Summary of Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2016

At December 31, 2016 and 2015, the capitalized cost of the Companies’ utility plant, net of accumulated depreciation, was as follows:



	Con Edison		CECONY
(Millions of Dollars)	2016	2015	2016	2015
Electric
Generation	$479	$459	$479	$459
Transmission	3,184	3,045	2,963	2,833
Distribution	18,150	17,244	17,234	16,394
Gas (a)	6,285	5,698	5,749	5,196
Steam	1,882	1,849	1,882	1,849
General	1,816	1,758	1,639	1,592
Held for future use	74	77	65	65
Construction work in progress	1,175	1,003	1,104	922
Net Utility Plant	$33,045	$31,133	$31,115	$29,310

(a) Primarily distribution.

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)	2016	2015	2014
Con Edison	$336	$354	$365
CECONY	316	331	343

Schedule of Equity Method Investments

The following investment assets are included in the Companies' consolidated balance sheets at December 31, 2016 and 2015:



	Con Edison			CECONY
(Millions of Dollars)	2016	2015		2016		2015
CET Gas investment in Stagecoach Gas Services, LLC (a)	$992		$—		$—		$—
Con Edison Development equity method investments (b)	488	574		—		—
Supplemental retirement income plan assets (c)	273	243		246		221
Deferred income plan assets	60	55		60		55
CET Electric investment in New York Transco, LLC	51	3		—		—
CET Gas investment in Mountain Valley Pipeline, LLC	48	—		—		—
Other	9	9		9		10
Total investments	$1,921	$884		$315		$286


(a)	See Note U.


(b)	See Note Q.


(c)	See Note E.

Research and Development Costs

Research and development costs were as follows:



	For the Years Ended December 31,
(Millions of Dollars)	2016	2015	2014
Con Edison	$24	$23	$22
CECONY	22	22	20

Basic and Diluted Earnings Per Share

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)	2016	2015	2014
Net income	$1,245	$1,193	$1,092
Weighted average common shares outstanding – basic	300.4	293.0	292.9
Add: Incremental shares attributable to effect of potentially dilutive securities	1.5	1.4	1.1
Adjusted weighted average common shares outstanding – diluted	301.9	294.4	294.0
Net Income per common share – basic	$4.15	$4.07	$3.73
Net Income per common share – diluted	$4.12	$4.05	$3.71

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, 2014 (a)	$(45)	$(11)
OCI before reclassifications, net of tax of $(3) for Con Edison	5	1
Amounts reclassified from accumulated OCI related to pension plan liabilities, net of tax of $(4) and $(1) for Con Edison and CECONY, respectively(a)(b)	6	1
Total OCI, net of taxes, at December 31, 2015	11	2
Accumulated OCI, net of taxes, at December 31, 2015 (a)	$(34)	$(9)
OCI before reclassifications, net of tax of $(1) for Con Edison and CECONY	2	1
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)	5	1
Total OCI, net of taxes, at December 31, 2016	7	2
Accumulated OCI, net of taxes, at December 31, 2016 (a)	$(27)	$(7)

(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 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.