|
x
|
Quarterly Report Pursuant To Section 13 or 15(d) of the Securities Exchange Act of 1934
|
¨
|
Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
|
Commission
File Number
|
|
Exact name of registrant as specified in its charter
and principal executive office address and telephone number
|
|
State of
Incorporation
|
|
I.R.S. Employer
ID. Number
|
1-14514
|
|
Consolidated Edison, Inc.
|
|
New York
|
|
13-3965100
|
|
|
4 Irving Place, New York, New York 10003
|
|
|
|
|
|
|
(212) 460-4600
|
|
|
|
|
1-1217
|
|
Consolidated Edison Company of New York, Inc.
|
New York
|
|
13-5009340
|
|
|
|
4 Irving Place, New York, New York 10003
|
|
|
|
|
|
|
(212) 460-4600
|
|
|
|
|
Consolidated Edison, Inc. (Con Edison)
|
Yes
x
|
No
¨
|
Consolidated Edison Company of New York, Inc. (CECONY)
|
Yes
x
|
No
¨
|
Con Edison
|
Yes
x
|
No
¨
|
CECONY
|
Yes
x
|
No
¨
|
Con Edison
|
||
Large accelerated filer
x
|
Accelerated filer
¨
|
Non-accelerated filer
¨
|
Smaller reporting company
¨
|
Emerging growth company
¨
|
|
CECONY
|
||
Large accelerated filer
¨
|
Accelerated filer
¨
|
Non-accelerated filer
x
|
Smaller reporting company
¨
|
Emerging growth company
¨
|
|
Con Edison
|
Yes
¨
|
No
x
|
CECONY
|
Yes
¨
|
No
x
|
|
Con Edison Companies
|
||
Con Edison
|
|
Consolidated Edison, Inc.
|
CECONY
|
|
Consolidated Edison Company of New York, Inc.
|
Clean Energy Businesses
|
|
Con Edison Clean Energy Businesses, Inc., together with its subsidiaries
|
Con Edison Development
|
|
Consolidated Edison Development, Inc.
|
Con Edison Energy
|
|
Consolidated Edison Energy, Inc.
|
Con Edison Solutions
|
|
Consolidated Edison Solutions, Inc.
|
Con Edison Transmission
|
|
Con Edison Transmission, Inc., together with its subsidiaries
|
CET Electric
|
|
Consolidated Edison Transmission, LLC
|
CET Gas
|
|
Con Edison Gas Pipeline and Storage, LLC
|
O&R
|
|
Orange and Rockland Utilities, Inc.
|
RECO
|
|
Rockland Electric Company
|
The Companies
|
|
Con Edison and CECONY
|
The Utilities
|
|
CECONY and O&R
|
|
||
Regulatory Agencies, Government Agencies and Other Organizations
|
||
EPA
|
|
U.S. Environmental Protection Agency
|
FASB
|
|
Financial Accounting Standards Board
|
FERC
|
|
Federal Energy Regulatory Commission
|
IASB
|
|
International Accounting Standards Board
|
IRS
|
|
Internal Revenue Service
|
NJBPU
|
|
New Jersey Board of Public Utilities
|
NJDEP
|
|
New Jersey Department of Environmental Protection
|
NYISO
|
|
New York Independent System Operator
|
NYPA
|
|
New York Power Authority
|
NYSDEC
|
|
New York State Department of Environmental Conservation
|
NYSERDA
|
|
New York State Energy Research and Development Authority
|
NYSPSC
|
|
New York State Public Service Commission
|
NYSRC
|
|
New York State Reliability Council, LLC
|
PJM
|
|
PJM Interconnection LLC
|
SEC
|
|
U.S. Securities and Exchange Commission
|
|
|
|
Accounting
|
|
|
AFUDC
|
|
Allowance for funds used during construction
|
ASU
|
|
Accounting Standards Update
|
GAAP
|
|
Generally Accepted Accounting Principles in the United States of America
|
OCI
|
|
Other Comprehensive Income
|
VIE
|
|
Variable Interest Entity
|
Environmental
|
|
|
CO2
|
|
Carbon dioxide
|
GHG
|
|
Greenhouse gases
|
MGP Sites
|
|
Manufactured gas plant sites
|
PCBs
|
|
Polychlorinated biphenyls
|
PRP
|
|
Potentially responsible party
|
RGGI
|
|
Regional Greenhouse Gas Initiative
|
Superfund
|
|
Federal Comprehensive Environmental Response, Compensation and Liability Act of 1980 and similar state statutes
|
|
|
|
Units of Measure
|
|
|
AC
|
|
Alternating current
|
Bcf
|
|
Billion cubic feet
|
Dt
|
|
Dekatherms
|
kV
|
|
Kilovolt
|
kWh
|
|
Kilowatt-hour
|
MDt
|
|
Thousand dekatherms
|
MMlb
|
|
Million pounds
|
MVA
|
|
Megavolt ampere
|
MW
|
|
Megawatt or thousand kilowatts
|
MWh
|
|
Megawatt hour
|
|
|
|
Other
|
|
|
AMI
|
|
Advanced metering infrastructure
|
COSO
|
|
Committee of Sponsoring Organizations of the Treadway Commission
|
DER
|
|
Distributed energy resources
|
EGWP
|
|
Employer Group Waiver Plan
|
Fitch
|
|
Fitch Ratings
|
First Quarter Form 10-Q
|
|
The Companies' combined Quarterly Report on Form 10-Q for the quarterly period ended March 31 of the current year
|
Form 10-K
|
|
The Companies’ combined Annual Report on Form 10-K for the year ended December 31, 2017
|
LTIP
|
|
Long Term Incentive Plan
|
Moody’s
|
|
Moody’s Investors Service
|
REV
|
|
Reforming the Energy Vision
|
S&P
|
|
S&P Global Ratings
|
TCJA
|
|
The federal Tax Cuts and Jobs Act of 2017, as enacted on December 22, 2017
|
VaR
|
|
Value-at-Risk
|
|
|
PAGE
|
|
||
ITEM 1
|
Financial Statements (Unaudited)
|
|
|
Con Edison
|
|
|
||
|
||
|
||
|
||
|
||
|
CECONY
|
|
|
||
|
||
|
||
|
||
|
||
|
||
ITEM 2
|
||
ITEM 3
|
||
ITEM 4
|
||
ITEM 1
|
||
ITEM 1A
|
||
ITEM 6
|
||
|
•
|
the Companies are extensively regulated and are subject to penalties;
|
•
|
the Utilities’ rate plans may not provide a reasonable return;
|
•
|
the Companies may be adversely affected by changes to the Utilities’ rate plans;
|
•
|
the intentional misconduct of employees or contractors could adversely affect the Companies;
|
•
|
the failure of, or damage to, the Companies’ facilities could adversely affect the Companies;
|
•
|
a cyber attack could adversely affect the Companies;
|
•
|
the Companies are exposed to risks from the environmental consequences of their operations;
|
•
|
a disruption in the wholesale energy markets or failure by an energy supplier could adversely affect the Companies;
|
•
|
the Companies have substantial unfunded pension and other postretirement benefit liabilities;
|
•
|
Con Edison’s ability to pay dividends or interest depends on dividends from its subsidiaries;
|
•
|
the Companies require access to capital markets to satisfy funding requirements;
|
•
|
changes to tax laws could adversely affect the Companies;
|
•
|
the Companies’ strategies may not be effective to address changes in the external business environment; and
|
•
|
the Companies also face other risks that are beyond their control.
|
|
For the Three Months Ended March 31,
|
|
(Millions of Dollars/Except Share Data)
|
2018
|
2017
|
OPERATING REVENUES
|
|
|
Electric
|
$1,877
|
$1,934
|
Gas
|
939
|
862
|
Steam
|
314
|
298
|
Non-utility
|
234
|
134
|
TOTAL OPERATING REVENUES
|
3,364
|
3,228
|
OPERATING EXPENSES
|
|
|
Purchased power
|
353
|
385
|
Fuel
|
124
|
100
|
Gas purchased for resale
|
378
|
321
|
Other operations and maintenance
|
836
|
739
|
Depreciation and amortization
|
348
|
329
|
Taxes, other than income taxes
|
570
|
542
|
TOTAL OPERATING EXPENSES
|
2,609
|
2,416
|
OPERATING INCOME
|
755
|
812
|
OTHER INCOME (DEDUCTIONS)
|
|
|
Investment income
|
20
|
19
|
Other income
|
6
|
5
|
Allowance for equity funds used during construction
|
4
|
2
|
Other deductions
|
(45)
|
(42)
|
TOTAL OTHER INCOME (DEDUCTIONS)
|
(15)
|
(16)
|
INCOME BEFORE INTEREST AND INCOME TAX EXPENSE
|
740
|
796
|
INTEREST EXPENSE
|
|
|
Interest on long-term debt
|
190
|
178
|
Other interest
|
7
|
4
|
Allowance for borrowed funds used during construction
|
(2)
|
(1)
|
NET INTEREST EXPENSE
|
195
|
181
|
INCOME BEFORE INCOME TAX EXPENSE
|
545
|
615
|
INCOME TAX EXPENSE
|
117
|
227
|
NET INCOME
|
$428
|
$388
|
Net income per common share—basic
|
$1.38
|
$1.27
|
Net income per common share—diluted
|
$1.37
|
$1.27
|
DIVIDENDS DECLARED PER COMMON SHARE
|
$0.72
|
$0.69
|
AVERAGE NUMBER OF SHARES OUTSTANDING—BASIC (IN MILLIONS)
|
310.4
|
305.1
|
AVERAGE NUMBER OF SHARES OUTSTANDING—DILUTED (IN MILLIONS)
|
311.6
|
306.3
|
|
For the Three Months Ended March 31,
|
|
(Millions of Dollars)
|
2018
|
2017
|
NET INCOME
|
$428
|
$388
|
OTHER COMPREHENSIVE INCOME/(LOSS), NET OF TAXES
|
|
|
Pension and other postretirement benefit plan liability adjustments, net of taxes
|
4
|
(1)
|
TOTAL OTHER COMPREHENSIVE INCOME/(LOSS), NET OF TAXES
|
4
|
(1)
|
COMPREHENSIVE INCOME
|
$432
|
$387
|
|
For the Three Months Ended March 31,
|
|
||
(Millions of Dollars)
|
2018
|
|
2017
|
|
OPERATING ACTIVITIES
|
|
|
||
Net income
|
$428
|
$388
|
||
PRINCIPAL NON-CASH CHARGES/(CREDITS) TO INCOME
|
|
|
||
Depreciation and amortization
|
348
|
329
|
||
Deferred income taxes
|
101
|
256
|
||
Rate case amortization and accruals
|
(28)
|
(31)
|
||
Common equity component of allowance for funds used during construction
|
(4)
|
(2)
|
||
Net derivative gains
|
(1)
|
(5)
|
||
Unbilled revenue and net unbilled revenue deferrals
|
48
|
(5)
|
||
Other non-cash items, net
|
(23)
|
—
|
|
|
CHANGES IN ASSETS AND LIABILITIES
|
|
|
||
Accounts receivable – customers
|
(147)
|
(66)
|
||
Materials and supplies, including fuel oil and gas in storage
|
33
|
26
|
||
Other receivables and other current assets
|
26
|
26
|
||
Taxes receivable
|
18
|
30
|
||
Prepayments
|
(422)
|
(394)
|
||
Accounts payable
|
30
|
(78)
|
||
Pensions and retiree benefits obligations, net
|
84
|
105
|
||
Pensions and retiree benefits contributions
|
(184)
|
(129)
|
||
Accrued taxes
|
(61)
|
(26)
|
||
Accrued interest
|
68
|
54
|
||
Superfund and environmental remediation costs, net
|
(2)
|
1
|
||
Distributions from equity investments
|
35
|
35
|
||
System benefit charge
|
63
|
65
|
||
Deferred charges, noncurrent assets and other regulatory assets
|
(246)
|
(53)
|
||
Deferred credits and other regulatory liabilities
|
179
|
(9)
|
||
