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Pension Benefits (Tables)
 12 Months Ended
Dec. 31, 2021
Retirement Benefits [Abstract]  
Total Periodic Benefit Costs
The components of the Companies’ total periodic benefit costs for 2021, 2020 and 2019 were as follows:
  Con EdisonCECONY
(Millions of Dollars)202120202019202120202019
Service cost – including administrative expenses$343$293$250$321$274$232
Interest cost on projected benefit obligation471549601443515564
Expected return on plan assets(1,096)(1,034)(988)(1,040)(980)(936)
Recognition of net actuarial loss787699518746661492
Recognition of prior service credit(17)(16)(17)(19)(19)(19)
TOTAL PERIODIC BENEFIT COST$488$491$364$451$451$333
Cost capitalized(154)(130)(108)(146)(123)(102)
Reconciliation to rate level(226)(250)(15)(216)(239)(12)
Total expense recognized$108$111$241$89$89$219
The components of the Companies’ total periodic postretirement benefit costs for 2021, 2020 and 2019 were as follows:
  Con EdisonCECONY
(Millions of Dollars)202120202019202120202019
Service cost$22$21$18$16$16$13
Interest cost on accumulated other postretirement benefit obligation
333744283136
Expected return on plan assets(68)(66)(66)(56)(54)(54)
Recognition of net actuarial loss/(gain)3137(9)2736(10)
Recognition of prior service credit(3)(3)(2)(1)(2)(2)
TOTAL PERIODIC POSTRETIREMENT BENEFIT COST/(CREDIT)$15$26$(15)$14$27$(17)
Cost capitalized(9)(9)(7)(7)(7)(5)
Reconciliation to rate level(7)(17)12(12)(25)7
Total credit recognized$(1)$— $(10)$(5)$(5)$(15)
Schedule of Funded Status The funded status at December 31, 2021, 2020 and 2019 was as follows:
Con EdisonCECONY
(Millions of Dollars)202120202019202120202019
CHANGE IN PROJECTED BENEFIT OBLIGATION
Projected benefit obligation at beginning of year$18,965$16,792$14,449$17,821$15,750$13,542
Service cost – excluding administrative expenses337288245317269228
Interest cost on projected benefit obligation471549601443515564
Net actuarial loss/(gain)(1,547)2,2812,191(1,441)2,1542,076
Plan amendments— — 15 — — — 
Benefits paid(869)(945)(709)(799)(867)(660)
PROJECTED BENEFIT OBLIGATION AT END OF YEAR$17,357$18,965$16,792$16,341$17,821$15,750
CHANGE IN PLAN ASSETS
Fair value of plan assets at beginning of year$17,022$15,608$13,450$16,147$14,790$12,744
Actual return on plan assets1,9351,9272,5561,8381,8302,425
Employer contributions469475350432435318
Benefits paid(869)(945)(709)(799)(867)(660)
Administrative expenses(53)(43)(39)(52)(41)(37)
FAIR VALUE OF PLAN ASSETS AT END OF YEAR$18,504$17,022$15,608$17,566$16,147$14,790
FUNDED STATUS$1,147$(1,943)$(1,184)$1,225$(1,674)$(960)
Unrecognized net loss$205$3,330$2,604$207$3,145$2,466
Unrecognized prior service costs/(credits)(140)(156)(173)(163)(183)(202)
Accumulated benefit obligation15,46916,76815,01514,50415,67614,010
The funded status of the programs at December 31, 2021, 2020 and 2019 were as follows:
  Con EdisonCECONY
(Millions of Dollars)202120202019202120202019
CHANGE IN BENEFIT OBLIGATION
Benefit obligation at beginning of year$1,425$1,357$1,114$1,209$1,154$913
Service cost222118161613
Interest cost on accumulated postretirement benefit obligation
333744283136
Amendments— — (14)— — — 
Net actuarial loss/(gain)(13)74264(3)63252
Benefits paid and administrative expenses, net of subsidies
(117)(117)(110)(107)(107)(100)
Participant contributions485341465240
BENEFIT OBLIGATION AT END OF YEAR$1,398$1,425$1,357$1,189$1,209$1,154
CHANGE IN PLAN ASSETS
Fair value of plan assets at beginning of year$1,115$1,026$885$940$872$759
Actual return on plan assets9214219867117165
Employer contributions677346
Employer group waiver plan subsidies212023191922
Participant contributions485340465140
Benefits paid(132)(133)(127)(120)(123)(120)
FAIR VALUE OF PLAN ASSETS AT END OF YEAR$1,150$1,115$1,026$955$940$872
FUNDED STATUS$(248)$(310)$(331)$(234)$(269)$(282)
Unrecognized net loss/(gain)$41$115$155$67$114$149
Unrecognized prior service costs(13)(16)(19)— (1)(3)
Schedule of Assumptions
The actuarial assumptions were as follows: 
202120202019
Weighted-average assumptions used to determine benefit obligations at December 31:
Discount rate3.00 %2.55 %3.35 %
Interest crediting rate for cash balance plan3.50 %3.00 %3.30 %
Rate of compensation increase
CECONY
