Document and Entity Information
Document and Entity Information - shares | 9 Months Ended | |
Sep. 30, 2016 | Oct. 28, 2016 | |
Document Information [Line Items] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Sep. 30, 2016 | |
Document Fiscal Year Focus | 2,016 | |
Document Fiscal Period Focus | Q3 | |
Trading Symbol | ED | |
Entity Registrant Name | CONSOLIDATED EDISON INC | |
Entity Central Index Key | 1,047,862 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Large Accelerated Filer | |
Entity Common Stock, Shares Outstanding | 304,727,523 | |
CECONY | ||
Document Information [Line Items] | ||
Entity Registrant Name | CONSOLIDATED EDISON CO OF NEW YORK INC | |
Entity Central Index Key | 23,632 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Non-accelerated Filer |
Consolidated Income Statement (
Consolidated Income Statement (Unaudited) - USD ($) shares in Millions, $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
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 | 0 | 104 | 0 |
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 (DEDUCTIONS) | 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 (dollars per share) | $ 1.63 | $ 1.46 | $ 3.47 | $ 3.47 |
Net income per common share-diluted (dollars per share) | 1.62 | 1.45 | 3.46 | 3.46 |
DIVIDENDS DECLARED PER COMMON SHARE (dollars per share) | $ 0.67 | $ 0.65 | $ 2.01 | $ 1.95 |
AVERAGE NUMBER OF SHARES OUTSTANDING-BASIC (IN MILLIONS) (shares) | 304.5 | 292.9 | 299.1 | 292.9 |
AVERAGE NUMBER OF SHARES OUTSTANDING—DILUTED (IN MILLIONS) (shares) | 305.9 | 294.2 | 300.5 | 294.2 |
CECONY | ||||
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 |
Consolidated Statement of Compr
Consolidated Statement of Comprehensive Income (Unaudited) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
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 |
CECONY | ||||
NET INCOME | 388 | 375 | 859 | 935 |
OTHER COMPREHENSIVE INCOME, NET OF TAXES | ||||
Pension and other postretirement benefit plan liability adjustments, net of taxes | 0 | 1 | 1 | 2 |
TOTAL OTHER COMPREHENSIVE INCOME, NET OF TAXES | 0 | 1 | 1 | 2 |
COMPREHENSIVE INCOME | $ 388 | $ 376 | $ 860 | $ 937 |
Consolidated Statement of Cash
Consolidated Statement of Cash Flows (Unaudited) - USD ($) $ in Millions | 9 Months Ended | |
Sep. 30, 2016 | Sep. 30, 2015 | |
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) | 0 |
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 | 0 |
Proceeds from the transfer of assets to NY Transco | 122 | 0 |
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 | 0 |
Issuance of common shares for stock plans, net of repurchases | 38 | (9) |
Distribution to noncontrolling interest | (1) | 0 |
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 |
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 |
CECONY | ||
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) |
Accrued taxes | (17) | (1) |
Accrued interest | 43 | 37 |
Superfund and environmental remediation costs, net | 76 | 21 |
Accrued taxes to affiliated companies | (2) | (8) |
Deferred charges, noncurrent assets and other regulatory assets | (153) | (49) |
Deferred credits and other regulatory liabilities | 165 | 222 |
Other current and noncurrent liabilities | 123 | 0 |
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 | 0 |
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 | 0 |
Retirement of long-term debt | (400) | 0 |
Debt issuance costs | (6) | (1) |
Capital contribution by parent | 76 | 0 |
Dividend to parent | (558) | (694) |
NET CASH FLOWS FROM/(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 EXCLUDING HELD FOR SALE | 26 | 51 |
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 |
Consolidated Balance Sheet (Una
Consolidated Balance Sheet (Unaudited) - USD ($) $ in Millions | Sep. 30, 2016 | Dec. 31, 2015 |
CURRENT ASSETS | ||
Cash and temporary cash investments | $ 150 | $ 944 |
Special deposits | 3 | 3 |
Accounts receivable - customers, less allowance for uncollectible accounts | 1,157 | 1,052 |
Other receivables, less allowance for uncollectible accounts | 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 | 0 | 157 |
Other current assets | 206 | 191 |
TOTAL CURRENT ASSETS | 3,154 | 3,836 |
INVESTMENTS | 1,931 | 884 |
UTILITY PLANT, AT ORIGINAL COST | ||
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 | 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 | 0 | 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 |
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 | 0 | 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 |
CECONY | ||
CURRENT ASSETS | ||
Cash and temporary cash investments | 26 | 843 |
Special deposits | 2 | 2 |
Accounts receivable - customers, less allowance for uncollectible accounts | 1,076 | 987 |
Other receivables, less allowance for uncollectible accounts | 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 | ||
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 PLANT | ||
Non-utility property, less accumulated depreciation | 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 |
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 | 0 | 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 |
EQUITY | ||
Common shareholders’ equity | 11,793 | 11,415 |
TOTAL LIABILITIES AND EQUITY | 40,436 | 40,230 |
Electric | ||
UTILITY PLANT, AT ORIGINAL COST | ||
Utility plant, at original cost | 27,239 | 26,358 |
Electric | CECONY | ||
UTILITY PLANT, AT ORIGINAL COST | ||
Utility plant, at original cost | 25,648 | 24,828 |
OTHER NONCURRENT ASSETS | ||
TOTAL ASSETS | 30,580 | |
Gas | ||
UTILITY PLANT, AT ORIGINAL COST | ||
Utility plant, at original cost | 7,253 | 6,858 |
Gas | CECONY | ||
UTILITY PLANT, AT ORIGINAL COST | ||
Utility plant, at original cost | 6,564 | 6,191 |
OTHER NONCURRENT ASSETS | ||
TOTAL ASSETS | 7,300 | |
Steam | ||
UTILITY PLANT, AT ORIGINAL COST | ||
Utility plant, at original cost | 2,374 | 2,336 |
Steam | CECONY | ||
UTILITY PLANT, AT ORIGINAL COST | ||
Utility plant, at original cost | 2,374 | $ 2,336 |
OTHER NONCURRENT ASSETS | ||
TOTAL ASSETS | $ 2,556 |
Consolidated Balance Sheet (Un6
Consolidated Balance Sheet (Unaudited) (Parenthetical) - USD ($) $ in Millions | Sep. 30, 2016 | Dec. 31, 2015 |
Accounts receivable - customers, allowance for uncollectible accounts | $ 75 | $ 85 |
Other receivables, allowance for uncollectible accounts | 13 | 11 |
Non-utility property, accumulated depreciation | 122 | 95 |
Intangible assets, accumulated amortization | 5 | 4 |
CECONY | ||
Accounts receivable - customers, allowance for uncollectible accounts | 70 | 80 |
Other receivables, allowance for uncollectible accounts | 12 | 11 |
Non-utility property, accumulated depreciation | $ 25 | $ 25 |
Consolidated Statement of Equit
Consolidated Statement of Equity/Shareholder's Equity (Unaudited) - USD ($) $ in Millions | Total | CECONY | Common Stock | Common StockCECONY | Additional Paid-In Capital | Additional Paid-In CapitalCECONY | Retained Earnings | Retained EarningsCECONY | Repurchased Con Edison StockCECONY | Treasury Stock | Capital Stock Expense | Capital Stock ExpenseCECONY | Accumulated Other Comprehensive Income/(Loss) | Accumulated Other Comprehensive Income/(Loss)CECONY | Noncontrolling Interest |
Beginning Balance at Dec. 31, 2014 | $ 12,585 | $ 32 | $ 4,991 | $ 8,691 | $ (1,032) | $ (61) | $ (45) | $ (11) | $ 9 | ||||||
Beginning Balance at Dec. 31, 2014 | $ 11,188 | $ 589 | $ 4,234 | $ 7,399 | $ (962) | $ (61) | (11) | ||||||||
Beginning Balance (in shares) at Dec. 31, 2014 | 293,000,000 | 235,000,000 | 23,000,000 | ||||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||||||
Net income | 370 | 348 | 370 | 348 | |||||||||||
Common stock dividends | (190) | (338) | (190) | (338) | |||||||||||
Issuance of common shares for stock plans, net of repurchases | 2 | $ (2) | |||||||||||||
Other comprehensive income | 5 | 0 | 5 | 0 | |||||||||||
Ending Balance at Mar. 31, 2015 | 11,198 | $ 589 | 4,234 | 7,409 | (962) | (61) | (11) | ||||||||
Ending Balance at Mar. 31, 2015 | 12,770 | $ 32 | 4,993 | 8,871 | $ (1,034) | (61) | (40) | 9 | |||||||
Ending Balance (in shares) at Mar. 31, 2015 | 293,000,000 | 235,000,000 | 23,000,000 | ||||||||||||
Beginning Balance at Dec. 31, 2014 | 12,585 | $ 32 | 4,991 | 8,691 | $ (1,032) | (61) | (45) | (11) | 9 | ||||||
Beginning Balance at Dec. 31, 2014 | 11,188 | $ 589 | 4,234 | 7,399 | (962) | (61) | (11) | ||||||||
Beginning Balance (in shares) at Dec. 31, 2014 | 293,000,000 | 235,000,000 | 23,000,000 | ||||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||||||
Net income | 1,017 | 935 | |||||||||||||
Ending Balance at Sep. 30, 2015 | 11,430 | $ 589 | 4,234 | 7,639 | (962) | (61) | (9) | ||||||||
Ending Balance at Sep. 30, 2015 | 13,049 | $ 32 | 5,008 | 9,137 | $ (1,038) | (61) | (38) | (9) | 9 | ||||||
Ending Balance (in shares) at Sep. 30, 2015 | 293,000,000 | 235,000,000 | 23,000,000 | ||||||||||||
Beginning Balance at Mar. 31, 2015 | 12,770 | $ 32 | 4,993 | 8,871 | $ (1,034) | (61) | (40) | 9 | |||||||
Beginning Balance at Mar. 31, 2015 | 11,198 | $ 589 | 4,234 | 7,409 | (962) | (61) | (11) | ||||||||
Beginning Balance (in shares) at Mar. 31, 2015 | 293,000,000 | 235,000,000 | 23,000,000 | ||||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||||||
Net income | 219 | 211 | 219 | 211 | |||||||||||
Common stock dividends | (190) | (178) | (190) | (178) | |||||||||||
Issuance of common shares for stock plans, net of repurchases | (3) | $ (3) | |||||||||||||
Other comprehensive income | 1 | 1 | 1 | 1 | |||||||||||
Ending Balance at Jun. 30, 2015 | 11,232 | $ 589 | 4,234 | 7,442 | (962) | (61) | (10) | ||||||||
Ending Balance at Jun. 30, 2015 | 12,797 | $ 32 | 4,993 | 8,900 | $ (1,037) | (61) | (39) | (10) | 9 | ||||||
Ending Balance (in shares) at Jun. 30, 2015 | 293,000,000 | 235,000,000 | 23,000,000 | ||||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||||||
Net income | 428 | 375 | 428 | 375 | |||||||||||
Common stock dividends | (191) | (178) | (191) | (178) | |||||||||||
Issuance of common shares for stock plans, net of repurchases | 14 | 15 | $ (1) | ||||||||||||
Other comprehensive income | 1 | 1 | 1 | 1 | |||||||||||
Ending Balance at Sep. 30, 2015 | 11,430 | $ 589 | 4,234 | 7,639 | (962) | (61) | (9) | ||||||||
Ending Balance at Sep. 30, 2015 | 13,049 | $ 32 | 5,008 | 9,137 | $ (1,038) | (61) | (38) | (9) | 9 | ||||||
Ending Balance (in shares) at Sep. 30, 2015 | 293,000,000 | 235,000,000 | 23,000,000 | ||||||||||||
Beginning Balance at Dec. 31, 2015 | 13,061 | $ 32 | 5,030 | 9,123 | $ (1,038) | (61) | (34) | (9) | 9 | ||||||
Beginning Balance at Dec. 31, 2015 | 13,052 | 11,415 | $ 589 | 4,247 | 7,611 | (962) | (61) | (9) | |||||||
Beginning Balance (in shares) at Dec. 31, 2015 | 293,000,000 | 235,000,000 | 23,000,000 | ||||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||||||
Net income | 310 | 310 | 310 | 310 | |||||||||||
Common stock dividends | (197) | (186) | (197) | (186) | |||||||||||
Issuance of common shares for stock plans, net of repurchases | 28 | 28 | |||||||||||||
Issuance of common shares for stock plans, net of repurchases (in shares) | 1,000,000 | ||||||||||||||
Capital contribution by parent | 23 | 23 | |||||||||||||
Other comprehensive income | 0 | 0 | 0 | 0 | |||||||||||
Noncontrolling interest | (1) | (1) | |||||||||||||
Ending Balance at Mar. 31, 2016 | 11,562 | $ 589 | 4,270 | 7,735 | (962) | (61) | (9) | ||||||||
Ending Balance at Mar. 31, 2016 | 13,201 | $ 32 | 5,058 | 9,236 | $ (1,038) | (61) | (34) | 8 | |||||||
Ending Balance (in shares) at Mar. 31, 2016 | 294,000,000 | 235,000,000 | 23,000,000 | ||||||||||||
Beginning Balance at Dec. 31, 2015 | 13,061 | $ 32 | 5,030 | 9,123 | $ (1,038) | (61) | (34) | (9) | 9 | ||||||
Beginning Balance at Dec. 31, 2015 | 13,052 | 11,415 | $ 589 | 4,247 | 7,611 | (962) | (61) | (9) | |||||||
Beginning Balance (in shares) at Dec. 31, 2015 | 293,000,000 | 235,000,000 | 23,000,000 | ||||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||||||
Net income | 1,039 | 859 | |||||||||||||
Ending Balance at Sep. 30, 2016 | 14,267 | 11,793 | $ 589 | 4,323 | 7,912 | (962) | (61) | (8) | |||||||
Ending Balance at Sep. 30, 2016 | 14,275 | $ 33 | 5,830 | 9,557 | $ (1,038) | (83) | (32) | (8) | 8 | ||||||
Ending Balance (in shares) at Sep. 30, 2016 | 305,000,000 | 235,000,000 | 23,000,000 | ||||||||||||
Beginning Balance at Mar. 31, 2016 | 13,201 | $ 32 | 5,058 | 9,236 | $ (1,038) | (61) | (34) | 8 | |||||||
Beginning Balance at Mar. 31, 2016 | 11,562 | $ 589 | 4,270 | 7,735 | (962) | (61) | (9) | ||||||||
Beginning Balance (in shares) at Mar. 31, 2016 | 294,000,000 | 235,000,000 | 23,000,000 | ||||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||||||
Net income | 232 | 161 | 232 | 161 | |||||||||||
Common stock dividends | (204) | (186) | (204) | (186) | |||||||||||
Issuance of common shares - public offering | 702 | $ 1 | 723 | (22) | |||||||||||
Issuance of common shares - public offering (in shares) | 10,000,000 | ||||||||||||||
Issuance of common shares for stock plans, net of repurchases | 26 | 26 | |||||||||||||
Capital contribution by parent | 28 | 28 | |||||||||||||
Other comprehensive income | 1 | 1 | 1 | 1 | |||||||||||
Ending Balance at Jun. 30, 2016 | 11,566 | $ 589 | 4,298 | 7,710 | (962) | (61) | (8) | ||||||||
Ending Balance at Jun. 30, 2016 | 13,958 | $ 33 | 5,807 | 9,264 | $ (1,038) | (83) | (33) | (8) | 8 | ||||||
Ending Balance (in shares) at Jun. 30, 2016 | 304,000,000 | 235,000,000 | 23,000,000 | ||||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||||||
Net income | 497 | 388 | 497 | 388 | |||||||||||
Common stock dividends | (204) | (186) | (204) | (186) | |||||||||||
Issuance of common shares for stock plans, net of repurchases | 23 | 23 | |||||||||||||
Issuance of common shares for stock plans, net of repurchases (in shares) | 1,000,000 | ||||||||||||||
Capital contribution by parent | 25 | 25 | |||||||||||||
Other comprehensive income | 1 | 0 | 1 | 0 | |||||||||||
Ending Balance at Sep. 30, 2016 | 14,267 | $ 11,793 | $ 589 | $ 4,323 | $ 7,912 | $ (962) | $ (61) | (8) | |||||||
Ending Balance at Sep. 30, 2016 | $ 14,275 | $ 33 | $ 5,830 | $ 9,557 | $ (1,038) | $ (83) | $ (32) | $ (8) | $ 8 | ||||||
Ending Balance (in shares) at Sep. 30, 2016 | 305,000,000 | 235,000,000 | 23,000,000 |
General
General | 9 Months Ended |
Sep. 30, 2016 | |
General | General These combined notes accompany and form an integral part of the separate consolidated financial statements of each of the two separate registrants: Consolidated Edison, Inc. and its subsidiaries (Con Edison) and Consolidated Edison Company of New York, Inc. and its subsidiaries (CECONY). CECONY is a subsidiary of Con Edison and as such its financial condition and results of operations and cash flows, which are presented separately in the CECONY consolidated financial statements, are also consolidated, along with those of Con Edison’s other utility subsidiary, Orange and Rockland Utilities, Inc. (O&R), Con Edison Transmission, Inc. (Con Edison Transmission) and Con Edison’s competitive energy businesses in Con Edison’s consolidated financial statements. The term “Utilities” is used in these notes to refer to CECONY and O&R. As used in these notes, the term “Companies” refers to Con Edison and CECONY and, except as otherwise noted, the information in these combined notes relates to each of the Companies. However, CECONY makes no representation as to information relating to Con Edison or the subsidiaries of Con Edison other than itself. The separate interim consolidated financial statements of each of the Companies are unaudited but, in the opinion of their respective managements, reflect all adjustments (which include only normally recurring adjustments) necessary for a fair presentation of the results for the interim periods presented. The Companies’ separate interim consolidated financial statements should be read together with their separate audited financial statements (including the combined notes thereto) included in Item 8 of their combined Annual Report on Form 10-K for the year ended December 31, 2015 and their separate unaudited financial statements (including the combined notes thereto) included in Part I, Item 1 of their combined Quarterly Report on Form 10-Q for the quarterly periods ended March 31, 2016 and June 30, 2016. Certain prior period amounts have been reclassified to conform to the current period presentation. Con Edison has two regulated utility subsidiaries: CECONY and O&R. CECONY provides electric service and gas service in New York City and Westchester County. The company also provides steam service in parts of Manhattan. O&R, along with its regulated utility subsidiary, provides electric service in southeastern New York and northern New Jersey and gas service in southeastern New York. Con Edison has the following competitive energy businesses: Consolidated Edison Solutions, Inc. (Con Edison Solutions), a company which provides energy-related products and services to retail customers; Consolidated Edison Energy, Inc. (Con Edison Energy), a company that provides energy-related products and services to wholesale customers; and Consolidated Edison Development, Inc. (Con Edison Development), a company that develops, owns and operates renewable and energy infrastructure projects. In addition, Con Edison has a subsidiary, Con Edison Transmission, that invests in electric transmission facilities through its subsidiary, Consolidated Edison Transmission, LLC (CET Electric), and invests in gas pipeline and storage facilities through its subsidiary Con Edison Gas Pipeline and Storage, LLC (CET Gas). See Note P. |
CECONY | |
General | General These combined notes accompany and form an integral part of the separate consolidated financial statements of each of the two separate registrants: Consolidated Edison, Inc. and its subsidiaries (Con Edison) and Consolidated Edison Company of New York, Inc. and its subsidiaries (CECONY). CECONY is a subsidiary of Con Edison and as such its financial condition and results of operations and cash flows, which are presented separately in the CECONY consolidated financial statements, are also consolidated, along with those of Con Edison’s other utility subsidiary, Orange and Rockland Utilities, Inc. (O&R), Con Edison Transmission, Inc. (Con Edison Transmission) and Con Edison’s competitive energy businesses in Con Edison’s consolidated financial statements. The term “Utilities” is used in these notes to refer to CECONY and O&R. As used in these notes, the term “Companies” refers to Con Edison and CECONY and, except as otherwise noted, the information in these combined notes relates to each of the Companies. However, CECONY makes no representation as to information relating to Con Edison or the subsidiaries of Con Edison other than itself. The separate interim consolidated financial statements of each of the Companies are unaudited but, in the opinion of their respective managements, reflect all adjustments (which include only normally recurring adjustments) necessary for a fair presentation of the results for the interim periods presented. The Companies’ separate interim consolidated financial statements should be read together with their separate audited financial statements (including the combined notes thereto) included in Item 8 of their combined Annual Report on Form 10-K for the year ended December 31, 2015 and their separate unaudited financial statements (including the combined notes thereto) included in Part I, Item 1 of their combined Quarterly Report on Form 10-Q for the quarterly periods ended March 31, 2016 and June 30, 2016. Certain prior period amounts have been reclassified to conform to the current period presentation. Con Edison has two regulated utility subsidiaries: CECONY and O&R. CECONY provides electric service and gas service in New York City and Westchester County. The company also provides steam service in parts of Manhattan. O&R, along with its regulated utility subsidiary, provides electric service in southeastern New York and northern New Jersey and gas service in southeastern New York. Con Edison has the following competitive energy businesses: Consolidated Edison Solutions, Inc. (Con Edison Solutions), a company which provides energy-related products and services to retail customers; Consolidated Edison Energy, Inc. (Con Edison Energy), a company that provides energy-related products and services to wholesale customers; and Consolidated Edison Development, Inc. (Con Edison Development), a company that develops, owns and operates renewable and energy infrastructure projects. In addition, Con Edison has a subsidiary, Con Edison Transmission, that invests in electric transmission facilities through its subsidiary, Consolidated Edison Transmission, LLC (CET Electric), and invests in gas pipeline and storage facilities through its subsidiary Con Edison Gas Pipeline and Storage, LLC (CET Gas). See Note P. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 9 Months Ended |
Sep. 30, 2016 | |
Summary of Significant Accounting Policies | Summary of Significant Accounting Policies Earnings Per Common Share For the three and nine months ended September 30, 2016 and 2015 , basic and diluted earnings per share (EPS) for Con Edison are calculated as follows: 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 Changes in Accumulated Other Comprehensive Income/(Loss) by Component For the three and nine months ended September 30, 2016 and 2015 , changes to accumulated other comprehensive income/(loss) (OCI) for Con Edison and CECONY are as follows: 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. |
CECONY | |
Summary of Significant Accounting Policies | Summary of Significant Accounting Policies Earnings Per Common Share For the three and nine months ended September 30, 2016 and 2015 , basic and diluted earnings per share (EPS) for Con Edison are calculated as follows: 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 Changes in Accumulated Other Comprehensive Income/(Loss) by Component For the three and nine months ended September 30, 2016 and 2015 , changes to accumulated other comprehensive income/(loss) (OCI) for Con Edison and CECONY are as follows: 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. |
Regulatory Matters
Regulatory Matters | 9 Months Ended |
Sep. 30, 2016 | |
Public Utilities, General Disclosures [Line Items] | |
Regulatory Matters | Regulatory Matters Rate Plans CECONY - Electric In September 2016, CECONY, the staff of the New York State Public Service Commission (NYSPSC) and other parties entered into a Joint Proposal for a CECONY electric rate plan for the three -year period January 2017 through December 2019. The Joint Proposal is subject to NYSPSC approval. The following table contains a summary of the electric rate plan. Effective period January 2017 - December 2019 Base rate changes (a) Yr. 1 - $195 million Amortizations to income of net regulatory (assets) liabilities Yr. 1 - $84 million Other revenue sources Retention of $75 million of annual transmission congestion revenues. 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: Average rate base Yr. 1 - $18,902 million Weighted average cost of capital (after-tax) Yr. 1 - 6.82 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 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. I n April 2016, the Federal Energy Regulatory Commission (FERC) rejected CECONY’s challenge to FERC’s approval of substantially increased charges allocated to CECONY for transmission service provided pursuant to the open access tariff of PJM Interconnection LLC (PJM). CECONY will continue to challenge FERC’s approval of the increased charges that will be incurred over the remaining contract term, and in May 2016 filed an appeal of FERC's decision with the U.S. Court of Appeals. In April 2016, CECONY notified PJM that it will not be exercising its option to continue the service beyond April 2017. CECONY - Gas In September 2016, CECONY, the staff of the NYSPSC and other parties entered into a Joint Proposal for a CECONY gas rate plan for the three -year period January 2017 through December 2019. The Joint Proposal is subject to NYSPSC approval. The following table contains a summary of the gas rate plan. Effective period January 2017 - December 2019 Base rate changes Yr. 1 - $(5) million(a) Amortizations to income of net regulatory (assets) liabilities Yr. 1 - $39 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. 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: Average rate base Yr. 1 - $4,841 million Weighted average cost of capital (after-tax) Yr. 1 - 6.82 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 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. Rockland Electric Company (RECO) In April 2016, RECO filed a request with the New Jersey Board of Public Utilities for an electric rate increase of $10 million , effective March 2017. The filing reflected a return on common equity of 10.20 percent and a common equity ratio of 49.81 percent . In October 2016, RECO filed an update to its April 2016 request. The company decreased its requested March 2017 rate increase by $4 million to $6 million . The updated filing reflects a return on common equity of 10.20 percent and a common equity ratio of 50.15 percent . The filing reflects continuation of provisions pursuant to which the company recovers its purchased power and fuel costs from customers. Other Regulatory Matters In April 2016, the NYSPSC approved the September 2015 Joint Proposal among CECONY, the NYSPSC staff and others with respect to the prudence proceeding the NYSPSC commenced in February 2009 and related matters. Pursuant to the Joint Proposal, the company is required to credit $116 million to customers and, for the period 2017 through 2044, to not seek to recover from customers an aggregate $55 million relating to return on its capital expenditures. In addition, the company’s revenues that were made subject to potential refund in this proceeding are no longer subject to refund. At September 30, 2016 , the company had a $96 million regulatory liability for the remaining amount to be credited to customers related to this matter. In June 2014, the NYSPSC initiated a proceeding to investigate the practices of qualifying persons to perform plastic fusions on gas facilities. New York State regulations require gas utilities to qualify and, except in certain circumstances, annually requalify workers that perform fusion to join plastic pipe. The NYSPSC directed the New York gas utilities to provide information in this proceeding about their compliance with the qualification and requalification requirements and related matters; their procedures for compliance with all gas safety regulations; and their annual chief executive officer certifications regarding these and other procedures. CECONY’s qualification and requalification procedures had not included certain required testing to evaluate specimen fuses. In addition, CECONY and O&R had not timely requalified certain workers that had been qualified under their respective procedures to perform fusion to join plastic pipe. CECONY and O&R have requalified their workers who perform plastic pipe fusions. In May 2015, the NYSPSC, which indicated that it would address enforcement at a later date, ordered CECONY, O&R and other gas utilities to perform risk assessment and remediation plans, additional leakage surveying and reporting; CECONY to hire an independent statistician to develop a risk assessment and remediation plan; and the gas utilities to implement certain new plastic fusion requirements. In December 2015, the NYSPSC staff informed O&R that the company had satisfactorily completed its risk assessment and remediation plan. CECONY submitted its risk assessment and remediation plan to the NYSPSC staff in October 2016. In November 2015, the NYSPSC ordered CECONY to show cause why the NYSPSC should not commence proceedings to penalize the company for alleged violations of gas safety regulations identified by the NYSPSC staff in its investigation of a March 2014 explosion and fire and to review the prudence of the company's conduct associated with the incident. See "Manhattan Explosion and Fire" in Note H. In December 2015, the company responded that the NYSPSC should not institute the proceedings and disputed the alleged violations. At September 30, 2016 , CECONY had a $28 million regulatory liability related to the June 2014 plastic fusion proceeding and the November 2015 order to show cause. The company is unable to estimate the amount or range of its possible loss related to these matters in excess of this regulatory liability. CECONY has incurred costs for gas emergency response activities in 2014, 2015 and 2016 in excess of amounts reflected in the company’s gas rate plan. The company has requested NYSPSC authorization to defer as a regulatory asset $29 million and $35 million of such incremental costs incurred in 2014 and 2015, respectively. The company estimates that it will incur $37 million of such incremental costs in 2016. At September 30, 2016, the company had not deferred any such incremental costs. Regulatory Assets and Liabilities Regulatory assets and liabilities at September 30, 2016 and December 31, 2015 were comprised of the following items: 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 |
CECONY | |
Public Utilities, General Disclosures [Line Items] | |
Regulatory Matters | Regulatory Matters Rate Plans CECONY - Electric In September 2016, CECONY, the staff of the New York State Public Service Commission (NYSPSC) and other parties entered into a Joint Proposal for a CECONY electric rate plan for the three -year period January 2017 through December 2019. The Joint Proposal is subject to NYSPSC approval. The following table contains a summary of the electric rate plan. Effective period January 2017 - December 2019 Base rate changes (a) Yr. 1 - $195 million Amortizations to income of net regulatory (assets) liabilities Yr. 1 - $84 million Other revenue sources Retention of $75 million of annual transmission congestion revenues. 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: Average rate base Yr. 1 - $18,902 million Weighted average cost of capital (after-tax) Yr. 1 - 6.82 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 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. I n April 2016, the Federal Energy Regulatory Commission (FERC) rejected CECONY’s challenge to FERC’s approval of substantially increased charges allocated to CECONY for transmission service provided pursuant to the open access tariff of PJM Interconnection LLC (PJM). CECONY will continue to challenge FERC’s approval of the increased charges that will be incurred over the remaining contract term, and in May 2016 filed an appeal of FERC's decision with the U.S. Court of Appeals. In April 2016, CECONY notified PJM that it will not be exercising its option to continue the service beyond April 2017. CECONY - Gas In September 2016, CECONY, the staff of the NYSPSC and other parties entered into a Joint Proposal for a CECONY gas rate plan for the three -year period January 2017 through December 2019. The Joint Proposal is subject to NYSPSC approval. The following table contains a summary of the gas rate plan. Effective period January 2017 - December 2019 Base rate changes Yr. 1 - $(5) million(a) Amortizations to income of net regulatory (assets) liabilities Yr. 1 - $39 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. 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: Average rate base Yr. 1 - $4,841 million Weighted average cost of capital (after-tax) Yr. 1 - 6.82 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 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. Rockland Electric Company (RECO) In April 2016, RECO filed a request with the New Jersey Board of Public Utilities for an electric rate increase of $10 million , effective March 2017. The filing reflected a return on common equity of 10.20 percent and a common equity ratio of 49.81 percent . In October 2016, RECO filed an update to its April 2016 request. The company decreased its requested March 2017 rate increase by $4 million to $6 million . The updated filing reflects a return on common equity of 10.20 percent and a common equity ratio of 50.15 percent . The filing reflects continuation of provisions pursuant to which the company recovers its purchased power and fuel costs from customers. Other Regulatory Matters In April 2016, the NYSPSC approved the September 2015 Joint Proposal among CECONY, the NYSPSC staff and others with respect to the prudence proceeding the NYSPSC commenced in February 2009 and related matters. Pursuant to the Joint Proposal, the company is required to credit $116 million to customers and, for the period 2017 through 2044, to not seek to recover from customers an aggregate $55 million relating to return on its capital expenditures. In addition, the company’s revenues that were made subject to potential refund in this proceeding are no longer subject to refund. At September 30, 2016 , the company had a $96 million regulatory liability for the remaining amount to be credited to customers related to this matter. In June 2014, the NYSPSC initiated a proceeding to investigate the practices of qualifying persons to perform plastic fusions on gas facilities. New York State regulations require gas utilities to qualify and, except in certain circumstances, annually requalify workers that perform fusion to join plastic pipe. The NYSPSC directed the New York gas utilities to provide information in this proceeding about their compliance with the qualification and requalification requirements and related matters; their procedures for compliance with all gas safety regulations; and their annual chief executive officer certifications regarding these and other procedures. CECONY’s qualification and requalification procedures had not included certain required testing to evaluate specimen fuses. In addition, CECONY and O&R had not timely requalified certain workers that had been qualified under their respective procedures to perform fusion to join plastic pipe. CECONY and O&R have requalified their workers who perform plastic pipe fusions. In May 2015, the NYSPSC, which indicated that it would address enforcement at a later date, ordered CECONY, O&R and other gas utilities to perform risk assessment and remediation plans, additional leakage surveying and reporting; CECONY to hire an independent statistician to develop a risk assessment and remediation plan; and the gas utilities to implement certain new plastic fusion requirements. In December 2015, the NYSPSC staff informed O&R that the company had satisfactorily completed its risk assessment and remediation plan. CECONY submitted its risk assessment and remediation plan to the NYSPSC staff in October 2016. In November 2015, the NYSPSC ordered CECONY to show cause why the NYSPSC should not commence proceedings to penalize the company for alleged violations of gas safety regulations identified by the NYSPSC staff in its investigation of a March 2014 explosion and fire and to review the prudence of the company's conduct associated with the incident. See "Manhattan Explosion and Fire" in Note H. In December 2015, the company responded that the NYSPSC should not institute the proceedings and disputed the alleged violations. At September 30, 2016 , CECONY had a $28 million regulatory liability related to the June 2014 plastic fusion proceeding and the November 2015 order to show cause. The company is unable to estimate the amount or range of its possible loss related to these matters in excess of this regulatory liability. CECONY has incurred costs for gas emergency response activities in 2014, 2015 and 2016 in excess of amounts reflected in the company’s gas rate plan. The company has requested NYSPSC authorization to defer as a regulatory asset $29 million and $35 million of such incremental costs incurred in 2014 and 2015, respectively. The company estimates that it will incur $37 million of such incremental costs in 2016. At September 30, 2016, the company had not deferred any such incremental costs. Regulatory Assets and Liabilities Regulatory assets and liabilities at September 30, 2016 and December 31, 2015 were comprised of the following items: 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 |
