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Income Taxes | 6 Months Ended
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Jun. 30, 2022
Income Tax Disclosure [Abstract] |
Income Taxes | Note 5. Income Taxes For continuing operations, including noncontrolling interests, the statutory U.S. federal income tax rate reconciles to the Companies’ effective income tax rate as follows:
|  | Dominion Energy |  |  | Virginia Power |
Six Months Ended June 30, |  | 2022 |  |  | 2021 |  |  | 2022 |  |  | 2021 |
U.S. statutory rate |  |  | 21.0 | % |  |  | 21.0 | % |  |  | 21.0 | % |  |  | 21.0 | %
Increases (reductions) resulting from: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Recognition of deferred taxes - stock of subsidiary held for sale |  |  | 25.0 |  |  |  | — |  |  |  | — |  |  |  | — |
State taxes, net of federal benefit |  |  | 7.9 |  |  |  | 2.3 |  |  |  | 4.4 |  |  |  | 4.5 |
Investment tax credits |  |  | (9.8 | ) |  |  | (5.3 | ) |  |  | (6.9 | ) |  |  | (5.8 | )
Production tax credits |  |  | (1.1 | ) |  |  | (0.4 | ) |  |  | (1.0 | ) |  |  | (0.6 | )
Reversal of excess deferred income taxes |  |  | (10.2 | ) |  |  | (3.5 | ) |  |  | (3.9 | ) |  |  | (2.1 | )
State legislative change |  |  | — |  |  |  | (1.5 | ) |  |  | — |  |  |  | (1.7 | )
Changes in state deferred taxes associated with assets held for sale |  |  | 1.4 |  |  |  | — |  |  |  | — |  |  |  | — |
AFUDC - equity |  |  | (1.3 | ) |  |  | (0.5 | ) |  |  | (1.0 | ) |  |  | (0.6 | )
Other, net |  |  | 0.2 |  |  |  | (0.4 | ) |  |  | 0.6 |  |  |  | 0.3 |
Effective tax rate |  |  | 33.1 | % |  |  | 11.7 | % |  |  | 13.2 | % |  |  | 15.0 | %
As described in Note 3, Dominion Energy entered into an agreement to sell 100% of the equity interests in Hope that will be treated as a stock sale for income tax purposes. In connection with the pending sale, Dominion Energy has recorded $90 million of deferred tax liabilities reflecting the excess of the financial reporting basis over the tax basis in Hope’s stock. These deferred taxes will reverse upon closing of the sale, which is expected to occur by the end of 2022. As of June 30, 2022, there have been no material changes in the Companies’ unrecognized tax benefits or possible changes that could reasonably be expected to occur during the next twelve months. See Note 5 to the Consolidated Financial Statements in the Companies’ Annual Report on Form 10-K for the year ended December 31, 2021, for a discussion of these unrecognized tax benefits. The Companies’ 2021 effective tax rate reflect the benefit of a state legislative change enacted in April 2021 for tax years beginning January 1, 2022. Dominion Energy’s effective tax rate reflects a $21 million deferred tax benefit, inclusive of a $16 million deferred tax benefit at Virginia Power. Discontinued operations Income tax expense reflected in discontinued operations is $4 million and $11 million for the six months ended June 30, 2022 and 2021, respectively.

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- Definition The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 21 -URI https://asc.fasb.org/extlink&oid=121826272&loc=d3e32857-109319 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section S99 -Paragraph 2 -Subparagraph (SAB Topic 11.C) -URI https://asc.fasb.org/extlink&oid=122134291&loc=d3e330215-122817 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 17 -Subparagraph (b) -URI https://asc.fasb.org/extlink&oid=121826272&loc=d3e32809-109319 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SAB TOPIC 6.I.5.Q1) -URI https://asc.fasb.org/extlink&oid=122134291&loc=d3e330036-122817 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 14 -URI https://asc.fasb.org/extlink&oid=121826272&loc=d3e32705-109319 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 270 -Section 50 -Paragraph 1 -URI https://asc.fasb.org/extlink&oid=6424409&loc=d3e44925-109338 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -URI https://asc.fasb.org/topic&trid=2144680 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 30 -Section 50 -Paragraph 2 -Subparagraph (a) -URI https://asc.fasb.org/extlink&oid=6424122&loc=d3e41874-109331 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08(h)(2)) -URI https://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690 + Details
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