CONSOLIDATED EDISON INC
For the period ended Dec 31, 2023. Filed Feb 15, 2024.
View on SEC.govAbout this filing
A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.
FY2023 · Filed Feb 15, 2024
Extracted filing text, with the paragraph anchors used by the comparison.
See the whole filing, with its images and exhibitsContents
Financial Statement Schedules
Schedule I
Condensed Statement of Income and Comprehensive Income
| For the Years Ended December 31, | |||
|---|---|---|---|
| (Millions of Dollars, except per share amounts) | 2023 | 2022 | 2021 |
| Equity in earnings of subsidiaries | $1,759 | $1,860 | $1,369 |
| Other operating and maintenance expenses | — | (1) | (1) |
| Taxes other than income taxes | (2) | (7) | (6) |
| Other income (deductions) | 7 | (31) | 14 |
| Interest expense | (14) | (32) | (37) |
| Income tax benefit (expense) | (96) | (129) | 7 |
| Gain on the sale of the Clean Energy Businesses | 865 | — | — |
| Net Income | $2,519 | $1,660 | $1,346 |
| Comprehensive Income | $2,520 | $1,677 | $1,376 |
| Net Income Per Share – Basic | $7.25 | $4.68 | $3.86 |
| Net Income Per Share – Diluted | $7.21 | $4.66 | $3.85 |
| Dividends Declared Per Share | $3.24 | $3.16 | $3.10 |
| Average Number Of Shares Outstanding—Basic (In Millions) | 347.7 | 354.5 | 348.4 |
| Average Number Of Shares Outstanding—Diluted (In Millions) | 349.3 | 355.8 | 349.4 |
(a)These financial statements, in which Con Edison’s subsidiaries have been included using the equity method, should be read together with its consolidated financial statements and the notes thereto appearing above.
Condensed Statement of Cash Flows
| For the Years Ended December 31, | |||
|---|---|---|---|
| (Millions of Dollars) | 2023 | 2022 | 2021 |
| Net Cash Flows From Operating Activities | $772 | $1,015 | $1,459 |
| Investing Activities | |||
| Contributions to subsidiaries | (1,854) | (150) | (1,135) |
| Debt receivable from affiliated companies | — | — | 875 |
| Proceeds from sale of the Clean Energy Businesses, net of cash and cash equivalents sold | 3,927 | — | — |
| Net Cash Flows From (Used in) Investing Activities | 2,073 | (150) | (260) |
| Financing Activities | |||
| Net (payment)/issuance of short-term debt | (343) | 632 | 50 |
| Retirement of long-term debt | (650) | (293) | (1,178) |
| Debt issuance costs | — | — | (1) |
| Repurchase of common shares | (1,000) | — | — |
| Issuance of common shares for stock plans | 56 | 57 | 60 |
| Issuance of common shares - public offering | — | — | 775 |
| Common stock dividends | (1,096) | (1,089) | (1,030) |
| Net Cash Flows Used in Financing Activities | (3,033) | (693) | (1,324) |
| Net Change for the Period | (188) | 172 | (125) |
| Balance at Beginning of Period | 191 | 19 | 144 |
| Balance at End of Period | $3 | $191 | $19 |
(a)These financial statements, in which Con Edison’s subsidiaries have been included using the equity method, should be read together with its consolidated financial statements and the notes thereto appearing above.
Condensed Balance Sheet
| December 31, | ||
|---|---|---|
| (Millions of Dollars) | 2023 | 2022 |
| Assets | ||
| Current Assets | ||
| Cash and temporary cash investments | $3 | $191 |
| Other receivables, net allowance for uncollectible accounts | 103 | 4 |
| Tax receivable | 1 | 5 |
| Accounts receivable from affiliated companies | 343 | 1,337 |
| Accrued unbilled revenue | 4 | — |
| Prepayments | 109 | 9 |
| Other current assets | 3 | 32 |
| Total Current Assets | 566 | 1,578 |
| Investments in subsidiaries and others | 20,778 | 20,839 |
| Goodwill | 406 | 406 |
| Pension and retiree benefits - asset | 5 | 5 |
| Other deferred charges and noncurrent assets | 249 | 2 |
| Total Assets | $22,004 | $22,830 |
| Liabilities and Shareholders’ Equity | ||
| Current Liabilities | ||
| Long-term debt due within one year | $— | $649 |
| Term loan | — | 400 |
| Notes payable | 339 | 282 |
| Accounts payable | 30 | 39 |
| Accounts payable to affiliated companies | 12 | 11 |
| Accrued taxes | 15 | 7 |
| Accrued taxes to affiliated companies | 437 | 506 |
| Accrued interest | — | 7 |
| Other current liabilities | 8 | 7 |
| Total Current Liabilities | 841 | 1,908 |
| Deferred income taxes and unamortized investment tax credits | — | 235 |
| Other noncurrent liabilities | 5 | — |
| Total Liabilities | 846 | 2,143 |
| Shareholders’ Equity | ||
| Common stock, including additional paid-in capital | 9,898 | 9,840 |
| Retained earnings | 11,260 | 10,847 |
| Total Shareholders’ Equity | 21,158 | 20,687 |
| Total Liabilities and Shareholders’ Equity | $22,004 | $22,830 |
(a)These financial statements, in which Con Edison’s subsidiaries have been included using the equity method, should be read together with its consolidated financial statements and the notes thereto appearing above.
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.