Summary of Significant Accounting Policies (Policies)

6 Months Ended

Jun. 30, 2014

Accounting Policies [Abstract]

Earnings per Common Share

Earnings Per Common Share

For the three and six months ended June 30, 2014 and 2013, basic and diluted earnings per share (EPS) for Con Edison are calculated as follows:

	For the Three Months Ended June 30,				For the Six Months Ended June 30,
(Millions of Dollars, except per share amounts/Shares in Millions)	2014		2013		2014		2013
Net income for common stock	$	212	$	172	$	574	$	364
Weighted average common shares outstanding – basic		292.9		292.9		292.9		292.9
Add: Incremental shares attributable to effect of potentially dilutive securities		1.1		1.4		1.1		1.4
Adjusted weighted average common shares outstanding – diluted		294.0		294.3		294.0		294.3
Net Income for common stock per common share – basic	$	0.73	$	0.59	$	1.96	$	1.24
Net Income for common stock per common share – diluted	$	0.72	$	0.59	$	1.95	$	1.24

The computation of diluted EPS for the three and six months ended June 30, 2014 and 2013 excludes immaterial amounts of performance share awards which were not included because of their anti-dilutive effect.

Changes in Accumulated Other Comprehensive Income by Component

Changes in Accumulated Other Comprehensive Income by Component

For the three and six months ended June 30, 2014 and 2013, changes to accumulated other comprehensive income (OCI) for Con Edison and CECONY are as follows:

	For the Three Months Ended June 30,
	Con Edison						CECONY
(Millions of Dollars)	2014			2013			2014			2013
Beginning balance, accumulated OCI, net of taxes	$	(21	)	$	(50	)	$	(5	)	$	(9	)
OCI before reclassifications, net of tax of $- and $- for both Con Edison and CECONY		—			—			—			—
Amounts reclassified from accumulated OCI related to pension and other postretirement benefit plan liabilities, net of tax of $1 and $1 for Con Edison and $- and $- for CECONY, respectively (a)(b)		1			2			—			—
Current period total OCI, net of taxes	$	1		$	2		$	—		$	—
Ending balance, accumulated OCI, net of taxes (b)	$	(20	)	$	(48	)	$	(5	)	$	(9	)
	For the Six Months Ended June 30,
	Con Edison						CECONY
(Millions of Dollars)	2014			2013			2014			2013
Beginning balance, accumulated OCI, net of taxes	$	(25	)	$	(53	)	$	(6	)	$	(9	)
OCI before reclassifications, net of tax of $1 and $1 for Con Edison and $- and $- for CECONY, respectively		2			1			—			—
Amounts reclassified from accumulated OCI related to pension and other postretirement benefit plan liabilities, net of tax of $2 and $2 for Con Edison and $- and $- for CECONY, respectively (a)(b)		3			4			1			—
Current period total OCI, net of taxes	$	5		$	5		$	1		$	—
Ending balance, accumulated OCI, net of taxes (b)	$	(20	)	$	(48	)	$	(5	)	$	(9	)

(a) For the portion of unrecognized pension and other postretirement benefit costs relating to the Utilities, costs are recorded into, and amortized out of, regulatory assets instead of OCI. The net actuarial losses and prior service costs recognized during the period are included in the computation of net periodic pension and other postretirement benefit cost. See Notes E and F.

(b) Tax reclassified from accumulated OCI is reported in income tax expense.

Reclassifications and Revisions

Reclassifications and Revisions

Prior period amounts have been reclassified where necessary to conform to the current period presentation.

Con Edison’s consolidated statement of cash flows for the six months ended June 30, 2013, incorrectly reduced net cash flows from financing activities and increased net cash flows from operating activities by an amount equal to the $108 million of net cash proceeds from the termination of the 1999 LILO transaction (see Note I). A revision was made on Con Edison’s consolidated statement of cash flows for the six months ended June 30, 2013. The company does not deem this revision material to its consolidated financial statements for the six months ended June 30, 2013.