Leases

3 Months Ended

Mar. 31, 2020

Leases [Abstract]

Leases

Leases

Operating lease cost and cash paid for amounts included in the measurement of lease liabilities for the three months ended March 31, 2020 and 2019 were as follows:

	Con Edison				CECONY
(Millions of Dollars)	2020		2019		2020		2019
Operating lease cost		$21		$21		$16		$16
Operating lease cash flows		$11		$8		$4		$4

As of March 31, 2020, 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 $3 million and $1 million, respectively. 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 three months ended March 31, 2020 and 2019, finance lease costs and cash flows for Con Edison and CECONY were immaterial.

Right-of-use assets obtained in exchange for lease obligations were immaterial for Con Edison and CECONY for the three months ended March 31, 2020 and 2019.

Other information related to leases for Con Edison and CECONY at March 31, 2020 and December 31, 2019 were as follows:

	Con Edison		CECONY
	2020	2019	2020	2019
Weighted Average Remaining Lease Term:
Operating leases	19.5 years	19.8 years	13.8 years	14.0 years
Finance leases	13.1 years	12.2 years	2.5 years	2.4 years
Weighted Average Discount Rate:
Operating leases	4.3%	4.3%	3.6%	3.6%
Finance leases	3.2%	3.5%	3.5%	4.1%

Future minimum lease payments under non-cancellable leases at March 31, 2020 were as follows:

(Millions of Dollars)	Con Edison			CECONY
Year Ending March 31,	Operating Leases	Finance Leases		Operating Leases	Finance Leases
2021	$77		$—	$59		$—
2022	74	—		56	—
2023	72	—		54	—
2024	72	—		54	—
2025	72	—		55	—
All years thereafter	983	1		499	—
Total future minimum lease payments	$1,350	$1		$777		$—
Less: imputed interest	(474)	—		(170)	—
Total	$876	$1		$607		$—
Reported as of March 31, 2020
Operating lease liabilities (current)	$77		$—	$59		$—
Operating lease liabilities (noncurrent)	799	—		548	—
Other noncurrent liabilities	—	1		—	—
Total	$876	$1		$607		$—

At March 31, 2020, the Companies did not have material obligations under operating or finance leases that had not yet commenced.

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 three months ended March 31, 2020 and 2019.

Leases

Leases

Operating lease cost and cash paid for amounts included in the measurement of lease liabilities for the three months ended March 31, 2020 and 2019 were as follows:

	Con Edison				CECONY
(Millions of Dollars)	2020		2019		2020		2019
Operating lease cost		$21		$21		$16		$16
Operating lease cash flows		$11		$8		$4		$4

As of March 31, 2020, 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 $3 million and $1 million, respectively. 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 three months ended March 31, 2020 and 2019, finance lease costs and cash flows for Con Edison and CECONY were immaterial.

Right-of-use assets obtained in exchange for lease obligations were immaterial for Con Edison and CECONY for the three months ended March 31, 2020 and 2019.

Other information related to leases for Con Edison and CECONY at March 31, 2020 and December 31, 2019 were as follows:

	Con Edison		CECONY
	2020	2019	2020	2019
Weighted Average Remaining Lease Term:
Operating leases	19.5 years	19.8 years	13.8 years	14.0 years
Finance leases	13.1 years	12.2 years	2.5 years	2.4 years
Weighted Average Discount Rate:
Operating leases	4.3%	4.3%	3.6%	3.6%
Finance leases	3.2%	3.5%	3.5%	4.1%

Future minimum lease payments under non-cancellable leases at March 31, 2020 were as follows:

(Millions of Dollars)	Con Edison			CECONY
Year Ending March 31,	Operating Leases	Finance Leases		Operating Leases	Finance Leases
2021	$77		$—	$59		$—
2022	74	—		56	—
2023	72	—		54	—
2024	72	—		54	—
2025	72	—		55	—
All years thereafter	983	1		499	—
Total future minimum lease payments	$1,350	$1		$777		$—
Less: imputed interest	(474)	—		(170)	—
Total	$876	$1		$607		$—
Reported as of March 31, 2020
Operating lease liabilities (current)	$77		$—	$59		$—
Operating lease liabilities (noncurrent)	799	—		548	—
Other noncurrent liabilities	—	1		—	—
Total	$876	$1		$607		$—

At March 31, 2020, the Companies did not have material obligations under operating or finance leases that had not yet commenced.

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 three months ended March 31, 2020 and 2019.