Other current and noncurrent liabilities
|
(200)
|
(69)
|
||
NET CASH FLOWS FROM OPERATING ACTIVITIES
|
143
|
448
|
||
INVESTING ACTIVITIES
|
|
|
||
Utility construction expenditures
|
(790)
|
(714)
|
||
Cost of removal less salvage
|
(63)
|
(63)
|
||
Non-utility construction expenditures
|
(35)
|
(113)
|
||
Investments in electric and gas transmission projects
|
(32)
|
(5)
|
||
Proceeds from sale of assets
|
—
|
|
23
|
|
Other investing activities
|
11
|
16
|
||
NET CASH FLOWS USED IN INVESTING ACTIVITIES
|
(909)
|
(856)
|
||
FINANCING ACTIVITIES
|
|
|
||
Net issuance/(payment) of short-term debt
|
812
|
(218)
|
||
Issuance of long-term debt
|
—
|
|
497
|
|
Retirement of long-term debt
|
(10)
|
(408)
|
||
Debt issuance costs
|
(1)
|
(4)
|
||
Common stock dividends
|
(209)
|
(199)
|
||
Issuance of common shares for stock plans
|
13
|
12
|
||
NET CASH FLOWS FROM/(USED IN) FINANCING ACTIVITIES
|
605
|
(320)
|
||
CASH, TEMPORARY CASH INVESTMENTS, AND RESTRICTED CASH:
|
|
|
||
NET CHANGE FOR THE PERIOD
|
(161)
|
(728)
|
||
BALANCE AT BEGINNING OF PERIOD
|
844
|
830
|
||
BALANCE AT END OF PERIOD
|
$683
|
$102
|
||
SUPPLEMENTAL DISCLOSURE OF CASH INFORMATION
|
|
|
||
Cash paid/(received) during the period for:
|
|
|
||
Interest
|
$124
|
$123
|
||
Income taxes
|
$(13)
|
$(39)
|
||
SUPPLEMENTAL DISCLOSURE OF NON-CASH INFORMATION
|
|
|
||
Construction expenditures in accounts payable
|
$352
|
$282
|
||
Issuance of common shares for dividend reinvestment
|
$12
|
$12
|
(Millions of Dollars)
|
March 31,
2018 |
December 31,
2017 |
ASSETS
|
|
|
CURRENT ASSETS
|
|
|
Cash and temporary cash investments
|
$651
|
$797
|
Accounts receivable – customers, less allowance for uncollectible accounts of $63 in 2018 and 2017
|
1,250
|
1,103
|
Other receivables, less allowance for uncollectible accounts of $7 and $8 in 2018 and 2017, respectively
|
200
|
160
|
Taxes receivable
|
58
|
76
|
Accrued unbilled revenue
|
472
|
598
|
Fuel oil, gas in storage, materials and supplies, at average cost
|
301
|
334
|
Prepayments
|
600
|
178
|
Regulatory assets
|
123
|
67
|
Restricted cash
|
32
|
47
|
Other current assets
|
86
|
177
|
TOTAL CURRENT ASSETS
|
3,773
|
3,537
|
INVESTMENTS
|
2,012
|
2,001
|
UTILITY PLANT, AT ORIGINAL COST
|
|
|
Electric
|
29,315
|
28,994
|
Gas
|
8,512
|
8,256
|
Steam
|
2,480
|
2,473
|
General
|
3,034
|
3,008
|
TOTAL
|
43,341
|
42,731
|
Less: Accumulated depreciation
|
9,229
|
9,063
|
Net
|
34,112
|
33,668
|
Construction work in progress
|
1,610
|
1,605
|
NET UTILITY PLANT
|
35,722
|
35,273
|
NON-UTILITY PLANT
|
|
|
Non-utility property, less accumulated depreciation of $217 and $201 in 2018 and 2017, respectively
|
1,803
|
1,776
|
Construction work in progress
|
550
|
551
|
NET PLANT
|
38,075
|
37,600
|
OTHER NONCURRENT ASSETS
|
|
|
Goodwill
|
428
|
428
|
Intangible assets, less accumulated amortization of $17 and $15 in 2018 and 2017, respectively
|
129
|
131
|
Regulatory assets
|
4,284
|
4,266
|
Other deferred charges and noncurrent assets
|
199
|
148
|
TOTAL OTHER NONCURRENT ASSETS
|
5,040
|
4,973
|
TOTAL ASSETS
|
$48,900
|
$48,111
|
(Millions of Dollars)
|
March 31,
2018 |
December 31,
2017 |
LIABILITIES AND SHAREHOLDERS’ EQUITY
|
|
|
CURRENT LIABILITIES
|
|
|
Long-term debt due within one year
|
$1,291
|
$1,298
|
Notes payable
|
1,389
|
577
|
Accounts payable
|
1,236
|
1,286
|
Customer deposits
|
347
|
346
|
Accrued taxes
|
47
|
108
|
Accrued interest
|
211
|
143
|
Accrued wages
|
106
|
105
|
Fair value of derivative liabilities
|
74
|
17
|
Regulatory liabilities
|
90
|
101
|
System benefit charge
|
598
|
535
|
Other current liabilities
|
262
|
386
|
TOTAL CURRENT LIABILITIES
|
5,651
|
4,902
|
NONCURRENT LIABILITIES
|
|
|
Provision for injuries and damages
|
161
|
153
|
Pensions and retiree benefits
|
1,192
|
1,443
|
Superfund and other environmental costs
|
734
|
737
|
Asset retirement obligations
|
317
|
314
|
Fair value of derivative liabilities
|
85
|
38
|
Deferred income taxes and unamortized investment tax credits
|
5,638
|
5,495
|
Regulatory liabilities
|
4,523
|
4,577
|
Other deferred credits and noncurrent liabilities
|
208
|
296
|
TOTAL NONCURRENT LIABILITIES
|
12,858
|
13,053
|
LONG-TERM DEBT
|
14,730
|
14,731
|
EQUITY
|
|
|
Common shareholders’ equity
|
15,654
|
15,418
|
Noncontrolling interest
|
7
|
7
|
TOTAL EQUITY (See Statement of Equity)
|
15,661
|
15,425
|
TOTAL LIABILITIES AND EQUITY
|
$48,900
|
$48,111
|
(In Millions)
|
Common Stock
|
Additional
Paid-In Capital |
Retained
Earnings |
Treasury Stock
|
Capital
Stock Expense |
Accumulated
Other Comprehensive Income/(Loss) |
Noncontrolling
Interest |
Total
|
||
Shares
|
Amount
|
Shares
|
Amount
|
|||||||
BALANCE AS OF DECEMBER 31, 2017
|
310
|
$34
|
$6,298
|
$10,235
|
23
|
$(1,038)
|
$(85)
|
$(26)
|
$7
|
$15,425
|
Net income
|
|
|
|
428
|
|
|
|
|
|
428
|
Common stock dividends
|
|
|
|
(221)
|
|
|
|
|
|
(221)
|
Issuance of common shares for stock plans
|
1
|
|
25
|
|
|
|
|
|
|
25
|
Other comprehensive income
|
|
|
|
|
|
|
|
4
|
|
4
|
BALANCE AS OF
MARCH 31, 2018 |
311
|
$34
|
$6,323
|
$10,442
|
23
|
$(1,038)
|
$(85)
|
$(22)
|
$7
|
$15,661
|
|
For the Three Months Ended March 31,
|
|
(Millions of Dollars)
|
2018
|
2017
|
OPERATING REVENUES
|
|
|
Electric
|
$1,729
|
$1,793
|
Gas
|
841
|
765
|
Steam
|
314
|
298
|
TOTAL OPERATING REVENUES
|
2,884
|
2,856
|
OPERATING EXPENSES
|
|
|
Purchased power
|
303
|
348
|
Fuel
|
124
|
100
|
Gas purchased for resale
|
273
|
230
|
Other operations and maintenance
|
630
|
628
|
Depreciation and amortization
|
310
|
294
|
Taxes, other than income taxes
|
539
|
515
|
TOTAL OPERATING EXPENSES
|
2,179
|
2,115
|
OPERATING INCOME
|
705
|
741
|
OTHER INCOME (DEDUCTIONS)
|
|
|
Investment and other income
|
5
|
4
|
Allowance for equity funds used during construction
|
3
|
2
|
Other deductions
|
(39)
|
(37)
|
TOTAL OTHER INCOME (DEDUCTIONS)
|
(31)
|
(31)
|
INCOME BEFORE INTEREST AND INCOME TAX EXPENSE
|
674
|
710
|
INTEREST EXPENSE
|
|
|
Interest on long-term debt
|
163
|
150
|
Other interest
|
5
|
4
|
Allowance for borrowed funds used during construction
|
(2)
|
(1)
|
NET INTEREST EXPENSE
|
166
|
153
|
INCOME BEFORE INCOME TAX EXPENSE
|
508
|
557
|
INCOME TAX EXPENSE
|
119
|
218
|
NET INCOME
|
$389
|
$339
|
|
For the Three Months Ended March 31,
|
|
||
(Millions of Dollars)
|
2018
|
|
2017
|
|
NET INCOME
|
$389
|
$339
|
||
OTHER COMPREHENSIVE INCOME, NET OF TAXES
|
—
|
|
—
|
|
COMPREHENSIVE INCOME
|
$389
|
$339
|
|
For the Three Months Ended March 31,
|
|
|
(Millions of Dollars)
|
2018
|
2017
|
|
OPERATING ACTIVITIES
|
|
|
|
Net income
|
$389
|
$339
|
|
PRINCIPAL NON-CASH CHARGES/(CREDITS) TO INCOME
|
|
|
|
Depreciation and amortization
|
310
|
294
|
|
Deferred income taxes
|
108
|
234
|
|
Rate case amortization and accruals
|
(33)
|
(36)
|
|
Common equity component of allowance for funds used during construction
|
(3)
|
(2)
|
|
Unbilled revenue and net unbilled revenue deferrals
|
13
|
(5)
|
|
Other non-cash items, net
|
(10)
|
(8)
|
|
CHANGES IN ASSETS AND LIABILITIES
|
|
|
|
Accounts receivable – customers
|
(126)
|
(54)
|
|
Materials and supplies, including fuel oil and gas in storage
|
24
|
20
|
|
Other receivables and other current assets
|
(8)
|
33
|
|
Accounts receivable from affiliated companies
|
(19)
|
15
|
|
Prepayments
|
(417)
|
(373)
|
|
Accounts payable
|
37
|
(41)
|
|
Accounts payable to affiliated companies
|
7
|
—
|
|
Pensions and retiree benefits obligations, net
|
80
|
93
|
|
Pensions and retiree benefits contributions
|
(183)
|
(128)
|
|
Superfund and environmental remediation costs, net
|
(3)
|
1
|
|
Accrued taxes
|
(68)
|
(18)
|
|
Accrued taxes to affiliated companies
|
3
|
(21)
|
|
Accrued interest
|
68
|
56
|
|
System benefit charge
|
59
|
59
|
|
Deferred charges, noncurrent assets and other regulatory assets
|
(202)
|
(51)
|
|
Deferred credits and other regulatory liabilities
|
161
|
29
|
|
Other current and noncurrent liabilities
|
(131)
|
(56)
|
|
NET CASH FLOWS FROM OPERATING ACTIVITIES
|
56
|
380
|
|
INVESTING ACTIVITIES
|
|
|
|
Utility construction expenditures
|
(747)
|
(672)
|
|
Cost of removal less salvage
|
(61)
|
(61)
|
|
NET CASH FLOWS USED IN INVESTING ACTIVITIES
|
(808)
|
(733)
|
|
FINANCING ACTIVITIES
|
|
|
|
Net issuance/(payment) of short-term debt
|
763
|
(155)
|
|
Debt issuance costs
|
(1)
|
—
|
|
Capital contribution by parent
|
45
|
22
|
|
Dividend to parent
|
(211)
|
(199)
|
|
NET CASH FLOWS FROM/(USED IN) FINANCING ACTIVITIES
|
596
|
(332)
|
|
CASH, TEMPORARY CASH INVESTMENTS, AND RESTRICTED CASH:
|
|
|
|
NET CHANGE FOR THE PERIOD
|
(156)
|
(685)
|
|
BALANCE AT BEGINNING OF PERIOD
|
730
|
704
|
|
BALANCE AT END OF PERIOD
|
$574
|
$19
|
|
SUPPLEMENTAL DISCLOSURE OF CASH INFORMATION
|
|
|
|
Cash paid/(received) during the period for:
|
|
|
|
Interest
|
$93
|
$91
|
|
Income taxes
|
$18
|
$(22)
|
|
SUPPLEMENTAL DISCLOSURE OF NON-CASH INFORMATION
|
|
|
|
Construction expenditures in accounts payable
|
$272
|
$217
|
(Millions of Dollars)
|
March 31,
2018 |
December 31,
2017 |
ASSETS
|
|
|
CURRENT ASSETS
|
|
|
Cash and temporary cash investments
|
$574
|
$730
|
Accounts receivable – customers, less allowance for uncollectible accounts of $58 in 2018 and 2017
|
1,135
|
1,009
|
Other receivables, less allowance for uncollectible accounts of $6 and $7 in 2018 and 2017, respectively
