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Employee Benefit Plans (Tables)
 12 Months Ended
Dec. 31, 2019
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 and Dominion Energy Gas (for employees represented by collective bargaining units):
                                 
 
Pension Benefits
   
Other Postretirement Benefits
 
Year Ended December 31,
 
2019
 
  
2018
   
2019
 
  
2018
 
(millions, except percentages)
 
 
  
   
 
  
 
Dominion Energy
 
 
 
    
   
 
 
    
 
Changes in benefit obligation:
 
 
 
    
   
 
 
    
 
Benefit obligation at beginning of year
 
$
8,500
 
   $
9,052
   
$
1,363
 
   $
1,529
 
Dominion Energy SCANA Combination (See Note 3)
  
 
854
 
    
—
    
 
253
 
    
—
  
Service cost
 
 
162
 
    
157
   
 
26
 
    
27
 
Interest cost
 
 
394
 
    
337
   
 
68
 
    
56
 
Benefits paid
 
 
(470
)
   
(358
 )  
 
(96
)
   
(87
 )
Actuarial (gains) losses during the year
 
 
1,054
 
    
(688
 )  
 
111
 
    
(158
 )
Plan amendments
 
 
—
 
    
—
   
 
—
 
    
(4
 )
Settlements and curtailments
(1)
  
 
(48
)
   
—
    
 
44
 
    
—
 
Benefit obligation at end of year
 
$
10,446
 
   $
8,500
   
$
 1,769
 
   $
1,363
 
Changes in fair value of plan assets:
 
 
 
  
 
 
  
 
 
  
 
 
Fair value of plan assets at beginning of year
 
$
7,197
 
   $
8,062
   
$
1,581
 
   $
1,729
 
Dominion Energy SCANA Combination (See Note 3)
  
 
727
 
    
—
   
 
—
 
    
—
 
Actual return (loss) on plan assets
 
 
1,747
 
    
(513
 )  
 
349
 
    
(92
 )
Employer contributions
 
 
557
 
    
6
   
 
12
 
    
12
 
Benefits paid
 
 
(470
)
   
(358
 )  
 
(62
)
   
(68
 )
Settlements
(2)
  
 
(127
)
   
—
    
 
—
 
    
—
 
Fair value of plan assets at end of year
 
$
9,631
 
   $
7,197
   
$
1,880
 
   $
1,581
 
Funded status at end of year
 
$
(815
)
  $
(1,303
 )  
$
 111
 
   $
218
 
Amounts recognized in the Consolidated Balance Sheets at December 31:
 
 
 
  
 
 
  
 
 
  
 
 
Noncurrent pension and other postretirement benefit assets
 
$
1,266
 
   $
1,003
   
$
442
 
   $
276
 
Other current liabilities
 
 
(29
)
   
(34
 )  
 
(17
)
   
(2
 )
Noncurrent pension and other postretirement benefit liabilities
 
 
(2,052
)
   
(2,272
 )  
 
(314
)
   
(56
 )
Net amount recognized
 
$
(815
)
  $
(1,303
 )  
$
111
 
   $
218
 
Significant assumptions used to determine benefit
obligations as of December 31:
 
 
 
  
 
 
  
 
 
  
 
 
Discount rate
 
 
3.47%–3.63%
 
    
4.42%–4.43%
   
 
3.44%–3.52%
 
    
4.37%–4.38%
 
Weighted average rate of increase for compensation
 
 
4.23%
 
    
4.32%
   
 
n/a
 
    
n/a
  
Dominion Energy Gas
 
 
 
  
 
 
  
 
 
  
 
 
Changes in benefit obligation:
 
 
 
  
 
 
  
 
 
  
 
 
Benefit obligation at beginning of year
 
$
730
 
   $
773
   
$
256
 
   $
290
 
Dominion Energy Gas Restructuring (See Note 3)
 
 
(468
)
    
—
    
 
(135
)
    
—
  
Service cost
 
 
6
 
    
18
   
 
1
 
    
4
 
Interest cost
 
 
11
 
    
29
   
 
5
 
    
11
 
Benefits paid
 
 
(15
)
   
(34
 )  
 
(8
)
   
(18
 )
Actuarial (gains) losses during the year
 
 
30
 
    
(56
 )  
 
1
 
    
(27
 )
Plan amendments
 
 
—
 
    
—
   
 
—
 
    
(4
 )
Settlements and curtailments
(1)
  
