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Pension Benefits (Tables) (Pension benefits [Member])
 12 Months Ended
Dec. 31, 2012
Pension benefits [Member]
  
Companies' Net Periodic Benefit Costs

The components of the Companies’ net periodic benefit costs for 2012, 2011, and 2010 were as follows:

 

     Con Edison     CECONY  
(Millions of Dollars)       2012             2011             2010             2012             2011             2010      

Service cost – including administrative expenses

   $ 237      $ 190      $ 168      $ 220      $ 177      $ 157   

Interest cost on projected benefit obligation

     547        560        556        513        524        521   

Expected return on plan assets

     (705 )      (734 )      (704 )      (670 )      (698 )      (670 ) 

Recognition of net actuarial loss

     709        530        425        670        501        401   

Recognition of prior service costs

     8        8        8        6        6        6   

NET PERIODIC BENEFIT COST

   $ 796      $ 554      $ 453      $ 739      $ 510      $ 415   

Amortization of regulatory asset*

     2        2        2        2        2        2   

TOTAL PERIODIC BENEFIT COST

   $ 798      $ 556      $ 455      $ 741      $ 512      $ 417   

Cost capitalized

     (277 )      (185 )      (157 )      (260 )      (172 )      (146 ) 

Reconciliation to rate level

     (8 )      (65 )      (115 )      (12 )      (68 )      (113 ) 

Cost charged to operating expenses

   $ 513      $ 306      $ 183      $ 469      $ 272      $ 158   

 

* Relates to an increase in CECONY’s pension obligation of $45 million from a 1999 special retirement program.
Schedule of Funded Status

The funded status at December 31, 2012, 2011, and 2010 was as follows:

 

     Con Edison     CECONY  
(Millions of Dollars)   2012     2011     2010     2012     2011     2010  

CHANGE IN PROJECTED BENEFIT OBLIGATION

            

Projected benefit obligation at beginning of year

   $ 11,825      $ 10,307      $ 9,408      $ 11,072      $ 9,653      $ 8,803   

Service cost – excluding administrative expenses

     224        186        160        209        174        149   

Interest cost on projected benefit obligation

     547        560        556        513        524        521   

Plan amendments

     -        -        6        -        -        -   

Net actuarial loss

     1,323        1,251        636        1,255        1,166        607   

Benefits paid

     (513 )      (479 )      (459 )      (477 )      (445 )      (427 ) 

PROJECTED BENEFIT OBLIGATION AT END OF YEAR

   $ 13,406      $ 11,825      $ 10,307      $ 12,572      $ 11,072      $ 9,653   

CHANGE IN PLAN ASSETS

            

Fair value of plan assets at beginning of year

   $ 7,800      $ 7,721      $ 6,877      $ 7,406      $ 7,340      $ 6,544   

Actual return on plan assets

     1,094        37        888        1,040        33        846   

Employer contributions

     785        542        443        729        498        404   

Benefits paid

     (513 )      (479 )      (459 )      (477 )      (445 )      (427 ) 

Administrative expenses

     (31 )      (21 )      (28 )      (30 )      (20 )      (27 ) 

FAIR VALUE OF PLAN ASSETS AT END OF YEAR

   $ 9,135      $ 7,800      $ 7,721      $ 8,668      $ 7,406      $ 7,340   

FUNDED STATUS

   $ (4,271 )    $ (4,025 )    $ (2,586 )    $ (3,904 )    $ (3,666 )    $ (2,313 ) 

Unrecognized net loss

   $ 5,594      $ 5,351      $ 3,915      $ 5,297      $ 5,063      $ 3,716   

Unrecognized prior service costs

     23        30        38        10        16        22   

Accumulated benefit obligation

     11,911        10,595        9,319        11,116        9,876        8,694   
Schedule of Assumptions

The actuarial assumptions were as follows:

 

     2012     2011     2010  

Weighted-average assumptions used to determine benefit obligations at December 31:

      

Discount rate

     4.10 %      4.70 %      5.60 % 

Rate of compensation increase

      

– CECONY

     4.35 %      4.35 %      4.35 % 

– O&R

     4.25 %      4.25 %      4.25 % 

Weighted-average assumptions used to determine net periodic benefit cost for the years ended December 31:

      

Discount rate

     4.70 %      5.60 %      6.05 % 

Expected return on plan assets

     8.00 %      8.50 %      8.50 % 

Rate of compensation increase

      

– CECONY

     4.35 %      4.35 %      4.00 % 

– O&R

     4.25 %      4.25 %      4.00 % 
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)   2013     2014     2015     2016     2017     2018-2022  

Con Edison

   $ 554      $ 582      $ 608      $ 634      $ 659      $ 3,635   

CECONY

     517        542        567        591        614        3,394   
Schedule of Plan Assets Allocations

The asset allocations for the pension plan at the end of 2012, 2011, and 2010, and the target allocation for 2013 are as follows:

 

     Target
Allocation Range		     Plan Assets at December 31  
Asset Category   2013       2012         2011         2010    

Equity Securities

     55% - 65%        60 %      61 %      67 % 

Debt Securities

     27% - 33%        31 %      32 %      28 % 

Real Estate

     8% - 12%        9 %      7 %      5 % 

Total

     100%        100 %      100 %      100 % 
Schedule of Fair Value of Plan Assets

The fair values of the pension plan assets at December 31, 2012 by asset category are as follows:

 

(Millions of Dollars)   Level 1     Level 2     Level 3     Total  

U.S. Equity(a)

   $ 2,637      $ -      $ -      $ 2,637   

International Equity(b)

     2,242        753        -        2,995   

Private Equity(c)

     -        -        20        20   

U.S. Government Issues(d)

     -        1,626        -        1,626   

Corporate Bonds(e)

     -        993        -        993   

Structured Assets(f)

     -        30        -        30   

Other Fixed Income(g)

     -        123        -        123   

Real Estate(h)

     -        -        833        833   

Cash and Cash Equivalents(i)

     83        328        -        411   

Futures(j)

     210        -        -        210   

Total investments

   $ 5,172      $ 3,853      $ 853      $ 9,878   

Funds for retiree health benefits(k)

     (185 )      (137 )      (31 )      (353 ) 

Investments (excluding funds for retiree health benefits)

   $ 4,987      $ 3,716      $ 822      $ 9,525   

Pending activities(l)

                             (390 ) 

Total fair value of plan net assets

                           $ 9,135   

 

(a) U.S. Equity includes both actively- and passively-managed assets with investments in domestic equity index funds and actively-managed small-capitalization equities.
(b) International Equity includes international equity index funds and actively-managed international equities.
(c) Private Equity consists of global equity funds that are not exchange-traded.
(d) U.S. Government Issues include agency and treasury securities.
(e) Corporate Bonds consist of debt issued by various corporations.
(f) Structured Assets include commercial-mortgage-backed securities and collateralized mortgage obligations.
(g) Other Fixed Income includes municipal bonds, sovereign debt and regional governments.
(h) Real Estate investments include real estate funds based on appraised values that are broadly diversified by geography and property type.
(i) Cash and Cash Equivalents include short term investments, money markets, foreign currency and cash collateral.
(j) Futures consist of exchange-traded financial contracts encompassing U.S. Equity, International Equity and U.S. Government indices.
(k) 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.
(l) 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 pension plan assets at December 31, 2011 by asset category are as follows:

 

(Millions of Dollars)   Level 1     Level 2     Level 3     Total  

U.S. Equity(a)

   $ 2,467      $ -      $ -      $ 2,467   

International Equity(b)

     1,850        637        -        2,487   

U.S. Government Issues(c)

     -        1,570        -        1,570   

Corporate Bonds(d)

     -        668        94        762   

Structured Assets(e)

