Accumulated Other Comprehensive Income (Loss)

6 Months Ended

Jun. 30, 2021

Equity [Abstract]

Accumulated Other Comprehensive Income (Loss)

Note 7. Accumulated Other Comprehensive Income (Loss)

Dominion Energy

The following table presents Dominion Energy’s changes in AOCI by component, net of tax:

	Deferred gains and losses on derivatives- hedging activities			Unrealized gains and losses on investment securities			Unrecognized pension and other postretirement benefit costs			Other comprehensive loss from equity method investees			Total
(millions)
Three Months Ended June 30, 2021
Beginning balance	$	(367	)	$	32		$	(1,335	)	$	(1	)	$	(1,671	)
Other comprehensive income before reclassifications:    gains (losses)		(16	)		12			—			—			(4	)
Amounts reclassified from AOCI: (gains) losses(1)		12			(3	)		26			—			35
Net current period other comprehensive income (loss)		(4	)		9			26			—			31
Ending balance	$	(371	)	$	41		$	(1,309	)	$	(1	)	$	(1,640	)
Three Months Ended June 30, 2020
Beginning balance	$	(651	)	$	37		$	(1,402	)	$	(2	)	$	(2,018	)
Other comprehensive income before reclassifications:    gains (losses)		2			19			(1	)		—			20
Amounts reclassified from AOCI: (gains) losses(1)		5			(5	)		18			—			18
Net current period other comprehensive income (loss)		7			14			17			—			38
Ending balance	$	(644	)	$	51		$	(1,385	)	$	(2	)	$	(1,980	)
Six Months Ended June 30, 2021
Beginning balance	$	(419	)	$	62		$	(1,359	)	$	(1	)	$	(1,717	)
Other comprehensive income before reclassifications:    gains (losses)		23			(19	)		6			—			10
Amounts reclassified from AOCI: (gains) losses(1)		25			(2	)		44			—			67
Net current period other comprehensive income (loss)		48			(21	)		50			—			77
Ending balance	$	(371	)	$	41		$	(1,309	)	$	(1	)	$	(1,640	)
Six Months Ended June 30, 2020
Beginning balance	$	(407	)	$	37		$	(1,421	)	$	(2	)	$	(1,793	)
Other comprehensive income before reclassifications:    gains (losses)		(264	)		28			(1	)		—			(237	)
Amounts reclassified from AOCI: (gains) losses(1)		27			(14	)		37			—			50
Net current period other comprehensive income (loss)		(237	)		14			36			—			(187	)
Ending balance	$	(644	)	$	51		$	(1,385	)	$	(2	)	$	(1,980	)

(1) See table below for details about these reclassifications.

The following table presents Dominion Energy’s reclassifications out of AOCI by component:

Details about AOCI components	Amounts reclassified from AOCI			Affected line item in the Consolidated Statements of Income
(millions)
Three Months Ended June 30, 2021
Deferred (gains) and losses on derivatives-hedging activities:
Interest rate contracts	$	16		Interest and related charges
Total		16
Tax		(4	)	Income tax expense (benefit)
Total, net of tax	$	12
Unrealized (gains) and losses on investment securities:
Realized (gains) losses on sale of securities	$	(4	)	Other income
Total		(4	)
Tax		1		Income tax expense (benefit)
Total, net of tax	$	(3	)
Unrecognized pension and other postretirement benefit costs:
Amortization of prior-service costs (credits)	$	(5	)	Other income
Amortization of actuarial losses		40		Other income
Total		35
Tax		(9	)	Income tax expense (benefit)
Total, net of tax	$	26
Three Months Ended June 30, 2020
Deferred (gains) and losses on derivatives-hedging activities:
Commodity contracts	$	(8	)	Operating revenue
		(1	)	Discontinued operations
Interest rate contracts		18		Interest and related charges
		4		Discontinued operations
Foreign currency contracts		(6	)	Discontinued operations
Total		7
Tax		(2	)	Income tax expense (benefit)
Total, net of tax	$	5
Unrealized (gains) and losses on investment securities:
Realized (gains) losses on sale of securities	$	(5	)	Other income (expense)
Total		(5	)
Tax		—		Income tax expense (benefit)
Total, net of tax	$	(5	)
Unrecognized pension and other postretirement benefit costs:
Amortization of prior-service costs (credits)	$	(5	)	Other income (expense)
Amortization of actuarial losses		31		Other income (expense)
Total		26
Tax		(8	)	Income tax expense (benefit)
Total, net of tax	$	18
Details about AOCI components	Amounts reclassified from AOCI			Affected line item in the Consolidated Statements of Income
(millions)
Six Months Ended June 30, 2021
Deferred (gains) and losses on derivatives-hedging activities:
Commodity contracts	$	1		Purchased gas
Interest rate contracts		32		Interest and related charges
Total		33
Tax		(8	)	Income tax expense (benefit)
Total, net of tax	$	25
Unrealized (gains) and losses on investment securities:
Realized (gains) losses on sale of securities	$	(3	)	Other income

