Income Tax (Tables)

12 Months Ended

Dec. 31, 2023

Income Tax Disclosure [Abstract]

Schedule of Components of Income Tax

The components of income tax are as follows:

	Con Edison			CECONY
(Millions of Dollars)	2023	2022	2021	2023	2022	2021
State
Current	$179	$5	$14	$(102)	$—	$1
Deferred	6	324	79	246	110	106
Federal
Current	176	58	43	(95)	170	121
Deferred	237	117	61	311	(23)	21
Amortization of investment tax credits	(111)	(6)	(7)	(2)	(2)	(3)
Total income tax expense	$487	$498	$190	$358	$255	$246

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)	2023		2022		2021		2023		2022		2021
STATUTORY TAX RATE
Federal	21	%	21	%	21	%	21	%	21	%	21	%
Changes in computed taxes resulting from:
State income taxes, net of federal income taxes	5		6		4		5		5		5
Taxes attributable to noncontrolling interests	—		1		3		—		—		—
Cost of removal	1		1		2		2		1		1
Other plant-related items	—		—		(1)		(1)		(1)		(1)
Amortization of excess deferred federal income taxes	(6)		(9)		(12)		(8)		(10)		(11)
Renewable energy credits	—		(2)		(2)		—		—		—
Research and development credits	—		—		(1)		—		—		—
Other	—		—		—		(1)		—		—
Impacts from the sale of the Clean Energy Businesses:
Changes in state apportionments, net of federal income taxes	(1)		6		—		—		—		—
Deferred unamortized ITC recognized on sale of subsidiary	(4)		—		—		—		—		—
Effective tax rate	16	%	24	%	14	%	18	%	16	%	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)	2023	2022	2023	2022
Deferred tax liabilities:
Property basis differences	$8,542	$8,770	$8,001	$7,475
Regulatory Assets:
System peak reduction and energy efficiency programs	297	220	291	219
Environmental remediation costs	310	278	287	254
Other regulatory assets	632	561	577	501
Unrecognized pension and other postretirement costs	—	22	—	22
Pensions and retiree benefits – asset	918	917	894	894
Operating lease right-of-use asset	154	230	153	163
Equity investments	—	26	—	—
Total deferred tax liabilities	$10,853	$11,024	$10,203	$9,528
Deferred tax assets:
Regulatory liabilities:
Unrecognized pension and other postretirement costs	265	447	244	431
Future income tax	427	489	394	454
Other regulatory liabilities	844	860	744	739
Tax credits carryforward	270	767	—	—
Loss carryforwards	7	117	—	24
Valuation allowance	(7)	(18)	—	—
Superfund and other environmental costs	314	280	288	254
Operating lease liabilities	154	233	153	162
Pensions and retiree benefits – liability	167	162	153	148
Asset retirement obligations	146	153	146	140
Equity investments	98	—	—	—
Other	125	14	108	45
Total deferred tax assets	2,810	3,504	2,230	2,397
Net deferred tax liabilities	$8,043	$7,520	$7,973	$7,131
Unamortized investment tax credits	26	121	11	13
Net deferred tax liabilities and unamortized investment tax credits	$8,069	$7,641	$7,984	$7,144

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)	2023	2022	2021	2023	2022	2021
Balance at January 1,	$23	$17	$14	$8	$5	$3
Additions based on tax positions related to the current year	8	3	3	4	2	2
Additions based on tax positions of prior years	3	6	2	1	1	1
Reductions for tax positions of prior years	(11)	(1)	(2)	(6)	—	(1)
Settlements	(12)	(2)	—	—	—	—
Balance at December 31,	$11	$23	$17	$7	$8	$5