Revenue Recognition

9 Months Ended

Sep. 30, 2021

Revenue from Contract with Customer [Abstract]

Revenue Recognition

Revenue Recognition

The following table presents, for the three and nine months ended September 30, 2021 and 2020, revenue from contracts with customers as defined in Accounting Standards Codification Topic 606, "Revenue from Contracts with Customers," as well as additional revenue from sources other than contracts with customers, disaggregated by major source.

	For the Three Months Ended September 30, 2021			For the Three Months Ended September 30, 2020
(Millions of Dollars)	Revenues from contracts with customers	Other revenues (a)	Total operating revenues	Revenues from contracts with customers	Other revenues (a)	Total operating revenues
CECONY
Electric	$2,776	$(46)	$2,730	$2,594	$(32)	$2,562
Gas	305	2	307	248	11	259
Steam	52	3	55	50	1	51
Total CECONY	$3,133	$(41)	$3,092	$2,892	$(20)	$2,872
O&R
Electric	229	(6)	223	210	(2)	208
Gas	32	2	34	27	3	30
Total O&R	$261	$(4)	$257	$237	$1	$238
Clean Energy Businesses
Renewables	199	—	199	194	—	194
Energy services	65	—	65	14	—	14
Other	—	—	—	—	14	14
Total Clean Energy Businesses	$264	$0	$264	$208	$14	$222
Con Edison Transmission	1	—	1	1	—	1
Other (b)	—	(1)	(1)	—	—	—
Total Con Edison	$3,659	$(46)	$3,613	$3,338	$(5)	$3,333

(a) For the Utilities, this includes revenue from alternative revenue programs, such as the revenue decoupling mechanisms under their New York electric and gas rate plans. For the Clean Energy Businesses, this includes revenue from wholesale services

(b)    Parent company and consolidation adjustments.

	For the Nine Months Ended September 30, 2021			For the Nine Months Ended September 30, 2020
(Millions of Dollars)	Revenues from contracts with customers	Other revenues (a)	Total operating revenues	Revenues from contracts with customers	Other revenues (a)	Total operating revenues
CECONY
Electric	$6,695	$(34)	$6,661	$6,108	$70	$6,178
Gas	1,699	31	1,730	1,480	29	1,509
Steam	383	10	393	375	10	385
Total CECONY	$8,777	$7	$8,784	$7,963	$109	$8,072
O&R
Electric	535	(13)	522	478	5	483
Gas	184	(7)	177	156	8	164
Total O&R	$719	$(20)	$699	$634	$13	$647
Clean Energy Businesses
Renewables	545	—	545	487	—	487
Energy services	168	—	168	36	—	36
Other	—	66	66	—	43	43
Total Clean Energy Businesses	$713	$66	$779	$523	$43	$566
Con Edison Transmission	3	—	3	3	—	3
Other (b)	—	(4)	(4)	—	(2)	(2)
Total Con Edison	$10,212	$49	$10,261	$9,123	$163	$9,286

(a) For the Utilities, this includes revenue from alternative revenue programs, such as the revenue decoupling mechanisms under their New York electric and gas rate plans. For the Clean Energy Businesses, this includes revenue from wholesale services.

(b)    Parent company and consolidation adjustments.

	2021			2020
(Millions of Dollars)	Unbilled contract revenue (a)	Unearned revenue (b)		Unbilled contract revenue (a)	Unearned revenue (b)
Beginning balance as of January 1,	$11	$41		$29	$17
Additions (c)	174	—		74	31
Subtractions (c)	127	31	(d)	90	4	(d)
Ending balance as of September 30,	$58	$10		$13	$44

(a)Unbilled contract revenue represents accumulated incurred costs and earned profits on contracts (revenue arrangements), which have been recorded as revenue, but have not yet been billed to customers, and which represent contract assets as defined in Topic 606. Substantially all accrued unbilled contract revenue is expected to be collected within one year. Unbilled contract revenue arises from the cost-to-cost method of revenue recognition. Unbilled contract revenue from fixed-price type contracts is converted to billed receivables when amounts are invoiced to customers according to contractual billing terms, which generally occur when deliveries or other performance milestones are completed.

(b)Unearned revenue represents a liability for billings to customers in excess of earned revenue, which are contract liabilities as defined in Topic 606.

(c)Additions for unbilled contract revenue and subtractions for unearned revenue represent additional revenue earned. Additions for unearned revenue and subtractions for unbilled contract revenue represent billings. Activity also includes appropriate balance sheet classification for the period.

(d)Of the subtractions from unearned revenue, $31 million and $4 million were included in the balances as of January 1, 2021 and 2020, respectively.

As of September 30, 2021, the aggregate amount of the remaining fixed performance obligations of the Clean Energy Businesses under contracts with customers for energy services is $187 million, of which $148 million will be recognized within the next two years, and the remaining $39 million will be recognized pursuant to long-term service and maintenance agreements.

In March 2020, the Utilities began suspending new late payment charges and certain other fees for all customers. For the three months ended September 30, 2021, the estimated late payment charges and fees that were not billed by Con Edison and CECONY were approximately $12 million and $11 million lower than the amounts that were approved to be collected pursuant to the Utilities’ rate plans, respectively. For the nine months ended September 30, 2021, the estimated late payment charges and fees that were not billed by Con Edison and CECONY were approximately $49 million and $46 million lower than the amounts that were approved to be collected pursuant to the Utilities’ rate plans, respectively. For the three months ended September 30, 2020, the estimated late payment charges and fees that were not billed by Con Edison and CECONY were approximately $18 million and $17 million lower than the amounts that were approved to be collected pursuant to the Utilities’ rate plans, respectively. For the nine months ended September 30, 2020, the estimated late payment charges and fees that were not billed by Con Edison and CECONY were approximately $38 million and $36 million lower than the amounts that were approved to be collected pursuant to the Utilities’ rate plans, respectively. The Utilities also began providing payment extensions for all customers that were scheduled to be disconnected prior to the start of the COVID-19 pandemic. In April 2021, CECONY filed a petition with the NYSPSC to timely establish a surcharge recovery mechanism for $52 million of late payment charges and fees, offset for related savings, for the year ended December 31, 2020 to begin in September 2021 and end in December 2022. The petition also requests a surcharge recovery or surcredit mechanism for any fee deferrals for 2021 and 2022 starting in January of the subsequent year over a twelve-month period, respectively. See "COVID-19 Regulatory Matters" in Note B.