Leases

3 Months Ended

Mar. 31, 2021

Leases [Abstract]

Leases

Leases

Operating lease cost and cash paid for amounts included in the measurement of lease liabilities for the three months ended March 31, 2021 and 2020 were as follows:

	For the Three Months Ended March 31,
	Con Edison		CECONY
(Millions of Dollars)	2021	2020	2021	2020
Operating lease cost	$22	$21	$17	$16
Operating lease cash flows	$8	$11	$4	$4

As of March 31, 2021 and December 31, 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.

For the three months ended March 31, 2021 and 2020, 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 $16 million and $1 million, respectively, for the three months ended March 31, 2021 and an immaterial amount for the three months ended March 31, 2020.

Other information related to leases for Con Edison and CECONY at March 31, 2021 and December 31, 2020 were as follows:

	Con Edison		CECONY
	2021	2020	2021	2020
Weighted Average Remaining Lease Term:
Operating leases	18.9 years	19.1 years	12.8 years	13.0 years
Finance leases	7.3 years	7.3 years	3.8 years	4.0 years
Weighted Average Discount Rate:
Operating leases	4.3%	4.3%	3.6%	3.6%
Finance leases	1.8%	1.8%	1.3%	1.3%

Future minimum lease payments under non-cancellable leases at March 31, 2021 were as follows:

(Millions of Dollars)	Con Edison		CECONY
Year Ending March 31,	Operating Leases	Finance Leases	Operating Leases	Finance Leases
2022	$86	$1	$62	$1
2023	76	1	58	1
2024	74	—	56	—
2025	75	—	57	—
2026	76	—	58	—
All years thereafter	947	1	449	—
Total future minimum lease payments	$1,334	$3	$740	$2
Less: imputed interest	(465)	—	(152)	—
Total	$869	$3	$588	$2
Reported as of March 31, 2021
Operating lease liabilities (current)	$106	$—	$78	$—
Operating lease liabilities (noncurrent)	763	—	510	—
Other current liabilities	—	1	—	1
Other noncurrent liabilities	—	2	—	1
Total	$869	$3	$588	$2

At March 31, 2021, 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 months ended March 31, 2021 and 2020.

Leases

Leases

Operating lease cost and cash paid for amounts included in the measurement of lease liabilities for the three months ended March 31, 2021 and 2020 were as follows:

	For the Three Months Ended March 31,
	Con Edison		CECONY
(Millions of Dollars)	2021	2020	2021	2020
Operating lease cost	$22	$21	$17	$16
Operating lease cash flows	$8	$11	$4	$4

As of March 31, 2021 and December 31, 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.

For the three months ended March 31, 2021 and 2020, 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 $16 million and $1 million, respectively, for the three months ended March 31, 2021 and an immaterial amount for the three months ended March 31, 2020.

Other information related to leases for Con Edison and CECONY at March 31, 2021 and December 31, 2020 were as follows:

	Con Edison		CECONY
	2021	2020	2021	2020
Weighted Average Remaining Lease Term:
Operating leases	18.9 years	19.1 years	12.8 years	13.0 years
Finance leases	7.3 years	7.3 years	3.8 years	4.0 years
Weighted Average Discount Rate:
Operating leases	4.3%	4.3%	3.6%	3.6%
Finance leases	1.8%	1.8%	1.3%	1.3%

Future minimum lease payments under non-cancellable leases at March 31, 2021 were as follows:

(Millions of Dollars)	Con Edison		CECONY
Year Ending March 31,	Operating Leases	Finance Leases	Operating Leases	Finance Leases
2022	$86	$1	$62	$1
2023	76	1	58	1
2024	74	—	56	—
2025	75	—	57	—
2026	76	—	58	—
All years thereafter	947	1	449	—
Total future minimum lease payments	$1,334	$3	$740	$2
Less: imputed interest	(465)	—	(152)	—
Total	$869	$3	$588	$2
Reported as of March 31, 2021
Operating lease liabilities (current)	$106	$—	$78	$—
Operating lease liabilities (noncurrent)	763	—	510	—
Other current liabilities	—	1	—	1
Other noncurrent liabilities	—	2	—	1
Total	$869	$3	$588	$2

At March 31, 2021, 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 months ended March 31, 2021 and 2020.