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Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2024

Schedule of Increase (Decrease) to Each Affected Line Item in Companies' Consolidated Financial Statements


	Dominion Energy
Year ended December 31,	2024			2023			2022
(millions, except per share amounts)
Employee Benefit Plan Market-Related Impacts(1)
Other income (expense)	$	(359	)	$	(8	)	$	(226	)
Income tax expense		(93	)		(7	)		(57	)
Net income from continuing operations(2)		(266	)		(1	)		(169	)
Net income (loss) from discontinued operations		—			—			28
Earnings per share(2)		(0.32	)		—			(0.17	)

(1)

Excludes the impacts associated with the impairment of goodwill associated with the Questar Transaction previously recorded in 2023 and gain on sale of Hope in 2022. Such amounts are an $18 million and $38 million increase in net income from discontinued operations with a corresponding $0.02 and $0.04 increase in earnings per share, for the years ended December 31, 2024 and 2023, respectively, and a $14 decrease in loss on sales of assets, a $3 million increase in income tax expense and an $11 million increase in net income from continuing operations, resulting in a $0.01 increase in earnings per share for the year ended December 31, 2022. Such amounts include the impact on deferred income taxes of $10 million in 2023 related to an increase in the deferred taxes on the outside basis of Questar Gas, Wexpro and related affiliates’ stock, which reversed in 2024 upon closing of the Questar Gas Transaction. The impact to Dominion Energy's net income (loss) from discontinued operations includes an increase (decrease) of $4 million ($— per share), $16 million ($0.02 per share), $(2) million ($— per share) and $— million ($— per share) for the first, second, third and fourth quarters of 2024, respectively.

(2)

The impact to Dominion Energy's net income from continuing operations includes an increase (decrease) of $(237) million ($(0.28) per share), $(8) million ($(0.01) per share), $6 million ($0.01 per share) and $(27) million ($(0.03) per share) for the first, second, third and fourth quarters of 2024, respectively.

Schedule of Checks Outstanding but Not Yet Presented for Payment

The following table illustrates the checks outstanding but not yet presented for payment and recorded in accounts payable for the Companies:


At December 31,	2024		2023
(millions)
Dominion Energy(1)	$	52	$	54
Virginia Power		23		44

(1)

In addition, at December 31, 2023, Dominion Energy had $19 million of checks outstanding but not yet presented for payment included in liabilities held for sale.

Reconciliation of Total Cash, Restricted Cash and Equivalents

The following table provides a reconciliation of the total cash, restricted cash and equivalents reported within the Companies’ Consolidated Balance Sheets to the corresponding amounts reported within the Companies’ Consolidated Statements of Cash Flows for the years ended December 31, 2024, 2023 and 2022:


	Cash, Restricted Cash and Equivalents at End/Beginning of Year
	December 31, 2024		December 31, 2023		December 31, 2022		December 31, 2021
(millions)
Dominion Energy
Cash and cash equivalents(1)	$	310	$	217	$	153	$	283
Restricted cash and equivalents(2)(3)		55		84		188		125
Cash, restricted cash and equivalents shown in the Consolidated Statements of Cash Flows	$	365	$	301	$	341	$	408
Virginia Power
Cash and cash equivalents	$	160	$	90	$	22	$	26
Restricted cash and equivalents(3)(4)		46		—		2		—
Cash, restricted cash and equivalents shown in the Consolidated Statements of Cash Flows	$	206	$	90	$	24	$	26

(1)

At December 31, 2023, 2022 and 2021, Dominion Energy had $33 million, $34 million and $49 million, respectively, of cash and cash equivalents included in assets held for sale.

(2)

At December 31, 2023, 2022 and 2021, Dominion Energy had $4 million, $2 million and $3 million, respectively, of restricted cash and equivalents included in assets held for sale with the remaining balances presented within other current assets in Dominion Energy’s Consolidated Balance Sheets.

(3)

Includes $41 million at VPFS attributable to VIEs at December 31, 2024.

(4)

Restricted cash and equivalents balances are presented within other current assets in Virginia Power’s Consolidated Balance Sheets.

