XML 75 R46.htm IDEA: XBRL DOCUMENT
v3.22.0.1

Other Postretirement Benefits (Tables) | 12 Months Ended
--- | ---
Dec. 31, 2021
Retirement Benefits [Abstract] |
Net Periodic Benefit Costs | The components of the Companies’ total periodic benefit costs for 2021, 2020 and 2019 were as follows:
| Con Edison | CECONY
(Millions of Dollars) | 2021 | 2020 | 2019 | 2021 | 2020 | 2019
Service cost – including administrative expenses | $343 | $293 | $250 | $321 | $274 | $232
Interest cost on projected benefit obligation | 471 | 549 | 601 | 443 | 515 | 564
Expected return on plan assets | (1,096) | (1,034) | (988) | (1,040) | (980) | (936)
Recognition of net actuarial loss | 787 | 699 | 518 | 746 | 661 | 492
Recognition of prior service credit | (17) | (16) | (17) | (19) | (19) | (19)
TOTAL PERIODIC BENEFIT COST | $488 | $491 | $364 | $451 | $451 | $333
Cost capitalized | (154) | (130) | (108) | (146) | (123) | (102)
Reconciliation to rate level | (226) | (250) | (15) | (216) | (239) | (12)
Total expense recognized | $108 | $111 | $241 | $89 | $89 | $219
The components of the Companies’ total periodic postretirement benefit costs for 2021, 2020 and 2019 were as follows:
| Con Edison | CECONY
(Millions of Dollars) | 2021 | 2020 | 2019 | 2021 | 2020 | 2019
Service cost | $22 | $21 | $18 | $16 | $16 | $13
Interest cost on accumulated other postretirement benefit obligation | 33 | 37 | 44 | 28 | 31 | 36
Expected return on plan assets | (68) | (66) | (66) | (56) | (54) | (54)
Recognition of net actuarial loss/(gain) | 31 | 37 | (9) | 27 | 36 | (10)
Recognition of prior service credit | (3) | (3) | (2) | (1) | (2) | (2)
TOTAL PERIODIC POSTRETIREMENT BENEFIT COST/(CREDIT) | $15 | $26 | $(15) | $14 | $27 | $(17)
Cost capitalized | (9) | (9) | (7) | (7) | (7) | (5)
Reconciliation to rate level | (7) | (17) | 12 | (12) | (25) | 7
Total credit recognized | $(1) | $— |  | $(10) | $(5) | $(5) | $(15)
Schedule of Funded Status | The funded status at December 31, 2021, 2020 and 2019 was as follows:
| Con Edison | CECONY
(Millions of Dollars) | 2021 | 2020 | 2019 | 2021 | 2020 | 2019
CHANGE IN PROJECTED BENEFIT OBLIGATION |  |  |  |  |  |
Projected benefit obligation at beginning of year | $18,965 | $16,792 | $14,449 | $17,821 | $15,750 | $13,542
Service cost – excluding administrative expenses | 337 | 288 | 245 | 317 | 269 | 228
Interest cost on projected benefit obligation | 471 | 549 | 601 | 443 | 515 | 564
Net actuarial loss/(gain) | (1,547) | 2,281 | 2,191 | (1,441) | 2,154 | 2,076
Plan amendments | — |  | — |  | 15 |  | — |  | — |  | — |
Benefits paid | (869) | (945) | (709) | (799) | (867) | (660)
PROJECTED BENEFIT OBLIGATION AT END OF YEAR | $17,357 | $18,965 | $16,792 | $16,341 | $17,821 | $15,750
CHANGE IN PLAN ASSETS |  |  |  |  |  |
Fair value of plan assets at beginning of year | $17,022 | $15,608 | $13,450 | $16,147 | $14,790 | $12,744
Actual return on plan assets | 1,935 | 1,927 | 2,556 | 1,838 | 1,830 | 2,425
Employer contributions | 469 | 475 | 350 | 432 | 435 | 318
Benefits paid | (869) | (945) | (709) | (799) | (867) | (660)
Administrative expenses | (53) | (43) | (39) | (52) | (41) | (37)
FAIR VALUE OF PLAN ASSETS AT END OF YEAR | $18,504 | $17,022 | $15,608 | $17,566 | $16,147 | $14,790
FUNDED STATUS | $1,147 | $(1,943) | $(1,184) | $1,225 | $(1,674) | $(960)
Unrecognized net loss | $205 | $3,330 | $2,604 | $207 | $3,145 | $2,466
Unrecognized prior service costs/(credits) | (140) | (156) | (173) | (163) | (183) | (202)
Accumulated benefit obligation | 15,469 | 16,768 | 15,015 | 14,504 | 15,676 | 14,010
The funded status of the programs at December 31, 2021, 2020 and 2019 were as follows:
| Con Edison | CECONY
(Millions of Dollars) | 2021 | 2020 | 2019 | 2021 | 2020 | 2019
CHANGE IN BENEFIT OBLIGATION |  |  |  |  |  |
Benefit obligation at beginning of year | $1,425 | $1,357 | $1,114 | $1,209 | $1,154 | $913
Service cost | 22 | 21 | 18 | 16 | 16 | 13
Interest cost on accumulated postretirement benefit obligation | 33 | 37 | 44 | 28 | 31 | 36
Amendments | — |  | — |  | (14) |  | — |  | — |  | — |
Net actuarial loss/(gain) | (13) | 74 | 264 | (3) | 63 | 252
Benefits paid and administrative expenses, net of subsidies | (117) | (117) | (110) | (107) | (107) | (100)
