payroll and Expense Reimbursement, Time-and-Pay Operational Support, Non-Energy Billings and Payments, Corporate Accounting, Regulatory Accounting and Analysis, Accounting Advisory and Reporting, and Capital Asset Accounting. The costs for work performed for any entities other than SCE and its regulated subsidiaries are subject to the affiliate credit mechanism discussed in Exhibit SCE-, Results of Operations. a) Accounts Payable Accounts Payable is responsible for the accurate and timely disbursement of funds to pay for goods and services to vendors. This responsibility includes payment of invoices, processing returned checks, and various other activities, including: (1) interpretation and application of sales and use taxes; () managing IRS Form processing; () auditing vendor invoices for compliance with all terms and conditions of SCE purchase orders; () managing credits due to SCE; () pursuing volume and early-pay discounts; and () managing check cancellation and reapplication of funds to proper accounts. b) Corporate Payroll and Expense Reimbursement Corporate Payroll and Expense Reimbursement is responsible for biweekly payroll production and distribution to SCE s entire workforce as well as processing employee expense

16 report payments. This responsibility includes remitting payments to outside entities (such as the IRS, California Franchise Tax Board, credit unions, and labor unions) and researching uncashed checks for escheatment purposes. Corporate Payroll and Expense Reimbursement is also responsible for SCE s compliance with a number of other activities required of employers by various laws and regulations, including: (1) issuing year-end tax reports (W-s and Forms to SCE employees); () administering court-ordered wage garnishments; () determining and processing federal and state withholding tax deposits; () monitoring and reconciling interim pay adjustments and replacement checks; () complying with the Fair Labor Standards Act and the Wage and Hour Law provisions; and () participating in the annual corporate escheatment process. c) Time-and-Pay Operational Support Time-and-Pay Operational Support is responsible for providing timekeeping and payroll support to employees throughout the company. This includes assisting employees with timesheet adjustments, changes, and related actions to ensure timely and accurate pay processing and submittal to Corporate Payroll for distribution of payments to employees. Specific activities include: (1) reviewing reports in advance of payroll processing to identify and correct errors; () processing timesheet and pay adjustments; () handling timekeeping for employees on disability; () processing special payments to employees; () processing certain aspects of employee data related to timekeeping and payroll accounting; and () processing separations and retirements. d) Non-Energy Billings and Payments Non-Energy Billing and Payments is responsible for: (1) preparing various types of non-energy, actual-cost billings for SCE, which include other accounts receivable (non-energy), damage claims (such as a car hitting a utility pole), and U.S. Department of Energy; () preparing joint-participant billings for costs incurred at the San Onofre Nuclear Generating Station (SONGS), Mohave Generating Station, and the Eldorado transmission facilities; () coordinating on-site activities of participant auditors and addressing/resolving any cost accounting issues for each site; () performing inventory and appraisals of SCE properties; () providing capital accounting direction and contractual guidance to internal parties and discussions with external parties related to added facilities and interconnection facility projects; and () accounting for and payment of ad valorem taxes. e) Corporate Accounting Corporate Accounting maintains SCE s general ledger, including the monthly closing process, and is responsible for all aspects of financial accounting and reporting for utility-related