Capitalization
Capitalization | 9 Months Ended |
Sep. 30, 2016 | |
Debt Instrument [Line Items] | |
Capitalization | Capitalization In February 2016, a Con Edison Development subsidiary issued $218 million aggregate principal amount of 4.21 percent senior notes, due 2041 , secured by the company's Texas Solar 7 solar project. In May 2016, Con Edison issued approximately 10 million common shares resulting in net proceeds, after issuance expenses, of $702 million , and $500 million aggregate principal amount of 2.00 percent debentures, due 2021 . Also, in May 2016, a Con Edison Development subsidiary issued $95 million aggregate principal amount of 4.07 percent senior notes, due 2036 , secured by the company's California Holding 3 solar projects. In June 2016, Con Edison borrowed $400 million pursuant to a credit agreement with a syndicate of banks. The borrowing matures in 2018 and bears interest at a LIBOR plus margin of 1.00 percent. Also in June 2016, CECONY issued $550 million aggregate principal amount of 3.85 percent debentures, due 2046 . Also, in June 2016, a Con Edison Solutions subsidiary borrowed $2 million pursuant to a loan agreement with a New Jersey utility. The borrowing matures in 2026 , bears interest of 11.18 percent and may be repaid in cash or project Solar Renewable Energy Certificates. In September 2016, CECONY redeemed at maturity $400 million aggregate principal amount of 5.50 percent debentures. In September 2016, O&R agreed to issue and sell for delivery in December 2016 $75 million aggregate principal amount of 3.88 percent debentures, due 2046. In October 2016, O&R redeemed at maturity $75 million aggregate principal amount of 5.45 percent debentures. The carrying amounts and fair values of long-term debt at September 30, 2016 and December 31, 2015 were: (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 Fair values of long-term debt have been estimated primarily using available market information. For Con Edison, $15,689 million and $636 million of the fair value of long-term debt at September 30, 2016 are classified as Level 2 and Level 3, respectively. For CECONY, $12,928 million and $636 million of the fair value of long-term debt at September 30, 2016 are classified as Level 2 and Level 3, respectively (see Note L). The $636 million of long-term debt classified as Level 3 is CECONY’s tax-exempt, auction-rate securities for which the market is highly illiquid and there is a lack of observable inputs. |
CECONY | |
Debt Instrument [Line Items] | |
Capitalization | Capitalization In February 2016, a Con Edison Development subsidiary issued $218 million aggregate principal amount of 4.21 percent senior notes, due 2041 , secured by the company's Texas Solar 7 solar project. In May 2016, Con Edison issued approximately 10 million common shares resulting in net proceeds, after issuance expenses, of $702 million , and $500 million aggregate principal amount of 2.00 percent debentures, due 2021 . Also, in May 2016, a Con Edison Development subsidiary issued $95 million aggregate principal amount of 4.07 percent senior notes, due 2036 , secured by the company's California Holding 3 solar projects. In June 2016, Con Edison borrowed $400 million pursuant to a credit agreement with a syndicate of banks. The borrowing matures in 2018 and bears interest at a LIBOR plus margin of 1.00 percent. Also in June 2016, CECONY issued $550 million aggregate principal amount of 3.85 percent debentures, due 2046 . Also, in June 2016, a Con Edison Solutions subsidiary borrowed $2 million pursuant to a loan agreement with a New Jersey utility. The borrowing matures in 2026 , bears interest of 11.18 percent and may be repaid in cash or project Solar Renewable Energy Certificates. In September 2016, CECONY redeemed at maturity $400 million aggregate principal amount of 5.50 percent debentures. In September 2016, O&R agreed to issue and sell for delivery in December 2016 $75 million aggregate principal amount of 3.88 percent debentures, due 2046. In October 2016, O&R redeemed at maturity $75 million aggregate principal amount of 5.45 percent debentures. The carrying amounts and fair values of long-term debt at September 30, 2016 and December 31, 2015 were: (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 Fair values of long-term debt have been estimated primarily using available market information. For Con Edison, $15,689 million and $636 million of the fair value of long-term debt at September 30, 2016 are classified as Level 2 and Level 3, respectively. For CECONY, $12,928 million and $636 million of the fair value of long-term debt at September 30, 2016 are classified as Level 2 and Level 3, respectively (see Note L). The $636 million of long-term debt classified as Level 3 is CECONY’s tax-exempt, auction-rate securities for which the market is highly illiquid and there is a lack of observable inputs. |
Short-Term Borrowing
Short-Term Borrowing | 9 Months Ended |
Sep. 30, 2016 | |
Short-Term Borrowing | Short-Term Borrowing At September 30, 2016 , Con Edison had $601 million of commercial paper outstanding of which $480 million was outstanding under CECONY’s program. The weighted average interest rate at September 30, 2016 was 0.7 percent for both Con Edison and CECONY. At December 31, 2015 , Con Edison had $1,529 million of commercial paper outstanding of which $1,033 million was outstanding under CECONY’s program. The weighted average interest rate at December 31, 2015 was 0.7 percent for both Con Edison and CECONY. At September 30, 2016 and December 31, 2015 , no loans were outstanding under the credit agreement (Credit Agreement) and $2 million (including $2 million for CECONY) and $15 million of letters of credit were outstanding under the Credit Agreement, respectively. |
CECONY | |
Short-Term Borrowing | Short-Term Borrowing At September 30, 2016 , Con Edison had $601 million of commercial paper outstanding of which $480 million was outstanding under CECONY’s program. The weighted average interest rate at September 30, 2016 was 0.7 percent for both Con Edison and CECONY. At December 31, 2015 , Con Edison had $1,529 million of commercial paper outstanding of which $1,033 million was outstanding under CECONY’s program. The weighted average interest rate at December 31, 2015 was 0.7 percent for both Con Edison and CECONY. At September 30, 2016 and December 31, 2015 , no loans were outstanding under the credit agreement (Credit Agreement) and $2 million (including $2 million for CECONY) and $15 million of letters of credit were outstanding under the Credit Agreement, respectively. |
Pension Benefits
Pension Benefits | 9 Months Ended |
Sep. 30, 2016 | |
Defined Benefit Plan Disclosure [Line Items] | |
Pension Benefits | Pension Benefits Total Periodic Benefit Cost The components of the Companies’ total periodic benefit costs for the three and nine months ended September 30, 2016 and 2015 were as follows: 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 Expected Contributions Based on estimates as of September 30, 2016 , the Companies expect to make contributions to the pension plans during 2016 of $508 million (of which $469 million is to be contributed by CECONY). The Companies’ policy is to fund the total periodic benefit cost of the qualified plan to the extent tax deductible and to also contribute to the non-qualified supplemental plans. During the first nine months of 2016 , the Companies contributed $504 million (of which $466 million was contributed by CECONY) to the pension plans. CECONY also contributed $17 million to its external trust for supplemental plans. |
CECONY | |
Defined Benefit Plan Disclosure [Line Items] | |
Pension Benefits | Pension Benefits Total Periodic Benefit Cost The components of the Companies’ total periodic benefit costs for the three and nine months ended September 30, 2016 and 2015 were as follows: 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 Expected Contributions Based on estimates as of September 30, 2016 , the Companies expect to make contributions to the pension plans during 2016 of $508 million (of which $469 million is to be contributed by CECONY). The Companies’ policy is to fund the total periodic benefit cost of the qualified plan to the extent tax deductible and to also contribute to the non-qualified supplemental plans. During the first nine months of 2016 , the Companies contributed $504 million (of which $466 million was contributed by CECONY) to the pension plans. CECONY also contributed $17 million to its external trust for supplemental plans. |
Other Postretirement Benefits
Other Postretirement Benefits | 9 Months Ended |
Sep. 30, 2016 | |
Defined Benefit Plan Disclosure [Line Items] | |
Other Postretirement Benefits | Other Postretirement Benefits Total Periodic Benefit Cost The components of the Companies’ total periodic other postretirement benefit costs for the three and nine months ended September 30, 2016 and 2015 were as follows: 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 Contributions During the first nine months of 2016, the Companies contributed $6 million , nearly all of which was contributed by CECONY, to the other postretirement benefit plans. The Companies' policy is to fund the total periodic benefit cost of the plans to the extent tax deductible. |
CECONY | |
Defined Benefit Plan Disclosure [Line Items] | |
Other Postretirement Benefits | Other Postretirement Benefits Total Periodic Benefit Cost The components of the Companies’ total periodic other postretirement benefit costs for the three and nine months ended September 30, 2016 and 2015 were as follows: 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 Contributions During the first nine months of 2016, the Companies contributed $6 million , nearly all of which was contributed by CECONY, to the other postretirement benefit plans. The Companies' policy is to fund the total periodic benefit cost of the plans to the extent tax deductible. |
Environmental Matters
Environmental Matters | 9 Months Ended |
Sep. 30, 2016 | |
Site Contingency [Line Items] | |
Environmental Matters | Environmental Matters Superfund Sites Hazardous substances, such as asbestos, polychlorinated biphenyls (PCBs) and coal tar, have been used or generated in the course of operations of the Utilities and their predecessors and are present at sites and in facilities and equipment they currently or previously owned, including sites at which gas was manufactured or stored. The Federal Comprehensive Environmental Response, Compensation and Liability Act of 1980 and similar state statutes (Superfund) impose joint and several liability, regardless of fault, upon generators of hazardous substances for investigation and remediation costs (which include costs of demolition, removal, disposal, storage, replacement, containment and monitoring) and natural resource damages. Liability under these laws can be material and may be imposed for contamination from past acts, even though such past acts may have been lawful at the time they occurred. The sites at which the Utilities have been asserted to have liability under these laws, including their manufactured gas plant sites and any neighboring areas to which contamination may have migrated, are referred to herein as “Superfund Sites.” For Superfund Sites where there are other potentially responsible parties and the Utilities are not managing the site investigation and remediation, the accrued liability represents an estimate of the amount the Utilities will need to pay to investigate and, where determinable, discharge their related obligations. For Superfund Sites (including the manufactured gas plant sites) for which one of the Utilities is managing the investigation and remediation, the accrued liability represents an estimate of the company’s share of the undiscounted cost to investigate the sites and, for sites that have been investigated in whole or in part, the cost to remediate the sites, if remediation is necessary and if a reasonable estimate of such cost can be made. Remediation costs are estimated in light of the information available, applicable remediation standards and experience with similar sites. The accrued liabilities and regulatory assets related to Superfund Sites at September 30, 2016 and December 31, 2015 were as follows: 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 Most of the accrued Superfund Site liability relates to sites that have been investigated, in whole or in part. However, for some of the sites, the extent and associated cost of the required remediation has not yet been determined. As investigations progress and information pertaining to the required remediation becomes available, the Utilities expect that additional liability may be accrued, the amount of which is not presently determinable but may be material. The Companies are unable to estimate the time period over which the remaining accrued liability will be incurred because, among other things, the required remediation has not been determined for some of the sites. Under their current rate plans, the Utilities are permitted to recover or defer as regulatory assets (for subsequent recovery through rates) certain site investigation and remediation costs. Environmental remediation costs incurred related to Superfund Sites for the three and nine months ended September 30, 2016 and 2015 were as follows: 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 and CECONY received $1 million in insurance recoveries for the three and nine months ended September 30, 2016 . No insurance recoveries were received by Con Edison or CECONY for the three and nine months ended September 30, 2015 . In 2015, Con Edison and CECONY estimated that for their manufactured gas plant sites (including CECONY’s Astoria site), the aggregate undiscounted potential liability for the investigation and remediation of coal tar and/or other environmental contaminants could range up to $2.8 billion and $2.7 billion , respectively. These estimates were based on the assumption that there is contamination at all sites, including those that have not yet been fully investigated and additional assumptions about the extent of the contamination and the type and extent of the remediation that may be required. Actual experience may be materially different. Asbestos Proceedings Suits have been brought in New York State and federal courts against the Utilities and many other defendants, wherein a large number of plaintiffs sought large amounts of compensatory and punitive damages for deaths and injuries allegedly caused by exposure to asbestos at various premises of the Utilities. The suits that have been resolved, which are many, have been resolved without any payment by the Utilities, or for amounts that were not, in the aggregate, material to them. The amounts specified in all the remaining thousands of suits total billions of dollars; however, the Utilities believe that these amounts are greatly exaggerated, based on the disposition of previous claims. At September 30, 2016 , Con Edison and CECONY had accrued their estimated aggregate undiscounted potential liabilities for these suits and additional suits that may be brought over the next 15 years as shown in the following table. The estimates were based upon a combination of modeling, historical data analysis and risk factor assessment. Trial courts have begun, and unless otherwise determined by an appellate court may continue, to apply a different standard for determining liability in asbestos suits than the standard that applied historically. As a result, the Companies currently believe that there is a reasonable possibility of an exposure to loss in excess of the liability accrued for the suits. The Companies are unable to estimate the amount or range of such loss. In addition, certain current and former employees have claimed or are claiming workers’ compensation benefits based on alleged disability from exposure to asbestos. Under its current rate plans, CECONY is permitted to defer as regulatory assets (for subsequent recovery through rates) costs incurred for its asbestos lawsuits and workers’ compensation claims. The accrued liability for asbestos suits and workers’ compensation proceedings (including those related to asbestos exposure) and the amounts deferred as regulatory assets for the Companies at September 30, 2016 and December 31, 2015 were as follows: 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 |
CECONY | |
Site Contingency [Line Items] | |
Environmental Matters | Environmental Matters Superfund Sites Hazardous substances, such as asbestos, polychlorinated biphenyls (PCBs) and coal tar, have been used or generated in the course of operations of the Utilities and their predecessors and are present at sites and in facilities and equipment they currently or previously owned, including sites at which gas was manufactured or stored. The Federal Comprehensive Environmental Response, Compensation and Liability Act of 1980 and similar state statutes (Superfund) impose joint and several liability, regardless of fault, upon generators of hazardous substances for investigation and remediation costs (which include costs of demolition, removal, disposal, storage, replacement, containment and monitoring) and natural resource damages. Liability under these laws can be material and may be imposed for contamination from past acts, even though such past acts may have been lawful at the time they occurred. The sites at which the Utilities have been asserted to have liability under these laws, including their manufactured gas plant sites and any neighboring areas to which contamination may have migrated, are referred to herein as “Superfund Sites.” For Superfund Sites where there are other potentially responsible parties and the Utilities are not managing the site investigation and remediation, the accrued liability represents an estimate of the amount the Utilities will need to pay to investigate and, where determinable, discharge their related obligations. For Superfund Sites (including the manufactured gas plant sites) for which one of the Utilities is managing the investigation and remediation, the accrued liability represents an estimate of the company’s share of the undiscounted cost to investigate the sites and, for sites that have been investigated in whole or in part, the cost to remediate the sites, if remediation is necessary and if a reasonable estimate of such cost can be made. Remediation costs are estimated in light of the information available, applicable remediation standards and experience with similar sites. The accrued liabilities and regulatory assets related to Superfund Sites at September 30, 2016 and December 31, 2015 were as follows: 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 Most of the accrued Superfund Site liability relates to sites that have been investigated, in whole or in part. However, for some of the sites, the extent and associated cost of the required remediation has not yet been determined. As investigations progress and information pertaining to the required remediation becomes available, the Utilities expect that additional liability may be accrued, the amount of which is not presently determinable but may be material. The Companies are unable to estimate the time period over which the remaining accrued liability will be incurred because, among other things, the required remediation has not been determined for some of the sites. Under their current rate plans, the Utilities are permitted to recover or defer as regulatory assets (for subsequent recovery through rates) certain site investigation and remediation costs. Environmental remediation costs incurred related to Superfund Sites for the three and nine months ended September 30, 2016 and 2015 were as follows: 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 and CECONY received $1 million in insurance recoveries for the three and nine months ended September 30, 2016 . No insurance recoveries were received by Con Edison or CECONY for the three and nine months ended September 30, 2015 . In 2015, Con Edison and CECONY estimated that for their manufactured gas plant sites (including CECONY’s Astoria site), the aggregate undiscounted potential liability for the investigation and remediation of coal tar and/or other environmental contaminants could range up to $2.8 billion and $2.7 billion , respectively. These estimates were based on the assumption that there is contamination at all sites, including those that have not yet been fully investigated and additional assumptions about the extent of the contamination and the type and extent of the remediation that may be required. Actual experience may be materially different. Asbestos Proceedings Suits have been brought in New York State and federal courts against the Utilities and many other defendants, wherein a large number of plaintiffs sought large amounts of compensatory and punitive damages for deaths and injuries allegedly caused by exposure to asbestos at various premises of the Utilities. The suits that have been resolved, which are many, have been resolved without any payment by the Utilities, or for amounts that were not, in the aggregate, material to them. The amounts specified in all the remaining thousands of suits total billions of dollars; however, the Utilities believe that these amounts are greatly exaggerated, based on the disposition of previous claims. At September 30, 2016 , Con Edison and CECONY had accrued their estimated aggregate undiscounted potential liabilities for these suits and additional suits that may be brought over the next 15 years as shown in the following table. The estimates were based upon a combination of modeling, historical data analysis and risk factor assessment. Trial courts have begun, and unless otherwise determined by an appellate court may continue, to apply a different standard for determining liability in asbestos suits than the standard that applied historically. As a result, the Companies currently believe that there is a reasonable possibility of an exposure to loss in excess of the liability accrued for the suits. The Companies are unable to estimate the amount or range of such loss. In addition, certain current and former employees have claimed or are claiming workers’ compensation benefits based on alleged disability from exposure to asbestos. Under its current rate plans, CECONY is permitted to defer as regulatory assets (for subsequent recovery through rates) costs incurred for its asbestos lawsuits and workers’ compensation claims. The accrued liability for asbestos suits and workers’ compensation proceedings (including those related to asbestos exposure) and the amounts deferred as regulatory assets for the Companies at September 30, 2016 and December 31, 2015 were as follows: 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 |
Other Material Contingencies
Other Material Contingencies | 9 Months Ended |
Sep. 30, 2016 | |
Guarantor Obligations [Line Items] | |
Other Material Contingencies | Other Material Contingencies Manhattan Steam Main Rupture In July 2007, a CECONY steam main located in midtown Manhattan ruptured. It has been reported that one person died and others were injured as a result of the incident. Several buildings in the area were damaged. Debris from the incident included dirt and mud containing asbestos. The response to the incident required the closing of several buildings and streets for various periods. Approximately sixty suits are pending against the company seeking generally unspecified compensatory and, in some cases, punitive damages, for wrongful death, personal injury, property damage and business interruption. The company has notified its insurers of the incident and believes that the policies in force at the time of the incident will cover the company’s costs to satisfy its liability to others in connection with the suits. In the company’s estimation, there is not a reasonable possibility that an exposure to loss exists for the suits that is materially in excess of the estimated liability accrued. At September 30, 2016 , the company has accrued its estimated liability for the suits of $30 million and an insurance receivable of $39 million . Manhattan Explosion and Fire On March 12, 2014, two multi-use five-story tall buildings located on Park Avenue between 116 th and 117 th Street in Manhattan were destroyed by an explosion and fire. CECONY had delivered gas to the buildings through service lines from a distribution main located below ground on Park Avenue. Eight people died and more than 50 people were injured. Additional buildings were also damaged. The National Transportation Safety Board (NTSB) investigated. The parties to the investigation included the company, the City of New York, the Pipeline and Hazardous Materials Safety Administration and the NYSPSC (which also conducted an investigation). In June 2015, the NTSB issued a final report concerning the incident, its probable cause and safety recommendations. The NTSB determined that the probable cause of the incident was (1) the failure of a defective fusion joint at a service tee (which joined a plastic service line to a plastic distribution main) installed by the company that allowed gas to leak from the distribution main and migrate into a building where it ignited and (2) a breach in a City sewer line that allowed groundwater and soil to flow into the sewer, resulting in a loss of support for the distribution main, which caused it to sag and overstressed the defective fusion joint. The NTSB also made safety recommendations, including recommendations to the company that addressed its procedures for the preparation and examination of plastic fusions, training of its staff on conditions for notifications to the City’s Fire Department and extension of its gas main isolation valve installation program. Approximately seventy suits are pending against the company seeking generally unspecified damages and, in some cases, punitive damages, for wrongful death, personal injury, property damage and business interruption. The company has notified its insurers of the incident and believes that the policies in force at the time of the incident will cover the company’s costs, in excess of a required retention (the amount of which is not material), to satisfy any liability it may have for damages in connection with the incident. The company is unable to estimate the amount or range of its possible loss for damages related to the incident. At September 30, 2016 , the company had not accrued a liability for damages related to the incident. Other Contingencies See “Other Regulatory Matters” in Note B and “Uncertain Tax Positions” in Note I. Guarantees Con Edison and its subsidiaries enter into various agreements providing financial or performance assurance primarily to third parties on behalf of their subsidiaries. Maximum amounts guaranteed by Con Edison totaled $2,422 million and $2,856 million at September 30, 2016 and December 31, 2015 , respectively. A summary, by type and term, of Con Edison’s total guarantees at September 30, 2016 is as follows: 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 Con Edison Transmission — Con Edison has guaranteed payment by CET Electric of the contributions CET Electric agreed to make to New York Transco LLC (NY Transco). CET Electric acquired a 45.7 percent interest in NY Transco when it was formed in 2014. NY Transco’s transmission projects are expected to be initially developed by CECONY and other New York transmission owners and then transferred to NY Transco. In May 2016, the transmission owners transferred certain projects to NY Transco, as to which CET Electric made its required contributions. The other projects that were proposed when NY Transco was formed remain subject to certain authorizations from the NYSPSC, the FERC and, as applicable, other federal, state and local agencies. Guarantee amount shown is for the maximum possible required amount of CET Electric’s contributions for these other projects as calculated based on the assumptions that the projects are completed at 175 percent of their estimated costs and NY Transco does not use any debt financing for the projects. Guarantee term shown is assumed as the timing of the contributions is not certain. Also included within the table above is a guarantee for $25 million from Con Edison on behalf of CET Gas in relation to a proposed gas transmission project in West Virginia and Virginia. See Note P. Energy Transactions — Con Edison guarantees payments on behalf of its competitive energy businesses in order to facilitate physical and financial transactions in electricity, gas, pipeline capacity, transportation, oil, renewable energy credits and energy services. To the extent that liabilities exist under the contracts subject to these guarantees, such liabilities are included in Con Edison’s consolidated balance sheet. Guarantee amounts shown above include $123 million of guarantees or other credit support provided by Con Edison on behalf of Con Edison Solutions that may continue in effect during the period in which Con Edison Solutions provides transition services in connection with the retail electric supply business it sold in September 2016. See Note P. As part of the sale agreement, the purchaser has agreed to pay Con Edison Solutions for draws on such guarantees or other credit support. Renewable Electric Production Projects — Con Edison, Con Edison Development, and Con Edison Solutions guarantee payments associated with the investment in solar and wind energy facilities on behalf of their wholly-owned subsidiaries. Other — Other guarantees include $70 million in guarantees provided by Con Edison to Travelers Insurance Company for indemnity agreements for surety bonds in connection with energy service projects and operation of solar energy facilities of Con Edison Solutions and Con Edison Development, respectively. Other guarantees also includes Con Edison's guarantee (subject to a $53 million maximum amount) of certain obligations of Con Edison Solutions under its agreement to sell its retail electric supply business. See Note P. In addition, Con Edison issued a guarantee estimated at $5 million to the Public Utility Commission of Texas covering obligations of Con Edison Solutions as a retail electric provider. As part of the sale agreement for the retail electric supply business discussed above, the purchaser has agreed to pay Con Edison Solutions for draws on the guarantee to the Public Utility Commission of Texas. |
CECONY | |
Guarantor Obligations [Line Items] | |
Other Material Contingencies | Other Material Contingencies Manhattan Steam Main Rupture In July 2007, a CECONY steam main located in midtown Manhattan ruptured. It has been reported that one person died and others were injured as a result of the incident. Several buildings in the area were damaged. Debris from the incident included dirt and mud containing asbestos. The response to the incident required the closing of several buildings and streets for various periods. Approximately sixty suits are pending against the company seeking generally unspecified compensatory and, in some cases, punitive damages, for wrongful death, personal injury, property damage and business interruption. The company has notified its insurers of the incident and believes that the policies in force at the time of the incident will cover the company’s costs to satisfy its liability to others in connection with the suits. In the company’s estimation, there is not a reasonable possibility that an exposure to loss exists for the suits that is materially in excess of the estimated liability accrued. At September 30, 2016 , the company has accrued its estimated liability for the suits of $30 million and an insurance receivable of $39 million . Manhattan Explosion and Fire On March 12, 2014, two multi-use five-story tall buildings located on Park Avenue between 116 th and 117 th Street in Manhattan were destroyed by an explosion and fire. CECONY had delivered gas to the buildings through service lines from a distribution main located below ground on Park Avenue. Eight people died and more than 50 people were injured. Additional buildings were also damaged. The National Transportation Safety Board (NTSB) investigated. The parties to the investigation included the company, the City of New York, the Pipeline and Hazardous Materials Safety Administration and the NYSPSC (which also conducted an investigation). In June 2015, the NTSB issued a final report concerning the incident, its probable cause and safety recommendations. The NTSB determined that the probable cause of the incident was (1) the failure of a defective fusion joint at a service tee (which joined a plastic service line to a plastic distribution main) installed by the company that allowed gas to leak from the distribution main and migrate into a building where it ignited and (2) a breach in a City sewer line that allowed groundwater and soil to flow into the sewer, resulting in a loss of support for the distribution main, which caused it to sag and overstressed the defective fusion joint. The NTSB also made safety recommendations, including recommendations to the company that addressed its procedures for the preparation and examination of plastic fusions, training of its staff on conditions for notifications to the City’s Fire Department and extension of its gas main isolation valve installation program. Approximately seventy suits are pending against the company seeking generally unspecified damages and, in some cases, punitive damages, for wrongful death, personal injury, property damage and business interruption. The company has notified its insurers of the incident and believes that the policies in force at the time of the incident will cover the company’s costs, in excess of a required retention (the amount of which is not material), to satisfy any liability it may have for damages in connection with the incident. The company is unable to estimate the amount or range of its possible loss for damages related to the incident. At September 30, 2016 , the company had not accrued a liability for damages related to the incident. Other Contingencies See “Other Regulatory Matters” in Note B and “Uncertain Tax Positions” in Note I. Guarantees Con Edison and its subsidiaries enter into various agreements providing financial or performance assurance primarily to third parties on behalf of their subsidiaries. Maximum amounts guaranteed by Con Edison totaled $2,422 million and $2,856 million at September 30, 2016 and December 31, 2015 , respectively. A summary, by type and term, of Con Edison’s total guarantees at September 30, 2016 is as follows: 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 Con Edison Transmission — Con Edison has guaranteed payment by CET Electric of the contributions CET Electric agreed to make to New York Transco LLC (NY Transco). CET Electric acquired a 45.7 percent interest in NY Transco when it was formed in 2014. NY Transco’s transmission projects are expected to be initially developed by CECONY and other New York transmission owners and then transferred to NY Transco. In May 2016, the transmission owners transferred certain projects to NY Transco, as to which CET Electric made its required contributions. The other projects that were proposed when NY Transco was formed remain subject to certain authorizations from the NYSPSC, the FERC and, as applicable, other federal, state and local agencies. Guarantee amount shown is for the maximum possible required amount of CET Electric’s contributions for these other projects as calculated based on the assumptions that the projects are completed at 175 percent of their estimated costs and NY Transco does not use any debt financing for the projects. Guarantee term shown is assumed as the timing of the contributions is not certain. Also included within the table above is a guarantee for $25 million from Con Edison on behalf of CET Gas in relation to a proposed gas transmission project in West Virginia and Virginia. See Note P. Energy Transactions — Con Edison guarantees payments on behalf of its competitive energy businesses in order to facilitate physical and financial transactions in electricity, gas, pipeline capacity, transportation, oil, renewable energy credits and energy services. To the extent that liabilities exist under the contracts subject to these guarantees, such liabilities are included in Con Edison’s consolidated balance sheet. Guarantee amounts shown above include $123 million of guarantees or other credit support provided by Con Edison on behalf of Con Edison Solutions that may continue in effect during the period in which Con Edison Solutions provides transition services in connection with the retail electric supply business it sold in September 2016. See Note P. As part of the sale agreement, the purchaser has agreed to pay Con Edison Solutions for draws on such guarantees or other credit support. Renewable Electric Production Projects — Con Edison, Con Edison Development, and Con Edison Solutions guarantee payments associated with the investment in solar and wind energy facilities on behalf of their wholly-owned subsidiaries. Other — Other guarantees include $70 million in guarantees provided by Con Edison to Travelers Insurance Company for indemnity agreements for surety bonds in connection with energy service projects and operation of solar energy facilities of Con Edison Solutions and Con Edison Development, respectively. Other guarantees also includes Con Edison's guarantee (subject to a $53 million maximum amount) of certain obligations of Con Edison Solutions under its agreement to sell its retail electric supply business. See Note P. In addition, Con Edison issued a guarantee estimated at $5 million to the Public Utility Commission of Texas covering obligations of Con Edison Solutions as a retail electric provider. As part of the sale agreement for the retail electric supply business discussed above, the purchaser has agreed to pay Con Edison Solutions for draws on the guarantee to the Public Utility Commission of Texas. |