Participant contributions | 48 | 53 | 41 | 46 | 52 | 40
BENEFIT OBLIGATION AT END OF YEAR | $1,398 | $1,425 | $1,357 | $1,189 | $1,209 | $1,154
CHANGE IN PLAN ASSETS |  |  |  |  |  |
Fair value of plan assets at beginning of year | $1,115 | $1,026 | $885 | $940 | $872 | $759
Actual return on plan assets | 92 | 142 | 198 | 67 | 117 | 165
Employer contributions | 6 | 7 | 7 | 3 | 4 | 6
Employer group waiver plan subsidies | 21 | 20 | 23 | 19 | 19 | 22
Participant contributions | 48 | 53 | 40 | 46 | 51 | 40
Benefits paid | (132) | (133) | (127) | (120) | (123) | (120)
FAIR VALUE OF PLAN ASSETS AT END OF YEAR | $1,150 | $1,115 | $1,026 | $955 | $940 | $872
FUNDED STATUS | $(248) | $(310) | $(331) | $(234) | $(269) | $(282)
Unrecognized net loss/(gain) | $41 | $115 | $155 | $67 | $114 | $149
Unrecognized prior service costs | (13) | (16) | (19) | — |  | (1) | (3)
Schedule of Actuarial Assumptions | The actuarial assumptions were as follows:
| 2021 | 2020 | 2019
Weighted-average assumptions used to determine benefit obligations at December 31: |  |  |
Discount rate | 3.00 | % | 2.55 | % | 3.35 | %
Interest crediting rate for cash balance plan | 3.50 | % | 3.00 | % | 3.30 | %
Rate of compensation increase |  |  |
CECONY | 3.80 | % | 3.80 | % | 3.80 | %
O&R | 3.20 | % | 3.20 | % | 3.20 | %
Weighted-average assumptions used to determine net periodic benefit cost for the years ended December 31: |  |  |
Discount rate | 2.55 | % | 3.35 | % | 4.25 | %
Interest crediting rate for cash balance plan | 3.00 | % | 3.30 | % | 4.00 | %
Expected return on plan assets | 7.00 | % | 7.00 | % | 7.00 | %
Rate of compensation increase |  |  |
CECONY | 3.80 | % | 3.80 | % | 4.25 | %
O&R | 3.20 | % | 3.20 | % | 4.00 | %
The actuarial assumptions were as follows:
| 2021 | 2020 | 2019
Weighted-average assumptions used to determine benefit obligations at December 31: |  |  |
Discount Rate |  |  |
CECONY | 2.75 | % | 2.25 | % | 3.10 | %
O&R | 3.00 | % | 2.55 | % | 3.35 | %
Weighted-average assumptions used to determine net periodic benefit cost for the years ended December 31: |  |  |
Discount Rate |  |  |
CECONY | 2.25 | % | 3.10 | % | 4.15 | %
O&R | 2.55 | % | 3.35 | % | 4.30 | %
Expected Return on Plan Assets | 6.80 | % | 6.80 | % | 6.80 | %
Schedule of Health Care Cost Trend Rates | The health care cost trend rates for covered medical and prescription medication expenses used to determine the accumulated other postretirement benefit obligations (APBO) at December 31, 2021 were assumed to increase each year, with the initial rate gradually decreasing to the ultimate rate as follows:
| Initial Cost Trend Rate | Ultimate Cost Trend Rate | Year That Ultimate Rate is Reached
Pre-65 Medical | 6.80% | 4.50% | 2034
Post-65 Medical | 4.50% | 4.50% | —
Prescription Medications | 7.25% | 4.50% | 2033
Schedule of Expected Benefit Payments | Based on current assumptions, the Companies expect to make the following benefit payments over the next ten years:
(Millions of Dollars) | 2022 | 2023 | 2024 | 2025 | 2026 | 2027-2031
Con Edison | $765 | $782 | $791 | $841 | $818 | $4,219
CECONY | 704 | 721 | 730 | 780 | 756 | 3,924
Based on current assumptions, the Companies expect to make the following benefit payments over the next ten years, net of receipt of governmental subsidies and participant contributions:
(Millions of Dollars) | 2022 | 2023 | 2024 | 2025 | 2026 | 2027-2031
Con Edison | $75 | $77 | $77 | $78 | $78 | $385
CECONY | 84 | 86 | 86 | 87 | 88 | 435
Schedule of Plan Assets Allocations | The asset allocations for the pension plan at the end of 2021, 2020 and 2019, and the target allocation for 2022 are as follows:
| Target Allocation Range |  | Plan Assets at December 31,
Asset Category | 2022 |  | 2021 |  | 2020 |  | 2019
Equity Securities | 45% - 55% |  | 50 | % |  | 51 | % |  | 51 | %
Debt Securities | 33% - 43% |  | 38 | % |  | 38 | % |  | 38 | %
Real Estate | 10% - 14% |  | 12 | % |  | 11 | % |  | 11 | %
Total | 100% |  | 100 | % |  | 100 | % |  | 100 | %
The asset allocations for CECONY’s other postretirement benefit plans at the end of 2021, 2020 and 2019, and the target allocation for 2022 are as follows:
| Target Allocation Range | Plan Assets at December 31,