|
103
|
92
|
Taxes receivable
|
19
|
19
|
Accrued unbilled revenue
|
363
|
454
|
Accounts receivable from affiliated companies
|
83
|
64
|
Fuel oil, gas in storage, materials and supplies, at average cost
|
263
|
287
|
Prepayments
|
525
|
108
|
Regulatory assets
|
115
|
62
|
Other current assets
|
57
|
84
|
TOTAL CURRENT ASSETS
|
3,237
|
2,909
|
INVESTMENTS
|
388
|
383
|
UTILITY PLANT, AT ORIGINAL COST
|
|
|
Electric
|
27,612
|
27,299
|
Gas
|
7,744
|
7,499
|
Steam
|
2,480
|
2,473
|
General
|
2,775
|
2,753
|
TOTAL
|
40,611
|
40,024
|
Less: Accumulated depreciation
|
8,476
|
8,321
|
Net
|
32,135
|
31,703
|
Construction work in progress
|
1,499
|
1,502
|
NET UTILITY PLANT
|
33,634
|
33,205
|
NON-UTILITY PROPERTY
|
|
|
Non-utility property, less accumulated depreciation of $25 in 2018 and 2017
|
4
|
4
|
NET PLANT
|
33,638
|
33,209
|
OTHER NONCURRENT ASSETS
|
|
|
Regulatory assets
|
3,871
|
3,863
|
Other deferred charges and noncurrent assets
|
132
|
87
|
TOTAL OTHER NONCURRENT ASSETS
|
4,003
|
3,950
|
TOTAL ASSETS
|
$41,266
|
$40,451
|
(Millions of Dollars)
|
March 31,
2018 |
December 31,
2017 |
LIABILITIES AND SHAREHOLDER’S EQUITY
|
|
|
CURRENT LIABILITIES
|
|
|
Long-term debt due within one year
|
$1,200
|
$1,200
|
Notes payable
|
913
|
150
|
Accounts payable
|
1,015
|
1,057
|
Accounts payable to affiliated companies
|
17
|
10
|
Customer deposits
|
335
|
334
|
Accrued taxes
|
34
|
102
|
Accrued taxes to affiliated companies
|
75
|
72
|
Accrued interest
|
181
|
113
|
Accrued wages
|
96
|
95
|
Fair value of derivative liabilities
|
66
|
12
|
Regulatory liabilities
|
54
|
65
|
System benefit charge
|
542
|
483
|
Other current liabilities
|
183
|
245
|
TOTAL CURRENT LIABILITIES
|
4,711
|
3,938
|
NONCURRENT LIABILITIES
|
|
|
Provision for injuries and damages
|
155
|
147
|
Pensions and retiree benefits
|
899
|
1,140
|
Superfund and other environmental costs
|
634
|
637
|
Asset retirement obligations
|
290
|
287
|
Fair value of derivative liabilities
|
76
|
31
|
Deferred income taxes and unamortized investment tax credits
|
5,455
|
5,306
|
Regulatory liabilities
|
4,154
|
4,219
|
Other deferred credits and noncurrent liabilities
|
164
|
242
|
TOTAL NONCURRENT LIABILITIES
|
11,827
|
12,009
|
LONG-TERM DEBT
|
12,066
|
12,065
|
SHAREHOLDER’S EQUITY (See Statement of Shareholder’s Equity)
|
12,662
|
12,439
|
TOTAL LIABILITIES AND SHAREHOLDER’S EQUITY
|
$41,266
|
$40,451
|
|
Common Stock
|
Additional
Paid-In Capital |
Retained
Earnings |
Repurchased
Con Edison Stock |
Capital
Stock Expense |
Accumulated
Other Comprehensive Income/(Loss) |
Total
|
|
(In Millions)
|
Shares
|
Amount
|
||||||
BALANCE AS OF DECEMBER 31, 2017
|
235
|
$589
|
$4,649
|
$8,231
|
$(962)
|
$(62)
|
$(6)
|
$12,439
|
Net income
|
|
|
|
389
|
|
|
|
389
|
Common stock dividend to parent
|
|
|
|
(211)
|
|
|
|
(211)
|
Capital contribution by parent
|
|
|
45
|
|
|
|
|
45
|
BALANCE AS OF MARCH 31, 2018
|
235
|
$589
|
$4,694
|
$8,409
|
$(962)
|
$(62)
|
$(6)
|
$12,662
|
|
For the Three Months Ended March 31, 2018
|
|||||
(Millions of Dollars)
|
Revenues from contracts with customers
|
|
Other revenues (a)
|
Total operating revenues
|
||
CECONY
|
|
|
|
|
||
Electric
|
$1,771
|
|
$(42)
|
$1,729
|
||
Gas
|
835
|
|
6
|
841
|
||
Steam
|
315
|
|
(1)
|
314
|
||
Total CECONY
|
$2,921
|
|
$(37)
|
$2,884
|
||
O&R
|
|
|
|
|
||
Electric
|
152
|
|
(3)
|
149
|
||
Gas
|
110
|
|
(13)
|
97
|
||
Total O&R
|
$262
|
|
$(16)
|
$246
|
||
Clean Energy Businesses
|
|
|
|
|
||
Renewables
|
132
|
(b)
|
—
|
|
132
|
|
Energy services
|
17
|
|
—
|
|
17
|
|
Other
|
—
|
|
|
84
|
84
|
|
Total Clean Energy Businesses
|
$149
|
|
$84
|
$233
|
||
Con Edison Transmission
|
1
|
|
—
|
|
1
|
|
Total Con Edison
|
$3,333
|
|
$31
|
$3,364
|
|
For the Three Months Ended March 31,
|
|
(Millions of Dollars, except per share amounts/Shares in Millions)
|
2018
|
2017
|
Net income
|
$428
|
$388
|
Weighted average common shares outstanding – basic
|
310.4
|
305.1
|
Add: Incremental shares attributable to effect of potentially dilutive securities
|
1.2
|
1.2
|
Adjusted weighted average common shares outstanding – diluted
|
311.6
|
306.3
|
Net Income per common share – basic
|
$1.38
|
$1.27
|
Net Income per common share – diluted
|
$1.37
|
$1.27
|
(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.
|
|
At March 31,
|
||||
|
Con Edison
|
CECONY
|
|||
(Millions of Dollars)
|
2018
|
2017
|
2018
|
|
2017
|
Cash and temporary cash investments
|
$651
|
$67
|
$574
|
$17
|
|
Restricted cash (a)
|
32
|
35
|
—
|
|
2
|
Total cash, temporary cash investments and restricted cash
|
$683
|
$102
|
$574
|
$19
|
(a)
|
Restricted cash is comprised of funding reserved for CECONY construction expenditures (
$2 million
at March 31, 2017), RECO transition bond charge collections, net of principal, interest, trustee and service fees (
$1 million
and
$2 million
at March 31, 2018 and 2017, respectively) that are restricted until the bond matures in 2019, and the CEBs' cash collateral held for project finance agreements (
$31 million
at March 31, 2018 and 2017) that are restricted until varying maturity dates. For these projects, such funds are restricted to being used for normal operating expenses and capital expenditures, debt service, and required reserves.
|
|
Con Edison
|
|
CECONY
|
||||||
(Millions of Dollars)
|
2018
|
|
2017
|
|
|
2018
|
|
2017
|
|
Regulatory assets
|
|
|
|
|
|
||||
Unrecognized pension and other postretirement costs
|
$2,332
|
$2,526
|
|
$2,196
|
$2,376
|
||||
Environmental remediation costs
|
783
|
793
|
|
668
|
677
|
||||
Revenue taxes
|
271
|
260
|
|
259
|
248
|
||||
MTA power reliability deferral
|
122
|
50
|
|
122
|
50
|
||||
Recoverable energy costs
|
118
|
60
|
|
103
|
52
|
||||
Deferred derivative losses
|
95
|
44
|
|
86
|
37
|
||||
Pension and other postretirement benefits deferrals
|
77
|
79
|
|
57
|
58
|
||||
Property tax reconciliation
|
64
|
51
|
|
41
|
25
|
||||
Municipal infrastructure support costs
|
59
|
56
|
|
59
|
56
|
||||
Unamortized loss on reacquired debt
|
36
|
37
|
|
34
|
35
|
||||
Deferred storm costs
|
60
|
38
|
|
—
|
|
—
|
|
||
Brooklyn Queens demand management program
|
32
|
37
|
|
32
|
37
|
||||
Meadowlands heater odorization project
|
30
|
18
|
|
30
|
18
|
||||
Preferred stock redemption
|
24
|
24
|
|
24
|
24
|
||||
Indian Point Energy Center program costs
|
21
|
29
|
|
21
|
29
|
||||
Recoverable REV demonstration project expenses
|
19
|
19
|
|
17
|
17
|
||||
Gate station upgrade project
|
13
|
13
|
|
13
|
13
|
||||
Workers’ compensation
|
10
|
10
|
|
10
|
10
|
||||
Net electric deferrals
|
9
|
9
|
|
9
|
9
|
||||
O&R transition bond charges
|
7
|
9
|
|
—
|
|
—
|
|
||
Surcharge for New York State assessment
|
—
|
|
2
|
|
—
|
|
2
|
||
Other
|
102
|
102
|
|
90
|
90
|
||||
Regulatory assets – noncurrent
|
4,284
|
4,266
|
|
3,871
|
3,863
|
||||
Deferred derivative losses
|
88
|
40
|
|
81
|
37
|
||||
Recoverable energy costs
|
35
|
27
|
|
34
|
25
|
||||
Regulatory assets – current
|
123
|
67
|
|
115
|
62
|
||||
Total Regulatory Assets
|
$4,407
|
$4,333
|
|
$3,986
|
$3,925
|
||||
Regulatory liabilities
|
|
|
|
|
|
||||
Future income tax
|
$2,531
|
$2,545
|
|
$2,376
|
$2,390
|
||||
Allowance for cost of removal less salvage
|
853
|
846
|
|
724
|
719
|
||||
Pension and other postretirement benefit deferrals
|
178
|
207
|
|
153
|
181
|
||||
Energy efficiency portfolio standard unencumbered funds
|
127
|
127
|
|
122
|
122
|
||||
TCJA net benefits*
|
112
|
—
|
|
|
100
|
—
|
|
||
Net unbilled revenue deferrals
|
106
|
183
|
|
106
|
183
|
||||
Property tax reconciliation
|
97
|
107
|
|
97
|
107
|
||||
Unrecognized other postretirement costs
|
77
|
92
|
|
77
|
92
|
||||
Settlement of prudence proceeding
|
58
|
66
|
|
58
|
66
|
||||
Property tax refunds
|
44
|
44
|
|
44
|
44
|
||||
Carrying charges on repair allowance and bonus depreciation
|
36
|
43
|
|
35
|
42
|
||||
New York State income tax rate change
|
31
|
36
|
|
31
|
35
|
||||
Settlement of gas proceedings
|
25
|
27
|
|
25
|
27
|
||||
Variable-rate tax-exempt debt – cost rate reconciliation
|
24
|
30
|
|
21
|
26
|
||||
Earnings sharing - electric, gas and steam
|
20
|
29
|
|
10
|
19
|
||||
Base rate change deferrals
|
18
|
21
|
|
18
|
21
|
||||
Net utility plant reconciliations
|
10
|
12
|
|
6
|
8
|
||||
Other
|
176
|
162
|
|
151
|
137
|
||||
Regulatory liabilities – noncurrent
|
4,523
|
4,577
|
|
4,154
|
4,219
|
||||
Refundable energy costs
|
63
|
41
|
|
37
|
16
|
||||
Revenue decoupling mechanism
|
18
|
29
|
|
11
|
21
|
||||
Deferred derivative gains
|
9
|
31
|
|
6
|
28
|
||||
Regulatory liabilities – current
|
90
|
101
|
|
54
|
65
|
||||
Total Regulatory Liabilities
|
$4,613
|
$4,678
|
|
$4,208
|
$4,284
|
(Millions of Dollars)
|
2018
|
2017
|
||
Long-Term Debt (including current portion) (a)
|
Carrying
Amount
|
Fair
Value
|
Carrying
Amount
|
Fair
Value
|
Con Edison
|
$16,021
|
$17,388
|
$16,029
|
$18,147
|
CECONY
|
$13,266
|
$14,500
|
$13,265
|
$15,163
|
(a)
|
Amounts shown are net of unamortized debt expense and unamortized debt discount of
$140 million
and
$120 million
for Con Edison and CECONY, respectively, as of
March 31, 2018
and
$142 million
and
$121 million
for Con Edison and CECONY, respectively, as of
December 31, 2017
.