Income Tax
Income Tax | 9 Months Ended |
Sep. 30, 2016 | |
Income Tax Examination [Line Items] | |
Income Tax | Income Tax Con Edison’s income tax expense increased to $314 million for the three months ended September 30, 2016 from $249 million for the three months ended September 30, 2015 . Con Edison's effective tax rate for the three months ended September 30, 2016 and 2015 was 39 percent and 37 percent, respectively. The increase in Con Edison's effective tax rate is primarily due to higher state income taxes and a decrease in tax benefits for plant-related flow through items, offset in part by higher tax benefits for injuries and damages payments, research and development tax credits and renewable energy tax credits. CECONY’s income tax expense increased to $226 million for the three months ended September 30, 2016 from $222 million for the three months ended September 30, 2015 . CECONY's effective tax rate for the three months ended September 30, 2016 and 2015 was 37 percent . The decrease in tax benefits for plant-related flow through items, were more than offset by lower state income taxes and increased tax benefits as a result of higher injuries and damages payments and research and development tax credits. Con Edison’s income tax expense increased to $602 million for the nine months ended September 30, 2016 from $548 million for the nine months ended September 30, 2015 . Con Edison's effective tax rate for the nine months ended September 30, 2016 and 2015 was 37 percent and 35 percent , respectively. The increase in Con Edison's effective tax rate is primarily due to higher state income taxes and a decrease in tax benefits for plant-related flow through items, offset in part by higher tax benefits for injuries and damages payments, research and development tax credits and renewable energy tax credits. CECONY’s income tax expense decreased to $491 million for the nine months ended September 30, 2016 from $515 million for the nine months ended September 30, 2015 . CECONY's effective tax rate for the nine months ended September 30, 2016 and 2015 was 36 percent and 35 percent , respectively. The increase in CECONY's effective tax rate is primarily related to a decrease in tax benefits for plant-related flow through items, offset in part by lower state income taxes and increased research and development tax credits. In September 2016, Con Edison filed its 2015 federal income tax return, requesting a refund of $19 million of estimated tax payments and, in October 2016, the company received the refund. The company carried back a 2015 net operating loss to 2007, requesting a refund of $16 million of federal income tax and, in October 2016, the company received the refund. Con Edison anticipates a federal net operating loss for 2016, primarily due to bonus depreciation. Con Edison expects to carryback a portion of its 2016 net operating loss and recover $32 million of income tax. General business tax credits that became available as a result of the net operating loss carryback, as well as the remaining 2016 net operating loss will be carried forward to future tax years. A deferred tax asset for these tax attribute carryforwards was recorded, and no valuation allowance has been provided, as it is more likely than not that the deferred tax asset will be realized. Uncertain Tax Positions At September 30, 2016 , the estimated liability for uncertain tax positions for Con Edison was $37 million ( $5 million for CECONY). Con Edison reasonably expects to resolve approximately $29 million ( $20 million , net of federal taxes) of its uncertain tax positions within the next twelve months, of which the entire amount, if recognized, would reduce Con Edison’s effective tax rate. The amount related to CECONY is approximately $5 million ( $4 million , net of federal taxes), of which the entire amount, if recognized, would reduce CECONY’s effective tax rate. The total amount of unrecognized tax benefits, if recognized, that would reduce Con Edison’s effective tax rate is $37 million ( $25 million , net of federal taxes). The Companies recognize interest on liabilities for uncertain tax positions in interest expense and would recognize penalties, if any, in operating expenses in the Companies’ consolidated income statements. In the three and nine months ended September 30, 2016 , the Companies recognized an immaterial amount of interest expense and no penalties for uncertain tax positions in their consolidated income statements. At September 30, 2016 and December 31, 2015 , the Companies recognized an immaterial amount of accrued interest on their consolidated balance sheets. |
CECONY | |
Income Tax Examination [Line Items] | |
Income Tax | Income Tax Con Edison’s income tax expense increased to $314 million for the three months ended September 30, 2016 from $249 million for the three months ended September 30, 2015 . Con Edison's effective tax rate for the three months ended September 30, 2016 and 2015 was 39 percent and 37 percent, respectively. The increase in Con Edison's effective tax rate is primarily due to higher state income taxes and a decrease in tax benefits for plant-related flow through items, offset in part by higher tax benefits for injuries and damages payments, research and development tax credits and renewable energy tax credits. CECONY’s income tax expense increased to $226 million for the three months ended September 30, 2016 from $222 million for the three months ended September 30, 2015 . CECONY's effective tax rate for the three months ended September 30, 2016 and 2015 was 37 percent . The decrease in tax benefits for plant-related flow through items, were more than offset by lower state income taxes and increased tax benefits as a result of higher injuries and damages payments and research and development tax credits. Con Edison’s income tax expense increased to $602 million for the nine months ended September 30, 2016 from $548 million for the nine months ended September 30, 2015 . Con Edison's effective tax rate for the nine months ended September 30, 2016 and 2015 was 37 percent and 35 percent , respectively. The increase in Con Edison's effective tax rate is primarily due to higher state income taxes and a decrease in tax benefits for plant-related flow through items, offset in part by higher tax benefits for injuries and damages payments, research and development tax credits and renewable energy tax credits. CECONY’s income tax expense decreased to $491 million for the nine months ended September 30, 2016 from $515 million for the nine months ended September 30, 2015 . CECONY's effective tax rate for the nine months ended September 30, 2016 and 2015 was 36 percent and 35 percent , respectively. The increase in CECONY's effective tax rate is primarily related to a decrease in tax benefits for plant-related flow through items, offset in part by lower state income taxes and increased research and development tax credits. In September 2016, Con Edison filed its 2015 federal income tax return, requesting a refund of $19 million of estimated tax payments and, in October 2016, the company received the refund. The company carried back a 2015 net operating loss to 2007, requesting a refund of $16 million of federal income tax and, in October 2016, the company received the refund. Con Edison anticipates a federal net operating loss for 2016, primarily due to bonus depreciation. Con Edison expects to carryback a portion of its 2016 net operating loss and recover $32 million of income tax. General business tax credits that became available as a result of the net operating loss carryback, as well as the remaining 2016 net operating loss will be carried forward to future tax years. A deferred tax asset for these tax attribute carryforwards was recorded, and no valuation allowance has been provided, as it is more likely than not that the deferred tax asset will be realized. Uncertain Tax Positions At September 30, 2016 , the estimated liability for uncertain tax positions for Con Edison was $37 million ( $5 million for CECONY). Con Edison reasonably expects to resolve approximately $29 million ( $20 million , net of federal taxes) of its uncertain tax positions within the next twelve months, of which the entire amount, if recognized, would reduce Con Edison’s effective tax rate. The amount related to CECONY is approximately $5 million ( $4 million , net of federal taxes), of which the entire amount, if recognized, would reduce CECONY’s effective tax rate. The total amount of unrecognized tax benefits, if recognized, that would reduce Con Edison’s effective tax rate is $37 million ( $25 million , net of federal taxes). The Companies recognize interest on liabilities for uncertain tax positions in interest expense and would recognize penalties, if any, in operating expenses in the Companies’ consolidated income statements. In the three and nine months ended September 30, 2016 , the Companies recognized an immaterial amount of interest expense and no penalties for uncertain tax positions in their consolidated income statements. At September 30, 2016 and December 31, 2015 , the Companies recognized an immaterial amount of accrued interest on their consolidated balance sheets. |
Financial Information by Busine
Financial Information by Business Segment | 9 Months Ended |
Sep. 30, 2016 | |
Segment Reporting Information [Line Items] | |
Financial Information by Business Segment | Financial Information by Business Segment Con Edison’s principal business segments prior to June 2016 were CECONY’s regulated utility activities, O&R’s regulated utility activities and Con Edison’s competitive energy businesses. CECONY’s principal business segments are its regulated electric, gas and steam utility activities. In 2016, Con Edison Transmission began investing, through CET Electric and CET Gas, in electric transmission and gas pipeline and storage assets (see Note P). As a result of these investments, in June 2016 Con Edison changed its business segments to add Con Edison Transmission as a separate reportable segment based on management’s reporting and decision-making, including performance evaluation and resource allocation. For comparison purposes, the previously reported financial information by business segments was reclassified to reflect the current business segment presentation. The financial data for the business segments are as follows: 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 2016 2015 2016 2015 2016 2015 2016 2015 CECONY Electric $6,222 $6,416 $13 $13 $645 $610 $1,487 $1,511 $3 $(3) $342 $333 $412 $401 $30,580 $30,369 $1,133 $1,165 Gas 1,113 1,177 4 4 118 105 273 278 (1) (1) 79 71 73 82 7,300 6,687 589 466 Steam 406 529 65 65 62 58 39 100 — — 30 31 18 42 2,556 2,614 74 65 Consolidation adjustments — — (82) (82) — — — — — — — — — — — — — — Total CECONY $7,741 $8,122 $— $— $825 $773 $1,799 $1,889 $2 $(4) $451 $435 $503 $525 $40,436 $39,670 $1,796 $1,696 O&R Electric $497 $523 $— $— $37 $38 $86 $85 $1 $(2) $19 $18 $27 $26 $1,985 $1,959 $70 $72 Gas 133 117 — — 13 13 28 — — (2) 9 9 8 (4) 799 754 36 29 Total O&R $630 $640 $— $— $50 $51 $114 $85 $1 $(4) $28 $27 $35 $22 $2,784 $2,713 $106 $101 Competitive energy businesses $998 $1,087 $7 $(5) $30 $16 $184 $53 $36 $33 $23 $5 $76 $24 $2,394 $1,547 $677 $676 Con Edison Transmission — — — — — — (1) — 23 — 4 — — — 1,072 2 — — Other (a) (1) (2) (7) 5 — — 1 1 (1) (2) 11 19 6 3 630 1,039 — — Total Con Edison $9,368 $9,847 $— $— $905 $840 $2,097 $2,028 $61 $23 $517 $486 $620 $574 $47,316 $44,971 $2,579 $2,473 (a) Parent company and consolidation adjustments. Other does not represent a business segment. |
CECONY | |
Segment Reporting Information [Line Items] | |
Financial Information by Business Segment | Financial Information by Business Segment Con Edison’s principal business segments prior to June 2016 were CECONY’s regulated utility activities, O&R’s regulated utility activities and Con Edison’s competitive energy businesses. CECONY’s principal business segments are its regulated electric, gas and steam utility activities. In 2016, Con Edison Transmission began investing, through CET Electric and CET Gas, in electric transmission and gas pipeline and storage assets (see Note P). As a result of these investments, in June 2016 Con Edison changed its business segments to add Con Edison Transmission as a separate reportable segment based on management’s reporting and decision-making, including performance evaluation and resource allocation. For comparison purposes, the previously reported financial information by business segments was reclassified to reflect the current business segment presentation. The financial data for the business segments are as follows: 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 2016 2015 2016 2015 2016 2015 2016 2015 CECONY Electric $6,222 $6,416 $13 $13 $645 $610 $1,487 $1,511 $3 $(3) $342 $333 $412 $401 $30,580 $30,369 $1,133 $1,165 Gas 1,113 1,177 4 4 118 105 273 278 (1) (1) 79 71 73 82 7,300 6,687 589 466 Steam 406 529 65 65 62 58 39 100 — — 30 31 18 42 2,556 2,614 74 65 Consolidation adjustments — — (82) (82) — — — — — — — — — — — — — — Total CECONY $7,741 $8,122 $— $— $825 $773 $1,799 $1,889 $2 $(4) $451 $435 $503 $525 $40,436 $39,670 $1,796 $1,696 O&R Electric $497 $523 $— $— $37 $38 $86 $85 $1 $(2) $19 $18 $27 $26 $1,985 $1,959 $70 $72 Gas 133 117 — — 13 13 28 — — (2) 9 9 8 (4) 799 754 36 29 Total O&R $630 $640 $— $— $50 $51 $114 $85 $1 $(4) $28 $27 $35 $22 $2,784 $2,713 $106 $101 Competitive energy businesses $998 $1,087 $7 $(5) $30 $16 $184 $53 $36 $33 $23 $5 $76 $24 $2,394 $1,547 $677 $676 Con Edison Transmission — — — — — — (1) — 23 — 4 — — — 1,072 2 — — Other (a) (1) (2) (7) 5 — — 1 1 (1) (2) 11 19 6 3 630 1,039 — — Total Con Edison $9,368 $9,847 $— $— $905 $840 $2,097 $2,028 $61 $23 $517 $486 $620 $574 $47,316 $44,971 $2,579 $2,473 (a) Parent company and consolidation adjustments. Other does not represent a business segment. |
Derivative Instruments and Hedg
Derivative Instruments and Hedging Activities | 9 Months Ended |
Sep. 30, 2016 | |
Derivative [Line Items] | |
Derivative Instruments and Hedging Activities | Derivative Instruments and Hedging Activities Con Edison’s subsidiaries hedge market price fluctuations associated with physical purchases and sales of electricity, natural gas, steam and, to a lesser extent, refined fuels by using derivative instruments including futures, forwards, basis swaps, options, transmission congestion contracts and financial transmission rights contracts. Derivatives are recognized on the consolidated balance sheet at fair value (see Note L), unless an exception is available under the accounting rules for derivatives and hedging. Qualifying derivative contracts that have been designated as normal purchases or normal sales contracts are not reported at fair value under the accounting rules. The fair values of the Companies’ commodity derivatives including the offsetting of assets and liabilities on the consolidated balance sheet at September 30, 2016 and December 31, 2015 were: (Millions of Dollars) 2016 2015 Balance Sheet Location Gross Amounts of Recognized Assets/(Liabilities) Gross Amounts Offset Net Amounts of Assets/ (Liabilities) (a) Gross Amounts of Recognized Assets/(Liabilities) Gross Amounts Offset Net Amounts of Assets/ (Liabilities) (a) Con Edison Fair value of derivative assets Current $75 $(60) $15 (b) $59 $(41) $18 (b) Current - assets held for sale (c) — — — 51 (50) 1 Noncurrent 58 (57) 1 57 (54) 3 Noncurrent - assets held for sale (c) — — — 15 (15) — Total fair value of derivative assets $133 $(117) $16 $182 $(160) $22 Fair value of derivative liabilities Current $(143) $73 $(70) $(144) $78 $(66) Current - liabilities held for sale (c) — — — (115) 50 (65) Noncurrent (111) 59 (52) (102) 63 (39) Noncurrent - liabilities held for sale (c) — — — (28) 15 (13) Total fair value of derivative liabilities $(254) $132 $(122) $(389) $206 $(183) Net fair value derivative assets/(liabilities) $(121) $15 $(106) (b) $(207) $46 $(161) (b) CECONY Fair value of derivative assets Current $52 $(46) $6 (b) $40 $(32) $8 (b) Noncurrent 45 (45) — 48 (47) 1 Total fair value of derivative assets $97 $(91) $6 $88 $(79) $9 Fair value of derivative liabilities Current $(122) $61 $(61) $(121) $71 $(50) Noncurrent (92) 47 (45) (92) 56 (36) Total fair value of derivative liabilities $(214) $108 $(106) $(213) $127 $(86) Net fair value derivative assets/(liabilities) $(117) $17 $(100) (b) $(125) $48 $(77) (b) (a) Derivative instruments and collateral were offset on the consolidated balance sheet as applicable under the accounting rules. The Companies enter into master agreements for their commodity derivatives. These agreements typically provide offset in the event of contract termination. In such case, generally the non-defaulting party’s payable will be offset by the defaulting party’s payable. The non-defaulting party will customarily notify the defaulting party within a specific time period and come to an agreement on the early termination amount. (b) At September 30, 2016 and December 31, 2015 , margin deposits for Con Edison ( $12 million and $26 million , respectively) and CECONY ( $12 million and $26 million , respectively) were classified as derivative assets on the consolidated balance sheet, but not included in the table. Margin is collateral, typically cash, that the holder of a derivative instrument is required to deposit in order to transact on an exchange and to cover its potential losses with its broker or the exchange. (c) Amounts represent derivative assets and liabilities included in assets and liabilities held for sale on the consolidated balance sheet. The Utilities generally recover their prudently incurred fuel, purchased power and gas costs, including hedging gains and losses, in accordance with rate provisions approved by the applicable state utility regulators. In accordance with the accounting rules for regulated operations, the Utilities record a regulatory asset or liability to defer recognition of unrealized gains and losses on their electric and gas derivatives. As gains and losses are realized in future periods, they will be recognized as purchased power, gas and fuel costs in the Companies’ consolidated income statements. Con Edison’s competitive energy businesses record realized and unrealized gains and losses on their derivative contracts in purchased power, gas purchased for resale and non-utility revenue in the reporting period in which they occur. Management believes that these derivative instruments represent economic hedges that mitigate exposure to fluctuations in commodity prices. The following table presents the realized and unrealized gains or losses on commodity derivatives that have been deferred or recognized in earnings for the three and nine months ended September 30, 2016 and 2015 : For the Three Months Ended September 30, Con Edison CECONY (Millions of Dollars) Balance Sheet Location 2016 2015 2016 2015 Pre-tax gains/(losses) deferred in accordance with accounting rules for regulated operations: Current Deferred derivative gains $(1) $(1) $(3) $(1) Noncurrent Deferred derivative gains (2) — — — Total deferred gains/(losses) $(3) $(1) $(3) $(1) Current Deferred derivative losses $(19) $8 $(18) $8 Current Recoverable energy costs (39) (53) (35) (49) Noncurrent Deferred derivative losses (17) 14 (14) 13 Total deferred gains/(losses) $(75) $(31) $(67) $(28) Net deferred gains/(losses) $(78) $(32) $(70) $(29) Income Statement Location Pre-tax gain/(loss) recognized in income Purchased power expense $(37) (a) $(31) (b) $— $— Gas purchased for resale (38) (26) — — Non-utility revenue (2) (a) 5 (b) — — Total pre-tax gain/(loss) recognized in income $(77) $(52) $— $— (a) For the three months ended September 30, 2016 , Con Edison recorded unrealized losses in non-utility operating revenue ( $2 million ) and purchase power expense ( $23 million ). (b) For the three months ended September 30, 2015 , Con Edison recorded in purchased power expense an unrealized pre-tax gain of $12 million . For the Nine Months Ended September 30, Con Edison CECONY (Millions of Dollars) Balance Sheet Location 2016 2015 2016 2015 Pre-tax gains/(losses) deferred in accordance with accounting rules for regulated operations: Current Deferred derivative gains $6 $— $2 $1 Noncurrent Deferred derivative gains (1) — (1) — Total deferred gains/(losses) $5 $— $1 $1 Current Deferred derivative losses $19 $40 $16 $40 Current Recoverable energy costs (163) (92) (148) (87) Noncurrent Deferred derivative losses (5) (7) (3) (5) Total deferred gains/(losses) $(149) $(59) $(135) $(52) Net deferred gains/(losses) $(144) $(59) $(134) $(51) Income Statement Location Pre-tax gain/(loss) recognized in income Purchased power expense $(106) (a) $(60) (b) $— $— Gas purchased for resale (72) (94) — — Non-utility revenue 15 (a) 20 (b) — — Total pre-tax gain/(loss) recognized in income $(163) $(134) $— $— (a) For the nine months ended September 30, 2016 , Con Edison recorded unrealized gains and losses in non-utility operating revenue ( $3 million loss) and purchase power expense ( $11 million gain). (b) For the nine months ended September 30, 2015 , Con Edison recorded unrealized pre-tax gains and losses in non-utility operating revenue ( $3 million loss) and purchased power expense ( $6 million gain). The following table presents the hedged volume of Con Edison’s and CECONY’s derivative transactions at September 30, 2016 : Electric Energy (MWh) (a)(b) Capacity (MW) (a) Natural Gas (Dt) (a)(b) Refined Fuels (gallons) Con Edison 22,797,395 15,472 69,954,738 1,344,000 CECONY 20,724,225 9,000 70,100,000 1,344,000 (a) Volumes are reported net of long and short positions, except natural gas collars where the volumes of long positions are reported. (b) Excludes electric congestion and gas basis swap contracts, which are associated with electric and gas contracts and hedged volumes. The Companies are exposed to credit risk related to transactions entered into primarily for the various energy supply and hedging activities by the Utilities and the competitive energy businesses. Credit risk relates to the loss that may result from a counterparty’s nonperformance. The Companies use credit policies to manage this risk, including an established credit approval process, monitoring of counterparty limits, netting provisions within agreements, collateral or prepayment arrangements, credit insurance and credit default swaps. The Companies measure credit risk exposure as the replacement cost for open energy commodity and derivative positions plus amounts owed from counterparties for settled transactions. The replacement cost of open positions represents unrealized gains, net of any unrealized losses where the Companies have a legally enforceable right to offset. At September 30, 2016 , Con Edison and CECONY had $141 million and $13 million of credit exposure in connection with energy supply and hedging activities, net of collateral, respectively. Con Edison’s net credit exposure consisted of $77 million with independent system operators, $34 million with investment-grade counterparties, $20 million with commodity exchange brokers, and $10 million with non-investment grade/non-rated counterparties. CECONY’s net credit exposure consisted of $12 million with commodity exchange brokers and $1 million with investment-grade counterparties. The collateral requirements associated with, and settlement of, derivative transactions are included in net cash flows from operating activities in the Companies’ consolidated statement of cash flows. Most derivative instrument contracts contain provisions that may require a party to provide collateral on its derivative instruments that are in a net liability position. The amount of collateral to be provided will depend on the fair value of the derivative instruments and the party’s credit ratings. The following table presents the aggregate fair value of the Companies’ derivative instruments with credit-risk-related contingent features that are in a net liability position, the collateral posted for such positions and the additional collateral that would have been required to be posted had the lowest applicable credit rating been reduced one level and to below investment grade at September 30, 2016 : (Millions of Dollars) Con Edison (a) CECONY (a) Aggregate fair value – net liabilities $111 $97 Collateral posted 24 23 Additional collateral (b) (downgrade one level from current ratings) 18 15 Additional collateral (b) (downgrade to below investment grade from current ratings) 106 (c) 84 (c) (a) Non-derivative transactions for the purchase and sale of electricity and gas and qualifying derivative instruments, which have been designated as normal purchases or normal sales, are excluded from the table. These transactions primarily include purchases of electricity from independent system operators. In the event the Utilities and the competitive energy businesses were no longer extended unsecured credit for such purchases, the Companies would be required to post additional collateral of $10 million at September 30, 2016 . For certain other such non-derivative transactions, the Companies could be required to post collateral under certain circumstances, including in the event counterparties had reasonable grounds for insecurity. (b) The Companies measure the collateral requirements by taking into consideration the fair value amounts of derivative instruments that contain credit-risk-related contingent features that are in a net liabilities position plus amounts owed to counterparties for settled transactions and amounts required by counterparties for minimum financial security. The fair value amounts represent unrealized losses, net of any unrealized gains where the Companies have a legally enforceable right to offset. (c) Derivative instruments that are net assets have been excluded from the table. At September 30, 2016 , if Con Edison had been downgraded to below investment grade, it would have been required to post additional collateral for such derivative instruments of $9 million . |
CECONY | |
Derivative [Line Items] | |
Derivative Instruments and Hedging Activities | Derivative Instruments and Hedging Activities Con Edison’s subsidiaries hedge market price fluctuations associated with physical purchases and sales of electricity, natural gas, steam and, to a lesser extent, refined fuels by using derivative instruments including futures, forwards, basis swaps, options, transmission congestion contracts and financial transmission rights contracts. Derivatives are recognized on the consolidated balance sheet at fair value (see Note L), unless an exception is available under the accounting rules for derivatives and hedging. Qualifying derivative contracts that have been designated as normal purchases or normal sales contracts are not reported at fair value under the accounting rules. The fair values of the Companies’ commodity derivatives including the offsetting of assets and liabilities on the consolidated balance sheet at September 30, 2016 and December 31, 2015 were: (Millions of Dollars) 2016 2015 Balance Sheet Location Gross Amounts of Recognized Assets/(Liabilities) Gross Amounts Offset Net Amounts of Assets/ (Liabilities) (a) Gross Amounts of Recognized Assets/(Liabilities) Gross Amounts Offset Net Amounts of Assets/ (Liabilities) (a) Con Edison Fair value of derivative assets Current $75 $(60) $15 (b) $59 $(41) $18 (b) Current - assets held for sale (c) — — — 51 (50) 1 Noncurrent 58 (57) 1 57 (54) 3 Noncurrent - assets held for sale (c) — — — 15 (15) — Total fair value of derivative assets $133 $(117) $16 $182 $(160) $22 Fair value of derivative liabilities Current $(143) $73 $(70) $(144) $78 $(66) Current - liabilities held for sale (c) — — — (115) 50 (65) Noncurrent (111) 59 (52) (102) 63 (39) Noncurrent - liabilities held for sale (c) — — — (28) 15 (13) Total fair value of derivative liabilities $(254) $132 $(122) $(389) $206 $(183) Net fair value derivative assets/(liabilities) $(121) $15 $(106) (b) $(207) $46 $(161) (b) CECONY Fair value of derivative assets Current $52 $(46) $6 (b) $40 $(32) $8 (b) Noncurrent 45 (45) — 48 (47) 1 Total fair value of derivative assets $97 $(91) $6 $88 $(79) $9 Fair value of derivative liabilities Current $(122) $61 $(61) $(121) $71 $(50) Noncurrent (92) 47 (45) (92) 56 (36) Total fair value of derivative liabilities $(214) $108 $(106) $(213) $127 $(86) Net fair value derivative assets/(liabilities) $(117) $17 $(100) (b) $(125) $48 $(77) (b) (a) Derivative instruments and collateral were offset on the consolidated balance sheet as applicable under the accounting rules. The Companies enter into master agreements for their commodity derivatives. These agreements typically provide offset in the event of contract termination. In such case, generally the non-defaulting party’s payable will be offset by the defaulting party’s payable. The non-defaulting party will customarily notify the defaulting party within a specific time period and come to an agreement on the early termination amount. (b) At September 30, 2016 and December 31, 2015 , margin deposits for Con Edison ( $12 million and $26 million , respectively) and CECONY ( $12 million and $26 million , respectively) were classified as derivative assets on the consolidated balance sheet, but not included in the table. Margin is collateral, typically cash, that the holder of a derivative instrument is required to deposit in order to transact on an exchange and to cover its potential losses with its broker or the exchange. (c) Amounts represent derivative assets and liabilities included in assets and liabilities held for sale on the consolidated balance sheet. The Utilities generally recover their prudently incurred fuel, purchased power and gas costs, including hedging gains and losses, in accordance with rate provisions approved by the applicable state utility regulators. In accordance with the accounting rules for regulated operations, the Utilities record a regulatory asset or liability to defer recognition of unrealized gains and losses on their electric and gas derivatives. As gains and losses are realized in future periods, they will be recognized as purchased power, gas and fuel costs in the Companies’ consolidated income statements. Con Edison’s competitive energy businesses record realized and unrealized gains and losses on their derivative contracts in purchased power, gas purchased for resale and non-utility revenue in the reporting period in which they occur. Management believes that these derivative instruments represent economic hedges that mitigate exposure to fluctuations in commodity prices. The following table presents the realized and unrealized gains or losses on commodity derivatives that have been deferred or recognized in earnings for the three and nine months ended September 30, 2016 and 2015 : For the Three Months Ended September 30, Con Edison CECONY (Millions of Dollars) Balance Sheet Location 2016 2015 2016 2015 Pre-tax gains/(losses) deferred in accordance with accounting rules for regulated operations: Current Deferred derivative gains $(1) $(1) $(3) $(1) Noncurrent Deferred derivative gains (2) — — — Total deferred gains/(losses) $(3) $(1) $(3) $(1) Current Deferred derivative losses $(19) $8 $(18) $8 Current Recoverable energy costs (39) (53) (35) (49) Noncurrent Deferred derivative losses (17) 14 (14) 13 Total deferred gains/(losses) $(75) $(31) $(67) $(28) Net deferred gains/(losses) $(78) $(32) $(70) $(29) Income Statement Location Pre-tax gain/(loss) recognized in income Purchased power expense $(37) (a) $(31) (b) $— $— Gas purchased for resale (38) (26) — — Non-utility revenue (2) (a) 5 (b) — — Total pre-tax gain/(loss) recognized in income $(77) $(52) $— $— (a) For the three months ended September 30, 2016 , Con Edison recorded unrealized losses in non-utility operating revenue ( $2 million ) and purchase power expense ( $23 million ). (b) For the three months ended September 30, 2015 , Con Edison recorded in purchased power expense an unrealized pre-tax gain of $12 million . For the Nine Months Ended September 30, Con Edison CECONY (Millions of Dollars) Balance Sheet Location 2016 2015 2016 2015 Pre-tax gains/(losses) deferred in accordance with accounting rules for regulated operations: Current Deferred derivative gains $6 $— $2 $1 Noncurrent Deferred derivative gains (1) — (1) — Total deferred gains/(losses) $5 $— $1 $1 Current Deferred derivative losses $19 $40 $16 $40 Current Recoverable energy costs (163) (92) (148) (87) Noncurrent Deferred derivative losses (5) (7) (3) (5) Total deferred gains/(losses) $(149) $(59) $(135) $(52) Net deferred gains/(losses) $(144) $(59) $(134) $(51) Income Statement Location Pre-tax gain/(loss) recognized in income Purchased power expense $(106) (a) $(60) (b) $— $— Gas purchased for resale (72) (94) — — Non-utility revenue 15 (a) 20 (b) — — Total pre-tax gain/(loss) recognized in income $(163) $(134) $— $— (a) For the nine months ended September 30, 2016 , Con Edison recorded unrealized gains and losses in non-utility operating revenue ( $3 million loss) and purchase power expense ( $11 million gain). (b) For the nine months ended September 30, 2015 , Con Edison recorded unrealized pre-tax gains and losses in non-utility operating revenue ( $3 million loss) and purchased power expense ( $6 million gain). The following table presents the hedged volume of Con Edison’s and CECONY’s derivative transactions at September 30, 2016 : Electric Energy (MWh) (a)(b) Capacity (MW) (a) Natural Gas (Dt) (a)(b) Refined Fuels (gallons) Con Edison 22,797,395 15,472 69,954,738 1,344,000 CECONY 20,724,225 9,000 70,100,000 1,344,000 (a) Volumes are reported net of long and short positions, except natural gas collars where the volumes of long positions are reported. (b) Excludes electric congestion and gas basis swap contracts, which are associated with electric and gas contracts and hedged volumes. The Companies are exposed to credit risk related to transactions entered into primarily for the various energy supply and hedging activities by the Utilities and the competitive energy businesses. Credit risk relates to the loss that may result from a counterparty’s nonperformance. The Companies use credit policies to manage this risk, including an established credit approval process, monitoring of counterparty limits, netting provisions within agreements, collateral or prepayment arrangements, credit insurance and credit default swaps. The Companies measure credit risk exposure as the replacement cost for open energy commodity and derivative positions plus amounts owed from counterparties for settled transactions. The replacement cost of open positions represents unrealized gains, net of any unrealized losses where the Companies have a legally enforceable right to offset. At September 30, 2016 , Con Edison and CECONY had $141 million and $13 million of credit exposure in connection with energy supply and hedging activities, net of collateral, respectively. Con Edison’s net credit exposure consisted of $77 million with independent system operators, $34 million with investment-grade counterparties, $20 million with commodity exchange brokers, and $10 million with non-investment grade/non-rated counterparties. CECONY’s net credit exposure consisted of $12 million with commodity exchange brokers and $1 million with investment-grade counterparties. The collateral requirements associated with, and settlement of, derivative transactions are included in net cash flows from operating activities in the Companies’ consolidated statement of cash flows. Most derivative instrument contracts contain provisions that may require a party to provide collateral on its derivative instruments that are in a net liability position. The amount of collateral to be provided will depend on the fair value of the derivative instruments and the party’s credit ratings. The following table presents the aggregate fair value of the Companies’ derivative instruments with credit-risk-related contingent features that are in a net liability position, the collateral posted for such positions and the additional collateral that would have been required to be posted had the lowest applicable credit rating been reduced one level and to below investment grade at September 30, 2016 : (Millions of Dollars) Con Edison (a) CECONY (a) Aggregate fair value – net liabilities $111 $97 Collateral posted 24 23 Additional collateral (b) (downgrade one level from current ratings) 18 15 Additional collateral (b) (downgrade to below investment grade from current ratings) 106 (c) 84 (c) (a) Non-derivative transactions for the purchase and sale of electricity and gas and qualifying derivative instruments, which have been designated as normal purchases or normal sales, are excluded from the table. These transactions primarily include purchases of electricity from independent system operators. In the event the Utilities and the competitive energy businesses were no longer extended unsecured credit for such purchases, the Companies would be required to post additional collateral of $10 million at September 30, 2016 . For certain other such non-derivative transactions, the Companies could be required to post collateral under certain circumstances, including in the event counterparties had reasonable grounds for insecurity. (b) The Companies measure the collateral requirements by taking into consideration the fair value amounts of derivative instruments that contain credit-risk-related contingent features that are in a net liabilities position plus amounts owed to counterparties for settled transactions and amounts required by counterparties for minimum financial security. The fair value amounts represent unrealized losses, net of any unrealized gains where the Companies have a legally enforceable right to offset. (c) Derivative instruments that are net assets have been excluded from the table. At September 30, 2016 , if Con Edison had been downgraded to below investment grade, it would have been required to post additional collateral for such derivative instruments of $9 million . |