17 subsidiaries and the Edison International parent company (EIX). Corporate Accounting is also responsible for oversight of the systems that provide financial data for both internal and external reports to the financial community, SEC, CPUC, and FERC, as well as internal and external auditors, and is responsible for compiling information used in internal ad hoc reporting for data requests. This division maintains a comprehensive financial data warehouse for legacy data and provides financial data support and training. Other duties include: (1) accounting and billing for affiliated company transactions; () calculation, preparation, and payment of franchise fees; () accounting and processing of vehicle fleet leasing payments; () accounting for SCE s benefit plans; and () support related to quarterly and year-end audits. f) Regulatory Accounting and Analysis Regulatory Accounting and Analysis is responsible for establishing and maintaining regulatory balancing and memorandum accounts, accounting for fuel expense and purchased power expense, and preparing energy and regulatory reports for internal and external use, including CPUC filings. This division also sponsors system maintenance, enhancements, and reports from the Corporate Revenue Reporting Information System, which is SCE s primary revenue reporting system for financial and regulatory compliance purposes. g) Accounting Advisory and Reporting Accounting Advisory and Reporting is responsible for the preparation and publishing of monthly, quarterly, and annual financial statements. The group is also responsible for preparing SCE s Forms -K and -Q in accordance with U.S. GAAP and filing them with the SEC, as well as preparing FERC Forms 1 and Q and the CPUC Annual Report. Activities of this division include: (1) analysis of complex accounting issues, including the impact of proposed and issued accounting standards, pronouncements, and interpretations on the utility s operations and financial results; () developing and overseeing the implementation strategy for new accounting pronouncements and requirements set forth by the SEC, Financial Accounting Standards Board (FASB), and other accounting regulatory bodies; () consultation with other departments on technical and regulatory accounting issues, including interpretation and implementation of CPUC and FERC decisions; () preparing to implement international financial reporting standards; () consultation and project management for IT-related process improvement activities; () overseeing SCE s overall compliance with SOX-required process control documentation; and () working with internal auditors and the independent registered public accounting firm on company-wide internal control matters.

18 h) Capital Asset Accounting Capital Asset Accounting is responsible for maintaining SCE s fixed asset accounting in conformity with FERC, U.S. GAAP, internal accounting procedures, and regulatory practices. Specific activities include providing capital accounting direction to internal parties, reviewing work orders for accounting accuracy, closing work orders, and accounting for asset retirements. Other activities include maintenance of the Continuing Property Records ledger and providing direction to internal parties as to whether a cost is properly expensed or capitalized. Capital Asset Accounting is also responsible for a variety of financial accounting, tax accounting, and regulatory requirements associated with SCE s fixed assets. Accounting responsibilities include book depreciation, nuclear decommissioning, recorded rate base, tax depreciation, deferred taxes, and associated financial reporting requirements. Regulatory responsibilities include plant forecasting, depreciation rate and depreciation reserve analyses, working cash analyses, rate base forecasting, regulatory reporting, and rate case support of fixed-asset recovery.. Planning & Performance Reporting (P&PR) As described above, P&PR was formed during the Operational Excellence initiative to provide centralized, consistent, high-quality financial services to the entire company. P&PR provides financial services to all operating units. In addition, this organization is responsible for company-wide activities including the budgeting process, long-term planning, O&M and capital forecasting, company-wide O&M and capital prioritization, and coordination of benchmarking across operating units. P&PR consists of three operating unit-facing organizations Power Delivery, Generation, and Corporate & Shared Services and one cross-operating unit or company-wide organization, Planning & Budgeting Integration. The activities of each group are described in the following sections. a) Operating Unit-Facing Organizations Operating unit-facing organizations work directly with operating unit personnel to provide analytical support for decision making, as well as monthly and quarterly input for tracking of budgets and goals. Responsibilities also include long- and short-term planning, forecasting, managerial reporting, variance analysis, and decision support analysis for capital expenditures and operating expenses. Personnel in this organization perform finance activities for organizations throughout the

