Pension Benefits

6 Months Ended

Jun. 30, 2013

Pension Benefits

Note E — Pension Benefits

Net Periodic Benefit Cost

The components of the Companies’ net periodic benefit costs for the three and six months ended June 30, 2013 and 2012 were as follows:

	For the Three Months Ended June 30,
	Con Edison						CECONY
(Millions of Dollars)	2013			2012			2013			2012
Service cost – including administrative expenses		$   67			$   59			$   62			$   55
Interest cost on projected benefit obligation		134			137			126			128
Expected return on plan assets		(187	)		(177	)		(178	)		(168	)
Recognition of net actuarial loss		208			177			197			168
Recognition of prior service costs		1			2			1			2
NET PERIODIC BENEFIT COST		$ 223			$ 198			$ 208			$ 185
Amortization of regulatory asset		1			1			1			1
TOTAL PERIODIC BENEFIT COST		$ 224			$ 199			$ 209			$ 186
Cost capitalized		(88	)		(68	)		(84	)		(63	)
Reconciliation to rate level		(30	)		3			(29	)		2
Cost charged to operating expenses		$ 106			$ 134			$   96			$ 125

	For the Six Months Ended June 30,
	Con Edison						CECONY
(Millions of Dollars)	2013			2012			2013			2012
Service cost – including administrative expenses		$ 133			$ 118			$ 124			$ 110
Interest cost on projected benefit obligation		268			274			252			257
Expected return on plan assets		(375	)		(352	)		(356	)		(335	)
Recognition of net actuarial loss		416			354			394			335
Recognition of prior service costs		3			4			2			3
NET PERIODIC BENEFIT COST		$ 445			$ 398			$ 416			$ 370
Amortization of regulatory asset		1			1			1			1
TOTAL PERIODIC BENEFIT COST		$ 446			$ 399			$ 417			$ 371
Cost capitalized		(170	)		(135	)		(163	)		(126	)
Reconciliation to rate level		(24	)		(32	)		(23	)		(36	)
Cost charged to operating expenses		$ 252			$ 232			$ 231			$ 209

Expected Contributions

Based on estimates as of June 30, 2013, the Companies expect to make contributions to the pension plan during 2013 of $867 million (of which $810 million is to be contributed by CECONY). The Companies’ policy is to fund their accounting cost to the extent tax deductible. During the first six months of 2013, CECONY contributed $350 million to the pension plan and funded $11 million for the non-qualified supplemental plans.

CECONY [Member]

Pension Benefits

Note E — Pension Benefits

Net Periodic Benefit Cost

The components of the Companies’ net periodic benefit costs for the three and six months ended June 30, 2013 and 2012 were as follows:

	For the Three Months Ended June 30,
	Con Edison						CECONY
(Millions of Dollars)	2013			2012			2013			2012
Service cost – including administrative expenses		$   67			$   59			$   62			$   55
Interest cost on projected benefit obligation		134			137			126			128
Expected return on plan assets		(187	)		(177	)		(178	)		(168	)
Recognition of net actuarial loss		208			177			197			168
Recognition of prior service costs		1			2			1			2
NET PERIODIC BENEFIT COST		$ 223			$ 198			$ 208			$ 185
Amortization of regulatory asset		1			1			1			1
TOTAL PERIODIC BENEFIT COST		$ 224			$ 199			$ 209			$ 186
Cost capitalized		(88	)		(68	)		(84	)		(63	)
Reconciliation to rate level		(30	)		3			(29	)		2
Cost charged to operating expenses		$ 106			$ 134			$   96			$ 125

	For the Six Months Ended June 30,
	Con Edison						CECONY
(Millions of Dollars)	2013			2012			2013			2012
Service cost – including administrative expenses		$ 133			$ 118			$ 124			$ 110
Interest cost on projected benefit obligation		268			274			252			257
Expected return on plan assets		(375	)		(352	)		(356	)		(335	)
Recognition of net actuarial loss		416			354			394			335
Recognition of prior service costs		3			4			2			3
NET PERIODIC BENEFIT COST		$ 445			$ 398			$ 416			$ 370
Amortization of regulatory asset		1			1			1			1
TOTAL PERIODIC BENEFIT COST		$ 446			$ 399			$ 417			$ 371
Cost capitalized		(170	)		(135	)		(163	)		(126	)
Reconciliation to rate level		(24	)		(32	)		(23	)		(36	)
Cost charged to operating expenses		$ 252			$ 232			$ 231			$ 209

Expected Contributions

Based on estimates as of June 30, 2013, the Companies expect to make contributions to the pension plan during 2013 of $867 million (of which $810 million is to be contributed by CECONY). The Companies’ policy is to fund their accounting cost to the extent tax deductible. During the first six months of 2013, CECONY contributed $350 million to the pension plan and funded $11 million for the non-qualified supplemental plans.