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Pension Benefits (Tables)
 12 Months Ended
Dec. 31, 2023
Retirement Benefits [Abstract]  
Total Periodic Benefit Costs
The components of the Companies’ total periodic benefit cost/(credit) for 2023, 2022 and 2021 were as follows:
  Con EdisonCECONY
(Millions of Dollars)202320222021202320222021
Service cost – including administrative expenses$161$287$343$151$270$321
Interest cost on projected benefit obligation649505471611475443
Expected return on plan assets(1,114)(1,168)(1,096)(1,061)(1,109)(1,040)
Recognition of net actuarial loss/(gain)(232)377787(219)358746
Recognition of prior service credit(17)(16)(17)(19)(21)(19)
TOTAL PERIODIC BENEFIT COST/(CREDIT)$(553)$(15)$488$(537)$(27)$451
Cost capitalized(81)(137)(154)(78)(129)(146)
Reconciliation to rate level282259(226)261245(216)
Total expense/(benefit) recognized$(352)$107$108$(354)$89$89
The components of the Companies’ total periodic postretirement benefit costs/(credit) for 2023, 2022 and 2021 were as follows:
  Con EdisonCECONY
(Millions of Dollars)202320222021202320222021
Service cost$14$18$22$12$15$16
Interest cost on accumulated other postretirement benefit obligation
573533493028
Expected return on plan assets(70)(72)(68)(56)(58)(56)
Recognition of net actuarial loss/(gain)(16)(14)31(8)(9)27
Recognition of prior service credit(2)(1)(3)——(1)
TOTAL PERIODIC POSTRETIREMENT BENEFIT COST/(CREDIT)$(17)$(34)$15$(3)$(22)$14
Cost capitalized(6)(8)(9)(5)(7)(7)
Reconciliation to rate level429(7)(2)24(12)
Total credit recognized$(19)$(13)$(1)$(10)$(5)$(5)
Schedule of Funded Status
The funded status at December 31, 2023, 2022 and 2021 was as follows:
Con EdisonCECONY
(Millions of Dollars)202320222021202320222021
CHANGE IN PROJECTED BENEFIT OBLIGATION
Projected benefit obligation at beginning of year$12,113$17,357$18,965$11,395$16,341$17,821
Service cost – excluding administrative expenses156283337146266317
Interest cost on projected benefit obligation649505471611475443
Net actuarial loss/(gain)599(5,102)(1,547)572(4,845)(1,441)
Plan amendments
3 —————
Benefits paid(808)(930)(869)(747)(842)(799)
PROJECTED BENEFIT OBLIGATION AT END OF YEAR$12,712$12,113$17,357$11,977$11,395$16,341
CHANGE IN PLAN ASSETS
Fair value of plan assets at beginning of year$14,979$18,504$17,022$14,248$17,566$16,147
Actual return on plan assets1,261(2,583)1,9351,201(2,453)1,838
Employer contributions21304691817432
Benefits paid(808)(930)(869)(747)(842)(799)
Administrative expenses(49)(42)(53)(46)(40)(52)
FAIR VALUE OF PLAN ASSETS AT END OF YEAR$15,404$14,979$18,504$14,674$14,248$17,566
FUNDED STATUS$2,692$2,866$1,147$2,697$2,853$1,225
Unrecognized net loss/(gain)$(757)($1,485)$205$(705)($1,397)$207
Unrecognized prior service credits(105)(124)(140)(124)(143)(163)
Accumulated benefit obligation$11,739$11,167$15,469$11,031$10,478$14,504
The funded status of the programs at December 31, 2023, 2022 and 2021 were as follows:
  Con EdisonCECONY
(Millions of Dollars)202320222021202320222021
CHANGE IN BENEFIT OBLIGATION
Benefit obligation at beginning of year$1,058$1,398$1,425$921$1,189$1,209
Service cost141822121516
Interest cost on accumulated postretirement benefit obligation
573533493028
Net actuarial gain(93)(311)(13)(94)(239)(3)
Benefits paid and administrative expenses, net of subsidies
(128)(130)(117)(118)(121)(107)
Participant contributions554848554746
BENEFIT OBLIGATION AT END OF YEAR$963$1,058$1,398$825$921$1,189
CHANGE IN PLAN ASSETS
Fair value of plan assets at beginning of year$860$1,150$1,115$708$955$940
Actual return on plan assets116(225)9284(187)67
Employer contributions2213617103
Employer group waiver plan subsidies565521525019
Participant contributions554848554746
Benefits paid(180)(181)(132)(166)(167)(120)
FAIR VALUE OF PLAN ASSETS AT END OF YEAR$929$860$1,150$750$708$955