3.80 %3.80 %3.80 %
O&R
3.20 %3.20 %3.20 %
Weighted-average assumptions used to determine net periodic benefit cost for the years ended December 31:
Discount rate2.55 %3.35 %4.25 %
Interest crediting rate for cash balance plan3.00 %3.30 %4.00 %
Expected return on plan assets7.00 %7.00 %7.00 %
Rate of compensation increase
CECONY
3.80 %3.80 %4.25 %
O&R
3.20 %3.20 %4.00 %
The actuarial assumptions were as follows: 
202120202019
Weighted-average assumptions used to determine benefit obligations at December 31:
Discount Rate
CECONY2.75 %2.25 %3.10 %
O&R3.00 %2.55 %3.35 %
Weighted-average assumptions used to determine net periodic benefit cost for the years ended December 31:
Discount Rate
CECONY2.25 %3.10 %4.15 %
O&R2.55 %3.35 %4.30 %
Expected Return on Plan Assets6.80 %6.80 %6.80 %
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)202220232024202520262027-2031
Con Edison$765$782$791$841$818$4,219
CECONY7047217307807563,924
Based on current assumptions, the Companies expect to make the following benefit payments over the next ten years, net of receipt of governmental subsidies and participant contributions:
(Millions of Dollars)202220232024202520262027-2031
Con Edison$75$77$77$78$78$385
CECONY8486868788435
Schedule of Plan Assets Allocations
The asset allocations for the pension plan at the end of 2021, 2020 and 2019, and the target allocation for 2022 are as follows:
  
Target
Allocation Range
           Plan Assets at December 31,
Asset Category2022202120202019
Equity Securities
45% - 55%
50 %51 %51 %
Debt Securities
33% - 43%
38 %38 %38 %
Real Estate
10% - 14%
12 %11 %11 %
Total100%100 %100 %100 %
The asset allocations for CECONY’s other postretirement benefit plans at the end of 2021, 2020 and 2019, and the target allocation for 2022 are as follows:
  Target Allocation RangePlan Assets at December 31,
Asset Category2022202120202019
Equity Securities
42%-80%
55 %54 %54 %
Debt Securities
20%-58%
45 %46 %46 %
Total100%100 %100 %100 %
Schedule of Fair Value of Plan Assets
The fair values of the pension plan assets at December 31, 2021 by asset category are as follows:
(Millions of Dollars)Level 1Level 2Total
Investments within the fair value hierarchy
U.S. Equity (a)$4,381$— $4,381
International Equity (b)3,536— 3,536
U.S. Government Issued Debt (c)1,5001,500
Corporate Bonds Debt (d)— 3,9363,936
Structured Assets Debt (e)— 262262
Other Fixed Income Debt (f)— 1,1861,186
Cash and Cash Equivalents (g)80 425505
Futures (h)2 — 2 
Total investments within the fair value hierarchy $7,999$7,309$15,308
Investments measured at NAV per share (n)
Private Equity (i)913
Real Estate (j)2,306
Hedge Funds (k)315
Total investments valued using NAV per share$3,534
Funds for retiree health benefits (l)(110)(100)(210)
Funds for retiree health benefits measured at NAV per share (l)(n)(48)
Total funds for retiree health benefits$(258)
Investments (excluding funds for retiree health benefits)$7,889$7,209$18,584
Pending activities (m)  (80)
Total fair value of plan net assets  $18,504
(a)U.S. Equity includes both actively- and passively-managed assets with investments in domestic equity index funds and actively-managed small-capitalization equities.
(b)International Equity includes international equity index funds and actively-managed international equities.
(c)U.S. Government Issued Debt includes agency and treasury securities.
(d)Corporate Bonds Debt consists of debt issued by various corporations.
(e)Structured Assets Debt includes commercial-mortgage-backed securities and collateralized mortgage obligations.
(f)Other Fixed Income Debt includes municipal bonds, sovereign debt and regional governments.
(g)Cash and Cash Equivalents include short term investments, money markets, foreign currency and cash collateral.
(h)Futures consist of exchange-traded financial contracts encompassing U.S. Equity, International Equity and U.S. Government indices.
(i)Private Equity consists of global equity funds that are not exchange-traded.
(j)Real Estate investments include real estate funds based on appraised values that are broadly diversified by geography and property type.
(k)Hedge Funds are within a commingled structure which invests in various hedge fund managers who can invest in all financial instruments.