Asset Category | 2022 | 2021 | 2020 |  | 2019
Equity Securities | 42%-80% | 55 | % | 54 | % |  | 54 | %
Debt Securities | 20%-58% | 45 | % | 46 | % |  | 46 | %
Total | 100% | 100 | % | 100 | % |  | 100 | %
Schedule of Fair Value of Plan Assets | The fair values of the pension plan assets at December 31, 2021 by asset category are as follows:
(Millions of Dollars) | Level 1 |  | Level 2 |  | Total |  |  |
Investments within the fair value hierarchy |  |  |  |  |  |  |  |
U.S. Equity (a) | $4,381 |  | $— |  |  | $4,381 |  |  |
International Equity (b) | 3,536 |  | — |  |  | 3,536 |  |  |
U.S. Government Issued Debt (c) |  |  | 1,500 |  | 1,500 |  |  |
Corporate Bonds Debt (d) | — |  |  | 3,936 |  | 3,936 |  |  |
Structured Assets Debt (e) | — |  |  | 262 |  | 262 |  |  |
Other Fixed Income Debt (f) | — |  |  | 1,186 |  | 1,186 |  |  |
Cash and Cash Equivalents (g) | 80 |  |  | 425 |  | 505 |  |  |
Futures (h) | 2 |  |  | — |  |  | 2 |  |  |  |
Total investments within the fair value hierarchy | $7,999 |  | $7,309 |  | $15,308 |  |  |
Investments measured at NAV per share (n) |  |  |  |  |  |  |  |
Private Equity (i) |  |  |  |  | 913 |  |  |
Real Estate (j) |  |  |  |  | 2,306 |  |  |
Hedge Funds (k) |  |  |  |  | 315 |  |  |
Total investments valued using NAV per share |  |  |  |  | $3,534 |  |  |
Funds for retiree health benefits (l) | (110) |  | (100) |  | (210) |  |  |
Funds for retiree health benefits measured at NAV per share (l)(n) |  |  |  |  | (48) |  |  |
Total funds for retiree health benefits |  |  |  |  | $(258) |  |  |
Investments (excluding funds for retiree health benefits) | $7,889 |  | $7,209 |  | $18,584 |  |  |
Pending activities (m) |  |  |  |  | (80) |  |  |
Total fair value of plan net assets |  |  |  |  | $18,504 |  |  |
(a)U.S. Equity includes both actively- and passively-managed assets with investments in domestic equity index funds and actively-managed small-capitalization equities. (b)International Equity includes international equity index funds and actively-managed international equities. (c)U.S. Government Issued Debt includes agency and treasury securities. (d)Corporate Bonds Debt consists of debt issued by various corporations. (e)Structured Assets Debt includes commercial-mortgage-backed securities and collateralized mortgage obligations. (f)Other Fixed Income Debt includes municipal bonds, sovereign debt and regional governments. (g)Cash and Cash Equivalents include short term investments, money markets, foreign currency and cash collateral. (h)Futures consist of exchange-traded financial contracts encompassing U.S. Equity, International Equity and U.S. Government indices. (i)Private Equity consists of global equity funds that are not exchange-traded. (j)Real Estate investments include real estate funds based on appraised values that are broadly diversified by geography and property type. (k)Hedge Funds are within a commingled structure which invests in various hedge fund managers who can invest in all financial instruments. (l)The Companies set aside funds for retiree health benefits through a separate account within the pension trust, as permitted under Section 401(h) of the Internal Revenue Code of 1986, as amended. In accordance with the Code, the plan’s investments in the 401(h) account may not be used for, or diverted to, any purpose other than providing health benefits for retirees. The net assets held in the 401(h) account are calculated based on a pro-rata percentage allocation of the net assets in the pension plan. The related obligations for health benefits are not included in the pension plan’s obligations and are included in the Companies’ other postretirement benefit obligation. See Note F. (m)Pending activities include security purchases and sales that have not settled, interest and dividends that have not been received and reflects adjustments for available estimates at year end. (n)In accordance with ASU 2015-07, Fair Value Measurements (Topic 820): Disclosures for Investments in Certain Entities That Calculate Net Asset Value per Share (or its equivalent), certain investments that are measured at fair value using the net asset value per share (or its equivalent) practical expedient have not been classified in the fair value hierarchy. The fair values of the pension plan assets at December 31, 2020 by asset category are as follows:
(Millions of Dollars) | Level 1 |  | Level 2 |  | Total
Investments within the fair value hierarchy |  |  |  |  |
U.S. Equity (a) | $4,202 |  | $— |  |  | $4,202
International Equity (b) | 3,693 |  | — |  |  | 3,693
U.S. Government Issued Debt (c) | — |  |  | 1,424 |  | 1,424
Corporate Bonds Debt (d) | — |  |  | 3,535 |  | 3,535
Structured Assets Debt (e) | — |  |  | 188 |  | 188
Other Fixed Income Debt (f) | — |  |  | 1,067 |  | 1,067
Cash and Cash Equivalents (g) | 51 |  |  | 408 |  | 459
Total investments within the fair value hierarchy | $7,946 |  | $6,622 |  | $14,568
Investments measured at NAV per share (m) |  |  |  |  |
Private Equity (h) |  |  |  |  | 635
Real Estate (i) |  |  |  |  | 1,880
Hedge Funds (j) |  |  |  |  | 292
Total investments valued using NAV per share |  |  |  |  | $2,807
Funds for retiree health benefits (k) | (116) |  | (97) |  | (213)
Funds for retiree health benefits measured at NAV per share (k)(m) |  |  |  |  | (41)
Total funds for retiree health benefits |  |  |  |  | $(254)
Investments (excluding funds for retiree health benefits) | $7,830 |  | $6,525 |  | $17,121
Pending activities (l) |  |  |  |  | (99)
Total fair value of plan net assets |  |  |  |  | $17,022
(a) - (n) Reference is made to footnotes (a) through (n) in the above table of pension plan assets at December 31, 2021 by asset category. The fair values of the plans' assets at December 31, 2021 by asset category as defined by the accounting rules for fair value measurements (see Note R) are as follows:
(Millions of Dollars) | Level 1 |  | Level 2 |  | Total
Equity (a) | $— |  |  | $474 |  | $474
Other Fixed Income Debt (b) | — |  |  | 379 |  | 379
Cash and Cash Equivalents (c) | — |  |  | 22 |  | 22
Total investments | $— |  |  | $875 |  | $875
Funds for retiree health benefits (d) | 110 |  |  | 100 |  | 210
Investments (including funds for retiree health benefits) | $110 |  |  | $975 |  | $1,085
Funds for retiree health benefits measured at net asset value (d)(e) |  |  |  |  | 48
Pending activities (f) |  |  |  |  | 17
Total fair value of plan net assets |  |  |  |  | $1,150
(a)Equity includes a passively managed commingled index fund benchmarked to the MSCI All Country World Index. (b)Other Fixed Income Debt includes a passively managed commingled index fund benchmarked to the Bloomberg Barclays U.S. Long Credit Index and an active separately managed fund indexed to the Bloomberg Barclays U.S. Long Credit Index. (c)Cash and Cash Equivalents include short-term investments and money markets. (d)The Companies set aside funds for retiree health benefits through a separate account within the pension trust, as permitted under Section 401(h) of the Internal Revenue Code of 1986, as amended. In accordance with the Code, the plan’s investments in the 401(h) account may not be used for, or diverted to, any purpose other than providing health benefits for retirees. The net assets held in the 401(h) account are calculated based on a pro-rata percentage allocation of the net assets in the pension plan. The related obligations for health benefits are not included in the pension plan’s obligations and are included in the Companies’ other postretirement benefit obligation. See Note E. (e)In accordance with ASU 2015-07, Fair Value Measurements (Topic 820): Disclosures for Investments in Certain Entities That Calculate Net Asset Value per Share (or its equivalent), certain investments that are measured at fair value using the net asset value per share (or its equivalent) practical expedient have not been classified in the fair value hierarchy. (f)Pending activities include security purchases and sales that have not settled, interest and dividends that have not been received, and reflects adjustments for available estimates at year-end. The fair values of the plans' assets at December 31, 2020 by asset category (see Note R) are as follows:
(Millions of Dollars) | Level 1 |  | Level 2 |  | Total
Equity (a) | $— |  |  | $448 |  | $448
Other Fixed Income Debt (b) | — |  |  | 367 |  | 367
