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Acquisitions and Dispositions (Tables)
 12 Months Ended
Dec. 31, 2023
Results of Operations Reported within Discontinued Operations

The following table represents selected information regarding the results of operations, which were reported within discontinued operations in Dominion Energy’s Consolidated Statements of Income:

 

Year Ended December 31, 2023

 

East Ohio Transaction

 

 

PSNC Transaction

 

 

Questar Gas Transaction

 

 

Other

 

(millions)

 

 

 

 

 

 

 

 

 

 

 

 

Operating revenue

 

$

1,037

 

 

$

743

 

 

$

1,679

 

 

$

15

 

Operating expense(1)

 

 

701

 

 

 

517

 

 

 

1,602

 

 

 

111

 

Other income (expense)

 

 

30

 

 

 

11

 

 

 

8

 

 

 

—

 

Interest and related charges

 

 

71

 

 

 

52

 

 

 

68

 

 

 

1

 

Income (loss) before income taxes

 

 

295

 

 

 

185

 

 

 

17

 

 

 

(97

)

Income tax expense(2)

 

 

69

 

 

 

431

 

 

 

521

 

 

 

(38

)

Net income (loss) attributable to Dominion Energy(3)

 

$

226

 

 

$

(246

)

 

$

(504

)

 

$

(59

)
(1)
East Ohio Transaction includes a charge of $50 million ($45 million after-tax) primarily for an impairment of associated goodwill, Questar Gas Transaction includes a charge of $284 million ($279 million after-tax) primarily for an impairment of associated goodwill and Other includes a charge of $68 million ($51 million after-tax) associated with the impairment of nonregulated solar generation facility development operations and a charge of $15 million ($11 million after-tax) associated with the impairment of certain nonregulated solar assets.
(2)
Includes amounts to reflect the recognition of deferred taxes on the outside basis of the applicable entities’ stock upon meeting the classification as held for sale.
(3)
Excludes $(3) million of income tax expense (benefit) attributable to consolidated state tax adjustments for the year ended December 31, 2023.

 

Year Ended December 31, 2022

 

East Ohio Transaction

 

 

PSNC Transaction

 

 

Questar Gas Transaction

 

 

Other

 

(millions)

 

 

 

 

 

 

 

 

 

 

 

 

Operating revenue

 

$

1,043

 

 

$

841

 

 

$

1,341

 

 

$

11

 

Operating expense(1)

 

 

702

 

 

 

648

 

 

 

1,043

 

 

 

118

 

Other income (expense)

 

 

28

 

 

 

9

 

 

 

—

 

 

 

—

 

Interest and related charges

 

 

36

 

 

 

43

 

 

 

45

 

 

 

—

 

Income (loss) before income taxes

 

 

333

 

 

 

159

 

 

 

253

 

 

 

(107

)

Income tax expense

 

 

45

 

 

 

34

 

 

 

50

 

 

 

(28

)

Net income (loss) attributable to Dominion Energy(2)

 

$

288

 

 

$

125

 

 

$

203

 

 

$

(79

)
(1)
Other includes a charge of $103 million ($76 million after-tax) associated with the impairment of a nonregulated solar generation asset.
(2)
Excludes $(3) million of income tax expense (benefit) attributable to consolidated state tax adjustments for the year ended December 31, 2022.

Year Ended December 31, 2021

 

East Ohio Transaction

 

 

PSNC Transaction

 

 

Questar Gas Transaction

 

 

Other

 

(millions)

 

 

 

 

 

 

 

 

 

 

 

 

Operating revenue

 

$

908

 

 

$

613

 

 

$

1,020

 

 

$

5

 

Operating expense

 

 

620

 

 

 

451

 

 

 

761

 

 

 

6

 

Other income (expense)

 

 

25

 

 

 

11

 

 

 

(1

)

 

 

—

 

Interest and related charges

 

 

18

 

 

 

35

 

 

 

35

 

 

 

—

 

Income (loss) before income taxes

 

 

295

 

 

 

138

 

 

 

223

 

 

 

(1

)

Income tax expense (benefit)

 

 

38

 

 

 

27

 

 

 

42

 

 

 

(1

)

Net income (loss) attributable to Dominion Energy(1)

 

$

257

 

 

$

111

 

 

$

181

 

 

$

-

 

 

(1)
Excludes $19 million of income tax expense (benefit) attributable to consolidated state tax adjustments for the year ended December 31, 2021.

The following table represents selected information regarding the results of operations, which were reported within discontinued operations in Dominion Energy’s Consolidated Statements of Income:

 

Year Ended December 31, 2021

 

Q-Pipe Group(1)

 

(millions)

 

 

 

Operating revenue

 

$

254

 

Operating expense

 

 

76

 

Other income (expense)(2)

 

 

28

 

Interest and related charges

 

 

25

 

Income (loss) before income taxes

 

 

181

 

Income tax expense (benefit)

 

 

36

 

Net income (loss) attributable to Dominion Energy(3)

 

$

145

 
(1)
Operations associated with the Q-Pipe Group are through the December 31, 2021 closing date.
(2)
Q-Pipe Group includes a $25 million benefit associated with the termination of the Q-Pipe Transaction in 2021.
(3)
Excludes $19 million of income tax expense (benefit) attributable to consolidated state and interim period tax allocation adjustments for the year ended December 31, 2021.
Capital Expenditures and Significant Noncash Items Relating to the Disposal Groups

Capital expenditures and significant noncash items relating to the disposal groups included the following:

 

Year Ended December 31, 2023

 

East Ohio Transaction

 

 

PSNC Transaction

 

 

Questar Gas Transaction

 

 

Other

 

(millions)

 

 

 

 

 

 

 

 

 

 

 

 

Capital expenditures

 

$

507

 

 

$

233

 

 

$

449

 

 

$

—

 

Significant noncash items

 

 

 

 

 

 

 

 

 

 

 

 

Depreciation, depletion and amortization

 

 

148

 

 

 

90

 

 

 

175

 

 

 

2

 

Accrued capital expenditures

 

 

42

 

 

 

43

 

 

 

32

 

 

 

—

 

 

Year Ended December 31, 2022

 

East Ohio Transaction

 

 

PSNC Transaction

 

 

Questar Gas Transaction

 

 

Other

 

(millions)

 

 

 

 

 

 

 

 

 

 

 

 

Capital expenditures

 

$

456

 

 

$

153

 

 

$

438

 

 

$

—

 

Significant noncash items

 

 

 

 

 

 

 

 

 

 

 

 

Depreciation, depletion and amortization

 

 

134

 

 

 

87

 

 

 

163

 

 

 

4

 

Accrued capital expenditures

 

 

53

 

 

 

16

 

 

 

31

 

 

 

—

 

 

Year Ended December 31, 2021

 

East Ohio Transaction

 

 

PSNC Transaction

 

 

Questar Gas Transaction

 

 

Other

 

(millions)

 

 

 

 

 

 

 

 

 

 

 

 

Capital expenditures(1)

 

$

420

 

 

$

195

 

 

$

416

 

 

$

—

 

Significant noncash items

 

 

 

 

 

 

 

 

 

 

 

 

Depreciation, depletion and amortization

 

 

122

 

 

 

81

 

 

 

168

 

 

 

4

 

Accrued capital expenditures

 

 

27

 

 

 

41

 

 

 

25

 

 

 

—

 
(1)
In November 2021, Wexpro closed on an agreement with a natural gas gathering systems operator to purchase an existing natural gas gathering system in Wyoming including pipelines, compressors and dehydration equipment for total consideration of $41 million, included in the Questar Gas Transaction.

