x | Quarterly Report Pursuant To Section 13 or 15(d) of the Securities Exchange Act of 1934 |
¨ | Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 |
Commission File Number | Exact name of registrant as specified in its charter and principal executive office address and telephone number | State of Incorporation | I.R.S. Employer ID. Number | |||
1-14514 | Consolidated Edison, Inc. | New York | 13-3965100 | |||
4 Irving Place, New York, New York 10003 | ||||||
(212) 460-4600 | ||||||
1-1217 | Consolidated Edison Company of New York, Inc. | New York | 13-5009340 | |||
4 Irving Place, New York, New York 10003 | ||||||
(212) 460-4600 |
Consolidated Edison, Inc. (Con Edison) | Yes x | No ¨ |
Consolidated Edison Company of New York, Inc. (CECONY) | Yes x | No ¨ |
Con Edison | Yes x | No ¨ |
CECONY | Yes x | No ¨ |
Con Edison | |||
Large accelerated filer x | Accelerated filer ¨ | Non-accelerated filer ¨ | Smaller reporting company ¨ |
CECONY | |||
Large accelerated filer ¨ | Accelerated filer ¨ | Non-accelerated filer x | Smaller reporting company ¨ |
Con Edison | Yes ¨ | No x |
CECONY | Yes ¨ | No x |
Con Edison Companies | ||
Con Edison | Consolidated Edison, Inc. | |
CECONY | Consolidated Edison Company of New York, Inc. | |
Con Edison Development | Consolidated Edison Development, Inc. | |
Con Edison Energy | Consolidated Edison Energy, Inc. | |
Con Edison Solutions | Consolidated Edison Solutions, Inc. | |
Con Edison Transmission | Con Edison Transmission, Inc. | |
CET Electric | Consolidated Edison Transmission, LLC | |
CET Gas | Con Edison Gas Pipeline and Storage, LLC | |
O&R | Orange and Rockland Utilities, Inc. | |
Pike | Pike County Light & Power Company | |
RECO | Rockland Electric Company | |
The Companies | Con Edison and CECONY | |
The Utilities | CECONY and O&R | |
Regulatory Agencies, Government Agencies and Other Organizations | ||
EPA | U.S. Environmental Protection Agency | |
FASB | Financial Accounting Standards Board | |
FERC | Federal Energy Regulatory Commission | |
IASB | International Accounting Standards Board | |
IRS | Internal Revenue Service | |
NJBPU | New Jersey Board of Public Utilities | |
NJDEP | New Jersey Department of Environmental Protection | |
NYISO | New York Independent System Operator | |
NYPA | New York Power Authority | |
NYSDEC | New York State Department of Environmental Conservation | |
NYSERDA | New York State Energy Research and Development Authority | |
NYSPSC | New York State Public Service Commission | |
NYSRC | New York State Reliability Council, LLC | |
PAPUC | Pennsylvania Public Utility Commission | |
PJM | PJM Interconnection LLC | |
SEC | U.S. Securities and Exchange Commission | |
Accounting | ||
ASU | Accounting Standards Update | |
GAAP | Generally Accepted Accounting Principles in the United States of America | |
OCI | Other Comprehensive Income | |
VIE | Variable interest entity |
Environmental | ||
CO2 | Carbon dioxide | |
GHG | Greenhouse gases | |
MGP Sites | Manufactured gas plant sites | |
PCBs | Polychlorinated biphenyls | |
PRP | Potentially responsible party | |
RGGI | Regional Greenhouse Gas Initiative | |
Superfund | Federal Comprehensive Environmental Response, Compensation and Liability Act of 1980 and similar state statutes | |
Units of Measure | ||
AC | Alternating current | |
Dt | Dekatherms | |
kV | Kilovolt | |
kWh | Kilowatt-hour | |
MDt | Thousand dekatherms | |
MMlb | Million pounds | |
MVA | Megavolt ampere | |
MW | Megawatt or thousand kilowatts | |
MWh | Megawatt hour | |
Other | ||
AFUDC | Allowance for funds used during construction | |
AMI | Advanced metering infrastructure | |
COSO | Committee of Sponsoring Organizations of the Treadway Commission | |
DER | Distributed energy resources | |
EGWP | Employer Group Waiver Plan | |
Fitch | Fitch Ratings | |
First Quarter Form 10-Q | The Companies' combined Quarterly Report on Form 10-Q for the quarterly period ended March 31 of the current year | |
Second Quarter Form 10-Q | The Companies' combined Quarterly Report on Form 10-Q for the quarterly period ended June 30 of the current year | |
Third Quarter Form 10-Q | The Companies' combined Quarterly Report on Form 10-Q for the quarterly period ended September 30 of the current year | |
Form 10-K | The Companies’ combined Annual Report on Form 10-K for the year ended December 31, 2015 | |
LTIP | Long Term Incentive Plan | |
Moody’s | Moody’s Investors Service | |
REV | Reforming the Energy Vision | |
S&P | Standard & Poor’s Financial Services LLC | |
VaR | Value-at-Risk |
PAGE | ||
ITEM 1 | Financial Statements (Unaudited) | |
Con Edison | ||
CECONY | ||
ITEM 2 | ||
ITEM 3 | ||
ITEM 4 | ||
ITEM 1 | ||
ITEM 1A | ||
ITEM 6 | ||
• | the Companies are extensively regulated and are subject to penalties; |
• | the Utilities’ rate plans may not provide a reasonable return; |
• | the Companies may be adversely affected by changes to the Utilities’ rate plans; |
• | the intentional misconduct of employees or contractors could adversely affect the Companies; |
• | the failure of, or damage to, the Companies’ facilities could adversely affect the Companies; |
• | a cyber attack could adversely affect the Companies; |
• | the Companies are exposed to risks from the environmental consequences of their operations; |
• | a disruption in the wholesale energy markets or failure by an energy supplier could adversely affect the Companies; |
• | the Companies have substantial unfunded pension and other postretirement benefit liabilities; |
• | Con Edison’s ability to pay dividends or interest depends on dividends from its subsidiaries; |
• | the Companies require access to capital markets to satisfy funding requirements; |
