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Income Tax (Tables) | 12 Months Ended
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Dec. 31, 2022
Income Tax Disclosure [Abstract] |
Schedule of Components of Income Tax | The components of income tax are as follows:
| Con Edison |  | CECONY
(Millions of Dollars) | 2022 |  | 2021 |  | 2020 |  | 2022 |  | 2021 |  | 2020
State |  |  |  |  |  |  |  |  |  |  |
Current | $5 |  | $14 |  | $7 |  | $0 |  | $1 |  | $6
Deferred | 324 |  | 79 |  | 50 |  | 110 |  | 106 |  | 97
Federal |  |  |  |  |  |  |  |  |  |  |
Current | 58 |  | 43 |  |  | (2) |  | 170 |  | 121 |  | 41
Deferred | 117 |  | 61 |  | 42 |  | (23) |  | 21 |  | 73
Amortization of investment tax credits | (6) |  | (7) |  | (7) |  | (2) |  | (3) |  | (2)
Total income tax expense | $498 |  | $190 |  | $90 |  | $255 |  | $246 |  | $215
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) | 2022 |  | 2021 |  | 2020 |  | 2022 |  | 2021 |  | 2020
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 | 6 |  |  | 4 |  |  | 4 |  |  | 5 |  |  | 5 |  |  | 5 |
Taxes attributable to noncontrolling interests | 1 |  |  | 3 |  |  | (1) |  |  | — |  |  | — |  |  | — |
Cost of removal | 1 |  |  | 2 |  |  | 2 |  |  | 1 |  |  | 1 |  |  | 1 |
Other plant-related items | — |  |  | (1) |  |  | (1) |  |  | (1) |  |  | (1) |  |  | (1) |
Amortization of excess deferred federal income taxes | (9) |  |  | (12) |  |  | (14) |  |  | (10) |  |  | (11) |  |  | (12) |
Renewable energy credits | (2) |  |  | (2) |  |  | (3) |  |  | — |  |  | — |  |  | — |
Research and development credits | — |  |  | (1) |  |  | — |  |  | — |  |  | — |  |  | — |
Remeasurement of accumulated deferred state income taxes, net of federal income tax benefit | 6 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Other | — |  |  | — |  |  | (1) |  |  | — |  |  | — |  |  | 1 |
Effective tax rate | 24 | % |  | 14 | % |  | 7 | % |  | 16 | % |  | 15 | % |  | 15 | %
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) | 2022 | 2021 | 2022 | 2021 |  |  |  |
Deferred tax liabilities: |  |  |  |  |  |  |  |
Property basis differences | $8,770 |  | $8,298 |  | $7,475 |  | $7,213 |  |  |  |  |
Regulatory Assets: |  |  |  |  |  |  |  |
Deferred storm costs | 27 |  | 33 |  | — |  | — |  |  |  |  |
Environmental remediation costs | 278 |  | 264 |  | 254 |  | 241 |  |  |  |  |
Other regulatory assets | 754 |  | 640 |  | 720 |  | 609 |  |  |  |  |
Unrecognized pension and other postretirement costs | 22 |  | 36 |  | 22 |  | 31 |  |  |  |  |
Pensions and retiree benefits – asset | 917 |  | 478 |  | 894 |  | 471 |  |  |  |  |
Operating lease right-of-use asset | 230 |  | 204 |  | 163 |  | 155 |  |  |  |  |
Equity investments | 26 |  | — |  | — |  | — |  |  |  |  |
Other | — |  | 30 |  | — |  | — |  |  |  |  |
Total deferred tax liabilities | $11,024 | $9,983 | $9,528 | $8,720 |  |  |  |
Deferred tax assets: |  |  |  |  |  |  |  |
Regulatory liabilities: |  |  |  |  |  |  |  |
Unrecognized pension and other postretirement costs | 447 |  | — |  | 431 |  | — |  |  |  |  |
Future income tax | 489 |  | 554 |  | 454 |  | 517 |  |  |  |  |
Other regulatory liabilities | 860 |  | 727 |  | 739 |  | 620 |  |  |  |  |
Tax credits carryforward | 767 |  | 946 |  | — |  | — |  |  |  |  |
Loss carryforwards | 117 |  | 144 |  | 24 |  | 38 |  |  |  |  |
Valuation allowance | (18) |  | (22) |  | — |  | — |  |  |  |  |
Superfund and other environmental costs | 280 |  | 264 |  | 254 |  | 238 |  |  |  |  |
Operating lease liabilities | 233 |  | 195 |  | 162 |  | 155 |  |  |  |  |
Pensions and retiree benefits – liability | 162 |  | 218 |  | 148 |  | 188 |  |  |  |  |
Asset retirement obligations | 153 |  | 177 |  | 140 |  | 141 |  |  |  |  |
Equity investments | — |  | 34 |  | — |  | — |  |  |  |  |
Other | 14 |  | — |  | 45 |  | 42 |  |  |  |  |
Total deferred tax assets | 3,504 | 3,237 | 2,397 | 1,939 |  |  |  |
Net deferred tax liabilities | $7,520 | $6,746 | $7,131 | $6,781 |  |  |  |
Unamortized investment tax credits | 121 | 127 | 13 | 15 |  |  |  |
Net deferred tax liabilities and unamortized investment tax credits | $7,641 | $6,873 | $7,144 | $6,796 |  |  |  |
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) | 2022 | 2021 | 2020 | 2022 | 2021 | 2020
Balance at January 1, | $17 | $14 | $13 | $5 | $3 | $2
Additions based on tax positions related to the current year | 3 | 3 | — |  | 2 | 2 | — |
Additions based on tax positions of prior years | 6 | 2 | 1 | 1 | 1 | 1
Reductions for tax positions of prior years | (1) | (2) | — |  | — |  | (1) |  | — |
Settlements | (2) | — | — |  | — | — | — |
Balance at December 31, | $23 | $17 | $14 | $8 | $5 | $3

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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 https://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 https://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 https://asc.fasb.org/extlink&oid=121826272&loc=d3e32840-109319 + Details
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