Cash and Cash Equivalents (c) | — |  |  | 27 |  | 27
Total investments | $— |  |  | $842 |  | $842
Funds for retiree health benefits (d) | 116 |  |  | 97 |  | 213
Investments (including funds for retiree health benefits) | $116 |  |  | $939 |  | $1,055
Funds for retiree health benefits measured at net asset value (d)(e) |  |  |  |  | 41
Pending activities (f) |  |  |  |  | 19
Total fair value of plan net assets |  |  |  |  | $1,115
(a) - (f) Reference is made to footnotes (a) through (f) in the above table of other postretirement benefit plan assets at December 31, 2021 by asset category.

X
- References No definition available. + Details
Name: | us-gaap_CompensationAndRetirementDisclosureAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the major categories of plan assets of pension plans and/or other employee benefit plans. This information may include, but is not limited to, the target allocation of plan assets, the fair value of each major category of plan assets, and the level within the fair value hierarchy in which the fair value measurements fall. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 50 -Paragraph 1 -Subparagraph (d)(5) -URI http://asc.fasb.org/extlink&oid=123447040&loc=d3e1928-114920 + Details
Name: | us-gaap_ScheduleOfAllocationOfPlanAssetsTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the amounts that are recognized in the balance sheet (or statement of financial position) for pension plans and/or other employee benefit plans, showing separately the assets and current and noncurrent liabilities (if applicable) recognized. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 50 -Paragraph 1 -Subparagraph (c) -URI http://asc.fasb.org/extlink&oid=123447040&loc=d3e1928-114920 + Details
Name: | us-gaap_ScheduleOfAmountsRecognizedInBalanceSheetTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of assumption used to determine benefit obligation and net periodic benefit cost of defined benefit plan. Includes, but is not limited to, discount rate, rate of compensation increase, expected long-term rate of return on plan assets and interest crediting rate. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 50 -Paragraph 1 -Subparagraph (k) -URI http://asc.fasb.org/extlink&oid=123447040&loc=d3e1928-114920 + Details
Name: | us-gaap_ScheduleOfAssumptionsUsedTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of benefits expected to be paid by pension plans and/or other employee benefit plans in each of the next five fiscal years and in the aggregate for the five fiscal years thereafter. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 50 -Paragraph 1 -Subparagraph (f) -URI http://asc.fasb.org/extlink&oid=123447040&loc=d3e1928-114920 + Details
Name: | us-gaap_ScheduleOfExpectedBenefitPaymentsTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the assumed health care cost trend rates for the next year used to measure the expected cost of benefits covered by the plans, including the ultimate trend rate(s) and when that rate is expected to be achieved. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 50 -Paragraph 1 -Subparagraph (l) -URI http://asc.fasb.org/extlink&oid=123447040&loc=d3e1928-114920 + Details
Name: | us-gaap_ScheduleOfHealthCareCostTrendRatesTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the components of net benefit costs for pension plans and/or other employee benefit plans including service cost, interest cost, expected return on plan assets, gain (loss), prior service cost or credit, transition asset or obligation, and gain (loss) recognized due to settlements or curtailments. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 50 -Paragraph 1 -Subparagraph (h) -URI http://asc.fasb.org/extlink&oid=123447040&loc=d3e1928-114920 + Details
Name: | us-gaap_ScheduleOfNetBenefitCostsTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of net funded status of pension plans and/or other employee benefit plans. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 50 -Paragraph 1 -Subparagraph (c) -URI http://asc.fasb.org/extlink&oid=123447040&loc=d3e1928-114920 + Details
Name: | us-gaap_ScheduleOfNetFundedStatusTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration