| Schedule of Revision of Previously Issued Consolidated Financial Statements |
The following tables detail the impact of the restatement adjustment to each affected line item in the Companies' Consolidated Statements of Income and Statements of Comprehensive Income for the periods presented:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Dominion Energy |
|
|
|
Quarter-to-Date |
|
|
Year-to-Date |
|
Period Ended June 30, 2024 |
|
As Previously Reported |
|
|
Adjustments |
|
|
As Revised |
|
|
As Previously Reported |
|
|
Adjustments |
|
|
As Revised |
|
(millions, except per share amounts) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other income (expense) |
|
$ |
238 |
|
|
$ |
5 |
|
|
$ |
243 |
|
|
$ |
357 |
|
|
$ |
9 |
|
|
$ |
366 |
|
Interest and related charges |
|
|
469 |
|
|
|
1 |
|
|
|
470 |
|
|
|
1,043 |
|
|
|
2 |
|
|
|
1,045 |
|
Income from continuing operations including
noncontrolling interests before income tax expense |
|
|
574 |
|
|
|
4 |
|
|
|
578 |
|
|
|
952 |
|
|
|
7 |
|
|
|
959 |
|
Income tax expense |
|
|
91 |
|
|
|
21 |
|
|
|
112 |
|
|
|
146 |
|
|
|
62 |
|
|
|
208 |
|
Net Income From Continuing Operations Including
Noncontrolling Interests |
|
|
483 |
|
|
|
(17 |
) |
|
|
466 |
|
|
|
806 |
|
|
|
(55 |
) |
|
|
751 |
|
Net Income Including Noncontrolling Interests |
|
|
580 |
|
|
|
(17 |
) |
|
|
563 |
|
|
|
1,021 |
|
|
|
(55 |
) |
|
|
966 |
|
Net Income Attributable to Dominion Energy |
|
|
580 |
|
|
|
(17 |
) |
|
|
563 |
|
|
|
1,021 |
|
|
|
(55 |
) |
|
|
966 |
|
Amounts Attributable to Dominion Energy |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income from continuing operations |
|
|
483 |
|
|
|
(17 |
) |
|
|
466 |
|
|
|
806 |
|
|
|
(55 |
) |
|
|
751 |
|
Net income attributable to Dominion Energy |
|
|
580 |
|
|
|
(17 |
) |
|
|
563 |
|
|
|
1,021 |
|
|
|
(55 |
) |
|
|
966 |
|
EPS - Basic |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income from continuing operations |
|
|
0.54 |
|
|
|
(0.02 |
) |
|
|
0.52 |
|
|
|
0.90 |
|
|
|
(0.06 |
) |
|
|
0.84 |
|
Net income attributable to Dominion Energy |
|
|
0.66 |
|
|
|
(0.02 |
) |
|
|
0.64 |
|
|
|
1.16 |
|
|
|
(0.06 |
) |
|
|
1.10 |
|
EPS - Diluted |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income from continuing operations |
|
|
0.54 |
|
|
|
(0.02 |
) |
|
|
0.52 |
|
|
|
0.90 |
|
|
|
(0.06 |
) |
|
|
0.84 |
|
Net income attributable to Dominion Energy |
|
|
0.66 |
|
|
|
(0.02 |
) |
|
|
0.64 |
|
|
|
1.16 |
|
|
|
(0.06 |
) |
|
|
1.10 |
|
Comprehensive Income |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Changes in unrealized net gains (losses) on investment
securities(1) |
|
|
7 |
|
|
|
(2 |
) |
|
|
5 |
|
|
|
(19 |
) |
|
|
2 |
|
|
|
(17 |
) |
Total other comprehensive income (loss) |
|
|
13 |
|
|
|
(2 |
) |
|
|
11 |
|
|
|
6 |
|
|
|
2 |
|
|
|
8 |
|
Comprehensive income including noncontrolling interests |
|
|
593 |
|
|
|
(19 |
) |
|
|
