Cover Page
Cover Page - USD ($) $ in Billions | 12 Months Ended | ||
Dec. 31, 2019 | Jan. 31, 2020 | Jun. 30, 2019 | |
Document Information [Line Items] | |||
Document Type | 10-K | ||
Document Annual Report | true | ||
Document Period End Date | Dec. 31, 2019 | ||
Document Transition Report | false | ||
Entity File Number | 1-14514 | ||
Entity Registrant Name | Consolidated Edison, Inc. | ||
Entity Incorporation, State or Country Code | NY | ||
Entity Tax Identification Number | 13-3965100 | ||
Entity Address, Address Line One | 4 Irving Place, | ||
Entity Address, City or Town | New York, | ||
Entity Address, State or Province | NY | ||
Entity Address, Postal Zip Code | 10003 | ||
City Area Code | (212) | ||
Local Phone Number | 460-4600 | ||
Title of 12(b) Security | Common Shares ($.10 par value) | ||
Trading Symbol | ED | ||
Security Exchange Name | NYSE | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | No | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Small Business | false | ||
Entity Emerging Growth Company | false | ||
Entity Shell Company | false | ||
Entity Public Float | $ 29.1 | ||
Entity Common Stock, Shares Outstanding | 333,775,472 | ||
Amendment Flag | false | ||
Document Fiscal Year Focus | 2019 | ||
Current Fiscal Year End Date | --12-31 | ||
Document Fiscal Period Focus | FY | ||
Entity Central Index Key | 0001047862 | ||
Documents Incorporated by Reference | Documents Incorporated By Reference Portions of Con Edison’s definitive proxy statement for its Annual Meeting of Stockholders to be held on May 18, 2020, to be filed with the Commission pursuant to Regulation 14A, not later than 120 days after December 31, 2019 , is incorporated in Part III of this report. | ||
CECONY | |||
Document Information [Line Items] | |||
Entity File Number | 1-1217 | ||
Entity Registrant Name | Consolidated Edison Company of New York, Inc. | ||
Entity Incorporation, State or Country Code | NY | ||
Entity Tax Identification Number | 13-5009340 | ||
Entity Address, Address Line One | 4 Irving Place, | ||
Entity Address, City or Town | New York, | ||
Entity Address, State or Province | NY | ||
Entity Address, Postal Zip Code | 10003 | ||
City Area Code | (212) | ||
Local Phone Number | 460-4600 | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | No | ||
Entity Filer Category | Non-accelerated Filer | ||
Entity Small Business | false | ||
Entity Emerging Growth Company | false | ||
Entity Shell Company | false | ||
Amendment Flag | false | ||
Document Fiscal Year Focus | 2019 | ||
Current Fiscal Year End Date | --12-31 | ||
Document Fiscal Period Focus | FY | ||
Entity Central Index Key | 0000023632 |
Consolidated Income Statement
Consolidated Income Statement - USD ($) shares in Millions, $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
OPERATING REVENUES | |||
Total operating revenues | $ 12,574 | $ 12,337 | $ 12,033 |
OPERATING EXPENSES | |||
Depreciation and amortization | 1,684 | 1,438 | 1,341 |
Taxes, other than income taxes | 2,406 | 2,266 | 2,155 |
TOTAL OPERATING EXPENSES | 9,898 | 9,804 | 9,260 |
Gain on sale of solar electric production project in 2017 | 0 | 0 | 1 |
Gain on acquisition of Sempra Solar Holdings, LLC | 0 | 131 | 0 |
OPERATING INCOME | 2,676 | 2,664 | 2,774 |
OTHER INCOME (DEDUCTIONS) | |||
Investment income | 96 | 119 | 111 |
Other income | 45 | 17 | 15 |
Allowance for equity funds used during construction | 14 | 12 | 11 |
Other deductions | (104) | (210) | (185) |
TOTAL OTHER INCOME (DEDUCTIONS) | 51 | (62) | (48) |
INCOME BEFORE INTEREST AND INCOME TAX EXPENSE | 2,727 | 2,602 | 2,726 |
INTEREST EXPENSE | |||
Interest on long-term debt | 888 | 780 | 726 |
Other interest | 116 | 49 | 11 |
Allowance for borrowed funds used during construction | (13) | (10) | (8) |
NET INTEREST EXPENSE | 991 | 819 | 729 |
INCOME BEFORE INCOME TAX EXPENSE | 1,736 | 1,783 | 1,997 |
INCOME TAX EXPENSE | 296 | 401 | 472 |
NET INCOME | 1,440 | 1,382 | 1,525 |
Income attributable to non-controlling interest | 97 | 0 | 0 |
NET INCOME FOR COMMON STOCK | $ 1,343 | $ 1,382 | $ 1,525 |
Net income per common share — basic (in dollars per share) | $ 4.09 | $ 4.43 | $ 4.97 |
Net income per common share — diluted (in dollars per share) | $ 4.08 | $ 4.42 | $ 4.94 |
AVERAGE NUMBER OF SHARES OUTSTANDING — BASIC (in shares) | 328.5 | 311.7 | 307.1 |
AVERAGE NUMBER OF SHARES OUTSTANDING — DILUTED (in shares) | 329.5 | 312.9 | 308.8 |
CECONY | |||
OPERATING REVENUES | |||
Total operating revenues | $ 10,821 | $ 10,680 | $ 10,468 |
OPERATING EXPENSES | |||
Depreciation and amortization | 1,373 | 1,276 | 1,195 |
Taxes, other than income taxes | 2,295 | 2,156 | 2,057 |
TOTAL OPERATING EXPENSES | 8,473 | 8,326 | 7,919 |
OPERATING INCOME | 2,348 | 2,354 | 2,549 |
OTHER INCOME (DEDUCTIONS) | |||
Investment income | 40 | 13 | 14 |
Allowance for equity funds used during construction | 12 | 11 | 10 |
Other deductions | (87) | (167) | (161) |
TOTAL OTHER INCOME (DEDUCTIONS) | (35) | (143) | (137) |
INCOME BEFORE INTEREST AND INCOME TAX EXPENSE | 2,313 | 2,211 | 2,412 |
INTEREST EXPENSE | |||
Interest on long-term debt | 672 | 662 | 615 |
Other interest | 67 | 36 | 14 |
Allowance for borrowed funds used during construction | (11) | (9) | (6) |
NET INTEREST EXPENSE | 728 | 689 | 623 |
INCOME BEFORE INCOME TAX EXPENSE | 1,585 | 1,522 | 1,789 |
INCOME TAX EXPENSE | 335 | 326 | 685 |
NET INCOME FOR COMMON STOCK | 1,250 | 1,196 | 1,104 |
Electric | |||
OPERATING REVENUES | |||
Total operating revenues | 8,694 | 8,612 | 8,612 |
Electric | CECONY | |||
OPERATING REVENUES | |||
Total operating revenues | 8,062 | 7,971 | 7,972 |
Gas | |||
OPERATING REVENUES | |||
Total operating revenues | 2,391 | 2,327 | 2,133 |
OPERATING EXPENSES | |||
Operating costs | 880 | 1,041 | 808 |
Gas | CECONY | |||
OPERATING REVENUES | |||
Total operating revenues | 2,132 | 2,078 | 1,901 |
OPERATING EXPENSES | |||
Operating costs | 606 | 643 | 510 |
Steam | |||
OPERATING REVENUES | |||
Total operating revenues | 627 | 631 | 595 |
Steam | CECONY | |||
OPERATING REVENUES | |||
Total operating revenues | 627 | 631 | 595 |
Non-utility | |||
OPERATING REVENUES | |||
Total operating revenues | 862 | 767 | 693 |
Power | |||
OPERATING EXPENSES | |||
Operating costs | 1,546 | 1,644 | 1,601 |
Power | CECONY | |||
OPERATING EXPENSES | |||
Operating costs | 1,357 | 1,433 | 1,415 |
Fuel | |||
OPERATING EXPENSES | |||
Operating costs | 207 | 263 | 216 |
Fuel | CECONY | |||
OPERATING EXPENSES | |||
Operating costs | 207 | 263 | 216 |
Other operations and maintenance | |||
OPERATING EXPENSES | |||
Operating costs | 3,175 | 3,152 | 3,139 |
Other operations and maintenance | CECONY | |||
OPERATING EXPENSES | |||
Operating costs | $ 2,635 | $ 2,555 | $ 2,526 |
Consolidated Statement of Compr
Consolidated Statement of Comprehensive Income - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Net income | $ 1,343 | $ 1,382 | $ 1,525 |
Net Income | 1,440 | 1,382 | 1,525 |
INCOME ATTRIBUTABLE TO NON-CONTROLLING INTEREST | (97) | 0 | 0 |
OTHER COMPREHENSIVE INCOME, NET OF TAXES | |||
Pension and other postretirement benefit plan liability adjustments, net of taxes | (5) | 10 | 1 |
Other income, net of taxes | 2 | 0 | 0 |
TOTAL OTHER COMPREHENSIVE INCOME, NET OF TAXES | (3) | 10 | 1 |
COMPREHENSIVE INCOME | 1,340 | 1,392 | 1,526 |
CECONY | |||
Net income | 1,250 | 1,196 | 1,104 |
OTHER COMPREHENSIVE INCOME, NET OF TAXES | |||
Pension and other postretirement benefit plan liability adjustments, net of taxes | (3) | 1 | 1 |
Other income, net of taxes | 2 | 0 | 0 |
TOTAL OTHER COMPREHENSIVE INCOME, NET OF TAXES | (1) | 1 | 1 |
COMPREHENSIVE INCOME | $ 1,249 | $ 1,197 | $ 1,105 |
Consolidated Statement of Cash
Consolidated Statement of Cash Flows - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
OPERATING ACTIVITIES | |||
Net Income | $ 1,440 | $ 1,382 | $ 1,525 |
Net income | 1,343 | 1,382 | 1,525 |
PRINCIPAL NON-CASH CHARGES/(CREDITS) TO INCOME | |||
Depreciation and amortization | 1,684 | 1,438 | 1,341 |
Deferred income taxes | 308 | 408 | 485 |
Rate case amortization and accruals | (116) | (117) | (124) |
Common equity component of allowance for funds used during construction | (14) | (12) | (11) |
Net derivative (gains)/losses | 27 | 8 | (4) |
(Gain) on Sale of Assets | (14) | 0 | 0 |
Unbilled revenue and net unbilled revenue deferrals | (3) | 18 | (113) |
(Gain) on sale of retail electric supply business and solar electric production projects | 0 | 0 | (1) |
(Gain) on existing project interests due to acquisition of Sempra Solar Holdings, LLC | 0 | (131) | 0 |
Other non-cash items, net | (18) | 115 | 5 |
CHANGES IN ASSETS AND LIABILITIES | |||
Accounts receivable - customers | 23 | (140) | 9 |
Materials and supplies, including fuel oil and gas in storage | 6 | (20) | 5 |
Revenue decoupling mechanism receivable | (76) | 0 | 0 |
Other receivables and other current assets | 54 | (62) | 0 |
Taxes receivable | 29 | 27 | 15 |
Prepayments | (73) | (7) | (19) |
Accounts payable | 10 | (46) | 95 |
Pensions and retiree benefits obligations, net | 357 | 325 | 414 |
Pensions and retiree benefits contributions | (357) | (479) | (467) |
Accrued taxes | 10 | (49) | 44 |
Accrued interest | 24 | (35) | (7) |
Superfund and environmental remediation costs, net | (9) | (19) | (14) |
Distributions from equity investments | 57 | 107 | 108 |
System benefit charge | 20 | 92 | 101 |
Deferred charges, noncurrent assets and other regulatory assets | (492) | (393) | 2,376 |
Deferred credits and other regulatory liabilities | 278 | 436 | (2,524) |
Other current and noncurrent liabilities | (21) | (151) | 128 |
NET CASH FLOWS FROM OPERATING ACTIVITIES | 3,134 | 2,695 | 3,367 |
INVESTING ACTIVITIES | |||
Utility construction expenditures | (3,238) | (3,251) | (3,028) |
Cost of removal less salvage | (295) | (258) | (248) |
Non-utility construction expenditures | (248) | (246) | (415) |
Acquisition of Sempra Solar Holdings, LLC, net of cash acquired | 0 | (1,488) | 0 |
Proceeds from sale of assets | 192 | 5 | 34 |
Other investing activities | 22 | 34 | 37 |
NET CASH FLOWS USED IN INVESTING ACTIVITIES | (3,782) | (5,471) | (3,710) |
FINANCING ACTIVITIES | |||
Net (payment)/issuance of short-term debt | (874) | 1,989 | (477) |
Issuance of long-term debt | 3,017 | 3,030 | 1,697 |
Retirement of long-term debt | (1,195) | (1,938) | (434) |
Debt issuance costs | (32) | (61) | (19) |
Common stock dividends | (924) | (842) | (803) |
Issuance of common shares - public offering | 825 | 705 | 343 |
Issuance of common shares for stock plans | 54 | 53 | 51 |
Distribution to noncontrolling interest | (12) | 2 | (1) |
NET CASH FLOWS FROM FINANCING ACTIVITIES | 859 | 2,938 | 357 |
CASH, TEMPORARY CASH INVESTMENTS AND RESTRICTED CASH: | |||
NET CHANGE FOR THE PERIOD | 211 | 162 | 14 |
BALANCE AT BEGINNING OF PERIOD | 1,006 | 844 | 830 |
BALANCE AT END OF PERIOD | 1,217 | 1,006 | 844 |
Cash paid/(received) during the period for: | |||
Interest | 876 | 805 | 725 |
Income taxes | (26) | 0 | (29) |
SUPPLEMENTAL DISCLOSURE OF NON-CASH INFORMATION | |||
Construction expenditures in accounts payable | 336 | 369 | 432 |
Issuance of common shares for dividend reinvestment | 47 | 47 | 46 |
Electric and Gas Transmission Projects | |||
INVESTING ACTIVITIES | |||
Investments in/acquisitions of projects | (205) | (248) | (45) |
Renewable Electric Production Projects | |||
INVESTING ACTIVITIES | |||
Investments in/acquisitions of projects | (10) | (19) | (45) |
CECONY | |||
OPERATING ACTIVITIES | |||
Net income | 1,250 | 1,196 | 1,104 |
PRINCIPAL NON-CASH CHARGES/(CREDITS) TO INCOME | |||
Depreciation and amortization | 1,373 | 1,276 | 1,195 |
Deferred income taxes | 128 | 354 | 575 |
Rate case amortization and accruals | (117) | (133) | (142) |
Common equity component of allowance for funds used during construction | (12) | (11) | (10) |
(Gain) on Sale of Assets | (14) | 0 | 0 |
Unbilled revenue and net unbilled revenue deferrals | (3) | (4) | (17) |
Other non-cash items, net | 7 | 13 | (59) |
CHANGES IN ASSETS AND LIABILITIES | |||
Accounts receivable - customers | 3 | (153) | 15 |
Materials and supplies, including fuel oil and gas in storage | 11 | (17) | (17) |
Revenue decoupling mechanism receivable | (76) | 0 | 0 |
Other receivables and other current assets | 54 | (96) | 23 |
Accounts receivables from affiliated companies | 141 | (150) | 45 |
Prepayments | (61) | (9) | (8) |
Accounts payable | (7) | (27) | 125 |
Accounts payable to affiliated companies | (4) | 7 | 0 |
Pensions and retiree benefits obligations, net | 330 | 293 | 370 |
Pensions and retiree benefits contributions | (325) | (440) | (420) |
Accrued taxes | 11 | (47) | 52 |
Accrued taxes to affiliated companies | 0 | (72) | (47) |
Accrued interest | 1 | (1) | 2 |
Superfund and environmental remediation costs, net | (12) | (18) | (12) |
System benefit charge | 18 | 86 | 85 |
Deferred charges, noncurrent assets and other regulatory assets | (486) | (314) | 2,212 |
Deferred credits and other regulatory liabilities | 306 | 549 | (2,242) |
Other current and noncurrent liabilities | (14) | (78) | 37 |
NET CASH FLOWS FROM OPERATING ACTIVITIES | 2,502 | 2,204 | 2,866 |
INVESTING ACTIVITIES | |||
Utility construction expenditures | (3,028) | (3,051) | (2,840) |
Cost of removal less salvage | (288) | (255) | (240) |
Proceeds from sale of assets | 192 | 0 | 0 |
NET CASH FLOWS USED IN INVESTING ACTIVITIES | (3,124) | (3,306) | (3,080) |
FINANCING ACTIVITIES | |||
Net (payment)/issuance of short-term debt | (55) | 1,042 | (450) |
Issuance of long-term debt | 1,300 | 2,740 | 1,200 |
Retirement of long-term debt | (475) | (1,836) | 0 |
Debt issuance costs | (21) | (30) | (15) |
Capital contribution by parent | 900 | 120 | 301 |
Dividend to parent | (912) | (846) | (796) |
NET CASH FLOWS FROM FINANCING ACTIVITIES | 737 | 1,190 | 240 |
CASH, TEMPORARY CASH INVESTMENTS AND RESTRICTED CASH: | |||
NET CHANGE FOR THE PERIOD | 115 | 88 | 26 |
BALANCE AT BEGINNING OF PERIOD | 818 | 730 | 704 |
BALANCE AT END OF PERIOD | 933 | 818 | 730 |
Cash paid/(received) during the period for: | |||
Interest | 676 | 662 | 602 |
Income taxes | 73 | 195 | 108 |
SUPPLEMENTAL DISCLOSURE OF NON-CASH INFORMATION | |||
Construction expenditures in accounts payable | 285 | 299 | 351 |
Software Licenses | |||
SUPPLEMENTAL DISCLOSURE OF NON-CASH INFORMATION | |||
Capital expenditures incurred but unpaid as of end of period | 80 | 100 | 0 |
Software Licenses | CECONY | |||
SUPPLEMENTAL DISCLOSURE OF NON-CASH INFORMATION | |||
Capital expenditures incurred but unpaid as of end of period | 76 | 95 | 0 |
Equipment | |||
SUPPLEMENTAL DISCLOSURE OF NON-CASH INFORMATION | |||
Capital expenditures incurred but unpaid as of end of period | 33 | 0 | 0 |
Equipment | CECONY | |||
SUPPLEMENTAL DISCLOSURE OF NON-CASH INFORMATION | |||
Capital expenditures incurred but unpaid as of end of period | $ 33 | $ 0 | $ 0 |
Consolidated Balance Sheet
Consolidated Balance Sheet - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
CURRENT ASSETS | ||
Cash and temporary cash investments | $ 981 | $ 895 |
Accounts receivable - customers, less allowance for uncollectible accounts | 1,236 | 1,267 |
Other receivables, less allowance for uncollectible accounts | 184 | 285 |
Taxes receivable | 20 | 49 |
Accrued unbilled revenue | 599 | 514 |
Fuel oil, gas in storage, materials and supplies, at average cost | 352 | 358 |
Prepayments | 260 | 187 |
Regulatory assets | 128 | 76 |
Restricted cash | 236 | 111 |
Revenue decoupling mechanism receivable | 76 | 0 |
Other current assets | 200 | 122 |
TOTAL CURRENT ASSETS | 4,272 | 3,864 |
INVESTMENTS | 2,065 | 1,766 |
UTILITY PLANT, AT ORIGINAL COST | ||
General | 3,562 | 3,331 |
TOTAL | 48,136 | 45,371 |
Less: Accumulated depreciation | 10,322 | 9,769 |
Net | 37,814 | 35,602 |
Construction work in progress | 1,937 | 1,978 |
NET UTILITY PLANT | 39,751 | 37,580 |
NON-UTILITY PLANT | ||
Non-utility property, less accumulated depreciation | 3,829 | 4,000 |
Construction work in progress | 309 | 169 |
NET PLANT | 43,889 | 41,749 |
OTHER NONCURRENT ASSETS | ||
Goodwill | 446 | 440 |
Intangible assets, less accumulated amortization of $126 and $29 in 2019 and 2018, respectively | 1,557 | 1,654 |
Operating lease right-of-use-asset | 857 | |
Regulatory assets | 4,859 | 4,294 |
Other deferred charges and noncurrent assets | 134 | 153 |
TOTAL OTHER NONCURRENT ASSETS | 7,853 | 6,541 |
TOTAL ASSETS | 58,079 | 53,920 |
CURRENT LIABILITIES | ||
Long-term debt due within one year | 1,446 | 650 |
Term Loan | 0 | 825 |
Notes payable | 1,692 | 1,741 |
Accounts payable | 1,164 | 1,187 |
Customer deposits | 346 | 351 |
Accrued taxes | 76 | 61 |
Accrued interest | 153 | 129 |
Accrued wages | 102 | 109 |
Fair value of derivative liabilities | 123 | 50 |
Regulatory liabilities | 102 | 114 |
System benefit charge | 647 | 627 |
Operating lease liabilities | 65 | |
Other current liabilities | 371 | 363 |
TOTAL CURRENT LIABILITIES | 6,287 | 6,207 |
NONCURRENT LIABILITIES | ||
Provision for injuries and damages | 130 | 146 |
Pensions and retiree benefits | 1,516 | 1,228 |
Superfund and other environmental costs | 734 | 779 |
Asset retirement obligations | 425 | 450 |
Fair value of derivative liabilities | 105 | 16 |
Deferred income taxes and unamortized investment tax credits | 6,227 | 5,820 |
Operating lease liabilities | 809 | |
Regulatory liabilities | 4,827 | 4,641 |
Other deferred credits and noncurrent liabilities | 279 | 299 |
TOTAL NONCURRENT LIABILITIES | 15,052 | 13,379 |
LONG-TERM DEBT | 18,527 | 17,495 |
EQUITY | ||
Common shareholders’ equity | 18,022 | 16,726 |
Noncontrolling interest | 191 | 113 |
TOTAL EQUITY (See Statement of Equity) | 18,213 | 16,839 |
TOTAL LIABILITIES AND EQUITY | 58,079 | 53,920 |
Electric | ||
UTILITY PLANT, AT ORIGINAL COST | ||
Utility plant, at original cost | 31,866 | 30,378 |
Gas | ||
UTILITY PLANT, AT ORIGINAL COST | ||
Utility plant, at original cost | 10,107 | 9,100 |
Steam | ||
UTILITY PLANT, AT ORIGINAL COST | ||
Utility plant, at original cost | 2,601 | 2,562 |
CECONY | ||
CURRENT ASSETS | ||
Cash and temporary cash investments | 933 | 818 |
Accounts receivable - customers, less allowance for uncollectible accounts | 1,153 | 1,163 |
Other receivables, less allowance for uncollectible accounts | 120 | 211 |
Taxes receivable | 0 | 5 |
Accrued unbilled revenue | 477 | 392 |
Accounts receivable from affiliated companies | 73 | 214 |
Fuel oil, gas in storage, materials and supplies, at average cost | 293 | 304 |
Prepayments | 178 | 117 |
Regulatory assets | 113 | 64 |
Revenue decoupling mechanism receivable | 76 | |
Other current assets | 127 | 69 |
TOTAL CURRENT ASSETS | 3,543 | 3,357 |
INVESTMENTS | 461 | 385 |
UTILITY PLANT, AT ORIGINAL COST | ||
General | 3,271 | 3,056 |
TOTAL | 45,090 | 42,508 |
Less: Accumulated depreciation | 9,490 | 8,988 |
Net | 35,600 | 33,520 |
Construction work in progress | 1,812 | 1,850 |
NET UTILITY PLANT | 37,412 | 35,370 |
NON-UTILITY PLANT | ||
Non-utility property, less accumulated depreciation | 2 | 4 |
NET PLANT | 37,414 | 35,374 |
OTHER NONCURRENT ASSETS | ||
Goodwill | 245 | 245 |
Operating lease right-of-use-asset | 601 | 0 |
Regulatory assets | 4,487 | 3,923 |
Other deferred charges and noncurrent assets | 51 | 69 |
TOTAL OTHER NONCURRENT ASSETS | 5,139 | 3,992 |
TOTAL ASSETS | 46,557 | 43,108 |
CURRENT LIABILITIES | ||
Long-term debt due within one year | 350 | 475 |
Notes payable | 1,137 | 1,192 |
Accounts payable | 956 | 977 |
Customer deposits | 334 | 339 |
Accounts payable to affiliated companies | 13 | 17 |
Accrued taxes | 71 | 55 |
Accrued interest | 113 | 112 |
Accrued wages | 92 | 99 |
Fair value of derivative liabilities | 81 | 25 |
Regulatory liabilities | 63 | 73 |
System benefit charge | 587 | 569 |
Operating lease liabilities | 54 | |
Other current liabilities | 280 | 267 |
TOTAL CURRENT LIABILITIES | 4,131 | 4,200 |
NONCURRENT LIABILITIES | ||
Provision for injuries and damages | 125 | 141 |
Pensions and retiree benefits | 1,241 | 952 |
Superfund and other environmental costs | 654 | 693 |
Asset retirement obligations | 362 | 292 |
Fair value of derivative liabilities | 65 | 6 |
Deferred income taxes and unamortized investment tax credits | 6,000 | 5,739 |
Operating lease liabilities | 551 | |
Regulatory liabilities | 4,427 | 4,258 |
Other deferred credits and noncurrent liabilities | 240 | 241 |
TOTAL NONCURRENT LIABILITIES | 13,665 | 12,322 |
LONG-TERM DEBT | 14,614 | 13,676 |
EQUITY | ||
Common shareholders’ equity | 14,147 | 12,910 |
TOTAL LIABILITIES AND EQUITY | 46,557 | 43,108 |
CECONY | Electric | ||
UTILITY PLANT, AT ORIGINAL COST | ||
Utility plant, at original cost | 29,989 | 28,595 |
CECONY | Gas | ||
UTILITY PLANT, AT ORIGINAL COST | ||
Utility plant, at original cost | 9,229 | 8,295 |
CECONY | Steam | ||
UTILITY PLANT, AT ORIGINAL COST | ||
Utility plant, at original cost | $ 2,601 | $ 2,562 |
Consolidated Balance Sheet (Par
Consolidated Balance Sheet (Parenthetical) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Accounts receivable - customers, allowance for uncollectible accounts | $ 70 | $ 62 |
Other receivables, allowance for uncollectible accounts | 4 | 5 |
Non-utility property, accumulated depreciation | 391 | 275 |
Intangible assets, accumulated amortization | 126 | 29 |
CECONY | ||
Accounts receivable - customers, allowance for uncollectible accounts | 65 | 57 |
Other receivables, allowance for uncollectible accounts | 3 | 3 |
Non-utility property, accumulated depreciation | $ 25 | $ 25 |
Consolidated Statement of Equit
Consolidated Statement of Equity - USD ($) $ in Millions | Total | Common Stock | Additional Paid-In Capital | Retained Earnings | Treasury Stock | Capital Stock Expense | Accumulated Other Comprehensive Income/(Loss) | Noncontrolling Interest | CECONY | CECONYCommon Stock | CECONYAdditional Paid-In Capital | CECONYRetained Earnings | CECONYRepurchased Con Edison Stock | CECONYCapital Stock Expense | CECONYAccumulated Other Comprehensive Income/(Loss) |
BALANCE AS OF BEGINNING OF PERIOD (in shares) at Dec. 31, 2016 | 305,000,000 | 235,000,000 | |||||||||||||
BALANCE AS OF BEGINNING OF PERIOD at Dec. 31, 2016 | $ 14,306 | $ 33 | $ 5,854 | $ 9,559 | $ (1,038) | $ (83) | $ (27) | $ 8 | $ (7) | ||||||
BALANCE AS OF BEGINNING OF PERIOD at Dec. 31, 2016 | $ 11,829 | $ 589 | $ 4,347 | $ 7,923 | $ (962) | $ (61) | (7) | ||||||||
TREASURY STOCK, BALANCE AS OF BEGINNING OF PERIOD (in shares) at Dec. 31, 2016 | 23,000,000 | ||||||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||||||
Net income | 1,525 | 1,104 | 1,104 | ||||||||||||
Net Income | 1,525 | 1,525 | |||||||||||||
Common stock dividends | (849) | (849) | (796) | (796) | |||||||||||
Issuance of common shares - public offering (in shares) | 5,000,000 | ||||||||||||||
Issuance of common shares - public offering | 343 | $ 1 | 344 | (2) | |||||||||||
Issuance of common shares for stock plans | 100 | 100 | |||||||||||||
Capital contribution by parent | 301 | 302 | (1) | ||||||||||||
Other comprehensive income | 1 | 1 | 1 | 1 | |||||||||||
Noncontrolling interest | (1) | (1) | |||||||||||||
BALANCE AS OF END OF PERIOD (in shares) at Dec. 31, 2017 | 310,000,000 | 235,000,000 | |||||||||||||
BALANCE AS OF END OF PERIOD at Dec. 31, 2017 | 15,425 | $ 34 | 6,298 | 10,235 | $ (1,038) | (85) | (26) | 7 | (6) | ||||||
BALANCE AS OF END OF PERIOD at Dec. 31, 2017 | 12,439 | $ 589 | 4,649 | 8,231 | (962) | (62) | (6) | ||||||||
TREASURY STOCK, BALANCE AS OF END OF PERIOD (in shares) at Dec. 31, 2017 | 23,000,000 | ||||||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||||||
Net income | 1,382 | 1,196 | 1,196 | ||||||||||||
Net Income | 1,382 | 1,382 | |||||||||||||
Common stock dividends | (889) | (889) | (846) | (846) | |||||||||||
Issuance of common shares - public offering (in shares) | 11,000,000 | ||||||||||||||
Issuance of common shares - public offering | 705 | 719 | (14) | ||||||||||||
Issuance of common shares for stock plans | 100 | 100 | |||||||||||||
Capital contribution by parent | 120 | 120 | |||||||||||||
Other comprehensive income | 10 | 10 | 1 | 1 | |||||||||||
Noncontrolling interest | $ 106 | 106 | |||||||||||||
BALANCE AS OF END OF PERIOD (in shares) at Dec. 31, 2018 | 320,960,396 | 321,000,000 | 235,488,094 | ||||||||||||
BALANCE AS OF END OF PERIOD at Dec. 31, 2018 | $ 16,839 | $ 34 | 7,117 | 10,728 | $ (1,038) | (99) | (16) | 113 | (5) | ||||||
BALANCE AS OF END OF PERIOD at Dec. 31, 2018 | 16,726 | 12,910 | $ 589 | 4,769 | 8,581 | (962) | (62) | (5) | |||||||
TREASURY STOCK, BALANCE AS OF END OF PERIOD (in shares) at Dec. 31, 2018 | 23,000,000 | ||||||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||||||
Net income | 1,343 | 1,250 | 1,250 | ||||||||||||
Net Income | 1,440 | 1,343 | 97 | ||||||||||||
Common stock dividends | (971) | (971) | (912) | (912) | |||||||||||
Issuance of common shares - public offering (in shares) | 12,000,000 | ||||||||||||||
Issuance of common shares - public offering | 825 | $ 1 | 835 | (11) | |||||||||||
Issuance of common shares for stock plans | 102 | 102 | |||||||||||||
Capital contribution by parent | 900 | 900 | |||||||||||||
Other comprehensive income | (3) | (3) | $ (1) | (1) | |||||||||||
Noncontrolling interest | $ (19) | (19) | |||||||||||||
BALANCE AS OF END OF PERIOD (in shares) at Dec. 31, 2019 | 332,629,597 | 333,000,000 | 235,488,094 | 235,000,000 | |||||||||||
BALANCE AS OF END OF PERIOD at Dec. 31, 2019 | $ 18,213 | $ 35 | $ 8,054 | $ 11,100 | $ (1,038) | $ (110) | $ (19) | $ 191 | (6) | ||||||
BALANCE AS OF END OF PERIOD at Dec. 31, 2019 | $ 18,022 | $ 14,147 | $ 589 | $ 5,669 | $ 8,919 | $ (962) | $ (62) | $ (6) | |||||||
TREASURY STOCK, BALANCE AS OF END OF PERIOD (in shares) at Dec. 31, 2019 | 23,000,000 |
Consolidated Statement of Equ_2
Consolidated Statement of Equity (Parenthetical) - $ / shares | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Statement of Stockholders' Equity [Abstract] | |||
Common stock dividends per share (in dollars per share) | $ 2.96 | $ 2.86 | $ 2.76 |
Consolidated Statement of Capit
Consolidated Statement of Capitalization - USD ($) shares in Millions, $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Schedule of Capitalization, Equity [Line Items] | ||
TOTAL EQUITY BEFORE ACCUMULATED OTHER COMPREHENSIVE LOSS (in shares) | 333 | 321 |
TOTAL EQUITY BEFORE ACCUMULATED OTHER COMPREHENSIVE LOSS | $ 18,041 | $ 16,742 |
Pension plan liability adjustments, net of taxes | (17) | (12) |
Unrealized losses on derivatives qualified as cash flow hedges, less reclassification adjustment for gains/(losses) included in net income and reclassification adjustment for unrealized losses included in regulatory assets, net of taxes | (2) | (4) |
TOTAL ACCUMULATED OTHER COMPREHENSIVE LOSS, NET OF TAXES | (19) | (16) |
Equity | 18,022 | 16,726 |
Noncontrolling interest | 191 | 113 |
TOTAL EQUITY (See Statement of Equity) | $ 18,213 | $ 16,839 |
CECONY | ||
Schedule of Capitalization, Equity [Line Items] | ||
TOTAL EQUITY BEFORE ACCUMULATED OTHER COMPREHENSIVE LOSS (in shares) | 235 | 235 |
TOTAL EQUITY BEFORE ACCUMULATED OTHER COMPREHENSIVE LOSS | $ 14,153 | $ 12,915 |
Unrealized losses on derivatives qualified as cash flow hedges, less reclassification adjustment for gains/(losses) included in net income and reclassification adjustment for unrealized losses included in regulatory assets, net of taxes | (6) | (5) |
TOTAL ACCUMULATED OTHER COMPREHENSIVE LOSS, NET OF TAXES | (6) | (5) |
Equity | 14,147 | 12,910 |
TOTAL SHAREHOLDER’S EQUITY (See Statement of Shareholder’s Equity) | $ 14,147 | $ 12,910 |
Consolidated Statement of Cap_2
Consolidated Statement of Capitalization - Long-term Debt - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 | |
Schedule of Capitalization, Long-term Debt [Line Items] | |||
Other long-term debt | $ 974 | $ 304 | |
Unamortized debt expense | (141) | (152) | |
Unamortized debt discount | (37) | (33) | |
TOTAL | 19,973 | 18,145 | |
Less: Long-term debt due within one year | 1,446 | 650 | |
TOTAL LONG-TERM DEBT | 18,527 | 17,495 | |
TOTAL CAPITALIZATION | 36,549 | 34,221 | |
CECONY | |||
Schedule of Capitalization, Long-term Debt [Line Items] | |||
Unamortized debt expense | (115) | (107) | |
Unamortized debt discount | (36) | (32) | |
TOTAL | 14,964 | 14,151 | |
Less: Long-term debt due within one year | 350 | 475 | |
TOTAL LONG-TERM DEBT | 14,614 | 13,676 | |
TOTAL CAPITALIZATION | $ 28,761 | 26,586 | |
Copper Mountain Solar 2 | |||
Schedule of Capitalization, Long-term Debt [Line Items] | |||
Interest Rate | 4.52% | ||
TOTAL PROJECT DEBT | [1] | $ 224 | 230 |
Coram | |||
Schedule of Capitalization, Long-term Debt [Line Items] | |||
TOTAL PROJECT DEBT | [1] | $ 150 | 160 |
Coram | Minimum | |||
Schedule of Capitalization, Long-term Debt [Line Items] | |||
Interest Rate | 5.96% | ||
Coram | Maximum | |||
Schedule of Capitalization, Long-term Debt [Line Items] | |||
Interest Rate | 4.52% | ||
Copper Mountain Solar 3 | |||
Schedule of Capitalization, Long-term Debt [Line Items] | |||
Interest Rate | 4.61% | ||
TOTAL PROJECT DEBT | [1] | $ 289 | 298 |
CED Southwest | |||
Schedule of Capitalization, Long-term Debt [Line Items] | |||
Interest Rate | 3.72% | ||
TOTAL PROJECT DEBT | [1] | $ 456 | 0 |
Wind Holdings | |||
Schedule of Capitalization, Long-term Debt [Line Items] | |||
Interest Rate | 4.41% | ||
TOTAL PROJECT DEBT | $ 123 | 137 | |
Copper Mountain Solar 1 | |||
Schedule of Capitalization, Long-term Debt [Line Items] | |||
Interest Rate | 3.81% | ||
TOTAL PROJECT DEBT | [1] | $ 67 | 70 |
Mesquite Solar 1 | |||
Schedule of Capitalization, Long-term Debt [Line Items] | |||
TOTAL PROJECT DEBT | $ 193 | 208 | |
Mesquite Solar 1 | Minimum | |||
Schedule of Capitalization, Long-term Debt [Line Items] | |||
Interest Rate | 2.24% | ||
Mesquite Solar 1 | Maximum | |||
Schedule of Capitalization, Long-term Debt [Line Items] | |||
Interest Rate | 3.03% | ||
Texas Solar 4 | |||
Schedule of Capitalization, Long-term Debt [Line Items] | |||
TOTAL PROJECT DEBT | $ 56 | 58 | |
Texas Solar 4 | Minimum | |||
Schedule of Capitalization, Long-term Debt [Line Items] | |||
Interest Rate | 5.28% | ||
Texas Solar 4 | Maximum | |||
Schedule of Capitalization, Long-term Debt [Line Items] | |||
Interest Rate | 4.95% | ||
California Solar 2 | |||
Schedule of Capitalization, Long-term Debt [Line Items] | |||
Interest Rate | 3.94% | ||
TOTAL PROJECT DEBT | $ 98 | 103 | |
California Solar 3 | |||
Schedule of Capitalization, Long-term Debt [Line Items] | |||
Interest Rate | 4.07% | ||
TOTAL PROJECT DEBT | $ 86 | 89 | |
California Solar | |||
Schedule of Capitalization, Long-term Debt [Line Items] | |||
Interest Rate | 4.78% | ||
TOTAL PROJECT DEBT | $ 184 | 190 | |
California Solar 4 | |||
Schedule of Capitalization, Long-term Debt [Line Items] | |||
Interest Rate | 3.82% | ||
TOTAL PROJECT DEBT | $ 297 | 0 | |
Broken Bow II | |||
Schedule of Capitalization, Long-term Debt [Line Items] | |||
Interest Rate | 4.82% | ||
TOTAL PROJECT DEBT | $ 68 | 69 | |
Texas Solar 5 | |||
Schedule of Capitalization, Long-term Debt [Line Items] | |||
Interest Rate | 4.53% | ||
TOTAL PROJECT DEBT | $ 145 | 150 | |
Texas Solar 7 | |||
Schedule of Capitalization, Long-term Debt [Line Items] | |||
Interest Rate | 4.21% | ||
TOTAL PROJECT DEBT | $ 199 | 206 | |
Upton County Solar | |||
Schedule of Capitalization, Long-term Debt [Line Items] | |||
Interest Rate | 4.45% | ||
TOTAL PROJECT DEBT | $ 90 | 94 | |
Other project debt | |||
Schedule of Capitalization, Long-term Debt [Line Items] | |||
TOTAL PROJECT DEBT | 12 | 14 | |
Project Debt | |||
Schedule of Capitalization, Long-term Debt [Line Items] | |||
TOTAL PROJECT DEBT | 2,737 | 2,076 | |
Debentures | |||
Schedule of Capitalization, Long-term Debt [Line Items] | |||
TOTAL | 15,990 | 15,500 | |
Debentures | CECONY | |||
Schedule of Capitalization, Long-term Debt [Line Items] | |||
TOTAL | $ 14,665 | 13,840 | |
Debentures | Debenture Series 2009A, 4.96% Due 2019 | |||
Schedule of Capitalization, Long-term Debt [Line Items] | |||
Interest Rate | 4.96% | ||
TOTAL | $ 0 | 60 | |
Debentures | Debenture Series 2009B, 6.65% Due 2019 | |||
Schedule of Capitalization, Long-term Debt [Line Items] | |||
Interest Rate | 6.65% | ||
TOTAL | $ 0 | 475 | |
Debentures | Debenture Series 2009B, 6.65% Due 2019 | CECONY | |||
Schedule of Capitalization, Long-term Debt [Line Items] | |||
Interest Rate | 6.65% | ||
TOTAL | $ 0 | 475 | |
Debentures | Debenture 2017A, 2.00 Percent, Due 2019 | |||
Schedule of Capitalization, Long-term Debt [Line Items] | |||
Interest Rate | 2.00% | ||
TOTAL | $ 0 | 400 | |
Debentures | Debenture Series 2010A, 4.45% Due 2020 | |||
Schedule of Capitalization, Long-term Debt [Line Items] | |||
Interest Rate | 4.45% | ||
TOTAL | $ 350 | 350 | |
Debentures | Debenture Series 2010A, 4.45% Due 2020 | CECONY | |||
Schedule of Capitalization, Long-term Debt [Line Items] | |||
Interest Rate | 4.45% | ||
TOTAL | $ 350 | 350 | |
Debentures | Debenture Series 2016A, 2.00% Due 2021 | |||
Schedule of Capitalization, Long-term Debt [Line Items] | |||
Interest Rate | 2.00% | ||
TOTAL | $ 500 | 500 | |
Debentures | Debenture 2018C, 2.75 Percent, Due 2021 | |||
Schedule of Capitalization, Long-term Debt [Line Items] | |||
Interest Rate | 2.35% | ||
TOTAL | [2] | $ 640 | 640 |
Debentures | Debenture 2018C, 2.75 Percent, Due 2021 | CECONY | |||
Schedule of Capitalization, Long-term Debt [Line Items] | |||
Interest Rate | 2.35% | ||
TOTAL | $ 640 | 640 | |
Debentures | Debenture 2014B, 3.30 Percent, Due 2024 | |||
Schedule of Capitalization, Long-term Debt [Line Items] | |||
Interest Rate | 3.30% | ||
TOTAL | $ 250 | 250 | |
Debentures | Debenture 2014B, 3.30 Percent, Due 2024 | CECONY | |||
Schedule of Capitalization, Long-term Debt [Line Items] | |||
Interest Rate | 3.30% | ||
TOTAL | $ 250 | 250 | |
Debentures | Debenture Series 2016B, 2.90% Due 2026 | |||
Schedule of Capitalization, Long-term Debt [Line Items] | |||
Interest Rate | 2.90% | ||
TOTAL | $ 250 | 250 | |
Debentures | Debenture Series 2016B, 2.90% Due 2026 | CECONY | |||
Schedule of Capitalization, Long-term Debt [Line Items] | |||
Interest Rate | 2.90% | ||
TOTAL | $ 250 | 250 | |
Debentures | Debenture Series 1997F, 6.50% Due 2027 | |||
Schedule of Capitalization, Long-term Debt [Line Items] | |||
Interest Rate | 6.50% | ||
TOTAL | $ 80 | 80 | |
Debentures | Debenture Series 2017B, 3.125% Due 2027 | |||
Schedule of Capitalization, Long-term Debt [Line Items] | |||
Interest Rate | 3.125% | ||
TOTAL | $ 350 | 350 | |
Debentures | Debenture Series 2017B, 3.125% Due 2027 | CECONY | |||
Schedule of Capitalization, Long-term Debt [Line Items] | |||
Interest Rate | 3.125% | ||
TOTAL | $ 350 | 350 | |
Debentures | Debenture Series 2018A, 3.80% Due 2028 | |||
Schedule of Capitalization, Long-term Debt [Line Items] | |||
Interest Rate | 3.80% | ||
TOTAL | $ 300 | 300 | |
Debentures | Debenture Series 2018A, 3.80% Due 2028 | CECONY | |||
Schedule of Capitalization, Long-term Debt [Line Items] | |||
Interest Rate | 3.80% | ||
TOTAL | $ 300 | 300 | |
Debentures | Debenture Series 2018D, 4.00% Due 2028 | |||
Schedule of Capitalization, Long-term Debt [Line Items] | |||
Interest Rate | 4.00% | ||
TOTAL | $ 500 | 500 | |
Debentures | Debenture Series 2018D, 4.00% Due 2028 | CECONY | |||
Schedule of Capitalization, Long-term Debt [Line Items] | |||
Interest Rate | 4.00% | ||
TOTAL | $ 500 | 500 | |
Debentures | Debenture 2019B, 2.94 Percent, Due 2029 | |||
Schedule of Capitalization, Long-term Debt [Line Items] | |||
Interest Rate | 2.94% | ||
TOTAL | $ 44 | 0 | |
Debentures | Debenture Series 2003A, 5.875% Due 2033 | |||
Schedule of Capitalization, Long-term Debt [Line Items] | |||
Interest Rate | 5.875% | ||
TOTAL | $ 175 | 175 | |
Debentures | Debenture Series 2003A, 5.875% Due 2033 | CECONY | |||
Schedule of Capitalization, Long-term Debt [Line Items] | |||
Interest Rate | 5.875% | ||
TOTAL | $ 175 | 175 | |
Debentures | Debenture Series 2003C, 5.10% Due 2033 | |||
Schedule of Capitalization, Long-term Debt [Line Items] | |||
Interest Rate | 5.10% | ||
TOTAL | $ 200 | 200 | |
Debentures | Debenture Series 2003C, 5.10% Due 2033 | CECONY | |||
Schedule of Capitalization, Long-term Debt [Line Items] | |||
Interest Rate | 5.10% | ||
TOTAL | $ 200 | 200 | |
Debentures | Debenture Series 2004B, 5.70% Due 2034 | |||
Schedule of Capitalization, Long-term Debt [Line Items] | |||
Interest Rate | 5.70% | ||
TOTAL | $ 200 | 200 | |
Debentures | Debenture Series 2004B, 5.70% Due 2034 | CECONY | |||
Schedule of Capitalization, Long-term Debt [Line Items] | |||
Interest Rate | 5.70% | ||
TOTAL | $ 200 | 200 | |
Debentures | Debenture Series 2005A, 5.30% Due 2035 | |||
Schedule of Capitalization, Long-term Debt [Line Items] | |||
Interest Rate | 5.30% | ||
TOTAL | $ 350 | 350 | |
Debentures | Debenture Series 2005A, 5.30% Due 2035 | CECONY | |||
Schedule of Capitalization, Long-term Debt [Line Items] | |||
Interest Rate | 5.30% | ||
TOTAL | $ 350 | 350 | |
Debentures | Debenture Series 2005B, 5.25% Due 2035 | |||
Schedule of Capitalization, Long-term Debt [Line Items] | |||
Interest Rate | 5.25% | ||
TOTAL | $ 125 | 125 | |
Debentures | Debenture Series 2005B, 5.25% Due 2035 | CECONY | |||
Schedule of Capitalization, Long-term Debt [Line Items] | |||
Interest Rate | 5.25% | ||
TOTAL | $ 125 | 125 | |
Debentures | Debenture Series 2006A, 5.85% Due 2036 | |||
Schedule of Capitalization, Long-term Debt [Line Items] | |||
Interest Rate | 5.85% | ||
TOTAL | $ 400 | 400 | |
Debentures | Debenture Series 2006A, 5.85% Due 2036 | CECONY | |||
Schedule of Capitalization, Long-term Debt [Line Items] | |||
Interest Rate | 5.85% | ||
TOTAL | $ 400 | 400 | |
Debentures | Debenture Series 2006B, 6.20% Due 2036 | |||
Schedule of Capitalization, Long-term Debt [Line Items] | |||
Interest Rate | 6.20% | ||
TOTAL | $ 400 | 400 | |
Debentures | Debenture Series 2006B, 6.20% Due 2036 | CECONY | |||
Schedule of Capitalization, Long-term Debt [Line Items] | |||
Interest Rate | 6.20% | ||
TOTAL | $ 400 | 400 | |
Debentures | Debenture Series 2006E, 5.70% Due 2036 | |||
Schedule of Capitalization, Long-term Debt [Line Items] | |||
Interest Rate | 5.70% | ||
TOTAL | $ 250 | 250 | |
Debentures | Debenture Series 2006E, 5.70% Due 2036 | CECONY | |||
Schedule of Capitalization, Long-term Debt [Line Items] | |||
Interest Rate | 5.70% | ||
TOTAL | $ 250 | 250 | |
Debentures | Debenture Series 2007A, 6.30% Due 2037 | |||
Schedule of Capitalization, Long-term Debt [Line Items] | |||
Interest Rate | 6.30% | ||
TOTAL | $ 525 | 525 | |
Debentures | Debenture Series 2007A, 6.30% Due 2037 | CECONY | |||
Schedule of Capitalization, Long-term Debt [Line Items] | |||
Interest Rate | 6.30% | ||
TOTAL | $ 525 | 525 | |
Debentures | Debenture 2008B, 6.75 Percent, Due 2038 | |||
Schedule of Capitalization, Long-term Debt [Line Items] | |||
Interest Rate | 6.75% | ||
TOTAL | $ 600 | 600 | |
Debentures | Debenture 2008B, 6.75 Percent, Due 2038 | CECONY | |||
Schedule of Capitalization, Long-term Debt [Line Items] | |||
Interest Rate | 6.75% | ||
TOTAL | $ 600 | 600 | |
Debentures | Debenture 2009B, 6.00 Percent, Due 2039 | |||
Schedule of Capitalization, Long-term Debt [Line Items] | |||
Interest Rate | 6.00% | ||
TOTAL | $ 60 | 60 | |
Debentures | Debenture 2009C, 5.50 Percent, Due 2039 | |||
Schedule of Capitalization, Long-term Debt [Line Items] | |||
Interest Rate | 5.50% | ||
TOTAL | $ 600 | 600 | |
Debentures | Debenture 2009C, 5.50 Percent, Due 2039 | CECONY | |||
Schedule of Capitalization, Long-term Debt [Line Items] | |||
Interest Rate | 5.50% | ||
TOTAL | $ 600 | 600 | |
Debentures | Debenture 2019C, 3.46 Percent, Due 2039 | |||
Schedule of Capitalization, Long-term Debt [Line Items] | |||
Interest Rate | 3.46% | ||
TOTAL | $ 38 | 0 | |
Debentures | Debenture 2010B, 5.70 Percent, Due 2040 | |||
Schedule of Capitalization, Long-term Debt [Line Items] | |||
Interest Rate | 5.70% | ||
TOTAL | $ 350 | 350 | |
Debentures | Debenture 2010B, 5.70 Percent, Due 2040 | CECONY | |||
Schedule of Capitalization, Long-term Debt [Line Items] | |||
Interest Rate | 5.70% | ||
TOTAL | $ 350 | 350 | |
Debentures | Debenture 2010B, 5.50 Percent, Due 2040 | |||
Schedule of Capitalization, Long-term Debt [Line Items] | |||
Interest Rate | 5.50% | ||
TOTAL | $ 115 | 115 | |
Debentures | Debenture 2012A, 4.20 Percent, Due 2042 | |||
Schedule of Capitalization, Long-term Debt [Line Items] | |||
Interest Rate | 4.20% | ||
TOTAL | $ 400 | 400 | |
Debentures | Debenture 2012A, 4.20 Percent, Due 2042 | CECONY | |||
Schedule of Capitalization, Long-term Debt [Line Items] | |||
Interest Rate | 4.20% | ||
TOTAL | $ 400 | 400 | |
Debentures | Debenture 2013A, 3.95 Percent, Due 2043 | |||
Schedule of Capitalization, Long-term Debt [Line Items] | |||
Interest Rate | 3.95% | ||
TOTAL | $ 700 | 700 | |
Debentures | Debenture 2013A, 3.95 Percent, Due 2043 | CECONY | |||
Schedule of Capitalization, Long-term Debt [Line Items] | |||
Interest Rate | 3.95% | ||
TOTAL | $ 700 | 700 | |
Debentures | Debenture 2014A, 4.45 Percent, Due 2044 | |||
Schedule of Capitalization, Long-term Debt [Line Items] | |||
Interest Rate | 4.45% | ||
TOTAL | $ 850 | 850 | |
Debentures | Debenture 2014A, 4.45 Percent, Due 2044 | CECONY | |||
Schedule of Capitalization, Long-term Debt [Line Items] | |||
Interest Rate | 4.45% | ||
TOTAL | $ 850 | 850 | |
Debentures | Debenture 2015A, 4.50 Percent, Due 2045 | |||
Schedule of Capitalization, Long-term Debt [Line Items] | |||
Interest Rate | 4.50% | ||
TOTAL | $ 650 | 650 | |
Debentures | Debenture 2015A, 4.50 Percent, Due 2045 | CECONY | |||
Schedule of Capitalization, Long-term Debt [Line Items] | |||
Interest Rate | 4.50% | ||
TOTAL | $ 650 | 650 | |
Debentures | Debenture 2015A, 4.95 Percent, Due 2045 | |||
Schedule of Capitalization, Long-term Debt [Line Items] | |||
Interest Rate | 4.95% | ||
TOTAL | $ 120 | 120 | |
Debentures | Debenture Series 2015B, 4.69% due 2045 | |||
Schedule of Capitalization, Long-term Debt [Line Items] | |||
Interest Rate | 4.69% | ||
TOTAL | $ 100 | 100 | |
Debentures | Debenture 2016A, 3.85 Percent, Due 2046 | |||
Schedule of Capitalization, Long-term Debt [Line Items] | |||
Interest Rate | 3.85% | ||
TOTAL | $ 550 | 550 | |
Debentures | Debenture 2016A, 3.85 Percent, Due 2046 | CECONY | |||
Schedule of Capitalization, Long-term Debt [Line Items] | |||
Interest Rate | 3.85% | ||
TOTAL | $ 550 | 550 | |
Debentures | Debenture Series 2016A. 3.88% Due 2046 | |||
Schedule of Capitalization, Long-term Debt [Line Items] | |||
Interest Rate | 3.88% | ||
TOTAL | $ 75 | 75 | |
Debentures | Debenture Series 2017A, 3.875% Due 2047 | |||
Schedule of Capitalization, Long-term Debt [Line Items] | |||
Interest Rate | 3.875% | ||
TOTAL | $ 500 | 500 | |
Debentures | Debenture Series 2017A, 3.875% Due 2047 | CECONY | |||
Schedule of Capitalization, Long-term Debt [Line Items] | |||
Interest Rate | 3.875% | ||
TOTAL | $ 500 | 500 | |
Debentures | Debenture Series 2018E, 4.65% Due 2048 | |||
Schedule of Capitalization, Long-term Debt [Line Items] | |||
Interest Rate | 4.65% | ||
TOTAL | $ 600 | 600 | |
Debentures | Debenture Series 2018E, 4.65% Due 2048 | CECONY | |||
Schedule of Capitalization, Long-term Debt [Line Items] | |||
Interest Rate | 4.65% | ||
TOTAL | $ 600 | 600 | |
Debentures | Debenture Series 2018A, 4.35% Due 2048 | |||
Schedule of Capitalization, Long-term Debt [Line Items] | |||
Interest Rate | 4.35% | ||
TOTAL | $ 125 | 125 | |
Debentures | Debenture Series 2018B, 4.35% Due 2048 | |||
Schedule of Capitalization, Long-term Debt [Line Items] | |||
Interest Rate | 4.35% | ||
TOTAL | $ 25 | 25 | |
Debentures | Debenture 2019A, 4.125 Percent, Due 2049 | |||
Schedule of Capitalization, Long-term Debt [Line Items] | |||
Interest Rate | 4.125% | ||
TOTAL | $ 700 | 0 | |
Debentures | Debenture 2019A, 4.125 Percent, Due 2049 | CECONY | |||
Schedule of Capitalization, Long-term Debt [Line Items] | |||
Interest Rate | 4.125% | ||
TOTAL | $ 700 | 0 | |
Debentures | Debenture 2019A, 3.73 Percent, Due 2049 | |||
Schedule of Capitalization, Long-term Debt [Line Items] | |||
Interest Rate | 3.73% | ||
TOTAL | $ 43 | 0 | |
Debentures | Debenture Series 2014C, 4.625% Due 2054 | |||
Schedule of Capitalization, Long-term Debt [Line Items] | |||
Interest Rate | 4.625% | ||
TOTAL | $ 750 | 750 | |
Debentures | Debenture Series 2014C, 4.625% Due 2054 | CECONY | |||
Schedule of Capitalization, Long-term Debt [Line Items] | |||
Interest Rate | 4.625% | ||
TOTAL | $ 750 | 750 | |
Debentures | Debenture Series 2016C, 4.30% Due 2056 | |||
Schedule of Capitalization, Long-term Debt [Line Items] | |||
Interest Rate | 4.30% | ||
TOTAL | $ 500 | 500 | |
Debentures | Debenture Series 2016C, 4.30% Due 2056 | CECONY | |||
Schedule of Capitalization, Long-term Debt [Line Items] | |||
Interest Rate | 4.30% | ||
TOTAL | $ 500 | 500 | |
Debentures | Debenture Series 2017C, 4.00% Due 2057 | |||
Schedule of Capitalization, Long-term Debt [Line Items] | |||
Interest Rate | 4.00% | ||
TOTAL | $ 350 | 350 | |
Debentures | Debenture Series 2017C, 4.00% Due 2057 | CECONY | |||
Schedule of Capitalization, Long-term Debt [Line Items] | |||
Interest Rate | 4.00% | ||
TOTAL | $ 350 | 350 | |
Debentures | Debenture Series 2018B, 4.50% Due 2058 | |||
Schedule of Capitalization, Long-term Debt [Line Items] | |||
Interest Rate | 4.50% | ||
TOTAL | $ 700 | 700 | |
Debentures | Debenture Series 2018B, 4.50% Due 2058 | CECONY | |||
Schedule of Capitalization, Long-term Debt [Line Items] | |||
Interest Rate | 4.50% | ||
TOTAL | $ 700 | 700 | |
Debentures | Debenture 2019B, 3.70 Percent, Due 2059 | |||
Schedule of Capitalization, Long-term Debt [Line Items] | |||
Interest Rate | 3.70% | ||
TOTAL | $ 600 | 0 | |
Debentures | Debenture 2019B, 3.70 Percent, Due 2059 | CECONY | |||
Schedule of Capitalization, Long-term Debt [Line Items] | |||
Interest Rate | 3.70% | ||
TOTAL | $ 600 | 0 | |
Tax-Exempt Debt | |||
Schedule of Capitalization, Long-term Debt [Line Items] | |||
TOTAL PROJECT DEBT | 450 | 450 | |
Tax-Exempt Debt | CECONY | |||
Schedule of Capitalization, Long-term Debt [Line Items] | |||
TOTAL | $ 450 | 450 | |
Tax-Exempt Debt | Tax Exempt Debt Series 2010A Due 2036 | |||
Schedule of Capitalization, Long-term Debt [Line Items] | |||
Interest Rate | 1.63% | ||
TOTAL PROJECT DEBT | [2] | $ 225 | 225 |
Tax-Exempt Debt | Tax Exempt Debt Series 2010A Due 2036 | CECONY | |||
Schedule of Capitalization, Long-term Debt [Line Items] | |||
Interest Rate | 1.63% | ||
TOTAL | [3] | $ 225 | 225 |
Tax-Exempt Debt | Tax Exempt Debt Series 2004C, 1.663% Due 2039 | |||
Schedule of Capitalization, Long-term Debt [Line Items] | |||
Interest Rate | 1.63% | ||
TOTAL PROJECT DEBT | [2] | $ 99 | 99 |
Tax-Exempt Debt | Tax Exempt Debt Series 2004C, 1.663% Due 2039 | CECONY | |||
Schedule of Capitalization, Long-term Debt [Line Items] | |||
Interest Rate | 1.63% | ||
TOTAL | [3] | $ 99 | 99 |
Tax-Exempt Debt | Tax-Exempt Debt Series 2005A, 1.627% Due 2039 | |||
Schedule of Capitalization, Long-term Debt [Line Items] | |||
Interest Rate | 1.59% | ||
TOTAL PROJECT DEBT | [2] | $ 126 | 126 |
Tax-Exempt Debt | Tax-Exempt Debt Series 2005A, 1.627% Due 2039 | CECONY | |||
Schedule of Capitalization, Long-term Debt [Line Items] | |||
Interest Rate | 1.59% | ||
TOTAL | [3] | $ 126 | $ 126 |
[1] | December 31, 2019 effective rates shown, reflecting variable interest rates on the debt that are reset quarterly or semi-annually and the effect of applicable interest rate swaps, if any | ||
[2] | Rates reset weekly or quarterly; December 31, 2019 rates shown. | ||
[3] | Rates reset weekly or quarterly; December 31, 2019 rates shown. |
General
General | 12 Months Ended |
Dec. 31, 2019 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
General | General These combined notes accompany and form an integral part of the separate consolidated financial statements of each of the two separate registrants: Consolidated Edison, Inc. and its subsidiaries (Con Edison) and Consolidated Edison Company of New York, Inc. and its subsidiaries (CECONY). CECONY is a subsidiary of Con Edison and as such its financial condition and results of operations and cash flows, which are presented separately in the CECONY consolidated financial statements, are also consolidated, along with those of Orange and Rockland Utilities, Inc. (O&R), Con Edison Clean Energy Businesses, Inc. (together with its subsidiaries, the Clean Energy Businesses) and Con Edison Transmission, Inc. (together with its subsidiaries, Con Edison Transmission) in Con Edison’s consolidated financial statements. The term “Utilities” is used in these notes to refer to CECONY and O&R. As used in these notes, the term “Companies” refers to Con Edison and CECONY and, except as otherwise noted, the information in these combined notes relates to each of the Companies. However, CECONY makes no representation as to information relating to Con Edison or the subsidiaries of Con Edison other than itself. Con Edison has two regulated utility subsidiaries: CECONY and O&R. CECONY provides electric service and gas service in New York City and Westchester County. The company also provides steam service in parts of Manhattan. O&R, along with its regulated utility subsidiary, provides electric service in southeastern New York and northern New Jersey and gas service in southeastern New York. Con Edison Clean Energy Businesses, Inc., which through its subsidiaries develop, own and operate renewable and energy infrastructure projects and provide energy-related products and services to wholesale and retail customers. In December 2018, the Clean Energy Businesses acquired Sempra Solar Holdings, LLC. Con Edison Transmission, Inc. invests in electric transmission facilities through its subsidiary, Consolidated Edison Transmission, LLC (CET Electric), and invests in gas pipeline and storage facilities through its subsidiary Con Edison Gas Pipeline and Storage, LLC (CET Gas). See Note U. |
Summary of Significant Accounti
Summary of Significant Accounting Policies and Other Matters | 12 Months Ended |
Dec. 31, 2019 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies and Other Matters | Summary of Significant Accounting Policies and Other Matters Principles of Consolidation The Companies’ consolidated financial statements include the accounts of their respective majority-owned subsidiaries, and variable interest entities (see Note Q), as required. All intercompany balances and intercompany transactions have been eliminated. Accounting Policies The accounting policies of Con Edison and its subsidiaries conform to generally accepted accounting principles in the United States of America (GAAP). For the Utilities, these accounting principles include the accounting rules for regulated operations and the accounting requirements of the Federal Energy Regulatory Commission (FERC) and the state regulators having jurisdiction. The accounting rules for regulated operations specify the economic effects that result from the causal relationship of costs and revenues in the rate-regulated environment and how these effects are to be accounted for by a regulated enterprise. Revenues intended to cover some costs may be recorded either before or after the costs are incurred. If regulation provides assurance that incurred costs will be recovered in the future, these costs would be recorded as deferred charges or “regulatory assets” under the accounting rules for regulated operations. If revenues are recorded for costs that are expected to be incurred in the future, these revenues would be recorded as deferred credits or “regulatory liabilities” under the accounting rules for regulated operations. The Utilities’ principal regulatory assets and liabilities are detailed in Note B. The Utilities are receiving or being credited with a return on all of their regulatory assets for which a cash outflow has been made, and are paying or being charged with a return on all of their regulatory liabilities for which a cash inflow has been received. The Utilities’ regulatory assets and liabilities at December 31, 2019 are recoverable from customers, or to be applied for customer benefit, in accordance with rate provisions that have been approved by state regulators. Other significant accounting policies of the Companies are referenced below in this Note A and in the notes that follow. Revenue Recognition The following table presents, for the years ended December 31, 2019 and 2018 , revenue from contracts with customers as defined in Accounting Standards Codification (ASC) Topic 606, "Revenue from Contracts with Customers," as well as additional revenue from sources other than contracts with customers, disaggregated by major source. Revenue was recognized for the year ended December 31, 2017 under ASC Topic 605, “Revenue Recognition,” and was materially consistent with revenue that would have been recognized under Topic 606. 2019 2018 (Millions of Dollars) Revenues from contracts with customers Other revenues (a) Total operating revenues Revenues from contracts with customers Other revenues (a) Total operating revenues CECONY Electric $7,913 $149 $8,062 $7,920 $51 $7,971 Gas 2,097 35 2,132 2,052 26 2,078 Steam 610 17 627 625 6 631 Total CECONY $10,620 $201 $10,821 $10,597 $83 $10,680 O&R Electric 627 7 634 647 (5) 642 Gas 247 12 259 256 (7) 249 Total O&R $874 $19 $893 $903 $(12) $891 Clean Energy Businesses Renewables 575 (b) — 575 329 (b) — 329 Energy services 71 — 71 95 — 95 Other — 211 211 — 339 339 Total Clean Energy Businesses $646 $211 $857 $424 $339 $763 Con Edison Transmission 4 — 4 4 — 4 Other (c) — (1) (1) — (1) (1) Total Con Edison $12,144 $430 $12,574 $11,928 $409 $12,337 (a) For the Utilities, this includes revenue from alternative revenue programs, such as the revenue decoupling mechanisms under their New York electric and gas rate plans. For the Clean Energy Businesses, this includes revenue from wholesale services. (b) Included within the total for Renewables revenue at the Clean Energy Businesses is $14 million and $103 million for the years ended December 31, 2019 and 2018 , respectively, of revenue related to engineering, procurement and construction services. (c) Parent company and consolidation adjustments. Revenues are recorded as energy is delivered, generated or services are provided and billed to customers, except for services under percentage-of-completion contracts. Amounts billed are recorded in accounts receivable - customers, with payment generally due the following month. Con Edison’s and the Utilities’ accounts receivable - customers balance also reflects the Utilities’ purchase of receivables from energy service companies to support retail choice programs. Accrued revenues not yet billed to customers are recorded as accrued unbilled revenues. The Utilities have the obligation to deliver electricity, gas and steam energy to their customers. As the energy is immediately available for use upon delivery to the customer, the energy and its delivery are identifiable as a single performance obligation. The Utilities recognize revenues as this performance obligation is satisfied over time as the Utilities deliver, and the customers simultaneously receive and consume, the energy. The amount of revenues recognized reflects the consideration the Utilities expect to receive in exchange for delivering the energy. Under their tariffs, the transaction price for full-service customers includes the Utilities’ energy cost and for all customers includes delivery charges determined based on customer class and in accordance with established tariffs and guidelines of the New York State Public Service Commission (NYSPSC) or the New Jersey Board of Public Utilities (NJBPU), as applicable. Accordingly, there is no unsatisfied performance obligation associated with these customers. The transaction price is applied to the Utilities’ revenue generating activities through the customer billing process. Because energy is delivered over time, the Utilities use output methods that recognize revenue based on direct measurement of the value transferred, such as units delivered, which provides an accurate measure of value for the energy delivered. The Utilities accrue revenues at the end of each month for estimated energy delivered but not yet billed to customers. The Utilities defer over a 12-month period net interruptible gas revenues, other than those authorized by the NYSPSC to be retained by the Utilities, for refund to firm gas sales and transportation customers. The Clean Energy Businesses recognize revenue for the sale of energy from renewable electric production projects as energy is generated and billed to counterparties; accrue revenues at the end of each month for energy generated but not yet billed to counterparties; and recognize revenue as energy is delivered and services are provided for managing energy supply assets leased from others and managing the dispatch, fuel requirements and risk management activities for generating plants and merchant transmission in the northeastern United States. The Clean Energy Businesses also recognize revenue for providing energy-efficiency services to government and commercial customers, and recognize revenue for engineering, procurement and construction services, under the percentage-of-completion method of revenue recognition. Sales and profits on each percentage-of-completion contract are recorded each month based on the ratio of actual cumulative costs incurred to the total estimated costs at completion of the contract, multiplied by the total estimated contract revenue, less cumulative revenues recognized in prior periods (the ‘‘cost-to-cost’’ method). The impact of revisions of contract estimates, which may result from contract modifications, performance or other reasons, are recognized on a cumulative catch-up basis in the period in which the revisions are made. 2019 2018 (Millions of Dollars) Unbilled contract revenue (a) Unearned revenue (b) Unbilled contract revenue (a) Unearned revenue (b) Beginning balance as of January 1, $29 $20 $58 $87 Additions (c) 86 1 144 38 Subtractions (c) 86 4 (d) 173 105 (d) Ending balance as of December 31, $29 $17 $29 $20 (a) Unbilled contract revenue represents accumulated incurred costs and earned profits on contracts (revenue arrangements), which have been recorded as revenue, but have not yet been billed to customers, and which represent contract assets as defined in Topic 606. Substantially all accrued unbilled contract revenue is expected to be collected within one year. Unbilled contract revenue arises from the cost-to-cost method of revenue recognition. Unbilled contract revenue from fixed-price type contracts is converted to billed receivables when amounts are invoiced to customers according to contractual billing terms, which generally occur when deliveries or other performance milestones are completed. (b) Unearned revenue represents a liability for billings to customers in excess of earned revenue, which are contract liabilities as defined in Topic 606. (c) Additions for unbilled contract revenue and subtractions for unearned revenue represent additional revenue earned. Additions for unearned revenue and subtractions for unbilled contract revenue represent billings. Activity also includes appropriate balance sheet classification for the period. (d) Of the subtractions from unearned revenue, $4 million and $50 million was included in the balance as of January 1, 2019 and 2018, respectively. As of December 31, 2019 , the aggregate amount of the remaining fixed performance obligations of the Clean Energy Businesses, under contracts with customers for energy services is $82 million , of which $46 million will be recognized within the next two years, and the remaining $36 million will be recognized pursuant to long-term service and maintenance agreements. CECONY’s electric and gas rate plans and O&R’s New York electric and gas rate plans each contain a revenue decoupling mechanism under which the company’s actual energy delivery revenues are compared with the authorized delivery revenues and the difference accrued, with interest, for refund to, or recovery from, customers, as applicable. See “Rate Plans” in Note B. The NYSPSC requires utilities to record gross receipts tax revenues and expenses on a gross income statement presentation basis (i.e., included in both revenue and expense). The recovery of these taxes is generally provided for in the revenue requirement within each of the respective NYSPSC approved rate plans. Total excise taxes (inclusive of gross receipts taxes) recorded in operating revenues were as follows: For the Years Ended December 31, (Millions of Dollars) 2019 2018 2017 Con Edison $323 $330 $302 CECONY 312 318 292 Other Receivables Other Receivables includes costs related to aid provided by the Utilities in the restoration of power in Puerto Rico in the aftermath of September 2017 hurricanes. Such costs have fully been billed to the appropriate authorities. As of December 31, 2019 , Con Edison and CECONY other receivables' balances related to such costs were $8 million . Plant and Depreciation Utility Plant Utility plant is stated at original cost. The cost of repairs and maintenance is charged to expense and the cost of betterments is capitalized. The capitalized cost of additions to utility plant includes indirect costs such as engineering, supervision, payroll taxes, pensions, other benefits and an allowance for funds used during construction (AFUDC). The original cost of property is charged to expense over the estimated useful lives of the assets. Upon retirement, the original cost of property is charged to accumulated depreciation. See Note R. Rates used for AFUDC include the cost of borrowed funds and a reasonable rate of return on the Utilities’ own funds when so used, determined in accordance with regulations of the FERC or the state public utility regulatory authority having jurisdiction. The rate is compounded semiannually, and the amounts applicable to borrowed funds are treated as a reduction of interest charges, while the amounts applicable to the Utilities’ own funds are credited to other income (deductions). The AFUDC rates for CECONY were 5.1 percent , 5.4 percent and 5.5 percent for 2019 , 2018 and 2017 , respectively. The AFUDC rates for O&R were 5.3 percent , 2.2 percent and 2.5 percent for 2019 , 2018 and 2017 , respectively. The Utilities generally compute annual charges for depreciation using the straight-line method for financial statement purposes, with rates based on average service lives and net salvage factors. The average depreciation rates for CECONY were 3.2 percent for 2019 and 3.1 percent for 2018 and 2017 . The average depreciation rates for O&R were 3.0 percent for 2019 and 2.9 percent for 2018 and 2017 . The estimated lives for utility plant for CECONY range from 5 to 95 years for electric, 5 to 90 years for gas, 5 to 80 years for steam and 5 to 55 years for general plant. For O&R, the estimated lives for utility plant range from 5 to 75 years for electric and gas and 5 to 50 years for general plant. At December 31, 2019 and 2018 , the capitalized cost of the Companies’ utility plant, net of accumulated depreciation, was as follows: Con Edison CECONY (Millions of Dollars) 2019 2018 2019 2018 Electric Generation $591 $593 $591 $592 Transmission 3,634 3,333 3,380 3,106 Distribution 20,676 19,750 19,602 18,716 General 43 — 43 — Gas (a) 8,617 7,714 7,961 7,107 Steam 1,813 1,830 1,813 1,830 General 2,365 2,306 2,143 2,102 Held for future use 75 76 67 67 Construction work in progress 1,937 1,978 1,812 1,850 Net Utility Plant $39,751 $37,580 $37,412 $35,370 (a) Primarily distribution. General utility plant of Con Edison and CECONY included $93 million and $88 million , respectively, at December 31, 2019 , and $100 million and $95 million , respectively at December 31, 2018 , related to a May 2018 acquisition of software licenses. The estimated aggregate annual amortization expense for Con Edison and CECONY is $7 million . The accumulated amortization for Con Edison and CECONY was $10 million at December 31, 2019 and was $3 million at December 31, 2018 . Under the Utilities’ rate plans, the aggregate annual depreciation allowance for the period ended December 31, 2019 was $1,417 million , including $1,332 million under CECONY’s electric, gas and steam rate plans that have been approved by the NYSPSC. Non–Utility Plant Non-utility plant is stated at original cost. For Con Edison, non-utility plant consists primarily of the Clean Energy Businesses’ renewable electric production projects. For the Utilities, non-utility plant consists of land and conduit for telecommunication use. Depreciation on these assets is computed using the straight-line method for financial statement purposes over their estimated useful lives, which is 10 years. Goodwill Con Edison tests goodwill for impairment at least annually or whenever there is a triggering event. There is an option to first make a qualitative assessment of whether it is more likely than not that the fair value of a reporting unit is less than its carrying amount before applying a two-step, quantitative goodwill impairment test. Con Edison has elected to perform the qualitative assessment for substantially all of its goodwill and, if needed, applies the two-step quantitative approach. The first step of the quantitative goodwill impairment test compares the estimated fair value of a reporting unit with its carrying value, including goodwill. If the estimated fair value of a reporting unit exceeds its carrying value, goodwill of the reporting unit is considered not impaired. If the carrying value exceeds the estimated fair value of the reporting unit, the second step is performed to measure the amount of impairment loss, if any. The second step requires a calculation of the implied fair value of goodwill. In 2019, Con Edison recorded no impairment charge on goodwill. See Note K. Long–Lived and Intangible Assets The Companies test long-lived and intangible assets for recoverability when events or changes in circumstances indicate that the carrying value of long-lived or intangible assets may not be recoverable. The carrying amount of a long-lived asset or intangible asset with a definite life is deemed not recoverable if it exceeds the sum of the undiscounted cash flows expected to result from the use and eventual disposition of the assets. In the event a test indicates that such cash flows cannot be expected to be sufficient to fully recover the assets, the assets are considered impaired and written down to their estimated fair value. Con Edison's intangible assets with definite lives consist primarily of power purchase agreements, which were identified as part of purchase price allocations associated with acquisitions made by the Clean Energy Businesses in 2016 and 2018. At December 31, 2019 and 2018 , intangible assets arising from power purchase agreements, including the PG&E PPAs (discussed below), were $1,554 million and $1,651 million , net of accumulated amortization of $119 million and $22 million , respectively, and are being amortized over the life of each agreement. Excluding power purchase agreements, Con Edison’s other intangible assets were $3 million , net of accumulated amortization of $7 million , at December 31, 2019 and 2018 . CECONY’s other intangible assets were immaterial at December 31, 2019 and 2018 . Con Edison recorded amortization expense related to its intangible assets of $ 99 million in 2019 , $14 million in 2018 and $9 million in 2017 . Con Edison expects amortization expense to be $100 million per year over the next five years. Con Edison recorded $2 million of impairment charges in 2018. No impairment charges were recorded on Con Edison's long-lived assets or intangible assets with definite lives in 2019 or 2017. In January 2019, Pacific Gas and Electric Company (PG&E) filed in the United States Bankruptcy Court for the Northern District of California for reorganization under Chapter 11 of the U.S. Bankruptcy Code. The output of certain of the Clean Energy Businesses' renewable electric production projects with an aggregate generating capacity of 680 MW (AC) (PG&E Projects) is sold to PG&E under long-term power purchase agreements (PG&E PPAs). Most of the PG&E PPAs have contract prices that are higher than estimated market prices. PG&E, as a debtor in possession, may assume or reject the PG&E PPAs, subject to review by the bankruptcy court. In January 2020, PG&E and certain PG&E shareholders submitted a plan of reorganization to the bankruptcy court. The plan includes the assumption by PG&E of all of its power purchase agreements. The plan is subject to, among other things: confirmation by the bankruptcy court by June 30, 2020 (or any extension of the date by which PG&E’s bankruptcy must be resolved for PG&E to participate in the insurance fund described below); approval by the California Public Utilities Commission (CPUC) of PG&E’s implementation of the plan and participation in the insurance fund; PG&E obtaining funding for distributions under the plan; and the continuation in full force and effect of the September 2019 subrogation claims restructuring support agreement, the December 2019 tort claimants restructuring support agreement and the January 2020 noteholder restructuring support agreement. The plan is supported by the parties to these restructuring support agreements, subject to their terms, and includes the assumption by PG&E of all of its power purchase agreements. A plan of reorganization can be revoked, amended, withdrawn or delayed prior to its confirmation by the bankruptcy court. Bankruptcy court approval is required for a plan of reorganization to be sent to creditors for consideration. In January and May 2019, FERC issued orders (which PG&E is challenging) affirming its jurisdiction to review and approve the modification or abrogation of wholesale power contracts that are the subject of rejection in bankruptcy. In June 2019, the bankruptcy court ruled that FERC does not have concurrent jurisdiction with it and that FERC’s January and May 2019 orders are of no force and effect in the bankruptcy proceeding. FERC and additional parties, including the Clean Energy Businesses, are challenging the bankruptcy court’s June 2019 ruling in appeals that are pending in the United States Court of Appeals for the Ninth Circuit. In July 2019, California enacted a law addressing future California wildfires. The law includes provisions for the establishment of wildfire liquidity and insurance funds and possible limitation of future wildfire liabilities for California utilities. PG&E, Southern California Edison Company and San Diego Gas & Electric Company have agreed to participate in the insurance fund. PG&E’s participation will require bankruptcy court approval and is conditioned on, among other things, resolution of PG&E’s bankruptcy by June 30, 2020, and a determination by the CPUC that PG&E’s bankruptcy reorganization plan is consistent with the state’s climate goals as required under the California Renewables Portfolio Standard Program and related procurement requirements of the state. The PG&E bankruptcy is an event of default under the PG&E PPAs. Unless the lenders for the related project debt otherwise agree, distributions from the related projects to the Clean Energy Businesses will not be made during the pendency of the bankruptcy. See “Reconciliation of Cash, Temporary Cash Investments and Restricted Cash,” below. At December 31, 2019 and 2018 , Con Edison’s consolidated balance sheet included $819 million and $885 million of net non-utility plant relating to the PG&E Projects, $1,057 million and $1,125 million of intangible assets relating to the PG&E PPAs, $282 million and $292 million of net non-utility plant of additional projects that secure the related project debt and $1,001 million and $1,050 million of non-recourse related project debt, respectively. See "Long-term Debt" in Note C. Con Edison has tested whether its net non-utility plant relating to the PG&E Projects and intangible assets relating to the PG&E PPAs have been impaired. The projected future cash flows used in the test reflected Con Edison’s expectation that the PG&E PPAs are not likely to be rejected. Based on the test, Con Edison has determined that there was no impairment. If, in the future, one or more of the PG&E PPAs is rejected or any such rejection becomes likely, there will be an impairment of the related intangible assets and could be an impairment of the related non-utility plant. The amount of any such impairment could be material. Recoverable Energy Costs The Utilities generally recover all of their prudently incurred fuel, purchased power and gas costs, including hedging gains and losses, in accordance with rate provisions approved by the applicable state public utility regulators. If the actual energy supply costs for a given month are more or less than the amounts billed to customers for that month, the difference in most cases is recoverable from or refundable to customers. Differences between actual and billed electric and steam supply costs and costs of its electric demand management programs are generally deferred for charge or refund to customers during the next billing cycle (normally within one or two months ). For the Utilities’ gas costs, differences between actual and billed gas costs during the 12-month period ending each August are charged or refunded to customers during a subsequent 12-month period. New York Independent System Operator (NYISO) The Utilities purchase electricity through the wholesale electricity market administered by the NYISO. The difference between purchased power and related costs initially billed to the Utilities by the NYISO and the actual cost of power subsequently calculated by the NYISO is refunded by the NYISO to the Utilities, or paid to the NYISO by the Utilities. The reconciliation payments or receipts are recoverable from or refundable to the Utilities’ customers. Certain other payments to or receipts from the NYISO are also subject to reconciliation, with shortfalls or amounts in excess of specified rate allowances recoverable from or refundable to customers. These include proceeds from the sale through the NYISO of transmission rights on CECONY’s transmission system (transmission congestion contracts or TCCs). Temporary Cash Investments Temporary cash investments are short-term, highly-liquid investments that generally have maturities of three months or less at the date of purchase. They are stated at cost, which approximates market. The Companies consider temporary cash investments to be cash equivalents. Investments Investments consist primarily of the investments of Con Edison Transmission that are accounted for under the equity method, and the fair value of the Utilities’ supplemental retirement income plan and deferred income plan assets. Equity method investments are subject to the accounting rules which would require the recognition of a decrease in value other than for a temporary decline. The following investment assets are included in the Companies' consolidated balance sheets at December 31, 2019 and 2018 : Con Edison CECONY (Millions of Dollars) 2019 2018 2019 2018 CET Gas investment in Stagecoach Gas Services, LLC $924 $948 $— $— CET Gas investment in Mountain Valley Pipeline, LLC (a) 602 363 — — Supplemental retirement income plan assets (b) 397 326 371 301 Deferred income plan assets 81 75 81 75 CET Electric investment in New York Transco, LLC 59 52 — — Other 2 2 9 9 Total investments $2,065 $1,766 $461 $385 (a) See Note U. (b) See Note E. Pension and Other Postretirement Benefits The accounting rules for retirement benefits require an employer to recognize an asset or liability for the overfunded or underfunded status of its pension and other postretirement benefit plans. For a pension plan, the asset or liability is the difference between the fair value of the plan’s assets and the projected benefit obligation. For any other postretirement benefit plan, the asset or liability is the difference between the fair value of the plan’s assets and the accumulated postretirement benefit obligation. The accounting rules generally require employers to recognize all unrecognized prior service costs and credits and unrecognized actuarial gains and losses in accumulated other comprehensive income/(loss) (OCI), net of tax. Such amounts will be adjusted as they are subsequently recognized as components of total periodic benefit cost or income pursuant to the current recognition and amortization provisions. For the Utilities’ pension and other postretirement benefit plans, regulatory accounting treatment is generally applied in accordance with the accounting rules for regulated operations. Unrecognized prior service costs or credits and unrecognized actuarial gains and losses are recorded to regulatory assets or liabilities, rather than OCI. See Notes E and F. The total periodic benefit costs are recognized in accordance with the accounting rules for retirement benefits. Investment gains and losses are recognized in expense over a 15 -year period and other actuarial gains and losses are recognized in expense over a 10 -year period, subject to the deferral provisions in the rate plans. In accordance with the Statement of Policy issued by the NYSPSC and its current electric, gas and steam rate plans, CECONY defers for payment to or recovery from customers the difference between such expenses and the amounts for such expenses reflected in rates. O&R also defers such difference pursuant to its New York rate plans. See Note B. The Companies calculate the expected return on pension and other postretirement benefit plan assets by multiplying the expected rate of return on plan assets by the market-related value (MRV) of plan assets at the beginning of the year, taking into consideration anticipated contributions and benefit payments that are to be made during the year. The accounting rules allow the MRV of plan assets to be either fair value or a calculated value that recognizes changes in fair value in a systematic and rational manner over not more than five years. The Companies use a calculated value when determining the MRV of the plan assets that adjusts for 20 percent of the difference between fair value and expected MRV of plan assets. This calculated value has the effect of stabilizing variability in assets to which the Companies apply the expected return. Federal Income Tax In accordance with accounting rules for income taxes, the Companies have recorded an accumulated deferred federal income tax liability at current tax rates for temporary differences between the book and tax basis of assets and liabilities. In accordance with rate plans, the Utilities have recovered amounts from customers for a portion of the tax liability they will pay in the future as a result of the reversal or “turn-around” of these temporary differences. As to the remaining deferred tax liability, the Utilities had established regulatory assets for the net revenue requirements to be recovered from customers for the related future tax expense pursuant to the NYSPSC's 1993 Policy Statement approving accounting procedures consistent with accounting rules for income taxes and providing assurances that these future increases in taxes will be recoverable in rates. Upon enactment of the Tax Cuts and Jobs Act of 2017 on December 22, 2017 (the TCJA), the Companies re-measured their deferred tax assets and liabilities based upon the 21 percent corporate income tax rate under the TCJA. The tax effects of changes in tax laws are to be recognized in the period in which the law is enacted and deferred tax assets and liabilities are to be re-measured at the enacted tax rate expected to apply when temporary differences are to be realized or settled. For the Utilities, in accordance with their New York rate plans and the accounting rules for regulated operations, the change in deferred taxes was recorded as either an offset to a regulatory asset or a regulatory liability. For Con Edison’s other businesses, the change in deferred taxes was reflected as a decrease in income tax expense, which increased Con Edison's net income. See “Other Regulatory Matters” and “Regulatory Assets and Liabilities” in Note B and Note L. Accumulated deferred investment tax credits are amortized ratably over the lives of the related properties and applied as a reduction to future federal income tax expense. Con Edison and its subsidiaries file a consolidated federal income tax return. The consolidated income tax liability is allocated to each member of the consolidated group using the separate return method. Each member pays or receives an amount based on its own taxable income or loss in accordance with a consolidated tax allocation agreement. Tax loss and tax credit carryforwards are allocated among members in accordance with consolidated tax return regulations. State Income Tax Con Edison and its subsidiaries file a combined New York State Corporation Business Franchise Tax Return. Similar to a federal consolidated income tax return, the income of all entities in the combined group is subject to New York State taxation, after adjustments for differences between federal and New York law and apportionment of income among the states in which the company does business. Each member’s share of the New York State tax is based on its own New York State taxable income or loss. Research and Development Costs 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) 2019 2018 2017 Con Edison $24 $24 $24 CECONY 23 23 23 Earnings Per Common Share Con Edison presents basic and diluted earnings per share (EPS) on the face of its consolidated income statement. Basic EPS is calculated by dividing earnings available to common shareholders (“Net income for common stock” on Con Edison’s consolidated income statement) by the weighted average number of Con Edison common shares outstanding during the period. In the calculation of diluted EPS, weighted average shares outstanding are increased for additional shares that would be outstanding if potentially dilutive securities were converted to common stock. Potentially dilutive securities for Con Edison consist of restricted stock units and deferred stock units for which the average market price of the common shares for the period was greater than the exercise price (see Note M) and its common shares that are subject to forward sale agreements (see Note C). Before the issuance of common shares upon settlement of the forward sale agreements, the shares will be reflected in the company’s diluted earnings pe |
