Document and Entity Information
Document and Entity Information - shares | 9 Months Ended | |
Sep. 30, 2016 | Oct. 15, 2016 | |
Entity Information [Line Items] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Sep. 30, 2016 | |
Document Fiscal Year Focus | 2,016 | |
Document Fiscal Period Focus | Q3 | |
Trading Symbol | D | |
Entity Registrant Name | DOMINION RESOURCES INC /VA/ | |
Entity Central Index Key | 715,957 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Large Accelerated Filer | |
Entity Common Stock, Shares Outstanding | 626,750,459 | |
Virginia Electric and Power Company | ||
Entity Information [Line Items] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Sep. 30, 2016 | |
Document Fiscal Year Focus | 2,016 | |
Document Fiscal Period Focus | Q3 | |
Trading Symbol | VEL - PE | |
Entity Registrant Name | VIRGINIA ELECTRIC & POWER CO | |
Entity Central Index Key | 103,682 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Non-accelerated Filer | |
Entity Common Stock, Shares Outstanding | 274,723 | |
Dominion Gas Holdings, LLC | ||
Entity Information [Line Items] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Sep. 30, 2016 | |
Document Fiscal Year Focus | 2,016 | |
Document Fiscal Period Focus | Q3 | |
Entity Registrant Name | Dominion Gas Holdings, LLC | |
Entity Central Index Key | 1,603,291 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Non-accelerated Filer | |
Entity Common Stock, Shares Outstanding | 0 |
Consolidated Statements of Inco
Consolidated Statements of Income (Unaudited) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | ||
Operating Revenue | $ 3,132 | $ 2,971 | $ 8,651 | $ 9,127 | |
Operating Expenses | |||||
Electric fuel and other energy-related purchases | 606 | 636 | 1,791 | 2,180 | |
Purchased (excess) electric capacity | (6) | 75 | 107 | 259 | |
Purchased gas | 77 | 85 | 252 | 446 | |
Other operations and maintenance | 765 | 564 | 2,133 | 1,875 | |
Depreciation, depletion and amortization | 400 | 355 | 1,112 | 1,037 | |
Other taxes | 145 | 133 | 448 | 432 | |
Total operating expenses | 1,987 | 1,848 | 5,843 | 6,229 | |
Income from operations | 1,145 | 1,123 | 2,808 | 2,898 | |
Other income | 63 | 11 | 189 | 127 | |
Interest and related charges | 250 | 230 | 715 | 674 | |
Income from operations including noncontrolling interests before income tax expense | 958 | 904 | 2,282 | 2,351 | |
Income tax expense | 230 | 305 | 561 | 794 | |
Net Income Including Noncontrolling Interests | 728 | 599 | 1,721 | 1,557 | |
Noncontrolling Interests | 38 | 6 | 55 | 15 | |
Net Income Attributable to Dominion | $ 690 | $ 593 | $ 1,666 | $ 1,542 | |
Earnings Per Common Share | |||||
Net income attributable to Dominion - Basic (in dollars per share) | $ 1.10 | $ 1 | $ 2.72 | $ 2.61 | |
Net income attributable to Dominion - Diluted (in dollars per share) | 1.10 | 1 | 2.71 | 2.60 | |
Dividends Declared Per Common Share (dollars per share) | $ 0.7000 | $ 0.6475 | $ 2.1000 | $ 1.9425 | |
Virginia Electric and Power Company | |||||
Operating Revenue | [1] | $ 2,211 | $ 2,058 | $ 5,877 | $ 6,008 |
Operating Expenses | |||||
Electric fuel and other energy-related purchases | [1] | 516 | 554 | 1,527 | 1,861 |
Purchased (excess) electric capacity | (6) | 75 | 107 | 259 | |
Affiliated suppliers | 73 | 64 | 238 | 208 | |
Other | 370 | 311 | 1,041 | 1,008 | |
Depreciation, depletion and amortization | 270 | 244 | 765 | 713 | |
Other taxes | 74 | 69 | 218 | 212 | |
Total operating expenses | 1,297 | 1,317 | 3,896 | 4,261 | |
Income from operations | 914 | 741 | 1,981 | 1,747 | |
Other income | 13 | 13 | 47 | 49 | |
Interest and related charges | 118 | 116 | 345 | 332 | |
Income from operations including noncontrolling interests before income tax expense | 809 | 638 | 1,683 | 1,464 | |
Income tax expense | 306 | 253 | 637 | 564 | |
Net Income Attributable to Dominion | 503 | 385 | 1,046 | 900 | |
Dominion Gas Holdings, LLC | |||||
Operating Revenue | [2] | 382 | 365 | 1,181 | 1,291 |
Operating Expenses | |||||
Purchased gas | [2] | 21 | 8 | 71 | 103 |
Other energy-related purchases | 4 | 4 | 8 | 17 | |
Affiliated suppliers | 20 | 12 | 63 | 50 | |
Other | 113 | 51 | 268 | 211 | |
Depreciation, depletion and amortization | 55 | 53 | 150 | 157 | |
Other taxes | 36 | 35 | 127 | 127 | |
Total operating expenses | 249 | 163 | 687 | 665 | |
Income from operations | 133 | 202 | 494 | 626 | |
Other income | 7 | 4 | 22 | 17 | |
Interest and related charges | 23 | 18 | 68 | 53 | |
Income from operations including noncontrolling interests before income tax expense | 117 | 188 | 448 | 590 | |
Income tax expense | 34 | 77 | 162 | 233 | |
Net Income Attributable to Dominion | $ 83 | $ 111 | $ 286 | $ 357 | |
[1] | See Note 17 for amounts attributable to affiliates. | ||||
[2] | See Note 17 for amounts attributable to related parties. |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | ||
Net income including noncontrolling interests | $ 728 | $ 599 | $ 1,721 | $ 1,557 | |
Net income | 690 | 593 | 1,666 | 1,542 | |
Other comprehensive income (loss), net of taxes: | |||||
Net deferred gains (losses) on derivatives-hedging activities | [1] | 14 | (7) | 56 | 25 |
Changes in unrealized net gains (losses) on investment securities | [2] | 31 | (59) | 72 | (55) |
Changes in unrecognized pension and other postretirement benefit costs | [3] | 15 | (9) | 15 | (6) |
Amounts reclassified to net income: | |||||
Net derivative (gains) losses-hedging activities | [4] | (34) | (53) | (141) | (53) |
Net realized gains on investment securities | [5] | (13) | (2) | (23) | (35) |
Net pension and other postretirement benefit costs | [6] | 9 | 14 | 25 | 39 |
Changes in other comprehensive income (loss) from equity method investees | [7] | 0 | 1 | (1) | 0 |
Total other comprehensive income (loss) | 22 | (115) | 3 | (85) | |
Comprehensive income including noncontrolling interests | 750 | 484 | 1,724 | 1,472 | |
Comprehensive income attributable to noncontrolling interests | 38 | 6 | 55 | 15 | |
Comprehensive income attributable to Dominion | 712 | 478 | 1,669 | 1,457 | |
Virginia Electric and Power Company | |||||
Net income | 503 | 385 | 1,046 | 900 | |
Other comprehensive income (loss), net of taxes: | |||||
Net deferred gains (losses) on derivatives-hedging activities | [8] | (1) | (6) | (16) | (3) |
Changes in unrealized net gains (losses) on investment securities | [9] | 4 | (11) | 10 | (10) |
Amounts reclassified to net income: | |||||
Net derivative (gains) losses-hedging activities | [10] | 0 | 0 | 0 | 1 |
Net realized gains on investment securities | [11] | (1) | (1) | (2) | (4) |
Total other comprehensive income (loss) | 2 | (18) | (8) | (16) | |
Comprehensive income attributable to Dominion | 505 | 367 | 1,038 | 884 | |
Dominion Gas Holdings, LLC | |||||
Net income | 83 | 111 | 286 | 357 | |
Other comprehensive income (loss), net of taxes: | |||||
Net deferred gains (losses) on derivatives-hedging activities | [12] | 9 | 3 | (6) | 2 |
Amounts reclassified to net income: | |||||
Net derivative (gains) losses-hedging activities | [13] | (1) | (2) | (3) | (3) |
Net pension and other postretirement benefit costs | [14] | 1 | 1 | 2 | 3 |
Total other comprehensive income (loss) | 9 | 2 | (7) | 2 | |
Comprehensive income attributable to Dominion | $ 92 | $ 113 | $ 279 | $ 359 | |
[1] | Net of $(8) million and $--- million tax for the three months ended September 30, 2016 and 2015, respectively, and net of $(34) million and $(20) million tax for the nine months ended September 30, 2016 and 2015, respectively. | ||||
[2] | Net of $(18) million and $55 million tax for the three months ended September 30, 2016 and 2015, respectively, and net of $(43) million and $50 million tax for the nine months ended September 30, 2016 and 2015, respectively. | ||||
