Pension Benefits

9 Months Ended

Sep. 30, 2023

Retirement Benefits [Abstract]

Pension Benefits

Pension Benefits

Total Periodic Benefit Cost

The components of the Companies’ total periodic benefit cost/(credit) for the three and nine months ended September 30, 2023 and 2022 were as follows:

	For the Three Months Ended September 30,
	Con Edison		CECONY
(Millions of Dollars)	2023	2022	2023	2022
Service cost – including administrative expenses	$40	$72	$38	$67
Interest cost on projected benefit obligation	162	126	153	119
Expected return on plan assets	(279)	(292)	(265)	(277)
Recognition of net actuarial loss/(gain)	(58)	94	(55)	89
Recognition of prior service credit	(4)	(4)	(5)	(5)
TOTAL PERIODIC BENEFIT CREDIT	$(139)	$(4)	$(134)	$(7)
Cost capitalized	(19)	(32)	(18)	(30)
Reconciliation to rate level	72	63	66	59
Total expense (credit) recognized	$(86)	$27	$(86)	$22

	For the Nine Months Ended September 30,
	Con Edison		CECONY
(Millions of Dollars)	2023	2022	2023	2022
Service cost – including administrative expenses	$122	$215	$113	$202
Interest cost on projected benefit obligation	486	379	458	357
Expected return on plan assets	(837)	(876)	(795)	(832)
Recognition of net actuarial loss/(gain)	(174)	283	(164)	268
Recognition of prior service credit	(12)	(12)	(15)	(15)
TOTAL PERIODIC BENEFIT CREDIT	$(415)	$(11)	$(403)	$(20)
Cost capitalized	(61)	(100)	(58)	(95)
Reconciliation to rate level	218	192	202	182
Total expense (credit) recognized	$(258)	$81	$(259)	$67

Components of net periodic benefit cost other than service cost are presented outside of operating income on the Companies' consolidated income statements, and only the service cost component is eligible for capitalization. Accordingly, the service cost component is included in the line "Other operations and maintenance" and the non-service cost components are included in the lines "Investment and other income" and "Other deductions" in the Companies' consolidated income statements.

Expected Contributions

Based on estimates as of September 30, 2023, the Companies expect to make contributions to the pension plans during 2023 of $22 million (of which $19 million is to be made by CECONY). The Companies’ policy is to fund the total periodic benefit cost of the qualified plan to the extent tax deductible and to also contribute to the non-qualified supplemental plans. No funding is anticipated for the qualified plan during 2023, and during the first nine months of 2023, the Companies contributed $15 million to the non-qualified supplemental pension plans, $13 million of which was contributed by CECONY. CECONY also contributed $10 million to the external trust for its non-qualified supplemental plan.