• | the Companies’ strategies may not be effective to address changes in the external business environment; and |
• | the Companies also face other risks that are beyond their control. |
For the Three Months Ended September 30, | For the Nine Months Ended September 30, | |||||
2016 | 2015 | 2016 | 2015 | |||
(Millions of Dollars/ Except Share Data) | ||||||
OPERATING REVENUES | ||||||
Electric | $2,769 | $2,762 | $6,717 | $6,937 | ||
Gas | 235 | 237 | 1,246 | 1,293 | ||
Steam | 63 | 58 | 406 | 529 | ||
Non-utility | 350 | 386 | 999 | 1,088 | ||
TOTAL OPERATING REVENUES | 3,417 | 3,443 | 9,368 | 9,847 | ||
OPERATING EXPENSES | ||||||
Purchased power | 798 | 860 | 2,047 | 2,404 | ||
Fuel | 29 | 31 | 133 | 216 | ||
Gas purchased for resale | 81 | 64 | 320 | 415 | ||
Other operations and maintenance | 840 | 869 | 2,447 | 2,485 | ||
Depreciation and amortization | 305 | 285 | 905 | 840 | ||
Taxes, other than income taxes | 528 | 504 | 1,523 | 1,459 | ||
TOTAL OPERATING EXPENSES | 2,581 | 2,613 | 7,375 | 7,819 | ||
Gain on sale of retail electric supply business | 104 | — | 104 | — | ||
OPERATING INCOME | 940 | 830 | 2,097 | 2,028 | ||
OTHER INCOME (DEDUCTIONS) | ||||||
Investment and other income | 51 | 12 | 70 | 31 | ||
Allowance for equity funds used during construction | 3 | 1 | 7 | 3 | ||
Other deductions | (5) | (4) | (16) | (11) | ||
TOTAL OTHER INCOME | 49 | 9 | 61 | 23 | ||
INCOME BEFORE INTEREST AND INCOME TAX EXPENSE | 989 | 839 | 2,158 | 2,051 | ||
INTEREST EXPENSE | ||||||
Interest on long-term debt | 174 | 157 | 504 | 469 | ||
Other interest | 5 | 6 | 17 | 19 | ||
Allowance for borrowed funds used during construction | (1) | (1) | (4) | (2) | ||
NET INTEREST EXPENSE | 178 | 162 | 517 | 486 | ||
INCOME BEFORE INCOME TAX EXPENSE | 811 | 677 | 1,641 | 1,565 | ||
INCOME TAX EXPENSE | 314 | 249 | 602 | 548 | ||
NET INCOME | $497 | $428 | $1,039 | $1,017 | ||
Net income per common share—basic | $1.63 | $1.46 | $3.47 | $3.47 | ||
Net income per common share—diluted | $1.62 | $1.45 | $3.46 | $3.46 | ||
DIVIDENDS DECLARED PER COMMON SHARE | $0.67 | $0.65 | $2.01 | $1.95 | ||
AVERAGE NUMBER OF SHARES OUTSTANDING—BASIC (IN MILLIONS) | 304.5 | 292.9 | 299.1 | 292.9 | ||
AVERAGE NUMBER OF SHARES OUTSTANDING—DILUTED (IN MILLIONS) | 305.9 | 294.2 | 300.5 | 294.2 |
For the Three Months Ended September 30, | For the Nine Months Ended September 30, | |||
2016 | 2015 | 2016 | 2015 | |
(Millions of Dollars) | ||||
NET INCOME | $497 | $428 | $1,039 | $1,017 |
OTHER COMPREHENSIVE INCOME, NET OF TAXES | ||||
Pension and other postretirement benefit plan liability adjustments, net of taxes | 1 | 1 | 2 | 7 |
TOTAL OTHER COMPREHENSIVE INCOME, NET OF TAXES | 1 | 1 | 2 | 7 |
COMPREHENSIVE INCOME | $498 | $429 | $1,041 | $1,024 |
For the Nine Months Ended September 30, | ||||
2016 | 2015 | |||
(Millions of Dollars) | ||||
OPERATING ACTIVITIES | ||||
Net income | $1,039 | $1,017 | ||
PRINCIPAL NON-CASH CHARGES/(CREDITS) TO INCOME | ||||
Depreciation and amortization | 905 | 840 | ||
Deferred income taxes | 524 | 466 | ||
Rate case amortization and accruals | (157) | (38) | ||
Common equity component of allowance for funds used during construction | (7) | (3) | ||
Net derivative (gains)/losses | (7) | (4) | ||
Pre-tax gain on sale of retail electric supply business | (104) | — | ||
Other non-cash items, net | 99 | 73 | ||
CHANGES IN ASSETS AND LIABILITIES | ||||
Accounts receivable – customers | (138) | (82) | ||
Materials and supplies, including fuel oil and gas in storage | 15 | 32 | ||
Other receivables and other current assets | 90 | 44 | ||
Income taxes receivable | 100 | 194 | ||
Prepayments | (403) | (568) | ||
Accounts payable | 142 | 83 | ||
Pensions and retiree benefits obligations, net | 464 | 566 | ||
Pensions and retiree benefits contributions | (510) | (753) | ||
Accrued taxes | (21) | (19) | ||
Accrued interest | 66 | 48 | ||
Superfund and environmental remediation costs, net | 68 | 23 | ||
Distributions from equity investments | 45 | 29 | ||
Deferred charges, noncurrent assets and other regulatory assets | (104) | (17) | ||
Deferred credits and other regulatory liabilities | 116 | 220 | ||
Other current and noncurrent liabilities | 114 | 48 | ||
NET CASH FLOWS FROM OPERATING ACTIVITIES | 2,336 | 2,199 | ||
INVESTING ACTIVITIES | ||||
Utility construction expenditures | (2,057) | (1,838) | ||
Cost of removal less salvage | (149) | (156) | ||
Non-utility construction expenditures | (436) | (366) | ||
Investments in/acquisitions of renewable electric production and electric and gas transmission projects | (1,281) | (286) | ||
Proceeds from sale of assets | 250 | — | ||
Proceeds from the transfer of assets to NY Transco | 122 | — | ||
Restricted cash | (21) | (23) | ||
Other investing activities | (145) | (18) | ||
NET CASH FLOWS USED IN INVESTING ACTIVITIES | (3,717) | (2,687) | ||
FINANCING ACTIVITIES | ||||
Net (payment)/issuance of short-term debt | (928) | 360 | ||
Issuance of long-term debt | 1,765 | 238 | ||
Retirement of long-term debt | (407) | (145) | ||
Debt issuance costs | (16) | (2) | ||
Common stock dividends | (570) | (560) | ||
Issuance of common shares - public offering | 702 | — | ||
Issuance of common shares for stock plans, net of repurchases | 38 | (9 | ) | |
Distribution to noncontrolling interest | (1) | — | ||
NET CASH FLOWS FROM/(USED IN) FINANCING ACTIVITIES | 583 | (118) | ||
CASH AND TEMPORARY CASH INVESTMENTS: | ||||
NET CHANGE FOR THE PERIOD | (798) | (606) | ||
BALANCE AT BEGINNING OF PERIOD | 944 | 699 | ||
BALANCE AT END OF PERIOD | 146 | 93 | ||
LESS: CHANGE IN CASH BALANCES HELD FOR SALE | (4 | ) | 2 | |