 
1
 
    
—
   
 
1
 
    
—
 
Benefit obligation at end of year
 
$
 295
 
   $
730
   
$
 121
 
   $
256
 
Changes in fair value of plan assets:
 
 
 
  
 
 
  
 
 
  
 
 
Fair value of plan assets at beginning of year
 
$
1,656
 
   $
1,803
   
$
311
 
   $
333
 
Dominion Energy Gas Restructuring
(See Note 3)
 
 
(1,084
)
    
—
    
$
(126
)
   
—
  
Actual return (loss) on plan assets
 
 
129
 
    
(113
 )  
 
38
 
    
(16
 )
Employer contributions
 
 
—
 
    
—
   
 
12
 
    
12
 
Benefits paid
 
 
(15
)
   
(34
 )  
 
(8
)
   
(18
 )
Fair value of plan assets at end of year
 
$
 686
 
   $
1,656
   
$
 227
 
   $
311
 
Funded status at end of year
 
$
 391
 
   $
926
   
$
 106
 
   $
55
 
Amounts recognized in the Consolidated Balance
Sheets at December 31:
 
 
 
  
 
 
  
 
 
  
 
 
Noncurrent pension and other postretirement benefit assets
 
$
 391
 
   $
 310
    
$
 106
 
   $
63
 
Noncurrent assets of discontinued operations
  
 
—
 
    
616
    
 
—
 
    
—
  
Noncurrent liabilities of discontinued operations
  
 
—
 
    
—
   
 
—
 
    
(8
 )
Net amount recognized
 
$
 391
 
   $
926
   
$
 106
 
   $
55
 
Significant assumptions used to determine
benefit obligations as of December 31:
 
 
 
  
 
 
  
 
 
  
 
 
Discount rate
 
 
3.63
%
   
4.42
 %  
 
3.44
%
    
4.37
 %
Weighted average rate of increase for compensation
 
 
4.64
%
   
4.55
 %  
 
n/a
 
    
n/a
 
 
 
 
 
(1)
2019 amounts relate primarily to a settlement as a result of the voluntary retirement program.
 
 
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 and Dominion Energy Gas (for employees represented by collective bargaining units):
                                 
 
Pension Benefits
   
Other Postretirement
Benefits
 
As of December 31,
 
2019
 
  
2018
   
2019
 
  
2018
 
(millions)
 
 
  
   
 
  
 
Dominion Energy
 
 
 
    
   
 
 
    
 
Benefit obligation
 
$
 
9,552
 
   $
7,705
   
      $
 341
 
       $
164
 
Fair value of plan assets
 
 
7,471
 
    
5,398
   
 
10
 
    
136
 
Dominion Energy Gas
 
 
 
    
   
 
 
    
 
Benefit obligation
 
$
—
 
   $
—
   
      $
 
—
 
       $
134
 
Fair value of plan assets
 
 
—
 
    
—
   
 
—
 
    
126
 
 
 
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,
 
2019
 
  
2018
 
(millions)
 
   
 
Accumulated benefit obligation
 
$
 8,852
 
   $
7,056
 
Fair value of plan assets
 
 
7,471
 
    
5,398
 
 
 
Benefit payments expected future service
The following benefit payments, which reflect expected future service, as appropriate, are expected to be paid for Dominion Energy and Dominion Energy Gas’ (for employees represented by collective bargaining units) plans:
                 
 
Estimated Future Benefit Payments
 
 
Pension Benefits
   
Other Postretirement
Benefits
 
(millions)
 
 
  
 
Dominion Energy
 
 
 
  
 
 
2020
 
            $
535
 
  
                    $
120
 
2021
 
 
472
 
  
 
117
 
2022
 
 
511
 
  
 
116
 
2023
 
 
519
 
  
 
114
 
2024
 
 
536
 
  
 
113
 
2025-2029
 
 
2,792
 
  
 
528
 
Dominion Energy Gas
 
 
 
  
 
 
2020
 
            $
15
 
  
                    $
8
 
2021
 
 
15
 
  
 
8
 
2022
 
 
15
 
  
 
8
 
2023
 
 
15
 
  
 
8
 
2024
 
 
15
 
  
 
8
 
2025-2029
 
 
79
 
  
 
36
 
 
 