574 |
|
|
|
1,027 |
|
|
|
(53 |
) |
|
|
974 |
|
Comprehensive income attributable to Dominion Energy |
|
|
593 |
|
|
|
(19 |
) |
|
|
574 |
|
|
|
1,027 |
|
|
|
(53 |
) |
|
|
974 |
|
(1)As previously reported, net of $(2) million and $8 million tax for the three and six months ended June 30, 2024, respectively. As revised, net of $(4) million ($(2) million adjustment) and $10 million ($2 million adjustment) tax for the three and six months ended June 30, 2024, respectively.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Virginia Power |
|
|
|
Quarter-to-Date |
|
|
Year-to-Date |
|
Period Ended June 30, 2024 |
|
As Previously Reported |
|
|
Adjustments |
|
|
As Revised |
|
|
As Previously Reported |
|
|
Adjustments |
|
|
As Revised |
|
(millions) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other income (expense) |
|
$ |
38 |
|
|
$ |
1 |
|
|
$ |
39 |
|
|
$ |
101 |
|
|
$ |
2 |
|
|
$ |
103 |
|
Interest and related charges |
|
|
204 |
|
|
|
— |
|
|
|
204 |
|
|
|
394 |
|
|
|
— |
|
|
|
394 |
|
Income before income tax expense |
|
|
596 |
|
|
|
1 |
|
|
|
597 |
|
|
|
1,189 |
|
|
|
2 |
|
|
|
1,191 |
|
Income tax expense |
|
|
117 |
|
|
|
3 |
|
|
|
120 |
|
|
|
245 |
|
|
|
8 |
|
|
|
253 |
|
Net Income Including Noncontrolling Interests |
|
|
479 |
|
|
|
(2 |
) |
|
|
477 |
|
|
|
944 |
|
|
|
(6 |
) |
|
|
938 |
|
Net Income Attributable to Virginia Power |
|
|
479 |
|
|
|
(2 |
) |
|
|
477 |
|
|
|
944 |
|
|
|
(6 |
) |
|
|
938 |
|
Comprehensive Income |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Changes in unrealized net gains (losses) on investment
securities(1) |
|
|
1 |
|
|
|
(1 |
) |
|
|
— |
|
|
|
(4 |
) |
|
|
— |
|
|
|
(4 |
) |
Total other comprehensive income (loss) |
|
|
4 |
|
|
|
(1 |
) |
|
|
3 |
|
|
|
7 |
|
|
|
— |
|
|
|
7 |
|
Comprehensive income including noncontrolling interests |
|
|
483 |
|
|
|
(3 |
) |
|
|
480 |
|
|
|
951 |
|
|
|
(6 |
) |
|
|
945 |
|
Comprehensive income attributable to Virginia Power |
|
|
483 |
|
|
|
(3 |
) |
|
|
480 |
|
|
|
951 |
|
|
|
(6 |
) |
|
|
945 |
|
(1)As previously reported, net of $- million and $1 million tax for the three and six months ended June 30, 2024, respectively. As revised, net of $(1) million ($(1) million adjustment) and $1 million ($- million adjustment) tax for the three and six months ended June 30, 2024, respectively. The following table details the impact of the restatement adjustment to each affected line item in the Companies' Consolidated Balance Sheets for the periods presented:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Dominion Energy |
|
|
Virginia Power |
|
December 31, 2024 |
|
As Previously Reported |
|
|
Adjustments |
|
|
As Revised |
|
|
As Previously Reported |
|
|
Adjustments |
|
|
As Revised |
|
(millions) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deferred income taxes |
|
$ |
6,412 |
|
|
$ |
723 |
|
|
$ |
7,135 |
|
|
$ |
4,045 |
|
|
$ |
431 |
|
