Leases (Tables)

6 Months Ended

Jun. 30, 2023

Leases [Abstract]

Lease Costs, Cash Flows and Other Related Information

Operating lease cost and cash paid for amounts included in the measurement of lease liabilities for the three and six months ended June 30, 2023 and 2022 were as follows:

	For the Three Months Ended June 30,
	Con Edison		CECONY
(Millions of Dollars)	2023	2022	2023	2022
Operating lease cost	$17	$22	$16	$17
Operating lease cash flows	$4	$8	$4	$4

	For the Six Months Ended June 30,
	Con Edison (a)		CECONY
(Millions of Dollars)	2023	2022	2023	2022
Operating lease cost	$37	$44	$33	$33
Operating lease cash flows	$11	$17	$8	$8

(a) Amounts for Con Edison include amounts for the Clean Energy Businesses through February 2023. On March 1, 2023, Con Edison completed the sale of substantially all of the assets of the Clean Energy Businesses. See Note S and Note T.

Other information related to leases for Con Edison and CECONY at June 30, 2023 and December 31, 2022 were as follows:

	Con Edison		CECONY
	2023	2022	2023	2022
Weighted Average Remaining Lease Term:
Operating leases (a)(b)	11.9 years	12.3 years	11.9 years	12.4 years
Finance leases	6.5 years	7.2 years	3.1 years	2.3 years
Weighted Average Discount Rate:
Operating leases (a)(b)	3.7%	3.7%	3.7%	3.7%
Finance leases	2.9%	1.9%	2.9%	1.0%

(a)Amounts for Con Edison exclude operating leases of the Clean Energy Businesses, inclusive of Broken Bow II, that were classified as held for sale as of December 31, 2022. Including the operating leases of the Clean Energy Businesses would result in a weighted average remaining lease term of 18.3 years and a weighted average discount rate of 4.4 percent as of December 31, 2022. On March 1, 2023, Con Edison completed the sale of substantially all of the assets of the Clean Energy Businesses. See Note S and Note T.

(b)Amounts for Con Edison in 2023 exclude the operating lease of Broken Bow II, that was classified as held for sale as of June 30, 2023. Including the operating lease of Broken Bow II would result in a weighted average remaining lease term of 12.0 years and a weighted average discount rate that would not be materially different than shown above as of June 30, 2023. See Note T.

Operating Leases, Future Minimum Lease Payments

Future minimum lease payments under non-cancellable leases at June 30, 2023 were as follows:

(Millions of Dollars)	Con Edison		CECONY
Year Ending June 30, (b)	Operating Leases	Finance Leases	Operating Leases	Finance Leases
2024	$64	$1	$63	$1
2025	65	—	64	—
2026	65	—	65	—
2027	64	—	64	—
2028	60	—	60	—
All years thereafter	417	1	416	—
Total future minimum lease payments	$735	$2	$732	$1
Less: imputed interest	(151)	—	(150)	—
Total	$584	$2	$582	$1
Reported as of June 30, 2023
Operating lease liabilities (current) (a)	$112	$—	$111	$—
Operating lease liabilities (noncurrent) (a)	472	—	471	—
Other noncurrent liabilities	—	2	—	1
Total	$584	$2	$582	$1

(a)Amounts exclude operating lease liabilities of Broken Bow II ($7 million) that are classified as current liabilities held for sale on Con Edison's consolidated balance sheet as of June 30, 2023. See Note T.

(b)Amounts exclude future minimum operating lease payments of Broken Bow II, of $3 million in total for years ended June 30, 2024 through 2028, and $10 million for all years thereafter, and imputed interest of $6 million.

Finance Leases, Future Minimum Lease Payments

Future minimum lease payments under non-cancellable leases at June 30, 2023 were as follows:

(Millions of Dollars)	Con Edison		CECONY
Year Ending June 30, (b)	Operating Leases	Finance Leases	Operating Leases	Finance Leases
2024	$64	$1	$63	$1
2025	65	—	64	—
2026	65	—	65	—
2027	64	—	64	—
2028	60	—	60	—
All years thereafter	417	1	416	—
Total future minimum lease payments	$735	$2	$732	$1
Less: imputed interest	(151)	—	(150)	—
Total	$584	$2	$582	$1
Reported as of June 30, 2023
Operating lease liabilities (current) (a)	$112	$—	$111	$—
Operating lease liabilities (noncurrent) (a)	472	—	471	—
Other noncurrent liabilities	—	2	—	1
Total	$584	$2	$582	$1

(a)Amounts exclude operating lease liabilities of Broken Bow II ($7 million) that are classified as current liabilities held for sale on Con Edison's consolidated balance sheet as of June 30, 2023. See Note T.

(b)Amounts exclude future minimum operating lease payments of Broken Bow II, of $3 million in total for years ended June 30, 2024 through 2028, and $10 million for all years thereafter, and imputed interest of $6 million.