BALANCE AT END OF PERIOD EXCLUDING HELD FOR SALE | $150 | $91 | ||
SUPPLEMENTAL DISCLOSURE OF CASH INFORMATION | ||||
Cash paid/(received) during the period for: | ||||
Interest | $437 | $411 | ||
Income taxes | $(144) | $(7) | ||
SUPPLEMENTAL DISCLOSURE OF NON-CASH INFORMATION | ||||
Construction expenditures in accounts payable | $242 | $204 | ||
Issuance of common shares for dividend reinvestment | $35 | $11 |
September 30, 2016 | December 31, 2015 | ||
(Millions of Dollars) | |||
ASSETS | |||
CURRENT ASSETS | |||
Cash and temporary cash investments | $150 | $944 | |
Special deposits | 3 | 3 | |
Accounts receivable – customers, less allowance for uncollectible accounts of $75 and $85 in 2016 and 2015, respectively | 1,157 | 1,052 | |
Other receivables, less allowance for uncollectible accounts of $13 and $11 in 2016 and 2015, respectively | 165 | 304 | |
Income taxes receivable | 66 | 166 | |
Accrued unbilled revenue | 373 | 360 | |
Fuel oil, gas in storage, materials and supplies, at average cost | 335 | 350 | |
Prepayments | 580 | 177 | |
Regulatory assets | 119 | 132 | |
Assets held for sale | — | 157 | |
Other current assets | 206 | 191 | |
TOTAL CURRENT ASSETS | 3,154 | 3,836 | |
INVESTMENTS | 1,931 | 884 | |
UTILITY PLANT, AT ORIGINAL COST | |||
Electric | 27,239 | 26,358 | |
Gas | 7,253 | 6,858 | |
Steam | 2,374 | 2,336 | |
General | 2,657 | 2,622 | |
TOTAL | 39,523 | 38,174 | |
Less: Accumulated depreciation | 8,451 | 8,044 | |
Net | 31,072 | 30,130 | |
Construction work in progress | 1,286 | 1,003 | |
NET UTILITY PLANT | 32,358 | 31,133 | |
NON-UTILITY PLANT | |||
Non-utility property, less accumulated depreciation of $122 and $95 in 2016 and 2015, respectively | 1,127 | 832 | |
Construction work in progress | 421 | 244 | |
NET PLANT | 33,906 | 32,209 | |
OTHER NONCURRENT ASSETS | |||
Goodwill | 429 | 429 | |
Intangible assets, less accumulated amortization of $5 and $4 in 2016 and 2015, respectively | — | 2 | |
Regulatory assets | 7,544 | 8,096 | |
Other deferred charges and noncurrent assets | 352 | 186 | |
TOTAL OTHER NONCURRENT ASSETS | 8,325 | 8,713 | |
TOTAL ASSETS | $47,316 | $45,642 |
September 30, 2016 | December 31, 2015 | ||
(Millions of Dollars) | |||
LIABILITIES AND SHAREHOLDERS’ EQUITY | |||
CURRENT LIABILITIES | |||
Long-term debt due within one year | $346 | $739 | |
Notes payable | 601 | 1,529 | |
Accounts payable | 1,113 | 1,008 | |
Customer deposits | 356 | 354 | |
Accrued taxes | 41 | 62 | |
Accrued interest | 202 | 136 | |
Accrued wages | 101 | 97 | |
Fair value of derivative liabilities | 70 | 66 | |
Regulatory liabilities | 123 | 115 | |
Liabilities held for sale | — | 89 | |
Other current liabilities | 638 | 525 | |
TOTAL CURRENT LIABILITIES | 3,591 | 4,720 | |
NONCURRENT LIABILITIES | |||
Provision for injuries and damages | 170 | 185 | |
Pensions and retiree benefits | 2,197 | 2,911 | |
Superfund and other environmental costs | 752 | 765 | |
Asset retirement obligations | 254 | 242 | |
Fair value of derivative liabilities | 52 | 39 | |
Deferred income taxes and unamortized investment tax credits | 10,155 | 9,537 | |
Regulatory liabilities | 1,920 | 1,977 | |
Other deferred credits and noncurrent liabilities | 203 | 199 | |
TOTAL NONCURRENT LIABILITIES | 15,703 | 15,855 | |
LONG-TERM DEBT | 13,747 | 12,006 | |
EQUITY | |||
Common shareholders’ equity | 14,267 | 13,052 | |
Noncontrolling interest | 8 | 9 | |
TOTAL EQUITY (See Statement of Equity) | 14,275 | 13,061 | |
TOTAL LIABILITIES AND EQUITY | $47,316 | $45,642 |
(In Millions) | Common Stock | Additional Paid-In Capital | Retained Earnings | Treasury Stock | Capital Stock Expense | Accumulated Other Comprehensive Income/(Loss) | Noncontrolling Interest | Total | |||||||
Shares | Amount | Shares | Amount | ||||||||||||
BALANCE AS OF DECEMBER 31, 2014 | 293 | $32 | $4,991 | $8,691 | 23 | $(1,032) | $(61) | $(45) | $9 | $12,585 | |||||
Net income | 370 | 370 | |||||||||||||
Common stock dividends | (190) | (190) | |||||||||||||
Issuance of common shares for stock plans, net of repurchases | — | 2 | — | (2) | — | ||||||||||
Other comprehensive income | 5 | 5 | |||||||||||||
BALANCE AS OF MARCH 31, 2015 | 293 | $32 | $4,993 | $8,871 | 23 | $(1,034) | $(61) | $(40) | $9 | $12,770 | |||||
Net income | 219 | 219 | |||||||||||||
Common stock dividends | (190) | (190) | |||||||||||||
Issuance of common shares for stock plans, net of repurchases | — | — | — | (3) | (3) | ||||||||||
Other comprehensive income | 1 | 1 | |||||||||||||
BALANCE AS OF JUNE 30, 2015 | 293 | $32 | $4,993 | $8,900 | 23 | $(1,037) | $(61) | $(39) | $9 | $12,797 | |||||
Net income | 428 | 428 | |||||||||||||
Common stock dividends | (191) | (191) | |||||||||||||
Issuance of common shares for stock plans, net of repurchases | — | 15 | — | (1) | 14 | ||||||||||
Other comprehensive income | 1 | 1 | |||||||||||||
BALANCE AS OF SEPTEMBER 30, 2015 | 293 | $32 | $5,008 | $9,137 | 23 | $(1,038) | $(61) | $(38) | $9 | $13,049 | |||||
BALANCE AS OF DECEMBER 31, 2015 | 293 | $32 | $5,030 | $9,123 | 23 | $(1,038) | $(61) | $(34) | $9 | $13,061 | |||||
Net income | 310 | 310 | |||||||||||||
Common stock dividends | (197) | (197) | |||||||||||||
Issuance of common shares for stock plans | 1 | 28 | 28 | ||||||||||||
Other comprehensive income | — | — | |||||||||||||
Noncontrolling interest | (1) | (1) | |||||||||||||
BALANCE AS OF MARCH 31, 2016 | 294 | $32 | $5,058 | $9,236 | 23 | $(1,038) | $(61) | $(34) | $8 | $13,201 | |||||
Net income | 232 | 232 | |||||||||||||
Common stock dividends | (204) | (204) | |||||||||||||
Issuance of common shares - public offering | 10 | 1 | 723 | (22) | 702 | ||||||||||
Issuance of common shares for stock plans | — | 26 | 26 | ||||||||||||
