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Income Tax (Tables) | 12 Months Ended
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Dec. 31, 2021
Income Tax Disclosure [Abstract] |
Schedule of Components of Income Tax | The components of income tax are as follows:
| Con Edison |  | CECONY
(Millions of Dollars) | 2021 |  | 2020 |  | 2019 |  | 2021 |  | 2020 |  | 2019
State |  |  |  |  |  |  |  |  |  |  |
Current | $14 |  | $7 |  | $(12) |  | $1 |  | $6 |  | $22
Deferred | 79 |  | 50 |  | 96 |  | 106 |  | 97 |  | 68
Federal |  |  |  |  |  |  |  |  |  |  |
Current | 43 |  | (2) |  |  | — |  | 121 |  | 41 |  | 185
Deferred | 61 |  | 42 |  | 219 |  | 21 |  | 73 |  | 63
Amortization of investment tax credits | (7) |  | (7) |  | (7) |  | (3) |  | (2) |  | (3)
Total income tax expense | $190 |  | $90 |  | $296 |  | $246 |  | $215 |  | $335
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) | 2021 | 2020 | 2021 | 2020 | 0 |  |  |
Deferred tax liabilities: |  |  |  |  |  |  |  |
Property basis differences | $8,298 | $7,985 | $7,213 | $6,901 |  |  |  |
Regulatory assets: |  |  |  |  |  |  |  |
Unrecognized pension and other postretirement costs | 36 | 910 | 31 | 861 |  |  |  |
Environmental remediation costs | 264 | 243 | 241 | 222 |  |  |  |
Deferred storm costs | 33 | 31 | — |  | — |  |  |  |  |
Other regulatory assets | 640 | 536 | 609 | 508 |  |  |  |
Operating lease right-of-use asset | 204 | 220 | 155 | 165 |  |  |  |
Pension Asset Reserve | 478 | — |  | 471 | — |  |  |  |  |
Equity investments | — |  | 46 | — |  | — |  |  |  |  |
Other | 30 | — |  | — |  | — |  |  |  |  |
Total deferred tax liabilities | $9,983 | $9,971 | $8,720 | $8,657 |  |  |  |
Deferred tax assets: |  |  |  |  |  |  |  |
Accrued pension and other postretirement costs | $218 | $504 | $188 | $427 |  |  |  |
Regulatory liabilities: |  |  |  |  |  |  |  |
Future income tax | 554 | 617 | 517 | 579 |  |  |  |
Other regulatory liabilities | 727 | 656 | 620 | 570 |  |  |  |
Superfund and other environmental costs | 264 | 241 | 238 | 219 |  |  |  |
Asset retirement obligations | 177 | 178 | 141 | 143 |  |  |  |
Operating lease liabilities | 195 | 211 | 155 | 165 |  |  |  |
Loss carryforwards | 144 | 164 | 38 | 34 |  |  |  |  |
Tax credits carryforward | 946 | 1,022 | — |  | — |  |  |  |  |
Valuation allowance | (22) | (22) | — |  | — |  |  |  |  |
Equity investments | 34 | — |  | — |  | — |  |  |  |  |
Other | — |  | 59 | 42 | 127 |  |  |  |
Total deferred tax assets | 3,237 | 3,630 | 1,939 | 2,264 |  |  |  |
Net deferred tax liabilities | $6,746 | $6,341 | $6,781 | $6,393 |  |  |  |
Unamortized investment tax credits | 127 | 134 | 15 | 18 |  |  |  |
Net deferred tax liabilities and unamortized investment tax credits | $6,873 | $6,475 | $6,796 | $6,411 |  |  |  |
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) | 2021 |  | 2020 |  | 2019 |  | 2021 |  | 2020 |  | 2019
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 | 3 |  |  | (1) |  |  | (1) |  |  | — |  |  | — |  |  | — |
Cost of removal | 2 |  |  | 2 |  |  | 1 |  |  | 1 |  |  | 1 |  |  | 1 |
Other plant-related items | (1) |  |  | (1) |  |  | (1) |  |  | (1) |  |  | (1) |  |  | (1) |
Amortization of excess deferred federal income taxes | (12) |  |  | (14) |  |  | (4) |  |  | (11) |  |  | (12) |  |  | (4) |
Renewable energy credits | (2) |  |  | (3) |  |  | (2) |  |  | — |  |  | — |  |  | — |
Research and development credits | (1) |  |  | — |  |  | (1) |  |  | — |  |  | — |  |  | (1) |
Other | — |  |  | (1) |  |  | — |  |  | — |  |  | 1 |  |  | — |
Effective tax rate | 14 | % |  | 7 | % |  | 17 | % |  | 15 | % |  | 15 | % |  | 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) | 2021 | 2020 | 2019 | 2021 | 2020 | 2019
Balance at January 1, | $14 | $13 | $6 | $3 | $2 | $4
Additions based on tax positions related to the current year | 3 | — | 1 | 2 | — | 1
Additions based on tax positions of prior years | 2 | 1 | 10 | 1 |  | 1 |  | —
Reductions for tax positions of prior years | (2) | — | (2) | (1) | — |  | (1)
Reductions from expiration of statute of limitations | — |  | — |  | — | — |  | — |  | — |
Settlements | — | — | (2) | — | — | (2) |
Balance at December 31, | $17 | $14 | $13 | $5 | $3 | $2

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- Definition Tabular disclosure for tax positions taken in the tax returns filed or to be filed for which it is more likely than not that the tax position will not be sustained upon examination by taxing authorities and other income tax contingencies. Includes, but is not limited to, interest and penalties, reconciliation of unrecognized tax benefits, unrecognized tax benefits that would affect the effective tax rate, tax years that remain subject to examination by tax jurisdictions, and information about positions for which it is reasonably possible that amounts unrecognized will significantly change within 12 months. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 15A -URI http://asc.fasb.org/extlink&oid=121826272&loc=SL6600010-109319 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 15 -Subparagraph (d) -URI http://asc.fasb.org/extlink&oid=121826272&loc=d3e32718-109319 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 19 -URI http://asc.fasb.org/extlink&oid=121826272&loc=d3e32840-109319 + Details
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