AMERICAN TOWER CORPORATION AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(Continued) Other Debt Repurchases—During the year ended December 31, 2004, in addition to the redemptions discussed above, the Company repurchased in privately negotiated transactions an aggregate of $309.7 million face amount of its ATI 12.25% Notes ($179.4 million accreted value, net of $14.7 million fair value allocated to warrants) for approximately $230.9 million in cash; repurchased $112.1 million principal amount of its 93?8% Notes for $118.9 million in cash; and repurchased $73.7 million principal amount of its 5.0% Notes for approximately $73.3 million in cash.
As a consequence of these transactions, the Company recorded an aggregate charge of $66.4 million related to the write-off of deferred financing fees and amounts paid in excess of carrying value.
Such loss is reflected in loss on retirement of long-term obligations in the accompanying condensed consolidated statement of operations for the year ended December 31, 2004.2.25% Convertible Notes Repurchases—During the year ended December 31, 2003, the Company repurchased an aggregate of $215.0 million accreted value ($269.8 million face value) of its 2.25% Notes in exchange for an aggregate of 8,415,984 shares of Class A common stock and $166.4 million in cash, including $84.2 million accreted value ($104.9 million face amount) of 2.25% Notes repurchased in the Company’s cash tender offer in October 2003.
The shares issued to noteholders included an aggregate of 6,440,636 shares of Class A common stock issued to such holders in addition to the amounts issuable upon conversion of those notes as provided in the applicable indentures.
The Company made these repurchases pursuant to negotiated transactions with a limited number of note holders.
As a consequence of these transactions, the Company recorded charges of approximately $41.4 million during the year ended December 31, 2003, which primarily represent the fair market value of the shares of stock issued to the note holders in excess of the number of shares originally issuable upon conversion of the notes, as well as cash paid in excess of the related debt retired.
These charges are included in loss on retirement of long-term obligations in the accompanying consolidated statement of operations for the year ended December 31, 2003.
Capital Lease Obligations and Notes Payable—The Company’s capital lease obligations and notes payable approximated $60.0 million and $58.7 million as of December 31, 2004 and 2003, respectively.
These obligations bear interest at rates ranging from 7.9% to 12.0% and mature in periods ranging from less than one year to approximately seventy years.
Maturities—As of December 31, 2004, aggregate principal payments of long-term debt, including capital leases, for the next five years and thereafter are estimated to be (in thousands):
## Table 0 ##
The holders of the Company’s 5.0% Notes have the right to require the Company to repurchase their notes on specified dates prior to the maturity date in 2010, but the Company may pay the purchase price by issuing shares of Class A common stock, subject to certain conditions.
Obligations with respect to the right of the holders to put the 5.0% Notes have been included in the table above as if such notes mature the date on which the put rights become exercisable in 2007.
Note C – Capitalization Common Stock At December 31, 2003 and 2002, Con Edison owned all of the issued and outstanding shares of common stock of the Utilities.
Con Edison of New York owns $962 million of Con Edison stock, which it purchased in 1998 and 1999 in connection with Con Edison’s stock repurchase plan.
Capitalization of Con Edison The outstanding capitalization for Con Edison is shown on its Consolidated Statement of Capitalization, and includes the Utilities’ outstanding preferred stock and debt.
Preferred Stock of Utility Subsidiaries As of December 31, 2003, 1,915,319 shares of Con Edison of New York’s $5 Cumulative Preferred Stock (the “$5 Preferred”) and 375,626 shares of its Cumulative Preferred Stock ($100 par value) were outstanding.
Dividends on the $5 Preferred stock are $5 per share per annum, payable quarterly, and dividends on the Cumulative Preferred Stock are $4.65 per share per annum, payable quarterly.
The preferred dividends must be declared by Con Edison of New York’s Board of Trustees to become payable.
See “Dividends” below.
With respect to any corporate action to be taken by a vote of shareholders of Con Edison of New York, Con Edison (which owns all of the 235,488,094 shares of Con Edison of New York’s common shares that are outstanding) and the holders of the $5 Preferred are each entitled to one vote for each share held.
Except as otherwise required by law, holders of the Cumulative Preferred Stock have no right to vote; provided, however, that if the $5 Preferred is no longer outstanding, the holders of the Cumulative Preferred Stock are entitled to one vote for each share with respect to any corporate action to be taken by a vote of the shareholders of Con Edison of New York.