FUNDED STATUS$(34)$(198)$(248)$(75)$(213)$(234)
Unrecognized net loss/(gain)($90)$37$41($41)$78$67
Unrecognized prior service costs(10)(12)(13)———
Schedule of Assumptions
The actuarial assumptions were as follows: 
202320222021
Weighted-average assumptions used to determine benefit obligations at December 31:
Discount rate5.15 %5.45 %3.00 %
Interest crediting rate for cash balance plan4.20 %4.00 %3.50 %
Rate of compensation increase
CECONY
3.80 %3.80 %3.80 %
O&R
3.20 %3.20 %3.20 %
Weighted-average assumptions used to determine net periodic benefit cost for the years ended December 31:
Discount rate5.45 %3.00 %2.55 %
Interest crediting rate for cash balance plan4.00 %3.50 %3.00 %
Expected return on plan assets6.75 %7.00 %7.00 %
Rate of compensation increase
CECONY
3.80 %3.80 %3.80 %
O&R
3.20 %3.20 %3.20 %
The actuarial assumptions were as follows: 
202320222021
Weighted-average assumptions used to determine benefit obligations at December 31:
Discount Rate
CECONY5.05 %5.35 %2.75 %
O&R5.15 %5.45 %3.00 %
Weighted-average assumptions used to determine net periodic benefit cost for the years ended December 31:
Discount Rate
CECONY5.35 %2.75 %2.25 %
O&R5.45 %3.00 %2.55 %
Expected Return on Plan Assets6.80 %6.80 %6.80 %
Schedule of Expected Benefit Payments
Based on current assumptions, the Companies expect to make the following benefit payments over the next ten years:
(Millions of Dollars)202420252026202720282029-2033
Con Edison$768$817$789$804$811$4,158
CECONY7117627347507563,891
Based on current assumptions, the Companies expect to make the following benefit payments over the next ten years, net of receipt of governmental subsidies and participant contributions:
(Millions of Dollars)202420252026202720282029-2033
Con Edison$68$72$73$73$73$353
CECONY6063646464308
Schedule of Plan Assets Allocations
The asset allocations for the pension plan at the end of 2023, 2022 and 2021, and the target allocation for 2024 are as follows:
  
Target
Allocation Range
           Plan Assets at December 31,
Asset Category2024202320222021
Equity Securities
26% - 30%
26 %33 %50 %
Debt Securities
42% - 60%
50 %50 %38 %
Real Estate and Other Alternatives
14% - 30%
24 %17 %12 %
Total100 %100 %100 %
The asset allocations for CECONY’s other postretirement benefit plans at the end of 2023, 2022 and 2021, and the target allocation for 2024 are as follows:
  Target Allocation RangePlan Assets at December 31,
Asset Category2024202320222021
Equity Securities
35%-55%
44 %49 %55 %
Debt Securities
40%-60%
51 %51 %45 %
Real Estate and Other Alternatives
—%-9%
5 %— %— %
Total100%100 %100 %100 %
Schedule of Fair Value of Plan Assets
The fair values of the pension plan assets at December 31, 2023 by asset category are as follows:
(Millions of Dollars)Level 1Level 2Total
Investments within the fair value hierarchy
U.S. Equity (a)$2,474$1 $2,475
International Equity (b)1,584—1,584
U.S. Government Issued Debt (c)—615615
Corporate Bonds Debt (d)—5,5265,526
Structured Assets Debt (e)—132132
Other Fixed Income Debt (f)—1,2101,210
Cash and Cash Equivalents (g)36302338
Futures (h)19 — 19 
Total investments within the fair value hierarchy $4,113$7,786$11,899
Investments measured at NAV per share (n)
Private Equity (i)1,031
Real Estate (j)1,876
Hedge Funds (k)723
Total investments valued using NAV per share$3,630
Funds for retiree health benefits (l)(52)(96)(148)
Funds for retiree health benefits measured at NAV per share (l)(n)(45)
Total funds for retiree health benefits$(193)
Investments (excluding funds for retiree health benefits)$4,061$7,690$15,336
Pending activities (m)  68
Total fair value of plan net assets  $15,404
(a)U.S. Equity is comprised of both actively- and passively-managed investments in domestic equity index funds and actively-managed small-capitalization equities.