Fair Value Measurements
Fair Value Measurements | 9 Months Ended |
Sep. 30, 2016 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Fair Value Measurements | Fair Value Measurements The accounting rules for fair value measurements and disclosures define fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date in a principal or most advantageous market. Fair value is a market-based measurement that is determined based on inputs, which refer broadly to assumptions that market participants use in pricing assets or liabilities. These inputs can be readily observable, market corroborated, or generally unobservable firm inputs. The Companies often make certain assumptions that market participants would use in pricing the asset or liability, including assumptions about risk, and the risks inherent in the inputs to valuation techniques. The Companies use valuation techniques that maximize the use of observable inputs and minimize the use of unobservable inputs. The accounting rules for fair value measurements and disclosures established a fair value hierarchy, which prioritizes the inputs to valuation techniques used to measure fair value in three broad levels. The rules require that assets and liabilities be classified in their entirety based on the level of input that is significant to the fair value measurement. Assessing the significance of a particular input may require judgment considering factors specific to the asset or liability, and may affect the valuation of the asset or liability and their placement within the fair value hierarchy. The Companies classify fair value balances based on the fair value hierarchy defined by the accounting rules for fair value measurements and disclosures as follows: • Level 1 – Consists of assets or liabilities whose value is based on unadjusted quoted prices in active markets at the measurement date. An active market is one in which transactions for assets or liabilities occur with sufficient frequency and volume to provide pricing information on an ongoing basis. This category includes contracts traded on active exchange markets valued using unadjusted prices quoted directly from the exchange. • Level 2 – Consists of assets or liabilities valued using industry standard models and based on prices, other than quoted prices within Level 1, that are either directly or indirectly observable as of the measurement date. The industry standard models consider observable assumptions including time value, volatility factors and current market and contractual prices for the underlying commodities, in addition to other economic measures. This category includes contracts traded on active exchanges or in over-the-counter markets priced with industry standard models. • Level 3 – Consists of assets or liabilities whose fair value is estimated based on internally developed models or methodologies using inputs that are generally less readily observable and supported by little, if any, market activity at the measurement date. Unobservable inputs are developed based on the best available information and subject to cost benefit constraints. This category includes contracts priced using models that are internally developed and contracts placed in illiquid markets. It also includes contracts that expire after the period of time for which quoted prices are available and internal models are used to determine a significant portion of the value. Assets and liabilities measured at fair value on a recurring basis as of September 30, 2016 and December 31, 2015 are summarized below. 2016 2015 (Millions of Dollars) Level 1 Level 2 Level 3 Netting Adjustment (e) Total Level 1 Level 2 Level 3 Netting Adjustment (e) Total Con Edison Derivative assets: Commodity (a)(b)(c) $6 $21 $6 $(5) $28 $2 $25 $13 $7 $47 Commodity held for sale (f) — — — — — — 63 1 (63) 1 Other (a)(b)(d) 224 113 — — 337 185 112 — — 297 Total assets $230 $134 $6 $(5) $365 $187 $200 $14 $(56) $345 Derivative liabilities: Commodity (a)(b)(c) $3 $146 $5 $(32) $122 $16 $153 $1 $(65) $105 Commodity held for sale (f) — — — — — 1 133 7 (63) 78 Total liabilities $3 $146 $5 $(32) $122 $17 $286 $8 $(128) $183 CECONY Derivative assets: Commodity (a)(b)(c) $4 $7 $1 $6 $18 $1 $9 $8 $17 $35 Other (a)(b)(d) 200 108 — — 308 171 105 — — 276 Total assets $204 $115 $1 $6 $326 $172 $114 $8 $17 $311 Derivative liabilities: Commodity (a)(b)(c) $2 $126 $1 $(23) $106 $14 $129 $— $(57) $86 (a) The Companies’ policy is to review the fair value hierarchy and recognize transfers into and transfers out of the levels at the end of each reporting period. There were no transfers between levels 1, 2 and 3 for the nine months ended September 30, 2016 and for the year ended December 31, 2015 . (b) Level 2 assets and liabilities include investments held in the deferred compensation plan and/or non-qualified retirement plans, exchange-traded contracts where there is insufficient market liquidity to warrant inclusion in Level 1, certain over-the-counter derivative instruments for electricity, refined products and natural gas. Derivative instruments classified as Level 2 are valued using industry standard models that incorporate corroborated observable inputs; such as pricing services or prices from similar instruments that trade in liquid markets, time value and volatility factors. (c) The accounting rules for fair value measurements and disclosures require consideration of the impact of nonperformance risk (including credit risk) from a market participant perspective in the measurement of the fair value of assets and liabilities. At September 30, 2016 and December 31, 2015 , the Companies determined that nonperformance risk would have no material impact on their financial position or results of operations. (d) Other assets are comprised of assets such as life insurance contracts within the deferred compensation plan and non-qualified retirement plans. (e) Amounts represent the impact of legally-enforceable master netting agreements that allow the Companies to net gain and loss positions and cash collateral held or placed with the same counterparties. (f) Amounts represent derivative assets and liabilities included in Assets and Liabilities held for sale on the consolidated balance sheet. The employees in the Companies’ risk management group develop and maintain the Companies’ valuation policies and procedures for, and verify pricing and fair value valuation of, commodity derivatives. Under the Companies’ policies and procedures, multiple independent sources of information are obtained for forward price curves used to value commodity derivatives. Fair value and changes in fair value of commodity derivatives are reported on a monthly basis to the Companies’ risk committees, comprised of officers and employees of the Companies that oversee energy hedging at the Utilities and the competitive energy businesses. The risk management group reports to the Companies’ Vice President and Treasurer. Fair Value of Level 3 at September 30, 2016 Valuation Techniques Unobservable Inputs Range (Millions of Dollars) Con Edison – Commodity Electricity $(1) Discounted Cash Flow Forward energy prices (a) $19.75-$80.00 per MWh 1 Discounted Cash Flow Forward capacity prices (a) $2.68-$9.45 per kW-month Transmission Congestion Contracts/Financial Transmission Rights 1 Discounted Cash Flow Discount to adjust auction prices for inter-zonal forward price curves (b) 52.8%-59.4% Discount/(premium) to adjust auction prices for historical monthly realized settlements (b) (44.9)%-58.9% Inter-zonal forward price curves adjusted for historical zonal losses (b) $(0.14)-$2.82 per MWh Total Con Edison—Commodity $1 CECONY—Commodity Electricity $(1) Discounted Cash Flow Forward energy prices (a) $21.10-$80.00 per MWh Transmission Congestion Contracts $1 Discounted Cash Flow Discount to adjust auction prices for inter-zonal forward price curves (b) 52.8%-59.4% Discount/(premium) to adjust auction prices for historical monthly realized settlements (b) (44.9)%-58.9% Total CECONY—Commodity $— (a) Generally, increases/(decreases) in this input in isolation would result in a higher/(lower) fair value measurement. (b) Generally, increases/(decreases) in this input in isolation would result in a lower/(higher) fair value measurement. The table listed below provides a reconciliation of the beginning and ending net balances for assets and liabilities measured at fair value as of September 30, 2016 and 2015 and classified as Level 3 in the fair value hierarchy: For the Three Months Ended September 30, Con Edison CECONY (Millions of Dollars) 2016 2015 2016 2015 Beginning balance as of July 1, $5 $13 $2 $11 Included in earnings (4) (4) — (1) Included in regulatory assets and liabilities (5) (1) (3) (1) Purchases — 1 — 1 Sales (a) 4 — — — Settlements 1 (5) 1 (2) Ending balance as of September 30, $1 $4 $— $8 For the Nine Months Ended September 30, Con Edison CECONY (Millions of Dollars) 2016 2015 2016 2015 Beginning balance as of January 1, $6 $20 $8 $13 Included in earnings (1) (18) (1) (5) Included in regulatory assets and liabilities (11) (1) (6) (1) Purchases 2 9 1 5 Sales (a) 4 — — — Settlements 1 (6) (2) (4) Ending balance as of September 30, $1 $4 $— $8 (a) Amounts represent derivative instruments novated as part of the assets of Con Edison Solutions’ retail electric supply business which were sold to a subsidiary of Exelon Corporation (see Note P). For the Utilities, realized gains and losses on Level 3 commodity derivative assets and liabilities are reported as part of purchased power, gas and fuel costs. The Utilities generally recover these costs in accordance with rate provisions approved by the applicable state public utilities regulators. Unrealized gains and losses for commodity derivatives are generally deferred on the consolidated balance sheet in accordance with the accounting rules for regulated operations. For the competitive energy businesses, realized and unrealized gains and losses on Level 3 commodity derivative assets and liabilities are reported in non-utility revenues (immaterial for both periods) and purchased power costs ( $5 million loss and $3 million loss ) on the consolidated income statement for the three months ended September 30, 2016 and 2015 , respectively. Realized and unrealized gains and losses on Level 3 commodity derivative assets and liabilities are reported in non-utility revenues ( immaterial for both periods) and purchased power costs ( $6 million loss and $12 million loss ) on the consolidated income statement for the nine months ended September 30, 2016 , and 2015 , respectively. The change in fair value relating to Level 3 commodity derivative assets and liabilities held at September 30, 2016 and 2015 is included in non-utility revenues ( immaterial for both periods) and purchased power costs ( $4 million loss and $3 million loss ) on the consolidated income statement for the three months ended September 30, 2016 and 2015 , respectively. For the nine months ended September 30, 2016 , and 2015 , the change in fair value relating to Level 3 commodity derivative assets and liabilities is included in non-utility revenues ( immaterial for both periods) and purchased power costs ( $2 million loss and $8 million loss ) on the consolidated income statement, respectively. |
CECONY | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Fair Value Measurements | Fair Value Measurements The accounting rules for fair value measurements and disclosures define fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date in a principal or most advantageous market. Fair value is a market-based measurement that is determined based on inputs, which refer broadly to assumptions that market participants use in pricing assets or liabilities. These inputs can be readily observable, market corroborated, or generally unobservable firm inputs. The Companies often make certain assumptions that market participants would use in pricing the asset or liability, including assumptions about risk, and the risks inherent in the inputs to valuation techniques. The Companies use valuation techniques that maximize the use of observable inputs and minimize the use of unobservable inputs. The accounting rules for fair value measurements and disclosures established a fair value hierarchy, which prioritizes the inputs to valuation techniques used to measure fair value in three broad levels. The rules require that assets and liabilities be classified in their entirety based on the level of input that is significant to the fair value measurement. Assessing the significance of a particular input may require judgment considering factors specific to the asset or liability, and may affect the valuation of the asset or liability and their placement within the fair value hierarchy. The Companies classify fair value balances based on the fair value hierarchy defined by the accounting rules for fair value measurements and disclosures as follows: • Level 1 – Consists of assets or liabilities whose value is based on unadjusted quoted prices in active markets at the measurement date. An active market is one in which transactions for assets or liabilities occur with sufficient frequency and volume to provide pricing information on an ongoing basis. This category includes contracts traded on active exchange markets valued using unadjusted prices quoted directly from the exchange. • Level 2 – Consists of assets or liabilities valued using industry standard models and based on prices, other than quoted prices within Level 1, that are either directly or indirectly observable as of the measurement date. The industry standard models consider observable assumptions including time value, volatility factors and current market and contractual prices for the underlying commodities, in addition to other economic measures. This category includes contracts traded on active exchanges or in over-the-counter markets priced with industry standard models. • Level 3 – Consists of assets or liabilities whose fair value is estimated based on internally developed models or methodologies using inputs that are generally less readily observable and supported by little, if any, market activity at the measurement date. Unobservable inputs are developed based on the best available information and subject to cost benefit constraints. This category includes contracts priced using models that are internally developed and contracts placed in illiquid markets. It also includes contracts that expire after the period of time for which quoted prices are available and internal models are used to determine a significant portion of the value. Assets and liabilities measured at fair value on a recurring basis as of September 30, 2016 and December 31, 2015 are summarized below. 2016 2015 (Millions of Dollars) Level 1 Level 2 Level 3 Netting Adjustment (e) Total Level 1 Level 2 Level 3 Netting Adjustment (e) Total Con Edison Derivative assets: Commodity (a)(b)(c) $6 $21 $6 $(5) $28 $2 $25 $13 $7 $47 Commodity held for sale (f) — — — — — — 63 1 (63) 1 Other (a)(b)(d) 224 113 — — 337 185 112 — — 297 Total assets $230 $134 $6 $(5) $365 $187 $200 $14 $(56) $345 Derivative liabilities: Commodity (a)(b)(c) $3 $146 $5 $(32) $122 $16 $153 $1 $(65) $105 Commodity held for sale (f) — — — — — 1 133 7 (63) 78 Total liabilities $3 $146 $5 $(32) $122 $17 $286 $8 $(128) $183 CECONY Derivative assets: Commodity (a)(b)(c) $4 $7 $1 $6 $18 $1 $9 $8 $17 $35 Other (a)(b)(d) 200 108 — — 308 171 105 — — 276 Total assets $204 $115 $1 $6 $326 $172 $114 $8 $17 $311 Derivative liabilities: Commodity (a)(b)(c) $2 $126 $1 $(23) $106 $14 $129 $— $(57) $86 (a) The Companies’ policy is to review the fair value hierarchy and recognize transfers into and transfers out of the levels at the end of each reporting period. There were no transfers between levels 1, 2 and 3 for the nine months ended September 30, 2016 and for the year ended December 31, 2015 . (b) Level 2 assets and liabilities include investments held in the deferred compensation plan and/or non-qualified retirement plans, exchange-traded contracts where there is insufficient market liquidity to warrant inclusion in Level 1, certain over-the-counter derivative instruments for electricity, refined products and natural gas. Derivative instruments classified as Level 2 are valued using industry standard models that incorporate corroborated observable inputs; such as pricing services or prices from similar instruments that trade in liquid markets, time value and volatility factors. (c) The accounting rules for fair value measurements and disclosures require consideration of the impact of nonperformance risk (including credit risk) from a market participant perspective in the measurement of the fair value of assets and liabilities. At September 30, 2016 and December 31, 2015 , the Companies determined that nonperformance risk would have no material impact on their financial position or results of operations. (d) Other assets are comprised of assets such as life insurance contracts within the deferred compensation plan and non-qualified retirement plans. (e) Amounts represent the impact of legally-enforceable master netting agreements that allow the Companies to net gain and loss positions and cash collateral held or placed with the same counterparties. (f) Amounts represent derivative assets and liabilities included in Assets and Liabilities held for sale on the consolidated balance sheet. The employees in the Companies’ risk management group develop and maintain the Companies’ valuation policies and procedures for, and verify pricing and fair value valuation of, commodity derivatives. Under the Companies’ policies and procedures, multiple independent sources of information are obtained for forward price curves used to value commodity derivatives. Fair value and changes in fair value of commodity derivatives are reported on a monthly basis to the Companies’ risk committees, comprised of officers and employees of the Companies that oversee energy hedging at the Utilities and the competitive energy businesses. The risk management group reports to the Companies’ Vice President and Treasurer. Fair Value of Level 3 at September 30, 2016 Valuation Techniques Unobservable Inputs Range (Millions of Dollars) Con Edison – Commodity Electricity $(1) Discounted Cash Flow Forward energy prices (a) $19.75-$80.00 per MWh 1 Discounted Cash Flow Forward capacity prices (a) $2.68-$9.45 per kW-month Transmission Congestion Contracts/Financial Transmission Rights 1 Discounted Cash Flow Discount to adjust auction prices for inter-zonal forward price curves (b) 52.8%-59.4% Discount/(premium) to adjust auction prices for historical monthly realized settlements (b) (44.9)%-58.9% Inter-zonal forward price curves adjusted for historical zonal losses (b) $(0.14)-$2.82 per MWh Total Con Edison—Commodity $1 CECONY—Commodity Electricity $(1) Discounted Cash Flow Forward energy prices (a) $21.10-$80.00 per MWh Transmission Congestion Contracts $1 Discounted Cash Flow Discount to adjust auction prices for inter-zonal forward price curves (b) 52.8%-59.4% Discount/(premium) to adjust auction prices for historical monthly realized settlements (b) (44.9)%-58.9% Total CECONY—Commodity $— (a) Generally, increases/(decreases) in this input in isolation would result in a higher/(lower) fair value measurement. (b) Generally, increases/(decreases) in this input in isolation would result in a lower/(higher) fair value measurement. The table listed below provides a reconciliation of the beginning and ending net balances for assets and liabilities measured at fair value as of September 30, 2016 and 2015 and classified as Level 3 in the fair value hierarchy: For the Three Months Ended September 30, Con Edison CECONY (Millions of Dollars) 2016 2015 2016 2015 Beginning balance as of July 1, $5 $13 $2 $11 Included in earnings (4) (4) — (1) Included in regulatory assets and liabilities (5) (1) (3) (1) Purchases — 1 — 1 Sales (a) 4 — — — Settlements 1 (5) 1 (2) Ending balance as of September 30, $1 $4 $— $8 For the Nine Months Ended September 30, Con Edison CECONY (Millions of Dollars) 2016 2015 2016 2015 Beginning balance as of January 1, $6 $20 $8 $13 Included in earnings (1) (18) (1) (5) Included in regulatory assets and liabilities (11) (1) (6) (1) Purchases 2 9 1 5 Sales (a) 4 — — — Settlements 1 (6) (2) (4) Ending balance as of September 30, $1 $4 $— $8 (a) Amounts represent derivative instruments novated as part of the assets of Con Edison Solutions’ retail electric supply business which were sold to a subsidiary of Exelon Corporation (see Note P). For the Utilities, realized gains and losses on Level 3 commodity derivative assets and liabilities are reported as part of purchased power, gas and fuel costs. The Utilities generally recover these costs in accordance with rate provisions approved by the applicable state public utilities regulators. Unrealized gains and losses for commodity derivatives are generally deferred on the consolidated balance sheet in accordance with the accounting rules for regulated operations. For the competitive energy businesses, realized and unrealized gains and losses on Level 3 commodity derivative assets and liabilities are reported in non-utility revenues (immaterial for both periods) and purchased power costs ( $5 million loss and $3 million loss ) on the consolidated income statement for the three months ended September 30, 2016 and 2015 , respectively. Realized and unrealized gains and losses on Level 3 commodity derivative assets and liabilities are reported in non-utility revenues ( immaterial for both periods) and purchased power costs ( $6 million loss and $12 million loss ) on the consolidated income statement for the nine months ended September 30, 2016 , and 2015 , respectively. The change in fair value relating to Level 3 commodity derivative assets and liabilities held at September 30, 2016 and 2015 is included in non-utility revenues ( immaterial for both periods) and purchased power costs ( $4 million loss and $3 million loss ) on the consolidated income statement for the three months ended September 30, 2016 and 2015 , respectively. For the nine months ended September 30, 2016 , and 2015 , the change in fair value relating to Level 3 commodity derivative assets and liabilities is included in non-utility revenues ( immaterial for both periods) and purchased power costs ( $2 million loss and $8 million loss ) on the consolidated income statement, respectively. |
Variable Interest Entities
Variable Interest Entities | 9 Months Ended |
Sep. 30, 2016 | |
Schedule of Equity Method Investments [Line Items] | |
Variable Interest Entities | Variable Interest Entities Con Edison enters into arrangements including leases, partnerships and electricity purchase agreements, with various entities. As a result of these arrangements, Con Edison retains or may retain a variable interest in these entities. CECONY had a variable interest in a non-consolidated variable interest entity (VIE), Astoria Energy, LLC (Astoria Energy), with which CECONY entered into a long-term electricity purchase agreement that expired in April 2016. CECONY has ongoing long-term electricity purchase agreements with the following two potential VIEs: Cogen Technologies Linden Venture, LP, and Brooklyn Navy Yard Cogeneration Partners, LP. In 2015 , requests were made of these two counterparties for information necessary to determine whether the entity was a VIE and whether CECONY is the primary beneficiary; however, the information was not made available. The payments for these contracts constitute CECONY’s maximum exposure to loss with respect to the potential VIEs. The following table summarizes the VIEs in which Con Edison Development has entered into as of September 30, 2016 : Project Name (a) Generating Capacity (b) (MW AC) Power Purchase Agreement Term (in Years) Year of Initial Investment Location Maximum Exposure to Loss ( Millions of Dollars ) (c) Copper Mountain Solar 3 128 20 2014 Nevada $179 Panoche Valley (d) 120 20 2015 California 274 Mesquite Solar 1 83 20 2013 Arizona 107 Copper Mountain Solar 2 75 25 2013 Nevada 84 California Solar 55 25 2012 California 70 Broken Bow II 38 25 2014 Nebraska 51 Texas Solar 4 32 25 2014 Texas 43 (a) With the exception of Texas Solar 4, Con Edison’s ownership interest is 50 percent and these projects are accounted for using the equity method of accounting. Con Edison is not the primary beneficiary since the power to direct the activities that most significantly impact the economics of the entities are shared equally between Con Edison Development and third parties. Con Edison’s ownership interest in Texas Solar 4 is 80 percent and is consolidated in the financial statements. Con Edison is the primary beneficiary since the power to direct the activities that most significantly impact the economics of Texas Solar 4 is held by Con Edison Development. The maximum exposure for Texas Solar 4 is the net assets of the investment offset by an $8 million noncontrolling interest. (b) Represents Con Edison Development’s ownership interest in the project. (c) For investments accounted for under the equity method, maximum exposure is equal to the carrying value of the investment on the consolidated balance sheet and any related receivables due from the project. For consolidated investments, maximum exposure is equal to the net assets of the project on the consolidated balance sheet less any applicable noncontrolling interest. Con Edison did not provide any financial or other support during the year that was not previously contractually required. (d) In October 2016, Con Edison Development acquired the remaining 50 percent ownership interest in the project. See Note P. |
CECONY | |
Schedule of Equity Method Investments [Line Items] | |
Variable Interest Entities | Variable Interest Entities Con Edison enters into arrangements including leases, partnerships and electricity purchase agreements, with various entities. As a result of these arrangements, Con Edison retains or may retain a variable interest in these entities. CECONY had a variable interest in a non-consolidated variable interest entity (VIE), Astoria Energy, LLC (Astoria Energy), with which CECONY entered into a long-term electricity purchase agreement that expired in April 2016. CECONY has ongoing long-term electricity purchase agreements with the following two potential VIEs: Cogen Technologies Linden Venture, LP, and Brooklyn Navy Yard Cogeneration Partners, LP. In 2015 , requests were made of these two counterparties for information necessary to determine whether the entity was a VIE and whether CECONY is the primary beneficiary; however, the information was not made available. The payments for these contracts constitute CECONY’s maximum exposure to loss with respect to the potential VIEs. The following table summarizes the VIEs in which Con Edison Development has entered into as of September 30, 2016 : Project Name (a) Generating Capacity (b) (MW AC) Power Purchase Agreement Term (in Years) Year of Initial Investment Location Maximum Exposure to Loss ( Millions of Dollars ) (c) Copper Mountain Solar 3 128 20 2014 Nevada $179 Panoche Valley (d) 120 20 2015 California 274 Mesquite Solar 1 83 20 2013 Arizona 107 Copper Mountain Solar 2 75 25 2013 Nevada 84 California Solar 55 25 2012 California 70 Broken Bow II 38 25 2014 Nebraska 51 Texas Solar 4 32 25 2014 Texas 43 (a) With the exception of Texas Solar 4, Con Edison’s ownership interest is 50 percent and these projects are accounted for using the equity method of accounting. Con Edison is not the primary beneficiary since the power to direct the activities that most significantly impact the economics of the entities are shared equally between Con Edison Development and third parties. Con Edison’s ownership interest in Texas Solar 4 is 80 percent and is consolidated in the financial statements. Con Edison is the primary beneficiary since the power to direct the activities that most significantly impact the economics of Texas Solar 4 is held by Con Edison Development. The maximum exposure for Texas Solar 4 is the net assets of the investment offset by an $8 million noncontrolling interest. (b) Represents Con Edison Development’s ownership interest in the project. (c) For investments accounted for under the equity method, maximum exposure is equal to the carrying value of the investment on the consolidated balance sheet and any related receivables due from the project. For consolidated investments, maximum exposure is equal to the net assets of the project on the consolidated balance sheet less any applicable noncontrolling interest. Con Edison did not provide any financial or other support during the year that was not previously contractually required. (d) In October 2016, Con Edison Development acquired the remaining 50 percent ownership interest in the project. See Note P. |
Related Party Transactions
Related Party Transactions | 9 Months Ended |
Sep. 30, 2016 | |
Related Party Transactions | Related Party Transactions The Utilities perform work and incur expenses on behalf of NY Transco, a company in which CET Electric has a 45.7 percent equity interest (see Note P). The Utilities bill NY Transco for such work and expenses in accordance with established policies. For the three and nine months ended September 30, 2016, the amounts billed by CECONY to NY Transco were immaterial. CECONY has storage and wheeling service contracts with Stagecoach Gas Services LLC (Stagecoach), a joint venture formed by a subsidiary of CET Gas and a subsidiary of Crestwood Equity Partners LP (Crestwood) (see Note P). In addition, CECONY is the replacement shipper on one of Crestwood’s firm transportation agreements with Tennessee Gas Pipeline Company LLC. For the three months ended September 30, 2016, the amount of storage and wheeling services received by CECONY from Stagecoach was $8 million . Since the formation of the joint venture in June 2016, the amount of storage and wheeling services received by CECONY from Stagecoach was $10 million . CECONY has a financial electric capacity contract with Con Edison Energy for the period May 2016 through April 2017. For the three and nine months ended September 30, 2016, Con Edison Energy's realized losses under this contract were $1 million . At September 30, 2016 Con Edison Development has an outstanding note receivable of $234 million from Panoche Valley, a solar electric production project in which Con Edison Development has an ownership interest of 50 percent (see Note M). In October 2016, Con Edison Development acquired the remaining 50 percent interest in the project (see Note P). |
CECONY | |
Related Party Transactions | Related Party Transactions The Utilities perform work and incur expenses on behalf of NY Transco, a company in which CET Electric has a 45.7 percent equity interest (see Note P). The Utilities bill NY Transco for such work and expenses in accordance with established policies. For the three and nine months ended September 30, 2016, the amounts billed by CECONY to NY Transco were immaterial. CECONY has storage and wheeling service contracts with Stagecoach Gas Services LLC (Stagecoach), a joint venture formed by a subsidiary of CET Gas and a subsidiary of Crestwood Equity Partners LP (Crestwood) (see Note P). In addition, CECONY is the replacement shipper on one of Crestwood’s firm transportation agreements with Tennessee Gas Pipeline Company LLC. For the three months ended September 30, 2016, the amount of storage and wheeling services received by CECONY from Stagecoach was $8 million . Since the formation of the joint venture in June 2016, the amount of storage and wheeling services received by CECONY from Stagecoach was $10 million . CECONY has a financial electric capacity contract with Con Edison Energy for the period May 2016 through April 2017. For the three and nine months ended September 30, 2016, Con Edison Energy's realized losses under this contract were $1 million . At September 30, 2016 Con Edison Development has an outstanding note receivable of $234 million from Panoche Valley, a solar electric production project in which Con Edison Development has an ownership interest of 50 percent (see Note M). In October 2016, Con Edison Development acquired the remaining 50 percent interest in the project (see Note P). |