[3] | Net of $(10) million and $(9) million tax for the three months ended September 30, 2016 and 2015, respectively, and net of $(10) million and $(6) million tax for the nine months ended September 30, 2016 and 2015, respectively. | ||||
[4] | Net of $21 million and $30 million tax for the three months ended September 30, 2016 and 2015, respectively, and net of $88 million and $34 million tax for the nine months ended September 30, 2016 and 2015, respectively. | ||||
[5] | Net of $7 million and $--- million tax for the three months ended September 30, 2016 and 2015, respectively, and net of $13 million and $20 million tax for the nine months ended September 30, 2016 and 2015, respectively. | ||||
[6] | Net of $(4) million and $(7) million tax for the three months ended September 30, 2016 and 2015, respectively, and net of $(16) million and $(25) million tax for the nine months ended September 30, 2016 and 2015, respectively. | ||||
[7] | Net of $--- million and $(1) million tax for the three months ended September 30, 2016 and 2015, respectively, and net of $--- million tax for both the nine months ended September 30, 2016 and 2015. | ||||
[8] | Net of $1 million and $3 million tax for the three months ended September 30, 2016 and 2015, respectively, and net of $10 million and $1 million tax for the nine months ended September 30, 2016 and 2015, respectively. | ||||
[9] | Net of $(2) million and $5 million tax for the three months ended September 30, 2016 and 2015, respectively, and net of $(6) million and$5 million tax for the nine months ended September 30, 2016 and 2015, respectively. | ||||
[10] | Net of $--- million tax for both the three months ended September 30, 2016 and 2015, and net of $(1) million and $--- million tax for the nine months ended September 30, 2016 and 2015, respectively. | ||||
[11] | Net of $1 million and $2 million tax for the three months ended September 30, 2016 and 2015, respectively, and net of $2 million and $3 million tax for the nine months ended September 30, 2016 and 2015, respectively. | ||||
[12] | Net of $(3) million and $(1) million tax for the three months ended September 30, 2016 and 2015, respectively, and net of $5 million and $--- million tax for the nine months ended September 30, 2016 and 2015, respectively. | ||||
[13] | Net of $2 million and $1 million tax for the three months ended September 30, 2016 and 2015, respectively, and net of $2 million and $1 million tax for the nine months ended September 30, 2016 and 2015, respectively. | ||||
[14] | Net of $(1) million tax for both the three months ended September 30, 2016 and 2015, and net of $(2) million and $(3) million tax for the nine months ended September 30, 2016 and 2015, respectively. |
Consolidated Statements of Com4
Consolidated Statements of Comprehensive Income (Unaudited) (Parenthetical) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Net deferred gains (losses) on derivative-hedging activities, tax | $ (8) | $ 0 | $ (34) | $ (20) |
Changes in unrealized net gains (losses) on investment securities, tax | (18) | 55 | (43) | 50 |
Changes in unrecognized pension and other postretirement benefit costs, tax | (10) | (9) | (10) | (6) |
Net derivative (gains) losses-hedging activities, tax | 21 | 30 | 88 | 34 |
Net realized gains on investment securities, tax | 7 | 0 | 13 | 20 |
Net pension and other postretirement benefit costs, tax | (4) | (7) | (16) | (25) |
Changes in other comprehensive income (loss) from equity method investees, tax | 0 | (1) | 0 | 0 |
Virginia Electric and Power Company | ||||
Net deferred gains (losses) on derivative-hedging activities, tax | 1 | 3 | 10 | 1 |
Changes in unrealized net gains (losses) on investment securities, tax | (2) | 5 | (6) | 5 |
Net derivative (gains) losses-hedging activities, tax | 0 | 0 | (1) | 0 |
Net realized gains on investment securities, tax | 1 | 2 | 2 | 3 |
Dominion Gas Holdings, LLC | ||||
Net deferred gains (losses) on derivative-hedging activities, tax | (3) | (1) | 5 | 0 |
Net derivative (gains) losses-hedging activities, tax | 2 | 1 | 2 | 1 |
Net pension and other postretirement benefit costs, tax | $ (1) | $ (1) | $ (2) | $ (3) |
Consolidated Balance Sheets (Un
Consolidated Balance Sheets (Unaudited) - USD ($) $ in Millions | Sep. 30, 2016 | Dec. 31, 2015 | ||
Current Assets | ||||
Cash and cash equivalents | $ 251 | $ 607 | [1] | |
Customer receivables (less allowance for doubtful accounts) | 1,259 | 1,200 | [1] | |
Other receivables (less allowance for doubtful accounts) | 133 | 169 | [1] | |
Inventories | 1,516 | 1,348 | [1] | |
Prepayments | 147 | 198 | [1] | |
Regulatory assets | [2] | 250 | 351 | |
Other | 493 | 667 | [1] | |
Total current assets | 3,799 | 4,189 | [1] | |
Investments | ||||
Nuclear decommissioning trust funds | 4,427 | 4,183 | [1] | |
Investment in equity method affiliates | 1,498 | 1,320 | [1] | |
Other | 299 | 271 | [1] | |
Total investments | 6,224 | 5,774 | [1] | |
Property, Plant and Equipment | ||||
Property, plant and equipment | 68,282 | 57,776 | [1] | |
Accumulated depreciation, depletion and amortization | (19,394) | (16,222) | [1] | |
Total property, plant and equipment, net | 48,888 | 41,554 | [1] | |
Deferred Charges and Other Assets | ||||
Goodwill | 6,405 | 3,294 | [1] | |
Pension and other postretirement benefit assets | 1,095 | 943 | [1] | |
Regulatory assets | 2,143 | 1,865 | [1] | |
Other | 1,045 | 1,029 | [1] | |
Total deferred charges and other assets | 10,688 | 7,131 | [1] | |
Total assets | 69,599 | 58,648 | [1] | |
Current Liabilities | ||||
Securities due within one year | 2,931 | 1,825 | [1] | |
Short-term debt | 3,097 | 3,509 | [1] | |
Accounts payable | 685 | 726 | [1] | |
Accrued interest, payroll and taxes | 800 | 515 | [1] | |
Regulatory liabilities | [3] | 124 | 100 | |
Other | [4] | 1,514 | 1,544 | [1] |
Total current liabilities | 9,027 | 8,119 | [1] | |
Long-Term Debt | ||||
Long-term debt | 23,356 | 20,048 | [1] | |
Junior subordinated notes | 2,980 | 1,340 | [1] | |
Remarketable subordinated notes | 2,371 | 2,080 | [1] | |
Total long-term debt | 28,707 | 23,468 | [1] | |
Deferred Credits and Other Liabilities | ||||
Deferred income taxes and investment tax credits | 8,675 | 7,414 | [1] | |
Asset retirement obligations | 2,153 | 1,887 | [1] | |
Regulatory liabilities | 2,597 | 2,285 | [1] | |
Other | 2,248 | 1,873 | [1] | |
Total deferred credits and other liabilities | 15,673 | 13,459 | [1] | |
Total liabilities | 53,407 | 45,046 | [1] | |
Commitments and Contingencies | [1] | |||
Equity | ||||
Common stock - no par | [5] | 8,592 | 6,680 | [1] |
Retained earnings | 6,837 | 6,458 | [1] | |
Accumulated other comprehensive loss | (471) | (474) | [1] | |
Total common shareholders' equity | 14,958 | 12,664 | [1] | |
Noncontrolling interests | 1,234 | 938 | [1] | |
Total equity | 16,192 | 13,602 | [1] | |
Total liabilities and equity | 69,599 | 58,648 | [1] | |
Virginia Electric and Power Company | ||||
Current Assets | ||||
Cash and cash equivalents | 18 | 18 | [6] | |
Customer receivables (less allowance for doubtful accounts) | 937 | 822 | [6] | |
Other receivables (less allowance for doubtful accounts) | 87 | 109 | [6] | |
Affiliated receivables | 1 | 296 | [6] | |
Inventories | 836 | 873 | [6] | |
Prepayments | 23 | 38 | [6] | |
Regulatory assets | 197 | 326 | [6] | |
Other | [7] | 33 | 22 | [6] |
Total current assets | 2,132 | 2,504 | [6] | |
Investments | ||||
Nuclear decommissioning trust funds | 2,074 | 1,945 | [6] | |
Other | 3 | 3 | [6] | |
Total investments | 2,077 | 1,948 | [6] | |
Property, Plant and Equipment | ||||
