Summary of Significant Accounting Policies and Other Matters (Tables)

12 Months Ended

Dec. 31, 2021

Accounting Policies [Abstract]

Schedule of Total Excise Taxes Recorded in Operating Revenues

Total excise taxes (inclusive of gross receipts taxes) recorded in operating revenues were as follows:

	For the Years Ended December 31,
(Millions of Dollars)	2021	2020	2019
Con Edison	$358	$335	$323
CECONY	346	323	312

Capitalized Cost of Utility Plant

At December 31, 2021 and 2020, the capitalized cost of the Companies’ utility plant, net of accumulated depreciation, was as follows:

	Con Edison		CECONY
(Millions of Dollars)	2021	2020	2021	2020
Electric
Generation	$559	$572	$559	$572
Transmission	3,955	3,786	3,658	3,496
Distribution	22,418	21,481	21,240	20,366
General	87	52	87	52
Gas (a)	10,473	9,206	9,748	8,522
Steam	1,924	1,854	1,924	1,854
General	2,566	2,507	2,338	2,286
Held for future use	80	92	72	84
Construction work in progress	2,152	2,474	1,985	2,320
Net Utility Plant	$44,214	$42,024	$41,611	$39,552

(a) Primarily distribution.

Schedule of Other Deferred Charges and Noncurrent Assets and Prepayments

Other deferred charges and noncurrent assets and prepayments, net of accumulated depreciation, included the following related to implementation costs incurred in cloud computing arrangements:

	Con Edison		CECONY
(Millions of Dollars)	2021	2020	2021	2020
Prepayments (a)(b)	$16	$12	$15	$11
Other Deferred Charges and Noncurrent Assets (a)(b)	$81	$54	$78	$51

(a) Depreciation on these assets is computed using the straight-line method for financial statement purposes over their estimated useful lives.

(b) Depreciation expense related to these assets incurred during the year ended December 31, 2021 for Con Edison and CECONY was $12 million and $11 million, respectively, and for the year ended December 31, 2020 for Con Edison and CECONY was $7 million and $6 million, respectively. Accumulated depreciation related to these assets for Con Edison and CECONY was $22 million and $19 million, respectively at December 31, 2021 and was $10 million and $8 million, respectively at December 31, 2020.

Schedule of Investment Assets

The following investment assets are included in the Companies' consolidated balance sheets at December 31, 2021 and 2020:

	Con Edison		CECONY
(Millions of Dollars)	2021	2020	2021	2020
CET Gas investment in Stagecoach Gas Services LLC	$—	$845	$—	$—
CET Gas investment in Mountain Valley Pipeline, LLC (a)	111	342	—	—
Supplemental retirement income plan assets (b)	525	465	499	439
Deferred income plan assets	102	92	102	92
CET Electric investment in New York Transco, LLC (c)	112	69	—	—
Other	3	3	7	10
Total investments	$853	$1,816	$608	$541

(a)At December 31, 2021 and 2020, CET Gas' cash investment in MVP was $530 million. In May 2021, the operator of the Mountain Valley Pipeline indicated that, subject to receipt of certain authorizations and resolution of certain challenges, it is targeting an in-service date for the project of summer 2022 at an overall project cost of approximately $6,200 million excluding allowance for funds used during construction. See "2020 and 2021 Partial Impairments of Investment in Mountain Valley Pipeline, LLC (MVP)" above.

(b)See Note E.

(c)CET Electric owns a 45.7 percent interest in New York Transco, LLC.