19 company. Thus, the costs to provide financial services are recorded appropriately to the operational FERC accounts and capital asset accounts as applicable. (1) Power Delivery This group is responsible for the budgets, financial performance reporting, financial planning, and analysis T&D and CS management to support informed business decisions. This group prepares, monitors, and reports budgets for operations and maintenance, capital expenditures, and other operating revenue of T&D and CS. The group works closely with operational groups to compile information, analyze trends, create reports, provide regulatory finance support, provide detailed budget variance reports (including year-end budget forecasts), make spending recommendations, and adjust budgets and forecasts. In addition, this group supports the development of T&D and CS financial goals, cost performance indicators, and targets. To support the achievement of these goals and targets, the group prepares monthly progress reports, provides business performance statistics, and reports on financial and operational performance to T&D and CS management. Progress is subsequently communicated throughout the operational unit to enable a line-of-sight connection to employees goals and objectives. In addition, this group oversees projects by gathering and analyzing cost and operational data to determine cost-effectiveness. Cost-control engineers work closely with project management to develop detailed project schedules, monitor expenditures, and forecast expenditures throughout the construction and post-construction phases of projects. Lastly, this group provides financial support for the development of testimony and workpapers for regulatory proceedings. This includes providing historical data analyses, preparing financial forecasts, developing cost studies, researching regulatory issues, and assisting with data request responses. () Generation This group provides budgets, financial performance reporting, financial planning, and analysis for the hydropower, gas, and nuclear generation groups, as well as the energy trading and contracts groups. This group develops, analyzes, and reports on generation O&M expenses and capital expenditures. This group also performs project-control activities consisting of planning and scheduling, budget development, recorded cost analysis, performance management, financial commitment tracking, resource integration, trending, and contingency management. This group provides independent assurance that effective budget and cost-control practices are used by following detailed budget development steps and a rigorous approval process, and subsequently tracking budgets and spending.

20 () Corporate & Shared Services This group provides budgets, financial performance reporting, financial planning, and analysis for the corporate and shared services organizations including IT, HR, Finance, External Relations, and Operational Services. This group is responsible for providing budgeting, forecasting, reporting, and financial analytical support to each organization. This group also coordinates the development of budgets and the alignment of budgets with corporate guidelines. This group works closely with each organization providing staff support so that fundamental cost-management skills and processes are in place for each organization. This group prepares regular budget variance reports and forecasts that are provided at the work group and broader organization level. This group is responsible for project-specific financial analysis and development of project business cases, and assessing the financial impacts and merits of proposed projects. Project analysis involves gathering and analyzing cost and operational data for proposed and ongoing projects to determine cost-effectiveness. The group provides financial tracking and reporting services for projects, providing detailed reporting of budgeted-versus-recorded costs and forecasting project spending. Performing these analytical activities allows each organization s management to have consistent and accurate evaluations of the financial impacts of projects. The group is responsible for the financial work necessary to prepare for each corporate and shared service organization s showing in the General Rate Case (GRC). Its primary GRC responsibilities include preparing financial workpapers and responding to financial data requests. b) Planning & Budgeting Integration Planning & Budgeting Integration is responsible for maintaining and monitoring SCE s budgeting system and integrated reporting. The activities of this group include: (1) developing SCE s financial strategy; () managing the spending prioritization processes and annual budgeting process; () analyzing variances between recorded information and the budget, as well as variances between recorded current- and prior-year information; () preparing SCE s income statement and capital budgets based on input provided by operating unit-facing personnel in accordance with authorized amounts; () preparing various monthly, quarterly, and annual reports required for management purposes; () maintaining effective internal controls over the budgeting system; and () providing guidance to internal parties on the budgeting process and system. In addition, this group is responsible for supporting SCE s capital budgeting process by providing financial analysis for capital investment projects. As part of its ongoing operating requirements in meeting customer energy needs, SCE must make prudent investment decisions with respect to competing capital projects. For example, SCE may 1

