Notes to the Financial Statements — Continued In December 2006, Con Edison adopted SFAS No.158.
This Statement requires an employer to recognize an asset or liability for the overfunded or underfunded status of its pension and other postretirement benefit plans.
For a pension plan, the asset or liability is the difference between the fair value of the plan’s assets and the projected benefit obligation.
For any other postretirement benefit plan, the asset or liability is the difference between the fair value of the plan’s assets and the accumulated postretirement benefit obligation.
The Statement required employers to recognize all unrecognized prior service costs and credits and unrecognized actuarial gains and losses in accumulated other comprehensive income (OCI), net of tax.
Such amounts will be adjusted as they are subsequently recognized as components of net periodic benefit cost or income pursuant to the current recognition and amortization provisions.
For the Utilities, generally regulatory accounting treatment is applied in accordance with SFAS No.71.
Unrecognized prior service costs or credits and unrecognized gains and losses are recorded to regulatory assets or liabilities, rather than OCI.
Upon adoption of SFAS No.158, Con Edison recognized an additional pension liability of $85 million and eliminated the prepaid pension asset of $1.5 billion.
A regulatory asset of $1.5 billion was recorded for the unrecognized net losses and unrecognized prior service costs associated with the Utilities consistent with SFAS No.71.
An OCI charge of $8 million (net of taxes) was recorded for the unrecognized net losses and unrecognized prior service costs associated with the competitive energy businesses and O&R’s New Jersey and Pennsylvania utility subsidiaries.
Con Edison of New York recognized a pension asset of $13 million, eliminated a pension liability of $28 million and eliminated the prepaid pension asset of $1.5 billion.
A regulatory asset of $1.4 billion was recorded for the unrecognized net losses and unrecognized prior service costs in accordance with SFAS No.71.
A credit to OCI of $8 million (net of taxes) was recorded which represents the reversal of OCI charges associated with the supplemental retirement plans partially offset by the unrecognized net losses and unrecognized prior service costs associated with former employees of the Utilities employed by the competitive energy businesses.
In the first quarter of 2007, in accordance with SFAS No.158 and based on the final actuarial valuation as of December 31, 2006, Con Edison adjusted the estimated amounts recorded upon adoption of SFAS No.158 by increasing its pension liability by $83 million and the related regulatory asset by $81 million and recognizing a charge of $1 million (net of taxes) to other comprehensive income (OCI).
Con Edison of New York reversed the pension asset of $13 million it recorded upon adoption of SFAS No.158 and recorded a pension liability of $64 million and an additional regulatory asset of $77 million.
The estimated net loss and prior service cost for the pension plan that will be amortized from accumulated OCI and the regulatory asset into net periodic benefit cost over the next year for Con Edison are $182 million and $8 million, respectively.
Included in these amounts are $160 million and $7 million, respectively, for Con Edison of New York.
At December 31, 2007 and 2006, Con Edison’s investments include $71 million and $59 million, respectively, held in external trust accounts for benefit payments pursuant to the supplemental retirement plans.
Included in these amounts for Con Edison of New York were $59 million and $47 million, respectively.
The accumulated benefit obligations for the supplemental retirement plans for Con Edison and Con Edison of New York were $155 million and $122 million as of December 31, 2007 and $138 million and $105 million as of December 31, 2006, respectively.
Assumptions The actuarial assumptions were as follows:
## Table 0 ##
The expected return assumption reflects anticipated returns on the plan’s current and future assets.
The Companies’ expected return was based on an evaluation of the current environment, market and economic outlook, relationships between the economy and asset class performance patterns, and recent and long-term trends in asset class performance.
The projections were based on the plan’s target asset allocation and were adjusted for historical and expected experience of active portfolio management results compared to benchmark returns.
Discount Rate Assumption To determine the assumed discount rate, the Companies use a model that produces a yield curve based on yields on selected
MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS (COMBINED FOR CON EDISON AND CON EDISON OF NEW YORK)–CONTINUED Con Edison of New York Electric Con Edison of New York’s electric sales and deliveries, excluding off-system sales, in 2008 compared with 2007 were:
## Table 1 ##
Con Edison of New York’s electric operating revenues increased $438 million in 2008 compared with 2007 due primarily to the electric rate plans ($201 million), increased recoverable fuel costs ($52 million) and an increase in recoverable purchased power costs ($163 million).