Regulatory Matters
Regulatory Matters | 12 Months Ended |
Dec. 31, 2019 | |
Regulated Operations [Abstract] | |
Regulatory Matters | Regulatory Matters Rate Plans The Utilities provide service to New York customers according to the terms of tariffs approved by the NYSPSC. Tariffs for service to customers of Rockland Electric Company (RECO), O&R’s New Jersey regulated utility subsidiary, are approved by the NJBPU. The tariffs include schedules of rates for service that limit the rates charged by the Utilities to amounts that recover from their customers costs approved by the regulator, including capital costs, of providing service to customers as defined by the tariff. The tariffs implement rate plans adopted by state utility regulators in rate orders issued at the conclusion of rate proceedings. Pursuant to the Utilities’ rate plans, there generally can be no change to the charges to customers during the respective terms of the rate plans other than specified adjustments provided for in the rate plans. The Utilities’ rate plans each cover specified periods, but rates determined pursuant to a plan generally continue in effect until a new rate plan is approved by the state utility regulator. Common provisions of the Utilities’ New York rate plans include: Recoverable energy costs that allow the Utilities to recover on a current basis the costs for the energy they supply with no mark-up to their full-service customers. Cost reconciliations that reconcile pension and other postretirement benefit costs, environmental remediation costs, property taxes, variable rate tax-exempt debt and certain other costs to amounts reflected in delivery rates for such costs. In addition, changes in the Utilities' costs not reflected in rates, in excess of certain amounts, resulting from changes in tax or other law, rule, regulation, order, or other requirement or interpretation are deferred as a regulatory asset or regulatory liability to be reflected in the Utilities' next rate plan or in a manner to be determined by the NYSPSC. Also, the Utilities generally retain the right to petition for recovery or accounting deferral of extraordinary and material cost increases and provision is sometimes made for the utility to retain a share of cost reductions, for example, property tax refunds. Revenue decoupling mechanisms that reconcile actual energy delivery revenues to the authorized delivery revenues approved by the NYSPSC. The difference is accrued with interest for refund to, or recovery from customers, as applicable. Earnings sharing that require the Utilities to defer for customer benefit a portion of earnings over specified rates of return on common equity. There is no symmetric mechanism for earnings below specified rates of return on common equity. Negative revenue adjustments for failure to meet certain performance standards relating to service, reliability, safety and other matters. Positive revenue adjustments for achievement of performance standards related to achievement of clean energy goals, safety and other matters. Net utility plant reconciliations that require deferral as a regulatory liability of the revenue requirement impact of the amount, if any, by which actual average net utility plant balances are less than amounts reflected in rates. There is generally no symmetric mechanism if actual average net utility plant balances are more than amounts reflected in rates. Rate base , as reflected in the rate plans, is, in general, the sum of the Utilities’ net plant, working capital and certain regulatory assets less deferred taxes and certain regulatory liabilities. For each rate plan, the NYSPSC uses a forecast of the average rate base for each year that new rates would be in effect (“rate year”). Weighted average cost of capital is determined based on the authorized common equity ratio, return on common equity, cost of long-term debt and cost of customer deposits reflected in each rate plan. For each rate plan, the revenues designed to provide the utility a return on invested capital for each rate year are determined by multiplying each utility rate base by its pre – tax weighted average cost of capital. The Utilities’ actual return on common equity will reflect their actual operations for each rate year, and may be more or less than the authorized return on equity reflected in their rate plans (and if more, may be subject to earnings sharing). The following tables contain a summary of the Utilities’ rate plans: CECONY – Electric Effective period January 2017 – December 2019 January 2020 – December 2022 (a) Base rate changes Yr. 1 – $195 million (b) Yr. 1 – $113 million (c) Amortizations to income of net regulatory (assets) and liabilities Yr. 1 – $84 million Yr. 1 – $267 million (d) Other revenue sources Retention of $75 million of annual transmission congestion revenues. Retention of $75 million of annual transmission congestion revenues. Revenue decoupling mechanisms Continuation of reconciliation of actual to authorized electric delivery revenues. Continuation of reconciliation of actual to authorized electric delivery revenues. Recoverable energy costs Continuation of current rate recovery of purchased power and fuel costs. Continuation of current rate recovery of purchased power and fuel costs. Negative revenue adjustments Potential charges if certain performance targets relating to service, reliability, safety and other matters are not met: Potential charges if certain performance targets relating to service, reliability, safety and other matters are not met: Cost reconciliations Continuation of reconciliation of expenses for pension and other postretirement benefits, variable-rate tax-exempt debt, major storms, property taxes (e), municipal infrastructure support costs (f), the impact of new laws and environmental site investigation and remediation to amounts reflected in rates (g). Continuation of reconciliation of expenses for pension and other postretirement benefits, variable-rate debt, major storms, property taxes (e), municipal infrastructure support costs (f), the impact of new laws and environmental site investigation and remediation to amounts reflected in rates. (g) Net utility plant reconciliations Target levels reflected in rates: Target levels reflected in rates: Average rate base Yr. 1 – $18,902 million Yr. 1 - $21,660 million Weighted average cost of capital (after-tax) Yr. 1 – 6.82 percent 6.61 percent Authorized return on common equity 9.0 percent 8.80 percent Actual return on common equity (i) Yr. 1 – 9.30 percent Earnings sharing Most earnings above an annual earnings threshold of 9.5 percent are to be applied to reduce regulatory assets for environmental remediation and other costs accumulated in the rate year. Most earnings above an annual earnings threshold of 9.3 percent are to be applied to reduce regulatory assets for environmental remediation and other costs accumulated in the rate year. Cost of long-term debt Yr. 1 – 4.93 percent 4.63 percent Common equity ratio 48 percent 48 percent (a) In January 2020, the NYSPSC approved the October 2019 Joint Proposal for CECONY's electric rate plan for January 2020 through December 2022. If at the end of any semi-annual period ending June 30 and December 31, Con Edison’s investments in its non-utility businesses exceed 15 percent of its total consolidated revenues, assets or cash flow, or if the ratio of holding company debt to total consolidated debt rises above 20 percent , CECONY is required to notify the NYSPSC and submit a ring-fencing plan or a demonstration why additional ring-fencing measures (see Note S) are not necessary. (b) The electric base rate increases were in addition to a $48 million increase resulting from the December 2016 expiration of a temporary credit under the prior rate plan. At the NYSPSC’s option, these increases were implemented with increases of $199 million in each rate year. Base rates reflect recovery by the company of certain costs of its energy efficiency, system peak reduction and electric vehicle programs (Yr. 1 - $20.5 million ; Yr. 2 - $49 million ; and Yr. 3 - $107.5 million ) over a 10 -year period, including the overall pre-tax rate of return on such costs. (c) Base rates reflect recovery by the company of certain costs of its energy efficiency, Reforming the Energy Vision demonstration projects, non-wire alternative projects (including the Brooklyn Queens demand management program), and off-peak electric vehicle charging programs (Yr. 1 - $206 million ; Yr. 2 - $245 million ; and Yr. 3 - $251 million ) over a ten-year period, including the overall pre-tax rate of return on such costs. (d) Amounts reflect amortization of the 2018 tax savings under the federal Tax Cuts and Jobs Act of 2017 (TCJA) allocable to CECONY’s electric customers ( $377 million ) over a three-year period ( $126 million annually), the protected portion of the regulatory liability for excess deferred income taxes allocable to CECONY’s electric customers ( $1,663 million ) over the remaining lives of the related assets ( $49 million in Yr. 1, $50 million in Yr. 2, and $53 million in Yr. 3) and the unprotected portion of the net regulatory liability ( $784 million ) over five years ( $157 million annually). Amounts also reflect amortization of the regulatory asset for deferred MTA power reliability costs ( $238 million ) over a five-year period ( $48 million annually). (e) Deferrals for property taxes are limited to 90 percent of the difference from amounts reflected in rates, subject to an annual maximum for the remaining difference of not more than a maximum number of basis points impact on return on common equity: Yr 1 - 10.0 basis points ; Yr 2 - 7.5 basis points; and Yr 3 - 5.0 basis points. (f) In general, if actual expenses for municipal infrastructure support (other than company labor) are below the amounts reflected in rates the company will defer the difference for credit to customers, and if the actual expenses are above the amount reflected in rates the company will defer for recovery from customers 80 percent of the difference subject to a maximum deferral, subject to certain conditions, of 30 percent of the amount reflected in the January 2017-December 2019 rate plan and 15 percent of the amount reflected in the January 2020-December 2022 rate plan. (g) In addition, the NYSPSC staff has commenced a focused operations audit to investigate the income tax accounting of CECONY and other New York utilities. Any NYSPSC-ordered adjustment to CECONY’s income tax accounting will be refunded to or collected from customers, as determined by the NYSPSC. See "Other Regulatory Matters," below. (h) Reconciliation of net utility plant for AMI will be done on a combined basis for electric and gas. (i) Calculated in accordance with the earnings calculation method prescribed in the rate order. CECONY – Gas Effective period January 2017 - December 2019 January 2020 – December 2022 (a) Base rate changes Yr. 1 – $(5) million (b) Yr. 1 – $84 million (c) Amortizations to income of net regulatory (assets) and liabilities Yr. 1 – $39 million Yr. 1 – $45 million (d) Other revenue sources Retention of annual revenues from non-firm customers of up to $65 million and 15 percent of any such revenues above $65 million. Retention of annual revenues from non-firm customers of up to $65 million and 15 percent of any such revenues above $65 million. Revenue decoupling mechanisms Continuation of reconciliation of actual to authorized gas delivery revenues. Continuation of reconciliation of actual to authorized gas delivery revenues, modified to be calculated based upon revenue per customer class instead of revenue per customer. Recoverable energy costs Continuation of current rate recovery of purchased gas costs. Continuation of current rate recovery of purchased gas costs. Negative revenue adjustments Potential charges if performance targets relating to service, safety and other matters are not met: In 2019, the company did not record any negative revenue adjustments. Potential charges if performance targets relating to service, safety and other matters are not met: Cost reconciliations Continuation of reconciliation of expenses for pension and other postretirement benefits, variable-rate tax-exempt debt, major storms, property taxes (e), municipal infrastructure support costs (f), the impact of new laws and environmental site investigation and remediation to amounts reflected in rates. (g) Continuation of reconciliation of expenses for pension and other postretirement benefits, variable-rate debt, major storms, property taxes (e), municipal infrastructure support costs (f), the impact of new laws and environmental site investigation and remediation to amounts reflected in rates. (g) Net utility plant reconciliations Target levels reflected in rates: Target levels reflected in rates: Average rate base Yr. 1 – $4,841 million Yr. 1 - $7,171 million Weighted average cost of capital Yr. 1 – 6.82 percent 6.61 percent Authorized return on common equity 9.0 percent 8.80 percent Actual return on common equity (i) Yr. 1 – 9.22 percent Earnings sharing Most earnings above an annual earnings threshold of 9.5 percent are to be applied to reduce regulatory assets for environmental remediation and other costs accumulated in the rate year. Most earnings above an annual earnings threshold of 9.3 percent are to be applied to reduce regulatory assets for environmental remediation and other costs accumulated in the rate year. Cost of long-term debt Yr. 1 – 4.93 percent 4.63 percent Common equity ratio 48 percent 48 percent (a) In January 2020, the NYSPSC approved the October 2019 Joint Proposal for CECONY's gas rate plan for January 2020 through December 2022. If at the end of any semi-annual period ending June 30 and December 31, Con Edison’s investments in its non-utility businesses exceed 15 percent of its total consolidated revenues, assets or cash flow, or if the ratio of holding company debt to total consolidated debt rises above 20 percent, CECONY is required to notify the NYSPSC and submit a ring-fencing plan or a demonstration why additional ring-fencing measures (see Note S) are not necessary. (b) The gas base rate decrease was offset by a $41 million increase resulting from the December 2016 expiration of a temporary credit under the prior rate plan. (c) The gas base rate increases shown above will be implemented with increases of $47 million in Yr. 1; $176 million in Yr. 2; and $170 million in Yr. 3 in order to levelize customer bill impacts. Base rates reflect recovery by the company of certain costs of its energy efficiency program (Yr. 1 - $30 million ; Yr. 2 - $37 million ; and Yr. 3 - $40 million ) over a ten-year period, including the overall pre-tax rate of return on such costs. (d) Amounts reflect amortization of the remaining 2018 TCJA tax savings allocable to CECONY’s gas customers ( $63 million ) over a two year period ( $32 annually), the protected portion of the regulatory liability for excess deferred income taxes allocable to CECONY’s gas customers ( $725 million ) over the remaining lives of the related assets ( $14 million in Yr. 1, $14 million in Yr. 2, and $12 million in Yr. 3) and the unprotected portion of the net regulatory liability ( $107 million ) over five years ( $21 million annually) (e)-(i) See footnotes (e) - (i) to the table under “CECONY Electric,” above. CECONY – Steam Effective period January 2014 – December 2016 (a) Base rate changes Yr. 1 – $(22.4) million (b) Amortizations to income of net regulatory (assets) and liabilities $37 million over three years Recoverable energy costs Current rate recovery of purchased power and fuel costs. Negative revenue adjustments Potential charges (up to $1 million annually) if certain steam performance targets are not met. In years 2014 through 2019, the company did not record any negative revenue adjustments. Cost reconciliations (c) In 2014, 2015, 2016, 2017, 2018 and 2019, the company deferred $42 million of net regulatory liabilities, $17 million of net regulatory assets, $8 million and $14 million of net regulatory liabilities, $1 million of net regulatory assets and $8 million of net regulatory liabilities, respectively. Net utility plant reconciliations Target levels reflected in rates were: Average rate base Yr. 1 – $1,511 million Weighted average cost of capital (after-tax) Yr. 1 – 7.10 percent Authorized return on common equity 9.3 percent Actual return on common equity (d) Yr. 1 – 9.82 percent Earnings sharing Weather normalized earnings above an annual earnings threshold of 9.9 percent are to be applied to reduce regulatory assets for environmental remediation and other costs. Cost of long-term debt Yr. 1 – 5.17 percent Common equity ratio 48 percent (a) Rates determined pursuant to this rate plan continue in effect until a new rate plan is approved by the NYSPSC. (b) The impact of these base rate changes was deferred which resulted in an $8 million regulatory liability at December 31, 2016. (c) Deferrals for property taxes are limited to 90 percent of the difference from amounts reflected in rates, subject to an annual maximum for the remaining difference of not more than a 10 basis point impact on return on common equity. (d) Calculated in accordance with the earnings calculation method prescribed in the rate order. O&R New York – Electric Effective period November 2015 - October 2017 (a) January 2019 – December 2021 (d) Base rate changes Yr. 1 – $9.3 million Yr. 1 – $13.4 million (e) Amortizations to income of net regulatory (assets) and liabilities Yr. 1 – $(8.5) million (b) Yr. 1 – $(1.5) million (f) Other revenue sources Potential earnings adjustment mechanism incentives for peak reduction, energy efficiency, Distributed Energy Resources utilization and other potential incentives of up to: $0.2 million of incentives for service terminations. Revenue decoupling mechanisms In 2015, 2016, 2017 and 2018, the company deferred for the customer’s benefit an immaterial amount, $6.3 million as regulatory liabilities, $11.2 million as regulatory asset and $0.5 million as regulatory asset, respectively. Continuation of reconciliation of actual to authorized electric delivery revenues. Recoverable energy costs Continuation of current rate recovery of purchased power costs. Continuation of current rate recovery of purchased power costs. Negative revenue adjustments Potential charges (up to $4 million annually) if certain performance targets are not met. In 2015 the company recorded $1.25 million in negative revenue adjustments. In 2016, 2017 and 2018, the company did not record any negative revenue adjustments. Potential charges if certain performance targets relating to service, reliability and other matters are not met: Cost reconciliations In 2015, 2016 and 2017, the company deferred $0.3 million, $7.4 million and $3.2 million as net decreases to regulatory assets, respectively. In 2018, the company deferred $5 million as a net regulatory asset. Reconciliation of expenses for pension and other postretirement benefits, environmental remediation costs, property taxes (g), energy efficiency program (h), major storms, the impact of new laws and certain other costs to amounts reflected in rates.(i) Net utility plant reconciliations Target levels reflected in rates are: Target levels reflected in rates were: Average rate base Yr. 1 – $763 million Yr. 1 – $878 million Weighted average cost of capital (after-tax) Yr. 1 – 7.10 percent Yr. 1 – 6.97 percent Authorized return on common equity 9.0 percent 9.0 percent Actual return on common equity (k) Yr. 1 – 10.8 percent Yr. 1 – 9.6 percent Earnings sharing Most earnings above an annual earnings threshold of 9.6 percent are to be applied to reduce regulatory assets. In 2015, earnings did not exceed the earnings threshold. Actual earnings were $6.1 million, $0.3 million above the threshold for 2016 and 2017, respectively. In 2018, earnings did not exceed the earnings threshold. Most earnings above an annual earnings threshold of 9.6 percent are to be applied to reduce regulatory assets for environmental remediation and other costs accumulated in the rate year. Cost of long-term debt Yr. 1 – 5.42 percent Yr. 1 – 5.17 percent Common equity ratio 48 percent 48 percent (a) Rates determined pursuant to this rate plan continued in effect until the subsequent rate plan became effective. (b) $59.3 million of the regulatory asset for deferred storm costs is to be recovered from customers over a 5 year period, including $11.85 million in each of years 1 and 2, $1 million of the regulatory asset for such costs will not be recovered from customers, and all outstanding issues related to Superstorm Sandy and other past major storms prior to November 2014 are resolved. Approximately $4 million of regulatory assets for property tax and interest rate reconciliations will not be recovered from customers. Amounts that will not be recovered from customers were charged-off in June 2015. (c) Excludes electric AMI as to which the company will be required to defer as a regulatory liability the revenue requirement impact of the amount, if any, by which actual average net utility plant balances are less than amounts reflected in rates: $1 million in year 1 and $9 million in year 2. (d) If at the end of any year, Con Edison’s investments in its non-utility businesses exceed 15 percent of Con Edison’s total consolidated revenues, assets or cash flow, or if the ratio of holding company debt to total consolidated debt rises above 20 percent , O&R is required to notify the NYSPSC and submit a ring-fencing plan or a demonstration why additional ring-fencing measures (see Note S) are not necessary. (e) The electric base rate increases shown above will be implemented with increases of: Yr. 1 - $8.6 million ; Yr. 2 - $12.1 million ; and Yr. 3 - $12.2 million . (f) Reflects amortization of, among other things, the company’s net benefits under the TCJA prior to January 1, 2019, amortization of net regulatory liability for future income taxes and reduction of previously incurred regulatory assets for environmental remediation costs. Also, for electric, reflects amortization over a six year period of previously incurred incremental major storm costs. See "Other Regulatory Matters," below. (g) Deferrals for property taxes are limited to 90 percent of the difference from amounts reflected in rates, subject to an annual maximum for the remaining difference of not more than a maximum number of basis points impact on return on common equity: Yr. 1 - 10.0 basis points; Yr. 2 - 7.5 basis points; and Yr. 3 - 5.0 basis points. (h) Energy efficiency costs are expensed as incurred. Such costs are subject to a downward-only reconciliation over the terms of the electric and gas rate plans. The company will defer for the benefit of customers any cumulative shortfall over the terms of the electric and gas rate plans between actual expenditures and the levels provided in rates. (i) In addition, amounts reflected in rates relating to income taxes and excess deferred federal income tax liability balances will be reconciled (i.e., refunded to or collected from customers) to any final, non-appealable NYSPSC-ordered findings in its investigation of O&R’s income tax accounting. See “Other Regulatory Matters,” in Note B. (j) Net plant reconciliation for AMI expenditures will be implemented for a single category of AMI capital expenditures that includes amounts allocated to both electric and gas customers. (k) Calculated in accordance with the earnings calculation method prescribed in the rate order. O&R New York – Gas Effective period November 2015 – October 2018 (a) January 2019 – December 2021 (d) Base rate changes Yr. 1 – $16.4 million Yr. 1 – $(7.5) million (e) Amortization to income of net regulatory (assets) and liabilities Yr. 1 – $(1.7) million (b) Yr. 1 – $1.8 million (f) Other revenue sources Continuation of retention of annual revenues from non-firm customers of up to $4.0 million, with variances to be shared 80 percent by customers and 20 percent by company. In 2019, the company recorded $0.3 million of earnings adjustment mechanism incentives for energy efficiency and $0.7 million of incentives for gas leak backlog, leak prone pipe and service terminations. Revenue decoupling mechanisms In 2015, 2016, 2017 and 2018, the company deferred $0.8 million of regulatory assets, $6.2 million of regulatory liabilities, $1.7 million of regulatory liabilities and $6.3 million of regulatory liabilities, respectively. Continuation of reconciliation of actual to authorized gas delivery revenues. Recoverable energy costs Current rate recovery of purchased gas costs. Continuation of current rate recovery of purchased gas costs. Negative revenue adjustments Potential charges (up to $3.7 million in Yr. 1, $4.7 million in Yr. 2 and $4.9 million in Yr. 3) if certain performance targets are not met. In 2015, 2016 and 2017, the company did not record any negative revenue adjustments. In 2018, the company recorded a $0.1 million negative revenue adjustment. Potential charges if performance targets relating to service, safety and other matters are not met: Yr. 1 - $5.5 million; Yr. 2 - $5.7 million; and Yr. 3 - $6.0 million. Cost reconciliations In 2015 and 2016, the company deferred $4.5 million and $6.6 million as net regulatory liabilities and assets, respectively. In 2017 and 2018, the company deferred $3.5 million and $7.4 million as net regulatory liabilities, respectively. Reconciliation of expenses for pension and other postretirement benefits, environmental remediation costs, property taxes (g), energy efficiency program (h), the impact of new laws and certain other costs to amounts reflected in rates.(i) Net utility plant reconciliations Target levels reflected in rates are: Target levels reflected in rates were: Average rate base Yr. 1 – $366 million Yr. 1 – $454 million Weighted average cost of capital (after-tax) Yr. 1 – 7.10 percent Yr. 1 – 6.97 percent Authorized return on common equity 9.0 percent 9.0 percent Actual return on common equity (k) Yr. 1 – 11.2 percent Yr. 1 – 8.9 percent Earnings sharing Most earnings above an annual earnings threshold of 9.6 percent are to be applied to reduce regulatory assets. In 2015, earnings did not exceed the earnings threshold. Actual earnings were $4 million, $0.2 million above the threshold for 2016 and 2017, respectively. In 2018, earnings did not exceed the earnings threshold. Most earnings above an annual earnings threshold of 9.6 percent are to be applied to reduce regulatory assets for environmental remediation and other costs accumulated in the rate year. In 2019, earnings did not exceed the earnings threshold. Cost of long-term debt Yr. 1 – 5.42 percent Yr. 1 – 5.17 percent Common equity ratio 48 percent 48 percent (a) Rates pursuant to this rate plan continued in effect until the subsequent rate plan became effective. (b) Reflects that the company will not recover from customers a total of approximately $14 million of regulatory assets for property tax and interest rate reconciliations. Amounts that will not be recovered from customers were charged-off in June 2015. (c) Excludes gas AMI as to which the company will be required to defer as a regulatory liability the revenue requirement impact of the amount, if any, by which actual average net utility plant balances are less than amounts reflected in rates: $0.5 million in year 1, $4.2 million in year 2 and $7.2 million in year 3. (d) If at the end of any year, Con Edison’s investments in its non-utility businesses exceed 15 percent of Con Edison’s total consolidated revenues, assets or cash flow, or if the ratio of holding company debt to total consolidated debt rises above 20 percent , O&R is required to notify the NYSPSC and submit a ring-fencing plan or a demonstration why additional ring-fencing measures (see Note S) are not necessary. (e) The gas base rate changes shown above will be implemented with changes of: Yr. 1 - $(5.9) million ; Yr. 2 - $1.0 million ; and Yr. 3 - $1.0 million . (f)-(k) See footnotes (f) - (k) to the table under “O&R New York - Electric,” above. In January 2020, the NJBPU approved an electric rate increase, effective February 1, 2020, of $12 million for RECO . The following table contains a summary of the terms of the distribution rate plans. RECO Effective period March 2017 – January 2020 February 2020 Base rate changes Yr. 1 – $1.7 million Yr. 1 – $12 million Amortization to income of net regulatory (assets) and liabilities $0.2 million over three years and continuation of $(25.6) million of deferred storm costs over four years which expired on July 31, 2018 (a) $4.8 million over four years. Recoverable energy costs Current rate recovery of purchased power costs. Current rate recovery of purchased power costs. Cost reconciliations None None Average rate base Yr. 1 – $178.7 million Yr. 1 – $229.9 million Weighted average cost of capital (after-tax) 7.47 percent 7.11 percent Authorized return on common equity 9.6 percent 9.5 percent Actual return on common equity Yr. 1 – 7.5 percent Cost of long-term debt 5.37 percent 4.88 percent Common equity ratio 49.7 percent 48.32 percent (a) In January 2016, the NJBPU approved RECO’s plan to spend $15.7 million in capital over three years to harden its electric system against storms, the costs of which RECO, beginning in 2017, is collecting through a customer surcharge. In November 2017, FERC approved a September 2017 settlement agreement among RECO, the New Jersey Division of Rate Counsel and the NJBPU that increases RECO's annual transmission revenue requirement from $11.8 million to $17.7 million , effective April 2017. The revenue requirement reflects a return on common equity of 10.0 percent . Other Regulatory Matters In August 2018, the NYSPSC ordered CECONY to begin on January 1, 2019 to credit the company's electric and gas customers, and to begin on October 1, 2018 to credit its steam customers, with the net benefits of the federal Tax Cuts and Jobs Act of 2017 (TCJA) as measured based on amounts reflected in its rate plans prior to the enactment of the TCJA in December 2017. The net benefits include the revenue requirement impact of the reduction in the corporate federal income tax rate to 21 percent, the elimination for utilities of bonus depreciation and the amortization of excess deferred federal income taxes. CECONY, under its electric rate plan that was approved in January 2020, is amortizing its TCJA net benefits prior to January 1, 2019 allocable to its electric customers ( $377 million ) over a three-year period, the “protected” portion of its net regulatory liability for future income taxes related to certain accelerated tax depreciation benefits allocable to its electric customers ( $1,663 million ) over the remaining lives of the related assets and the remainder, or “unprotected” portion of the net regulatory liability allocable to its electric customers ( $784 million ) over a five-year period. CECONY, under its gas rate plan that was approved in January 2020, is amortizing its remaining TCJA net benefits prior to January 1, 2019 allocable to its gas customers ( $63 million ) over a two-year period, the protected portion of its net regulatory liability for future income taxes allocable to its gas customers ( $725 million ) over the remaining lives of the related assets and the unprotected portion of the net regulatory liability allocable to its gas customers ( $107 million ) over a five-year period. See footnote (d) to the CECONY - Electric and Gas tables under “Rate Plans,” above. CECONY's net benefits prior to October 1, 2018 allocable to the company’s steam customers ( $15 million ) are being amortized over a three -year period. CECONY’s net regulatory liability for future income taxes, including both the protected and unprotected portions, allocable to the company’s steam customers ( $185 million ) is being amortized over the remaining lives of the related assets (with the amortization period for the unprotected portion subject to review in its next steam rate proceeding). O&R, under its current electric and gas rate plans, has reflected its TCJA net benefits in its electric and gas rates beginning as of January 1, 2019. Under the rate plans, O&R is amortizing its net benefits prior to January 1, 2019 ( $22 million ) over a three-year period, the protected portion of its net regulatory liability for future income taxes ( $123 million ) over the remaining lives of the related assets and the unprotected portion ( $30 million ) over a fifteen-year period. See "Rate Plans," above. In January 2018, the NYSPSC issued an order initiating a focused operations audit of the income tax accounting of certain utilities, including CECONY and O&R. The Utilities are unable to estimat |
Capitalization
Capitalization | 12 Months Ended |
Dec. 31, 2019 | |
Debt Disclosure [Abstract] | |
Capitalization | Capitalization Common Stock Con Edison is authorized to issue 500,000,000 shares of its common stock and CECONY is authorized to issue 340,000,000 of its common stock. At December 31, 2019 and 2018 , 332,629,597 and 320,960,396 shares, respectively, of Con Edison common stock were outstanding. At December 31, 2019 and 2018, 235,488,094 million shares of CECONY common stock were outstanding, all of which were owned by Con Edison. At December 31, 2019 and 2018, Con Edison had 23,210,700 treasury shares, including 21,976,200 shares of Con Edison stock that CECONY purchased prior to 2001 in connection with Con Edison’s stock repurchase plan. CECONY presents in the financial statements the cost of the Con Edison stock it owns as a reduction of common shareholder’s equity. In November 2018, Con Edison entered into forward sale agreements relating to 14,973,492 shares of its common stock. In December 2018, the company issued 9,324,123 shares for $705 million upon physical settlement of shares subject to the forward sale agreements. In March 2019, Con Edison issued 5,649,369 shares of its common stock for $425 million upon physical settlement of the remaining shares subject to the forward sale agreements. In May 2019, Con Edison entered into a forward sale agreement relating to 5,800,000 shares of its common stock. In June 2019, the company issued 4,750,000 shares for $400 million upon physical settlement of shares subject to the forward sale agreement. At December 31, 2019 , 1,050,000 shares remained subject to the forward sale agreement. In January 2020, the company issued 1,050,000 shares for $88 million upon physical settlement of the remaining shares subject to the forward sale agreement. Capitalization of Con Edison Con Edison's capitalization shown on its Consolidated Statement of Capitalization includes its outstanding common stock and long-term debt and the outstanding long-term debt of the Utilities and the Clean Energy Businesses. Dividends In accordance with NYSPSC requirements, the dividends that the Utilities generally pay are limited to not more than 100 percent of their respective income available for dividends calculated on a two – year rolling average basis. See Note S. Excluded from the calculation of “income available for dividends” are non-cash charges to income resulting from accounting changes or charges to income resulting from significant unanticipated events. The restriction also does not apply to dividends paid in order to transfer to Con Edison proceeds from major transactions, such as asset sales, or to dividends reducing each utility subsidiary’s equity ratio to a level appropriate to its business risk. Long-term Debt Long-term debt maturing in the period 2020 - 2024 is as follows: (Millions of Dollars) Con Edison CECONY 2020 $518 (a) $350 2021 1,967 640 2022 437 — 2023 316 — 2024 385 250 (a) Amount shown includes $73 million of PG&E-related project debt that is amortizing and scheduled to be repaid in 2020. Amount shown does not include $928 million of PG&E-related project debt that, as a result of the PG&E bankruptcy, was reclassified during the first quarter of 2019 on Con Edison’s consolidated balance sheet from long-term debt to long-term debt due within one year. See “Long-Lived and Intangible Assets” in Note A. CECONY has issued $450 million of tax – exempt debt through the New York State Energy Research and Development Authority (NYSERDA) that currently bear interest at a rate determined weekly and is subject to tender by bondholders for purchase by the company. The carrying amounts and fair values of long-term debt at December 31, 2019 and 2018 are: (Millions of Dollars) 2019 2018 Long-Term Debt (including current portion) (a) Carrying Amount Fair Value Carrying Amount Fair Value Con Edison $19,973 $22,738 $18,145 $18,740 CECONY $14,964 $17,505 $14,151 $14,685 (a) Amounts shown are net of unamortized debt expense and unamortized debt discount of $178 million and $151 million for Con Edison and CECONY, respectively, as of December 31, 2019 and $185 million and $139 million for Con Edison and CECONY, respectively, as of December 31, 2018 . The fair values of the Companies' long-term debt have been estimated primarily using available market information and at December 31, 2019 are classified as Level 2 (see Note P). At December 31, 2019 , and 2018 , the Clean Energy Businesses had $2,737 million and $2,076 million , respectively of non-recourse debt secured by the pledge of the applicable renewable energy production projects including $1,001 million and $1,050 million , respectively, of PG&E-related project debt. As a result of the January 2019 PG&E bankruptcy (see "Long-Lived and Intangible Assets" in Note A), the lenders for the PG&E-related project debt may, upon written notice, declare principal and interest on the PG&E-related project debt to be due and payable immediately and, if such amounts are not timely paid, foreclose on the related projects. The company is seeking to negotiate agreements with the PG&E-related project debt lenders pursuant to which the lenders would defer exercising these remedies. Significant Debt Covenants The significant debt covenants under the financing arrangements for the Companies' debentures and Con Edison's notes and February 2019 $825 million , two -year variable-rate term loan include obligations to pay principal and interest when due and covenants not to consolidate with or merge into any other entity unless certain conditions are met. In addition, the notes include a covenant that the company shall continue its utility business in New York City, the term loan includes a covenant that, subject to certain exceptions, the company and its subsidiaries will not mortgage, lien, pledge or otherwise encumber its assets, and the notes and term loan provide that the company shall not permit its ratio of consolidated debt to consolidated total capital to exceed certain amounts ( 0.675 to 1 for the notes and 0.65 for the term loan) and include cross default provisions with respect to the failure by the company or any material subsidiary to make one or more payments in respect of material financial obligations (in excess of an aggregate $100 million of debt for the notes and $150 million of debt or derivative obligations for the term loan, excluding non-recourse debt) of the company (or any of its material subsidiaries, in the case of the notes) and the occurrence of an event or condition which results in the acceleration of the maturity of any material debt (in excess of an aggregate $100 million for the notes and $150 million for the term loan, not including non-recourse debt) of the company (or any of its material subsidiaries, in the case of the notes) or enables the holders of such debt to accelerate the maturity thereof. The Companies' debentures have no cross default provisions. The tax – exempt financing arrangements of CECONY are subject to covenants for the debentures discussed above and the covenants discussed below. The Companies were in compliance with their significant debt covenants at December 31, 2019 . The tax-exempt financing arrangements involved the issuance of uncollateralized promissory notes of CECONY to NYSERDA in exchange for the net proceeds of a like amount of tax – exempt bonds with substantially the same terms sold to the public by NYSERDA. The tax-exempt financing arrangements include covenants with respect to the tax – exempt status of the financing, including covenants with respect to the use of the facilities financed. The arrangements include provisions for the maintenance of liquidity and credit facilities, the failure to comply with which would, except as otherwise provided, constitute an event of default for the debt to which such provisions applied. The failure to comply with debt covenants would, except as otherwise provided, constitute an event of default for the debt to which such provisions applied. If an event of default were to occur, the principal and accrued interest on the debt to which such event of default applied and, in the case of the Con Edison notes, a make-whole premium might and, in the case of certain events of default would, become due and payable immediately. The liquidity and credit facilities currently in effect for the tax – exempt financing include covenants that the ratio of debt to total capital of CECONY will not at any time exceed 0.65 to 1 and that, subject to certain exceptions, CECONY will not mortgage, lien, pledge or otherwise encumber its assets. Certain of the facilities also include as events of default, defaults in payments of other debt obligations in excess of specified levels ( $150 million or $100 million , depending on the facility). |
Short-Term Borrowing
Short-Term Borrowing | 12 Months Ended |
Dec. 31, 2019 | |
Debt Disclosure [Abstract] | |
Short-Term Borrowing | Short-Term Borrowing In December 2016, Con Edison and the Utilities entered into a credit agreement (Credit Agreement), under which banks are committed to provide loans and letters of credit on a revolving credit basis. The Credit Agreement, as amended in 2019, expires in December 2023. There is a maximum of $2,250 million of credit available through December 2022 and $2,200 million of credit available from then through December 2023 . The full amount is available to CECONY and $1,000 million (subject to increase up to $1,500 million ) is available to Con Edison, including up to $1,200 million of letters of credit. The Credit Agreement supports the Companies’ commercial paper programs. The Companies have not borrowed under the Credit Agreement. At December 31, 2019 , Con Edison had $1,692 million of commercial paper outstanding, of which $1,137 million was outstanding under CECONY’s program. The weighted average interest rate at December 31, 2019 was 2.0 percent for both Con Edison and CECONY. At December 31, 2018 , Con Edison had $1,741 million of commercial paper outstanding of which $1,192 million was outstanding under CECONY’s program. The weighted average interest rate at December 31, 2018 was 3.0 percent for both Con Edison and CECONY. At December 31, 2019 and 2018 , no loans were outstanding under the Credit Agreement. An immaterial amount of letters of credit were outstanding under the Credit Agreement as of December 31, 2019 and 2018 . The banks’ commitments under the Credit Agreement are subject to certain conditions, including that there be no event of default. The commitments are not subject to maintenance of credit rating levels or the absence of a material adverse change. Upon a change of control of, or upon an event of default by one of the Companies, the banks may terminate their commitments with respect to that company, declare any amounts owed by that company under the Credit Agreement immediately due and payable and require that company to provide cash collateral relating to the letters of credit issued for it under the Credit Agreement. Events of default for a company include that company exceeding at any time of a ratio of consolidated debt to consolidated total capital of 0.65 to 1 (at December 31, 2019 this ratio was 0.51 to 1 for Con Edison and 0.53 to 1 for CECONY); that company having liens on its assets in an aggregate amount exceeding five percent of its consolidated total capital, subject to certain exceptions; that company or any of its material subsidiaries failing to make one or more payments in respect of material financial obligations (in excess of an aggregate $150 million of debt or derivative obligations other than non-recourse debt) of that company; the occurrence of an event or condition which results in the acceleration of the maturity of any material debt (in excess of an aggregate $150 million of debt other than non-recourse debt) of that company or enables the holders of such debt to accelerate the maturity thereof; and other customary events of default. Interest and fees charged for the revolving credit facilities and any loans made or letters of credit issued under the Credit Agreement reflect the Companies’ respective credit ratings. The Companies were in compliance with their covenants at December 31, 2019 . See Note S for information about short-term borrowing between related parties. |
Pension Benefits
Pension Benefits | 12 Months Ended |
Dec. 31, 2019 | |
Retirement Benefits [Abstract] | |
Pension Benefits | Pension Benefits Con Edison maintains a tax-qualified, non-contributory pension plan that covers substantially all employees of CECONY, O&R and Con Edison Transmission and certain employees of the Clean Energy Businesses. The plan is designed to comply with the Internal Revenue Code and the Employee Retirement Income Security Act of 1974. Con Edison also maintains additional non – qualified supplemental pension plans. Total Periodic Benefit Cost The components of the Companies’ total periodic benefit costs for 2019 , 2018 and 2017 were as follows: Con Edison CECONY (Millions of Dollars) 2019 2018 2017 2019 2018 2017 Service cost – including administrative expenses $250 $290 $263 $232 $272 $246 Interest cost on projected benefit obligation 601 561 591 564 525 554 Expected return on plan assets (988) (1,033) (968) (936) (979) (917) Recognition of net actuarial loss 518 688 595 492 651 563 Recognition of prior service cost/(credit) (17) (17) (17) (19) (19) (19) TOTAL PERIODIC BENEFIT COST $364 $489 $464 $333 $450 $427 Cost capitalized (108) (127) (181) (102) (119) (169) Reconciliation to rate level (15) (92) (34) (12) (100) (41) Total expense recognized $241 $270 $249 $219 $231 $217 In March 2017, the FASB issued amendments to the guidance for retirement benefits through ASU 2017-07, “Compensation-Retirement Benefits (Topic 715): Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost.” The Companies adopted ASU 2017-07 beginning on January 1, 2018. The guidance requires that components of net periodic benefit cost other than service cost be presented outside of operating income on consolidated income statements, and that only the service cost component is eligible for capitalization. Accordingly, the service cost components are included in the line "Other operations and maintenance" and the non-service cost components are included in the line “Other deductions” in the Companies' consolidated income statements. As permitted by a practical expedient under ASU 2017-07, the Companies applied the presentation requirements retrospectively for both pension and other postretirement benefit costs using amounts disclosed in prior-period financial statements as appropriate estimates. Funded Status The funded status at December 31, 2019 , 2018 and 2017 was as follows: Con Edison CECONY (Millions of Dollars) 2019 2018 2017 2019 2018 2017 CHANGE IN PROJECTED BENEFIT OBLIGATION Projected benefit obligation at beginning of year $14,449 $15,536 $14,095 $13,542 $14,567 $13,203 Service cost – excluding administrative expenses 245 286 259 228 267 241 Interest cost on projected benefit obligation 601 561 591 564 525 554 Net actuarial loss/(gain) 2,191 (1,219) 1,231 2,076 (1,159) 1,171 Plan amendments 15 — 6 — — — Benefits paid (709) (715) (646) (660) (658) (602) PROJECTED BENEFIT OBLIGATION AT END OF YEAR $16,792 $14,449 $15,536 $15,750 $13,542 $14,567 CHANGE IN PLAN ASSETS Fair value of plan assets at beginning of year $13,450 $14,274 $12,472 $12,744 $13,519 $11,815 Actual return on plan assets 2,556 (536) 2,041 2,425 (507) 1,935 Employer contributions 350 473 450 318 434 412 Benefits paid (709) (715) (646) (660) (658) (602) Administrative expenses (39) (46) (43) (37) (44) (41) FAIR VALUE OF PLAN ASSETS AT END OF YEAR $15,608 $13,450 $14,274 $14,790 $12,744 $13,519 FUNDED STATUS $(1,184) $(999) $(1,262) $(960) $(798) $(1,048) Unrecognized net loss $2,604 $2,464 $2,760 $2,466 $2,338 $2,624 Unrecognized prior service costs (173) (205) (223) (202) (222) (242) Accumulated benefit obligation 15,015 13,030 13,897 14,010 12,161 12,972 The increase in the pension liability at Con Edison and CECONY of $185 million and $162 million , respectively, compared with December 31, 2018 , was primarily due to an increase in the plan’s projected benefit obligation as a result of a decrease in the discount rate, partially offset by an increase in plan assets as a result of the actual return on plan assets. For Con Edison, this increase in pension liability corresponds with an increase to regulatory assets of $167 million for unrecognized net losses and unrecognized prior service costs associated with the Utilities consistent with the accounting rules for regulated operations, a debit to OCI of $10 million (net of taxes) for the unrecognized net losses, and an immaterial change to OCI (net of taxes) for the unrecognized prior service costs associated with the Clean Energy Businesses, Con Edison Transmission, and RECO. For CECONY, the increase in pension liability corresponds with an increase to regulatory assets of $147 million for unrecognized net losses and unrecognized prior service costs consistent with the accounting rules for regulated operations, and also a debit to OCI of $2 million (net of taxes) for unrecognized net losses, and an immaterial change to OCI (net of taxes) for the unrecognized prior service costs associated with certain employees of the Clean Energy Businesses and Con Edison Transmission who previously worked for CECONY. A portion of the unrecognized net loss and prior service cost for the pension plan, equal to $701 million and $(16) million , respectively, will be recognized from accumulated OCI and the regulatory asset into net periodic benefit cost over the next year for Con Edison. Included in these amounts are $663 million and $(20) million , respectively, for CECONY. At December 31, 2019 and 2018 , Con Edison’s investments include $397 million and $326 million , respectively, held in external trust accounts for benefit payments pursuant to the supplemental retirement plans. Included in these amounts for CECONY were $371 million and $301 million , respectively. See Note P. The accumulated benefit obligations for the supplemental retirement plans for Con Edison and CECONY were $395 million and $360 million as of December 31, 2019 and $316 million and $285 million as of December 31, 2018 , respectively. Assumptions The actuarial assumptions were as follows: 2019 2018 2017 Weighted-average assumptions used to determine benefit obligations at December 31: Discount rate 3.35 % 4.25 % 3.70 % Rate of compensation increase CECONY 3.80 % 4.25 % 4.25 % O&R 3.20 % 4.00 % 4.00 % Weighted-average assumptions used to determine net periodic benefit cost for the years ended December 31: Discount rate 4.25 % 3.70 % 4.25 % Expected return on plan assets 7.00 % 7.50 % 7.50 % Rate of compensation increase CECONY 4.25 % 4.25 % 4.25 % O&R 4.00 % 4.00 % 4.00 % The expected return assumption reflects anticipated returns on the plan’s current and future assets. The Companies’ expected return was based on an evaluation of the current environment, market and economic outlook, relationships between the economy and asset class performance patterns, and recent and long-term trends in asset class performance. The projections were based on the plan’s target asset allocation. Discount Rate Assumption To determine the assumed discount rate, the Companies use a model that produces a yield curve based on yields on selected highly rated (Aa or higher by either Moody’s or Standard & Poor’s) corporate bonds. Bonds with insufficient liquidity, bonds with questionable pricing information and bonds that are not representative of the overall market are excluded from consideration. For example, the bonds used in the model cannot be callable (with the exception of "make whole" callable bonds), and the amount of the bond issue outstanding must be in excess of $50 million . The spot rates defined by the yield curve and the plan’s projected benefit payments are used to develop a weighted average discount rate. Expected Benefit Payments Based on current assumptions, the Companies expect to make the following benefit payments over the next ten years : (Millions of Dollars) 2020 2021 2022 2023 2024 2025-2029 Con Edison $744 $756 $770 $788 $801 $4,181 CECONY 688 699 713 728 741 3,883 Expected Contributions Based on estimates as of December 31, 2019 , the Companies expect to make contributions to the pension plans during 2020 of $472 million (of which $433 million is to be made by CECONY). The Companies’ policy is to fund the total periodic benefit cost of the qualified plan to the extent tax deductible and to also contribute to the non-qualified supplemental plans. Plan Assets The asset allocations for the pension plan at the end of 2019 , 2018 and 2017 , and the target allocation for 2020 are as follows: Target Allocation Range Plan Assets at December 31, Asset Category 2020 2019 2018 2017 Equity Securities 45% - 55% 51 % 51 % 58 % Debt Securities 33% - 43% 38 % 39 % 33 % Real Estate 10% - 14% 11 % 10 % 9 % Total 100% 100 % 100 % 100 % Con Edison has established a pension trust for the investment of assets to be used for the exclusive purpose of providing retirement benefits to participants and beneficiaries and payment of plan expenses. Pursuant to resolutions adopted by Con Edison’s Board of Directors, the Management Development and Compensation Committee of the Board of Directors (the Committee) has general oversight responsibility for Con Edison’s pension and other employee benefit plans. The pension plan’s named fiduciaries have been granted the authority to control and manage the operation and administration of the plans, including overall responsibility for the investment of assets in the trust and the power to appoint and terminate investment managers. The investment objectives of the Con Edison pension plan are to maintain a level and form of assets adequate to meet benefit obligations to participants, to achieve the expected long-term total return on the trust assets within a prudent level of risk and maintain a level of volatility that is not expected to have a material impact on the company’s expected contribution and expense or the company’s ability to meet plan obligations. The assets of the plan have no significant concentration of risk in one country (other than the United States), industry or entity. The strategic asset allocation is intended to meet the objectives of the pension plan by diversifying its funds across asset classes, investment styles and fund managers. An asset/liability study typically is conducted every few years to determine whether the current strategic asset allocation continues to represent the appropriate balance of expected risk and reward for the plan to meet expected liabilities. Each study considers the investment risk of the asset allocation and determines the optimal asset allocation for the plan. The target asset allocation for 2020 reflects the results of such a study conducted in 2018. Individual fund managers operate under written guidelines provided by Con Edison, which cover such areas as investment objectives, performance measurement, permissible investments, investment restrictions, trading and execution, and communication and reporting requirements. Con Edison management regularly monitors, and the named fiduciaries review and report to the Committee regarding, asset class performance, total fund performance, and compliance with asset allocation guidelines. Management changes fund managers and rebalances the portfolio as appropriate. At the direction of the named fiduciaries, such changes are reported to the Committee. Assets measured at fair value on a recurring basis are summarized below as defined by the accounting rules for fair value measurements (see Note P). The fair values of the pension plan assets at December 31, 2019 by asset category are as follows: (Millions of Dollars) Level 1 Level 2 Total Investments within the fair value hierarchy U.S. Equity (a) $3,652 $— $3,652 International Equity (b) 3,354 — 3,354 U.S. Government Issued Debt (c) — 1,496 1,496 Corporate Bonds Debt (d) — 3,260 3,260 Structured Assets Debt (e) — 173 173 Other Fixed Income Debt (f) — 955 955 Cash and Cash Equivalents (g) — 326 326 Futures (h) — — — Total investments within the fair value hierarchy $7,006 $6,210 $13,216 Investments measured at NAV per share (n) Private Equity (i) 555 Real Estate (j) 1,806 Hedge Funds (k) 270 Total investments valued using NAV per share $2,631 Funds for retiree health benefits (l) (110) (98) (208) Funds for retiree health benefits measured at NAV per share (l)(n) (42) Total funds for retiree health benefits $(250) Investments (excluding funds for retiree health benefits) $6,896 $6,112 $15,597 Pending activities (m) 11 Total fair value of plan net assets $15,608 (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) U.S. Government Issued Debt includes agency and treasury securities. (d) Corporate Bonds Debt consists of debt issued by various corporations. (e) Structured Assets Debt includes commercial-mortgage-backed securities and collateralized mortgage obligations. (f) Other Fixed Income Debt includes municipal bonds, sovereign debt and regional governments. (g) Cash and Cash Equivalents include short term investments, money markets, foreign currency and cash collateral. (h) Futures consist of exchange-traded financial contracts encompassing U.S. Equity, International Equity and U.S. Government indices. (i) Private Equity consists of global equity funds that are not exchange-traded. (j) Real Estate investments include real estate funds based on appraised values that are broadly diversified by geography and property type. (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. (n) In accordance with ASU 2015-07, Fair Value Measurements (Topic 820): Disclosures for Investments in Certain Entities That Calculate Net Asset Value per Share (or its equivalent), certain investments that are measured at fair value using the net asset value per share (or its equivalent) practical expedient have not been classified in the fair value hierarchy. The fair values of the pension plan assets at December 31, 2018 by asset category are as follows: (Millions of Dollars) Level 1 Level 2 Total Investments within the fair value hierarchy U.S. Equity (a) $3,515 $10 $3,525 International Equity (b) 2,896 — 2,896 U.S. Government Issued Debt (c) — 1,886 1,886 Corporate Bonds Debt (d) — 2,619 2,619 Structured Assets Debt (e) — 6 6 Other Fixed Income Debt (f) — 121 121 Cash and Cash Equivalents (g) 160 556 716 Futures (h) 568 — 568 Total investments within the fair value hierarchy $7,139 $5,198 $12,337 Investments measured at NAV per share (n) Private Equity (i) 440 Real Estate (j) 1,310 Hedge Funds (k) 255 Total investments valued using NAV per share $2,005 Funds for retiree health benefits (l) (118) (86) (204) Funds for retiree health benefits measured at NAV per share (l)(n) (33) Total funds for retiree health benefits $(237) Investments (excluding funds for retiree health benefits) $7,021 $5,112 $14,105 Pending activities (m) (655) Total fair value of plan net assets $13,450 (a) - (n) Reference is made to footnotes (a) through (n) in the above table of pension plan assets at December 31, 2019 by asset category. 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) 2019 2018 2017 Con Edison $49 $45 $40 CECONY 42 39 35 |
Other Postretirement Benefits
Other Postretirement Benefits | 12 Months Ended |
Dec. 31, 2019 | |
Retirement Benefits [Abstract] | |
Other Postretirement Benefits | Other Postretirement Benefits The Utilities and Con Edison Transmission currently have contributory comprehensive hospital, medical and prescription drug programs for eligible retirees, their dependents and surviving spouses. CECONY also has a contributory life insurance program for bargaining unit employees and provides basic life insurance benefits up to a specified maximum at no cost to certain retired management employees. O&R has a non-contributory life insurance program for retirees. Certain employees of the Clean Energy Businesses and Con Edison Transmission are eligible to receive benefits under these programs. Total Periodic Benefit Cost The components of the Companies’ total periodic postretirement benefit costs for 2019 , 2018 and 2017 were as follows: Con Edison CECONY (Millions of Dollars) 2019 2018 2017 2019 2018 2017 Service cost $18 $20 $20 $13 $14 $13 Interest cost on accumulated other postretirement benefit obligation 44 42 46 36 34 38 Expected return on plan assets (66) (73) (69) (54) (63) (61) Recognition of net actuarial loss/(gain) (9) 8 2 (10) 3 (3) Recognition of prior service credit (2) (6) (17) (2) (2) (11) TOTAL PERIODIC POSTRETIREMENT BENEFIT CREDIT $(15) $(9) $(18) $(17) $(14) $(24) Cost capitalized (7) (8) 8 (5) (6) 10 Reconciliation to rate level 12 8 (4) 7 9 (2) Total credit recognized $(10) $(9) ($14) $(15) $(11) ($16) For information about the adoption of ASU 2017-07, “Compensation-Retirement Benefits (Topic 715): Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost,” see Note E. Funded Status The funded status of the programs at December 31, 2019 , 2018 and 2017 were as follows: Con Edison CECONY (Millions of Dollars) 2019 2018 2017 2019 2018 2017 CHANGE IN BENEFIT OBLIGATION Benefit obligation at beginning of year $1,114 $1,219 $1,198 $913 $985 $1,007 Service cost 18 20 20 13 14 13 Interest cost on accumulated postretirement benefit obligation 44 42 46 36 34 38 Amendments (14) — — — — — Net actuarial loss/(gain) 264 (70) 53 252 (32) 16 Benefits paid and administrative expenses, net of subsidies (110) (135) (134) (100) (125) (124) Participant contributions 41 38 36 40 37 35 BENEFIT OBLIGATION AT END OF YEAR $1,357 $1,114 $1,219 $1,154 $913 $985 CHANGE IN PLAN ASSETS Fair value of plan assets at beginning of year $885 $1,039 $975 $759 $893 $851 Actual return on plan assets 198 (66) 150 165 (54) 130 Employer contributions 7 6 17 6 6 8 Employer group waiver plan subsidies 23 34 34 22 32 30 Participant contributions 40 37 35 40 37 35 Benefits paid (127) (165) (172) (120) (155) (161) FAIR VALUE OF PLAN ASSETS AT END OF YEAR $1,026 $885 $1,039 $872 $759 $893 FUNDED STATUS $(331) $(229) $(180) $(282) $(154) $(92) Unrecognized net loss/(gain) $155 $14 $(47) $149 $(2) $(85) Unrecognized prior service costs (19) (8) (14) (3) (5) (7) The increase in the other postretirement benefits liability at Con Edison and CECONY of $102 million and $128 million , respectively, compared with December 31, 2018 , was primarily due to an increase in the plans' projected benefit obligation as a result of an increase in net actuarial loss, partially offset by an increase in plan assets as a result of the actual return on plan assets. For Con Edison, this increased liability corresponds with an increase to regulatory assets of $134 million for unrecognized net losses and unrecognized prior service costs associated with the Utilities consistent with the accounting rules for regulated operations, a credit to OCI of $6 million (net of taxes) for the unrecognized net losses and a debit to OCI of $1 million (net of taxes) for the unrecognized prior service costs associated with the Clean Energy Businesses, Con Edison Transmission, and RECO. For CECONY, the increase in liability corresponds with an increase to regulatory assets of $153 million for unrecognized net losses and the unrecognized prior service costs associated with the company consistent with the accounting rules for regulated operations, and also immaterial changes to OCI for the unrecognized net losses and the unrecognized prior service costs associated with eligible employees of the Clean Energy Businesses and Con Edison Transmission who previously worked for CECONY. A portion of the unrecognized net losses and prior service costs for the other postretirement benefits, equal to $27 million and $(3) million , respectively, will be recognized from accumulated OCI and the regulatory asset into net periodic benefit cost over the next year for Con Edison. Included in these amounts are $22 million and $(2) million , respectively, for CECONY. Assumptions The actuarial assumptions were as follows: 2019 2018 2017 Weighted-average assumptions used to determine benefit obligations at December 31: Discount Rate CECONY 3.10 % 4.15 % 3.55 % O&R 3.35 % 4.30 % 3.70 % Weighted-average assumptions used to determine net periodic benefit cost for the years ended December 31: Discount Rate CECONY 4.15 % 3.55 % 4.00 % O&R 4.30 % 3.70 % 4.20 % Expected Return on Plan Assets 6.80 % 7.50 % 7.50 % Refer to Note E for descriptions of the basis for determining the expected return on assets, investment policies and strategies and the assumed discount rate. The health care cost trend rate used to determine net periodic benefit cost for the years ended December 31, 2019 , 2018 and 2017 was 5.40 percent , 5.60 percent and 5.80 percent , respectively, which is assumed to decrease gradually to 4.50 percent by 2024 and remain at that level thereafter. The health care cost trend rate used to determine benefit obligations as of December 31, 2019 , 2018 and 2017 was 5.20 percent , 5.40 percent and 5.60 percent , respectively, which is assumed to decrease gradually to 4.50 percent by 2024 and remain at that level thereafter. A one-percentage point change in the assumed health care cost trend rate would have the following effects at December 31, 2019 : Con Edison CECONY One-Percentage-Point (Millions of Dollars) Increase Decrease Increase Decrease Effect on accumulated other postretirement benefit obligation $60 $(17) $33 $3 Effect on service cost and interest cost components for 2019 1 — (1) 2 Expected Benefit Payments Based on current assumptions, the Companies expect to make the following benefit payments over the next ten years , net of receipt of governmental subsidies and participant contributions: (Millions of Dollars) 2020 2021 2022 2023 2024 2025-2029 Con Edison $96 $95 $93 $92 $91 $422 CECONY 87 85 83 82 80 368 Expected Contributions Based on estimates as of December 31, 2019 , Con Edison and CECONY expect to make a contribution of $6 million (substantially all of which is to be made by CECONY) to the other postretirement benefit plans in 2020 . The Companies’ policy is to fund the total periodic benefit cost of the plans to the extent tax deductible. Plan Assets The asset allocations for CECONY’s other postretirement benefit plans at the end of 2019 , 2018 and 2017 , and the target allocation for 2020 are as follows: Target Allocation Range Plan Assets at December 31, Asset Category 2020 2019 2018 2017 Equity Securities 42%-80% 54 % 52 % 60 % Debt Securities 20%-58% 46 % 48 % 40 % Total 100% 100 % 100 % 100 % Con Edison has established postretirement health and life insurance benefit plan trusts for the investment of assets to be used for the exclusive purpose of providing other postretirement benefits to participants and beneficiaries. Refer to Note E for a discussion of Con Edison’s investment policy for its benefit plans. The fair values of the plans' assets at December 31, 2019 by asset category as defined by the accounting rules for fair value measurements (see Note P) are as follows: (Millions of Dollars) Level 1 Level 2 Total Equity (a) $— $404 $404 Other Fixed Income Debt (b) — 331 331 Cash and Cash Equivalents (c) — 23 23 Total investments $— $758 $758 Funds for retiree health benefits (d) 110 98 208 Investments (including funds for retiree health benefits) $110 $856 $966 Funds for retiree health benefits measured at net asset value (d)(e) 42 Pending activities (f) 18 Total fair value of plan net assets $1,026 (a) Equity includes a passively managed commingled index fund benchmarked to the MSCI All Country World Index. (b) Other Fixed Income Debt includes a passively managed commingled index fund benchmarked to the Bloomberg Barclays U.S. Long Credit Index and an active separately managed fund indexed to the Bloomberg Barclays U.S. Long Credit Index. (c) Cash and Cash Equivalents include short-term investments and money markets. (d) 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 E. (e) In accordance with ASU 2015-07, Fair Value Measurements (Topic 820): Disclosures for Investments in Certain Entities That Calculate Net Asset Value per Share (or its equivalent), certain investments that are measured at fair value using the net asset value per share (or its equivalent) practical expedient have not been classified in the fair value hierarchy. (f) 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 plans' assets at December 31, 2018 by asset category (see Note P) are as follows: (Millions of Dollars) Level 1 Level 2 Total Equity (a) $— $322 $322 Other Fixed Income Debt (b) — 289 289 Cash and Cash Equivalents (c) — 14 14 Total investments $— $625 $625 Funds for retiree health benefits (d) 118 86 204 Investments (including funds for retiree health benefits) $118 $711 $829 Funds for retiree health benefits measured at net asset value (d)(e) 33 Pending activities (f) 23 Total fair value of plan net assets $885 |
Environmental Matters
Environmental Matters | 12 Months Ended |
Dec. 31, 2019 | |
Environmental Remediation Obligations [Abstract] | |
Environmental Matters | Environmental Matters Superfund Sites Hazardous substances, such as asbestos, polychlorinated biphenyls (PCBs) and coal tar, have been used or generated in the course of operations of the Utilities and their predecessors and are present at sites and in facilities and equipment they currently or previously owned, including sites at which gas was manufactured or stored. The Federal Comprehensive Environmental Response, Compensation and Liability Act of 1980 and similar state statutes (Superfund) impose joint and several liability, regardless of fault, upon generators of hazardous substances for investigation and remediation costs (which include costs of demolition, removal, disposal, storage, replacement, containment and monitoring) and natural resource damages. Liability under these laws can be material and may be imposed for contamination from past acts, even though such past acts may have been lawful at the time they occurred. The sites at which the Utilities have been asserted to have liability under these laws, including their manufactured gas plant sites and any neighboring areas to which contamination may have migrated, are referred to herein as “Superfund Sites.” For Superfund Sites where there are other potentially responsible parties and the Utilities are not managing the site investigation and remediation, the accrued liability represents an estimate of the amount the Utilities will need to pay to investigate and, where determinable, discharge their related obligations. For Superfund Sites (including the manufactured gas plant sites) for which one of the Utilities is managing the investigation and remediation, the accrued liability represents an estimate of the company’s share of the undiscounted cost to investigate the sites and, for sites that have been investigated in whole or in part, the cost to remediate the sites, if remediation is necessary and if a reasonable estimate of such cost can be made. Remediation costs are estimated in light of the information available, applicable remediation standards and experience with similar sites. The accrued liabilities and regulatory assets related to Superfund Sites at December 31, 2019 and 2018 were as follows: Con Edison CECONY (Millions of Dollars) 2019 2018 2019 2018 Accrued Liabilities: Manufactured gas plant sites $640 $689 $561 $603 Other Superfund Sites 94 90 93 90 Total $734 $779 $654 $693 Regulatory assets $732 $810 $647 $716 Most of the accrued Superfund Site liability relates to sites that have been investigated, in whole or in part. However, for some of the sites, the extent and associated cost of the required remediation has not yet been determined. As investigations progress and information pertaining to the required remediation becomes available, the Utilities expect that additional liability may be accrued, the amount of which is not presently determinable but may be material. The Utilities are permitted to recover or defer as regulatory assets (for subsequent recovery through rates) prudently incurred site investigation and remediation costs. Environmental remediation costs incurred related to Superfund Sites at December 31, 2019 and 2018 were as follows: Con Edison CECONY (Millions of Dollars) 2019 2018 2019 2018 Remediation costs incurred $19 $25 $13 $18 Insurance and other third party recoveries received by Con Edison or CECONY were immaterial in 2019 and 2018. Con Edison and CECONY estimate that in 2020 they will incur costs for remediation of approximately $46 million and $43 million , respectively. The Companies are unable to estimate the time period over which the remaining accrued liability will be incurred because, among other things, the required remediation has not been determined for some of the sites. In 2019 , Con Edison and CECONY estimated that for their manufactured gas plant sites (including CECONY’s Astoria site), the aggregate undiscounted potential liability for the investigation and remediation of coal tar and/or other environmental contaminants could range up to $2.8 billion and $2.6 billion , respectively. These estimates were based on the assumption that there is contamination at all sites, including those that have not yet been fully investigated and additional assumptions about the extent of the contamination and the type and extent of the remediation that may be required. Actual experience may be materially different. Asbestos Proceedings Suits have been brought in New York State and federal courts against the Utilities and many other defendants, wherein a large number of plaintiffs sought large amounts of compensatory and punitive damages for deaths and injuries allegedly caused by exposure to asbestos at various premises of the Utilities. The suits that have been resolved, which are many, have been resolved without any payment by the Utilities, or for amounts that were not, in the aggregate, material to them. The amounts specified in all the remaining thousands of suits total billions of dollars; however, the Utilities believe that these amounts are greatly exaggerated, based on the disposition of previous claims. At December 31, 2019 , Con Edison and CECONY have accrued their estimated aggregate undiscounted potential liabilities for these suits and additional suits that may be brought over the next 15 years as shown in the following table. These estimates were based upon a combination of modeling, historical data analysis and risk factor assessment. Courts have begun, and unless otherwise determined on appeal may continue, to apply different standards for determining liability in asbestos suits than the standard that applied historically. As a result, the Companies currently believe that there is a reasonable possibility of an exposure to loss in excess of the liability accrued for the suits. The Companies are unable to estimate the amount or range of such loss. In addition, certain current and former employees have claimed or are claiming workers’ compensation benefits based on alleged disability from exposure to asbestos. CECONY is permitted to defer as regulatory assets (for subsequent recovery through rates) costs incurred for its asbestos lawsuits and workers’ compensation claims. The accrued liability for asbestos suits and workers’ compensation proceedings (including those related to asbestos exposure) and the amounts deferred as regulatory assets for the Companies at December 31, 2019 and 2018 were as follows: Con Edison CECONY (Millions of Dollars) 2019 2018 2019 2018 Accrued liability – asbestos suits $8 $8 $7 $7 Regulatory assets – asbestos suits $8 $8 $7 $7 Accrued liability – workers’ compensation $78 $79 $73 $75 Regulatory assets – workers’ compensation $3 $5 $3 $5 |