21 need to evaluate a new capitalized software system or a project to automate an electrical facility substation. SCE makes capital investment decisions using a rigorous and disciplined approach to meet best-fit, least-cost-to-customers criteria. This division provides support to this decision-making process by establishing financial-analysis guidelines and monitoring that SCE departments use a consistent financial evaluation approach utilizing the same financing and cost-of-capital, interest, and escalation rate assumptions, and appropriate accounting, tax, and ratemaking treatments. This group also supports the development of SCE's annual goals, key performance indicators, and targets. To support the achievement of the goals and targets, the group prepares monthly progress reports and performance statistics for financial and operational performance to SCE management. Progress is subsequently communicated throughout the operational units to enable a line-of-sight connection to employees goals and objectives.. Tax Department SCE s Tax Department is responsible for all income tax-related functions, including: (1) recording all accounting journal entries associated with income taxes (on a monthly, quarterly and annual basis); () complying with all applicable federal and state tax codes, federal and state income tax regulations, IRS guidance, court decisions, and other official tax guidance; () complying with all applicable general accounting standards for recording, reflecting, and disclosing income tax-related information and amounts for financial reporting purposes; () preparing SCE s federal and state income tax returns and all supporting workpapers; () defending SCE s federal and state tax return positions in governmental audits; () preparing sales and use tax returns, and defending these sales tax returns in audits; () calculating and paying estimated income tax payments; () actively reviewing applicable tax law and guidance to minimize tax costs, which can be passed along to customers in the form of lower rates; and () preparing tax-related testimony and schedules that support the recovery of all income and payroll tax-related costs in utility regulatory proceedings. The Tax Department also performs these income tax related functions on behalf of EIX and other members of the consolidated group. One of the many functions of SCE s Tax Department is to review and finalize tax returns, combine these returns into a consolidated tax return, and assist in the proper tax accounting treatment associated with non-related tax subsidiaries. However, costs associated with work performed for any entity other than SCE and its regulated subsidiaries are subject to the affiliation credit mechanism discussed in Exhibit SCE-, Results of Operations. This mechanism ensures that ratepayers are only charged for costs related to the regulated utility. 1

22 The proper performance of these tax-related functions requires a staff of highly seasoned tax professionals with considerable corporate tax experience and, in many cases, advanced degrees that include Juris Doctor and Master s degrees, as well as Certified Public Accountant credentials. a) Tax Accounting The Tax Department is responsible for the function of accounting for taxes, which includes the recording, on a monthly, quarterly, and annual basis, of all accounting journal entries associated with income taxes for SCE and EIX. Each month, the Tax Department must identify and analyze all accounting transactions to determine the tax treatment for each transaction and then ensure the correct adjustments are made to properly reflect income taxes for SCE s and EIX s financial statements. This process entails identifying and analyzing over 00 adjustments each month, as well as preparing journal entries for each of those adjustments each month. SCE and EIX file quarterly financial reports pursuant to Sections 1 and 1 of the Securities Exchange Act of 1 (SEC Form -Q). The Tax Department is responsible for quantifying all tax-related amounts reflected in the income statements and balance sheets, as well as preparing tax-related footnote disclosure information and explanations. SCE and EIX also file an SEC Form -K annual financial report that must also contain detailed tax-related financial information as well as extensive footnote disclosures and explanations (prepared by SCE s Tax Department). SCE is also required to file an annual financial report (FERC Form 1) that contains extensive tax-related amounts and descriptions that must be presented in accordance with FERC accounting rules. The Tax Department is responsible for preparing all tax-related information for this annual filing. Accounting Standards Codification 0-, Accounting for Uncertainty in Income Taxes (formerly known as FIN ), requires SCE to evaluate each tax position taken on its tax returns. The Tax Department is responsible for preparing a comprehensive analysis and evaluation of each of its tax positions to determine whether it is more likely than not that the position will be sustained. For positions that meet the more-likely-than-not test, a second test measures the amount at which they will be sustained upon audit. SCE s financial statements reflect the amounts anticipated to be sustained. The Tax Department is also responsible for maintaining the tax-basis balance sheet and the analysis of all balance sheet tax accounts, including the deferred income tax accounts. Additionally, it is responsible for providing recorded base-year tax amounts for regulatory rate case filings. 1