In addition, if dividends are in arrears for certain periods, the holders are entitled to certain rights with respect to the election of Con Edison of New York's Trustees.
Without the consent of the holders of the Cumulative Preferred Stock, Con Edison of New York may not create or authorize any kind of stock ranking prior to the Cumulative Preferred Stock or, if such actions would affect the holders of the Cumulative Preferred Stock adversely, be a party to any consolidation or merger, create or amend the terms of the Cumulative Preferred Stock or reclassify the Cumulative Preferred Stock.
Con Edison of New York may redeem the $5 Preferred at a redemption price of $105 per share and the Cumulative Preferred Stock at a redemption price of $101 per share (in each case, plus accrued and unpaid dividends).
In the event of the dissolution, liquidation or winding up of the affairs of Con Edison of New York, before any distribution of capital assets could be made to the holders of the company’s common stock, the holders of the $5 Preferred and the Cumulative Preferred Stock would each be entitled to receive $100 per share, in the case of an involuntary liquidation, or an amount equal to the redemption price per share, in the case of a voluntary liquidation, in each case together with all accrued and unpaid dividends.
Dividends In accordance with PSC requirements, the dividends that the Utilities may pay are limited to not more than 100 percent of their respective income available for dividends calculated on a two-year rolling average basis.
Excluded from the calculation of “income available for dividends” are non-cash charges to income resulting from accounting changes or charges to income resulting from significant unanticipated events.
The restriction also does not apply to dividends paid in order to transfer to Con Edison proceeds from major transactions, such as asset sales, or to dividends reducing each utility subsidiary's equity ratio to a level appropriate to its business risk.
In addition, no dividends may be paid, or funds set apart for payment, on Con Edison of New York’s common stock until all dividends accrued on the $5 Preferred Stock and Cumulative Preferred Stock have been paid, or declared and set apart for payment.
Long-term Debt Long-term debt maturing in the period 2004-2008 is as follows:
## Table 1 ##
Long-term debt includes notes issued by O&R to the New York State Energy Research and Development Authority (NYSERDA) for the net proceeds of NYSERDA’s $55 million aggregate principal amount of Series 1994A and $44 million aggregate principal amount of Series 1995A Pollution Control Refunding Revenue Bonds.
The interest rate determination method for this debt is subject to change in accordance with the related indenture, and the debt currently bears interest at a weekly rate determined by its remarketing agent.
The debt is subject to optional and, in certain circumstances, mandatory tender for purchase by O&R.
See “Interest Rate Hedging” in Note P.  Long-term debt is stated at cost, which, as of December 31, 2003, approximates fair value (estimated based on current rates for debt of the same remaining maturities), except for
MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS (COMBINED FOR CON EDISON AND CON EDISON OF NEW YORK)–CONTINUED Electric sales and delivery volumes in Con Edison of New York’s service area increased 4.7 percent in 2005 compared with 2004, primarily reflecting warmer weather in the 2005 summer period compared with 2004 weather, growth in usage by existing customers and increased new business.
After adjusting for variations, principally weather and billing days in each period, electric sales and delivery volumes in Con Edison of New York’s service area increased 2.4 percent in 2005 compared with 2004.
Con Edison of New York’s electric purchased power costs increased $295 million in 2005 compared with the 2004 period reflecting an increase in unit costs, partially offset by decreased purchased volumes associated with additional customers obtaining their energy supply through competitive providers.
Electric fuel costs increased $120 million, reflecting higher sendout volumes from the company’s generating facilities and an increase in unit costs.
Con Edison of New York’s electric operating income increased $133 million in 2005 compared with 2004.
The increase reflects higher net revenues ($423 million) due principally to warm weather and the new electric rate plan, offset in part by higher operations and maintenance costs ($200 million, due primarily to lower pension credits and higher costs addressed in the electric rate plan), taxes other than income taxes ($77 million, principally property taxes), depreciation ($11 million) and income taxes ($2 million).
Gas Con Edison of New York’s gas operating revenues in 2005 increased $327 million compared with 2004, reflecting primarily an increase in recoverable gas costs ($256 million), the gas rate plan ($54 million) and the effect of the 2004 charge to resolve certain issues relating primarily to the treatment of prior period pension credits ($18 million).