Other Material Contingencies
Other Material Contingencies | 12 Months Ended |
Dec. 31, 2019 | |
Commitments and Contingencies Disclosure [Abstract] | |
Other Material Contingencies | 10 years Total (Millions of Dollars) Con Edison Transmission $387 $186 $— $573 Energy transactions 419 51 209 679 Renewable electric production projects 70 9 431 510 Other 69 — — 69 Total $945 $246 $640 $1,831 Con Edison Transmission – Con Edison has guaranteed payment by CET Electric of the contributions CET Electric agreed to make to New York Transco LLC (NY Transco). CET Electric owns a 45.7 percent interest in NY Transco. In April 2019, the New York Independent System Operator (NYISO) selected a transmission project that was jointly proposed by National Grid and NY Transco. The siting, construction and operation of the project will require approvals and permits from appropriate governmental agencies and authorities, including the NYSPSC. The NYISO indicated it will work with the developers to enter into agreements for the development and operation of the projects, including a schedule for entry into service by December 2023. Guarantee amount shown includes the maximum possible required amount of CET Electric’s contributions for this project as calculated based on the assumptions that the project is completed at 175 percent of its estimated costs and NY Transco does not use any debt financing for the project. Also included within the table above are guarantees for $25 million from Con Edison on behalf of CET Gas in relation to Mountain Valley Pipeline (MVP), LLC, a company developing a proposed gas transmission project in West Virginia and Virginia. See Note U. Energy Transactions — Con Edison guarantees payments on behalf of the Clean Energy Businesses in order to facilitate physical and financial transactions in electricity, gas, pipeline capacity, transportation, oil, renewable energy credits and energy services. To the extent that liabilities exist under the contracts subject to these guarantees, such liabilities are included in Con Edison’s consolidated balance sheet. Renewable Electric Production Projects – Con Edison and the Clean Energy Businesses guarantee payments on behalf of their wholly-owned subsidiaries associated with their investment in, or development for others of, solar and wind energy facilities. See Note U. Other – Other guarantees include $70 million" id="sjs-B4">Other Material Contingencies Manhattan Explosion and Fire On March 12, 2014, two multi-use five-story tall buildings located on Park Avenue between 116th and 117th Streets in Manhattan were destroyed by an explosion and fire. CECONY had delivered gas to the buildings through service lines from a distribution main located below ground on Park Avenue. Eight people died and more than 50 people were injured. Additional buildings were also damaged. The National Transportation Safety Board (NTSB) investigated. The parties to the investigation included the company, the City of New York, the Pipeline and Hazardous Materials Safety Administration and the NYSPSC. In June 2015, the NTSB issued a final report concerning the incident, its probable cause and safety recommendations. The NTSB determined that the probable cause of the incident was (1) the failure of a defective fusion joint at a service tee (which joined a plastic service line to a plastic distribution main) installed by the company that allowed gas to leak from the distribution main and migrate into a building where it ignited and (2) a breach in a City sewer line that allowed groundwater and soil to flow into the sewer, resulting in a loss of support for the distribution main, which caused it to sag and overstressed the defective fusion joint. The NTSB also made safety recommendations, including recommendations to the company that addressed its procedures for the preparation and examination of plastic fusions, training of its staff on conditions for notifications to the City’s Fire Department and extension of its gas main isolation valve installation program. In February 2017, the NYSPSC approved a settlement agreement with the company related to the NYSPSC's investigations of the incident and the practices of qualifying persons to perform plastic fusions. Pursuant to the agreement, the company is providing $27 million of future benefits to customers (for which it has accrued a regulatory liability) and will not recover from customers $126 million of costs for gas emergency response activities that it had previously incurred and expensed. Approximately eighty suits are pending against the company seeking generally unspecified damages and, in some cases, punitive damages, for wrongful death, personal injury, property damage and business interruption. The company has notified its insurers of the incident and believes that the policies in force at the time of the incident will cover the company’s costs, in excess of a required retention (the amount of which is not material), to satisfy any liability it may have for damages in connection with the incident. The company is unable to estimate the amount or range of its possible loss for damages related to the incident. At December 31, 2019 , the company had not accrued a liability for damages related to the incident. Other Contingencies For information about the PG&E bankruptcy, see "Long-Lived and Intangible Assets" in Note A. Also, for additional contingencies, see “Other Regulatory Matters” in Note B and "Uncertain Tax Positions" in Note L. Guarantees Con Edison and its subsidiaries have entered into various agreements providing financial or performance assurance primarily to third parties on behalf of their subsidiaries. Maximum amounts guaranteed by Con Edison under these agreements totaled $1,831 million and $2,439 million at December 31, 2019 and 2018 , respectively. A summary, by type and term, of Con Edison’s total guarantees under these other agreements at December 31, 2019 is as follows: Guarantee Type 0 – 3 years 4 – 10 years > 10 years Total (Millions of Dollars) Con Edison Transmission $387 $186 $— $573 Energy transactions 419 51 209 679 Renewable electric production projects 70 9 431 510 Other 69 — — 69 Total $945 $246 $640 $1,831 Con Edison Transmission – Con Edison has guaranteed payment by CET Electric of the contributions CET Electric agreed to make to New York Transco LLC (NY Transco). CET Electric owns a 45.7 percent interest in NY Transco. In April 2019, the New York Independent System Operator (NYISO) selected a transmission project that was jointly proposed by National Grid and NY Transco. The siting, construction and operation of the project will require approvals and permits from appropriate governmental agencies and authorities, including the NYSPSC. The NYISO indicated it will work with the developers to enter into agreements for the development and operation of the projects, including a schedule for entry into service by December 2023. Guarantee amount shown includes the maximum possible required amount of CET Electric’s contributions for this project as calculated based on the assumptions that the project is completed at 175 percent of its estimated costs and NY Transco does not use any debt financing for the project. Also included within the table above are guarantees for $25 million from Con Edison on behalf of CET Gas in relation to Mountain Valley Pipeline (MVP), LLC, a company developing a proposed gas transmission project in West Virginia and Virginia. See Note U. Energy Transactions — Con Edison guarantees payments on behalf of the Clean Energy Businesses in order to facilitate physical and financial transactions in electricity, gas, pipeline capacity, transportation, oil, renewable energy credits and energy services. To the extent that liabilities exist under the contracts subject to these guarantees, such liabilities are included in Con Edison’s consolidated balance sheet. Renewable Electric Production Projects – Con Edison and the Clean Energy Businesses guarantee payments on behalf of their wholly-owned subsidiaries associated with their investment in, or development for others of, solar and wind energy facilities. See Note U. Other – Other guarantees include $70 million |
Electricity Purchase Agreements
Electricity Purchase Agreements | 12 Months Ended |
Dec. 31, 2019 | |
Regulated Operations [Abstract] | |
Electricity Purchase Agreements | Regulatory Matters Rate Plans The Utilities provide service to New York customers according to the terms of tariffs approved by the NYSPSC. Tariffs for service to customers of Rockland Electric Company (RECO), O&R’s New Jersey regulated utility subsidiary, are approved by the NJBPU. The tariffs include schedules of rates for service that limit the rates charged by the Utilities to amounts that recover from their customers costs approved by the regulator, including capital costs, of providing service to customers as defined by the tariff. The tariffs implement rate plans adopted by state utility regulators in rate orders issued at the conclusion of rate proceedings. Pursuant to the Utilities’ rate plans, there generally can be no change to the charges to customers during the respective terms of the rate plans other than specified adjustments provided for in the rate plans. The Utilities’ rate plans each cover specified periods, but rates determined pursuant to a plan generally continue in effect until a new rate plan is approved by the state utility regulator. Common provisions of the Utilities’ New York rate plans include: Recoverable energy costs that allow the Utilities to recover on a current basis the costs for the energy they supply with no mark-up to their full-service customers. Cost reconciliations that reconcile pension and other postretirement benefit costs, environmental remediation costs, property taxes, variable rate tax-exempt debt and certain other costs to amounts reflected in delivery rates for such costs. In addition, changes in the Utilities' costs not reflected in rates, in excess of certain amounts, resulting from changes in tax or other law, rule, regulation, order, or other requirement or interpretation are deferred as a regulatory asset or regulatory liability to be reflected in the Utilities' next rate plan or in a manner to be determined by the NYSPSC. Also, the Utilities generally retain the right to petition for recovery or accounting deferral of extraordinary and material cost increases and provision is sometimes made for the utility to retain a share of cost reductions, for example, property tax refunds. Revenue decoupling mechanisms that reconcile actual energy delivery revenues to the authorized delivery revenues approved by the NYSPSC. The difference is accrued with interest for refund to, or recovery from customers, as applicable. Earnings sharing that require the Utilities to defer for customer benefit a portion of earnings over specified rates of return on common equity. There is no symmetric mechanism for earnings below specified rates of return on common equity. Negative revenue adjustments for failure to meet certain performance standards relating to service, reliability, safety and other matters. Positive revenue adjustments for achievement of performance standards related to achievement of clean energy goals, safety and other matters. Net utility plant reconciliations that require deferral as a regulatory liability of the revenue requirement impact of the amount, if any, by which actual average net utility plant balances are less than amounts reflected in rates. There is generally no symmetric mechanism if actual average net utility plant balances are more than amounts reflected in rates. Rate base , as reflected in the rate plans, is, in general, the sum of the Utilities’ net plant, working capital and certain regulatory assets less deferred taxes and certain regulatory liabilities. For each rate plan, the NYSPSC uses a forecast of the average rate base for each year that new rates would be in effect (“rate year”). Weighted average cost of capital is determined based on the authorized common equity ratio, return on common equity, cost of long-term debt and cost of customer deposits reflected in each rate plan. For each rate plan, the revenues designed to provide the utility a return on invested capital for each rate year are determined by multiplying each utility rate base by its pre – tax weighted average cost of capital. The Utilities’ actual return on common equity will reflect their actual operations for each rate year, and may be more or less than the authorized return on equity reflected in their rate plans (and if more, may be subject to earnings sharing). The following tables contain a summary of the Utilities’ rate plans: CECONY – Electric Effective period January 2017 – December 2019 January 2020 – December 2022 (a) Base rate changes Yr. 1 – $195 million (b) Yr. 1 – $113 million (c) Amortizations to income of net regulatory (assets) and liabilities Yr. 1 – $84 million Yr. 1 – $267 million (d) Other revenue sources Retention of $75 million of annual transmission congestion revenues. Retention of $75 million of annual transmission congestion revenues. Revenue decoupling mechanisms Continuation of reconciliation of actual to authorized electric delivery revenues. Continuation of reconciliation of actual to authorized electric delivery revenues. Recoverable energy costs Continuation of current rate recovery of purchased power and fuel costs. Continuation of current rate recovery of purchased power and fuel costs. Negative revenue adjustments Potential charges if certain performance targets relating to service, reliability, safety and other matters are not met: Potential charges if certain performance targets relating to service, reliability, safety and other matters are not met: Cost reconciliations Continuation of reconciliation of expenses for pension and other postretirement benefits, variable-rate tax-exempt debt, major storms, property taxes (e), municipal infrastructure support costs (f), the impact of new laws and environmental site investigation and remediation to amounts reflected in rates (g). Continuation of reconciliation of expenses for pension and other postretirement benefits, variable-rate debt, major storms, property taxes (e), municipal infrastructure support costs (f), the impact of new laws and environmental site investigation and remediation to amounts reflected in rates. (g) Net utility plant reconciliations Target levels reflected in rates: Target levels reflected in rates: Average rate base Yr. 1 – $18,902 million Yr. 1 - $21,660 million Weighted average cost of capital (after-tax) Yr. 1 – 6.82 percent 6.61 percent Authorized return on common equity 9.0 percent 8.80 percent Actual return on common equity (i) Yr. 1 – 9.30 percent Earnings sharing Most earnings above an annual earnings threshold of 9.5 percent are to be applied to reduce regulatory assets for environmental remediation and other costs accumulated in the rate year. Most earnings above an annual earnings threshold of 9.3 percent are to be applied to reduce regulatory assets for environmental remediation and other costs accumulated in the rate year. Cost of long-term debt Yr. 1 – 4.93 percent 4.63 percent Common equity ratio 48 percent 48 percent (a) In January 2020, the NYSPSC approved the October 2019 Joint Proposal for CECONY's electric rate plan for January 2020 through December 2022. If at the end of any semi-annual period ending June 30 and December 31, Con Edison’s investments in its non-utility businesses exceed 15 percent of its total consolidated revenues, assets or cash flow, or if the ratio of holding company debt to total consolidated debt rises above 20 percent , CECONY is required to notify the NYSPSC and submit a ring-fencing plan or a demonstration why additional ring-fencing measures (see Note S) are not necessary. (b) The electric base rate increases were in addition to a $48 million increase resulting from the December 2016 expiration of a temporary credit under the prior rate plan. At the NYSPSC’s option, these increases were implemented with increases of $199 million in each rate year. Base rates reflect recovery by the company of certain costs of its energy efficiency, system peak reduction and electric vehicle programs (Yr. 1 - $20.5 million ; Yr. 2 - $49 million ; and Yr. 3 - $107.5 million ) over a 10 -year period, including the overall pre-tax rate of return on such costs. (c) Base rates reflect recovery by the company of certain costs of its energy efficiency, Reforming the Energy Vision demonstration projects, non-wire alternative projects (including the Brooklyn Queens demand management program), and off-peak electric vehicle charging programs (Yr. 1 - $206 million ; Yr. 2 - $245 million ; and Yr. 3 - $251 million ) over a ten-year period, including the overall pre-tax rate of return on such costs. (d) Amounts reflect amortization of the 2018 tax savings under the federal Tax Cuts and Jobs Act of 2017 (TCJA) allocable to CECONY’s electric customers ( $377 million ) over a three-year period ( $126 million annually), the protected portion of the regulatory liability for excess deferred income taxes allocable to CECONY’s electric customers ( $1,663 million ) over the remaining lives of the related assets ( $49 million in Yr. 1, $50 million in Yr. 2, and $53 million in Yr. 3) and the unprotected portion of the net regulatory liability ( $784 million ) over five years ( $157 million annually). Amounts also reflect amortization of the regulatory asset for deferred MTA power reliability costs ( $238 million ) over a five-year period ( $48 million annually). (e) Deferrals for property taxes are limited to 90 percent of the difference from amounts reflected in rates, subject to an annual maximum for the remaining difference of not more than a maximum number of basis points impact on return on common equity: Yr 1 - 10.0 basis points ; Yr 2 - 7.5 basis points; and Yr 3 - 5.0 basis points. (f) In general, if actual expenses for municipal infrastructure support (other than company labor) are below the amounts reflected in rates the company will defer the difference for credit to customers, and if the actual expenses are above the amount reflected in rates the company will defer for recovery from customers 80 percent of the difference subject to a maximum deferral, subject to certain conditions, of 30 percent of the amount reflected in the January 2017-December 2019 rate plan and 15 percent of the amount reflected in the January 2020-December 2022 rate plan. (g) In addition, the NYSPSC staff has commenced a focused operations audit to investigate the income tax accounting of CECONY and other New York utilities. Any NYSPSC-ordered adjustment to CECONY’s income tax accounting will be refunded to or collected from customers, as determined by the NYSPSC. See "Other Regulatory Matters," below. (h) Reconciliation of net utility plant for AMI will be done on a combined basis for electric and gas. (i) Calculated in accordance with the earnings calculation method prescribed in the rate order. CECONY – Gas Effective period January 2017 - December 2019 January 2020 – December 2022 (a) Base rate changes Yr. 1 – $(5) million (b) Yr. 1 – $84 million (c) Amortizations to income of net regulatory (assets) and liabilities Yr. 1 – $39 million Yr. 1 – $45 million (d) Other revenue sources Retention of annual revenues from non-firm customers of up to $65 million and 15 percent of any such revenues above $65 million. Retention of annual revenues from non-firm customers of up to $65 million and 15 percent of any such revenues above $65 million. Revenue decoupling mechanisms Continuation of reconciliation of actual to authorized gas delivery revenues. Continuation of reconciliation of actual to authorized gas delivery revenues, modified to be calculated based upon revenue per customer class instead of revenue per customer. Recoverable energy costs Continuation of current rate recovery of purchased gas costs. Continuation of current rate recovery of purchased gas costs. Negative revenue adjustments Potential charges if performance targets relating to service, safety and other matters are not met: In 2019, the company did not record any negative revenue adjustments. Potential charges if performance targets relating to service, safety and other matters are not met: Cost reconciliations Continuation of reconciliation of expenses for pension and other postretirement benefits, variable-rate tax-exempt debt, major storms, property taxes (e), municipal infrastructure support costs (f), the impact of new laws and environmental site investigation and remediation to amounts reflected in rates. (g) Continuation of reconciliation of expenses for pension and other postretirement benefits, variable-rate debt, major storms, property taxes (e), municipal infrastructure support costs (f), the impact of new laws and environmental site investigation and remediation to amounts reflected in rates. (g) Net utility plant reconciliations Target levels reflected in rates: Target levels reflected in rates: Average rate base Yr. 1 – $4,841 million Yr. 1 - $7,171 million Weighted average cost of capital Yr. 1 – 6.82 percent 6.61 percent Authorized return on common equity 9.0 percent 8.80 percent Actual return on common equity (i) Yr. 1 – 9.22 percent Earnings sharing Most earnings above an annual earnings threshold of 9.5 percent are to be applied to reduce regulatory assets for environmental remediation and other costs accumulated in the rate year. Most earnings above an annual earnings threshold of 9.3 percent are to be applied to reduce regulatory assets for environmental remediation and other costs accumulated in the rate year. Cost of long-term debt Yr. 1 – 4.93 percent 4.63 percent Common equity ratio 48 percent 48 percent (a) In January 2020, the NYSPSC approved the October 2019 Joint Proposal for CECONY's gas rate plan for January 2020 through December 2022. If at the end of any semi-annual period ending June 30 and December 31, Con Edison’s investments in its non-utility businesses exceed 15 percent of its total consolidated revenues, assets or cash flow, or if the ratio of holding company debt to total consolidated debt rises above 20 percent, CECONY is required to notify the NYSPSC and submit a ring-fencing plan or a demonstration why additional ring-fencing measures (see Note S) are not necessary. (b) The gas base rate decrease was offset by a $41 million increase resulting from the December 2016 expiration of a temporary credit under the prior rate plan. (c) The gas base rate increases shown above will be implemented with increases of $47 million in Yr. 1; $176 million in Yr. 2; and $170 million in Yr. 3 in order to levelize customer bill impacts. Base rates reflect recovery by the company of certain costs of its energy efficiency program (Yr. 1 - $30 million ; Yr. 2 - $37 million ; and Yr. 3 - $40 million ) over a ten-year period, including the overall pre-tax rate of return on such costs. (d) Amounts reflect amortization of the remaining 2018 TCJA tax savings allocable to CECONY’s gas customers ( $63 million ) over a two year period ( $32 annually), the protected portion of the regulatory liability for excess deferred income taxes allocable to CECONY’s gas customers ( $725 million ) over the remaining lives of the related assets ( $14 million in Yr. 1, $14 million in Yr. 2, and $12 million in Yr. 3) and the unprotected portion of the net regulatory liability ( $107 million ) over five years ( $21 million annually) (e)-(i) See footnotes (e) - (i) to the table under “CECONY Electric,” above. CECONY – Steam Effective period January 2014 – December 2016 (a) Base rate changes Yr. 1 – $(22.4) million (b) Amortizations to income of net regulatory (assets) and liabilities $37 million over three years Recoverable energy costs Current rate recovery of purchased power and fuel costs. Negative revenue adjustments Potential charges (up to $1 million annually) if certain steam performance targets are not met. In years 2014 through 2019, the company did not record any negative revenue adjustments. Cost reconciliations (c) In 2014, 2015, 2016, 2017, 2018 and 2019, the company deferred $42 million of net regulatory liabilities, $17 million of net regulatory assets, $8 million and $14 million of net regulatory liabilities, $1 million of net regulatory assets and $8 million of net regulatory liabilities, respectively. Net utility plant reconciliations Target levels reflected in rates were: Average rate base Yr. 1 – $1,511 million Weighted average cost of capital (after-tax) Yr. 1 – 7.10 percent Authorized return on common equity 9.3 percent Actual return on common equity (d) Yr. 1 – 9.82 percent Earnings sharing Weather normalized earnings above an annual earnings threshold of 9.9 percent are to be applied to reduce regulatory assets for environmental remediation and other costs. Cost of long-term debt Yr. 1 – 5.17 percent Common equity ratio 48 percent (a) Rates determined pursuant to this rate plan continue in effect until a new rate plan is approved by the NYSPSC. (b) The impact of these base rate changes was deferred which resulted in an $8 million regulatory liability at December 31, 2016. (c) Deferrals for property taxes are limited to 90 percent of the difference from amounts reflected in rates, subject to an annual maximum for the remaining difference of not more than a 10 basis point impact on return on common equity. (d) Calculated in accordance with the earnings calculation method prescribed in the rate order. O&R New York – Electric Effective period November 2015 - October 2017 (a) January 2019 – December 2021 (d) Base rate changes Yr. 1 – $9.3 million Yr. 1 – $13.4 million (e) Amortizations to income of net regulatory (assets) and liabilities Yr. 1 – $(8.5) million (b) Yr. 1 – $(1.5) million (f) Other revenue sources Potential earnings adjustment mechanism incentives for peak reduction, energy efficiency, Distributed Energy Resources utilization and other potential incentives of up to: $0.2 million of incentives for service terminations. Revenue decoupling mechanisms In 2015, 2016, 2017 and 2018, the company deferred for the customer’s benefit an immaterial amount, $6.3 million as regulatory liabilities, $11.2 million as regulatory asset and $0.5 million as regulatory asset, respectively. Continuation of reconciliation of actual to authorized electric delivery revenues. Recoverable energy costs Continuation of current rate recovery of purchased power costs. Continuation of current rate recovery of purchased power costs. Negative revenue adjustments Potential charges (up to $4 million annually) if certain performance targets are not met. In 2015 the company recorded $1.25 million in negative revenue adjustments. In 2016, 2017 and 2018, the company did not record any negative revenue adjustments. Potential charges if certain performance targets relating to service, reliability and other matters are not met: Cost reconciliations In 2015, 2016 and 2017, the company deferred $0.3 million, $7.4 million and $3.2 million as net decreases to regulatory assets, respectively. In 2018, the company deferred $5 million as a net regulatory asset. Reconciliation of expenses for pension and other postretirement benefits, environmental remediation costs, property taxes (g), energy efficiency program (h), major storms, the impact of new laws and certain other costs to amounts reflected in rates.(i) Net utility plant reconciliations Target levels reflected in rates are: Target levels reflected in rates were: Average rate base Yr. 1 – $763 million Yr. 1 – $878 million Weighted average cost of capital (after-tax) Yr. 1 – 7.10 percent Yr. 1 – 6.97 percent Authorized return on common equity 9.0 percent 9.0 percent Actual return on common equity (k) Yr. 1 – 10.8 percent Yr. 1 – 9.6 percent Earnings sharing Most earnings above an annual earnings threshold of 9.6 percent are to be applied to reduce regulatory assets. In 2015, earnings did not exceed the earnings threshold. Actual earnings were $6.1 million, $0.3 million above the threshold for 2016 and 2017, respectively. In 2018, earnings did not exceed the earnings threshold. Most earnings above an annual earnings threshold of 9.6 percent are to be applied to reduce regulatory assets for environmental remediation and other costs accumulated in the rate year. Cost of long-term debt Yr. 1 – 5.42 percent Yr. 1 – 5.17 percent Common equity ratio 48 percent 48 percent (a) Rates determined pursuant to this rate plan continued in effect until the subsequent rate plan became effective. (b) $59.3 million of the regulatory asset for deferred storm costs is to be recovered from customers over a 5 year period, including $11.85 million in each of years 1 and 2, $1 million of the regulatory asset for such costs will not be recovered from customers, and all outstanding issues related to Superstorm Sandy and other past major storms prior to November 2014 are resolved. Approximately $4 million of regulatory assets for property tax and interest rate reconciliations will not be recovered from customers. Amounts that will not be recovered from customers were charged-off in June 2015. (c) Excludes electric AMI as to which the company will be required to defer as a regulatory liability the revenue requirement impact of the amount, if any, by which actual average net utility plant balances are less than amounts reflected in rates: $1 million in year 1 and $9 million in year 2. (d) If at the end of any year, Con Edison’s investments in its non-utility businesses exceed 15 percent of Con Edison’s total consolidated revenues, assets or cash flow, or if the ratio of holding company debt to total consolidated debt rises above 20 percent , O&R is required to notify the NYSPSC and submit a ring-fencing plan or a demonstration why additional ring-fencing measures (see Note S) are not necessary. (e) The electric base rate increases shown above will be implemented with increases of: Yr. 1 - $8.6 million ; Yr. 2 - $12.1 million ; and Yr. 3 - $12.2 million . (f) Reflects amortization of, among other things, the company’s net benefits under the TCJA prior to January 1, 2019, amortization of net regulatory liability for future income taxes and reduction of previously incurred regulatory assets for environmental remediation costs. Also, for electric, reflects amortization over a six year period of previously incurred incremental major storm costs. See "Other Regulatory Matters," below. (g) Deferrals for property taxes are limited to 90 percent of the difference from amounts reflected in rates, subject to an annual maximum for the remaining difference of not more than a maximum number of basis points impact on return on common equity: Yr. 1 - 10.0 basis points; Yr. 2 - 7.5 basis points; and Yr. 3 - 5.0 basis points. (h) Energy efficiency costs are expensed as incurred. Such costs are subject to a downward-only reconciliation over the terms of the electric and gas rate plans. The company will defer for the benefit of customers any cumulative shortfall over the terms of the electric and gas rate plans between actual expenditures and the levels provided in rates. (i) In addition, amounts reflected in rates relating to income taxes and excess deferred federal income tax liability balances will be reconciled (i.e., refunded to or collected from customers) to any final, non-appealable NYSPSC-ordered findings in its investigation of O&R’s income tax accounting. See “Other Regulatory Matters,” in Note B. (j) Net plant reconciliation for AMI expenditures will be implemented for a single category of AMI capital expenditures that includes amounts allocated to both electric and gas customers. (k) Calculated in accordance with the earnings calculation method prescribed in the rate order. O&R New York – Gas Effective period November 2015 – October 2018 (a) January 2019 – December 2021 (d) Base rate changes Yr. 1 – $16.4 million Yr. 1 – $(7.5) million (e) Amortization to income of net regulatory (assets) and liabilities Yr. 1 – $(1.7) million (b) Yr. 1 – $1.8 million (f) Other revenue sources Continuation of retention of annual revenues from non-firm customers of up to $4.0 million, with variances to be shared 80 percent by customers and 20 percent by company. In 2019, the company recorded $0.3 million of earnings adjustment mechanism incentives for energy efficiency and $0.7 million of incentives for gas leak backlog, leak prone pipe and service terminations. Revenue decoupling mechanisms In 2015, 2016, 2017 and 2018, the company deferred $0.8 million of regulatory assets, $6.2 million of regulatory liabilities, $1.7 million of regulatory liabilities and $6.3 million of regulatory liabilities, respectively. Continuation of reconciliation of actual to authorized gas delivery revenues. Recoverable energy costs Current rate recovery of purchased gas costs. Continuation of current rate recovery of purchased gas costs. Negative revenue adjustments Potential charges (up to $3.7 million in Yr. 1, $4.7 million in Yr. 2 and $4.9 million in Yr. 3) if certain performance targets are not met. In 2015, 2016 and 2017, the company did not record any negative revenue adjustments. In 2018, the company recorded a $0.1 million negative revenue adjustment. Potential charges if performance targets relating to service, safety and other matters are not met: Yr. 1 - $5.5 million; Yr. 2 - $5.7 million; and Yr. 3 - $6.0 million. Cost reconciliations In 2015 and 2016, the company deferred $4.5 million and $6.6 million as net regulatory liabilities and assets, respectively. In 2017 and 2018, the company deferred $3.5 million and $7.4 million as net regulatory liabilities, respectively. Reconciliation of expenses for pension and other postretirement benefits, environmental remediation costs, property taxes (g), energy efficiency program (h), the impact of new laws and certain other costs to amounts reflected in rates.(i) Net utility plant reconciliations Target levels reflected in rates are: Target levels reflected in rates were: Average rate base Yr. 1 – $366 million Yr. 1 – $454 million Weighted average cost of capital (after-tax) Yr. 1 – 7.10 percent Yr. 1 – 6.97 percent Authorized return on common equity 9.0 percent 9.0 percent Actual return on common equity (k) Yr. 1 – 11.2 percent Yr. 1 – 8.9 percent Earnings sharing Most earnings above an annual earnings threshold of 9.6 percent are to be applied to reduce regulatory assets. In 2015, earnings did not exceed the earnings threshold. Actual earnings were $4 million, $0.2 million above the threshold for 2016 and 2017, respectively. In 2018, earnings did not exceed the earnings threshold. Most earnings above an annual earnings threshold of 9.6 percent are to be applied to reduce regulatory assets for environmental remediation and other costs accumulated in the rate year. In 2019, earnings did not exceed the earnings threshold. Cost of long-term debt Yr. 1 – 5.42 percent Yr. 1 – 5.17 percent Common equity ratio 48 percent 48 percent (a) Rates pursuant to this rate plan continued in effect until the subsequent rate plan became effective. (b) Reflects that the company will not recover from customers a total of approximately $14 million of regulatory assets for property tax and interest rate reconciliations. Amounts that will not be recovered from customers were charged-off in June 2015. (c) Excludes gas AMI as to which the company will be required to defer as a regulatory liability the revenue requirement impact of the amount, if any, by which actual average net utility plant balances are less than amounts reflected in rates: $0.5 million in year 1, $4.2 million in year 2 and $7.2 million in year 3. (d) If at the end of any year, Con Edison’s investments in its non-utility businesses exceed 15 percent of Con Edison’s total consolidated revenues, assets or cash flow, or if the ratio of holding company debt to total consolidated debt rises above 20 percent , O&R is required to notify the NYSPSC and submit a ring-fencing plan or a demonstration why additional ring-fencing measures (see Note S) are not necessary. (e) The gas base rate changes shown above will be implemented with changes of: Yr. 1 - $(5.9) million ; Yr. 2 - $1.0 million ; and Yr. 3 - $1.0 million . (f)-(k) See footnotes (f) - (k) to the table under “O&R New York - Electric,” above. In January 2020, the NJBPU approved an electric rate increase, effective February 1, 2020, of $12 million for RECO . The following table contains a summary of the terms of the distribution rate plans. RECO Effective period March 2017 – January 2020 February 2020 Base rate changes Yr. 1 – $1.7 million Yr. 1 – $12 million Amortization to income of net regulatory (assets) and liabilities $0.2 million over three years and continuation of $(25.6) million of deferred storm costs over four years which expired on July 31, 2018 (a) $4.8 million over four years. Recoverable energy costs Current rate recovery of purchased power costs. Current rate recovery of purchased power costs. Cost reconciliations None None Average rate base Yr. 1 – $178.7 million Yr. 1 – $229.9 million Weighted average cost of capital (after-tax) 7.47 percent 7.11 percent Authorized return on common equity 9.6 percent 9.5 percent Actual return on common equity Yr. 1 – 7.5 percent Cost of long-term debt 5.37 percent 4.88 percent Common equity ratio 49.7 percent 48.32 percent (a) In January 2016, the NJBPU approved RECO’s plan to spend $15.7 million in capital over three years to harden its electric system against storms, the costs of which RECO, beginning in 2017, is collecting through a customer surcharge. In November 2017, FERC approved a September 2017 settlement agreement among RECO, the New Jersey Division of Rate Counsel and the NJBPU that increases RECO's annual transmission revenue requirement from $11.8 million to $17.7 million , effective April 2017. The revenue requirement reflects a return on common equity of 10.0 percent . Other Regulatory Matters In August 2018, the NYSPSC ordered CECONY to begin on January 1, 2019 to credit the company's electric and gas customers, and to begin on October 1, 2018 to credit its steam customers, with the net benefits of the federal Tax Cuts and Jobs Act of 2017 (TCJA) as measured based on amounts reflected in its rate plans prior to the enactment of the TCJA in December 2017. The net benefits include the revenue requirement impact of the reduction in the corporate federal income tax rate to 21 percent, the elimination for utilities of bonus depreciation and the amortization of excess deferred federal income taxes. CECONY, under its electric rate plan that was approved in January 2020, is amortizing its TCJA net benefits prior to January 1, 2019 allocable to its electric customers ( $377 million ) over a three-year period, the “protected” portion of its net regulatory liability for future income taxes related to certain accelerated tax depreciation benefits allocable to its electric customers ( $1,663 million ) over the remaining lives of the related assets and the remainder, or “unprotected” portion of the net regulatory liability allocable to its electric customers ( $784 million ) over a five-year period. CECONY, under its gas rate plan that was approved in January 2020, is amortizing its remaining TCJA net benefits prior to January 1, 2019 allocable to its gas customers ( $63 million ) over a two-year period, the protected portion of its net regulatory liability for future income taxes allocable to its gas customers ( $725 million ) over the remaining lives of the related assets and the unprotected portion of the net regulatory liability allocable to its gas customers ( $107 million ) over a five-year period. See footnote (d) to the CECONY - Electric and Gas tables under “Rate Plans,” above. CECONY's net benefits prior to October 1, 2018 allocable to the company’s steam customers ( $15 million ) are being amortized over a three -year period. CECONY’s net regulatory liability for future income taxes, including both the protected and unprotected portions, allocable to the company’s steam customers ( $185 million ) is being amortized over the remaining lives of the related assets (with the amortization period for the unprotected portion subject to review in its next steam rate proceeding). O&R, under its current electric and gas rate plans, has reflected its TCJA net benefits in its electric and gas rates beginning as of January 1, 2019. Under the rate plans, O&R is amortizing its net benefits prior to January 1, 2019 ( $22 million ) over a three-year period, the protected portion of its net regulatory liability for future income taxes ( $123 million ) over the remaining lives of the related assets and the unprotected portion ( $30 million ) over a fifteen-year period. See "Rate Plans," above. In January 2018, the NYSPSC issued an order initiating a focused operations audit of the income tax accounting of certain utilities, including CECONY and O&R. The Utilities are unable to estimat |
Leases
Leases | 12 Months Ended |
Dec. 31, 2019 | |
Leases [Abstract] | |
Leases | Leases In January 2019, the Companies adopted Accounting Standards Update (ASU) No. 2016-02, “Leases (Topic 842),” including the amendments thereto, using a modified retrospective transition method of adoption that required no prior period adjustments or charges to retained earnings for cumulative impact. The standard supersedes the lease requirements within ASC Topic 840, “Leases.” The Companies lease land, office buildings, equipment and access rights to support electric transmission facilities. Upon adoption of Topic 842, the Companies recognized lease right-of-use assets and lease liabilities on their consolidated balance sheets for virtually all of their leases (other than leases that meet the definition of a short-term lease, the expense for which was immaterial). A lease right-of-use asset represents a right to use an identifiable underlying asset and obtain substantially all of the economic benefits from the use of that asset for the lease term. A lease liability represents an obligation to make lease payments arising from the lease. Leases are classified as either operating leases or finance leases. Operating leases are included in operating lease right-of-use asset and operating lease liabilities on the Companies’ consolidated balance sheets. Finance leases are included in other noncurrent assets, other current liabilities and other noncurrent liabilities. The Utilities, as regulated entities, are permitted to continue to recognize expense for operating leases using the timing that conforms to the regulatory rate treatment as rental payments are recovered from our customers and to account the same way for finance leases. Lessor accounting is similar to the previous model, but updated to align with ASC Topic 606 “Revenue from Contracts with Customers." The Companies elected the following practical expedients: (1) a package of practical expedients that allows the Companies to not reassess: (a) whether expired or existing contracts contained leases; (b) the lease classification for expired or existing leases and (c) the initial direct costs for existing leases; (2) for all underlying asset classes, an expedient that allows the Companies to not apply the recognition requirements to short-term leases and an expedient that allows the Companies to account for lease and associated non-lease components as a single lease component; (3) an expedient that allows the use of hindsight to determine lease term; and (4) an expedient that allows the Companies to not evaluate under Topic 842 land easements that exist or expired before the entity’s adoption of Topic 842 and that were not previously accounted for as leases under Topic 840. The Companies, upon adoption of Topic 842 recognized, and for new operating leases at commencement date recognize, operating lease right-of-use assets and operating lease liabilities based on the present value of the future minimum lease payments over the lease term. As most of the Companies’ leases do not provide an implicit rate, the Companies used their collateralized incremental borrowing rate based on the information available at the commencement date to determine the present value of future payments. Most of the Companies’ leases have remaining lease terms of one year to 40 years , and may include options to renew or extend the leases for up to five years at the fair rental value. The Companies' lease terms include options to renew, extend or terminate the lease when it is reasonably certain that the Companies will exercise that option. There were no leases with material variable lease payments or residual value guarantees. Operating lease cost and cash paid for amounts included in the measurement of lease liabilities for the twelve months ended December 31, 2019 , were as follows: (Millions of Dollars) Con Edison CECONY Operating lease cost $83 $64 Operating lease cash flows $75 $60 As of December 31, 2019 , assets recorded as finance leases were $1 million for Con Edison and an immaterial amount for CECONY, and the accumulated amortization associated with finance leases for Con Edison and CECONY were $5 million and $3 million , respectively. For the twelve months ended December 31, 2019 , finance lease costs and cash flows for Con Edison and CECONY were immaterial. Right-of-use assets obtained in exchange for lease obligations for Con Edison and CECONY were $39 million and $4 million , respectively, for the twelve months ended December 31, 2019. Other information related to leases for Con Edison and CECONY at December 31, 2019 was as follows: Con Edison CECONY Weighted Average Remaining Lease Term: Operating leases 19.8 years 14.0 years Finance leases 12.2 years 2.4 years Weighted Average Discount Rate: Operating leases 4.3% 3.6% Finance leases 3.5% 4.1% Future minimum lease payments under non-cancellable leases at December 31, 2019 were as follows: (Millions of Dollars) Con Edison CECONY Year Ending December 31, Operating Leases Finance Leases Operating Leases Finance Leases 2020 $78 $— $60 $— 2021 75 — 57 — 2022 73 — 55 — 2023 72 — 54 — 2024 72 — 55 — All years thereafter 992 1 501 — Total future minimum lease payments $1,362 $1 $782 $— Less: imputed interest (488) — (177) — Total $874 $1 $605 $— Reported as of December 31, 2019 Operating lease liabilities (current) $65 $— $54 $— Operating lease liabilities (noncurrent) 809 — 551 — Other noncurrent liabilities — 1 — — Total $874 $1 $605 $— At December 31, 2019 , the Companies did not have material obligations under operating or finance leases that had not yet commenced. Disclosures related to the twelve months ended December 31, 2019 are presented as required under Topic 842. Prior period disclosures for the year ended December 31, 2018 are presented under Topic 840. The Companies have elected to use a practical expedient provided by Topic 842 whereby comparative disclosures for prior periods are allowed to be presented under Topic 840. The disclosures presented under Topic 842 and Topic 840 will not be fully comparable in specific disclosure requirements. The future minimum lease commitments at December 31, 2018, accounted for under Topic 840, for the Companies’ operating lease agreements that are not cancellable by the Companies were as follows: (Millions of Dollars) Con Edison CECONY 2019 $72 $56 2020 72 56 2021 71 54 2022 68 53 2023 68 53 All years thereafter 890 592 Total $1,241 $864 The Companies are lessors under certain leases whereby the Companies own real estate and distribution poles and lease portions of them to others. Revenue under such leases was immaterial for Con Edison and CECONY for the twelve months ended December 31, 2019 |
Leases | Leases In January 2019, the Companies adopted Accounting Standards Update (ASU) No. 2016-02, “Leases (Topic 842),” including the amendments thereto, using a modified retrospective transition method of adoption that required no prior period adjustments or charges to retained earnings for cumulative impact. The standard supersedes the lease requirements within ASC Topic 840, “Leases.” The Companies lease land, office buildings, equipment and access rights to support electric transmission facilities. Upon adoption of Topic 842, the Companies recognized lease right-of-use assets and lease liabilities on their consolidated balance sheets for virtually all of their leases (other than leases that meet the definition of a short-term lease, the expense for which was immaterial). A lease right-of-use asset represents a right to use an identifiable underlying asset and obtain substantially all of the economic benefits from the use of that asset for the lease term. A lease liability represents an obligation to make lease payments arising from the lease. Leases are classified as either operating leases or finance leases. Operating leases are included in operating lease right-of-use asset and operating lease liabilities on the Companies’ consolidated balance sheets. Finance leases are included in other noncurrent assets, other current liabilities and other noncurrent liabilities. The Utilities, as regulated entities, are permitted to continue to recognize expense for operating leases using the timing that conforms to the regulatory rate treatment as rental payments are recovered from our customers and to account the same way for finance leases. Lessor accounting is similar to the previous model, but updated to align with ASC Topic 606 “Revenue from Contracts with Customers." The Companies elected the following practical expedients: (1) a package of practical expedients that allows the Companies to not reassess: (a) whether expired or existing contracts contained leases; (b) the lease classification for expired or existing leases and (c) the initial direct costs for existing leases; (2) for all underlying asset classes, an expedient that allows the Companies to not apply the recognition requirements to short-term leases and an expedient that allows the Companies to account for lease and associated non-lease components as a single lease component; (3) an expedient that allows the use of hindsight to determine lease term; and (4) an expedient that allows the Companies to not evaluate under Topic 842 land easements that exist or expired before the entity’s adoption of Topic 842 and that were not previously accounted for as leases under Topic 840. The Companies, upon adoption of Topic 842 recognized, and for new operating leases at commencement date recognize, operating lease right-of-use assets and operating lease liabilities based on the present value of the future minimum lease payments over the lease term. As most of the Companies’ leases do not provide an implicit rate, the Companies used their collateralized incremental borrowing rate based on the information available at the commencement date to determine the present value of future payments. Most of the Companies’ leases have remaining lease terms of one year to 40 years , and may include options to renew or extend the leases for up to five years at the fair rental value. The Companies' lease terms include options to renew, extend or terminate the lease when it is reasonably certain that the Companies will exercise that option. There were no leases with material variable lease payments or residual value guarantees. Operating lease cost and cash paid for amounts included in the measurement of lease liabilities for the twelve months ended December 31, 2019 , were as follows: (Millions of Dollars) Con Edison CECONY Operating lease cost $83 $64 Operating lease cash flows $75 $60 As of December 31, 2019 , assets recorded as finance leases were $1 million for Con Edison and an immaterial amount for CECONY, and the accumulated amortization associated with finance leases for Con Edison and CECONY were $5 million and $3 million , respectively. For the twelve months ended December 31, 2019 , finance lease costs and cash flows for Con Edison and CECONY were immaterial. Right-of-use assets obtained in exchange for lease obligations for Con Edison and CECONY were $39 million and $4 million , respectively, for the twelve months ended December 31, 2019. Other information related to leases for Con Edison and CECONY at December 31, 2019 was as follows: Con Edison CECONY Weighted Average Remaining Lease Term: Operating leases 19.8 years 14.0 years Finance leases 12.2 years 2.4 years Weighted Average Discount Rate: Operating leases 4.3% 3.6% Finance leases 3.5% 4.1% Future minimum lease payments under non-cancellable leases at December 31, 2019 were as follows: (Millions of Dollars) Con Edison CECONY Year Ending December 31, Operating Leases Finance Leases Operating Leases Finance Leases 2020 $78 $— $60 $— 2021 75 — 57 — 2022 73 — 55 — 2023 72 — 54 — 2024 72 — 55 — All years thereafter 992 1 501 — Total future minimum lease payments $1,362 $1 $782 $— Less: imputed interest (488) — (177) — Total $874 $1 $605 $— Reported as of December 31, 2019 Operating lease liabilities (current) $65 $— $54 $— Operating lease liabilities (noncurrent) 809 — 551 — Other noncurrent liabilities — 1 — — Total $874 $1 $605 $— At December 31, 2019 , the Companies did not have material obligations under operating or finance leases that had not yet commenced. Disclosures related to the twelve months ended December 31, 2019 are presented as required under Topic 842. Prior period disclosures for the year ended December 31, 2018 are presented under Topic 840. The Companies have elected to use a practical expedient provided by Topic 842 whereby comparative disclosures for prior periods are allowed to be presented under Topic 840. The disclosures presented under Topic 842 and Topic 840 will not be fully comparable in specific disclosure requirements. The future minimum lease commitments at December 31, 2018, accounted for under Topic 840, for the Companies’ operating lease agreements that are not cancellable by the Companies were as follows: (Millions of Dollars) Con Edison CECONY 2019 $72 $56 2020 72 56 2021 71 54 2022 68 53 2023 68 53 All years thereafter 890 592 Total $1,241 $864 The Companies are lessors under certain leases whereby the Companies own real estate and distribution poles and lease portions of them to others. Revenue under such leases was immaterial for Con Edison and CECONY for the twelve months ended December 31, 2019 |
Goodwill
Goodwill | 12 Months Ended |
Dec. 31, 2019 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill | Goodwill In 2019 and 2018, Con Edison elected to perform the optional qualitative assessment for goodwill related to the 1999 O&R merger and the acquisition of a gas storage company, and the first step of the quantitative test for the acquisition of a residential solar company. In 2019 and 2018 , Con Edison completed impairment tests for its goodwill of $406 million related to the O&R merger, and determined that it was not impaired. For the impairment test, $245 million and $161 million of goodwill were allocated to CECONY and O&R, respectively. In 2019 and 2018 , Con Edison completed impairment tests for goodwill of $8 million related to a gas storage company acquired by CET Gas from the Clean Energy Businesses and determined that it was not impaired. In 2019 and 2018, Con Edison determined that goodwill of $14 million related to the residential solar company acquired by the Clean Energy Businesses in 2016 was not impaired. In 2018, Con Edison recorded $12 million of goodwill related to a battery storage company acquired by the Clean Energy Businesses, and, in 2019, the amount was increased to $18 million |
Income Tax
Income Tax | 12 Months Ended |
Dec. 31, 2019 | |
Income Tax Disclosure [Abstract] | |
Income Tax | Income Tax The components of income tax are as follows: Con Edison CECONY (Millions of Dollars) 2019 2018 2017 2019 2018 2017 State Current $(12) $(10) $(2) $22 $6 $37 Deferred 96 107 103 68 82 75 Federal Current — 3 (11) 185 (34) 73 Deferred 219 310 391 63 275 504 Amortization of investment tax credits (7) (9) (9) (3) (3) (4) Total income tax expense $296 $401 $472 $335 $326 $685 The tax effects of temporary differences, which gave rise to deferred tax assets and liabilities, are as follows: Con Edison CECONY (Millions of Dollars) 2019 2018 2019 2018 Deferred tax liabilities: Property basis differences $7,699 $7,402 $6,640 $6,446 Regulatory assets: Unrecognized pension and other postretirement costs 712 627 674 591 Environmental remediation costs 205 227 181 200 Deferred storm costs 22 21 — — Other regulatory assets 376 273 355 252 Operating lease right-of-use asset 231 — 169 — Equity investments 104 102 — — Total deferred tax liabilities $9,349 $8,652 $8,019 $7,489 Deferred tax assets: Accrued pension and other postretirement costs $291 $248 $222 $180 Regulatory liabilities: Future income tax 678 702 638 662 Other regulatory liabilities 702 632 622 554 Superfund and other environmental costs 206 218 183 194 Asset retirement obligations 135 114 102 82 Operating lease liabilities 231 — 170 — Loss carryforwards 108 229 — — Tax credits carryforward 896 817 — — Valuation allowance (40) (33) — — Other 56 53 103 102 Total deferred tax assets 3,263 2,980 2,040 1,774 Net deferred tax liabilities $6,086 $5,672 $5,979 $5,715 Unamortized investment tax credits 141 148 21 24 Net deferred tax liabilities and unamortized investment tax credits $6,227 $5,820 $6,000 $5,739 Upon enactment of the TCJA in December 2017, the Companies re-measured their deferred tax assets and liabilities based upon the TCJA’s 21 percent corporate federal income tax rate. As a result, Con Edison, decreased its net deferred tax liabilities by $5,312 million (including $4,781 million for CECONY), recognized $259 million in net income, decreased its regulatory asset for future income tax by $1,250 million (including $1,182 million for CECONY), decreased the regulatory asset for revenue taxes by $90 million (including $86 million for CECONY), and accrued a regulatory liability for future income tax of $3,713 million (including $3,513 million for CECONY). Since the Companies were in a net regulatory liability position with respect to these income tax matters, the Companies netted the regulatory asset for future income tax against the regulatory liability for future income tax. Under the rate normalization requirements continued by the TCJA, $2,684 million of the net regulatory liability (including $2,542 million for CECONY) related to certain accelerated tax depreciation benefits is to be amortized over the remaining lives of the related assets. The remainder of the net regulatory liability is to be refunded (or credited) to customers as determined by the NYSPSC or NJBPU, as applicable. See “Other Regulatory Matters” in Note B. The amount recognized in net income included $269 million for the Clean Energy Businesses, $11 million for Con Edison Transmission and $(21) million for the parent company. The re-measurement had no impact on the Companies’ cash flows for 2017. At December 31, 2017, the Companies recorded provisional income tax amounts in its accounting for certain effects of the provisions of the TCJA as allowed under SEC Staff Accounting Bulletin 118 (SAB 118). SAB 118 allowed a one year period for companies to finalize the provisional amounts recorded as of December 31, 2017. In August 2018, the Internal Revenue Service (IRS) and U.S. Department of Treasury issued proposed regulations (which were finalized in December 2019), that clarified provisions in the TCJA on the allowance for additional first-year depreciation for qualified property of regulated public utilities placed in service in the fourth quarter of 2017. Under this guidance, which Con Edison elected to adopt the Utilities deducted $477 million in additional depreciation in Con Edison’s 2017 federal income tax return. The additional depreciation increased Con Edison’s 2017 federal net operating loss (NOL) carryover to $563 million (CECONY’s 2017 federal NOL carryover of $153 million was applied in full to CECONY's 2018 tax liability), which required a re-measurement of deferred tax assets and liabilities associated with the filing of its 2017 federal income tax return. As a result, Con Edison decreased its net deferred tax liabilities by $13 million (including $50 million for CECONY), recognized $42 million in income tax expense at the parent company related to re-measuring the 2017 federal NOL carryover to 2018, decreased the regulatory asset for revenue taxes by $1 million (entirely attributable to CECONY) and accrued a regulatory liability for future income tax of $54 million (including $49 million for CECONY). The Companies completed their assessment in the fourth quarter of 2018 and no further adjustments to the provisional amounts were recorded. 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) 2019 2018 2017 2019 2018 2017 STATUTORY TAX RATE Federal 21 % 21 % 35 % 21 % 21 % 35 % Changes in computed taxes resulting from: State income tax 4 4 4 5 5 4 Taxes attributable to noncontrolling interests (1 ) — — — — — Cost of removal 1 1 1 1 1 1 Other plant-related items (1 ) (1 ) (1 ) (1 ) (1 ) (1 ) TCJA deferred tax re-measurement — 2 (13 ) — — — Amortization of excess deferred federal income taxes (4 ) (3 ) — (4 ) (3 ) — Renewable energy credits (2 ) (1 ) (1 ) — — — Research and development credits (1 ) — — (1 ) (1 ) — Other — — (2 ) — (1 ) (1 ) Effective tax rate 17 % 23 % 23 % 21 % 21 % 38 % CECONY and O&R deferred as regulatory liabilities their estimated net benefits under the TCJA for the year ended December 31, 2018. CECONY’s net benefits prior to January 1, 2019 for its electric service and amortization of excess deferred federal income taxes for its electric service continued to be deferred. RECO deferred as a regulatory liability its estimated net benefits under the TCJA for the three months ended March 31, 2018. The net benefits include the revenue requirement impact of the reduction in the corporate federal income tax rate to 21 percent, the elimination for utilities of bonus depreciation and the amortization of excess deferred federal income taxes the utilities collected from customers that will not be paid to the IRS under the TCJA. See “Other Regulatory Matters” in Note B. At December 31, 2019, Con Edison had a federal net operating loss carryover of approximately $36 million from prior years, due primarily to accelerated depreciation (including bonus depreciation), comprised of its remaining 2017 federal net operating loss carryover of $13 million (which, will expire, if unused, in 2037) and its 2018 federal net operating loss carryover of $23 million (which can be carried forward indefinitely). Con Edison has $896 million in general business tax credit carryovers (primarily renewable energy tax credits), which if unused will begin to expire in 2032. A deferred tax asset for these tax attribute carryforwards was recorded, and no valuation allowance has been provided, as it is more likely than not that the deferred tax asset will be realized. At December 31, 2019, Con Edison had a 2018 New York State net operating loss of approximately $272 million from 2018, primarily as a result of accelerated tax deductions on renewable energy projects. Con Edison will carry back approximately $100 million of its 2018 net operating loss to 2015 and 2016, which will result in recovery of $9 million of income tax. The remaining 2018 New York State net operating loss of $172 million will be carried forward to future years. At December 31, Con Edison had a 2019 New York State net operating loss of approximately $453 million , primarily as a result of accelerated tax deductions on renewable energy projects. This loss will be carried forward to future years. A deferred tax asset has been recognized for these New York State net operating loss carryforwards that will begin to expire, if unused, in 2038. A valuation allowance has not been provided; as it is more likely than not that the deferred tax asset will be realized. In addition, an $18 million valuation allowance for the entire amount of its New York City net operating loss carryforward and a $22 million valuation allowance for other state net operating loss carryforwards has been provided; as it is not more likely than not that the deferred tax asset will be realized. At December 31, 2019, Con Edison had charitable contributions carryforwards of $28 million ( $5 million from 2015; $7 million from 2016; $5 million from 2017; $5 million from 2018 and $6 million from 2019), if unused will begin to expire in 2020. The tax effect of the carryforwards were recorded as a deferred tax asset, and no valuation allowance has been provided, as it is more likely than not that the deferred tax asset will be realized. The Protecting Americans from Tax Hikes Act of 2015 extended bonus depreciation applying a 50 percent rate for property acquired and placed in service for years 2015 through 2017 with reduced rates of 40 percent and 30 percent for years 2018 and 2019, respectively. The TCJA does not allow bonus depreciation after December 31, 2017 (excluding certain transition rules) for Companies that qualify as a utility company for the consolidated group under the de minimis exception to Treasury regulations. In December 2019, the Federal government issued final regulations providing guidance on provisions in the TCJA allowing for full expensing of qualified plant additions. These provisions, which Con Edison adopted under the proposed regulations of August 2018, allowed the Utilities a full expense tax deduction for plant additions in the fourth quarter of 2017, and the Utilities continue additional first year depreciation transition rules for plant additions placed in service in tax years beginning in 2018, under long-term construction contracts entered into before September 28, 2017. The impact on the Utilities of these regulations is discussed above. In November 2018, the Federal government issued, and Con Edison adopted, proposed regulations providing guidance on the tax deductibility of interest expense under the TCJA. The TCJA generally provides for the continued deductibility of interest expense by regulated public utilities and may limit the deduction for interest expense by most non-utility businesses to 30 percent of adjusted taxable income (which resembles earnings before interest, taxes, depreciation and amortization).The regulations provide an annual safe harbor test that if at least 90 percent of consolidated plant assets consist of utility property, the entire consolidated group will be treated as a regulated public utility, and all of the consolidated group’s interest expense will be currently tax deductible. For 2018, Con Edison met the 90 percent safe harbor test and its deduction for interest expense was not limited. For 2019, Con Edison did not meet the 90 percent safe harbor test and its deduction for interest expense will be limited by an amount that is not material. Con Edison, as permitted, will carry over the portion of its 2019 interest expense that it will not be able to deduct for 2019 to future years when Con Edison expects it will be able to deduct such interest expense. Qualifying consolidated groups would not be entitled to the full expensing provisions in the TCJA noted above. The safe harbor rules do not apply to partnerships in which Con Edison and its subsidiaries are a partner. Uncertain Tax Positions Under the accounting rules for income taxes, the Companies are not permitted to recognize the tax benefit attributable to a tax position unless such position is more likely than not to be sustained upon examination by taxing authorities, including resolution of any related appeals and litigation processes, based solely on the technical merits of the position. A reconciliation of the beginning and ending amounts of unrecognized tax benefits for Con Edison and CECONY follows: Con Edison CECONY (Millions of Dollars) 2019 2018 2017 2019 2018 2017 Balance at January 1, $6 $12 $42 $4 $5 $21 Additions based on tax positions related to the current year 1 2 1 1 2 1 Additions based on tax positions of prior years 10 1 1 — 1 1 Reductions for tax positions of prior years (2) (2) (24) (1) (1) (18) Reductions from expiration of statute of limitations — (4) (2) — — — Settlements (2) (3) (6) (2) (3) — Balance at December 31, $13 $6 $12 $2 $4 $5 In 2019, Con Edison reached a settlement with the IRS on tax year 2017 and was denied state refund claims in New Jersey, which resulted in Con Edison reversing $4 million in uncertain tax positions. Of this amount, only an immaterial amount reduced Con Edison’s effective tax rate. The amount related to CECONY was $2 million , of which, only an immaterial amount reduced CECONY’s effective tax rate. Current and prior year additions in 2019 are for tax credits and a state combined reporting issue, which increased Con Edison's effective tax rate. As of December 31, 2019 , Con Edison reasonably expects to resolve within the next twelve months approximately $10 million of various federal and state uncertainties due to the expected completion of ongoing tax examinations, of which the entire amount, if recognized, would reduce Con Edison’s effective tax rate. The amount related to CECONY is approximately $1 million , of which the entire amount, if recognized, would reduce CECONY’s effective tax rate. The Companies recognize interest on liabilities for uncertain tax positions in interest expense and would recognize penalties, if any, in operating expenses in the Companies’ consolidated income statements. In 2019 , 2018 and 2017 , the Companies recognized an immaterial amount of interest and no penalties for uncertain tax positions in their consolidated income statements. At December 31, 2019 and 2018 , the Companies reflected an immaterial amount of interest and no penalties in their consolidated balance sheets. At December 31, 2019 , the total amount of unrecognized tax benefits that, if recognized, would reduce the Companies’ effective tax rate is $13 million ( $12 million , net of federal taxes) with $2 million attributable to CECONY. Con Edison's federal tax return for 2018 remains under examination. State income tax returns remain open for examination in New York for tax years 2010 through 2018 and in New Jersey for tax years 2008 through 2018. |
Stock-Based Compensation
Stock-Based Compensation | 12 Months Ended |
Dec. 31, 2019 | |
Share-based Payment Arrangement [Abstract] | |
Stock-Based Compensation | Stock-Based Compensation The Companies may compensate employees and directors with, among other things, stock options, stock units, restricted stock units and contributions to the stock purchase plan. The Long Term Incentive Plan, which was approved by Con Edison’s shareholders in 2003 (2003 LTIP), and the Long Term Incentive Plan, which was approved by Con Edison’s shareholders in 2013 (2013 LTIP), are collectively referred to herein as the LTIP. The LTIP provides for, among other things, awards to employees of restricted stock units and stock options and, to Con Edison’s non-employee directors, stock units. Existing awards under the 2003 LTIP continue in effect, however no new awards may be issued under the 2003 LTIP. The 2013 LTIP provides for awards for up to five million shares of common stock. Shares of Con Edison common stock used to satisfy the Companies’ obligations with respect to stock-based compensation may be new (authorized, but unissued) shares, treasury shares or shares purchased in the open market. The shares used during the year ended December 31, 2019 were new shares. The Companies intend to use new shares to fulfill their stock-based compensation obligations for 2020 . The Companies recognized stock-based compensation expense using a fair value measurement method. The following table summarizes stock-based compensation expense recognized by the Companies in the years ended December 31, 2019 , 2018 and 2017 : Con Edison CECONY (Millions of Dollars) 2019 2018 2017 2019 2018 2017 Performance-based restricted stock $36 $3 $53 $30 $3 $45 Time-based restricted stock 2 2 2 2 1 2 Non-employee director deferred stock compensation 2 3 2 2 3 2 Stock purchase plan 7 6 6 6 6 6 Total $47 $14 $63 $40 $13 $55 Income tax benefit $13 $4 $25 $11 $4 $22 Restricted Stock and Stock Units Restricted stock and stock unit awards under the LTIP have been made as follows: (i) awards that provide for adjustment of the number of units (performance-restricted stock units or Performance RSUs) to certain officers and employees; (ii) time-based awards to certain employees; and (iii) awards to non-employee directors. Restricted stock and stock units awarded represent the right to receive, upon vesting, shares of Con Edison common stock, or, except for units awarded under the directors’ plan, the cash value of shares or a combination thereof. The number of units in each annual Performance RSU award is subject to adjustment as follows: (i) 50 percent of the units awarded will be multiplied by a factor that may range from 0 to 200 percent , based on Con Edison’s total shareholder return relative to a specified peer group during a specified performance period (the TSR portion); and (ii) 50 percent of the units awarded will be multiplied by factors that may range from 0 to 200 percent, based on determinations made in connection with the Companies’ annual incentive plans or, for certain executive officers, actual performance as compared to certain performance measures during a specified performance period (the non-TSR portion). Performance RSU awards generally vest upon completion of the performance period. Performance against the established targets is recomputed each reporting period as of the earlier of the reporting date and the vesting date. The TSR portion applies a Monte Carlo simulation model, and the non-TSR portion is the product of the market price at the end of the period and the average non-TSR determination over the vesting period. Performance RSUs are “liability awards” because each Performance RSU represents the right to receive, upon vesting, one share of Con Edison common stock, the cash value of a share or a combination thereof. As such, changes in the fair value of the Performance RSUs are reflected in net income. The assumptions used to calculate the fair value of the awards were as follows: 2019 2018 2017 Risk-free interest rate (a) 1.58% - 1.59% 2.48% - 2.63% 1.76% - 1.89% Expected term (b) 3 years 3 years 3 years Expected share price volatility (c) 12.89% - 15.51% 14.76% - 17.71% 11.01% - 14.70% (a) The risk-free rate is based on the U.S. Treasury zero-coupon yield curve. (b) The expected term of the Performance RSUs equals the vesting period. The Companies do not expect significant forfeitures to occur. (c) Based on historical experience. A summary of changes in the status of the Performance RSUs’ TSR and non-TSR portions during the year ended December 31, 2019 is as follows: Con Edison CECONY Weighted Average Grant Date Fair Value (a) Weighted Average Grant Date Fair Value (a) Units TSR Portion (b) Non-TSR Portion (c) Units TSR Portion (b) Non-TSR Portion (c) Non-vested at December 31, 2018 1,005,836 $74.81 $74.27 761,906 $74.47 $74.42 Granted 389,600 64.37 80.03 284,516 64.82 80.31 Vested (357,325) 83.17 72.09 (275,376) 82.77 72.32 Forfeited (46,873) 65.08 78.03 (30,186) 65.20 78.10 Transferred (d) — — — 1,344 70.04 75.65 Non-vested at December 31, 2019 991,238 $68.15 $77.14 742,204 $68.06 $77.32 (a) The TSR and non-TSR Portions each account for 50 percent of the awards’ value. (b) Fair value is determined using the Monte Carlo simulation described above. Weighted average grant date fair value does not reflect any accrual or payment of dividends prior to vesting. (c) Fair value is determined using the market price of one share of Con Edison common stock on the grant date. The market price has not been discounted to reflect that dividends do not accrue and are not payable on Performance RSUs until vesting. (d) Represents allocation to another Con Edison subsidiary of a portion of the Performance RSUs that had been awarded to a CECONY officer who transferred to another subsidiary. The total expense to be recognized by Con Edison in future periods for unvested Performance RSUs outstanding at December 31, 2019 is $25 million , including $21 million for CECONY, and is expected to be recognized over a weighted average period of one year for both Con Edison and CECONY. Con Edison and CECONY paid cash of $24 million and $22 million in 2019 , $29 million and $28 million in 2018 , and $22 million and $21 million in 2017 , respectively, to settle vested Performance RSUs. In accordance with the accounting rules for stock compensation, for time-based awards, the Companies are accruing a liability and recognizing compensation expense based on the market value of a common share throughout the vesting period. The vesting period for awards is three years and is based on the employee’s continuous service to Con Edison. Prior to vesting, the awards are subject to forfeiture in whole or in part under certain circumstances. The awards are “liability awards” because each restricted stock unit represents the right to receive, upon vesting, one share of Con Edison common stock, the cash value of a share or a combination thereof. As such, prior to vesting, changes in the fair value of the units are reflected in net income. A summary of changes in the status of time-based awards during the year ended December 31, 2019 is as follows: Con Edison CECONY Units Weighted Average Grant Date Fair Value Units Weighted Average Grant Date Fair Value Non-vested at December 31, 2018 65,180 $77.42 61,380 $77.42 Granted 24,850 84.81 23,350 84.81 Vested (20,980) 76.62 (19,830) 76.62 Forfeited (1,800) 79.12 (1,800) 79.12 Non-vested at December 31, 2019 67,250 $80.36 63,100 $80.36 The total expense to be recognized by Con Edison in future periods for unvested time-based awards outstanding at December 31, 2019 for Con Edison and CECONY was $3 million and $2 million , respectively, and is expected to be recognized over a weighted average period of one year . Con Edison and CECONY paid cash of $1 million in 2019, 2018 and 2017, to settle vested time-based awards. Under the LTIP, each non-employee director receives stock units, which are deferred until the director’s separation from service or another date specified by the director. Each director may also elect to defer all or a portion of their cash compensation into additional stock units, which are deferred until the director’s termination of service or another date specified by the director. Non-employee directors’ stock units issued under the LTIP are considered “equity awards,” because they may only be settled in shares. Directors immediately vest in units issued to them. The fair value of the units is determined using the closing price of Con Edison’s common stock on the business day immediately preceding the date of issue. In the year ended December 31, 2019 , approximately 27,100 units were issued at a weighted average grant date price of $87.57 . Stock Purchase Plan The Stock Purchase Plan, which was approved by shareholders in 2004 and 2014, provides for the Companies to contribute up to $1 for each $9 invested by their directors, officers or employees to purchase Con Edison common stock under the plan. Eligible participants may invest up to $25,000 during any calendar year (subject to an additional limitation for officers and employees of not more than 20 percent of their pay). Dividends paid on shares held under the plan are reinvested in additional shares unless otherwise directed by the participant. Participants in the plan immediately vest in shares purchased by them under the plan. The fair value of the shares of Con Edison common stock purchased under the plan was calculated using the average of the high and low composite sale prices at which shares were traded at the New York Stock Exchange on the trading day immediately preceding such purchase dates. During 2019 , 2018 and 2017 , 747,899 , 786,385 and 719,125 shares were purchased under the Stock Purchase Plan at a weighted average price of $85.45 , $78.27 and $79.57 per share, respectively. |
