Assets Held For Sale

3 Months Ended

Mar. 31, 2016

Discontinued Operations and Disposal Groups [Abstract]

Assets Held For Sale

Assets Held For Sale

In June 2015, upon evaluating strategic alternatives, Con Edison initiated a plan to actively market and sell the retail electric supply business of its competitive energy businesses. The company expects the sale to close within the next twelve months. The company classified as held for sale the related assets and liabilities and ceased recording depreciation expense on these assets. There was no impairment of the assets held for sale, as the estimated fair value less costs to sell exceeded the carrying amount.

In October 2015, upon evaluating strategic alternatives, O&R entered into an agreement to sell Pike County Light & Power Company (Pike) to Corning Natural Gas Holding Corporation for $16 million, including estimated working capital adjustments. The closing of the sale, which the company expects to occur in 2016, is subject to certain regulatory approvals by the FERC and Pennsylvania Public Utility Commission. In 2015, the company classified the related electric and gas assets and liabilities as held for sale and ceased recording depreciation expense on these assets. At September 30, 2015, O&R recorded an impairment charge of $5 million ($3 million net of taxes), representing the difference between the carrying amount of Pike’s assets and the estimated sales proceeds. The impairment is reflected in the amount included in assets held for sale on the company's consolidated balance sheet at March 31, 2016.

At March 31, 2016, the carrying amounts of the assets and liabilities designated as held for sale were as follows:

(Millions of Dollars)	Retail Electric Supply Business		Pike		Total
Cash and temporary cash investments		$—	$7		$7
Accounts receivable less allowance for uncollectible accounts of $2	67		—		67
Accrued unbilled revenue	67		1		68
Other assets	2		1		3
Total current assets	136		9		145
Utility plant, less accumulated depreciation of $6	—		14		14
Non-utility property, less accumulated depreciation of $13	3		—		3
Non-utility property construction work in progress	1		—		1
Regulatory assets	—		3		3
Total assets held for sale	$140		$26		$166
Fair value of derivative liabilities	$98			$—	$98
Accounts payable	3		—		3
Other	3		2		5
Total current liabilities	104		2		106
Fair value of derivative liabilities	41		—		41
Long-term debt	—		3		3
Total liabilities held for sale	$145		$5		$150