Summary of Significant Accounting Policies and Other Matters (Tables)

12 Months Ended

Dec. 31, 2018

Accounting Policies [Abstract]

Disaggregation of Revenue

The following table presents, for the year ended December 31, 2018, revenue from contracts with customers as defined in Topic 606, as well as additional revenue from sources other than contracts with customers, disaggregated by major source.

(Millions of Dollars)	Revenues from contracts with customers		Other revenues (a)		Total operating revenues
CECONY
Electric	$7,920		$51		$7,971
Gas	2,052		26		2,078
Steam	625		6		631
Total CECONY	$10,597		$83		$10,680
O&R
Electric	647		(5)		642
Gas	256		(7)		249
Total O&R	$903		$(12)		$891
Clean Energy Businesses
Renewables	329	(b)	—		329
Energy services	95		—		95
Other	—		339		339
Total Clean Energy Businesses	$424		$339		$763
Con Edison Transmission	4		—		4
Other (c)	—		(1	)	(1	)
Total Con Edison	$11,928		$409		$12,337

(a) For the Utilities, this includes revenue from alternative revenue programs, such as the revenue decoupling mechanisms under their New York electric and gas rate plans.For the Clean Energy Businesses, this includes revenue from wholesale services.

(b) Included within the total for Renewables revenue at the Clean Energy Businesses is $103 million of revenue related to engineering, procurement and construction services.

(c) Parent company and consolidation adjustments.

Change in Unbilled Contract and Unearned Revenues

(Millions of Dollars)	Unbilled contract revenue (a)	Unearned revenue (b)
Beginning balance as of January 1, 2018	$58	$87
Additions (c)	144	38
Subtractions (c)	173	105	(d)
Ending balance as of December 31, 2018	$29	$20

(a) Unbilled contract revenue represents accumulated incurred costs and earned profits on contracts (revenue arrangements), which have been recorded as revenue, but have not yet been billed to customers, and which represent contract assets as defined in Topic 606. Substantially all accrued unbilled contract revenue is expected to be collected within one year. Unbilled contract revenue arises from the cost-to-cost method of revenue recognition. Unbilled contract revenue from fixed-price type contracts is converted to billed receivables when amounts are invoiced to customers according to contractual billing terms, which generally occur when deliveries or other performance milestones are completed.

(b) Unearned revenue represents a liability for billings to customers in excess of earned revenue, which are contract liabilities as defined in Topic 606.

(c) Additions for unbilled contract revenue and subtractions for unearned revenue represent additional revenue earned. Additions for unearned revenue and subtractions for unbilled contract revenue represent billings. Activity also includes appropriate balance sheet classification for the period.

(d) Of the $105 million in subtractions from unearned revenue, $50 million was included in the balance as of December 31, 2017.

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)	2018	2017	2016
Con Edison	$330	$302	$336
CECONY	318	292	316

Capitalized Cost of Utility Plant

At December 31, 2018 and 2017, the capitalized cost of the Companies’ utility plant, net of accumulated depreciation, was as follows:

	Con Edison		CECONY
(Millions of Dollars)	2018	2017	2018	2017
Electric
Generation	$593	$544	$592	$544
Transmission	3,333	3,210	3,106	2,990
Distribution	19,750	18,959	18,716	17,996
Gas (a)	7,714	6,976	7,107	6,403
Steam	1,830	1,798	1,830	1,798
General	2,306	2,105	2,102	1,905
Held for future use	76	76	67	67
Construction work in progress	1,978	1,605	1,850	1,502
Net Utility Plant	$37,580	$35,273	$35,370	$33,205

(a) Primarily distribution.

Schedule of Investment Assets

The following investment assets are included in the Companies' consolidated balance sheets at December 31, 2018 and 2017:

	Con Edison		CECONY
(Millions of Dollars)	2018	2017	2018		2017
CET Gas investment in Stagecoach Gas Services, LLC	$948	$971		$—		$—
CET Gas investment in Mountain Valley Pipeline, LLC (a)	363	98	—		—
Supplemental retirement income plan assets (c)	326	330	301		301
Deferred income plan assets	75	73	75		73
CET Electric investment in New York Transco, LLC	52	53	—		—
Con Edison Development equity method investments (b)	—	467	—		—
Other	2	9	9		9
Total investments	$1,766	$2,001	$385		$383

(a) See Note U.

