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Table of Contents

 

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-Q
Quarterly Report Pursuant To Section 13 or 15(d) of the Securities Exchange Act of 1934
FOR THE QUARTERLY PERIOD ENDED March 31, 2020
OR
Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
For the transition period from                      to                     
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
 
 
 
 
  
 

Securities Registered Pursuant to Section 12(b) of the Act:
Title of each class
 
Trading Symbol
 
Name of each exchange on which registered
Consolidated Edison, Inc.,
 
ED
 
New York Stock Exchange
Common Shares ($.10 par value)
 
 
 
 

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.
Consolidated Edison, Inc. (Con Edison)
Yes
No 
Consolidated Edison Company of New York, Inc. (CECONY)
Yes
No 
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).
Con Edison
Yes
No 
CECONY
Yes
No 
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer”, “accelerated filer,” “smaller reporting company,” and "emerging growth company" in Rule 12b-2 of the Exchange Act.
Con Edison
Large accelerated filer
 
Accelerated filer 

 
Non-accelerated filer
Smaller reporting company
Emerging growth company
 
 
CECONY
Large accelerated filer 
 
Accelerated filer 
 
Non-accelerated filer
Smaller reporting company 
Emerging growth company
 
 


1

Table of Contents

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).
Con Edison
Yes 
No
CECONY
Yes 
No

As of April 30, 2020, Con Edison had outstanding 334,102,042 Common Shares ($.10 par value). All of the outstanding common equity of CECONY is held by Con Edison.


Filing Format
This Quarterly Report on Form 10-Q is a combined report being filed separately by two different registrants: Consolidated Edison, Inc. (Con Edison) and Consolidated Edison Company of New York, Inc. (CECONY). CECONY is a wholly-owned subsidiary of Con Edison and, as such, the information in this report about CECONY also applies to Con Edison. As used in this report, the term the “Companies” refers to Con Edison and CECONY. However, CECONY makes no representation as to the information contained in this report relating to Con Edison or the subsidiaries of Con Edison other than itself.
 


2

Table of Contents

Glossary of Terms
 
The following is a glossary of abbreviations or acronyms that are used in the Companies’ SEC reports:
 
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 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
CPUC
 
California Public Utilities Commission
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
NERC
 
North American Electric Reliability Corporation
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
PHMSA
 
U.S. Department of Transportation’s Pipeline and Hazardous Materials Safety Administration
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
HLBV
 
Hypothetical liquidation at book value
OCI
 
Other Comprehensive Income
VIE
 
Variable Interest Entity

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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
CARES Act
 
Coronavirus Aid, Relief, and Economic Security Act, as enacted on March 27, 2020
COSO
 
Committee of Sponsoring Organizations of the Treadway Commission
COVID-19
 
Coronavirus Disease 2019
DER
 
Distributed energy resources
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, 2019
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



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TABLE OF CONTENTS
 
  
  
PAGE
 
ITEM 1
Financial Statements (Unaudited)
 
 
Con Edison
 
 
 
 
 
 
 
CECONY
 
 
 
 
 
 
 
ITEM 2
ITEM 3
ITEM 4
ITEM 1
ITEM 1A
ITEM 6
 
 

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FORWARD-LOOKING STATEMENTS
 
This report includes forward-looking statements intended to qualify for the safe-harbor provisions of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements are statements of future expectation and not facts. Words such as “forecasts,” “expects,” “estimates,” “anticipates,” “intends,” “believes,” “plans,” “will” and similar expressions identify forward-looking statements. Forward-looking statements are based on information available at the time the statements are made, and accordingly speak only as of that time. Actual results or developments might differ materially from those included in the forward-looking statements because of various factors including, but not limited to:
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, including increased costs related to climate change;
a disruption in the wholesale energy markets or failure by an energy supplier or customer 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;
the Companies face risks related to health epidemics and other outbreaks, including the COVID-19 pandemic; and
the Companies also face other risks that are beyond their control.
The Companies assume no obligation to update forward-looking statements.