(b)International Equity is comprised of investments in international equity index funds and actively-managed international equities.
(c)U.S. Government Issued Debt is comprised of agency and treasury securities.
(d)Corporate Bonds Debt is comprised of debt issued by various corporations.
(e)Structured Assets Debt is comprised of commercial-mortgage-backed securities and collateralized mortgage obligations.
(f)Other Fixed Income Debt is comprised of municipal bonds, sovereign debt and regional governments.
(g)Cash and Cash Equivalents are comprised of short term investments, money markets, foreign currency and cash collateral.
(h)Futures are comprised of exchange-traded financial contracts encompassing U.S. Equity, International Equity and U.S. Government indices.
(i)Private Equity is comprised of global private market investments. Private equity's investment objective is to generate returns on capital from a diversified portfolio of primary fund investments, secondaries and co-investments. The plan's unfunded commitments to private equity were approximately $193 million at December 31, 2023. However, the managers also expect to make significant cash flow distributions in 2024 and 2025. While the investments in this asset class cannot be redeemed, the plan would be able to receive distributions from selling its limited partnership interests in the secondary market, which would be expected to take three to six months.
(j)Real Estate investments are open-end real estate funds that invest in a portfolio of real properties that are broadly diversified by geography and property type. The real estate asset class is expected to produce returns from income and capital appreciation. Real estate also provides a hedge against inflation. The funds allow for quarterly redemptions, however the amount and timing of distributions are subject to market conditions and are currently uncertain.
(k)Hedge Funds are structured as a custom fund of one and can invest in external hedge fund managers that pursue a wide array of strategies including event driven, fundamental long/short, relative value, directional trading, and direct sourcing. These investments seek to generate positive absolute returns with lower volatility than other investments. The various hedge fund managers can invest in all financial instruments. Substantially all of the investment could be liquidated within 18 months.
(l)The Companies set aside funds for retiree health benefits through a separate account within the pension trust, as permitted under Section 401(h) of the Internal Revenue Code of 1986, as amended. In accordance with the Code, the plan’s investments in the 401(h) account may not be used for, or diverted to, any purpose other than providing health benefits for retirees. The net assets held in the 401(h) account are calculated based on a pro-rata percentage allocation of the net assets in the pension plan. The related obligations for health benefits are not included in the pension plan’s obligations and are included in the Companies’ other postretirement benefit obligation. See Note F.
(m)Pending activities include security purchases and sales that have not settled, interest and dividends that have not been received and reflects adjustments for available estimates at year end.
(n)In accordance with ASU 2015-07, Fair Value Measurements (Topic 820): Disclosures for Investments in Certain Entities That Calculate Net Asset Value per Share (or its equivalent), certain investments that are measured at fair value using the net asset value per share (or its equivalent) practical expedient have not been classified in the fair value hierarchy.