Fair values of pension and post retirement plan assets by asset category
 
The fair values of Dominion Energy and Dominion Energy Gas’ (for employees represented by collective bargaining units) pension plan assets by asset category are as follows:
                                                                 
At December 31,
 
2019
   
2018
 
 
Level 1
 
  
Level 2
 
  
Level 3
 
  
Total
 
  
Level 1
   
Level 2
   
Level 3
   
Total
 
(millions)
 
 
  
 
  
 
  
 
  
   
   
   
 
Dominion Energy
 
 
 
  
 
 
  
 
 
  
 
 
    
     
     
     
 
Cash and cash equivalents
 
$
22
 
  
$
1
 
  
 
$
—
 
  
$
23
 
   $
17
    $
1
     
$—
    $
18
 
Common and preferred stocks:
 
 
 
  
 
 
  
 
 
  
 
 
    
     
     
     
 
U.S.
(1)
  
 
2,284
 
  
 
—
 
  
 
—
 
  
 
2,284
 
    
1,645
     
—
     
—
     
1,645
 
International
 
 
1,634
 
  
 
—
 
  
 
—
 
  
 
1,634
 
    
1,061
     
—
     
—
     
1,061
 
Insurance contracts
 
 
—
 
  
 
360
 
  
 
—
 
  
 
360
 
    
—
     
318
     
—
     
318
 
Corporate debt instruments
 
 
273
 
  
 
859
 
  
 
—
 
  
 
1,132
 
    
23
     
729
     
—
     
752
 
Government securities
 
 
58
 
  
 
757
 
  
 
—
 
  
 
815
 
    
25
     
605
     
—
     
630
 
Total recorded at fair value
 
$
4,271
 
  
$
1,977
 
  
 
$—
 
  
$
6,248
 
   $
2,771
    $
1,653
     
$—
    $
4,424
 
Assets recorded at NAV
(2)
:
 
 
 
  
 
 
  
 
 
  
 
 
    
     
     
     
 
Common/collective trust funds
 
 
 
  
 
 
  
 
 
  
 
2,355
 
    
     
     
     
1,849
 
Alternative investments:
 
 
 
  
 
 
  
 
 
  
 
 
    
     
     
     
 
Real estate funds
 
 
 
  
 
 
  
 
 
  
 
91
 
    
     
     
     
108
 
Private equity funds
 
 
 
  
 
 
  
 
 
  
 
787
 
    
     
     
     
633
 
Debt funds
 
 
 
  
 
 
  
 
 
  
 
159
 
    
     
     
     
155
 
Hedge funds
 
 
 
  
 
 
  
 
 
  
 
14
 
    
     
     
     
17
 
Total recorded at NAV
 
 
 
  
 
 
  
 
 
  
$
3,406
 
    
     
     
    $
2,762
 
Total investments
(3)
  
 
 
  
 
 
  
 
 
  
$
9,654
 
    
     
     
    $
7,186
 
Dominion Energy Gas
 
 
 
  
 
 
  
 
 
  
 
 
    
     
     
     
 
Cash and cash equivalents
 
$
 1
 
  
$
—
 
  
 
$
—
 
  
$
 1
 
   $
4
    $
—
     
$—
    $
4
 
Common and preferred stocks:
 
 
 
  
 
 
  
 
 
  
 
 
    
     
     
     
 
U.S.
 
 
177
 
  
 
—
 
  
 
—
 
  
 
177
 
    
378
     
—
     
—
     
378
 
International
 
 
114
 
  
 
—
 
  
 
—
 
  
 
114
 
    
244
     
—
     
—
     
244
 
Insurance contracts
 
 
—
 
  
 
28
 
  
 
—
 
  
 
28
 
    
—
     
73
     
—
     
73
 
Corporate debt instruments
 
 
3
 
  
 
66
 
  
 
—
 
  
 
69
 
    
5
     
168
     
—
     
173
 
Government securities
 
 
2
 
  
 
59
 
  
 
—
 
  
 
61
 
    
6
     
139
     
—
     
145
 
Total recorded at fair value
 
$
 297
 
  
$
 153
 
  
 
$—
 
  
$
 450
 
   $
637
    $
380
     
$—
    $
1,017
 
Assets recorded at NAV
(2)
:
 
 
 
  
 
 
  
 
 
  
 
 
    
     
     
     
 
Common/collective trust funds
 
 
 
  
 
 
  
 
 
  
 
157
 
    
     
     
     