Con Edison of New York’s revenues from gas sales are subject to a weather normalization clause that moderates, but does not eliminate, the effect of weather-related changes on net income.
Con Edison of New York’s gas sales and deliveries, excluding off-system sales, in 2005 compared with 2004 were:
## Table 2 ##
Con Edison of New York’s sales and transportation volumes for firm customers increased 2.8 percent in 2005 compared with 2004 reflecting primarily increased new business and changes in service classification to firm from interruptible for certain customers that were no longer eligible for interruptible service, partially offset by the impact of the milder winter in the 2005 period.
After adjusting for variations, principally weather and billing days in each period, firm gas sales and transportation volumes in the company’s service area increased 2.4 percent in the 2005 period.
Con Edison of New York’s purchased gas cost increased $256 million in 2005 compared with 2004 due to higher unit costs and higher sendout.
Con Edison of New York’s gas operating income increased $18 million in 2005 compared with 2004, reflecting primarily higher net revenues ($72 million) as a result of the October 2004 gas rate plan.
This increase was partially offset by higher operations and maintenance expense ($27 million, due primarily to lower pension credits and higher costs addressed in the gas rate plan),
MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS – CONTINUED 2010, did not require any second-step assessment and did not result in any impairment.
The company’s most significant assumptions surrounding the goodwill impairment test relate to the estimates of reporting unit fair values.
The company estimated fair values based primarily on discounted cash flows and on market values for a proxy group of companies.
Accounting for Derivative Instruments The Companies apply the accounting rules for derivatives and hedging to their derivative financial instruments.
The Companies use derivative financial instruments to hedge market price fluctuations in related underlying transactions for the physical purchase and sale of electricity and gas and interest rate risk on certain debt securities.
The Utilities are permitted by their respective regulators to reflect in rates all reasonably incurred gains and losses on these instruments.
See “Financial and Commodity Market Risks,” below and Note O to the financial statements in Item 8.
Where the Companies are required to make mark-to-market estimates pursuant to the accounting rules, the estimates of gains and losses at a particular period end do not reflect the end results of particular transactions, and will most likely not reflect the actual gain or loss at the conclusion of a transaction.
Substantially all of the estimated gains or losses are based on prices supplied by external sources such as the fair value of exchange traded futures and options and the fair value of positions for which price quotations are available through or derived from brokers or other market sources.
Accounting for Leases The Companies apply the accounting rules for leases and other related pronouncements to their leasing transactions.
See Note J to the financial statements in Item 8 for information about Con Edison Development’s “Lease In/Lease Out” or LILO transactions, a disallowance of tax losses by the IRS and a favorable court decision in the company’s litigation with the IRS.
In accordance with the accounting rules, Con Edison accounted for the two LILO transactions as leveraged leases.
Accordingly, the company’s investment in these leases, net of non-recourse debt, is carried as a single amount in Con Edison’s consolidated balance sheet and income is recognized pursuant to a method that incorporates a level rate of return for those years when net investment in the lease is positive, based upon the after-tax cash flows projected at the inception of the leveraged leases.
Liquidity and Capital Resources The Companies’ liquidity reflects cash flows from operating, investing and financing activities, as shown on their respective consolidated statement of cash flows and as discussed below.
The principal factors affecting Con Edison’s liquidity are its investments in the Utilities, the dividends it pays to its shareholders and the dividends it receives from the Utilities and cash flows from financing activities discussed below.
The principal factors affecting CECONY’s liquidity are its cash flows from operating activities, cash used in investing activities (including construction expenditures), the dividends it pays to Con Edison and cash flows from financing activities discussed below.
The Companies generally maintain minimal cash balances and use short-term borrowings to meet their working capital needs and other cash requirements.
The Companies repay their shortterm borrowings using funds from long-term financings and operating activities.
The Utilities’ cost of capital, including working capital, is reflected in the rates they charge to their customers.
Each of the Companies believes that it will be able to meet its reasonably likely short-term and long-term cash requirements.
See “The Companies Require Access to Capital Market to Satisfy Funding Requirements” and “The Companies Also Face Other Risks That Are Beyond Their Control” in Item 1A, “Application of Critical Accounting Policies – Accounting for Contingencies,” above, and “Utility Regulation” in Item 1.