|
$ |
4,476 |
|
Regulatory liabilities - noncurrent |
|
|
9,196 |
|
|
|
(435 |
) |
|
|
8,761 |
|
|
|
6,574 |
|
|
|
(435 |
) |
|
|
6,139 |
|
Other deferred credits and other liabilities |
|
|
8,426 |
|
|
|
102 |
|
|
|
8,528 |
|
|
|
6,214 |
|
|
|
61 |
|
|
|
6,275 |
|
Total deferred credits and other liabilities |
|
|
25,409 |
|
|
|
390 |
|
|
|
25,799 |
|
|
|
17,559 |
|
|
|
57 |
|
|
|
17,616 |
|
Total liabilities |
|
|
72,223 |
|
|
|
390 |
|
|
|
72,613 |
|
|
|
43,234 |
|
|
|
57 |
|
|
|
43,291 |
|
Retained earnings |
|
|
2,035 |
|
|
|
(394 |
) |
|
|
1,641 |
|
|
|
12,194 |
|
|
|
(58 |
) |
|
|
12,136 |
|
Accumulated other comprehensive income (loss) |
|
|
(156 |
) |
|
|
4 |
|
|
|
(152 |
) |
|
|
27 |
|
|
|
1 |
|
|
|
28 |
|
Shareholders' equity |
|
|
27,253 |
|
|
|
(390 |
) |
|
|
26,863 |
|
|
|
22,214 |
|
|
|
(57 |
) |
|
|
22,157 |
|
Total equity |
|
|
30,192 |
|
|
|
(390 |
) |
|
|
29,802 |
|
|
|
25,153 |
|
|
|
(57 |
) |
|
|
25,096 |
|
The following table details the impact of the restatement adjustment to each affected line item in the Companies' Consolidated Statements of Equity for the periods presented:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Dominion Energy |
|
|
Virginia Power |
|
Three Months Ended June 30, 2024 |
|
As Previously Reported |
|
|
Adjustments |
|
|
As Revised |
|
|
As Previously Reported |
|
|
Adjustments |
|
|
As Revised |
|
(millions) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Retained earnings |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance at March 31, 2024 |
|
$ |
2,091 |
|
|
$ |
(342 |
) |
|
$ |
1,749 |
|
|
$ |
11,757 |
|
|
$ |
(49 |
) |
|
$ |
11,708 |
|
Net income including noncontrolling interests |
|
|
580 |
|
|
|
(17 |
) |
|
|
563 |
|
|
|
479 |
|
|
|
(2 |
) |
|
|
477 |
|
Balance at June 30, 2024 |
|
|
2,083 |
|
|
|
(359 |
) |
|
|
1,724 |
|
|
|
12,236 |
|
|
|
(51 |
) |
|
|
12,185 |
|
Accumulated other comprehensive income (loss) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance at March 31, 2024 |
|
|
(180 |
) |
|
|
5 |
|
|
|
(175 |
) |
|
|
19 |
|
|
|
2 |
|
|
|
21 |
|
Other comprehensive income (loss), net of tax |
|
|
13 |
|
|
|
(2 |
) |
|
|
11 |
|
|
|
4 |
|
|
|
(1 |
) |
|
|
3 |
|
Balance at June 30, 2024 |
|
|
(167 |
) |
|
|
3 |
|
|
|
(164 |
) |
|
|
23 |
|
|
|
1 |
|
|
|
24 |
|
Shareholders' equity |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance at March 31, 2024 |
|
|
27,457 |
|
|
|
(337 |
) |
|
|
27,120 |
|
|
|
21,876 |
|
|
|
(47 |
) |
|
|
21,829 |
|
Net income including noncontrolling interests |
|
|
580 |
|
|
|
(17 |
) |
|
|
563 |
|
|
|
479 |
|
|
|
(2 |
) |
|
|
477 |
|
Other comprehensive income (loss), net of tax |
|
|
13 |
|
|
|
(2 |
) |
|
|
11 |
|
|
|
4 |
|
|
|
(1 |
) |
|
|
3 |
|
Balance at June 30, 2024 |
|
|
27,073 |
|
|
|
(356 |
) |
|
|
26,717 |
|
|
|
22,359 |
|
|
|
(50 |
) |
|
|
22,309 |
|
Total equity |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance at March 31, 2024 |