425
 
Alternative investments:
 
 
 
  
 
 
  
 
 
  
 
 
    
     
     
     
 
Real estate funds
 
 
 
  
 
 
  
 
 
  
 
7
 
    
     
     
     
25
 
Private equity funds
 
 
 
  
 
 
  
 
 
  
 
61
 
    
     
     
     
146
 
Debt funds
 
 
 
  
 
 
  
 
 
  
 
12
 
    
     
     
     
36
 
Hedge funds
 
 
 
  
 
 
  
 
 
  
 
1
 
    
     
     
     
4
 
Total recorded at NAV
 
 
 
  
 
 
  
 
 
  
$
 238
 
    
     
     
    $
636
 
Total investments
(4)
  
 
 
  
 
 
  
 
 
  
$
 688
 
    
     
     
    $
1,653
 
 
 
 
(1)
Includes $508 million of Dominion Energy common stock at December 31, 2019.
 
 
(2)
These investments that are measured at fair value using the NAV per share (or its equivalent) as a practical expedient which are not required to be categorized in the fair value hierarchy.
 
 
(3)
Excludes net assets related to pending sales of securities of $52 million, net accrued income of $24 million, and includes net assets related to pending purchases of securities of $99 million at December 31, 2019. Excludes net assets related to pending sales of securities of $12 million, net accrued income of $21 million, and includes net assets related to pending purchases of securities of $22 million at December 31, 2018.
 
 
(4)
Excludes net assets related to pending sales of securities of $2 million, net accrued income of $2 million, and includes net assets related to pending purchases of securities of $6 million at December 31, 2019. Excludes net assets related to pending sales of securities of $3 million, net accrued income of $5 million, and includes net assets related to pending purchases of securities of $5 million at December 31, 2018.
 
The fair values of Dominion Energy and Dominion Energy Gas’ (for employees represented by collective bargaining units) other postretirement plan assets by asset category are as follows:
                                                                 
At December 31,
 
2019
   
2018
 
 
Level 1
 
  
Level 2
 
  
Level 3
 
  
Total
 
  
Level 1
   
Level 2
   
Level 3
   
Total
 
(millions)
 
 
  
 
  
 
  
 
  
   
   
   
 
Dominion Energy
 
 
 
  
 
 
  
 
 
  
 
 
    
     
     
     
 
Cash and cash equivalents
 
      $
 2
 
  
      $
 —
 
  
 
$—
 
  
    $
2
 
       $
1
        $
1
     
$—
        $
2
 
Common and preferred stocks:
 
 
 
  
 
 
  
 
 
  
 
 
    
     
     
     
 
U.S.
 
 
719
 
  
 
—
 
  
 
—
 
  
 
719
 
    
554
     
—
     
—
     
554
 
International
 
 
206
 
  
 
—
 
  
 
—
 
  
 
206
 
    
170
     
—
     
—
     
170
 
Insurance contracts
 
 
—
 
  
 
21
 
  
 
—
 
  
 
21
 
    
—
     
19
     
—
     
19
 
Corporate debt instruments
 
 
1
 
  
 
50
 
  
 
—
 
  
 
51
 
    
1
     
44
     
—
     
45
 
Government securities
 
 
2
 
  
 
44
 
  
 
—
 
  
 
46
 
    
2
     
37
     
—
     
39
 
Total recorded at fair value
 
      $
 930
 
  
      $
 115
 
  
 
$—
 
  
    $
1,045
 
       $
728
        $
101
     
$—
        $
829
 
Assets recorded at NAV
(1)
:
 
 
 
  
 
 
  
 
 
  
 
 
    
     
     
     
 
Common/collective trust funds
 
 
 
  
 
 
  
 
 
  
 
717
 
    
     
     
     
650
 
Alternative investments:
 
 
 
  
 
 
  
 
 
  
 
 
    
     
     
     
 
Real estate funds
 
 
 
  
 
 
  
 
 
  
 
8
 
    
     
     
     
10
 
Private equity funds
 
 
 
  
 
 
  
 
 
  
 
100
 
    
     
     
     
80
 
Debt funds
 
 
 
  
 
 
  
 
 
  
 
10
 
    
     
     
     
10
 
Hedge funds
 
 
 
  
 
 
  
 
 
  
 
1
 
    
     
     
     
1
 
Total recorded at NAV
 
 
 
  
 
 
  
 
 
  
    $
836
 
    
     
     
        $
751
 
Total investments
(2)
  
 
 
  
 
 
  
 
 
  
    $
1,881
 
    
     
     
        $
1,580
 
Dominion Energy Gas
  
 
 
  
 
 
  
 
 
  
 
 
    
     
     
     
 
Common and preferred stocks:
 
 
 
  
 
 
  
 
 
  
 
 
    
     
     
     
 
U.S.
 