Financial Information by Busine
Financial Information by Business Segment | 12 Months Ended |
Dec. 31, 2019 | |
Segment Reporting [Abstract] | |
Financial Information by Business Segment | Financial Information by Business Segment The business segments of each of the Companies, which are its operating segments, were determined based on management’s reporting and decision-making requirements in accordance with the accounting rules for segment reporting. Con Edison’s principal business segments are CECONY’s regulated utility activities, O&R’s regulated utility activities, the Clean Energy Businesses and Con Edison Transmission. CECONY’s principal business segments are its regulated electric, gas and steam utility activities. All revenues of these business segments are from customers located in the United States of America. Also, all assets of the business segments are located in the United States of America. The accounting policies of the segments are the same as those described in Note A. Common services shared by the business segments are assigned directly or allocated based on various cost factors, depending on the nature of the service provided. The financial data for the business segments are as follows: As of and for the Year Ended December 31, 2019 (Millions of Dollars) Operating revenues Inter- segment revenues Depreciation and amortization Operating income Other Income (deductions) Interest charges Income taxes on operating income (a) Total assets Capital expenditures CECONY Electric $8,062 $17 $1,053 $1,758 $(28) $539 $239 $32,988 $1,851 Gas 2,132 7 231 528 (4) 147 99 11,090 1,078 Steam 627 70 89 62 (3) 42 4 2,479 91 Consolidation adjustments — (94) — — — — — — — Total CECONY $10,821 $— $1,373 $2,348 ($35) $728 $342 $46,557 $3,020 O&R Electric $634 $— $60 $98 $(7) $27 $15 $2,130 $142 Gas 259 — 24 41 (4) 14 6 876 61 Other — — — — — — — — — Total O&R $893 $— $84 $139 $(11) $41 $21 $3,006 $203 Clean Energy Businesses $857 $— $226 $202 $5 $186 $(58) $6,528 $248 Con Edison Transmission 4 — 1 (6) 104 25 1 1,618 205 Other (b) (1) — — (7) (12) 11 (6) 370 — Total Con Edison $12,574 $— $1,684 $2,676 $51 $991 $300 $58,079 $3,676 As of and for the Year Ended December 31, 2018 (Millions of Dollars) Operating revenues Inter- segment revenues Depreciation and amortization Operating income Other Income (deductions) Interest charges Income taxes on operating income (a) Total assets Capital expenditures CECONY Electric $7,971 $16 $984 $1,799 $(110) $519 $233 $31,012 $1,861 Gas 2,078 7 205 478 (23) 131 87 9,710 1,050 Steam 631 75 87 77 (10) 39 8 2,386 94 Consolidation adjustments — (98) — — — — — — — Total CECONY $10,680 $— $1,276 $2,354 $(143) $689 $328 $43,108 $3,005 O&R Electric $642 $— $56 $93 $(14) $25 $14 $2,036 $138 Gas 249 — 21 39 (5) 14 7 856 67 Other — — — — — — — — — Total O&R $891 $— $77 $132 $(19) $39 $21 $2,892 $205 Clean Energy Businesses $763 $— $85 $194 $33 $63 $19 $5,821 $1,791 Con Edison Transmission 4 — 1 (7) 91 20 (1) 1,425 248 Other (b) (1) — (1) (9) (24) 8 39 674 — Total Con Edison $12,337 $— $1,438 $2,664 $(62) $819 $406 $53,920 $5,249 As of and for the Year Ended December 31, 2017 (Millions of Dollars) Operating revenues Inter- segment revenues Depreciation and amortization Operating income Other Income (deductions) Interest charges Income taxes on operating income (a) Total assets Capital expenditures CECONY Electric $7,972 $16 $925 $1,974 $(105) $472 $511 $29,661 $1,905 Gas 1,901 6 185 495 (23) 113 152 8,387 909 Steam 595 75 85 80 (9) 38 25 2,403 90 Consolidation adjustments — (97) — — — — — — — Total CECONY $10,468 $— $1,195 $2,549 $(137) $623 $688 $40,451 $2,904 O&R Electric $642 $— $51 $115 $(14) $24 $30 $1,949 $128 Gas 232 — 20 46 (5) 12 12 824 61 Other — — — — — — — — — Total O&R $874 $— $71 $161 $(19) $36 $42 $2,773 $189 Clean Energy Businesses $694 $— $74 $69 $33 $43 $(273) $2,735 $447 Con Edison Transmission 2 — 1 (8) 80 16 (11) 1,222 66 Other (b) (5) — — 3 (5) 11 13 930 — Total Con Edison $12,033 $— $1,341 $2,774 $(48) $729 $459 $48,111 $3,606 (a) For Con Edison, the income tax expense/(benefit) on non-operating income was $(4) million , $(5) million and $13 million in 2019 , 2018 and 2017 , respectively. For CECONY, the income tax expense/(benefit) on non-operating income was $(7) million , $(2) million and $(3) million in 2019 , 2018 and 2017 , respectively. At December 31, 2017, Con Edison re-measured its deferred tax assets and liabilities based upon the 21 percent corporate income tax rate under the TCJA. As a result, Con Edison, decreased its federal income tax expense by $259 million ( $269 million , $11 million and $(21) million , respectively, for the Clean Energy Businesses, Con Edison Transmission and the parent company). See Note L to the financial statements in Item 8. (b) Parent company and consolidation adjustments. Other does not represent a business segment. |
Derivative Instruments and Hedg
Derivative Instruments and Hedging Activities | 12 Months Ended |
Dec. 31, 2019 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative Instruments and Hedging Activities | Derivative Instruments and Hedging Activities Con Edison’s subsidiaries hedge market price fluctuations associated with physical purchases and sales of electricity, natural gas, steam and, to a lesser extent, refined fuels by using derivative instruments including futures, forwards, basis swaps, options, transmission congestion contracts and financial transmission rights contracts. These are economic hedges, for which the Utilities and the Clean Energy Business do not elect hedge accounting. The Clean Energy Businesses use interest rate swaps to manage the risks associated with interest rates related to outstanding and expected future debt issuances and borrowings. Derivatives are recognized on the consolidated balance sheet at fair value (see Note P), unless an exception is available under the accounting rules for derivatives and hedging. Qualifying derivative contracts that have been designated as normal purchases or normal sales contracts are not reported at fair value under the accounting rules. In August 2017, the FASB issued amendments to the guidance for derivatives and hedging through ASU 2017-12, “Derivatives and Hedging (Topic 815): Targeted Improvements to Accounting for Hedging Activities.” The amendments in this update provide greater clarification on hedge accounting for risk components, presentation and disclosure of hedging instruments, and overall targeted improvements to simplify hedge accounting. The amendments were effective for reporting periods beginning after December 15, 2018. The application of the guidance did not have a material impact on the Companies’ financial position, results of operations and liquidity because the Companies do not elect hedge accounting for their derivative instruments and hedging activities. The fair values of the Companies’ derivatives including the offsetting of assets and liabilities on the consolidated balance sheet at December 31, 2019 and 2018 were: (Millions of Dollars) 2019 2018 Balance Sheet Location Gross Amounts of Recognized Assets/ (Liabilities) Gross Amounts Offset Net Amounts of Assets/(Liabilities) (a) Gross Amounts of Recognized Assets/ (Liabilities) Gross Amounts Offset Net Amounts of Assets/(Liabilities) (a) Con Edison Fair value of derivative assets Current $60 $(3) $57 (b) $43 $(14) $29 (b) Noncurrent 19 (13) 6 (c) 16 (7) 9 (d) Total fair value of derivative assets $79 $(16) $63 $59 $(21) $38 Fair value of derivative liabilities Current $(140) $17 $(123) (c) $(61) $11 $(50) Noncurrent (122) 16 (106) (c) (25) 9 (16) (d) Total fair value of derivative liabilities $(262) $33 $(229) $(86) $20 $(66) Net fair value derivative assets/(liabilities) $(183) $17 $(166) $(27) $(1) $(28) CECONY Fair value of derivative assets Current $39 $(6) $33 (b) $25 $(6) $19 (b) Noncurrent 17 (12) 5 11 (5) 6 Total fair value of derivative assets $56 $(18) $38 $36 $(11) $25 Fair value of derivative liabilities Current $(100) $19 $(81) $(31) $6 $(25) Noncurrent (80) 16 (64) (12) 6 (6) Total fair value of derivative liabilities $(180) $35 $(145) $(43) $12 $(31) Net fair value derivative assets/(liabilities) $(124) $17 $(107) $(7) $1 $(6) (a) Derivative instruments and collateral were offset on the consolidated balance sheet as applicable under the accounting rules. The Companies enter into master agreements for their commodity derivatives. These agreements typically provide offset in the event of contract termination. In such case, generally the non-defaulting party’s payable will be offset by the defaulting party’s payable. The non-defaulting party will customarily notify the defaulting party within a specific time period and come to an agreement on the early termination amount. (b) At December 31, 2019 and 2018 , margin deposits for Con Edison ( $9 million and $7 million , respectively) and CECONY ( $8 million and $6 million , respectively) were classified as derivative assets on the consolidated balance sheet, but not included in the table. Margin is collateral, typically cash, that the holder of a derivative instrument is required to deposit in order to transact on an exchange and to cover its potential losses with its broker or the exchange. (c) Includes amounts for interest rate swaps of $1 million in noncurrent assets, $(7) million in current liabilities and $(34) million in noncurrent liabilities. At December 31, 2019 , the Clean Energy Businesses had interest rate swaps with notional amounts of $919 million . The expiration dates of the swaps range from 2024-2041. (d) Includes amounts for interest rate swaps of $2 million in noncurrent assets and $(6) million in noncurrent liabilities. At December 31, 2018 , the Clean Energy Businesses had interest rate swaps with notional amounts of $499 million . The expiration dates of the swaps range from 2024-2035. The Utilities generally recover their prudently incurred fuel, purchased power and gas costs, including hedging gains and losses, in accordance with rate provisions approved by the applicable state utility regulators. See "Recoverable Energy Costs" in Note A. In accordance with the accounting rules for regulated operations, the Utilities record a regulatory asset or liability to defer recognition of unrealized gains and losses on their electric and gas derivatives. As gains and losses are realized in future periods, they will be recognized as purchased power, gas and fuel costs in the Companies’ consolidated income statements. The Clean Energy Businesses record realized and unrealized gains and losses on their derivative contracts in purchased power, gas purchased for resale and non-utility revenue in the reporting period in which they occur. The Clean Energy Businesses record changes in the fair value of their interest rate swaps in other interest expense at the end of each reporting period. Management believes that these derivative instruments represent economic hedges that mitigate exposure to fluctuations in commodity prices and interest rates. The following table presents the realized and unrealized gains or losses on derivatives that have been deferred or recognized in earnings for the years ended December 31, 2019 and 2018 : Con Edison CECONY (Millions of Dollars) Balance Sheet Location 2019 2018 2019 2018 Pre-tax gains/(losses) deferred in accordance with accounting rules for regulated operations: Current Deferred derivative gains $4 $(1) $5 $1 Noncurrent Deferred derivative gains (3) 4 (1) 3 Total deferred gains/(losses) $1 $3 $4 $4 Current Deferred derivative losses $(91) $4 $(83) $8 Current Recoverable energy costs (142) (26) (124) (26) Noncurrent Deferred derivative losses (67) 27 (65) 26 Total deferred gains/(losses) $(300) $5 $(272) $8 Net deferred gains/(losses) $(299) $8 $(268) $12 Income Statement Location Pre-tax gain/(loss) recognized in income Gas purchased for resale $(2) $(2) $— $— Non-utility revenue 25 4 — — Other operations and maintenance expense 1 (2) 1 (2) Other interest expense (36) (4) — — Total pre-tax gain/(loss) recognized in income $(12) $(4) $1 $(2) The following table presents the hedged volume of Con Edison’s and CECONY’s commodity derivative transactions at December 31, 2019 : Electric Energy (MWh) (a)(b) Capacity (MW) (a) Natural Gas (Dt) (a)(b) Refined Fuels (gallons) Con Edison 24,868,670 28,916 277,827,601 5,712,000 CECONY 22,487,800 19,950 258,080,000 5,712,000 (a) Volumes are reported net of long and short positions, except natural gas collars where the volumes of long positions are reported. (b) Excludes electric congestion and gas basis swap contracts which are associated with electric and gas contracts and hedged volumes. The Companies are exposed to credit risk related to transactions entered into primarily for the various energy supply and hedging activities by the Utilities and the Clean Energy Businesses. Credit risk relates to the loss that may result from a counterparty’s nonperformance. The Companies use credit policies to manage this risk, including an established credit approval process, monitoring of counterparty limits, netting provisions within agreements, collateral or prepayment arrangements, credit insurance and credit default swaps. The Companies measure credit risk exposure as the replacement cost for open energy commodity and derivative positions plus amounts owed from counterparties for settled transactions. The replacement cost of open positions represents unrealized gains, net of any unrealized losses where the Companies have a legally enforceable right to offset. At December 31, 2019 , Con Edison and CECONY had $128 million and $8 million of credit exposure in connection with open energy supply net receivables and hedging activities, net of collateral, respectively. Con Edison’s net credit exposure consisted of $62 million with independent system operators, $27 million with non-investment grade/non-rated counterparties, $24 million with investment-grade counterparties, and $15 million with commodity exchange brokers. CECONY’s net credit exposure consisted of $8 million with commodity exchange brokers. The collateral requirements associated with, and settlement of, derivative transactions are included in net cash flows from operating activities in the Companies’ consolidated statement of cash flows. Most derivative instrument contracts contain provisions that may require a party to provide collateral on its derivative instruments that are in a net liability position. The amount of collateral to be provided will depend on the fair value of the derivative instruments and the party’s credit ratings. The following table presents the aggregate fair value of the Companies’ derivative instruments with credit-risk-related contingent features that are in a net liability position, the collateral posted for such positions and the additional collateral that would have been required to be posted had the lowest applicable credit rating been reduced one level and to below investment grade at December 31, 2019 : (Millions of Dollars) Con Edison (a) CECONY (a) Aggregate fair value – net liabilities $163 $145 Collateral posted 25 25 Additional collateral (b) (downgrade one level from current ratings) 50 41 Additional collateral (b)(c) (downgrade to below investment grade from current ratings) 159 134 (a) Non-derivative transactions for the purchase and sale of electricity and gas and qualifying derivative instruments, which have been designated as normal purchases or normal sales, are excluded from the table. These transactions primarily include purchases of electricity from independent system operators. In the event the Utilities and the Clean Energy Businesses were no longer extended unsecured credit for such purchases, the Companies would be required to post additional collateral of $1 million at December 31, 2019 . For certain other such non-derivative transactions, the Companies could be required to post collateral under certain circumstances, including in the event counterparties had reasonable grounds for insecurity. (b) The Companies measure the collateral requirements by taking into consideration the fair value amounts of derivative instruments that contain credit-risk-related contingent features that are in a net liabilities position plus amounts owed to counterparties for settled transactions and amounts required by counterparties for minimum financial security. The fair value amounts represent unrealized losses, net of any unrealized gains where the Companies have a legally enforceable right to offset. (c) Derivative instruments that are net assets have been excluded from the table. At December 31, 2019 , if Con Edison had been downgraded to below investment grade, it would have been required to post additional collateral for such derivative instruments of $49 million . |
Fair Value Measurements
Fair Value Measurements | 12 Months Ended |
Dec. 31, 2019 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | Fair Value Measurements The accounting rules for fair value measurements and disclosures define fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date in a principal or most advantageous market. Fair value is a market-based measurement that is determined based on inputs, which refer broadly to assumptions that market participants use in pricing assets or liabilities. These inputs can be readily observable, market corroborated, or generally unobservable firm inputs. The Companies often make certain assumptions that market participants would use in pricing the asset or liability, including assumptions about risk, and the risks inherent in the inputs to valuation techniques. The Companies use valuation techniques that maximize the use of observable inputs and minimize the use of unobservable inputs. The accounting rules for fair value measurements and disclosures established a fair value hierarchy, which prioritizes the inputs to valuation techniques used to measure fair value in three broad levels. The rules require that assets and liabilities be classified in their entirety based on the level of input that is significant to the fair value measurement. Assessing the significance of a particular input may require judgment considering factors specific to the asset or liability, and may affect the valuation of the asset or liability and their placement within the fair value hierarchy. The Companies classify fair value balances based on the fair value hierarchy defined by the accounting rules for fair value measurements and disclosures as follows: • Level 1 – Consists of assets or liabilities whose value is based on unadjusted quoted prices in active markets at the measurement date. An active market is one in which transactions for assets or liabilities occur with sufficient frequency and volume to provide pricing information on an ongoing basis. This category includes contracts traded on active exchange markets valued using unadjusted prices quoted directly from the exchange. • Level 2 – Consists of assets or liabilities valued using industry standard models and based on prices, other than quoted prices within Level 1, that are either directly or indirectly observable as of the measurement date. The industry standard models consider observable assumptions including time value, volatility factors and current market and contractual prices for the underlying commodities, in addition to other economic measures. This category includes contracts traded on active exchanges or in over-the-counter markets priced with industry standard models. • Level 3 – Consists of assets or liabilities whose fair value is estimated based on internally developed models or methodologies using inputs that are generally less readily observable and supported by little, if any, market activity at the measurement date. Unobservable inputs are developed based on the best available information and subject to cost benefit constraints. This category includes contracts priced using models that are internally developed and contracts placed in illiquid markets. It also includes contracts that expire after the period of time for which quoted prices are available and internal models are used to determine a significant portion of the value. Assets and liabilities measured at fair value on a recurring basis for the years ended December 31, 2019 and 2018 are summarized below. 2019 2018 (Millions of Dollars) Level 1 Level 2 Level 3 Netting Adjustment (e) Total Level 1 Level 2 Level 3 Netting Adjustment (e) Total Con Edison Derivative assets: Commodity (a)(b)(c) $4 $61 $2 $4 $71 $6 $36 $7 $(6) $43 Interest rate swaps (a)(b)(c)(f) — 1 — — 1 — 2 — — 2 Other (a)(b)(d) 353 125 — — 478 287 114 — — 401 Total assets $357 $187 $2 $4 $550 $293 $152 $7 $(6) $446 Derivative liabilities: Commodity (a)(b)(c) $18 $174 $18 $(22) $188 $8 $43 $20 $(11) $60 Interest rate swaps (a)(b)(c)(f) — 41 — — 41 — 6 — — 6 Total liabilities $18 $215 $18 $(22) $229 $8 $49 $20 $(11) $66 CECONY Derivative assets: Commodity (a)(b)(c) $3 $42 $1 $— $46 $3 $28 $1 $(1) $31 Other (a)(b)(d) 333 119 — — 452 267 109 — — 376 Total assets $336 $161 $1 $— $498 $270 $137 $1 $(1) $407 Derivative liabilities: Commodity (a)(b)(c) $15 $147 $7 $(24) $145 $5 $30 3 $(6) $32 (a) The Companies’ policy is to review the fair value hierarchy and recognize transfers into and transfers out of the levels at the end of each reporting period. Con Edison and CECONY had $24 million and $22 million of commodity derivative liabilities transferred from level 3 to level 2 during the year ended December 31, 2019 because of availability of observable market data due to the decrease in the terms of certain contracts from beyond three years as of September 30, 2019 to less than three years as of December 31, 2019 . Con Edison and CECONY had $2 million of commodity derivative liabilities transferred from level 3 to level 2 during the year ended December 31, 2018 because of availability of observable market data due to the decrease in the terms of certain contracts from beyond three years as of December 31, 2017 to less than three years as of December 31, 2018 . (b) Level 2 assets and liabilities include investments held in the deferred compensation plan and/or non-qualified retirement plans, exchange-traded contracts where there is insufficient market liquidity to warrant inclusion in Level 1, certain over-the-counter derivative instruments for electricity, refined products and natural gas. Derivative instruments classified as Level 2 are valued using industry standard models that incorporate corroborated observable inputs; such as pricing services or prices from similar instruments that trade in liquid markets, time value and volatility factors. (c) The accounting rules for fair value measurements and disclosures require consideration of the impact of nonperformance risk (including credit risk) from a market participant perspective in the measurement of the fair value of assets and liabilities. At December 31, 2019 and 2018 , the Companies determined that nonperformance risk would have no material impact on their financial position or results of operations. (d) Other assets are comprised of assets such as life insurance contracts within the deferred compensation plan and non-qualified retirement plans. (e) Amounts represent the impact of legally-enforceable master netting agreements that allow the Companies to net gain and loss positions and cash collateral held or placed with the same counterparties. (f) See Note O. The employees in the Companies’ risk management group develop and maintain the Companies’ valuation policies and procedures for, and verify pricing and fair value valuation of, commodity derivatives and interest rate swaps. Under the Companies’ policies and procedures, multiple independent sources of information are obtained for forward price curves used to value commodity derivatives and interest rate swaps. Fair value and changes in fair value of commodity derivatives and interest rate swaps are reported on a monthly basis to the Companies’ risk committees, comprised of officers and employees of the Companies that oversee energy hedging at the Utilities and the Clean Energy Businesses. The risk management group reports to the Companies’ Vice President and Treasurer. Fair Value of Level 3 at December 31, 2019 (Millions of Dollars) Valuation Techniques Unobservable Inputs Range Con Edison — Commodity Electricity $(1) Discounted Cash Flow Forward energy prices (a) $25.50-$34.10 per MWh (16) Discounted Cash Flow Forward capacity prices (a) $0.09-$8.90 per kW-month Transmission Congestion Contracts 1 Discounted Cash Flow Inter-zonal forward price curves adjusted for historical zonal losses (b) $(3.69)-$7.37 per MWh Total Con Edison — Commodity $(16) CECONY — Commodity Electricity $(7) Discounted Cash Flow Forward capacity prices (a) $0.15-$8.90 per kW-month Transmission Congestion Contracts 1 Discounted Cash Flow Inter-zonal forward price curves adjusted for historical zonal losses (b) $0.36-$3.10 per MWh Total CECONY — Commodity $(6) (a) Generally, increases (decreases) in this input in isolation would result in a higher (lower) fair value measurement. (b) Generally, increases (decreases) in this input in isolation would result in a lower (higher) fair value measurement. The table listed below provides a reconciliation of the beginning and ending net balances for assets and liabilities measured at fair value for the years ended December 31, 2019 and 2018 and classified as Level 3 in the fair value hierarchy: Con Edison CECONY (Millions of Dollars) 2019 2018 2019 2018 Beginning balance as of January 1, $(13) $1 $(2) $4 Included in earnings (5) 4 — 4 Included in regulatory assets and liabilities 18 (10) 17 (4) Settlements 8 (6) 1 (4) Transfer out of level 3 (24) (2) (22) (2) Ending balance as of December 31, $(16) $(13) $(6) $(2) For the Utilities, realized gains and losses on Level 3 commodity derivative assets and liabilities are reported as part of purchased power, gas and fuel costs. The Utilities generally recover these costs in accordance with rate provisions approved by the applicable state public utilities regulators. See Note A. Unrealized gains and losses for commodity derivatives are generally deferred on the consolidated balance sheet in accordance with the accounting rules for regulated operations. For the Clean Energy Businesses, realized and unrealized gains and losses on Level 3 commodity derivative assets and liabilities are reported in non-utility revenues ( $2 million gain and $3 million loss) and purchased power costs ( immaterial ) on the consolidated income statement for the years ended December 31, 2019 and 2018 , respectively. The change in fair value relating to Level 3 commodity derivative assets and liabilities held at December 31, 2019 and 2018 is included in non-utility revenues ( $2 million gain and $3 million loss) and purchased power costs ( immaterial ) on the consolidated income statement for the years ended December 31, 2019 and 2018 , respectively. |
Variable Interest Entities
Variable Interest Entities | 12 Months Ended |
Dec. 31, 2019 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Variable Interest Entities | Variable Interest Entities The accounting rules for consolidation address the consolidation of a variable interest entity (VIE) by a business enterprise that is the primary beneficiary. A VIE is an entity that does not have a sufficient equity investment at risk to permit it to finance its activities without additional subordinated financial support, or whose equity investors lack the characteristics of a controlling financial interest. The primary beneficiary is the business enterprise that has the power to direct the activities of the VIE that most significantly impact the VIE’s economic performance and either absorbs a significant amount of the VIE’s losses or has the right to receive benefits that could be significant to the VIE. The Companies enter into arrangements including leases, partnerships and electricity purchase agreements, with various entities. As a result of these arrangements, the Companies retain or may retain a variable interest in these entities. CECONY CECONY has an ongoing long-term electricity purchase agreement with Brooklyn Navy Yard Cogeneration Partners, LP, a potential VIE. In 2019, a request was made of this counterparty for information necessary to determine whether the entity was a VIE and whether CECONY is the primary beneficiary; however, the information was not made available. In April 2017, CECONY's long-term electricity purchase agreement with Cogen Technologies Linden Venture, LP (Linden Cogeneration), another potential VIE, expired. See Note I for information on these electricity purchase agreements, the payments pursuant to which constitute CECONY's maximum exposure to loss with respect to the potential VIEs. Clean Energy Businesses In September 2019, the Clean Energy Businesses, which previously owned an 80 percent membership interest in OCI Solar San Antonio 4 LLC (Texas Solar 4), acquired the remaining 20 percent interest. As a result of the acquisition, Texas Solar 4 is a consolidated entity. Prior to the acquisition, Con Edison had a variable interest in Texas Solar 4, as to which Con Edison was the primary beneficiary since the power to direct the activities that most significantly impact the economics of Texas Solar 4 was held by the Clean Energy Businesses. Texas Solar 4 owns a project company that developed a 40 MW (AC) solar electric production project. Electricity generated by the project is sold pursuant to a long-term power purchase agreement. Con Edison's earnings from Texas Solar 4 for the years ended December 31, 2019 and 2018 were immaterial. In December 2018, the Clean Energy Businesses completed its acquisition of Sempra Solar Holdings, LLC. See Note U. Included in the acquisition were certain operating projects (Tax Equity Projects) with a noncontrolling tax equity investor to which a percentage of earnings, tax attributes and cash flows are allocated. The Tax Equity Projects are consolidated entities in which Con Edison has less than a 100 percent membership interest. Con Edison is the primary beneficiary since the power to direct the activities that most significantly impact the economics of the Tax Equity Projects is held by the Clean Energy Businesses. Electricity generated by the Tax Equity Projects is sold to utilities and municipalities pursuant to long-term power purchase agreements. For the year ended December 31, 2019 , the hypothetical liquidation at book value (HLBV) method of accounting for the Tax Equity Projects resulted in $98 million of income ( $74 million , after tax) for the tax equity investor and a $64 million loss ( $48 million , after tax) for Con Edison, and earnings under the HLBV method for the year ended December 31, 2018 were immaterial. Con Edison has determined that the use of HLBV accounting is reasonable and appropriate to attribute income and loss to the tax equity investors. Using the HLBV method, the company's earnings from the projects are adjusted to reflect the income or loss allocable to the tax equity investors calculated based on how the project would allocate and distribute its cash if it were to sell all of its assets for their carrying amounts and liquidate at a particular point in time. Under the HLBV method, the company calculates the liquidation value allocable to the tax equity investors at the beginning and end of each period based on the contractual liquidation waterfall and adjusts its income for the period to reflect the change in the liquidation value allocable to the tax equity investors. At December 31, 2019 and 2018 , Con Edison’s consolidated balance sheet included the following amounts associated with its VIEs: Tax Equity Projects Great Valley Solar (c)(d) Copper Mountain - Mesquite Solar (c)(e) Texas Solar 4 (c)(f) (Millions of Dollars) 2019 2018 2019 2018 2018 Restricted cash $— $— $— $— $4 Non-utility property, less accumulated depreciation (g)(h) 293 313 461 492 98 Other assets 40 18 128 97 9 Total assets (a) $333 $331 $589 $589 $111 Long-term debt due within one year $— $— $— $— $2 Other liabilities 17 17 18 33 26 Long-term debt — — — — 56 Total liabilities (b) $17 $17 $18 $33 $84 (a) The assets of the Tax Equity Projects represent assets of a consolidated VIE that can be used only to settle obligations of the consolidated VIE. (b) The liabilities of the Tax Equity Projects represent liabilities of a consolidated VIE for which creditors do not have recourse to the general credit of the primary beneficiary. (c) Con Edison did not provide any financial or other support during the year that was not previously contractually required. (d) Great Valley Solar consists of the Great Valley Solar 1, Great Valley Solar 2, Great Valley Solar 3 and Great Valley Solar 4 projects, for which the noncontrolling interest of the tax equity investor was $62 million and $33 million at December 31, 2019 and 2018 , respectively. (e) Copper Mountain - Mesquite Solar consists of the Copper Mountain Solar 4, Mesquite Solar 2 and Mesquite Solar 3 projects for which the noncontrolling interest of the tax equity investor was $ 126 million and $71 million at December 31, 2019 and 2018 , respectively. (f) Noncontrolling interest of the third party was $7 million at December 31, 2018 . (g) Non-utility property is reduced by accumulated depreciation of $9 million for Great Valley Solar and $15 million for Copper Mountain - Mesquite Solar at December 31, 2019 . (h) Non-utility property is reduced by accumulated depreciation of $1 million for Great Valley Solar, $1 million for Copper Mountain - Mesquite Solar and $15 million for Texas Solar 4 at December 31, 2018 . The following table summarizes the VIEs into which the Clean Energy Businesses have entered as of December 31, 2019 : Project Name Generating Capacity (a) (MW AC) Power Purchase Agreement Term in Years Year of Investment Location Maximum Millions of Dollars ) (b) Great Valley Solar (c) 200 15-20 2018 California $254 Copper Mountain - Mesquite Solar (c) 344 20-25 2018 Nevada and Arizona 445 (a) Represents ownership interest in the project. (b) Maximum exposure is equal to the net assets of the project on the consolidated balance sheet less any applicable noncontrolling interest ( $62 million for Great Valley Solar and $126 million for Copper Mountain - Mesquite Solar). Con Edison did not provide any financial or other support during the year that was not previously contractually required. (c) For the projects comprising Great Valley Solar and Copper Mountain Mesquite Solar, refer to (d) and (e) in the table above. |
Asset Retirement Obligations
Asset Retirement Obligations | 12 Months Ended |
Dec. 31, 2019 | |
Asset Retirement Obligation Disclosure [Abstract] | |
Asset Retirement Obligations | Asset Retirement Obligations The Companies recognize a liability at fair value for legal obligations associated with the retirement of long-lived assets in the period in which they are incurred, or when sufficient information becomes available to reasonably estimate the fair value of such legal obligations. When the liability is initially recorded, asset retirement costs are capitalized by increasing the carrying amount of the related asset. The liability is accreted to its present value each period and the capitalized cost is depreciated over the useful life of the related asset. The fair value of the asset retirement obligation liability is measured using expected future cash flows discounted at credit-adjusted risk-free rates, historical information, and where available, quoted prices from outside contractors. The Companies evaluate these assumptions underlying the asset retirement obligation liability on an annual basis or as frequently as needed. The Companies recorded asset retirement obligations associated with the removal of asbestos and asbestos-containing material in their buildings (other than the structures enclosing generating stations and substations), electric equipment and steam and gas distribution systems. The Companies also recorded asset retirement obligations relating to gas and oil pipelines abandoned in place and municipal infrastructure support. The Companies did not record an asset retirement obligation for the removal of asbestos associated with the structures enclosing generating stations and substations. For these building structures, the Companies were unable to reasonably estimate their asset retirement obligations because the Companies were unable to estimate the undiscounted retirement costs or the retirement dates and settlement dates. The amount of the undiscounted retirement costs could vary considerably depending on the disposition method for the building structures, and the method has not been determined. The Companies anticipate continuing to use these building structures in their businesses for an indefinite period, and so the retirement dates and settlement dates are not determinable. Con Edison recorded asset retirement obligations for the removal of the Clean Energy Businesses’ solar and wind equipment related to projects located on property that is not owned by them and the term of the arrangement is finite including any renewal options. Con Edison did not record asset retirement obligations for the Clean Energy Businesses’ projects that are located on property that is owned by them because they expect that the equipment will continue to generate electricity at these facilities long past the manufacturer’s warranty at minimal operating expense. Therefore, Con Edison was unable to reasonably estimate the retirement date of this equipment. The Utilities include in depreciation rates the estimated removal costs, less salvage, for utility plant assets. The amounts related to removal costs that are associated with asset retirement obligations are classified as an asset retirement liability. Pursuant to accounting rules for regulated operations, future removal costs that do not represent legal asset retirement obligations are recorded as regulatory liabilities. Accretion and depreciation expenses related to removal costs that represent legal asset retirement obligations are applied against the Companies’ regulatory liabilities. Asset retirement costs that are recoverable from customers are recorded as regulatory liabilities to reflect the timing difference between costs recovered through the rate-making process and recognition of costs. At December 31, 2019 , the liabilities for asset retirement obligations of Con Edison and CECONY were $425 million and $362 million , respectively. At December 31, 2018 , the liabilities for asset retirement obligations of Con Edison and CECONY were $450 million and $292 million , respectively. The change in liabilities at December 31, 2019 was due to changes in estimated cash flows of $(1) million and $96 million for Con Edison and CECONY, respectively, and accretion expense of $14 million and $12 million for Con Edison and CECONY, respectively. The changes were offset by liabilities settled of $38 million for both Con Edison and CECONY. The change in liabilities at December 31, 2018 was due to changes in estimated cash flows of $168 million and $39 million for Con Edison and CECONY, respectively, and accretion expense of $13 million and $11 million for Con Edison and CECONY, respectively. The changes were offset by liabilities settled of $45 million for both Con Edison and CECONY. Con Edison and CECONY also recorded reductions of $44 million and $50 million during the years ended December 31, 2019 and 2018 , respectively, to the regulatory liability associated with cost of removal to reflect depreciation and interest expense. |
Related Party Transactions
Related Party Transactions | 12 Months Ended |
Dec. 31, 2019 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | Related Party Transactions The NYSPSC generally requires that the Utilities and Con Edison’s other subsidiaries be operated as separate entities. The Utilities and the other subsidiaries are required to have separate operating employees and operating officers of the Utilities may not be operating officers of the other subsidiaries. The Utilities may provide administrative and other services to, and receive such services from, Con Edison and its other subsidiaries only pursuant to cost allocation procedures approved by the NYSPSC. Transfers of assets between the Utilities and Con Edison or its other subsidiaries may be made only as approved by the NYSPSC. The debt of the Utilities is to be raised directly by the Utilities and not derived from Con Edison. Without the prior permission of the NYSPSC, the Utilities may not make loans to, guarantee the obligations of, or pledge assets as security for the indebtedness of Con Edison or its other subsidiaries. The NYSPSC limits the dividends that the Utilities may pay Con Edison. See “Dividends” in Note C. As a result, substantially all of the net assets of CECONY and O&R ( $14,147 million and $762 million , respectively), at December 31, 2019 , are considered restricted net assets. The NYSPSC may impose additional measures to separate, or “ring fence,” the Utilities from Con Edison and its other subsidiaries. See “Rate Plans” in Note B. The costs of administrative and other services provided by CECONY to, and received by it from, Con Edison and its other subsidiaries for the years ended December 31, 2019 , 2018 and 2017 were as follows: CECONY (Millions of Dollars) 2019 2018 2017 Cost of services provided $121 $115 $111 Cost of services received 64 73 64 In addition, CECONY and O&R have joint gas supply arrangements, in connection with which CECONY sold to O&R $71 million , $83 million and $66 million of natural gas for the years ended December 31, 2019 , 2018 and 2017 , respectively. These amounts are net of the effect of related hedging transactions. The Utilities perform work and incur expenses on behalf of NY Transco, a company in which CET Electric has a 45.7 percent equity interest. The Utilities bill NY Transco for such work and expenses in accordance with established policies. For the years ended December 31, 2019 and 2018 , the amounts billed by the Utilities to NY Transco were immaterial. In May 2016, CECONY transferred certain electric transmission projects to NY Transco. CECONY has storage and wheeling service contracts with Stagecoach Gas Services LLC (Stagecoach), a joint venture formed by a subsidiary of CET Gas and a subsidiary of Crestwood Equity Partners LP (Crestwood). In addition, CECONY is the replacement shipper on one of Crestwood’s firm transportation agreements with Tennessee Gas Pipeline Company LLC. CECONY incurred costs for storage and wheeling services from Stagecoach of $33 million , $28 million and $31 million for the years ended December 31, 2019 , 2018 and 2017 , respectively. In addition, the Clean Energy Businesses entered into two electricity sales agreements with Stagecoach under which the amounts received in 2019, 2018 and 2017 were immaterial. CECONY has a 20 -year transportation contract with Mountain Valley Pipeline, LLC (MVP) for 250,000 dekatherms per day of capacity. CET Gas holds a 12.5 percent equity interest in MVP (that is expected to be reduced by approximately 10 percent based on the current project estimate). In October 2017, the Environmental Defense Fund and the Natural Resource Defense Council requested the NYSPSC to prohibit CECONY from recovering costs under its MVP contract unless CECONY can demonstrate that the contract is in the public interest. CECONY advised the NYSPSC that it would respond to the request if the NYSPSC opened a proceeding to consider this request. For the years ended December 31, 2019 and 2018 , CECONY incurred no costs under the contract. FERC has authorized CECONY to lend funds to O&R for a period of not more than 12 months , in an amount not to exceed $250 million , at prevailing market rates. At December 31, 2019 and 2018 there were no outstanding loans to O&R. The Clean Energy Businesses had financial electric capacity contracts with CECONY and O&R during 2019 and 2018. For the years ended December 31, 2019 and 2018 , the Clean Energy Businesses realized $1 million loss under these contracts. |
New Financial Accounting Standa
New Financial Accounting Standards | 12 Months Ended |
Dec. 31, 2019 | |
Accounting Changes and Error Corrections [Abstract] | |
New Financial Accounting Standards | New Financial Accounting Standards In January 2020, the Companies adopted ASU 2016-13, “Financial Instruments-Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments.” The amendments replace the incurred loss impairment methodology which involved delayed recognition of credit losses. The amendments introduce an expected credit loss impairment model which requires immediate recognition of anticipated losses over the instrument’s life. A broader range of reasonable and supportable information must be considered in developing the credit loss estimates. The Companies' financial instruments subject to the amendments include their accounts receivable - customers and other receivables. The adoption of this guidance will not have a material impact on the Companies’ financial position, results of operations and liquidity. The Companies will prepare additional disclosures as required by the amendments beginning in 2020. The Companies implemented additional internal controls related to the amendments, however the adoption of the amendments will not require a change that will materially affect the Companies’ internal control over financial reporting. In January 2020, the Companies adopted ASU 2017-04, “Intangibles-Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment.” The amendments in this update simplify goodwill impairment testing by eliminating Step 2 of the goodwill impairment test wherein an entity has to compute the implied fair value of goodwill by performing procedures to determine the fair value of its assets and liabilities. Under the new guidance, an entity will recognize an impairment charge for the amount by which the carrying amount exceeds the reporting unit’s fair value up to the total amount of goodwill allocated to that reporting unit. The adoption of this guidance will not have a material impact on the Companies’ financial position, results of operations and liquidity. In December 2019, the FASB issued amendments to the guidance for income taxes through ASU 2019-12, “Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes.” The amendments in this update simplify the accounting for income taxes by removing certain exceptions such as: 1) the incremental approach for intraperiod tax allocation when there is a loss from continuing operations and income or a gain from other items, 2) the requirement to recognize a deferred tax liability for equity method investments when a foreign subsidiary becomes an equity method investment, 3) the ability not to recognize a deferred tax liability for a foreign subsidiary when a foreign equity method investment becomes a subsidiary, and 4) the general methodology for calculating income taxes in an interim period when a year-to-date loss exceeds the anticipated loss for the year. For public entities, the amendments are effective for reporting periods beginning after December 15, 2020. Early adoption is permitted. The Companies are in the process of evaluating the potential impact of the new guidance on the Companies’ financial position, results of operations and liquidity. |
Acquisitions, Investments and D
Acquisitions, Investments and Dispositions | 12 Months Ended |
Dec. 31, 2019 | |
Business Combinations [Abstract] | |
Acquisitions, Investments and Dispositions | Acquisitions, Investments and Dispositions Acquisitions and Investments Mountain Valley Pipeline In January 2016, CET Gas acquired a 12.5 percent equity interest in MVP, a company developing a proposed gas transmission project in West Virginia and Virginia. The company's initial contribution to MVP was $18 million . At December 31, 2019 and 2018 , CET Gas' cash investment in MVP was $530 million and $337 million , respectively. In October 2019, the operator of MVP indicated that it expects a late 2020 full in-service date for the project at an overall project cost of $5,300 million to $5,500 million , excluding allowance for funds used during construction. MVP is currently defending certain agency actions and judicial challenges that must be resolved favorably before the pipeline can be completed. There are other proceedings that may affect MVP, including an investigation of potential criminal and/or civil violations of the Clean Water Act and other federal statutes as they relate to the construction of the pipeline. CET Gas, as it was permitted to do under the joint venture agreement, has limited its cash contributions to the joint venture to approximately $530 million , which will reduce its ownership interest in the joint venture to approximately 10 percent based on the current project cost estimate. Con Edison is accounting for its equity interest in MVP as an equity method investment. Sempra Solar In December 2018, the Clean Energy Businesses completed their acquisition of Sempra Solar Holdings, LLC, a Sempra Energy subsidiary, for $ 1,609 million, including working capital and other closing adjustments of $69 million . In 2019, Con Edison finalized the purchase price allocation and reclassified approximately $100 million which primarily decreased property, plant and equipment and asset retirement obligations, the impact of which was not material to earnings. The reclassification was recorded within the one year available to finalize the purchase price allocation. The acquired company has ownership interests in 981 megawatts (AC) of operating renewable electric production projects, including its 379 megawatts (AC) share of projects in which its subsidiaries had a 50 percent ownership interest (Acquired JV Interests) and the Clean Energy Businesses had the remaining ownership interests (Previously-Owned JV Interests), and certain development rights with respect to solar electric production and energy storage projects. At the acquisition date, the acquired company’s subsidiaries had $1,354 million of tangible assets consisting mostly of property, plant and equipment, $878 million of intangible assets mostly arising from power purchase agreements, $4 million of other noncurrent assets, $568 million of project debt (including, in each case, amounts associated with the Acquired JV Interests) and $28 million of asset retirement obligation liabilities. The weighted average amortization period for these intangible assets is 16 years . At the acquisition date, the fair value of the noncontrolling interest attributable to the tax equity investors (see below) was $100 million . The acquisition date valuation was performed using a discounted cash flow approach . The fair values of assets acquired and liabilities assumed were determined based on significant estimates and assumptions that are judgmental in nature, including projected amounts and timing of future cash flows, discount rates reflecting risk inherent in the future cash flows and future power prices. Upon completion of the acquisition, the acquisition date fair value of the Previously-Owned JV Interests increased from $437 million to $568 million and Con Edison recognized a pre-tax gain of $131 million ( $89 million or $0.28 per share net of taxes). Prior to the acquisition, Con Edison had been accounting for the Previously-Owned JV Interests under the equity method. Upon completion of the acquisition, Con Edison is accounting for Acquired JV Interests and the Previously-Owned JV Interests on a consolidated basis. Certain projects acquired have tax equity investors to which a percentage of earnings, tax attributes and cash flows are allocated. See Note Q. Con Edison's revenues and net income for the years ended December 31, 2018 and 2017 as reported and pro forma to account on a consolidated basis for the acquisition as if the acquisition had been completed on January 1, 2017 instead of December 13, 2018 are as follows: Years ended December 31, (Millions of Dollars) 2018 2017 As Reported Revenue $12,337 $12,033 Net income 1,382 1,525 PRO FORMA SUPPLEMENTAL INFORMATION If Acquired January 1, 2017 (a)(b) Revenue $12,655 $12,331 Net income 1,279 1,612 (a) Reflects the following material adjustments: • included additional interest expense of $37 million and $38 million in 2018 and 2017, respectively, that would have been incurred if $825 million that was borrowed in December 2018 under a variable rate term loan agreement to fund a portion of the purchase price for the acquisition had instead been borrowed for such purpose on January 1, 2017 at a fixed rate of 4.64% per annum; and • with respect to the Previously-Owned JV Interests: eliminated the $131 million purchase accounting gain (pre-tax) that Con Edison recognized upon the completion of the acquisition in 2018 and reflected the $131 million purchase accounting gain in 2017; recorded the corresponding increase to the book value of the related net utility plant and power purchase agreement intangible asset as of January 1, 2017 instead of December 13, 2018, and included the increased depreciation and amortization expense in 2018 and 2017; and eliminated $33 million and $32 million of other income that Con Edison had recorded in 2018 and 2017, respectively, under the equity method of accounting. (b) Recalculating each investor’s claim on the investee’s assets under the contractual liquidation waterfall as if the acquisition had been completed on January 1, 2017 is impracticable. Accordingly, no HLBV adjustments were made. Dispositions Upton 2 In May 2017, the Clean Energy Businesses sold Upton 2, a development stage solar electric production project, for $11 million to Vistra Asset Co. and recorded a $1 million gain on sale ( $0.7 million , net of taxes). In addition, the Clean Energy Businesses agreed to perform the engineering, procurement and construction for the 180 MW (AC) project, which was completed in 2018. |
Schedule I - Condensed Financia
Schedule I - Condensed Financial Information | 12 Months Ended |
Dec. 31, 2019 | |
Condensed Financial Information Disclosure [Abstract] | |
Schedule I - Condensed Financial Information | Schedule I Condensed Financial Information of Consolidated Edison, Inc. (a) Condensed Statement of Income and Comprehensive Income (Parent Company Only) For the Years Ended December 31, (Millions of Dollars, except per share amounts) 2019 2018 2017 Equity in earnings of subsidiaries $1,354 $1,447 $1,544 Other income (deductions), net of taxes 76 (6) 31 Interest expense (87) (59) (50) Net Income $1,343 $1,382 $1,525 Comprehensive Income $1,340 $1,392 $1,526 Net Income Per Share – Basic $4.09 $4.43 $4.97 Net Income Per Share – Diluted $4.08 $4.42 $4.94 Dividends Declared Per Share $2.96 $2.86 $2.76 Average Number Of Shares Outstanding—Basic (In Millions) 328.5 311.1 307.1 Average Number Of Shares Outstanding—Diluted (In Millions) 329.5 312.9 308.8 (a) These financial statements, in which Con Edison’s subsidiaries have been included using the equity method, should be read together with its consolidated financial statements and the notes thereto appearing above. Condensed Financial Information of Consolidated Edison, Inc. (a) Condensed Statement of Cash Flows (Parent Company Only) For the Years Ended December 31, (Millions of Dollars) 2019 2018 2017 Net Income 1,343 1,382 1,525 Equity in earnings of subsidiaries (1,354) (1,447) (1,544) Dividends received from: CECONY 912 846 796 O&R 47 46 44 Clean Energy Businesses 3 15 12 Con Edison Transmission 12 10 8 Change in Assets: Special deposits (3) (8) — Income taxes receivable 25 2 34 Other – net 44 187 21 Net Cash Flows from Operating Activities 1,029 1,033 896 Investing Activities Contributions to subsidiaries (930) (1,110) (434) Debt receivable from affiliated companies 450 (825) — Net Cash Flows Used in Investing Activities (480) (1,935) (434) Financing Activities Net proceeds of short-term debt (783) 164 (53) Issuance of long-term debt 825 825 400 Retirement of long-term debt (553) (3) (402) Debt issuance costs — — (2) Issuance of common shares for stock plans, net of repurchases 54 53 51 Issuance of common shares - public offering 825 705 343 Common stock dividends (924) (842) (803) Net Cash Flows Used in Financing Activities (556) 902 (466) Net Change for the Period (7 ) — (4) Balance at Beginning of Period 9 9 13 Balance at End of Period $2 $9 $9 (a) These financial statements, in which Con Edison’s subsidiaries have been included using the equity method, should be read together with its consolidated financial statements and the notes thereto appearing above. Condensed Financial Information of Consolidated Edison, Inc. (a) Condensed Balance Sheet (Parent Company Only) December 31, (Millions of Dollars) 2019 2018 Assets Current Assets Cash and temporary cash investments $2 $9 Income taxes receivable 18 43 Term loan receivable from affiliated companies — 825 Accounts receivable from affiliated companies 870 536 Prepayments 32 33 Other current assets 12 12 Total Current Assets 934 1,458 Investments in subsidiaries and others 18,009 16,707 Goodwill 406 406 Deferred income tax 14 69 Long-term debt receivable from affiliated companies 1,275 900 Other noncurrent assets — 2 Total Assets $20,638 $19,542 Liabilities and Shareholders’ Equity Current Liabilities Long-term debt due within one year $3 $3 Term loan — 825 Notes payable 537 495 Accounts payable — 9 Accounts payable to affiliated companies 595 274 Accrued taxes 2 2 Other current liabilities 10 13 Total Current Liabilities 1,147 1,621 Deferred income tax — — Total Liabilities 1,147 1,621 Long-term debt 1,469 1,195 Shareholders’ Equity Common stock, including additional paid-in capital 8,089 7,151 Retained earnings 9,933 9,575 Total Shareholders’ Equity 18,022 16,726 Total Liabilities and Shareholders’ Equity $20,638 $19,542 (a) These financial statements, in which Con Edison’s subsidiaries have been included using the equity method, should be read together with its consolidated financial statements and the notes thereto appearing above. |
Schedule II - Valuation and Qua
Schedule II - Valuation and Qualifying Accounts | 12 Months Ended |
Dec. 31, 2019 | |
SEC Schedule, 12-09, Valuation and Qualifying Accounts [Abstract] | |
Schedule II - Valuation and Qualifying Accounts | Schedule II Valuation and Qualifying Accounts For the Years Ended December 31, 2019 , 2018 and 2017 COLUMN C Additions Company (Millions of Dollars) COLUMN A Description COLUMN B Balance at Beginning of Period (1) Charged To Costs And Expenses (2) Charged To Other Accounts COLUMN D Deductions (b) COLUMN E Balance At End of Period Con Edison Allowance for uncollectible accounts (a): 2019 $68 $77 $— $(71) $74 2018 $70 $62 $— $(64) $68 2017 $83 $64 $— $(77) $70 CECONY Allowance for uncollectible accounts (a): 2019 $61 $72 $— $(65) $68 2018 $65 $56 $— $(60) $61 2017 $78 $60 $— $(73) $65 (a) This is a valuation account deducted in the balance sheet from the assets (Accounts receivable - customers and Other receivables) to which they apply. (b) Accounts written off less cash collections, miscellaneous adjustments and amounts reinstated as receivables previously written off. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies and Other Matters (Policies) | 12 Months Ended |
Dec. 31, 2019 | |
Accounting Policies [Abstract] | |
Principles of Consolidation | Principles of Consolidation The Companies’ consolidated financial statements include the accounts of their respective majority-owned subsidiaries, and variable interest entities (see Note Q), as required. All intercompany balances and intercompany transactions have been eliminated. |
Accounting Policies | Accounting Policies The accounting policies of Con Edison and its subsidiaries conform to generally accepted accounting principles in the United States of America (GAAP). For the Utilities, these accounting principles include the accounting rules for regulated operations and the accounting requirements of the Federal Energy Regulatory Commission (FERC) and the state regulators having jurisdiction. The accounting rules for regulated operations specify the economic effects that result from the causal relationship of costs and revenues in the rate-regulated environment and how these effects are to be accounted for by a regulated enterprise. Revenues intended to cover some costs may be recorded either before or after the costs are incurred. If regulation provides assurance that incurred costs will be recovered in the future, these costs would be recorded as deferred charges or “regulatory assets” under the accounting rules for regulated operations. If revenues are recorded for costs that are expected to be incurred in the future, these revenues would be recorded as deferred credits or “regulatory liabilities” under the accounting rules for regulated operations. The Utilities’ principal regulatory assets and liabilities are detailed in Note B. The Utilities are receiving or being credited with a return on all of their regulatory assets for which a cash outflow has been made, and are paying or being charged with a return on all of their regulatory liabilities for which a cash inflow has been received. The Utilities’ regulatory assets and liabilities at December 31, 2019 are recoverable from customers, or to be applied for customer benefit, in accordance with rate provisions that have been approved by state regulators. |
Revenue Recognition | Revenue Recognition The following table presents, for the years ended December 31, 2019 and 2018 , revenue from contracts with customers as defined in Accounting Standards Codification (ASC) Topic 606, "Revenue from Contracts with Customers," as well as additional revenue from sources other than contracts with customers, disaggregated by major source. Revenue was recognized for the year ended December 31, 2017 under ASC Topic 605, “Revenue Recognition,” and was materially consistent with revenue that would have been recognized under Topic 606. 2019 2018 (Millions of Dollars) Revenues from contracts with customers Other revenues (a) Total operating revenues Revenues from contracts with customers Other revenues (a) Total operating revenues CECONY Electric $7,913 $149 $8,062 $7,920 $51 $7,971 Gas 2,097 35 2,132 2,052 26 2,078 Steam 610 17 627 625 6 631 Total CECONY $10,620 $201 $10,821 $10,597 $83 $10,680 O&R Electric 627 7 634 647 (5) 642 Gas 247 12 259 256 (7) 249 Total O&R $874 $19 $893 $903 $(12) $891 Clean Energy Businesses Renewables 575 (b) — 575 329 (b) — 329 Energy services 71 — 71 95 — 95 Other — 211 211 — 339 339 Total Clean Energy Businesses $646 $211 $857 $424 $339 $763 Con Edison Transmission 4 — 4 4 — 4 Other (c) — (1) (1) — (1) (1) Total Con Edison $12,144 $430 $12,574 $11,928 $409 $12,337 (a) For the Utilities, this includes revenue from alternative revenue programs, such as the revenue decoupling mechanisms under their New York electric and gas rate plans. For the Clean Energy Businesses, this includes revenue from wholesale services. (b) Included within the total for Renewables revenue at the Clean Energy Businesses is $14 million and $103 million for the years ended December 31, 2019 and 2018 , respectively, of revenue related to engineering, procurement and construction services. (c) Parent company and consolidation adjustments. Revenues are recorded as energy is delivered, generated or services are provided and billed to customers, except for services under percentage-of-completion contracts. Amounts billed are recorded in accounts receivable - customers, with payment generally due the following month. Con Edison’s and the Utilities’ accounts receivable - customers balance also reflects the Utilities’ purchase of receivables from energy service companies to support retail choice programs. Accrued revenues not yet billed to customers are recorded as accrued unbilled revenues. The Utilities have the obligation to deliver electricity, gas and steam energy to their customers. As the energy is immediately available for use upon delivery to the customer, the energy and its delivery are identifiable as a single performance obligation. The Utilities recognize revenues as this performance obligation is satisfied over time as the Utilities deliver, and the customers simultaneously receive and consume, the energy. The amount of revenues recognized reflects the consideration the Utilities expect to receive in exchange for delivering the energy. Under their tariffs, the transaction price for full-service customers includes the Utilities’ energy cost and for all customers includes delivery charges determined based on customer class and in accordance with established tariffs and guidelines of the New York State Public Service Commission (NYSPSC) or the New Jersey Board of Public Utilities (NJBPU), as applicable. Accordingly, there is no unsatisfied performance obligation associated with these customers. The transaction price is applied to the Utilities’ revenue generating activities through the customer billing process. Because energy is delivered over time, the Utilities use output methods that recognize revenue based on direct measurement of the value transferred, such as units delivered, which provides an accurate measure of value for the energy delivered. The Utilities accrue revenues at the end of each month for estimated energy delivered but not yet billed to customers. The Utilities defer over a 12-month period net interruptible gas revenues, other than those authorized by the NYSPSC to be retained by the Utilities, for refund to firm gas sales and transportation customers. The Clean Energy Businesses recognize revenue for the sale of energy from renewable electric production projects as energy is generated and billed to counterparties; accrue revenues at the end of each month for energy generated but not yet billed to counterparties; and recognize revenue as energy is delivered and services are provided for managing energy supply assets leased from others and managing the dispatch, fuel requirements and risk management activities for generating plants and merchant transmission in the northeastern United States. The Clean Energy Businesses also recognize revenue for providing energy-efficiency services to government and commercial customers, and recognize revenue for engineering, procurement and construction services, under the percentage-of-completion method of revenue recognition. Sales and profits on each percentage-of-completion contract are recorded each month based on the ratio of actual cumulative costs incurred to the total estimated costs at completion of the contract, multiplied by the total estimated contract revenue, less cumulative revenues recognized in prior periods (the ‘‘cost-to-cost’’ method). The impact of revisions of contract estimates, which may result from contract modifications, performance or other reasons, are recognized on a cumulative catch-up basis in the period in which the revisions are made. 2019 2018 (Millions of Dollars) Unbilled contract revenue (a) Unearned revenue (b) Unbilled contract revenue (a) Unearned revenue (b) Beginning balance as of January 1, $29 $20 $58 $87 Additions (c) 86 1 144 38 Subtractions (c) 86 4 (d) 173 105 (d) Ending balance as of December 31, $29 $17 $29 $20 (a) Unbilled contract revenue represents accumulated incurred costs and earned profits on contracts (revenue arrangements), which have been recorded as revenue, but have not yet been billed to customers, and which represent contract assets as defined in Topic 606. Substantially all accrued unbilled contract revenue is expected to be collected within one year. Unbilled contract revenue arises from the cost-to-cost method of revenue recognition. Unbilled contract revenue from fixed-price type contracts is converted to billed receivables when amounts are invoiced to customers according to contractual billing terms, which generally occur when deliveries or other performance milestones are completed. (b) Unearned revenue represents a liability for billings to customers in excess of earned revenue, which are contract liabilities as defined in Topic 606. (c) Additions for unbilled contract revenue and subtractions for unearned revenue represent additional revenue earned. Additions for unearned revenue and subtractions for unbilled contract revenue represent billings. Activity also includes appropriate balance sheet classification for the period. (d) Of the subtractions from unearned revenue, $4 million and $50 million was included in the balance as of January 1, 2019 and 2018, respectively. As of December 31, 2019 , the aggregate amount of the remaining fixed performance obligations of the Clean Energy Businesses, under contracts with customers for energy services is $82 million , of which $46 million will be recognized within the next two years, and the remaining $36 million will be recognized pursuant to long-term service and maintenance agreements. CECONY’s electric and gas rate plans and O&R’s New York electric and gas rate plans each contain a revenue decoupling mechanism under which the company’s actual energy delivery revenues are compared with the authorized delivery revenues and the difference accrued, with interest, for refund to, or recovery from, customers, as applicable. See “Rate Plans” in Note B. |
Other Receivables | Other Receivables |
Plant and Depreciation | Plant and Depreciation Utility Plant Utility plant is stated at original cost. The cost of repairs and maintenance is charged to expense and the cost of betterments is capitalized. The capitalized cost of additions to utility plant includes indirect costs such as engineering, supervision, payroll taxes, pensions, other benefits and an allowance for funds used during construction (AFUDC). The original cost of property is charged to expense over the estimated useful lives of the assets. Upon retirement, the original cost of property is charged to accumulated depreciation. See Note R. Rates used for AFUDC include the cost of borrowed funds and a reasonable rate of return on the Utilities’ own funds when so used, determined in accordance with regulations of the FERC or the state public utility regulatory authority having jurisdiction. The rate is compounded semiannually, and the amounts applicable to borrowed funds are treated as a reduction of interest charges, while the amounts applicable to the Utilities’ own funds are credited to other income (deductions). The AFUDC rates for CECONY were 5.1 percent , 5.4 percent and 5.5 percent for 2019 , 2018 and 2017 , respectively. The AFUDC rates for O&R were 5.3 percent , 2.2 percent and 2.5 percent for 2019 , 2018 and 2017 , respectively. The Utilities generally compute annual charges for depreciation using the straight-line method for financial statement purposes, with rates based on average service lives and net salvage factors. The average depreciation rates for CECONY were 3.2 percent for 2019 and 3.1 percent for 2018 and 2017 . The average depreciation rates for O&R were 3.0 percent for 2019 and 2.9 percent for 2018 and 2017 . The estimated lives for utility plant for CECONY range from 5 to 95 years for electric, 5 to 90 years for gas, 5 to 80 years for steam and 5 to 55 years for general plant. For O&R, the estimated lives for utility plant range from 5 to 75 years for electric and gas and 5 to 50 years for general plant. Non–Utility Plant Non-utility plant is stated at original cost. For Con Edison, non-utility plant consists primarily of the Clean Energy Businesses’ renewable electric production projects. For the Utilities, non-utility plant consists of land and conduit for telecommunication use. Depreciation on these assets is computed using the straight-line method for financial statement purposes over their estimated useful lives, which is 10 years. |
Goodwill | Goodwill |
Long-Lived and Intangible Assets | Long–Lived and Intangible Assets The Companies test long-lived and intangible assets for recoverability when events or changes in circumstances indicate that the carrying value of long-lived or intangible assets may not be recoverable. The carrying amount of a long-lived asset or intangible asset with a definite life is deemed not recoverable if it exceeds the sum of the undiscounted cash flows expected to result from the use and eventual disposition of the assets. In the event a test indicates that such cash flows cannot be expected to be sufficient to fully recover the assets, the assets are considered impaired and written down to their estimated fair value. |