Property, plant and equipment | 39,428 | 37,639 | [6] | |
Accumulated depreciation, depletion and amortization | (12,314) | (11,708) | [6] | |
Total property, plant and equipment, net | 27,114 | 25,931 | [6] | |
Deferred Charges and Other Assets | ||||
Regulatory assets | 897 | 667 | [6] | |
Other | [7] | 527 | 515 | [6] |
Total deferred charges and other assets | 1,424 | 1,182 | [6] | |
Total assets | 32,747 | 31,565 | [6] | |
Current Liabilities | ||||
Securities due within one year | 679 | 476 | [6] | |
Short-term debt | 965 | 1,656 | [6] | |
Accounts payable | 330 | 366 | [6] | |
Accrued interest, payroll and taxes | 321 | 190 | [6] | |
Regulatory liabilities | 75 | 35 | [6] | |
Payables to affiliates | 84 | 73 | [6] | |
Affiliated current borrowings | 0 | 376 | [6] | |
Other | [7] | 690 | 558 | [6] |
Total current liabilities | 3,144 | 3,730 | [6] | |
Long-Term Debt | ||||
Total long-term debt | 8,963 | 8,892 | [6] | |
Deferred Credits and Other Liabilities | ||||
Deferred income taxes and investment tax credits | 5,017 | 4,654 | [6] | |
Asset retirement obligations | 1,194 | 1,104 | [6] | |
Regulatory liabilities | 1,967 | 1,929 | [6] | |
Other | [7] | 784 | 615 | [6] |
Total deferred credits and other liabilities | 8,962 | 8,302 | [6] | |
Total liabilities | 21,069 | 20,924 | [6] | |
Commitments and Contingencies | [6] | |||
Equity | ||||
Common stock - no par | [8] | 5,738 | 5,738 | [6] |
Other paid-in capital | 1,113 | 1,113 | [6] | |
Retained earnings | 4,795 | 3,750 | [6] | |
Accumulated other comprehensive loss | 32 | 40 | [6] | |
Total common shareholders' equity | 11,678 | 10,641 | [6] | |
Total liabilities and equity | 32,747 | 31,565 | [6] | |
Dominion Gas Holdings, LLC | ||||
Current Assets | ||||
Cash and cash equivalents | 8 | 13 | [9] | |
Customer receivables (less allowance for doubtful accounts) | [10] | 158 | 219 | [9] |
Other receivables (less allowance for doubtful accounts) | [10] | 12 | 7 | [9] |
Affiliated receivables | 5 | 98 | [9] | |
Inventories | 94 | 78 | [9] | |
Prepayments | 73 | 88 | [9] | |
Regulatory assets | [2] | 22 | 23 | |
Other | [10] | 55 | 63 | [9] |
Total current assets | 405 | 566 | [9] | |
Investments | ||||
Total investments | 98 | 104 | [9] | |
Property, Plant and Equipment | ||||
Property, plant and equipment | 10,259 | 9,693 | [9] | |
Accumulated depreciation, depletion and amortization | (2,808) | (2,690) | [9] | |
Total property, plant and equipment, net | 7,451 | 7,003 | [9] | |
Deferred Charges and Other Assets | ||||
Goodwill | 542 | 542 | [9] | |
Regulatory assets | [11] | 469 | 449 | |
Pension and other postretirement benefit assets | [10] | 1,613 | 1,510 | [9] |
Other | [10] | 634 | 583 | [9] |
Total deferred charges and other assets | 2,789 | 2,635 | [9] | |
Total assets | 10,743 | 10,308 | [9] | |
Current Liabilities | ||||
Securities due within one year | 400 | 400 | [9] | |
Short-term debt | 60 | 391 | [9] | |
Accounts payable | 124 | 201 | [9] | |
Accrued interest, payroll and taxes | 176 | 183 | [9] | |
Regulatory liabilities | [3] | 39 | 55 | |
Payables to affiliates | 20 | 22 | [9] | |
Affiliated current borrowings | 0 | 95 | [9] | |
Other | [10] | 162 | 183 | [9] |
Total current liabilities | 942 | 1,475 | [9] | |
Long-Term Debt | ||||
Total long-term debt | 3,545 | 2,869 | [9] | |
Deferred Credits and Other Liabilities | ||||
Deferred income taxes and investment tax credits | 2,414 | 2,214 | [9] | |
Regulatory liabilities | [12] | 217 | 201 | |
Other | [10] | 395 | 432 | [9] |
Total deferred credits and other liabilities | 2,809 | 2,646 | [9] | |
Total liabilities | 7,296 | 6,990 | [9] | |
Commitments and Contingencies | [9] | |||
Equity | ||||
Membership interests | 3,553 | 3,417 | [9] | |
Accumulated other comprehensive loss | [10] | (106) | (99) | [9] |
Total common shareholders' equity | 3,447 | 3,318 | [9] | |
Total liabilities and equity | $ 10,743 | $ 10,308 | [9] | |
[1] | Dominion’s Consolidated Balance Sheet at December 31, 2015 has been derived from the audited Consolidated Financial Statements at that date. | |||
[2] | Current regulatory assets are presented in other current assets in Dominion's and Dominion Gas' Consolidated Balance Sheets. | |||
[3] | Current regulatory liabilities are presented in other current liabilities in the Dominion's and Dominion Gas' Consolidated Balance Sheets. | |||
[4] | See Note 3 for amounts attributable to related parties. | |||
[5] | 1 billion shares authorized; 627 million shares and 596 million shares outstanding at September 30, 2016 and December 31, 2015, respectively. | |||
[6] | Virginia Power’s Consolidated Balance Sheet at December 31, 2015 has been derived from the audited Consolidated Financial Statements at that date. | |||
[7] | See Note 17 for amounts attributable to affiliates. | |||
[8] | 500,000 shares authorized; 274,723 shares outstanding at September 30, 2016 and December 31, 2015. | |||
[9] | Dominion Gas’ Consolidated Balance Sheet at December 31, 2015 has been derived from the audited Consolidated Financial Statements at that date. | |||
[10] | See Note 17 for amounts attributable to related parties. | |||
[11] | Noncurrent regulatory assets are presented in other deferred charges and other assets in Dominion Gas' Consolidated Balance Sheets | |||
[12] | Noncurrent regulatory liabilities are presented in other deferred credits and other liabilities in Dominion Gas' Consolidated Balance Sheets. |
Consolidated Balance Sheets (U6
Consolidated Balance Sheets (Unaudited) (Parenthetical) - USD ($) $ in Millions | Sep. 30, 2016 | Dec. 31, 2015 | ||
Customer receivables, allowance for doubtful accounts | $ 18 | $ 32 | [1] | |
Other receivables, allowance for doubtful accounts | $ 3 | $ 2 | [1] | |
Common stock, shares authorized | 1,000,000,000 | 1,000,000,000 | [1] | |
Common stock, shares outstanding | 627,000,000 | 596,000,000 | ||
Virginia Electric and Power Company | ||||
Customer receivables, allowance for doubtful accounts | $ 10 | $ 27 | [1] | |
Other receivables, allowance for doubtful accounts | $ 1 | $ 1 | [1] | |
Common stock, shares authorized | 500,000 | 500,000 | [1] | |
Common stock, shares outstanding | 274,723 | 274,723 | [1] | |
Dominion Gas Holdings, LLC | ||||
Customer receivables, allowance for doubtful accounts | [2] | $ 1 | $ 1 | [3] |
Other receivables, allowance for doubtful accounts | [2] | $ 1 | $ 2 | [3] |
[1] | Dominion’s Consolidated Balance Sheet at December 31, 2015 has been derived from the audited Consolidated Financial Statements at that date. | |||
[2] | See Note 17 for amounts attributable to related parties. | |||
[3] | Dominion Gas’ Consolidated Balance Sheet at December 31, 2015 has been derived from the audited Consolidated Financial Statements at that date. |
Consolidated Statement of Equit
Consolidated Statement of Equity (Unaudited) - 9 months ended Sep. 30, 2016 - USD ($) shares in Millions, $ in Millions | Total | Total Common Shareholders' Equity | Common Stock | Retained Earnings | Accumulated Other Comprehensive Loss | Noncontrolling Interests | |
Beginning Balance (in shares) at Dec. 31, 2015 | 596 | ||||||
Beginning balance at Dec. 31, 2015 | $ 13,602 | [1] | $ 12,664 | $ 6,680 | $ 6,458 | $ (474) | $ 938 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Net income including noncontrolling interests | 1,721 | 1,666 | 1,666 | 55 | |||
Contributions from SunEdison to Four Brothers and Three Cedars | 178 | 0 | 178 | ||||
Sale of interest in merchant solar projects | 139 | 22 | 22 | 117 | |||
Purchase of Dominion Midstream common units | (17) | (3) | $ (3) | (14) | |||
Issuance of common stock (in shares) | 31 | ||||||
Issuance of common stock | 2,079 | 2,079 | $ 2,079 | ||||
