Income Tax (Tables)

12 Months Ended

Dec. 31, 2024

Income Tax Disclosure [Abstract]

Schedule of Components of Income Tax

The components of income tax are as follows:

	Con Edison			CECONY
(Millions of Dollars)	2024	2023	2022	2024	2023	2022
State
Current	$(81)	$179	$5	$(87)	$(102)	$—
Deferred	223	6	324	219	246	110
Federal
Current	(17)	176	58	(63)	(95)	170
Deferred	198	237	117	246	311	(23)
Amortization of investment tax credits	(5)	(111)	(6)	(1)	(2)	(2)
Total income tax expense	$318	$487	$498	$314	$358	$255

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)	2024		2023		2022		2024		2023		2022
STATUTORY TAX RATE
Federal	21	%	21	%	21	%	21	%	21	%	21	%
Changes in computed taxes resulting from:
State income taxes, net of federal income taxes	5		5		6		5		5		5
Cost of removal	1		1		1		1		2		1
Allowance for uncollectible accounts, net of COVID-19 assistance	(1)		—		—		(1)		(1)		—
Amortization of excess deferred federal income taxes	(10)		(6)		(9)		(10)		(8)		(10)
Other	(1)		—		(1)		(1)		(1)		(1)
Impacts from the sale of the Clean Energy Businesses:
Changes in state apportionments, net of federal income taxes	—		(1)		6		—		—		—
Deferred unamortized ITC recognized on sale of subsidiary	—		(4)		—		—		—		—
Effective tax rate	15	%	16	%	24	%	15	%	18	%	16	%

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)	2024	2023	2024	2023
Deferred tax liabilities:
Property basis differences	$9,222	$8,542	$8,632	$8,001
Regulatory Assets:
Energy efficiency and other clean energy programs	464	351	449	344
Environmental remediation costs	291	310	267	287
Legacy meters	116	4	112	—
Other regulatory assets	571	574	510	525
Pensions and retiree benefits – asset	1,063	918	1,037	894
Operating lease right-of-use asset	143	154	142	153
Total deferred tax liabilities	$11,870	$10,853	$11,149	$10,204
Deferred tax assets:
Regulatory liabilities:
Unrecognized pension and other postretirement costs	296	265	276	244
Future income tax	343	427	312	394
Other regulatory liabilities	909	844	809	744
Tax credits carryforward	346	270	—	—
Superfund and other environmental costs	291	314	265	288
Pensions and retiree benefits – liability	154	167	142	153
Corporate alternative minimum tax credit carryforward	139	—	111	—
Operating lease liabilities	143	154	142	153
Asset retirement obligations	127	146	127	146
Equity investments	80	98	—	—
Loss carryforwards	42	7	16	—
Valuation allowance	(12)	(7)	—	—
Other	160	125	140	109
Total deferred tax assets	$3,018	$2,810	$2,340	$2,231
Net deferred tax liabilities	$8,852	$8,043	$8,809	$7,973
Unamortized investment tax credits	22	26	10	11
Net deferred tax liabilities and unamortized investment tax credits	$8,874	$8,069	$8,819	$7,984

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)	2024	2023	2022	2024	2023	2022
Balance at January 1,	$11	$23	$17	$7	$8	$5
Additions based on tax positions related to the current year	4	8	3	4	4	2
Additions based on tax positions of prior years	—	3	6	—	1	1
Reductions for tax positions of prior years	(6)	(11)	(1)	(6)	(6)	—
Settlements	—	(12)	(2)	—	—	—
Balance at December 31,	$9	$11	$23	$5	$7	$8