Recoverable Energy Costs/New York Independent System Operator (NYISO) | Recoverable Energy Costs The Utilities generally recover all of their prudently incurred fuel, purchased power and gas costs, including hedging gains and losses, in accordance with rate provisions approved by the applicable state public utility regulators. If the actual energy supply costs for a given month are more or less than the amounts billed to customers for that month, the difference in most cases is recoverable from or refundable to customers. Differences between actual and billed electric and steam supply costs and costs of its electric demand management programs are generally deferred for charge or refund to customers during the next billing cycle (normally within one or two months ). For the Utilities’ gas costs, differences between actual and billed gas costs during the 12-month period ending each August are charged or refunded to customers during a subsequent 12-month period. New York Independent System Operator (NYISO) The Utilities purchase electricity through the wholesale electricity market administered by the NYISO. The difference between purchased power and related costs initially billed to the Utilities by the NYISO and the actual cost of power subsequently calculated by the NYISO is refunded by the NYISO to the Utilities, or paid to the NYISO by the Utilities. The reconciliation payments or receipts are recoverable from or refundable to the Utilities’ customers. Certain other payments to or receipts from the NYISO are also subject to reconciliation, with shortfalls or amounts in excess of specified rate allowances recoverable from or refundable to customers. These include proceeds from the sale through the NYISO of transmission rights on CECONY’s transmission system (transmission congestion contracts or TCCs). |
Temporary Cash Investments | Temporary Cash Investments Temporary cash investments are short-term, highly-liquid investments that generally have maturities of three months or less at the date of purchase. They are stated at cost, which approximates market. The Companies consider temporary cash investments to be cash equivalents. |
Investments | Investments |
Pension and Other Postretirement Benefits | Pension and Other Postretirement Benefits The accounting rules for retirement benefits require an employer to recognize an asset or liability for the overfunded or underfunded status of its pension and other postretirement benefit plans. For a pension plan, the asset or liability is the difference between the fair value of the plan’s assets and the projected benefit obligation. For any other postretirement benefit plan, the asset or liability is the difference between the fair value of the plan’s assets and the accumulated postretirement benefit obligation. The accounting rules generally require employers to recognize all unrecognized prior service costs and credits and unrecognized actuarial gains and losses in accumulated other comprehensive income/(loss) (OCI), net of tax. Such amounts will be adjusted as they are subsequently recognized as components of total periodic benefit cost or income pursuant to the current recognition and amortization provisions. For the Utilities’ pension and other postretirement benefit plans, regulatory accounting treatment is generally applied in accordance with the accounting rules for regulated operations. Unrecognized prior service costs or credits and unrecognized actuarial gains and losses are recorded to regulatory assets or liabilities, rather than OCI. See Notes E and F. The total periodic benefit costs are recognized in accordance with the accounting rules for retirement benefits. Investment gains and losses are recognized in expense over a 15 -year period and other actuarial gains and losses are recognized in expense over a 10 -year period, subject to the deferral provisions in the rate plans. In accordance with the Statement of Policy issued by the NYSPSC and its current electric, gas and steam rate plans, CECONY defers for payment to or recovery from customers the difference between such expenses and the amounts for such expenses reflected in rates. O&R also defers such difference pursuant to its New York rate plans. See Note B. The Companies calculate the expected return on pension and other postretirement benefit plan assets by multiplying the expected rate of return on plan assets by the market-related value (MRV) of plan assets at the beginning of the year, taking into consideration anticipated contributions and benefit payments that are to be made during the year. The accounting rules allow the MRV of plan assets to be either fair value or a calculated value that recognizes changes in fair value in a systematic and rational manner over not more than five years. The Companies use a calculated value when determining the MRV of the plan assets that adjusts for 20 percent of the difference between fair value and expected MRV of plan assets. This calculated value has the effect of stabilizing variability in assets to which the Companies apply the expected return. |
Federal Income Tax/State Income Tax | Federal Income Tax In accordance with accounting rules for income taxes, the Companies have recorded an accumulated deferred federal income tax liability at current tax rates for temporary differences between the book and tax basis of assets and liabilities. In accordance with rate plans, the Utilities have recovered amounts from customers for a portion of the tax liability they will pay in the future as a result of the reversal or “turn-around” of these temporary differences. As to the remaining deferred tax liability, the Utilities had established regulatory assets for the net revenue requirements to be recovered from customers for the related future tax expense pursuant to the NYSPSC's 1993 Policy Statement approving accounting procedures consistent with accounting rules for income taxes and providing assurances that these future increases in taxes will be recoverable in rates. Upon enactment of the Tax Cuts and Jobs Act of 2017 on December 22, 2017 (the TCJA), the Companies re-measured their deferred tax assets and liabilities based upon the 21 percent corporate income tax rate under the TCJA. The tax effects of changes in tax laws are to be recognized in the period in which the law is enacted and deferred tax assets and liabilities are to be re-measured at the enacted tax rate expected to apply when temporary differences are to be realized or settled. For the Utilities, in accordance with their New York rate plans and the accounting rules for regulated operations, the change in deferred taxes was recorded as either an offset to a regulatory asset or a regulatory liability. For Con Edison’s other businesses, the change in deferred taxes was reflected as a decrease in income tax expense, which increased Con Edison's net income. See “Other Regulatory Matters” and “Regulatory Assets and Liabilities” in Note B and Note L. Accumulated deferred investment tax credits are amortized ratably over the lives of the related properties and applied as a reduction to future federal income tax expense. Con Edison and its subsidiaries file a consolidated federal income tax return. The consolidated income tax liability is allocated to each member of the consolidated group using the separate return method. Each member pays or receives an amount based on its own taxable income or loss in accordance with a consolidated tax allocation agreement. Tax loss and tax credit carryforwards are allocated among members in accordance with consolidated tax return regulations. State Income Tax Con Edison and its subsidiaries file a combined New York State Corporation Business Franchise Tax Return. Similar to a federal consolidated income tax return, the income of all entities in the combined group is subject to New York State taxation, after adjustments for differences between federal and New York law and apportionment of income among the states in which the company does business. Each member’s share of the New York State tax is based on its own New York State taxable income or loss. |
Research and Development Costs | Research and Development Costs |
Earnings Per Common Share | Earnings Per Common Share Con Edison presents basic and diluted earnings per share (EPS) on the face of its consolidated income statement. Basic EPS is calculated by dividing earnings available to common shareholders (“Net income for common stock” on Con Edison’s consolidated income statement) by the weighted average number of Con Edison common shares outstanding during the period. In the calculation of diluted EPS, weighted average shares outstanding are increased for additional shares that would be outstanding if potentially dilutive securities were converted to common stock. Potentially dilutive securities for Con Edison consist of restricted stock units and deferred stock units for which the average market price of the common shares for the period was greater than the exercise price (see Note M) and its common shares that are subject to forward sale agreements (see Note C). Before the issuance of common shares upon settlement of the forward sale agreements, the shares will be reflected in the company’s diluted earnings per share calculations using the treasury stock method. Under this method, the number of common shares used in calculating diluted earnings per share is deemed to be increased by the excess, if any, of the number of shares that would be issued upon physical settlement of the forward sale agreements over the number of shares that could be purchased by the company in the market (based on the average market price during the period) using the proceeds due upon physical settlement (based on the adjusted forward sale price at the end of the reporting period). |
Estimates | Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. |
New Financial Accounting Standards | New Financial Accounting Standards In January 2020, the Companies adopted ASU 2016-13, “Financial Instruments-Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments.” The amendments replace the incurred loss impairment methodology which involved delayed recognition of credit losses. The amendments introduce an expected credit loss impairment model which requires immediate recognition of anticipated losses over the instrument’s life. A broader range of reasonable and supportable information must be considered in developing the credit loss estimates. The Companies' financial instruments subject to the amendments include their accounts receivable - customers and other receivables. The adoption of this guidance will not have a material impact on the Companies’ financial position, results of operations and liquidity. The Companies will prepare additional disclosures as required by the amendments beginning in 2020. The Companies implemented additional internal controls related to the amendments, however the adoption of the amendments will not require a change that will materially affect the Companies’ internal control over financial reporting. In January 2020, the Companies adopted ASU 2017-04, “Intangibles-Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment.” The amendments in this update simplify goodwill impairment testing by eliminating Step 2 of the goodwill impairment test wherein an entity has to compute the implied fair value of goodwill by performing procedures to determine the fair value of its assets and liabilities. Under the new guidance, an entity will recognize an impairment charge for the amount by which the carrying amount exceeds the reporting unit’s fair value up to the total amount of goodwill allocated to that reporting unit. The adoption of this guidance will not have a material impact on the Companies’ financial position, results of operations and liquidity. In December 2019, the FASB issued amendments to the guidance for income taxes through ASU 2019-12, “Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes.” The amendments in this update simplify the accounting for income taxes by removing certain exceptions such as: 1) the incremental approach for intraperiod tax allocation when there is a loss from continuing operations and income or a gain from other items, 2) the requirement to recognize a deferred tax liability for equity method investments when a foreign subsidiary becomes an equity method investment, 3) the ability not to recognize a deferred tax liability for a foreign subsidiary when a foreign equity method investment becomes a subsidiary, and 4) the general methodology for calculating income taxes in an interim period when a year-to-date loss exceeds the anticipated loss for the year. For public entities, the amendments are effective for reporting periods beginning after December 15, 2020. Early adoption is permitted. The Companies are in the process of evaluating the potential impact of the new guidance on the Companies’ financial position, results of operations and liquidity. |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies and Other Matters (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Accounting Policies [Abstract] | |
Disaggregation of Revenue | The following table presents, for the years ended December 31, 2019 and 2018 , revenue from contracts with customers as defined in Accounting Standards Codification (ASC) Topic 606, "Revenue from Contracts with Customers," as well as additional revenue from sources other than contracts with customers, disaggregated by major source. Revenue was recognized for the year ended December 31, 2017 under ASC Topic 605, “Revenue Recognition,” and was materially consistent with revenue that would have been recognized under Topic 606. 2019 2018 (Millions of Dollars) Revenues from contracts with customers Other revenues (a) Total operating revenues Revenues from contracts with customers Other revenues (a) Total operating revenues CECONY Electric $7,913 $149 $8,062 $7,920 $51 $7,971 Gas 2,097 35 2,132 2,052 26 2,078 Steam 610 17 627 625 6 631 Total CECONY $10,620 $201 $10,821 $10,597 $83 $10,680 O&R Electric 627 7 634 647 (5) 642 Gas 247 12 259 256 (7) 249 Total O&R $874 $19 $893 $903 $(12) $891 Clean Energy Businesses Renewables 575 (b) — 575 329 (b) — 329 Energy services 71 — 71 95 — 95 Other — 211 211 — 339 339 Total Clean Energy Businesses $646 $211 $857 $424 $339 $763 Con Edison Transmission 4 — 4 4 — 4 Other (c) — (1) (1) — (1) (1) Total Con Edison $12,144 $430 $12,574 $11,928 $409 $12,337 (a) For the Utilities, this includes revenue from alternative revenue programs, such as the revenue decoupling mechanisms under their New York electric and gas rate plans. For the Clean Energy Businesses, this includes revenue from wholesale services. (b) Included within the total for Renewables revenue at the Clean Energy Businesses is $14 million and $103 million for the years ended December 31, 2019 and 2018 , respectively, of revenue related to engineering, procurement and construction services. (c) Parent company and consolidation adjustments. |
Change in Unbilled Contract and Unearned Revenues | 2019 2018 (Millions of Dollars) Unbilled contract revenue (a) Unearned revenue (b) Unbilled contract revenue (a) Unearned revenue (b) Beginning balance as of January 1, $29 $20 $58 $87 Additions (c) 86 1 144 38 Subtractions (c) 86 4 (d) 173 105 (d) Ending balance as of December 31, $29 $17 $29 $20 (a) Unbilled contract revenue represents accumulated incurred costs and earned profits on contracts (revenue arrangements), which have been recorded as revenue, but have not yet been billed to customers, and which represent contract assets as defined in Topic 606. Substantially all accrued unbilled contract revenue is expected to be collected within one year. Unbilled contract revenue arises from the cost-to-cost method of revenue recognition. Unbilled contract revenue from fixed-price type contracts is converted to billed receivables when amounts are invoiced to customers according to contractual billing terms, which generally occur when deliveries or other performance milestones are completed. (b) Unearned revenue represents a liability for billings to customers in excess of earned revenue, which are contract liabilities as defined in Topic 606. (c) Additions for unbilled contract revenue and subtractions for unearned revenue represent additional revenue earned. Additions for unearned revenue and subtractions for unbilled contract revenue represent billings. Activity also includes appropriate balance sheet classification for the period. (d) Of the subtractions from unearned revenue, $4 million and $50 million was included in the balance as of January 1, 2019 and 2018, respectively. |
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) 2019 2018 2017 Con Edison $323 $330 $302 CECONY 312 318 292 |
Capitalized Cost of Utility Plant | At December 31, 2019 and 2018 , the capitalized cost of the Companies’ utility plant, net of accumulated depreciation, was as follows: Con Edison CECONY (Millions of Dollars) 2019 2018 2019 2018 Electric Generation $591 $593 $591 $592 Transmission 3,634 3,333 3,380 3,106 Distribution 20,676 19,750 19,602 18,716 General 43 — 43 — Gas (a) 8,617 7,714 7,961 7,107 Steam 1,813 1,830 1,813 1,830 General 2,365 2,306 2,143 2,102 Held for future use 75 76 67 67 Construction work in progress 1,937 1,978 1,812 1,850 Net Utility Plant $39,751 $37,580 $37,412 $35,370 (a) Primarily distribution. |
Schedule of Investment Assets | The following investment assets are included in the Companies' consolidated balance sheets at December 31, 2019 and 2018 : Con Edison CECONY (Millions of Dollars) 2019 2018 2019 2018 CET Gas investment in Stagecoach Gas Services, LLC $924 $948 $— $— CET Gas investment in Mountain Valley Pipeline, LLC (a) 602 363 — — Supplemental retirement income plan assets (b) 397 326 371 301 Deferred income plan assets 81 75 81 75 CET Electric investment in New York Transco, LLC 59 52 — — Other 2 2 9 9 Total investments $2,065 $1,766 $461 $385 (a) See Note U. (b) See Note E. |
Research and Development Costs | Research and development costs were as follows: For the Years Ended December 31, (Millions of Dollars) 2019 2018 2017 Con Edison $24 $24 $24 CECONY 23 23 23 |
Basic and Diluted EPS | 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) 2019 2018 2017 Net income for common stock $1,343 $1,382 $1,525 Weighted average common shares outstanding – basic 328.5 311.7 307.1 Add: Incremental shares attributable to effect of potentially dilutive securities 1.0 1.2 1.7 Adjusted weighted average common shares outstanding – diluted 329.5 312.9 308.8 Net Income per common share – basic $4.09 $4.43 $4.97 Net Income per common share – diluted $4.08 $4.42 $4.94 |
Changes in Accumulated Other Comprehensive Income/(Loss) | Changes to accumulated other comprehensive income/(loss) (OCI) for Con Edison and CECONY are as follows: (Millions of Dollars) Con Edison CECONY Accumulated OCI, net of taxes, at December 31, 2016 (a) $(27) $(7) OCI before reclassifications, net of tax of $3 and $1 for Con Edison and CECONY, respectively (4) — Amounts reclassified from accumulated OCI related to pension plan liabilities, net of tax of $(3) and $(1) for Con Edison and CECONY, respectively (a)(b) 5 1 Total OCI, net of taxes, at December 31, 2017 1 1 Accumulated OCI, net of taxes, at December 31, 2017 (a) $(26) $(6) OCI before reclassifications, net of tax of $3 for Con Edison 4 — Amounts reclassified from accumulated OCI related to pension plan liabilities, net of tax of $(2) for Con Edison (a)(b) 6 1 Total OCI, net of taxes, at December 31, 2018 10 1 Accumulated OCI, net of taxes, at December 31, 2018 (a) $(16) $(5) OCI before reclassifications, net of tax of $(6) and $(1) for Con Edison and CECONY, respectively (10) (3) Amounts reclassified from accumulated OCI related to pension plan liabilities, net of tax of $(2) for Con Edison (a)(b) 7 2 Total OCI, net of taxes, at December 31, 2019 (3) (1) Accumulated OCI, net of taxes, at December 31, 2019 (a) $(19) $(6) (a) Tax reclassified from accumulated OCI is reported in the income tax expense line item of the consolidated income statement. (b) 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 and liabilities instead of OCI. The net actuarial losses and prior service costs recognized during the period are included in the computation of total periodic pension and other postretirement benefit cost. See Notes E and F. |
Restrictions on Cash and Cash Equivalents | At December 31, 2019 and 2018 , cash, temporary cash investments and restricted cash for Con Edison and CECONY were as follows: At December 31, Con Edison CECONY (Millions of Dollars) 2019 2018 2019 2018 Cash and temporary cash investments $981 $895 $933 $818 Restricted cash (a) 236 111 — — Total cash, temporary cash investments and restricted cash $1,217 $1,006 $933 $818 (a) Restricted cash included cash of the Clean Energy Businesses' renewable electric production project subsidiaries ( $236 million and $109 million at December 31, 2019 and 2018 , respectively) that, under the related project debt agreements, is either restricted until the various maturity dates of the project debt to being used for normal operating expenses and capital expenditures, debt service, and required reserves or restricted as a result of the PG&E bankruptcy. During the pendency of the PG&E bankruptcy, unless the lenders for the related project debt otherwise agree, cash may not be distributed from the related projects to the Clean Energy Businesses. See "Long-Lived and Intangible Assets,” above and "Long-term Debt" in Note C. In addition, restricted cash included O&R's New Jersey utility subsidiary, Rockland Electric Company transition bond charge collections, net of principal, interest, trustee and service fees ( $2 million at December 31, 2018 ). |
Schedule of Cash and Cash Equivalents | At December 31, 2019 and 2018 , cash, temporary cash investments and restricted cash for Con Edison and CECONY were as follows: At December 31, Con Edison CECONY (Millions of Dollars) 2019 2018 2019 2018 Cash and temporary cash investments $981 $895 $933 $818 Restricted cash (a) 236 111 — — Total cash, temporary cash investments and restricted cash $1,217 $1,006 $933 $818 (a) Restricted cash included cash of the Clean Energy Businesses' renewable electric production project subsidiaries ( $236 million and $109 million at December 31, 2019 and 2018 , respectively) that, under the related project debt agreements, is either restricted until the various maturity dates of the project debt to being used for normal operating expenses and capital expenditures, debt service, and required reserves or restricted as a result of the PG&E bankruptcy. During the pendency of the PG&E bankruptcy, unless the lenders for the related project debt otherwise agree, cash may not be distributed from the related projects to the Clean Energy Businesses. See "Long-Lived and Intangible Assets,” above and "Long-term Debt" in Note C. In addition, restricted cash included O&R's New Jersey utility subsidiary, Rockland Electric Company transition bond charge collections, net of principal, interest, trustee and service fees ( $2 million at December 31, 2018 ). |
Regulatory Matters (Tables)
Regulatory Matters (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Regulated Operations [Abstract] | |
Summary of Utilities Rate Plans | The following tables contain a summary of the Utilities’ rate plans: CECONY – Electric Effective period January 2017 – December 2019 January 2020 – December 2022 (a) Base rate changes Yr. 1 – $195 million (b) Yr. 1 – $113 million (c) Amortizations to income of net regulatory (assets) and liabilities Yr. 1 – $84 million Yr. 1 – $267 million (d) Other revenue sources Retention of $75 million of annual transmission congestion revenues. Retention of $75 million of annual transmission congestion revenues. Revenue decoupling mechanisms Continuation of reconciliation of actual to authorized electric delivery revenues. Continuation of reconciliation of actual to authorized electric delivery revenues. Recoverable energy costs Continuation of current rate recovery of purchased power and fuel costs. Continuation of current rate recovery of purchased power and fuel costs. Negative revenue adjustments Potential charges if certain performance targets relating to service, reliability, safety and other matters are not met: Potential charges if certain performance targets relating to service, reliability, safety and other matters are not met: Cost reconciliations Continuation of reconciliation of expenses for pension and other postretirement benefits, variable-rate tax-exempt debt, major storms, property taxes (e), municipal infrastructure support costs (f), the impact of new laws and environmental site investigation and remediation to amounts reflected in rates (g). Continuation of reconciliation of expenses for pension and other postretirement benefits, variable-rate debt, major storms, property taxes (e), municipal infrastructure support costs (f), the impact of new laws and environmental site investigation and remediation to amounts reflected in rates. (g) Net utility plant reconciliations Target levels reflected in rates: Target levels reflected in rates: Average rate base Yr. 1 – $18,902 million Yr. 1 - $21,660 million Weighted average cost of capital (after-tax) Yr. 1 – 6.82 percent 6.61 percent Authorized return on common equity 9.0 percent 8.80 percent Actual return on common equity (i) Yr. 1 – 9.30 percent Earnings sharing Most earnings above an annual earnings threshold of 9.5 percent are to be applied to reduce regulatory assets for environmental remediation and other costs accumulated in the rate year. Most earnings above an annual earnings threshold of 9.3 percent are to be applied to reduce regulatory assets for environmental remediation and other costs accumulated in the rate year. Cost of long-term debt Yr. 1 – 4.93 percent 4.63 percent Common equity ratio 48 percent 48 percent (a) In January 2020, the NYSPSC approved the October 2019 Joint Proposal for CECONY's electric rate plan for January 2020 through December 2022. If at the end of any semi-annual period ending June 30 and December 31, Con Edison’s investments in its non-utility businesses exceed 15 percent of its total consolidated revenues, assets or cash flow, or if the ratio of holding company debt to total consolidated debt rises above 20 percent , CECONY is required to notify the NYSPSC and submit a ring-fencing plan or a demonstration why additional ring-fencing measures (see Note S) are not necessary. (b) The electric base rate increases were in addition to a $48 million increase resulting from the December 2016 expiration of a temporary credit under the prior rate plan. At the NYSPSC’s option, these increases were implemented with increases of $199 million in each rate year. Base rates reflect recovery by the company of certain costs of its energy efficiency, system peak reduction and electric vehicle programs (Yr. 1 - $20.5 million ; Yr. 2 - $49 million ; and Yr. 3 - $107.5 million ) over a 10 -year period, including the overall pre-tax rate of return on such costs. (c) Base rates reflect recovery by the company of certain costs of its energy efficiency, Reforming the Energy Vision demonstration projects, non-wire alternative projects (including the Brooklyn Queens demand management program), and off-peak electric vehicle charging programs (Yr. 1 - $206 million ; Yr. 2 - $245 million ; and Yr. 3 - $251 million ) over a ten-year period, including the overall pre-tax rate of return on such costs. (d) Amounts reflect amortization of the 2018 tax savings under the federal Tax Cuts and Jobs Act of 2017 (TCJA) allocable to CECONY’s electric customers ( $377 million ) over a three-year period ( $126 million annually), the protected portion of the regulatory liability for excess deferred income taxes allocable to CECONY’s electric customers ( $1,663 million ) over the remaining lives of the related assets ( $49 million in Yr. 1, $50 million in Yr. 2, and $53 million in Yr. 3) and the unprotected portion of the net regulatory liability ( $784 million ) over five years ( $157 million annually). Amounts also reflect amortization of the regulatory asset for deferred MTA power reliability costs ( $238 million ) over a five-year period ( $48 million annually). (e) Deferrals for property taxes are limited to 90 percent of the difference from amounts reflected in rates, subject to an annual maximum for the remaining difference of not more than a maximum number of basis points impact on return on common equity: Yr 1 - 10.0 basis points ; Yr 2 - 7.5 basis points; and Yr 3 - 5.0 basis points. (f) In general, if actual expenses for municipal infrastructure support (other than company labor) are below the amounts reflected in rates the company will defer the difference for credit to customers, and if the actual expenses are above the amount reflected in rates the company will defer for recovery from customers 80 percent of the difference subject to a maximum deferral, subject to certain conditions, of 30 percent of the amount reflected in the January 2017-December 2019 rate plan and 15 percent of the amount reflected in the January 2020-December 2022 rate plan. (g) In addition, the NYSPSC staff has commenced a focused operations audit to investigate the income tax accounting of CECONY and other New York utilities. Any NYSPSC-ordered adjustment to CECONY’s income tax accounting will be refunded to or collected from customers, as determined by the NYSPSC. See "Other Regulatory Matters," below. (h) Reconciliation of net utility plant for AMI will be done on a combined basis for electric and gas. (i) Calculated in accordance with the earnings calculation method prescribed in the rate order. CECONY – Gas Effective period January 2017 - December 2019 January 2020 – December 2022 (a) Base rate changes Yr. 1 – $(5) million (b) Yr. 1 – $84 million (c) Amortizations to income of net regulatory (assets) and liabilities Yr. 1 – $39 million Yr. 1 – $45 million (d) Other revenue sources Retention of annual revenues from non-firm customers of up to $65 million and 15 percent of any such revenues above $65 million. Retention of annual revenues from non-firm customers of up to $65 million and 15 percent of any such revenues above $65 million. Revenue decoupling mechanisms Continuation of reconciliation of actual to authorized gas delivery revenues. Continuation of reconciliation of actual to authorized gas delivery revenues, modified to be calculated based upon revenue per customer class instead of revenue per customer. Recoverable energy costs Continuation of current rate recovery of purchased gas costs. Continuation of current rate recovery of purchased gas costs. Negative revenue adjustments Potential charges if performance targets relating to service, safety and other matters are not met: In 2019, the company did not record any negative revenue adjustments. Potential charges if performance targets relating to service, safety and other matters are not met: Cost reconciliations Continuation of reconciliation of expenses for pension and other postretirement benefits, variable-rate tax-exempt debt, major storms, property taxes (e), municipal infrastructure support costs (f), the impact of new laws and environmental site investigation and remediation to amounts reflected in rates. (g) Continuation of reconciliation of expenses for pension and other postretirement benefits, variable-rate debt, major storms, property taxes (e), municipal infrastructure support costs (f), the impact of new laws and environmental site investigation and remediation to amounts reflected in rates. (g) Net utility plant reconciliations Target levels reflected in rates: Target levels reflected in rates: Average rate base Yr. 1 – $4,841 million Yr. 1 - $7,171 million Weighted average cost of capital Yr. 1 – 6.82 percent 6.61 percent Authorized return on common equity 9.0 percent 8.80 percent Actual return on common equity (i) Yr. 1 – 9.22 percent Earnings sharing Most earnings above an annual earnings threshold of 9.5 percent are to be applied to reduce regulatory assets for environmental remediation and other costs accumulated in the rate year. Most earnings above an annual earnings threshold of 9.3 percent are to be applied to reduce regulatory assets for environmental remediation and other costs accumulated in the rate year. Cost of long-term debt Yr. 1 – 4.93 percent 4.63 percent Common equity ratio 48 percent 48 percent (a) In January 2020, the NYSPSC approved the October 2019 Joint Proposal for CECONY's gas rate plan for January 2020 through December 2022. If at the end of any semi-annual period ending June 30 and December 31, Con Edison’s investments in its non-utility businesses exceed 15 percent of its total consolidated revenues, assets or cash flow, or if the ratio of holding company debt to total consolidated debt rises above 20 percent, CECONY is required to notify the NYSPSC and submit a ring-fencing plan or a demonstration why additional ring-fencing measures (see Note S) are not necessary. (b) The gas base rate decrease was offset by a $41 million increase resulting from the December 2016 expiration of a temporary credit under the prior rate plan. (c) The gas base rate increases shown above will be implemented with increases of $47 million in Yr. 1; $176 million in Yr. 2; and $170 million in Yr. 3 in order to levelize customer bill impacts. Base rates reflect recovery by the company of certain costs of its energy efficiency program (Yr. 1 - $30 million ; Yr. 2 - $37 million ; and Yr. 3 - $40 million ) over a ten-year period, including the overall pre-tax rate of return on such costs. (d) Amounts reflect amortization of the remaining 2018 TCJA tax savings allocable to CECONY’s gas customers ( $63 million ) over a two year period ( $32 annually), the protected portion of the regulatory liability for excess deferred income taxes allocable to CECONY’s gas customers ( $725 million ) over the remaining lives of the related assets ( $14 million in Yr. 1, $14 million in Yr. 2, and $12 million in Yr. 3) and the unprotected portion of the net regulatory liability ( $107 million ) over five years ( $21 million annually) (e)-(i) See footnotes (e) - (i) to the table under “CECONY Electric,” above. CECONY – Steam Effective period January 2014 – December 2016 (a) Base rate changes Yr. 1 – $(22.4) million (b) Amortizations to income of net regulatory (assets) and liabilities $37 million over three years Recoverable energy costs Current rate recovery of purchased power and fuel costs. Negative revenue adjustments Potential charges (up to $1 million annually) if certain steam performance targets are not met. In years 2014 through 2019, the company did not record any negative revenue adjustments. Cost reconciliations (c) In 2014, 2015, 2016, 2017, 2018 and 2019, the company deferred $42 million of net regulatory liabilities, $17 million of net regulatory assets, $8 million and $14 million of net regulatory liabilities, $1 million of net regulatory assets and $8 million of net regulatory liabilities, respectively. Net utility plant reconciliations Target levels reflected in rates were: Average rate base Yr. 1 – $1,511 million Weighted average cost of capital (after-tax) Yr. 1 – 7.10 percent Authorized return on common equity 9.3 percent Actual return on common equity (d) Yr. 1 – 9.82 percent Earnings sharing Weather normalized earnings above an annual earnings threshold of 9.9 percent are to be applied to reduce regulatory assets for environmental remediation and other costs. Cost of long-term debt Yr. 1 – 5.17 percent Common equity ratio 48 percent (a) Rates determined pursuant to this rate plan continue in effect until a new rate plan is approved by the NYSPSC. (b) The impact of these base rate changes was deferred which resulted in an $8 million regulatory liability at December 31, 2016. (c) Deferrals for property taxes are limited to 90 percent of the difference from amounts reflected in rates, subject to an annual maximum for the remaining difference of not more than a 10 basis point impact on return on common equity. (d) Calculated in accordance with the earnings calculation method prescribed in the rate order. O&R New York – Electric Effective period November 2015 - October 2017 (a) January 2019 – December 2021 (d) Base rate changes Yr. 1 – $9.3 million Yr. 1 – $13.4 million (e) Amortizations to income of net regulatory (assets) and liabilities Yr. 1 – $(8.5) million (b) Yr. 1 – $(1.5) million (f) Other revenue sources Potential earnings adjustment mechanism incentives for peak reduction, energy efficiency, Distributed Energy Resources utilization and other potential incentives of up to: $0.2 million of incentives for service terminations. Revenue decoupling mechanisms In 2015, 2016, 2017 and 2018, the company deferred for the customer’s benefit an immaterial amount, $6.3 million as regulatory liabilities, $11.2 million as regulatory asset and $0.5 million as regulatory asset, respectively. Continuation of reconciliation of actual to authorized electric delivery revenues. Recoverable energy costs Continuation of current rate recovery of purchased power costs. Continuation of current rate recovery of purchased power costs. Negative revenue adjustments Potential charges (up to $4 million annually) if certain performance targets are not met. In 2015 the company recorded $1.25 million in negative revenue adjustments. In 2016, 2017 and 2018, the company did not record any negative revenue adjustments. Potential charges if certain performance targets relating to service, reliability and other matters are not met: Cost reconciliations In 2015, 2016 and 2017, the company deferred $0.3 million, $7.4 million and $3.2 million as net decreases to regulatory assets, respectively. In 2018, the company deferred $5 million as a net regulatory asset. Reconciliation of expenses for pension and other postretirement benefits, environmental remediation costs, property taxes (g), energy efficiency program (h), major storms, the impact of new laws and certain other costs to amounts reflected in rates.(i) Net utility plant reconciliations Target levels reflected in rates are: Target levels reflected in rates were: Average rate base Yr. 1 – $763 million Yr. 1 – $878 million Weighted average cost of capital (after-tax) Yr. 1 – 7.10 percent Yr. 1 – 6.97 percent Authorized return on common equity 9.0 percent 9.0 percent Actual return on common equity (k) Yr. 1 – 10.8 percent Yr. 1 – 9.6 percent Earnings sharing Most earnings above an annual earnings threshold of 9.6 percent are to be applied to reduce regulatory assets. In 2015, earnings did not exceed the earnings threshold. Actual earnings were $6.1 million, $0.3 million above the threshold for 2016 and 2017, respectively. In 2018, earnings did not exceed the earnings threshold. Most earnings above an annual earnings threshold of 9.6 percent are to be applied to reduce regulatory assets for environmental remediation and other costs accumulated in the rate year. Cost of long-term debt Yr. 1 – 5.42 percent Yr. 1 – 5.17 percent Common equity ratio 48 percent 48 percent (a) Rates determined pursuant to this rate plan continued in effect until the subsequent rate plan became effective. (b) $59.3 million of the regulatory asset for deferred storm costs is to be recovered from customers over a 5 year period, including $11.85 million in each of years 1 and 2, $1 million of the regulatory asset for such costs will not be recovered from customers, and all outstanding issues related to Superstorm Sandy and other past major storms prior to November 2014 are resolved. Approximately $4 million of regulatory assets for property tax and interest rate reconciliations will not be recovered from customers. Amounts that will not be recovered from customers were charged-off in June 2015. (c) Excludes electric AMI as to which the company will be required to defer as a regulatory liability the revenue requirement impact of the amount, if any, by which actual average net utility plant balances are less than amounts reflected in rates: $1 million in year 1 and $9 million in year 2. (d) If at the end of any year, Con Edison’s investments in its non-utility businesses exceed 15 percent of Con Edison’s total consolidated revenues, assets or cash flow, or if the ratio of holding company debt to total consolidated debt rises above 20 percent , O&R is required to notify the NYSPSC and submit a ring-fencing plan or a demonstration why additional ring-fencing measures (see Note S) are not necessary. (e) The electric base rate increases shown above will be implemented with increases of: Yr. 1 - $8.6 million ; Yr. 2 - $12.1 million ; and Yr. 3 - $12.2 million . (f) Reflects amortization of, among other things, the company’s net benefits under the TCJA prior to January 1, 2019, amortization of net regulatory liability for future income taxes and reduction of previously incurred regulatory assets for environmental remediation costs. Also, for electric, reflects amortization over a six year period of previously incurred incremental major storm costs. See "Other Regulatory Matters," below. (g) Deferrals for property taxes are limited to 90 percent of the difference from amounts reflected in rates, subject to an annual maximum for the remaining difference of not more than a maximum number of basis points impact on return on common equity: Yr. 1 - 10.0 basis points; Yr. 2 - 7.5 basis points; and Yr. 3 - 5.0 basis points. (h) Energy efficiency costs are expensed as incurred. Such costs are subject to a downward-only reconciliation over the terms of the electric and gas rate plans. The company will defer for the benefit of customers any cumulative shortfall over the terms of the electric and gas rate plans between actual expenditures and the levels provided in rates. (i) In addition, amounts reflected in rates relating to income taxes and excess deferred federal income tax liability balances will be reconciled (i.e., refunded to or collected from customers) to any final, non-appealable NYSPSC-ordered findings in its investigation of O&R’s income tax accounting. See “Other Regulatory Matters,” in Note B. (j) Net plant reconciliation for AMI expenditures will be implemented for a single category of AMI capital expenditures that includes amounts allocated to both electric and gas customers. (k) Calculated in accordance with the earnings calculation method prescribed in the rate order. O&R New York – Gas Effective period November 2015 – October 2018 (a) January 2019 – December 2021 (d) Base rate changes Yr. 1 – $16.4 million Yr. 1 – $(7.5) million (e) Amortization to income of net regulatory (assets) and liabilities Yr. 1 – $(1.7) million (b) Yr. 1 – $1.8 million (f) Other revenue sources Continuation of retention of annual revenues from non-firm customers of up to $4.0 million, with variances to be shared 80 percent by customers and 20 percent by company. In 2019, the company recorded $0.3 million of earnings adjustment mechanism incentives for energy efficiency and $0.7 million of incentives for gas leak backlog, leak prone pipe and service terminations. Revenue decoupling mechanisms In 2015, 2016, 2017 and 2018, the company deferred $0.8 million of regulatory assets, $6.2 million of regulatory liabilities, $1.7 million of regulatory liabilities and $6.3 million of regulatory liabilities, respectively. Continuation of reconciliation of actual to authorized gas delivery revenues. Recoverable energy costs Current rate recovery of purchased gas costs. Continuation of current rate recovery of purchased gas costs. Negative revenue adjustments Potential charges (up to $3.7 million in Yr. 1, $4.7 million in Yr. 2 and $4.9 million in Yr. 3) if certain performance targets are not met. In 2015, 2016 and 2017, the company did not record any negative revenue adjustments. In 2018, the company recorded a $0.1 million negative revenue adjustment. Potential charges if performance targets relating to service, safety and other matters are not met: Yr. 1 - $5.5 million; Yr. 2 - $5.7 million; and Yr. 3 - $6.0 million. Cost reconciliations In 2015 and 2016, the company deferred $4.5 million and $6.6 million as net regulatory liabilities and assets, respectively. In 2017 and 2018, the company deferred $3.5 million and $7.4 million as net regulatory liabilities, respectively. Reconciliation of expenses for pension and other postretirement benefits, environmental remediation costs, property taxes (g), energy efficiency program (h), the impact of new laws and certain other costs to amounts reflected in rates.(i) Net utility plant reconciliations Target levels reflected in rates are: Target levels reflected in rates were: Average rate base Yr. 1 – $366 million Yr. 1 – $454 million Weighted average cost of capital (after-tax) Yr. 1 – 7.10 percent Yr. 1 – 6.97 percent Authorized return on common equity 9.0 percent 9.0 percent Actual return on common equity (k) Yr. 1 – 11.2 percent Yr. 1 – 8.9 percent Earnings sharing Most earnings above an annual earnings threshold of 9.6 percent are to be applied to reduce regulatory assets. In 2015, earnings did not exceed the earnings threshold. Actual earnings were $4 million, $0.2 million above the threshold for 2016 and 2017, respectively. In 2018, earnings did not exceed the earnings threshold. Most earnings above an annual earnings threshold of 9.6 percent are to be applied to reduce regulatory assets for environmental remediation and other costs accumulated in the rate year. In 2019, earnings did not exceed the earnings threshold. Cost of long-term debt Yr. 1 – 5.42 percent Yr. 1 – 5.17 percent Common equity ratio 48 percent 48 percent (a) Rates pursuant to this rate plan continued in effect until the subsequent rate plan became effective. (b) Reflects that the company will not recover from customers a total of approximately $14 million of regulatory assets for property tax and interest rate reconciliations. Amounts that will not be recovered from customers were charged-off in June 2015. (c) Excludes gas AMI as to which the company will be required to defer as a regulatory liability the revenue requirement impact of the amount, if any, by which actual average net utility plant balances are less than amounts reflected in rates: $0.5 million in year 1, $4.2 million in year 2 and $7.2 million in year 3. (d) If at the end of any year, Con Edison’s investments in its non-utility businesses exceed 15 percent of Con Edison’s total consolidated revenues, assets or cash flow, or if the ratio of holding company debt to total consolidated debt rises above 20 percent , O&R is required to notify the NYSPSC and submit a ring-fencing plan or a demonstration why additional ring-fencing measures (see Note S) are not necessary. (e) The gas base rate changes shown above will be implemented with changes of: Yr. 1 - $(5.9) million ; Yr. 2 - $1.0 million ; and Yr. 3 - $1.0 million . (f)-(k) See footnotes (f) - (k) to the table under “O&R New York - Electric,” above. In January 2020, the NJBPU approved an electric rate increase, effective February 1, 2020, of $12 million for RECO . The following table contains a summary of the terms of the distribution rate plans. RECO Effective period March 2017 – January 2020 February 2020 Base rate changes Yr. 1 – $1.7 million Yr. 1 – $12 million Amortization to income of net regulatory (assets) and liabilities $0.2 million over three years and continuation of $(25.6) million of deferred storm costs over four years which expired on July 31, 2018 (a) $4.8 million over four years. Recoverable energy costs Current rate recovery of purchased power costs. Current rate recovery of purchased power costs. Cost reconciliations None None Average rate base Yr. 1 – $178.7 million Yr. 1 – $229.9 million Weighted average cost of capital (after-tax) 7.47 percent 7.11 percent Authorized return on common equity 9.6 percent 9.5 percent Actual return on common equity Yr. 1 – 7.5 percent Cost of long-term debt 5.37 percent 4.88 percent Common equity ratio 49.7 percent 48.32 percent (a) In January 2016, the NJBPU approved RECO’s plan to spend $15.7 million in capital over three years to harden its electric system against storms, the costs of which RECO, beginning in 2017, is collecting through a customer surcharge. |
Schedule of Regulatory Assets | Regulatory Assets and Liabilities Regulatory assets and liabilities at December 31, 2019 and 2018 were comprised of the following items: Con Edison CECONY (Millions of Dollars) 2019 2018 2019 2018 Regulatory assets Unrecognized pension and other postretirement costs $2,541 $2,238 $2,403 $2,111 Environmental remediation costs 732 810 647 716 Revenue taxes 321 291 308 278 MTA power reliability deferral 248 229 248 229 Property tax reconciliation 219 101 210 86 System peak reduction and energy efficiency programs 131 72 130 70 Deferred derivative losses 83 17 76 11 Municipal infrastructure support costs 75 67 75 67 Pension and other postretirement benefits deferrals 71 73 47 56 Deferred storm costs 77 76 — — Brooklyn Queens demand management program 39 39 39 39 Meadowlands heater odorization project 35 36 35 36 Unamortized loss on reacquired debt 28 36 26 34 Preferred stock redemption 22 23 22 23 Recoverable REV demonstration project costs 21 20 19 18 Gate station upgrade project 19 17 19 17 Non-wire alternative projects 14 3 14 3 Workers’ compensation 3 5 3 5 O&R transition bond charges — 2 — — Other 180 139 166 124 Regulatory assets – noncurrent 4,859 4,294 4,487 3,923 Deferred derivative losses 128 36 113 29 Recoverable energy costs — 40 — 35 Regulatory assets – current 128 76 113 64 Total Regulatory Assets $4,987 $4,370 $4,600 $3,987 Regulatory liabilities Future income tax* $2,426 $2,515 $2,275 $2,363 Allowance for cost of removal less salvage 989 928 843 790 TCJA net benefits 471 434 454 411 Net unbilled revenue deferrals 199 117 199 117 Net proceeds from sale of property 173 6 173 6 Energy efficiency portfolio standard unencumbered funds 122 127 118 122 Pension and other postretirement benefit deferrals 75 62 46 40 System benefit charge carrying charge 48 27 44 24 Property tax refunds 45 45 45 45 BQDM and REV Demo reconciliations 27 18 26 18 Earnings sharing - electric, gas and steam 22 36 15 27 Settlement of gas proceedings 10 15 10 15 Unrecognized other postretirement costs 9 7 — 7 Settlement of prudence proceeding 8 37 8 37 Property tax reconciliation — 36 — 36 Other 203 231 171 200 Regulatory liabilities – noncurrent 4,827 4,641 4,427 4,258 Refundable energy costs 44 31 12 8 Deferred derivative gains 34 30 34 29 Revenue decoupling mechanism 24 53 17 36 Regulatory liabilities—current 102 114 63 73 Total Regulatory Liabilities $4,929 $4,755 $4,490 $4,331 * See "Federal Income Tax" in Note A, "Other Regulatory Matters," above, and Note L. |
Schedule of Regulatory Liabilities | Regulatory Assets and Liabilities Regulatory assets and liabilities at December 31, 2019 and 2018 were comprised of the following items: Con Edison CECONY (Millions of Dollars) 2019 2018 2019 2018 Regulatory assets Unrecognized pension and other postretirement costs $2,541 $2,238 $2,403 $2,111 Environmental remediation costs 732 810 647 716 Revenue taxes 321 291 308 278 MTA power reliability deferral 248 229 248 229 Property tax reconciliation 219 101 210 86 System peak reduction and energy efficiency programs 131 72 130 70 Deferred derivative losses 83 17 76 11 Municipal infrastructure support costs 75 67 75 67 Pension and other postretirement benefits deferrals 71 73 47 56 Deferred storm costs 77 76 — — Brooklyn Queens demand management program 39 39 39 39 Meadowlands heater odorization project 35 36 35 36 Unamortized loss on reacquired debt 28 36 26 34 Preferred stock redemption 22 23 22 23 Recoverable REV demonstration project costs 21 20 19 18 Gate station upgrade project 19 17 19 17 Non-wire alternative projects 14 3 14 3 Workers’ compensation 3 5 3 5 O&R transition bond charges — 2 — — Other 180 139 166 124 Regulatory assets – noncurrent 4,859 4,294 4,487 3,923 Deferred derivative losses 128 36 113 29 Recoverable energy costs — 40 — 35 Regulatory assets – current 128 76 113 64 Total Regulatory Assets $4,987 $4,370 $4,600 $3,987 Regulatory liabilities Future income tax* $2,426 $2,515 $2,275 $2,363 Allowance for cost of removal less salvage 989 928 843 790 TCJA net benefits 471 434 454 411 Net unbilled revenue deferrals 199 117 199 117 Net proceeds from sale of property 173 6 173 6 Energy efficiency portfolio standard unencumbered funds 122 127 118 122 Pension and other postretirement benefit deferrals 75 62 46 40 System benefit charge carrying charge 48 27 44 24 Property tax refunds 45 45 45 45 BQDM and REV Demo reconciliations 27 18 26 18 Earnings sharing - electric, gas and steam 22 36 15 27 Settlement of gas proceedings 10 15 10 15 Unrecognized other postretirement costs 9 7 — 7 Settlement of prudence proceeding 8 37 8 37 Property tax reconciliation — 36 — 36 Other 203 231 171 200 Regulatory liabilities – noncurrent 4,827 4,641 4,427 4,258 Refundable energy costs 44 31 12 8 Deferred derivative gains 34 30 34 29 Revenue decoupling mechanism 24 53 17 36 Regulatory liabilities—current 102 114 63 73 Total Regulatory Liabilities $4,929 $4,755 $4,490 $4,331 * See "Federal Income Tax" in Note A, "Other Regulatory Matters," above, and Note L. |
Capitalization (Tables)
Capitalization (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Debt Disclosure [Abstract] | |
Schedule of Long-Term Debt Maturities | Long-term debt maturing in the period 2020 - 2024 is as follows: (Millions of Dollars) Con Edison CECONY 2020 $518 (a) $350 2021 1,967 640 2022 437 — 2023 316 — 2024 385 250 (a) Amount shown includes $73 million of PG&E-related project debt that is amortizing and scheduled to be repaid in 2020. Amount shown does not include $928 million of PG&E-related project debt that, as a result of the PG&E bankruptcy, was reclassified during the first quarter of 2019 on Con Edison’s consolidated balance sheet from long-term debt to long-term debt due within one year. See “Long-Lived and Intangible Assets” in Note A. |
Carrying Amounts and Fair Values of Long-Term Debt | The carrying amounts and fair values of long-term debt at December 31, 2019 and 2018 are: (Millions of Dollars) 2019 2018 Long-Term Debt (including current portion) (a) Carrying Amount Fair Value Carrying Amount Fair Value Con Edison $19,973 $22,738 $18,145 $18,740 CECONY $14,964 $17,505 $14,151 $14,685 (a) Amounts shown are net of unamortized debt expense and unamortized debt discount of $178 million and $151 million for Con Edison and CECONY, respectively, as of December 31, 2019 and $185 million and $139 million for Con Edison and CECONY, respectively, as of December 31, 2018 . |
Pension Benefits (Tables)
Pension Benefits (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Retirement Benefits [Abstract] | |
Total Periodic Benefit Costs | The components of the Companies’ total periodic benefit costs for 2019 , 2018 and 2017 were as follows: Con Edison CECONY (Millions of Dollars) 2019 2018 2017 2019 2018 2017 Service cost – including administrative expenses $250 $290 $263 $232 $272 $246 Interest cost on projected benefit obligation 601 561 591 564 525 554 Expected return on plan assets (988) (1,033) (968) (936) (979) (917) Recognition of net actuarial loss 518 688 595 492 651 563 Recognition of prior service cost/(credit) (17) (17) (17) (19) (19) (19) TOTAL PERIODIC BENEFIT COST $364 $489 $464 $333 $450 $427 Cost capitalized (108) (127) (181) (102) (119) (169) Reconciliation to rate level (15) (92) (34) (12) (100) (41) Total expense recognized $241 $270 $249 $219 $231 $217 The components of the Companies’ total periodic postretirement benefit costs for 2019 , 2018 and 2017 were as follows: Con Edison CECONY (Millions of Dollars) 2019 2018 2017 2019 2018 2017 Service cost $18 $20 $20 $13 $14 $13 Interest cost on accumulated other postretirement benefit obligation 44 42 46 36 34 38 Expected return on plan assets (66) (73) (69) (54) (63) (61) Recognition of net actuarial loss/(gain) (9) 8 2 (10) 3 (3) Recognition of prior service credit (2) (6) (17) (2) (2) (11) TOTAL PERIODIC POSTRETIREMENT BENEFIT CREDIT $(15) $(9) $(18) $(17) $(14) $(24) Cost capitalized (7) (8) 8 (5) (6) 10 Reconciliation to rate level 12 8 (4) 7 9 (2) Total credit recognized $(10) $(9) ($14) $(15) $(11) ($16) |
Schedule of Funded Status | The funded status at December 31, 2019 , 2018 and 2017 was as follows: Con Edison CECONY (Millions of Dollars) 2019 2018 2017 2019 2018 2017 CHANGE IN PROJECTED BENEFIT OBLIGATION Projected benefit obligation at beginning of year $14,449 $15,536 $14,095 $13,542 $14,567 $13,203 Service cost – excluding administrative expenses 245 286 259 228 267 241 Interest cost on projected benefit obligation 601 561 591 564 525 554 Net actuarial loss/(gain) 2,191 (1,219) 1,231 2,076 (1,159) 1,171 Plan amendments 15 — 6 — — — Benefits paid (709) (715) (646) (660) (658) (602) PROJECTED BENEFIT OBLIGATION AT END OF YEAR $16,792 $14,449 $15,536 $15,750 $13,542 $14,567 CHANGE IN PLAN ASSETS Fair value of plan assets at beginning of year $13,450 $14,274 $12,472 $12,744 $13,519 $11,815 Actual return on plan assets 2,556 (536) 2,041 2,425 (507) 1,935 Employer contributions 350 473 450 318 434 412 Benefits paid (709) (715) (646) (660) (658) (602) Administrative expenses (39) (46) (43) (37) (44) (41) FAIR VALUE OF PLAN ASSETS AT END OF YEAR $15,608 $13,450 $14,274 $14,790 $12,744 $13,519 FUNDED STATUS $(1,184) $(999) $(1,262) $(960) $(798) $(1,048) Unrecognized net loss $2,604 $2,464 $2,760 $2,466 $2,338 $2,624 Unrecognized prior service costs (173) (205) (223) (202) (222) (242) Accumulated benefit obligation 15,015 13,030 13,897 14,010 12,161 12,972 The funded status of the programs at December 31, 2019 , 2018 and 2017 were as follows: Con Edison CECONY (Millions of Dollars) 2019 2018 2017 2019 2018 2017 CHANGE IN BENEFIT OBLIGATION Benefit obligation at beginning of year $1,114 $1,219 $1,198 $913 $985 $1,007 Service cost 18 20 20 13 14 13 Interest cost on accumulated postretirement benefit obligation 44 42 46 36 34 38 Amendments (14) — — — — — Net actuarial loss/(gain) 264 (70) 53 252 (32) 16 Benefits paid and administrative expenses, net of subsidies (110) (135) (134) (100) (125) (124) Participant contributions 41 38 36 40 37 35 BENEFIT OBLIGATION AT END OF YEAR $1,357 $1,114 $1,219 $1,154 $913 $985 CHANGE IN PLAN ASSETS Fair value of plan assets at beginning of year $885 $1,039 $975 $759 $893 $851 Actual return on plan assets 198 (66) 150 165 (54) 130 Employer contributions 7 6 17 6 6 8 Employer group waiver plan subsidies 23 34 34 22 32 30 Participant contributions 40 37 35 40 37 35 Benefits paid (127) (165) (172) (120) (155) (161) FAIR VALUE OF PLAN ASSETS AT END OF YEAR $1,026 $885 $1,039 $872 $759 $893 FUNDED STATUS $(331) $(229) $(180) $(282) $(154) $(92) Unrecognized net loss/(gain) $155 $14 $(47) $149 $(2) $(85) Unrecognized prior service costs (19) (8) (14) (3) (5) (7) |
Schedule of Assumptions | The actuarial assumptions were as follows: 2019 2018 2017 Weighted-average assumptions used to determine benefit obligations at December 31: Discount rate 3.35 % 4.25 % 3.70 % Rate of compensation increase CECONY 3.80 % 4.25 % 4.25 % O&R 3.20 % 4.00 % 4.00 % Weighted-average assumptions used to determine net periodic benefit cost for the years ended December 31: Discount rate 4.25 % 3.70 % 4.25 % Expected return on plan assets 7.00 % 7.50 % 7.50 % Rate of compensation increase CECONY 4.25 % 4.25 % 4.25 % O&R 4.00 % 4.00 % 4.00 % The actuarial assumptions were as follows: 2019 2018 2017 Weighted-average assumptions used to determine benefit obligations at December 31: Discount Rate CECONY 3.10 % 4.15 % 3.55 % O&R 3.35 % 4.30 % 3.70 % Weighted-average assumptions used to determine net periodic benefit cost for the years ended December 31: Discount Rate CECONY 4.15 % 3.55 % 4.00 % O&R 4.30 % 3.70 % 4.20 % Expected Return on Plan Assets 6.80 % 7.50 % 7.50 % |
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) 2020 2021 2022 2023 2024 2025-2029 Con Edison $744 $756 $770 $788 $801 $4,181 CECONY 688 699 713 728 741 3,883 Based on current assumptions, the Companies expect to make the following benefit payments over the next ten years , net of receipt of governmental subsidies and participant contributions: (Millions of Dollars) 2020 2021 2022 2023 2024 2025-2029 Con Edison $96 $95 $93 $92 $91 $422 CECONY 87 85 83 82 80 368 |
Schedule of Plan Assets Allocations | The asset allocations for the pension plan at the end of 2019 , 2018 and 2017 , and the target allocation for 2020 are as follows: Target Allocation Range Plan Assets at December 31, Asset Category 2020 2019 2018 2017 Equity Securities 45% - 55% 51 % 51 % 58 % Debt Securities 33% - 43% 38 % 39 % 33 % Real Estate 10% - 14% 11 % 10 % 9 % Total 100% 100 % 100 % 100 % The asset allocations for CECONY’s other postretirement benefit plans at the end of 2019 , 2018 and 2017 , and the target allocation for 2020 are as follows: Target Allocation Range Plan Assets at December 31, Asset Category 2020 2019 2018 2017 Equity Securities 42%-80% 54 % 52 % 60 % Debt Securities 20%-58% 46 % 48 % 40 % Total 100% 100 % 100 % 100 % |
Schedule of Fair Value of Plan Assets | The fair values of the pension plan assets at December 31, 2019 by asset category are as follows: (Millions of Dollars) Level 1 Level 2 Total Investments within the fair value hierarchy U.S. Equity (a) $3,652 $— $3,652 International Equity (b) 3,354 — 3,354 U.S. Government Issued Debt (c) — 1,496 1,496 Corporate Bonds Debt (d) — 3,260 3,260 Structured Assets Debt (e) — 173 173 Other Fixed Income Debt (f) — 955 955 Cash and Cash Equivalents (g) — 326 326 Futures (h) — — — Total investments within the fair value hierarchy $7,006 $6,210 $13,216 Investments measured at NAV per share (n) Private Equity (i) 555 Real Estate (j) 1,806 Hedge Funds (k) 270 Total investments valued using NAV per share $2,631 Funds for retiree health benefits (l) (110) (98) (208) Funds for retiree health benefits measured at NAV per share (l)(n) (42) Total funds for retiree health benefits $(250) Investments (excluding funds for retiree health benefits) $6,896 $6,112 $15,597 Pending activities (m) 11 Total fair value of plan net assets $15,608 (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) U.S. Government Issued Debt includes agency and treasury securities. (d) Corporate Bonds Debt consists of debt issued by various corporations. (e) Structured Assets Debt includes commercial-mortgage-backed securities and collateralized mortgage obligations. (f) Other Fixed Income Debt includes municipal bonds, sovereign debt and regional governments. (g) Cash and Cash Equivalents include short term investments, money markets, foreign currency and cash collateral. (h) Futures consist of exchange-traded financial contracts encompassing U.S. Equity, International Equity and U.S. Government indices. (i) Private Equity consists of global equity funds that are not exchange-traded. (j) Real Estate investments include real estate funds based on appraised values that are broadly diversified by geography and property type. (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. (n) In accordance with ASU 2015-07, Fair Value Measurements (Topic 820): Disclosures for Investments in Certain Entities That Calculate Net Asset Value per Share (or its equivalent), certain investments that are measured at fair value using the net asset value per share (or its equivalent) practical expedient have not been classified in the fair value hierarchy. The fair values of the pension plan assets at December 31, 2018 by asset category are as follows: (Millions of Dollars) Level 1 Level 2 Total Investments within the fair value hierarchy U.S. Equity (a) $3,515 $10 $3,525 International Equity (b) 2,896 — 2,896 U.S. Government Issued Debt (c) — 1,886 1,886 Corporate Bonds Debt (d) — 2,619 2,619 Structured Assets Debt (e) — 6 6 Other Fixed Income Debt (f) — 121 121 Cash and Cash Equivalents (g) 160 556 716 Futures (h) 568 — 568 Total investments within the fair value hierarchy $7,139 $5,198 $12,337 Investments measured at NAV per share (n) Private Equity (i) 440 Real Estate (j) 1,310 Hedge Funds (k) 255 Total investments valued using NAV per share $2,005 Funds for retiree health benefits (l) (118) (86) (204) Funds for retiree health benefits measured at NAV per share (l)(n) (33) Total funds for retiree health benefits $(237) Investments (excluding funds for retiree health benefits) $7,021 $5,112 $14,105 Pending activities (m) (655) Total fair value of plan net assets $13,450 (a) - (n) Reference is made to footnotes (a) through (n) in the above table of pension plan assets at December 31, 2019 by asset category. The fair values of the plans' assets at December 31, 2019 by asset category as defined by the accounting rules for fair value measurements (see Note P) are as follows: (Millions of Dollars) Level 1 Level 2 Total Equity (a) $— $404 $404 Other Fixed Income Debt (b) — 331 331 Cash and Cash Equivalents (c) — 23 23 Total investments $— $758 $758 Funds for retiree health benefits (d) 110 98 208 Investments (including funds for retiree health benefits) $110 $856 $966 Funds for retiree health benefits measured at net asset value (d)(e) 42 Pending activities (f) 18 Total fair value of plan net assets $1,026 (a) Equity includes a passively managed commingled index fund benchmarked to the MSCI All Country World Index. (b) Other Fixed Income Debt includes a passively managed commingled index fund benchmarked to the Bloomberg Barclays U.S. Long Credit Index and an active separately managed fund indexed to the Bloomberg Barclays U.S. Long Credit Index. (c) Cash and Cash Equivalents include short-term investments and money markets. (d) 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 E. (e) In accordance with ASU 2015-07, Fair Value Measurements (Topic 820): Disclosures for Investments in Certain Entities That Calculate Net Asset Value per Share (or its equivalent), certain investments that are measured at fair value using the net asset value per share (or its equivalent) practical expedient have not been classified in the fair value hierarchy. (f) 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 plans' assets at December 31, 2018 by asset category (see Note P) are as follows: (Millions of Dollars) Level 1 Level 2 Total Equity (a) $— $322 $322 Other Fixed Income Debt (b) — 289 289 Cash and Cash Equivalents (c) — 14 14 Total investments $— $625 $625 Funds for retiree health benefits (d) 118 86 204 Investments (including funds for retiree health benefits) $118 $711 $829 Funds for retiree health benefits measured at net asset value (d)(e) 33 Pending activities (f) 23 Total fair value of plan net assets $885 (a) - (f) Reference is made to footnotes (a) through (f) in the above table of other postretirement benefit plan assets at December 31, 2019 by asset category. |
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) 2019 2018 2017 Con Edison $49 $45 $40 CECONY 42 39 35 |
Other Postretirement Benefits (
Other Postretirement Benefits (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Retirement Benefits [Abstract] | |
Net Periodic Benefit Costs | The components of the Companies’ total periodic benefit costs for 2019 , 2018 and 2017 were as follows: Con Edison CECONY (Millions of Dollars) 2019 2018 2017 2019 2018 2017 Service cost – including administrative expenses $250 $290 $263 $232 $272 $246 Interest cost on projected benefit obligation 601 561 591 564 525 554 Expected return on plan assets (988) (1,033) (968) (936) (979) (917) Recognition of net actuarial loss 518 688 595 492 651 563 Recognition of prior service cost/(credit) (17) (17) (17) (19) (19) (19) TOTAL PERIODIC BENEFIT COST $364 $489 $464 $333 $450 $427 Cost capitalized (108) (127) (181) (102) (119) (169) Reconciliation to rate level (15) (92) (34) (12) (100) (41) Total expense recognized $241 $270 $249 $219 $231 $217 The components of the Companies’ total periodic postretirement benefit costs for 2019 , 2018 and 2017 were as follows: Con Edison CECONY (Millions of Dollars) 2019 2018 2017 2019 2018 2017 Service cost $18 $20 $20 $13 $14 $13 Interest cost on accumulated other postretirement benefit obligation 44 42 46 36 34 38 Expected return on plan assets (66) (73) (69) (54) (63) (61) Recognition of net actuarial loss/(gain) (9) 8 2 (10) 3 (3) Recognition of prior service credit (2) (6) (17) (2) (2) (11) TOTAL PERIODIC POSTRETIREMENT BENEFIT CREDIT $(15) $(9) $(18) $(17) $(14) $(24) Cost capitalized (7) (8) 8 (5) (6) 10 Reconciliation to rate level 12 8 (4) 7 9 (2) Total credit recognized $(10) $(9) ($14) $(15) $(11) ($16) |
Schedule of Funded Status | The funded status at December 31, 2019 , 2018 and 2017 was as follows: Con Edison CECONY (Millions of Dollars) 2019 2018 2017 2019 2018 2017 CHANGE IN PROJECTED BENEFIT OBLIGATION Projected benefit obligation at beginning of year $14,449 $15,536 $14,095 $13,542 $14,567 $13,203 Service cost – excluding administrative expenses 245 286 259 228 267 241 Interest cost on projected benefit obligation 601 561 591 564 525 554 Net actuarial loss/(gain) 2,191 (1,219) 1,231 2,076 (1,159) 1,171 Plan amendments 15 — 6 — — — Benefits paid (709) (715) (646) (660) (658) (602) PROJECTED BENEFIT OBLIGATION AT END OF YEAR $16,792 $14,449 $15,536 $15,750 $13,542 $14,567 CHANGE IN PLAN ASSETS Fair value of plan assets at beginning of year $13,450 $14,274 $12,472 $12,744 $13,519 $11,815 Actual return on plan assets 2,556 (536) 2,041 2,425 (507) 1,935 Employer contributions 350 473 450 318 434 412 Benefits paid (709) (715) (646) (660) (658) (602) Administrative expenses (39) (46) (43) (37) (44) (41) FAIR VALUE OF PLAN ASSETS AT END OF YEAR $15,608 $13,450 $14,274 $14,790 $12,744 $13,519 FUNDED STATUS $(1,184) $(999) $(1,262) $(960) $(798) $(1,048) Unrecognized net loss $2,604 $2,464 $2,760 $2,466 $2,338 $2,624 Unrecognized prior service costs (173) (205) (223) (202) (222) (242) Accumulated benefit obligation 15,015 13,030 13,897 14,010 12,161 12,972 The funded status of the programs at December 31, 2019 , 2018 and 2017 were as follows: Con Edison CECONY (Millions of Dollars) 2019 2018 2017 2019 2018 2017 CHANGE IN BENEFIT OBLIGATION Benefit obligation at beginning of year $1,114 $1,219 $1,198 $913 $985 $1,007 Service cost 18 20 20 13 14 13 Interest cost on accumulated postretirement benefit obligation 44 42 46 36 34 38 Amendments (14) — — — — — Net actuarial loss/(gain) 264 (70) 53 252 (32) 16 Benefits paid and administrative expenses, net of subsidies (110) (135) (134) (100) (125) (124) Participant contributions 41 38 36 40 37 35 BENEFIT OBLIGATION AT END OF YEAR $1,357 $1,114 $1,219 $1,154 $913 $985 CHANGE IN PLAN ASSETS Fair value of plan assets at beginning of year $885 $1,039 $975 $759 $893 $851 Actual return on plan assets 198 (66) 150 165 (54) 130 Employer contributions 7 6 17 6 6 8 Employer group waiver plan subsidies 23 34 34 22 32 30 Participant contributions 40 37 35 40 37 35 Benefits paid (127) (165) (172) (120) (155) (161) FAIR VALUE OF PLAN ASSETS AT END OF YEAR $1,026 $885 $1,039 $872 $759 $893 FUNDED STATUS $(331) $(229) $(180) $(282) $(154) $(92) Unrecognized net loss/(gain) $155 $14 $(47) $149 $(2) $(85) Unrecognized prior service costs (19) (8) (14) (3) (5) (7) |
Schedule of Actuarial Assumptions | The actuarial assumptions were as follows: 2019 2018 2017 Weighted-average assumptions used to determine benefit obligations at December 31: Discount rate 3.35 % 4.25 % 3.70 % Rate of compensation increase CECONY 3.80 % 4.25 % 4.25 % O&R 3.20 % 4.00 % 4.00 % Weighted-average assumptions used to determine net periodic benefit cost for the years ended December 31: Discount rate 4.25 % 3.70 % 4.25 % Expected return on plan assets 7.00 % 7.50 % 7.50 % Rate of compensation increase CECONY 4.25 % 4.25 % 4.25 % O&R 4.00 % 4.00 % 4.00 % The actuarial assumptions were as follows: 2019 2018 2017 Weighted-average assumptions used to determine benefit obligations at December 31: Discount Rate CECONY 3.10 % 4.15 % 3.55 % O&R 3.35 % 4.30 % 3.70 % Weighted-average assumptions used to determine net periodic benefit cost for the years ended December 31: Discount Rate CECONY 4.15 % 3.55 % 4.00 % O&R 4.30 % 3.70 % 4.20 % Expected Return on Plan Assets 6.80 % 7.50 % 7.50 % |
Schedule of Change of Assumed Health Care Cost Trend Rate | A one-percentage point change in the assumed health care cost trend rate would have the following effects at December 31, 2019 : Con Edison CECONY One-Percentage-Point (Millions of Dollars) Increase Decrease Increase Decrease Effect on accumulated other postretirement benefit obligation $60 $(17) $33 $3 Effect on service cost and interest cost components for 2019 1 — (1) 2 |
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) 2020 2021 2022 2023 2024 2025-2029 Con Edison $744 $756 $770 $788 $801 $4,181 CECONY 688 699 713 728 741 3,883 Based on current assumptions, the Companies expect to make the following benefit payments over the next ten years , net of receipt of governmental subsidies and participant contributions: (Millions of Dollars) 2020 2021 2022 2023 2024 2025-2029 Con Edison $96 $95 $93 $92 $91 $422 CECONY 87 85 83 82 80 368 |
Schedule of Plan Assets Allocations | The asset allocations for the pension plan at the end of 2019 , 2018 and 2017 , and the target allocation for 2020 are as follows: Target Allocation Range Plan Assets at December 31, Asset Category 2020 2019 2018 2017 Equity Securities 45% - 55% 51 % 51 % 58 % Debt Securities 33% - 43% 38 % 39 % 33 % Real Estate 10% - 14% 11 % 10 % 9 % Total 100% 100 % 100 % 100 % The asset allocations for CECONY’s other postretirement benefit plans at the end of 2019 , 2018 and 2017 , and the target allocation for 2020 are as follows: Target Allocation Range Plan Assets at December 31, Asset Category 2020 2019 2018 2017 Equity Securities 42%-80% 54 % 52 % 60 % Debt Securities 20%-58% 46 % 48 % 40 % Total 100% 100 % 100 % 100 % |
Schedule of Fair Value of Plan Assets | The fair values of the pension plan assets at December 31, 2019 by asset category are as follows: (Millions of Dollars) Level 1 Level 2 Total Investments within the fair value hierarchy U.S. Equity (a) $3,652 $— $3,652 International Equity (b) 3,354 — 3,354 U.S. Government Issued Debt (c) — 1,496 1,496 Corporate Bonds Debt (d) — 3,260 3,260 Structured Assets Debt (e) — 173 173 Other Fixed Income Debt (f) — 955 955 Cash and Cash Equivalents (g) — 326 326 Futures (h) — — — Total investments within the fair value hierarchy $7,006 $6,210 $13,216 Investments measured at NAV per share (n) Private Equity (i) 555 Real Estate (j) 1,806 Hedge Funds (k) 270 Total investments valued using NAV per share $2,631 Funds for retiree health benefits (l) (110) (98) (208) Funds for retiree health benefits measured at NAV per share (l)(n) (42) Total funds for retiree health benefits $(250) Investments (excluding funds for retiree health benefits) $6,896 $6,112 $15,597 Pending activities (m) 11 Total fair value of plan net assets $15,608 (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) U.S. Government Issued Debt includes agency and treasury securities. (d) Corporate Bonds Debt consists of debt issued by various corporations. (e) Structured Assets Debt includes commercial-mortgage-backed securities and collateralized mortgage obligations. (f) Other Fixed Income Debt includes municipal bonds, sovereign debt and regional governments. (g) Cash and Cash Equivalents include short term investments, money markets, foreign currency and cash collateral. (h) Futures consist of exchange-traded financial contracts encompassing U.S. Equity, International Equity and U.S. Government indices. (i) Private Equity consists of global equity funds that are not exchange-traded. (j) Real Estate investments include real estate funds based on appraised values that are broadly diversified by geography and property type. (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. (n) In accordance with ASU 2015-07, Fair Value Measurements (Topic 820): Disclosures for Investments in Certain Entities That Calculate Net Asset Value per Share (or its equivalent), certain investments that are measured at fair value using the net asset value per share (or its equivalent) practical expedient have not been classified in the fair value hierarchy. The fair values of the pension plan assets at December 31, 2018 by asset category are as follows: (Millions of Dollars) Level 1 Level 2 Total Investments within the fair value hierarchy U.S. Equity (a) $3,515 $10 $3,525 International Equity (b) 2,896 — 2,896 U.S. Government Issued Debt (c) — 1,886 1,886 Corporate Bonds Debt (d) — 2,619 2,619 Structured Assets Debt (e) — 6 6 Other Fixed Income Debt (f) — 121 121 Cash and Cash Equivalents (g) 160 556 716 Futures (h) 568 — 568 Total investments within the fair value hierarchy $7,139 $5,198 $12,337 Investments measured at NAV per share (n) Private Equity (i) 440 Real Estate (j) 1,310 Hedge Funds (k) 255 Total investments valued using NAV per share $2,005 Funds for retiree health benefits (l) (118) (86) (204) Funds for retiree health benefits measured at NAV per share (l)(n) (33) Total funds for retiree health benefits $(237) Investments (excluding funds for retiree health benefits) $7,021 $5,112 $14,105 Pending activities (m) (655) Total fair value of plan net assets $13,450 (a) - (n) Reference is made to footnotes (a) through (n) in the above table of pension plan assets at December 31, 2019 by asset category. The fair values of the plans' assets at December 31, 2019 by asset category as defined by the accounting rules for fair value measurements (see Note P) are as follows: (Millions of Dollars) Level 1 Level 2 Total Equity (a) $— $404 $404 Other Fixed Income Debt (b) — 331 331 Cash and Cash Equivalents (c) — 23 23 Total investments $— $758 $758 Funds for retiree health benefits (d) 110 98 208 Investments (including funds for retiree health benefits) $110 $856 $966 Funds for retiree health benefits measured at net asset value (d)(e) 42 Pending activities (f) 18 Total fair value of plan net assets $1,026 (a) Equity includes a passively managed commingled index fund benchmarked to the MSCI All Country World Index. (b) Other Fixed Income Debt includes a passively managed commingled index fund benchmarked to the Bloomberg Barclays U.S. Long Credit Index and an active separately managed fund indexed to the Bloomberg Barclays U.S. Long Credit Index. (c) Cash and Cash Equivalents include short-term investments and money markets. (d) 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 E. (e) In accordance with ASU 2015-07, Fair Value Measurements (Topic 820): Disclosures for Investments in Certain Entities That Calculate Net Asset Value per Share (or its equivalent), certain investments that are measured at fair value using the net asset value per share (or its equivalent) practical expedient have not been classified in the fair value hierarchy. (f) 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 plans' assets at December 31, 2018 by asset category (see Note P) are as follows: (Millions of Dollars) Level 1 Level 2 Total Equity (a) $— $322 $322 Other Fixed Income Debt (b) — 289 289 Cash and Cash Equivalents (c) — 14 14 Total investments $— $625 $625 Funds for retiree health benefits (d) 118 86 204 Investments (including funds for retiree health benefits) $118 $711 $829 Funds for retiree health benefits measured at net asset value (d)(e) 33 Pending activities (f) 23 Total fair value of plan net assets $885 (a) - (f) Reference is made to footnotes (a) through (f) in the above table of other postretirement benefit plan assets at December 31, 2019 by asset category. |