Changes in the Companies’ cash and temporary cash investments resulting from operating, investing and financing activities for the years ended December 31, 2010, 2009 and 2008 are summarized as follows: Con Edison
## Table 3 ##
CECONY

<table><tr><td>2005</td><td>$138,386</td></tr><tr><td>2006</td><td>42,498</td></tr><tr><td>2007</td><td>332,241</td></tr><tr><td>2008</td><td>561,852</td></tr><tr><td>2009</td><td>205,402</td></tr><tr><td>Thereafter</td><td>2,206,476</td></tr><tr><td>Total cash obligations</td><td>3,486,855</td></tr><tr><td>Accreted value of original issue discount of the ATI 12.25% Notes</td><td>-172,909</td></tr><tr><td>Accreted value of the related warrants</td><td>-21,588</td></tr><tr><td>Accreted value of the discount and premium of 3.00% Notes and 7.125% Notes</td><td>1,256</td></tr><tr><td>Balance as of December 31, 2004</td><td>$3,293,614</td></tr></table>
<table><tr><td><i>(Millions of Dollars)</i></td><td><i>Con Edison</i></td><td><i>Con Edison of New York</i></td><td><i>O&R</i></td></tr><tr><td>2004</td><td>166</td><td>150</td><td>-</td></tr><tr><td>2005</td><td>467</td><td>450</td><td>-</td></tr><tr><td>2006</td><td>20</td><td>-</td><td>-</td></tr><tr><td>2007</td><td>371</td><td>330</td><td>20</td></tr><tr><td>2008</td><td>504</td><td>280</td><td>-</td></tr></table>
<table><tr><td></td><td colspan="2"> Thousands of DTHs  Twelve Months Ended</td><td></td><td rowspan="2">Percent Variation</td></tr><tr><td> Description</td><td> December 31, 2005</td><td> December 31, 2004</td><td>Variation</td></tr><tr><td> Firm Sales</td><td></td><td></td><td></td><td></td></tr><tr><td>Residential</td><td>48,175</td><td>48,569</td><td>-394</td><td>-0.8%</td></tr><tr><td>General</td><td>36,800</td><td>35,887</td><td>913</td><td>2.5</td></tr><tr><td> Firm Transportation</td><td> 19,088</td><td> 16,795</td><td>2,293</td><td>13.7</td></tr><tr><td> Total Firm Sales and Transportation</td><td> 104,063</td><td> 101,251</td><td>2,812</td><td>2.8</td></tr><tr><td>Off Peak/Interruptible Sales</td><td>13,128</td><td>13,187</td><td>-59</td><td>-0.4</td></tr><tr><td> Non-Firm Transportation of Gas</td><td></td><td></td><td></td><td></td></tr><tr><td>NYPA</td><td>22,305</td><td>18,623</td><td>3,682</td><td>19.8</td></tr><tr><td>Generation Plants</td><td>48,564</td><td>44,772</td><td>3,792</td><td>8.5</td></tr><tr><td> Total NYPA and Generation Plants</td><td> 70,869</td><td> 63,395</td><td>7,474</td><td>11.8</td></tr><tr><td>Other</td><td>18,103</td><td>18,534</td><td>-431</td><td>-2.3</td></tr><tr><td> Total Sales and Transportation</td><td> 206,163</td><td> 196,367</td><td>9,796</td><td>5.0%</td></tr></table>
<table><tr><td><i></i> <i>(millions of dollars)</i></td><td>2010</td><td>2009</td><td>Variance 2010 vs. 2009</td><td>2008</td><td>Variance 2009 vs. 2008</td></tr><tr><td>Operating activities</td><td>$2,381</td><td>$2,466</td><td>$-85</td><td>$640</td><td>$1,826</td></tr><tr><td>Investing activities</td><td>-2,175</td><td>-2,360</td><td>185</td><td>-1,071</td><td>-1,289</td></tr><tr><td>Financing activities</td><td>-128</td><td>80</td><td>-208</td><td>295</td><td>-215</td></tr><tr><td>Net change</td><td>78</td><td>186</td><td>-108</td><td>-136</td><td>322</td></tr><tr><td>Balance at beginning of period</td><td>260</td><td>74</td><td>186</td><td>210</td><td>-136</td></tr><tr><td>Balance at end of period</td><td>$338</td><td>$260</td><td>$78</td><td>$74</td><td>$186</td></tr></table>

Question: Does the value of residential in 2005 greater than that in 2004 ?
Answer: NO