(b) Upon completion of the acquisition of Sempra Solar Holdings, LLC in December 2018, Con Edison is accounting on a consolidated basis for certain jointly-owned renewable electric production projects that previously were accounted for as equity method investments. See Note U.

(c) See Note E.

Research and Development Costs

Research and development costs were as follows:

	For the Years Ended December 31,
(Millions of Dollars)	2018	2017	2016
Con Edison	$24	$24	$24
CECONY	23	23	22

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)	2018	2017	2016
Net income	$1,382	$1,525	$1,245
Weighted average common shares outstanding – basic	311.7	307.1	300.4
Add: Incremental shares attributable to effect of potentially dilutive securities	1.2	1.7	1.5
Adjusted weighted average common shares outstanding – diluted	312.9	308.8	301.9
Net Income per common share – basic	$4.43	$4.97	$4.15
Net Income per common share – diluted	$4.42	$4.94	$4.12

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, 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)
OCI before reclassifications, net of tax of $3 and $1 for Con Edison and CECONY, respectively	(4)	—
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, 2017	1	1
Accumulated OCI, net of taxes, at December 31, 2017 (a)	$(26)	$(6)
OCI before reclassifications, net of tax of $3 for Con Edison	4	—
Amounts reclassified from accumulated OCI related to pension plan liabilities, net of tax of $(2) for Con Edison (a)(b)	6	1
Total OCI, net of taxes, at December 31, 2018	10	1
Accumulated OCI, net of taxes, at December 31, 2018 (a)	$(16)	$(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, 2018 and 2017, cash, temporary cash investments and restricted cash for Con Edison and CECONY were as follows:

	At December 31,
	Con Edison		CECONY
(Millions of Dollars)	2018	2017	2018	2017
Cash and temporary cash investments	$895	$797	$818	$730
Restricted cash (a)	111	47	—	—
Total cash, temporary cash investments and restricted cash	$1,006	$844	$818	$730

(a) Restricted cash included cash of Con Edison Development renewable electric production project subsidiaries ($109 million and $46 million at December 31, 2018 and 2017, respectively) that, under the related project debt agreements, is restricted until the various maturity dates of the project debt to being used for normal operating expenses and capital expenditures, debt service, and required reserves. Also, during the pendency of the PG&E bankruptcy, restricted cash may also include additional cash that, unless the lenders for the related project debt agree, may not be distributed from the related projects to Con Edison Development. See "Long-Lived and Intangible Assets,” above. In addition, restricted cash includes O&R's New Jersey utility subsidiary, Rockland Electric Company transition bond charge collections, net of principal, interest, trustee and service fees ($2 million and $1 million at December 31, 2018 and 2017, respectively) that are restricted until the bonds mature in 2019.

Schedule of Cash and Cash Equivalents

At December 31, 2018 and 2017, cash, temporary cash investments and restricted cash for Con Edison and CECONY were as follows:

	At December 31,
	Con Edison		CECONY
(Millions of Dollars)	2018	2017	2018	2017
Cash and temporary cash investments	$895	$797	$818	$730
Restricted cash (a)	111	47	—	—
Total cash, temporary cash investments and restricted cash	$1,006	$844	$818	$730

(a) Restricted cash included cash of Con Edison Development renewable electric production project subsidiaries ($109 million and $46 million at December 31, 2018 and 2017, respectively) that, under the related project debt agreements, is restricted until the various maturity dates of the project debt to being used for normal operating expenses and capital expenditures, debt service, and required reserves. Also, during the pendency of the PG&E bankruptcy, restricted cash may also include additional cash that, unless the lenders for the related project debt agree, may not be distributed from the related projects to Con Edison Development. See "Long-Lived and Intangible Assets,” above. In addition, restricted cash includes O&R's New Jersey utility subsidiary, Rockland Electric Company transition bond charge collections, net of principal, interest, trustee and service fees ($2 million and $1 million at December 31, 2018 and 2017, respectively) that are restricted until the bonds mature in 2019.