Schedule of Supplemental Cash Flow Information

The following table provides supplemental disclosure of cash flow information related to Dominion Energy:


Year Ended December 31,	2024		2023		2022
(millions)
Cash paid during the year for:
Interest and related charges, excluding capitalized amounts	$	1,900	$	1,991	$	1,408
Income taxes		840		286		139
Significant noncash investing and financing activities:(1)(2)
Accrued capital expenditures		1,268		1,085		979
Leases(3)		233		255		144

(1)

See Note 9 for noncash investing activities related to the acquisition of a noncontrolling interest in Dominion Privatization.

(2)

See Notes 3, 10, 19, 20 and 23 for noncash financing activities related to debt assumed with closing of the East Ohio, Questar Gas and PSNC Transactions, the sale of noncontrolling interest in the CVOW Commercial Project, remarketing of the Series A Preferred Stock and the issuance of common stock and transfer of property associated with the settlement of litigation.

(3)

Includes $93 million of finance leases and $140 million of operating leases entered in 2024, $44 million of finance leases and $211 million of operating leases entered in 2023 and $34 million of finance leases and $110 million of operating leases entered in 2022.

The following table provides supplemental disclosure of cash flow information related to Virginia Power:


Year Ended December 31,	2024		2023			2022
(millions)
Cash paid (received) during the year for:
Interest and related charges, excluding capitalized amounts	$	786	$	709		$	599
Income taxes		25		(47	)		(54	)
Significant noncash investing activities(1):
Accrued capital expenditures		992		807			665
Leases(2)		201		203			116

(1)

See Note 10 for noncash financing activities related to the sale of noncontrolling interest in the CVOW Commercial Project.

(2)

Includes $77 million of finance leases and $124 million of operating leases entered in 2024, $30 million of finance leases and $173 million of operating leases entered in 2023 and $26 million of finance leases and $90 million of operating leases entered in 2022.

Schedule of the inputs and assumptions used in measuring fair value

The inputs and assumptions used in measuring fair value include the following:


	Derivative Contracts
Inputs and assumptions	Commodity	Interest Rate	Foreign Currency Exchange Rate	Investments
Forward commodity prices	X
Transaction prices	X
Price volatility	X
Price correlation	X
Volumes	X
Commodity location	X
Interest rate curves		X
Foreign currency forward exchange rates			X
Quoted securities prices and indices				X
Securities trading information including volume and restrictions				X
Maturity				X
Interest rates	X		X	X
Credit quality of counterparties and the Companies	X	X	X	X
Credit enhancements	X	X
Notional value		X	X
Time value	X	X	X

Schedule of Capitalized to Property, Plant and Equipment for Capitalized Interest Costs and AFUDC

Amounts capitalized to property, plant and equipment for capitalized interest costs and AFUDC for the Companies are as follows:


	Dominion Energy						Virginia Power
Year ended December 31,	2024		2023		2022		2024		2023		2022
(millions)
Capitalized interest costs and AFUDC debt	$	152	$	109	$	43	$	46	$	47	$	27
AFUDC equity(1)		109		50		41		96		39		39

(1)

The Companies include AFUDC equity in other adjustments within operating activities in their Consolidated Statements of Cash Flows.

Schedule of Depreciation Rates

The Companies’ average composite depreciation rates on utility property, plant and equipment are as follows:


Year Ended December 31,	2024		2023		2022
(percent)
Dominion Energy(1)
Generation		2.59		2.65		2.71
Transmission		2.32		2.32		2.32
Distribution		2.73		2.72		2.80
General and other		3.97		4.20		4.31
Virginia Power
Generation		2.66		2.75		2.84
Transmission		2.29		2.29		2.29
Distribution		2.77		2.78		2.76
General and other		4.29		4.60		4.78

(1)

Excludes rates for depreciation reported as discontinued operations.

Property, Plant and Equipment

Dominion Energy’s nonutility property, plant and equipment is depreciated using the straight-line method over the following estimated useful lives:


Asset		Estimated Useful Lives(1)
Nonregulated generation-nuclear		54-64 years
Nonregulated generation-other		30-35 years
General and other		5-50 years

(1)

The estimated useful life for a generation station is made on a unit basis if the facility has multiple generating units and represents the period the unit was placed in service or acquired until the end of its license or estimated service period.