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Income Tax (Tables) | 12 Months Ended
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Dec. 31, 2020
Income Tax Disclosure [Abstract] |
Schedule of Components of Income Tax | The components of income tax are as follows:
| Con Edison |  | CECONY
(Millions of Dollars) | 2020 |  | 2019 |  | 2018 |  | 2020 |  | 2019 |  | 2018
State |  |  |  |  |  |  |  |  |  |  |
Current | $7 |  | $(12) |  | $(10) |  | $6 |  | $22 |  | $6
Deferred | 50 |  | 96 |  | 107 |  | 97 |  | 68 |  | 82
Federal |  |  |  |  |  |  |  |  |  |  |
Current | (2) |  | — |  |  | 3 |  | 41 |  | 185 |  | (34)
Deferred | 42 |  | 219 |  | 310 |  | 73 |  | 63 |  | 275
Amortization of investment tax credits | (7) |  | (7) |  | (9) |  | (2) |  | (3) |  | (3)
Total income tax expense | $90 |  | $296 |  | $401 |  | $215 |  | $335 |  | $326
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) | 2020 | 2019 | 2020 | 2019
Deferred tax liabilities: |  |  |  |
Property basis differences | $7,985 | $7,699 | $6,901 | $6,640
Regulatory assets: |  |  |  |
Unrecognized pension and other postretirement costs | 910 | 712 | 861 | 674
Environmental remediation costs | 243 | 205 | 222 | 181
Deferred storm costs | 31 | 22 | — |  | — |
Other regulatory assets | 536 | 376 | 508 | 355
Operating lease right-of-use asset | 220 | 231 | 165 | 169
Equity investments | 46 | 104 | — |  | — |
Total deferred tax liabilities | $9,971 | $9,349 | $8,657 | $8,019
Deferred tax assets: |  |  |  |
Accrued pension and other postretirement costs | $504 | $291 | $427 | $222
Regulatory liabilities: |  |  |  |
Future income tax | 617 | 678 | 579 | 638
Other regulatory liabilities | 656 | 702 | 570 | 622
Superfund and other environmental costs | 241 | 206 | 219 | 183
Asset retirement obligations | 178 | 135 | 143 | 102
Operating lease liabilities | 211 | 231 | 165 | 170
Loss carryforwards | 164 | 108 | 34 | — |
Tax credits carryforward | 1,022 | 896 | — |  | — |
Valuation allowance | (22) | (31) | — |  | — |
Other | 59 | 47 | 127 | 103
Total deferred tax assets | 3,630 | 3,263 | 2,264 | 2,040
Net deferred tax liabilities | $6,341 | $6,086 | $6,393 | $5,979
Unamortized investment tax credits | 134 | 141 | 18 | 21
Net deferred tax liabilities and unamortized investment tax credits | $6,475 | $6,227 | $6,411 | $6,000
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) | 2020 |  | 2019 |  | 2018 |  | 2020 |  | 2019 |  | 2018
STATUTORY TAX RATE |  |  |  |  |  |  |  |  |  |  |
Federal | 21 | % |  | 21 | % |  | 21 | % |  | 21 | % |  | 21 | % |  | 21 | %
Changes in computed taxes resulting from: |  |  |  |  |  |  |  |  |  |  |
State income taxes, net of federal income tax benefit | 4 |  |  | 4 |  |  | 4 |  |  | 5 |  |  | 5 |  |  | 5 |
Taxes attributable to noncontrolling interests | (1) |  |  | (1) |  |  | — |  |  | — |  |  | — |  |  | — |
Cost of removal | 2 |  |  | 1 |  |  | 1 |  |  | 1 |  |  | 1 |  |  | 1 |
Other plant-related items | (1) |  |  | (1) |  |  | (1) |  |  | (1) |  |  | (1) |  |  | (1) |
TCJA deferred tax re-measurement | — |  |  | — |  |  | 2 |  |  | — |  |  | — |  |  | — |
Amortization of excess deferred federal income taxes | (14) |  |  | (4) |  |  | (3) |  |  | (12) |  |  | (4) |  |  | (3) |
Renewable energy credits | (3) |  |  | (2) |  |  | (1) |  |  | — |  |  | — |  |  | — |
Research and development credits | — |  |  | (1) |  |  | — |  |  | — |  |  | (1) |  |  | (1) |
Other | (1) |  |  | — |  |  | — |  |  | 1 |  |  | — |  |  | (1) |
Effective tax rate | 7 | % |  | 17 | % |  | 23 | % |  | 15 | % |  | 21 | % |  | 21 | %
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) | 2020 | 2019 | 2018 | 2020 | 2019 | 2018
Balance at January 1, | $13 | $6 | $12 | $2 | $4 | $5
Additions based on tax positions related to the current year | — |  | 1 | 2 | — |  | 1 | 2
Additions based on tax positions of prior years | 1 | 10 | 1 | 1 |  | — |  | 1
Reductions for tax positions of prior years | — |  | (2) | (2) | — |  | (1) |  | (1)
Reductions from expiration of statute of limitations | — |  | — |  | (4) | — |  | — |  | — |
Settlements | — |  | (2) | (3) | — |  | (2) | (3) |
Balance at December 31, | $14 | $13 | $6 | $3 | $2 | $4

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