Other comprehensive income | 1 | 1 | |||||||||||||
BALANCE AS OF JUNE 30, 2016 | 304 | $33 | $5,807 | $9,264 | 23 | $(1,038) | $(83) | $(33) | $8 | $13,958 | |||||
Net income | 497 | 497 | |||||||||||||
Common stock dividends | (204) | (204) | |||||||||||||
Issuance of common shares for stock plans | 1 | 23 | 23 | ||||||||||||
Other comprehensive income | 1 | 1 | |||||||||||||
BALANCE AS OF SEPTEMBER 30, 2016 | 305 | $33 | $5,830 | $9,557 | 23 | $(1,038) | $(83) | $(32) | $8 | $14,275 |
For the Three Months Ended September 30, | For the Nine Months Ended September 30, | |||
2016 | 2015 | 2016 | 2015 | |
(Millions of Dollars) | ||||
OPERATING REVENUES | ||||
Electric | $2,557 | $2,558 | $6,222 | $6,416 |
Gas | 208 | 213 | 1,113 | 1,177 |
Steam | 63 | 58 | 406 | 529 |
TOTAL OPERATING REVENUES | 2,828 | 2,829 | 7,741 | 8,122 |
OPERATING EXPENSES | ||||
Purchased power | 495 | 526 | 1,216 | 1,423 |
Fuel | 29 | 31 | 133 | 216 |
Gas purchased for resale | 34 | 30 | 217 | 282 |
Other operations and maintenance | 724 | 750 | 2,105 | 2,140 |
Depreciation and amortization | 278 | 262 | 825 | 773 |
Taxes, other than income taxes | 502 | 485 | 1,446 | 1,399 |
TOTAL OPERATING EXPENSES | 2,062 | 2,084 | 5,942 | 6,233 |
OPERATING INCOME | 766 | 745 | 1,799 | 1,889 |
OTHER INCOME (DEDUCTIONS) | ||||
Investment and other income | 4 | (1) | 6 | 3 |
Allowance for equity funds used during construction | 2 | 1 | 6 | 3 |
Other deductions | (4) | (3) | (10) | (10) |
TOTAL OTHER INCOME (DEDUCTIONS) | 2 | (3) | 2 | (4) |
INCOME BEFORE INTEREST AND INCOME TAX EXPENSE | 768 | 742 | 1,801 | 1,885 |
INTEREST EXPENSE | ||||
Interest on long-term debt | 150 | 141 | 440 | 423 |
Other interest | 5 | 5 | 14 | 14 |
Allowance for borrowed funds used during construction | (1) | (1) | (3) | (2) |
NET INTEREST EXPENSE | 154 | 145 | 451 | 435 |
INCOME BEFORE INCOME TAX EXPENSE | 614 | 597 | 1,350 | 1,450 |
INCOME TAX EXPENSE | 226 | 222 | 491 | 515 |
NET INCOME | $388 | $375 | $859 | $935 |
For the Three Months Ended September 30, | For the Nine Months Ended September 30, | ||||
2016 | 2015 | 2016 | 2015 | ||
(Millions of Dollars) | |||||
NET INCOME | $388 | $375 | $859 | $935 | |
OTHER COMPREHENSIVE INCOME, NET OF TAXES | |||||
Pension and other postretirement benefit plan liability adjustments, net of taxes | — | 1 | 1 | 2 | |
TOTAL OTHER COMPREHENSIVE INCOME, NET OF TAXES | — | 1 | 1 | 2 | |
COMPREHENSIVE INCOME | $388 | $376 | $860 | $937 |
For the Nine Months Ended September 30, | |||
2016 | 2015 | ||
(Millions of Dollars) | |||
OPERATING ACTIVITIES | |||
Net income | $859 | $935 | |
PRINCIPAL NON-CASH CHARGES/(CREDITS) TO INCOME | |||
Depreciation and amortization | 825 | 773 | |
Deferred income taxes | 569 | 391 | |
Rate case amortization and accruals | (170) | (57) | |
Common equity component of allowance for funds used during construction | (6) | (3) | |
Other non-cash items, net | 7 | 13 | |
CHANGES IN ASSETS AND LIABILITIES | |||
Accounts receivable – customers | (79) | (51) | |
Materials and supplies, including fuel oil and gas in storage | 15 | 34 | |
Other receivables and other current assets | 18 | 60 | |
Accounts receivable from affiliated companies | 38 | (32) | |
Prepayments | (351) | (336) | |
Accounts payable | 82 | 18 | |
Accounts payable to affiliated companies | 8 | 5 | |
Pensions and retiree benefits obligations, net | 439 | 530 | |
Pensions and retiree benefits contributions | (472) | (700) | |
Superfund and environmental remediation costs, net | 76 | 21 | |
Accrued taxes | (17) | (1) | |
Accrued taxes to affiliated companies | (2) | (8) | |
Accrued interest | 43 | 37 | |
Deferred charges, noncurrent assets and other regulatory assets | (153) | (49) | |
Deferred credits and other regulatory liabilities | 165 | 222 | |
Other current and noncurrent liabilities | 123 | — | |
NET CASH FLOWS FROM OPERATING ACTIVITIES | 2,017 | 1,802 | |
INVESTING ACTIVITIES | |||
Utility construction expenditures | (1,932) | (1,732) | |
Cost of removal less salvage | (146) | (149) | |
Proceeds from the transfer of assets to NY Transco | 122 | — | |
Restricted cash | 13 | (19) | |
NET CASH FLOWS USED IN INVESTING ACTIVITIES | (1,943) | (1,900) | |
FINANCING ACTIVITIES | |||
Net (payment)/issuance of short-term debt | (553) | 199 | |
Issuance of long-term debt | 550 | — | |
Retirement of long-term debt | (400) | — | |
Debt issuance costs | (6) | (1) | |
Capital contribution by parent | 76 | — | |
Dividend to parent | (558) | (694) | |
NET CASH FLOWS USED IN FINANCING ACTIVITIES | (891) | (496) | |
CASH AND TEMPORARY CASH INVESTMENTS: | |||
NET CHANGE FOR THE PERIOD | (817) | (594) | |
BALANCE AT BEGINNING OF PERIOD | 843 | 645 | |
BALANCE AT END OF PERIOD | $26 | $51 | |
SUPPLEMENTAL DISCLOSURE OF CASH INFORMATION | |||
Cash paid/(received) during the period for: | |||
Interest | $386 | $376 | |
Income taxes | $(130) | $143 | |
SUPPLEMENTAL DISCLOSURE OF NON-CASH INFORMATION | |||
Construction expenditures in accounts payable | $195 | $152 |
September 30, 2016 | December 31, 2015 | |
(Millions of Dollars) | ||
ASSETS | ||
CURRENT ASSETS | ||
Cash and temporary cash investments | $26 | $843 |
Special deposits | 2 | 2 |
Accounts receivable – customers, less allowance for uncollectible accounts of $70 and $80 in 2016 and 2015, respectively | 1,076 | 987 |
Other receivables, less allowance for uncollectible accounts of $12 and $11 in 2016 and 2015, respectively | 55 | 70 |
Accrued unbilled revenue | 330 | 327 |
Accounts receivable from affiliated companies | 152 | 190 |
Fuel oil, gas in storage, materials and supplies, at average cost | 273 | 288 |
Prepayments | 464 | 113 |
