Summary of Significant Accounting Policies and Other Matters (Tables)

9 Months Ended

Sep. 30, 2019

Accounting Policies [Abstract]

Disaggregation of Revenue

The following table presents, for the three and nine months ended September 30, 2019 and 2018, revenue from contracts with customers as defined in Accounting Standards Codification (ASC) Topic 606, "Revenue from Contracts with Customers," as well as additional revenue from sources other than contracts with customers, disaggregated by major source.

	For the Three Months Ended September 30, 2019				For the Three Months Ended September 30, 2018
(Millions of Dollars)	Revenues from contracts with customers		Other revenues (a)	Total operating revenues	Revenues from contracts with customers		Other revenues (a)		Total operating revenues
CECONY
Electric	$2,582		$(38)	$2,544	$2,631		$(60)		$2,571
Gas	263		12	275	264		—		264
Steam	54		4	58	64		—		64
Total CECONY	$2,899		$(22)	$2,877	$2,959		$(60)		$2,899
O&R
Electric	205		5	210	215		(3)		212
Gas	25		6	31	31		3		34
Total O&R	$230		$11	$241	$246			$—	$246
Clean Energy Businesses
Renewables	193	(b)	—	193	68	(b)	—		68
Energy services	14		—	14	24		—		24
Other	—		40	40	—		89		89
Total Clean Energy Businesses	$207		$40	$247	$92		$89		$181
Con Edison Transmission	1		—	1	1		—		1
Other (c)	—		(1)	(1)	—		1		1
Total Con Edison	$3,337		$28	$3,365	$3,298		$30		$3,328

(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 totals for Renewables revenue at the Clean Energy Businesses is $3 million for the three months ended September 30, 2019 and 2018, of revenue related to engineering, procurement and construction services.

(c) Parent company and consolidation adjustments.

	For the Nine Months Ended September 30, 2019				For the Nine Months Ended September 30, 2018
(Millions of Dollars)	Revenues from contracts with customers		Other revenues (a)	Total operating revenues	Revenues from contracts with customers		Other revenues (a)	Total operating revenues
CECONY
Electric	$6,048		$126	$6,174	$6,106		$1	$6,107
Gas	1,573		32	1,605	1,516		24	1,540
Steam	456		13	469	467		7	474
Total CECONY	$8,077		$171	$8,248	$8,089		$32	$8,121
O&R
Electric	488		5	493	508		(3)	505
Gas	178		7	185	179		7	186
Total O&R	$666		$12	$678	$687		$4	$691
Clean Energy Businesses
Renewables	465	(b)	—	465	273	(b)	—	273
Energy services	53		—	53	65		—	65
Other	—		178	178	—		235	235
Total Clean Energy Businesses	$518		$178	$696	$338		$235	$573
Con Edison Transmission	3		—	3	3		—	3
Other (c)	—		(2)	(2)	—		—	—
Total Con Edison	$9,264		$359	$9,623	$9,117		$271	$9,388

(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 totals for Renewables revenue at the Clean Energy Businesses is $9 million and $100 million for the nine months ended September 30, 2019 and 2018, respectively, of revenue related to engineering, procurement and construction services.

(c)

Parent company and consolidation adjustments.

Change in Unbilled Contract and Unearned Revenues

	2019			2018
(Millions of Dollars)	Unbilled contract revenue (a)	Unearned revenue (b)		Unbilled contract revenue (a)	Unearned revenue (b)
Beginning balance as of January 1,	$29	$20		$58	$87
Additions (c)	63	2		111	34
Subtractions (c)	68	2	(d)	138	105	(d)
Ending balance as of September 30,	$24	$20		$31	$16

(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 subtractions from unearned revenue, $2 million and $50 million were included in the balance as of January 1, 2019 and 2018, respectively.