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Consolidated Edison, Inc.
CONSOLIDATED INCOME STATEMENT (UNAUDITED)
  
For the Three Months Ended March 31,
(Millions of Dollars/Except Share Data)
2020
2019
OPERATING REVENUES
 
 
Electric
$1,906
$1,941
Gas
931
1,034
Steam
250
321
Non-utility
147
218
TOTAL OPERATING REVENUES
3,234
3,514
OPERATING EXPENSES
 
 
Purchased power
308
368
Fuel
78
106
Gas purchased for resale
232
442
Other operations and maintenance
700
794
Depreciation and amortization
470
413
Taxes, other than income taxes
638
605
TOTAL OPERATING EXPENSES
2,426
2,728
OPERATING INCOME
808
786
OTHER INCOME (DEDUCTIONS)
 
 
Investment income
26
24
Other income
2
11
Allowance for equity funds used during construction
5
3
Other deductions
(72)
(24)
TOTAL OTHER INCOME (DEDUCTIONS)
(39)
14
INCOME BEFORE INTEREST AND INCOME TAX EXPENSE
769
800
INTEREST EXPENSE
 
 
Interest on long-term debt
224
221
Other interest
101
29
Allowance for borrowed funds used during construction
(3)
(3)
NET INTEREST EXPENSE
322
247
INCOME BEFORE INCOME TAX EXPENSE
447
553
INCOME TAX EXPENSE
55
108
NET INCOME
$392
$445
Income attributable to non-controlling interest
17
21
NET INCOME FOR COMMON STOCK
$375
$424
Net income per common share—basic
$1.13
$1.31
Net income per common share—diluted
$1.12
$1.31
AVERAGE NUMBER OF SHARES OUTSTANDING—BASIC (IN MILLIONS)
333.6
322.5
AVERAGE NUMBER OF SHARES OUTSTANDING—DILUTED (IN MILLIONS)
334.6
323.4
The accompanying notes are an integral part of these financial statements.

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Consolidated Edison, Inc.
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME (UNAUDITED)
  
Three Months Ended March 31,
(Millions of Dollars)
2020
2019
NET INCOME
$392
$445
INCOME ATTRIBUTABLE TO NON-CONTROLLING INTEREST
(17)
(21)
OTHER COMPREHENSIVE INCOME, NET OF TAXES
 
 
Pension and other postretirement benefit plan liability adjustments, net of taxes
5
4
TOTAL OTHER COMPREHENSIVE INCOME, NET OF TAXES
5
4
COMPREHENSIVE INCOME
$380
$428
The accompanying notes are an integral part of these financial statements.


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Consolidated Edison, Inc.
CONSOLIDATED STATEMENT OF CASH FLOWS (UNAUDITED)
  
For the Three Months Ended March 31,
 
(Millions of Dollars)
2020

2019

OPERATING ACTIVITIES
 
 
Net income
$392
$445
PRINCIPAL NON-CASH CHARGES/(CREDITS) TO INCOME
 
 
Depreciation and amortization
470
413
Deferred income taxes
60
108
Rate case amortization and accruals
(11)
(29)
Common equity component of allowance for funds used during construction
(5)
(3)
Net derivative losses
83
10
Unbilled revenue and net unbilled revenue deferrals
51
11
Gain on sale of assets

(5)
Other non-cash items, net
45
(4)
CHANGES IN ASSETS AND LIABILITIES
 
 
Accounts receivable – customers
(87)
(43)
Materials and supplies, including fuel oil and gas in storage
26
31
Revenue decoupling mechanism receivable
(32)
(55)
Other receivables and other current assets
28
19
Taxes receivable
(1)

Prepayments
(479)
(448)
Accounts payable
(156)
(108)
Pensions and retiree benefits obligations, net
4
93
Pensions and retiree benefits contributions
(4)
(4)
Accrued taxes
(45)
(19)
Accrued interest
85
97
Superfund and environmental remediation costs, net
(3)
(1)
Distributions from equity investments
11
14
System benefit charge
(19)
6
Deferred charges, noncurrent assets and other regulatory assets
(38)
(34)
Deferred credits and other regulatory liabilities
116
94
Other current and noncurrent liabilities
(79)
(124)
NET CASH FLOWS FROM OPERATING ACTIVITIES
412
464
INVESTING ACTIVITIES
 
