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Employee Benefit Plans
 6 Months Ended
Jun. 30, 2022
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. The non-service cost components of net periodic benefit (credit) cost are reflected in other income (expense) 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

 

 

 

2022

 

 

2021

 

 

2022

 

 

2021

 

(millions)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended June 30,

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Service cost

 

$

35

 

 

$

42

 

 

$

5

 

 

$

6

 

Interest cost

 

 

84

 

 

 

79

 

 

 

12

 

 

 

12

 

Expected return on plan assets

 

 

(223

)

 

 

(208

)

 

 

(48

)

 

 

(43

)

Amortization of prior service cost (credit)

 

 

—

 

 

 

—

 

 

 

(9

)

 

 

(11

)

Amortization of net actuarial loss

 

 

40

 

 

 

49

 

 

 

(1

)

 

 

1

 

Settlements (1)

 

 

—

 

 

 

7

 

 

 

—

 

 

 

—

 

Net periodic benefit (credit) cost

 

$

(64

)

 

$

(31

)

 

$

(41

)

 

$

(35

)

Six Months Ended June 30,

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Service cost

 

$

71

 

 

$

84

 

 

$

11

 

 

$

12

 

Interest cost

 

 

167

 

 

 

158

 

 

 

23

 

 

 

24

 

Expected return on plan assets

 

 

(446

)

 

 

(416

)

 

 

(96

)

 

 

(87

)

Amortization of prior service (credit) cost

 

 

—

 

 

 

—

 

 

 

(19

)

 

 

(21

)

Amortization of net actuarial loss

 

 

80

 

 

 

97

 

 

 

(1

)

 

 

2

 

Settlements (1)

 

 

—

 

 

 

5

 

 

 

—

 

 

 

—

 

Net periodic benefit (credit) cost

 

$

(128

)

 

$

(72

)

 

$

(82

)

 

$

(70

)

 

(1)   2021 amounts relate primarily to the Dominion Energy executive nonqualified pension plan.

Employer Contributions

During the three and six months ended June 30, 2022, 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 2022. Dominion Energy considers voluntary contributions from time to time, either in the form of cash or equity securities.