|
|
27,457 |
|
|
|
(337 |
) |
|
|
27,120 |
|
|
|
21,876 |
|
|
|
(47 |
) |
|
|
21,829 |
|
Net income including noncontrolling interests |
|
|
580 |
|
|
|
(17 |
) |
|
|
563 |
|
|
|
479 |
|
|
|
(2 |
) |
|
|
477 |
|
Other comprehensive income (loss), net of tax |
|
|
13 |
|
|
|
(2 |
) |
|
|
11 |
|
|
|
4 |
|
|
|
(1 |
) |
|
|
3 |
|
Balance at June 30, 2024 |
|
|
27,073 |
|
|
|
(356 |
) |
|
|
26,717 |
|
|
|
22,359 |
|
|
|
(50 |
) |
|
|
22,309 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Dominion Energy |
|
|
Virginia Power |
|
Six Months Ended June 30, 2024 |
|
As Previously Reported |
|
|
Adjustments |
|
|
As Revised |
|
|
As Previously Reported |
|
|
Adjustments |
|
|
As Revised |
|
(millions) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Retained earnings |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance at December 31, 2023 |
|
$ |
2,229 |
|
|
$ |
(304 |
) |
|
$ |
1,925 |
|
|
$ |
11,541 |
|
|
$ |
(45 |
) |
|
$ |
11,496 |
|
Net income including noncontrolling interests |
|
|
1,021 |
|
|
|
(55 |
) |
|
|
966 |
|
|
|
944 |
|
|
|
(6 |
) |
|
|
938 |
|
Balance at June 30, 2024 |
|
|
2,083 |
|
|
|
(359 |
) |
|
|
1,724 |
|
|
|
12,236 |
|
|
|
(51 |
) |
|
|
12,185 |
|
Accumulated other comprehensive income (loss) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance at December 31, 2023 |
|
|
(173 |
) |
|
|
1 |
|
|
|
(172 |
) |
|
|
16 |
|
|
|
1 |
|
|
|
17 |
|
Other comprehensive income (loss), net of tax |
|
|
6 |
|
|
|
2 |
|
|
|
8 |
|
|
|
7 |
|
|
|
— |
|
|
|
7 |
|
Balance at June 30, 2024 |
|
|
(167 |
) |
|
|
3 |
|
|
|
(164 |
) |
|
|
23 |
|
|
|
1 |
|
|
|
24 |
|
Shareholders' equity |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance at December 31, 2023 |
|
|
27,567 |
|
|
|
(303 |
) |
|
|
27,264 |
|
|
|
21,657 |
|
|
|
(44 |
) |
|
|
21,613 |
|
Net income including noncontrolling interests |
|
|
1,021 |
|
|
|
(55 |
) |
|
|
966 |
|
|
|
944 |
|
|
|
(6 |
) |
|
|
938 |
|
Other comprehensive income (loss), net of tax |
|
|
6 |
|
|
|
2 |
|
|
|
8 |
|
|
|
7 |
|
|
|
— |
|
|
|
7 |
|
Balance at June 30, 2024 |
|
|
27,073 |
|
|
|
(356 |
) |
|
|
26,717 |
|
|
|
22,359 |
|
|
|
(50 |
) |
|
|
22,309 |
|
Total equity |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance at December 31, 2023 |
|
|
27,567 |
|
|
|
(303 |
) |
|
|
27,264 |
|
|
|
21,657 |
|
|
|
(44 |
) |
|
|
21,613 |
|
Net income including noncontrolling interests |
|
|
1,021 |
|
|
|
(55 |
) |
|
|
966 |
|
|
|
944 |
|
|
|
(6 |
) |
|
|
938 |
|
Other comprehensive income (loss), net of tax |
|
|
6 |
|
|
|
2 |
|
|
|
8 |
|
|
|
7 |
|
|
|
— |
|
|
|
7 |
|
Balance at June 30, 2024 |
|
|
27,073 |
|
|
|
(356 |
) |
|
|
26,717 |
|
|
|
22,359 |
|
|
|
(50 |
) |
|
|
22,309 |
|
The following table details the impact of the restatement adjustment to each affected line item in the Companies' Consolidated Statements of Cash Flows for the periods presented:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Dominion Energy |
