Capitalization

The carrying amounts and fair values of long-term debt at March 31, 2018 and December 31, 2017 were:



(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.

Fair values of long-term debt have been estimated primarily using available market information. For Con Edison, $16,752 million and $636 million of the fair value of long-term debt at March 31, 2018 are classified as Level 2 and Level 3, respectively. For CECONY, $13,864 million and $636 million of the fair value of long-term debt at March 31, 2018 are classified as Level 2 and Level 3, respectively (see Note L). The $636 million of long-term debt classified as Level 3 is CECONY’s tax-exempt, auction-rate securities for which the market is highly illiquid and there is a lack of observable inputs.