|
|
For the Three Months Ended March 31,
|
|||
|
Con Edison
|
CECONY
|
||
(Millions of Dollars)
|
2018
|
2017
|
2018
|
2017
|
Service cost – including administrative expenses
|
$72
|
$66
|
$68
|
$61
|
Interest cost on projected benefit obligation
|
140
|
148
|
131
|
139
|
Expected return on plan assets
|
(258)
|
(243)
|
(245)
|
(229)
|
Recognition of net actuarial loss
|
172
|
149
|
163
|
141
|
Recognition of prior service costs
|
(4)
|
(4)
|
(5)
|
(5)
|
TOTAL PERIODIC BENEFIT COST
|
$122
|
$116
|
$112
|
$107
|
Cost capitalized
|
(31)
|
(43)
|
(29)
|
(41)
|
Reconciliation to rate level
|
(23)
|
(11)
|
(25)
|
(12)
|
Cost charged to operating expenses
|
$68
|
$62
|
$58
|
$54
|
|
For the Three Months Ended March 31,
|
||||
|
Con Edison
|
CECONY
|
|||
(Millions of Dollars)
|
2018
|
2017
|
2018
|
2017
|
|
Service cost
|
$5
|
$5
|
$3
|
$3
|
|
Interest cost on accumulated other postretirement benefit obligation
|
11
|
11
|
9
|
10
|
|
Expected return on plan assets
|
(18)
|
(17)
|
(16)
|
(15)
|
|
Recognition of net actuarial loss
|
2
|
1
|
1
|
(1)
|
|
Recognition of prior service cost
|
(2)
|
(4)
|
(1)
|
(3)
|
|
TOTAL PERIODIC OTHER POSTRETIREMENT BENEFIT COST
|
$(2)
|
$(4)
|
$(4)
|
$(6)
|
|
Cost capitalized
|
(2)
|
2
|
(2)
|
2
|
|
Reconciliation to rate level
|
2
|
(1)
|
3
|
—
|
|
Cost charged to operating expenses
|
$(2)
|
$(3)
|
$(3)
|
$(4)
|
|
Con Edison
|
CECONY
|
||
(Millions of Dollars)
|
2018
|
2017
|
2018
|
2017
|
Accrued Liabilities:
|
|
|
|
|
Manufactured gas plant sites
|
$649
|
$651
|
$549
|
$551
|
Other Superfund Sites
|
85
|
86
|
85
|
86
|
Total
|
$734
|
$737
|
$634
|
$637
|
Regulatory assets
|
$783
|
$793
|
$668
|
$677
|
|
For the Three Months Ended March 31,
|
|||
|
Con Edison
|
CECONY
|
||
(Millions of Dollars)
|
2018
|
2017
|
2018
|
2017
|
Remediation costs incurred
|
$3
|
$7
|
$3
|
$7
|
|
Con Edison
|
CECONY
|
||
(Millions of Dollars)
|
2018
|
2017
|
2018
|
2017
|
Accrued liability – asbestos suits
|
$8
|
$8
|
$7
|
$7
|
Regulatory assets – asbestos suits
|
$8
|
$8
|
$7
|
$7
|
Accrued liability – workers’ compensation
|
$84
|
$84
|
$80
|
$80
|
Regulatory assets – workers’ compensation
|
$10
|
$10
|
$10
|
$10
|
Guarantee Type
|
0 – 3 years
|
4 – 10 years
|
|
> 10 years
|
|
Total
|
|
|
(Millions of Dollars)
|
||||||
Con Edison Transmission
|
$742
|
$404
|
|
$—
|
|
$1,146
|
|
Energy transactions
|
426
|
25
|
212
|
663
|
|||
Renewable electric production projects
|
172
|
—
|
|
24
|
196
|
||
Other
|
123
|
—
|
|
—
|
|
123
|
|
Total
|
$1,463
|
$429
|
$236
|
$2,128
|
|
Con Edison
|
CECONY
|
||||||
(% of Pre-tax income)
|
2018
|
|
2017
|
|
2018
|
|
2017
|
|
STATUTORY TAX RATE
|
|
|
|
|
||||
Federal
|
21
|
%
|
35
|
%
|
21
|
%
|
35
|
%
|
Changes in computed taxes resulting from:
|
|
|
|
|
||||
State income tax
|
4
|
|
4
|
|
5
|
|
4
|
|
Cost of removal
|
1
|
|
1
|
|
1
|
|
1
|
|
Other plant-related items
|
—
|
|
—
|
|
(1
|
)
|
(1
|
)
|
Change in deferred taxes
|
—
|
|
(1
|
)
|
—
|
|
—
|
|
Renewable energy credits
|
(1
|
)
|
(1
|
)
|
—
|
|
—
|
|
Amortization of excess deferred federal income taxes
|
(3
|
)
|
—
|
|
(3
|
)
|
—
|
|
Other
|
(1
|
)
|
(1
|
)
|
—
|
|
—
|
|
Effective tax rate
|
21
|
%
|
37
|
%
|
23
|
%
|
39
|
%
|
|
For the Three Months Ended March 31,
|
|||||||||||||||||
|
Operating
revenues
|
Inter-segment
revenues
|
Depreciation and
amortization
|
Operating
income/(loss)
|
||||||||||||||
(Millions of Dollars)
|
2018
|
|
2017
|
|
2018
|
|
2017
|
|
2018
|
|
2017
|
|
2018
|
|
2017
|
|
||
CECONY
|
|
|
|
|
|
|
|
|
||||||||||
Electric
|
$1,729
|
$1,793
|
$4
|
$5
|
$240
|
$229
|
$254
|
$320
|
||||||||||
Gas
|
841
|
765
|
1
|
1
|
49
|
44
|
321
|
298
|
||||||||||
Steam
|
314
|
298
|
19
|
18
|
21
|
21
|
130
|
123
|
||||||||||
Consolidation adjustments
|
—
|
|
—
|
|
(24)
|
(24)
|
—
|
|
—
|
|
—
|
|
—
|
|
||||
Total CECONY
|
$2,884
|
$2,856
|
|
$—
|
|
|
$—
|
|
$310
|
$294
|
$705
|
$741
|
||||||
O&R
|
|
|
|
|
|
|
|
|
||||||||||
Electric
|
$149
|
$141
|
|
$—
|
|
|
$—
|
|
$14
|
$12
|
$8
|
$18
|
||||||
Gas
|
97
|
97
|
—
|
|
—
|
|
5
|
5
|
36
|
40
|
||||||||
Total O&R
|
$246
|
$238
|
|
$—
|
|
|
$—
|
|
$19
|
$17
|
$44
|
$58
|
||||||
Clean Energy Businesses
|
$233
|
$136
|
|
$—
|
|
|
$—
|
|
$19
|
$17
|
$9
|
$15
|
||||||
Con Edison Transmission
|
1
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
(1)
|
(3)
|
|||||
Other (a)
|
—
|
|
(2)
|
—
|
|
—
|
|
—
|
|
1
|
(2)
|
1
|
||||||
Total Con Edison
|
$3,364
|
$3,228
|
|
$—
|
|
|
$—
|
|
$348
|
$329
|
$755
|
$812
|
(Millions of Dollars)
|
2018
|
|
2017
|
|
||||||
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
|
$46
|
$(36)
|
$10
|
(b)
|
$83
|
$(51)
|
$32
|
(b)
|
||
Noncurrent
|
9
|
(5)
|
4
|
|
10
|
(4)
|
6
|
|
||
Total fair value of derivative assets
|
$55
|
$(41)
|
$14
|
|
$93
|
$(55)
|
$38
|
|
||
Fair value of derivative liabilities
|
|
|
|
|
|
|
|
|
||
Current
|
$(109)
|
$35
|
$(74)
|
|
$(67)
|
$50
|
$(17)
|
|
||
Noncurrent
|
(94)
|
9
|
(85)
|
|
(43)
|
5
|
(38)
|
|
||
Total fair value of derivative liabilities
|
$(203)
|
$44
|
$(159)
|
|
$(110)
|
$55
|
$(55)
|
|
||
Net fair value derivative assets/(liabilities)
|
$(148)
|
$3
|
$(145)
|
(b)
|
$(17)
|
|
$—
|
|
$(17)
|
(b)
|
CECONY
|
|
|
|
|
|
|
|
|
||
Fair value of derivative assets
|
|
|
|
|
|
|
|
|
||
Current
|
$28
|
$(24)
|
$4
|
(b)
|
$39
|
$(15)
|
$24
|
(b)
|
||
Noncurrent
|
5
|
(3)
|
2
|
|
9
|
(4)
|
5
|
|
||
Total fair value of derivative assets
|
$33
|
$(27)
|
$6
|
|
$48
|
$(19)
|
$29
|
|
||
Fair value of derivative liabilities
|
|
|
|
|
|
|
|
|
||
Current
|
$(89)
|
$23
|
$(66)
|
|
$(26)
|
$14
|
$(12)
|
|
||
Noncurrent
|
(83)
|
7
|
(76)
|
|
(36)
|
4
|
(32)
|
|
||
Total fair value of derivative liabilities
|
$(172)
|
$30
|
$(142)
|
|
$(62)
|
$18
|
$(44)
|
|
||
Net fair value derivative assets/(liabilities)
|
$(139)
|
$3
|
$(136)
|
(b)
|
$(14)
|
$(1)
|
$(15)
|
(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
March 31, 2018
and
December 31, 2017
, margin deposits for Con Edison (
$6 million
and
$12 million
, respectively) and CECONY (
$6 million
and
$11 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.
