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Leases (Tables) | 12 Months Ended
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Dec. 31, 2022
Leases [Abstract] |
Lease Assets and Liabilities Recorded in Consolidated Balance Sheets | At December 31, 2022 and 2021, the Companies had the following lease assets and liabilities recorded in the Consolidated Balance Sheets:
| Dominion Energy |  |  | Virginia Power |
At December 31, | 2022 |  |  | 2021 |  |  | 2022 |  |  | 2021 |
(millions) |  |  |  |  |  |  |  |  |  |  |
Lease assets: |  |  |  |  |  |  |  |  |  |  |
Operating lease assets(1) | $ | 415 |  |  | $ | 506 |  |  | $ | 294 |  |  | $ | 256 |
Finance lease assets(2) |  | 144 |  |  |  | 144 |  |  |  | 82 |  |  |  | 71 |
Total lease assets | $ | 559 |  |  | $ | 650 |  |  | $ | 376 |  |  | $ | 327 |
Lease liabilities: |  |  |  |  |  |  |  |  |  |  |
Operating lease liabilities(3) | $ | 39 |  |  | $ | 44 |  |  | $ | 21 |  |  | $ | 25 |
Finance lease liabilities(4) |  | 46 |  |  |  | 36 |  |  |  | 17 |  |  |  | 13 |
Total lease liabilities - current |  | 85 |  |  |  | 80 |  |  |  | 38 |  |  |  | 38 |
Operating lease liabilities (5) |  | 514 |  |  |  | 464 |  |  |  | 273 |  |  |  | 227 |
Finance lease liabilities(6) |  | 104 |  |  |  | 112 |  |  |  | 65 |  |  |  | 57 |
Total lease liabilities - noncurrent |  | 618 |  |  |  | 576 |  |  |  | 338 |  |  |  | 284 |
Total lease liabilities | $ | 703 |  |  | $ | 656 |  |  | $ | 376 |  |  | $ | 322 |
(1) Included in other deferred charges and other assets in the Companies’ Consolidated Balance Sheets. (2) Included in property, plant and equipment in the Companies’ Consolidated Balance Sheets, net of $114 million and $33 million of accumulated amortization at Dominion Energy and Virginia Power, respectively, at December 31, 2022 and net of $81 million and $18 million of accumulated amortization at Dominion Energy and Virginia Power, respectively, at December 31, 2021. (3) Included in other current liabilities in the Companies’ Consolidated Balance Sheets. (4) Included in securities due within one year in the Companies’ Consolidated Balance Sheets. (5) Included in other deferred credits and other liabilities in the Companies’ Consolidated Balance Sheets. (6) Included in other long-term debt in the Companies’ Consolidated Balance Sheets.
Summary of Total Lease Cost | For the years ended December 31, 2022, 2021 and 2020, total lease cost associated with the Companies’ leasing arrangements consisted of the following:
| Dominion Energy |  |  | Virginia Power |
Year ended December 31, | 2022 |  |  | 2021 |  |  | 2020 |  |  | 2022 |  |  | 2021 |  |  | 2020 |
(millions) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Finance lease cost: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Amortization | $ | 41 |  |  | $ | 40 |  |  | $ | 33 |  |  | $ | 15 |  |  | $ | 12 |  |  | $ | 7 |
Interest |  | 3 |  |  |  | (3 | ) |  |  | — |  |  |  | 3 |  |  |  | 1 |  |  |  | 1 |
Operating lease cost |  | 53 |  |  |  | 66 |  |  |  | 68 |  |  |  | 32 |  |  | $ | 30 |  |  | $ | 36 |
Short-term lease cost |  | 31 |  |  |  | 32 |  |  |  | 20 |  |  |  | 21 |  |  |  | 19 |  |  |  | 12 |
Variable lease cost |  | 4 |  |  |  | 5 |  |  |  | 8 |  |  |  | 1 |  |  |  | 1 |  |  |  | 4 |
