XML 82 R61.htm IDEA: XBRL DOCUMENT v3.25.0.1
Employee Benefit Plans (Tables)
 12 Months Ended
Dec. 31, 2024
Retirement Benefits [Abstract]  
Pension Plan and Other Postretirement Benefit Plan Obligations and Plan Assets and Includes a Statement of the Plans Funded Status

The following table summarizes the changes in pension plan and other postretirement benefit plan obligations and plan assets and includes a statement of the plans’ funded status for Dominion Energy:

 

 

 

Pension Benefits

 

 

Other Postretirement Benefits

 

Year Ended December 31,

 

2024

 

 

2023

 

 

2024

 

 

2023

 

(millions, except percentages)

 

 

 

 

 

 

 

 

 

 

 

 

Changes in benefit obligation:

 

 

 

 

 

 

 

 

 

 

 

 

Benefit obligation at beginning of year

 

$

8,431

 

 

$

8,066

 

 

$

1,109

 

 

$

1,127

 

Service cost

 

 

83

 

 

 

96

 

 

 

11

 

 

 

14

 

Interest cost

 

 

431

 

 

 

442

 

 

 

57

 

 

 

61

 

Benefits paid

 

 

(504

)

 

 

(493

)

 

 

(88

)

 

 

(94

)

Actuarial (gain) loss during the year

 

 

(404

)

 

 

322

 

 

 

(43

)

 

 

1

 

Plan amendments

 

 

30

 

 

 

2

 

 

 

—

 

 

 

—

 

Settlements and curtailments(1)

 

 

(415

)

 

 

(4

)

 

 

(28

)

 

 

—

 

Benefit obligation at end of year

 

$

7,652

 

 

$

8,431

 

 

$

1,018

 

 

$

1,109

 

Changes in fair value of plan assets:

 

 

 

 

 

 

 

 

 

 

 

 

Fair value of plan assets at beginning of year

 

$

9,087

 

 

$

8,694

 

 

$

2,062

 

 

$

1,845

 

Actual return gain (loss) on plan assets

 

 

503

 

 

 

882

 

 

 

235

 

 

 

277

 

Employer contributions

 

 

76

 

 

 

8

 

 

 

—

 

 

 

—

 

Benefits paid

 

 

(504

)

 

 

(493

)

 

 

(54

)

 

 

(60

)

Settlements(2)

 

 

(684

)

 

 

(4

)

 

 

(40

)

 

 

—

 

Fair value of plan assets at end of year

 

$

8,478

 

 

$

9,087

 

 

$

2,203

 

 

$

2,062

 

Funded status at end of year

 

$

826

 

 

$

656

 

 

$

1,185

 

 

$

953

 

Amounts recognized in the Consolidated Balance Sheets
   at December 31:

 

 

 

 

 

 

 

 

 

 

 

 

Noncurrent pension and other postretirement benefit assets

 

$

883

 

 

$

647

 

 

$

1,356

 

 

$

1,132

 

Assets held for sale

 

 

—

 

 

 

308

 

 

 

—

 

 

 

13

 

Other current liabilities

 

 

(7

)

 

 

(27

)

 

 

(13

)

 

 

(13

)

Noncurrent pension and other postretirement benefit liabilities(3)

 

 

(50

)

 

 

(237

)

 

 

(158

)

 

 

(179

)

Liabilities held for sale

 

 

—

 

 

 

(35

)

 

 

—

 

 

 

—

 

Net amount recognized

 

$

826

 

 

$

656

 

 

$

1,185

 

 

$

953

 

Significant assumptions used to determine benefit
   obligations as of December 31:

 

 

 

 

 

 

 

 

 

 

 

 

Discount rate

 

5.84%-5.87%

 

 

5.37%-5.47%

 

 

5.83%-5.86%

 

 

5.40%-5.42%

 

Weighted-average rate of increase for compensation

 

4.40%

 

 

4.28%

 

 

n/a

 

 

n/a

 

Crediting interest rate for cash balance and similar plans

 

4.59%-4.62%

 

 

4.12%-4.22%

 

 

n/a

 

 

n/a

 
(1)
2024 amounts include settlements and curtailment related to the East Ohio and Questar Gas Transactions. Additionally, 2024 and 2023 amounts include settlements of nonqualified pension obligations.
(2)
2024 amounts include settlements related to the East Ohio and Questar Gas Transactions. Additionally, 2024 and 2023 include amounts related to settlements of nonqualified pension obligations.
(3)
Presented within other deferred credits and other liabilities in Dominion Energy's Consolidated Balance Sheets.
Benefit Obligation in Excess of Plan Asset

The following table provides information on the benefit obligations and fair value of plan assets for plans with a benefit obligation in excess of plan assets for Dominion Energy:

 

 

Pension Benefits

 

 

Other Postretirement
Benefits

 

As of December 31,

 

2024

 

 

2023

 

 

2024

 

 

2023

 

(millions)

 

 

 

 

 

 

 

 

 

 

 

 

Benefit obligation

 

$

724

 

 

$

7,996

 

 

$

171

 

 

$

195

 

Fair value of plan assets

 

 

666

 

 

 

7,697

 

 

 

—

 

 

 

4

 
Accumulated Benefit Obligation in Excess of Plan Assets

The following table provides information on the ABO and fair value of plan assets for Dominion Energy’s pension plans with an ABO in excess of plan assets:

 

As of December 31,

 

2024

 

 

2023

 

(millions)

 

 

 

 

 

 

Accumulated benefit obligation

 

$

715

 

 

$

792

 

Fair value of plan assets

 

 

666

 

 

 

654

 
Benefit Payments Expected Future Service

The following benefit payments, which reflect expected future service, as appropriate, are expected to be paid for Dominion Energy’s plans:

 

 

Estimated Future Benefit Payments

 

 

 

Pension Benefits

 

 

Other Postretirement
Benefits

 

(millions)

 

 

 

 

 

 

2025

 

$

537

 

 

$

89

 

2026

 

 

539

 

 

 

88

 

2027

 

 

546

 

 

 

87

 

2028

 

 

555

 

 

 

85

 

2029

 

 

561

 

 

 

84

 

2030-2034

 

 

2,871

 

 

 

403

 
Fair Values of Pension and Post Retirement Plan Assets by Asset Category

The fair values of Dominion Energy’s pension plan assets by asset category are as follows:

 

At December 31,

 

2024

 

 

2023

 

(millions)

 

Level 1

 

 

Level 2

 

 

Level 3

 

 

Total

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

 

Total

 

Cash and cash equivalents

 

$

395

 

 

$

—

 

 

$

—

 

 

$

395

 

 

$

21

 

 

$

9

 

 

$

—

 

 

$

30

 

Common and preferred stocks:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

U.S.

 

 

1,004

 

 

 

—

 

 

 

—

 

 

 

1,004

 

 

 

1,145

 

 

 

—

 

 

 

—

 

 

 

1,145

 

International

 

 

723

 

 

 

1

 

 

 

—

 

 

 

724

 

 

 

944

 

 

 

2

 

 

 

—

 

 

 

946

 

Insurance contracts

 

 

—

 

 

 

139

 

 

 

73

 

 

 

212

 

 

 

—

 

 

 

162

 

 

 

—

 

 

 

162

 

Corporate debt instruments

 

 

70

 

 

 

486

 

 

 

11

 

 

 

567

 

 

 

74

 

 

 

750

 

 

 

—

 

 

 

824

 

Government securities

 

 

16

 

 

 

1,303

 

 

 

—

 

 

 

1,319

 

 

 

43

 

 

 

1,720

 

 

 

—

 

 

 

1,763

 

Total recorded at fair value

 

$

2,208

 

 

$

1,929

 

 

$

84

 

 

$

4,221

 

 

$

2,227

 

 

$

2,643

 

 

$

—

 

 

$

4,870

 

Assets recorded at NAV(1):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Commingled funds/collective trust funds

 

 

 

 

 

 

 

 

 

 

 

1,771

 

 

 

 

 

 

 

 

 

 

 

 

2,012

 

Alternative investments:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Real estate funds

 

 

 

 

 

 

 

 

 

 

 

37

 

 

 

 

 

 

 

 

 

 

 

 

67

 

Private equity funds

 

 

 

 

 

 

 

 

 

 

 

1,304

 

 

 

 

 

 

 

 

 

 

 

 

1,395

 

Debt funds

 

 

 

 

 

 

 

 

 

 

 

188

 

 

 

 

 

 

 

 

 

 

 

 

236

 

Hedge funds

 

 

 

 

 

 

 

 

 

 

 

319

 

 

 

 

 

 

 

 

 

 

 

 

239

 

Total recorded at NAV

 

 

 

 

 

 

 

 

 

 

$

3,619

 

 

 

 

 

 

 

 

 

 

 

$

3,949

 

Total investments(2)

 

 

 

 

 

 

 

 

 

 

$

7,840

 

 

 

 

 

 

 

 

 

 

 

$

8,819

 

 

(1)
These investments that are measured at fair value using the NAV per share (or its equivalent) as a practical expedient are not required to be categorized in the fair value hierarchy.
(2)
Excludes net assets related to pending sales of securities and advanced subscription of $633 million, net accrued income of $21 million, and includes net assets related to pending purchases of securities of $16 million at December 31, 2024. Excludes net assets related to pending sales of securities of $298 million, net accrued income of $24 million, and includes net assets related to pending purchases of securities of $54 million at December 31, 2023.