 
Utility construction expenditures
(767)
(783)
Cost of removal less salvage
(68)
(72)
Non-utility construction expenditures
(130)
(48)
Investments in electric and gas transmission projects
(8)
(38)
Proceeds from sale of assets

48
Other investing activities
5
5
NET CASH FLOWS USED IN INVESTING ACTIVITIES
(968)
(888)
FINANCING ACTIVITIES
 
 
Net payment of short-term debt
(484)
(1,131)
Issuance of long-term debt
1,600
825
Retirement of long-term debt
(38)
(11)
Debt issuance costs
(22)
(1)
Common stock dividends
(243)
(226)
Issuance of common shares - public offering
88
425
Issuance of common shares for stock plans
14
13
Distribution to noncontrolling interest
(2)
(2)
NET CASH FLOWS FROM (USED IN) FINANCING ACTIVITIES
913
(108)
CASH, TEMPORARY CASH INVESTMENTS, AND RESTRICTED CASH:
 
 
NET CHANGE FOR THE PERIOD
357
(532)
BALANCE AT BEGINNING OF PERIOD
1,217
1,006
BALANCE AT END OF PERIOD
$1,574
$474
SUPPLEMENTAL DISCLOSURE OF CASH INFORMATION
 
 
Cash paid during the period for:
 
 
Interest
$143
$130
Income taxes
$2
$3
SUPPLEMENTAL DISCLOSURE OF NON-CASH INFORMATION
 
 
Construction expenditures in accounts payable
$343
$300
Issuance of common shares for dividend reinvestment
$12
$12
Software licenses acquired but unpaid as of end of period
$80
$100
Equipment acquired but unpaid as of end of period
$33


The accompanying notes are an integral part of these financial statements. 

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Consolidated Edison, Inc.
CONSOLIDATED BALANCE SHEET (UNAUDITED)
(Millions of Dollars)
March 31,
2020
December 31,
2019
ASSETS
 
 
CURRENT ASSETS
 
 
Cash and temporary cash investments
$1,395
$981
Accounts receivable – customers, less allowance for uncollectible accounts of $75 and $70 in 2020 and 2019, respectively
1,318
1,236
Other receivables, less allowance for uncollectible accounts of $5 and $4 in 2020 and 2019, respectively
188
184
Taxes receivable
21
20
Accrued unbilled revenue
443
599
Fuel oil, gas in storage, materials and supplies, at average cost
326
352
Prepayments
739
260
Regulatory assets
143
128
Restricted cash
179
236
Revenue decoupling mechanism
108
76
Other current assets
166
200
TOTAL CURRENT ASSETS
5,026
4,272
INVESTMENTS
2,011
2,065
UTILITY PLANT, AT ORIGINAL COST
 
 
Electric
32,186
31,866
Gas
10,300
10,107
Steam
2,625
2,601
General
3,606
3,562
TOTAL
48,717
48,136
Less: Accumulated depreciation
10,530
10,322
Net
38,187
37,814
Construction work in progress
2,005
1,937
NET UTILITY PLANT
40,192
39,751
NON-UTILITY PLANT
 
 
Non-utility property, less accumulated depreciation of $423 and $391 in 2020 and 2019, respectively
3,797
3,829
Construction work in progress
446
309
NET PLANT
44,435
43,889
OTHER NONCURRENT ASSETS
 
 
Goodwill
446
446
Intangible assets, less accumulated amortization of $152 and $126 in 2020 and 2019, respectively
1,532
1,557
Regulatory assets
4,732
4,859
Operating lease right-of-use asset
848
857
Other deferred charges and noncurrent assets
129
134
TOTAL OTHER NONCURRENT ASSETS
7,687
7,853
TOTAL ASSETS
$59,159
$58,079
The accompanying notes are an integral part of these financial statements.
 


