XML 81 R53.htm IDEA: XBRL DOCUMENT v3.25.0.1
Summary of Significant Accounting Policies and Other Matters (Tables)
 12 Months Ended
Dec. 31, 2024
Accounting Policies [Abstract]  
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)202420232022
Con Edison$437$409$400
CECONY425396387
Capitalized Cost of Utility Plant December 31, 2024 and 2023, was as follows:
                   Con Edison                CECONY
(Millions of Dollars)2024202320242023
Electric
Generation$577$580$577$580
Transmission5,0724,6524,7034,333
Distribution25,12924,49123,77023,238
General174141174141 
Gas (a)12,70312,02311,83011,226
Steam2,0061,9902,0061,990
General3,2493,1582,9402,860
Held for future use7711869110
Construction work in progress3,1652,4422,9122,168
Net Utility Plant$52,152$49,594$48,981$46,646
(a) Primarily distribution.
Schedule of Other Deferred Charges and Noncurrent Assets and Prepayments
Other deferred charges and noncurrent assets and prepayments, net of accumulated depreciation, included the following related to implementation costs incurred in cloud computing arrangements:
Con EdisonCECONY
(Millions of Dollars)2024202320242023
Prepayments (a)(b)$57$50$54$49
Other Deferred Charges and Noncurrent Assets (a)(b)254179243178
(a) Amortization on these assets is computed using the straight-line method for financial statement purposes over their estimated useful lives.
(b) Amortization expense related to these assets incurred during the year ended December 31, 2024 for Con Edison and CECONY was $33 million and $32 million, respectively, for the year ended December 31, 2023 for Con Edison and CECONY was $21 million and $20 million, respectively, and for the year ended December 31, 2022 for Con Edison and CECONY was $15 million and $14 million, respectively. Accumulated amortization related to these assets for Con Edison and CECONY was $91 million and $85 million, respectively at December 31, 2024 and was $58 million and $53 million, respectively at December 31, 2023.
Schedule of Investment Assets
The following investment assets are included in the Companies' consolidated balance sheets at December 31, 2024 and 2023:
Con EdisonCECONY
(Millions of Dollars)2024202320242023
Supplemental retirement income plan assets (b)$583$524$560$502
Con Edison Transmission's investment in New York Transco (d)254221—— 
Con Edison Transmission's investment in MVP (a) (d)166144——
Deferred income plan assets1169911699
Virginia Tax Equity Projects (c)48—— 
Other3387
Total investments$1,126$999$684$608
(a)At December 31, 2024 and 2023, Con Edison Transmission's cash investment in MVP was $530 million. In June 2024, MVP entered service at an overall project cost of approximately $8,100 million excluding allowance for funds used during construction. See "Investment in Mountain Valley Pipeline, LLC (MVP)" above.
(b)See Note E.
(c)See Note S.
(d)At December 31, 2024 and 2023, Con Edison had undistributed earnings from MVP of $127 million and $114 million, respectively, and undistributed earnings from New York Transco of $16 million and $13 million, respectively.
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)202420232022
Net income for common stock$1,820$2,519$1,660
Weighted average common shares outstanding – basic346.0347.7354.5
Add: Incremental shares attributable to effect of potentially dilutive securities1.31.61.3
Adjusted weighted average common shares outstanding – diluted347.3349.3355.8
Net Income per common share – basic$5.26$7.25$4.68
Net Income per common share – diluted$5.24$7.21$4.66
Restrictions on Cash and Cash Equivalents At December 31, 2024 and 2023, cash, temporary cash investments and restricted cash for Con Edison were as follows; CECONY did not have material restricted cash balances as of December 31, 2024 and 2023:
At December 31,
Con Edison
(Millions of Dollars)20242023
Cash and temporary cash investments$1,324$1,189
Restricted cash (a)96
Total cash, temporary cash investments and restricted cash$1,333$1,195
(a)On March 1, 2023, Con Edison completed the sale of all of the stock of the Clean Energy Businesses. See Note W. Con Edison retained one deferred project, Broken Bow II, a 75 MW nameplate capacity wind power project located in Nebraska. Con Edison's restricted cash for the 2023 and 2024 periods primarily include restricted cash of Broken Bow II, which was held for sale as of December 31, 2024. Broken Bow II was sold and transferred in January 2025. See Note W and Note X.
Schedule of Cash and Cash Equivalents At December 31, 2024 and 2023, cash, temporary cash investments and restricted cash for Con Edison were as follows; CECONY did not have material restricted cash balances as of December 31, 2024 and 2023:
At December 31,
Con Edison
(Millions of Dollars)20242023
Cash and temporary cash investments$1,324$1,189
Restricted cash (a)96
Total cash, temporary cash investments and restricted cash$1,333$1,195
(a)On March 1, 2023, Con Edison completed the sale of all of the stock of the Clean Energy Businesses. See Note W. Con Edison retained one deferred project, Broken Bow II, a 75 MW nameplate capacity wind power project located in Nebraska. Con Edison's restricted cash for the 2023 and 2024 periods primarily include restricted cash of Broken Bow II, which was held for sale as of December 31, 2024. Broken Bow II was sold and transferred in January 2025. See Note W and Note X.