The fair values of Dominion Energy’s other postretirement plan assets by asset category are as follows:

 

 

At December 31,

 

2024

 

 

2023

 

(millions)

 

Level 1

 

 

Level 2

 

 

Level 3

 

 

Total

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

 

Total

 

Cash and cash equivalents

 

$

7

 

 

$

—

 

 

$

—

 

 

$

7

 

 

$

3

 

 

$

1

 

 

$

—

 

 

$

4

 

Common and preferred stocks:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

U.S.

 

 

946

 

 

 

—

 

 

 

—

 

 

 

946

 

 

 

757

 

 

 

—

 

 

 

—

 

 

 

757

 

International

 

 

74

 

 

 

—

 

 

 

—

 

 

 

74

 

 

 

194

 

 

 

—

 

 

 

—

 

 

 

194

 

Insurance contracts

 

 

—

 

 

 

8

 

 

 

5

 

 

 

13

 

 

 

—

 

 

 

10

 

 

 

—

 

 

 

10

 

Corporate debt instruments

 

 

183

 

 

 

30

 

 

 

1

 

 

 

214

 

 

 

4

 

 

 

36

 

 

 

—

 

 

 

40

 

Government securities

 

 

165

 

 

 

82

 

 

 

—

 

 

 

247

 

 

 

3

 

 

 

100

 

 

 

—

 

 

 

103

 

Total recorded at fair value

 

$

1,375

 

 

$

120

 

 

$

6

 

 

$

1,501

 

 

$

961

 

 

$

147

 

 

$

—

 

 

$

1,108

 

Assets recorded at NAV(1):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Commingled funds/collective trust funds

 

 

 

 

 

 

 

 

 

 

 

495

 

 

 

 

 

 

 

 

 

 

 

 

725

 

Alternative investments:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Real estate funds

 

 

 

 

 

 

 

 

 

 

 

9

 

 

 

 

 

 

 

 

 

 

 

 

11

 

Private equity funds

 

 

 

 

 

 

 

 

 

 

 

147

 

 

 

 

 

 

 

 

 

 

 

 

173

 

Debt funds

 

 

 

 

 

 

 

 

 

 

 

12

 

 

 

 

 

 

 

 

 

 

 

 

14

 

Hedge funds

 

 

 

 

 

 

 

 

 

 

 

20

 

 

 

 

 

 

 

 

 

 

 

 

14

 

Total recorded at NAV

 

 

 

 

 

 

 

 

 

 

$

683

 

 

 

 

 

 

 

 

 

 

 

$

937

 

Total investments(2)

 

 

 

 

 

 

 

 

 

 

$

2,184

 

 

 

 

 

 

 

 

 

 

 

$

2,045

 

 

 

(1)
These investments that are measured at fair value using the NAV per share (or its equivalent) as a practical expedient are not required to be categorized in the fair value hierarchy.
(2)
Excludes net assets related to pending sales of securities and advanced subscription of $19 million, net accrued income of $2 million, and includes net assets related to pending purchases of securities of $2 million at December 31, 2024. Excludes net assets related to pending sales of securities and advanced subscription of $17 million, net accrued income of $2 million, and includes net assets related to pending purchases of securities of $2 million at December 31, 2023.
Schedule of Net Change In Pension And Other Postretirement Plan Assets Included in Level 3 Fair Value

The following table presents the net change in the Dominion Energy’s pension and other postretirement plan assets included in the Level 3 fair value category:

 

 

Pension Benefits

 

 

Other Postretirement
Benefits

 

(millions)

 

2024

 

 

2023

 

 

2022

 

 

2024

 

 

2023

 

 

2022

 

Beginning balance

 

$

—

 

 

$

—

 

 

$

—

 

 

$

—

 

 

$

—

 

 

$

—

 

Total realized and unrealized gains:

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Purchases

 

 

11

 

 

 

—

 

 

 

—

 

 

 

1

 

 

 

—

 

 

 

—

 

Transfers into Level 3

 

 

73

 

 

 

—

 

 

 

—

 

 

 

5

 

 

 

—

 

 

 

—

 

Ending balance

 

$

84

 

 

$

—

 

 

$

—

 

 

$

6

 

 

$

—

 

 

$

—

 
Net Periodic Benefit (Credit) Cost and Amounts Recognized in Other Comprehensive Income and Regulatory Assets and Liabilities

 

 

 

Pension Benefits

 

 

Other Postretirement Benefits

 

Year Ended December 31,

 

2024

 

 

2023

 

 

2022

 

 

2024

 