|
|
|
For the Three Months Ended March 31,
|
|||||||||||||
|
|
Con Edison
|
|
CECONY
|
|||||||||||
(Millions of Dollars)
|
Balance Sheet Location
|
2018
|
|
|
2017
|
|
|
2018
|
|
2017
|
|
||||
Pre-tax gains/(losses) deferred in accordance with accounting rules for regulated operations:
|
|
|
|
||||||||||||
Current
|
Deferred derivative gains
|
$(22)
|
|
|
$—
|
|
|
$(22)
|
$(2)
|
||||||
Noncurrent
|
Deferred derivative gains
|
(2)
|
|
(3)
|
|
(1)
|
(3)
|
||||||||
Total deferred gains/(losses)
|
|
$(24)
|
|
$(3)
|
|
$(23)
|
$(5)
|
||||||||
Current
|
Deferred derivative losses
|
$(48)
|
|
|
$—
|
|
|
$(44)
|
$1
|
||||||
Current
|
Recoverable energy costs
|
25
|
|
(45)
|
|
25
|
(40)
|
||||||||
Noncurrent
|
Deferred derivative losses
|
(51)
|
|
(20)
|
|
(49)
|
(20)
|
||||||||
Total deferred gains/(losses)
|
|
$(74)
|
|
$(65)
|
|
$(68)
|
$(59)
|
||||||||
Net deferred gains/(losses)
|
|
$(98)
|
|
$(68)
|
|
$(91)
|
$(64)
|
||||||||
|
Income Statement Location
|
|
|
|
|
|
|
||||||||
Pre-tax gains/(losses) recognized in income
|
|
|
|
|
|
|
|||||||||
|
Purchased power expense
|
|
$—
|
|
|
|
$—
|
|
|
|
$—
|
|
|
$—
|
|
|
Gas purchased for resale
|
—
|
|
|
(63)
|
|
—
|
|
—
|
|
|||||
|
Non-utility revenue
|
4
|
(a)
|
14
|
(b)
|
—
|
|
—
|
|
||||||
Total pre-tax gains/(losses) recognized in income
|
$4
|
|
$(49)
|
|
|
$—
|
|
|
$—
|
|
(a)
|
For the
three
months ended
March 31, 2018
, Con Edison recorded an immaterial unrealized pre-tax gain in non-utility operating revenue.
|
(b)
|
For the
three
months ended
March 31, 2017
, Con Edison recorded unrealized pre-tax losses in non-utility operating revenue (
$3 million
).
|
|
Electric Energy
(MWh) (a)(b)
|
Capacity (MW) (a)
|
Natural Gas
(Dt) (a)(b)
|
Refined Fuels
(gallons)
|
||||
Con Edison
|
29,852,714
|
|
8,835
|
|
172,819,498
|
|
2,688,000
|
|
CECONY
|
27,760,400
|
|
3,600
|
|
157,080,000
|
|
2,688,000
|
|
(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.
|
(Millions of Dollars)
|
Con Edison (a)
|
|
CECONY (a)
|
|
Aggregate fair value – net liabilities
|
$153
|
|
$140
|
|
Collateral posted
|
101
|
|
96
|
|
Additional collateral (b) (downgrade one level from current ratings)
|
15
|
|
11
|
|
Additional collateral (b) (downgrade to below investment grade from current ratings)
|
85
|
(c)
|
67
|
(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 Clean Energy Businesses were no longer extended unsecured credit for such purchases, the Companies would be required to post additional collateral of
$6 million
at
March 31, 2018
. 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 liability 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
March 31, 2018
, if Con Edison had been downgraded to below investment grade, it would have been required to post additional collateral for such derivative instruments of
$13 million
.
|
•
|
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.
|
|
2018
|
2017
|
||||||||||||||||||
(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)
|
$2
|
$17
|
$8
|
$(8)
|
$19
|
$5
|
$77
|
$7
|
$(39)
|
$50
|
||||||||||
Interest rate swap (a)(b)(c)
|
—
|
|
1
|
—
|
|
—
|
|
1
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
||
Other (a)(b)(d)
|
292
|
115
|
—
|
|
—
|
|
407
|
283
|
120
|
—
|
|
—
|
|
403
|
||||||
Total assets
|
$294
|
$133
|
$8
|
$(8)
|
$427
|
$288
|
$197
|
$7
|
$(39)
|
$453
|
||||||||||
Derivative liabilities:
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Commodity (a)(b)(c)
|
$5
|
$165
|
$5
|
$(16)
|
$159
|
$8
|
$93
|
$6
|
$(52)
|
$55
|
||||||||||
Total liabilities
|
$5
|
$165
|
$5
|
$(16)
|
$159
|
$8
|
$93
|
$6
|
$(52)
|
$55
|
||||||||||
CECONY
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Derivative assets:
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Commodity (a)(b)(c)
|
$2
|
$7
|
$2
|
$1
|
$12
|
$3
|
$40
|
$4
|
$(7)
|
$40
|
||||||||||
Other (a)(b)(d)
|
270
|
109
|
—
|
|
—
|
|
379
|
260
|
114
|
—
|
|
—
|
|
374
|
||||||
Total assets
|
$272
|
$116
|
$2
|
$1
|
$391
|
$263
|
$154
|
$4
|
$(7)
|
$414
|
||||||||||
Derivative liabilities:
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Commodity (a)(b)(c)
|
$4
|
$146
|
|
$—
|
|
$(8)
|
$142
|
$5
|
$57
|
|
$—
|
|
$(18)
|
$44
|
(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. Con Edison and CECONY had
$1 million
of commodity derivative assets transferred from level 3 to level 2 during the
three
months ended
March 31, 2018
and
$11
million and
$10 million
, respectively, of commodity derivative liabilities transferred from level 3 to level 2 during the year ended December 31, 2017 because of availability of observable market data due to the decrease in the terms of certain contracts from beyond three years to less than three years as of
March 31, 2018
and
December 31, 2017
, respectively.
|
(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
March 31, 2018
and
December 31, 2017
, 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.
|
|
Fair Value of Level 3 at March 31, 2018
|
Valuation
Techniques
|
Unobservable Inputs
|
Range
|
|
(Millions of Dollars)
|
|||
Con Edison – Commodity
|
||||
Electricity
|
$2
|
Discounted Cash Flow
|
Forward energy prices (a)
|
$15.69-$61.25 per MWh
|
|
|
Discounted Cash Flow
|
Forward capacity prices (a)
|
$2.26-$9.85 per kW-month
|
Transmission Congestion Contracts/Financial Transmission Rights
|
1
|
Discounted Cash Flow
|
Inter-zonal forward price curves adjusted for historical zonal losses (b)
|
$0.50-$31.93 per MWh
|
Total Con Edison—Commodity
|
$3
|
|
|
|
CECONY – Commodity
|
||||
Electricity
|
$1
|
Discounted Cash Flow
|
Forward capacity prices (a)
|
$2.26-$9.85 per kW-month
|
Transmission Congestion Contracts
|
1
|
Discounted Cash Flow
|
Inter-zonal forward price curves adjusted for historical zonal losses (b)
|
$0.50-$2.88 per MWh
|
Total CECONY—Commodity
|
$2
|
|
|
|
(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.
|
|
For the Three Months Ended March 31,
|
||||||
|
Con Edison
|
CECONY
|
|||||
(Millions of Dollars)
|
2018
|
2017
|
|
2018
|
2017
|
|
|
Beginning balance as of January 1,
|
$1
|
$1
|
$4
|
$1
|
|||
Included in earnings
|
2
|
—
|
|
2
|
—
|
|
|
Included in regulatory assets and liabilities
|
2
|
2
|
(1)
|
—
|
|
||
Settlements
|
(1)
|
—
|
|
(2)
|
—
|
|
|
Transfer out of level 3
|
(1)
|
—
|
|
(1)
|
—
|
|
|
Ending balance as of March 31,
|
$3
|
$3
|
$2
|
|
$1
|
|
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
|
$171
|
Mesquite Solar 1
|
83
|
20
|
2013
|
Arizona
|
95
|
Copper Mountain Solar 2
|
75
|
25
|
2013
|
Nevada
|
78
|
California Solar
|
55
|
25
|
2012
|
California
|
54
|
Broken Bow II
|
38
|
25
|
2014
|
Nebraska
|
43
|
Texas Solar 4
|
32
|
25
|
2014
|
Texas
|
18
|
|
For the Three Months Ended
March 31, 2018 |
At March 31, 2018
|
||||||||
(Millions of Dollars, except percentages)
|
Operating
Revenues
|
Net Income
|
Assets
|
|||||||
CECONY
|
$2,884
|
86
|
%
|
$389
|
91
|
%
|
$41,266
|
84
|
%
|
|
O&R
|
246
|
7
|
|
23
|
5
|
|
2,828
|
6
|
|
|
Total Utilities
|
3,130
|
93
|
|
412
|
96
|
|
44,094
|
90
|
|
|
Clean Energy Businesses
|
233
|
7
|
|
6
|
1
|
|
2,647
|
5
|
|
|
Con Edison Transmission
|
1
|
—
|
|
11
|
3
|
|
1,236
|
3
|
|
|
Other (a)
|
—
|
|
—
|
|
(1)
|
—
|
|
923
|
2
|
|
Total Con Edison
|
$3,364
|
100
|
%
|
$428
|
100
|
%
|
$48,900
|
100
|
%
|
(a)
|
Other includes parent company and consolidation adjustments.
|
|
For the Three Months Ended March 31,
|
||||
|
2018
|
2017
|
2018
|
|
2017
|
(Millions of Dollars, except per share amounts)
|
Net Income
|
Earnings
per Share |
|||
CECONY
|
$389
|
$339
|
$1.26
|
$1.11
|
|
O&R
|
23
|
26
|
0.07
|
0.08
|
|
Clean Energy Businesses (a)
|
6
|
7
|
0.02
|
0.02
|
|
Con Edison Transmission
|
11
|
7
|
0.03
|
0.03
|
|
Other (b)
|
(1)
|
9
|
—
|
|
0.03
|
Con Edison (c)
|
$428
|
$388
|
$1.38
|
$1.27
|
(a)
|
Includes $2 million or $— a share of net after-tax mark-to-market gains/(losses) for the three months ended March 31, 2017.
|
(b)
|
Other includes parent company and consolidation adjustments.
|
(c)
|
Earnings per share on a diluted basis were
$1.37
a share and
$1.27
a share for the three months ended
March 31, 2018
and
2017
, respectively.
|
|
For the Three Months Ended March 31,
|
|
(Millions of Dollars)
|
2018
|
2017
|
CECONY
|
|
|
Operations
|
$393
|
$384
|
Pensions and other postretirement benefits
|
18
|
17
|
Health care and other benefits
|
39
|
38
|
Regulatory fees and assessments (a)
|
109
|
111
|
Other
|
71
|
78
|
Total CECONY
|
630
|
628
|
O&R
|
81
|
71
|
Clean Energy Businesses
|
124
|
39
|
Con Edison Transmission
|
2
|
3
|
Other (b)
|
(1)
|
(2)
|
Total other operations and maintenance expenses
|
$836
|
$739
|
(a)
|
Includes Demand Side Management, System Benefit Charges and Public Service Law 18A assessments which are collected in revenues.
|
(b)
|
Includes parent company and consolidation adjustments.