Stock awards (net of change in unearned compensation) | 10 | 10 | 10 | ||||
Present value of stock purchase contract payments related to RSNs | (191) | (191) | (191) | ||||
Dividends and distributions | (1,326) | (1,287) | (1,287) | (39) | |||
Other comprehensive income, net of tax | 3 | 3 | 3 | ||||
Other | (6) | (5) | $ (5) | (1) | |||
Ending Balance (in shares) at Sep. 30, 2016 | 627 | ||||||
Ending balance at Sep. 30, 2016 | $ 16,192 | $ 14,958 | $ 8,592 | $ 6,837 | $ (471) | $ 1,234 | |
[1] | Dominion’s Consolidated Balance Sheet at December 31, 2015 has been derived from the audited Consolidated Financial Statements at that date. |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Millions | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | ||
Operating Activities | |||
Net income including noncontrolling interests | $ 1,721 | $ 1,557 | |
Net income | 1,666 | 1,542 | |
Adjustments to reconcile net income including noncontrolling interests to net cash provided by operating activities: | |||
Depreciation and amortization (including nuclear fuel) | 1,325 | 1,250 | |
Deferred income taxes and investment tax credits | 481 | 703 | |
Gains on the sales of assets and equity method investment in Iroquois | (50) | (123) | |
Other adjustments | (78) | (1) | |
Changes in: | |||
Accounts receivable | 19 | 229 | |
Inventories | (10) | (3) | |
Deferred fuel and purchased gas costs, net | 84 | 70 | |
Prepayments | 71 | 45 | |
Accounts payable | (89) | (222) | |
Accrued interest, payroll and taxes | 205 | (13) | |
Margin deposit assets and liabilities | 1 | 205 | |
Other operating assets and liabilities | (294) | (244) | |
Net cash provided by operating activities | 3,386 | 3,453 | |
Investing Activities | |||
Plant construction and other property additions (including nuclear fuel) | (4,536) | (3,632) | |
Acquisition of Dominion Questar, net of cash acquired | (4,372) | 0 | |
Acquisition of solar development projects | (21) | (278) | |
Acquisition of DCG | 0 | (497) | |
Proceeds from sales of securities | 1,009 | 937 | |
Purchases of securities | (1,065) | (921) | |
Proceeds from assignments of shale development rights | 10 | 80 | |
Other | (54) | (39) | |
Net cash used in investing activities | (9,029) | (4,350) | |
Financing Activities | |||
Issuance (repayment) of short-term debt, net | (713) | (220) | |
Issuance of short-term notes | 1,200 | 0 | |
Repayment and repurchase of short-term notes | (600) | 0 | |
Issuance and remarketing of long-term debt | 5,730 | 2,262 | |
Repayment and repurchase of long-term debt | (1,169) | (675) | |
Proceeds from sale of interest in merchant solar projects | 117 | 0 | |
Contributions from SunEdison to Four Brothers and Three Cedars | 178 | 0 | |
Issuance of common stock | 2,079 | 717 | |
Common dividend payments | (1,287) | (1,150) | |
Other | (248) | (117) | |
Net cash provided by financing activities | 5,287 | 817 | |
Increase (decrease) in cash and cash equivalents | (356) | (80) | |
Cash and cash equivalents at beginning of period | 607 | [1] | 318 |
Cash and cash equivalents at end of period | 251 | 238 | |
Significant noncash investing and financing activities: | |||
Accrued capital expenditures | 341 | 389 | |
Dominion Midstream's acquisition of a noncontrolling partnership interest in Iroquois in exchange for issuance of Dominion Midstream common units | 0 | 216 | |
Virginia Electric and Power Company | |||
Operating Activities | |||
Net income | 1,046 | 900 | |
Adjustments to reconcile net income including noncontrolling interests to net cash provided by operating activities: | |||
Depreciation and amortization (including nuclear fuel) | 903 | 844 | |
Deferred income taxes and investment tax credits | 369 | 9 | |
Other adjustments | (15) | 20 | |
Changes in: | |||
Accounts receivable | (99) | 10 | |
Affiliated receivables and payables | 306 | (33) | |
Inventories | 37 | 11 | |
Deferred fuel and purchased gas costs, net | 79 | 40 | |
Prepayments | 15 | 228 | |
Accounts payable | 4 | (62) | |
Accrued interest, payroll and taxes | 131 | 137 | |
Other operating assets and liabilities | 8 | 70 | |
Net cash provided by operating activities | 2,784 | 2,174 | |
Investing Activities | |||
Plant construction and other property additions (including nuclear fuel) | (1,835) | (1,840) | |
Purchases of nuclear fuel | (106) | (100) | |
Proceeds from sales of securities | 478 | 407 | |
Purchases of securities | (513) | (423) | |
Other | (11) | (38) | |
Net cash used in investing activities | (1,987) | (1,994) | |
Financing Activities | |||
Issuance (repayment) of short-term debt, net | (691) | 1 | |
Repayment of affiliated current borrowings, net | (376) | (427) | |
Issuance and remarketing of long-term debt | 750 | 1,112 | |
Repayment and repurchase of long-term debt | (476) | (421) | |
Distribution payments to parent | 0 | (416) | |
Other | (4) | (5) | |
Net cash provided by financing activities | (797) | (156) | |
Increase (decrease) in cash and cash equivalents | 0 | 24 | |
Cash and cash equivalents at beginning of period | 18 | [2] | 15 |
Cash and cash equivalents at end of period | 18 | 39 | |
Significant noncash investing and financing activities: | |||
Accrued capital expenditures | 209 | 139 | |
Dominion Gas Holdings, LLC | |||
Operating Activities | |||
Net income | 286 | 357 | |
Adjustments to reconcile net income including noncontrolling interests to net cash provided by operating activities: | |||
Depreciation and amortization | 150 | 157 | |
Deferred income taxes and investment tax credits | 204 | 75 | |
Gains on the sales of assets and equity method investment in Iroquois | (50) | (123) | |
Other adjustments | 3 | 4 | |
Changes in: | |||
Accounts receivable | 56 | 150 | |
Affiliated receivables and payables | 91 | (22) | |
Deferred fuel and purchased gas costs, net | 7 | 19 | |
Prepayments | 15 | 145 | |
Accounts payable | (76) | (112) | |
Accrued interest, payroll and taxes | (7) | (45) | |
Other operating assets and liabilities | (176) | (109) | |
Net cash provided by operating activities | 503 | 496 | |
Investing Activities | |||
Plant construction and other property additions (including nuclear fuel) | (610) | (514) | |
Proceeds from sale of equity method investment in Iroquois | 7 | 0 | |
Proceeds from assignments of shale development rights | 10 | 80 | |
Other | (10) | (5) | |
Net cash used in investing activities | (603) | (439) | |
Financing Activities | |||
Issuance (repayment) of short-term debt, net | (331) | 382 | |
Repayment of affiliated current borrowings, net | (95) | (186) | |
Issuance and remarketing of long-term debt | 680 | 0 | |
Distribution payments to parent | (150) | (244) | |
Other | (9) | 0 | |
Net cash provided by financing activities | 95 | (48) | |
Increase (decrease) in cash and cash equivalents | (5) | 9 | |
Cash and cash equivalents at beginning of period | 13 | [3] | 9 |
Cash and cash equivalents at end of period | 8 | 18 | |
Significant noncash investing and financing activities: | |||
Accrued capital expenditures | $ 42 | $ 46 | |
[1] | Dominion’s Consolidated Balance Sheet at December 31, 2015 has been derived from the audited Consolidated Financial Statements at that date. | ||
[2] | Virginia Power’s Consolidated Balance Sheet at December 31, 2015 has been derived from the audited Consolidated Financial Statements at that date. | ||
[3] | Dominion Gas’ Consolidated Balance Sheet at December 31, 2015 has been derived from the audited Consolidated Financial Statements at that date. |
Nature of Operations
Nature of Operations | 9 Months Ended |