     -        -        13        13   

Other Fixed Income(f)

     -        67        29        96   

Real Estate(g)

     -        -        572        572   

Cash and Cash Equivalents(h)

     13        395        -        408   

Futures(i)

     93        48        -        141   

Total investments

   $ 4,423      $ 3,385      $ 708      $ 8,516   

Funds for retiree health benefits(j)

     (174 )      (134 )      (28 )      (336 ) 

Investments (excluding funds for retiree health benefits)

   $ 4,249      $ 3,251      $ 680      $ 8,180   

Pending activities(k)

                             (380 ) 

Total fair value of plan net assets

                           $ 7,800   

 

(a) U.S. Equity includes both actively- and passively-managed assets with investments in domestic equity index funds and actively-managed small-capitalization equities.
(b) International Equity includes international equity index funds and actively-managed international equities.
(c) U.S. Government Issues include agency and treasury securities.
(d) Corporate Bonds classified as Level 3 include 144A illiquid securities.
(e) Structured Assets include commercial-mortgage-backed securities and collateralized mortgage obligations.
(f) Other Fixed Income includes municipal bonds, sovereign debt and regional governments.
(g) Real Estate investments include real estate funds based on appraised values that are broadly diversified by geography and property type.
(h) Cash and Cash Equivalents include short term investments, money markets, foreign currency and cash collateral.
(i) Futures consist of exchange-traded financial contracts encompassing U.S. equity, International equity and U.S. Government indices.
(j) 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.
(k) 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.
Reconciliation of Fair Value Balances for Net Assets

The table below provides a reconciliation of the beginning and ending net balances for assets at December 31, 2012 classified as Level 3 in the fair value hierarchy.

 

(Millions of Dollars)   Beginning
Balance as of
January 1, 2012		     Assets Still Held
at Reporting Date –
Unrealized
Gains/(Losses)		     Assets Sold
During the
Period – Realized
Gains		     Purchases
Sales and
Settlements		     Transfer
in/(out) of
Level 3		     Ending
Balance as of
December 31,
2012		  

Real Estate

   $ 572      $ 48      $ 1      $ 212      $ -      $ 833   

Private Equity

     -        1        -        19        -        20   

Corporate Bonds

     94        -        -        (33 )      (61 )      -   

Structured Assets

     13        -        (6 )      -        (7 )      -   

Other Fixed Income

     29        -        -        (6 )      (23 )      -   

Total investments

   $ 708      $ 49      $ (5 )    $ 192      $ (91 )    $ 853   

Funds for retiree health benefits

     (28 )      (2 )      -        (4 )      3        (31 ) 

Investments (excluding funds for retiree health benefits)

   $ 680      $ 47      $ (5 )    $ 188      $ (88 )    $ 822   

The table below provides a reconciliation of the beginning and ending net balances for assets at December 31, 2011 classified as Level 3 in the fair value hierarchy.

 

(Millions of Dollars)   Beginning
Balance as of
January 1, 2011		     Assets Still Held
at Reporting Date  –
Unrealized
Gains/(Losses)		     Assets Sold
During the
Period – Realized
Gains		     Purchases
Sales and
Settlements		     Ending
Balance as of
December 31,
2011		  

Real Estate

   $ 398      $ 65      $ -      $ 109      $ 572   

Corporate Bonds

     129        (9 )      11        (37 )      94   

Other Fixed Income

     66        (1 )      3        (39 )      29   

Structured Assets

     87        (1 )      2        (75 )      13   

Total investments

   $ 680      $ 54      $ 16      $ (42 )    $ 708   

Funds for retiree health benefits

     (30 )      3        1        (2 )      (28 ) 

Investments (excluding funds for retiree health benefits)

   $ 650      $ 57      $ 17      $ (44 )    $ 680   

 
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)   2012     2011     2010  

Con Edison

   $ 23      $ 23      $ 19   

CECONY

     21        21        17