Long-Term and Short-Term Debt (Tables)

12 Months Ended

Dec. 31, 2020

Long-term debt by type with related weighted-average coupon rates and maturities at December 31, 2020 and 2019 is as follows:

At December 31,	2020 Weighted- average Coupon⁽¹⁾			2020			2019
(millions, except percentages)
DESC:
First Mortgage Bonds, 3.22% to 6.625%, due 2021 to 2065		5.42	%	$	3,267		$	3,267
Tax-Exempt Financings:⁽²⁾
Variable rate due 2038		0.13	%		35			35
3.625% and 4.00%, due 2028 and 2033		3.90	%		54			54
Other		3.67	%		1			1
GENCO:
Tax-Exempt Financing, variable rate due 2038		0.13	%		33			33
Affiliated note, 3.05% due 2024		3.05	%		230			230
Total principal					3,620			3,620
Securities due within one year		3.25	%		(33	)		—
Unamortized discount, premium and debt issuance costs, net					(30	)		(32	)
Finance leases					15			20
Total long-term debt				$	3,572		$	3,608

(1)

Represents weighted-average coupon rates for debt outstanding as of December 31, 2020.

(2)

Industrial revenue bonds totaling $68 million are secured by letters of credit that expire, subject to renewal, in the fourth quarter of 2021.

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, 2020, were as follows:

(millions, except percentages)	2021			2022		2023		2024			2025		Thereafter			Total
First Mortgage Bonds	$	33		$	—	$	—	$	—		$	—	$	3,234		$	3,267
Tax-Exempt Financings		—			—		—		—			—		122			122
Other		—			—		—		230			—		1			231
Total	$	33		$	—	$	—	$	230		$	—	$	3,357		$	3,620
Weighted-average coupon		3.25	%						3.05	%				5.30	%

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		Outstanding Letters of Credit
At December 31, 2020
Joint revolving credit facility⁽¹⁾⁽²⁾	$	1,000	$	—	$	—
At December 31, 2019
Joint revolving credit facility⁽¹⁾	$	1,000	$	—	$	—

(1)

A maximum of $1.0 billion of the facility is available to DESC, less any amounts outstanding to co-borrowers. 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, 2020, 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 DESC's parent or from Dominion Energy. This credit facility matures in March 2023 and 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.

(2)

In October 2020, the joint revolving credit facility was amended to remove Dominion Energy Gas as a co-borrower.