Effective April 2008, Con Edison of New York’s revenues from electric sales are subject to a revenue decoupling mechanism, as a result of which revenues are generally not affected by changes in delivery volumes from levels assumed when rates were approved.
Other electric operating revenues generally reflect changes in regulatory assets and liabilities in accordance with the company’s rate plans.
See Note B to the financial statements.
Electric delivery volumes in Con Edison of New York’s service area increased 0.1 percent in 2008 compared with 2007.
After adjusting for variations, principally weather and billing days, electric delivery volumes in Con Edison of New York’s service area increased 0.5 percent in 2008 compared with 2007.
Con Edison of New York’s electric fuel costs increased $52 million in 2008 compared with 2007 due primarily to an increase in unit costs ($56 million), offset by lower sendout volumes from the company’s generating facilities ($4 million).
Electric purchased power costs increased $163 million in 2008 compared with 2007 reflecting an increase in unit costs ($265 million), offset by a decrease in purchased volumes ($102 million).
Con Edison of New York’s electric operating income increased $4 million in 2008 compared with 2007.
The increase reflects primarily higher net revenues ($223 million, due primarily to the electric rate plan), offset in part by higher operations and maintenance costs ($102 million, due primarily to a reserve associated with the Long Island City power outage ($23 million) and increased pension expenses ($67 million)), depreciation ($73 million), income taxes ($24 million) and taxes other than income taxes ($19 million, principally state and local taxes on revenue).
Notes to the Financial Statements — Continued charged to expense over the estimated useful lives of the assets.
Upon retirement, the original cost of property is charged to accumulated depreciation.
See Note R.  Rates used for AFUDC include the cost of borrowed funds and a reasonable rate of return on the Utilities’ own funds when so used, determined in accordance with regulations of the FERC or the state public utility regulatory authority having jurisdiction.
The rate is compounded semiannually, and the amounts applicable to borrowed funds are treated as a reduction of interest charges, while the amounts applicable to the Utilities’ own funds are credited to other income (deductions).
The AFUDC rates for CECONY were 1.6 percent, 4.0 percent and 6.5 percent for 2014, 2013 and 2012, respectively.
The AFUDC rates for O&R were 2.6 percent, 5.7 percent and 7.0 percent for 2014, 2013 and 2012, respectively.
The Utilities generally compute annual charges for depreciation using the straight-line method for financial statement purposes, with rates based on average service lives and net salvage factors.
The average depreciation rates for CECONY were 3.1 percent, 3.2 percent and 3.1 percent for 2014, 2013 and 2012, respectively.
The average depreciation rates for O&R were 2.9 percent, 2.8 percent and 2.9 percent for 2014, 2013 and 2012, respectively.
The estimated lives for utility plant for CECONY range from 5 to 85 years for electric and gas, 5 to 80 years for steam and 5 to 55 years for general plant.
For O&R, the estimated lives for utility plant range from 5 to 75 years for electric and gas and 5 to 50 years for general plant.
At December 31, 2014 and 2013, the capitalized cost of the Companies’ utility plant, net of accumulated depreciation, was as follows:
## Table 2 ##
Under the Utilities’ rate plans, the aggregate annual depreciation allowance in effect at December 31, 2014 was $1,048 million, including $993 million under CECONY’s electric, gas and steam rate plans that have been approved by the New York State Public Service Commission (NYSPSC).
Non-Utility Plant Non-utility plant is stated at original cost.
For Con Edison, nonutility plant consists primarily of the competitive energy businesses’ renewable electric production and gas storage.
For the Utilities, non-utility plant consists of land and conduit for telecommunication use.
Depreciation on these assets is computed using the straight-line method for financial statement purposes over their estimated useful lives, which range from 3 to 30 years.
Goodwill Con Edison tests goodwill for impairment at least annually.
Goodwill is tested for impairment using a two-step approach.
The first step of the goodwill impairment test compares the estimated fair value of a reporting unit with its carrying value, including goodwill.
If the estimated fair value of a reporting unit exceeds its carrying value, goodwill of the reporting unit is considered not impaired.
If the carrying value exceeds the estimated fair value of the reporting unit, the second step is performed to measure the amount of impairment loss, if any.