The fair values of the pension plan assets at December 31, 2022 by asset category are as follows:
(Millions of Dollars)Level 1Level 2Total
Investments within the fair value hierarchy
U.S. Equity (a)$2,150$3 $2,153
International Equity (b)1,534—1,534
U.S. Government Issued Debt (c)—823823
Corporate Bonds Debt (d)—4,9614,961
Structured Assets Debt (e)—183183
Other Fixed Income Debt (f)—1,0881,088
Cash and Cash Equivalents (g)71 274345
Futures (h)(1)—(1)
Total investments within the fair value hierarchy$3,754$7,332$11,086
Investments measured at NAV per share (n)
Private Equity (i)1,018
Real Estate (j)2,366
Hedge Funds (k)657
Total investments valued using NAV per share$4,041
Funds for retiree health benefits (l)(48)(91)(139)
Funds for retiree health benefits measured at NAV per share (l)(n)(51)
Total funds for retiree health benefits$(190)
Investments (excluding funds for retiree health benefits)$3,706$7,241$14,937
Pending activities (m)  $42
Total fair value of plan net assets  $14,979
(a) - (n) Reference is made to footnotes (a) through (n) in the above table of pension plan assets at December 31, 2023 by asset category.
The fair values of the plans' assets at December 31, 2023 by asset category as defined by the accounting rules for fair value measurements (see Note R) are as follows:
(Millions of Dollars)Level 1Level 2Total
Equity (a)$—$331$331
Other Fixed Income Debt (b)—323323
Cash and Cash Equivalents (c)71825
Asset Allocation Funds (d)—3838
Total investments$7$710$717
Funds for retiree health benefits (e)5296148
Investments (including funds for retiree health benefits)$59$806$865
Funds for retiree health benefits measured at net asset value (e)(f)45
Pending activities (g)  19
Total fair value of plan net assets  $929
(a)Equity is comprised of a passively managed commingled index fund benchmarked to the MSCI All Country World Index.
(b)Other Fixed Income Debt is comprised of a passively managed commingled index fund benchmarked to the Bloomberg Barclays U.S. Long Credit Index and an active separately managed fund indexed to the Bloomberg Barclays U.S. Long Credit Index.
(c)Cash and Cash Equivalents is comprised of short-term investments and money markets.
(d)Asset Allocation Funds is comprised of investments in a global asset allocation fund.
(e)The Companies set aside funds for retiree health benefits through a separate account within the pension trust, as permitted under Section 401(h) of the Internal Revenue Code of 1986, as amended. In accordance with the Code, the plan’s investments in the 401(h) account may not be used for, or diverted to, any purpose other than providing health benefits for retirees. The net assets held in the 401(h) account are calculated based on a pro-rata percentage allocation of the net assets in the pension plan. The related obligations for health benefits are not included in the pension plan’s obligations and are included in the Companies’ other postretirement benefit obligation. See Note E.
(f)In accordance with ASU 2015-07, Fair Value Measurements (Topic 820): Disclosures for Investments in Certain Entities That Calculate Net Asset Value per Share (or its equivalent), certain investments that are measured at fair value using the net asset value per share (or its equivalent) practical expedient have not been classified in the fair value hierarchy.
(g)Pending activities include security purchases and sales that have not settled, interest and dividends that have not been received, and reflects adjustments for available estimates at year-end.
The fair values of the plans' assets at December 31, 2022 by asset category (see Note R) are as follows:
(Millions of Dollars)Level 1Level 2Total
Equity (a)$—$339$339
Other Fixed Income Debt (b)10275285
Cash and Cash Equivalents (c)—2525
Total investments$10$639$649
Funds for retiree health benefits (d)4891139
Investments (including funds for retiree health benefits)$58$730$788
Funds for retiree health benefits measured at net asset value (d)(e)51
Pending activities (f)  21
Total fair value of plan net assets  $860
(a) - (f) Reference is made to footnotes (a) through (f) in the above table of other postretirement benefit plan assets at December 31, 2023 by asset category.
Schedule of Employer Contribution to Defined Savings Plan
The Companies also offer a defined contribution savings plan that covers substantially all employees and made contributions to the plan as follows:
                For the Years Ended December 31,
(Millions of Dollars)202320222021
Con Edison$57$57$55
CECONY514846