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Pension Benefits (Tables) - Pension Benefits
 12 Months Ended
Dec. 31, 2016
Defined Benefit Plan Disclosure [Line Items]  
Total Periodic Benefit Costs
The components of the Companies’ total periodic benefit costs for 2016, 2015 and 2014 were as follows:
  
Con Edison
CECONY
(Millions of Dollars)
2016

2015
2014
2016

2015
2014
Service cost – including administrative expenses
$275
$297
$227
$258
$279
$211
Interest cost on projected benefit obligation
596
575
572
559
538
536
Expected return on plan assets
(947)
(886)
(832)
(898)
(840)
(789)
Recognition of net actuarial loss
596
775
618
565
734
586
Recognition of prior service costs
4
4
4
2
2
2
NET PERIODIC BENEFIT COST
$524
$765
$589
$486
$713
$546
Amortization of regulatory asset (a)
—

1
2
—

1
2
TOTAL PERIODIC BENEFIT COST
$524
$766
$591
$486
$714
$548
Cost capitalized
(214)
(301)
(225)
(203)
(285)
(212)
Reconciliation to rate level
54
(74)
118
58
(74)
108
Cost charged to operating expenses
$364
$391
$484
$341
$355
$444
(a) Relates to an increase in CECONY’s pension obligation of $45 million from a 1999 special retirement program.
Schedule of Funded Status
The funded status at December 31, 2016, 2015 and 2014 was as follows:
 
Con Edison
CECONY
(Millions of Dollars)
2016
2015

2014
2016
2015

2014

CHANGE IN PROJECTED BENEFIT OBLIGATION
 
 
 
 
 
 
Projected benefit obligation at beginning of year
$14,377
$15,081
$12,197
$13,482
$14,137
$11,429
Service cost – excluding administrative expenses
271
293
221
254
274
206
Interest cost on projected benefit obligation
596
575
572
559
538
536
Net actuarial (gain)/loss
(302)
(996)
2,641
(282)
(931)
2,484
Plan amendments
(256)
—

6
(259)
—

—

Benefits paid
(591)
(576)
(556)
(551)
(536)
(518)
PROJECTED BENEFIT OBLIGATION AT END OF YEAR
$14,095
$14,377
$15,081
$13,203
$13,482
$14,137
CHANGE IN PLAN ASSETS
 
 
 
 
 
 
Fair value of plan assets at beginning of year
$11,759
$11,495
$10,755
$11,141
$10,897
$10,197
Actual return on plan assets
829
126
752
787
118
715
Employer contributions
508
750
578
469
697
535
Benefits paid
(591)
(576)
(556)
(551)
(536)
(518)
Administrative expenses
(33)
(36)
(34)
(31)
(35)
(32)
FAIR VALUE OF PLAN ASSETS AT END OF YEAR
$12,472
$11,759
$11,495
$11,815
$11,141
$10,897
FUNDED STATUS
$(1,623)
$(2,618)
$(3,586)
$(1,388)
$(2,341)
$(3,240)
Unrecognized net loss
$3,157
$3,909
$4,888
$2,995
$3,704
$4,616
Unrecognized prior service costs
(244)
16
20
(258)
3
4
Accumulated benefit obligation
12,655
12,909
13,454
11,806
12,055
12,553
Schedule of Assumptions
The actuarial assumptions were as follows: 
 
2016

2015

2014

Weighted-average assumptions used to determine benefit obligations at December 31:
 
 
 
Discount rate
4.25
%
4.25
%
3.90
%
Rate of compensation increase
 
 
 
CECONY
4.25
%
4.25
%
4.25
%
O&R
4.00
%
4.00
%
4.00
%
Weighted-average assumptions used to determine net periodic benefit cost for the years ended December 31:
 
 
 
Discount rate
4.25
%
3.90
%
4.80
%
Expected return on plan assets
7.80
%
7.80
%
8.00
%
Rate of compensation increase
 
 
 
CECONY
4.25
%
4.25
%
4.35
%
O&R
4.00
%
4.00
%
4.25
%
Schedule of Expected Benefit Payments
Based on current assumptions, the Companies expect to make the following benefit payments over the next ten years:
(Millions of Dollars)
2017
2018
2019
2020
2021
2022-2026
Con Edison
$702
$719
$730
$745
$758
$3,990
CECONY
653
670
679
693
705
3,716
Schedule of Plan Assets Allocations
The asset allocations for the pension plan at the end of 2016, 2015 and 2014, and the target allocation for 2017 are as follows:
  
Target
Allocation Range
 
           Plan Assets at December 31,
Asset Category
2017
 
2016

 
2015

 
2014

Equity Securities
52% - 64%
 
58
%
 
57
%
 
58
%
Debt Securities
28% - 38%
 
33
%
 
33
%
 
32
%
Real Estate
7% - 11%
 
9
%
 
10
%
 
10
%
Total
100%
 
100
%
 
100
%
 
100
%
Schedule of Fair Value of Plan Assets
The fair values of the pension plan assets at December 31, 2015 by asset category are as follows:
(Millions of Dollars)
Level 1

 
Level 2

 
Total
Investments within the fair value hierarchy
 
 
 
 
 
U.S. Equity (a)
$3,106
 

$—

 
$3,106
International Equity (b)
2,874
 
346
 
3,220
U.S. Government Issued Debt (c)
—

 
2,222
 
2,222
Corporate Bonds Debt (d)
—

 
1,356
 
1,356
Structured Assets Debt (e)
—

 
1
 
1
Other Fixed Income Debt (f)
—

 
170
 
170
Cash and Cash Equivalents (g)
115
 
414
 
529
Futures (h)
161
 
132
 
293
Total investments within the fair value hierarchy
$6,256
 
$4,641
 
$10,897
Investments measured at NAV per share (n)
 
 
 
 
 
Private Equity (i)
 
 
 
 
170
Real Estate (j)
 
 
 
 
1,248
Hedge Funds (k)


 
 
 
233
Total investments valued using NAV per share

 

 
$1,651
Funds for retiree health benefits (l)
(162)
 
(120)
 
(282)
Funds for retiree health benefits measured at NAV per share (l)(n)
 
 
 
 
(43)
Total funds for retiree health benefits
 
 
 
 
$(325)
Investments (excluding funds for retiree health benefits)
$6,094
 
$4,521
 
$12,223
Pending activities (m)
 
 
 
 
(464)
Total fair value of plan net assets
 
 
 
 
$11,759
(a) - (n) Reference is made to footnotes (a) through (n) in the above table of pension plan assets at December 31, 2016 by asset category.
Schedule of Employer Contribution to Defined Savings Plan
The Companies also offer a defined contribution savings plan that covers substantially all employees and made contributions to the plan as follows:
  
              For the Years Ended December 31,
(Millions of Dollars)
2016
 
2015
 
2014
Con Edison
$36
 
$34
 
$32
CECONY
32
 
29
 
27