Summary of Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2014

Accounting Policies [Abstract]

Capitalized Cost of Utility Plant

At December 31, 2014 and 2013, the capitalized cost of the Companies’ utility plant, net of accumulated depreciation, was as follows:

	Con Edison				CECONY
(Millions of Dollars)	2014		2013		2014		2013
Electric
Generation	$	451	$	452	$	451	$	452
Transmission		2,956		2,776		2,744		2,597
Distribution		16,361		15,277		15,531		14,496
Gas*		5,006		4,469		4,530		4,013
Steam		1,795		1,790		1,795		1,790
General		1,650		1,565		1,498		1,433
Held for future use		76		73		65		62
Construction work in progress		1,031		1,393		971		1,303
Net Utility Plant	$	29,326	$	27,795	$	27,585	$	26,146

* Primarily distribution.

Schedule of Total Excise Taxes Recorded in Operating Revenues

Total excise taxes (inclusive of gross receipts taxes) recorded in operating revenues were as follows:

	For the Years Ended December 31,
(Millions of Dollars)	2014		2013		2012
Con Edison	$	365	$	354	$	334
CECONY		343		329		306

Research and Development Costs

Generally research and development costs are charged to operating expenses as incurred. Research and development costs were as follows:

	For the Years Ended December 31,
(Millions of Dollars)	2014		2013		2012
Con Edison	$	22	$	18	$	21
CECONY		20		16		19

Earnings Per Common Share

Basic and diluted EPS for Con Edison are calculated as follows:

For the Years Ended December 31,
(Millions of Dollars, except per share amounts/Shares in Millions)	2014		2013		2012
Net income for common stock	$	1,092	$	1,062	$	1,138
Weighted average common shares outstanding – Basic		292.9		292.9		292.9
Add: Incremental shares attributable to effect of potentially dilutive securities		1.1		1.5		1.6
Adjusted weighted average common shares outstanding – Diluted		294.0		294.4		294.5
Net Income for common stock per common share – basic	$	3.73	$	3.62	$	3.88
Net Income for common stock per common share – diluted	$	3.71	$	3.61	$	3.86

Changes in Accumulated Other Comprehensive Income by Component

Changes to accumulated other comprehensive income (OCI) for Con Edison and CECONY are as follows:

(Millions of Dollars)	Con Edison			CECONY
Accumulated OCI, net of taxes, at December 31, 2012	$	(53	)	$	(9	)
OCI before reclassifications, net of tax of $(15) and $(1) for Con Edison and CECONY, respectively		21			2
Amounts reclassified from accumulated OCI related to pension plan liabilities, net of tax of $(5) and $(1) for Con Edison and CECONY, respectively(a)(b)		7			1
Total OCI, net of taxes, at December 31, 2013		28			3
Accumulated OCI, net of taxes, at December 31, 2013(b)	$	(25	)	$	(6	)
OCI before reclassifications, net of tax of $18 and $4 for Con Edison and CECONY, respectively		(26	)		(6	)
Amounts reclassified from accumulated OCI related to pension plan liabilities, net of tax of $(4) and $(1) for Con Edison and CECONY, respectively(a)(b)		6			1
Total OCI, net of taxes, at December 31, 2014		(20	)		(5	)
Accumulated OCI, net of taxes, at December 31, 2014(b)	$	(45	)	($	11	)

(a) For the portion of unrecognized pension and other postretirement benefit costs relating to the regulated 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 the income tax expense line item of the income statement.