Regulatory assets | 111 | 121 |
Other current assets | 98 | 131 |
TOTAL CURRENT ASSETS | 2,587 | 3,072 |
INVESTMENTS | 318 | 286 |
UTILITY PLANT, AT ORIGINAL COST | ||
Electric | 25,648 | 24,828 |
Gas | 6,564 | 6,191 |
Steam | 2,374 | 2,336 |
General | 2,437 | 2,411 |
TOTAL | 37,023 | 35,766 |
Less: Accumulated depreciation | 7,750 | 7,378 |
Net | 29,273 | 28,388 |
Construction work in progress | 1,200 | 922 |
NET UTILITY PLANT | 30,473 | 29,310 |
NON-UTILITY PROPERTY | ||
Non-utility property, less accumulated depreciation of $25 in 2016 and 2015 | 4 | 5 |
NET PLANT | 30,477 | 29,315 |
OTHER NONCURRENT ASSETS | ||
Regulatory assets | 6,986 | 7,482 |
Other deferred charges and noncurrent assets | 68 | 75 |
TOTAL OTHER NONCURRENT ASSETS | 7,054 | 7,557 |
TOTAL ASSETS | $40,436 | $40,230 |
September 30, 2016 | December 31, 2015 | ||
(Millions of Dollars) | |||
LIABILITIES AND SHAREHOLDER’S EQUITY | |||
CURRENT LIABILITIES | |||
Long-term debt due within one year | $250 | $650 | |
Notes payable | 480 | 1,033 | |
Accounts payable | 838 | 771 | |
Accounts payable to affiliated companies | 20 | 12 | |
Customer deposits | 341 | 339 | |
Accrued taxes | 32 | 49 | |
Accrued taxes to affiliated companies | — | 2 | |
Accrued interest | 161 | 118 | |
Accrued wages | 92 | 88 | |
Fair value of derivative liabilities | 61 | 50 | |
Regulatory liabilities | 96 | 84 | |
Other current liabilities | 558 | 443 | |
TOTAL CURRENT LIABILITIES | 2,929 | 3,639 | |
NONCURRENT LIABILITIES | |||
Provision for injuries and damages | 164 | 178 | |
Pensions and retiree benefits | 1,895 | 2,565 | |
Superfund and other environmental costs | 661 | 665 | |
Asset retirement obligations | 241 | 234 | |
Fair value of derivative liabilities | 45 | 36 | |
Deferred income taxes and unamortized investment tax credits | 9,472 | 8,755 | |
Regulatory liabilities | 1,725 | 1,789 | |
Other deferred credits and noncurrent liabilities | 177 | 167 | |
TOTAL NONCURRENT LIABILITIES | 14,380 | 14,389 | |
LONG-TERM DEBT | 11,334 | 10,787 | |
SHAREHOLDER’S EQUITY (See Statement of Shareholder’s Equity) | 11,793 | 11,415 | |
TOTAL LIABILITIES AND SHAREHOLDER’S EQUITY | $40,436 | $40,230 |
Common Stock | Additional Paid-In Capital | Retained Earnings | Repurchased Con Edison Stock | Capital Stock Expense | Accumulated Other Comprehensive Income/(Loss) | Total | ||||
(In Millions) | Shares | Amount | ||||||||
BALANCE AS OF DECEMBER 31, 2014 | 235 | $589 | $4,234 | $7,399 | $(962) | $(61) | $(11) | $11,188 | ||
Net income | 348 | 348 | ||||||||
Common stock dividend to parent | (338) | (338) | ||||||||
Other comprehensive income | — | — | ||||||||
BALANCE AS OF MARCH 31, 2015 | 235 | $589 | $4,234 | $7,409 | $(962) | $(61) | $(11) | $11,198 | ||
Net income | 211 | 211 | ||||||||
Common stock dividend to parent | (178) | (178) | ||||||||
Other comprehensive income | 1 | 1 | ||||||||
BALANCE AS OF JUNE 30, 2015 | 235 | $589 | $4,234 | $7,442 | $(962) | $(61) | $(10) | $11,232 | ||
Net income | 375 | 375 | ||||||||
Common stock dividend to parent | (178) | (178) | ||||||||
Other comprehensive income | 1 | 1 | ||||||||
BALANCE AS OF SEPTEMBER 30, 2015 | 235 | $589 | $4,234 | $7,639 | $(962) | $(61) | $(9) | $11,430 | ||
BALANCE AS OF DECEMBER 31, 2015 | 235 | $589 | $4,247 | $7,611 | $(962) | $(61) | $(9) | $11,415 | ||
Net income | 310 | 310 | ||||||||
Common stock dividend to parent | (186) | (186) | ||||||||
Capital contribution by parent | 23 | 23 | ||||||||
Other comprehensive income | — | — | ||||||||
BALANCE AS OF MARCH 31, 2016 | 235 | $589 | $4,270 | $7,735 | $(962) | $(61) | $(9) | $11,562 | ||
Net income | 161 | 161 | ||||||||
Common stock dividend to parent | (186) | (186) | ||||||||
Capital contribution by parent | 28 | 28 | ||||||||
Other comprehensive income | 1 | 1 | ||||||||
BALANCE AS OF JUNE 30, 2016 | 235 | $589 | $4,298 | $7,710 | $(962) | $(61) | $(8) | $11,566 | ||
Net income | 388 | 388 | ||||||||
Common stock dividend to parent | (186) | (186) | ||||||||
Capital contribution by parent | 25 | 25 | ||||||||
Other comprehensive income | — | — | ||||||||
BALANCE AS OF SEPTEMBER 30, 2016 | 235 | $589 | $4,323 | $7,912 | $(962) | $(61) | $(8) | $11,793 |
For the Three Months Ended September 30, | For the Nine Months Ended September 30, | |||
(Millions of Dollars, except per share amounts/Shares in Millions) | 2016 | 2015 | 2016 | 2015 |
Net income | $497 | $428 | $1,039 | $1,017 |
Weighted average common shares outstanding – basic | 304.5 | 292.9 | 299.1 | 292.9 |
Add: Incremental shares attributable to effect of potentially dilutive securities | 1.4 | 1.3 | 1.4 | 1.3 |
Adjusted weighted average common shares outstanding – diluted | 305.9 | 294.2 | 300.5 | 294.2 |
Net income per common share – basic | $1.63 | $1.46 | $3.47 | $3.47 |
Net income per common share – diluted | $1.62 | $1.45 | $3.46 | $3.46 |
For the Three Months Ended September 30, | |||||
Con Edison | CECONY | ||||
(Millions of Dollars) | 2016 | 2015 | 2016 | 2015 | |
Beginning balance, accumulated OCI, net of taxes (a) | $(33) | $(39) | $(8) | $(10) | |
Amounts reclassified from accumulated OCI related to pension plan liabilities, net of tax of $(1) for Con Edison in 2016 and 2015 (a)(b) | 1 | 1 | — | 1 | |
Current period OCI, net of taxes | 1 | 1 | — | 1 | |
Ending balance, accumulated OCI, net of taxes | $(32) | $(38) | $(8) | $(9) |
For the Nine Months Ended September 30, | ||||||
Con Edison | CECONY | |||||
(Millions of Dollars) | 2016 | 2015 | 2016 | 2015 | ||
Beginning balance, accumulated OCI, net of taxes (a) | $(34) | $(45) | $(9) | $(11) | ||
OCI before reclassifications, net of tax of $1 and $(2) for Con Edison in 2016 and 2015, respectively | (1) | 3 | — | — | ||
