Capitalization

3 Months Ended

Mar. 31, 2015

Capitalization

Note C — Capitalization

The carrying amounts and fair values of long-term debt at March 31, 2015 and December 31, 2014 are:

(Millions of Dollars)	2015				2014
Long-Term Debt (including current portion)	Carrying Amount		Fair Value		Carrying Amount		Fair Value
Con Edison		$12,190		$14,224		$12,191		$13,998
CECONY		$11,214		$13,066		$11,214		$12,846

Fair values of long-term debt have been estimated primarily using available market information. For Con Edison, $13,588 million and $636 million of the fair value of long-term debt at March 31, 2015 are classified as Level 2 and Level 3, respectively. For CECONY, $12,430 million and $636 million of the fair value of long-term debt at March 31, 2015 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.

CECONY [Member]

Capitalization

Note C — Capitalization

The carrying amounts and fair values of long-term debt at March 31, 2015 and December 31, 2014 are:

(Millions of Dollars)	2015				2014
Long-Term Debt (including current portion)	Carrying Amount		Fair Value		Carrying Amount		Fair Value
Con Edison		$12,190		$14,224		$12,191		$13,998
CECONY		$11,214		$13,066		$11,214		$12,846

Fair values of long-term debt have been estimated primarily using available market information. For Con Edison, $13,588 million and $636 million of the fair value of long-term debt at March 31, 2015 are classified as Level 2 and Level 3, respectively. For CECONY, $12,430 million and $636 million of the fair value of long-term debt at March 31, 2015 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.