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Consolidated Edison, Inc.
CONSOLIDATED BALANCE SHEET (UNAUDITED)
 
 
(Millions of Dollars)
March 31,
2020
December 31,
2019
LIABILITIES AND SHAREHOLDERS’ EQUITY
 
 
CURRENT LIABILITIES
 
 
Long-term debt due within one year
$2,093
$1,446
Notes payable
1,208
1,692
Accounts payable
1,015
1,164
Customer deposits
344
346
Accrued taxes
31
76
Accrued interest
238
153
Accrued wages
116
102
Fair value of derivative liabilities
153
123
Regulatory liabilities
123
102
System benefit charge
628
647
Operating lease liabilities
77
65
Other current liabilities
285
371
TOTAL CURRENT LIABILITIES
6,311
6,287
NONCURRENT LIABILITIES
 
 
Provision for injuries and damages
129
130
Pensions and retiree benefits
1,329
1,516
Superfund and other environmental costs
737
734
Asset retirement obligations
429
425
Fair value of derivative liabilities
228
105
Deferred income taxes and unamortized investment tax credits
6,348
6,227
Operating lease liabilities
799
809
Regulatory liabilities
4,689
4,827
Other deferred credits and noncurrent liabilities
270
279
TOTAL NONCURRENT LIABILITIES
14,958
15,052
LONG-TERM DEBT
19,423
18,527
EQUITY
 
 
Common shareholders’ equity
18,261
18,022
Noncontrolling interest
206
191
TOTAL EQUITY (See Statement of Equity)
18,467
18,213
TOTAL LIABILITIES AND EQUITY
$59,159
$58,079
The accompanying notes are an integral part of these financial statements.


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Consolidated Edison, Inc.
CONSOLIDATED STATEMENT OF EQUITY (UNAUDITED)
(In Millions, except for dividends per share)
Common Stock
Additional
Paid-In
Capital
Retained
Earnings
Treasury Stock
Capital
Stock
Expense
Accumulated
Other
Comprehensive
Income/(Loss)
Non-
controlling
Interest
Total
Shares
Amount
Shares
Amount
BALANCE AS OF DECEMBER 31, 2018
321
$34
$7,117
$10,728
23
$(1,038)
$(99)
$(16)
$113
$16,839
Net income



424




21
445
Common stock dividends ($0.74 per share)



(237)





(237)
Issuance of common shares – public offering
6

433



(8)


425
Issuance of common shares for stock plans


27






27
Other comprehensive income







4

4
Distributions to noncontrolling interest








(2)
(2)
BALANCE AS OF MARCH 31, 2019
327
$34
$7,577
$10,915
23
$(1,038)
$(107)
$(12)
$132
$17,501
 
 
 
 
 
 
 
 
 
 
 
BALANCE AS OF BALANCE AS OF DECEMBER 31, 2019
333
$35
$8,054
$11,100
23
$(1,038)
$(110)
$(19)
$191
$18,213
Net income



375




17
392
Common stock dividends ($0.76 per share)



(255)





(255)
Issuance of common shares - public offering
1

$88






88
Issuance of common shares for stock plans


26






26
Other comprehensive income







5

5
Distributions to noncontrolling interest








(2)
(2)
BALANCE AS OF MARCH 31, 2020
334
$35
$8,168
$11,220
23
$(1,038)
$(110)
$(14)
$206
$18,467
The accompanying notes are an integral part of these financial statements.


