Income Tax (Tables)

12 Months Ended

Dec. 31, 2014

Income Tax Disclosure [Abstract]

Schedule of Components of Income Tax

The components of income tax are as follows:

	Con Edison									CECONY
(Millions of Dollars)	2014			2013			2012			2014			2013			2012
State
Current	$	59		$	151		$	29		$	66		$	111		$	53
Deferred		61			(70	)		97			65			(14	)		53
Federal
Current		(9	)		285			(13	)		158			187			110
Deferred		463			115			493			271			241			318
Amortization of investment tax credits		(6	)		(5	)		(6	)		(5	)		(5	)		(5	)
Total income tax expense	$	568		$	476		$	600		$	555		$	520		$	529

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)	2014			2013			2014			2013
Deferred tax liabilities:
Property basis differences	$	7,510		$	7,012		$	6,938		$	6,424
Unrecognized pension and other postretirement costs		1,968			1,109			1,872			1,060
Regulatory asset – future income tax		910			871			863			825
Environmental remediation costs		376			381			333			337
Deferred storm costs		129			179			91			136
Equity investments Other regulatory assets		168 347			21 402			- 300			- 364
Unamortized investment tax credits		126			43			37			42
Total deferred tax liabilities and investment tax credits		11,534			10,018			10,434			9,188
Deferred tax assets:
Accrued pension and other postretirement costs Regulatory liabilities		1,306 615			458 604			1,155 574			364 569
Superfund and other environmental costs		306			301			264			256
Asset retirement obligations		77			58			75			58
Loss carryforwards		21			12			-			-
Loss carryforwards, valuation reserve		(11	)		(12	)		-			-
Other		272			253			203			209
Total deferred tax assets		2,586			1,674			2,271			1,456
Net deferred tax liabilities and investment tax credits	$	8,948		$	8,344		$	8,163		$	7,732
Deferred income taxes and investment tax credits – noncurrent	$	9,076		$	8,466		$	8,257		$	7,832
Deferred tax assets – current		(128	)		(122	)		(94	)		(100	)
Net deferred tax liabilities and investment tax credits	$	8,948		$	8,344		$	8,163		$	7,732

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)	2014			2013			2012			2014			2013			2012
STATUTORY TAX RATE
Federal		35	%		35	%		35	%		35	%		35	%		35	%
Changes in computed taxes resulting from:
State income tax		5			4			4			5			5			4
Cost of removal		(5	)		(5	)		(4	)		(5	)		(5	)		(4	)
Manufacturing deduction		-			(1	)		-			-			-			-
Other		(1	)		(2	)		(1	)		(1	)		(1	)		(1	)
Effective tax rate		34	%		31	%		34	%		34	%		34	%		34	%

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)	2014			2013			2012			2014		2013			2012
Balance at January 1,	$	9		$	86		$	130		$	-	$	74		$	114
Additions based on tax positions related to the current year		-			5			12			-		-			11
Additions based on tax positions of prior years		27			253			-			2		-			-
Reductions for tax positions of prior years		(2	)		(86	)		(57	)		-		(74	)		(52	)
Settlements		-			(249	)		1			-		-			1
Balance at December 31,	$	34		$	9		$	86		$	2	$	-		$	74