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Income Tax (Tables) | 12 Months Ended
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Dec. 31, 2024
Income Tax Disclosure [Abstract] |
Schedule of Components of Income Tax | The components of income tax are as follows:
| Con Edison |  | CECONY
(Millions of Dollars) | 2024 |  | 2023 |  | 2022 |  | 2024 |  | 2023 |  | 2022
State |  |  |  |  |  |  |  |  |  |  |
Current | $(81) |  | $179 |  | $5 |  | $(87) |  | $(102) |  | $—
Deferred | 223 |  | 6 |  | 324 |  | 219 |  | 246 |  | 110
Federal |  |  |  |  |  |  |  |  |  |  |
Current | (17) |  | 176 |  |  | 58 |  | (63) |  | (95) |  | 170
Deferred | 198 |  | 237 |  | 117 |  | 246 |  | 311 |  | (23)
Amortization of investment tax credits | (5) |  | (111) |  | (6) |  | (1) |  | (2) |  | (2)
Total income tax expense | $318 |  | $487 |  | $498 |  | $314 |  | $358 |  | $255
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) | 2024 |  | 2023 |  | 2022 |  | 2024 |  | 2023 |  | 2022
STATUTORY TAX RATE |  |  |  |  |  |  |  |  |  |  |
Federal | 21 | % |  | 21 | % |  | 21 | % |  | 21 | % |  | 21 | % |  | 21 | %
Changes in computed taxes resulting from: |  |  |  |  |  |  |  |  |  |  |
State income taxes, net of federal income taxes | 5 |  |  | 5 |  |  | 6 |  |  | 5 |  |  | 5 |  |  | 5 |
Cost of removal | 1 |  |  | 1 |  |  | 1 |  |  | 1 |  |  | 2 |  |  | 1 |
Allowance for uncollectible accounts, net of COVID-19 assistance | (1) |  |  | — |  |  | — |  |  | (1) |  |  | (1) |  |  | — |
Amortization of excess deferred federal income taxes | (10) |  |  | (6) |  |  | (9) |  |  | (10) |  |  | (8) |  |  | (10) |
Other | (1) |  |  | — |  |  | (1) |  |  | (1) |  |  | (1) |  |  | (1) |
Impacts from the sale of the Clean Energy Businesses: |  |  |  |  |  |  |  |  |  |  |
Changes in state apportionments, net of federal income taxes | — |  |  | (1) |  |  | 6 |  |  | — |  |  | — |  |  | — |
Deferred unamortized ITC recognized on sale of subsidiary | — |  |  | (4) |  |  | — |  |  | — |  |  | — |  |  | — |
Effective tax rate | 15 | % |  | 16 | % |  | 24 | % |  | 15 | % |  | 18 | % |  | 16 | %
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) | 2024 | 2023 | 2024 | 2023 |  |  |  |
Deferred tax liabilities: |  |  |  |  |  |  |  |
Property basis differences | $9,222 | $8,542 | $8,632 | $8,001 |  |  |  |
Regulatory Assets: |  |  |  |  |  |  |  |
Energy efficiency and other clean energy programs | 464 | 351 | 449 | 344 |  |  |  |
Environmental remediation costs | 291 | 310 | 267 | 287 |  |  |  |
Legacy meters | 116 | 4 | 112 | — |  |  |  |
Other regulatory assets | 571 | 574 | 510 | 525 |  |  |  |
Pensions and retiree benefits – asset | 1,063 | 918 | 1,037 | 894 |  |  |  |
Operating lease right-of-use asset | 143 | 154 | 142 | 153 |  |  |  |
Total deferred tax liabilities | $11,870 | $10,853 | $11,149 | $10,204 |  |  |  |
Deferred tax assets: |  |  |  |  |  |  |  |
Regulatory liabilities: |  |  |  |  |  |  |  |
Unrecognized pension and other postretirement costs | 296 | 265 | 276 | 244 |  |  |  |
Future income tax | 343 | 427 | 312 | 394 |  |  |  |
Other regulatory liabilities | 909 | 844 | 809 | 744 |  |  |  |
Tax credits carryforward | 346 | 270 | — | — |  |  |  |
Superfund and other environmental costs | 291 | 314 | 265 | 288 |  |  |  |
Pensions and retiree benefits – liability | 154 | 167 | 142 | 153 |  |  |  |
Corporate alternative minimum tax credit carryforward | 139 | — | 111 | — |  |  |  |
Operating lease liabilities | 143 | 154 | 142 | 153 |  |  |  |
Asset retirement obligations | 127 | 146 | 127 | 146 |  |  |  |
Equity investments | 80 | 98 | — | — |  |  |  |
Loss carryforwards | 42 | 7 | 16 | — |  |  |  |
Valuation allowance | (12) | (7) | — | — |  |  |  |
Other | 160 | 125 | 140 | 109 |  |  |  |
Total deferred tax assets | $3,018 | $2,810 | $2,340 | $2,231 |  |  |  |
Net deferred tax liabilities | $8,852 | $8,043 | $8,809 | $7,973 |  |  |  |
Unamortized investment tax credits | 22 | 26 | 10 | 11 |  |  |  |
Net deferred tax liabilities and unamortized investment tax credits | $8,874 | $8,069 | $8,819 | $7,984 |  |  |  |
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) | 2024 | 2023 | 2022 | 2024 | 2023 | 2022
Balance at January 1, | $11 | $23 | $17 | $7 | $8 | $5
Additions based on tax positions related to the current year | 4 | 8 | 3 | 4 | 4 | 2
Additions based on tax positions of prior years | — | 3 | 6 | — | 1 | 1
Reductions for tax positions of prior years | (6) | (11) | (1) | (6) | (6) | —
Settlements | — | (12) | (2) | — | — | —
Balance at December 31, | $9 | $11 | $23 | $5 | $7 | $8

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