Total lease cost | $ | 132 |  |  | $ | 140 |  |  | $ | 129 |  |  | $ | 72 |  |  | $ | 63 |  |  | $ | 60 |
Cash Paid for Amounts Included in Measurement of Lease Liabilities | For the years ended December 31, 2022, 2021 and 2020, cash paid for amounts included in the measurement of the lease liabilities consisted of the following amounts, included in the Companies’ Consolidated Statements of Cash Flows:
| Dominion Energy |  |  | Virginia Power |
Year ended December 31, | 2022 |  |  | 2021 |  |  | 2020 |  |  | 2022 |  |  | 2021 |  |  | 2020 |
(millions) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Operating cash flows for finance leases | $ | 3 |  |  | $ | (3 | ) |  | $ | — |  |  | $ | 3 |  |  | $ | 1 |  |  | $ | 1 |
Operating cash flows for operating leases |  | 82 |  |  |  | 103 |  |  |  | 96 |  |  |  | 50 |  |  |  | 53 |  |  |  | 52 |
Financing cash flows for finance leases |  | 32 |  |  |  | 40 |  |  |  | 33 |  |  |  | 12 |  |  |  | 12 |  |  |  | 7 |
Weighted Average Remaining Lease Term and Weighted Discounted Rate for Finance and Operating Leases | At December 31, 2022 and 2021, the weighted average remaining lease term and weighted discount rate for the Companies’ finance and operating leases were as follows:
| Dominion Energy |  |  | Virginia Power |
December 31, | 2022 |  |  | 2021 |  |  | 2022 |  |  | 2021 |
Dominion Energy |  |  |  |  |  |  |  |  |  |  |
Weighted average remaining lease term - finance leases | 4 years |  |  | 5 years |  |  | 6 years |  |  | 6 years |
Weighted average remaining lease term - operating leases | 29 years |  |  | 27 years |  |  | 30 years |  |  | 25 years |
Weighted average discount rate - finance leases |  | 5.77 | % |  |  | 2.77 | % |  |  | 6.12 | % |  |  | 2.27 | %
Weighted average discount rate - operating leases |  | 3.91 | % |  |  | 3.96 | % |  |  | 3.90 | % |  |  | 4.00 | %
Scheduled Maturities of Lease Liabilities | The Companies’ lease liabilities have the following maturities:
Maturity of Lease Liabilities |  | Dominion Energy |  |  | Virginia Power |
(millions) |  | Operating |  |  | Finance |  |  | Operating |  |  | Finance |
2023 |  | $ | 44 |  |  | $ | 52 |  |  | $ | 23 |  |  | $ | 21 |
2024 |  |  | 36 |  |  |  | 45 |  |  |  | 19 |  |  |  | 20 |
2025 |  |  | 30 |  |  |  | 25 |  |  |  | 15 |  |  |  | 17 |
2026 |  |  | 27 |  |  |  | 20 |  |  |  | 12 |  |  |  | 14 |
2027 |  |  | 25 |  |  |  | 14 |  |  |  | 10 |  |  |  | 11 |
After 2027 |  |  | 642 |  |  |  | 15 |  |  |  | 314 |  |  |  | 13 |
Total undiscounted lease payments |  |  | 804 |  |  |  | 171 |  |  |  | 393 |  |  |  | 96 |
Present value adjustment |  |  | (251 | ) |  |  | (21 | ) |  |  | (99 | ) |  |  | (14 | )
Present value of lease liabilities |  | $ | 553 |  |  | $ | 150 |  |  | $ | 294 |  |  | $ | 82 |

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- Definition Tabular disclosure of lessee's lease cost. Includes, but is not limited to, interest expense for finance lease, amortization of right-of-use asset for finance lease, operating lease cost, short-term lease cost, variable lease cost and sublease income. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 842 -SubTopic 20 -Section 50 -Paragraph 4 -URI https://asc.fasb.org/extlink&oid=128292326&loc=SL77918686-209980 + Details
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