Pension Benefits

3 Months Ended

Mar. 31, 2024

Retirement Benefits [Abstract]

Pension Benefits

Pension Benefits

Total Periodic Benefit Credit

The components of the Companies’ total periodic benefit credit for the three months ended March 31, 2024 and 2023 were as follows:

	For the Three Months Ended March 31,
	Con Edison		CECONY
(Millions of Dollars)	2024	2023	2024	2023
Service cost – including administrative expenses	$43	$41	$40	$38
Interest cost on projected benefit obligation	159	162	150	153
Expected return on plan assets	(282)	(279)	(269)	(265)
Recognition of net actuarial gain	(4)	(58)	(4)	(55)
Recognition of prior service credit	(4)	(4)	(5)	(5)
TOTAL PERIODIC BENEFIT CREDIT	$(88)	$(138)	$(88)	$(134)
Cost capitalized	(22)	(21)	(22)	(20)
Reconciliation to rate level	18	73	16	68
Total credit recognized	$(92)	$(86)	$(94)	$(86)

Components of net periodic benefit credit other than service cost are presented outside of operating income on the Companies' consolidated income statements, and only the service cost component is eligible for capitalization. Accordingly, the service cost component is included in the line "Other operations and maintenance" and the non-

service cost components are included in the lines "Other income" and "Other deductions" in the Companies' consolidated income statements.

Expected Contributions

Based on estimates as of March 31, 2024, the Companies expect to make contributions to the pension plans during 2024 of $25 million (of which $22 million is to be made by CECONY). The Companies’ policy is to fund the total periodic benefit cost of the qualified plan to the extent tax deductible and to also contribute to the non-qualified supplemental plans. During the first three months of 2024, the Companies contributed $5 million to the pension plans, $4 million of which was contributed by CECONY.