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Employee Benefit Plans
 6 Months Ended
Jun. 30, 2021
Compensation And Retirement Disclosure [Abstract]  
Employee Benefit Plans

Note 20. Employee Benefit Plans

Net Periodic Benefit (Credit) Cost

The service cost component of net periodic benefit (credit) cost is reflected in other operations and maintenance expense in Dominion Energy’s Consolidated Statements of Income, except for $4 million and $9 million for the three and six months ended June 30, 2020, respectively, presented in discontinued operations. The non-service cost components of net periodic benefit (credit) cost are reflected in other income in Dominion Energy’s Consolidated Statements of Income. The components of Dominion Energy’s provision for net periodic benefit cost (credit) are as follows:

 

 

Pension Benefits

 

 

Other Postretirement Benefits

 

 

 

2021

 

 

2020

 

 

2021

 

 

2020

 

(millions)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended June 30,

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Service cost

 

$

42

 

 

$

43

 

 

$

6

 

 

$

7

 

Interest cost

 

 

79

 

 

 

90

 

 

 

12

 

 

 

15

 

Expected return on plan assets

 

 

(208

)

 

 

(192

)

 

 

(43

)

 

 

(39

)

Amortization of prior service cost (credit)

 

 

—

 

 

 

1

 

 

 

(11

)

 

 

(13

)

Amortization of net actuarial loss

 

 

49

 

 

 

48

 

 

 

1

 

 

 

2

 

Settlements (1)

 

 

7

 

 

 

2

 

 

 

—

 

 

 

—

 

Net periodic benefit credit

 

$

(31

)

 

$

(8

)

 

$

(35

)

 

$

(28

)

Six Months Ended June 30,

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Service cost

 

$

84

 

 

$

86

 

 

$

12

 

 

$

14

 

Interest cost

 

 

158

 

 

 

181

 

 

 

24

 

 

 

30

 

Expected return on plan assets

 

 

(416

)

 

 

(385

)

 

 

(87

)

 

 

(78

)

Amortization of prior service cost (credit)

 

 

—

 

 

 

1

 

 

 

(21

)

 

 

(25

)

Amortization of net actuarial loss

 

 

97

 

 

 

97

 

 

 

2

 

 

 

3

 

Settlements (1)

 

 

5

 

 

 

2

 

 

 

—

 

 

 

—

 

Net periodic benefit credit

 

$

(72

)

 

$

(18

)

 

$

(70

)

 

$

(56

)

(1)

2021 amounts relate primarily to the Dominion Energy executive nonqualified pension plan.

Employer Contributions

During the three and six months ended June 30, 2021, Dominion Energy made no contributions to its qualified defined benefit pension plans or other postretirement benefit plans. Dominion Energy does not expect to make any contributions to its qualified defined benefit pension plans or to VEBAs associated with its other postretirement plans in 2021.