New Financial Accounting Standa
New Financial Accounting Standards | 9 Months Ended |
Sep. 30, 2016 | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |
New Financial Accounting Standards | New Financial Accounting Standards In May 2014, the Financial Accounting Standards Board (FASB) and the International Accounting Standards Board jointly issued a revenue recognition standard that will supersede the revenue recognition requirements within Accounting Standards Codification Topic 605, “Revenue Recognition,” and most industry-specific guidance under the Codification through Accounting Standards Update (ASU) No. 2014-09, “Revenue from Contracts with Customers (Topic 606).” The purpose of the new guidance is to create a consistent framework for revenue recognition. The guidance clarifies how to measure and recognize revenue arising from customer contracts to depict the transfer of goods or services in an amount that reflects the consideration the entity expects to receive. Additionally, in March and April 2016, respectively, the FASB issued ASU No. 2016-08, “Revenue from Contracts with Customers (Topic 606): Principal Versus Agent Considerations (Reporting Revenue Gross Versus Net)” to clarify how to apply the implementation guidance for principal versus agent considerations and ASU No. 2016-10,“Revenue from Contracts with Customers (Topic 606): Identifying Performance Obligations and Licensing” to clarify the guidance pertaining to identifying performance obligations and licensing implementation guidance. Furthermore in May 2016, the FASB issued ASU No. 2016-12, “Revenue from Contracts with Customers (Topic 606): Narrow-Scope Improvements and Practical Expedients” to clarify assessing collectibility, presentation of sales taxes, noncash consideration, contract modification at transition, and completed contracts at transition. The new standard is effective for reporting periods beginning after December 15, 2017. Early adoption is permitted for reporting periods beginning after December 15, 2016. The Companies are in the process of evaluating the application and impact of the new guidance on the Companies’ financial position, results of operations and liquidity. In January 2016, the FASB issued amendments on certain aspects of recognition, measurement, presentation, and disclosure of financial instruments through ASU No. 2016-01, “Financial Instruments (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities.” The amendments require changes to the accounting for equity investments, the presentation and disclosure requirements for financial liabilities under the fair value option, and the presentation and disclosure requirements for financial instruments. In addition, clarification was provided related to the valuation allowance assessment when recognizing deferred tax assets resulting from unrealized losses on available-for-sale debt securities. For public entities, the amendments are effective for reporting periods beginning after December 15, 2017. Early adoption is permitted for portions of the standard. The Companies are in the process of evaluating the potential impact of the new guidance on the Companies’ financial position, results of operations and liquidity. In February 2016, the FASB issued amendments on financial reporting of leasing transactions through ASU No. 2016-02, “Leases (Topic 842)." The amendments require lessees to recognize assets and liabilities on the balance sheet and disclose key information about leasing arrangements. Lessees will need to recognize a right-of-use asset and a lease liability for virtually all of their leases (other than leases that meet the definition of a short-term lease). Lessor accounting is similar to the current model, but updated to align with certain changes to the lessee model. For income statement purposes, the pattern of expense recognition will be dependent on whether transactions are designated as operating leases or finance leases. The amendments are effective for reporting periods beginning after December 15, 2018. Early adoption is permitted. The amendments must be adopted using a modified retrospective transition and provide for certain practical expedients. The Companies are in the process of evaluating the potential impact of the new guidance on the Companies’ financial position, results of operations and liquidity. In March 2016, the FASB issued amendments to the guidance for Derivatives and Hedging accounting through ASU 2016-05, “Derivatives and Hedging (Topic 815): Effect of Derivative Contract Novations on Existing Hedge Accounting Relationships." The amendments clarify that a change in the counterparty to a derivative instrument that has been designated as a hedging instrument under Topic 815 does not, in and of itself, require discontinuation of the application of hedge accounting. The amendments in this update are effective for financial statements issued for reporting periods beginning after December 15, 2016. Early adoption is permitted. The application of this guidance is not expected to have a material impact on the Companies’ financial position, results of operations and liquidity. In March 2016, the FASB issued amendments to clarify the guidance for assessing whether contingent call (put) options that can accelerate the payment of principal on debt instruments are clearly and closely related to their debt hosts through ASU No. 2016-06, “Derivatives & Hedging (Topic 815): Contingent Put and Call Options in Debt Instruments.” An entity performing the assessment under the amendments is required to assess the embedded call (put) options solely in accordance with the four-step decision sequence. The amendments are effective for financial statements issued for reporting periods beginning after December 15, 2016. Early adoption is permitted. The application of this guidance is not expected to have a material impact on the Companies’ financial position, results of operations and liquidity. In March 2016, the FASB issued amendments to eliminate the requirement to retroactively adopt the equity method of accounting when a company increases its level of ownership or degree of influence over an investment through ASU No. 2016-07, “Investments-Equity Method and Joint Ventures (Topic 323): Simplifying the Transition to the Equity Method of Accounting.” This amendment requires that an entity that has an available-for-sale equity security that becomes qualified for the equity method of accounting recognize through earnings the unrealized holding gain or loss in Accumulated Other Comprehensive Income at the date the investment qualifies for the equity method. The amendments in this Update are effective for reporting periods beginning after December 15, 2016. The application of this guidance is not expected to have a material impact on the Companies’ financial position, results of operations and liquidity. In March 2016, the FASB issued amendments to simplify several aspects of the accounting for share-based payment transactions through ASU No. 2016-09, “Compensation - Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting.” The amendments simplify areas such as income tax consequences, classification of awards as either equity or liabilities, and classification on the statement of cash flows. The amendments are effective for reporting periods beginning after December 15, 2016. Early adoption is permitted. The application of this guidance is not expected to have a material impact on the Companies’ financial position, results of operations and liquidity. In May 2016, the FASB issued amendments to the guidance on revenue recognition and derivatives and hedging through ASU 2016-11, “Revenue Recognition (Topic 605) and Derivatives and Hedging (Topic 815): Rescission of SEC Guidance Because of Accounting Standards Updates 2014-09 and 2014-16 Pursuant to Staff Announcements at the March 3, 2016 EITF Meeting (SEC Update).” The amendment rescinds certain SEC guidance superseded by the newly issued revenue recognition and hedging guidance (ASU 2014-09 and 2014-16 respectively). The amendments will be effective upon adoption of the 2014-09 and 2014-16. The Companies are in the process of evaluating the potential impact of the amendments on the Companies’ financial position, results of operations and liquidity. In June 2016, the FASB issued amendments to the guidance for recognition of credit losses for financial instruments through ASU 2016-13, “Financial Instruments-Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments.” The amendment replaces the incurred loss impairment methodology which involved delayed recognition of credit losses. As the updated guidance now requires credit losses to be recognized when expected rather than when incurred, a broader range of reasonable and supportable information must be considered in developing the credit loss estimates. This includes financial instruments that are valued at amortized cost and available for sale. For public entities, the amendments are effective for reporting periods beginning after December 15, 2019. Early adoption is permitted for reporting periods beginning after December 15, 2018. The application of this guidance is not expected to have a material impact on the Companies’ financial position, results of operations and liquidity. In August 2016, the FASB issued amendments to the guidance for the Statement of Cash Flows through ASU 2016-15, “Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments (a consensus of the Emerging Issues Task Force).” The amendment specifies the classification and presentation of certain cash flow items to reduce diversity in practice. For public entities, the amendments are effective for reporting periods beginning after December 15, 2017. Early adoption is permitted. The application of this guidance is not expected to have a material impact on the Companies’ financial position, results of operations and liquidity. In October 2016, the FASB issued amendments to the guidance for Income Taxes through ASU 2016-16, “Income Taxes (Topic 740): Intra-Entity Transfers of Assets Other Than Inventory.” The amendment clarifies the tax treatment of intra-entity transfers of assets other than inventory. The updated guidance requires entities recognize the income tax consequences of an intra-entity transfer of assets other than inventory when the transfer occurs. For public entities, the amendments are effective for reporting periods beginning after December 15, 2017. Early adoption is permitted. The application of this guidance is not expected to have a material impact on the Companies’ financial position, results of operations and liquidity. |
CECONY | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |
New Financial Accounting Standards | New Financial Accounting Standards In May 2014, the Financial Accounting Standards Board (FASB) and the International Accounting Standards Board jointly issued a revenue recognition standard that will supersede the revenue recognition requirements within Accounting Standards Codification Topic 605, “Revenue Recognition,” and most industry-specific guidance under the Codification through Accounting Standards Update (ASU) No. 2014-09, “Revenue from Contracts with Customers (Topic 606).” The purpose of the new guidance is to create a consistent framework for revenue recognition. The guidance clarifies how to measure and recognize revenue arising from customer contracts to depict the transfer of goods or services in an amount that reflects the consideration the entity expects to receive. Additionally, in March and April 2016, respectively, the FASB issued ASU No. 2016-08, “Revenue from Contracts with Customers (Topic 606): Principal Versus Agent Considerations (Reporting Revenue Gross Versus Net)” to clarify how to apply the implementation guidance for principal versus agent considerations and ASU No. 2016-10,“Revenue from Contracts with Customers (Topic 606): Identifying Performance Obligations and Licensing” to clarify the guidance pertaining to identifying performance obligations and licensing implementation guidance. Furthermore in May 2016, the FASB issued ASU No. 2016-12, “Revenue from Contracts with Customers (Topic 606): Narrow-Scope Improvements and Practical Expedients” to clarify assessing collectibility, presentation of sales taxes, noncash consideration, contract modification at transition, and completed contracts at transition. The new standard is effective for reporting periods beginning after December 15, 2017. Early adoption is permitted for reporting periods beginning after December 15, 2016. The Companies are in the process of evaluating the application and impact of the new guidance on the Companies’ financial position, results of operations and liquidity. In January 2016, the FASB issued amendments on certain aspects of recognition, measurement, presentation, and disclosure of financial instruments through ASU No. 2016-01, “Financial Instruments (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities.” The amendments require changes to the accounting for equity investments, the presentation and disclosure requirements for financial liabilities under the fair value option, and the presentation and disclosure requirements for financial instruments. In addition, clarification was provided related to the valuation allowance assessment when recognizing deferred tax assets resulting from unrealized losses on available-for-sale debt securities. For public entities, the amendments are effective for reporting periods beginning after December 15, 2017. Early adoption is permitted for portions of the standard. The Companies are in the process of evaluating the potential impact of the new guidance on the Companies’ financial position, results of operations and liquidity. In February 2016, the FASB issued amendments on financial reporting of leasing transactions through ASU No. 2016-02, “Leases (Topic 842)." The amendments require lessees to recognize assets and liabilities on the balance sheet and disclose key information about leasing arrangements. Lessees will need to recognize a right-of-use asset and a lease liability for virtually all of their leases (other than leases that meet the definition of a short-term lease). Lessor accounting is similar to the current model, but updated to align with certain changes to the lessee model. For income statement purposes, the pattern of expense recognition will be dependent on whether transactions are designated as operating leases or finance leases. The amendments are effective for reporting periods beginning after December 15, 2018. Early adoption is permitted. The amendments must be adopted using a modified retrospective transition and provide for certain practical expedients. The Companies are in the process of evaluating the potential impact of the new guidance on the Companies’ financial position, results of operations and liquidity. In March 2016, the FASB issued amendments to the guidance for Derivatives and Hedging accounting through ASU 2016-05, “Derivatives and Hedging (Topic 815): Effect of Derivative Contract Novations on Existing Hedge Accounting Relationships." The amendments clarify that a change in the counterparty to a derivative instrument that has been designated as a hedging instrument under Topic 815 does not, in and of itself, require discontinuation of the application of hedge accounting. The amendments in this update are effective for financial statements issued for reporting periods beginning after December 15, 2016. Early adoption is permitted. The application of this guidance is not expected to have a material impact on the Companies’ financial position, results of operations and liquidity. In March 2016, the FASB issued amendments to clarify the guidance for assessing whether contingent call (put) options that can accelerate the payment of principal on debt instruments are clearly and closely related to their debt hosts through ASU No. 2016-06, “Derivatives & Hedging (Topic 815): Contingent Put and Call Options in Debt Instruments.” An entity performing the assessment under the amendments is required to assess the embedded call (put) options solely in accordance with the four-step decision sequence. The amendments are effective for financial statements issued for reporting periods beginning after December 15, 2016. Early adoption is permitted. The application of this guidance is not expected to have a material impact on the Companies’ financial position, results of operations and liquidity. In March 2016, the FASB issued amendments to eliminate the requirement to retroactively adopt the equity method of accounting when a company increases its level of ownership or degree of influence over an investment through ASU No. 2016-07, “Investments-Equity Method and Joint Ventures (Topic 323): Simplifying the Transition to the Equity Method of Accounting.” This amendment requires that an entity that has an available-for-sale equity security that becomes qualified for the equity method of accounting recognize through earnings the unrealized holding gain or loss in Accumulated Other Comprehensive Income at the date the investment qualifies for the equity method. The amendments in this Update are effective for reporting periods beginning after December 15, 2016. The application of this guidance is not expected to have a material impact on the Companies’ financial position, results of operations and liquidity. In March 2016, the FASB issued amendments to simplify several aspects of the accounting for share-based payment transactions through ASU No. 2016-09, “Compensation - Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting.” The amendments simplify areas such as income tax consequences, classification of awards as either equity or liabilities, and classification on the statement of cash flows. The amendments are effective for reporting periods beginning after December 15, 2016. Early adoption is permitted. The application of this guidance is not expected to have a material impact on the Companies’ financial position, results of operations and liquidity. In May 2016, the FASB issued amendments to the guidance on revenue recognition and derivatives and hedging through ASU 2016-11, “Revenue Recognition (Topic 605) and Derivatives and Hedging (Topic 815): Rescission of SEC Guidance Because of Accounting Standards Updates 2014-09 and 2014-16 Pursuant to Staff Announcements at the March 3, 2016 EITF Meeting (SEC Update).” The amendment rescinds certain SEC guidance superseded by the newly issued revenue recognition and hedging guidance (ASU 2014-09 and 2014-16 respectively). The amendments will be effective upon adoption of the 2014-09 and 2014-16. The Companies are in the process of evaluating the potential impact of the amendments on the Companies’ financial position, results of operations and liquidity. In June 2016, the FASB issued amendments to the guidance for recognition of credit losses for financial instruments through ASU 2016-13, “Financial Instruments-Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments.” The amendment replaces the incurred loss impairment methodology which involved delayed recognition of credit losses. As the updated guidance now requires credit losses to be recognized when expected rather than when incurred, a broader range of reasonable and supportable information must be considered in developing the credit loss estimates. This includes financial instruments that are valued at amortized cost and available for sale. For public entities, the amendments are effective for reporting periods beginning after December 15, 2019. Early adoption is permitted for reporting periods beginning after December 15, 2018. The application of this guidance is not expected to have a material impact on the Companies’ financial position, results of operations and liquidity. In August 2016, the FASB issued amendments to the guidance for the Statement of Cash Flows through ASU 2016-15, “Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments (a consensus of the Emerging Issues Task Force).” The amendment specifies the classification and presentation of certain cash flow items to reduce diversity in practice. For public entities, the amendments are effective for reporting periods beginning after December 15, 2017. Early adoption is permitted. The application of this guidance is not expected to have a material impact on the Companies’ financial position, results of operations and liquidity. In October 2016, the FASB issued amendments to the guidance for Income Taxes through ASU 2016-16, “Income Taxes (Topic 740): Intra-Entity Transfers of Assets Other Than Inventory.” The amendment clarifies the tax treatment of intra-entity transfers of assets other than inventory. The updated guidance requires entities recognize the income tax consequences of an intra-entity transfer of assets other than inventory when the transfer occurs. For public entities, the amendments are effective for reporting periods beginning after December 15, 2017. Early adoption is permitted. The application of this guidance is not expected to have a material impact on the Companies’ financial position, results of operations and liquidity. |
Acquisitions, Investments and D
Acquisitions, Investments and Dispositions | 9 Months Ended |
Sep. 30, 2016 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Acquisitions, Investments and Dispositions | Acquisitions, Investments and Dispositions Acquisitions and Investments Texas Solar 7 In January 2016, Con Edison Development acquired a 100 percent interest in a company that is the owner of a 106 MW (AC) solar electric production project in Texas (Texas Solar 7) for $227 million ; $218 million was recorded as non-utility construction work in progress and the remaining $9 million was recorded as other receivables. At September 30, 2016 net assets of the project are approximately $123 million . The project has been financed, in part, by debt secured by the project (see Note C). Electricity generated by this project is to be purchased by the City of San Antonio pursuant to a long-term power purchase agreement. The project commenced commercial operation in the third quarter of 2016. Con Edison's interest in Texas Solar 7 is consolidated in the financial statements. Mountain Valley Pipeline In January 2016, CET Gas acquired a 12.5 percent equity interest in Mountain Valley Pipeline, LLC (MVP), a company developing a proposed gas transmission project in West Virginia and Virginia. The company's initial contribution to MVP was $18 million . At September 30, 2016 , CET Gas' investment in MVP was $41 million . The estimated total project cost is $3,000 million to $3,500 million . Subject to FERC approval, MVP is targeting to be fully in-service during 2018. Con Edison is accounting for its equity interest in MVP as an equity method investment. Stagecoach Gas Services In April 2016, a CET Gas subsidiary agreed with a subsidiary of Crestwood to form a joint venture to own, operate and further develop existing natural gas pipeline and storage businesses located in northern Pennsylvania and southern New York. The transaction was substantially completed during June 2016. Crestwood contributed businesses to a new entity, Stagecoach, and the CET Gas subsidiary purchased a 50 percent equity interest in Stagecoach for $945 million (subject to closing adjustments). At September 30, 2016 , CET Gas' investment in Stagecoach was $968 million . Con Edison is accounting for its equity interest in Stagecoach as an equity method investment. NY Transco In January 2016, CECONY entered into an agreement to transfer certain electric transmission projects to NY Transco, a company in which CET Electric has a 45.7 percent equity interest. In April 2016, the NYSPSC authorized CECONY, subject to certain conditions, to transfer the projects to NY Transco. In May 2016, CECONY transferred the projects to NY Transco for a purchase price of $122 million and an $8 million payment for easement rights on certain associated property. At September 30, 2016 , CET Electric's investment in NY Transco was $53 million . Con Edison is accounting for its equity interest in NY Transco as an equity method investment. Pilesgrove In June 2016, Con Edison Development recorded an $8 million ( $5 million , net of taxes) impairment charge on its 50 percent interest in Pilesgrove Solar, LLC (Pilesgrove), which owns an 18 MW (AC) solar electric production project in New Jersey. In August 2016, Con Edison Development acquired the remaining 50 percent interest in Pilesgrove for a purchase price of approximately $16 million and recorded a bargain purchase gain of $8 million ( $5 million , net of taxes). The impairment charge and bargain purchase gain are included in Investment and other income on Con Edison’s consolidated income statement. Con Edison's interest in Pilesgrove is consolidated in the financial statements subsequent to the August 2016 acquisition. At September 30, 2016 , net assets of the project are approximately $48 million , consisting primarily of $45 million recorded as non-utility property and $3 million recorded in current assets. Panoche Valley In October 2016, Con Edison Development acquired the remaining 50 percent interest in Panoche Holdings, LLC, which is developing a 240 MW (AC) solar electric production project in California, for cash consideration of $37 million , net of applicable purchase price adjustments. Con Edison will consolidate the project on its financial statements as of the date of acquisition. See Note M. Dispositions Pike County Light & Power Company (Pike) In October 2015, upon evaluating strategic alternatives, O&R entered into an agreement to sell Pike to Corning Natural Gas Holding Corporation (Corning). In August 2016, the sale was completed. O&R received cash consideration of $15 million for the sale. O&R has agreed to provide transition services to Corning for operations and customer support for a period of up to 18 months subsequent to the sale. In addition, O&R will continue to purchase and sell to Pike electric and gas commodity for three years . Pike has an option to extend the service for up to an additional three years . At September 30, 2015, O&R recorded an impairment charge of $5 million ( $3 million , net of taxes), representing the difference between the carrying amount of Pike’s assets and the estimated sales proceeds. At December 31, 2015, Pike’s total assets and liabilities held for sale were $23 million and $5 million , respectively. There were no amounts outstanding at September 30, 2016. Con Edison Solutions' Retail Electric Supply Business In July 2016, Con Edison Solutions entered into an agreement to sell the assets of its retail electric supply business (including retail contracts, related derivative instruments, information systems, and accounts receivable) to a subsidiary of Exelon Corporation (Exelon). In September 2016, the sale was completed for cash consideration of $235 million , subject to working capital adjustments. The sale resulted in a gain of $104 million ( $47 million , net of taxes), inclusive of a $65 million ( $42 million , net of taxes) gain on derivative instruments. The tax effect of the sale includes $29 million ( $19 million , net of federal tax) of state taxes related to a change in the apportionment of state income taxes. Con Edison Solutions has agreed to provide transition services to the Exelon subsidiary for operations and customer support through the end of 2017 during which period certain guarantees or other credit support provided by Con Edison in connection with the retail electric supply business may continue in effect. See Note H. At December 31, 2015, Con Edison Solutions' total assets and liabilities held for sale were $134 million and $84 million , respectively. There were no amounts outstanding at September 30, 2016. |
Summary of Significant Accoun25
Summary of Significant Accounting Policies (Policies) | 9 Months Ended |
Sep. 30, 2016 | |
Accounting Policies [Abstract] | |
New Financial Accounting Standards | New Financial Accounting Standards In May 2014, the Financial Accounting Standards Board (FASB) and the International Accounting Standards Board jointly issued a revenue recognition standard that will supersede the revenue recognition requirements within Accounting Standards Codification Topic 605, “Revenue Recognition,” and most industry-specific guidance under the Codification through Accounting Standards Update (ASU) No. 2014-09, “Revenue from Contracts with Customers (Topic 606).” The purpose of the new guidance is to create a consistent framework for revenue recognition. The guidance clarifies how to measure and recognize revenue arising from customer contracts to depict the transfer of goods or services in an amount that reflects the consideration the entity expects to receive. Additionally, in March and April 2016, respectively, the FASB issued ASU No. 2016-08, “Revenue from Contracts with Customers (Topic 606): Principal Versus Agent Considerations (Reporting Revenue Gross Versus Net)” to clarify how to apply the implementation guidance for principal versus agent considerations and ASU No. 2016-10,“Revenue from Contracts with Customers (Topic 606): Identifying Performance Obligations and Licensing” to clarify the guidance pertaining to identifying performance obligations and licensing implementation guidance. Furthermore in May 2016, the FASB issued ASU No. 2016-12, “Revenue from Contracts with Customers (Topic 606): Narrow-Scope Improvements and Practical Expedients” to clarify assessing collectibility, presentation of sales taxes, noncash consideration, contract modification at transition, and completed contracts at transition. The new standard is effective for reporting periods beginning after December 15, 2017. Early adoption is permitted for reporting periods beginning after December 15, 2016. The Companies are in the process of evaluating the application and impact of the new guidance on the Companies’ financial position, results of operations and liquidity. In January 2016, the FASB issued amendments on certain aspects of recognition, measurement, presentation, and disclosure of financial instruments through ASU No. 2016-01, “Financial Instruments (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities.” The amendments require changes to the accounting for equity investments, the presentation and disclosure requirements for financial liabilities under the fair value option, and the presentation and disclosure requirements for financial instruments. In addition, clarification was provided related to the valuation allowance assessment when recognizing deferred tax assets resulting from unrealized losses on available-for-sale debt securities. For public entities, the amendments are effective for reporting periods beginning after December 15, 2017. Early adoption is permitted for portions of the standard. The Companies are in the process of evaluating the potential impact of the new guidance on the Companies’ financial position, results of operations and liquidity. In February 2016, the FASB issued amendments on financial reporting of leasing transactions through ASU No. 2016-02, “Leases (Topic 842)." The amendments require lessees to recognize assets and liabilities on the balance sheet and disclose key information about leasing arrangements. Lessees will need to recognize a right-of-use asset and a lease liability for virtually all of their leases (other than leases that meet the definition of a short-term lease). Lessor accounting is similar to the current model, but updated to align with certain changes to the lessee model. For income statement purposes, the pattern of expense recognition will be dependent on whether transactions are designated as operating leases or finance leases. The amendments are effective for reporting periods beginning after December 15, 2018. Early adoption is permitted. The amendments must be adopted using a modified retrospective transition and provide for certain practical expedients. The Companies are in the process of evaluating the potential impact of the new guidance on the Companies’ financial position, results of operations and liquidity. In March 2016, the FASB issued amendments to the guidance for Derivatives and Hedging accounting through ASU 2016-05, “Derivatives and Hedging (Topic 815): Effect of Derivative Contract Novations on Existing Hedge Accounting Relationships." The amendments clarify that a change in the counterparty to a derivative instrument that has been designated as a hedging instrument under Topic 815 does not, in and of itself, require discontinuation of the application of hedge accounting. The amendments in this update are effective for financial statements issued for reporting periods beginning after December 15, 2016. Early adoption is permitted. The application of this guidance is not expected to have a material impact on the Companies’ financial position, results of operations and liquidity. In March 2016, the FASB issued amendments to clarify the guidance for assessing whether contingent call (put) options that can accelerate the payment of principal on debt instruments are clearly and closely related to their debt hosts through ASU No. 2016-06, “Derivatives & Hedging (Topic 815): Contingent Put and Call Options in Debt Instruments.” An entity performing the assessment under the amendments is required to assess the embedded call (put) options solely in accordance with the four-step decision sequence. The amendments are effective for financial statements issued for reporting periods beginning after December 15, 2016. Early adoption is permitted. The application of this guidance is not expected to have a material impact on the Companies’ financial position, results of operations and liquidity. In March 2016, the FASB issued amendments to eliminate the requirement to retroactively adopt the equity method of accounting when a company increases its level of ownership or degree of influence over an investment through ASU No. 2016-07, “Investments-Equity Method and Joint Ventures (Topic 323): Simplifying the Transition to the Equity Method of Accounting.” This amendment requires that an entity that has an available-for-sale equity security that becomes qualified for the equity method of accounting recognize through earnings the unrealized holding gain or loss in Accumulated Other Comprehensive Income at the date the investment qualifies for the equity method. The amendments in this Update are effective for reporting periods beginning after December 15, 2016. The application of this guidance is not expected to have a material impact on the Companies’ financial position, results of operations and liquidity. In March 2016, the FASB issued amendments to simplify several aspects of the accounting for share-based payment transactions through ASU No. 2016-09, “Compensation - Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting.” The amendments simplify areas such as income tax consequences, classification of awards as either equity or liabilities, and classification on the statement of cash flows. The amendments are effective for reporting periods beginning after December 15, 2016. Early adoption is permitted. The application of this guidance is not expected to have a material impact on the Companies’ financial position, results of operations and liquidity. In May 2016, the FASB issued amendments to the guidance on revenue recognition and derivatives and hedging through ASU 2016-11, “Revenue Recognition (Topic 605) and Derivatives and Hedging (Topic 815): Rescission of SEC Guidance Because of Accounting Standards Updates 2014-09 and 2014-16 Pursuant to Staff Announcements at the March 3, 2016 EITF Meeting (SEC Update).” The amendment rescinds certain SEC guidance superseded by the newly issued revenue recognition and hedging guidance (ASU 2014-09 and 2014-16 respectively). The amendments will be effective upon adoption of the 2014-09 and 2014-16. The Companies are in the process of evaluating the potential impact of the amendments on the Companies’ financial position, results of operations and liquidity. In June 2016, the FASB issued amendments to the guidance for recognition of credit losses for financial instruments through ASU 2016-13, “Financial Instruments-Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments.” The amendment replaces the incurred loss impairment methodology which involved delayed recognition of credit losses. As the updated guidance now requires credit losses to be recognized when expected rather than when incurred, a broader range of reasonable and supportable information must be considered in developing the credit loss estimates. This includes financial instruments that are valued at amortized cost and available for sale. For public entities, the amendments are effective for reporting periods beginning after December 15, 2019. Early adoption is permitted for reporting periods beginning after December 15, 2018. The application of this guidance is not expected to have a material impact on the Companies’ financial position, results of operations and liquidity. In August 2016, the FASB issued amendments to the guidance for the Statement of Cash Flows through ASU 2016-15, “Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments (a consensus of the Emerging Issues Task Force).” The amendment specifies the classification and presentation of certain cash flow items to reduce diversity in practice. For public entities, the amendments are effective for reporting periods beginning after December 15, 2017. Early adoption is permitted. The application of this guidance is not expected to have a material impact on the Companies’ financial position, results of operations and liquidity. In October 2016, the FASB issued amendments to the guidance for Income Taxes through ASU 2016-16, “Income Taxes (Topic 740): Intra-Entity Transfers of Assets Other Than Inventory.” The amendment clarifies the tax treatment of intra-entity transfers of assets other than inventory. The updated guidance requires entities recognize the income tax consequences of an intra-entity transfer of assets other than inventory when the transfer occurs. For public entities, the amendments are effective for reporting periods beginning after December 15, 2017. Early adoption is permitted. The application of this guidance is not expected to have a material impact on the Companies’ financial position, results of operations and liquidity. |