Capital expenditures and significant noncash items relating to the disposal groups included the following:

 

Year Ended December 31, 2021

 

Q-Pipe Group(1)

 

(millions)

 

 

 

Capital expenditures

 

$

34

 

Significant noncash items

 

 

 

Depreciation and amortization

 

 

—

 

Accrued capital expenditures

 

 

—

 
(1)
Operations associated with the Q-Pipe Group are through the December 31, 2021 closing date.
Schedule Of Major Classes Of Assets And Liabilities Relating To The Disposal Groups Reported As Held For Sale

The carrying value of major classes of assets and liabilities relating to the disposal groups, which are reported as held for sale in Dominion Energy’s Consolidated Balance Sheets were as follows:

 

 

At December 31, 2023

 

 

At December 31, 2022

 

 

East
Ohio
Transaction

 

PSNC Transaction

 

Questar
Gas
Transaction

 

Other

 

 

East
Ohio
Transaction

 

PSNC Transaction

 

Questar
Gas
Transaction

 

Other

 

(millions)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Current assets(1)

$

497

 

$

336

 

$

764

 

$

1

 

 

$

544

 

$

381

 

$

803

 

$

10

 

Property, plant and equipment, net

 

5,443

 

 

2,806

 

 

4,369

 

 

26

 

 

 

5,012

 

 

2,591

 

 

3,984

 

 

50

 

Other deferred charges and other
   assets, including goodwill(2) and
   intangible assets

 

2,659

 

 

834

 

 

766

 

 

—

 

 

 

2,629

 

 

822

 

 

1,043

 

 

34

 

Current liabilities(3)(4)

 

560

 

 

224

 

 

389

 

 

7

 

 

 

634

 

 

151

 

 

612

 

 

6

 

Long-term debt(5)

 

2,286

 

 

948

 

 

1,205

 

 

—

 

 

 

2,287

 

 

798

 

 

1,245

 

 

—

 

Other deferred credits and
   liabilities(6)

 

1,437

 

 

711

 

 

1,116

 

 

2

 

 

 

1,435

 

 

689

 

 

1,087

 

 

11

 
(1)
Includes cash and cash equivalents of $4 million and $6 million within the East Ohio Transaction, $2 million and less than $1 million within the PSNC Transaction and $26 million and $28 million within the Questar Gas Transaction at December 31, 2023 and 2022, respectively. Also includes regulatory assets of $75 million and $90 million within the East Ohio Transaction, $89 million and $95 million within the PSNC Transaction and $297 million and $273 million within the Questar Gas Transaction at December 31, 2023 and 2022, respectively.
(2)
Includes goodwill of $1.5 billion and $673 million at both December 31, 2023 and 2022 within the East Ohio and PSNC Transactions, respectively, and $720 million and $983 million within the Questar Gas Transaction at December 31, 2023 and 2022, respectively. Also includes regulatory assets of $781 million and $751 million within the East Ohio Transaction, $86 million and $93 million within the PSNC Transaction and $(39) million and $(22) million within the Questar Gas Transaction at December 31, 2023 and 2022, respectively.
(3)
Includes regulatory liabilities of $54 million and $43 million within the East Ohio Transaction, $44 million and $11 million within the PSNC Transaction and $55 million and $144 million within the Questar Gas Transaction at December 31, 2023 and 2022, respectively.
(4)
Questar Gas Transaction includes $40 million of 2.98% unsecured senior notes at December 31, 2023, which are scheduled to mature in December 2024.
(5)
Includes East Ohio Unsecured Senior Notes due 2025 to 2052 at rates from 1.30% to 6.38% and with a weighted-average coupon rate for debt outstanding at December 31, 2023 of 3.13%; PSNC Unsecured Senior Notes due 2026 to 2053 at rates from 3.10% to 7.45% and with a weighted-average coupon rate for debt outstanding at December 31, 2023 of 4.67%; and Questar Gas Unsecured Senior Notes due 2024 to 2052 at rates from 2.21% to 7.20% and with a weighted-average coupon rate for debt outstanding at December 31, 2023 of 3.99%; in the East Ohio, PSNC and Questar Gas Transactions, respectively.
(6)
Includes regulatory liabilities of $711 million and $749 million within the East Ohio Transaction, $435 million and $436 million within the PSNC Transaction and $502 million and $506 million within the Questar Gas Transaction at December 31, 2023 and 2022, respectively.