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CONSOLIDATED INCOME STATEMENT (UNAUDITED) - USD ($)
shares in Millions, $ in Millions
3 Months Ended 9 Months Ended
Sep. 30, 2021
Sep. 30, 2020
Sep. 30, 2021
Sep. 30, 2020
OPERATING REVENUES        
Total operating revenues $ 3,613 $ 3,333 $ 10,261 $ 9,286
OPERATING EXPENSES        
Depreciation and amortization 512 482 1,511 1,428
Taxes, other than income taxes 727 673 2,103 1,915
TOTAL OPERATING EXPENSES 2,763 2,473 8,132 7,139
OPERATING INCOME 850 860 2,129 2,147
OTHER INCOME (DEDUCTIONS)        
Investment income (loss) 5 27 (180) 78
Other income 5 8 19 15
Allowance for equity funds used during construction 5 2 15 12
Other deductions (37) (50) (113) (177)
TOTAL OTHER INCOME (DEDUCTIONS) (22) (13) (259) (72)
INCOME BEFORE INTEREST AND INCOME TAX EXPENSE 828 847 1,870 2,075
INTEREST EXPENSE        
Interest on long-term debt 235 227 693 685
Other interest (2) 4 (15) 122
Allowance for borrowed funds used during construction (1) (5) (9) (10)
NET INTEREST EXPENSE 232 226 669 797
INCOME BEFORE INCOME TAX EXPENSE 596 621 1,201 1,278
INCOME TAX EXPENSE 127 119 194 183
NET INCOME 469 502 1,007 1,095
Income (loss) attributable to non-controlling interest (69) 9 (115) 37
NET INCOME $ 538 $ 493 $ 1,122 $ 1,058
Net income per common share - basic (dollars per share) $ 1.52 $ 1.47 $ 3.23 $ 3.17
Net income per common share - diluted (dollars per share) $ 1.52 $ 1.47 $ 3.23 $ 3.16
AVERAGE NUMBER OF SHARES OUTSTANDING-BASIC (shares) 353.4 334.5 346.8 334.1
AVERAGE NUMBER OF SHARES OUTSTANDING—DILUTED (shares) 354.1 335.4 347.5 335.0
Subsidiaries        
OPERATING REVENUES        
Total operating revenues $ 3,092 $ 2,872 $ 8,784 $ 8,072
OPERATING EXPENSES        
Depreciation and amortization 429 401 1,267 1,187
Taxes, other than income taxes 699 643 2,016 1,830
TOTAL OPERATING EXPENSES 2,364 2,150 6,948 6,218
OPERATING INCOME 728 722 1,836 1,854
OTHER INCOME (DEDUCTIONS)        
Investment income (loss) 5 6 15 11
Allowance for equity funds used during construction 5 1 14 10
Other deductions (33) (45) (99) (159)
TOTAL OTHER INCOME (DEDUCTIONS) (23) (38) (70) (138)
INCOME BEFORE INTEREST AND INCOME TAX EXPENSE 705 684 1,766 1,716
INTEREST EXPENSE        
Interest on long-term debt 194 179 564 537
Other interest 3 7 11 26
Allowance for borrowed funds used during construction 0 (4) (8) (9)
NET INTEREST EXPENSE 197 182 567 554
INCOME BEFORE INCOME TAX EXPENSE 508 502 1,199 1,162
INCOME TAX EXPENSE 90 97 188 199
NET INCOME 418 405 1,011 963
Electric        
OPERATING REVENUES        
Total operating revenues 2,952 2,770 7,180 6,660
Electric | Subsidiaries        
OPERATING REVENUES        
Total operating revenues 2,730 2,562 6,661 6,178
Gas        
OPERATING REVENUES        
Total operating revenues 341 289 1,907 1,673
OPERATING EXPENSES        
Operating costs 83 55 461 364
Gas | Subsidiaries        
OPERATING REVENUES        
Total operating revenues 307 259 1,730 1,509
OPERATING EXPENSES        
Operating costs 61 38 357 298
Steam        
OPERATING REVENUES        
Total operating revenues 55 51 393 385
Steam | Subsidiaries        
OPERATING REVENUES        
Total operating revenues 55 51 393 385
Non-utility        
OPERATING REVENUES        
Total operating revenues 265 223 781 568
Purchased power        
OPERATING EXPENSES        
Operating costs 548 503 1,448 1,192
Purchased power | Subsidiaries        
OPERATING EXPENSES        
Operating costs 481 447 1,294 1,065
Fuel        
OPERATING EXPENSES        
Operating costs 44 24 166 124
Fuel | Subsidiaries        
OPERATING EXPENSES        
Operating costs 44 24 166 124
Other operations and maintenance        
OPERATING EXPENSES        
Operating costs 849 736 2,443 2,116
Other operations and maintenance | Subsidiaries        
OPERATING EXPENSES        
Operating costs 650 597 1,848 1,714
CECONY        
INTEREST EXPENSE        
NET INCOME   405    
CECONY | Subsidiaries        
OPERATING EXPENSES        
Depreciation and amortization 429 401 1,267 1,187
OPERATING INCOME 728 722 $ 1,836 $ 1,854
INTEREST EXPENSE        
INCOME TAX EXPENSE $ 90 $ 97