Summary of Significant Accounting Policies and Other Matters (Tables)

12 Months Ended

Dec. 31, 2022

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)	2022	2021	2020
Con Edison	$400	$358	$323
CECONY	387	346	312

Capitalized Cost of Utility Plant

At December 31, 2022 and 2021, the capitalized cost of the Companies’ utility plant, net of accumulated depreciation, was as follows:

	Con Edison		CECONY
(Millions of Dollars)	2022	2021	2022	2021
Electric
Generation	$534	$559	$534	$559
Transmission	4,223	3,955	3,916	3,658
Distribution	23,345	22,418	22,130	21,240
General	113	87	113	87
Gas (a)	11,326	10,473	10,567	9,748
Steam	1,962	1,924	1,962	1,924
General	2,648	2,566	2,410	2,338
Held for future use	117	80	109	72
Construction work in progress	2,484	2,152	2,268	1,985
Net Utility Plant	$46,752	$44,214	$44,009	$41,611

(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)	2022	2021	2022	2021
Prepayments (a)(b)	$24	$16	$23	$15
Other Deferred Charges and Noncurrent Assets (a)(b)	105	81	103	78

(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, 2022 for Con Edison and CECONY was $15 million and $14 million, respectively, and for the year ended December 31, 2021 for Con Edison and CECONY was $12 million and $11 million , respectively. Accumulated depreciation related to these assets for Con Edison and CECONY was $37 million and $33 million, respectively at December 31, 2022 and was $22 million and $19 million, respectively at December 31, 2021.

Schedule of Investment Assets

The following investment assets are included in the Companies' consolidated balance sheets at December 31, 2022 and 2021:

	Con Edison		CECONY
(Millions of Dollars)	2022	2021	2022	2021
CET investment in Mountain Valley Pipeline, LLC (a)	$111	$111	$—	$—
Supplemental retirement income plan assets (b)	459	525	439	499
Deferred income plan assets	93	102	93	102
CET investment in New York Transco, LLC (c)	176	112	—	—
Other	2	3	7	7
Total investments	$841	$853	$539	$608

(a)At December 31, 2022 and 2021, CET's 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 the second half of 2023 at an overall project cost of approximately $6,600 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 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)	2022	2021	2020
Con Edison	$27	$25	$24
CECONY	25	24	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)	2022	2021	2020
Net income for common stock	$1,660	$1,346	$1,101
Weighted average common shares outstanding – basic	354.5	348.4	334.8
Add: Incremental shares attributable to effect of potentially dilutive securities	1.3	1.0	0.9
Adjusted weighted average common shares outstanding – diluted	355.8	349.4	335.7
Net Income per common share – basic	$4.68	$3.86	$3.29
Net Income per common share – diluted	$4.66	$3.85	$3.28

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, 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	$—
OCI before reclassifications, net of tax of $(5) and $(1) for Con Edison and CECONY, respectively	13	3
Amounts reclassified from accumulated OCI related to pension plan liabilities, net of tax of $(1) and for Con Edison (a)(b)	4	1
Total OCI, net of taxes, at December 31, 2022	17	4
Accumulated OCI, net of taxes, at December 31, 2022 (a)	$22	$4

(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, 2022 and 2021, cash, temporary cash investments and restricted cash for Con Edison and CECONY were as follows:

	At December 31,
	Con Edison		CECONY
(Millions of Dollars)	2022	2021	2022	2021
Cash and temporary cash investments	$1,282	$992	$1,056	$920
Restricted cash (a)	223	154	—	—
Total cash, temporary cash investments and restricted cash	$1,505	$1,146	$1,056	$920

(a)Restricted cash included cash of the Clean Energy Businesses' renewable electric project subsidiaries ($223 million and $154 million at December 31, 2022 and 2021, 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. The Clean Energy Businesses were classified as held for sale as of December 31, 2022. See "Assets and Liabilities Held for Sale," below, and Note X. Accordingly, the restricted cash of the Clean Energy Businesses is shown in "Assets Held for Sale" on Con Edison's consolidated balance sheet for 2022.

Schedule of Cash and Cash Equivalents

At December 31, 2022 and 2021, cash, temporary cash investments and restricted cash for Con Edison and CECONY were as follows:

	At December 31,
	Con Edison		CECONY
(Millions of Dollars)	2022	2021	2022	2021
Cash and temporary cash investments	$1,282	$992	$1,056	$920
Restricted cash (a)	223	154	—	—
Total cash, temporary cash investments and restricted cash	$1,505	$1,146	$1,056	$920

(a)Restricted cash included cash of the Clean Energy Businesses' renewable electric project subsidiaries ($223 million and $154 million at December 31, 2022 and 2021, 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. The Clean Energy Businesses were classified as held for sale as of December 31, 2022. See "Assets and Liabilities Held for Sale," below, and Note X. Accordingly, the restricted cash of the Clean Energy Businesses is shown in "Assets Held for Sale" on Con Edison's consolidated balance sheet for 2022.