Sep. 30, 2016 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Nature of Operations | Nature of Operations Dominion, headquartered in Richmond, Virginia, is one of the nation’s largest producers and transporters of energy. Dominion’s operations are conducted through various subsidiaries, including Virginia Power and Dominion Gas. Virginia Power is a regulated public utility that generates, transmits and distributes electricity for sale in Virginia and northeastern North Carolina. Dominion Gas is a holding company that conducts business activities through a regulated interstate natural gas transmission pipeline and underground storage system in the Northeast, mid-Atlantic and Midwest states, regulated gas transportation and distribution operations in Ohio, and gas gathering and processing activities primarily in West Virginia, Ohio and Pennsylvania. Dominion Gas' principal wholly-owned subsidiaries are DTI, East Ohio and Dominion Iroquois. In August 2016, DTI transferred its gathering and processing facilities to Dominion Gathering and Processing, Inc., a newly-formed wholly-owned subsidiary of Dominion Gas. See Note 3 for a description of operations acquired in the Dominion Questar Combination. |
Significant Accounting Policies
Significant Accounting Policies | 9 Months Ended |
Sep. 30, 2016 | |
Accounting Policies [Abstract] | |
Significant Accounting Policies | Significant Accounting Policies As permitted by the rules and regulations of the SEC, the Companies' accompanying unaudited Consolidated Financial Statements contain certain condensed financial information and exclude certain footnote disclosures normally included in annual audited consolidated financial statements prepared in accordance with GAAP. These unaudited Consolidated Financial Statements should be read in conjunction with the Consolidated Financial Statements and Notes in the Companies' Annual Report on Form 10-K for the year ended December 31, 2015. In the Companies' opinion, the accompanying unaudited Consolidated Financial Statements contain all adjustments necessary to present fairly their financial position as of September 30, 2016, their results of operations for the three and nine months ended September 30, 2016 and 2015, their cash flows for the nine months ended September 30, 2016 and 2015 and Dominion's changes in equity for the nine months ended September 30, 2016. Such adjustments are normal and recurring in nature unless otherwise noted. The Companies make certain estimates and assumptions in preparing their Consolidated Financial Statements in accordance with GAAP. These estimates and assumptions affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses for the periods presented. Actual results may differ from those estimates. The Companies' accompanying unaudited Consolidated Financial Statements include, after eliminating intercompany transactions and balances, their accounts, those of their respective majority-owned subsidiaries and non-wholly-owned entities in which they have a controlling financial interest. For certain partnership structures, income is allocated based on the liquidation value of the underlying contractual arrangements. As of September 30, 2016, Dominion owns the general partner and 65.0% of the limited partner interests in Dominion Midstream. The public’s ownership interest in Dominion Midstream is reflected as noncontrolling interest in Dominion’s Consolidated Financial Statements. Also, as of September 30, 2016, Dominion owns 50% of the units in and consolidates Four Brothers and Three Cedars. SunEdison’s ownership interest in Four Brothers and Three Cedars, as well as Terra Nova Renewable Partners' 33% interest in certain Dominion merchant solar projects, is reflected as noncontrolling interest in Dominion’s Consolidated Financial Statements. See Note 3 for further information on transactions with SunEdison. The results of operations for interim periods are not necessarily indicative of the results expected for the full year. Information for quarterly periods is affected by seasonal variations in sales, rate changes, electric fuel and other energy-related purchases, purchased gas expenses and other factors. Certain amounts in the Companies' 2015 Consolidated Financial Statements and Notes have been reclassified to conform to the 2016 presentation for comparative purposes. The reclassifications did not affect the Companies’ net income, total assets, liabilities, equity or cash flows, except for the reclassification of debt issuance costs as discussed in Note 2 to the Companies' Annual Report on Form 10-K for the year ended December 31, 2015. Amounts disclosed for Dominion are inclusive of Virginia Power and/or Dominion Gas, where applicable. |
Acquisitions and Dispositions
Acquisitions and Dispositions | 9 Months Ended |
Sep. 30, 2016 | |
Business Combinations, Discontinued Operations and Disposal Groups [Abstract] | |
Acquisitions and Dispositions | Acquisitions and Dispositions Dominion Acquisition of Dominion Questar In September 2016, Dominion completed the Dominion Questar Combination and Dominion Questar became a wholly-owned subsidiary of Dominion. Dominion Questar is a Rockies-based integrated natural gas company that operates approximately 3,400 miles of gas transmission pipeline, 27,500 miles of gas distribution pipeline and 56 bcf of gas storage. Additionally, Dominion Questar develops and produces natural gas from cost-of-service reserves for its retail distribution customers. The Dominion Questar Combination provides Dominion with pipeline infrastructure that provides a principal source of gas supply to Western states. Dominion Questar’s regulated businesses will also provide further balance between Dominion's electric and gas operations. In accordance with the terms of the Dominion Questar Combination, at closing, each share of issued and outstanding Dominion Questar common stock was converted into the right to receive $25.00 per share in cash. The total consideration was $4.4 billion based on 175.5 million shares of Dominion Questar outstanding at closing. Dominion financed the Dominion Questar Combination through the: (1) August 2016 issuance of $1.4 billion of 2016 Equity Units, (2) August 2016 issuance of $1.3 billion of senior notes, (3) September 2016 borrowing of $1.2 billion under a private placement term loan agreement and (4) $500 million of the proceeds from the April 2016 issuance of common stock. See Note 14 for more information. Purchase Price Allocation Dominion Questar’s assets acquired and liabilities assumed were measured at estimated fair value at the closing date and are included in the Dominion Energy operating segment. The majority of Dominion Questar’s operations are subject to the rate-setting authority of FERC, the Utah Commission and/or the Wyoming Commission and therefore are accounted for pursuant to ASC 980, Regulated Operations . The fair values of Dominion Questar’s assets and liabilities subject to rate-setting and cost recovery provisions provide revenues derived from costs, including a return on investment of assets and liabilities included in rate base. As such, the fair values of these assets and liabilities equal their carrying values. Accordingly, neither the assets and liabilities acquired, nor the pro forma financial information, reflect any adjustments related to these amounts. The fair value of Dominion Questar’s assets acquired and liabilities assumed that are not subject to the rate-setting provisions discussed above was determined using the income approach. In addition, the fair value of Dominion Questar’s 50% interest in White River Hub, accounted for under the equity method, was determined using the market approach and income approach. The valuations are considered Level 3 fair value measurements due to the use of significant judgmental and unobservable inputs, including