 

2023

 

 

2022

 

(millions, except percentages)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Service cost

 

$

83

 

 

$

96

 

 

$

142

 

 

$

11

 

 

$

14

 

 

$

22

 

Interest cost

 

 

431

 

 

 

442

 

 

 

333

 

 

 

57

 

 

 

61

 

 

 

45

 

Expected return on plan assets

 

 

(811

)

 

 

(864

)

 

 

(886

)

 

 

(171

)

 

 

(151

)

 

 

(191

)

Amortization of prior service (credit) cost

 

 

1

 

 

 

—

 

 

 

—

 

 

 

(36

)

 

 

(36

)

 

 

(38

)

Net actuarial (gain) loss

 

 

(96

)

 

 

304

 

 

 

726

 

 

 

(107

)

 

 

(125

)

 

 

246

 

Settlements, curtailments and special
   termination benefits(1)

 

 

(56

)

 

 

—

 

 

 

(3

)

 

 

(4

)

 

 

—

 

 

 

(8

)

Plan amendment

 

 

22

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Net periodic benefit (credit) cost

 

$

(426

)

 

$

(22

)

 

$

312

 

 

$

(250

)

 

$

(237

)

 

$

76

 

Changes in plan assets and benefit obligations
   recognized in other comprehensive income
   and regulatory assets and liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Prior service (credit) cost

 

 

6

 

 

 

2

 

 

 

1

 

 

 

4

 

 

 

—

 

 

 

8

 

Less amounts included in net periodic benefit
   cost:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Amortization of prior service credit (cost)

 

 

(1

)

 

 

—

 

 

 

—

 

 

 

36

 

 

 

36

 

 

 

38

 

Total recognized in other comprehensive
   income and regulatory assets and liabilities

 

$

5

 

 

$

2

 

 

$

1

 

 

$

40

 

 

$

36

 

 

$

46

 

Significant assumptions used to determine
   periodic cost:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Discount rate

 

5.37%-5.75%

 

 

5.65%-5.75%

 

 

3.06%-3.19%

 

 

5.40%-5.74%

 

 

5.69%-5.70%

 

 

3.04%-5.03%

 

Expected long-term rate of return on plan assets

 

7.00%-8.35%

 

 

7.00%-8.35%

 

 

7.00%-8.35%

 

 

8.35%

 

 

8.35%

 

 

8.35%

 

Weighted-average rate of increase for
   compensation

 

4.28%

 

 

4.38%

 

 

4.51%

 

 

n/a

 

 

n/a

 

 

n/a

 

Crediting interest rate for cash balance and
   similar plans

 

4.12%-4.50%

 

 

4.40%-4.50%

 

 

1.81%-1.94%

 

 

n/a

 

 

n/a

 

 

n/a

 

Healthcare cost trend rate(2)

 

 

 

 

 

 

 

 

 

 

7.00%

 

 

7.00%

 

 

6.25%

 

Rate to which the cost trend rate is assumed to
   decline (the ultimate trend rate)(2)

 

 

 

 

 

 

 

 

 

 

5.00%

 

 

5.00%

 

 

5.00%

 

Year that the rate reaches the ultimate trend rate(2)

 

 

 

 

 

 

 

 

 

 

2031

 

 

2030

 

 

2026-2027

 
(1)
2024 amounts relate primarily to the East Ohio Transaction. 2022 amounts relate primarily to Dominion Energy’s sale of Hope.
(2)
Assumptions used to determine net periodic cost for the following year.
Components of AOCI and Regulatory Assets and Liabilities that have Not been Recognized as Components of Periodic Benefit (Credit) Cost

The components of AOCI and regulatory assets and liabilities for Dominion Energy’s plans that have not been recognized as components of net periodic benefit (credit) cost are as follows:

 

 

Pension Benefits

 

 

Other Postretirement
Benefits

 

At December 31,

 

2024

 

 

2023

 

 

2024

 

 

2023

 

(millions)

 

 

 

 

 

 

 

 

 

 

 

 

Regulatory assets and liabilities(1):

 

 

 

 

 

 

 

 

 

 

 

 

Net actuarial loss (gain)

 

$

496

 

 

$

1,237

 

 

$

(65

)

 

$

(56

)

Prior service cost (credit)

 

 

8

 

 

 

2

 

 

 

(41

)

 

 

(61

)

AOCI:

 

 

 

 

 

 

 

 

 

 

 

 

Prior service cost (credit)

 

 

2

 

 

 

3

 

 

 

(40

)

 

 

(60

)

Total

 

$

506

 

 

$

1,242

 

 

$

(146

)

 

$

(177

)
(1)
At December 31, 2023, includes $173 million presented in assets and liabilities held for sale.