23 b) Tax Analysis Each year, Congress enacts numerous changes to the federal income tax code, and the IRS issues a significant number of regulations, procedures, rulings, and other guidance, many of which are applicable to SCE. It is the Tax Department s responsibility to actively monitor to identify, on a continuous basis: any new tax guidance, rules, regulations, and requirements; any recent taxrelated case law developments; and various tax-related rulings in order to provide reasonable assurance that SCE continues to comply with appropriate tax rules and requirements (and that it properly implements any new tax rules, regulations, and procedures in its tax returns and in its financial statements). The Tax Department also prepares and submits private letter ruling requests as well as changes to tax accounting methods with the National Office of the IRS on such matters as nuclear decommissioning expense and tax repair deductions. Tax benefits from these rulings and changes in methods are passed along to customers. The Tax Department is responsible for ensuring that SCE is fully utilizing all applicable federal, state, and local income, sales and use, excise and other miscellaneous tax laws and guidance to minimize tax costs, which can then be passed along to customers in the form of lower rates. For example, as the tax rules have evolved for repair deductions, the Tax Department has monitored this evolution and has made changes consistent with those rules to provide additional tax deductions that have been incorporated within this proceeding and that have provided benefits to ratepayers in the form of reduced revenue requirements. In addition, the Tax Department is responsible for reviewing and analyzing any proposed utility transactions, and to provide tax-related research, planning, and guidance to ensure these transactions are treated in the proper manner consistent with tax rules, while optimizing the tax benefits or minimizing tax costs, and properly accounting for taxes in our financial statements and regulatory filings. c) Tax Filing The Tax Department is responsible for preparing and filing all federal and state corporate income tax returns for SCE and the EIX consolidated group, preparing all related workpapers, analysis, and comprehensive supporting documentation. It is responsible for computing and remitting the quarterly estimated tax payments related to all of the above tax return filings. It is also responsible for the filing of state sales and use tax returns and prepayments, federal and state excise tax returns, business activity tax returns, federal and state benefit plan trust returns, and the preparation of all tax forecasts on a monthly basis. Tax Department personnel analyze major transactions and their impact to 1

24 the company s income and sales tax returns, including reasonableness reviews and reconciliations for major discrepancies, as necessary. d) Tax Auditing The Tax Department is responsible for the audit defense of all federal and state tax returns filed by SCE, including income, sales and use tax, payroll, excise, electronic energy surcharge, Forms 00, benefit plan trust returns, and Forms. Because of SCE s large size, both the federal and state governments audit all of SCE s tax returns. The IRS audit team assigned to SCE s case generally numbers from 1 to 0 auditors. These individuals are located on-site and communicate with Tax Department personnel on a daily basis. SCE submits thousands of pages of supporting documentation to the IRS in response to hundreds of data requests issued in each audit cycle. The Tax Department is responsible for coordinating the resolution of all issues raised by IRS and state auditors either at the field audit level, in the appeals process, and with the IRS National office or, if necessary, through litigation. The Tax Department is also responsible for coordinating and submitting affirmative claims to the taxing authorities, which can result in reduced tax liabilities for the company. The Tax Department analyzes and quantifies potential tax-savings opportunities and then works with authorities to reach the most beneficial outcome to SCE and ratepayers as feasible. e) Tax Regulatory The Tax Department is responsible for preparing and sponsoring all tax testimony and amounts to be included in any CPUC or FERC regulatory proceeding, as well as other rate matters in which taxes are at issue, such as this GRC proceeding and the nuclear decommissioning cost triennial proceeding. In regulatory proceedings, Tax Department personnel review testimony and rebuttal of other interested parties to the proceeding, as well as respond to numerous data requests and, in many cases, participate in evidentiary hearings. The Tax Department is also responsible for ensuring that the proper tax amount and the proper tax flow-through or normalized treatment are reflected in the filings.. Treasurer s Department The Treasurer s Department performs activities necessary for the prudent financial and risk management and governance of SCE: a) Financing, Banking, and Credit The Financing, Banking, and Credit Organization includes Cash Management, which performs cash, banking, and liquidity management services for SCE, including short-term 1

