Summary of Significant Accounting Policies and Other Matters (Tables)

9 Months Ended

Sep. 30, 2023

Accounting Policies [Abstract]

Basic and Diluted Earnings Per Share

For the three and nine months ended September 30, 2023 and 2022, basic and diluted EPS for Con Edison are calculated as follows:

	For the Three Months Ended September 30,		For the Nine Months Ended September 30,
(Millions of Dollars, except per share amounts/Shares in Millions)	2023	2022	2023	2022
Net income for common stock	$526	$613	$2,185	$1,470
Weighted average common shares outstanding – basic	345.0	354.6	348.4	354.4
Add: Incremental shares attributable to effect of potentially dilutive securities	1.5	1.3	1.5	1.3
Adjusted weighted average common shares outstanding – diluted	346.5	355.9	349.9	355.7
Net Income per common share – basic	$1.53	$1.73	$6.27	$4.15
Net Income per common share – diluted	$1.52	$1.72	$6.24	$4.13

Changes in Accumulated Other Comprehensive Income/(Loss)

For the three and nine months ended September 30, 2023 and 2022, changes to accumulated other comprehensive income/(loss) (OCI) for Con Edison and CECONY are as follows:

	For the Three Months Ended September 30,
	Con Edison		CECONY
(Millions of Dollars)	2023	2022	2023	2022
Beginning balance, accumulated OCI, net of taxes (a)	$25	$10	$3	$1
Amounts reclassified from accumulated OCI related to pension plan liabilities, net of tax (a)(b)	—	1	—	—
Current period OCI, net of taxes	—	1	—	—
Ending balance, accumulated OCI, net of taxes (a)	$25	$11	$3	$1

(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 Con Edison in 2023, amounts reclassified also include accumulated OCI of the Clean Energy Businesses that were sold on March 1, 2023. See Note S.

	For the Nine Months Ended September 30,
	Con Edison		CECONY
(Millions of Dollars)	2023	2022	2023	2022
Beginning balance, accumulated OCI, net of taxes (a)	$22	$5	$4	$—
OCI before reclassifications, net of tax of $(1) for Con Edison in 2022	1	4	(1)	—
Amounts reclassified from accumulated OCI related to pension plan liabilities, net of tax of $(1) for Con Edison in 2022 (a)(b)	2	2	—	1
Current period OCI, net of taxes	3	6	(1)	1
Ending balance, accumulated OCI, net of taxes (a)	$25	$11	$3	$1

(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 Con Edison in 2023, amounts reclassified also include accumulated OCI of the Clean Energy Businesses that were sold on March 1, 2023. See Note S.

Restrictions on Cash and Cash Equivalents

At September 30, 2023 and 2022, cash, temporary cash investments and restricted cash for Con Edison and CECONY were as follows:

	At September 30,
	Con Edison		CECONY
(Millions of Dollars)	2023	2022	2023	2022
Cash and temporary cash investments	$539	$78	$20	$25
Restricted cash (a)	6	163	—	—
Total cash, temporary cash investments and restricted cash	$545	$241	$20	$25

(a)Con Edison restricted cash included cash of the Clean Energy Businesses' renewable electric project subsidiaries ($5 million and $163 million at September 30, 2023 and 2022, respectively) that, under the related project debt agreements, was restricted to being used for normal operating expenditures, debt service, and required reserves until the various maturity dates of the project debt. On March 1, 2023, Con Edison completed the sale of substantially all of the assets of the Clean Energy Businesses. See Note S. Con Edison retained one deferred project, Broken Bow II, a 75MW nameplate capacity wind power project located in Nebraska. Con Edison's restricted cash for the 2023 period includes restricted cash of Broken Bow II that continued to be classified as held for sale as of September 30, 2023. See Note T.

Schedule of Cash and Cash Equivalents

At September 30, 2023 and 2022, cash, temporary cash investments and restricted cash for Con Edison and CECONY were as follows:

	At September 30,
	Con Edison		CECONY
(Millions of Dollars)	2023	2022	2023	2022
Cash and temporary cash investments	$539	$78	$20	$25
Restricted cash (a)	6	163	—	—
Total cash, temporary cash investments and restricted cash	$545	$241	$20	$25

(a)Con Edison restricted cash included cash of the Clean Energy Businesses' renewable electric project subsidiaries ($5 million and $163 million at September 30, 2023 and 2022, respectively) that, under the related project debt agreements, was restricted to being used for normal operating expenditures, debt service, and required reserves until the various maturity dates of the project debt. On March 1, 2023, Con Edison completed the sale of substantially all of the assets of the Clean Energy Businesses. See Note S. Con Edison retained one deferred project, Broken Bow II, a 75MW nameplate capacity wind power project located in Nebraska. Con Edison's restricted cash for the 2023 period includes restricted cash of Broken Bow II that continued to be classified as held for sale as of September 30, 2023. See Note T.