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Employee Benefit Plans
9 Months Ended
Sep. 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 $3 million and $12 million for the three and nine months ended September 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 September 30,

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Service cost

 

$

43

 

 

$

45

 

 

$

6

 

 

$

8

 

Interest cost

 

 

80

 

 

 

82

 

 

 

11

 

 

 

15

 

Expected return on plan assets

 

 

(209

)

 

 

(197

)

 

 

(43

)

 

 

(39

)

Amortization of prior service cost (credit)

 

 

 

 

 

(1

)

 

 

(11

)

 

 

(12

)

Amortization of net actuarial loss

 

 

48

 

 

 

58

 

 

 

1

 

 

 

1

 

Settlements (1)

 

 

 

 

 

3

 

 

 

 

 

 

 

Net periodic benefit credit

 

$

(38

)

 

$

(10

)

 

$

(36

)

 

$

(27

)

Nine Months Ended September 30,

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Service cost

 

$

127

 

 

$

131

 

 

$

18

 

 

$

22

 

Interest cost

 

 

238

 

 

 

263

 

 

 

35

 

 

 

45

 

Expected return on plan assets

 

 

(625

)

 

 

(582

)

 

 

(130

)

 

 

(117

)

Amortization of prior service cost (credit)

 

 

 

 

 

 

 

 

(32

)

 

 

(37

)

Amortization of net actuarial loss

 

 

145

 

 

 

155

 

 

 

3

 

 

 

4

 

Settlements (1)

 

 

5

 

 

 

5

 

 

 

 

 

 

 

Net periodic benefit credit

 

$

(110

)

 

$

(28

)

 

$

(106

)

 

$

(83

)

(1)

2021 amounts relate primarily to the Dominion Energy executive nonqualified pension plan. 2020 amounts related primarily to Dominion Energy’s sale of substantially all of its gas transmission and storage operations to BHE.

Employer Contributions

During the three and nine months ended September 30, 2021, Dominion Energy made no contributions to its qualified defined benefit pension plans or other postretirement benefit plans. Dominion Energy is not required to make any contributions to its qualified defined benefit pension plans or to VEBAs associated with its other postretirement plans in 2021. Dominion Energy considers voluntary contributions from time to time, either in the form of cash or equity securities.