projected timing and amount of future cash flows and discount rates reflecting risk inherent in the future cash flows and future market prices. The excess of the purchase price over the estimated fair values of the assets acquired and liabilities assumed was recognized as goodwill at the closing date. The goodwill reflects the value associated with enhancing Dominion’s regulated portfolio of businesses, including the expected increase in demand for low-carbon, natural gas-fired generation in the Western states and the expected continued growth of rate-regulated businesses located in a defined service area with a stable regulatory environment. The goodwill recognized is not deductible for income tax purposes, and as such, no deferred taxes have been recorded related to goodwill. The table below shows the preliminary allocation of the purchase price to the assets acquired and liabilities assumed at closing. The allocation is subject to change during the remainder of the measurement period, which ends one year from the closing date, as additional information is obtained about the facts and circumstances that existed at the closing date. Any material adjustments to provisional amounts identified during the measurement period will be recognized and disclosed in the reporting period in which the adjustment amounts are determined. Amount (millions) Total current assets $ 224 Investments (1) 58 Property, plant and equipment (2) 4,120 Goodwill 3,111 Total deferred charges and other assets, excluding goodwill 75 Total Assets 7,588 Total current liabilities (3) 791 Long-term debt (4) 963 Deferred income taxes 798 Regulatory liabilities 259 Asset retirement obligations 160 Other deferred credits and other liabilities (5) 220 Total Liabilities 3,191 Total estimated purchase price $ 4,397 (1) Includes $40 million for an equity method investment in White River Hub. The fair value adjustment on the equity method investment in White River Hub is considered to be equity method goodwill and is not amortized. (2) Nonregulated property, plant and equipment, excluding land, will be depreciated over remaining useful lives primarily ranging from 9 to 18 years. (3) Includes $301 million of short-term debt, of which $24 million is outstanding at September 30, 2016, as well as a $250 million short-term note which matures in February 2017 and bears interest at a variable rate. (4) Unsecured senior notes have maturities which range from 2017 to 2048 and bear interest at rates from 2.98% to 7.20% . (5) Includes a $35 million capital lease obligation with undiscounted future minimum lease payments of $1 million remaining in 2016, $4 million per year for 2017 through 2020, and $37 million in total thereafter. Regulatory Matters The transaction required approval of Dominion Questar’s shareholders, clearance from the Federal Trade Commission under the Hart-Scott-Rodino Act and approval from both the Utah Commission and the Wyoming Commission. In February 2016, the Federal Trade Commission granted antitrust approval of the Dominion Questar Combination under the Hart-Scott-Rodino Act. In May 2016, Dominion Questar's shareholders voted to approve the Dominion Questar Combination. In August 2016 and September 2016, approvals were granted by the Utah Commission and the Wyoming Commission, respectively. Information regarding the transaction was also provided to the Idaho Public Utilities Commission, who acknowledged the Dominion Questar Combination in October 2016, and directed Dominion Questar to notify the Idaho Public Utilities Commission when it makes filings with the Utah Commission. Approval of the Dominion Questar Combination in Utah and Wyoming was conditioned upon Dominion agreeing to the following: • Dominion will contribute $75 million toward the funding of Dominion Questar’s qualified and non-qualified defined-benefit pension plans and its other post-employment benefit plans within six months of the closing date. This contribution is expected to be made during the fourth quarter of 2016. • Dominion committed to increasing Dominion Questar's historical level of corporate contributions to charities by $1 million per year for at least five years. • Questar Gas withdrew its general rate case filed in July 2016 with the Utah Commission and agreed to not file a general rate case with the Utah Commission to adjust its base distribution non-gas rates prior to July 2019, unless otherwise ordered by the Utah Commission. In addition, Questar Gas agreed not to file a general rate case with the Wyoming Commission with a requested rate effective date earlier than January 2020. This does not impact Questar Gas’s ability to adjust rates through various riders. Results of Operations and Pro Forma Information The impact of the Dominion Questar Combination on Dominion’s operating revenue and net income attributable to Dominion in the Consolidated Statements of Income for both the three and nine months ended September 30, 2016, was an increase of $23 million and $5 million , respectively. Dominion incurred transaction and transition costs, of which $40 million and $47 million was recorded in other operations and maintenance expense for the three and nine months ended September 30, 2016, respectively, and $13 million was recorded in interest and related charges for both the three and nine months ended September 30, 2016, in Dominion’s Consolidated Statements of Income. These costs consist of the amortization of financing costs, the charitable contribution commitment described above, employee-related expenses, professional fees, and other miscellaneous costs. The following unaudited pro forma financial information reflects the consolidated results of operations of Dominion assuming the Dominion Questar Combination had taken place on January 1, 2015. The unaudited pro forma financial information has been presented for illustrative purposes only and is not necessarily indicative of the consolidated results of operations that would have been achieved or the future consolidated results of operations of the combined company. Three Months Ended September 30, Nine Months Ended September 30, 2016 (1) 2015 2016 (1) 2015 (millions, except EPS) Operating Revenue $ 3,261 $ 3,113 $ 9,410 $ 9,897 Net income attributable to Dominion 732 626 1,835 1,700 Earnings Per Common Share – Basic $ 1.17 $ 1.05 $ 2.99 $ 2.88 Earnings Per Common Share – Diluted $ 1.17 $ 1.05 $ 2.99 $ 2.87 (1) Amounts include adjustments for non-recurring costs directly related to the Dominion Questar Combination. Anticipated Contribution of Questar Pipeline to Dominion Midstream In October 2016, Dominion entered into the Contribution Agreement under which Dominion will contribute Questar Pipeline to Dominion Midstream. Upon closing of the agreement, expected by the end of 2016, Dominion Midstream will become owner of all of the issued and outstanding membership interests of Questar Pipeline in exchange for consideration consisting of Dominion Midstream common and convertible preferred units with a combined value between $400 million and $725 million and cash between $565 million and $890 million , $300 million of which is considered a debt-financed distribution, for a total of $1.3 billion . In addition, under the terms of the Contribution Agreement, Dominion Midstream will repurchase approximately 6,657,000 common units from Dominion, and will repay its $301 million promissory note to Dominion. The cash proceeds from these transactions will be utilized to repay the $1.2 billion private placement term loan agreement borrowed in September 2016. Since Dominion consolidates Dominion Midstream for financial reporting purposes, the transactions associated