Pension Benefits

6 Months Ended

Jun. 30, 2014

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, 2014 and 2013 were as follows:

	For the Three Months Ended June 30,
	Con Edison						CECONY
(Millions of Dollars)	2014			2013			2014			2013
Service cost – including administrative expenses	$	57		$	67		$	53		$	62
Interest cost on projected benefit obligation		143			134			134			126
Expected return on plan assets		(208	)		(187	)		(198	)		(178	)
Recognition of net actuarial loss		154			208			146			197
Recognition of prior service costs		1			1			1			1
NET PERIODIC BENEFIT COST	$	147		$	223		$	136		$	208
Amortization of regulatory asset		1			1			1			1
TOTAL PERIODIC BENEFIT COST	$	148		$	224		$	137		$	209
Cost capitalized		(57	)		(88	)		(54	)		(84	)
Reconciliation to rate level		30			(30	)		28			(29	)
Cost charged to operating expenses	$	121		$	106		$	111		$	96

	For the Six Months Ended June 30,
	Con Edison						CECONY
(Millions of Dollars)	2014			2013			2014			2013
Service cost – including administrative expenses	$	113		$	133		$	106		$	124
Interest cost on projected benefit obligation		286			268			268			252
Expected return on plan assets		(416	)		(375	)		(395	)		(356	)
Recognition of net actuarial loss		309			416			293			394
Recognition of prior service costs		2			3			1			2
NET PERIODIC BENEFIT COST	$	294		$	445		$	273		$	416
Amortization of regulatory asset		1			1			1			1
TOTAL PERIODIC BENEFIT COST	$	295		$	446		$	274		$	417
Cost capitalized		(109	)		(170	)		(103	)		(163	)
Reconciliation to rate level		57			(24	)		51			(23	)
Cost charged to operating expenses	$	243		$	252		$	222		$	231

Expected Contributions

Based on estimates as of June 30, 2014, the Companies expect to make contributions to the pension plan during 2014 of $564 million (of which $524 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 2014, CECONY contributed $400 million to the pension plan and funded $13 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, 2014 and 2013 were as follows:

	For the Three Months Ended June 30,
	Con Edison						CECONY
(Millions of Dollars)	2014			2013			2014			2013
Service cost – including administrative expenses	$	57		$	67		$	53		$	62
Interest cost on projected benefit obligation		143			134			134			126
Expected return on plan assets		(208	)		(187	)		(198	)		(178	)
Recognition of net actuarial loss		154			208			146			197
Recognition of prior service costs		1			1			1			1
NET PERIODIC BENEFIT COST	$	147		$	223		$	136		$	208
Amortization of regulatory asset		1			1			1			1
TOTAL PERIODIC BENEFIT COST	$	148		$	224		$	137		$	209
Cost capitalized		(57	)		(88	)		(54	)		(84	)
Reconciliation to rate level		30			(30	)		28			(29	)
Cost charged to operating expenses	$	121		$	106		$	111		$	96

	For the Six Months Ended June 30,
	Con Edison						CECONY
(Millions of Dollars)	2014			2013			2014			2013
Service cost – including administrative expenses	$	113		$	133		$	106		$	124
Interest cost on projected benefit obligation		286			268			268			252
Expected return on plan assets		(416	)		(375	)		(395	)		(356	)
Recognition of net actuarial loss		309			416			293			394
Recognition of prior service costs		2			3			1			2
NET PERIODIC BENEFIT COST	$	294		$	445		$	273		$	416
Amortization of regulatory asset		1			1			1			1
TOTAL PERIODIC BENEFIT COST	$	295		$	446		$	274		$	417
Cost capitalized		(109	)		(170	)		(103	)		(163	)
Reconciliation to rate level		57			(24	)		51			(23	)
Cost charged to operating expenses	$	243		$	252		$	222		$	231

Expected Contributions

Based on estimates as of June 30, 2014, the Companies expect to make contributions to the pension plan during 2014 of $564 million (of which $524 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 2014, CECONY contributed $400 million to the pension plan and funded $13 million for the non-qualified supplemental plans.