ConEdison : 4Q18 Financial Statements and Notes

Orange and Rockland Utilities, Inc. Consolidated Financial Statements

December 31, 2018 and 2017

Orange and Rockland Utilities, Inc.
Consolidated Financial Statements
December 31, 2018 and 2017
Report of Independent Auditors
Consolidated Financial Statements	Page
Consolidated Income Statement	1
Consolidated Statement of Comprehensive Income	2
Consolidated Statement of Cash Flows	3
Consolidated Balance Sheet	4
Consolidated Statement of Shareholder's Equity	6
Consolidated Statement of Capitalization	7
Notes to the Financial Statements	8

Orange and Rockland Utilities, Inc. Consolidated Income Statement

For the Years Ended December 31,

Gas

249

232

184

TOTAL OPERATING EXPENSES

759

713

675

TOTAL OTHER INCOME (DEDUCTIONS)

(19)

(19)

(15)

NET INTEREST EXPENSE

39

36

36

INCOME TAX EXPENSE

15

42

36

(Millions of Dollars)	2018	2017	2016
OPERATING REVENUES
Electric	$642	$642	$637
TOTAL OPERATING REVENUES	891	874	821
OPERATING EXPENSES
Purchased power	208	191	197
Gas purchased for resale	86	73	47
Other operations and maintenance	305	296	285
Depreciation and amortization	77	71	67
Taxes, other than income taxes	83	82	79
OPERATING INCOME	132	161	146
OTHER INCOME (DEDUCTIONS)
Investment and other income (deductions)	1	-	-
Allowance for equity funds used during construction	1	1	1
Other deductions	(21)	(20)	(16)
INCOME BEFORE INTEREST AND INCOME TAX EXPENSE	113	142	131
INTEREST EXPENSE
Interest on long-term debt	36	36	36
Other interest	4	1	1
Allowance for borrowed funds used during construction	(1)	(1)	(1)
INCOME BEFORE INCOME TAX EXPENSE	74	106	95
NET INCOME	$59	$64	$59

The accompanying notes are an integral part of these financial statements.

Orange and Rockland Utilities, Inc. Consolidated Statement of Comprehensive Income

For the Years Ended December 31,

NET INCOME

$59

$64

$59

Pension and other postretirement benefit plan liability adjustments, net of taxes

8

1

3

(Millions of Dollars)	2018	2017	2016
OTHER COMPREHENSIVE INCOME/(LOSS), NET OF TAXES
TOTAL OTHER COMPREHENSIVE INCOME/(LOSS), NET OF TAXES	8	1	3

COMPREHENSIVE INCOME

$67

$65

$62

The accompanying notes are an integral part of these financial statements.