Amounts reclassified from accumulated OCI related to pension plan liabilities, net of tax of $(2) and $(3) for Con Edison in 2016 and 2015 (a)(b) | 3 | 4 | 1 | 2 | ||
Current period OCI, net of taxes | 2 | 7 | 1 | 2 | ||
Ending balance, accumulated OCI, net of taxes | $(32) | $(38) | $(8) | $(9) |
(a) | Tax reclassified from accumulated OCI is reported in the income tax expense line item of the consolidated income statement. |
(b) | For the portion of unrecognized pension and other postretirement benefit costs relating to the Utilities, costs are recorded into, and amortized out of, regulatory assets instead of OCI. The net actuarial losses and prior service costs recognized during the period are included in the computation of total periodic pension and other postretirement benefit cost. See Notes E and F. |
Effective period | January 2017 - December 2019 | |
Base rate changes (a) | Yr. 1 - $195 million Yr. 2 - $155 million Yr. 3 - $155 million | |
Amortizations to income of net regulatory (assets) liabilities | Yr. 1 - $84 million Yr. 2 - $83 million Yr. 3 - $69 million | |
Other revenue sources | Retention of $75 million of annual transmission congestion revenues. Potential earnings adjustment mechanism incentives for energy efficiency and other potential incentives of up to: Yr. 1 - $28 million; Yr. 2 - $47 million; and Yr. 3 - $64 million. | |
Revenue decoupling mechanism | Continuation of reconciliation of actual to authorized electric delivery revenues. | |
Recoverable energy costs | Continuation of current rate recovery of purchased power and fuel costs. | |
Negative revenue adjustments | Potential penalties if certain performance targets relating to service, reliability, safety and other matters are not met: Yr. 1 - $376 million; Yr. 2 - $383 million; and Yr. 3 - $395 million. | |
Cost reconciliations | Continuation of reconciliation of expenses for pension and other postretirement benefits, variable-rate tax-exempt debt, major storms, property taxes(b), municipal infrastructure support costs(c), the impact of new laws and environmental site investigation and remediation to amounts reflected in rates.(d) | |
Net utility plant reconciliations | Target levels reflected in rates: Electric average net plant target excluding advanced metering infrastructure (AMI): Yr. 1 - $21,689 million; Yr. 2 - $22,338 million; Yr. 3 - $23,002 million AMI: Yr. 1 - $126 million; Yr. 2 - $257 million; Yr. 3 - $415 million | |
Average rate base | Yr. 1 - $18,902 million Yr. 2 - $19,530 million Yr. 3 - $20,277 million | |
Weighted average cost of capital (after-tax) | Yr. 1 - 6.82 percent Yr. 2 - 6.80 percent Yr. 3 - 6.73 percent | |
Authorized return on common equity | 9.00 percent | |
Earnings sharing | Most earnings above an annual earnings threshold of 9.5 percent are to be applied to reduce regulatory assets for environmental remediation and other costs accumulated in the rate year. | |
Cost of long-term debt | Yr. 1 - 4.93 percent Yr. 2 - 4.88 percent Yr. 3 - 4.74 percent | |
Common equity ratio | 48 percent |
(a) | The electric base rate increases shown above are in addition to a $48 million increase resulting from the December 2016 expiration of a temporary credit under the current rate plan. At the NYSPSC’s option, these increases may be implemented with increases of $199 million in each rate year. |
(b) | Deferrals for property taxes are limited to 90 percent of the difference from amounts reflected in rates, subject to an annual maximum for the remaining difference of not more than a maximum number of basis points impact on return on common equity: Yr. 1 - 10.0 basis points; Yr. 2 - 7.5 basis points; and Yr. 3 - 5.0 basis points. |
(c) | In general, if actual expenses for municipal infrastructure support (other than company labor) are below the amounts reflected in rates the company will defer the difference for credit to customers, and if the actual expenses are above the amount reflected in rates the company will defer for recovery from customers 80 percent of the difference subject to a maximum deferral of 30 percent of the amount reflected in rates. |
(d) | In addition, amounts reflected in rates relating to the regulatory asset for future income tax and the excess deferred federal income tax liability are subject to reconciliation. The NYSPSC staff is to audit the regulatory asset and the tax liability. Differences resulting from the NYSPSC staff review will be deferred for NYSPSC determination of any amounts to be refunded or collected from customers. |
Effective period | January 2017 - December 2019 | |
Base rate changes | Yr. 1 - $(5) million(a) Yr. 2 - $92 million Yr. 3 - $90 million | |
Amortizations to income of net regulatory (assets) liabilities | Yr. 1 - $39 million Yr. 2 - $37 million Yr. 3 - $36 million | |
Other revenue sources | Retention of annual revenues from non-firm customers of up to $65 million and 15 percent of any such revenues above $65 million. Potential incentives if performance targets related to gas leak backlog, leak prone pipe and service terminations are met: Yr. 1 - $7 million; Yr. 2 - $8 million; and Yr. 3 - $8 million. | |
Revenue decoupling mechanism | Continuation of reconciliation of actual to authorized gas delivery revenues. | |
Recoverable energy costs | Continuation of current rate recovery of purchased gas costs. | |
Negative revenue adjustments | Potential penalties if performance targets relating to service, safety and other matters are not met: Yr. 1 - $68 million; Yr. 2 - $75 million; and Yr. 3 - $83 million. | |