(l)The Companies set aside funds for retiree health benefits through a separate account within the pension trust, as permitted under Section 401(h) of the Internal Revenue Code of 1986, as amended. In accordance with the Code, the plan’s investments in the 401(h) account may not be used for, or diverted to, any purpose other than providing health benefits for retirees. The net assets held in the 401(h) account are calculated based on a pro-rata percentage allocation of the net assets in the pension plan. The related obligations for health benefits are not included in the pension plan’s obligations and are included in the Companies’ other postretirement benefit obligation. See Note F.
(m)Pending activities include security purchases and sales that have not settled, interest and dividends that have not been received and reflects adjustments for available estimates at year end.
(n)In accordance with ASU 2015-07, Fair Value Measurements (Topic 820): Disclosures for Investments in Certain Entities That Calculate Net Asset Value per Share (or its equivalent), certain investments that are measured at fair value using the net asset value per share (or its equivalent) practical expedient have not been classified in the fair value hierarchy.
The fair values of the pension plan assets at December 31, 2020 by asset category are as follows:
(Millions of Dollars)Level 1Level 2Total
Investments within the fair value hierarchy
U.S. Equity (a)$4,202$— $4,202
International Equity (b)3,693— 3,693
U.S. Government Issued Debt (c)— 1,4241,424
Corporate Bonds Debt (d)— 3,5353,535
Structured Assets Debt (e)— 188188
Other Fixed Income Debt (f)— 1,0671,067
Cash and Cash Equivalents (g)51 408459
Total investments within the fair value hierarchy$7,946$6,622$14,568
Investments measured at NAV per share (m)
Private Equity (h)635
Real Estate (i)1,880
Hedge Funds (j)292
Total investments valued using NAV per share $2,807
Funds for retiree health benefits (k)(116)(97)(213)
Funds for retiree health benefits measured at NAV per share (k)(m)(41)
Total funds for retiree health benefits$(254)
Investments (excluding funds for retiree health benefits)$7,830$6,525$17,121
Pending activities (l)  (99)
Total fair value of plan net assets  $17,022
(a) - (n) Reference is made to footnotes (a) through (n) in the above table of pension plan assets at December 31, 2021 by asset category.
The fair values of the plans' assets at December 31, 2021 by asset category as defined by the accounting rules for fair value measurements (see Note R) are as follows:
(Millions of Dollars)Level 1Level 2Total
Equity (a)$— $474$474
Other Fixed Income Debt (b)— 379379
Cash and Cash Equivalents (c)— 2222
Total investments$— $875$875
Funds for retiree health benefits (d)110 100210
Investments (including funds for retiree health benefits)$110 $975$1,085
Funds for retiree health benefits measured at net asset value (d)(e)48
Pending activities (f)  17
Total fair value of plan net assets  $1,150
(a)Equity includes a passively managed commingled index fund benchmarked to the MSCI All Country World Index.
(b)Other Fixed Income Debt includes a passively managed commingled index fund benchmarked to the Bloomberg Barclays U.S. Long Credit Index and an active separately managed fund indexed to the Bloomberg Barclays U.S. Long Credit Index.
(c)Cash and Cash Equivalents include short-term investments and money markets.
(d)The Companies set aside funds for retiree health benefits through a separate account within the pension trust, as permitted under Section 401(h) of the Internal Revenue Code of 1986, as amended. In accordance with the Code, the plan’s investments in the 401(h) account may not be used for, or diverted to, any purpose other than providing health benefits for retirees. The net assets held in the 401(h) account are calculated based on a pro-rata percentage allocation of the net assets in the pension plan. The related obligations for health benefits are not included in the pension plan’s obligations and are included in the Companies’ other postretirement benefit obligation. See Note E.
(e)In accordance with ASU 2015-07, Fair Value Measurements (Topic 820): Disclosures for Investments in Certain Entities That Calculate Net Asset Value per Share (or its equivalent), certain investments that are measured at fair value using the net asset value per share (or its equivalent) practical expedient have not been classified in the fair value hierarchy.
(f)Pending activities include security purchases and sales that have not settled, interest and dividends that have not been received, and reflects adjustments for available estimates at year-end.
The fair values of the plans' assets at December 31, 2020 by asset category (see Note R) are as follows:
(Millions of Dollars)Level 1Level 2Total
Equity (a)$— $448$448
Other Fixed Income Debt (b)— 367367
Cash and Cash Equivalents (c)— 2727
Total investments$— $842$842
Funds for retiree health benefits (d)116 97213
Investments (including funds for retiree health benefits)$116 $939$1,055
Funds for retiree health benefits measured at net asset value (d)(e)41
Pending activities (f)  19
Total fair value of plan net assets  $1,115
(a) - (f) Reference is made to footnotes (a) through (f) in the above table of other postretirement benefit plan assets at December 31, 2021 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)202120202019
Con Edison$55$52$49
CECONY464342