with the Contribution Agreement will be eliminated upon consolidation and will not impact Dominion's financial position or cash flows. Non-Wholly-Owned Merchant Solar Projects Acquisitions of Four Brothers and Three Cedars In June 2015, Dominion acquired 50% of the units in Four Brothers from SunEdison for $64 million of consideration, consisting of $2 million in cash and a $62 million payable. As of September 30, 2016, a $7 million payable is included in other current liabilities in Dominion's Consolidated Balance Sheets. Four Brothers' purpose is to operate four solar projects located in Utah, which produce and sell electricity and renewable energy credits. The facilities began commercial operations during the third quarter of 2016, with generating capacity of approximately 320 MW, at a cost of approximately $670 million . In September 2015, Dominion acquired 50% of the units in Three Cedars from SunEdison for $43 million of consideration, consisting of $6 million in cash and a $37 million payable. As of September 30, 2016, a $4 million payable is included in other current liabilities in Dominion’s Consolidated Balance Sheets. Three Cedars’ purpose is to operate three solar projects located in Utah, which produce and sell electricity and renewable energy credits. The facilities began commercial operations during the third quarter of 2016, with generating capacity of approximately 210 MW, at a cost of approximately $450 million . The Four Brothers and Three Cedars facilities operate under long-term power purchase, interconnection and operation and maintenance agreements. Dominion will claim 99% of the federal investment tax credits on the projects. Dominion owns 50% of the voting interests in Four Brothers and Three Cedars and has a controlling financial interest over the entities through its rights to control operations. The allocation of the $64 million purchase price for Four Brothers resulted in $89 million of property, plant and equipment and $25 million of noncontrolling interest. The allocation of the $43 million purchase price for Three Cedars resulted in $65 million of property, plant and equipment and $22 million of noncontrolling interest. The noncontrolling interest for each entity was measured at fair value using the discounted cash flow method, with the primary components of the valuation being future cash flows (both incoming and outgoing) and the discount rate. Dominion determined its discount rate based on the cost of capital a utility-scale investor would expect, as well as the cost of capital an individual project developer could achieve via a combination of non-recourse project financing and outside equity partners. The acquired assets of Four Brothers and Three Cedars are included in the Dominion Generation operating segment. Dominion has assumed the majority of the agreements to provide administrative and support services in connection with construction of the projects, operations and maintenance of the facilities and technical management services of the solar facilities. Costs related to services to be provided under these agreements were immaterial for the nine months ended September 30, 2016. Subsequent to Dominion’s acquisition of Four Brothers and Three Cedars, SunEdison made contributions to Four Brothers and Three Cedars of $281 million in aggregate through September 30, 2016, which are reflected as noncontrolling interests in Dominion's Consolidated Balance Sheets. In November 2016, NRG acquired the 50% of units in Four Brothers and Three Cedars previously held by SunEdison. Wholly-Owned Merchant Solar Projects The following table presents significant completed acquisitions of wholly-owned merchant solar projects by Dominion in the nine months ended September 30, 2015. Long-term power purchase, interconnection and operation and maintenance agreements have been executed for all of the projects. Dominion has claimed federal investment tax credits on the projects. These projects are included in the Dominion Generation operating segment. Completed Acquisition Date Seller Number of Projects Project Location Project Name Initial Acquisition Cost (millions) (1) Project Cost (millions) (2) Date of Commercial Operations MW Capacity April 2015 EC&R NA Solar PV, LLC 1 California Alamo $ 66 $ 66 May 2015 20 April 2015 EDF Renewable Development, Inc. 3 California Cottonwood (3) 106 106 May 2015 24 June 2015 EDF Renewable Development, Inc. 1 California Catalina 2 68 68 July 2015 18 July 2015 SunPeak Solar, LLC 1 California Imperial Valley 2 42 71 August 2015 20 (1) The purchase price was primarily allocated to Property, Plant and Equipment. (2) Includes acquisition cost. (3) One of the projects, Marin Carport, began commercial operations in 2016. In August 2016, Dominion entered into an agreement to acquire 100% of the equity interests of two solar projects in California from Solar Frontier Americas Holding, LLC for approximately $128 million in cash. The acquisition is expected to close prior to both projects commencing operations, which is expected by the end of 2017. The projects are expected to cost approximately $130 million once constructed, including the initial acquisition cost, and to generate approximately 50 MW combined. In August 2016, Dominion entered into an agreement to acquire 100% of the equity interests of four solar projects in Virginia from Virginia Solar, LLC. The acquisition is expected to close during the fourth quarter of 2016, prior to the projects commencing operations by the end of 2017, for an amount to be determined based on the costs incurred through closing. The projects are expected to cost approximately $160 million once constructed, including the initial acquisition cost, and to generate approximately 80 MW combined. In September 2016, Dominion entered into an agreement to acquire 100% of the equity interests of a solar project in Virginia from Community Energy Solar, LLC. The acquisition is expected to close during the first quarter of 2017, prior to the project commencing operations by the end of 2017, for an amount to be determined based on the costs incurred through closing. The project is expected to cost approximately $210 million once constructed, including the initial acquisition cost, and to generate approximately 100 MW. Sale of Interest in Merchant Solar Projects In September 2015, Dominion signed an agreement to sell a noncontrolling interest (consisting of 33% of the equity interests) in all of its then currently wholly-owned merchant solar projects, 24 solar projects totaling approximately 425 MW, to SunEdison, including projects discussed in the table above. In December 2015, the sale of interest in 15 of the solar projects closed for $184 million with the sale of interest in the remaining projects completed in January 2016 for $117 million . Upon closing, SunEdison sold its interest in these projects to Terra Nova Renewable Partners. Terra Nova Renewable Partners has a future option to buy all or a portion of Dominion’s remaining 67% ownership in the projects upon the occurrence of certain events, none of which had occurred as of September 30, 2016 nor are expected to occur in the remainder of 2016. Acquisition of DCG In January 2015, Dominion completed the acquisition of 100% of the equity interests of DCG from SCANA Corporation for $497 million in cash, as adjusted for working capital. DCG owns and operates nearly 1,500 miles of FERC-regulated interstate natural gas pipeline in South Carolina and southeastern Georgia. This acquisition supports Dominion’s natural gas expansion into the Southeast. The allocation of the purchase price resulted in $277 million of net property, plant and