      $
 86
 
  
      $
—
 
  
 
$—
 
  
    $
 86
 
       $
113
        $
—
     
$—
        $
113
 
International
 
 
21
 
  
 
—
 
  
 
—
 
  
 
21
 
    
30
     
—
     
—
     
30
 
Total recorded at fair value
 
      $
 107
 
  
      $
—
 
  
 
$—
 
  
    $
 107
 
       $
143
        $
—
     
$—
        $
143
 
Assets recorded at NAV
(1)
:
 
 
 
  
 
 
  
 
 
  
 
 
    
     
     
     
 
Common/collective trust funds
 
 
 
  
 
 
  
 
 
  
 
105
 
    
     
     
     
148
 
Alternative investments:
 
 
 
  
 
 
  
 
 
  
 
 
    
     
     
     
 
Real estate funds
 
 
 
  
 
 
  
 
 
  
 
1
 
    
     
     
     
2
 
Private equity funds
 
 
 
  
 
 
  
 
 
  
 
14
 
    
     
     
     
18
 
Debt funds
 
 
 
  
 
 
  
 
 
  
 
—
 
    
     
     
     
—
 
Total recorded at NAV
 
 
 
  
 
 
  
 
 
  
    $
 120
 
    
     
     
        $
168
 
Total investments
 
 
 
  
 
 
  
 
 
  
    $
 227
 
    
     
     
        $
311
 
 
 
 
(1)
These investments that are measured at fair value using the NAV per share (or its equivalent) as a practical expedient which are not required to be categorized in the fair value hierarchy.
 
 
(2)
Excludes net assets related to pending sales of securities of $2 million, net accrued income of $2 million, and includes net assets related to pending purchases of securities of $5 million at December 31, 2019. Excludes net assets related to pending sales of securities of $1 million, net accrued income of $2 million, and includes net assets related to pending purchases of securities of $2 million at December 31, 2018.
 
Net periodic benefit (credit) cost and amounts recognized in other comprehensive income and regulatory assets and liabilities The components of the provision for net periodic benefit (credit) cost and amounts recognized in other comprehensive income and regulatory assets and liabilities for Dominion Energy and Dominion Energy Gas’ (for employees represented by collective bargaining units) plans are as follows:
                                                 
 
Pension Benefits
   
Other Postretirement Benefits
 
Year Ended December 31,
 
2019
 
  
2018
   
2017
   
2019
 
  
2018
   
2017
 
(millions, except percentages)
 
 
  
   
   
 
  
   
 
Dominion Energy
 
 
 
    
     
   
 
 
    
     
 
Service cost
 
$
162
 
   $
157
    $
138
   
$
26
 
   $
27
    $
26
 
Interest cost
 
 
394
 
    
337
     
345
   
 
68
 
    
56
     
60
 
Expected return on plan assets
 
 
(708
)
   
(663
 )    
(639
 )  
 
(140
)
   
(143
 )    
(128
 )
Amortization of prior service (credit) cost
 
 
1
 
    
1
     
1
   
 
(52
)
   
(52
 )    
(51
 )
Amortization of net actuarial loss
 
 
172
 
    
193
     
162
   
 
10
 
    
11
     
13
 
Settlements and curtailments
 
 
72
 
    
—
      
—
    
 
42
 
    
—
      
—
  
Net periodic benefit (credit) cost
 
$
 93
 
   $
25
    $
7
   
$
(46
)
  $
(101
 )   $
(80
 )
Changes in plan assets and benefit obligations recognized in other comprehensive income and regulatory assets and liabilities:
 
 
 
    
     
   
 
 
    
     
 
Current year net actuarial (gain) loss
 
$
16
 
   $
490
    $
142
   
$
 (98
)
  $
78
    $
12
 
Prior service (credit) cost
 
 
—
 
    
—
      
5
    
 
2
 
    
(4
 )    
(73
 )
Settlements and curtailments
 
 
6
 
    
—
      
1
   
 
—
 
    
—
      
2
 
Less amounts included in net periodic benefit cost:
 