|
|
CECONY
|
O&R
|
Clean Energy Businesses
|
Con Edison
Transmission
|
Other (a)
|
Con Edison (b)
|
|||||||||||||||||
(Millions of Dollars)
|
Increases
(Decreases)
Amount
|
Increases
(Decreases)
Percent
|
Increases
(Decreases)
Amount
|
Increases
(Decreases)
Percent
|
Increases
(Decreases)
Amount
|
Increases
(Decreases)
Percent
|
Increases
(Decreases) Amount |
Increases
(Decreases) Percent |
Increases
(Decreases) Amount |
Increases
(Decreases) Percent |
Increases
(Decreases)
Amount
|
Increases
(Decreases)
Percent
|
|||||||||||
Operating revenues
|
$28
|
1.0
|
%
|
$8
|
3.4
|
%
|
$97
|
71.3
|
%
|
$1
|
—
|
%
|
$2
|
Large
|
|
$136
|
4.2
|
%
|
|||||
Purchased power
|
(45)
|
(12.9
|
)
|
8
|
19.0
|
|
2
|
Large
|
|
—
|
|
—
|
|
3
|
Large
|
|
(32)
|
(8.3
|
)
|
||||
Fuel
|
24
|
24.0
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
24
|
24.0
|
|
|
Gas purchased for resale
|
43
|
18.7
|
|
1
|
3.6
|
|
13
|
20.6
|
|
—
|
|
—
|
|
—
|
|
—
|
|
57
|
17.8
|
|
|||
Other operations and maintenance
|
2
|
0.3
|
|
10
|
14.1
|
|
85
|
Large
|
|
(1)
|
(33.3
|
)
|
1
|
50.0
|
%
|
97
|
13.1
|
|
|||||
Depreciation and amortization
|
16
|
5.4
|
|
2
|
11.8
|
|
2
|
11.8
|
|
—
|
|
—
|
|
(1)
|
Large
|
|
19
|
5.8
|
|
||||
Taxes, other than income taxes
|
24
|
4.7
|
|
1
|
4.5
|
|
1
|
25.0
|
|
—
|
|
—
|
|
2
|
Large
|
|
28
|
5.2
|
|
||||
Operating income
|
(36)
|
(4.9
|
)
|
(14)
|
(24.1
|
)
|
(6)
|
(40.0
|
)
|
2
|
66.7
|
|
(3)
|
Large
|
|
(57)
|
(7.0
|
)
|
|||||
Other income less deductions
|
—
|
|
—
|
|
—
|
|
—
|
|
1
|
Large
|
|
1
|
5.3
|
|
(1)
|
—
|
|
1
|
6.3
|
|
|||
Net interest expense
|
13
|
8.5
|
|
—
|
|
—
|
|
1
|
8.3
|
|
—
|
|
—
|
|
—
|
|
—
|
|
14
|
7.7
|
|
||
Income before income tax expense
|
(49)
|
(8.8
|
)
|
(14)
|
(31.8
|
)
|
(6)
|
Large
|
|
3
|
25.0
|
|
(4)
|
Large
|
|
(70)
|
(11.4
|
)
|
|||||
Income tax expense
|
(99)
|
(45.4
|
)
|
(11)
|
(61.1
|
)
|
(5)
|
Large
|
|
(1)
|
(20.0
|
)
|
6
|
54.5
|
%
|
(110)
|
(48.5
|
)
|
|||||
Net income
|
$50
|
14.7
|
%
|
$(3)
|
(11.5
|
)%
|
$(1)
|
(14.3
|
)%
|
$4
|
57.1
|
%
|
$(10)
|
Large
|
|
$40
|
10.3
|
%
|
(a)
|
Includes parent company and consolidation adjustments.
|
(b)
|
Represents the consolidated results of operations of Con Edison and its businesses.
|
|
For the Three Months Ended
March 31, 2018 |
|
For the Three Months Ended
March 31, 2017 |
|
|
||||||||||
(Millions of Dollars)
|
Electric
|
|
Gas
|
|
Steam
|
|
2018 Total
|
Electric
|
|
Gas
|
|
Steam
|
|
2017 Total
|
2018-2017
Variation |
Operating revenues
|
$1,729
|
$841
|
$314
|
$2,884
|
$1,793
|
$765
|
$298
|
$2,856
|
$28
|
||||||
Purchased power
|
289
|
—
|
|
14
|
303
|
334
|
—
|
|
14
|
348
|
(45)
|
||||
Fuel
|
58
|
—
|
|
66
|
124
|
42
|
—
|
|
58
|
100
|
24
|
||||
Gas purchased for resale
|
—
|
|
273
|
—
|
|
273
|
—
|
|
230
|
—
|
|
230
|
43
|
||
Other operations and maintenance
|
479
|
108
|
43
|
630
|
469
|
113
|
46
|
628
|
2
|
||||||
Depreciation and amortization
|
240
|
49
|
21
|
310
|
229
|
44
|
21
|
294
|
16
|
||||||
Taxes, other than income taxes
|
409
|
90
|
40
|
539
|
399
|
80
|
36
|
515
|
24
|
||||||
Operating income
|
$254
|
$321
|
$130
|
$705
|
$320
|
$298
|
$123
|
$741
|
$(36)
|
|
For the Three Months Ended
|
|
|
(Millions of Dollars)
|
March 31, 2018
|
March 31, 2017
|
Variation
|
Operating revenues
|
$1,729
|
$1,793
|
$(64)
|
Purchased power
|
289
|
334
|
(45)
|
Fuel
|
58
|
42
|
16
|
Other operations and maintenance
|
479
|
469
|
10
|
Depreciation and amortization
|
240
|
229
|
11
|
Taxes, other than income taxes
|
409
|
399
|
10
|
Electric operating income
|
$254
|
$320
|
$(66)
|
|
Millions of kWh Delivered
|
|
Revenues in Millions (a)
|
|||||||||||
|
For the Three Months Ended
|
|
|
For the Three Months Ended
|
|
|||||||||
Description
|
March 31, 2018
|
|
March 31, 2017
|
|
Variation
|
|
Percent
Variation
|
|
|
March 31, 2018
|
March 31, 2017
|
Variation
|
Percent
Variation
|
|
Residential/Religious (b)
|
2,410
|
|
2,278
|
|
132
|
|
5.8
|
%
|
|
$623
|
$574
|
$49
|
8.5
|
%
|
Commercial/Industrial
|
2,415
|
|
2,305
|
|
110
|
|
4.8
|
|
|
453
|
430
|
23
|
5.3
|
|
Retail choice customers
|
6,276
|
|
6,304
|
|
(28)
|
|
(0.4
|
)
|
|
557
|
632
|
(75)
|
(11.9
|
)
|
NYPA, Municipal Agency and other sales
|
2,585
|
|
2,512
|
|
73
|
|
2.9
|
|
|
131
|
130
|
1
|
0.8
|
|
Other operating revenues (c)
|
—
|
|
—
|
|
—
|
|
—
|
|
|
(35)
|
27
|
(62)
|
Large
|
|
Total
|
13,686
|
|
13,399
|
|
287
|
|
2.1
|
%
|
(d)
|
$1,729
|
$1,793
|
$(64)
|
(3.6
|
)%
|
(a)
|
Revenues from electric sales are subject to a revenue decoupling mechanism, as a result of which delivery revenues generally are not affected by changes in delivery volumes from levels assumed when rates were approved.
|
(b)
|
“Residential/Religious” generally includes single-family dwellings, individual apartments in multi-family dwellings, religious organizations and certain other not-for-profit organizations.
|
(c)
|
Other electric operating revenues generally reflect changes in regulatory assets and liabilities in accordance with the revenue decoupling mechanism and other provisions of the company’s rate plans.
|
(d)
|
After adjusting for variations, primarily weather and billing days, electric delivery volumes in CECONY’s service area increased
0.7
percent in the three months ended
March 31, 2018
compared with the
2017
period.
|
|
For the Three Months Ended
|
|
|
(Millions of Dollars)
|
March 31, 2018
|
March 31, 2017
|
Variation
|
Operating revenues
|
$841
|
$765
|
$76
|
Gas purchased for resale
|
273
|
230
|
43
|
Other operations and maintenance
|
108
|
113
|
(5)
|
Depreciation and amortization
|
49
|
44
|
5
|
Taxes, other than income taxes
|
90
|
80
|
10
|
Gas operating income
|
$321
|
$298
|
$23
|
|
Thousands of Dt Delivered
|
|
Revenues in Millions (a)
|
||||||||||||
|
For the Three Months Ended
|
|
|
For the Three Months Ended
|
|
||||||||||
Description
|
March 31, 2018
|
|
March 31, 2017
|
|
Variation
|
|
Percent
Variation
|
|
|
March 31, 2018
|
March 31, 2017
|
Variation
|
|
Percent
Variation
|
|
Residential
|
27,227
|
|
24,607
|
|
2,620
|
|
10.6
|
%
|
|
$390
|
$337
|
$53
|
15.7
|
%
|
|
General
|
14,513
|
|
12,803
|
|
1,710
|
|
13.4
|
|
|
154
|
133
|
21
|
15.8
|
|
|
Firm transportation
|
34,791
|
|
30,415
|
|
4,376
|
|
14.4
|
|
|
260
|
222
|
38
|
17.1
|
|
|
Total firm sales and transportation
|
76,531
|
|
67,825
|
|
8,706
|
|
12.8
|
|
(b)
|
804
|
692
|
112
|
16.2
|
|
|
Interruptible sales (c)
|
1,492
|
|
2,308
|
|
(816
|
)
|
(35.4
|
)
|
|
12
|
13
|
(1)
|
(7.7
|
)
|
|
NYPA
|
4,813
|
|
9,592
|
|
(4,779
|
)
|
(49.8
|
)
|
|
1
|
1
|
—
|
|
—
|
|
Generation plants
|
12,404
|
|
10,445
|
|
1,959
|
|
18.8
|
|
|
6
|
5
|
1
|
20.0
|
|
|
Other
|
6,016
|
|
8,196
|
|
(2,180
|
)
|
(26.6
|
)
|
|
9
|
11
|
(2)
|
(18.2
|
)
|
|
Other operating revenues (d)
|
—
|
|
—
|
|
—
|
|
—
|
|
|
9
|
43
|
(34)
|
(79.1
|
)
|
|
Total
|
101,256
|
|
98,366
|
|
2,890
|
|
2.9
|
%
|
|
$841
|
$765
|
$76
|
9.9
|
%
|
(a)
|
Revenues from gas sales are subject to a weather normalization clause and a revenue decoupling mechanism, as a result of which delivery revenues are generally not affected by changes in delivery volumes from levels assumed when rates were approved.
|
(b)
|
After adjusting for variations, primarily billing days, firm gas sales and transportation volumes in the company’s service area increased
4.6
percent in the three months ended
March 31, 2018
compared with the
2017
period, reflecting primarily increased volumes attributable to the growth in the number of gas customers.
|
(c)
|
Includes 2,526 thousands and 1,097 thousands of Dt for the
2018
and
2017
periods, respectively, which are also reflected in firm transportation and other.
|
(d)
|
Other gas operating revenues generally reflect changes in regulatory assets and liabilities in accordance with the company’s rate plans.
|
|
For the Three Months Ended
|
|
||
(Millions of Dollars)
|
March 31, 2018
|
March 31, 2017
|
Variation
|
|
Operating revenues
|
$314
|
$298
|
$16
|
|
Purchased power
|
14
|
14
|
—
|
|
Fuel
|
66
|
58
|
8
|
|
Other operations and maintenance
|
43
|
46
|
(3)
|
|
Depreciation and amortization
|
21
|
21
|
—
|
|
Taxes, other than income taxes
|
40
|
36
|
4
|
|
Steam operating income
|
$130
|
$123
|
$7
|
|
Millions of Pounds Delivered
|
|
Revenues in Millions
|
|||||||||||
|
For the Three Months Ended
|
|
|
For the Three Months Ended
|
|
|||||||||
Description
|
March 31, 2018
|
|
March 31, 2017
|
|
Variation
|
|
Percent
Variation
|
|
|
March 31, 2018
|
March 31, 2017
|
Variation
|
Percent
Variation
|
|
General
|
338
|
|
293
|
|
45
|
|
15.4
|
%
|
|
$16
|
$14
|
$2
|
14.3
|
%
|
Apartment house
|
2,712
|
|
2,469
|
|
243
|
|
9.8
|
|
|
84
|
77
|
7
|
9.1
|
|
Annual power
|
5,947
|
|
5,298
|
|
649
|
|
12.2
|
|
|
216
|
197
|
19
|
9.6
|
|
Other operating revenues (a)
|
—
|
|
—
|
|
—
|
|
—
|
|
|
(2)
|
10
|
(12)
|
Large
|
|
Total
|
8,997
|
|
8,060
|
|
937
|
|
11.6
|
%
|
(b)
|
$314
|
$298
|
$16
|
5.4
|
%
|
(a)
|
Other steam operating revenues generally reflect changes in regulatory assets and liabilities in accordance with the company’s rate plan.