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Consolidated Edison Company of New York, Inc.
CONSOLIDATED INCOME STATEMENT (UNAUDITED)
  
For the Three Months Ended March 31,
(Millions of Dollars)
2020
2019
OPERATING REVENUES
 
 
Electric
$1,770
$1,797
Gas
834
921
Steam
250
321
TOTAL OPERATING REVENUES
2,854
3,039
OPERATING EXPENSES
 
 
Purchased power
273
322
Fuel
78
106
Gas purchased for resale
195
317
Other operations and maintenance
569
659
Depreciation and amortization
390
334
Taxes, other than income taxes
607
575
TOTAL OPERATING EXPENSES
2,112
2,313
OPERATING INCOME
742
726
OTHER INCOME (DEDUCTIONS)
 
 
Investment and other income
2
9
Allowance for equity funds used during construction
4
3
Other deductions
(67)
(19)
TOTAL OTHER INCOME (DEDUCTIONS)
(61)
(7)
INCOME BEFORE INTEREST AND INCOME TAX EXPENSE
681
719
INTEREST EXPENSE
 
 
Interest on long-term debt
172
169
Other interest
11
17
Allowance for borrowed funds used during construction
(3)
(3)
NET INTEREST EXPENSE
180
183
INCOME BEFORE INCOME TAX EXPENSE
501
536
INCOME TAX EXPENSE
95
124
NET INCOME
$406
$412
The accompanying notes are an integral part of these financial statements.
 


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Consolidated Edison Company of New York, Inc.
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME (UNAUDITED)
 
  
Three Months Ended March 31,
(Millions of Dollars)
2020
2019

NET INCOME
$406
$412
Pension and other postretirement benefit plan liability adjustments, net of taxes
1

TOTAL OTHER COMPREHENSIVE INCOME, NET OF TAXES
1

COMPREHENSIVE INCOME
$407
$412
The accompanying notes are an integral part of these financial statements.
 


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Consolidated Edison Company of New York, Inc.
CONSOLIDATED STATEMENT OF CASH FLOWS (UNAUDITED)
 
  
For the Three Months Ended March 31,
 
(Millions of Dollars)
2020

2019

OPERATING ACTIVITIES
 
 
Net income
$406
$412
PRINCIPAL NON-CASH CHARGES/(CREDITS) TO INCOME
 
 
Depreciation and amortization
390
334
Deferred income taxes
94
122
Rate case amortization and accruals
(11)
(29)
Common equity component of allowance for funds used during construction
(4)
(3)
Unbilled revenue and net unbilled revenue deferrals
41
19
Gain on sale of assets

(5)
Other non-cash items, net
35
(11)
CHANGES IN ASSETS AND LIABILITIES
 
 
Accounts receivable – customers
(78)
(36)
Materials and supplies, including fuel oil and gas in storage
20
24
Revenue decoupling mechanism
(22)
(55)
Other receivables and other current assets
25
31
Accounts receivable from affiliated companies
(8)
(6)
Prepayments
(473)
(438)
Accounts payable
(115)
(75)
Pensions and retiree benefits obligations, net
3
87
Pensions and retiree benefits contributions
(4)
(3)
Superfund and environmental remediation costs, net
(5)
(2)
Accrued taxes
(42)
(18)
Accrued interest
75
72
System benefit charge
(20)
7
Deferred charges, noncurrent assets and other regulatory assets
(39)
(47)
Deferred credits and other regulatory liabilities
122
92
Other current and noncurrent liabilities
(50)
(77)
NET CASH FLOWS FROM OPERATING ACTIVITIES
340
395
INVESTING ACTIVITIES
 
 
Utility construction expenditures
(719)
(728)
Cost of removal less salvage
(67)
(70)
Proceeds from sale of assets

48
NET CASH FLOWS USED IN INVESTING ACTIVITIES
(786)
(750)
FINANCING ACTIVITIES
 
 
Net payment of short-term debt
(540)
(107)
Issuance of long-term debt
1,600

Debt issuance costs
(23)
(1)
Capital contribution by parent
25
225
Dividend to parent
(246)
(228)
NET CASH FLOWS FROM (USED) FINANCING ACTIVITIES
816
(111)
CASH AND TEMPORARY CASH INVESTMENTS
 
 
NET CHANGE FOR THE PERIOD
370
(466)
BALANCE AT BEGINNING OF PERIOD
933
818
BALANCE AT END OF PERIOD
$1,303
$352
SUPPLEMENTAL DISCLOSURE OF CASH INFORMATION
 
 
Cash paid during the period for:
 
 
Interest
$97
$101
Income taxes
$