Income Tax (Tables)

12 Months Ended

Dec. 31, 2013

Income Tax Disclosure [Abstract]

Schedule of Components of Income Tax

The components of income tax are as follows:

	Con Edison									CECONY
(Millions of Dollars)	2013			2012			2011			2013			2012			2011
State
Current	$	151		$	29		$	56		$	111		$	53		$	53
Deferred		(70	)		97			63			(14	)		53			55
Federal
Current		285			(13	)		53			187			110			43
Deferred		115			493			434			241			318			413
Amortization of investment tax credits		(5	)		(6	)		(6	)		(5	)		(5	)		(6	)
Total charge to income tax expense	$	476		$	600		$	600		$	520		$	529		$	558

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)	2013			2012			2013			2012
Deferred tax liabilities:
Depreciation	$	4,602		$	4,210		$	4,277		$	3,909
Regulatory asset – future income tax		2,294			2,061			2,165			1,962
State income tax		1,111			1,060			1,008			897
Unrecognized pension and other postretirement costs		1,109			2,312			1,060			2,202
Pension		674			736			667			730
Capitalized overheads		566			565			501			496
Unamortized investment tax credits		43			49			42			47
Other		1,048			931			869			528
Total deferred tax liabilities		11,447			11,924			10,589			10,771
Deferred tax assets:
Unrecognized pension and other postretirement costs		1,109			2,312			1,060			2,202
Regulatory liability – future income tax		126			126			112			117
State income tax		555			382			500			357
Loss carryforwards		12			252			-			136
Loss carryforwards, valuation reserve		(12	)		(15	)		-			-
Other		1,313			791			1,185			700
Total deferred tax assets		3,103			3,848			2,857			3,512
Net deferred tax liabilities and investment tax credits	$	8,344		$	8,076		$	7,732		$	7,259
Deferred income taxes and investment tax credits – noncurrent	$	8,466		$	8,372		$	7,832		$	7,452
Deferred tax assets – current		(122	)		(296	)		(100	)		(193	)
Net deferred tax liabilities and investment tax credits	$	8,344		$	8,076		$	7,732		$	7,259

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)	2013			2012			2011			2013			2012			2011
STATUTORY TAX RATE
Federal		35	%		35	%		35	%		35	%		35	%		35	%
Changes in computed taxes resulting from:
State income tax		4			4			5			5			4			5
Cost of removal		(5	)		(4	)		(4	)		(5	)		(4	)		(4	)
Manufacturing deduction		(1	)		-			-			-			-			-
Other		(2	)		(1	)		-			(1	)		(1	)		-
Effective Tax Rate		31	%		34	%		36	%		34	%		34	%		36	%

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)	2013			2012			2011			2013			2012			2011
Balance at January 1	$	86		$	130		$	93		$	74		$	114		$	79
Additions based on tax positions related to the current year		5			12			76			-			11			74
Additions based on tax positions of prior years		253			-			4			-			-			3
Reductions for tax positions of prior years		(86	)		(57	)		(43	)		(74	)		(52	)		(42	)
Settlements		(249	)		1			-			-			1			-
Balance at December 31	$	9		$	86		$	130		$	-		$	74		$	114