Summary of Significant Accoun26
Summary of Significant Accounting Policies (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Accounting Policies [Abstract] | |
Earnings Per Common Share | For the three and nine months ended September 30, 2016 and 2015 , basic and diluted earnings per share (EPS) for Con Edison are calculated as follows: 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 |
Changes in Accumulated Other Comprehensive Income/(Loss) by Component | For the three and nine months ended September 30, 2016 and 2015 , changes to accumulated other comprehensive income/(loss) (OCI) for Con Edison and CECONY are as follows: 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. |
Regulatory Matters (Tables)
Regulatory Matters (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Regulated Operations [Abstract] | |
Summary of Rate Plan | The following table contains a summary of the electric rate plan. Effective period January 2017 - December 2019 Base rate changes (a) Yr. 1 - $195 million Amortizations to income of net regulatory (assets) liabilities Yr. 1 - $84 million Other revenue sources Retention of $75 million of annual transmission congestion revenues. 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: Average rate base Yr. 1 - $18,902 million Weighted average cost of capital (after-tax) Yr. 1 - 6.82 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 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. The following table contains a summary of the gas rate plan. Effective period January 2017 - December 2019 Base rate changes Yr. 1 - $(5) million(a) Amortizations to income of net regulatory (assets) liabilities Yr. 1 - $39 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. 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: Average rate base Yr. 1 - $4,841 million Weighted average cost of capital (after-tax) Yr. 1 - 6.82 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 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. |
Regulatory Assets and Liabilities | Regulatory assets and liabilities at September 30, 2016 and December 31, 2015 were comprised of the following items: 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 |
Capitalization (Tables)
Capitalization (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Debt Disclosure [Abstract] | |
Carrying Amounts and Fair Values of Long-Term Debt | The carrying amounts and fair values of long-term debt at September 30, 2016 and December 31, 2015 were: (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 |
Pension Benefits (Tables)
Pension Benefits (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Pension Benefits | |
Total Periodic Benefit Costs | The components of the Companies’ total periodic benefit costs for the three and nine months ended September 30, 2016 and 2015 were as follows: 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 |
Other Postretirement Benefits (
Other Postretirement Benefits (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Other Postretirement Benefits | |
Defined Benefit Plan Disclosure [Line Items] | |
Total Periodic Benefit Costs | The components of the Companies’ total periodic other postretirement benefit costs for the three and nine months ended September 30, 2016 and 2015 were as follows: 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 |
Environmental Matters (Tables)
Environmental Matters (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Environmental Remediation Obligations [Abstract] | |
Accrued Liabilities and Regulatory Assets | The accrued liabilities and regulatory assets related to Superfund Sites at September 30, 2016 and December 31, 2015 were as follows: 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 |
Environmental Remediation Costs | Environmental remediation costs incurred related to Superfund Sites for the three and nine months ended September 30, 2016 and 2015 were as follows: 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 |
Accrued Liability for Asbestos Suits and Workers' Compensation Proceedings | The accrued liability for asbestos suits and workers’ compensation proceedings (including those related to asbestos exposure) and the amounts deferred as regulatory assets for the Companies at September 30, 2016 and December 31, 2015 were as follows: 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 |
Other Material Contingencies (T
Other Material Contingencies (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Commitments and Contingencies Disclosure [Abstract] | |
Total Guarantees | A summary, by type and term, of Con Edison’s total guarantees at September 30, 2016 is as follows: 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 |
Financial Information by Busi33
Financial Information by Business Segment (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Segment Reporting [Abstract] | |
Financial Data for Business Segments | The financial data for the business segments are as follows: 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 2016 2015 2016 2015 2016 2015 2016 2015 CECONY Electric $6,222 $6,416 $13 $13 $645 $610 $1,487 $1,511 $3 $(3) $342 $333 $412 $401 $30,580 $30,369 $1,133 $1,165 Gas 1,113 1,177 4 4 118 105 273 278 (1) (1) 79 71 73 82 7,300 6,687 589 466 Steam 406 529 65 65 62 58 39 100 — — 30 31 18 42 2,556 2,614 74 65 Consolidation adjustments — — (82) (82) — — — — — — — — — — — — — — Total CECONY $7,741 $8,122 $— $— $825 $773 $1,799 $1,889 $2 $(4) $451 $435 $503 $525 $40,436 $39,670 $1,796 $1,696 O&R Electric $497 $523 $— $— $37 $38 $86 $85 $1 $(2) $19 $18 $27 $26 $1,985 $1,959 $70 $72 Gas 133 117 — — 13 13 28 — — (2) 9 9 8 (4) 799 754 36 29 Total O&R $630 $640 $— $— $50 $51 $114 $85 $1 $(4) $28 $27 $35 $22 $2,784 $2,713 $106 $101 Competitive energy businesses $998 $1,087 $7 $(5) $30 $16 $184 $53 $36 $33 $23 $5 $76 $24 $2,394 $1,547 $677 $676 Con Edison Transmission — — — — — — (1) — 23 — 4 — — — 1,072 2 — — Other (a) (1) (2) (7) 5 — — 1 1 (1) (2) 11 19 6 3 630 1,039 — — Total Con Edison $9,368 $9,847 $— $— $905 $840 $2,097 $2,028 $61 $23 $517 $486 $620 $574 $47,316 $44,971 $2,579 $2,473 (a) Parent company and consolidation adjustments. Other does not represent a business segment. |
Derivative Instruments and He34
Derivative Instruments and Hedging Activities (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Fair Values of Commodity Derivatives Including Offsetting Assets | The fair values of the Companies’ commodity derivatives including the offsetting of assets and liabilities on the consolidated balance sheet at September 30, 2016 and December 31, 2015 were: (Millions of Dollars) 2016 2015 Balance Sheet Location Gross Amounts of Recognized Assets/(Liabilities) Gross Amounts Offset Net Amounts of Assets/ (Liabilities) (a) Gross Amounts of Recognized Assets/(Liabilities) Gross Amounts Offset Net Amounts of Assets/ (Liabilities) (a) Con Edison Fair value of derivative assets Current $75 $(60) $15 (b) $59 $(41) $18 (b) Current - assets held for sale (c) — — — 51 (50) 1 Noncurrent 58 (57) 1 57 (54) 3 Noncurrent - assets held for sale (c) — — — 15 (15) — Total fair value of derivative assets $133 $(117) $16 $182 $(160) $22 Fair value of derivative liabilities Current $(143) $73 $(70) $(144) $78 $(66) Current - liabilities held for sale (c) — — — (115) 50 (65) Noncurrent (111) 59 (52) (102) 63 (39) Noncurrent - liabilities held for sale (c) — — — (28) 15 (13) Total fair value of derivative liabilities $(254) $132 $(122) $(389) $206 $(183) Net fair value derivative assets/(liabilities) $(121) $15 $(106) (b) $(207) $46 $(161) (b) CECONY Fair value of derivative assets Current $52 $(46) $6 (b) $40 $(32) $8 (b) Noncurrent 45 (45) — 48 (47) 1 Total fair value of derivative assets $97 $(91) $6 $88 $(79) $9 Fair value of derivative liabilities Current $(122) $61 $(61) $(121) $71 $(50) Noncurrent (92) 47 (45) (92) 56 (36) Total fair value of derivative liabilities $(214) $108 $(106) $(213) $127 $(86) Net fair value derivative assets/(liabilities) $(117) $17 $(100) (b) $(125) $48 $(77) (b) (a) Derivative instruments and collateral were offset on the consolidated balance sheet as applicable under the accounting rules. The Companies enter into master agreements for their commodity derivatives. These agreements typically provide offset in the event of contract termination. In such case, generally the non-defaulting party’s payable will be offset by the defaulting party’s payable. The non-defaulting party will customarily notify the defaulting party within a specific time period and come to an agreement on the early termination amount. (b) At September 30, 2016 and December 31, 2015 , margin deposits for Con Edison ( $12 million and $26 million , respectively) and CECONY ( $12 million and $26 million , respectively) were classified as derivative assets on the consolidated balance sheet, but not included in the table. Margin is collateral, typically cash, that the holder of a derivative instrument is required to deposit in order to transact on an exchange and to cover its potential losses with its broker or the exchange. (c) Amounts represent derivative assets and liabilities included in assets and liabilities held for sale on the consolidated balance sheet. |
Fair Values of Commodity Derivatives Including Offsetting Liabilities | The fair values of the Companies’ commodity derivatives including the offsetting of assets and liabilities on the consolidated balance sheet at September 30, 2016 and December 31, 2015 were: (Millions of Dollars) 2016 2015 Balance Sheet Location Gross Amounts of Recognized Assets/(Liabilities) Gross Amounts Offset Net Amounts of Assets/ (Liabilities) (a) Gross Amounts of Recognized Assets/(Liabilities) Gross Amounts Offset Net Amounts of Assets/ (Liabilities) (a) Con Edison Fair value of derivative assets Current $75 $(60) $15 (b) $59 $(41) $18 (b) Current - assets held for sale (c) — — — 51 (50) 1 Noncurrent 58 (57) 1 57 (54) 3 Noncurrent - assets held for sale (c) — — — 15 (15) — Total fair value of derivative assets $133 $(117) $16 $182 $(160) $22 Fair value of derivative liabilities Current $(143) $73 $(70) $(144) $78 $(66) Current - liabilities held for sale (c) — — — (115) 50 (65) Noncurrent (111) 59 (52) (102) 63 (39) Noncurrent - liabilities held for sale (c) — — — (28) 15 (13) Total fair value of derivative liabilities $(254) $132 $(122) $(389) $206 $(183) Net fair value derivative assets/(liabilities) $(121) $15 $(106) (b) $(207) $46 $(161) (b) CECONY Fair value of derivative assets Current $52 $(46) $6 (b) $40 $(32) $8 (b) Noncurrent 45 (45) — 48 (47) 1 Total fair value of derivative assets $97 $(91) $6 $88 $(79) $9 Fair value of derivative liabilities Current $(122) $61 $(61) $(121) $71 $(50) Noncurrent (92) 47 (45) (92) 56 (36) Total fair value of derivative liabilities $(214) $108 $(106) $(213) $127 $(86) Net fair value derivative assets/(liabilities) $(117) $17 $(100) (b) $(125) $48 $(77) (b) (a) Derivative instruments and collateral were offset on the consolidated balance sheet as applicable under the accounting rules. The Companies enter into master agreements for their commodity derivatives. These agreements typically provide offset in the event of contract termination. In such case, generally the non-defaulting party’s payable will be offset by the defaulting party’s payable. The non-defaulting party will customarily notify the defaulting party within a specific time period and come to an agreement on the early termination amount. (b) At September 30, 2016 and December 31, 2015 , margin deposits for Con Edison ( $12 million and $26 million , respectively) and CECONY ( $12 million and $26 million , respectively) were classified as derivative assets on the consolidated balance sheet, but not included in the table. Margin is collateral, typically cash, that the holder of a derivative instrument is required to deposit in order to transact on an exchange and to cover its potential losses with its broker or the exchange. (c) Amounts represent derivative assets and liabilities included in assets and liabilities held for sale on the consolidated balance sheet. |
Realized and Unrealized Gains or Losses on Commodity Derivatives | The following table presents the realized and unrealized gains or losses on commodity derivatives that have been deferred or recognized in earnings for the three and nine months ended September 30, 2016 and 2015 : For the Three Months Ended September 30, Con Edison CECONY (Millions of Dollars) Balance Sheet Location 2016 2015 2016 2015 Pre-tax gains/(losses) deferred in accordance with accounting rules for regulated operations: Current Deferred derivative gains $(1) $(1) $(3) $(1) Noncurrent Deferred derivative gains (2) — — — Total deferred gains/(losses) $(3) $(1) $(3) $(1) Current Deferred derivative losses $(19) $8 $(18) $8 Current Recoverable energy costs (39) (53) (35) (49) Noncurrent Deferred derivative losses (17) 14 (14) 13 Total deferred gains/(losses) $(75) $(31) $(67) $(28) Net deferred gains/(losses) $(78) $(32) $(70) $(29) Income Statement Location Pre-tax gain/(loss) recognized in income Purchased power expense $(37) (a) $(31) (b) $— $— Gas purchased for resale (38) (26) — — Non-utility revenue (2) (a) 5 (b) — — Total pre-tax gain/(loss) recognized in income $(77) $(52) $— $— (a) For the three months ended September 30, 2016 , Con Edison recorded unrealized losses in non-utility operating revenue ( $2 million ) and purchase power expense ( $23 million ). (b) For the three months ended September 30, 2015 , Con Edison recorded in purchased power expense an unrealized pre-tax gain of $12 million . For the Nine Months Ended September 30, Con Edison CECONY (Millions of Dollars) Balance Sheet Location 2016 2015 2016 2015 Pre-tax gains/(losses) deferred in accordance with accounting rules for regulated operations: Current Deferred derivative gains $6 $— $2 $1 Noncurrent Deferred derivative gains (1) — (1) — Total deferred gains/(losses) $5 $— $1 $1 Current Deferred derivative losses $19 $40 $16 $40 Current Recoverable energy costs (163) (92) (148) (87) Noncurrent Deferred derivative losses (5) (7) (3) (5) Total deferred gains/(losses) $(149) $(59) $(135) $(52) Net deferred gains/(losses) $(144) $(59) $(134) $(51) Income Statement Location Pre-tax gain/(loss) recognized in income Purchased power expense $(106) (a) $(60) (b) $— $— Gas purchased for resale (72) (94) — — Non-utility revenue 15 (a) 20 (b) — — Total pre-tax gain/(loss) recognized in income $(163) $(134) $— $— (a) For the nine months ended September 30, 2016 , Con Edison recorded unrealized gains and losses in non-utility operating revenue ( $3 million loss) and purchase power expense ( $11 million gain). (b) For the nine months ended September 30, 2015 , Con Edison recorded unrealized pre-tax gains and losses in non-utility operating revenue ( $3 million loss) and purchased power expense ( $6 million gain). |
Hedged Volume of Derivative Transactions | The following table presents the hedged volume of Con Edison’s and CECONY’s derivative transactions at September 30, 2016 : Electric Energy (MWh) (a)(b) Capacity (MW) (a) Natural Gas (Dt) (a)(b) Refined Fuels (gallons) Con Edison 22,797,395 15,472 69,954,738 1,344,000 CECONY 20,724,225 9,000 70,100,000 1,344,000 (a) Volumes are reported net of long and short positions, except natural gas collars where the volumes of long positions are reported. (b) Excludes electric congestion and gas basis swap contracts, which are associated with electric and gas contracts and hedged volumes. |
Aggregate Fair Value of Companies' Derivative Instruments with Credit-Risk-Related Contingent Features | The following table presents the aggregate fair value of the Companies’ derivative instruments with credit-risk-related contingent features that are in a net liability position, the collateral posted for such positions and the additional collateral that would have been required to be posted had the lowest applicable credit rating been reduced one level and to below investment grade at September 30, 2016 : (Millions of Dollars) Con Edison (a) CECONY (a) Aggregate fair value – net liabilities $111 $97 Collateral posted 24 23 Additional collateral (b) (downgrade one level from current ratings) 18 15 Additional collateral (b) (downgrade to below investment grade from current ratings) 106 (c) 84 (c) (a) Non-derivative transactions for the purchase and sale of electricity and gas and qualifying derivative instruments, which have been designated as normal purchases or normal sales, are excluded from the table. These transactions primarily include purchases of electricity from independent system operators. In the event the Utilities and the competitive energy businesses were no longer extended unsecured credit for such purchases, the Companies would be required to post additional collateral of $10 million at September 30, 2016 . For certain other such non-derivative transactions, the Companies could be required to post collateral under certain circumstances, including in the event counterparties had reasonable grounds for insecurity. (b) The Companies measure the collateral requirements by taking into consideration the fair value amounts of derivative instruments that contain credit-risk-related contingent features that are in a net liabilities position plus amounts owed to counterparties for settled transactions and amounts required by counterparties for minimum financial security. The fair value amounts represent unrealized losses, net of any unrealized gains where the Companies have a legally enforceable right to offset. (c) Derivative instruments that are net assets have been excluded from the table. At September 30, 2016 , if Con Edison had been downgraded to below investment grade, it would have been required to post additional collateral for such derivative instruments of $9 million . |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Fair Value Disclosures [Abstract] | |
Assets and Liabilities Measured at Fair Value on Recurring Basis | Assets and liabilities measured at fair value on a recurring basis as of September 30, 2016 and December 31, 2015 are summarized below. 2016 2015 (Millions of Dollars) Level 1 Level 2 Level 3 Netting Adjustment (e) Total Level 1 Level 2 Level 3 Netting Adjustment (e) Total Con Edison Derivative assets: Commodity (a)(b)(c) $6 $21 $6 $(5) $28 $2 $25 $13 $7 $47 Commodity held for sale (f) — — — — — — 63 1 (63) 1 Other (a)(b)(d) 224 113 — — 337 185 112 — — 297 Total assets $230 $134 $6 $(5) $365 $187 $200 $14 $(56) $345 Derivative liabilities: Commodity (a)(b)(c) $3 $146 $5 $(32) $122 $16 $153 $1 $(65) $105 Commodity held for sale (f) — — — — — 1 133 7 (63) 78 Total liabilities $3 $146 $5 $(32) $122 $17 $286 $8 $(128) $183 CECONY Derivative assets: Commodity (a)(b)(c) $4 $7 $1 $6 $18 $1 $9 $8 $17 $35 Other (a)(b)(d) 200 108 — — 308 171 105 — — 276 Total assets $204 $115 $1 $6 $326 $172 $114 $8 $17 $311 Derivative liabilities: Commodity (a)(b)(c) $2 $126 $1 $(23) $106 $14 $129 $— $(57) $86 (a) The Companies’ policy is to review the fair value hierarchy and recognize transfers into and transfers out of the levels at the end of each reporting period. There were no transfers between levels 1, 2 and 3 for the nine months ended September 30, 2016 and for the year ended December 31, 2015 . (b) Level 2 assets and liabilities include investments held in the deferred compensation plan and/or non-qualified retirement plans, exchange-traded contracts where there is insufficient market liquidity to warrant inclusion in Level 1, certain over-the-counter derivative instruments for electricity, refined products and natural gas. Derivative instruments classified as Level 2 are valued using industry standard models that incorporate corroborated observable inputs; such as pricing services or prices from similar instruments that trade in liquid markets, time value and volatility factors. (c) The accounting rules for fair value measurements and disclosures require consideration of the impact of nonperformance risk (including credit risk) from a market participant perspective in the measurement of the fair value of assets and liabilities. At September 30, 2016 and December 31, 2015 , the Companies determined that nonperformance risk would have no material impact on their financial position or results of operations. (d) Other assets are comprised of assets such as life insurance contracts within the deferred compensation plan and non-qualified retirement plans. (e) Amounts represent the impact of legally-enforceable master netting agreements that allow the Companies to net gain and loss positions and cash collateral held or placed with the same counterparties. (f) Amounts represent derivative assets and liabilities included in Assets and Liabilities held for sale on the consolidated balance sheet. |
Schedule of Commodity Derivatives | The risk management group reports to the Companies’ Vice President and Treasurer. Fair Value of Level 3 at September 30, 2016 Valuation Techniques Unobservable Inputs Range (Millions of Dollars) Con Edison – Commodity Electricity $(1) Discounted Cash Flow Forward energy prices (a) $19.75-$80.00 per MWh 1 Discounted Cash Flow Forward capacity prices (a) $2.68-$9.45 per kW-month Transmission Congestion Contracts/Financial Transmission Rights 1 Discounted Cash Flow Discount to adjust auction prices for inter-zonal forward price curves (b) 52.8%-59.4% Discount/(premium) to adjust auction prices for historical monthly realized settlements (b) (44.9)%-58.9% Inter-zonal forward price curves adjusted for historical zonal losses (b) $(0.14)-$2.82 per MWh Total Con Edison—Commodity $1 CECONY—Commodity Electricity $(1) Discounted Cash Flow Forward energy prices (a) $21.10-$80.00 per MWh Transmission Congestion Contracts $1 Discounted Cash Flow Discount to adjust auction prices for inter-zonal forward price curves (b) 52.8%-59.4% Discount/(premium) to adjust auction prices for historical monthly realized settlements (b) (44.9)%-58.9% Total CECONY—Commodity $— (a) Generally, increases/(decreases) in this input in isolation would result in a higher/(lower) fair value measurement. (b) Generally, increases/(decreases) in this input in isolation would result in a lower/(higher) fair value measurement. |
Reconciliation of Beginning and Ending Net Balances for Assets and Liabilities Measured at Level 3 Fair Value | The table listed below provides a reconciliation of the beginning and ending net balances for assets and liabilities measured at fair value as of September 30, 2016 and 2015 and classified as Level 3 in the fair value hierarchy: For the Three Months Ended September 30, Con Edison CECONY (Millions of Dollars) 2016 2015 2016 2015 Beginning balance as of July 1, $5 $13 $2 $11 Included in earnings (4) (4) — (1) Included in regulatory assets and liabilities (5) (1) (3) (1) Purchases — 1 — 1 Sales (a) 4 — — — Settlements 1 (5) 1 (2) Ending balance as of September 30, $1 $4 $— $8 For the Nine Months Ended September 30, Con Edison CECONY (Millions of Dollars) 2016 2015 2016 2015 Beginning balance as of January 1, $6 $20 $8 $13 Included in earnings (1) (18) (1) (5) Included in regulatory assets and liabilities (11) (1) (6) (1) Purchases 2 9 1 5 Sales (a) 4 — — — Settlements 1 (6) (2) (4) Ending balance as of September 30, $1 $4 $— $8 (a) Amounts represent derivative instruments novated as part of the assets of Con Edison Solutions’ retail electric supply business which were sold to a subsidiary of Exelon Corporation (see Note P). |
Variable Interest Entities (Tab
Variable Interest Entities (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Summary of VIEs | The following table summarizes the VIEs in which Con Edison Development has entered into as of September 30, 2016 : Project Name (a) Generating Capacity (b) (MW AC) Power Purchase Agreement Term (in Years) Year of Initial Investment Location Maximum Exposure to Loss ( Millions of Dollars ) (c) Copper Mountain Solar 3 128 20 2014 Nevada $179 Panoche Valley (d) 120 20 2015 California 274 Mesquite Solar 1 83 20 2013 Arizona 107 Copper Mountain Solar 2 75 25 2013 Nevada 84 California Solar 55 25 2012 California 70 Broken Bow II 38 25 2014 Nebraska 51 Texas Solar 4 32 25 2014 Texas 43 (a) With the exception of Texas Solar 4, Con Edison’s ownership interest is 50 percent and these projects are accounted for using the equity method of accounting. Con Edison is not the primary beneficiary since the power to direct the activities that most significantly impact the economics of the entities are shared equally between Con Edison Development and third parties. Con Edison’s ownership interest in Texas Solar 4 is 80 percent and is consolidated in the financial statements. Con Edison is the primary beneficiary since the power to direct the activities that most significantly impact the economics of Texas Solar 4 is held by Con Edison Development. The maximum exposure for Texas Solar 4 is the net assets of the investment offset by an $8 million noncontrolling interest. (b) Represents Con Edison Development’s ownership interest in the project. (c) For investments accounted for under the equity method, maximum exposure is equal to the carrying value of the investment on the consolidated balance sheet and any related receivables due from the project. For consolidated investments, maximum exposure is equal to the net assets of the project on the consolidated balance sheet less any applicable noncontrolling interest. Con Edison did not provide any financial or other support during the year that was not previously contractually required. (d) In October 2016, Con Edison Development acquired the remaining 50 percent ownership interest in the project. See Note P. |
General (Details)
General (Details) | 9 Months Ended |
Sep. 30, 2016subsidiaryregistrant | |
Accounting Policies [Abstract] | |
Number of registrants | registrant | 2 |
Number of regulated utility subsidiaries | subsidiary | 2 |
Summary of Significant Accoun38
Summary of Significant Accounting Policies - Earnings Per Common Share (Detail) - USD ($) $ / shares in Units, shares in Millions, $ in Millions | 3 Months Ended | 9 Months Ended | ||||||
Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Accounting Policies [Abstract] | ||||||||
Net income | $ 497 | $ 232 | $ 310 | $ 428 | $ 219 | $ 370 | $ 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 (dollars per share) | $ 1.63 | $ 1.46 | $ 3.47 | $ 3.47 | ||||
Net income per common share-diluted (dollars per share) | $ 1.62 | $ 1.45 | $ 3.46 | $ 3.46 |
Summary of Significant Accoun39
Summary of Significant Accounting Policies - Changes in Accumulated Other Comprehensive Income/(Loss) by Component (Detail) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||||
Beginning Balance | $ 13,958 | $ 12,797 | $ 13,061 | $ 12,585 |
TOTAL OTHER COMPREHENSIVE INCOME, NET OF TAXES | 1 | 1 | 2 | 7 |
Ending Balance | 14,275 | 13,049 | 14,275 | 13,049 |
OCI before reclassifications, tax | 1 | (2) | ||
Amounts reclassified from accumulated OCI related to pension plan liabilities, tax | (1) | (1) | (2) | (3) |
CECONY | ||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||||
TOTAL OTHER COMPREHENSIVE INCOME, NET OF TAXES | 0 | 1 | 1 | 2 |
Accumulated Other Comprehensive Income/(Loss) | ||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||||
Beginning Balance | (33) | (39) | (34) | (45) |
OCI before reclassifications, net of tax | (1) | 3 | ||
Amounts reclassified from accumulated OCI related to pension plan liabilities, net of tax | 1 | 1 | 3 | 4 |
TOTAL OTHER COMPREHENSIVE INCOME, NET OF TAXES | 1 | 1 | 2 | 7 |
Ending Balance | (32) | (38) | (32) | (38) |
Accumulated Other Comprehensive Income/(Loss) | CECONY | ||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||||
Beginning Balance | (8) | (10) | (9) | (11) |
OCI before reclassifications, net of tax | 0 | 0 | ||
Amounts reclassified from accumulated OCI related to pension plan liabilities, net of tax | 0 | 1 | 1 | 2 |
TOTAL OTHER COMPREHENSIVE INCOME, NET OF TAXES | 0 | 1 | 1 | 2 |
Ending Balance | $ (8) | $ (9) | $ (8) | $ (9) |
Regulatory Matters - Summary of
Regulatory Matters - Summary of Rate Plan (Detail) - USD ($) $ in Millions | 1 Months Ended | 9 Months Ended | 36 Months Ended | |
Oct. 31, 2016 | Apr. 30, 2016 | Sep. 30, 2016 | Dec. 31, 2019 | |
CECONY | Electric | ||||
Public Utilities, General Disclosures [Line Items] | ||||
Additional rate increase | $ 48 | |||
Deferrals for property taxes limitation from rates (percent) | 90.00% | |||
Deferrals for property taxes limitation from rates (percent) | 80.00% | |||
Maximum deferral (percentage) | 30.00% | |||
CECONY | Gas | ||||
Public Utilities, General Disclosures [Line Items] | ||||
Additional rate increase | $ 41 | |||
New Jersey Board of Public Utilities | Rockland Electric Company | Year 1 | Rockland Electric Company | Electric | ||||
Public Utilities, General Disclosures [Line Items] | ||||
Increase (decrease) in requested rate amount | $ 10 | |||
Return on common equity (percent) | 10.20% | |||
Common equity ratio (percent) | 49.81% | |||
Scenario, Forecast | CECONY | Electric | ||||
Public Utilities, General Disclosures [Line Items] | ||||
Public utilities, term of rate plan | 3 years | |||
Authorized return on common equity (percent) | 9.00% | |||
Earnings sharing (percentage) | 9.50% | |||
Common equity ratio (percent) | 48.00% | |||
Scenario, Forecast | CECONY | Gas | ||||
Public Utilities, General Disclosures [Line Items] | ||||
Public utilities, term of rate plan | 3 years | |||
Retention of revenues from non-firm customers (up to) | $ 65 | |||
Percentage of revenue reserve | 15.00% | |||
Authorized return on common equity (percent) | 9.00% | |||
Earnings sharing (percentage) | 9.50% | |||
Common equity ratio (percent) | 48.00% | |||
Scenario, Forecast | Year 1 | CECONY | Electric | ||||
Public Utilities, General Disclosures [Line Items] | ||||
Base rate changes | $ 195 | |||
Amortization to income of net regulatory (assets) and liabilities | 84 | |||
Retention of annual transmission congestion revenues | 75 | |||
Potential incentive revenue | 28 | |||
Potential penalty expense | 376 | |||
Average rate base | $ 18,902 | |||
Weighted average cost of capital (after-tax) (percent) | 6.82% | |||
Cost of long-term debt (percent) | 4.93% | |||
Additional rate increase | $ 199 | |||
Deferral, annual maximum (not more than) (percent) | 0.10% | |||
Scenario, Forecast | Year 1 | CECONY | Gas | ||||
Public Utilities, General Disclosures [Line Items] | ||||
Base rate changes | $ (5) | |||
Amortization to income of net regulatory (assets) and liabilities | 39 | |||
Potential incentive revenue | 7 | |||
Potential penalty expense | 68 | |||
Average rate base | $ 4,841 | |||
Weighted average cost of capital (after-tax) (percent) | 6.82% | |||
Cost of long-term debt (percent) | 4.93% | |||
Scenario, Forecast | Year 2 | CECONY | Electric | ||||
Public Utilities, General Disclosures [Line Items] | ||||
Base rate changes | $ 155 | |||
Amortization to income of net regulatory (assets) and liabilities | 83 | |||
Retention of annual transmission congestion revenues | 75 | |||
Potential incentive revenue | 47 | |||
Potential penalty expense | 383 | |||
Average rate base | $ 19,530 | |||
Weighted average cost of capital (after-tax) (percent) | 6.80% | |||
Cost of long-term debt (percent) | 4.88% | |||
Additional rate increase | $ 199 | |||
Deferral, annual maximum (not more than) (percent) | 0.075% | |||
Scenario, Forecast | Year 2 | CECONY | Gas | ||||
Public Utilities, General Disclosures [Line Items] | ||||
Base rate changes | $ 92 | |||
Amortization to income of net regulatory (assets) and liabilities | 37 | |||
Potential incentive revenue | 8 | |||
Potential penalty expense | 75 | |||
Average rate base | $ 5,395 | |||
Weighted average cost of capital (after-tax) (percent) | 6.80% | |||
Cost of long-term debt (percent) | 4.88% | |||
Scenario, Forecast | Year 3 | CECONY | Electric | ||||
Public Utilities, General Disclosures [Line Items] | ||||
Base rate changes | $ 155 | |||
Amortization to income of net regulatory (assets) and liabilities | 69 | |||
Retention of annual transmission congestion revenues | 75 | |||
Potential incentive revenue | 64 | |||
Potential penalty expense | 395 | |||
Average rate base | $ 20,277 | |||
Weighted average cost of capital (after-tax) (percent) | 6.73% | |||
Cost of long-term debt (percent) | 4.74% | |||
Additional rate increase | $ 199 | |||
Deferral, annual maximum (not more than) (percent) | 0.05% | |||
Scenario, Forecast | Year 3 | CECONY | Gas | ||||
Public Utilities, General Disclosures [Line Items] | ||||
Base rate changes | $ 90 | |||
Amortization to income of net regulatory (assets) and liabilities | 36 | |||
Potential incentive revenue | 8 | |||
Potential penalty expense | 83 | |||
Average rate base | $ 6,005 | |||
Weighted average cost of capital (after-tax) (percent) | 6.73% | |||
Cost of long-term debt (percent) | 4.74% | |||
