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Capitalization | 9 Months Ended
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Sep. 30, 2020
Debt Disclosure [Abstract] |
Capitalization | Capitalization In January 2020, Con Edison issued 1,050,000 shares of its common stock for $88 million upon physical settlement of the remaining shares subject to its May 2019 forward sale agreement. In March 2020, CECONY issued $600 million aggregate principal amount of 3.35 percent debentures, due 2030 and $1,000 million aggregate principal amount of 3.95 percent debentures, due 2050. In June 2020, CECONY redeemed at maturity $350 million of 4.45 percent 10-year debentures. In September 2020, O&R issued $35 million aggregate principal amount of 2.02 percent debentures, due 2030 and $40 million aggregate principal amount of 3.24 percent debentures, due 2050. The carrying amounts and fair values of long-term debt at September 30, 2020 and December 31, 2019 were:
(Millions of Dollars) | 2020 | 2019
Long-Term Debt (including current portion) (a) | Carrying Amount | Fair Value | Carrying Amount | Fair Value
Con Edison | $21,171 | $25,440 | $19,973 | $22,738
CECONY | $16,197 | $20,184 | $14,964 | $17,505
(a)Amounts shown are net of unamortized debt expense and unamortized debt discount of $192 million and $168 million for Con Edison and CECONY, respectively, as of September 30, 2020 and $178 million and $151 million for Con Edison and CECONY, respectively, as of December 31, 2019. The fair values of the Companies' long-term debt have been estimated primarily using available market information and at September 30, 2020 are classified as Level 2 (see Note N). As a result of the January 2019 PG&E bankruptcy (see "Long-Lived and Intangible Assets" in Note A), during the first quarter of 2019, Con Edison reclassified on its consolidated balance sheet the PG&E-related non-recourse project debt that was included in long-term debt to long-term debt due within one year. At December 31, 2019, long-term debt due within one year included $1,001 million of PG&E-related project debt. At June 30, 2020, due to the likelihood of PG&E’s plan of reorganization becoming effective, the company’s PG&E-related non-recourse project debt with a maturity longer than one year ($898 million) was reclassified from long-term debt due within one year to long-term debt. In July 2020, PG&E’s plan of reorganization became effective, and PG&E assumed all of the PG&E PPAs.

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