Pension Benefits

3 Months Ended

Mar. 31, 2022

Retirement Benefits [Abstract]

Pension Benefits

Pension Benefits

Total Periodic Benefit Cost

The components of the Companies’ total periodic benefit cost for the three months ended March 31, 2022 and 2021 were as follows:

	For the Three Months Ended March 31,
	Con Edison		CECONY
(Millions of Dollars)	2022	2021	2022	2021
Service cost – including administrative expenses	$72	$86	$67	$81
Interest cost on projected benefit obligation	126	118	119	111
Expected return on plan assets	(292)	(276)	(277)	(262)
Recognition of net actuarial loss	94	199	89	189
Recognition of prior service credit	(4)	(4)	(5)	(5)
TOTAL PERIODIC BENEFIT COST/(CREDIT)	$(4)	$123	$(7)	$114
Cost capitalized	(33)	(39)	(32)	(37)
Reconciliation to rate level	64	(57)	61	(55)
Total expense recognized	$27	$27	$22	$22

Components of net periodic benefit cost other than service cost are presented outside of operating income on the Companies' consolidated income statements, and only the service cost component is eligible for capitalization. Accordingly, the service cost component is included in the line "Other operations and maintenance" and the non-service cost components are included in the line "Other deductions" in the Companies' consolidated income statements. The increase in the "Pension and retiree benefits" asset in the Companies' consolidated balance sheets from December 31, 2021 to March 31, 2022 is primarily due to favorable plan liability experience.

Expected Contributions

Based on estimates as of March 31, 2022, the Companies expect to make contributions to the pension plans during 2022 of $31 million (of which $18 million is to be made by CECONY). The Companies’ policy is to fund the total periodic benefit cost of the qualified plan to the extent tax deductible and to also contribute to the non-qualified supplemental plans. During the first three months of 2022, the Companies contributed $5 million to the pension plans, $4 million of which was contributed by CECONY.