Summary of Significant Accounting Policies and Other Matters (Tables)

6 Months Ended

Jun. 30, 2022

Accounting Policies [Abstract]

Basic and Diluted Earnings Per Share

For the three and six months ended June 30, 2022 and 2021, basic and diluted EPS for Con Edison are calculated as follows:

	For the Three Months Ended June 30,		For the Six Months Ended June 30,
(Millions of Dollars, except per share amounts/Shares in Millions)	2022	2021	2022	2021
Net income for common stock	$255	$165	$857	$584
Weighted average common shares outstanding – basic	354.3	345.4	354.2	344.0
Add: Incremental shares attributable to effect of potentially dilutive securities	1.2	0.8	1.1	0.8
Adjusted weighted average common shares outstanding – diluted	355.5	346.2	355.3	344.8
Net Income per common share – basic	$0.72	$0.48	$2.42	$1.70
Net Income per common share – diluted	$0.72	$0.48	$2.41	$1.70

Changes in Accumulated Other Comprehensive Income/(Loss)

For the three and six months ended June 30, 2022 and 2021, changes to accumulated other comprehensive income/(loss) (OCI) for Con Edison and CECONY are as follows:

	For the Three Months Ended June 30,
	Con Edison		CECONY
(Millions of Dollars)	2022	2021	2022	2021
Beginning balance, accumulated OCI, net of taxes (a)	$5	$(21)	$1	$(7)
OCI before reclassifications, net of tax of $(1) for Con Edison in 2022	5	—	—	—
Amounts reclassified from accumulated OCI related to pension plan liabilities, net of tax of $(1) for Con Edison in 2021 (a)(b)	—	2	—	—
Current period OCI, net of taxes	5	2	—	—
Ending balance, accumulated OCI, net of taxes (a)	$10	$(19)	$1	$(7)

(a) Tax reclassified from accumulated OCI is reported in the income tax expense line item of the consolidated income statement.

(b)For the portion of unrecognized pension and other postretirement benefit costs relating to the Utilities, costs are recorded into, and amortized out of, regulatory assets and liabilities instead of OCI. The net actuarial losses and prior service costs recognized during the period are included in the computation of total periodic pension and other postretirement benefit costs. See Notes E and F.

	For the Six Months Ended June 30,
	Con Edison		CECONY
(Millions of Dollars)	2022	2021	2022	2021
Beginning balance, accumulated OCI, net of taxes (a)	$5	$(25)	$—	$(7)
OCI before reclassifications, net of tax of $(1) for Con Edison in 2022 and 2021	4	2	—	—
Amounts reclassified from accumulated OCI related to pension plan liabilities, net of tax of $(1) for Con Edison in 2022 and 2021 (a)(b)	1	4	1	—
Current period OCI, net of taxes	5	6	1	—
Ending balance, accumulated OCI, net of taxes (a)	$10	$(19)	$1	$(7)

(a) Tax reclassified from accumulated OCI is reported in the income tax expense line item of the consolidated income statement.

(b)For the portion of unrecognized pension and other postretirement benefit costs relating to the Utilities, costs are recorded into, and amortized out of, regulatory assets and liabilities instead of OCI. The net actuarial losses and prior service costs recognized during the period are included in the computation of total periodic pension and other postretirement benefit costs. See Notes E and F.

Restrictions on Cash and Cash Equivalents

At June 30, 2022 and 2021, cash, temporary cash investments and restricted cash for Con Edison and CECONY were as follows:

	At June 30,
	Con Edison		CECONY
(Millions of Dollars)	2022	2021	2022	2021
Cash and temporary cash investments	$1,127	$1,067	$1,072	$985
Restricted cash (a)	113	111	—	—
Total cash, temporary cash investments and restricted cash	$1,240	$1,178	$1,072	$985

(a)Restricted cash included cash of the Clean Energy Businesses' renewable electric project subsidiaries ($113 million and $111 million at June 30, 2022 and 2021, respectively) that, under the related project debt agreements, is restricted to being used for normal operating expenditures, debt service, and required reserves until the various maturity dates of the project debt.

Schedule of Cash and Cash Equivalents

At June 30, 2022 and 2021, cash, temporary cash investments and restricted cash for Con Edison and CECONY were as follows:

	At June 30,
	Con Edison		CECONY
(Millions of Dollars)	2022	2021	2022	2021
Cash and temporary cash investments	$1,127	$1,067	$1,072	$985
Restricted cash (a)	113	111	—	—
Total cash, temporary cash investments and restricted cash	$1,240	$1,178	$1,072	$985

(a)Restricted cash included cash of the Clean Energy Businesses' renewable electric project subsidiaries ($113 million and $111 million at June 30, 2022 and 2021, respectively) that, under the related project debt agreements, is restricted to being used for normal operating expenditures, debt service, and required reserves until the various maturity dates of the project debt.