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Preferred Stock (Tables) | 12 Months Ended
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Dec. 31, 2022
Preferred Stock |
Preferred Stock | Selected information about Dominion Energy’s 2019 Equity Units is presented below:
Issuance Date |  | Units Issued |  | Total Net Proceeds(1) |  |  | Total Preferred Stock(2) |  |  | Cumulative Dividend Rate |  |  | Stock Purchase Contract Annual Rate |  |  | Stock Purchase Contract Liability(3) |  |  | Stock Purchase Contract Settlement Date
(millions except interest rates) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
6/14/2019 |  | 16 |  | $ | 1,582 |  |  | $ | 1,610 |  |  |  | 1.75 | % |  |  | 5.5 | % |  | $ | 250 |  |  | 6/1/2022
(1) Issuance costs of $28 million were recorded as a reduction to preferred stock ($14 million) and common stock ($14 million). In connection with the reclassification of the Series A Preferred Stock to mezzanine equity in 2021, the issuance costs originally recognized as a reduction to preferred stock were reclassified to common stock. (2) Dominion Energy recorded dividends of $12 million ($7.292 per share), $28 million ($17.50 per share) and $28 million ($17.50 per share) for the years ended December 31, 2022, 2021 and 2020, respectively. In addition, Dominion Energy recorded interest expense of $7 million on the Series A Preferred Stock for the year ended December 31, 2022, following the reclassification of these shares to a mandatorily redeemable liability effective June 2022 as discussed above. Payments of $44 million, $85 million and $83 million were made in 2022, 2021 and 2020, respectively. The stock purchase contract liability was $44 million at December 31, 2021.

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- Definition Tabular disclosure of preferred units of master limited partnerships that have priority over limited partner units in areas including liquidation, redemption, conversion, tax status of distribution or sharing in distributions. This schedule ordinarily includes a description of the preferred units that details various rights including redemption, conversion, liquidation, and sharing in distributions; capital contributed by preferred partners; number of preferred units authorized to be issued, issued, and outstanding; aggregate cumulative cash distributions made to the preferred partners; aggregate cumulative net income earned by the preferred partners; capital account balance of the preferred partners. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section S99 -Paragraph 5 -Subparagraph (SAB TOPIC 4.F) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480008/505-10-S99-5 + Details
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