Leases

6 Months Ended

Jun. 30, 2020

Leases [Abstract]

Leases

Leases

Operating lease cost and cash paid for amounts included in the measurement of lease liabilities for the three and six months ended June 30, 2020 and 2019 were as follows:

	For the Three Months Ended June 30,
	Con Edison				CECONY
(Millions of Dollars)	2020		2019		2020		2019
Operating lease cost		$21		$21		$16		$16
Operating lease cash flows		$8		$9		$4		$4

	For the Six Months Ended June 30, 2020
	Con Edison				CECONY
(Millions of Dollars)	2020		2019		2020		2019
Operating lease cost		$42		$41		$32		$32
Operating lease cash flows		$16		$17		$8		$8

As of June 30, 2020, assets recorded as finance leases were $3 million for Con Edison and $2 million for CECONY, and the accumulated amortization associated with finance leases for Con Edison and CECONY were $3 million and $1 million, respectively. As of December 31, 2019, assets recorded as finance leases were $1 million for Con Edison and an immaterial amount for CECONY, and the accumulated amortization associated with finance leases for Con Edison and CECONY were $5 million and $3 million, respectively.

For the three and six months ended June 30, 2020 and 2019, finance lease costs and cash flows for Con Edison and CECONY were immaterial.

Right-of-use assets obtained in exchange for operating lease obligations for Con Edison and CECONY were $5 million and $1 million, respectively, for the three and six months ended June 30, 2020.

Other information related to leases for Con Edison and CECONY at June 30, 2020 and December 31, 2019 were as follows:

	Con Edison		CECONY
	2020	2019	2020	2019
Weighted Average Remaining Lease Term:
Operating leases	19.2 years	19.8 years	13.5 years	14.0 years
Finance leases	7.5 years	12.2 years	4.4 years	2.4 years
Weighted Average Discount Rate:
Operating leases	4.3%	4.3%	3.6%	3.6%
Finance leases	1.8%	3.5%	1.4%	4.1%

Future minimum lease payments under non-cancellable leases at June 30, 2020 were as follows:

(Millions of Dollars)	Con Edison			CECONY
Year Ending June 30,	Operating Leases	Finance Leases		Operating Leases	Finance Leases
2021	$80	$1		$60	$1
2022	76	1		57	1
2023	73	—		56	—
2024	73	—		56	—
2025	74	—		57	—
All years thereafter	993	1		504	—
Total future minimum lease payments	$1,369	$3		$790	$2
Less: imputed interest	(475)	—		(167)	—
Total	$894	$3		$623	$2
Reported as of June 30, 2020
Operating lease liabilities (current)	$83		$—	$64		$—
Operating lease liabilities (noncurrent)	811	—		559	—
Other current liabilities	—	1		—	1
Other noncurrent liabilities	—	2		—	1
Total	$894	$3		$623	$2

At June 30, 2020, the Companies did not have material obligations under operating or finance leases that had not yet commenced.

The Companies are lessors under certain leases whereby the Companies own real estate and distribution poles and lease portions of them to others. Revenue under such leases was immaterial for Con Edison and CECONY for the three and six months ended June 30, 2020 and 2019.

Leases

Leases

Operating lease cost and cash paid for amounts included in the measurement of lease liabilities for the three and six months ended June 30, 2020 and 2019 were as follows:

	For the Three Months Ended June 30,
	Con Edison				CECONY
(Millions of Dollars)	2020		2019		2020		2019
Operating lease cost		$21		$21		$16		$16
Operating lease cash flows		$8		$9		$4		$4

	For the Six Months Ended June 30, 2020
	Con Edison				CECONY
(Millions of Dollars)	2020		2019		2020		2019
Operating lease cost		$42		$41		$32		$32
Operating lease cash flows		$16		$17		$8		$8

As of June 30, 2020, assets recorded as finance leases were $3 million for Con Edison and $2 million for CECONY, and the accumulated amortization associated with finance leases for Con Edison and CECONY were $3 million and $1 million, respectively. As of December 31, 2019, assets recorded as finance leases were $1 million for Con Edison and an immaterial amount for CECONY, and the accumulated amortization associated with finance leases for Con Edison and CECONY were $5 million and $3 million, respectively.

For the three and six months ended June 30, 2020 and 2019, finance lease costs and cash flows for Con Edison and CECONY were immaterial.

Right-of-use assets obtained in exchange for operating lease obligations for Con Edison and CECONY were $5 million and $1 million, respectively, for the three and six months ended June 30, 2020.

Other information related to leases for Con Edison and CECONY at June 30, 2020 and December 31, 2019 were as follows:

	Con Edison		CECONY
	2020	2019	2020	2019
Weighted Average Remaining Lease Term:
Operating leases	19.2 years	19.8 years	13.5 years	14.0 years
Finance leases	7.5 years	12.2 years	4.4 years	2.4 years
Weighted Average Discount Rate:
Operating leases	4.3%	4.3%	3.6%	3.6%
Finance leases	1.8%	3.5%	1.4%	4.1%

Future minimum lease payments under non-cancellable leases at June 30, 2020 were as follows:

(Millions of Dollars)	Con Edison			CECONY
Year Ending June 30,	Operating Leases	Finance Leases		Operating Leases	Finance Leases
2021	$80	$1		$60	$1
2022	76	1		57	1
2023	73	—		56	—
2024	73	—		56	—
2025	74	—		57	—
All years thereafter	993	1		504	—
Total future minimum lease payments	$1,369	$3		$790	$2
Less: imputed interest	(475)	—		(167)	—
Total	$894	$3		$623	$2
Reported as of June 30, 2020
Operating lease liabilities (current)	$83		$—	$64		$—
Operating lease liabilities (noncurrent)	811	—		559	—
Other current liabilities	—	1		—	1
Other noncurrent liabilities	—	2		—	1
Total	$894	$3		$623	$2

At June 30, 2020, the Companies did not have material obligations under operating or finance leases that had not yet commenced.

The Companies are lessors under certain leases whereby the Companies own real estate and distribution poles and lease portions of them to others. Revenue under such leases was immaterial for Con Edison and CECONY for the three and six months ended June 30, 2020 and 2019.