Environmental Matters (Tables)
Environmental Matters (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Environmental Remediation Obligations [Abstract] | |
Accrued Liabilities and Regulatory Assets | The accrued liabilities and regulatory assets related to Superfund Sites at December 31, 2019 and 2018 were as follows: Con Edison CECONY (Millions of Dollars) 2019 2018 2019 2018 Accrued Liabilities: Manufactured gas plant sites $640 $689 $561 $603 Other Superfund Sites 94 90 93 90 Total $734 $779 $654 $693 Regulatory assets $732 $810 $647 $716 |
Environmental Remediation Costs | Environmental remediation costs incurred related to Superfund Sites at December 31, 2019 and 2018 were as follows: Con Edison CECONY (Millions of Dollars) 2019 2018 2019 2018 Remediation costs incurred $19 $25 $13 $18 |
Accrued Liability for Asbestos Suits and Workers' Compensation Proceedings | The accrued liability for asbestos suits and workers’ compensation proceedings (including those related to asbestos exposure) and the amounts deferred as regulatory assets for the Companies at December 31, 2019 and 2018 were as follows: Con Edison CECONY (Millions of Dollars) 2019 2018 2019 2018 Accrued liability – asbestos suits $8 $8 $7 $7 Regulatory assets – asbestos suits $8 $8 $7 $7 Accrued liability – workers’ compensation $78 $79 $73 $75 Regulatory assets – workers’ compensation $3 $5 $3 $5 |
Other Material Contingencies (T
Other Material Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Commitments and Contingencies Disclosure [Abstract] | |
Summary of Total Guarantees | A summary, by type and term, of Con Edison’s total guarantees under these other agreements at December 31, 2019 is as follows: Guarantee Type 0 – 3 years 4 – 10 years > 10 years Total (Millions of Dollars) Con Edison Transmission $387 $186 $— $573 Energy transactions 419 51 209 679 Renewable electric production projects 70 9 431 510 Other 69 — — 69 Total $945 $246 $640 $1,831 |
Electricity Purchase Agreemen_2
Electricity Purchase Agreements (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Regulated Operations [Abstract] | |
Summary of Estimated Capacity and Other Fixed Payments | The future capacity and other fixed payments under the electricity purchase agreements are estimated to be as follows: (Millions of Dollars) 2020 2021 2022 2023 2024 All Years Thereafter Con Edison $172 $101 $62 $57 $55 $546 CECONY 169 99 62 57 55 546 |
Summary of Capacity, Energy and Other Fixed Payments | The company’s payments under its agreements for capacity, energy and other fixed payments in 2019 , 2018 and 2017 were as follows: For the Years Ended December 31, (Millions of Dollars) 2019 2018 2017 Indian Point (a) $— $6 $211 Linden Cogeneration (b) — — 114 Astoria Generating Company (c) 116 179 92 Brooklyn Navy Yard (d) 115 124 117 Cogen Technologies — 9 18 Total $231 $318 $552 (a) Contract term ended in 2018. (b) Contract term ended in 2017. (c) Capacity purchase agreements with terms ending in 2020 and 2021. (d) Contract for plant output, which started in 1996 and ends in 2036. |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Leases [Abstract] | |
Lease Costs, Cash Flows and Other Related Information | Other information related to leases for Con Edison and CECONY at December 31, 2019 was as follows: Con Edison CECONY Weighted Average Remaining Lease Term: Operating leases 19.8 years 14.0 years Finance leases 12.2 years 2.4 years Weighted Average Discount Rate: Operating leases 4.3% 3.6% Finance leases 3.5% 4.1% Operating lease cost and cash paid for amounts included in the measurement of lease liabilities for the twelve months ended December 31, 2019 , were as follows: (Millions of Dollars) Con Edison CECONY Operating lease cost $83 $64 Operating lease cash flows $75 $60 |
Operating Leases, Future Minimum Lease Payments | Future minimum lease payments under non-cancellable leases at December 31, 2019 were as follows: (Millions of Dollars) Con Edison CECONY Year Ending December 31, Operating Leases Finance Leases Operating Leases Finance Leases 2020 $78 $— $60 $— 2021 75 — 57 — 2022 73 — 55 — 2023 72 — 54 — 2024 72 — 55 — All years thereafter 992 1 501 — Total future minimum lease payments $1,362 $1 $782 $— Less: imputed interest (488) — (177) — Total $874 $1 $605 $— Reported as of December 31, 2019 Operating lease liabilities (current) $65 $— $54 $— Operating lease liabilities (noncurrent) 809 — 551 — Other noncurrent liabilities — 1 — — Total $874 $1 $605 $— |
Finance Leases, Future Minimum Lease Payments | Future minimum lease payments under non-cancellable leases at December 31, 2019 were as follows: (Millions of Dollars) Con Edison CECONY Year Ending December 31, Operating Leases Finance Leases Operating Leases Finance Leases 2020 $78 $— $60 $— 2021 75 — 57 — 2022 73 — 55 — 2023 72 — 54 — 2024 72 — 55 — All years thereafter 992 1 501 — Total future minimum lease payments $1,362 $1 $782 $— Less: imputed interest (488) — (177) — Total $874 $1 $605 $— Reported as of December 31, 2019 Operating lease liabilities (current) $65 $— $54 $— Operating lease liabilities (noncurrent) 809 — 551 — Other noncurrent liabilities — 1 — — Total $874 $1 $605 $— |
Future Minimum Lease Commitments Accounted for Under Topic 840 | The future minimum lease commitments at December 31, 2018, accounted for under Topic 840, for the Companies’ operating lease agreements that are not cancellable by the Companies were as follows: (Millions of Dollars) Con Edison CECONY 2019 $72 $56 2020 72 56 2021 71 54 2022 68 53 2023 68 53 All years thereafter 890 592 Total $1,241 $864 |
Income Tax (Tables)
Income Tax (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Income Tax Disclosure [Abstract] | |
Schedule of Components of Income Tax | The components of income tax are as follows: Con Edison CECONY (Millions of Dollars) 2019 2018 2017 2019 2018 2017 State Current $(12) $(10) $(2) $22 $6 $37 Deferred 96 107 103 68 82 75 Federal Current — 3 (11) 185 (34) 73 Deferred 219 310 391 63 275 504 Amortization of investment tax credits (7) (9) (9) (3) (3) (4) Total income tax expense $296 $401 $472 $335 $326 $685 |
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) 2019 2018 2019 2018 Deferred tax liabilities: Property basis differences $7,699 $7,402 $6,640 $6,446 Regulatory assets: Unrecognized pension and other postretirement costs 712 627 674 591 Environmental remediation costs 205 227 181 200 Deferred storm costs 22 21 — — Other regulatory assets 376 273 355 252 Operating lease right-of-use asset 231 — 169 — Equity investments 104 102 — — Total deferred tax liabilities $9,349 $8,652 $8,019 $7,489 Deferred tax assets: Accrued pension and other postretirement costs $291 $248 $222 $180 Regulatory liabilities: Future income tax 678 702 638 662 Other regulatory liabilities 702 632 622 554 Superfund and other environmental costs 206 218 183 194 Asset retirement obligations 135 114 102 82 Operating lease liabilities 231 — 170 — Loss carryforwards 108 229 — — Tax credits carryforward 896 817 — — Valuation allowance (40) (33) — — Other 56 53 103 102 Total deferred tax assets 3,263 2,980 2,040 1,774 Net deferred tax liabilities $6,086 $5,672 $5,979 $5,715 Unamortized investment tax credits 141 148 21 24 Net deferred tax liabilities and unamortized investment tax credits $6,227 $5,820 $6,000 $5,739 |
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) 2019 2018 2017 2019 2018 2017 STATUTORY TAX RATE Federal 21 % 21 % 35 % 21 % 21 % 35 % Changes in computed taxes resulting from: State income tax 4 4 4 5 5 4 Taxes attributable to noncontrolling interests (1 ) — — — — — Cost of removal 1 1 1 1 1 1 Other plant-related items (1 ) (1 ) (1 ) (1 ) (1 ) (1 ) TCJA deferred tax re-measurement — 2 (13 ) — — — Amortization of excess deferred federal income taxes (4 ) (3 ) — (4 ) (3 ) — Renewable energy credits (2 ) (1 ) (1 ) — — — Research and development credits (1 ) — — (1 ) (1 ) — Other — — (2 ) — (1 ) (1 ) Effective tax rate 17 % 23 % 23 % 21 % 21 % 38 % |
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) 2019 2018 2017 2019 2018 2017 Balance at January 1, $6 $12 $42 $4 $5 $21 Additions based on tax positions related to the current year 1 2 1 1 2 1 Additions based on tax positions of prior years 10 1 1 — 1 1 Reductions for tax positions of prior years (2) (2) (24) (1) (1) (18) Reductions from expiration of statute of limitations — (4) (2) — — — Settlements (2) (3) (6) (2) (3) — Balance at December 31, $13 $6 $12 $2 $4 $5 |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Share-based Payment Arrangement [Abstract] | |
Summary of Stock-Based Compensation Expense | The following table summarizes stock-based compensation expense recognized by the Companies in the years ended December 31, 2019 , 2018 and 2017 : Con Edison CECONY (Millions of Dollars) 2019 2018 2017 2019 2018 2017 Performance-based restricted stock $36 $3 $53 $30 $3 $45 Time-based restricted stock 2 2 2 2 1 2 Non-employee director deferred stock compensation 2 3 2 2 3 2 Stock purchase plan 7 6 6 6 6 6 Total $47 $14 $63 $40 $13 $55 Income tax benefit $13 $4 $25 $11 $4 $22 |
Assumptions Used to Calculate Fair Value of Awards | The assumptions used to calculate the fair value of the awards were as follows: 2019 2018 2017 Risk-free interest rate (a) 1.58% - 1.59% 2.48% - 2.63% 1.76% - 1.89% Expected term (b) 3 years 3 years 3 years Expected share price volatility (c) 12.89% - 15.51% 14.76% - 17.71% 11.01% - 14.70% (a) The risk-free rate is based on the U.S. Treasury zero-coupon yield curve. (b) The expected term of the Performance RSUs equals the vesting period. The Companies do not expect significant forfeitures to occur. (c) Based on historical experience. |
Summary of Changes in Status of Performance RSUs | A summary of changes in the status of the Performance RSUs’ TSR and non-TSR portions during the year ended December 31, 2019 is as follows: Con Edison CECONY Weighted Average Grant Date Fair Value (a) Weighted Average Grant Date Fair Value (a) Units TSR Portion (b) Non-TSR Portion (c) Units TSR Portion (b) Non-TSR Portion (c) Non-vested at December 31, 2018 1,005,836 $74.81 $74.27 761,906 $74.47 $74.42 Granted 389,600 64.37 80.03 284,516 64.82 80.31 Vested (357,325) 83.17 72.09 (275,376) 82.77 72.32 Forfeited (46,873) 65.08 78.03 (30,186) 65.20 78.10 Transferred (d) — — — 1,344 70.04 75.65 Non-vested at December 31, 2019 991,238 $68.15 $77.14 742,204 $68.06 $77.32 (a) The TSR and non-TSR Portions each account for 50 percent of the awards’ value. (b) Fair value is determined using the Monte Carlo simulation described above. Weighted average grant date fair value does not reflect any accrual or payment of dividends prior to vesting. (c) Fair value is determined using the market price of one share of Con Edison common stock on the grant date. The market price has not been discounted to reflect that dividends do not accrue and are not payable on Performance RSUs until vesting. (d) Represents allocation to another Con Edison subsidiary of a portion of the Performance RSUs that had been awarded to a CECONY officer who transferred to another subsidiary. |
Summary of Changes in Status of Time-Based Awards | A summary of changes in the status of time-based awards during the year ended December 31, 2019 is as follows: Con Edison CECONY Units Weighted Average Grant Date Fair Value Units Weighted Average Grant Date Fair Value Non-vested at December 31, 2018 65,180 $77.42 61,380 $77.42 Granted 24,850 84.81 23,350 84.81 Vested (20,980) 76.62 (19,830) 76.62 Forfeited (1,800) 79.12 (1,800) 79.12 Non-vested at December 31, 2019 67,250 $80.36 63,100 $80.36 |
Financial Information by Busi_2
Financial Information by Business Segment (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Segment Reporting [Abstract] | |
Financial Data for Business Segments | The financial data for the business segments are as follows: As of and for the Year Ended December 31, 2019 (Millions of Dollars) Operating revenues Inter- segment revenues Depreciation and amortization Operating income Other Income (deductions) Interest charges Income taxes on operating income (a) Total assets Capital expenditures CECONY Electric $8,062 $17 $1,053 $1,758 $(28) $539 $239 $32,988 $1,851 Gas 2,132 7 231 528 (4) 147 99 11,090 1,078 Steam 627 70 89 62 (3) 42 4 2,479 91 Consolidation adjustments — (94) — — — — — — — Total CECONY $10,821 $— $1,373 $2,348 ($35) $728 $342 $46,557 $3,020 O&R Electric $634 $— $60 $98 $(7) $27 $15 $2,130 $142 Gas 259 — 24 41 (4) 14 6 876 61 Other — — — — — — — — — Total O&R $893 $— $84 $139 $(11) $41 $21 $3,006 $203 Clean Energy Businesses $857 $— $226 $202 $5 $186 $(58) $6,528 $248 Con Edison Transmission 4 — 1 (6) 104 25 1 1,618 205 Other (b) (1) — — (7) (12) 11 (6) 370 — Total Con Edison $12,574 $— $1,684 $2,676 $51 $991 $300 $58,079 $3,676 As of and for the Year Ended December 31, 2018 (Millions of Dollars) Operating revenues Inter- segment revenues Depreciation and amortization Operating income Other Income (deductions) Interest charges Income taxes on operating income (a) Total assets Capital expenditures CECONY Electric $7,971 $16 $984 $1,799 $(110) $519 $233 $31,012 $1,861 Gas 2,078 7 205 478 (23) 131 87 9,710 1,050 Steam 631 75 87 77 (10) 39 8 2,386 94 Consolidation adjustments — (98) — — — — — — — Total CECONY $10,680 $— $1,276 $2,354 $(143) $689 $328 $43,108 $3,005 O&R Electric $642 $— $56 $93 $(14) $25 $14 $2,036 $138 Gas 249 — 21 39 (5) 14 7 856 67 Other — — — — — — — — — Total O&R $891 $— $77 $132 $(19) $39 $21 $2,892 $205 Clean Energy Businesses $763 $— $85 $194 $33 $63 $19 $5,821 $1,791 Con Edison Transmission 4 — 1 (7) 91 20 (1) 1,425 248 Other (b) (1) — (1) (9) (24) 8 39 674 — Total Con Edison $12,337 $— $1,438 $2,664 $(62) $819 $406 $53,920 $5,249 As of and for the Year Ended December 31, 2017 (Millions of Dollars) Operating revenues Inter- segment revenues Depreciation and amortization Operating income Other Income (deductions) Interest charges Income taxes on operating income (a) Total assets Capital expenditures CECONY Electric $7,972 $16 $925 $1,974 $(105) $472 $511 $29,661 $1,905 Gas 1,901 6 185 495 (23) 113 152 8,387 909 Steam 595 75 85 80 (9) 38 25 2,403 90 Consolidation adjustments — (97) — — — — — — — Total CECONY $10,468 $— $1,195 $2,549 $(137) $623 $688 $40,451 $2,904 O&R Electric $642 $— $51 $115 $(14) $24 $30 $1,949 $128 Gas 232 — 20 46 (5) 12 12 824 61 Other — — — — — — — — — Total O&R $874 $— $71 $161 $(19) $36 $42 $2,773 $189 Clean Energy Businesses $694 $— $74 $69 $33 $43 $(273) $2,735 $447 Con Edison Transmission 2 — 1 (8) 80 16 (11) 1,222 66 Other (b) (5) — — 3 (5) 11 13 930 — Total Con Edison $12,033 $— $1,341 $2,774 $(48) $729 $459 $48,111 $3,606 (a) For Con Edison, the income tax expense/(benefit) on non-operating income was $(4) million , $(5) million and $13 million in 2019 , 2018 and 2017 , respectively. For CECONY, the income tax expense/(benefit) on non-operating income was $(7) million , $(2) million and $(3) million in 2019 , 2018 and 2017 , respectively. At December 31, 2017, Con Edison re-measured its deferred tax assets and liabilities based upon the 21 percent corporate income tax rate under the TCJA. As a result, Con Edison, decreased its federal income tax expense by $259 million ( $269 million , $11 million and $(21) million , respectively, for the Clean Energy Businesses, Con Edison Transmission and the parent company). See Note L to the financial statements in Item 8. (b) Parent company and consolidation adjustments. Other does not represent a business segment. |
Derivative Instruments and He_2
Derivative Instruments and Hedging Activities (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Offsetting of Assets | The fair values of the Companies’ derivatives including the offsetting of assets and liabilities on the consolidated balance sheet at December 31, 2019 and 2018 were: (Millions of Dollars) 2019 2018 Balance Sheet Location Gross Amounts of Recognized Assets/ (Liabilities) Gross Amounts Offset Net Amounts of Assets/(Liabilities) (a) Gross Amounts of Recognized Assets/ (Liabilities) Gross Amounts Offset Net Amounts of Assets/(Liabilities) (a) Con Edison Fair value of derivative assets Current $60 $(3) $57 (b) $43 $(14) $29 (b) Noncurrent 19 (13) 6 (c) 16 (7) 9 (d) Total fair value of derivative assets $79 $(16) $63 $59 $(21) $38 Fair value of derivative liabilities Current $(140) $17 $(123) (c) $(61) $11 $(50) Noncurrent (122) 16 (106) (c) (25) 9 (16) (d) Total fair value of derivative liabilities $(262) $33 $(229) $(86) $20 $(66) Net fair value derivative assets/(liabilities) $(183) $17 $(166) $(27) $(1) $(28) CECONY Fair value of derivative assets Current $39 $(6) $33 (b) $25 $(6) $19 (b) Noncurrent 17 (12) 5 11 (5) 6 Total fair value of derivative assets $56 $(18) $38 $36 $(11) $25 Fair value of derivative liabilities Current $(100) $19 $(81) $(31) $6 $(25) Noncurrent (80) 16 (64) (12) 6 (6) Total fair value of derivative liabilities $(180) $35 $(145) $(43) $12 $(31) Net fair value derivative assets/(liabilities) $(124) $17 $(107) $(7) $1 $(6) (a) Derivative instruments and collateral were offset on the consolidated balance sheet as applicable under the accounting rules. The Companies enter into master agreements for their commodity derivatives. These agreements typically provide offset in the event of contract termination. In such case, generally the non-defaulting party’s payable will be offset by the defaulting party’s payable. The non-defaulting party will customarily notify the defaulting party within a specific time period and come to an agreement on the early termination amount. (b) At December 31, 2019 and 2018 , margin deposits for Con Edison ( $9 million and $7 million , respectively) and CECONY ( $8 million and $6 million , respectively) were classified as derivative assets on the consolidated balance sheet, but not included in the table. Margin is collateral, typically cash, that the holder of a derivative instrument is required to deposit in order to transact on an exchange and to cover its potential losses with its broker or the exchange. (c) Includes amounts for interest rate swaps of $1 million in noncurrent assets, $(7) million in current liabilities and $(34) million in noncurrent liabilities. At December 31, 2019 , the Clean Energy Businesses had interest rate swaps with notional amounts of $919 million . The expiration dates of the swaps range from 2024-2041. (d) Includes amounts for interest rate swaps of $2 million in noncurrent assets and $(6) million in noncurrent liabilities. At December 31, 2018 , the Clean Energy Businesses had interest rate swaps with notional amounts of $499 million . The expiration dates of the swaps range from 2024-2035. |
Offsetting of Liabilities | The fair values of the Companies’ derivatives including the offsetting of assets and liabilities on the consolidated balance sheet at December 31, 2019 and 2018 were: (Millions of Dollars) 2019 2018 Balance Sheet Location Gross Amounts of Recognized Assets/ (Liabilities) Gross Amounts Offset Net Amounts of Assets/(Liabilities) (a) Gross Amounts of Recognized Assets/ (Liabilities) Gross Amounts Offset Net Amounts of Assets/(Liabilities) (a) Con Edison Fair value of derivative assets Current $60 $(3) $57 (b) $43 $(14) $29 (b) Noncurrent 19 (13) 6 (c) 16 (7) 9 (d) Total fair value of derivative assets $79 $(16) $63 $59 $(21) $38 Fair value of derivative liabilities Current $(140) $17 $(123) (c) $(61) $11 $(50) Noncurrent (122) 16 (106) (c) (25) 9 (16) (d) Total fair value of derivative liabilities $(262) $33 $(229) $(86) $20 $(66) Net fair value derivative assets/(liabilities) $(183) $17 $(166) $(27) $(1) $(28) CECONY Fair value of derivative assets Current $39 $(6) $33 (b) $25 $(6) $19 (b) Noncurrent 17 (12) 5 11 (5) 6 Total fair value of derivative assets $56 $(18) $38 $36 $(11) $25 Fair value of derivative liabilities Current $(100) $19 $(81) $(31) $6 $(25) Noncurrent (80) 16 (64) (12) 6 (6) Total fair value of derivative liabilities $(180) $35 $(145) $(43) $12 $(31) Net fair value derivative assets/(liabilities) $(124) $17 $(107) $(7) $1 $(6) (a) Derivative instruments and collateral were offset on the consolidated balance sheet as applicable under the accounting rules. The Companies enter into master agreements for their commodity derivatives. These agreements typically provide offset in the event of contract termination. In such case, generally the non-defaulting party’s payable will be offset by the defaulting party’s payable. The non-defaulting party will customarily notify the defaulting party within a specific time period and come to an agreement on the early termination amount. (b) At December 31, 2019 and 2018 , margin deposits for Con Edison ( $9 million and $7 million , respectively) and CECONY ( $8 million and $6 million , respectively) were classified as derivative assets on the consolidated balance sheet, but not included in the table. Margin is collateral, typically cash, that the holder of a derivative instrument is required to deposit in order to transact on an exchange and to cover its potential losses with its broker or the exchange. (c) Includes amounts for interest rate swaps of $1 million in noncurrent assets, $(7) million in current liabilities and $(34) million in noncurrent liabilities. At December 31, 2019 , the Clean Energy Businesses had interest rate swaps with notional amounts of $919 million . The expiration dates of the swaps range from 2024-2041. (d) Includes amounts for interest rate swaps of $2 million in noncurrent assets and $(6) million in noncurrent liabilities. At December 31, 2018 , the Clean Energy Businesses had interest rate swaps with notional amounts of $499 million . The expiration dates of the swaps range from 2024-2035. |
Realized and Unrealized Gains or Losses on Commodity Derivatives | The following table presents the realized and unrealized gains or losses on derivatives that have been deferred or recognized in earnings for the years ended December 31, 2019 and 2018 : Con Edison CECONY (Millions of Dollars) Balance Sheet Location 2019 2018 2019 2018 Pre-tax gains/(losses) deferred in accordance with accounting rules for regulated operations: Current Deferred derivative gains $4 $(1) $5 $1 Noncurrent Deferred derivative gains (3) 4 (1) 3 Total deferred gains/(losses) $1 $3 $4 $4 Current Deferred derivative losses $(91) $4 $(83) $8 Current Recoverable energy costs (142) (26) (124) (26) Noncurrent Deferred derivative losses (67) 27 (65) 26 Total deferred gains/(losses) $(300) $5 $(272) $8 Net deferred gains/(losses) $(299) $8 $(268) $12 Income Statement Location Pre-tax gain/(loss) recognized in income Gas purchased for resale $(2) $(2) $— $— Non-utility revenue 25 4 — — Other operations and maintenance expense 1 (2) 1 (2) Other interest expense (36) (4) — — Total pre-tax gain/(loss) recognized in income $(12) $(4) $1 $(2) |
Hedged Volume of Derivative Transactions | The following table presents the hedged volume of Con Edison’s and CECONY’s commodity derivative transactions at December 31, 2019 : Electric Energy (MWh) (a)(b) Capacity (MW) (a) Natural Gas (Dt) (a)(b) Refined Fuels (gallons) Con Edison 24,868,670 28,916 277,827,601 5,712,000 CECONY 22,487,800 19,950 258,080,000 5,712,000 (a) Volumes are reported net of long and short positions, except natural gas collars where the volumes of long positions are reported. (b) Excludes electric congestion and gas basis swap contracts which are associated with electric and gas contracts and hedged volumes. |
Aggregate Fair Value of Companies' Derivative Instruments with Credit-Risk-Related Contingent Features | The following table presents the aggregate fair value of the Companies’ derivative instruments with credit-risk-related contingent features that are in a net liability position, the collateral posted for such positions and the additional collateral that would have been required to be posted had the lowest applicable credit rating been reduced one level and to below investment grade at December 31, 2019 : (Millions of Dollars) Con Edison (a) CECONY (a) Aggregate fair value – net liabilities $163 $145 Collateral posted 25 25 Additional collateral (b) (downgrade one level from current ratings) 50 41 Additional collateral (b)(c) (downgrade to below investment grade from current ratings) 159 134 (a) Non-derivative transactions for the purchase and sale of electricity and gas and qualifying derivative instruments, which have been designated as normal purchases or normal sales, are excluded from the table. These transactions primarily include purchases of electricity from independent system operators. In the event the Utilities and the Clean Energy Businesses were no longer extended unsecured credit for such purchases, the Companies would be required to post additional collateral of $1 million at December 31, 2019 . For certain other such non-derivative transactions, the Companies could be required to post collateral under certain circumstances, including in the event counterparties had reasonable grounds for insecurity. (b) The Companies measure the collateral requirements by taking into consideration the fair value amounts of derivative instruments that contain credit-risk-related contingent features that are in a net liabilities position plus amounts owed to counterparties for settled transactions and amounts required by counterparties for minimum financial security. The fair value amounts represent unrealized losses, net of any unrealized gains where the Companies have a legally enforceable right to offset. (c) Derivative instruments that are net assets have been excluded from the table. At December 31, 2019 , if Con Edison had been downgraded to below investment grade, it would have been required to post additional collateral for such derivative instruments of $49 million . |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Fair Value Disclosures [Abstract] | |
Assets and Liabilities Measured at Fair Value on Recurring Basis | Assets and liabilities measured at fair value on a recurring basis for the years ended December 31, 2019 and 2018 are summarized below. 2019 2018 (Millions of Dollars) Level 1 Level 2 Level 3 Netting Adjustment (e) Total Level 1 Level 2 Level 3 Netting Adjustment (e) Total Con Edison Derivative assets: Commodity (a)(b)(c) $4 $61 $2 $4 $71 $6 $36 $7 $(6) $43 Interest rate swaps (a)(b)(c)(f) — 1 — — 1 — 2 — — 2 Other (a)(b)(d) 353 125 — — 478 287 114 — — 401 Total assets $357 $187 $2 $4 $550 $293 $152 $7 $(6) $446 Derivative liabilities: Commodity (a)(b)(c) $18 $174 $18 $(22) $188 $8 $43 $20 $(11) $60 Interest rate swaps (a)(b)(c)(f) — 41 — — 41 — 6 — — 6 Total liabilities $18 $215 $18 $(22) $229 $8 $49 $20 $(11) $66 CECONY Derivative assets: Commodity (a)(b)(c) $3 $42 $1 $— $46 $3 $28 $1 $(1) $31 Other (a)(b)(d) 333 119 — — 452 267 109 — — 376 Total assets $336 $161 $1 $— $498 $270 $137 $1 $(1) $407 Derivative liabilities: Commodity (a)(b)(c) $15 $147 $7 $(24) $145 $5 $30 3 $(6) $32 (a) The Companies’ policy is to review the fair value hierarchy and recognize transfers into and transfers out of the levels at the end of each reporting period. Con Edison and CECONY had $24 million and $22 million of commodity derivative liabilities transferred from level 3 to level 2 during the year ended December 31, 2019 because of availability of observable market data due to the decrease in the terms of certain contracts from beyond three years as of September 30, 2019 to less than three years as of December 31, 2019 . Con Edison and CECONY had $2 million of commodity derivative liabilities transferred from level 3 to level 2 during the year ended December 31, 2018 because of availability of observable market data due to the decrease in the terms of certain contracts from beyond three years as of December 31, 2017 to less than three years as of December 31, 2018 . (b) Level 2 assets and liabilities include investments held in the deferred compensation plan and/or non-qualified retirement plans, exchange-traded contracts where there is insufficient market liquidity to warrant inclusion in Level 1, certain over-the-counter derivative instruments for electricity, refined products and natural gas. Derivative instruments classified as Level 2 are valued using industry standard models that incorporate corroborated observable inputs; such as pricing services or prices from similar instruments that trade in liquid markets, time value and volatility factors. (c) The accounting rules for fair value measurements and disclosures require consideration of the impact of nonperformance risk (including credit risk) from a market participant perspective in the measurement of the fair value of assets and liabilities. At December 31, 2019 and 2018 , the Companies determined that nonperformance risk would have no material impact on their financial position or results of operations. (d) Other assets are comprised of assets such as life insurance contracts within the deferred compensation plan and non-qualified retirement plans. (e) Amounts represent the impact of legally-enforceable master netting agreements that allow the Companies to net gain and loss positions and cash collateral held or placed with the same counterparties. (f) See Note O. |
Schedule of Commodity Derivatives | Fair Value of Level 3 at December 31, 2019 (Millions of Dollars) Valuation Techniques Unobservable Inputs Range Con Edison — Commodity Electricity $(1) Discounted Cash Flow Forward energy prices (a) $25.50-$34.10 per MWh (16) Discounted Cash Flow Forward capacity prices (a) $0.09-$8.90 per kW-month Transmission Congestion Contracts 1 Discounted Cash Flow Inter-zonal forward price curves adjusted for historical zonal losses (b) $(3.69)-$7.37 per MWh Total Con Edison — Commodity $(16) CECONY — Commodity Electricity $(7) Discounted Cash Flow Forward capacity prices (a) $0.15-$8.90 per kW-month Transmission Congestion Contracts 1 Discounted Cash Flow Inter-zonal forward price curves adjusted for historical zonal losses (b) $0.36-$3.10 per MWh Total CECONY — Commodity $(6) (a) Generally, increases (decreases) in this input in isolation would result in a higher (lower) fair value measurement. (b) Generally, increases (decreases) in this input in isolation would result in a lower (higher) fair value measurement. |
Reconciliation of Beginning and Ending Net Balances for Assets and Liabilities Measured at Level 3 Fair Value | The table listed below provides a reconciliation of the beginning and ending net balances for assets and liabilities measured at fair value for the years ended December 31, 2019 and 2018 and classified as Level 3 in the fair value hierarchy: Con Edison CECONY (Millions of Dollars) 2019 2018 2019 2018 Beginning balance as of January 1, $(13) $1 $(2) $4 Included in earnings (5) 4 — 4 Included in regulatory assets and liabilities 18 (10) 17 (4) Settlements 8 (6) 1 (4) Transfer out of level 3 (24) (2) (22) (2) Ending balance as of December 31, $(16) $(13) $(6) $(2) |
Variable Interest Entities (Tab
Variable Interest Entities (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Schedule of Business Acquisitions, by Acquisition | At December 31, 2019 and 2018 , Con Edison’s consolidated balance sheet included the following amounts associated with its VIEs: Tax Equity Projects Great Valley Solar (c)(d) Copper Mountain - Mesquite Solar (c)(e) Texas Solar 4 (c)(f) (Millions of Dollars) 2019 2018 2019 2018 2018 Restricted cash $— $— $— $— $4 Non-utility property, less accumulated depreciation (g)(h) 293 313 461 492 98 Other assets 40 18 128 97 9 Total assets (a) $333 $331 $589 $589 $111 Long-term debt due within one year $— $— $— $— $2 Other liabilities 17 17 18 33 26 Long-term debt — — — — 56 Total liabilities (b) $17 $17 $18 $33 $84 (a) The assets of the Tax Equity Projects represent assets of a consolidated VIE that can be used only to settle obligations of the consolidated VIE. (b) The liabilities of the Tax Equity Projects represent liabilities of a consolidated VIE for which creditors do not have recourse to the general credit of the primary beneficiary. (c) Con Edison did not provide any financial or other support during the year that was not previously contractually required. (d) Great Valley Solar consists of the Great Valley Solar 1, Great Valley Solar 2, Great Valley Solar 3 and Great Valley Solar 4 projects, for which the noncontrolling interest of the tax equity investor was $62 million and $33 million at December 31, 2019 and 2018 , respectively. (e) Copper Mountain - Mesquite Solar consists of the Copper Mountain Solar 4, Mesquite Solar 2 and Mesquite Solar 3 projects for which the noncontrolling interest of the tax equity investor was $ 126 million and $71 million at December 31, 2019 and 2018 , respectively. (f) Noncontrolling interest of the third party was $7 million at December 31, 2018 . (g) Non-utility property is reduced by accumulated depreciation of $9 million for Great Valley Solar and $15 million for Copper Mountain - Mesquite Solar at December 31, 2019 . (h) Non-utility property is reduced by accumulated depreciation of $1 million for Great Valley Solar, $1 million for Copper Mountain - Mesquite Solar and $15 million for Texas Solar 4 at December 31, 2018 . |
Summary of VIEs | The following table summarizes the VIEs into which the Clean Energy Businesses have entered as of December 31, 2019 : Project Name Generating Capacity (a) (MW AC) Power Purchase Agreement Term in Years Year of Investment Location Maximum Millions of Dollars ) (b) Great Valley Solar (c) 200 15-20 2018 California $254 Copper Mountain - Mesquite Solar (c) 344 20-25 2018 Nevada and Arizona 445 (a) Represents ownership interest in the project. (b) Maximum exposure is equal to the net assets of the project on the consolidated balance sheet less any applicable noncontrolling interest ( $62 million for Great Valley Solar and $126 million for Copper Mountain - Mesquite Solar). Con Edison did not provide any financial or other support during the year that was not previously contractually required. (c) For the projects comprising Great Valley Solar and Copper Mountain Mesquite Solar, refer to (d) and (e) in the table above. |
Related Party Transactions (Tab
Related Party Transactions (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Related Party Transactions [Abstract] | |
Summary of Costs of Administrative and Other Services Provided and Received | The costs of administrative and other services provided by CECONY to, and received by it from, Con Edison and its other subsidiaries for the years ended December 31, 2019 , 2018 and 2017 were as follows: CECONY (Millions of Dollars) 2019 2018 2017 Cost of services provided $121 $115 $111 Cost of services received 64 73 64 |
Acquisitions, Investments and_2
Acquisitions, Investments and Dispositions (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Business Combinations [Abstract] | |
Pro Forma Supplemental Information | Con Edison's revenues and net income for the years ended December 31, 2018 and 2017 as reported and pro forma to account on a consolidated basis for the acquisition as if the acquisition had been completed on January 1, 2017 instead of December 13, 2018 are as follows: Years ended December 31, (Millions of Dollars) 2018 2017 As Reported Revenue $12,337 $12,033 Net income 1,382 1,525 PRO FORMA SUPPLEMENTAL INFORMATION If Acquired January 1, 2017 (a)(b) Revenue $12,655 $12,331 Net income 1,279 1,612 (a) Reflects the following material adjustments: • included additional interest expense of $37 million and $38 million in 2018 and 2017, respectively, that would have been incurred if $825 million that was borrowed in December 2018 under a variable rate term loan agreement to fund a portion of the purchase price for the acquisition had instead been borrowed for such purpose on January 1, 2017 at a fixed rate of 4.64% per annum; and • with respect to the Previously-Owned JV Interests: eliminated the $131 million purchase accounting gain (pre-tax) that Con Edison recognized upon the completion of the acquisition in 2018 and reflected the $131 million purchase accounting gain in 2017; recorded the corresponding increase to the book value of the related net utility plant and power purchase agreement intangible asset as of January 1, 2017 instead of December 13, 2018, and included the increased depreciation and amortization expense in 2018 and 2017; and eliminated $33 million and $32 million of other income that Con Edison had recorded in 2018 and 2017, respectively, under the equity method of accounting. (b) Recalculating each investor’s claim on the investee’s assets under the contractual liquidation waterfall as if the acquisition had been completed on January 1, 2017 is impracticable. Accordingly, no HLBV adjustments were made. |
General (Details)
General (Details) | 12 Months Ended |
Dec. 31, 2019subsidiaryregistrant | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Number of registrants | registrant | 2 |
Number of regulated subsidiaries | subsidiary | 2 |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies and Other Matters - Disaggregation of Revenue (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Disaggregation of Revenue [Line Items] | |||
Revenues from contracts with customers | $ 12,144 | $ 11,928 | |
Total revenues | 12,574 | 12,337 | $ 12,033 |
CECONY | |||
Disaggregation of Revenue [Line Items] | |||
Total revenues | 10,821 | 10,680 | 10,468 |
Operating segment | Clean Energy Businesses | |||
Disaggregation of Revenue [Line Items] | |||
Revenues from contracts with customers | 646 | 424 | |
Total revenues | 857 | 763 | 694 |
Operating segment | Con Edison Transmission | |||
Disaggregation of Revenue [Line Items] | |||
Revenues from contracts with customers | 4 | 4 | |
Total revenues | 4 | 4 | 2 |
Operating segment | CECONY | |||
Disaggregation of Revenue [Line Items] | |||
Revenues from contracts with customers | 10,620 | 10,597 | |
Total revenues | 10,821 | 10,680 | 10,468 |
Operating segment | O&R | |||
Disaggregation of Revenue [Line Items] | |||
Revenues from contracts with customers | 874 | 903 | |
Total revenues | 893 | 891 | 874 |
Operating segment | Electric | CECONY | |||
Disaggregation of Revenue [Line Items] | |||
Revenues from contracts with customers | 7,913 | 7,920 | |
Total revenues | 8,062 | 7,971 | 7,972 |
Operating segment | Electric | O&R | |||
Disaggregation of Revenue [Line Items] | |||
Revenues from contracts with customers | 627 | 647 | |
Total revenues | 634 | 642 | 642 |
Operating segment | Gas | CECONY | |||
Disaggregation of Revenue [Line Items] | |||
Revenues from contracts with customers | 2,097 | 2,052 | |
Total revenues | 2,132 | 2,078 | 1,901 |
Operating segment | Gas | O&R | |||
Disaggregation of Revenue [Line Items] | |||
Revenues from contracts with customers | 247 | 256 | |
Total revenues | 259 | 249 | 232 |
Operating segment | Steam | CECONY | |||
Disaggregation of Revenue [Line Items] | |||
Revenues from contracts with customers | 610 | 625 | |
Total revenues | 627 | 631 | 595 |
Operating segment | Renewables | Clean Energy Businesses | |||
Disaggregation of Revenue [Line Items] | |||
Revenues from contracts with customers | 575 | 329 | |
Total revenues | 575 | 329 | |
Operating segment | Energy services | Clean Energy Businesses | |||
Disaggregation of Revenue [Line Items] | |||
Revenues from contracts with customers | 71 | 95 | |
Total revenues | 71 | 95 | |
Operating segment | Other | Clean Energy Businesses | |||
Disaggregation of Revenue [Line Items] | |||
Revenues from contracts with customers | 0 | 0 | |
Total revenues | 211 | 339 | |
Other | |||
Disaggregation of Revenue [Line Items] | |||
Revenues from contracts with customers | 0 | 0 | |
Total revenues | (1) | (1) | (5) |
Other | O&R | |||
Disaggregation of Revenue [Line Items] | |||
Total revenues | 0 | 0 | $ 0 |
Other | |||
Disaggregation of Revenue [Line Items] | |||
Total revenues | 430 | 409 | |
Other | Operating segment | Clean Energy Businesses | |||
Disaggregation of Revenue [Line Items] | |||
Total revenues | 211 | 339 | |
Other | Operating segment | Con Edison Transmission | |||
Disaggregation of Revenue [Line Items] | |||
Total revenues | 0 | 0 | |
Other | Operating segment | CECONY | |||
Disaggregation of Revenue [Line Items] | |||
Total revenues | 201 | 83 | |
Other | Operating segment | O&R | |||
Disaggregation of Revenue [Line Items] | |||
Total revenues | 19 | (12) | |
Other | Operating segment | Electric | CECONY | |||
Disaggregation of Revenue [Line Items] | |||
Total revenues | 149 | 51 | |
Other | Operating segment | Electric | O&R | |||
Disaggregation of Revenue [Line Items] | |||
Total revenues | 7 | (5) | |
Other | Operating segment | Gas | CECONY | |||
Disaggregation of Revenue [Line Items] | |||
Total revenues | 35 | 26 | |
Other | Operating segment | Gas | O&R | |||
Disaggregation of Revenue [Line Items] | |||
Total revenues | 12 | (7) | |
Other | Operating segment | Steam | CECONY | |||
Disaggregation of Revenue [Line Items] | |||
Total revenues | 17 | 6 | |
Other | Operating segment | Renewables | Clean Energy Businesses | |||
Disaggregation of Revenue [Line Items] | |||
Total revenues | 0 | 0 | |
Other | Operating segment | Energy services | Clean Energy Businesses | |||
Disaggregation of Revenue [Line Items] | |||
Total revenues | 0 | 0 | |
Other | Operating segment | Other | Clean Energy Businesses | |||
Disaggregation of Revenue [Line Items] | |||
Total revenues | 211 | 339 | |
Other | Other | |||
Disaggregation of Revenue [Line Items] | |||
Total revenues | (1) | (1) | |
Engineering, procurement and construction | Renewables | Clean Energy Businesses | |||
Disaggregation of Revenue [Line Items] | |||
Revenues from contracts with customers | $ 14 | $ 103 |
Summary of Significant Accoun_5
Summary of Significant Accounting Policies and Other Matters - Change in Unbilled Contract and Unearned Revenues (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2019 | Dec. 31, 2018 | Jan. 01, 2019 | Jan. 01, 2018 | |
Unbilled contract revenue | ||||
Beginning balance | $ 29 | $ 58 | ||
Additions | 86 | 144 | ||
Subtractions | 86 | 173 | ||
Ending balance | 29 | 29 | ||
Unearned revenue | ||||
Beginning balance | 20 | 87 | ||
Additions | 1 | 38 | ||
Subtractions | 4 | 105 | ||
Ending balance | $ 17 | $ 20 | ||
Contracts with customer, revenue recognized, amount outstanding end of last period | $ 4 | $ 50 |
Summary of Significant Accoun_6
Summary of Significant Accounting Policies and Other Matters - Revenue Recognition, Remaining Performance Obligation (Details) $ in Millions | Dec. 31, 2019USD ($) |
Accounting Policies [Abstract] | |
Remaining performance obligation | $ 82 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2020-01-01 | |
Accounting Policies [Abstract] | |
Remaining performance obligation | $ 46 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Expected timing of satisfaction | 2 years |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-01-01 | |
Accounting Policies [Abstract] | |
Remaining performance obligation | $ 36 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Expected timing of satisfaction |
Summary of Significant Accoun_7
Summary of Significant Accounting Policies and Other Matters - Schedule of Total Excise Taxes Recorded in Operating Revenues (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Schedule of Excise Taxes [Line Items] | |||
Excise taxes | $ 323 | $ 330 | $ 302 |
CECONY | |||
Schedule of Excise Taxes [Line Items] | |||
Excise taxes | $ 312 | $ 318 | $ 292 |
Summary of Significant Accoun_8
Summary of Significant Accounting Policies and Other Matters - Other Receivables (Details) $ in Millions | Dec. 31, 2019USD ($) |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Receivables from third parties related with power restoration | $ 8 |
Summary of Significant Accoun_9
Summary of Significant Accounting Policies and Other Matters - Plant and Depreciation (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Public Utility, Property, Plant and Equipment [Line Items] | |||
Accumulated amortization | $ 126 | $ 29 | |
Annual aggregate depreciation allowance | 1,417 | ||
Software Licenses | |||
Public Utility, Property, Plant and Equipment [Line Items] | |||
Gross asset | 93 | 100 | |
Estimated aggregate annual amortization expense | 7 | ||
Accumulated amortization | $ 10 | $ 3 | |
Non-Utility Plant | Maximum | |||
Public Utility, Property, Plant and Equipment [Line Items] | |||
Estimated useful lives (years) | 10 years | ||
CECONY | |||
Public Utility, Property, Plant and Equipment [Line Items] | |||
AFUDC rates (percent) | 5.10% | 5.40% | 5.50% |
Average depreciation rates (percent) | 3.20% | 3.10% | 3.10% |
Annual aggregate depreciation allowance | $ 1,332 | ||
CECONY | Software Licenses | |||
Public Utility, Property, Plant and Equipment [Line Items] | |||
Gross asset | 88 | $ 95 | |
Estimated aggregate annual amortization expense | 7 | ||
Accumulated amortization | $ 0 | $ 3 | |
CECONY | Electric | Minimum | |||
Public Utility, Property, Plant and Equipment [Line Items] | |||
Estimated useful lives (years) | 5 years | ||
CECONY | Electric | Maximum | |||
Public Utility, Property, Plant and Equipment [Line Items] | |||
Estimated useful lives (years) | 95 years | ||
CECONY | Gas | Minimum | |||
Public Utility, Property, Plant and Equipment [Line Items] | |||
Estimated useful lives (years) | 5 years | ||
CECONY | Gas | Maximum | |||
Public Utility, Property, Plant and Equipment [Line Items] | |||
Estimated useful lives (years) | 90 years | ||
CECONY | Steam | Minimum | |||
Public Utility, Property, Plant and Equipment [Line Items] | |||
Estimated useful lives (years) | 5 years | ||
CECONY | Steam | Maximum | |||
Public Utility, Property, Plant and Equipment [Line Items] | |||
Estimated useful lives (years) | 80 years | ||
CECONY | General Plant | Minimum | |||
Public Utility, Property, Plant and Equipment [Line Items] | |||
Estimated useful lives (years) | 5 years | ||
CECONY | General Plant | Maximum | |||
Public Utility, Property, Plant and Equipment [Line Items] | |||
Estimated useful lives (years) | 55 years | ||
O&R | |||
Public Utility, Property, Plant and Equipment [Line Items] | |||
AFUDC rates (percent) | 5.30% | 2.20% | 2.50% |
Average depreciation rates (percent) | 3.00% | 2.90% | 2.90% |
O&R | Electric | Minimum | |||
Public Utility, Property, Plant and Equipment [Line Items] | |||
Estimated useful lives (years) | 5 years | ||
O&R | Electric | Maximum | |||
Public Utility, Property, Plant and Equipment [Line Items] | |||
Estimated useful lives (years) | 75 years | ||
O&R | Gas | Minimum | |||
Public Utility, Property, Plant and Equipment [Line Items] | |||
Estimated useful lives (years) | 5 years | ||
O&R | Gas | Maximum | |||
Public Utility, Property, Plant and Equipment [Line Items] | |||
Estimated useful lives (years) | 75 years | ||
O&R | General Plant | Minimum | |||
Public Utility, Property, Plant and Equipment [Line Items] | |||
Estimated useful lives (years) | 5 years | ||
O&R | General Plant | Maximum | |||
Public Utility, Property, Plant and Equipment [Line Items] | |||
Estimated useful lives (years) | 50 years |
Summary of Significant Accou_10
Summary of Significant Accounting Policies and Other Matters - Capitalized Cost of Utility Plant (Details) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Public Utility, Property, Plant and Equipment [Line Items] | ||
General | $ 3,562 | $ 3,331 |
Held for future use | 75 | 76 |
Construction work in progress | 1,937 | 1,978 |
NET UTILITY PLANT | 39,751 | 37,580 |
Electric Generation | ||
Public Utility, Property, Plant and Equipment [Line Items] | ||
Generation | 591 | 593 |
Electric Transmission | ||
Public Utility, Property, Plant and Equipment [Line Items] | ||
Transmission | 3,634 | 3,333 |
Electric Distribution | ||
Public Utility, Property, Plant and Equipment [Line Items] | ||
Distribution | 20,676 | 19,750 |
General | ||
Public Utility, Property, Plant and Equipment [Line Items] | ||
General | 43 | 0 |
Gas | ||
Public Utility, Property, Plant and Equipment [Line Items] | ||
Gas | 8,617 | 7,714 |
Steam | ||
Public Utility, Property, Plant and Equipment [Line Items] | ||
Steam | 1,813 | 1,830 |
General | ||
Public Utility, Property, Plant and Equipment [Line Items] | ||
General | 2,365 | 2,306 |
CECONY | ||
Public Utility, Property, Plant and Equipment [Line Items] | ||
General | 3,271 | 3,056 |
Held for future use | 67 | 67 |
Construction work in progress | 1,812 | 1,850 |
NET UTILITY PLANT | 37,412 | 35,370 |
CECONY | Electric Generation | ||
Public Utility, Property, Plant and Equipment [Line Items] | ||
Generation | 591 | 592 |
CECONY | Electric Transmission | ||
Public Utility, Property, Plant and Equipment [Line Items] | ||
Transmission | 3,380 | 3,106 |
CECONY | Electric Distribution | ||
Public Utility, Property, Plant and Equipment [Line Items] | ||
Distribution | 19,602 | 18,716 |
CECONY | General | ||
Public Utility, Property, Plant and Equipment [Line Items] | ||
General | 43 | 0 |
CECONY | Gas | ||
Public Utility, Property, Plant and Equipment [Line Items] | ||
Gas | 7,961 | 7,107 |
CECONY | Steam | ||
Public Utility, Property, Plant and Equipment [Line Items] | ||
Steam | 1,813 | 1,830 |
CECONY | General | ||
Public Utility, Property, Plant and Equipment [Line Items] | ||
General | $ 2,143 | $ 2,102 |
Summary of Significant Accou_11
Summary of Significant Accounting Policies and Other Matters - Goodwill (Details) | 12 Months Ended |
Dec. 31, 2019USD ($) | |
Accounting Policies [Abstract] | |
Goodwill, impairment charge | $ 0 |
Summary of Significant Accou_12
Summary of Significant Accounting Policies and Other Matters - Long-Lived and Intangible Assets (Details) | 12 Months Ended | ||
Dec. 31, 2019USD ($)MW | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | |
Finite-Lived Intangible Assets [Line Items] | |||
Accumulated amortization | $ 126,000,000 | $ 29,000,000 | |
Amortization of intangible assets | 99,000,000 | 14,000,000 | $ 9,000,000 |
Amortization expense, 2020 | 100,000,000 | ||
Amortization expense, 2021 | 105,000,000 | ||
Amortization expense, 2022 | 105,000,000 | ||
Amortization expense, 2023 | 105,000,000 | ||
Amortization expense, 2024 | 105,000,000 | ||
Asset impairment | 2,000,000 | ||
Impairment charges on long-lived assets | 0 | 0 | |
Impairment charges on intangible assets | 0 | $ 0 | |
Net non-utility plant | 43,889,000,000 | 41,749,000,000 | |
Intangible assets | 1,557,000,000 | 1,654,000,000 | |
Long-term debt | 19,973,000,000 | 18,145,000,000 | |
PG&E Project | |||
Finite-Lived Intangible Assets [Line Items] | |||
Net non-utility plant | 819,000,000 | 885,000,000 | |
Intangible assets | 1,057,000,000 | 1,125,000,000 | |
Long-term debt | $ 1,001,000,000 | 1,050,000,000 | |
PG&E Project | Con Edison Development | |||
Finite-Lived Intangible Assets [Line Items] | |||
Aggregate power to be sold (in MW) | MW | 680 | ||
PG&E Project | Secured Related to Project Debt | |||
Finite-Lived Intangible Assets [Line Items] | |||
Net non-utility plant | $ 282,000,000 | 292,000,000 | |
Other Intangible Assets | |||
Finite-Lived Intangible Assets [Line Items] | |||
Intangible assets, net | 3,000,000 | ||
Accumulated amortization | 7,000,000 | ||
Power Purchase Agreements | |||
Finite-Lived Intangible Assets [Line Items] | |||
Intangible assets, net | 1,554,000,000 | 1,651,000,000 | |
Accumulated amortization | $ 119,000,000 | $ 22,000,000 |
Summary of Significant Accou_13
Summary of Significant Accounting Policies and Other Matters - Recoverable Energy Costs (Details) | 12 Months Ended |
Dec. 31, 2019 | |
Minimum | |
Public Utilities, General Disclosures [Line Items] | |
Recovery or refund of energy costs, deferral period | 1 month |
Maximum | |
Public Utilities, General Disclosures [Line Items] | |
Recovery or refund of energy costs, deferral period | 2 months |
Summary of Significant Accou_14
Summary of Significant Accounting Policies and Other Matters - Investments (Details) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Schedule of Equity Method Investments [Line Items] | ||
Supplemental retirement income plan assets | $ 397 | $ 326 |
Deferred income plan assets | 81 | 75 |
Other | 2 | 2 |
Total investments | 2,065 | 1,766 |
CET | Stagecoach Gas Services, LLC | ||
Schedule of Equity Method Investments [Line Items] | ||
Equity method investments | 924 | 948 |
CET | Mountain Valley Pipeline LLC | ||
Schedule of Equity Method Investments [Line Items] | ||
Equity method investments | 602 | 363 |
CET | New York Transco, LLC | ||
Schedule of Equity Method Investments [Line Items] | ||
Equity method investments | 59 | 52 |
CECONY | ||
Schedule of Equity Method Investments [Line Items] | ||
Supplemental retirement income plan assets | 371 | 301 |
Deferred income plan assets | 81 | 75 |
Other | 9 | 9 |
Total investments | 461 | 385 |
CECONY | CET | Stagecoach Gas Services, LLC | ||
Schedule of Equity Method Investments [Line Items] | ||
Equity method investments | 0 | 0 |
CECONY | CET | Mountain Valley Pipeline LLC | ||
Schedule of Equity Method Investments [Line Items] | ||
Equity method investments | 0 | 0 |
CECONY | CET | New York Transco, LLC | ||
Schedule of Equity Method Investments [Line Items] | ||
Equity method investments | $ 0 | $ 0 |
Summary of Significant Accou_15
Summary of Significant Accounting Policies and Other Matters - Pension and Other Postretirement Benefits (Details) | 12 Months Ended |
Dec. 31, 2019 | |
Accounting Policies [Abstract] | |
Investment gains and losses recognized, time period (years) | 15 years |
Other actuarial gains and losses recognized, time period (years) | 10 years |
Difference between fair value and expected market related value of plan assets (percent) | 20.00% |
Summary of Significant Accou_16
Summary of Significant Accounting Policies and Other Matters - Research and Development Costs (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Research and Development Expenses [Line Items] | |||
Research and development costs | $ 24 | $ 24 | $ 24 |
CECONY | |||
Research and Development Expenses [Line Items] | |||
Research and development costs | $ 23 | $ 23 | $ 23 |
Summary of Significant Accou_17
Summary of Significant Accounting Policies and Other Matters - Earnings Per Common Share (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Accounting Policies [Abstract] | |||
Net income | $ 1,343 | $ 1,382 | $ 1,525 |
Weighted average common shares outstanding – basic (in shares) | 328.5 | 311.7 | 307.1 |
Add: Incremental shares attributable to effect of potentially dilutive securities (in shares) | 1 | 1.2 | 1.7 |
Adjusted weighted average common shares outstanding – diluted (in shares) | 329.5 | 312.9 | 308.8 |
Net income per common share — basic (in dollars per share) | $ 4.09 | $ 4.43 | $ 4.97 |
Net income per common share — diluted (in dollars per share) | $ 4.08 | $ 4.42 | $ 4.94 |
Summary of Significant Accou_18
Summary of Significant Accounting Policies and Other Matters - Changes in Accumulated Other Comprehensive Income/(Loss) by Component (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||
BALANCE AS OF BEGINNING OF PERIOD | $ 16,839 | $ 15,425 | $ 14,306 |
TOTAL OTHER COMPREHENSIVE INCOME, NET OF TAXES | (3) | 10 | 1 |
BALANCE AS OF END OF PERIOD | 18,213 | 16,839 | 15,425 |
Accumulated OCI | |||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||
BALANCE AS OF BEGINNING OF PERIOD | (16) | (26) | (27) |
TOTAL OTHER COMPREHENSIVE INCOME, NET OF TAXES | (3) | 10 | 1 |
BALANCE AS OF END OF PERIOD | (19) | (16) | (26) |
Pension Plan Liabilities | |||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||
OCI before reclassifications, net of tax | (10) | 4 | (4) |
Amounts reclassified from accumulated OCI related to pension plan liabilities, net of tax | 7 | 6 | 5 |
TOTAL OTHER COMPREHENSIVE INCOME, NET OF TAXES | (3) | 10 | 1 |
OCI before reclassifications, tax | (6) | 3 | 3 |
Amounts reclassified from accumulated OCI related to pension plan liabilities, tax | (2) | (2) | (3) |
CECONY | |||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||
TOTAL OTHER COMPREHENSIVE INCOME, NET OF TAXES | (1) | 1 | 1 |
CECONY | Accumulated OCI | |||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||
BALANCE AS OF BEGINNING OF PERIOD | (5) | (6) | (7) |
TOTAL OTHER COMPREHENSIVE INCOME, NET OF TAXES | (1) | 1 | 1 |
BALANCE AS OF END OF PERIOD | (6) | (5) | (6) |
CECONY | Pension Plan Liabilities | |||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||
OCI before reclassifications, net of tax | (3) | 0 | 0 |
Amounts reclassified from accumulated OCI related to pension plan liabilities, net of tax | 2 | 1 | 1 |
TOTAL OTHER COMPREHENSIVE INCOME, NET OF TAXES | (1) | $ 1 | 1 |
OCI before reclassifications, tax | $ (1) | 1 | |
Amounts reclassified from accumulated OCI related to pension plan liabilities, tax | $ (1) |
Summary of Significant Accou_19
Summary of Significant Accounting Policies and Other Matters - Reconciliation of Cash, Temporary Investments and Restricted Cash (Details) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Cash and Cash Equivalents [Line Items] | ||||
Cash and temporary cash investments | $ 981 | $ 895 | ||
Restricted cash | 236 | 111 | ||
Total cash, temporary cash investments and restricted cash | 1,217 | 1,006 | $ 844 | $ 830 |
CECONY | ||||
Cash and Cash Equivalents [Line Items] | ||||
Cash and temporary cash investments | 933 | 818 | ||
Restricted cash | 0 | 0 | ||
Total cash, temporary cash investments and restricted cash | 933 | 818 | $ 730 | $ 704 |
Con Edison Development | ||||
Cash and Cash Equivalents [Line Items] | ||||
Restricted cash | $ 236 | 109 | ||
RECO | Transition Bond | ||||
Cash and Cash Equivalents [Line Items] | ||||
Restricted cash | $ 2 |
Regulatory Matters - Summary of
Regulatory Matters - Summary of Utilities Rate Plans (CECONY-Electric) (Details) - USD ($) | 1 Months Ended | 12 Months Ended | 36 Months Ended | ||||
Dec. 31, 2016 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2022 | Dec. 31, 2019 | Dec. 31, 2016 | |
Public Utilities, General Disclosures [Line Items] | |||||||
Revenues | $ 12,574,000,000 | $ 12,337,000,000 | $ 12,033,000,000 | ||||
Deferred revenues | 17,000,000 | 20,000,000 | 87,000,000 | $ 17,000,000 | |||
Deferred revenues | $ (599,000,000) | (514,000,000) | $ (599,000,000) | ||||
NYSPSC | |||||||
Public Utilities, General Disclosures [Line Items] | |||||||
Percentage of total consolidated revenues | 15.00% | 15.00% | |||||
Maximum | NYSPSC | |||||||
Public Utilities, General Disclosures [Line Items] | |||||||
Percentage of total consolidated revenues | 15.00% | 15.00% | |||||
Percentage of debt to total consolidated debt | 20.00% | ||||||
CECONY | |||||||
Public Utilities, General Disclosures [Line Items] | |||||||
Revenues | $ 10,821,000,000 | 10,680,000,000 | 10,468,000,000 | ||||
Deferred revenues | (477,000,000) | (392,000,000) | $ (477,000,000) | ||||
CECONY | Electric | |||||||
Public Utilities, General Disclosures [Line Items] | |||||||
Retention of annual transmission congestion revenues | 75,000,000 | ||||||
Actual earnings adjustment mechanism incentives | 0 | 0 | 0 | ||||
Other earnings incentives | 0 | 0 | 0 | ||||
Deferred revenues | 69,000,000 | (6,000,000) | 45,000,000 | 69,000,000 | |||
Negative revenue adjustments | 15,000,000 | 0 | 0 | ||||
Cost reconciliation, deferred net regulatory liabilities | 10,000,000 | 189,000,000 | 35,000,000 | 10,000,000 | |||
Deferred regulatory asset (liability) | (11,800,000) | (400,000) | 400,000 | $ (11,800,000) | |||
Earnings sharing, threshold limit | $ 0 | 0 | |||||
Earnings sharing, positive adjustment | $ 5,700,000 | ||||||
Common equity ratio (percent) | 48.00% | ||||||
Increase in gas base rate due to expiration of temporary credit under the prior rate plan | $ 48,000,000 | ||||||
Recovery or refund of energy costs, deferral period | 10 years | ||||||
Deferrals for property taxes limitation from rates (percent) | 90.00% | ||||||
Recovery deferral (percent) | 80.00% | 80.00% | |||||
Maximum deferral (percent) | 30.00% | 30.00% | |||||
CECONY | Electric | NYSPSC | |||||||
Public Utilities, General Disclosures [Line Items] | |||||||
Base rate changes | $ 199,000,000 | $ 199,000,000 | |||||
CECONY | Electric | Service Termination | |||||||
Public Utilities, General Disclosures [Line Items] | |||||||
Revenues | 0 | $ 0 | |||||
CECONY | Electric | Scenario, Forecast | |||||||
Public Utilities, General Disclosures [Line Items] | |||||||
Retention of annual transmission congestion revenues | $ 75,000,000 | ||||||
Authorized return on common equity (percent) | 8.80% | ||||||
Earnings sharing (percent) | 9.30% | ||||||
Common equity ratio (percent) | 48.00% | ||||||
Maximum deferral (percent) | 15.00% | ||||||
Income tax benefit to be credited to customers resulting from TCJA | $ 377,000,000 | ||||||
CECONY | Electric | Scenario, Forecast | Deferred Project Costs | |||||||
Public Utilities, General Disclosures [Line Items] | |||||||
Amortization to income of net regulatory (assets) and liabilities | 238,000,000 | ||||||
CECONY | Electric | Year 1 | |||||||
Public Utilities, General Disclosures [Line Items] | |||||||
Base rate changes | $ 195,000,000 | 195,000,000 | |||||
Amortization to income of net regulatory (assets) and liabilities | 84,000,000 | ||||||
Potential earnings adjustment mechanism incentives | 0 | ||||||
Average rate base | $ 18,902,000,000 | ||||||
Weighted average cost of capital (after-tax) (percent) | 6.82% | ||||||
Authorized return on common equity (percent) | 9.00% | ||||||
Actual return on common equity (percent) | 9.30% | ||||||
Earnings sharing (percent) | 9.50% | 9.50% | |||||
Cost of long-term debt (percent) | 4.93% | 4.93% | |||||
Recovery of energy efficiency and savings program costs | $ 20,500,000 | ||||||
Deferral, annual maximum (not more than) (percent) | 10.00% | ||||||
CECONY | Electric | Year 1 | Electric average excluding AMI | |||||||
Public Utilities, General Disclosures [Line Items] | |||||||
Net utility plant reconciliations | 21,689,000,000 | ||||||
CECONY | Electric | Year 1 | Advanced metering infrastructure (AMI) | |||||||
Public Utilities, General Disclosures [Line Items] | |||||||
Net utility plant reconciliations | 126,000,000 | ||||||
CECONY | Electric | Year 1 | Maximum | |||||||
Public Utilities, General Disclosures [Line Items] | |||||||
Potential penalties (annually) | 376,000,000 | ||||||
CECONY | Electric | Year 1 | Scenario, Forecast | |||||||
Public Utilities, General Disclosures [Line Items] | |||||||
Base rate changes | 113,000,000 | ||||||
Amortization to income of net regulatory (assets) and liabilities | 267,000,000 | ||||||
Potential earnings adjustment mechanism incentives | 69,000,000 | ||||||
Potential penalties (annually) | 450,000,000 | ||||||
Average rate base | $ 21,660,000,000 | ||||||
Weighted average cost of capital (after-tax) (percent) | 6.82% | ||||||
Cost of long-term debt (percent) | 4.63% | ||||||
Amount of cost recovery | $ 206,000,000 | ||||||
CECONY | Electric | Year 1 | Scenario, Forecast | Electric average excluding AMI | |||||||
Public Utilities, General Disclosures [Line Items] | |||||||
Net utility plant reconciliations | 24,491,000,000 | ||||||
CECONY | Electric | Year 1 | Scenario, Forecast | Advanced metering infrastructure (AMI) | |||||||
Public Utilities, General Disclosures [Line Items] | |||||||
Net utility plant reconciliations | 572,000,000 | ||||||
CECONY | Electric | Year 2 | |||||||
Public Utilities, General Disclosures [Line Items] | |||||||
Base rate changes | $ 155,000,000 | 155,000,000 | |||||
Amortization to income of net regulatory (assets) and liabilities | 83,000,000 | ||||||
Potential earnings adjustment mechanism incentives | 0 | ||||||
Average rate base | $ 19,530,000,000 | ||||||
Weighted average cost of capital (after-tax) (percent) | 6.80% | ||||||
Actual return on common equity (percent) | 9.36% | ||||||
Cost of long-term debt (percent) | 4.88% | 4.88% | |||||
Recovery of energy efficiency and savings program costs | $ 49,000,000 | ||||||
Deferral, annual maximum (not more than) (percent) | 0.075% | ||||||
CECONY | Electric | Year 2 | Electric average excluding AMI | |||||||
Public Utilities, General Disclosures [Line Items] | |||||||
Net utility plant reconciliations | 22,338,000,000 | ||||||
CECONY | Electric | Year 2 | Advanced metering infrastructure (AMI) | |||||||
Public Utilities, General Disclosures [Line Items] | |||||||
Net utility plant reconciliations | 257,000,000 | ||||||
CECONY | Electric | Year 2 | Maximum | |||||||
Public Utilities, General Disclosures [Line Items] | |||||||
Potential penalties (annually) | 341,000,000 | ||||||
CECONY | Electric | Year 2 | Scenario, Forecast | |||||||
Public Utilities, General Disclosures [Line Items] | |||||||
Base rate changes | 370,000,000 | ||||||
Amortization to income of net regulatory (assets) and liabilities | 269,000,000 | ||||||
Potential earnings adjustment mechanism incentives | 74,000,000 | ||||||
Potential penalties (annually) | 461,000,000 | ||||||
Average rate base | 22,783,000,000 | ||||||
Amount of cost recovery | 245,000,000 | ||||||
CECONY | Electric | Year 2 | Scenario, Forecast | Electric average excluding AMI | |||||||
Public Utilities, General Disclosures [Line Items] | |||||||
Net utility plant reconciliations | 25,092,000,000 | ||||||
CECONY | Electric | Year 2 | Scenario, Forecast | Advanced metering infrastructure (AMI) | |||||||
Public Utilities, General Disclosures [Line Items] | |||||||
Net utility plant reconciliations | 740,000,000 | ||||||
CECONY | Electric | Year 3 | |||||||
Public Utilities, General Disclosures [Line Items] | |||||||
Base rate changes | $ 155,000,000 | 155,000,000 | |||||
Amortization to income of net regulatory (assets) and liabilities | 69,000,000 | ||||||
Potential earnings adjustment mechanism incentives | 0 | ||||||
Average rate base | $ 20,277,000,000 | ||||||
Weighted average cost of capital (after-tax) (percent) | 6.73% | ||||||
Actual return on common equity (percent) | 8.82% | ||||||
Cost of long-term debt (percent) | 4.74% | 4.74% | |||||
Recovery of energy efficiency and savings program costs | $ 107,500,000 | ||||||
Deferral, annual maximum (not more than) (percent) | 0.05% | ||||||
CECONY | Electric | Year 3 | Electric average excluding AMI | |||||||
Public Utilities, General Disclosures [Line Items] | |||||||
Net utility plant reconciliations | 23,002,000,000 | ||||||
CECONY | Electric | Year 3 | Advanced metering infrastructure (AMI) | |||||||
Public Utilities, General Disclosures [Line Items] | |||||||
Net utility plant reconciliations | 415,000,000 | ||||||
CECONY | Electric | Year 3 | Maximum | |||||||
Public Utilities, General Disclosures [Line Items] | |||||||
Potential penalties (annually) | $ 352,000,000 | ||||||
CECONY | Electric | Year 3 | Scenario, Forecast | |||||||
Public Utilities, General Disclosures [Line Items] | |||||||
Base rate changes | 326,000,000 | ||||||
Amortization to income of net regulatory (assets) and liabilities | 272,000,000 | ||||||
Potential earnings adjustment mechanism incentives | 79,000,000 | ||||||
Potential penalties (annually) | 476,000,000 | ||||||
Average rate base | 23,926,000,000 | ||||||
Amount of cost recovery | 251,000,000 | ||||||
CECONY | Electric | Year 3 | Scenario, Forecast | Electric average excluding AMI | |||||||
Public Utilities, General Disclosures [Line Items] | |||||||
Net utility plant reconciliations | 25,708,000,000 | ||||||
CECONY | Electric | Year 3 | Scenario, Forecast | Advanced metering infrastructure (AMI) | |||||||
Public Utilities, General Disclosures [Line Items] | |||||||
Net utility plant reconciliations | 806,000,000 | ||||||
Annually | CECONY | Electric | Scenario, Forecast | |||||||
Public Utilities, General Disclosures [Line Items] | |||||||
Income tax benefit to be credited to customers resulting from TCJA | 126,000,000 | ||||||
Annually | CECONY | Electric | Scenario, Forecast | Deferred Project Costs | |||||||
Public Utilities, General Disclosures [Line Items] | |||||||
Amortization to income of net regulatory (assets) and liabilities | 48,000,000 | ||||||
Protected Portion | CECONY | Electric | Scenario, Forecast | |||||||
Public Utilities, General Disclosures [Line Items] | |||||||
Increase in regulatory liability resulting from TCJA | (1,663,000,000) | ||||||
Protected Portion | CECONY | Electric | Year 1 | Scenario, Forecast | |||||||
Public Utilities, General Disclosures [Line Items] | |||||||
Increase in regulatory liability resulting from TCJA | (49,000,000) | ||||||
Protected Portion | CECONY | Electric | Year 2 | Scenario, Forecast | |||||||
Public Utilities, General Disclosures [Line Items] | |||||||
Increase in regulatory liability resulting from TCJA | (50,000,000) | ||||||
Protected Portion | CECONY | Electric | Year 3 | Scenario, Forecast | |||||||
Public Utilities, General Disclosures [Line Items] | |||||||
Increase in regulatory liability resulting from TCJA | (53,000,000) | ||||||
Unprotected Portion | CECONY | Electric | Scenario, Forecast | |||||||
Public Utilities, General Disclosures [Line Items] | |||||||
Increase in regulatory liability resulting from TCJA | $ (784,000,000) | ||||||
TCJA of 2017 regulatory liabilities, income tax benefit, amortization period | 5 years | ||||||
Unprotected Portion | Annually | CECONY | Electric | Scenario, Forecast | |||||||
Public Utilities, General Disclosures [Line Items] | |||||||
Increase in regulatory liability resulting from TCJA | $ (157,000,000) |
Regulatory Matters - Summary _2
Regulatory Matters - Summary of Utilities Rate Plans (CECONY-Gas) (Details) - USD ($) | 1 Months Ended | 12 Months Ended | 36 Months Ended | |||
Dec. 31, 2016 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2022 | Dec. 31, 2019 | |
Public Utilities, General Disclosures [Line Items] | ||||||
Revenues | $ 12,574,000,000 | $ 12,337,000,000 | $ 12,033,000,000 | |||
Deferred revenues | 17,000,000 | 20,000,000 | 87,000,000 | $ 17,000,000 | ||
CECONY | ||||||
Public Utilities, General Disclosures [Line Items] | ||||||
Revenues | 10,821,000,000 | 10,680,000,000 | 10,468,000,000 | |||
CECONY | Gas | ||||||
Public Utilities, General Disclosures [Line Items] | ||||||
Percentage of revenue reserve | 15.00% | |||||
Other earnings incentives | 7,000,000 | 6,000,000 | 7,000,000 | |||
Deferred revenues | 10,000,000 | 12,000,000 | 3,000,000 | $ 10,000,000 | ||
Negative revenue adjustments | 10,000,000 | 4,000,000 | 5,000,000 | |||
Cost reconciliation, deferred net regulatory liabilities | 18,000,000 | 44,000,000 | 2,000,000 | 18,000,000 | ||
Deferred regulatory asset (liability) | $ (1,700,000) | (2,200,000) | (2,200,000) | $ (1,700,000) | ||
Earnings sharing (percent) | 9.50% | 9.50% | ||||
Earnings sharing, threshold limit | $ 0 | 0 | $ 0 | |||
Common equity ratio (percent) | 48.00% | |||||
Increase in gas base rate due to expiration of temporary credit under the prior rate plan | $ 41,000,000 | |||||
CECONY | Gas | Maximum | ||||||
Public Utilities, General Disclosures [Line Items] | ||||||
Amount of revenues retained | 65,000,000 | $ 65,000,000 | ||||
CECONY | Gas | Gas Leak Backlog, Leak Prone Pipe and Service Terminations | ||||||
Public Utilities, General Disclosures [Line Items] | ||||||
Revenues | $ 9,000,000 | $ 0 | ||||
CECONY | Gas | Scenario, Forecast | ||||||
Public Utilities, General Disclosures [Line Items] | ||||||
Percentage of revenue reserve | 15.00% | |||||
Earnings sharing (percent) | 9.30% | |||||
Common equity ratio (percent) | 48.00% | |||||
Income tax benefit to be credited to customers resulting from TCJA | $ 63,000,000 | |||||
CECONY | Gas | Scenario, Forecast | Maximum | ||||||
Public Utilities, General Disclosures [Line Items] | ||||||
Amount of revenues retained | 65,000,000 | |||||
CECONY | Gas | Year 1 | ||||||
Public Utilities, General Disclosures [Line Items] | ||||||
Base rate changes | (5,000,000) | |||||
Amortization to income of net regulatory (assets) and liabilities | 39,000,000 | |||||
Potential incentives if performance targets are met | 7,000,000 | |||||
Potential penalties (annually) | 68,000,000 | |||||
Average rate base | $ 4,841,000,000 | |||||
Weighted average cost of capital (after-tax) (percent) | 6.82% | |||||
Authorized return on common equity (percent) | 9.00% | |||||
Actual return on common equity (percent) | 9.22% | |||||
Cost of long-term debt (percent) | 4.93% | 4.93% | ||||
CECONY | Gas | Year 1 | Gas average excluding AMI | ||||||
Public Utilities, General Disclosures [Line Items] | ||||||
Net utility plant reconciliations | $ 5,844,000,000 | |||||
CECONY | Gas | Year 1 | AMI | ||||||
Public Utilities, General Disclosures [Line Items] | ||||||
Net utility plant reconciliations | 27,000,000 | |||||
CECONY | Gas | Year 1 | Scenario, Forecast | ||||||
Public Utilities, General Disclosures [Line Items] | ||||||
Base rate changes | 84,000,000 | |||||
Amortization to income of net regulatory (assets) and liabilities | 39,000,000 | |||||
Potential incentives if performance targets are met | 20,000,000 | |||||
Potential penalties (annually) | 81,000,000 | |||||
Average rate base | $ 7,171,000,000 | |||||
Weighted average cost of capital (after-tax) (percent) | 6.61% | |||||
Authorized return on common equity (percent) | 8.80% | |||||
Cost of long-term debt (percent) | 4.63% | |||||
CECONY | Gas | Year 1 | Scenario, Forecast | Gas average excluding AMI | ||||||
Public Utilities, General Disclosures [Line Items] | ||||||
Net utility plant reconciliations | $ 8,108,000,000 | |||||
CECONY | Gas | Year 1 | Scenario, Forecast | AMI | ||||||
Public Utilities, General Disclosures [Line Items] | ||||||
Net utility plant reconciliations | 142,000,000 | |||||
CECONY | Gas | Year 2 | ||||||
Public Utilities, General Disclosures [Line Items] | ||||||
Base rate changes | 92,000,000 | |||||
Amortization to income of net regulatory (assets) and liabilities | 37,000,000 | |||||
Potential incentives if performance targets are met | 8,000,000 | |||||
Potential penalties (annually) | 63,000,000 | |||||
Average rate base | $ 5,395,000,000 | |||||
Weighted average cost of capital (after-tax) (percent) | 6.80% | |||||
Actual return on common equity (percent) | 9.04% | |||||
Cost of long-term debt (percent) | 4.88% | 4.88% | ||||
CECONY | Gas | Year 2 | Gas average excluding AMI | ||||||
Public Utilities, General Disclosures [Line Items] | ||||||
Net utility plant reconciliations | $ 6,512,000,000 | |||||
CECONY | Gas | Year 2 | AMI | ||||||
Public Utilities, General Disclosures [Line Items] | ||||||
Net utility plant reconciliations | 57,000,000 | |||||
CECONY | Gas | Year 2 | Scenario, Forecast | ||||||
Public Utilities, General Disclosures [Line Items] | ||||||
Base rate changes | 122,000,000 | |||||
Amortization to income of net regulatory (assets) and liabilities | 37,000,000 | |||||
Potential incentives if performance targets are met | 22,000,000 | |||||
Potential penalties (annually) | 88,000,000 | |||||
Average rate base | 7,911,000,000 | |||||
CECONY | Gas | Year 2 | Scenario, Forecast | Gas average excluding AMI | ||||||
Public Utilities, General Disclosures [Line Items] | ||||||
Net utility plant reconciliations | 8,808,000,000 | |||||
CECONY | Gas | Year 2 | Scenario, Forecast | AMI | ||||||
Public Utilities, General Disclosures [Line Items] | ||||||
Net utility plant reconciliations | 183,000,000 | |||||
CECONY | Gas | Year 3 | ||||||
Public Utilities, General Disclosures [Line Items] | ||||||
Base rate changes | 90,000,000 | |||||
Amortization to income of net regulatory (assets) and liabilities | 36,000,000 | |||||
Potential incentives if performance targets are met | 8,000,000 | |||||
Potential penalties (annually) | 70,000,000 | |||||
Average rate base | $ 6,005,000,000 | |||||
Weighted average cost of capital (after-tax) (percent) | 6.73% | |||||
Actual return on common equity (percent) | 8.72% | |||||
Cost of long-term debt (percent) | 4.74% | 4.74% | ||||
CECONY | Gas | Year 3 | Gas average excluding AMI | ||||||
Public Utilities, General Disclosures [Line Items] | ||||||
Net utility plant reconciliations | $ 7,177,000,000 | |||||
CECONY | Gas | Year 3 | AMI | ||||||
Public Utilities, General Disclosures [Line Items] | ||||||
Net utility plant reconciliations | $ 100,000,000 | |||||
CECONY | Gas | Year 3 | Scenario, Forecast | ||||||
Public Utilities, General Disclosures [Line Items] | ||||||
Base rate changes | 167,000,000 | |||||
Amortization to income of net regulatory (assets) and liabilities | 36,000,000 | |||||
Potential incentives if performance targets are met | 25,000,000 | |||||
Potential penalties (annually) | 96,000,000 | |||||
Average rate base | 8,622,000,000 | |||||
CECONY | Gas | Year 3 | Scenario, Forecast | Gas average excluding AMI | ||||||
Public Utilities, General Disclosures [Line Items] | ||||||
Net utility plant reconciliations | 9,510,000,000 | |||||
CECONY | Gas | Year 3 | Scenario, Forecast | AMI | ||||||
Public Utilities, General Disclosures [Line Items] | ||||||
Net utility plant reconciliations | 211,000,000 | |||||
NYSPSC | CECONY | Gas | Year 1 | Scenario, Forecast | ||||||
Public Utilities, General Disclosures [Line Items] | ||||||
Requested rate increase (decrease), amount | 47,000,000 | |||||
Amount of cost recovery | 30,000,000 | |||||
NYSPSC | CECONY | Gas | Year 2 | Scenario, Forecast | ||||||
Public Utilities, General Disclosures [Line Items] | ||||||
Requested rate increase (decrease), amount | 176,000,000 | |||||
Amount of cost recovery | 37,000,000 | |||||
NYSPSC | CECONY | Gas | Year 3 | Scenario, Forecast | ||||||
Public Utilities, General Disclosures [Line Items] | ||||||
