Long-Term and Short-Term Debt (Tables)

12 Months Ended

Dec. 31, 2023

Debt Disclosure [Abstract]

Schedule of Debt

Long-term debt by type with related weighted-average coupon rates and maturities at December 31, 2023 and 2022 is as follows:

At December 31,	2023 Weighted- average Coupon(1)			2023			2022
(millions, except percentages)
DESC:
First Mortgage Bonds, 2.30% to 6.625%, due 2028 to 2065		5.23	%	$	4,134		$	3,634
Tax-Exempt Financings:(2)
Variable rate due 2038		3.87	%		35			35
3.625% and 4.00%, due 2028 and 2033		3.90	%		54			54
Other		3.61	%		1			1
GENCO:
Tax-Exempt Financing, variable rate due 2038		3.87	%		33			33
Affiliated note, 3.05% due 2024		3.05	%		230			230
Total principal					4,487			3,987
Affiliated and related party payables					(230	)		—
Unamortized discount, premium and debt issuance costs, net					(38	)		(32	)
Finance leases					4			6
Total long-term debt				$	4,223		$	3,961

(1)Represents weighted-average coupon rates for debt outstanding as of December 31, 2023.

(2)Industrial revenue bonds totaling $68 million are secured by letters of credit that expire, subject to renewal, in the fourth quarter of 2024.

Schedule of Principal Payments of Long-Term Debt

Based on stated maturity dates rather than early redemption dates that could be elected by instrument holders, the scheduled principal payments of long-term debt at December 31, 2023, were as follows:

(millions, except percentages)	2024			2025		2026		2027		2028			Thereafter			Total
First Mortgage Bonds	$	—		$	—	$	—	$	—	$	53		$	4,081		$	4,134
Tax-Exempt Financings		—			—		—		—		39			83			122
Other		230			—		—		—		—			1			231
Total	$	230		$	—	$	—	$	—	$	92		$	4,165		$	4,487
Weighted-average coupon		3.05	%								4.14	%		5.22	%

Schedule of Line of Credit Facilities

DESC’s share of commercial paper and letters of credit outstanding under its joint credit facility with Dominion Energy, were as follows:

(millions)	Facility Limit		Outstanding Commercial Paper(1)		Outstanding Letters of Credit
At December 31, 2023
Joint revolving credit facility(2)	$	1,000	$	254	$	—
At December 31, 2022
Joint revolving credit facility(2)	$	1,000	$	249	$	—

(1)The weighted average interest rate of the outstanding commercial paper supported by the credit facility was 5.70% and 4.76% at December 31, 2023 and 2022, respectively.

A maximum of $1.0 billion of the facility is available to DESC, assuming adequate capacity is available after giving effect to uses by co-borrowers Dominion Energy, Virginia Power and Questar Gas. A sub-limit for DESC is set within the facility limit but can be changed at the option of the co-borrowers multiple times per year. At December 31, 2023, the sub-limit for DESC was $500 million. If DESC has liquidity needs in excess of its sub-limit, the sub-limit may be changed or such needs may be satisfied through short-term borrowings from Dominion Energy. This credit facility matures in June 2026, with the potential to be extended by the borrowers to June 2028. The credit facility can be used to support bank borrowings and the issuance of commercial paper, as well as to support up to $1.0 billion (or the sub-limit, whichever is less) of letters of credit.