The second step requires a calculation of the implied fair value of goodwill.
See Note K.  Impairments Con Edison evaluates the impairment of long-lived assets, based on projections of undiscounted future cash flows, whenever events or changes in circumstances indicate that the carrying amounts of such assets may not be recoverable.
In the event an evaluation indicates that such cash flows cannot be expected to be sufficient to fully recover the assets, the assets are written down to their estimated fair value.
No impairment charges were recognized in 2014, 2013 or 2012.
Revenues The Utilities and Con Edison Solutions recognize revenues for energy service on a monthly billing cycle basis.
The Utilities defer over a 12-month period net interruptible gas revenues, other than those authorized by the NYSPSC to be retained by the Utilities, for refund to firm gas sales and transportation customers.
The Utilities and Con Edison Solutions accrue revenues at the end of each month for estimated energy service not yet billed to customers.
CECONY’s electric and gas rate plans and O&R’s New York electric and gas rate plans each contain a revenue decoupling mechanism under which the company’s actual energy delivery revenues are compared with the authorized delivery revenues
Hologic, Inc.  Notes to Consolidated Financial Statements (continued) (In thousands, except per share data) Future debt principal payments under these debt arrangements are approximately as follows:
## Table 3 ##
6.
Derivative Financial Instruments and Hedging Agreements Interest rate swaps In connection with the debt assumed from the AEG acquisition (see Notes 3 and 5), the Company acquired interest rate swap contracts used to convert the floating interest-rate component of certain debt obligations to fixed rates.
These agreements did not qualify for hedge accounting under Statements of Financial Accounting Standards No.133, Accounting for Derivative Instruments and Hedging Activities (“SFAS 133”) and thus were marked to market each reporting period with the change in fair value recorded to other income (expense), net in the accompanying consolidated statements of income.
The Company terminated all outstanding interest rate swaps in the fourth quarter of fiscal 2007 which resulted in a gain of $75 recorded in Consolidated Statement of Income.
Forward Contracts Also in connection with the AEG acquisition, the Company assumed certain foreign currency forward contracts to hedge, on a net basis, the foreign currency fluctuations associated with a portion of the AEG’s assets and liabilities that were denominated in the US dollar, including inter-company accounts.
Increases or decreases in the Company’s foreign currency exposures are partially offset by gains and losses on the forward contracts, so as to mitigate foreign currency transaction gains and losses.
The terms of these forward contracts are of a shortterm nature (6 to 12 months).
The Company does not use forward contracts for trading or speculative purposes.
The forward contracts are not designated as cash flow or fair value hedges under SFAS No.133 and do not represent effective hedges.
All outstanding forward contracts are marked to market at the end of the period and recorded on the balance sheet at fair value in other current assets and other current liabilities.
The changes in fair value from these contracts and from the underlying hedged exposures are generally offsetting were recorded in other income, net in the accompanying Consolidated Statements of Income and these amounts were not material.
As of September 29, 2007, all of the forward exchange contracts assumed in the AEG acquisition had matured and the Company had no forward exchange contracts outstanding.7.
Pension and Other Employee Benefits In conjunction with the May 2, 2006 acquisition of AEG, the Company assumed certain defined benefit pension plans covering the employees of the AEG German subsidiary (Pension Benefits).
On September 29, 2006, the FASB issued SFAS No.158, Employers’ Accounting for Defined Benefit Pension and Other Postretirement Plans, an amendment of FASB Statements No.87, 88, 106 and 132(R) (SFAS 158).