Research and Development Costs

Research and development costs were as follows:

	For the Years Ended December 31,
(Millions of Dollars)	2021	2020	2019
Con Edison	$25	$24	$24
CECONY	24	23	23

Basic and Diluted EPS

Basic and diluted EPS for Con Edison are calculated as follows:

	For the Years Ended December 31,
(Millions of Dollars, except per share amounts/Shares in Millions)	2021	2020	2019
Net income for common stock	$1,346	$1,101	$1,343
Weighted average common shares outstanding – basic	348.4	334.8	328.5
Add: Incremental shares attributable to effect of potentially dilutive securities	1.0	0.9	1.0
Adjusted weighted average common shares outstanding – diluted	349.4	335.7	329.5
Net Income per common share – basic	$3.86	$3.29	$4.09
Net Income per common share – diluted	$3.85	$3.28	$4.08

Changes in Accumulated Other Comprehensive Income/(Loss)

Changes to accumulated other comprehensive income/(loss) (OCI) for Con Edison and CECONY are as follows:

(Millions of Dollars)	Con Edison	CECONY
Accumulated OCI, net of taxes, at December 31, 2018 (a)	$(16)	$(5)
OCI before reclassifications, net of tax of $(6) and $(1) for Con Edison and CECONY, respectively	(10)	(3)
Amounts reclassified from accumulated OCI related to pension plan liabilities, net of tax of $(2) for Con Edison (a)(b)	7	2
Total OCI, net of taxes, at December 31, 2019	(3)	(1)
Accumulated OCI, net of taxes, at December 31, 2019 (a)	$(19)	$(6)
OCI before reclassifications, net of tax of $4 and $1 for Con Edison and CECONY, respectively	(11)	(3)
Amounts reclassified from accumulated OCI related to pension plan liabilities, net of tax of $(2) for Con Edison (a)(b)	5	2
Total OCI, net of taxes, at December 31, 2020	(6)	(1)
Accumulated OCI, net of taxes, at December 31, 2020 (a)	$(25)	$(7)
OCI before reclassifications, net of tax of $(8) and $(2) for Con Edison and CECONY, respectively	22	5
Amounts reclassified from accumulated OCI related to pension plan liabilities, net of tax of $(3) and $(1) for Con Edison and CECONY, respectively (a)(b)	8	2
Total OCI, net of taxes, at December 31, 2021	30	7
Accumulated OCI, net of taxes, at December 31, 2021 (a)	$5	$—

(a) Tax reclassified from accumulated OCI is reported in the income tax expense line item of the consolidated income statement.

(b) For the portion of unrecognized pension and other postretirement benefit costs relating to the Utilities, costs are recorded into, and amortized out of, regulatory assets and liabilities instead of OCI. The net actuarial losses and prior service costs recognized during the period are included in the computation of total periodic pension and other postretirement benefit cost. See Notes E and F.

Restrictions on Cash and Cash Equivalents

At December 31, 2021 and 2020, cash, temporary cash investments and restricted cash for Con Edison and CECONY were as follows:

	At December 31,
	Con Edison		CECONY
(Millions of Dollars)	2021	2020	2021	2020
Cash and temporary cash investments	$992	$1,272	$920	$1,067
Restricted cash (a)	154	164	—	—
Total cash, temporary cash investments and restricted cash	$1,146	$1,436	$920	$1,067

(a)Restricted cash included cash of the Clean Energy Businesses' renewable electric project subsidiaries ($154 million and $164 million at December 31, 2021 and 2020, respectively) that, under the related project debt agreements, is restricted to being used for normal operating expenditures, debt service, and required reserves until the various maturity dates of the project debt.

Schedule of Cash and Cash Equivalents

At December 31, 2021 and 2020, cash, temporary cash investments and restricted cash for Con Edison and CECONY were as follows:

	At December 31,
	Con Edison		CECONY
(Millions of Dollars)	2021	2020	2021	2020
Cash and temporary cash investments	$992	$1,272	$920	$1,067
Restricted cash (a)	154	164	—	—
Total cash, temporary cash investments and restricted cash	$1,146	$1,436	$920	$1,067

(a)Restricted cash included cash of the Clean Energy Businesses' renewable electric project subsidiaries ($154 million and $164 million at December 31, 2021 and 2020, respectively) that, under the related project debt agreements, is restricted to being used for normal operating expenditures, debt service, and required reserves until the various maturity dates of the project debt.