|
(b)
|
After adjusting for variations, primarily weather and billing days, steam sales and deliveries are relatively the same for the three months ended
March 31, 2018
compared with the
2017
period.
|
|
For the Three Months Ended
March 31, 2018 |
|
For the Three Months Ended
March 31, 2017 |
|
|
||||||
(Millions of Dollars)
|
Electric
|
|
Gas
|
|
2018 Total
|
Electric
|
|
Gas
|
|
2017 Total
|
2018-2017
Variation |
Operating revenues
|
$149
|
$97
|
$246
|
$141
|
$97
|
$238
|
$8
|
||||
Purchased power
|
50
|
—
|
|
50
|
42
|
—
|
|
42
|
8
|
||
Gas purchased for resale
|
—
|
|
29
|
29
|
—
|
|
28
|
28
|
1
|
||
Other operations and maintenance
|
63
|
18
|
81
|
55
|
16
|
71
|
10
|
||||
Depreciation and amortization
|
14
|
5
|
19
|
12
|
5
|
17
|
2
|
||||
Taxes, other than income taxes
|
14
|
9
|
23
|
14
|
8
|
22
|
1
|
||||
Operating income
|
$8
|
$36
|
$44
|
$18
|
$40
|
$58
|
$(14)
|
|
For the Three Months Ended
|
|
||
(Millions of Dollars)
|
March 31, 2018
|
March 31, 2017
|
Variation
|
|
Operating revenues
|
$149
|
$141
|
$8
|
|
Purchased power
|
50
|
42
|
8
|
|
Other operations and maintenance
|
63
|
55
|
8
|
|
Depreciation and amortization
|
14
|
12
|
2
|
|
Taxes, other than income taxes
|
14
|
14
|
—
|
|
Electric operating income
|
$8
|
$18
|
$(10)
|
|
Millions of kWh Delivered
|
|
Revenues in Millions (a)
|
|||||||||||
|
For the Three Months Ended
|
|
|
For the Three Months Ended
|
|
|||||||||
Description
|
March 31, 2018
|
|
March 31, 2017
|
|
Variation
|
|
Percent
Variation
|
|
|
March 31, 2018
|
March 31, 2017
|
Variation
|
Percent
Variation
|
|
Residential/Religious (b)
|
377
|
|
349
|
|
28
|
|
8.0
|
%
|
|
$74
|
$68
|
$6
|
8.8
|
%
|
Commercial/Industrial
|
198
|
|
191
|
|
7
|
|
3.7
|
|
|
30
|
27
|
3
|
11.1
|
|
Retail choice customers
|
697
|
|
707
|
|
(10
|
)
|
(1.4
|
)
|
|
44
|
43
|
1
|
2.3
|
|
Public authorities
|
29
|
|
24
|
|
5
|
|
20.8
|
|
|
3
|
2
|
1
|
50.0
|
|
Other operating revenues (c)
|
—
|
|
—
|
|
—
|
|
—
|
|
|
(2)
|
1
|
(3)
|
Large
|
|
Total
|
1,301
|
|
1,271
|
|
30
|
|
2.4
|
%
|
(d)
|
$149
|
$141
|
$8
|
5.7
|
%
|
(a)
|
O&R’s New York electric delivery revenues are subject to a revenue decoupling mechanism, as a result of which delivery revenues are generally not affected by changes in delivery volumes from levels assumed when rates were approved. O&R’s electric sales in New Jersey are not subject to a decoupling mechanism, and as a result, changes in such volumes do impact revenues.
|
(b)
|
“Residential/Religious” generally includes single-family dwellings, individual apartments in multi-family dwellings, religious organizations and certain other not-for-profit organizations.
|
(c)
|
Other electric operating revenues generally reflect changes in regulatory assets and liabilities in accordance with the company’s electric rate plan.
|
(d)
|
After adjusting for weather and other variations, electric delivery volumes in O&R’s service area decreased
2.1
percent in the three months ended
March 31, 2018
compared with the
2017
period.
|
|
Thousands of Dt Delivered
|
|
Revenues in Millions (a)
|
|||||||||||||||
|
For the Three Months Ended
|
|
|
For the Three Months Ended
|
|
|||||||||||||
Description
|
March 31, 2018
|
|
March 31, 2017
|
|
Variation
|
|
Percent
Variation
|
|
|
March 31, 2018
|
|
March 31, 2017
|
|
Variation
|
|
Percent
Variation
|
|
|
Residential
|
4,464
|
|
3,885
|
|
579
|
|
14.9
|
%
|
|
$58
|
$49
|
$9
|
18.4
|
%
|
||||
General
|
962
|
|
958
|
|
4
|
|
0.4
|
|
|
11
|
10
|
1
|
10.0
|
|
||||
Firm transportation
|
4,449
|
|
4,188
|
|
261
|
|
6.2
|
|
|
35
|
29
|
6
|
20.7
|
|
||||
Total firm sales and transportation
|
9,875
|
|
9,031
|
|
844
|
|
9.3
|
|
(b)
|
104
|
88
|
16
|
18.2
|
|
||||
Interruptible sales
|
1,143
|
|
1,188
|
|
(45
|
)
|
(3.8
|
)
|
|
2
|
3
|
(1)
|
(33.3
|
)
|
||||
Generation plants
|
—
|
|
—
|
|
—
|
|
—
|
|
|
—
|
|
—
|
|
—
|
|
—
|
|
|
Other
|
426
|
|
397
|
|
29
|
|
7.3
|
|
|
—
|
|
—
|
|
—
|
|
—
|
|
|
Other gas revenues
|
—
|
|
—
|
|
—
|
|
—
|
|
|
(9)
|
6
|
(15)
|
Large
|
|
||||
Total
|
11,444
|
|
10,616
|
|
828
|
|
7.8
|
%
|
|
$97
|
$97
|
|
$—
|
|
—
|
%
|
(a)
|
Revenues from New York gas sales are subject to a weather normalization clause and a revenue decoupling mechanism as a result of which delivery revenues are generally not affected by changes in delivery volumes from levels assumed when rates were approved.
|
(b)
|
After adjusting for weather and other variations, total firm sales and transportation volumes increased
1.4
percent in the three months ended
March 31, 2018
compared with the
2017
period.
|
|
For the Three Months Ended
|
|
||
(Millions of Dollars)
|
March 31, 2018
|
|
March 31, 2017
|
Variation
|
Operating revenues
|
$233
|
$136
|
$97
|
|
Purchased power
|
—
|
|
(2)
|
2
|
Gas purchased for resale
|
76
|
63
|
13
|
|
Other operations and maintenance
|
124
|
39
|
85
|
|
Depreciation and amortization
|
19
|
17
|
2
|
|
Taxes, other than income taxes
|
5
|
4
|
1
|
|
Operating income
|
$9
|
$15
|
$(6)
|
|
For the Three Months Ended March 31,
|
|||||
|
Con Edison
|
CECONY
|
||||
(Millions of Dollars)
|
2018
|
2017
|
Variation
|
2018
|
2017
|
Variation
|
Operating activities
|
$143
|
$448
|
$(305)
|
$56
|
$380
|
$(324)
|
Investing activities
|
(909)
|
(856)
|
(53)
|
(808)
|
(733)
|
(75)
|
Financing activities
|
605
|
(320)
|
925
|
596
|
(332)
|
928
|
Net change for the period
|
(161)
|
(728)
|
567
|
(156)
|
(685)
|
529
|
Balance at beginning of period
|
844
|
830
|
14
|
730
|
704
|
26
|
Balance at end of period
|
$683
|
$102
|
$581
|
$574
|
$19
|
$555
|
|
2018
|
2017
|
||
(Millions of Dollars, except Weighted Average Yield)
|
Outstanding at March 31,
|
Daily
average
|
Outstanding at March 31,
|
Daily
average
|
Con Edison
|
$1,389
|
$613
|
$836
|
$865
|
CECONY
|
$913
|
$213
|
$445
|
$444
|
Weighted average yield
|
2.3
|
1.9
|
1.1
|
1.0
|
|
Ratio of Earnings to Fixed Charges
|
||
|
For the Three Months Ended March 31, 2018
|
For the Three Months Ended March 31, 2017
|
For the Twelve Months Ended December 31, 2017
|
Con Edison
|
3.7
|
4.3
|
3.6
|
CECONY
|
3.9
|
4.5
|
3.7
|
|
Common Equity Ratio
(Percent of total capitalization)
|
|
|
March 31, 2018
|
December 31, 2017
|
Con Edison
|
51.5
|
51.1
|
CECONY
|
51.2
|
50.8
|
|
Con Edison
|
CECONY
|
|
(Millions of Dollars)
|
2018 vs. 2017
Variation
|
2018 vs. 2017
Variation
|
|
Assets
|
|
|
|
Other receivables, less allowance for uncollectible accounts
|
$40
|
$11
|
|
Prepayments
|
422
|
417
|
|
Regulatory asset - Unrecognized pension and other postretirement costs
|
(194)
|
(180)
|
|
Regulatory asset - MTA Power Reliability costs
|
72
|
72
|
|
Regulatory asset - Deferred storm costs
|
22
|
—
|
|
Other deferred charges and noncurrent assets
|
51
|
45
|
|
Liabilities
|
|
|
|
System benefit charge
|
$63
|
$59
|
|
Pension and retiree benefits
|
(251)
|
(241)
|
|
Deferred income taxes and unamortized investment tax credits
|
143
|
149
|
|
Regulatory liability - TCJA net benefits
|
112
|
100
|
|
Other deferred credits and noncurrent liabilities
|
(88)
|
(78)
|
Project Name
|
Production
Technology
|
Generating
Capacity (a)
(MW AC)
|
Purchased Power Agreement (PPA) Term
(In Years) (b)
|
Actual/Expected
In-Service Date (c)
|
Location
(State)
|
Wholly owned projects
|
|
|
|
|
|
Pilesgrove
|
Solar
|
18
|
(d)
|
2011
|
New Jersey
|
Flemington Solar
|
Solar
|
8
|
(d)
|
2011
|
New Jersey
|
Frenchtown I, II and III
|
Solar
|
14
|
(d)
|
2011-13
|
New Jersey
|
PA Solar
|
Solar
|
10
|
(d)
|
2012
|
Pennsylvania
|
California Solar 2 (e)
|
Solar
|
80
|
20
|
2014-16
|
California
|
Oak Tree Wind
|
Wind
|
20
|
20
|
2014
|
South Dakota
|
Texas Solar 3
|
Solar
|
6
|
25
|
2015
|
Texas
|
Texas Solar 5 (e)
|
Solar
|
95
|
25
|
2015
|
Texas
|
Campbell County
Wind
|
Wind
|
95
|
30
|
2015
|
South Dakota
|
Texas Solar 7 (e)
|
Solar
|
106
|
25
|
2016
|
Texas
|
California Solar 3 (e)
|
Solar
|
110
|
20
|
2016
|
California
|
Adams Wind (e)
|
Wind
|
23
|
7
|
2016
|
Minnesota
|
Valley View (e)
|
Wind
|
10
|
14
|
2016
|
Minnesota
|
Coram (e)
|
Wind
|
102
|
16
|
2016
|
California
|
Upton County Solar (e)
|
Solar
|
158
|
25
|
2017
|
Texas
|
Panoche Valley (partial)
|
Solar
|
62
|
20
|
2017
|
California
|
Big Timber
|
Wind
|
25
|
25
|
2018
|
Montana
|
Projects of less than 5 MW
|
Solar / Wind
|
30
|
Various
|
Various
|
Various
|
Jointly owned projects (e) (f)
|
|
|
|
|
|
California Solar
|
Solar
|
55
|
25
|
2012-13
|
California
|
Mesquite Solar 1
|
Solar
|
83
|
20
|
2013
|
Arizona
|
Copper Mountain Solar 2
|
Solar
|
75
|
25
|
2013-15
|
Nevada
|
Copper Mountain Solar 3
|
Solar
|
128
|
20
|
2014-15
|
Nevada
|
Broken Bow II
|
Wind
|
38
|
25
|
2014
|
Nebraska
|
Texas Solar 4
|
Solar
|
32
|
25
|
2014
|
Texas
|
Total MW (AC) in Operation
|
|
1,383
|
|
|
|
Panoche Valley (partial)
|
Solar
|
78
|
20
|
2018
|
California
|
Wistaria Solar
|
Solar
|
100
|
20
|
2018
|
California
|
Total MW (AC) in Construction
|
|
178
|
|
|
|
Total MW (AC), All Projects
|
|
1,561
|
|
|
|
|
Millions of kWh Generated
|
|||||||
|
For the Three Months Ended
|
|||||||
Description
|
March 31, 2018
|
|
March 31, 2017
|
|
Variation
|
|
Percent Variation
|
|
Renewable electric production projects
|
|
|
|
|
||||
Solar
|
531
|
|
399
|
|
132
|
|
33.1
|
%
|
Wind
|
234
|
|
238
|
|
(4
|
)
|
(1.7
|
)%
|
Total
|
765
|
|
637
|
|
128
|
|
20.1
|
%
|
95% Confidence Level, One-Day Holding Period
|
March 31, 2018
|
|
December 31, 2017
|
|
||
|
(Millions of Dollars)
|
|||||
Average for the period
|
|
$—
|
|
|
$—
|
|
High
|
—
|
|
1
|
|||
Low
|
—
|
|
—
|
|
|
Consolidated Edison, Inc.