SFAS 158 requires an entity to recognize in its statement of financial position an asset for a defined benefit postretirement

<table><tr><td></td><td>2007</td><td>2006</td><td> 2005</td></tr><tr><td>Weighted-average assumptions used to determine benefit obligations at December 31:</td><td></td><td></td><td></td></tr><tr><td>Discount rate</td><td>6.00%</td><td>6.00%</td><td>5.70%</td></tr><tr><td>Rate of compensation increase</td><td></td><td></td><td></td></tr><tr><td>– Con Edison of New York</td><td>4.00%</td><td>4.00%</td><td>4.00%</td></tr><tr><td>– O&R</td><td>4.00%</td><td>4.00%</td><td>4.00%</td></tr><tr><td>Weighted-average assumptions used to determine net periodic benefit cost for the years ended December 31:</td><td></td><td></td><td></td></tr><tr><td>Discount rate</td><td>6.00%</td><td>5.70%</td><td>5.90%</td></tr><tr><td>Expected return on plan assets</td><td>8.50%</td><td>8.50%</td><td>8.80%</td></tr><tr><td>Rate of compensation increase</td><td></td><td></td><td></td></tr><tr><td>– Con Edison of New York</td><td>4.00%</td><td>4.00%</td><td>4.00%</td></tr><tr><td>– O&R</td><td>4.00%</td><td>4.00%</td><td>4.00%</td></tr></table>
<table><tr><td></td><td colspan="4">Millions of kWhs Delivered</td><td colspan="4">Revenues in Millions</td></tr><tr><td></td><td colspan="2"> Twelve Months Ended</td><td></td><td></td><td colspan="2"> Twelve Months Ended</td><td></td><td></td></tr><tr><td> Description</td><td> December 31, 2008</td><td> December 31, 2007</td><td>Variation</td><td>Percent Variation</td><td> December 31, 2008</td><td> December 31, 2007</td><td>Variation</td><td>Percent Variation</td></tr><tr><td>Residential/Religious</td><td>11,720</td><td>12,312</td><td>-592</td><td>-4.8%</td><td>$2,834</td><td>$2,657</td><td>$177</td><td>6.7%</td></tr><tr><td>Commercial/Industrial</td><td>12,852</td><td>12,918</td><td>-66</td><td>-0.5</td><td>2,720</td><td>2,486</td><td>234</td><td>9.4</td></tr><tr><td>Retail access customers</td><td>22,047</td><td>21,532</td><td>515</td><td>2.4</td><td>1,507</td><td>1,334</td><td>173</td><td>13.0</td></tr><tr><td>NYPA, Municipal Agency and other sales</td><td>11,704</td><td>11,499</td><td>205</td><td>1.8</td><td>413</td><td>342</td><td>71</td><td>20.8</td></tr><tr><td>Other operating revenues</td><td>-</td><td>-</td><td>-</td><td>-</td><td>404</td><td>621</td><td>-217</td><td>-34.9</td></tr><tr><td> Total</td><td> 58,323</td><td> 58,261</td><td>62</td><td>0.1%</td><td>$7,878</td><td>$7,440</td><td>$438</td><td>5.9%</td></tr></table>
<table><tr><td></td><td colspan="2"> Con Edison</td><td colspan="2"> CECONY</td></tr><tr><td> (Millions of Dollars)</td><td> 2014</td><td> 2013</td><td> 2014</td><td> 2013</td></tr><tr><td>Electric</td><td></td><td></td><td></td><td></td></tr><tr><td>Generation</td><td>$451</td><td>$452</td><td>$451</td><td>$452</td></tr><tr><td>Transmission</td><td>2,956</td><td>2,776</td><td>2,744</td><td>2,597</td></tr><tr><td>Distribution</td><td>16,361</td><td>15,277</td><td>15,531</td><td>14,496</td></tr><tr><td>Gas*</td><td>5,006</td><td>4,469</td><td>4,530</td><td>4,013</td></tr><tr><td>Steam</td><td>1,795</td><td>1,790</td><td>1,795</td><td>1,790</td></tr><tr><td>General</td><td>1,650</td><td>1,565</td><td>1,498</td><td>1,433</td></tr><tr><td>Held for future use</td><td>76</td><td>73</td><td>65</td><td>62</td></tr><tr><td>Construction work in progress</td><td>1,031</td><td>1,393</td><td>971</td><td>1,303</td></tr><tr><td>Net Utility Plant</td><td>$29,326</td><td>$27,795</td><td>$27,585</td><td>$26,146</td></tr></table>
<table><tr><td>Fiscal 2008</td><td>$1,977</td></tr><tr><td>Fiscal 2009</td><td>1,977</td></tr><tr><td>Fiscal 2010</td><td>1,977</td></tr><tr><td>Fiscal 2011</td><td>1,422</td></tr><tr><td>Fiscal 2012</td><td>3,846</td></tr><tr><td>Thereafter</td><td>—</td></tr><tr><td>Total</td><td>$11,199</td></tr></table>

Question: When does Residential/Religious in revenues reach the largest value?
Answer: 2008