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Pension Benefits (Tables) (Pension Benefits [Member])
 12 Months Ended
Dec. 31, 2013
Pension Benefits [Member]
  
Companies' Net Periodic Benefit Costs

The components of the Companies’ net periodic benefit costs for 2013, 2012, and 2011 were as follows:

 

     Con Edison     CECONY  
(Millions of Dollars)       2013             2012             2011             2013             2012             2011      

Service cost – including administrative expenses

   $ 267      $ 237      $ 190      $ 249      $ 220      $ 177   

Interest cost on projected benefit obligation

     537        547        560        503        513        524   

Expected return on plan assets

     (750 )      (705 )      (734 )      (713 )      (670 )      (698 ) 

Recognition of net actuarial loss

     832        709        530        788        670        501   

Recognition of prior service costs

     5        8        8        4        6        6   

NET PERIODIC BENEFIT COST

   $ 891      $ 796      $ 554      $ 831      $ 739      $ 510   

Amortization of regulatory asset*

     2        2        2        2        2        2   

TOTAL PERIODIC BENEFIT COST

   $ 893      $ 798      $ 556      $ 833      $ 741      $ 512   

Cost capitalized

     (348 )      (277 )      (185 )      (327 )      (260 )      (172 ) 

Reconciliation to rate level

     (84 )      (8 )      (65 )      (87 )      (12 )      (68 ) 

Cost charged to operating expenses

   $ 461      $ 513      $ 306      $ 419      $ 469      $ 272   

 

* 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, 2013, 2012, and 2011 was as follows:

 

     Con Edison     CECONY  
(Millions of Dollars)   2013     2012     2011     2013     2012     2011  

CHANGE IN PROJECTED BENEFIT OBLIGATION

              

Projected benefit obligation at beginning of year

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

Service cost – excluding administrative expenses

     259        224        186        241        209        174   

Interest cost on projected benefit obligation

     537        547        560        503        513        524   

Net actuarial (gain)/loss

     (1,469 )      1,323        1,251        (1,388 )      1,255        1,166   

Benefits paid

     (536 )      (513 )      (479 )      (499 )      (477 )      (445 ) 

PROJECTED BENEFIT OBLIGATION AT END OF YEAR

   $ 12,197      $ 13,406      $ 11,825      $ 11,429      $ 12,572      $ 11,072   

CHANGE IN PLAN ASSETS

              

Fair value of plan assets at beginning of year

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

Actual return on plan assets

     1,310        1,094        37        1,241        1,040        33   

Employer contributions

     879        785        542        819        729        498   

Benefits paid

     (536 )      (513 )      (479 )      (499 )      (477 )      (445 ) 

Administrative expenses

     (33 )      (31 )      (21 )      (32 )      (30 )      (20 ) 

FAIR VALUE OF PLAN ASSETS AT END OF YEAR

   $ 10,755      $ 9,135      $ 7,800      $ 10,197      $ 8,668      $ 7,406   

FUNDED STATUS

   $ (1,442 )    $ (4,271 )    $ (4,025 )    $ (1,232 )    $ (3,904 )    $ (3,666 ) 

Unrecognized net loss

   $ 2,759      $ 5,594      $ 5,351      $ 2,617      $ 5,297      $ 5,063   

Unrecognized prior service costs

     17        23        30        6        10        16   

Accumulated benefit obligation

     11,004        11,911        10,595        10,268        11,116        9,876   
Schedule of Assumptions

The actuarial assumptions were as follows:

 

     2013     2012     2011  

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

      

Discount rate

     4.80 %      4.10 %      4.70 % 

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

     4.10 %      4.70 %      5.60 % 

Expected return on plan assets

     8.00 %      8.00 %      8.50 % 

Rate of compensation increase

      

– CECONY

     4.35 %      4.35 %      4.35 % 

– O&R

     4.25 %      4.25 %      4.25 % 
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)   2014     2015     2016     2017     2018     2019-2023  