Net plant target, excluding AMI | Scenario, Forecast | Year 1 | CECONY | Electric | ||||
Public Utilities, General Disclosures [Line Items] | ||||
Average net utility plant rates | $ 21,689 | |||
Net plant target, excluding AMI | Scenario, Forecast | Year 1 | CECONY | Gas | ||||
Public Utilities, General Disclosures [Line Items] | ||||
Average net utility plant rates | 5,844 | |||
Net plant target, excluding AMI | Scenario, Forecast | Year 2 | CECONY | Electric | ||||
Public Utilities, General Disclosures [Line Items] | ||||
Average net utility plant rates | 22,338 | |||
Net plant target, excluding AMI | Scenario, Forecast | Year 2 | CECONY | Gas | ||||
Public Utilities, General Disclosures [Line Items] | ||||
Average net utility plant rates | 6,512 | |||
Net plant target, excluding AMI | Scenario, Forecast | Year 3 | CECONY | Electric | ||||
Public Utilities, General Disclosures [Line Items] | ||||
Average net utility plant rates | 23,002 | |||
Net plant target, excluding AMI | Scenario, Forecast | Year 3 | CECONY | Gas | ||||
Public Utilities, General Disclosures [Line Items] | ||||
Average net utility plant rates | 7,177 | |||
AMI | Scenario, Forecast | Year 1 | CECONY | Electric | ||||
Public Utilities, General Disclosures [Line Items] | ||||
Average net utility plant rates | 126 | |||
AMI | Scenario, Forecast | Year 1 | CECONY | Gas | ||||
Public Utilities, General Disclosures [Line Items] | ||||
Average net utility plant rates | 27 | |||
AMI | Scenario, Forecast | Year 2 | CECONY | Electric | ||||
Public Utilities, General Disclosures [Line Items] | ||||
Average net utility plant rates | 257 | |||
AMI | Scenario, Forecast | Year 2 | CECONY | Gas | ||||
Public Utilities, General Disclosures [Line Items] | ||||
Average net utility plant rates | 57 | |||
AMI | Scenario, Forecast | Year 3 | CECONY | Electric | ||||
Public Utilities, General Disclosures [Line Items] | ||||
Average net utility plant rates | 415 | |||
AMI | Scenario, Forecast | Year 3 | CECONY | Gas | ||||
Public Utilities, General Disclosures [Line Items] | ||||
Average net utility plant rates | $ 100 | |||
Subsequent Event | New Jersey Board of Public Utilities | Rockland Electric Company | Year 1 | Rockland Electric Company | Electric | ||||
Public Utilities, General Disclosures [Line Items] | ||||
Increase (decrease) in requested rate amount | $ (4) | |||
Return on common equity (percent) | 10.20% | |||
Common equity ratio (percent) | 50.15% | |||
Subsequent Event | New Jersey Board of Public Utilities | Rockland Electric Company | Year 2 | Rockland Electric Company | Electric | ||||
Public Utilities, General Disclosures [Line Items] | ||||
Public utilities, requested rate increase (decrease), amount | $ 6 |
Regulatory Matters - Additional
Regulatory Matters - Additional Information (Detail) - USD ($) | 12 Months Ended | |||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2016 | |
Public Utilities, General Disclosures [Line Items] | ||||
Expected credit to customers | $ 116,000,000 | |||
Return on capital expenditures, not recoverable (up to) | 55,000,000 | |||
Regulatory liabilities | $ 1,977,000,000 | 1,920,000,000 | ||
Prudence proceeding | ||||
Public Utilities, General Disclosures [Line Items] | ||||
Regulatory liabilities | 99,000,000 | 96,000,000 | ||
CECONY | ||||
Public Utilities, General Disclosures [Line Items] | ||||
Regulatory liabilities | 1,789,000,000 | 1,725,000,000 | ||
Requested deferral of incremental costs incurred to regulatory asset | 35,000,000 | $ 29,000,000 | ||
CECONY | Prudence proceeding | ||||
Public Utilities, General Disclosures [Line Items] | ||||
Regulatory liabilities | $ 99,000,000 | 96,000,000 | ||
CECONY | June 2014 Plastic Fusion Proceeding | ||||
Public Utilities, General Disclosures [Line Items] | ||||
Regulatory liabilities | $ 28,000,000 | |||
Scenario, Forecast | CECONY | ||||
Public Utilities, General Disclosures [Line Items] | ||||
Requested deferral of incremental costs incurred to regulatory asset | $ 37,000,000 |
Regulatory Matters - Regulatory
Regulatory Matters - Regulatory Assets and Liabilities (Detail) - USD ($) $ in Millions | Sep. 30, 2016 | Dec. 31, 2015 |
Regulatory assets | ||
Regulatory assets – noncurrent | $ 7,544 | $ 8,096 |
Regulatory assets – current | 119 | 132 |
Total Regulatory Assets | 7,663 | 8,228 |
Regulatory liabilities | ||
Regulatory liabilities – noncurrent | 1,920 | 1,977 |
Regulatory liabilities – current | 123 | 115 |
Total Regulatory Liabilities | 2,043 | 2,092 |
Allowance for cost of removal less salvage | ||
Regulatory liabilities | ||
Regulatory liabilities – noncurrent | 713 | 676 |
Property tax reconciliation | ||
Regulatory liabilities | ||
Regulatory liabilities – noncurrent | 205 | 303 |
Pension and other postretirement benefit deferrals | ||
Regulatory liabilities | ||
Regulatory liabilities – noncurrent | 163 | 76 |
Net unbilled revenue deferrals | ||
Regulatory liabilities | ||
Regulatory liabilities – noncurrent | 121 | 109 |
Prudence proceeding | ||
Regulatory liabilities | ||
Regulatory liabilities – noncurrent | 96 | 99 |
Unrecognized other postretirement costs | ||
Regulatory liabilities | ||
Regulatory liabilities – noncurrent | 91 | 28 |
New York State income tax rate change | ||
Regulatory liabilities | ||
Regulatory liabilities – noncurrent | 66 | 75 |
Base rate change deferrals | ||
Regulatory liabilities | ||
Regulatory liabilities – noncurrent | 62 | 128 |
Variable-rate tax-exempt debt – cost rate reconciliation | ||
Regulatory liabilities | ||
Regulatory liabilities – noncurrent | 60 | 70 |
Carrying charges on repair allowance and bonus depreciation | ||
Regulatory liabilities | ||
Regulatory liabilities – noncurrent | 57 | 49 |
Earnings sharing - electric, gas and steam | ||
Regulatory liabilities | ||
Regulatory liabilities – noncurrent | 34 | 80 |
Net utility plant reconciliations | ||
Regulatory liabilities | ||
Regulatory liabilities – noncurrent | 27 | 32 |
Property tax refunds | ||
Regulatory liabilities | ||
Regulatory liabilities – noncurrent | 12 | 44 |
World Trade Center settlement proceeds | ||
Regulatory liabilities | ||
Regulatory liabilities – noncurrent | 5 | 21 |
Other | ||
Regulatory liabilities | ||
Regulatory liabilities – noncurrent | 208 | 187 |
Revenue decoupling mechanism | ||
Regulatory liabilities | ||
Regulatory liabilities – current | 74 | 45 |
Refundable energy costs | ||
Regulatory liabilities | ||
Regulatory liabilities – current | 37 | 64 |
Deferred derivative gains | ||
Regulatory liabilities | ||
Regulatory liabilities – current | 12 | 6 |
Unrecognized pension and other postretirement costs | ||
Regulatory assets | ||
Regulatory assets – noncurrent | 3,369 | 3,876 |
Future income tax | ||
Regulatory assets | ||
Regulatory assets – noncurrent | 2,429 | 2,350 |
Revenue taxes | ||
Regulatory assets | ||
Regulatory assets – noncurrent | 298 | 253 |
Deferred storm costs | ||
Regulatory assets | ||
Regulatory assets – noncurrent | 89 | 185 |
Deferred derivative losses | ||
Regulatory assets | ||
Regulatory assets – noncurrent | 55 | 50 |
Unamortized loss on reacquired debt | ||
Regulatory assets | ||
Regulatory assets – noncurrent | 45 | 50 |
Surcharge for New York State assessment | ||
Regulatory assets | ||
Regulatory assets – noncurrent | 43 | 44 |
O&R property tax reconciliation | ||
Regulatory assets | ||
Regulatory assets – noncurrent | 39 | 46 |
Pension and other postretirement benefits deferrals | ||
Regulatory assets | ||
Regulatory assets – noncurrent | 34 | 45 |
Net electric deferrals | ||
Regulatory assets | ||
Regulatory assets – noncurrent | 29 | 44 |
Preferred stock redemption | ||
Regulatory assets | ||
Regulatory assets – noncurrent | 25 | 26 |
O&R transition bond charges | ||
Regulatory assets | ||
Regulatory assets – noncurrent | 16 | 21 |
Recoverable energy costs | ||
Regulatory assets | ||
Regulatory assets – noncurrent | 7 | 16 |
Regulatory assets – current | 25 | 19 |
Other | ||
Regulatory assets | ||
Regulatory assets – noncurrent | 228 | 175 |
Deferred derivative losses | ||
Regulatory assets | ||
Regulatory assets – current | 94 | 113 |
CECONY | ||
Regulatory assets | ||
Regulatory assets – noncurrent | 6,986 | 7,482 |
Regulatory assets – current | 111 | 121 |
Total Regulatory Assets | 7,097 | 7,603 |
Regulatory liabilities | ||
Regulatory liabilities – noncurrent | 1,725 | 1,789 |
Regulatory liabilities – current | 96 | 84 |
Total Regulatory Liabilities | 1,821 | 1,873 |
CECONY | Allowance for cost of removal less salvage | ||
Regulatory liabilities | ||
Regulatory liabilities – noncurrent | 602 | 570 |
CECONY | Property tax reconciliation | ||
Regulatory liabilities | ||
Regulatory liabilities – noncurrent | 205 | 303 |
CECONY | Pension and other postretirement benefit deferrals | ||
Regulatory liabilities | ||
Regulatory liabilities – noncurrent | 130 | 46 |
CECONY | Net unbilled revenue deferrals | ||
Regulatory liabilities | ||
Regulatory liabilities – noncurrent | 121 | 109 |
CECONY | Prudence proceeding | ||
Regulatory liabilities | ||
Regulatory liabilities – noncurrent | 96 | 99 |
CECONY | Unrecognized other postretirement costs | ||
Regulatory liabilities | ||
Regulatory liabilities – noncurrent | 91 | 28 |
CECONY | New York State income tax rate change | ||
Regulatory liabilities | ||
Regulatory liabilities – noncurrent | 64 | 72 |
CECONY | Base rate change deferrals | ||
Regulatory liabilities | ||
Regulatory liabilities – noncurrent | 62 | 128 |
CECONY | Variable-rate tax-exempt debt – cost rate reconciliation | ||
Regulatory liabilities | ||
Regulatory liabilities – noncurrent | 52 | 60 |
CECONY | Carrying charges on repair allowance and bonus depreciation | ||
Regulatory liabilities | ||
Regulatory liabilities – noncurrent | 56 | 48 |
CECONY | Earnings sharing - electric, gas and steam | ||
Regulatory liabilities | ||
Regulatory liabilities – noncurrent | 26 | 80 |
CECONY | Net utility plant reconciliations | ||
Regulatory liabilities | ||
Regulatory liabilities – noncurrent | 27 | 31 |
CECONY | Property tax refunds | ||
Regulatory liabilities | ||
Regulatory liabilities – noncurrent | 12 | 44 |
CECONY | World Trade Center settlement proceeds | ||
Regulatory liabilities | ||
Regulatory liabilities – noncurrent | 5 | 21 |
CECONY | Other | ||
Regulatory liabilities | ||
Regulatory liabilities – noncurrent | 176 | 150 |
CECONY | Revenue decoupling mechanism | ||
Regulatory liabilities | ||
Regulatory liabilities – current | 70 | 45 |
CECONY | Refundable energy costs | ||
Regulatory liabilities | ||
Regulatory liabilities – current | 18 | 33 |
CECONY | Deferred derivative gains | ||
Regulatory liabilities | ||
Regulatory liabilities – current | 8 | 6 |
CECONY | Unrecognized pension and other postretirement costs | ||
Regulatory assets | ||
Regulatory assets – noncurrent | 3,220 | 3,697 |
CECONY | Future income tax | ||
Regulatory assets | ||
Regulatory assets – noncurrent | 2,312 | 2,232 |
CECONY | Revenue taxes | ||
Regulatory assets | ||
Regulatory assets – noncurrent | 283 | 240 |
CECONY | Deferred storm costs | ||
Regulatory assets | ||
Regulatory assets – noncurrent | 30 | 110 |
CECONY | Deferred derivative losses | ||
Regulatory assets | ||
Regulatory assets – noncurrent | 49 | 46 |
CECONY | Unamortized loss on reacquired debt | ||
Regulatory assets | ||
Regulatory assets – noncurrent | 43 | 48 |
CECONY | Surcharge for New York State assessment | ||
Regulatory assets | ||
Regulatory assets – noncurrent | 40 | 40 |
CECONY | O&R property tax reconciliation | ||
Regulatory assets | ||
Regulatory assets – noncurrent | 0 | 0 |
CECONY | Pension and other postretirement benefits deferrals | ||
Regulatory assets | ||
Regulatory assets – noncurrent | 3 | 16 |
CECONY | Net electric deferrals | ||
Regulatory assets | ||
Regulatory assets – noncurrent | 29 | 44 |
CECONY | Preferred stock redemption | ||
Regulatory assets | ||
Regulatory assets – noncurrent | 25 | 26 |
CECONY | O&R transition bond charges | ||
Regulatory assets | ||
Regulatory assets – noncurrent | 0 | 0 |
CECONY | Recoverable energy costs | ||
Regulatory assets | ||
Regulatory assets – noncurrent | 5 | 15 |
Regulatory assets – current | 24 | 18 |
CECONY | Other | ||
Regulatory assets | ||
Regulatory assets – noncurrent | 212 | 157 |
CECONY | Deferred derivative losses | ||
Regulatory assets | ||
Regulatory assets – current | 87 | 103 |
Superfund Sites | ||
Regulatory assets | ||
Total Regulatory Assets | 823 | 904 |
Superfund Sites | Environmental remediation costs | ||
Regulatory assets | ||
Regulatory assets – noncurrent | 823 | 904 |
Superfund Sites | CECONY | ||
Regulatory assets | ||
Total Regulatory Assets | 720 | 800 |
Superfund Sites | CECONY | Environmental remediation costs | ||
Regulatory assets | ||
Regulatory assets – noncurrent | 720 | 800 |
Workers’ compensation | ||
Regulatory assets | ||
Total Regulatory Assets | 15 | 11 |
Workers’ compensation | Workers’ compensation | ||
Regulatory assets | ||
Regulatory assets – noncurrent | 15 | 11 |
Workers’ compensation | CECONY | ||
Regulatory assets | ||
Total Regulatory Assets | 15 | 11 |
Workers’ compensation | CECONY | Workers’ compensation | ||
Regulatory assets | ||
Regulatory assets – noncurrent | $ 15 | $ 11 |
Capitalization - Carrying Amoun
Capitalization - Carrying Amounts and Fair Values of Long-Term Debt (Detail) - USD ($) $ in Millions | Sep. 30, 2016 | Dec. 31, 2015 |
Debt Instrument [Line Items] | ||
Carrying Amount | $ 14,093 | $ 12,745 |
Fair Value | 16,325 | 13,856 |
CECONY | ||
Debt Instrument [Line Items] | ||
Carrying Amount | 11,584 | 11,437 |
Fair Value | $ 13,564 | $ 12,427 |
Capitalization - Additional Inf
Capitalization - Additional Information (Detail) - USD ($) | 1 Months Ended | 3 Months Ended | 9 Months Ended | |||||||
Oct. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | May 31, 2016 | Jun. 30, 2016 | Sep. 30, 2016 | Sep. 30, 2015 | Dec. 31, 2016 | Feb. 29, 2016 | Dec. 31, 2015 | |
Schedule of Capitalization [Line Items] | ||||||||||
Stock issued during the period, value | $ 702,000,000 | |||||||||
Proceeds from long-term debt | $ 1,765,000,000 | $ 238,000,000 | ||||||||
Long-term debt, fair value | $ 16,325,000,000 | 16,325,000,000 | $ 13,856,000,000 | |||||||
Level 2 | ||||||||||
Schedule of Capitalization [Line Items] | ||||||||||
Long-term debt, fair value | 15,689,000,000 | 15,689,000,000 | ||||||||
Level 3 | ||||||||||
Schedule of Capitalization [Line Items] | ||||||||||
Long-term debt, fair value | 636,000,000 | 636,000,000 | ||||||||
CECONY | ||||||||||
Schedule of Capitalization [Line Items] | ||||||||||
Proceeds from long-term debt | 550,000,000 | $ 0 | ||||||||
Long-term debt, fair value | 13,564,000,000 | 13,564,000,000 | $ 12,427,000,000 | |||||||
CECONY | Level 2 | ||||||||||
Schedule of Capitalization [Line Items] | ||||||||||
Long-term debt, fair value | 12,928,000,000 | 12,928,000,000 | ||||||||
CECONY | Level 3 | ||||||||||
Schedule of Capitalization [Line Items] | ||||||||||
Long-term debt, fair value | $ 636,000,000 | 636,000,000 | ||||||||
Tax-exempt debt | $ 636,000,000 | |||||||||
Senior Notes | 4.21% Senior Notes due 2041 | Con Edison Development | ||||||||||
Schedule of Capitalization [Line Items] | ||||||||||
Debt Instrument, face amount | $ 218,000,000 | |||||||||
Debt instrument, interest rate (percent) | 4.21% | |||||||||
Senior Notes | 4.07% Senior Notes due 2036 | Con Edison Development | ||||||||||
Schedule of Capitalization [Line Items] | ||||||||||
Debt Instrument, face amount | $ 95,000,000 | |||||||||
Debt instrument, interest rate (percent) | 4.07% | |||||||||
Secured Debt | 2.00% Debentures due 2021 | ||||||||||
Schedule of Capitalization [Line Items] | ||||||||||
Debt Instrument, face amount | $ 500,000,000 | |||||||||
Debt instrument, interest rate (percent) | 2.00% | |||||||||
Secured Debt | 3.85% Debentures due 2046 | CECONY | ||||||||||
Schedule of Capitalization [Line Items] | ||||||||||
Debt Instrument, face amount | $ 550,000,000 | $ 550,000,000 | ||||||||
Debt instrument, interest rate (percent) | 3.85% | 3.85% | ||||||||
Secured Debt | New Jersey Utility Agreement | Con Edison Solutions | ||||||||||
Schedule of Capitalization [Line Items] | ||||||||||
Debt instrument, interest rate (percent) | 11.18% | 11.18% | ||||||||
Proceeds from long-term debt | $ 2,000,000 | |||||||||
Secured Debt | 5.50% Debentures due 2016 | CECONY | ||||||||||
Schedule of Capitalization [Line Items] | ||||||||||
Debt instrument, interest rate (percent) | 5.50% | 5.50% | ||||||||
Redemption of debt | $ 400,000,000 | |||||||||
Unsecured Debt | Term Loan Credit Facility | ||||||||||
Schedule of Capitalization [Line Items] | ||||||||||
Debt Instrument, face amount | $ 400,000,000 | $ 400,000,000 | ||||||||
Common Stock | ||||||||||
Schedule of Capitalization [Line Items] | ||||||||||
Stock issued during period (in shares) | 10,000,000 | 10,000,000 | ||||||||
Stock issued during the period, value | $ 702,000,000 | $ 1,000,000 | ||||||||
LIBOR | Senior Notes | 4.07% Senior Notes due 2036 | Con Edison Development | ||||||||||
Schedule of Capitalization [Line Items] | ||||||||||
Debt instrument, basis spread on variable rate (percent) | 1.00% | |||||||||
Scenario, Forecast | Secured Debt | 3.88% Debentures due 2016 | O&R | ||||||||||
Schedule of Capitalization [Line Items] | ||||||||||
Debt Instrument, face amount | $ 75,000,000 | |||||||||
Debt instrument, interest rate (percent) | 3.88% | |||||||||
Subsequent Event | Secured Debt | 5.45% Debentures due 2016 | O&R | ||||||||||
Schedule of Capitalization [Line Items] | ||||||||||
Debt instrument, interest rate (percent) | 5.45% | |||||||||
Redemption of debt | $ 75,000,000 |
Short-Term Borrowing - Addition
Short-Term Borrowing - Additional Information (Detail) - USD ($) | 9 Months Ended | 12 Months Ended |
Sep. 30, 2016 | Dec. 31, 2015 | |
Short-term Debt [Line Items] | ||
Commercial paper, outstanding | $ 601,000,000 | $ 1,529,000,000 |
Weighted average interest rate (percent) | 0.70% | 0.70% |
Loans outstanding under credit agreement | $ 0 | $ 0 |
Letters of credit outstanding under the Credit Agreement | 2,000,000 | 15,000,000 |
CECONY | ||
Short-term Debt [Line Items] | ||
Commercial paper, outstanding | $ 480,000,000 | $ 1,033,000,000 |
Weighted average interest rate (percent) | 0.70% | 0.70% |
Loans outstanding under credit agreement | $ 0 | $ 0 |
Letters of credit outstanding under the Credit Agreement | $ 2,000,000 |
Pension Benefits - Total Period
Pension Benefits - Total Periodic Benefit Costs (Detail) - Pension Benefits - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Defined Benefit Plan Disclosure [Line Items] | ||||
Service cost – including administrative expenses | $ 69 | $ 74 | $ 207 | $ 223 |
Interest cost on projected benefit obligation | 149 | 144 | 447 | 431 |
Expected return on plan assets | (237) | (222) | (711) | (664) |
Recognition of net actuarial loss | 149 | 194 | 447 | 581 |
Recognition of prior service costs | 1 | 1 | 3 | 3 |
NET PERIODIC BENEFIT COST | 131 | 191 | 393 | 574 |
Amortization of regulatory asset | 0 | 1 | 0 | 2 |
TOTAL PERIODIC BENEFIT COST | 131 | 192 | 393 | 576 |
Cost capitalized | (51) | (80) | (157) | (224) |
Reconciliation to rate level | 10 | (14) | 35 | (56) |
Cost charged to operating expenses | 90 | 98 | 271 | 296 |
CECONY | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Service cost – including administrative expenses | 65 | 70 | 194 | 209 |
Interest cost on projected benefit obligation | 140 | 135 | 419 | 404 |
Expected return on plan assets | (225) | (210) | (674) | (630) |
Recognition of net actuarial loss | 141 | 183 | 424 | 550 |
Recognition of prior service costs | 0 | 0 | 1 | 1 |
NET PERIODIC BENEFIT COST | 121 | 178 | 364 | 534 |
Amortization of regulatory asset | 0 | 1 | 0 | 2 |
TOTAL PERIODIC BENEFIT COST | 121 | 179 | 364 | 536 |
Cost capitalized | (49) | (76) | (148) | (214) |
Reconciliation to rate level | 13 | (14) | 39 | (56) |
Cost charged to operating expenses | $ 85 | $ 89 | $ 255 | $ 266 |
Pension Benefits - Additional I
Pension Benefits - Additional Information (Detail) $ in Millions | 9 Months Ended |
Sep. 30, 2016USD ($) | |
Pension Benefits | |
Defined Benefit Plan Disclosure [Line Items] | |
Expected contributions | $ 508 |
Contributions | 504 |
CECONY | Pension Benefits | |
Defined Benefit Plan Disclosure [Line Items] | |
Expected contributions | 469 |
Contributions | 466 |
CECONY | Non-qualified Supplemental Plan | |
Defined Benefit Plan Disclosure [Line Items] | |
Expected contributions | $ 17 |
Other Postretirement Benefits -
Other Postretirement Benefits - Total Periodic Postretirement Benefit Costs (Detail) - Other Postretirement Benefits - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Defined Benefit Plan Disclosure [Line Items] | ||||
Service cost | $ 4 | $ 5 | $ 13 | $ 15 |
Interest cost on accumulated other postretirement benefit obligation | 12 | 13 | 36 | 38 |
Expected return on plan assets | (19) | (20) | (58) | (59) |
Recognition of net actuarial loss | 1 | 8 | 4 | 24 |
Recognition of prior service cost | (5) | (5) | (15) | (15) |
NET PERIODIC BENEFIT COST | (7) | 1 | (20) | 3 |
Cost capitalized | 2 | (1) | 5 | (2) |
Reconciliation to rate level | 7 | 4 | 20 | 12 |
Cost charged to operating expenses | 2 | 4 | 5 | 13 |
CECONY | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Service cost | 3 | 4 | 10 | 11 |
Interest cost on accumulated other postretirement benefit obligation | 10 | 11 | 30 | 32 |
Expected return on plan assets | (17) | (17) | (50) | (51) |
Recognition of net actuarial loss | 1 | 7 | 2 | 21 |
Recognition of prior service cost | (3) | (4) | (11) | (10) |
NET PERIODIC BENEFIT COST | (6) | 1 | (19) | 3 |
Cost capitalized | 2 | (1) | 5 | (2) |
Reconciliation to rate level | 6 | 2 | 19 | 5 |
Cost charged to operating expenses | $ 2 | $ 2 | $ 5 | $ 6 |
Other Postretirement Benefits49
Other Postretirement Benefits - Additional Information (Detail) $ in Millions | 9 Months Ended |
Sep. 30, 2016USD ($) | |
Other Postretirement Benefits | |
Defined Benefit Plan Disclosure [Line Items] | |
Expected contributions | $ 6 |
Environmental Matters - Accrued
Environmental Matters - Accrued Liabilities and Regulatory Assets (Detail) - USD ($) $ in Millions | Sep. 30, 2016 | Dec. 31, 2015 |
Accrued Liabilities: | ||
Accrued Liabilities | $ 752 | $ 765 |
Regulatory assets | 7,663 | 8,228 |
Manufactured gas plant sites | ||
Accrued Liabilities: | ||
Accrued Liabilities | 664 | 679 |
Other Superfund Sites | ||
Accrued Liabilities: | ||
Accrued Liabilities | 88 | 86 |
Superfund Sites | ||
Accrued Liabilities: | ||
Accrued Liabilities | 752 | 765 |
Regulatory assets | 823 | 904 |
CECONY | ||
Accrued Liabilities: | ||
Accrued Liabilities | 661 | 665 |
Regulatory assets | 7,097 | 7,603 |
CECONY | Manufactured gas plant sites | ||
Accrued Liabilities: | ||
Accrued Liabilities | 574 | 579 |
CECONY | Other Superfund Sites | ||
Accrued Liabilities: | ||
Accrued Liabilities | 87 | 86 |
CECONY | Superfund Sites | ||
Accrued Liabilities: | ||
Accrued Liabilities | 661 | 665 |
Regulatory assets | $ 720 | $ 800 |
Environmental Matters - Environ
Environmental Matters - Environmental Remediation Costs (Detail) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Environmental Exit Cost [Line Items] | ||||
Remediation costs incurred | $ 8 | $ 6 | $ 20 | $ 21 |
CECONY | ||||
Environmental Exit Cost [Line Items] | ||||
Remediation costs incurred | $ 5 | $ 6 | $ 10 | $ 18 |
Environmental Matters - Additio
Environmental Matters - Additional Information (Detail) - USD ($) | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | Dec. 31, 2015 | |
Site Contingency [Line Items] | |||||
Insurance recoveries | $ 1,000,000 | $ 0 | $ 1,000,000 | $ 0 | |
Manufactured gas plant sites | Maximum | |||||
Site Contingency [Line Items] | |||||
Estimated aggregate undiscounted potential liability related environmental contaminants (up to) | $ 2,800,000,000 | ||||
CECONY | |||||
Site Contingency [Line Items] | |||||
Insurance recoveries | $ 1,000,000 | $ 0 | $ 1,000,000 | $ 0 | |
CECONY | Manufactured gas plant sites | Maximum | |||||
Site Contingency [Line Items] | |||||
Estimated aggregate undiscounted potential liability related environmental contaminants (up to) | $ 2,700,000,000 | ||||
Asbestos Related | |||||
Site Contingency [Line Items] | |||||
Estimated undiscounted asbestos liability (years) | 15 years | ||||
Asbestos Related | CECONY | |||||
Site Contingency [Line Items] | |||||
Estimated undiscounted asbestos liability (years) | 15 years |
Environmental Matters - Accru53
Environmental Matters - Accrued Liability for Asbestos Suits and Workers' Compensation Proceedings (Detail) - USD ($) $ in Millions | Sep. 30, 2016 | Dec. 31, 2015 |
Site Contingency [Line Items] | ||
Regulatory assets | $ 7,663 | $ 8,228 |
Asbestos Suits | ||
Site Contingency [Line Items] | ||
Accrued liability | 8 | 8 |
Regulatory assets | 8 | 8 |
Workers’ compensation | ||
Site Contingency [Line Items] | ||
Accrued liability | 90 | 86 |
Regulatory assets | 15 | 11 |
CECONY | ||
Site Contingency [Line Items] | ||
Regulatory assets | 7,097 | 7,603 |
CECONY | Asbestos Suits | ||
Site Contingency [Line Items] | ||
Accrued liability | 7 | 7 |
Regulatory assets | 7 | 7 |
CECONY | Workers’ compensation | ||
Site Contingency [Line Items] | ||
Accrued liability | 85 | 81 |
Regulatory assets | $ 15 | $ 11 |
Other Material Contingencies -
Other Material Contingencies - Additional Information (Detail) | Mar. 12, 2014buildingPerson | Jul. 31, 2007Person | Sep. 30, 2016USD ($)lawsuit | Dec. 31, 2015USD ($) | Dec. 31, 2014 |
Guarantor Obligations [Line Items] | |||||
Guarantee obligations maximum exposure | $ 2,422,000,000 | $ 2,856,000,000 | |||
Ownership interest, percentage | 45.70% | ||||
Estimated project cost percentage | 175.00% | ||||
Manhattan Steam Main Rupture | |||||
Guarantor Obligations [Line Items] | |||||
Number of person died in steam ruptured | Person | 1 | ||||
Number of suits pending against the company | lawsuit | 60 | ||||
Estimated accrued liability for suits | $ 30,000,000 | ||||
Insurance receivable | $ 39,000,000 | ||||
Manhattan Explosion and Fire | |||||
Guarantor Obligations [Line Items] | |||||
Number of suits pending against the company | lawsuit | 70 | ||||
Number of buildings destroyed by fire | building | 2 | ||||
Number of people died in explosion and fire incident | Person | 8 | ||||
Number of people injured in explosion and fire incident | Person | 50 | ||||
Financial And Performance Guarantee For CET Gas | |||||
Guarantor Obligations [Line Items] | |||||
Guarantee obligations maximum exposure | $ 25,000,000 | ||||
Financial And Performance Guarantee During Period in which Con Edison Solutions Provides Transition Services | |||||
Guarantor Obligations [Line Items] | |||||
Guarantee obligations maximum exposure | 123,000,000 | ||||
Financial and Performance Guarantee, Other | |||||
Guarantor Obligations [Line Items] | |||||
Guarantee obligations maximum exposure | 128,000,000 | ||||
Indemnity agreements amount | 70,000,000 | ||||
Electric provider obligation to Public Utility Commission of Texas | 5,000,000 | ||||
Finance and Performance Guarantee for Consolidated Edison Solutions | |||||
Guarantor Obligations [Line Items] | |||||
Guarantee obligations maximum exposure | $ 53,000,000 |
Other Material Contingencies 55
Other Material Contingencies - Total Guarantees (Detail) - USD ($) $ in Millions | Sep. 30, 2016 | Dec. 31, 2015 |
Guarantor Obligations [Line Items] | ||
Guarantee obligations maximum exposure | $ 2,422 | $ 2,856 |
Con Edison Transmission | ||
Guarantor Obligations [Line Items] | ||
Guarantee obligations maximum exposure | 1,048 | |
Energy transactions | ||
Guarantor Obligations [Line Items] | ||
Guarantee obligations maximum exposure | 783 | |
Renewable electric production projects | ||
Guarantor Obligations [Line Items] | ||
Guarantee obligations maximum exposure | 463 | |
Other | ||
Guarantor Obligations [Line Items] | ||
Guarantee obligations maximum exposure | 128 | |
0-3 years | ||
Guarantor Obligations [Line Items] | ||
Guarantee obligations maximum exposure | 1,826 | |
0-3 years | Con Edison Transmission | ||
Guarantor Obligations [Line Items] | ||
Guarantee obligations maximum exposure | 618 | |
0-3 years | Energy transactions | ||
Guarantor Obligations [Line Items] | ||
Guarantee obligations maximum exposure | 635 | |
0-3 years | Renewable electric production projects | ||
Guarantor Obligations [Line Items] | ||
Guarantee obligations maximum exposure | 445 | |
0-3 years | Other | ||
Guarantor Obligations [Line Items] | ||
Guarantee obligations maximum exposure | 128 | |
4-10 years | ||
Guarantor Obligations [Line Items] | ||
Guarantee obligations maximum exposure | 487 | |
4-10 years | Con Edison Transmission | ||
Guarantor Obligations [Line Items] | ||
Guarantee obligations maximum exposure | 430 | |
4-10 years | Energy transactions | ||
Guarantor Obligations [Line Items] | ||
Guarantee obligations maximum exposure | 57 | |
4-10 years | Renewable electric production projects | ||
Guarantor Obligations [Line Items] | ||
Guarantee obligations maximum exposure | 0 | |
4-10 years | Other | ||
Guarantor Obligations [Line Items] | ||
Guarantee obligations maximum exposure | 0 | |
Greater than 10 years | ||
Guarantor Obligations [Line Items] | ||
Guarantee obligations maximum exposure | 109 | |
Greater than 10 years | Con Edison Transmission | ||
Guarantor Obligations [Line Items] | ||
Guarantee obligations maximum exposure | 0 | |
Greater than 10 years | Energy transactions | ||
Guarantor Obligations [Line Items] | ||
Guarantee obligations maximum exposure | 91 | |
Greater than 10 years | Renewable electric production projects | ||
Guarantor Obligations [Line Items] | ||
Guarantee obligations maximum exposure | 18 | |
Greater than 10 years | Other | ||
Guarantor Obligations [Line Items] | ||
Guarantee obligations maximum exposure | $ 0 |
Income Tax - Additional Informa
Income Tax - Additional Information (Detail) - USD ($) $ in Millions | 1 Months Ended | 3 Months Ended | 9 Months Ended | ||
Oct. 31, 2016 | Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Income Taxes Disclosure [Line Items] | |||||
Income taxes on operating income | $ 314 | $ 249 | $ 602 | $ 548 | |
Effective tax rate | 39.00% | 37.00% | 37.00% | 35.00% | |
Estimated liability for uncertain tax positions | $ 37 | $ 37 | |||
Uncertain tax positions, reasonably possible to resolve within twelve months | 29 | 29 | |||
Uncertain tax positions, reasonably possible to resolve within twelve months, net of federal taxes | 20 | 20 | |||
Total amount of unrecognized tax benefits, if recognized, that would reduce effective tax rate | 37 | 37 | |||
Total amount of unrecognized tax benefits, if recognized, that would reduce effective tax rate, net of federal taxes | 25 | 25 | |||
CECONY | |||||
Income Taxes Disclosure [Line Items] | |||||
Income taxes on operating income | $ 226 | $ 222 | $ 491 | $ 515 | |
Effective tax rate | 37.00% | 37.00% | 36.00% | 35.00% | |
Estimated liability for uncertain tax positions | $ 5 | $ 5 | |||
Uncertain tax positions, reasonably possible to resolve within twelve months | 5 | 5 | |||
Uncertain tax positions, reasonably possible to resolve within twelve months, net of federal taxes | 4 | 4 | |||
Subsequent Event | |||||
Income Taxes Disclosure [Line Items] | |||||
Income tax refund received | $ 19 | ||||
Tax Year 2015 | Subsequent Event | |||||
Income Taxes Disclosure [Line Items] | |||||
Income taxes refund | $ 16 | ||||
Tax Year 2016 | |||||
Income Taxes Disclosure [Line Items] | |||||
Income taxes refund | $ 32 | $ 32 |
Financial Information by Busi57
Financial Information by Business Segment - Financial Data for Business Segments (Detail) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | Dec. 31, 2015 | |
Segment Reporting Information [Line Items] | |||||
Operating revenues | $ 3,417 | $ 3,443 | $ 9,368 | $ 9,847 | |
Depreciation and amortization | 305 | 285 | 905 | 840 | |
Operating income | 940 | 830 | 2,097 | 2,028 | |
Other income (deductions) | 49 | 9 | 61 | 23 | |
Interest charges | 178 | 162 | 517 | 486 | |
Income taxes on operating income | 321 | 260 | 620 | 574 | |
Total assets | 47,316 | 44,971 | 47,316 | 44,971 | $ 45,642 |
Construction expenditures | 818 | 874 | 2,579 | 2,473 | |
CECONY | |||||
Segment Reporting Information [Line Items] | |||||
Operating revenues | 2,828 | 2,829 | 7,741 | 8,122 | |
Depreciation and amortization | 278 | 262 | 825 | 773 | |
Operating income | 766 | 745 | 1,799 | 1,889 | |
Other income (deductions) | 2 | (3) | 2 | (4) | |
Interest charges | 154 | 145 | 451 | 435 | |
Income taxes on operating income | 234 | 225 | 503 | 525 | |
Total assets | 40,436 | 39,670 | 40,436 | 39,670 | $ 40,230 |
Construction expenditures | 659 | 624 | 1,796 | 1,696 | |
CECONY | Electric | |||||
Segment Reporting Information [Line Items] | |||||
Depreciation and amortization | 217 | 207 | 645 | 610 | |
Operating income | 841 | 811 | 1,487 | 1,511 | |
Other income (deductions) | 2 | (2) | 3 | (3) | |
Interest charges | 117 | 111 | 342 | 333 | |
Income taxes on operating income | 275 | 260 | 412 | 401 | |
Total assets | 30,580 | 30,369 | 30,580 | 30,369 | |
Construction expenditures | 411 | 419 | 1,133 | 1,165 | |
CECONY | Gas | |||||
Segment Reporting Information [Line Items] | |||||
Depreciation and amortization | 41 | 35 | 118 | 105 | |
Operating income | (28) | (17) | 273 | 278 | |
Other income (deductions) | 0 | (1) | (1) | (1) | |
Interest charges | 27 | 24 | 79 | 71 | |
Income taxes on operating income | (24) | (17) | 73 | 82 | |
Total assets | 7,300 | 6,687 | 7,300 | 6,687 | |
Construction expenditures | 224 | 178 | 589 | 466 | |
CECONY | Steam | |||||
Segment Reporting Information [Line Items] | |||||
Depreciation and amortization | 20 | 20 | 62 | 58 | |
Operating income | (47) | (49) | 39 | 100 | |
Other income (deductions) | 0 | 0 | 0 | 0 | |
Interest charges | 10 | 10 | 30 | 31 | |
Income taxes on operating income | (17) | (18) | 18 | 42 | |
Total assets | 2,556 | 2,614 | 2,556 | 2,614 | |
Construction expenditures | 24 | 27 | 74 | 65 | |
O&R | |||||
Segment Reporting Information [Line Items] | |||||
Depreciation and amortization | 17 | 17 | 50 | 51 | |
Operating income | 48 | 42 | 114 | 85 | |
Other income (deductions) | 1 | (5) | 1 | (4) | |
Interest charges | 9 | 9 | 28 | 27 | |
Income taxes on operating income | 16 | 12 | 35 | 22 | |
Total assets | 2,784 | 2,713 | 2,784 | 2,713 | |
Construction expenditures | 38 | 38 | 106 | 101 | |
O&R | Electric | |||||
Segment Reporting Information [Line Items] | |||||
Depreciation and amortization | 12 | 13 | 37 | 38 | |
Operating income | 55 | 51 | 86 | 85 | |
Other income (deductions) | 1 | (4) | 1 | (2) | |
Interest charges | 6 | 6 | 19 | 18 | |
Income taxes on operating income | 20 | 17 | 27 | 26 | |
Total assets | 1,985 | 1,959 | 1,985 | 1,959 | |
Construction expenditures | 24 | 26 | 70 | 72 | |
O&R | Gas | |||||
Segment Reporting Information [Line Items] | |||||
Depreciation and amortization | 5 | 4 | 13 | 13 | |
Operating income | (7) | (9) | 28 | 0 | |
Other income (deductions) | 0 | (1) | 0 | (2) | |
Interest charges | 3 | 3 | 9 | 9 | |
Income taxes on operating income | (4) | (5) | 8 | (4) | |
Total assets | 799 | 754 | 799 | 754 | |
Construction expenditures | 14 | 12 | 36 | 29 | |
Competitive energy businesses | |||||
Segment Reporting Information [Line Items] | |||||
Depreciation and amortization | 11 | 6 | 30 | 16 | |
Operating income | 125 | 43 | 184 | 53 | |
Other income (deductions) | 27 | 17 | 36 | 33 | |
Interest charges | 7 | 2 | 23 | 5 | |
Income taxes on operating income | 67 | 21 | 76 | 24 | |
Total assets | 2,394 | 1,547 | 2,394 | 1,547 | |
Construction expenditures | 121 | 212 | 677 | 676 | |
Con Edison Transmission | |||||
Segment Reporting Information [Line Items] | |||||
Operating income | (1) | 0 | (1) | 0 | |
Other income (deductions) | 20 | 0 | 23 | 0 | |
Interest charges | 3 | 0 | 4 | 0 | |
Income taxes on operating income | 0 | 0 | 0 | 0 | |
Total assets | 1,072 | 2 | 1,072 | 2 | |
Construction expenditures | 0 | 0 | 0 | 0 | |
Other | |||||
Segment Reporting Information [Line Items] | |||||
