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Stock-Based Compensation (Tables) | 12 Months Ended
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Dec. 31, 2023
Share-Based Payment Arrangement [Abstract] |
Summary of Stock-Based Compensation Expense | The following table summarizes stock-based compensation expense recognized by the Companies in the years ended December 31, 2023, 2022 and 2021:
| Con Edison |  | CECONY
(Millions of Dollars) | 2023 |  | 2022 |  | 2021 |  | 2023 |  | 2022 |  | 2021
Performance-based restricted stock | $41 |  | $52 |  | $23 |  | $36 |  | $43 |  | $19
Time-based restricted stock | 2 |  | 2 |  | 2 |  | 2 |  | 2 |  | 2
Non-employee director deferred stock compensation | 3 |  | 3 |  | 3 |  | 3 |  | 3 |  | 3
Stock purchase plan | 7 |  | 7 |  | 7 |  | 7 |  | 6 |  | 7
Total | $53 |  | $64 |  | $35 |  | $48 |  | $54 |  | $31
Income tax benefit | $15 |  | $18 |  | $10 |  | $13 |  | $15 |  | $9
Assumptions Used to Calculate Fair Value of Awards | The assumptions used to calculate the fair value of the awards were as follows:
| 2023 |  | 2022 |  | 2021
Risk-free interest rate (a) | 4.06% - 4.64% |  | 4.41% - 4.73% |  | 0.39% -0.73%
Expected term (b) | 3 years |  | 3 years |  | 3 years
Expected share price volatility (c) | 17.88% - 19.92% |  | 19.65% - 21.77% |  | 17.25% - 31.42%
(a)The risk-free rate is based on the U.S. Treasury zero-coupon yield curve. (b)The expected term of the Performance RSUs equals the vesting period. The Companies do not expect significant forfeitures to occur. (c)Based on historical experience. The Companies would reevaluate this assumption if market conditions or business developments would reasonably indicate that future volatility might differ materially from historical experience.
Summary of Changes in Status of Performance RSUs | A summary of changes in the status of the Performance RSUs’ TSR and non-TSR portions during the year ended December 31, 2023 is as follows:
| Con Edison | CECONY
|  | Weighted Average Grant Date Fair Value (a) |  | Weighted Average Grant Date Fair Value (a)
| Units | TSR Portion (b) | Non-TSR Portion (c) | Units | TSR Portion (b) | Non-TSR Portion (c)
Non-vested at December 31, 2022 | 865,091 | $80.02 | $80.04 | 647,826 | $79.89 | $80.16
Granted | 266,200 | 91.93 | 90.93 | 204,466 | 92.27 | 91.34
Vested | (264,568) | 79.69 | 89.62 | (205,078) | 79.40 | 88.75
Forfeited | (28,420) | 86.23 | 82.22 | (8,741) | 85.24 | 81.02
Non-vested at December 31, 2023 | 838,303 | $83.70 | $80.40 | 638,473 | $83.94 | $80.97
(a)The TSR and non-TSR Portions each account for 50 percent of the awards’ value. (b)Fair value is determined using the Monte Carlo simulation described above. Weighted average grant date fair value does not reflect any accrual or payment of dividends prior to vesting. (c)Fair value is determined using the market price of one share of Con Edison common stock on the grant date. The market price has not been discounted to reflect that dividends do not accrue and are not payable on Performance RSUs until vesting.
Summary of Changes in Status of Time-Based Awards | A summary of changes in the status of time-based awards during the year ended December 31, 2023 is as follows:
| Con Edison |  | CECONY
| Units |  | Weighted Average Grant Date Fair Value |  | Units |  | Weighted Average Grant Date Fair Value
Non-vested at December 31, 2022 | 180,588 |  | $84.69 |  | 147,415 |  | $85.10
Granted | 198,600 |  | 92.93 |  | 166,539 |  | 93.38
Vested | (19,950) |  | 78.00 |  | (18,550) |  | 78.00
Forfeited | (14,037) |  | 87.26 |  | (6,341) |  | 88.47
Non-vested at December 31, 2023 | 345,201 |  | $89.71 |  | 289,063 |  | $90.25

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- Definition Tabular disclosure of the significant assumptions used during the year to estimate the fair value of stock options, including, but not limited to: (a) expected term of share options and similar instruments, (b) expected volatility of the entity's shares, (c) expected dividends, (d) risk-free rate(s), and (e) discount for post-vesting restrictions. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 718 -SubTopic 10 -Subparagraph (f)(2) -Name Accounting Standards Codification -Paragraph 2 -Section 50 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480429/718-10-50-2 + Details
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