Con Edison

   $ 578      $ 600      $ 621      $ 640      $ 659      $ 3,527   

CECONY

     539        559        578        596        614        3,280   
Schedule of Plan Assets Allocations

The asset allocations for the pension plan at the end of 2013, 2012, and 2011, and the target allocation for 2014 are as follows:

 

     Target
Allocation Range		     Plan Assets at December 31  
Asset Category   2014       2013         2012         2011    

Equity Securities

     55% - 65%        60 %      60 %      61 % 

Debt Securities

     27% - 33%        30 %      31 %      32 % 

Real Estate

     8% - 12%        10 %      9 %      7 % 

Total

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

The fair values of the pension plan assets at December 31, 2013 by asset category are as follows:

 

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

U.S. Equity(a)

   $ 3,057      $ -      $ -      $ 3,057   

International Equity(b)

     2,303        871        -        3,174   

Private Equity(c)

     -        -        67        67   

U.S. Government Issued Debt(d)

     -        1,855        -        1,855   

Corporate Bonds Debt(e)

     -        1,151        -        1,151   

Structured Assets Debt(f)

     -        4        -        4   

Other Fixed Income Debt(g)

     -        150        -        150   

Real Estate(h)

     -        -        1,062        1,062   

Cash and Cash Equivalents(i)

     127        558        -        685   

Futures(j)

     348        -        -        348   

Hedge Funds(k)

     -        -        206        206   

Total investments

   $ 5,835      $ 4,589      $ 1,335      $ 11,759   

Funds for retiree health benefits(l)

     (185 )      (145 )      (42 )      (372 ) 

Investments (excluding funds for retiree health benefits)

   $ 5,650      $ 4,444      $ 1,293      $ 11,387   

Pending activities(m)

                             (632 ) 

Total fair value of plan net assets

                           $ 10,755   

 

(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 Issued Debt includes agency and treasury securities.
(e) Corporate Bonds Debt consists of debt issued by various corporations.
(f) Structured Assets Debt includes commercial-mortgage-backed securities and collateralized mortgage obligations.
(g) Other Fixed Income Debt 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) Hedge Funds are within a commingled structure which invests in various hedge fund managers who can invest in all financial instruments.
(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.

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 Issued Debt(d)

     -        1,626        -        1,626   

Corporate Bonds Debt(e)

     -        993        -        993   

Structured Assets Debt(f)

     -        30        -        30   

Other Fixed Income Debt(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 Issued Debt includes agency and treasury securities.
(e) Corporate Bonds Debt consists of debt issued by various corporations.
(f) Structured Assets Debt includes commercial-mortgage-backed securities and collateralized mortgage obligations.
(g) Other Fixed Income Debt 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.
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, 2013 classified as Level 3 in the fair value hierarchy.

 

(Millions of Dollars)   Beginning
Balance as of
January 1, 2013		     Assets Still Held
at Reporting Date –
Unrealized Gains/
(Losses)		     Assets Sold
During the
Year – Realized
Gains/(Losses)		     Purchases
Sales and
Settlements		     Transfer
In/(Out) of
Level 3		     Ending
Balance as of
December 31,
2013		  

Real Estate

   $ 833      $ 114      $ 1      $ 114      $ -      $ 1,062   

Private Equity

     20        5        -        42        -        67   

Hedge Funds

     -        6        -        200        -        206   

Total investments

   $ 853      $ 125      $ 1      $ 356      $ -      $ 1,335   

Funds for retiree health benefits

     (31 )      (3 )      -        (8 )      -        (42 ) 

Investments (excluding funds for retiree health benefits)

   $ 822      $ 122      $ 1      $ 348      $ -      $ 1,293   

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
Year – Realized
Gains/(Losses)		     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   

 
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)   2013     2012     2011  

Con Edison

   $ 30      $ 23      $ 23   

CECONY

     26        21        21