 
 
    
     
   
 
 
    
     
 
Amortization of net actuarial loss
 
 
(172
)
   
(193
 )    
(162
 )  
 
(10
)
   
(11
 )    
(13
 )
Amortization of prior service credit (cost)
 
 
(1
)
   
(1
 )    
(1
 )  
 
52
 
    
52
     
51
 
Total recognized in other comprehensive income and regulatory assets and liabilities
 
$
(151
)
  $
296
    $
(15
 )  
$
(54
)
  $
115
    $
(21
 )
Significant assumptions used to determine periodic cost:
 
 
 
    
     
   
 
 
    
     
 
Discount rate
 
 
3.57%-
4.43
%
   
3.80%-3.81
 %    
3.31%-4.50
 %  
 
4.05%
-
4.41
%
   
3.76
 %    
3.92%-4.47
 %
Expected long-term rate of return on plan assets
 
 
7.00%-
8.65
%
   
8.75
 %    
8.75
 %  
 
8.50
%
   
8.50
 %    
8.50
 %
Weighted average rate of increase for compensation
 
 
4.20
%
   
4.09
 %    
4.09
 %  
 
n/a
 
    
n/a
      
n/a
  
Healthcare cost trend rate
(1)
  
 
 
    
     
   
 
6.50%
-
6.60
%
   
7.00
 %    
7.00
 %
Rate to which the cost trend rate is assumed to decline (the ultimate trend rate)
(1)
  
 
 
    
     
   
 
5.00
%
   
5.00
 %    
5.00
 %
Year that the rate reaches the ultimate trend rate
(1)
  
 
 
    
     
   
 
2023-2025
 
    
2022
     
2021
 
Dominion Energy Gas
(2)
  
 
 
    
     
   
 
 
    
     
 
Service cost
 
$
 6
 
   $
18
    $
15
   
$
 1
 
   $
4
    $
4
 
Interest cost
 
 
11
 
    
29
     
30
   
 
5
 
    
11
     
12
 
Expected return on plan assets
 
 
(54
)
   
(150
 )    
(141
 )  
 
(16
)
   
(28
 )    
(24
 )
Amortization of prior service (credit) cost
 
 
—
 
    
—
      
—
    
 
(5
)
   
(4
 )    
(3
 )
Amortization of net actuarial loss
 
 
7
 
    
19
     
16
   
 
3
 
    
3
     
2
 
Settlements and curtailments
 
 
1
 
    
—
     
—
   
 
1
 
    
—
     
—
 
Net periodic benefit (credit) cost
 
$
(29
)
  $
(84
 )   $
(80
 )  
$
(11
)
  $
(14
 )   $
(9
 )
Changes in plan assets and benefit obligations recognized in other comprehensive income and regulatory assets and liabilities:
 
 
 
    
     
   
 
 
    
     
 
Current year net actuarial (gain) loss
 
$
(46
)
  $
207
    $
(75
 )  
$
 (21
)
  $
16
    $
18
 
Prior service cost
 
 
—
 
    
—
      
—
    
 
—
 
    
(4
 )    
(61
 )
Less amounts included in net periodic benefit cost:
 
 
 
    
     
   
 
 
    
     
 
Amortization of net actuarial loss
 
 
(7
)
   
(19
 )    
(16
 )  
 
(3
)
   
(3
 )    
(2
 )
Amortization of prior service credit (cost)
 
 
—
 
    
—
     
—
   
 
5
 
    
4
     
3
 
Total recognized in other comprehensive income and regulatory assets and liabilities
 
$
(53
)
  $
188
    $
(91
 )  
$
 (19
)
  $
13
    $
(42
 )
Significant assumptions used to determine periodic cost:
 
 
 
    
     
   
 
 
    
     
 
Discount rate
 
 
4.10%-4.42
%
   
3.81
 %    
4.50
 %  
 
4.05%-4.37
%
   
3.81
 %    
4.47
 %
Expected long-term rate of return on plan assets
 
 
8.65
%
   
8.75
 %    
8.75
 %  
 
8.50
%
   
8.50
 %    
8.50
 %
Weighted average rate of increase for compensation
 
 
4.55
%
   
4.11
 %    
4.11
 %  
 
n/a
 
    
n/a
      
n/a
  
Healthcare cost trend rate
(1)
  
 
 
    
     
   
 
6.50
%
   
7.00
 %    
7.00
 %
Rate to which the cost trend rate is assumed to decline (the ultimate trend rate)
(1)
  
 
 
    
     
   
 
5.00
%
   
5.00
 %    
5.00
 %
Year that the rate reaches the ultimate trend rate
(1)
  
 
 
    
     
   
 
2025
 
    
2022
     
2021
 
 
 
 
(1)
Assumptions used to determine net periodic cost for the following year.
 