Requested rate increase (decrease), amount | 170,000,000 | |||||
Amount of cost recovery | 40,000,000 | |||||
Annually | CECONY | Gas | Scenario, Forecast | ||||||
Public Utilities, General Disclosures [Line Items] | ||||||
Income tax benefit to be credited to customers resulting from TCJA | 32,000,000 | |||||
Protected Portion | CECONY | Gas | Scenario, Forecast | ||||||
Public Utilities, General Disclosures [Line Items] | ||||||
Increase in regulatory liability resulting from TCJA | 725,000,000 | |||||
Protected Portion | CECONY | Gas | Year 1 | Scenario, Forecast | ||||||
Public Utilities, General Disclosures [Line Items] | ||||||
Increase in regulatory liability resulting from TCJA | 14,000,000 | |||||
Protected Portion | CECONY | Gas | Year 2 | Scenario, Forecast | ||||||
Public Utilities, General Disclosures [Line Items] | ||||||
Increase in regulatory liability resulting from TCJA | 14,000,000 | |||||
Protected Portion | CECONY | Gas | Year 3 | Scenario, Forecast | ||||||
Public Utilities, General Disclosures [Line Items] | ||||||
Increase in regulatory liability resulting from TCJA | 12,000,000 | |||||
Unprotected Portion | CECONY | Gas | Scenario, Forecast | ||||||
Public Utilities, General Disclosures [Line Items] | ||||||
Increase in regulatory liability resulting from TCJA | $ 107,000,000 | |||||
TCJA of 2017 regulatory liabilities, income tax benefit, amortization period | 5 years | |||||
Unprotected Portion | Annually | CECONY | Gas | Scenario, Forecast | ||||||
Public Utilities, General Disclosures [Line Items] | ||||||
Increase in regulatory liability resulting from TCJA | $ 21,000,000 |
Regulatory Matters - Summary _3
Regulatory Matters - Summary of Utilities Rate Plans (CECONY-Steam) (Details) - CECONY - Steam - USD ($) | 12 Months Ended | 36 Months Ended | |||||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2016 | |
Public Utilities, General Disclosures [Line Items] | |||||||
Amortization to income of net regulatory (assets) and liabilities | $ 37,000,000 | ||||||
Regulatory liabilities, amortization period | 3 years | ||||||
Negative revenue adjustments | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | |
Cost reconciliation, deferred net regulatory liabilities | 14,000,000 | $ 8,000,000 | 42,000,000 | $ 8,000,000 | |||
Cost reconciliation, deferred net regulatory assets | 1,000,000 | 1,000,000 | 17,000,000 | ||||
Increase (decrease) in regulatory liabilities | 0 | 0 | 0 | (100,000) | |||
Authorized return on common equity (percent) | 9.30% | ||||||
Earnings sharing (percent) | 9.90% | 9.90% | |||||
Earnings sharing, threshold limit | $ 5,000,000 | 16,500,000 | 8,500,000 | $ 7,800,000 | $ 11,500,000 | $ 0 | |
Earnings sharing, positive adjustment | $ 2,300,000 | $ 1,100,000 | 4,000,000 | ||||
Common equity ratio (percent) | 48.00% | ||||||
Other regulatory liabilities | $ 8,000,000 | $ 8,000,000 | |||||
Difference in property taxes (percent) | 90.00% | ||||||
Deferral, annual maximum (not more than) (percent) | 10.00% | ||||||
Year 1 | |||||||
Public Utilities, General Disclosures [Line Items] | |||||||
Base rate changes | $ (22,400,000) | ||||||
Average rate base | $ 1,511,000,000 | ||||||
Weighted average cost of capital (after-tax) (percent) | 7.10% | ||||||
Actual return on common equity (percent) | 9.82% | ||||||
Cost of long-term debt (percent) | 5.17% | 5.17% | |||||
Year 1 | Production | |||||||
Public Utilities, General Disclosures [Line Items] | |||||||
Net utility plant reconciliations | $ 1,752,000,000 | ||||||
Year 1 | Distribution | |||||||
Public Utilities, General Disclosures [Line Items] | |||||||
Net utility plant reconciliations | 6,000,000 | ||||||
Year 1 | Maximum | |||||||
Public Utilities, General Disclosures [Line Items] | |||||||
Potential penalties (annually) | 1,000,000 | ||||||
Year 2 | |||||||
Public Utilities, General Disclosures [Line Items] | |||||||
Base rate changes | 19,800,000 | ||||||
Average rate base | $ 1,547,000,000 | ||||||
Weighted average cost of capital (after-tax) (percent) | 7.13% | ||||||
Actual return on common equity (percent) | 10.88% | ||||||
Cost of long-term debt (percent) | 5.23% | 5.23% | |||||
Year 2 | Production | |||||||
Public Utilities, General Disclosures [Line Items] | |||||||
Net utility plant reconciliations | $ 1,732,000,000 | ||||||
Year 2 | Distribution | |||||||
Public Utilities, General Disclosures [Line Items] | |||||||
Net utility plant reconciliations | 11,000,000 | ||||||
Year 2 | Maximum | |||||||
Public Utilities, General Disclosures [Line Items] | |||||||
Potential penalties (annually) | 1,000,000 | ||||||
Year 3 | |||||||
Public Utilities, General Disclosures [Line Items] | |||||||
Base rate changes | 20,300,000 | ||||||
Average rate base | $ 1,604,000,000 | ||||||
Weighted average cost of capital (after-tax) (percent) | 7.21% | ||||||
Actual return on common equity (percent) | 10.54% | ||||||
Cost of long-term debt (percent) | 5.39% | 5.39% | |||||
Year 3 | Production | |||||||
Public Utilities, General Disclosures [Line Items] | |||||||
Net utility plant reconciliations | $ 1,720,000,000 | ||||||
Year 3 | Distribution | |||||||
Public Utilities, General Disclosures [Line Items] | |||||||
Net utility plant reconciliations | 25,000,000 | ||||||
Year 3 | Maximum | |||||||
Public Utilities, General Disclosures [Line Items] | |||||||
Potential penalties (annually) | 1,000,000 | ||||||
Year 4 | |||||||
Public Utilities, General Disclosures [Line Items] | |||||||
Base rate changes | $ 0 | ||||||
Actual return on common equity (percent) | 9.51% | ||||||
Year 5 | |||||||
Public Utilities, General Disclosures [Line Items] | |||||||
Base rate changes | $ 0 | ||||||
Actual return on common equity (percent) | 11.73% | ||||||
Year 6 | |||||||
Public Utilities, General Disclosures [Line Items] | |||||||
Base rate changes | $ 0 | ||||||
Actual return on common equity (percent) | 10.45% |
Regulatory Matters - Summary _4
Regulatory Matters - Summary of Utilities Rate Plans (O&R New York-Electric) (Details) - USD ($) | 12 Months Ended | 24 Months Ended | 36 Months Ended | ||||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Oct. 31, 2017 | Dec. 31, 2021 | |
Public Utilities, General Disclosures [Line Items] | |||||||
Deferred revenues | $ 17,000,000 | $ 20,000,000 | $ 87,000,000 | ||||
Deferred revenues | $ 599,000,000 | 514,000,000 | |||||
NYSPSC | |||||||
Public Utilities, General Disclosures [Line Items] | |||||||
Percentage of total consolidated revenues | 15.00% | ||||||
Percentage of debt to total consolidated debt | 20.00% | ||||||
Maximum | NYSPSC | |||||||
Public Utilities, General Disclosures [Line Items] | |||||||
Percentage of total consolidated revenues | 15.00% | ||||||
O&R | Electric | |||||||
Public Utilities, General Disclosures [Line Items] | |||||||
Deferred revenues | $ 6,300,000 | $ 0 | |||||
Deferred revenues | 500,000 | 11,200,000 | |||||
Negative revenue adjustments | 0 | 0 | 0 | 1,250,000 | |||
Deferral of net increase (decrease) to regulatory assets | 5,000,000 | 3,200,000 | 7,400,000 | 300,000 | |||
Net utility plant reconciliations | $ 1,400,000 | (1,900,000) | (1,900,000) | $ 2,200,000 | |||
Authorized return on common equity (percent) | 9.00% | ||||||
Earnings sharing (percent) | 9.60% | ||||||
Earnings sharing, threshold limit | $ 300,000 | $ 6,100,000 | |||||
Common equity ratio (percent) | 48.00% | ||||||
Deferred storm and property reserve deficiency, noncurrent | $ 59,300,000 | ||||||
Deferred storm and property reserve deficiency, recovery period | 5 years | ||||||
Deferred storm and property reserve deficiency not recovered | $ 1,000,000 | ||||||
O&R | Electric | Property Tax and Interest Rate Reconciliations | |||||||
Public Utilities, General Disclosures [Line Items] | |||||||
Regulatory assets not recoverable | 4,000,000 | ||||||
O&R | Electric | Year 1 | |||||||
Public Utilities, General Disclosures [Line Items] | |||||||
Base rate changes | 9,300,000 | ||||||
Amortization to income of net regulatory assets | (8,500,000) | ||||||
Net utility plant reconciliations | 928,000,000 | ||||||
Average rate base | $ 763,000,000 | ||||||
Weighted average cost of capital (after-tax) (percent) | 7.10% | ||||||
Actual return on common equity (percent) | 10.80% | ||||||
Cost of long-term debt (percent) | 5.42% | ||||||
Deferred storm and property reserve deficiency, noncurrent | $ 11,850,000 | ||||||
Rate exclusion amount with balance below regulatory threshold | 1,000,000 | ||||||
O&R | Electric | Year 1 | Maximum | |||||||
Public Utilities, General Disclosures [Line Items] | |||||||
Potential penalties (annually) | 4,000,000 | ||||||
O&R | Electric | Year 2 | |||||||
Public Utilities, General Disclosures [Line Items] | |||||||
Base rate changes | 8,800,000 | ||||||
Amortization to income of net regulatory assets | (9,400,000) | ||||||
Net utility plant reconciliations | 970,000,000 | ||||||
Average rate base | $ 805,000,000 | ||||||
Weighted average cost of capital (after-tax) (percent) | 7.06% | ||||||
Actual return on common equity (percent) | 9.70% | ||||||
Cost of long-term debt (percent) | 5.35% | ||||||
Deferred storm and property reserve deficiency, noncurrent | $ 11,850,000 | ||||||
Rate exclusion amount with balance below regulatory threshold | 9,000,000 | ||||||
O&R | Electric | Year 2 | Maximum | |||||||
Public Utilities, General Disclosures [Line Items] | |||||||
Potential penalties (annually) | 4,000,000 | ||||||
O&R | Electric | Year 3 | |||||||
Public Utilities, General Disclosures [Line Items] | |||||||
Base rate changes | 0 | ||||||
Amortization to income of net regulatory assets | 0 | ||||||
Average rate base | $ 805,000,000 | ||||||
Weighted average cost of capital (after-tax) (percent) | 7.06% | ||||||
Actual return on common equity (percent) | 7.20% | ||||||
Cost of long-term debt (percent) | 5.35% | ||||||
O&R | Electric | Year 3 | Maximum | |||||||
Public Utilities, General Disclosures [Line Items] | |||||||
Potential penalties (annually) | $ 4,000,000 | ||||||
O&R | Electric | Scenario, Forecast | |||||||
Public Utilities, General Disclosures [Line Items] | |||||||
Authorized return on common equity (percent) | 9.00% | ||||||
Earnings sharing (percent) | 9.60% | ||||||
Common equity ratio (percent) | 48.00% | ||||||
Deferrals for property taxes limitation from rates (percent) | 90.00% | ||||||
O&R | Electric | Scenario, Forecast | Year 1 | |||||||
Public Utilities, General Disclosures [Line Items] | |||||||
Base rate changes | $ 13,400,000 | ||||||
Amortization to income of net regulatory assets | (1,500,000) | ||||||
Potential earnings adjustment mechanism incentives | 3,600,000 | ||||||
Potential incentive if target is met, related to service terminations | 500,000 | ||||||
Average rate base | $ 878,000,000 | ||||||
Weighted average cost of capital (after-tax) (percent) | 6.97% | ||||||
Cost of long-term debt (percent) | 5.17% | ||||||
Requested rate increase (decrease), amount | $ 8,600,000 | ||||||
Deferral, annual maximum (not more than) (percent) | 10.00% | ||||||
O&R | Electric | Scenario, Forecast | Year 1 | Electric average excluding AMI | |||||||
Public Utilities, General Disclosures [Line Items] | |||||||
Net utility plant reconciliations | $ 1,008,000,000 | ||||||
O&R | Electric | Scenario, Forecast | Year 1 | AMI | |||||||
Public Utilities, General Disclosures [Line Items] | |||||||
Net utility plant reconciliations | 48,000,000 | ||||||
O&R | Electric | Scenario, Forecast | Year 1 | Maximum | |||||||
Public Utilities, General Disclosures [Line Items] | |||||||
Potential penalties (annually) | 4,400,000 | ||||||
O&R | Electric | Scenario, Forecast | Year 2 | |||||||
Public Utilities, General Disclosures [Line Items] | |||||||
Base rate changes | 8,000,000 | ||||||
Amortization to income of net regulatory assets | (1,500,000) | ||||||
Potential earnings adjustment mechanism incentives | 4,000,000 | ||||||
Potential incentive if target is met, related to service terminations | 500,000 | ||||||
Average rate base | $ 906,000,000 | ||||||
Weighted average cost of capital (after-tax) (percent) | 6.96% | ||||||
Cost of long-term debt (percent) | 5.14% | ||||||
Requested rate increase (decrease), amount | $ 12,100,000 | ||||||
Deferral, annual maximum (not more than) (percent) | 7.50% | ||||||
O&R | Electric | Scenario, Forecast | Year 2 | Electric average excluding AMI | |||||||
Public Utilities, General Disclosures [Line Items] | |||||||
Net utility plant reconciliations | $ 1,032,000,000 | ||||||
O&R | Electric | Scenario, Forecast | Year 2 | AMI | |||||||
Public Utilities, General Disclosures [Line Items] | |||||||
Net utility plant reconciliations | 58,000,000 | ||||||
O&R | Electric | Scenario, Forecast | Year 2 | Maximum | |||||||
Public Utilities, General Disclosures [Line Items] | |||||||
Potential penalties (annually) | 4,400,000 | ||||||
O&R | Electric | Scenario, Forecast | Year 3 | |||||||
Public Utilities, General Disclosures [Line Items] | |||||||
Base rate changes | 5,800,000 | ||||||
Amortization to income of net regulatory assets | (1,500,000) | ||||||
Potential earnings adjustment mechanism incentives | 4,200,000 | ||||||
Potential incentive if target is met, related to service terminations | 500,000 | ||||||
Average rate base | $ 948,000,000 | ||||||
Weighted average cost of capital (after-tax) (percent) | 6.96% | ||||||
Cost of long-term debt (percent) | 5.14% | ||||||
Requested rate increase (decrease), amount | $ 12,200,000 | ||||||
Deferral, annual maximum (not more than) (percent) | 5.00% | ||||||
O&R | Electric | Scenario, Forecast | Year 3 | Electric average excluding AMI | |||||||
Public Utilities, General Disclosures [Line Items] | |||||||
Net utility plant reconciliations | $ 1,083,000,000 | ||||||
O&R | Electric | Scenario, Forecast | Year 3 | AMI | |||||||
Public Utilities, General Disclosures [Line Items] | |||||||
Net utility plant reconciliations | 61,000,000 | ||||||
O&R | Electric | Scenario, Forecast | Year 3 | Maximum | |||||||
Public Utilities, General Disclosures [Line Items] | |||||||
Potential penalties (annually) | $ 4,500,000 | ||||||
Energy Efficiency | O&R | Electric | |||||||
Public Utilities, General Disclosures [Line Items] | |||||||
Actual earnings adjustment mechanism incentives | $ 2,600,000 | ||||||
Service Termination | O&R | Electric | |||||||
Public Utilities, General Disclosures [Line Items] | |||||||
Actual earnings adjustment mechanism incentives | $ 200,000 |
Regulatory Matters - Summary _5
Regulatory Matters - Summary of Utilities Rate Plans (O&R New York-Gas) (Details) - USD ($) | 12 Months Ended | 36 Months Ended | |||||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2021 | Oct. 31, 2018 | |
Public Utilities, General Disclosures [Line Items] | |||||||
Deferred revenues | $ 599,000,000 | $ 514,000,000 | |||||
Deferred revenues | $ 17,000,000 | 20,000,000 | $ 87,000,000 | ||||
NYSPSC | |||||||
Public Utilities, General Disclosures [Line Items] | |||||||
Percentage of total consolidated revenues | 15.00% | ||||||
Percentage of debt to total consolidated debt | 20.00% | ||||||
Maximum | NYSPSC | |||||||
Public Utilities, General Disclosures [Line Items] | |||||||
Percentage of total consolidated revenues | 15.00% | ||||||
O&R | Gas | |||||||
Public Utilities, General Disclosures [Line Items] | |||||||
Deferred revenues | $ 800,000 | ||||||
Deferred revenues | 6,300,000 | 1,700,000 | $ 6,200,000 | ||||
Negative revenue adjustments | $ 200,000 | 100,000 | 0 | 0 | 0 | ||
Cost reconciliation, deferred net regulatory liabilities | 7,400,000 | 3,500,000 | 4,500,000 | ||||
Cost reconciliation, deferred net regulatory assets | 6,600,000 | ||||||
Deferred regulatory asset (liability) | $ (400,000) | $ 0 | |||||
Authorized return on common equity (percent) | 9.00% | ||||||
Earnings sharing (percent) | 9.60% | ||||||
Earnings sharing, threshold limit | $ 200,000 | $ 4,000,000 | |||||
Common equity ratio (percent) | 48.00% | ||||||
O&R | Gas | Property Tax and Interest Rate Reconciliations | |||||||
Public Utilities, General Disclosures [Line Items] | |||||||
Regulatory assets not recoverable | $ 14,000,000 | ||||||
O&R | Gas | Scenario, Forecast | |||||||
Public Utilities, General Disclosures [Line Items] | |||||||
Amount of revenues retained | $ 4,000,000 | ||||||
Share in variances in annual revenue retained (percent) | 20.00% | ||||||
Potential earnings adjustment mechanism incentives | $ 300,000 | ||||||
Authorized return on common equity (percent) | 9.00% | ||||||
Earnings sharing (percent) | 9.60% | ||||||
Common equity ratio (percent) | 48.00% | ||||||
O&R | Gas | Scenario, Forecast | Customers | |||||||
Public Utilities, General Disclosures [Line Items] | |||||||
Share in variances in annual revenue retained (percent) | 80.00% | ||||||
O&R | Gas | Year 1 | |||||||
Public Utilities, General Disclosures [Line Items] | |||||||
Base rate changes | 16,400,000 | ||||||
Amortization to income of net regulatory assets | 1,700,000 | ||||||
Net utility plant reconciliations | 492,000,000 | ||||||
Average rate base | $ 366,000,000 | ||||||
Weighted average cost of capital (after-tax) (percent) | 7.10% | ||||||
Actual return on common equity (percent) | 11.20% | ||||||
Cost of long-term debt (percent) | 5.42% | ||||||
Rate exclusion amount with balance below regulatory threshold | $ 500,000 | ||||||
O&R | Gas | Year 1 | Maximum | |||||||
Public Utilities, General Disclosures [Line Items] | |||||||
Potential penalties (annually) | 3,700,000 | ||||||
O&R | Gas | Year 1 | Scenario, Forecast | |||||||
Public Utilities, General Disclosures [Line Items] | |||||||
Base rate changes | $ (7,500,000) | ||||||
Amortization to income of net regulatory assets | 1,800,000 | ||||||
Potential earnings adjustment mechanism incentives | 1,200,000 | ||||||
Net utility plant reconciliations | 593,000,000 | ||||||
Average rate base | $ 454,000,000 | ||||||
Weighted average cost of capital (after-tax) (percent) | 6.97% | ||||||
Cost of long-term debt (percent) | 5.17% | ||||||
Requested rate increase (decrease), amount | $ (5,900,000) | ||||||
O&R | Gas | Year 1 | Scenario, Forecast | AMI | |||||||
Public Utilities, General Disclosures [Line Items] | |||||||
Net utility plant reconciliations | 20,000,000 | ||||||
O&R | Gas | Year 1 | Scenario, Forecast | Maximum | |||||||
Public Utilities, General Disclosures [Line Items] | |||||||
Potential penalties (annually) | 5,500,000 | ||||||
O&R | Gas | Year 2 | |||||||
Public Utilities, General Disclosures [Line Items] | |||||||
Base rate changes | 16,400,000 | ||||||
Amortization to income of net regulatory assets | 2,100,000 | ||||||
Net utility plant reconciliations | 518,000,000 | ||||||
Average rate base | $ 391,000,000 | ||||||
Weighted average cost of capital (after-tax) (percent) | 7.06% | ||||||
Actual return on common equity (percent) | 9.70% | ||||||
Cost of long-term debt (percent) | 5.35% | ||||||
Rate exclusion amount with balance below regulatory threshold | $ 4,200,000 | ||||||
O&R | Gas | Year 2 | Maximum | |||||||
Public Utilities, General Disclosures [Line Items] | |||||||
Potential penalties (annually) | 4,700,000 | ||||||
O&R | Gas | Year 2 | Scenario, Forecast | |||||||
Public Utilities, General Disclosures [Line Items] | |||||||
Base rate changes | 3,600,000 | ||||||
Amortization to income of net regulatory assets | 1,800,000 | ||||||
Potential earnings adjustment mechanism incentives | 1,300,000 | ||||||
Net utility plant reconciliations | 611,000,000 | ||||||
Average rate base | $ 476,000,000 | ||||||
Weighted average cost of capital (after-tax) (percent) | 6.96% | ||||||
Cost of long-term debt (percent) | 5.14% | ||||||
Requested rate increase (decrease), amount | $ 1,000,000 | ||||||
O&R | Gas | Year 2 | Scenario, Forecast | AMI | |||||||
Public Utilities, General Disclosures [Line Items] | |||||||
Net utility plant reconciliations | 24,000,000 | ||||||
O&R | Gas | Year 2 | Scenario, Forecast | Maximum | |||||||
Public Utilities, General Disclosures [Line Items] | |||||||
Potential penalties (annually) | 5,700,000 | ||||||
O&R | Gas | Year 3 | |||||||
Public Utilities, General Disclosures [Line Items] | |||||||
Base rate changes | 5,800,000 | ||||||
Base rate change through surcharge | 10,600,000 | ||||||
Amortization to income of net regulatory assets | 2,500,000 | ||||||
Net utility plant reconciliations | 546,000,000 | ||||||
Average rate base | $ 417,000,000 | ||||||
Weighted average cost of capital (after-tax) (percent) | 7.06% | ||||||
Actual return on common equity (percent) | 8.00% | ||||||
Cost of long-term debt (percent) | 5.35% | ||||||
Rate exclusion amount with balance below regulatory threshold | $ 7,200,000 | ||||||
O&R | Gas | Year 3 | Maximum | |||||||
Public Utilities, General Disclosures [Line Items] | |||||||
Potential penalties (annually) | $ 4,900,000 | ||||||
O&R | Gas | Year 3 | Scenario, Forecast | |||||||
Public Utilities, General Disclosures [Line Items] | |||||||
Base rate changes | 700,000 | ||||||
Amortization to income of net regulatory assets | 1,800,000 | ||||||
Potential earnings adjustment mechanism incentives | 1,300,000 | ||||||
Net utility plant reconciliations | 632,000,000 | ||||||
Average rate base | $ 498,000,000 | ||||||
Weighted average cost of capital (after-tax) (percent) | 6.96% | ||||||
Cost of long-term debt (percent) | 5.14% | ||||||
Requested rate increase (decrease), amount | $ 1,000,000 | ||||||
O&R | Gas | Year 3 | Scenario, Forecast | AMI | |||||||
Public Utilities, General Disclosures [Line Items] | |||||||
Net utility plant reconciliations | 25,000,000 | ||||||
O&R | Gas | Year 3 | Scenario, Forecast | Maximum | |||||||
Public Utilities, General Disclosures [Line Items] | |||||||
Potential penalties (annually) | $ 6,000,000 | ||||||
Energy Efficiency | O&R | Gas | |||||||
Public Utilities, General Disclosures [Line Items] | |||||||
Actual earnings adjustment mechanism incentives | 300,000 | ||||||
Service Termination | O&R | Gas | |||||||
Public Utilities, General Disclosures [Line Items] | |||||||
Actual earnings adjustment mechanism incentives | $ 700,000 |
Regulatory Matters - Summary _6
Regulatory Matters - Summary of Utilities Rate Plans (RECO) (Details) - RECO - USD ($) $ in Millions | 1 Months Ended | 35 Months Ended | |
Feb. 29, 2020 | Jan. 31, 2016 | Jan. 31, 2020 | |
Electric | |||
Public Utilities, General Disclosures [Line Items] | |||
Plan electric system storm hardening amount | $ 15.7 | ||
Plan period (years) | 3 years | ||
Scenario, Forecast | |||
Public Utilities, General Disclosures [Line Items] | |||
Amortization to income of net regulatory (assets) and liabilities | $ 0.2 | ||
Regulatory liabilities, amortization period | 3 years | ||
Amortization to income of net regulatory assets | $ 4.8 | $ 25.6 | |
Regulatory assets, amortization period | 4 years | 4 years | |
Average rate base | $ 229.9 | $ 178.7 | |
Weighted average cost of capital (after-tax) (percent) | 7.11% | 7.47% | |
Authorized return on common equity (percent) | 9.50% | 9.60% | |
Cost of long-term debt (percent) | 4.88% | 5.37% | |
Common equity ratio (percent) | 48.32% | 49.70% | |
Scenario, Forecast | Year 1 | |||
Public Utilities, General Disclosures [Line Items] | |||
Base rate changes | $ 12 | $ 1.7 | |
Actual return on common equity (percent) | 7.50% | ||
Scenario, Forecast | Year 2 | |||
Public Utilities, General Disclosures [Line Items] | |||
Actual return on common equity (percent) | 5.70% |
Regulatory Matters - Additional
Regulatory Matters - Additional Information (Details) customer in Thousands, $ in Millions | Jul. 13, 2019USD ($)customer | Jan. 31, 2019 | Mar. 31, 2018customer | Apr. 30, 2017USD ($) | Mar. 31, 2017USD ($) | Sep. 30, 2018USD ($) | Dec. 31, 2017 | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | Dec. 31, 2022USD ($) |
Public Utilities, General Disclosures [Line Items] | |||||||||||
Regulatory assets | $ 4,987 | $ 4,370 | |||||||||
Regulatory liabilities | 4,827 | 4,641 | |||||||||
Future Income Tax | |||||||||||
Public Utilities, General Disclosures [Line Items] | |||||||||||
Increase in regulatory liability resulting from TCJA | 54 | $ 3,713 | |||||||||
Regulatory liabilities | 2,426 | 2,515 | |||||||||
Net Unbilled Revenue Deferrals | |||||||||||
Public Utilities, General Disclosures [Line Items] | |||||||||||
Regulatory liabilities | 199 | 117 | |||||||||
RECO | Electric | Hurricane | |||||||||||
Public Utilities, General Disclosures [Line Items] | |||||||||||
Number of customers affected with interrupted service | customer | 44 | ||||||||||
Restoration costs | 17 | ||||||||||
RECO | FERC | |||||||||||
Public Utilities, General Disclosures [Line Items] | |||||||||||
Requested rate increase (decrease), amount | $ 17.7 | $ 11.8 | |||||||||
Return on common equity (percent) | 10.00% | ||||||||||
CECONY | |||||||||||
Public Utilities, General Disclosures [Line Items] | |||||||||||
Regulatory assets | 4,600 | 3,987 | |||||||||
Regulatory liabilities | 4,427 | 4,258 | |||||||||
CECONY | Future Income Tax | |||||||||||
Public Utilities, General Disclosures [Line Items] | |||||||||||
Increase in regulatory liability resulting from TCJA | 49 | $ 3,513 | |||||||||
Regulatory liabilities | 2,275 | 2,363 | |||||||||
CECONY | Net Unbilled Revenue Deferrals | |||||||||||
Public Utilities, General Disclosures [Line Items] | |||||||||||
Regulatory liabilities | 199 | $ 117 | |||||||||
CECONY | Electric | Hurricane | |||||||||||
Public Utilities, General Disclosures [Line Items] | |||||||||||
Number of customers affected with interrupted service | customer | 209 | ||||||||||
Restoration costs | 134 | ||||||||||
Operation and maintenance expenses | 15 | ||||||||||
Operation and maintenance expenses charged against a storm reserve | 84 | ||||||||||
Capital expenditures | 29 | ||||||||||
Removal costs | 6 | ||||||||||
CECONY | Electric | Scenario, Forecast | |||||||||||
Public Utilities, General Disclosures [Line Items] | |||||||||||
Tax Cuts And Jobs Act Of 2017, Net Benefit Amortization, Allocation Period | 3 years | ||||||||||
Income tax benefit to be credited to customers resulting from TCJA | $ 377 | ||||||||||
CECONY | Electric | Scenario, Forecast | Protected Portion | |||||||||||
Public Utilities, General Disclosures [Line Items] | |||||||||||
Increase in regulatory liability resulting from TCJA | $ 1,663 | ||||||||||
CECONY | Electric | Scenario, Forecast | Unprotected Portion | |||||||||||
Public Utilities, General Disclosures [Line Items] | |||||||||||
Tax Cuts And Jobs Act Of 2017, Net Benefit Amortization, Allocation Period | 5 years | ||||||||||
Increase in regulatory liability resulting from TCJA | $ 784 | ||||||||||
CECONY | Gas | Scenario, Forecast | |||||||||||
Public Utilities, General Disclosures [Line Items] | |||||||||||
Tax Cuts And Jobs Act Of 2017, Net Benefit Amortization, Allocation Period | 2 years | ||||||||||
Income tax benefit to be credited to customers resulting from TCJA | $ 63 | ||||||||||
CECONY | Gas | Scenario, Forecast | Protected Portion | |||||||||||
Public Utilities, General Disclosures [Line Items] | |||||||||||
Increase in regulatory liability resulting from TCJA | $ 725 | ||||||||||
CECONY | Gas | Scenario, Forecast | Unprotected Portion | |||||||||||
Public Utilities, General Disclosures [Line Items] | |||||||||||
Tax Cuts And Jobs Act Of 2017, Net Benefit Amortization, Allocation Period | 5 years | ||||||||||
Increase in regulatory liability resulting from TCJA | $ 107 | ||||||||||
CECONY | NYSPSC | Steam | |||||||||||
Public Utilities, General Disclosures [Line Items] | |||||||||||
Tax Cuts And Jobs Act Of 2017, Net Benefit Amortization, Allocation Period | 3 years | ||||||||||
Income tax benefit to be credited to customers resulting from TCJA | $ 15 | 185 | |||||||||
CECONY | NYSPSC | Electric | |||||||||||
Public Utilities, General Disclosures [Line Items] | |||||||||||
Proposed EAM (percent) | 1.00% | ||||||||||
CECONY | NYSPSC | Gas | |||||||||||
Public Utilities, General Disclosures [Line Items] | |||||||||||
Proposed EAM (percent) | 0.70% | ||||||||||
O&R | Electric | Hurricane | |||||||||||
Public Utilities, General Disclosures [Line Items] | |||||||||||
Number of customers affected with interrupted service | customer | 93 | ||||||||||
Restoration costs | 43 | ||||||||||
O&R | Electric and Gas | Scenario, Forecast | |||||||||||
Public Utilities, General Disclosures [Line Items] | |||||||||||
Tax Cuts And Jobs Act Of 2017, Net Benefit Amortization, Allocation Period | 3 years | ||||||||||
Income tax benefit to be credited to customers resulting from TCJA | $ 22 | ||||||||||
O&R | Electric and Gas | Scenario, Forecast | Protected Portion | |||||||||||
Public Utilities, General Disclosures [Line Items] | |||||||||||
Increase in regulatory liability resulting from TCJA | $ 123 | ||||||||||
O&R | Electric and Gas | Scenario, Forecast | Unprotected Portion | |||||||||||
Public Utilities, General Disclosures [Line Items] | |||||||||||
Tax Cuts And Jobs Act Of 2017, Net Benefit Amortization, Allocation Period | 15 years | ||||||||||
Increase in regulatory liability resulting from TCJA | $ 30 | ||||||||||
Manhattan | CECONY | Electric | |||||||||||
Public Utilities, General Disclosures [Line Items] | |||||||||||
Number of customers affected with interrupted service | customer | 72 | ||||||||||
Cumulative catch-up adjustment to revenue, modification of contract | $ (5) | ||||||||||
Brooklyn | CECONY | Electric | |||||||||||
Public Utilities, General Disclosures [Line Items] | |||||||||||
Cumulative catch-up adjustment to revenue, modification of contract | $ (10) | ||||||||||
Manhattan Steam Main Rupture | CECONY | NYSPSC | |||||||||||
Public Utilities, General Disclosures [Line Items] | |||||||||||
Property damage, clean up and response costs | 17 | ||||||||||
Capital and retirement costs | 9 | ||||||||||
Violations Of Gas Operator Qualification, Performance, And Inspection Requirements | CECONY | NYSPSC | Gas | |||||||||||
Public Utilities, General Disclosures [Line Items] | |||||||||||
Loss contingency accrual | $ 10 |
Regulatory Matters - Regulatory
Regulatory Matters - Regulatory Assets (Details) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Regulatory Assets [Line Items] | ||
Regulatory assets – noncurrent | $ 4,859 | $ 4,294 |
Regulatory assets – current | 128 | 76 |
Total Regulatory Assets | 4,987 | 4,370 |
Unrecognized pension and other postretirement costs | ||
Regulatory Assets [Line Items] | ||
Regulatory assets – noncurrent | 2,541 | 2,238 |
Environmental remediation costs | ||
Regulatory Assets [Line Items] | ||
Regulatory assets – noncurrent | 732 | 810 |
Revenue taxes | ||
Regulatory Assets [Line Items] | ||
Regulatory assets – noncurrent | 321 | 291 |
MTA power reliability deferral | ||
Regulatory Assets [Line Items] | ||
Regulatory assets – noncurrent | 248 | 229 |
Property tax reconciliation | ||
Regulatory Assets [Line Items] | ||
Regulatory assets – noncurrent | 219 | 101 |
Deferred storm costs | ||
Regulatory Assets [Line Items] | ||
Regulatory assets – noncurrent | 77 | 76 |
Pension and other postretirement benefits deferrals | ||
Regulatory Assets [Line Items] | ||
Regulatory assets – noncurrent | 71 | 73 |
Municipal infrastructure support costs | ||
Regulatory Assets [Line Items] | ||
Regulatory assets – noncurrent | 75 | 67 |
System peak reduction and energy efficiency programs | ||
Regulatory Assets [Line Items] | ||
Regulatory assets – noncurrent | 131 | 72 |
Brooklyn Queens demand management program | ||
Regulatory Assets [Line Items] | ||
Regulatory assets – noncurrent | 39 | 39 |
Unamortized loss on reacquired debt | ||
Regulatory Assets [Line Items] | ||
Regulatory assets – noncurrent | 28 | 36 |
Meadowlands heater odorization project | ||
Regulatory Assets [Line Items] | ||
Regulatory assets – noncurrent | 35 | 36 |
Preferred stock redemption | ||
Regulatory Assets [Line Items] | ||
Regulatory assets – noncurrent | 22 | 23 |
Recoverable REV demonstration project costs | ||
Regulatory Assets [Line Items] | ||
Regulatory assets – noncurrent | 21 | 20 |
Deferred derivative losses | ||
Regulatory Assets [Line Items] | ||
Regulatory assets – noncurrent | 83 | 17 |
Gate station upgrade project | ||
Regulatory Assets [Line Items] | ||
Regulatory assets – noncurrent | 19 | 17 |
Non-wire alternative projects | ||
Regulatory Assets [Line Items] | ||
Regulatory assets – noncurrent | 14 | 3 |
Workers’ compensation | ||
Regulatory Assets [Line Items] | ||
Regulatory assets – noncurrent | 3 | 5 |
Recoverable energy costs | ||
Regulatory Assets [Line Items] | ||
Regulatory assets – current | 0 | 40 |
O&R transition bond charges | ||
Regulatory Assets [Line Items] | ||
Regulatory assets – noncurrent | 0 | 2 |
Other | ||
Regulatory Assets [Line Items] | ||
Regulatory assets – noncurrent | 180 | 139 |
Deferred derivative losses | ||
Regulatory Assets [Line Items] | ||
Regulatory assets – current | 128 | 36 |
CECONY | ||
Regulatory Assets [Line Items] | ||
Regulatory assets – noncurrent | 4,487 | 3,923 |
Regulatory assets – current | 113 | 64 |
Total Regulatory Assets | 4,600 | 3,987 |
CECONY | Unrecognized pension and other postretirement costs | ||
Regulatory Assets [Line Items] | ||
Regulatory assets – noncurrent | 2,403 | 2,111 |
CECONY | Environmental remediation costs | ||
Regulatory Assets [Line Items] | ||
Regulatory assets – noncurrent | 647 | 716 |
CECONY | Revenue taxes | ||
Regulatory Assets [Line Items] | ||
Regulatory assets – noncurrent | 308 | 278 |
CECONY | MTA power reliability deferral | ||
Regulatory Assets [Line Items] | ||
Regulatory assets – noncurrent | 248 | 229 |
CECONY | Property tax reconciliation | ||
Regulatory Assets [Line Items] | ||
Regulatory assets – noncurrent | 210 | 86 |
CECONY | Deferred storm costs | ||
Regulatory Assets [Line Items] | ||
Regulatory assets – noncurrent | 0 | 0 |
CECONY | Pension and other postretirement benefits deferrals | ||
Regulatory Assets [Line Items] | ||
Regulatory assets – noncurrent | 47 | 56 |
CECONY | Municipal infrastructure support costs | ||
Regulatory Assets [Line Items] | ||
Regulatory assets – noncurrent | 75 | 67 |
CECONY | System peak reduction and energy efficiency programs | ||
Regulatory Assets [Line Items] | ||
Regulatory assets – noncurrent | 130 | 70 |
CECONY | Brooklyn Queens demand management program | ||
Regulatory Assets [Line Items] | ||
Regulatory assets – noncurrent | 39 | 39 |
CECONY | Unamortized loss on reacquired debt | ||
Regulatory Assets [Line Items] | ||
Regulatory assets – noncurrent | 26 | 34 |
CECONY | Meadowlands heater odorization project | ||
Regulatory Assets [Line Items] | ||
Regulatory assets – noncurrent | 35 | 36 |
CECONY | Preferred stock redemption | ||
Regulatory Assets [Line Items] | ||
Regulatory assets – noncurrent | 22 | 23 |
CECONY | Recoverable REV demonstration project costs | ||
Regulatory Assets [Line Items] | ||
Regulatory assets – noncurrent | 19 | 18 |
CECONY | Deferred derivative losses | ||
Regulatory Assets [Line Items] | ||
Regulatory assets – noncurrent | 76 | 11 |
CECONY | Gate station upgrade project | ||
Regulatory Assets [Line Items] | ||
Regulatory assets – noncurrent | 19 | 17 |
CECONY | Non-wire alternative projects | ||
Regulatory Assets [Line Items] | ||
Regulatory assets – noncurrent | 14 | 3 |
CECONY | Workers’ compensation | ||
Regulatory Assets [Line Items] | ||
Regulatory assets – noncurrent | 3 | 5 |
CECONY | Recoverable energy costs | ||
Regulatory Assets [Line Items] | ||
Regulatory assets – current | 0 | 35 |
CECONY | O&R transition bond charges | ||
Regulatory Assets [Line Items] | ||
Regulatory assets – noncurrent | 0 | 0 |
CECONY | Other | ||
Regulatory Assets [Line Items] | ||
Regulatory assets – noncurrent | 166 | 124 |
CECONY | Deferred derivative losses | ||
Regulatory Assets [Line Items] | ||
Regulatory assets – current | $ 113 | $ 29 |
Regulatory Matters - Regulato_2
Regulatory Matters - Regulatory Liabilities (Details) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Regulatory Liabilities [Line Items] | ||
Regulatory liabilities – noncurrent | $ 4,827 | $ 4,641 |
Regulatory liabilities—current | 102 | 114 |
Total Regulatory Liabilities | 4,929 | 4,755 |
Future income tax | ||
Regulatory Liabilities [Line Items] | ||
Regulatory liabilities – noncurrent | 2,426 | 2,515 |
Allowance for cost of removal less salvage | ||
Regulatory Liabilities [Line Items] | ||
Regulatory liabilities – noncurrent | 989 | 928 |
TCJA net benefits | ||
Regulatory Liabilities [Line Items] | ||
Regulatory liabilities – noncurrent | 471 | 434 |
Energy efficiency portfolio standard unencumbered funds | ||
Regulatory Liabilities [Line Items] | ||
Regulatory liabilities – noncurrent | 122 | 127 |
Net unbilled revenue deferrals | ||
Regulatory Liabilities [Line Items] | ||
Regulatory liabilities – noncurrent | 199 | 117 |
Net proceeds from sale of property | ||
Regulatory Liabilities [Line Items] | ||
Regulatory liabilities – noncurrent | 173 | 6 |
Pension and other postretirement benefit deferrals | ||
Regulatory Liabilities [Line Items] | ||
Regulatory liabilities – noncurrent | 75 | 62 |
Property tax refunds | ||
Regulatory Liabilities [Line Items] | ||
Regulatory liabilities – noncurrent | 45 | 45 |
Settlement of prudence proceeding | ||
Regulatory Liabilities [Line Items] | ||
Regulatory liabilities – noncurrent | 8 | 37 |
Property tax reconciliation | ||
Regulatory Liabilities [Line Items] | ||
Regulatory liabilities – noncurrent | 0 | 36 |
Earnings sharing - electric, gas and steam | ||
Regulatory Liabilities [Line Items] | ||
Regulatory liabilities – noncurrent | 22 | 36 |
System benefit charge carrying charge | ||
Regulatory Liabilities [Line Items] | ||
Regulatory liabilities – noncurrent | 48 | 27 |
BQDM and REV Demo reconciliations | ||
Regulatory Liabilities [Line Items] | ||
Regulatory liabilities – noncurrent | 27 | 18 |
Settlement of gas proceedings | ||
Regulatory Liabilities [Line Items] | ||
Regulatory liabilities – noncurrent | 10 | 15 |
Unrecognized other postretirement costs | ||
Regulatory Liabilities [Line Items] | ||
Regulatory liabilities – noncurrent | 9 | 7 |
Other | ||
Regulatory Liabilities [Line Items] | ||
Regulatory liabilities – noncurrent | 203 | 231 |
Revenue decoupling mechanism | ||
Regulatory Liabilities [Line Items] | ||
Regulatory liabilities—current | 24 | 53 |
Refundable energy costs | ||
Regulatory Liabilities [Line Items] | ||
Regulatory liabilities—current | 44 | 31 |
Deferred derivative gains | ||
Regulatory Liabilities [Line Items] | ||
Regulatory liabilities—current | 34 | 30 |
CECONY | ||
Regulatory Liabilities [Line Items] | ||
Regulatory liabilities – noncurrent | 4,427 | 4,258 |
Regulatory liabilities—current | 63 | 73 |
Total Regulatory Liabilities | 4,490 | 4,331 |
CECONY | Future income tax | ||
Regulatory Liabilities [Line Items] | ||
Regulatory liabilities – noncurrent | 2,275 | 2,363 |
CECONY | Allowance for cost of removal less salvage | ||
Regulatory Liabilities [Line Items] | ||
Regulatory liabilities – noncurrent | 843 | 790 |
CECONY | TCJA net benefits | ||
Regulatory Liabilities [Line Items] | ||
Regulatory liabilities – noncurrent | 454 | 411 |
CECONY | Energy efficiency portfolio standard unencumbered funds | ||
Regulatory Liabilities [Line Items] | ||
Regulatory liabilities – noncurrent | 118 | 122 |
CECONY | Net unbilled revenue deferrals | ||
Regulatory Liabilities [Line Items] | ||
Regulatory liabilities – noncurrent | 199 | 117 |
CECONY | Net proceeds from sale of property | ||
Regulatory Liabilities [Line Items] | ||
Regulatory liabilities – noncurrent | 173 | 6 |
CECONY | Pension and other postretirement benefit deferrals | ||
Regulatory Liabilities [Line Items] | ||
Regulatory liabilities – noncurrent | 46 | 40 |
CECONY | Property tax refunds | ||
Regulatory Liabilities [Line Items] | ||
Regulatory liabilities – noncurrent | 45 | 45 |
CECONY | Settlement of prudence proceeding | ||
Regulatory Liabilities [Line Items] | ||
Regulatory liabilities – noncurrent | 8 | 37 |
CECONY | Property tax reconciliation | ||
Regulatory Liabilities [Line Items] | ||
Regulatory liabilities – noncurrent | 0 | 36 |
CECONY | Earnings sharing - electric, gas and steam | ||
Regulatory Liabilities [Line Items] | ||
Regulatory liabilities – noncurrent | 15 | 27 |
CECONY | System benefit charge carrying charge | ||
Regulatory Liabilities [Line Items] | ||
Regulatory liabilities – noncurrent | 44 | 24 |
CECONY | BQDM and REV Demo reconciliations | ||
Regulatory Liabilities [Line Items] | ||
Regulatory liabilities – noncurrent | 26 | 18 |
CECONY | Settlement of gas proceedings | ||
Regulatory Liabilities [Line Items] | ||
Regulatory liabilities – noncurrent | 10 | 15 |
CECONY | Unrecognized other postretirement costs | ||
Regulatory Liabilities [Line Items] | ||
Regulatory liabilities – noncurrent | 0 | 7 |
CECONY | Other | ||
Regulatory Liabilities [Line Items] | ||
Regulatory liabilities – noncurrent | 171 | 200 |
CECONY | Revenue decoupling mechanism | ||
Regulatory Liabilities [Line Items] | ||
Regulatory liabilities—current | 17 | 36 |
CECONY | Refundable energy costs | ||
Regulatory Liabilities [Line Items] | ||
Regulatory liabilities—current | 12 | 8 |
CECONY | Deferred derivative gains | ||
Regulatory Liabilities [Line Items] | ||
Regulatory liabilities—current | $ 34 | $ 29 |
Capitalization - Common Stock (
Capitalization - Common Stock (Details) - USD ($) $ in Millions | 1 Months Ended | 12 Months Ended | ||||||||
Jan. 31, 2020 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | May 31, 2019 | Nov. 30, 2018 | Dec. 31, 2016 | |
Schedule of Capitalization [Line Items] | ||||||||||
Common stock, shares authorized (in shares) | 500,000,000 | |||||||||
Common stock, shares outstanding (in shares) | 320,960,396 | 332,629,597 | 320,960,396 | |||||||
Treasury shares (in shares) | 23,210,700 | |||||||||
Shares issued (in shares) | 5,649,369 | |||||||||
Value of shares issued | $ 425 | $ 825 | $ 705 | $ 343 | ||||||
Common Stock | ||||||||||
Schedule of Capitalization [Line Items] | ||||||||||
Common stock, shares outstanding (in shares) | 321,000,000 | 333,000,000 | 321,000,000 | 310,000,000 | 305,000,000 | |||||
Treasury shares (in shares) | 23,210,700 | 23,210,700 | ||||||||
Shares issued (in shares) | 9,324,123 | 12,000,000 | 11,000,000 | 5,000,000 | ||||||
Value of shares issued | $ 705 | $ 1 | $ 1 | |||||||
Forward Contract | ||||||||||
Schedule of Capitalization [Line Items] | ||||||||||
Common stock, shares subject to forward sale agreements (in shares) | 1,050,000 | 5,800,000 | 14,973,492 | |||||||
Forward Contract | Common Stock | ||||||||||
Schedule of Capitalization [Line Items] | ||||||||||
Shares issued (in shares) | 4,750,000 | |||||||||
Value of shares issued | $ 400 | |||||||||
CECONY | ||||||||||
Schedule of Capitalization [Line Items] | ||||||||||
Common stock, shares authorized (in shares) | 340,000,000 | |||||||||
Common stock, shares outstanding (in shares) | 235,488,094 | |||||||||
Treasury shares (in shares) | 21,976,200 | |||||||||
CECONY | Common Stock | ||||||||||
Schedule of Capitalization [Line Items] | ||||||||||
Common stock, shares outstanding (in shares) | 235,488,094 | 235,000,000 | 235,488,094 | 235,000,000 | 235,000,000 | |||||
Subsequent Event | Forward Contract | Common Stock | ||||||||||
Schedule of Capitalization [Line Items] | ||||||||||
Shares issued (in shares) | 1,050,000 | |||||||||
Value of shares issued | $ 88 |
Capitalization - Dividends (Det
Capitalization - Dividends (Details) | 12 Months Ended |
Dec. 31, 2019 | |
Debt Disclosure [Abstract] | |
Percentage limitation for income available for dividends (not more than) | 100.00% |
Rolling average calculation of income available for dividends (years) | 2 years |
Capitalization - Schedule of Lo
Capitalization - Schedule of Long-Term Debt Maturities (Details) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Debt Instrument [Line Items] | ||
2020 | $ 518 | |
2021 | 1,967 | |
2022 | 437 | |
2023 | 316 | |
2024 | 385 | |
Long-term debt | 19,973 | $ 18,145 |
Long-term debt due within one year | 1,446 | 650 |
CECONY | ||
Debt Instrument [Line Items] | ||
2020 | 350 | |
2021 | 640 | |
2023 | 0 | |
2024 | 250 | |
Long-term debt | 14,964 | 14,151 |
Long-term debt due within one year | 350 | 475 |
PG&E Project | ||
Debt Instrument [Line Items] | ||
Long-term debt | 1,001 | $ 1,050 |
Long-term debt due within one year | 928 | |
PG&E Project Debt Maturing 2020 | PG&E Project | ||
Debt Instrument [Line Items] | ||
Long-term debt | $ 73 |
Capitalization - Long-term Debt
Capitalization - Long-term Debt, Additional Information (Details) - USD ($) | Dec. 31, 2019 | Dec. 31, 2018 |
Debt Instrument [Line Items] | ||
Non-recourse debt | $ 2,737,000,000 | $ 2,076,000,000 |
Long-term debt | 19,973,000,000 | 18,145,000,000 |
PG&E Project | ||
Debt Instrument [Line Items] | ||
Long-term debt | 1,001,000,000 | 1,050,000,000 |
CECONY | ||
Debt Instrument [Line Items] | ||
Long-term debt | 14,964,000,000 | 14,151,000,000 |
CECONY | Tax-Exempt Debt | ||
Debt Instrument [Line Items] | ||
Debt instrument, face amount | 450,000,000 | |
Long-term debt | $ 450,000,000 | $ 450,000,000 |
Capitalization - Carrying Amoun
Capitalization - Carrying Amounts and Fair Values of Long-Term Debt (Details) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Debt Instrument [Line Items] | ||
Unamortized debt expense | $ 178 | $ 185 |
Carrying Amount | ||
Debt Instrument [Line Items] | ||
Long-Term Debt (including current portion) | 19,973 | 18,145 |
Fair Value | ||
Debt Instrument [Line Items] | ||
Long-Term Debt (including current portion) | 22,738 | 18,740 |
CECONY | ||
Debt Instrument [Line Items] | ||
Unamortized debt discount | 151 | 139 |
CECONY | Carrying Amount | ||
Debt Instrument [Line Items] | ||
Long-Term Debt (including current portion) | 14,964 | 14,151 |
CECONY | Fair Value | ||
Debt Instrument [Line Items] | ||
Long-Term Debt (including current portion) | $ 17,505 | $ 14,685 |
Capitalization - Significant De
Capitalization - Significant Debt Covenants (Details) | 12 Months Ended |
Dec. 31, 2019USD ($) | |
Debt Instrument [Line Items] | |
Maximum ratio of consolidated debt to consolidated total capital | 0.51 |
CECONY | |
Debt Instrument [Line Items] | |
Maximum ratio of consolidated debt to consolidated total capital | 0.53 |
Term Loan | |
Debt Instrument [Line Items] | |
Debt instrument, face amount | $ 825,000,000 |
Debt term | 2 years |
Maximum ratio of consolidated debt to consolidated total capital | 0.65 |
Covenant principal balance amount limit | $ 150,000,000 |
Term Loan | CECONY | |
Debt Instrument [Line Items] | |
Covenant principal balance amount limit | $ 150,000,000 |
Notes | |
Debt Instrument [Line Items] | |
Maximum ratio of consolidated debt to consolidated total capital | 0.675 |
Covenant principal balance amount limit | $ 100,000,000 |
Notes | CECONY | |
Debt Instrument [Line Items] | |
Covenant principal balance amount limit | 100,000,000 |
Tax-Exempt Debt | CECONY | |
Debt Instrument [Line Items] | |
Debt instrument, face amount | $ 450,000,000 |
Maximum ratio of consolidated debt to consolidated total capital | 0.65 |
Short-Term Borrowing (Details)
Short-Term Borrowing (Details) | 12 Months Ended | |
Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | |
Short-term Debt [Line Items] | ||
Commercial paper, outstanding | $ 1,692,000,000 | $ 1,741,000,000 |
Weighted average interest rate | 2.00% | 3.00% |
Loans outstanding under credit agreement | $ 0 | $ 0 |
Maximum ratio of consolidated debt to consolidated total capital | 0.51 | |
Minimum percentage of liens on assets | 5.00% | |
Failure to pay, maximum aggregate limit | $ 150,000,000 | |
Maximum | ||
Short-term Debt [Line Items] | ||
Maximum ratio of consolidated debt to consolidated total capital | 0.65 | |
Revolving Credit | ||
Short-term Debt [Line Items] | ||
Maximum borrowing capacity | $ 1,500,000,000 | |
Current amount available | 1,000,000,000 | |
Letters of Credit | ||
Short-term Debt [Line Items] | ||
Maximum borrowing capacity | 1,200,000,000 | |
CECONY | ||
Short-term Debt [Line Items] | ||
Commercial paper, outstanding | $ 1,137,000,000 | $ 1,192,000,000 |
Weighted average interest rate | 2.00% | 3.00% |
Maximum ratio of consolidated debt to consolidated total capital | 0.53 | |
Credit Availability Through December 2022 | CECONY | Revolving Credit | ||
Short-term Debt [Line Items] | ||
Maximum borrowing capacity | $ 2,250,000,000 | |
Credit Availability Through December 2023 | CECONY | Revolving Credit | ||
Short-term Debt [Line Items] | ||
Maximum borrowing capacity | $ 2,200,000,000 |
Pension Benefits - Total Period
Pension Benefits - Total Periodic Benefit Costs (Details) - Pension Benefits - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Defined Benefit Plan Disclosure [Line Items] | |||
Service cost – including administrative expenses | $ 250 | $ 290 | $ 263 |
Interest cost on projected benefit obligation | 601 | 561 | 591 |
Expected return on plan assets | (988) | (1,033) | (968) |
Recognition of net actuarial loss | 518 | 688 | 595 |
Recognition of prior service cost/(credit) | (17) | (17) | (17) |
TOTAL PERIODIC BENEFIT COST | 364 | 489 | 464 |
Cost capitalized | (108) | (127) | (181) |
Reconciliation to rate level | (15) | (92) | (34) |
Total credit recognized | 241 | 270 | 249 |
CECONY | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Service cost – including administrative expenses | 232 | 272 | 246 |
Interest cost on projected benefit obligation | 564 | 525 | 554 |
Expected return on plan assets | (936) | (979) | (917) |
Recognition of net actuarial loss | 492 | 651 | 563 |
Recognition of prior service cost/(credit) | (19) | (19) | (19) |
TOTAL PERIODIC BENEFIT COST | 333 | 450 | 427 |
Cost capitalized | (102) | (119) | (169) |
Reconciliation to rate level | (12) | (100) | (41) |
Total credit recognized | $ 219 | $ 231 | $ 217 |
Pension Benefits - Schedule of
Pension Benefits - Schedule of Funded Status (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
CHANGE IN PLAN ASSETS | |||
Fair value of plan assets at beginning of year | $ 326 | ||
FAIR VALUE OF PLAN ASSETS AT END OF YEAR | 397 | $ 326 | |
Pension Benefits | |||
CHANGE IN PROJECTED BENEFIT OBLIGATION | |||
Projected benefit obligation at beginning of year | 14,449 | 15,536 | $ 14,095 |
Service cost – excluding administrative expenses | 245 | 286 | 259 |
Interest cost on projected benefit obligation | 601 | 561 | 591 |
Net actuarial loss/(gain) | 2,191 | (1,219) | 1,231 |
Plan amendments | 15 | 0 | 6 |
Benefits paid | (709) | (715) | (646) |
PROJECTED BENEFIT OBLIGATION AT END OF YEAR | 16,792 | 14,449 | 15,536 |
CHANGE IN PLAN ASSETS | |||
Fair value of plan assets at beginning of year | 13,450 | 14,274 | 12,472 |
Actual return on plan assets | 2,556 | (536) | 2,041 |
Employer contributions | 350 | 473 | 450 |
Benefits paid | (709) | (715) | (646) |
Administrative expenses | (39) | (46) | (43) |
FAIR VALUE OF PLAN ASSETS AT END OF YEAR | 15,608 | 13,450 | 14,274 |
FUNDED STATUS | (1,184) | (999) | (1,262) |
Unrecognized net loss | 2,604 | 2,464 | 2,760 |
Unrecognized prior service costs | (173) | (205) | (223) |
Accumulated benefit obligation | 15,015 | 13,030 | 13,897 |
CECONY | |||
CHANGE IN PLAN ASSETS | |||
Fair value of plan assets at beginning of year | 301 | ||
FAIR VALUE OF PLAN ASSETS AT END OF YEAR | 371 | 301 | |
CECONY | Pension Benefits | |||
CHANGE IN PROJECTED BENEFIT OBLIGATION | |||
Projected benefit obligation at beginning of year | 13,542 | 14,567 | 13,203 |
Service cost – excluding administrative expenses | 228 | 267 | 241 |
Interest cost on projected benefit obligation | 564 | 525 | 554 |
Net actuarial loss/(gain) | 2,076 | (1,159) | 1,171 |
Plan amendments | 0 | 0 | 0 |
Benefits paid | (660) | (658) | (602) |
PROJECTED BENEFIT OBLIGATION AT END OF YEAR | 15,750 | 13,542 | 14,567 |
CHANGE IN PLAN ASSETS | |||
Fair value of plan assets at beginning of year | 12,744 | 13,519 | 11,815 |
Actual return on plan assets | 2,425 | (507) | 1,935 |
Employer contributions | 318 | 434 | 412 |
Benefits paid | (660) | (658) | (602) |
Administrative expenses | (37) | (44) | (41) |
FAIR VALUE OF PLAN ASSETS AT END OF YEAR | 14,790 | 12,744 | 13,519 |
FUNDED STATUS | (960) | (798) | (1,048) |
Unrecognized net loss | 2,466 | 2,338 | 2,624 |
Unrecognized prior service costs | (202) | (222) | (242) |
Accumulated benefit obligation | $ 14,010 | $ 12,161 | $ 12,972 |
Pension Benefits - Additional I
Pension Benefits - Additional Information (Details) - USD ($) | 12 Months Ended | |||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Defined Benefit Plan Disclosure [Line Items] | ||||
Pension liability | $ 185,000,000 | |||
Investments value | 397,000,000 | $ 326,000,000 | ||
Pension Benefits | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Regulatory assets and liabilities for future income taxes, net | 167,000,000 | |||
Charge to OCI | 10,000,000 | |||
Net loss estimated to be amortized | 701,000,000 | |||
Prior service cost estimated to be amortized | (16,000,000) | |||
Investments value | 15,608,000,000 | 13,450,000,000 | $ 14,274,000,000 | $ 12,472,000,000 |
Accumulated benefit obligation | 15,015,000,000 | 13,030,000,000 | 13,897,000,000 | |
Defined benefit plan, bond amount (excess of) | 50,000,000 | |||
Estimated future employer contributions | 472,000,000 | |||
Other Nonqualified Supplemental Defined Benefit Pension | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Accumulated benefit obligation | 395,000,000 | 316,000,000 | ||
CECONY | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Pension liability | 162,000,000 | |||
Investments value | 371,000,000 | 301,000,000 | ||
CECONY | Pension Benefits | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Regulatory assets and liabilities for future income taxes, net | 147,000,000 | |||
Charge to OCI | 2,000,000 | |||
Net loss estimated to be amortized | 663,000,000 | |||
Prior service cost estimated to be amortized | (20,000,000) | |||
Investments value | 14,790,000,000 | 12,744,000,000 | 13,519,000,000 | $ 11,815,000,000 |
Accumulated benefit obligation | 14,010,000,000 | 12,161,000,000 | $ 12,972,000,000 | |
Estimated future employer contributions | 433,000,000 | |||
CECONY | Other Nonqualified Supplemental Defined Benefit Pension | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Accumulated benefit obligation | $ 360,000,000 | $ 285,000,000 |
Pension Benefits - Schedule o_2
Pension Benefits - Schedule of Assumptions (Details) | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
CECONY | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Rate of compensation increase | 3.80% | 4.25% | 4.25% |
Rate of compensation increase | 4.25% | 4.25% | 4.25% |
O&R | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Rate of compensation increase | 3.20% | 4.00% | 4.00% |
Rate of compensation increase | 4.00% | 4.00% | 4.00% |
Pension Benefits | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Discount rate, benefit obligations | 3.35% | 4.25% | 3.70% |
Discount rate, net periodic benefit cost | 4.25% | 3.70% | 4.25% |
Expected return on plan assets | 7.00% | 7.50% | 7.50% |
Pension Benefits - Schedule o_3
Pension Benefits - Schedule of Expected Benefit Payments (Details) - Pension Benefits $ in Millions | Dec. 31, 2019USD ($) |
Defined Benefit Plan Disclosure [Line Items] | |
2020 | $ 744 |
2021 | 756 |
2022 | 770 |
2023 | 788 |
2024 | 801 |
2025-2029 | 4,181 |
CECONY | |
Defined Benefit Plan Disclosure [Line Items] | |
2020 | 688 |
2021 | 699 |
2022 | 713 |
2023 | 728 |
2024 | 741 |
2025-2029 | $ 3,883 |
Pension Benefits - Schedule o_4
Pension Benefits - Schedule of Plan Assets Allocations (Details) - Pension Benefits | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Defined Benefit Plan Disclosure [Line Items] | |||
Target Allocation Range | 100.00% | ||
Plan Assets Percentage | 100.00% | 100.00% | 100.00% |
Equity Securities | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Plan Assets Percentage | 51.00% | 51.00% | 58.00% |
Equity Securities | Minimum | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Target Allocation Range | 45.00% | ||
Equity Securities | Maximum | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Target Allocation Range | 55.00% | ||
Debt Securities | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Plan Assets Percentage | 38.00% | 39.00% | 33.00% |
Debt Securities | Minimum | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Target Allocation Range | 33.00% | ||
Debt Securities | Maximum | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Target Allocation Range | 43.00% | ||
Real Estate | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Plan Assets Percentage | 11.00% | 10.00% | 9.00% |
Real Estate | Minimum | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Target Allocation Range | 10.00% | ||
Real Estate | Maximum | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Target Allocation Range | 14.00% |
Pension Benefits - Schedule o_5
Pension Benefits - Schedule of Fair Value of Plan Assets (Details) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Defined Benefit Plan Disclosure [Line Items] | ||||
Total fair value of plan net assets | $ 397 | $ 326 | ||
Private Equity | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total fair value of plan net assets | 440 | |||
Real Estate | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total fair value of plan net assets | 1,310 | |||
Pension Benefits | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Funds for retiree health benefits | (208) | (204) | ||
Funds for retiree health benefits measured at NAV per share | (42) | (33) | ||
Total funds for retiree health benefits | (250) | (237) | ||
Investments (excluding funds for retiree health benefits) | 15,597 | 14,105 | ||
Pending activities | 11 | (655) | ||
Total fair value of plan net assets | 15,608 | 13,450 | $ 14,274 | $ 12,472 |
Pension Benefits | U.S. Equity | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total fair value of plan net assets | 3,652 | 3,525 | ||
Pension Benefits | International Equity | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total fair value of plan net assets | 3,354 | 2,896 | ||
Pension Benefits | U.S. Government Issued Debt | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total fair value of plan net assets | 1,496 | 1,886 | ||
Pension Benefits | Corporate Bonds Debt | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total fair value of plan net assets | 3,260 | 2,619 | ||
Pension Benefits | Structured Assets Debt | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total fair value of plan net assets | 173 | 6 | ||
Pension Benefits | Other Fixed Income Debt | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total fair value of plan net assets | 955 | 121 | ||
Pension Benefits | Cash and Cash Equivalents | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total fair value of plan net assets | 326 | 716 | ||
Pension Benefits | Futures | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total fair value of plan net assets | 568 | |||
Pension Benefits | Total investments | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total fair value of plan net assets | 13,216 | 12,337 | ||
Pension Benefits | Private Equity | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total fair value of plan net assets | 555 | |||
Pension Benefits | Real Estate | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total fair value of plan net assets | 1,806 | |||
Pension Benefits | Hedge Funds | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total fair value of plan net assets | 270 | 255 | ||
Pension Benefits | Investments Valued Using NAV Per Share | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total fair value of plan net assets | 2,631 | 2,005 | ||
Pension Benefits | Level 1 | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Funds for retiree health benefits | (110) | (118) | ||
Investments (excluding funds for retiree health benefits) | 6,896 | 7,021 | ||
Pension Benefits | Level 1 | U.S. Equity | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total fair value of plan net assets | 3,652 | 3,515 | ||
Pension Benefits | Level 1 | International Equity | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total fair value of plan net assets | 3,354 | 2,896 | ||
Pension Benefits | Level 1 | U.S. Government Issued Debt | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total fair value of plan net assets | 0 | 0 | ||
Pension Benefits | Level 1 | Corporate Bonds Debt | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total fair value of plan net assets | 0 | 0 | ||
Pension Benefits | Level 1 | Structured Assets Debt | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total fair value of plan net assets | 0 | 0 | ||
Pension Benefits | Level 1 | Other Fixed Income Debt | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total fair value of plan net assets | 0 | 0 | ||
Pension Benefits | Level 1 | Cash and Cash Equivalents | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total fair value of plan net assets | 160 | |||
Pension Benefits | Level 1 | Futures | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total fair value of plan net assets | 568 | |||
Pension Benefits | Level 1 | Total investments | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total fair value of plan net assets | 7,006 | 7,139 | ||
Pension Benefits | Level 2 | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Funds for retiree health benefits | (98) | (86) | ||
Investments (excluding funds for retiree health benefits) | 6,112 | 5,112 | ||
Pension Benefits | Level 2 | U.S. Equity | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total fair value of plan net assets | 0 | 10 | ||
Pension Benefits | Level 2 | U.S. Government Issued Debt | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total fair value of plan net assets | 1,496 | 1,886 | ||
Pension Benefits | Level 2 | Corporate Bonds Debt | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total fair value of plan net assets | 3,260 | 2,619 | ||
Pension Benefits | Level 2 | Structured Assets Debt | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total fair value of plan net assets | 173 | 6 | ||
Pension Benefits | Level 2 | Other Fixed Income Debt | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total fair value of plan net assets | 955 | 121 | ||
Pension Benefits | Level 2 | Cash and Cash Equivalents | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total fair value of plan net assets | 326 | 556 | ||
Pension Benefits | Level 2 | Total investments | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total fair value of plan net assets | $ 6,210 | $ 5,198 |
Pension Benefits - Schedule o_6
Pension Benefits - Schedule of Employer Contribution to Defined Savings Plan (Details) - Defined Contribution Savings Plan - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Defined Benefit Plan Disclosure [Line Items] | |||
Employer contribution to the defined savings plan | $ 49 | $ 45 | $ 40 |
CECONY | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Employer contribution to the defined savings plan | $ 42 | $ 39 | $ 35 |
Other Postretirement Benefits -
Other Postretirement Benefits - Net Periodic Postretirement Benefit Costs (Details) - Other Postretirement Benefits - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Defined Benefit Plan Disclosure [Line Items] | |||
Service cost | $ 18 | $ 20 | $ 20 |
Interest cost on accumulated other postretirement benefit obligation | 44 | 42 | 46 |
Expected return on plan assets | (66) | (73) | (69) |
Recognition of net actuarial loss/(gain) | (9) | 8 | 2 |
Recognition of prior service credit | (2) | (6) | (17) |
TOTAL PERIODIC POSTRETIREMENT BENEFIT CREDIT | (15) | (9) | (18) |
Cost capitalized | (7) | (8) | 8 |
Reconciliation to rate level | 12 | 8 | (4) |
Total credit recognized | (10) | (9) | (14) |
CECONY | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Service cost | 13 | 14 | 13 |
Interest cost on accumulated other postretirement benefit obligation | 36 | 34 | 38 |
Expected return on plan assets | (54) | (63) | (61) |
Recognition of net actuarial loss/(gain) | (10) | 3 | (3) |
Recognition of prior service credit | (2) | (2) | (11) |
TOTAL PERIODIC POSTRETIREMENT BENEFIT CREDIT | (17) | (14) | (24) |
Cost capitalized | (5) | (6) | 10 |
Reconciliation to rate level | 7 | 9 | (2) |
Total credit recognized | $ (15) | $ (11) | $ (16) |
Other Postretirement Benefits_2
Other Postretirement Benefits - Schedule of Funded Status (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
CHANGE IN PLAN ASSETS | |||
Fair value of plan assets at beginning of year | $ 326 | ||
FAIR VALUE OF PLAN ASSETS AT END OF YEAR | 397 | $ 326 | |
CECONY | |||
CHANGE IN PLAN ASSETS | |||
Fair value of plan assets at beginning of year | 301 | ||
FAIR VALUE OF PLAN ASSETS AT END OF YEAR | 371 | 301 | |
Other Postretirement Benefits | |||
CHANGE IN BENEFIT OBLIGATION | |||
Projected benefit obligation at beginning of year | 1,114 | 1,219 | $ 1,198 |
Service cost | 18 | 20 | 20 |
Interest cost on accumulated other postretirement benefit obligation | 44 | 42 | 46 |
Amendments | (14) | 0 | 0 |
Net actuarial loss/(gain) | 264 | (70) | 53 |
Benefits paid and administrative expenses, net of subsidies | (110) | (135) | (134) |
Participant contributions | 41 | 38 | 36 |
PROJECTED BENEFIT OBLIGATION AT END OF YEAR | 1,357 | 1,114 | 1,219 |
CHANGE IN PLAN ASSETS | |||
Fair value of plan assets at beginning of year | 885 | 1,039 | 975 |
Actual return on plan assets | 198 | (66) | 150 |
Employer contributions | 7 | 6 | 17 |
Employer group waiver plan subsidies | 23 | 34 | 34 |
Participant contributions | 40 | 37 | 35 |
Benefits paid | (127) | (165) | (172) |
FAIR VALUE OF PLAN ASSETS AT END OF YEAR | 1,026 | 885 | 1,039 |
FUNDED STATUS | (331) | (229) | (180) |
Unrecognized net loss/(gain) | 155 | 14 | (47) |
Unrecognized prior service costs | (19) | (8) | (14) |
Other Postretirement Benefits | CECONY | |||
CHANGE IN BENEFIT OBLIGATION | |||
Projected benefit obligation at beginning of year | 913 | 985 | 1,007 |
Service cost | 13 | 14 | 13 |
Interest cost on accumulated other postretirement benefit obligation | 36 | 34 | 38 |
Amendments | 0 | 0 | 0 |
Net actuarial loss/(gain) | 252 | (32) | 16 |
Benefits paid and administrative expenses, net of subsidies | (100) | (125) | (124) |
Participant contributions | 40 | 37 | 35 |
PROJECTED BENEFIT OBLIGATION AT END OF YEAR | 1,154 | 913 | 985 |
CHANGE IN PLAN ASSETS | |||
Fair value of plan assets at beginning of year | 759 | 893 | 851 |
Actual return on plan assets | 165 | (54) | 130 |
Employer contributions | 6 | 6 | 8 |
Employer group waiver plan subsidies | 22 | 32 | 30 |
Participant contributions | 40 | 37 | 35 |
Benefits paid | (120) | (155) | (161) |
FAIR VALUE OF PLAN ASSETS AT END OF YEAR | 872 | 759 | 893 |
FUNDED STATUS | (282) | (154) | (92) |
Unrecognized net loss/(gain) | 149 | (2) | (85) |
Unrecognized prior service costs | $ (3) | $ (5) | $ (7) |
Other Postretirement Benefits_3
Other Postretirement Benefits - Additional Information (Details) - Other Postretirement Benefits - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Defined Benefit Plan Disclosure [Line Items] | |||
Increase in liability for other postretirement benefits | $ 102 | ||
Increase (decrease) in regulatory liabilities | 134 | ||
Net losses unrecognized to be amortized | 27 | ||
Prior service cost estimated to be amortized | $ (3) | ||
Health care cost trend rate for net periodic benefit cost, current | 5.40% | 5.60% | 5.80% |
Health care cost trend rate for net periodic benefit cost | 4.50% | ||
Health care cost trend rate for benefit obligations, current | 5.20% | 5.40% | 5.60% |
Health care cost trend rate for benefit obligations | 4.50% | ||
Expected contributions | $ 6 | ||
Clean Energy Businesses, Con Edison Transmission and RECO | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Credit to OCI (net of taxes) for unrecognized net losses | 6 | ||
Debit to OCI (net of taxes) for unrecognized prior service costs | 1 | ||
CECONY | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Increase in liability for other postretirement benefits | 128 | ||
Increase (decrease) in regulatory liabilities | 153 | ||
Net losses unrecognized to be amortized | 22 | ||
Prior service cost estimated to be amortized | $ (2) |
Other Postretirement Benefits_4
Other Postretirement Benefits - Schedule of Actuarial Assumptions (Details) - Other Postretirement Benefits | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Defined Benefit Plan Disclosure [Line Items] | |||
Expected Return on Plan Assets | 6.80% | 7.50% | 7.50% |
CECONY | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Discount Rate, Benefit Obligations | 3.10% | 4.15% | 3.55% |
Discount Rate, Net Periodic Benefit Cost | 4.15% | 3.55% | 4.00% |
O&R | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Discount Rate, Benefit Obligations | 3.35% | 4.30% | 3.70% |
Discount Rate, Net Periodic Benefit Cost | 4.30% | 3.70% | 4.20% |
Other Postretirement Benefits_5
Other Postretirement Benefits - Schedule of Change of Assumed Health Care Cost Trend Rate (Details) - Other Postretirement Benefits $ in Millions | 12 Months Ended |
Dec. 31, 2019USD ($) | |
Increase | |
Effect on accumulated other postretirement benefit obligation | $ 60 |
Effect on service cost and interest cost components for 2019 | 1 |
Decrease | |
Effect on accumulated other postretirement benefit obligation | (17) |
Effect on service cost and interest cost components for 2019 | 0 |
CECONY | |
Increase | |
Effect on accumulated other postretirement benefit obligation | 33 |
Effect on service cost and interest cost components for 2019 | (1) |
Decrease | |
Effect on accumulated other postretirement benefit obligation | 3 |
Effect on service cost and interest cost components for 2019 | $ 2 |
Other Postretirement Benefits_6
Other Postretirement Benefits - Schedule of Expected Benefit Payments (Details) - Other Postretirement Benefits $ in Millions | Dec. 31, 2019USD ($) |
Defined Benefit Plan Disclosure [Line Items] | |
2020 | $ 96 |
2021 | 95 |
2022 | 93 |
2023 | 92 |
2024 | 91 |
2025-2029 | 422 |
CECONY | |
Defined Benefit Plan Disclosure [Line Items] | |
2020 | 87 |
2021 | 85 |
2022 | 83 |
2023 | 82 |
2024 | 80 |
2025-2029 | $ 368 |
Other Postretirement Benefits_7
Other Postretirement Benefits - Schedule of Plan Assets Allocations (Details) - Other Postretirement Benefits - CECONY | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Defined Benefit Plan Disclosure [Line Items] | |||
Target Allocation Range | 100.00% | ||
Plan Assets Percentage | 100.00% | 100.00% | 100.00% |
Equity Securities | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Plan Assets Percentage | 54.00% | 52.00% | 60.00% |
Equity Securities | Minimum | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Target Allocation Range | 42.00% | ||
Equity Securities | Maximum | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Target Allocation Range | 80.00% | ||
Debt Securities | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Plan Assets Percentage | 46.00% | 48.00% | 40.00% |
Debt Securities | Minimum | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Target Allocation Range | 20.00% | ||
Debt Securities | Maximum | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Target Allocation Range | 58.00% |
Other Postretirement Benefits_8
Other Postretirement Benefits - Schedule of Fair Values of Plan Assets (Details) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Defined Benefit Plan Disclosure [Line Items] | ||||
Total fair value of plan net assets | $ 397 | $ 326 | ||
Other Postretirement Benefits | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Funds for retiree health benefits | 208 | 204 | ||
Investments (including funds for retiree health benefits) | 966 | 829 | ||
Funds for retiree health benefits measured at NAV per share | 42 | 33 | ||
Pending activities | 18 | 23 | ||
Total fair value of plan net assets | 1,026 | 885 | $ 1,039 | $ 975 |
Other Postretirement Benefits | Equity | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total fair value of plan net assets | 404 | 322 | ||
Other Postretirement Benefits | Other Fixed Income Debt | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total fair value of plan net assets | 331 | 289 | ||
Other Postretirement Benefits | Cash and Cash Equivalents | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total fair value of plan net assets | 23 | 14 | ||
Other Postretirement Benefits | Total investments | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total fair value of plan net assets | 758 | 625 | ||
Other Postretirement Benefits | Level 1 | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Funds for retiree health benefits | 110 | 118 | ||
Investments (including funds for retiree health benefits) | 110 | 118 | ||
Other Postretirement Benefits | Level 1 | Equity | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total fair value of plan net assets | 0 | 0 | ||
Other Postretirement Benefits | Level 1 | Other Fixed Income Debt | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total fair value of plan net assets | 0 | 0 | ||
Other Postretirement Benefits | Level 1 | Cash and Cash Equivalents | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total fair value of plan net assets | 0 | 0 | ||
Other Postretirement Benefits | Level 1 | Total investments | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total fair value of plan net assets | 0 | 0 | ||
Other Postretirement Benefits | Level 2 | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Funds for retiree health benefits | 98 | 86 | ||
Investments (including funds for retiree health benefits) | 856 | 711 | ||
Other Postretirement Benefits | Level 2 | Equity | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total fair value of plan net assets | 404 | 322 | ||
Other Postretirement Benefits | Level 2 | Other Fixed Income Debt | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total fair value of plan net assets | 331 | 289 | ||
Other Postretirement Benefits | Level 2 | Cash and Cash Equivalents | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total fair value of plan net assets | 23 | 14 | ||
Other Postretirement Benefits | Level 2 | Total investments | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total fair value of plan net assets | $ 758 | $ 625 |
Environmental Matters - Accrued
Environmental Matters - Accrued Liabilities and Regulatory Assets (Details) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Site Contingency [Line Items] | ||
Accrued Liabilities | $ 734 | $ 779 |
Regulatory assets | 4,987 | 4,370 |
Manufactured gas plant sites | ||
Site Contingency [Line Items] | ||
Accrued Liabilities | 640 | 689 |
Other Superfund Sites | ||
Site Contingency [Line Items] | ||
Accrued Liabilities | 94 | 90 |
Superfund Sites | ||
Site Contingency [Line Items] | ||
Accrued Liabilities | 734 | 779 |
Regulatory assets | 732 | 810 |
CECONY | ||
Site Contingency [Line Items] | ||
Accrued Liabilities | 654 | 693 |
Regulatory assets | 4,600 | 3,987 |
CECONY | Manufactured gas plant sites | ||
Site Contingency [Line Items] | ||
Accrued Liabilities | 561 | 603 |
CECONY | Other Superfund Sites | ||
Site Contingency [Line Items] | ||
Accrued Liabilities | 93 | 90 |
CECONY | Superfund Sites | ||
Site Contingency [Line Items] | ||
Accrued Liabilities | 654 | 693 |
Regulatory assets | $ 647 | $ 716 |
Environmental Matters - Environ
Environmental Matters - Environmental Remediation Costs (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Environmental Exit Cost [Line Items] | ||
Remediation costs incurred | $ 19 | $ 25 |
CECONY | ||
Environmental Exit Cost [Line Items] | ||
Remediation costs incurred | $ 13 | $ 18 |
Environmental Matters - Additio
Environmental Matters - Additional Information (Details) $ in Millions | 12 Months Ended |
Dec. 31, 2019USD ($) | |
Asbestos Proceedings | |
Site Contingency [Line Items] | |
Estimated undiscounted asbestos liability (years) | 15 years |
CECONY | Asbestos Proceedings | |
Site Contingency [Line Items] | |
Estimated undiscounted asbestos liability (years) | 15 years |
Superfund Sites | |
Site Contingency [Line Items] | |
Remediation cost estimate | $ 46 |
Superfund Sites | Manufactured Gas Plant Sites | Maximum | |
Site Contingency [Line Items] | |
Estimated aggregate undiscounted potential liability related environmental contaminants (up to) | 2,800 |
Superfund Sites | CECONY | |
Site Contingency [Line Items] | |
Remediation cost estimate | 43 |
Superfund Sites | CECONY | Manufactured Gas Plant Sites | Maximum | |
Site Contingency [Line Items] | |
Estimated aggregate undiscounted potential liability related environmental contaminants (up to) | $ 2,600 |
Environmental Matters - Accru_2
Environmental Matters - Accrued Liability for Asbestos Suits and Workers' Compensation Proceedings (Details) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Site Contingency [Line Items] | ||
Regulatory assets | $ 4,987 | $ 4,370 |
Asbestos Suits | ||
Site Contingency [Line Items] | ||
Accrued liability | 8 | 8 |
Regulatory assets | 8 | 8 |
Workers' Compensation | ||
Site Contingency [Line Items] | ||
Accrued liability | 78 | 79 |
Regulatory assets | 3 | 5 |
CECONY | ||
Site Contingency [Line Items] | ||
Regulatory assets | 4,600 | 3,987 |
CECONY | Asbestos Suits | ||
Site Contingency [Line Items] | ||
Accrued liability | 7 | 7 |
Regulatory assets | 7 | 7 |
CECONY | Workers' Compensation | ||
Site Contingency [Line Items] | ||
Accrued liability | 73 | 75 |
Regulatory assets | $ 3 | $ 5 |
Other Material Contingencies -
Other Material Contingencies - Manhattan Explosion and Fire (Details) $ in Millions | Mar. 12, 2014buildingpeople | Feb. 28, 2017USD ($) | Dec. 31, 2019USD ($)lawsuit | Dec. 31, 2018USD ($) |
Loss Contingencies [Line Items] | ||||
Accrued regulatory liability | $ 4,827 | $ 4,641 | ||
Settlement of gas proceedings | ||||
Loss Contingencies [Line Items] | ||||
Accrued regulatory liability | $ 10 | $ 15 | ||
Manhattan Explosion and Fire | ||||
Loss Contingencies [Line Items] | ||||
Number of buildings destroyed by fire | building | 2 | |||
Number of people died in explosion and fire incident | people | 8 | |||
