Pension Benefits

6 Months Ended

Jun. 30, 2022

Retirement Benefits [Abstract]

Pension Benefits

Pension Benefits

Total Periodic Benefit Cost

The components of the Companies’ total periodic benefit cost for the three and six months ended June 30, 2022 and 2021 were as follows:

	For the Three Months Ended June 30,
	Con Edison		CECONY
(Millions of Dollars)	2022	2021	2022	2021
Service cost – including administrative expenses	$72	$85	$67	$80
Interest cost on projected benefit obligation	126	118	119	111
Expected return on plan assets	(292)	(274)	(277)	(260)
Recognition of net actuarial loss	94	197	89	187
Recognition of prior service credit	(4)	(4)	(5)	(5)
TOTAL PERIODIC BENEFIT COST/(CREDIT)	$(4)	$122	$(7)	$113
Cost capitalized	(35)	(41)	(33)	(39)
Reconciliation to rate level	66	(54)	62	(52)
Total expense recognized	$27	$27	$22	$22

	For the Six Months Ended June 30,
	Con Edison		CECONY
(Millions of Dollars)	2022	2021	2022	2021
Service cost – including administrative expenses	$144	$171	$135	$160
Interest cost on projected benefit obligation	252	236	237	222
Expected return on plan assets	(585)	(548)	(554)	(520)
Recognition of net actuarial loss	189	393	179	373
Recognition of prior service credit	(8)	(8)	(10)	(10)
TOTAL PERIODIC BENEFIT COST/(CREDIT)	($8)	$244	($13)	$225
Cost capitalized	(68)	(79)	(65)	(75)
Reconciliation to rate level	130	(111)	123	(106)
Total expense recognized	$54	$54	$45	$44

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 lines "Investment and other income" and "Other deductions" in the Companies' consolidated income statements. The increase in the "Pension and retiree benefits" asset on the Companies' consolidated balance sheets from December 31, 2021 to June 30, 2022 is primarily due to favorable plan liability experience.

Expected Contributions

Based on estimates as of June 30, 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 six months of 2022, the Companies contributed $10 million to the pension plans, $9 million of which was contributed by CECONY.