|
|
|
Consolidated Edison Company of New York, Inc.
|
|
|
|
|
Date: May 3, 2018
|
By
|
/s/ Robert Hoglund
|
|
|
Robert Hoglund
Senior Vice President, Chief
Financial Officer and Duly
Authorized Officer
|
ARTICLE I. DEFINITIONS.......................................................................................
|
1
|
|
|
1.01
|
......................................................................Adjusted Target Incentive Fund
|
1
|
|
1.02
|
................................................................................Annual Incentive Awards
|
1
|
|
1.03
|
..................................................................................................................AIP
|
1
|
|
1.04
|
................................................................................................................ATIP
|
1
|
|
1.05
|
.....................................................................................................Award Date
|
1
|
|
1.06
|
...........................................................................................Board of Trustees
|
1
|
|
1.07
|
...........................................................................................Board of Directors
|
1
|
|
1.08
|
................................................................................................Capital Budget
|
2
|
|
1.09
|
...............................................................................................................CEBs
|
2
|
|
1.10
|
.....................................................................................................Net Income
|
2
|
|
1.11
|
..................................................................................................................CEI
|
2
|
|
1.12
|
.................................................................................................................CET
|
2
|
|
1.13
|
......................................................................................................Committee
|
2
|
|
1.14
|
........................................................................................................CECONY
|
2
|
|
1.15
|
..........................................................................Deferred Income Plan or DIP
|
2
|
|
1.16
|
.................................................................................................Effective Date
|
2
|
|
1.17
|
............................................................................................Executive Officer
|
2
|
|
1.18
|
..............................................................................................Incentive Award
|
3
|
|
1.19
|
......................................................................................Incentive Percentage
|
3
|
|
1.20
|
.............................................................................................................Officer
|
3
|
|
1.21
|
............................................................................................Operating Budget
|
3
|
|
1.22
|
..................................................................Operating Performance Indicators
|
3
|
|
1.23
|
................................................................................................................O&R
|
3
|
|
1.24
|
.......................................................................................................Participant
|
3
|
|
1.25
|
...................................................................................Performance Indicators
|
3
|
|
1.26
|
.................................................................................................................Plan
|
3
|
|
1.27
|
...........................................................................................Plan Administrator
|
4
|
|
1.28
|
...............................................................................................Potential Award
|
4
|
|
1.29
|
.....................................................................................Target Incentive Fund
|
4
|
|
|
|
|
|
ARTICLE II. ELIGIBILITY.........................................................................................
|
4
|
|
|
2.01
|
........................................................................................................................
|
4
|
|
2.02
|
........................................................................................................................
|
4
|
|
2.03
|
........................................................................................................................
|
4
|
|
|
|
|
|
ARTICLE III. ADMINISTRATION
|
5
|
|
|
3.01
|
........................................................................................................................
|
5
|
|
|
|
|
|
ARTICLE IV. DETERMINATION OF AWARDS
|
5
|
|
|
4.01
|
......................................................................Incentive Percentages (Officer)
|
5
|
|
4.02
|
.....................................................................................Target Incentive Fund
|
5
|
|
4.03
|
......................................................................Adjusted Target Incentive Fund
|
6
|
|
4.04
|
.............................................................................................Incentive Awards
|
6
|
|
4.05
|
..........................................................................Awards to Executive Officers
|
7
|
|
|
|
|
|
ARTICLE V. PAYMENT OF AWARDS......................................................................
|
8
|
|
|
5.01
|
.............................................................................................Time of Payment
|
9
|
|
5.02
|
........................................................................................Manner of Payment
|
9
|
|
5.03
|
...................................................................................Posthumous Payments
|
9
|
|
5.04
|
...................................................................................Recoupment of Awards
|
9
|
|
|
|
|
|
ARTICLE VI. MISCELLANEOUS.............................................................................
|
9
|
|
|
6.01
|
..........................................................................Amendment and Termination
|
10
|
|
6.02
|
..................................................................................................Effect of Plan
|
10
|
|
6.03
|
.....................................................................................................Withholding
|
10
|
|
6.04
|
...........................................................................................................Funding
|
10
|
|
6.05
|
..................................................................................................Nonalienation
|
10
|
|
Title
|
Incentive Percentage
|
Senior Vice President
|
50%
|
Vice President - CECONY
|
40%
|
(1)
|
Incentive Awards shall be determined based on the following criteria and weighting:
|
Criteria
|
Sr. Vice President
|
Vice President
|
Scaling
|
Adjusted Net Income (CECONY)
|
15%
|
12.5%
|
0% - 100%
|
Operating Budget
|
20%
|
17.5%
|
0% - 100%
|
Operating Performance Indicators
|
25%
|
30.0%
|
0% - 100%
|
Individual Performance
|
40%
|
40.0%
|
0% - 150%
|
Title
|
Incentive Percentage
|
President - CECONY
|
80%
|
President & CEO - O&R
|
80%
|
President & CEO - CET
|
80%
|
Sr. Vice President & CFO
|
50%
|
Sr. Vice President & General Counsel
|
50%
|
Sr. Vice President - Corporate Shared Services
|
50%
|
Sr. Vice President - Corporate Affairs
|
50%
|
Sr. Vice President - Utility Shared Services
|
50%
|
Vice President and General Auditor
|
40%
|
Vice President - O&R
|
40%
|
|
For the Three Months Ended March 31, 2018
|
|
For The Twelve Months Ended December 31, 2017
|
|
For the Three Months Ended March 31, 2017
|
|||
Earnings
|
|
|
|
|
|
|||
Net Income
|
$428
|
|
$1,525
|
|
$388
|
|||
Preferred Stock Dividend
|
—
|
|
|
—
|
|
|
—
|
|
(Income)/Loss from Equity Investees
|
(1
|
)
|
|
(32)
|
|
—
|
|
|
Minority Interest Loss
|
—
|
|
|
—
|
|
|
—
|
|
Income Tax
|
117
|
|
472
|
|
227
|
|||
Pre-Tax Income
|
$544
|
|
$1,965
|
|
$615
|
|||
Add: Fixed Charges*
|
205
|
|
766
|
|
189
|
|||
Add: Distributed Income of Equity Investees
|
—
|
|
|
—
|
|
|
—
|
|
Subtract: Interest Capitalized
|
—
|
|
|
—
|
|
|
—
|
|
Subtract: Pre-Tax Preferred Stock Dividend Requirement
|
—
|
|
|
—
|
|
|
—
|
|
Earnings
|
$749
|
|
$2,731
|
|
$804
|
|||
* Fixed Charges
|
|
|
|
|
|
|||
Interest on Long-term Debt
|
$187
|
|
$713
|
|
$175
|
|||
Amortization of Debt Discount, Premium and Expense
|
3
|
|
13
|
|
3
|
|||
Interest Capitalized
|
—
|
|
|
—
|
|
|
—
|
|
Other Interest
|
7
|
|
11
|
|
4
|
|||
Interest Component of Rentals
|
8
|
|
29
|
|
7
|
|||
Pre-Tax Preferred Stock Dividend Requirement
|
—
|
|
|
—
|
|
|
—
|
|
Fixed Charges
|
$205
|
|
$766
|
|
$189
|
|||
Ratio of Earnings to Fixed Charges
|
3.7
|
|
3.6
|
|
4.3
|
|
For the Three Months Ended March 31, 2018
|
|
For the Twelve Months Ended December 31, 2017
|
|
For the Three Months Ended March 31, 2017
|
|||
Earnings
|
|
|
|
|
|
|||
Net Income
|
$389
|
|
$1,104
|
|
$339
|
|||
Preferred Stock Dividend
|
—
|
|
|
—
|
|
|
—
|
|
(Income)/Loss from Equity Investees
|
—
|
|
|
—
|
|
|
—
|
|
Minority Interest Loss
|
—
|
|
|
—
|
|
|
—
|
|
Income Tax
|
119
|
|
685
|
|
218
|
|||
Pre-Tax Income
|
$508
|
|
$1,789
|
|
$557
|
|||
Add: Fixed Charges*
|
175
|
|
657
|
|
160
|
|||
Add: Distributed Income of Equity Investees
|
—
|
|
|
—
|
|
|
—
|
|
Subtract: Interest Capitalized
|
—
|
|
|
—
|
|
|
—
|
|
Subtract: Pre-Tax Preferred Stock Dividend Requirement
|
—
|
|
|
—
|
|
|
—
|
|
Earnings
|
$683
|
|
$2,446
|
|
$717
|
|||
* Fixed Charges
|
|
|
|
|
|
|||
Interest on Long-term Debt
|
$160
|
|
$602
|
|
$147
|
|||
Amortization of Debt Discount, Premium and Expense
|
3
|
|
13
|
|
3
|
|||
Interest Capitalized
|
—
|
|
|
—
|
|
|
—
|
|
Other Interest
|
5
|
|
14
|
|
4
|
|||
Interest Component of Rentals
|
7
|
|
28
|
|
6
|
|||
Pre-Tax Preferred Stock Dividend Requirement
|
—
|
|
|
—
|
|
|
—
|
|
Fixed Charges
|
$175
|
|
$657
|
|
$160
|
|||
Ratio of Earnings to Fixed Charges
|
3.9
|
|
3.7
|
|
4.5
|
/s/ John McAvoy
|
John McAvoy
|
Chairman, President and Chief Executive Officer
|
/s/ Robert Hoglund
|
Robert Hoglund
|
Senior Vice President and Chief Financial Officer
|
/s/ John McAvoy
|
John McAvoy
|
Chairman and Chief Executive Officer
|
/s/ Robert Hoglund
|
Robert Hoglund
|
Senior Vice President and Chief Financial Officer
|
/s/ John McAvoy
|
John McAvoy
|
/s/ Robert Hoglund
|
Robert Hoglund
|
/s/ John McAvoy
|
John McAvoy
|
/s/ Robert Hoglund
|
Robert Hoglund
|