Number of people injured in explosion and fire incident (more than) | people | 50 | |||
Amount of costs that will not recover from customers | $ 126 | |||
Number of pending lawsuits | lawsuit | 80 | |||
Manhattan Explosion and Fire | Settlement of gas proceedings | ||||
Loss Contingencies [Line Items] | ||||
Accrued regulatory liability | $ 27 |
Other Material Contingencies _2
Other Material Contingencies - Guarantees (Details) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Commitments and Contingencies Disclosure [Abstract] | ||
Guarantee obligations maximum exposure | $ 1,831 | $ 2,439 |
Other Material Contingencies _3
Other Material Contingencies - Total Guarantees (Details) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Guarantor Obligations [Line Items] | ||
Total guarantees, by type and term | $ 1,831 | $ 2,439 |
Con Edison Transmission | ||
Guarantor Obligations [Line Items] | ||
Total guarantees, by type and term | 573 | |
Energy transactions | ||
Guarantor Obligations [Line Items] | ||
Total guarantees, by type and term | 679 | |
Renewable electric production projects | ||
Guarantor Obligations [Line Items] | ||
Total guarantees, by type and term | 510 | |
Other | ||
Guarantor Obligations [Line Items] | ||
Total guarantees, by type and term | 69 | |
0 – 3 years | ||
Guarantor Obligations [Line Items] | ||
Total guarantees, by type and term | 945 | |
0 – 3 years | Con Edison Transmission | ||
Guarantor Obligations [Line Items] | ||
Total guarantees, by type and term | 387 | |
0 – 3 years | Energy transactions | ||
Guarantor Obligations [Line Items] | ||
Total guarantees, by type and term | 419 | |
0 – 3 years | Renewable electric production projects | ||
Guarantor Obligations [Line Items] | ||
Total guarantees, by type and term | 70 | |
0 – 3 years | Other | ||
Guarantor Obligations [Line Items] | ||
Total guarantees, by type and term | 69 | |
4 – 10 years | ||
Guarantor Obligations [Line Items] | ||
Total guarantees, by type and term | 246 | |
4 – 10 years | Con Edison Transmission | ||
Guarantor Obligations [Line Items] | ||
Total guarantees, by type and term | 186 | |
4 – 10 years | Energy transactions | ||
Guarantor Obligations [Line Items] | ||
Total guarantees, by type and term | 51 | |
4 – 10 years | Renewable electric production projects | ||
Guarantor Obligations [Line Items] | ||
Total guarantees, by type and term | 9 | |
4 – 10 years | Other | ||
Guarantor Obligations [Line Items] | ||
Total guarantees, by type and term | 0 | |
10 years | ||
Guarantor Obligations [Line Items] | ||
Total guarantees, by type and term | 640 | |
10 years | Con Edison Transmission | ||
Guarantor Obligations [Line Items] | ||
Total guarantees, by type and term | 0 | |
10 years | Energy transactions | ||
Guarantor Obligations [Line Items] | ||
Total guarantees, by type and term | 209 | |
10 years | Renewable electric production projects | ||
Guarantor Obligations [Line Items] | ||
Total guarantees, by type and term | 431 | |
10 years | Other | ||
Guarantor Obligations [Line Items] | ||
Total guarantees, by type and term | $ 0 |
Other Material Contingencies _4
Other Material Contingencies - Con Edison Transmission (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Guarantor Obligations [Line Items] | ||
Guarantee obligations maximum exposure | $ 1,831 | $ 2,439 |
Payment Guarantee by CET Electric of Contributions to New York Transco LLC | ||
Guarantor Obligations [Line Items] | ||
Estimated project cost percentage | 175.00% | |
Financial Guarantee in Behalf of CET Gas for Proposed Gas Transmission Project | ||
Guarantor Obligations [Line Items] | ||
Guarantee obligations maximum exposure | $ 25 | |
NY Transco | Payment Guarantee by CET Electric of Contributions to New York Transco LLC | ||
Guarantor Obligations [Line Items] | ||
Ownership interest, percentage | 45.70% |
Other Material Contingencies _5
Other Material Contingencies - Other (Details) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Guarantor Obligations [Line Items] | ||
Guarantee obligations maximum exposure | $ 1,831 | $ 2,439 |
Financial Guarantee for Indemnity Agreements for Surety Bonds in Connection with Operation of Solar Energy Facilities and Energy Service Projects | ||
Guarantor Obligations [Line Items] | ||
Guarantee obligations maximum exposure | $ 70 |
Electricity Purchase Agreemen_3
Electricity Purchase Agreements - Summary of Estimated Capacity and Other Fixed Payments (Details) $ in Millions | Dec. 31, 2019USD ($) |
Long-term Contract for Purchase of Electric Power [Line Items] | |
2020 | $ 172 |
2021 | 101 |
2022 | 62 |
2023 | 57 |
2024 | 55 |
All Years Thereafter | 546 |
CECONY | |
Long-term Contract for Purchase of Electric Power [Line Items] | |
2020 | 169 |
2021 | 99 |
2022 | 62 |
2023 | 57 |
2024 | 55 |
All Years Thereafter | $ 546 |
Electricity Purchase Agreemen_4
Electricity Purchase Agreements - Summary of Capacity, Energy and Other Fixed Payments (Details) - CECONY - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Long-term Contract for Purchase of Electric Power [Line Items] | |||
Capacity, energy and other fixed payments | $ 231 | $ 318 | $ 552 |
Indian Point | |||
Long-term Contract for Purchase of Electric Power [Line Items] | |||
Capacity, energy and other fixed payments | 0 | 6 | 211 |
Linden Cogeneration | |||
Long-term Contract for Purchase of Electric Power [Line Items] | |||
Capacity, energy and other fixed payments | 0 | 0 | 114 |
Astoria Generating Company | |||
Long-term Contract for Purchase of Electric Power [Line Items] | |||
Capacity, energy and other fixed payments | 116 | 179 | 92 |
Brooklyn Navy Yard | |||
Long-term Contract for Purchase of Electric Power [Line Items] | |||
Capacity, energy and other fixed payments | 115 | 124 | 117 |
Cogen Technologies | |||
Long-term Contract for Purchase of Electric Power [Line Items] | |||
Capacity, energy and other fixed payments | $ 0 | $ 9 | $ 18 |
Leases - Additional Information
Leases - Additional Information (Details) $ in Millions | 12 Months Ended |
Dec. 31, 2019USD ($) | |
Lessee, Lease, Description [Line Items] | |
Assets under finance leases | $ 1 |
Finance leases, accumulated amortization | 5 |
Right-of-use asset obtained in exchange for operating lease liability | 39 |
CECONY | |
Lessee, Lease, Description [Line Items] | |
Finance leases, accumulated amortization | 3 |
Right-of-use asset obtained in exchange for operating lease liability | $ 4 |
Minimum | |
Lessee, Lease, Description [Line Items] | |
Lease, term | 1 year |
Maximum | |
Lessee, Lease, Description [Line Items] | |
Lease, term | 40 years |
Lease, renewal term | 5 years |
Leases - Lease Cost and Cash Fl
Leases - Lease Cost and Cash Flows (Details) $ in Millions | 12 Months Ended |
Dec. 31, 2019USD ($) | |
Lessee, Lease, Description [Line Items] | |
Operating lease cost | $ 83 |
Operating lease cash flows | 75 |
CECONY | |
Lessee, Lease, Description [Line Items] | |
Operating lease cost | 64 |
Operating lease cash flows | $ 60 |
Leases - Other Related Informat
Leases - Other Related Information (Details) | Dec. 31, 2019 |
Lessee, Lease, Description [Line Items] | |
Weighted Average Remaining Lease Term, Operating leases | 19 years 9 months 18 days |
Weighted Average Remaining Lease Term, Finance leases | 12 years 2 months 12 days |
Weighted Average Discount Rate, Operating leases | 4.30% |
Weighted Average Discount Rate, Finance leases | 3.50% |
CECONY | |
Lessee, Lease, Description [Line Items] | |
Weighted Average Remaining Lease Term, Operating leases | 14 years |
Weighted Average Remaining Lease Term, Finance leases | 2 years 4 months 24 days |
Weighted Average Discount Rate, Operating leases | 3.60% |
Weighted Average Discount Rate, Finance leases | 4.10% |
Leases - Future Minimum Lease P
Leases - Future Minimum Lease Payments (Details) $ in Millions | Dec. 31, 2019USD ($) |
Operating Leases | |
2020 | $ 78 |
2021 | 75 |
2022 | 73 |
2023 | 72 |
2024 | 72 |
All years thereafter | 992 |
Total future minimum lease payments | 1,362 |
Less: imputed interest | (488) |
Total | 874 |
Operating lease liabilities (current) | 65 |
Operating lease liabilities (noncurrent) | 809 |
Total | 874 |
Finance Leases | |
2020 | 0 |
2021 | 0 |
2022 | 0 |
2023 | 0 |
2024 | 0 |
All years thereafter | 1 |
Total future minimum lease payments | 1 |
Less: imputed interest | 0 |
Total | 1 |
Other noncurrent liabilities | 1 |
Total | 1 |
CECONY | |
Operating Leases | |
2020 | 60 |
2021 | 57 |
2022 | 55 |
2023 | 54 |
2024 | 55 |
All years thereafter | 501 |
Total future minimum lease payments | 782 |
Less: imputed interest | (177) |
Total | 605 |
Operating lease liabilities (current) | 54 |
Operating lease liabilities (noncurrent) | 551 |
Total | 605 |
Finance Leases | |
2020 | 0 |
2021 | 0 |
2022 | 0 |
2023 | 0 |
2024 | 0 |
All years thereafter | 0 |
Total future minimum lease payments | 0 |
Less: imputed interest | 0 |
Total | 0 |
Other noncurrent liabilities | 0 |
Total | $ 0 |
Leases - Future Minimum Rental
Leases - Future Minimum Rental Payments for Operating Leases (Details) $ in Millions | Dec. 31, 2019USD ($) |
Operating Leased Assets [Line Items] | |
2019 | $ 72 |
2020 | 72 |
2021 | 71 |
2022 | 68 |
2023 | 68 |
All years thereafter | 890 |
Total | 1,241 |
CECONY | |
Operating Leased Assets [Line Items] | |
2019 | 56 |
2020 | 56 |
2021 | 54 |
2022 | 53 |
2023 | 53 |
All years thereafter | 592 |
Total | $ 864 |
Goodwill (Details)
Goodwill (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Goodwill [Line Items] | ||
Goodwill | $ 446 | $ 440 |
CECONY | ||
Goodwill [Line Items] | ||
Goodwill | 245 | 245 |
O&R | ||
Goodwill [Line Items] | ||
Goodwill | 161 | 161 |
O&R Merger | ||
Goodwill [Line Items] | ||
Goodwill | 406 | 406 |
Gas Storage Company | CET Gas | ||
Goodwill [Line Items] | ||
Goodwill | 8 | 8 |
Residential Solar Company | Clean Energy Businesses | ||
Goodwill [Line Items] | ||
Goodwill | 14 | 14 |
Battery Storage Company | Clean Energy Businesses | ||
Goodwill [Line Items] | ||
Goodwill | $ 12 | |
Goodwill, purchase accounting adjustments | $ 18 |
Income Tax - Schedule of Compon
Income Tax - Schedule of Components of Income Tax (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
State | |||
Current | $ (12) | $ (10) | $ (2) |
Deferred | 96 | 107 | 103 |
Federal | |||
Current | 0 | 3 | (11) |
Deferred | 219 | 310 | 391 |
Amortization of investment tax credits | (7) | (9) | (9) |
Total income tax expense | 296 | 401 | 472 |
CECONY | |||
State | |||
Current | 22 | 6 | 37 |
Deferred | 68 | 82 | 75 |
Federal | |||
Current | 185 | (34) | 73 |
Deferred | 63 | 275 | 504 |
Amortization of investment tax credits | (3) | (3) | (4) |
Total income tax expense | $ 335 | $ 326 | $ 685 |
Income Tax - Schedule of Differ
Income Tax - Schedule of Differences on Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Deferred tax liabilities: | ||
Property basis differences | $ 7,699 | $ 7,402 |
Regulatory assets: | ||
Unrecognized pension and other postretirement costs | 712 | 627 |
Environmental remediation costs | 205 | 227 |
Deferred storm costs | 22 | 21 |
Other regulatory assets | 376 | 273 |
Operating lease right-of-use asset | 231 | 0 |
Equity investments | 104 | 102 |
Total deferred tax liabilities | 9,349 | 8,652 |
Deferred tax assets: | ||
Accrued pension and other postretirement costs | 291 | 248 |
Future income tax | 678 | 702 |
Other regulatory liabilities | 702 | 632 |
Superfund and other environmental costs | 206 | 218 |
Asset retirement obligations | 135 | 114 |
Operating lease liabilities | 231 | 0 |
Loss carryforwards | 108 | 229 |
Tax credits carryforward | 896 | 817 |
Valuation allowance | (40) | (33) |
Other | 56 | 53 |
Total deferred tax assets | 3,263 | 2,980 |
Net deferred tax liabilities | 6,086 | 5,672 |
Unamortized investment tax credits | 141 | 148 |
Net deferred tax liabilities and unamortized investment tax credits | 6,227 | 5,820 |
CECONY | ||
Deferred tax liabilities: | ||
Property basis differences | 6,640 | 6,446 |
Regulatory assets: | ||
Unrecognized pension and other postretirement costs | 674 | 591 |
Environmental remediation costs | 181 | 200 |
Deferred storm costs | 0 | 0 |
Other regulatory assets | 355 | 252 |
Operating lease right-of-use asset | 169 | 0 |
Equity investments | 0 | 0 |
Total deferred tax liabilities | 8,019 | 7,489 |
Deferred tax assets: | ||
Accrued pension and other postretirement costs | 222 | 180 |
Future income tax | 638 | 662 |
Other regulatory liabilities | 622 | 554 |
Superfund and other environmental costs | 183 | 194 |
Asset retirement obligations | 102 | 82 |
Operating lease liabilities | 170 | 0 |
Loss carryforwards | 0 | 0 |
Tax credits carryforward | 0 | 0 |
Valuation allowance | 0 | 0 |
Other | 103 | 102 |
Total deferred tax assets | 2,040 | 1,774 |
Net deferred tax liabilities | 5,979 | 5,715 |
Unamortized investment tax credits | 21 | 24 |
Net deferred tax liabilities and unamortized investment tax credits | $ 6,000 | $ 5,739 |
Income Tax - Additional Informa
Income Tax - Additional Information (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Operating Loss Carryforwards [Line Items] | |||
Decrease in net deferred tax liabilities resulting from TCJA | $ 13,000,000 | $ 5,312,000,000 | |
Change in net income resulting from TCJA | 259,000,000 | ||
Charitable contribution carryforwards | $ 28,000,000 | ||
Deferred tax asset, valuation allowance | 40,000,000 | 33,000,000 | |
Decrease in uncertain tax positions resulting from settlement of claims filed in previous years | 2,000,000 | 3,000,000 | 6,000,000 |
Effective income tax rate reconciliation, uncertainty of taxes | 10,000,000 | ||
Penalties for uncertain tax positions | 0 | 0 | |
Amount of interest and penalties in their consolidated balance sheets | 0 | 0 | |
Unrecognized tax benefits that would have an impact on effective tax rate | 13,000,000 | ||
Unrecognized tax benefits that would have an impact on effective tax rate, net of tax | 12,000,000 | ||
General Business Tax Credit | |||
Operating Loss Carryforwards [Line Items] | |||
Tax credit carryovers | 896,000,000 | ||
Operating loss carryforwards, valuation allowance | 0 | ||
Tax Year 2015 | |||
Operating Loss Carryforwards [Line Items] | |||
Charitable contribution carryforwards | 5,000,000 | ||
Tax Year 2016 | |||
Operating Loss Carryforwards [Line Items] | |||
Charitable contribution carryforwards | 7,000,000 | ||
Tax Year 2017 | |||
Operating Loss Carryforwards [Line Items] | |||
Charitable contribution carryforwards | 5,000,000 | ||
Tax Year 2018 | |||
Operating Loss Carryforwards [Line Items] | |||
Charitable contribution carryforwards | 5,000,000 | ||
Tax Year 2019 | |||
Operating Loss Carryforwards [Line Items] | |||
Charitable contribution carryforwards | 6,000,000 | ||
Federal | |||
Operating Loss Carryforwards [Line Items] | |||
Additional depreciation deducted | 477,000,000 | ||
Operating loss carryforwards | 36,000,000 | 563,000,000 | |
Operating loss carryover subject to expiration | 13,000,000 | ||
Operating loss carryover not subject to expiration | 23,000,000 | ||
State | New York State | |||
Operating Loss Carryforwards [Line Items] | |||
Operating loss carryforwards | 272,000,000 | ||
Operating loss carryforwards, valuation allowance | 22,000,000 | ||
Decrease in uncertain tax positions resulting from settlement of claims filed in previous years | 4,000,000 | ||
State | New York City | |||
Operating Loss Carryforwards [Line Items] | |||
Operating loss carryforwards, valuation allowance | 18,000,000 | ||
State | Carry Back to 2015 and 2016 | New York State | |||
Operating Loss Carryforwards [Line Items] | |||
Operating loss carryforwards | 100,000,000 | ||
Income tax recovery resulting from operating loss carry back | 9,000,000 | ||
State | Carried Forward to Future Years | New York State | |||
Operating Loss Carryforwards [Line Items] | |||
Operating loss carryforwards | 172,000,000 | ||
State | Tax Year 2019 | New York State | |||
Operating Loss Carryforwards [Line Items] | |||
Operating loss carryforwards | 453,000,000 | ||
Parent Company | |||
Operating Loss Carryforwards [Line Items] | |||
Change in net income resulting from TCJA | 42,000,000 | (21,000,000) | |
Clean Energy Businesses | |||
Operating Loss Carryforwards [Line Items] | |||
Change in net income resulting from TCJA | 269,000,000 | ||
Con Edison Transmission | |||
Operating Loss Carryforwards [Line Items] | |||
Change in net income resulting from TCJA | 11,000,000 | ||
Future Income Tax | |||
Operating Loss Carryforwards [Line Items] | |||
Increase in regulatory liability resulting from TCJA | 54,000,000 | 3,713,000,000 | |
Accelerated Tax Depreciation Benefits | |||
Operating Loss Carryforwards [Line Items] | |||
Increase in regulatory liability resulting from TCJA | 2,684,000,000 | ||
Future Income Tax | |||
Operating Loss Carryforwards [Line Items] | |||
Decrease in regulatory asset resulting from TCJA | 1,250,000,000 | ||
Revenue Taxes | |||
Operating Loss Carryforwards [Line Items] | |||
Decrease in regulatory asset resulting from TCJA | 90,000,000 | ||
CECONY | |||
Operating Loss Carryforwards [Line Items] | |||
Decrease in net deferred tax liabilities resulting from TCJA | 50,000,000 | 4,781,000,000 | |
Deferred tax asset, valuation allowance | 0 | 0 | |
Decrease in uncertain tax positions resulting from settlement of claims filed in previous years | 2,000,000 | 3,000,000 | 0 |
Effective income tax rate reconciliation, uncertainty of taxes | 1,000,000 | ||
Unrecognized tax benefits that would have an impact on effective tax rate | 2,000,000 | ||
CECONY | New York State | |||
Operating Loss Carryforwards [Line Items] | |||
Decrease in uncertain tax positions resulting from settlement of claims filed in previous years | $ 2,000,000 | ||
CECONY | Federal | |||
Operating Loss Carryforwards [Line Items] | |||
Operating loss carryforwards | 153,000,000 | ||
CECONY | Future Income Tax | |||
Operating Loss Carryforwards [Line Items] | |||
Increase in regulatory liability resulting from TCJA | 49,000,000 | 3,513,000,000 | |
CECONY | Accelerated Tax Depreciation Benefits | |||
Operating Loss Carryforwards [Line Items] | |||
Increase in regulatory liability resulting from TCJA | 2,542,000,000 | ||
CECONY | Future Income Tax | |||
Operating Loss Carryforwards [Line Items] | |||
Decrease in regulatory asset resulting from TCJA | 1,182,000,000 | ||
CECONY | Revenue Taxes | |||
Operating Loss Carryforwards [Line Items] | |||
Decrease in regulatory asset resulting from TCJA | $ 1,000,000 | $ 86,000,000 |
Income Tax - Schedule of Income
Income Tax - Schedule of Income Tax Reconciliation (Details) | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
STATUTORY TAX RATE | |||
Federal | 21.00% | 21.00% | 35.00% |
Changes in computed taxes resulting from: | |||
State income tax | 4.00% | 4.00% | 4.00% |
Taxes attributable to noncontrolling interests | (1.00%) | 0.00% | 0.00% |
Cost of removal | 1.00% | 1.00% | 1.00% |
Other plant-related items | (1.00%) | (1.00%) | (1.00%) |
TCJA deferred tax re-measurement | 0 | 0.02 | (0.13) |
Amortization of excess deferred federal income taxes | (4.00%) | (3.00%) | 0.00% |
Renewable energy credits | (2.00%) | (1.00%) | (1.00%) |
Research and development credits | (1.00%) | 0.00% | 0.00% |
Other | 0.00% | 0.00% | (2.00%) |
Effective tax rate | 17.00% | 23.00% | 23.00% |
CECONY | |||
STATUTORY TAX RATE | |||
Federal | 21.00% | 21.00% | 35.00% |
Changes in computed taxes resulting from: | |||
State income tax | 5.00% | 5.00% | 4.00% |
Taxes attributable to noncontrolling interests | 0.00% | 0.00% | 0.00% |
Cost of removal | 1.00% | 1.00% | 1.00% |
Other plant-related items | (1.00%) | (1.00%) | (1.00%) |
TCJA deferred tax re-measurement | 0 | 0 | 0 |
Amortization of excess deferred federal income taxes | (4.00%) | (3.00%) | 0.00% |
Renewable energy credits | 0.00% | 0.00% | 0.00% |
Research and development credits | (1.00%) | (1.00%) | 0.00% |
Other | 0.00% | (1.00%) | (1.00%) |
Effective tax rate | 21.00% | 21.00% | 38.00% |
Income Tax - Summary of Unrecog
Income Tax - Summary of Unrecognized Tax Benefits (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] | |||
Balance at beginning of period | $ 6 | $ 12 | $ 42 |
Additions based on tax positions related to the current year | 1 | 2 | 1 |
Additions based on tax positions of prior years | 10 | 1 | 1 |
Reductions for tax positions of prior years | (2) | (2) | (24) |
Reductions from expiration of statute of limitations | 0 | (4) | (2) |
Settlements | (2) | (3) | (6) |
Balance at end of period | 13 | 6 | 12 |
CECONY | |||
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] | |||
Balance at beginning of period | 4 | 5 | 21 |
Additions based on tax positions related to the current year | 1 | 2 | 1 |
Additions based on tax positions of prior years | 0 | 1 | 1 |
Reductions for tax positions of prior years | (1) | (1) | (18) |
Reductions from expiration of statute of limitations | 0 | 0 | 0 |
Settlements | (2) | (3) | 0 |
Balance at end of period | $ 2 | $ 4 | $ 5 |
Stock-Based Compensation - Addi
Stock-Based Compensation - Additional Information (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Income tax benefit realized from stock options exercised | $ 13,000,000 | $ 4,000,000 | $ 25,000,000 |
Compensation expense to be recognized | 3,000,000 | ||
Maximum employer contribution match (up to) | 1 | ||
Amount employee contribution for employer match | 9 | ||
Maximum employee investment per year (up to) | $ 25,000 | ||
Maximum percentage allowed to invest (not more than) | 20.00% | ||
CECONY | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Income tax benefit realized from stock options exercised | $ 11,000,000 | 4,000,000 | 22,000,000 |
Compensation expense to be recognized | $ 2,000,000 | ||
Performance RSUs | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Common stock received upon vesting (in shares) | 1 | ||
Compensation expense to be recognized | $ 25,000,000 | ||
Nonvested awards, compensation cost not yet recognized, period for recognition (years) | 1 year | ||
Payment for settlement of vested units | $ 24,000,000 | 29,000,000 | 22,000,000 |
Performance RSUs | CECONY | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Compensation expense to be recognized | $ 21,000,000 | ||
Nonvested awards, compensation cost not yet recognized, period for recognition (years) | 1 year | ||
Payment for settlement of vested units | $ 22,000,000 | 28,000,000 | 21,000,000 |
Restricted Stock Units | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Award vesting period (years) | 3 years | ||
Time-based Awards | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Nonvested awards, compensation cost not yet recognized, period for recognition (years) | 1 year | ||
Payment for settlement of vested units | $ 1,000,000 | 1,000,000 | 1,000,000 |
Weighted average grant date price per share (in dollars per share) | $ 84.81 | ||
Time-based Awards | CECONY | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Nonvested awards, compensation cost not yet recognized, period for recognition (years) | 1 year | ||
Payment for settlement of vested units | $ 1,000,000 | $ 1,000,000 | $ 1,000,000 |
Weighted average grant date price per share (in dollars per share) | $ 84.81 | ||
2013 LTIP | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Number of shares of common stock that can be awarded under the plan | 5,000,000 | ||
TSR Portion | Performance RSUs | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Adjustment percentage used for Performance awards | 50.00% | ||
Factor used for adjustment of Performance awards, low end (percent) | 0.00% | ||
Factor used for adjustment of Performance awards, high end (percent) | 200.00% | ||
Weighted average grant date price per share (in dollars per share) | $ 64.37 | ||
TSR Portion | Performance RSUs | CECONY | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Weighted average grant date price per share (in dollars per share) | $ 64.82 | ||
Non-TSR Portion | Performance RSUs | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Adjustment percentage used for Performance awards | 50.00% | ||
Factor used for adjustment of Performance awards, low end (percent) | 0.00% | ||
Factor used for adjustment of Performance awards, high end (percent) | 200.00% | ||
Weighted average grant date price per share (in dollars per share) | $ 80.03 | ||
Non-TSR Portion | Performance RSUs | CECONY | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Weighted average grant date price per share (in dollars per share) | $ 80.31 | ||
LTIP | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Number of units issued (in shares) | 27,100 | ||
Weighted average grant date price per share (in dollars per share) | $ 87.57 | ||
Stock Purchase Plan | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Shares purchased on the open market | 747,899 | 786,385 | 719,125 |
Weighted average share price per share, on shares purchased on open market (in dollars per share) | $ 85.45 | $ 78.27 | $ 79.57 |
Stock-Based Compensation - Stoc
Stock-Based Compensation - Stock-Based Compensation Expense (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock-based compensation expense | $ 47 | $ 14 | $ 63 |
Income tax benefit | 13 | 4 | 25 |
Performance-based restricted stock | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock-based compensation expense | 36 | 3 | 53 |
Time-based restricted stock | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock-based compensation expense | 2 | 2 | 2 |
Non-employee director deferred stock compensation | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock-based compensation expense | 2 | 3 | 2 |
Stock purchase plan | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock-based compensation expense | 7 | 6 | 6 |
CECONY | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock-based compensation expense | 40 | 13 | 55 |
Income tax benefit | 11 | 4 | 22 |
CECONY | Performance-based restricted stock | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock-based compensation expense | 30 | 3 | 45 |
CECONY | Time-based restricted stock | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock-based compensation expense | 2 | 1 | 2 |
CECONY | Non-employee director deferred stock compensation | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock-based compensation expense | 2 | 3 | 2 |
CECONY | Stock purchase plan | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock-based compensation expense | $ 6 | $ 6 | $ 6 |
Stock-Based Compensation - Assu
Stock-Based Compensation - Assumptions Used to Calculate Fair Value (Details) - Performance RSUs | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Risk-free interest rate, minimum | 1.58% | 2.48% | 1.76% |
Risk-free interest rate, maximum | 1.59% | 2.46% | 1.89% |
Expected term (years) | 3 years | 3 years | 3 years |
Expected share price volatility, minimum (percent) | 12.89% | 14.76% | 11.01% |
Expected share price volatility, maximum (percent) | 15.51% | 17.71% | 14.70% |
Stock-Based Compensation - Summ
Stock-Based Compensation - Summary of Changes in Status of Performance RSUs' (Details) - Performance RSUs | 12 Months Ended |
Dec. 31, 2019$ / sharesshares | |
Units | |
Non-vested at beginning of period (in shares) | shares | 1,005,836 |
Granted (in shares) | shares | 389,600 |
Vested (in shares) | shares | (357,325) |
Forfeited (in shares) | shares | (46,873) |
Transferred (in shares) | shares | 0 |
Non-vested at end of period (in shares) | shares | 991,238 |
CECONY | |
Units | |
Non-vested at beginning of period (in shares) | shares | 761,906 |
Granted (in shares) | shares | 284,516 |
Vested (in shares) | shares | (275,376) |
Forfeited (in shares) | shares | (30,186) |
Transferred (in shares) | shares | 1,344 |
Non-vested at end of period (in shares) | shares | 742,204 |
TSR Portion | |
Weighted Average Grant Date Fair Value | |
Non-vested at beginning of period (in dollars per share) | $ 74.81 |
Granted (in dollars per share) | 64.37 |
Vested (in dollars per share) | 83.17 |
Forfeited (in dollars per share) | 65.08 |
Transferred (in dollars per share) | 0 |
Non-vested at end of period (in dollars per share) | $ 68.15 |
Adjustment percentage used for Performance awards | 50.00% |
TSR Portion | CECONY | |
Weighted Average Grant Date Fair Value | |
Non-vested at beginning of period (in dollars per share) | $ 74.47 |
Granted (in dollars per share) | 64.82 |
Vested (in dollars per share) | 82.77 |
Forfeited (in dollars per share) | 65.20 |
Transferred (in dollars per share) | 70.04 |
Non-vested at end of period (in dollars per share) | 68.06 |
Non-TSR Portion | |
Weighted Average Grant Date Fair Value | |
Non-vested at beginning of period (in dollars per share) | 74.27 |
Granted (in dollars per share) | 80.03 |
Vested (in dollars per share) | 72.09 |
Forfeited (in dollars per share) | 78.03 |
Transferred (in dollars per share) | 0 |
Non-vested at end of period (in dollars per share) | $ 77.14 |
Adjustment percentage used for Performance awards | 0.00% |
Non-TSR Portion | CECONY | |
Weighted Average Grant Date Fair Value | |
Non-vested at beginning of period (in dollars per share) | $ 74.42 |
Granted (in dollars per share) | 80.31 |
Vested (in dollars per share) | 72.32 |
Forfeited (in dollars per share) | 78.10 |
Transferred (in dollars per share) | 75.65 |
Non-vested at end of period (in dollars per share) | $ 77.32 |
Stock-Based Compensation - Su_2
Stock-Based Compensation - Summary of Changes in Status of Time-Based Awards (Details) - Time-based Awards | 12 Months Ended |
Dec. 31, 2019$ / sharesshares | |
Units | |
Non-vested at beginning of period (in shares) | shares | 65,180 |
Granted (in shares) | shares | 24,850 |
Vested (in shares) | shares | (20,980) |
Forfeited (in shares) | shares | (1,800) |
Non-vested at end of period (in shares) | shares | 67,250 |
Weighted Average Grant Date Fair Value | |
Non-vested at beginning of period (in dollars per share) | $ / shares | $ 77.42 |
Granted (in dollars per share) | $ / shares | 84.81 |
Vested (in dollars per share) | $ / shares | 76.62 |
Forfeited (in dollars per share) | $ / shares | 79.12 |
Non-vested at end of period (in dollars per share) | $ / shares | $ 80.36 |
CECONY | |
Units | |
Non-vested at beginning of period (in shares) | shares | 61,380 |
Granted (in shares) | shares | 23,350 |
Vested (in shares) | shares | (19,830) |
Forfeited (in shares) | shares | (1,800) |
Non-vested at end of period (in shares) | shares | 63,100 |
Weighted Average Grant Date Fair Value | |
Non-vested at beginning of period (in dollars per share) | $ / shares | $ 77.42 |
Granted (in dollars per share) | $ / shares | 84.81 |
Vested (in dollars per share) | $ / shares | 76.62 |
Forfeited (in dollars per share) | $ / shares | 79.12 |
Non-vested at end of period (in dollars per share) | $ / shares | $ 80.36 |
Financial Information by Busi_3
Financial Information by Business Segment (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Segment Reporting Information [Line Items] | |||
Revenues | $ 12,574 | $ 12,337 | $ 12,033 |
Depreciation and amortization | 1,684 | 1,438 | 1,341 |
Operating income | 2,676 | 2,664 | 2,774 |
Other Income (deductions) | 51 | (62) | (48) |
Interest charges | 991 | 819 | 729 |
Income taxes on operating income | 300 | 406 | 459 |
Total assets | 58,079 | 53,920 | 48,111 |
Capital expenditures | 3,676 | 5,249 | 3,606 |
Income tax expense (benefit) on non-operating income | (4) | (5) | 13 |
Federal income tax expense | 259 | ||
Parent Company | |||
Segment Reporting Information [Line Items] | |||
Total assets | 20,638 | 19,542 | |
Federal income tax expense | (21) | ||
Clean Energy Businesses | |||
Segment Reporting Information [Line Items] | |||
Federal income tax expense | 269 | ||
Con Edison Transmission | |||
Segment Reporting Information [Line Items] | |||
Federal income tax expense | 11 | ||
CECONY | |||
Segment Reporting Information [Line Items] | |||
Revenues | 10,821 | 10,680 | 10,468 |
Depreciation and amortization | 1,373 | 1,276 | 1,195 |
Operating income | 2,348 | 2,354 | 2,549 |
Other Income (deductions) | (35) | (143) | (137) |
Total assets | 46,557 | 43,108 | |
Income tax expense (benefit) on non-operating income | (7) | (2) | (3) |
Operating segment | Clean Energy Businesses | |||
Segment Reporting Information [Line Items] | |||
Revenues | 857 | 763 | 694 |
Depreciation and amortization | 226 | 85 | 74 |
Operating income | 202 | 194 | 69 |
Other Income (deductions) | 5 | 33 | 33 |
Interest charges | 186 | 63 | 43 |
Income taxes on operating income | (58) | 19 | (273) |
Total assets | 6,528 | 5,821 | 2,735 |
Capital expenditures | 248 | 1,791 | 447 |
Operating segment | Con Edison Transmission | |||
Segment Reporting Information [Line Items] | |||
Revenues | 4 | 4 | 2 |
Depreciation and amortization | 1 | 1 | 1 |
Operating income | (6) | (7) | (8) |
Other Income (deductions) | 104 | 91 | 80 |
Interest charges | 25 | 20 | 16 |
Income taxes on operating income | 1 | (1) | (11) |
Total assets | 1,618 | 1,425 | 1,222 |
Capital expenditures | 205 | 248 | 66 |
Operating segment | CECONY | |||
Segment Reporting Information [Line Items] | |||
Revenues | 10,821 | 10,680 | 10,468 |
Depreciation and amortization | 1,373 | 1,276 | 1,195 |
Operating income | 2,348 | 2,354 | 2,549 |
Other Income (deductions) | (35) | (143) | (137) |
Interest charges | 728 | 689 | 623 |
Income taxes on operating income | 342 | 328 | 688 |
Total assets | 46,557 | 43,108 | 40,451 |
Capital expenditures | 3,020 | 3,005 | 2,904 |
Operating segment | CECONY | Electric | |||
Segment Reporting Information [Line Items] | |||
Revenues | 8,062 | 7,971 | 7,972 |
Depreciation and amortization | 1,053 | 984 | 925 |
Operating income | 1,758 | 1,799 | 1,974 |
Other Income (deductions) | (28) | (110) | (105) |
Interest charges | 539 | 519 | 472 |
Income taxes on operating income | 239 | 233 | 511 |
Total assets | 32,988 | 31,012 | 29,661 |
Capital expenditures | 1,851 | 1,861 | 1,905 |
Operating segment | CECONY | Gas | |||
Segment Reporting Information [Line Items] | |||
Revenues | 2,132 | 2,078 | 1,901 |
Depreciation and amortization | 231 | 205 | 185 |
Operating income | 528 | 478 | 495 |
Other Income (deductions) | (4) | (23) | (23) |
Interest charges | 147 | 131 | 113 |
Income taxes on operating income | 99 | 87 | 152 |
Total assets | 11,090 | 9,710 | 8,387 |
Capital expenditures | 1,078 | 1,050 | 909 |
Operating segment | CECONY | Steam | |||
Segment Reporting Information [Line Items] | |||
Revenues | 627 | 631 | 595 |
Depreciation and amortization | 89 | 87 | 85 |
Operating income | 62 | 77 | 80 |
Other Income (deductions) | (3) | (10) | (9) |
Interest charges | 42 | 39 | 38 |
Income taxes on operating income | 4 | 8 | 25 |
Total assets | 2,479 | 2,386 | 2,403 |
Capital expenditures | 91 | 94 | 90 |
Operating segment | O&R | |||
Segment Reporting Information [Line Items] | |||
Revenues | 893 | 891 | 874 |
Depreciation and amortization | 84 | 77 | 71 |
Operating income | 139 | 132 | 161 |
Other Income (deductions) | (11) | (19) | (19) |
Interest charges | 41 | 39 | 36 |
Income taxes on operating income | 21 | 21 | 42 |
Total assets | 3,006 | 2,892 | 2,773 |
Capital expenditures | 203 | 205 | 189 |
Operating segment | O&R | Electric | |||
Segment Reporting Information [Line Items] | |||
Revenues | 634 | 642 | 642 |
Depreciation and amortization | 60 | 56 | 51 |
Operating income | 98 | 93 | 115 |
Other Income (deductions) | (7) | (14) | (14) |
Interest charges | 27 | 25 | 24 |
Income taxes on operating income | 15 | 14 | 30 |
Total assets | 2,130 | 2,036 | 1,949 |
Capital expenditures | 142 | 138 | 128 |
Operating segment | O&R | Gas | |||
Segment Reporting Information [Line Items] | |||
Revenues | 259 | 249 | 232 |
Depreciation and amortization | 24 | 21 | 20 |
Operating income | 41 | 39 | 46 |
Other Income (deductions) | (4) | (5) | (5) |
Interest charges | 14 | 14 | 12 |
Income taxes on operating income | 6 | 7 | 12 |
Total assets | 876 | 856 | 824 |
Capital expenditures | 61 | 67 | 61 |
Other | |||
Segment Reporting Information [Line Items] | |||
Revenues | (1) | (1) | (5) |
Depreciation and amortization | 0 | (1) | 0 |
Operating income | (7) | (9) | 3 |
Other Income (deductions) | (12) | (24) | (5) |
Interest charges | 11 | 8 | 11 |
Income taxes on operating income | (6) | 39 | 13 |
Total assets | 370 | 674 | 930 |
Capital expenditures | 0 | 0 | 0 |
Other | O&R | |||
Segment Reporting Information [Line Items] | |||
Revenues | 0 | 0 | 0 |
Depreciation and amortization | 0 | 0 | 0 |
Operating income | 0 | 0 | 0 |
Other Income (deductions) | 0 | 0 | 0 |
Interest charges | 0 | 0 | 0 |
Income taxes on operating income | 0 | 0 | 0 |
Total assets | 0 | 0 | 0 |
Capital expenditures | 0 | 0 | 0 |
Inter-segment | |||
Segment Reporting Information [Line Items] | |||
Revenues | 0 | 0 | 0 |
Inter-segment | Clean Energy Businesses | |||
Segment Reporting Information [Line Items] | |||
Revenues | 0 | 0 | 0 |
Inter-segment | CECONY | |||
Segment Reporting Information [Line Items] | |||
Revenues | (94) | (98) | (97) |
Inter-segment | CECONY | Electric | |||
Segment Reporting Information [Line Items] | |||
Revenues | 17 | 16 | 16 |
Inter-segment | CECONY | Gas | |||
Segment Reporting Information [Line Items] | |||
Revenues | 7 | 7 | 6 |
Inter-segment | CECONY | Steam | |||
Segment Reporting Information [Line Items] | |||
Revenues | $ 70 | $ 75 | $ 75 |
Derivative Instruments and He_3
Derivative Instruments and Hedging Activities - Fair Values of Commodity Derivatives Including Offsetting of Assets and Liabilities (Details) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Net fair value derivative assets/(liabilities) | ||
Gross Amounts of Recognized Assets/ (Liabilities) | $ (183) | $ (27) |
Gross Amounts Offset | 17 | (1) |
Net Amounts of Assets/ (Liabilities) | (166) | (28) |
Margin deposits | 9 | 7 |
CECONY | ||
Net fair value derivative assets/(liabilities) | ||
Gross Amounts of Recognized Assets/ (Liabilities) | (124) | (7) |
Gross Amounts Offset | 17 | 1 |
Net Amounts of Assets/ (Liabilities) | (107) | (6) |
Margin deposits | 8 | 6 |
Clean Energy Businesses | Interest Rate Swap | ||
Net fair value derivative assets/(liabilities) | ||
Notional amount | 919 | 499 |
Fair Value of Derivative Liabilities, Current | ||
Fair value of derivative liabilities | ||
Gross Amounts of Recognized Assets/ (Liabilities) | (140) | (61) |
Gross Amounts Offset | 17 | 11 |
Net Amounts of Assets/ (Liabilities) | (123) | (50) |
Fair Value of Derivative Liabilities, Current | Interest Rate Swap | ||
Fair value of derivative liabilities | ||
Net Amounts of Assets/ (Liabilities) | (7) | |
Fair Value of Derivative Liabilities, Current | CECONY | ||
Fair value of derivative liabilities | ||
Gross Amounts of Recognized Assets/ (Liabilities) | (100) | (31) |
Gross Amounts Offset | 19 | 6 |
Net Amounts of Assets/ (Liabilities) | (81) | (25) |
Fair Value of Derivative Liabilities, Non-current | ||
Fair value of derivative liabilities | ||
Gross Amounts of Recognized Assets/ (Liabilities) | (122) | (25) |
Gross Amounts Offset | 16 | 9 |
Net Amounts of Assets/ (Liabilities) | (106) | (16) |
Fair Value of Derivative Liabilities, Non-current | Interest Rate Swap | ||
Fair value of derivative liabilities | ||
Net Amounts of Assets/ (Liabilities) | (34) | (6) |
Fair Value of Derivative Liabilities, Non-current | CECONY | ||
Fair value of derivative liabilities | ||
Gross Amounts of Recognized Assets/ (Liabilities) | (80) | (12) |
Gross Amounts Offset | 16 | 6 |
Net Amounts of Assets/ (Liabilities) | (64) | (6) |
Fair Value of Derivative Liabilities | ||
Fair value of derivative liabilities | ||
Gross Amounts of Recognized Assets/ (Liabilities) | (262) | (86) |
Gross Amounts Offset | 33 | 20 |
Net Amounts of Assets/ (Liabilities) | (229) | (66) |
Fair Value of Derivative Liabilities | CECONY | ||
Fair value of derivative liabilities | ||
Gross Amounts of Recognized Assets/ (Liabilities) | (180) | (43) |
Gross Amounts Offset | 35 | 12 |
Net Amounts of Assets/ (Liabilities) | (145) | (31) |
Fair Value of Derivative Assets, Current | ||
Fair value of derivative assets | ||
Gross Amounts of Recognized Assets/ (Liabilities) | 60 | 43 |
Gross Amounts Offset | (3) | (14) |
Net Amounts of Assets/ (Liabilities) | 57 | 29 |
Fair Value of Derivative Assets, Current | CECONY | ||
Fair value of derivative assets | ||
Gross Amounts of Recognized Assets/ (Liabilities) | 39 | 25 |
Gross Amounts Offset | (6) | (6) |
Net Amounts of Assets/ (Liabilities) | 33 | 19 |
Fair Value of Derivative Assets, Non-current | ||
Fair value of derivative assets | ||
Gross Amounts of Recognized Assets/ (Liabilities) | 19 | 16 |
Gross Amounts Offset | (13) | (7) |
Net Amounts of Assets/ (Liabilities) | 6 | 9 |
Fair Value of Derivative Assets, Non-current | Interest Rate Swap | ||
Fair value of derivative assets | ||
Net Amounts of Assets/ (Liabilities) | 1 | 2 |
Fair Value of Derivative Assets, Non-current | CECONY | ||
Fair value of derivative assets | ||
Gross Amounts of Recognized Assets/ (Liabilities) | 17 | 11 |
Gross Amounts Offset | (12) | (5) |
Net Amounts of Assets/ (Liabilities) | 5 | 6 |
Fair Value of Derivative Assets | ||
Fair value of derivative assets | ||
Gross Amounts of Recognized Assets/ (Liabilities) | 79 | 59 |
Gross Amounts Offset | (16) | (21) |
Net Amounts of Assets/ (Liabilities) | 63 | 38 |
Fair Value of Derivative Assets | CECONY | ||
Fair value of derivative assets | ||
Gross Amounts of Recognized Assets/ (Liabilities) | 56 | 36 |
Gross Amounts Offset | (18) | (11) |
Net Amounts of Assets/ (Liabilities) | $ 38 | $ 25 |
Derivative Instruments and He_4
Derivative Instruments and Hedging Activities - Realized and Unrealized Gains or Losses on Commodity Derivatives (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Pre-tax gains/(losses) deferred in accordance with accounting rules for regulated operations: | ||
Total deferred gains/(losses) | $ 1 | $ 3 |
Total deferred gains/(losses) | (300) | 5 |
Net deferred gains/(losses) | (299) | 8 |
Pre-tax gain/(loss) recognized in income | ||
Total pre-tax gain/(loss) recognized in income | (12) | (4) |
Gas purchased for resale | ||
Pre-tax gain/(loss) recognized in income | ||
Total pre-tax gain/(loss) recognized in income | (2) | (2) |
Non-utility revenue | ||
Pre-tax gain/(loss) recognized in income | ||
Total pre-tax gain/(loss) recognized in income | 25 | 4 |
Other operations and maintenance expense | ||
Pre-tax gain/(loss) recognized in income | ||
Total pre-tax gain/(loss) recognized in income | 1 | (2) |
Other interest expense | ||
Pre-tax gain/(loss) recognized in income | ||
Total pre-tax gain/(loss) recognized in income | (36) | (4) |
Deferred Derivative Gains,Current | ||
Pre-tax gains/(losses) deferred in accordance with accounting rules for regulated operations: | ||
Total deferred gains/(losses) | 4 | (1) |
Deferred Derivative Gains, Noncurrent | ||
Pre-tax gains/(losses) deferred in accordance with accounting rules for regulated operations: | ||
Total deferred gains/(losses) | (3) | 4 |
Deferred Derivative Losses, Current | ||
Pre-tax gains/(losses) deferred in accordance with accounting rules for regulated operations: | ||
Total deferred gains/(losses) | (91) | 4 |
Recoverable Energy Costs, Current | ||
Pre-tax gains/(losses) deferred in accordance with accounting rules for regulated operations: | ||
Total deferred gains/(losses) | (142) | (26) |
Deferred Derivative Losses, Noncurrent | ||
Pre-tax gains/(losses) deferred in accordance with accounting rules for regulated operations: | ||
Total deferred gains/(losses) | (67) | 27 |
CECONY | ||
Pre-tax gains/(losses) deferred in accordance with accounting rules for regulated operations: | ||
Total deferred gains/(losses) | 4 | 4 |
Total deferred gains/(losses) | (272) | 8 |
Net deferred gains/(losses) | (268) | 12 |
Pre-tax gain/(loss) recognized in income | ||
Total pre-tax gain/(loss) recognized in income | 1 | (2) |
CECONY | Gas purchased for resale | ||
Pre-tax gain/(loss) recognized in income | ||
Total pre-tax gain/(loss) recognized in income | 0 | 0 |
CECONY | Non-utility revenue | ||
Pre-tax gain/(loss) recognized in income | ||
Total pre-tax gain/(loss) recognized in income | 0 | 0 |
CECONY | Other operations and maintenance expense | ||
Pre-tax gain/(loss) recognized in income | ||
Total pre-tax gain/(loss) recognized in income | 1 | (2) |
CECONY | Other interest expense | ||
Pre-tax gain/(loss) recognized in income | ||
Total pre-tax gain/(loss) recognized in income | 0 | 0 |
CECONY | Deferred Derivative Gains,Current | ||
Pre-tax gains/(losses) deferred in accordance with accounting rules for regulated operations: | ||
Total deferred gains/(losses) | 5 | 1 |
CECONY | Deferred Derivative Gains, Noncurrent | ||
Pre-tax gains/(losses) deferred in accordance with accounting rules for regulated operations: | ||
Total deferred gains/(losses) | (1) | 3 |
CECONY | Deferred Derivative Losses, Current | ||
Pre-tax gains/(losses) deferred in accordance with accounting rules for regulated operations: | ||
Total deferred gains/(losses) | (83) | 8 |
CECONY | Recoverable Energy Costs, Current | ||
Pre-tax gains/(losses) deferred in accordance with accounting rules for regulated operations: | ||
Total deferred gains/(losses) | (124) | (26) |
CECONY | Deferred Derivative Losses, Noncurrent | ||
Pre-tax gains/(losses) deferred in accordance with accounting rules for regulated operations: | ||
Total deferred gains/(losses) | $ (65) | $ 26 |
Derivative Instruments and He_5
Derivative Instruments and Hedging Activities - Hedged Volume of Derivative Transactions (Details) | Dec. 31, 2019MWgalMMBTUMWh |
Electric Energy | |
Derivatives, Fair Value [Line Items] | |
Notional amount | MWh | 24,868,670 |
Capacity | |
Derivatives, Fair Value [Line Items] | |
Notional amount | MW | 28,916 |
Natural Gas | |
Derivatives, Fair Value [Line Items] | |
Notional amount | MMBTU | 277,827,601 |
Refined Fuels | |
Derivatives, Fair Value [Line Items] | |
Notional amount | gal | 5,712,000 |
CECONY | Electric Energy | |
Derivatives, Fair Value [Line Items] | |
Notional amount | MWh | 22,487,800 |
CECONY | Capacity | |
Derivatives, Fair Value [Line Items] | |
Notional amount | MW | 19,950 |
CECONY | Natural Gas | |
Derivatives, Fair Value [Line Items] | |
Notional amount | MMBTU | 258,080,000 |
CECONY | Refined Fuels | |
Derivatives, Fair Value [Line Items] | |
Notional amount | gal | 5,712,000 |
Derivative Instruments and He_6
Derivative Instruments and Hedging Activities - Additional Information (Details) $ in Millions | 12 Months Ended |
Dec. 31, 2019USD ($) | |
Investment Holdings [Line Items] | |
Energy supply and hedging activities credit exposure total | $ 128 |
Makeup of net credit exposure with investment-grade counterparties | 24 |
Makeup of net credit exposure independent system operators | 62 |
Makeup of net credit exposure with commodity exchange brokers | 15 |
Makeup of net credit exposure non-investment grade/non-rated counterparties | 27 |
CECONY | |
Investment Holdings [Line Items] | |
Energy supply and hedging activities credit exposure total | 8 |
Makeup of net credit exposure with commodity exchange brokers | $ 8 |
Derivative Instruments and He_7
Derivative Instruments and Hedging Activities - Aggregate Fair Value of Companies' Derivative Instruments with Credit-Risk-Related Contingent Features (Details) $ in Millions | Dec. 31, 2019USD ($) |
Derivatives, Fair Value [Line Items] | |
Aggregate fair value – net liabilities | $ 163 |
Collateral posted | 25 |
Downgrade One Level from Current Ratings | |
Derivatives, Fair Value [Line Items] | |
Additional collateral | 50 |
Downgrade to Below Investment Grade from Current Ratings | |
Derivatives, Fair Value [Line Items] | |
Additional collateral | 159 |
Derivatives in net asset position additional collateral | 49 |
Additional Collateral Required Due To Loss Of Unsecured Credit | |
Derivatives, Fair Value [Line Items] | |
Collateral posted | 1 |
CECONY | |
Derivatives, Fair Value [Line Items] | |
Aggregate fair value – net liabilities | 145 |
Collateral posted | 25 |
CECONY | Downgrade One Level from Current Ratings | |
Derivatives, Fair Value [Line Items] | |
Additional collateral | 41 |
CECONY | Downgrade to Below Investment Grade from Current Ratings | |
Derivatives, Fair Value [Line Items] | |
Additional collateral | $ 134 |
Fair Value Measurements - Asset
Fair Value Measurements - Assets and Liabilities Measured at Fair Value on Recurring Basis (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Transfer out of level 3 | $ 24 | $ 2 |
CECONY | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Transfer out of level 3 | 22 | 2 |
Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative assets | (16) | |
Level 3 | CECONY | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative assets | (6) | |
Commodity | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative liabilities transferred from Level 3 to Level 2 | 24 | |
Transfer out of level 3 | 2 | |
Commodity | CECONY | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative liabilities transferred from Level 3 to Level 2 | 22 | 2 |
Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative assets | 550 | 446 |
Derivative liabilities | 229 | 66 |
Recurring | CECONY | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative assets | 498 | 407 |
Recurring | Netting Adjustment | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative assets | 4 | (6) |
Derivative liabilities | (22) | (11) |
Recurring | Netting Adjustment | CECONY | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative assets | (1) | |
Recurring | Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative assets | 357 | 293 |
Derivative liabilities | 18 | 8 |
Recurring | Level 1 | CECONY | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative assets | 336 | 270 |
Recurring | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative assets | 187 | 152 |
Derivative liabilities | 215 | 49 |
Recurring | Level 2 | CECONY | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative assets | 161 | 137 |
Recurring | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative assets | 2 | 7 |
Derivative liabilities | 18 | 20 |
Recurring | Level 3 | CECONY | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative assets | 1 | 1 |
Recurring | Commodity | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative assets | 71 | 43 |
Derivative liabilities | 188 | 60 |
Recurring | Commodity | CECONY | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative assets | 46 | 31 |
Derivative liabilities | 145 | 32 |
Recurring | Commodity | Netting Adjustment | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative assets | 4 | (6) |
Derivative liabilities | (22) | (11) |
Recurring | Commodity | Netting Adjustment | CECONY | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative assets | (1) | |
Derivative liabilities | (24) | (6) |
Recurring | Commodity | Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative assets | 4 | 6 |
Derivative liabilities | 18 | 8 |
Recurring | Commodity | Level 1 | CECONY | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative assets | 3 | 3 |
Derivative liabilities | 15 | 5 |
Recurring | Commodity | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative assets | 61 | 36 |
Derivative liabilities | 174 | 43 |
Recurring | Commodity | Level 2 | CECONY | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative assets | 42 | 28 |
Derivative liabilities | 147 | 30 |
Recurring | Commodity | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative assets | 2 | 7 |
Derivative liabilities | 18 | 20 |
Recurring | Commodity | Level 3 | CECONY | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative assets | 1 | 1 |
Derivative liabilities | 7 | 3 |
Recurring | Interest Rate Swaps | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative assets | 1 | 2 |
Derivative liabilities | 41 | 6 |
Recurring | Interest Rate Swaps | Netting Adjustment | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative liabilities | 0 | 0 |
Recurring | Interest Rate Swaps | Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative liabilities | 0 | 0 |
Recurring | Interest Rate Swaps | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative assets | 1 | 2 |
Derivative liabilities | 41 | 6 |
Recurring | Interest Rate Swaps | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative liabilities | 0 | 0 |
Recurring | Other | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative assets | 478 | 401 |
Recurring | Other | CECONY | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative assets | 452 | 376 |
Recurring | Other | Netting Adjustment | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative assets | 0 | 0 |
Recurring | Other | Netting Adjustment | CECONY | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative assets | 0 | 0 |
Recurring | Other | Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative assets | 353 | 287 |
Recurring | Other | Level 1 | CECONY | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative assets | 333 | 267 |
Recurring | Other | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative assets | 125 | 114 |
Recurring | Other | Level 2 | CECONY | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative assets | 119 | 109 |
Recurring | Other | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative assets | 0 | 0 |
Recurring | Other | Level 3 | CECONY | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative assets | $ 0 | $ 0 |
Fair Value Measurements - Sched
Fair Value Measurements - Schedule of Commodity Derivatives (Details) - Level 3 $ in Millions | Dec. 31, 2019USD ($)$ / kW-month$ / MWh |
Fair Value, Concentration of Risk, Financial Statement Captions [Line Items] | |
Fair Value of commodity derivatives | $ (16) |
CECONY | |
Fair Value, Concentration of Risk, Financial Statement Captions [Line Items] | |
Fair Value of commodity derivatives | (6) |
Electricity | Forward Energy Prices | |
Fair Value, Concentration of Risk, Financial Statement Captions [Line Items] | |
Fair Value of commodity derivatives | $ (1) |
Electricity | Forward Energy Prices | Minimum | |
Fair Value, Concentration of Risk, Financial Statement Captions [Line Items] | |
Unobservable Inputs Range (dollar per unit) | $ / MWh | 25.50 |
Electricity | Forward Energy Prices | Maximum | |
Fair Value, Concentration of Risk, Financial Statement Captions [Line Items] | |
Unobservable Inputs Range (dollar per unit) | $ / MWh | 34.10 |
Electricity | Forward Capacity Prices | |
Fair Value, Concentration of Risk, Financial Statement Captions [Line Items] | |
Fair Value of commodity derivatives | $ (16) |
Electricity | Forward Capacity Prices | CECONY | |
Fair Value, Concentration of Risk, Financial Statement Captions [Line Items] | |
Fair Value of commodity derivatives | $ (7) |
Electricity | Forward Capacity Prices | Minimum | |
Fair Value, Concentration of Risk, Financial Statement Captions [Line Items] | |
Unobservable Inputs Range (dollar per unit) | $ / kW-month | 0.09 |
Electricity | Forward Capacity Prices | Minimum | CECONY | |
Fair Value, Concentration of Risk, Financial Statement Captions [Line Items] | |
Unobservable Inputs Range (dollar per unit) | $ / kW-month | 0.15 |
Electricity | Forward Capacity Prices | Maximum | |
Fair Value, Concentration of Risk, Financial Statement Captions [Line Items] | |
Unobservable Inputs Range (dollar per unit) | $ / kW-month | 8.90 |
Electricity | Forward Capacity Prices | Maximum | CECONY | |
Fair Value, Concentration of Risk, Financial Statement Captions [Line Items] | |
Unobservable Inputs Range (dollar per unit) | $ / kW-month | 8.90 |
Transmission Congestion Contracts | Inter-Zonal Forward Price Curves | |
Fair Value, Concentration of Risk, Financial Statement Captions [Line Items] | |
Fair Value of commodity derivatives | $ 1 |
Transmission Congestion Contracts | Inter-Zonal Forward Price Curves | CECONY | |
Fair Value, Concentration of Risk, Financial Statement Captions [Line Items] | |
Fair Value of commodity derivatives | $ 1 |
Transmission Congestion Contracts | Inter-Zonal Forward Price Curves | Minimum | |
Fair Value, Concentration of Risk, Financial Statement Captions [Line Items] | |
Unobservable Inputs Range (dollar per unit) | $ / MWh | (3.69) |
Transmission Congestion Contracts | Inter-Zonal Forward Price Curves | Minimum | CECONY | |
Fair Value, Concentration of Risk, Financial Statement Captions [Line Items] | |
Unobservable Inputs Range (dollar per unit) | $ / MWh | 0.36 |
Transmission Congestion Contracts | Inter-Zonal Forward Price Curves | Maximum | |
Fair Value, Concentration of Risk, Financial Statement Captions [Line Items] | |
Unobservable Inputs Range (dollar per unit) | $ / MWh | 7.37 |
Transmission Congestion Contracts | Inter-Zonal Forward Price Curves | Maximum | CECONY | |
Fair Value, Concentration of Risk, Financial Statement Captions [Line Items] | |
Unobservable Inputs Range (dollar per unit) | $ / MWh | 3.10 |
Fair Value Measurements - Recon
Fair Value Measurements - Reconciliation of Beginning and Ending Net Balances for Assets and Liabilities Measured at Level 3 Fair Value (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Beginning Balance | $ 1 | |
Beginning Balance | $ (13) | |
Included in earnings | (5) | 4 |
Included in regulatory assets and liabilities | 18 | (10) |
Settlements | 8 | (6) |
Transfer out of level 3 | (24) | (2) |
Ending Balance | (16) | (13) |
CECONY | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Beginning Balance | 4 | |
Beginning Balance | (2) | |
Included in earnings | 0 | 4 |
Included in regulatory assets and liabilities | 17 | (4) |
Settlements | 1 | (4) |
Transfer out of level 3 | (22) | (2) |
Ending Balance | $ (6) | $ (2) |
Fair Value Measurements - Addit
Fair Value Measurements - Additional Information (Details) - Clean Energy Businesses - Non-utility revenue - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Gain (loss) on Level 3 energy derivative assets and liabilities | $ 2 | $ (3) |
Fair value, assets and liabilities measured on recurring basis, change in unrealized gain (loss) | $ 2 | $ (3) |
Variable Interest Entities - Ad
Variable Interest Entities - Additional Information (Details) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($)MW | Sep. 30, 2019 | |
Variable Interest Entity [Line Items] | |||
Noncontrolling interest | $ 191 | $ 113 | |
Texas Solar 4 | Variable Interest Entity, Primary Beneficiary | |||
Variable Interest Entity [Line Items] | |||
Generating capacity (MW AC) | MW | 40 | ||
Texas Solar 4 | Variable Interest Entity, Primary Beneficiary | Con Edison Development | |||
Variable Interest Entity [Line Items] | |||
Percentage of variable interests (less than) | 80.00% | ||
Ownership percentage acquired | 20.00% | ||
Tax Equity Projects | Variable Interest Entity, Primary Beneficiary | |||
Variable Interest Entity [Line Items] | |||
Income (loss) | (64) | ||
Income (loss), after tax | $ (48) | ||
Tax Equity Projects | Variable Interest Entity, Primary Beneficiary | Con Edison Development | |||
Variable Interest Entity [Line Items] | |||
Percentage of variable interests (less than) | 100.00% | ||
Tax Equity Projects | Variable Interest Entity, Primary Beneficiary | Tax Equity Investors | |||
Variable Interest Entity [Line Items] | |||
Income (loss) | $ 98 | ||
Income (loss), after tax | $ 74 |
Variable Interest Entities - Ne
Variable Interest Entities - Net Assets (Details) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Business Acquisition [Line Items] | ||
Noncontrolling interest | $ 191 | $ 113 |
Great Valley Solar | ||
Business Acquisition [Line Items] | ||
Restricted cash | 0 | 0 |
Non-utility property, less accumulated depreciation | 293 | 313 |
Other assets | 40 | 18 |
Total assets | 333 | 331 |
Long-term debt due within one year | 0 | 0 |
Other liabilities | 17 | 17 |
Long-term debt | 0 | 0 |
Total liabilities | 17 | 17 |
Accumulated depreciation | 9 | 1 |
Copper Mountain Solar - Mesquite Solar | ||
Business Acquisition [Line Items] | ||
Restricted cash | 0 | 0 |
Non-utility property, less accumulated depreciation | 461 | 492 |
Other assets | 128 | 97 |
Total assets | 589 | 589 |
Long-term debt due within one year | 0 | 0 |
Other liabilities | 18 | 33 |
Long-term debt | 0 | 0 |
Total liabilities | 18 | 33 |
Accumulated depreciation | 15 | 1 |
Texas Solar 4 | ||
Business Acquisition [Line Items] | ||
Restricted cash | 4 | |
Non-utility property, less accumulated depreciation | 98 | |
Other assets | 9 | |
Total assets | 111 | |
Long-term debt due within one year | 2 | |
Other liabilities | 26 | |
Long-term debt | 56 | |
Total liabilities | 84 | |
Accumulated depreciation | 15 | |
Tax Equity Investors | Great Valley Solar | ||
Business Acquisition [Line Items] | ||
Noncontrolling interest | 62 | 33 |
Tax Equity Investors | Copper Mountain Solar - Mesquite Solar | ||
Business Acquisition [Line Items] | ||
Noncontrolling interest | $ 126 | 71 |
Third Party | Texas Solar 4 | ||
Business Acquisition [Line Items] | ||
Noncontrolling interest | $ 7 |
Variable Interest Entities - Su
Variable Interest Entities - Summary of VIEs (Details) | 12 Months Ended |
Dec. 31, 2019USD ($)MW | |
Variable Interest Entity, Not Primary Beneficiary | Great Valley Solar | |
Variable Interest Entity [Line Items] | |
Generating Capacity Owned (MW AC) | MW | 200 |
Maximum Exposure to Loss | $ 254,000,000 |
Variable Interest Entity, Not Primary Beneficiary | Great Valley Solar | Minimum | |
Variable Interest Entity [Line Items] | |
Power Purchase Agreement Term in Years | 15 years |
Variable Interest Entity, Not Primary Beneficiary | Great Valley Solar | Maximum | |
Variable Interest Entity [Line Items] | |
Power Purchase Agreement Term in Years | 20 years |
Variable Interest Entity, Not Primary Beneficiary | Copper Mountain Solar - Mesquite Solar | |
Variable Interest Entity [Line Items] | |
Generating Capacity Owned (MW AC) | MW | 344 |
Maximum Exposure to Loss | $ 445,000,000 |
Variable Interest Entity, Not Primary Beneficiary | Copper Mountain Solar - Mesquite Solar | Minimum | |
Variable Interest Entity [Line Items] | |
Power Purchase Agreement Term in Years | 20 years |
Variable Interest Entity, Not Primary Beneficiary | Copper Mountain Solar - Mesquite Solar | Maximum | |
Variable Interest Entity [Line Items] | |
Power Purchase Agreement Term in Years | 25 years |
Variable Interest Entity, Primary Beneficiary | Great Valley Solar | |
Variable Interest Entity [Line Items] | |
Maximum exposure for consolidated investments | $ 62,000,000 |
Variable Interest Entity, Primary Beneficiary | Copper Mountain Solar - Mesquite Solar | |
Variable Interest Entity [Line Items] | |
Maximum exposure for consolidated investments | $ 126,000,000 |
Asset Retirement Obligations (D
Asset Retirement Obligations (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Regulatory Liabilities [Line Items] | ||
Accrued liability - asset retirement obligations | $ 425 | $ 450 |
Increase in liabilities for asset retirement obligations due to changes in estimated cash flows | (1) | 168 |
Asset retirement obligations, accretion expense | 14 | 13 |
Asset retirement obligations, liabilities settled | 38 | 45 |
Asset retirement obligations, reductions | 44 | 50 |
CECONY | ||
Regulatory Liabilities [Line Items] | ||
Accrued liability - asset retirement obligations | 362 | 292 |
Increase in liabilities for asset retirement obligations due to changes in estimated cash flows | 96 | 39 |
Asset retirement obligations, accretion expense | 12 | 11 |
Asset retirement obligations, liabilities settled | 38 | 45 |
Asset retirement obligations, reductions | $ 44 | $ 50 |
Related Party Transactions - Ad
Related Party Transactions - Additional Information (Details) MMBTU in Thousands | 12 Months Ended | ||||
Dec. 31, 2019USD ($)MMBTUagreement | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | Jan. 31, 2016 | |
Related Party Transaction [Line Items] | |||||
Net assets | $ 18,022,000,000 | $ 16,726,000,000 | |||
CECONY | |||||
Related Party Transaction [Line Items] | |||||
Net assets | 14,147,000,000 | 12,910,000,000 | $ 12,439,000,000 | $ 11,829,000,000 | |
Sale of natural gas | 71,000,000 | 83,000,000 | 66,000,000 | ||
Funding limit of CECONY to O&R (not to exceed) | $ 250,000,000 | ||||
CECONY | Related Party, Lending of Funds | |||||
Related Party Transaction [Line Items] | |||||
Lending period (not more than) (months) | 12 months | ||||
CECONY | Equity Method Investee | Mountain Valley Pipeline | |||||
Related Party Transaction [Line Items] | |||||
Amount of transaction | $ 0 | 0 | |||
Contract term (years) | 20 years | ||||
Generating capacity per day (in dekatherms) | MMBTU | 250 | ||||
CECONY | Equity Method Investee | Stagecoach | Purchased Power Costs | |||||
Related Party Transaction [Line Items] | |||||
Amount of transaction | $ 33,000,000 | 28,000,000 | $ 31,000,000 | ||
CECONY | Equity Method Investee | Stagecoach | Purchased Power Costs | Clean Energy Businesses | |||||
Related Party Transaction [Line Items] | |||||
Number of electricity sales agreements entered into | agreement | 2 | ||||
CECONY | Affiliated Entity | Financial Electric Capacity Contract | Con Edison Energy | |||||
Related Party Transaction [Line Items] | |||||
Gain (loss) on financial electric capacity contracts | $ (1,000,000) | (1,000,000) | |||
O&R | |||||
Related Party Transaction [Line Items] | |||||
Net assets | 762,000,000 | ||||
Outstanding loans | $ 0 | $ 0 | |||
CET Electric | NY Transco | |||||
Related Party Transaction [Line Items] | |||||
Ownership interest, percentage | 45.70% | ||||
CET Gas | Mountain Valley Pipeline | |||||
Related Party Transaction [Line Items] | |||||
Percentage of equity interest owned | 12.50% | 12.50% | |||
Expected reduction in equity interest | 10.00% |
Related Party Transactions - Su
Related Party Transactions - Summary of Costs of Administrative and Other Services Provided and Received (Details) - CECONY - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Related Party Transaction [Line Items] | |||
Cost of services provided | $ 121 | $ 115 | $ 111 |
Cost of services received | $ 64 | $ 73 | $ 64 |
Acquisitions, Investments and_3
Acquisitions, Investments and Dispositions - Mountain Valley Pipeline (Details) - CET Gas - Mountain Valley Pipeline - USD ($) $ in Millions | 1 Months Ended | ||
Jan. 31, 2016 | Dec. 31, 2019 | Dec. 31, 2018 | |
Schedule of Equity Method Investments [Line Items] | |||
Percentage of equity interest acquired | 12.50% | 12.50% | |
Payments to acquire equity interest | $ 18 | ||
Equity method investment | $ 530 | $ 337 | |
Expected reduction in equity interest | 10.00% | ||
Minimum | |||
Schedule of Equity Method Investments [Line Items] | |||
Estimated project cost | $ 5,300 | ||
Maximum | |||
Schedule of Equity Method Investments [Line Items] | |||
Equity method investment | 530 | ||
Estimated project cost | $ 5,500 |
Acquisitions, Investments and_4
Acquisitions, Investments and Dispositions - Sempra Solar (Details) $ / shares in Units, $ in Millions | Dec. 13, 2018USD ($)$ / sharesMW | Dec. 12, 2018USD ($) | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) |
Business Acquisition [Line Items] | ||||
Business acquisition, pre-tax gain from interests in projects | $ 131 | $ 131 | ||
Long-term debt | $ 19,973 | $ 18,145 | ||
Sempra Solar | ||||
Business Acquisition [Line Items] | ||||
Ownership percentage | 50.00% | |||
Renewable Electric Production Projects | Sempra Solar | ||||
Business Acquisition [Line Items] | ||||
Project generating capacity (MW AC) | MW | 379 | |||
Sempra Solar | ||||
Business Acquisition [Line Items] | ||||
Business acquisition, pre-tax gain from interests in projects | $ 131 | |||
Business acquisition, after-tax gain from interests in projects | $ 89 | |||
Business acquisition, after-tax gain from interests in projects, per share (in dollars per share) | $ / shares | $ 0.28 | |||
Con Edison Development | Sempra Solar | ||||
Business Acquisition [Line Items] | ||||
Purchase price | $ 1,609 | |||
Working capital and other closing adjustments | 69 | |||
Reclassification adjustment to property, plant and equipment and asset retirement obligations | $ 100 | |||
Period available to finalize purchase price allocation | 1 year | |||
Acquisition-date fair value of ownership interest held | 568 | $ 437 | ||
Property, plant and equipment acquired | 1,354 | |||
Intangible assets acquired | 878 | |||
Noncurrent assets | $ 4 | |||
Weighted average amortization period for intangible assets | 16 years | |||
Fair value of noncontrolling interest attributable to tax equity investors | $ 100 | |||
Sempra Solar | Renewable Electric Production Projects | ||||
Business Acquisition [Line Items] | ||||
Project generating capacity (MW AC) | MW | 981 | |||
Long-term debt | $ 568 | |||
Asset retirement obligation | $ 28 |
Acquisitions, Investments and_5
Acquisitions, Investments and Dispositions - Pro Forma Supplemental Information (Details) - USD ($) $ in Millions | Dec. 13, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Business Combinations [Abstract] | ||||
Revenues | $ 12,574 | $ 12,337 | $ 12,033 | |
Net income | 1,343 | 1,382 | 1,525 | |
If Acquired January 1, 2017 (a)(b) | ||||
Revenue | 12,655 | 12,331 | ||
Net income | 1,279 | $ 1,612 | ||
Business Acquisition, Pro Forma Information, Nonrecurring Adjustment [Line Items] | ||||
Interest expense | 37 | 38 | ||
Business acquisition, pre-tax gain from interests in projects | $ 131 | 131 | ||
Pro Forma | ||||
Business Acquisition, Pro Forma Information, Nonrecurring Adjustment [Line Items] | ||||
Income from equity method investment | 33 | $ 32 | ||
Term Loan | ||||
Business Acquisition, Pro Forma Information, Nonrecurring Adjustment [Line Items] | ||||
Short-term borrowings | $ 825 | |||
Fixed interest rate | 4.64% |
Acquisitions, Investments and_6
Acquisitions, Investments and Dispositions - Upton 2 (Details) - Con Edison Development $ in Millions | 1 Months Ended | 12 Months Ended |
May 31, 2017USD ($) | Dec. 31, 2019MW | |
Upton 2 | ||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Generating capacity (MW AC) | MW | 180 | |
Disposal Group, Disposed of by Sale, Not Discontinued Operations | Upton 2 | ||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Consideration the project is sold | $ 11 | |
Gain on sale of project | 1 | |
Gain on sale of project, net of tax | $ 0.7 |
Schedule I - Condensed Financ_2
Schedule I - Condensed Financial Information - Income and Comprehensive Income (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Condensed Income Statements,Captions [Line Items] | |||
Interest expense | $ (991) | $ (819) | $ (729) |
NET INCOME FOR COMMON STOCK | 1,343 | 1,382 | 1,525 |
Comprehensive Income | $ 1,340 | $ 1,392 | $ 1,526 |
Net Income Per Share – Basic (in dollars per share) | $ 4.09 | $ 4.43 | $ 4.97 |
Net Income Per Share – Diluted (in dollars per share) | $ 4.08 | $ 4.42 | $ 4.94 |
Average Number Of Shares Outstanding—Basic (in shares) | 328.5 | 311.7 | 307.1 |
Average Number Of Shares Outstanding—Diluted (in shares) | 329.5 | 312.9 | 308.8 |
Parent Company | |||
Condensed Income Statements,Captions [Line Items] | |||
Equity in earnings of subsidiaries | $ 1,354 | $ 1,447 | $ 1,544 |
Other income (deductions), net of taxes | 76 | (6) | 31 |
Interest expense | (87) | (59) | (50) |
NET INCOME FOR COMMON STOCK | 1,343 | 1,382 | 1,525 |
Comprehensive Income | $ 1,340 | $ 1,392 | $ 1,526 |
Net Income Per Share – Basic (in dollars per share) | $ 4.09 | $ 4.43 | $ 4.97 |
Net Income Per Share – Diluted (in dollars per share) | 4.08 | 4.42 | 4.94 |
Dividends Declared Per Share (in dollars per share) | $ 2.96 | $ 2.86 | $ 2.76 |
Average Number Of Shares Outstanding—Basic (in shares) | 328.5 | 311.1 | 307.1 |
Average Number Of Shares Outstanding—Diluted (in shares) | 329.5 | 312.9 | 308.8 |
Schedule I - Condensed Financ_3
Schedule I - Condensed Financial Information - Cash Flows (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Condensed Cash Flow Statements, Captions [Line Items] | |||
Net Income | $ 1,343 | $ 1,382 | $ 1,525 |
Change in Assets: | |||
Taxes receivable | 29 | 27 | 15 |
Other – net | 54 | (62) | 0 |
NET CASH FLOWS FROM OPERATING ACTIVITIES | 3,134 | 2,695 | 3,367 |
INVESTING ACTIVITIES | |||
NET CASH FLOWS USED IN INVESTING ACTIVITIES | (3,782) | (5,471) | (3,710) |
FINANCING ACTIVITIES | |||
Net proceeds of short-term debt | (874) | 1,989 | (477) |
Issuance of long-term debt | 3,017 | 3,030 | 1,697 |
Retirement of long-term debt | (1,195) | (1,938) | (434) |
Debt issuance costs | (32) | (61) | (19) |
Issuance of common shares for stock plans | 54 | 53 | 51 |
Issuance of common shares - public offering | 825 | 705 | 343 |
Common stock dividends | (924) | (842) | (803) |
NET CASH FLOWS FROM FINANCING ACTIVITIES | 859 | 2,938 | 357 |
NET CHANGE FOR THE PERIOD | 211 | 162 | 14 |
BALANCE AT BEGINNING OF PERIOD | 1,006 | 844 | 830 |
BALANCE AT END OF PERIOD | 1,217 | 1,006 | 844 |
CECONY | |||
Condensed Cash Flow Statements, Captions [Line Items] | |||
Net Income | 1,250 | 1,196 | 1,104 |
Change in Assets: | |||
Other – net | 54 | (96) | 23 |
NET CASH FLOWS FROM OPERATING ACTIVITIES | 2,502 | 2,204 | 2,866 |
INVESTING ACTIVITIES | |||
NET CASH FLOWS USED IN INVESTING ACTIVITIES | (3,124) | (3,306) | (3,080) |
FINANCING ACTIVITIES | |||
Net proceeds of short-term debt | (55) | 1,042 | (450) |
Issuance of long-term debt | 1,300 | 2,740 | 1,200 |
Retirement of long-term debt | (475) | (1,836) | 0 |
Debt issuance costs | (21) | (30) | (15) |
NET CASH FLOWS FROM FINANCING ACTIVITIES | 737 | 1,190 | 240 |
NET CHANGE FOR THE PERIOD | 115 | 88 | 26 |
BALANCE AT BEGINNING OF PERIOD | 818 | 730 | 704 |
BALANCE AT END OF PERIOD | 933 | 818 | 730 |
Parent Company | |||
Condensed Cash Flow Statements, Captions [Line Items] | |||
Net Income | 1,343 | 1,382 | 1,525 |
Equity in earnings of subsidiaries | (1,354) | (1,447) | (1,544) |
Change in Assets: | |||
Special deposits | (3) | (8) | 0 |
Taxes receivable | 25 | 2 | 34 |
Other – net | 44 | 187 | 21 |
NET CASH FLOWS FROM OPERATING ACTIVITIES | 1,029 | 1,033 | 896 |
INVESTING ACTIVITIES | |||
Contributions to subsidiaries | (930) | (1,110) | (434) |
Debt receivable from affiliated companies | 450 | (825) | 0 |
NET CASH FLOWS USED IN INVESTING ACTIVITIES | (480) | (1,935) | (434) |
FINANCING ACTIVITIES | |||
Net proceeds of short-term debt | (783) | 164 | (53) |
Issuance of long-term debt | 825 | 825 | 400 |
Retirement of long-term debt | (553) | (3) | (402) |
Debt issuance costs | 0 | 0 | (2) |
Issuance of common shares for stock plans | 54 | 53 | 51 |
Issuance of common shares - public offering | 825 | 705 | 343 |
Common stock dividends | (924) | (842) | (803) |
NET CASH FLOWS FROM FINANCING ACTIVITIES | (556) | 902 | (466) |
NET CHANGE FOR THE PERIOD | (7) | 0 | (4) |
BALANCE AT BEGINNING OF PERIOD | 9 | 9 | 13 |
BALANCE AT END OF PERIOD | 2 | 9 | 9 |
Parent Company | CECONY | |||
Condensed Cash Flow Statements, Captions [Line Items] | |||
Dividends received | 912 | 846 | 796 |
Parent Company | O&R | |||
Condensed Cash Flow Statements, Captions [Line Items] | |||
Dividends received | 47 | 46 | 44 |
Parent Company | Clean Energy Businesses | |||
Condensed Cash Flow Statements, Captions [Line Items] | |||
Dividends received | 3 | 15 | 12 |
Parent Company | Con Edison Transmission | |||
Condensed Cash Flow Statements, Captions [Line Items] | |||
Dividends received | $ 12 | $ 10 | $ 8 |
Schedule I - Condensed Financ_4
Schedule I - Condensed Financial Information - Balance Sheet (Details) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Current Assets | |||
Cash and temporary cash investments | $ 981 | $ 895 | |
Taxes receivable | 20 | 49 | |
Prepayments | 260 | 187 | |
Other current assets | 200 | 122 | |
TOTAL CURRENT ASSETS | 4,272 | 3,864 | |
Investments in subsidiaries and others | 2,065 | 1,766 | |
Goodwill | 446 | 440 | |
Other noncurrent assets | 7,853 | 6,541 | |
TOTAL ASSETS | 58,079 | 53,920 | $ 48,111 |
Current Liabilities | |||
Long-term debt due within one year | 1,446 | 650 | |
Term Loan | 0 | 825 | |
Notes payable | 1,692 | 1,741 | |
Accounts payable | 1,164 | 1,187 | |
Accrued taxes | 76 | 61 | |
Other current liabilities | 371 | 363 | |
TOTAL CURRENT LIABILITIES | 6,287 | 6,207 | |
Long-term debt | 18,527 | 17,495 | |
Shareholders’ Equity | |||
Equity | 18,022 | 16,726 | |
TOTAL LIABILITIES AND EQUITY | 58,079 | 53,920 | |
Parent Company | |||
Current Assets | |||
Cash and temporary cash investments | 2 | 9 | |
Taxes receivable | 18 | 43 | |
Term loan receivable from affiliated companies | 0 | 825 | |
Accounts receivable from affiliated companies | 870 | 536 | |
Prepayments | 32 | 33 | |
Other current assets | 12 | 12 | |
TOTAL CURRENT ASSETS | 934 | 1,458 | |
Investments in subsidiaries and others | 18,009 | 16,707 | |
Goodwill | 406 | 406 | |
Deferred income tax | 14 | 69 | |
Long-term debt receivable from affiliated companies | 1,275 | 900 | |
Other noncurrent assets | 0 | 2 | |
TOTAL ASSETS | 20,638 | 19,542 | |
Current Liabilities | |||
Long-term debt due within one year | 3 | 3 | |
Term Loan | 0 | 825 | |
Notes payable | 537 | 495 | |
Accounts payable | 0 | 9 | |
Accounts payable to affiliated companies | 595 | 274 | |
Accrued taxes | 2 | 2 | |
Other current liabilities | 10 | 13 | |
TOTAL CURRENT LIABILITIES | 1,147 | 1,621 | |
Deferred income tax | 0 | 0 | |
Total Liabilities | 1,147 | 1,621 | |
Long-term debt | 1,469 | 1,195 | |
Shareholders’ Equity | |||
Common stock, including additional paid-in capital | 8,089 | 7,151 | |
Retained earnings | 9,933 | 9,575 | |
Equity | 18,022 | 16,726 | |
TOTAL LIABILITIES AND EQUITY | $ 20,638 | $ 19,542 |
Schedule II - Valuation and Q_2
Schedule II - Valuation and Qualifying Accounts (Details) - Allowance For Uncollectible Accounts - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward] | |||
Balance at Beginning of Period | $ 68 | $ 70 | $ 83 |
Charged To Costs And Expenses | 77 | 62 | 64 |
Charged To Other Accounts | 0 | 0 | 0 |
Deductions | (71) | (64) | (77) |
Balance At End of Period | 74 | 68 | 70 |
CECONY | |||
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward] | |||
Balance at Beginning of Period | 61 | 65 | 78 |
Charged To Costs And Expenses | 72 | 56 | 60 |
Charged To Other Accounts | 0 | 0 | 0 |
Deductions | (65) | (60) | (73) |
Balance At End of Period | $ 68 | $ 61 | $ 65 |