Depreciation and amortization | (1) | 0 | 0 | 0 | |
Operating income | 2 | 0 | 1 | 1 | |
Other income (deductions) | (1) | 0 | (1) | (2) | |
Interest charges | 5 | 6 | 11 | 19 | |
Income taxes on operating income | 4 | 2 | 6 | 3 | |
Total assets | 630 | 1,039 | 630 | 1,039 | |
Construction expenditures | 0 | 0 | 0 | 0 | |
Operating revenues | |||||
Segment Reporting Information [Line Items] | |||||
Operating revenues | 3,417 | 3,443 | 9,368 | 9,847 | |
Operating revenues | CECONY | |||||
Segment Reporting Information [Line Items] | |||||
Operating revenues | 2,828 | 2,829 | 7,741 | 8,122 | |
Operating revenues | CECONY | Electric | |||||
Segment Reporting Information [Line Items] | |||||
Operating revenues | 2,557 | 2,558 | 6,222 | 6,416 | |
Operating revenues | CECONY | Gas | |||||
Segment Reporting Information [Line Items] | |||||
Operating revenues | 208 | 213 | 1,113 | 1,177 | |
Operating revenues | CECONY | Steam | |||||
Segment Reporting Information [Line Items] | |||||
Operating revenues | 63 | 58 | 406 | 529 | |
Operating revenues | O&R | |||||
Segment Reporting Information [Line Items] | |||||
Operating revenues | 240 | 229 | 630 | 640 | |
Operating revenues | O&R | Electric | |||||
Segment Reporting Information [Line Items] | |||||
Operating revenues | 213 | 205 | 497 | 523 | |
Operating revenues | O&R | Gas | |||||
Segment Reporting Information [Line Items] | |||||
Operating revenues | 27 | 24 | 133 | 117 | |
Operating revenues | Competitive energy businesses | |||||
Segment Reporting Information [Line Items] | |||||
Operating revenues | 350 | 386 | 998 | 1,087 | |
Operating revenues | Other | |||||
Segment Reporting Information [Line Items] | |||||
Operating revenues | (1) | (1) | (1) | (2) | |
Inter-segment revenues | CECONY | |||||
Segment Reporting Information [Line Items] | |||||
Operating revenues | (28) | (27) | (82) | (82) | |
Inter-segment revenues | CECONY | Electric | |||||
Segment Reporting Information [Line Items] | |||||
Operating revenues | 5 | 4 | 13 | 13 | |
Inter-segment revenues | CECONY | Gas | |||||
Segment Reporting Information [Line Items] | |||||
Operating revenues | 1 | 1 | 4 | 4 | |
Inter-segment revenues | CECONY | Steam | |||||
Segment Reporting Information [Line Items] | |||||
Operating revenues | 22 | 22 | 65 | 65 | |
Inter-segment revenues | Competitive energy businesses | |||||
Segment Reporting Information [Line Items] | |||||
Operating revenues | (2) | (2) | 7 | (5) | |
Inter-segment revenues | Other | |||||
Segment Reporting Information [Line Items] | |||||
Operating revenues | $ 2 | $ 2 | $ (7) | $ 5 |
Derivative Instruments and He58
Derivative Instruments and Hedging Activities - Fair Values of Commodity Derivatives Including Offsetting of Assets and Liabilities (Detail) - USD ($) $ in Millions | Sep. 30, 2016 | Dec. 31, 2015 |
Derivatives, Fair Value [Line Items] | ||
Gross Amounts of Recognized Assets/(Liabilities) | $ 133 | $ 182 |
Gross Amounts Offset | (117) | (160) |
Net Amounts of Assets/ (Liabilities) | 16 | 22 |
Gross Amounts of Recognized Assets/(Liabilities) | (254) | (389) |
Gross Amounts Offset | 132 | 206 |
Net Amounts of Assets/ (Liabilities) | (122) | (183) |
Gross Amounts of Recognized Assets/(Liabilities) | (121) | (207) |
Gross Amounts Offset | 15 | 46 |
Net Amounts of Assets/ (Liabilities) | (106) | (161) |
Margin deposits | 12 | 26 |
Fair Value of Derivative Assets, Current | ||
Derivatives, Fair Value [Line Items] | ||
Gross Amounts of Recognized Assets/(Liabilities) | 75 | 59 |
Gross Amounts Offset | (60) | (41) |
Net Amounts of Assets/ (Liabilities) | 15 | 18 |
Fair Value of Derivative Assets, Assets Held for Sale, Current | ||
Derivatives, Fair Value [Line Items] | ||
Gross Amounts of Recognized Assets/(Liabilities) | 0 | 51 |
Gross Amounts Offset | 0 | (50) |
Net Amounts of Assets/ (Liabilities) | 0 | 1 |
Fair Value of Derivative Assets, Noncurrent | ||
Derivatives, Fair Value [Line Items] | ||
Gross Amounts of Recognized Assets/(Liabilities) | 58 | 57 |
Gross Amounts Offset | (57) | (54) |
Net Amounts of Assets/ (Liabilities) | 1 | 3 |
Fair Value of Derivative Assets, Assets Held for Sale, Noncurrent | ||
Derivatives, Fair Value [Line Items] | ||
Gross Amounts of Recognized Assets/(Liabilities) | 0 | 15 |
Gross Amounts Offset | 0 | (15) |
Net Amounts of Assets/ (Liabilities) | 0 | 0 |
Fair Value of Derivative Liabilities, Current | ||
Derivatives, Fair Value [Line Items] | ||
Gross Amounts of Recognized Assets/(Liabilities) | (143) | (144) |
Gross Amounts Offset | 73 | 78 |
Net Amounts of Assets/ (Liabilities) | (70) | (66) |
Fair Value of Derivative Liabilities, Liabilities Held For Sale, Current | ||
Derivatives, Fair Value [Line Items] | ||
Gross Amounts of Recognized Assets/(Liabilities) | 0 | (115) |
Gross Amounts Offset | 0 | 50 |
Net Amounts of Assets/ (Liabilities) | 0 | (65) |
Fair Value of Derivative Liabilities, Noncurrent | ||
Derivatives, Fair Value [Line Items] | ||
Gross Amounts of Recognized Assets/(Liabilities) | (111) | (102) |
Gross Amounts Offset | 59 | 63 |
Net Amounts of Assets/ (Liabilities) | (52) | (39) |
Fair Value of Derivative Liabilities, Liabilities Held For Sale, Noncurrent | ||
Derivatives, Fair Value [Line Items] | ||
Gross Amounts of Recognized Assets/(Liabilities) | 0 | (28) |
Gross Amounts Offset | 0 | 15 |
Net Amounts of Assets/ (Liabilities) | 0 | (13) |
CECONY | ||
Derivatives, Fair Value [Line Items] | ||
Gross Amounts of Recognized Assets/(Liabilities) | 97 | 88 |
Gross Amounts Offset | (91) | (79) |
Net Amounts of Assets/ (Liabilities) | 6 | 9 |
Gross Amounts of Recognized Assets/(Liabilities) | (214) | (213) |
Gross Amounts Offset | 108 | 127 |
Net Amounts of Assets/ (Liabilities) | (106) | (86) |
Gross Amounts of Recognized Assets/(Liabilities) | (117) | (125) |
Gross Amounts Offset | 17 | 48 |
Net Amounts of Assets/ (Liabilities) | (100) | (77) |
Margin deposits | 12 | 26 |
CECONY | Fair Value of Derivative Assets, Current | ||
Derivatives, Fair Value [Line Items] | ||
Gross Amounts of Recognized Assets/(Liabilities) | 52 | 40 |
Gross Amounts Offset | (46) | (32) |
Net Amounts of Assets/ (Liabilities) | 6 | 8 |
CECONY | Fair Value of Derivative Assets, Noncurrent | ||
Derivatives, Fair Value [Line Items] | ||
Gross Amounts of Recognized Assets/(Liabilities) | 45 | 48 |
Gross Amounts Offset | (45) | (47) |
Net Amounts of Assets/ (Liabilities) | 0 | 1 |
CECONY | Fair Value of Derivative Liabilities, Current | ||
Derivatives, Fair Value [Line Items] | ||
Gross Amounts of Recognized Assets/(Liabilities) | (122) | (121) |
Gross Amounts Offset | 61 | 71 |
Net Amounts of Assets/ (Liabilities) | (61) | (50) |
CECONY | Fair Value of Derivative Liabilities, Noncurrent | ||
Derivatives, Fair Value [Line Items] | ||
Gross Amounts of Recognized Assets/(Liabilities) | (92) | (92) |
Gross Amounts Offset | 47 | 56 |
Net Amounts of Assets/ (Liabilities) | $ (45) | $ (36) |
Derivative Instruments and He59
Derivative Instruments and Hedging Activities - Realized and Unrealized Gains or Losses on Commodity Derivatives (Detail) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Pre-tax gains/(losses) deferred in accordance with accounting rules for regulated operations: | ||||
Total deferred gains/(losses) | $ (3) | $ (1) | $ 5 | $ 0 |
Total deferred gains/(losses) | (75) | (31) | (149) | (59) |
Net deferred gains/(losses) | (78) | (32) | (144) | (59) |
Pre-tax gain/(loss) recognized in income | ||||
Total pre-tax gain/(loss) recognized in income | (77) | (52) | (163) | (134) |
Deferred Derivative Gains, Current | ||||
Pre-tax gains/(losses) deferred in accordance with accounting rules for regulated operations: | ||||
Total deferred gains/(losses) | (1) | (1) | 6 | 0 |
Deferred Derivative Gains, Noncurrent | ||||
Pre-tax gains/(losses) deferred in accordance with accounting rules for regulated operations: | ||||
Total deferred gains/(losses) | (2) | 0 | (1) | 0 |
Deferred Derivative Losses, Current | ||||
Pre-tax gains/(losses) deferred in accordance with accounting rules for regulated operations: | ||||
Total deferred gains/(losses) | (19) | 8 | 19 | 40 |
Recoverable energy costs | ||||
Pre-tax gains/(losses) deferred in accordance with accounting rules for regulated operations: | ||||
Total deferred gains/(losses) | (39) | (53) | (163) | (92) |
Deferred Derivative Losses, Noncurrent | ||||
Pre-tax gains/(losses) deferred in accordance with accounting rules for regulated operations: | ||||
Total deferred gains/(losses) | (17) | 14 | (5) | (7) |
CECONY | ||||
Pre-tax gains/(losses) deferred in accordance with accounting rules for regulated operations: | ||||
Total deferred gains/(losses) | (3) | (1) | 1 | 1 |
Total deferred gains/(losses) | (67) | (28) | (135) | (52) |
Net deferred gains/(losses) | (70) | (29) | (134) | (51) |
CECONY | Deferred Derivative Gains, Current | ||||
Pre-tax gains/(losses) deferred in accordance with accounting rules for regulated operations: | ||||
Total deferred gains/(losses) | (3) | (1) | 2 | 1 |
CECONY | Deferred Derivative Gains, Noncurrent | ||||
Pre-tax gains/(losses) deferred in accordance with accounting rules for regulated operations: | ||||
Total deferred gains/(losses) | 0 | 0 | (1) | 0 |
CECONY | Deferred Derivative Losses, Current | ||||
Pre-tax gains/(losses) deferred in accordance with accounting rules for regulated operations: | ||||
Total deferred gains/(losses) | (18) | 8 | 16 | 40 |
CECONY | Recoverable energy costs | ||||
Pre-tax gains/(losses) deferred in accordance with accounting rules for regulated operations: | ||||
Total deferred gains/(losses) | (35) | (49) | (148) | (87) |
CECONY | Deferred Derivative Losses, Noncurrent | ||||
Pre-tax gains/(losses) deferred in accordance with accounting rules for regulated operations: | ||||
Total deferred gains/(losses) | (14) | 13 | (3) | (5) |
Non Utility Operating Revenue | ||||
Pre-tax gain/(loss) recognized in income | ||||
Unrealized gain (loss) on derivatives | (2) | (3) | (3) | |
Purchased power expense | ||||
Pre-tax gain/(loss) recognized in income | ||||
Total pre-tax gain/(loss) recognized in income | (37) | (31) | (106) | (60) |
Unrealized gain (loss) on derivatives | (23) | 12 | 11 | 6 |
Gas purchased for resale | ||||
Pre-tax gain/(loss) recognized in income | ||||
Total pre-tax gain/(loss) recognized in income | (38) | (26) | (72) | (94) |
Non-utility revenue | ||||
Pre-tax gain/(loss) recognized in income | ||||
Total pre-tax gain/(loss) recognized in income | $ (2) | $ 5 | $ 15 | $ 20 |
Derivative Instruments and He60
Derivative Instruments and Hedging Activities - Hedged Volume of Derivative Transactions (Detail) | 9 Months Ended |
Sep. 30, 2016DTHMWhMWgal | |
Electric Energy Derivative | |
Derivatives, Fair Value [Line Items] | |
Electric Energy (MWH) | MWh | 22,797,395 |
Electric Capacity Derivative | |
Derivatives, Fair Value [Line Items] | |
Capacity (MW) | MW | 15,472 |
Natural Gas Derivative | |
Derivatives, Fair Value [Line Items] | |
Natural Gas (Dt) | DTH | 69,954,738 |
Refined Fuels | |
Derivatives, Fair Value [Line Items] | |
Refined fuel (gallons) | gal | 1,344,000 |
CECONY | Electric Energy Derivative | |
Derivatives, Fair Value [Line Items] | |
Electric Energy (MWH) | MWh | 20,724,225 |
CECONY | Electric Capacity Derivative | |
Derivatives, Fair Value [Line Items] | |
Capacity (MW) | MW | 9,000 |
CECONY | Natural Gas Derivative | |
Derivatives, Fair Value [Line Items] | |
Natural Gas (Dt) | DTH | 70,100,000 |
CECONY | Refined Fuels | |
Derivatives, Fair Value [Line Items] | |
Refined fuel (gallons) | gal | 1,344,000 |
Derivative Instruments and He61
Derivative Instruments and Hedging Activities - Additional Information (Detail) $ in Millions | 9 Months Ended |
Sep. 30, 2016USD ($) | |
Investment Holdings [Line Items] | |
Energy supply and hedging activities credit exposure total | $ 141 |
Makeup of net credit exposure with commodity exchange brokers | 20 |
Makeup of net credit exposure independent system operators | 77 |
Makeup of net credit exposure with investment-grade counterparties | 34 |
Makeup of net credit exposure non-investment grade/non-rated counterparties | 10 |
CECONY | |
Investment Holdings [Line Items] | |
Energy supply and hedging activities credit exposure total | 13 |
Makeup of net credit exposure with commodity exchange brokers | 12 |
Makeup of net credit exposure with investment-grade counterparties | $ 1 |
Derivative Instruments and He62
Derivative Instruments and Hedging Activities - Aggregate Fair Value of Companies' Derivative Instruments with Credit-Risk-Related Contingent Features (Detail) $ in Millions | Sep. 30, 2016USD ($) |
Derivatives, Fair Value [Line Items] | |
Aggregate fair value – net liabilities | $ 111 |
Collateral posted | 24 |
Downgrade One Level from Current Ratings | |
Derivatives, Fair Value [Line Items] | |
Derivatives in net liability position additional collateral | 18 |
Downgrade to Below Investment Grade from Current Ratings | |
Derivatives, Fair Value [Line Items] | |
Derivatives in net liability position additional collateral | 106 |
Derivatives in net asset position additional collateral | 9 |
Additional Collateral Required Due To Loss Of Unsecured Credit | |
Derivatives, Fair Value [Line Items] | |
Collateral posted | 10 |
CECONY | |
Derivatives, Fair Value [Line Items] | |
Aggregate fair value – net liabilities | 97 |
Collateral posted | 23 |
CECONY | Downgrade One Level from Current Ratings | |
Derivatives, Fair Value [Line Items] | |
Derivatives in net liability position additional collateral | 15 |
CECONY | Downgrade to Below Investment Grade from Current Ratings | |
Derivatives, Fair Value [Line Items] | |
Derivatives in net liability position additional collateral | $ 84 |
Fair Value Measurements - Asset
Fair Value Measurements - Assets and Liabilities Measured at Fair Value on Recurring Basis (Detail) - USD ($) $ in Millions | Sep. 30, 2016 | Dec. 31, 2015 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative assets | $ 16 | $ 22 |
Derivative liabilities | 122 | 183 |
CECONY | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative assets | 6 | 9 |
Derivative liabilities | 106 | 86 |
Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets | 365 | 345 |
Total liabilities | 122 | 183 |
Recurring | CECONY | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets | 326 | 311 |
Recurring | Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets | 230 | 187 |
Total liabilities | 3 | 17 |
Recurring | Level 1 | CECONY | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets | 204 | 172 |
Recurring | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets | 134 | 200 |
Total liabilities | 146 | 286 |
Recurring | Level 2 | CECONY | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets | 115 | 114 |
Recurring | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets | 6 | 14 |
Total liabilities | 5 | 8 |
Recurring | Commodity | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative assets | 28 | 47 |
Derivative liabilities | 122 | 105 |
Recurring | Commodity | CECONY | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative assets | 18 | 35 |
Derivative liabilities | 106 | 86 |
Recurring | Commodity | Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative assets | 6 | 2 |
Derivative liabilities | 3 | 16 |
Recurring | Commodity | Level 1 | CECONY | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative assets | 4 | 1 |
Derivative liabilities | 2 | 14 |
Recurring | Commodity | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative assets | 21 | 25 |
Derivative liabilities | 146 | 153 |
Recurring | Commodity | Level 2 | CECONY | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative assets | 7 | 9 |
Derivative liabilities | 126 | 129 |
Recurring | Commodity | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative assets | 6 | 13 |
Derivative liabilities | 5 | 1 |
Recurring | Commodity | Level 3 | CECONY | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative assets | 1 | 8 |
Total assets | 1 | 8 |
Derivative liabilities | 1 | 0 |
Recurring | Commodity Contract, Held For Sale | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative assets | 0 | 1 |
Derivative liabilities | 0 | 78 |
Recurring | Commodity Contract, Held For Sale | Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative assets | 0 | 0 |
Derivative liabilities | 0 | 1 |
Recurring | Commodity Contract, Held For Sale | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative assets | 0 | 63 |
Derivative liabilities | 0 | 133 |
Recurring | Commodity Contract, Held For Sale | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative assets | 0 | 1 |
Derivative liabilities | 0 | 7 |
Recurring | Other | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative assets | 337 | 297 |
Recurring | Other | CECONY | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative assets | 308 | 276 |
Recurring | Other | Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative assets | 224 | 185 |
Recurring | Other | Level 1 | CECONY | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative assets | 200 | 171 |
Recurring | Other | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative assets | 113 | 112 |
Recurring | Other | Level 2 | CECONY | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative assets | 108 | 105 |
Recurring | Other | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative assets | 0 | 0 |
Recurring | Other | Level 3 | CECONY | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative assets | 0 | 0 |
Recurring | Netting Adjustments | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets | (5) | (56) |
Total liabilities | (32) | (128) |
Recurring | Netting Adjustments | Commodity | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative assets | (5) | 7 |
Derivative liabilities | (32) | (65) |
Recurring | Netting Adjustments | Commodity | CECONY | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative assets | 6 | 17 |
Total assets | 6 | 17 |
Derivative liabilities | (23) | (57) |
Recurring | Netting Adjustments | Commodity Contract, Held For Sale | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative assets | 0 | (63) |
Derivative liabilities | 0 | (63) |
Recurring | Netting Adjustments | Other | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative assets | 0 | 0 |
Recurring | Netting Adjustments | Other | CECONY | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative assets | $ 0 | $ 0 |
Fair Value Measurements - Sched
Fair Value Measurements - Schedule of Commodity Derivatives (Detail) $ in Millions | 9 Months Ended |
Sep. 30, 2016USD ($)$ / MWh$ / kW-month | |
Transmission Congestion Contracts/Financial Transmission Rights | |
Fair Value, Concentration of Risk, Financial Statement Captions [Line Items] | |
Valuation Techniques | Discounted Cash Flow |
Forward Energy Prices | Electricity | |
Fair Value, Concentration of Risk, Financial Statement Captions [Line Items] | |
Valuation Techniques | Discounted Cash Flow |
Forward Capacity Prices | Electricity | |
Fair Value, Concentration of Risk, Financial Statement Captions [Line Items] | |
Valuation Techniques | Discounted Cash Flow |
Minimum | Discount to adjust auction prices for inter-zonal forward price curves | |
Fair Value, Concentration of Risk, Financial Statement Captions [Line Items] | |
Unobservable Inputs Range in percentage | 52.80% |
Minimum | Discount/premium to adjust auction prices for historical monthly realized settlements | |
Fair Value, Concentration of Risk, Financial Statement Captions [Line Items] | |
Unobservable Inputs Range in percentage | (44.90%) |
Minimum | Inter-zonal forward price curves adjusted for historical zonal losses | |
Fair Value, Concentration of Risk, Financial Statement Captions [Line Items] | |
Unobservable Inputs Range (dollar per kW-month) | $ / MWh | (0.14) |
Minimum | Forward Energy Prices | Electricity | |
Fair Value, Concentration of Risk, Financial Statement Captions [Line Items] | |
Unobservable Inputs Range (dollar per MWH) | $ / MWh | 19.75 |
Minimum | Forward Capacity Prices | Electricity | |
Fair Value, Concentration of Risk, Financial Statement Captions [Line Items] | |
Unobservable Inputs Range (dollar per MWH) | $ / kW-month | 2.68 |
Maximum | Discount to adjust auction prices for inter-zonal forward price curves | |
Fair Value, Concentration of Risk, Financial Statement Captions [Line Items] | |
Unobservable Inputs Range in percentage | 59.40% |
Maximum | Discount/premium to adjust auction prices for historical monthly realized settlements | |
Fair Value, Concentration of Risk, Financial Statement Captions [Line Items] | |
Unobservable Inputs Range in percentage | 58.90% |
Maximum | Inter-zonal forward price curves adjusted for historical zonal losses | |
Fair Value, Concentration of Risk, Financial Statement Captions [Line Items] | |
Unobservable Inputs Range (dollar per kW-month) | $ / MWh | 2.82 |
Maximum | Forward Energy Prices | Electricity | |
Fair Value, Concentration of Risk, Financial Statement Captions [Line Items] | |
Unobservable Inputs Range (dollar per MWH) | $ / MWh | 80 |
Maximum | Forward Capacity Prices | Electricity | |
Fair Value, Concentration of Risk, Financial Statement Captions [Line Items] | |
Unobservable Inputs Range (dollar per MWH) | $ / kW-month | 9.45 |
Level 3 | |
Fair Value, Concentration of Risk, Financial Statement Captions [Line Items] | |
Fair Value of commodity derivatives | $ 1 |
Level 3 | Transmission Congestion Contracts/Financial Transmission Rights | |
Fair Value, Concentration of Risk, Financial Statement Captions [Line Items] | |
Fair Value of commodity derivatives | 1 |
Level 3 | Forward Energy Prices | Electricity | |
Fair Value, Concentration of Risk, Financial Statement Captions [Line Items] | |
Fair Value of commodity derivatives | (1) |
Level 3 | Forward Capacity Prices | Electricity | |
Fair Value, Concentration of Risk, Financial Statement Captions [Line Items] | |
Fair Value of commodity derivatives | $ 1 |
CECONY | Electricity | |
Fair Value, Concentration of Risk, Financial Statement Captions [Line Items] | |
Valuation Techniques | Discounted Cash Flow |
CECONY | Transmission Congestion Contracts | |
Fair Value, Concentration of Risk, Financial Statement Captions [Line Items] | |
Valuation Techniques | Discounted Cash Flow |
CECONY | Minimum | Discount to adjust auction prices for inter-zonal forward price curves | |
Fair Value, Concentration of Risk, Financial Statement Captions [Line Items] | |
Unobservable Inputs Range in percentage | 52.80% |
CECONY | Minimum | Discount/premium to adjust auction prices for historical monthly realized settlements | |
Fair Value, Concentration of Risk, Financial Statement Captions [Line Items] | |
Unobservable Inputs Range in percentage | (44.90%) |
CECONY | Minimum | Forward Energy Prices | Electricity | |
Fair Value, Concentration of Risk, Financial Statement Captions [Line Items] | |
Unobservable Inputs Range (dollar per MWH) | $ / MWh | 21.10 |
CECONY | Maximum | Discount to adjust auction prices for inter-zonal forward price curves | |
Fair Value, Concentration of Risk, Financial Statement Captions [Line Items] | |
Unobservable Inputs Range in percentage | 59.40% |
CECONY | Maximum | Discount/premium to adjust auction prices for historical monthly realized settlements | |
Fair Value, Concentration of Risk, Financial Statement Captions [Line Items] | |
Unobservable Inputs Range in percentage | 58.90% |
CECONY | Maximum | Forward Energy Prices | Electricity | |
Fair Value, Concentration of Risk, Financial Statement Captions [Line Items] | |
Unobservable Inputs Range (dollar per MWH) | $ / MWh | 80 |
CECONY | Level 3 | |
Fair Value, Concentration of Risk, Financial Statement Captions [Line Items] | |
Fair Value of commodity derivatives | $ 0 |
CECONY | Level 3 | Electricity | |
Fair Value, Concentration of Risk, Financial Statement Captions [Line Items] | |
Fair Value of commodity derivatives | (1) |
CECONY | Level 3 | Transmission Congestion Contracts | |
Fair Value, Concentration of Risk, Financial Statement Captions [Line Items] | |
Fair Value of commodity derivatives | $ 1 |
Fair Value Measurements - Recon
Fair Value Measurements - Reconciliation of Beginning and Ending Net Balances for Assets and Liabilities Measured at Level 3 Fair Value (Detail) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Beginning balance | $ 5 | $ 13 | $ 6 | $ 20 |
Included in earnings | (4) | (4) | (1) | (18) |
Included in regulatory assets and liabilities | (5) | (1) | (11) | (1) |
Purchases | 0 | 1 | 2 | 9 |
Sales | 4 | 0 | 4 | 0 |
Settlements | 1 | (5) | 1 | (6) |
Ending balance | 1 | 4 | 1 | 4 |
CECONY | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Beginning balance | 2 | 11 | 8 | 13 |
Included in earnings | 0 | (1) | (1) | (5) |
Included in regulatory assets and liabilities | (3) | (1) | (6) | (1) |
Purchases | 0 | 1 | 1 | 5 |
Sales | 0 | 0 | 0 | 0 |
Settlements | 1 | (2) | (2) | (4) |
Ending balance | $ 0 | $ 8 | $ 0 | $ 8 |
Fair Value Measurements - Addit
Fair Value Measurements - Additional Information (Detail) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Purchased power expense | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Fair value, assets measured on recurring basis, change in unrealized gain (loss) | $ (4) | $ (3) | $ (2) | $ (8) |
Competitive energy businesses | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Gain (loss) on Level 3 energy derivative liabilities | $ (5) | $ (3) | $ (6) | $ (12) |
Variable Interest Entities - Ad
Variable Interest Entities - Additional Information (Detail) - CECONY | 12 Months Ended |
Dec. 31, 2015entitycounterparty | |
Variable Interest Entity [Line Items] | |
Number of potential VIEs, long-term electricity purchase agreements | entity | 2 |
Number of counterparties | counterparty | 2 |
Variable Interest Entities - Su
Variable Interest Entities - Summary of VIEs (Detail) | 9 Months Ended | |
Sep. 30, 2016USD ($)MW | Oct. 31, 2016 | |
Variable Interest Entity, Not Primary Beneficiary, Aggregated Disclosure | ||
Variable Interest Entity [Line Items] | ||
Percentage of variable interests | 50.00% | |
Variable Interest Entity, Not Primary Beneficiary | Copper Mountain Solar 3 | Nevada | ||
Variable Interest Entity [Line Items] | ||
Generating Capacity (MWs AC) | MW | 128 | |
Power Purchase Agreement Term (in Years) | 20 years | |
Year of Initial Investment | 2,014 | |
Maximum exposure to loss | $ 179,000,000 | |
Variable Interest Entity, Not Primary Beneficiary | Panoche Valley | California | ||
Variable Interest Entity [Line Items] | ||
Generating Capacity (MWs AC) | MW | 120 | |
Power Purchase Agreement Term (in Years) | 20 years | |
Year of Initial Investment | 2,015 | |
Maximum exposure to loss | $ 274,000,000 | |
Variable Interest Entity, Not Primary Beneficiary | Mesquite Solar 1 | Arizona | ||
Variable Interest Entity [Line Items] | ||
Generating Capacity (MWs AC) | MW | 83 | |
Power Purchase Agreement Term (in Years) | 20 years | |
Year of Initial Investment | 2,013 | |
Maximum exposure to loss | $ 107,000,000 | |
Variable Interest Entity, Not Primary Beneficiary | Copper Mountain Solar 2 | Nevada | ||
Variable Interest Entity [Line Items] | ||
Generating Capacity (MWs AC) | MW | 75 | |
Power Purchase Agreement Term (in Years) | 25 years | |
Year of Initial Investment | 2,013 | |
Maximum exposure to loss | $ 84,000,000 | |
Variable Interest Entity, Not Primary Beneficiary | California Solar | California | ||
Variable Interest Entity [Line Items] | ||
Generating Capacity (MWs AC) | MW | 55 | |
Power Purchase Agreement Term (in Years) | 25 years | |
Year of Initial Investment | 2,012 | |
Maximum exposure to loss | $ 70,000,000 | |
Variable Interest Entity, Not Primary Beneficiary | Broken Bow II | Nebraska | ||
Variable Interest Entity [Line Items] | ||
Generating Capacity (MWs AC) | MW | 38 | |
Power Purchase Agreement Term (in Years) | 25 years | |
Year of Initial Investment | 2,014 | |
Maximum exposure to loss | $ 51,000,000 | |
Variable Interest Entity, Primary Beneficiary | Texas Solar 4 | ||
Variable Interest Entity [Line Items] | ||
Percentage of variable interests | 80.00% | |
VIEs, noncontrolling interest | $ 8,000,000 | |
Variable Interest Entity, Primary Beneficiary | Texas Solar 4 | Texas | ||
Variable Interest Entity [Line Items] | ||
Generating Capacity (MWs AC) | MW | 32 | |
Power Purchase Agreement Term (in Years) | 25 years | |
Year of Initial Investment | 2,014 | |
Maximum exposure to loss | $ 43,000,000 | |
Scenario, Forecast | Panoche Valley | California | ||
Variable Interest Entity [Line Items] | ||
Voting interest acquired (percentage) | 50.00% |
Related Party Transactions (Det
Related Party Transactions (Details) - USD ($) $ in Millions | 3 Months Ended | 4 Months Ended | 9 Months Ended | |||||||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2016 | Sep. 30, 2015 | Oct. 31, 2016 | Jun. 30, 2016 | May 31, 2016 | Jan. 31, 2016 | Dec. 31, 2014 | |
Related Party Transaction [Line Items] | ||||||||||
Ownership interest, percentage | 45.70% | |||||||||
Costs of gas purchased | $ 81 | $ 64 | $ 320 | $ 415 | ||||||
Loss on derivative | 77 | 52 | 163 | 134 | ||||||
CECONY | Financial Electric Capacity Contract | ||||||||||
Related Party Transaction [Line Items] | ||||||||||
Loss on derivative | 1 | 1 | ||||||||
CECONY | ||||||||||
Related Party Transaction [Line Items] | ||||||||||
Costs of gas purchased | 34 | $ 30 | 217 | $ 282 | ||||||
CET Electric | ||||||||||
Related Party Transaction [Line Items] | ||||||||||
Ownership interest, percentage | 45.70% | 45.70% | ||||||||
Stagecoach Gas Services LLC | ||||||||||
Related Party Transaction [Line Items] | ||||||||||
Equity method ownership (percent) | 50.00% | |||||||||
Stagecoach Gas Services LLC | CECONY | Equity Method Investee | Purchased Power Costs | ||||||||||
Related Party Transaction [Line Items] | ||||||||||
Costs of gas purchased | 10 | $ 8 | ||||||||
Panoche Valley | Equity Method Investee | ||||||||||
Related Party Transaction [Line Items] | ||||||||||
Notes receivable from related parties | $ 234 | $ 234 | $ 234 | |||||||
Equity method ownership (percent) | 50.00% | 50.00% | 50.00% | |||||||
California | Scenario, Forecast | Panoche Valley | ||||||||||
Related Party Transaction [Line Items] | ||||||||||
Voting interest acquired (percentage) | 50.00% | |||||||||
California | Scenario, Forecast | Panoche Valley | ||||||||||
Related Party Transaction [Line Items] | ||||||||||
Voting interest acquired (percentage) | 50.00% |
Acquisitions, Investments and70
Acquisitions, Investments and Dispositions - Additional Information (Details) $ in Millions | Sep. 30, 2015USD ($) | Oct. 31, 2016USD ($)MW | Sep. 30, 2016USD ($) | Aug. 31, 2016USD ($) | Jun. 30, 2016USD ($) | May 31, 2016USD ($) | Jan. 31, 2016USD ($)MW | Sep. 30, 2016USD ($) | Sep. 30, 2015USD ($) | Sep. 30, 2016USD ($)MW | Sep. 30, 2015USD ($) | Dec. 31, 2018USD ($) | Dec. 31, 2015USD ($) | Dec. 31, 2014 |
Schedule of Equity Method Investments [Line Items] | ||||||||||||||
Ownership interest, percentage | 45.70% | |||||||||||||
Non-utility property | $ 1,127 | $ 1,127 | $ 1,127 | $ 832 | ||||||||||
Other current assets | 206 | 206 | 206 | 191 | ||||||||||
Gain on sale of business | 104 | $ 0 | 104 | $ 0 | ||||||||||
Mountain Valley Pipeline LLC | ||||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||
Equity method ownership (percent) | 12.50% | |||||||||||||
Payments to acquire equity method investments | $ 18 | |||||||||||||
Equity method investments | 41 | 41 | 41 | |||||||||||
Stagecoach Gas Services LLC | ||||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||
Equity method ownership (percent) | 50.00% | |||||||||||||
Payments to acquire equity method investments | $ 945 | |||||||||||||
Equity method investments | 968 | 968 | $ 968 | |||||||||||
Pilesgrove | ||||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||
Equity method ownership (percent) | 50.00% | |||||||||||||
Impairment of investment | $ 8 | |||||||||||||
Impairment of investment, net of tax | $ 5 | |||||||||||||
New Jersey | Pilesgrove | ||||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||
Generating capacity | MW | 18 | |||||||||||||
Texas Solar 7 | Texas | ||||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||
Voting interest acquired (percentage) | 100.00% | |||||||||||||
Generating capacity | MW | 106 | |||||||||||||
Payments to acquire business | $ 227 | |||||||||||||
Non-utility construction work in progress | 218 | |||||||||||||
Other receivables | $ 9 | |||||||||||||
Pilesgrove | ||||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||
Voting interest acquired (percentage) | 50.00% | |||||||||||||
Net assets of project | 48 | 48 | $ 48 | |||||||||||
Non-utility property | 45 | 45 | 45 | |||||||||||
Consideration transferred | $ 16 | |||||||||||||
Bargain purchase gain | 8 | |||||||||||||
Bargain purchase gain, net of tax | 5 | |||||||||||||
Other current assets | 3 | 3 | 3 | |||||||||||
Electric | Texas Solar 7 | Texas | ||||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||
Net assets of project | 123 | 123 | 123 | |||||||||||
Scenario, Forecast | Panoche Valley | California | ||||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||
Voting interest acquired (percentage) | 50.00% | |||||||||||||
Generating capacity | MW | 240 | |||||||||||||
Consideration transferred | $ 37 | |||||||||||||
Scenario, Forecast | Gas | Minimum | Mountain Valley Pipeline LLC | ||||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||
Payments to acquire equity method investments | $ 3,000 | |||||||||||||
Scenario, Forecast | Gas | Maximum | Mountain Valley Pipeline LLC | ||||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||
Payments to acquire equity method investments | $ 3,500 | |||||||||||||
CET Electric | ||||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||
Ownership interest, percentage | 45.70% | 45.70% | ||||||||||||
CET Electric | NY Transco | ||||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||
Equity method investments | 53 | $ 53 | $ 53 | |||||||||||
Purchase Price of TOTS Project Transfer | NY Transco | CET Electric | ||||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||
Related party transaction, amount of transaction | $ 122 | |||||||||||||
Lease Payments | NY Transco | CET Electric | ||||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||
Expenses from transactions with related party | $ 8 | |||||||||||||
Discontinued Operations, Held-for-sale | Pike | ||||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||
Impairment of long-lived assets to be disposed of | $ 5 | |||||||||||||
Impairment of long-lived assets to be disposed of, net of taxes | $ 3 | |||||||||||||
Assets held for sale | 23 | |||||||||||||
Liabilities held for sale | 5 | |||||||||||||
Discontinued Operations, Held-for-sale | Retail Electric Supply Business | ||||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||
Assets held for sale | 134 | |||||||||||||
Liabilities held for sale | $ 84 | |||||||||||||
Discontinued Operations, Disposed of by Sale | Pike | ||||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||
Proceeds from divestiture of business | $ 15 | |||||||||||||
Discontinued Operations, Disposed of by Sale | Pike | O&R | ||||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||
Period for transition services (up to) | 18 months | |||||||||||||
Agreement to purchase and sell, term | 3 years | |||||||||||||
Agreement to purchase and sell, term of extension option | 3 years | |||||||||||||
Discontinued Operations, Disposed of by Sale | Retail Electric Supply Business | ||||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||
Proceeds from divestiture of business | 235 | |||||||||||||
Gain on sale of business | 104 | |||||||||||||
Gain on sale of business, after tax | 47 | |||||||||||||
Gain on sale of derivatives | 65 | |||||||||||||
Gain on sale of derivatives, after tax | 42 | |||||||||||||
Tax effect of sale, state tax related to change in apportionment of state income taxes | 29 | |||||||||||||
Tax effect of sale, state tax related to change in apportionment of state income taxes, net of federal tax | $ 19 |