Cost reconciliations | Continuation of reconciliation of expenses for pension and other postretirement benefits, variable-rate tax-exempt debt, major storms, property taxes, municipal infrastructure support costs, the impact of new laws and environmental site investigation and remediation to amounts reflected in rates.(b) | |
Net utility plant reconciliations | Target levels reflected in rates: Gas average net plant target excluding AMI: Yr. 1 - $5,844 million; Yr. 2 - $6,512 million; Yr. 3 - $7,177 million AMI: Yr. 1 - $27 million; Yr. 2 - $57 million; Yr. 3 - $100 million | |
Average rate base | Yr. 1 - $4,841 million Yr. 2 - $5,395 million Yr. 3 - $6,005 million | |
Weighted average cost of capital (after-tax) | Yr. 1 - 6.82 percent Yr. 2 - 6.80 percent Yr. 3 - 6.73 percent | |
Authorized return on common equity | 9.00 percent | |
Earnings sharing | Most earnings above an annual earnings threshold of 9.5 percent are to be applied to reduce regulatory assets for environmental remediation and other costs accumulated in the rate year. | |
Cost of long-term debt | Yr. 1 - 4.93 percent Yr. 2 - 4.88 percent Yr. 3 - 4.74 percent | |
Common equity ratio | 48 percent |
(a) | The base rate decrease is offset by a $41 million increase resulting from the December 2016 expiration of a temporary credit under the current rate plan. |
(b) | See footnotes (b), (c) and (d) to the table under “CECONY-Electric,” above. |
Con Edison | CECONY | ||||||
(Millions of Dollars) | 2016 | 2015 | 2016 | 2015 | |||
Regulatory assets | |||||||
Unrecognized pension and other postretirement costs | $3,369 | $3,876 | $3,220 | $3,697 | |||
Future income tax | 2,429 | 2,350 | 2,312 | 2,232 | |||
Environmental remediation costs | 823 | 904 | 720 | 800 | |||
Revenue taxes | 298 | 253 | 283 | 240 | |||
Deferred storm costs | 89 | 185 | 30 | 110 | |||
Deferred derivative losses | 55 | 50 | 49 | 46 | |||
Unamortized loss on reacquired debt | 45 | 50 | 43 | 48 | |||
Surcharge for New York State assessment | 43 | 44 | 40 | 40 | |||
O&R property tax reconciliation | 39 | 46 | — | — | |||
Pension and other postretirement benefits deferrals | 34 | 45 | 3 | 16 | |||
Net electric deferrals | 29 | 44 | 29 | 44 | |||
Preferred stock redemption | 25 | 26 | 25 | 26 | |||
O&R transition bond charges | 16 | 21 | — | — | |||
Workers’ compensation | 15 | 11 | 15 | 11 | |||
Recoverable energy costs | 7 | 16 | 5 | 15 | |||
Other | 228 | 175 | 212 | 157 | |||
Regulatory assets – noncurrent | 7,544 | 8,096 | 6,986 | 7,482 | |||
Deferred derivative losses | 94 | 113 | 87 | 103 | |||
Recoverable energy costs | 25 | 19 | 24 | 18 | |||
Regulatory assets – current | 119 | 132 | 111 | 121 | |||
Total Regulatory Assets | $7,663 | $8,228 | $7,097 | $7,603 | |||
Regulatory liabilities | |||||||
Allowance for cost of removal less salvage | $713 | $676 | $602 | $570 | |||
Property tax reconciliation | 205 | 303 | 205 | 303 | |||
Pension and other postretirement benefit deferrals | 163 | 76 | 130 | 46 | |||
Net unbilled revenue deferrals | 121 | 109 | 121 | 109 | |||
Prudence proceeding | 96 | 99 | 96 | 99 | |||
Unrecognized other postretirement costs | 91 | 28 | 91 | 28 | |||
New York State income tax rate change | 66 | 75 | 64 | 72 | |||
Base rate change deferrals | 62 | 128 | 62 | 128 | |||
Variable-rate tax-exempt debt – cost rate reconciliation | 60 | 70 | 52 | 60 | |||
Carrying charges on repair allowance and bonus depreciation | 57 | 49 | 56 | 48 | |||
Earnings sharing - electric, gas and steam | 34 | 80 | 26 | 80 | |||
Net utility plant reconciliations | 27 | 32 | 27 | 31 | |||
Property tax refunds | 12 | 44 | 12 | 44 | |||
World Trade Center settlement proceeds | 5 | 21 | 5 | 21 | |||
Other | 208 | 187 | 176 | 150 | |||
Regulatory liabilities – noncurrent | 1,920 | 1,977 | 1,725 | 1,789 | |||
Revenue decoupling mechanism | 74 | 45 | 70 | 45 | |||
Refundable energy costs | 37 | 64 | 18 | 33 | |||
Deferred derivative gains | 12 | 6 | 8 | 6 | |||
Regulatory liabilities – current | 123 | 115 | 96 | 84 | |||
Total Regulatory Liabilities | $2,043 | $2,092 | $1,821 | $1,873 |
(Millions of Dollars) | 2016 | 2015 | ||
Long-Term Debt (including current portion) | Carrying Amount | Fair Value | Carrying Amount | Fair Value |
Con Edison | $14,093 | $16,325 | $12,745 | $13,856 |
CECONY | $11,584 | $13,564 | $11,437 | $12,427 |
For the Three Months Ended September 30, | |||||||
Con Edison | CECONY | ||||||
(Millions of Dollars) | 2016 | 2015 | 2016 | 2015 | |||
Service cost – including administrative expenses | $69 | $74 | $65 | $70 | |||
Interest cost on projected benefit obligation | 149 | 144 | 140 | 135 | |||
Expected return on plan assets | (237) | (222) | (225) | (210) | |||
Recognition of net actuarial loss | 149 | 194 | 141 | 183 | |||
Recognition of prior service costs | 1 | 1 | — | — | |||
NET PERIODIC BENEFIT COST | $131 | $191 | $121 | $178 | |||
Amortization of regulatory asset | — | 1 | — | 1 | |||
TOTAL PERIODIC BENEFIT COST | $131 | $192 | $121 | $179 | |||
Cost capitalized | (51) | (80) | (49) | (76) | |||
Reconciliation to rate level | 10 | (14) | 13 | (14) | |||
Cost charged to operating expenses | $90 | $98 | $85 | $89 |
For the Nine Months Ended September 30, | ||||||
Con Edison | CECONY | |||||
(Millions of Dollars) | 2016 | 2015 | 2016 | 2015 | ||
Service cost – including administrative expenses | $207 | $223 | $194 | $209 | ||
Interest cost on projected benefit obligation | 447 | 431 | 419 | 404 | ||
Expected return on plan assets | (711) | (664) | (674) | (630) | ||
Recognition of net actuarial loss | 447 | 581 | 424 | 550 | ||
Recognition of prior service costs | 3 | 3 | 1 | 1 | ||
NET PERIODIC BENEFIT COST | $393 | $574 | $364 | $534 | ||
Amortization of regulatory asset | — | 2 | — | 2 | ||