Basic and Diluted Earnings Per Share

For the three and nine months ended September 30, 2019 and 2018, basic and diluted EPS for Con Edison are calculated as follows:

	For the Three Months Ended September 30,		For the Nine Months Ended September 30,
(Millions of Dollars, except per share amounts/Shares in Millions)	2019	2018	2019	2018
Net income for common stock	$473	$435	$1,048	$1,051
Weighted average common shares outstanding – basic	332.2	311.1	327.3	310.8
Add: Incremental shares attributable to effect of potentially dilutive securities	1.0	1.2	1.0	1.1
Adjusted weighted average common shares outstanding – diluted	333.2	312.3	328.3	311.9
Net Income per common share – basic	$1.42	$1.40	$3.20	$3.38
Net Income per common share – diluted	$1.42	$1.39	$3.19	$3.37

Changes in Accumulated Other Comprehensive Income/(Loss)

For the three and nine months ended September 30, 2019 and 2018, changes to accumulated other comprehensive income/(loss) (OCI) for Con Edison and CECONY are as follows:

	For the Three Months Ended September 30,
	Con Edison		CECONY
(Millions of Dollars)	2019	2018	2019	2018
Beginning balance, accumulated OCI, net of taxes (a)	$(11)	$(20)	$(5)	$(5)
Amounts reclassified from accumulated OCI related to pension plan liabilities, net of tax of $(1) for Con Edison in 2019 and 2018 (a)(b)	1	2	1	—
Current period OCI, net of taxes	1	2	1	—
Ending balance, accumulated OCI, net of taxes	$(10)	$(18)	$(4)	$(5)

	For the Nine Months Ended September 30,
	Con Edison		CECONY
(Millions of Dollars)	2019	2018	2019	2018
Beginning balance, accumulated OCI, net of taxes (a)	$(16)	$(26)	$(5)	$(6)
OCI before reclassifications, net of tax of $(1) for Con Edison in 2019 and 2018	2	3	—	—
Amounts reclassified from accumulated OCI related to pension plan liabilities, net of tax of $(1) and $(2) for Con Edison in 2019 and 2018, respectively (a)(b)	4	5	1	1
Current period OCI, net of taxes	6	8	1	1
Ending balance, accumulated OCI, net of taxes	$(10)	$(18)	$(4)	$(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 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 September 30, 2019 and 2018, cash, temporary cash investments and restricted cash for Con Edison and CECONY are as follows:

	At September 30,
	Con Edison		CECONY
(Millions of Dollars)	2019	2018	2019	2018
Cash and temporary cash investments	$78	$199	$15	$17
Restricted cash (a)	175	46	—	—
Total cash, temporary cash investments and restricted cash	$253	$245	$15	$17

(a) Restricted cash included cash of Con Edison Development renewable electric production project subsidiaries ($174 million and $44 million at September 30, 2019 and 2018, respectively) that, under the related project debt agreements, is either 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 or

restricted as a result of the PG&E bankruptcy. During the pendency of the PG&E bankruptcy, unless the lenders for the related project debt otherwise agree, cash may not be distributed from the related projects to Con Edison Development. See “Long-Lived and Intangible Assets,” above, and Note C. In addition, restricted cash included O&R's New Jersey utility subsidiary, Rockland Electric Company transition bond charge collections, net of principal, interest, trustee and service fees ($1 million and $2 million at September 30, 2019 and 2018, respectively).

Schedule of Cash and Cash Equivalents

At September 30, 2019 and 2018, cash, temporary cash investments and restricted cash for Con Edison and CECONY are as follows:

	At September 30,
	Con Edison		CECONY
(Millions of Dollars)	2019	2018	2019	2018
Cash and temporary cash investments	$78	$199	$15	$17
Restricted cash (a)	175	46	—	—
Total cash, temporary cash investments and restricted cash	$253	$245	$15	$17

(a) Restricted cash included cash of Con Edison Development renewable electric production project subsidiaries ($174 million and $44 million at September 30, 2019 and 2018, respectively) that, under the related project debt agreements, is either 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 or

restricted as a result of the PG&E bankruptcy. During the pendency of the PG&E bankruptcy, unless the lenders for the related project debt otherwise agree, cash may not be distributed from the related projects to Con Edison Development. See “Long-Lived and Intangible Assets,” above, and Note C. In addition, restricted cash included O&R's New Jersey utility subsidiary, Rockland Electric Company transition bond charge collections, net of principal, interest, trustee and service fees ($1 million and $2 million at September 30, 2019 and 2018, respectively).