Total		(3	)
Tax		1		Income tax expense (benefit)
Total, net of tax	$	(2	)
Unrecognized pension and other postretirement benefit costs:
Amortization of prior-service costs (credits)	$	(10	)	Other income
Amortization of actuarial losses		70		Other income
Total		60
Tax		(16	)	Income tax expense (benefit)
Total, net of tax	$	44
Six Months Ended June 30, 2020
Deferred (gains) and losses on derivatives-hedging activities:
Commodity contracts	$	(14	)	Operating revenue
		3		Purchased gas
		(2	)	Discontinued operations
Interest rate contracts		43		Interest and related charges
		6		Discontinued operations
Total		36
Tax		(9	)	Income tax expense (benefit)
Total, net of tax	$	27
Unrealized (gains) and losses on investment securities:
Realized (gains) losses on sale of securities	$	(18	)	Other income (expense)
Total		(18	)
Tax		4		Income tax expense (benefit)
Total, net of tax	$	(14	)
Unrecognized pension and other postretirement benefit costs:
Amortization of prior-service costs (credits)	$	(11	)	Other income (expense)
Amortization of actuarial losses		61		Other income (expense)
Total		50
Tax		(13	)	Income tax expense (benefit)
Total, net of tax	$	37

Virginia Power

The following table presents Virginia Power’s changes in AOCI by component, net of tax:

	Deferred gains and losses on derivatives- hedging activities			Unrealized gains and losses on investment securities			Total
(millions)
Three Months Ended June 30, 2021
Beginning balance	$	(27	)	$	4		$	(23	)
Other comprehensive income before reclassifications:    gains (losses)		(12	)		3			(9	)
Amounts reclassified from AOCI: (gains) losses(1)		—			(1	)		(1	)
Net current period other comprehensive income (loss)		(12	)		2			(10	)
Ending balance	$	(39	)	$	6		$	(33	)
Three Months Ended June 30, 2020
Beginning balance	$	(79	)	$	4		$	(75	)
Other comprehensive income before reclassifications:    losses		1			6			7
Amounts reclassified from AOCI: (gains) losses(1)		—			(2	)		(2	)
Net current period other comprehensive income (loss)		1			4			5
Ending balance	$	(78	)	$	8		$	(70	)
Six Months Ended June 30, 2021
Beginning balance	$	(60	)	$	8		$	(52	)
Other comprehensive income before reclassifications:    gains (losses)		20			(2	)		18
Amounts reclassified from AOCI: (gains) losses(1)		1			—			1
Net current period other comprehensive income (loss)		21			(2	)		19
Ending balance	$	(39	)	$	6		$	(33	)
Six Months Ended June 30, 2020
Beginning balance	$	(34	)	$	5		$	(29	)
Other comprehensive income before reclassifications:    gains (losses)		(44	)		4			(40	)
Amounts reclassified from AOCI: (gains) losses(1)		—			(1	)		(1	)
Net current period other comprehensive income (loss)		(44	)		3			(41	)
Ending balance	$	(78	)	$	8		$	(70	)

(1) See table below for details about these reclassifications.

The following table presents Virginia Power’s reclassifications out of AOCI by component:

Details about AOCI components	Amounts reclassified from AOCI			Affected line item in the Consolidated Statements  of Income
(millions)
Three Months Ended June 30, 2021
Unrealized (gains) and losses on investment securities:
Realized (gains) losses on sale of securities	$	(1	)	Other income
Total		(1	)
Tax		—		Income tax expense
Total, net of tax	$	(1	)
Three Months Ended June 30, 2020
Deferred (gains) and losses on derivatives-hedging activities:
Interest rate contracts	$	1		Interest and related charges
Total		1
Tax		(1	)	Income tax expense (benefit)
Total, net of tax	$	—
Unrealized (gains) and losses on investment securities:
Realized (gain) loss on sale of securities	$	(4	)	Other income (loss)
Total		(4	)
Tax		2		Income tax expense (benefit)
Total, net of tax	$	(2	)
Six Months Ended June 30, 2021
Deferred (gains) and losses on derivatives-hedging     activities:
Interest rate contracts	$	1		Interest and related charges
Total		1
Tax		—		Income tax expense
Total, net of tax	$	1
Six Months Ended June 30, 2020
Deferred (gains) and losses on derivatives-hedging     activities:
Interest rate contracts	$	1		Interest and related charges
Total		1
Tax		(1	)	Income tax expense (benefit)
Total, net of tax	$	—
Unrealized (gains) and losses on investment securities:
Realized (gain) loss on sale of securities	$	(2	)	Other income (loss)
Total		(2	)
Tax		1		Income tax expense (benefit)
Total, net of tax	$	(1	)