Income Tax (Tables)

12 Months Ended

Dec. 31, 2022

Income Tax Disclosure [Abstract]

Schedule of Components of Income Tax

The components of income tax are as follows:

	Con Edison			CECONY
(Millions of Dollars)	2022	2021	2020	2022	2021	2020
State
Current	$5	$14	$7	$0	$1	$6
Deferred	324	79	50	110	106	97
Federal
Current	58	43	(2)	170	121	41
Deferred	117	61	42	(23)	21	73
Amortization of investment tax credits	(6)	(7)	(7)	(2)	(3)	(2)
Total income tax expense	$498	$190	$90	$255	$246	$215

Schedule of Income Tax Reconciliation

Reconciliation of the difference between income tax expense and the amount computed by applying the prevailing statutory income tax rate to income before income taxes is as follows:

	Con Edison						CECONY
(% of Pre-tax income)	2022		2021		2020		2022		2021		2020
STATUTORY TAX RATE
Federal	21	%	21	%	21	%	21	%	21	%	21	%
Changes in computed taxes resulting from:
State income taxes, net of federal income tax benefit	6		4		4		5		5		5
Taxes attributable to noncontrolling interests	1		3		(1)		—		—		—
Cost of removal	1		2		2		1		1		1
Other plant-related items	—		(1)		(1)		(1)		(1)		(1)
Amortization of excess deferred federal income taxes	(9)		(12)		(14)		(10)		(11)		(12)
Renewable energy credits	(2)		(2)		(3)		—		—		—
Research and development credits	—		(1)		—		—		—		—
Remeasurement of accumulated deferred state income taxes, net of federal income tax benefit	6		—		—		—		—		—
Other	—		—		(1)		—		—		1
Effective tax rate	24	%	14	%	7	%	16	%	15	%	15	%

Schedule of Differences on Deferred Tax Assets and Liabilities

The tax effects of temporary differences, which gave rise to deferred tax assets and liabilities, are as follows:

	Con Edison		CECONY
(Millions of Dollars)	2022	2021	2022	2021
Deferred tax liabilities:
Property basis differences	$8,770	$8,298	$7,475	$7,213
Regulatory Assets:
Deferred storm costs	27	33	—	—
Environmental remediation costs	278	264	254	241
Other regulatory assets	754	640	720	609
Unrecognized pension and other postretirement costs	22	36	22	31
Pensions and retiree benefits – asset	917	478	894	471
Operating lease right-of-use asset	230	204	163	155
Equity investments	26	—	—	—
Other	—	30	—	—
Total deferred tax liabilities	$11,024	$9,983	$9,528	$8,720
Deferred tax assets:
Regulatory liabilities:
Unrecognized pension and other postretirement costs	447	—	431	—
Future income tax	489	554	454	517
Other regulatory liabilities	860	727	739	620
Tax credits carryforward	767	946	—	—
Loss carryforwards	117	144	24	38
Valuation allowance	(18)	(22)	—	—
Superfund and other environmental costs	280	264	254	238
Operating lease liabilities	233	195	162	155
Pensions and retiree benefits – liability	162	218	148	188
Asset retirement obligations	153	177	140	141
Equity investments	—	34	—	—
Other	14	—	45	42
Total deferred tax assets	3,504	3,237	2,397	1,939
Net deferred tax liabilities	$7,520	$6,746	$7,131	$6,781
Unamortized investment tax credits	121	127	13	15
Net deferred tax liabilities and unamortized investment tax credits	$7,641	$6,873	$7,144	$6,796

Summary of Unrecognized Tax Benefits

A reconciliation of the beginning and ending amounts of unrecognized tax benefits for Con Edison and CECONY follows:

	Con Edison			CECONY
(Millions of Dollars)	2022	2021	2020	2022	2021	2020
Balance at January 1,	$17	$14	$13	$5	$3	$2
Additions based on tax positions related to the current year	3	3	—	2	2	—
Additions based on tax positions of prior years	6	2	1	1	1	1
Reductions for tax positions of prior years	(1)	(2)	—	—	(1)	—
Settlements	(2)	—	—	—	—	—
Balance at December 31,	$23	$17	$14	$8	$5	$3