TOTAL PERIODIC BENEFIT COST | $393 | $576 | $364 | $536 | ||
Cost capitalized | (157) | (224) | (148) | (214) | ||
Reconciliation to rate level | 35 | (56) | 39 | (56) | ||
Cost charged to operating expenses | $271 | $296 | $255 | $266 |
For the Three Months Ended September 30, | ||||
Con Edison | CECONY | |||
(Millions of Dollars) | 2016 | 2015 | 2016 | 2015 |
Service cost | $4 | $5 | $3 | $4 |
Interest cost on accumulated other postretirement benefit obligation | 12 | 13 | 10 | 11 |
Expected return on plan assets | (19) | (20) | (17) | (17) |
Recognition of net actuarial loss | 1 | 8 | 1 | 7 |
Recognition of prior service cost | (5) | (5) | (3) | (4) |
TOTAL PERIODIC OTHER POSTRETIREMENT BENEFIT COST | $(7) | $1 | $(6) | $1 |
Cost capitalized | 2 | (1) | 2 | (1) |
Reconciliation to rate level | 7 | 4 | 6 | 2 |
Cost charged to operating expenses | $2 | $4 | $2 | $2 |
For the Nine Months Ended September 30, | ||||
Con Edison | CECONY | |||
(Millions of Dollars) | 2016 | 2015 | 2016 | 2015 |
Service cost | $13 | $15 | $10 | $11 |
Interest cost on accumulated other postretirement benefit obligation | 36 | 38 | 30 | 32 |
Expected return on plan assets | (58) | (59) | (50) | (51) |
Recognition of net actuarial loss | 4 | 24 | 2 | 21 |
Recognition of prior service cost | (15) | (15) | (11) | (10) |
TOTAL PERIODIC OTHER POSTRETIREMENT BENEFIT COST | $(20) | $3 | $(19) | $3 |
Cost capitalized | 5 | (2) | 5 | (2) |
Reconciliation to rate level | 20 | 12 | 19 | 5 |
Cost charged to operating expenses | $5 | $13 | $5 | $6 |
Con Edison | CECONY | |||
(Millions of Dollars) | 2016 | 2015 | 2016 | 2015 |
Accrued Liabilities: | ||||
Manufactured gas plant sites | $664 | $679 | $574 | $579 |
Other Superfund Sites | 88 | 86 | 87 | 86 |
Total | $752 | $765 | $661 | $665 |
Regulatory assets | $823 | $904 | $720 | $800 |
For the Three Months Ended September 30, | ||||
Con Edison | CECONY | |||
(Millions of Dollars) | 2016 | 2015 | 2016 | 2015 |
Remediation costs incurred | $8 | $6 | $5 | $6 |
For the Nine Months Ended September 30, | ||||
Con Edison | CECONY | |||
(Millions of Dollars) | 2016 | 2015 | 2016 | 2015 |
Remediation costs incurred | $20 | $21 | $10 | $18 |
Con Edison | CECONY | |||
(Millions of Dollars) | 2016 | 2015 | 2016 | 2015 |
Accrued liability – asbestos suits | $8 | $8 | $7 | $7 |
Regulatory assets – asbestos suits | $8 | $8 | $7 | $7 |
Accrued liability – workers’ compensation | $90 | $86 | $85 | $81 |
Regulatory assets – workers’ compensation | $15 | $11 | $15 | $11 |
Guarantee Type | 0 – 3 years | 4 – 10 years | > 10 years | Total | |||
(Millions of Dollars) | |||||||
Con Edison Transmission | $618 | $430 | $— | $1,048 | |||
Energy transactions | 635 | 57 | 91 | 783 | |||
Renewable electric production projects | 445 | — | 18 | 463 | |||
Other | 128 | — | — | 128 | |||
Total | $1,826 | $487 | $109 | $2,422 |
As of and for the Three Months Ended September 30, | ||||||||||||||||||||||||||||||||||||||
Operating revenues | Inter-segment revenues | Depreciation and amortization | Operating income | Other income (deductions) | Interest charges | Income taxes on operating income | Total assets | Construction expenditures | ||||||||||||||||||||||||||||||
(Millions of Dollars) | 2016 | 2015 | 2016 | 2015 | 2016 | 2015 | 2016 | 2015 | 2016 | 2015 | 2016 | 2015 | 2016 | 2015 | 2016 | 2015 | 2016 | 2015 | ||||||||||||||||||||
CECONY | ||||||||||||||||||||||||||||||||||||||
Electric | $2,557 | $2,558 | $5 | $4 | $217 | $207 | $841 | $811 | $2 | $(2) | $117 | $111 | $275 | $260 | $30,580 | $30,369 | $411 | $419 | ||||||||||||||||||||
Gas | 208 | 213 | 1 | 1 | 41 | 35 | (28) | (17) | — | (1) | 27 | 24 | (24) | (17) | 7,300 | 6,687 | 224 | 178 | ||||||||||||||||||||
Steam | 63 | 58 | 22 | 22 | 20 | 20 | (47) | (49) | — | — | 10 | 10 | (17) | (18) | 2,556 | 2,614 | 24 | 27 | ||||||||||||||||||||
Consolidation adjustments | — | — | (28) | (27) | — | — | — | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||
Total CECONY | $2,828 | $2,829 | $— | $— | $278 | $262 | $766 | $745 | $2 | $(3) | $154 | $145 | $234 | $225 | $40,436 | $39,670 | $659 | $624 | ||||||||||||||||||||
O&R | ||||||||||||||||||||||||||||||||||||||
Electric | $213 | $205 | $— | $— | $12 | $13 | $55 | $51 | $1 | $(4) | $6 | $6 | $20 | $17 | $1,985 | $1,959 | $24 | $26 | ||||||||||||||||||||
Gas | 27 | 24 | — | — | 5 | 4 | (7) | (9) | — | (1) | 3 | 3 | (4) | (5) | 799 | 754 | 14 | 12 | ||||||||||||||||||||
Total O&R | $240 | $229 | $— | $— | $17 | $17 | $48 | $42 | $1 | $(5) | $9 | $9 | $16 | $12 | $2,784 | $2,713 | $38 | $38 | ||||||||||||||||||||
Competitive energy businesses | $350 | $386 | $(2) | $(2) | $11 | $6 | $125 | $43 | $27 | $17 | $7 | $2 | $67 | $21 | $2,394 | $1,547 | $121 | $212 | ||||||||||||||||||||
Con Edison Transmission | — | — | — | — | — | — | (1) | — | 20 | — | 3 | — | — | — | 1,072 | 2 | — | — | ||||||||||||||||||||
Other (a) | (1) | (1) | 2 | 2 | (1) | — | 2 | — | (1) | — | 5 | 6 | 4 | 2 | 630 | 1,039 | — | — | ||||||||||||||||||||
Total Con Edison | $3,417 | $3,443 | $— | $— | $305 | $285 | $940 | $830 | $49 | $9 | $178 | $162 | $321 | $260 | $47,316 | $44,971 | $818 | $874 |
(a) | Parent company and consolidation adjustments. Other does not represent a business segment. |
As of and for the Nine Months Ended September 30, | ||||||||||||||||||||||||||||||||||||||
Operating revenues | Inter-segment revenues | Depreciation and amortization | Operating income | Other income (deductions) | Interest charges | Income taxes on operating income | Total assets | Construction expenditures | ||||||||||||||||||||||||||||||
(Millions of Dollars) | 2016 | 2015 | 2016 | 2015 | 2016 | 2015 | 2016 | 2015 | 2016 | 2015 |