25 investing and borrowing to meet working cash needs. In the course of its normal operations, SCE has general working capital and liquidity requirements primarily related to timing differences between the receipt and payment of cash revenue and expenses. SCE typically actively invests or borrows funds to meet its cash requirements, objectives, and obligations. Cash Management negotiates and manages credit facilities with commercial banks. SCE uses these credit facilities to provide liquidity support to meet periodic needs for short-term cash requirements and for letters of credit primarily required to support energy procurement commitments and needs. Cash Management also negotiates and manages bank fees for necessary services such as deposits, disbursements, automated clearing house, electronic data interchange, funds transfer, and information and investment/custody services. Cash Management performs banking operations and management including processing electronic fund transfers, recording accounting entries for cash transactions, and the escheatment filing process. The Capital Market Financing Organization performs capital structure management of SCE s balance sheet (common equity, long-term debt, and preferred equity) as authorized through the CPUC s cost-of-capital proceedings. As needed, this division raises capital through issuance of new long-term financial securities to fund capital needs for investments in electrical facilities and maturing debt. During periods of declining or low interest rates, SCE may provide liability management services, such as redemption of previously issued higher-cost debt or preferred equity and replacement with lower-cost debt or preferred equity to provide lower financing costs to customers. During periods of rising or high interest rates, SCE manages the liability structure of its debt and preferred equity portfolio including adjusting terms of financings to maintain the lowest possible cost to its customers. In performing its responsibilities, this division utilizes experts at financial institutions (both investment and commercial banks) to provide reasonable assurance that SCE is obtaining the most advantageous rates and terms for the financial securities that are being issued. The Treasurer s Department is also responsible for communication and presentation of SCE s financial condition and business strategy to credit-rating agencies and lending institutions. Credit Risk and Collateral Management (CRCM) is responsible for managing and reporting counterparty credit risk and collateral management, implementing credit policy, monitoring The automated clearing house is an electronic network for financial transactions in the United States that processes large volumes of credit and debit transactions. 1

26 regulatory initiatives, managing corporate-wide credit policies and procedures, and monitoring regulatory and other issues raised at FERC, CPUC, and the California Independent System Operator (CAISO). In addition to the day-to-day credit and collateral management functions, CRCM supports the Treasurer s Department in developing short-term forecasts of SCE s collateral posting requirements. CRCM s other duties include: negotiating credit terms in enabling agreements (for regular traded transactions as well as long-term structured transactions); performing counterparty credit reviews; and monitoring collateral. The group is also responsible for developing and monitoring the controls for Request for Offer and Request for Proposal solicitation processes. Counterparty credit review and monitoring involves the review of prospective and existing counterparties, vendors, insurance companies, guarantors, banks issuing letters of credit, and the ongoing monitoring of counterparty creditworthiness. Collateral management is the daily process of determining the amount of collateral counterparties need to provide SCE, making the collateral requests to each counterparty, and verifying that the receipt of the required collateral is within predefined posting periods, as well as determining the amount of collateral SCE needs to provide each counterparty. Collateral analysts manage all forms of collateral instruments, including: (1) letters of credit; () guarantees; () bonds; () insurance certificates; () escrow accounts; and () cash. Collateral is managed for a number of organizations throughout SCE. b) Regulatory Finance, Economics, and Risk Operations & Analytics Treasurer s Department personnel are responsible for filings and testimony with various regulatory agencies. The Regulatory Finance, Economics, and Risk Operations & Analytics division supports many regulatory proceedings by developing financial and economic projections, analyses, and testimony pertaining to cost-of-capital, escalation rate forecasts, productivity, and financial analyses. Specifically, the Regulatory Finance group manages SCE s cost-of-capital applications at the Commission and the cost-of-capital portion of SCE s transmission owner tariff applications at the FERC. The division also provides extensive expert testimony in these cases. The group also co-manages SCE s nuclear decommissioning contribution applications and provides expert testimony. In SCE s last GRC, the division supported the analysis of topics: the AFUDC rate; regulatory incentives; O&M escalation; capital escalation; customer deposits; return on specific assets (legacy electromechanical meters and Mohave Generating Station); post-test year ratemaking; 1

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