 
(2)
Amounts related to East Ohio are presented within discontinued operations.
 
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 and Dominion Energy Gas’ (for employees represented by collective bargaining units) 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,
 
2019
 
  
2018
   
2019
 
  
2018
 
(millions)
 
 
  
   
   
 
Dominion Energy
 
 
 
    
     
     
 
Net actuarial loss
 
$
3,327
 
   $
3,477
   
$
241
 
   $
350
 
Prior service (credit) cost
 
 
5
 
    
7
   
 
(339
)
   
(393
 )
Total
(1)
  
$
3,332
 
   $
3,484
   
$
(98
)
  $
(43
 )
Dominion Energy Gas
 
 
 
    
     
     
 
Net actuarial loss
 
$
 150
 
   $
555
   
$
 44
 
   $
89
 
Prior service (credit) cost
 
 
—
 
    
—
    
 
(49
)
   
(52
 )
Total
(2)
  
$
 150
 
   $
555
   
$
 (5
)
  $
37
 
 
 
 
 
 
 
 
 
(1)
As of December 31, 2019, of the $3.3 billion and $(98) million related to pension benefits and other postretirement benefits, $2.0 billion and $(65) million, respectively, are included in AOCI, with the remainder included in regulatory assets and liabilities. As of December 31, 2018, of the $3.5 billion and $(43) million related to pension benefits and other postretirement benefits, $2.0 billion and $(41) million, respectively, are included in AOCI, with the remainder included in regulatory assets and liabilities.
 
 
 
 
 
 
 
(2)
As of December 31, 2019, of the $150 million related to pension benefits, $147 million is included in AOCI, with the remainder included in regulatory assets and liabilities; the $(5) million related to other postretirement benefits is included entirely in regulatory assets and liabilities. As of December 31, 2018, of the $555 million related to pension benefits, $200 million is included in AOCI, with the remainder included
in
noncurrent assets of discontinued operations; of the
$37 million related to other postretirement benefits
, $22 million
is included
in noncurrent assets of discontinued operations with the remainder
included
 
in regulatory assets and liabilities.
 
 
 
 
 
 
Components of AOCI and regulatory assets and liabilities that are expected to be amortized as components of periodic benefit cost in 2020
The following table provides the components of AOCI and regulatory assets and liabilities for Dominion Energy and Dominion Energy Gas’ (for employees represented by collective bargaining units) plans as of December 31, 2019 that are expected to be amortized as components of net periodic benefit (credit) cost in 2020:
                 
 
Pension Benefits
   
Other
Postretirement
Benefits
 
(millions)
 
 
  
 
Dominion Energy
 
 
 
    
 
Net actuarial loss
 
 
$194
 
  
 
$5
 
Prior service (credit) cost
 
 
1
 
  
 
(50
)
Dominion Energy Gas
 
 
 
  
 
 
Net actuarial loss
 
 
$7
 
  
 
$2
 
Prior service (credit) cost
 
 
—
 
  
 
(5
)
 
 
 
 
 
 
Effect of one percentage point change on benefit plans A one percentage point change in assumed healthcare cost trend rates would have had the following effects for Dominion Energy and Dominion Energy Gas’ (for employees represented by collective bargaining units) other postretirement benefit plans:
                 
 
Other Postretirement Benefits
 
 
One percentage
point increase
   
One percentage
point decrease
 
(millions)
 
 
  
 
Dominion Energy
 
 
 
    
 
Effect on net periodic cost for 2020
 
 
$20
 
  
 
$(11)
 
Effect on other postretirement benefit obligation at December 31, 2019
 
 
153
 
  
 
(128)
 
Dominion Energy Gas
 
 
 
  
 
 
Effect on net periodic cost for 2020
 
 
$2
 
  
 
$(2)
 
Effect on other postretirement benefit obligation at December 31, 2019
 
 
14
 
  
 
(12)