|
|
Virginia Power |
|
Six Months Ended June 30, 2024 |
|
As Previously Reported |
|
|
Adjustments |
|
|
As Revised |
|
|
As Previously Reported |
|
|
Adjustments |
|
|
As Revised |
|
(millions) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income including noncontrolling interests |
|
$ |
1,021 |
|
|
$ |
(55 |
) |
|
$ |
966 |
|
|
$ |
944 |
|
|
$ |
(6 |
) |
|
$ |
938 |
|
Operating Activities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deferred income taxes |
|
|
(128 |
) |
|
|
54 |
|
|
|
(74 |
) |
|
|
296 |
|
|
|
6 |
|
|
|
302 |
|
Other operating assets and liabilities |
|
|
(293 |
) |
|
|
1 |
|
|
|
(292 |
) |
|
|
(133 |
) |
|
|
— |
|
|
|
(133 |
) |
Net cash provided by operating activities |
|
|
2,838 |
|
|
|
— |
|
|
|
2,838 |
|
|
|
2,434 |
|
|
|
— |
|
|
|
2,434 |
|
|
| Reconciliation of Total Cash, Restricted Cash and Equivalents |
The following table provides a reconciliation of the total cash, restricted cash and equivalents reported within the Companies’ Consolidated Balance Sheets to the corresponding amounts reported within the Companies’ Consolidated Statements of Cash Flows for the six months ended June 30, 2025 and 2024:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash, Restricted
Cash and
Equivalents
at End of Period |
|
|
Cash, Restricted
Cash and
Equivalents
at Beginning of Period |
|
|
|
June 30, 2025 |
|
|
June 30, 2024 |
|
|
December 31, 2024 |
|
|
December 31, 2023 |
|
(millions) |
|
|
|
|
|
|
|
|
|
|
|
|
Dominion Energy |
|
|
|
|
|
|
|
|
|
|
|
|
Cash and cash equivalents(1) |
|
$ |
344 |
|
|
$ |
140 |
|
|
$ |
310 |
|
|
$ |
217 |
|
Restricted cash and
equivalents(2)(3)(4) |
|
|
69 |
|
|
|
67 |
|
|
|
55 |
|
|
|
84 |
|
Cash, restricted cash and
equivalents shown in the
Consolidated Statements
of Cash Flows |
|
$ |
413 |
|
|
$ |
207 |
|
|
$ |
365 |
|
|
$ |
301 |
|
Virginia Power |
|
|
|
|
|
|
|
|
|
|
|
|
Cash and cash equivalents |
|
$ |
157 |
|
|
$ |
41 |
|
|
$ |
160 |
|
|
$ |
90 |
|
Restricted cash and
equivalents(3)(4) |
|
|
61 |
|
|
|
45 |
|
|
|
46 |
|
|
|
— |
|
Cash, restricted cash and
equivalents shown in the
Consolidated Statements
of Cash Flows |
|
$ |
218 |
|
|
$ |
86 |
|
|
$ |
206 |
|
|
$ |
90 |
|
(1)At June 30, 2024 and December 31, 2023, Dominion Energy had $1 million and $33 million, respectively, of cash and cash equivalents included in assets held for sale. (2)At June 30, 2024 and December 31, 2023, Dominion Energy had less than $1 million and $4 million, respectively, of restricted cash and equivalents included in assets held for sale. (3)Includes $51 million, $41 million and $40 million at VPFS attributable to VIEs at June 30, 2025, December 31, 2024 and June 30, 2024, respectively. (4)Unless otherwise noted, restricted cash and equivalents balances are presented within other current assets in the Companies’ Consolidated Balance Sheets.
|