equipment, $250 million of goodwill, of which approximately $225 million is expected to be deductible for income tax purposes, and $38 million of regulatory liabilities. The goodwill reflects the value associated with enhancing Dominion's regulated gas position, economic value attributable to future expansion projects as well as increased opportunities for synergies. The acquired assets of DCG are included in the Dominion Energy operating segment. On March 24, 2015, DCG converted to a limited liability company under the laws of South Carolina and changed its name from Carolina Gas Transmission Corporation to DCG. On April 1, 2015, Dominion contributed 100% of the issued and outstanding membership interests of DCG to Dominion Midstream in exchange for total consideration of $501 million , as adjusted for working capital. Total consideration to Dominion consisted of the issuance of a two -year, $301 million senior unsecured promissory note payable by Dominion Midstream at an annual interest rate of 0.6% , and 5,112,139 common units, valued at $200 million , representing limited partner interests in Dominion Midstream. The number of units was based on the volume weighted average trading price of Dominion Midstream's common units for the ten trading days prior to April 1, 2015, or $39.12 per unit. Since Dominion consolidates Dominion Midstream for financial reporting purposes, this transaction was eliminated upon consolidation and did not impact Dominion's financial position or cash flows. Dominion Gas Assignments of Shale Development Rights In December 2013, Dominion Gas closed on an agreement with a natural gas producer to convey over time approximately 79,000 acres of Marcellus Shale development rights underneath one of its natural gas storage fields. The agreement provided for payments to Dominion Gas, subject to customary adjustments, of up to approximately $200 million over a period of nine years, and an overriding royalty interest in gas produced from the acreage. In March 2015, Dominion Gas and the natural gas producer closed on an amendment to the agreement, which included the immediate conveyance of approximately 9,000 acres of Marcellus Shale development rights and a two year extension of the term of the original agreement. The conveyance of development rights resulted in the recognition of $43 million ( $27 million after-tax) of previously deferred revenue to operations and maintenance expense in Dominion Gas' Consolidated Statements of Income. In April 2016, Dominion Gas and the natural gas producer closed on an amendment to the agreement, which included the immediate conveyance of a 32% partial interest in the remaining approximately 70,000 acres. This conveyance resulted in the recognition of the remaining $35 million ( $21 million after-tax) of previously deferred revenue to operations and maintenance expense in Dominion Gas’ Consolidated Statements of Income. In March 2015, Dominion Gas conveyed to a natural gas producer approximately 11,000 acres of Marcellus Shale development rights underneath one of its natural gas storage fields and received proceeds of $27 million and an overriding royalty interest in gas produced from the acreage. This transaction resulted in a $27 million ( $16 million after-tax) gain, included in other operations and maintenance expense in Dominion Gas' Consolidated Statements of Income. In September 2015, Dominion Gas closed on an agreement with a natural gas producer to convey approximately 16,000 acres of Utica and Point Pleasant Shale development rights underneath one of its natural gas storage fields. The agreement provided for a payment to Dominion Gas, subject to customary adjustments, of $52 million and an overriding royalty interest in gas produced from the acreage. In September 2015, Dominion Gas received proceeds of $52 million associated with the conveyance of the acreage, resulting in a $52 million ( $29 million after-tax) gain, included in other operations and maintenance expense in Dominion Gas’ Consolidated Statements of Income. In November 2014, Dominion Gas closed on an agreement with a natural gas producer to convey over time approximately 24,000 acres of Marcellus Shale development rights underneath one of its natural gas storage fields. In connection with that agreement, in January 2016, Dominion Gas conveyed approximately 2,000 acres of Marcellus Shale development rights and received proceeds of $5 million and an overriding royalty interest in gas produced from the acreage. This transaction resulted in a $5 million ( $3 million after-tax) gain. Also in connection with that agreement, in July 2016, Dominion Gas conveyed approximately 2,000 acres of Marcellus Shale development rights and received proceeds of $5 million and an overriding royalty interest in gas produced from the acreage. This transaction resulted in a $5 million ( $3 million after-tax) gain. These gains are included in other operations and maintenance expense in Dominion Gas' Consolidated Statements of Income. |
Operating Revenue
Operating Revenue | 9 Months Ended |
Sep. 30, 2016 | |
Regulated and Unregulated Operating Revenue [Abstract] | |
Operating Revenue | Operating Revenue The Companies’ operating revenue consists of the following: Three Months Ended September 30, Nine Months Ended September 30, 2016 2015 2016 2015 (millions) Dominion Electric sales: Regulated $ 2,147 $ 2,020 $ 5,707 $ 5,911 Nonregulated 399 388 1,123 1,145 Gas sales: Regulated 46 21 137 168 Nonregulated 87 66 259 361 Gas transportation and storage 378 365 1,162 1,221 Other 75 111 263 321 Total operating revenue $ 3,132 $ 2,971 $ 8,651 $ 9,127 Virginia Power Regulated electric sales $ 2,147 $ 2,020 $ 5,707 $ 5,911 Other 64 38 170 97 Total operating revenue $ 2,211 $ 2,058 $ 5,877 $ 6,008 Dominion Gas Gas sales: Regulated $ 28 $ 9 $ 69 $ 87 Nonregulated 1 1 8 5 Gas transportation and storage 303 302 955 1,035 NGL revenue 19 20 45 71 Other 31 33 104 93 Total operating revenue $ 382 $ 365 $ 1,181 $ 1,291 |
Income Taxes
Income Taxes | 9 Months Ended |
Sep. 30, 2016 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes For continuing operations, including noncontrolling interests, the statutory United States federal income tax rate reconciles to the Companies' effective income tax rate as follows: Dominion Virginia Power Dominion Gas Nine Months Ended September 30, 2016 2015 2016 2015 2016 2015 United States statutory rate 35.0 % 35.0 % 35.0 % 35.0 % 35.0 % 35.0 % Increases (reductions) resulting from: State taxes, net of federal benefit 3.7 4.0 3.9 4.2 0.8 4.1 Investment tax credits (10.4 ) (3.5 ) — — — — Production tax credits (0.8 ) (0.8 ) (0.5 ) (0.5 ) — — State legislative change (0.8 ) (0.2 ) — — — — Other, net (2.1 ) (0.7 ) (0.5 ) (0.2 ) 0.4 0.4 Effective tax rate 24.6 % 33.8 % 37.9 % 38.5 % 36.2 % 39.5 % In 2016, Dominion's effective tax rate reflects $23 million of previously unrecognized tax benefits resulting from a settlement with a tax authority ( $12 million ) and a legislative change ( $11 million ). The settlement is also reflected in Dominion Gas' 2016 effective tax rate. Otherwise, as of September 30, 2016, 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, 2015. |
Earnings Per Share
Earnings Per Share | 9 Months Ended |
Sep. 30, 2016 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | Earnings Per Share The following table presents the calculation of Dominion’s basic and diluted EPS: Three Months Ended September 30, Nine Months Ended September 30, 2016 2015 2016 2015 (millions, except EPS) Net income attributable to Dominion $ 690 $ 593 $ 1,666 $ 1,542 Average shares of common stock outstanding – Basic 625.9 594.6 612.8 591.3 Net effect of dilutive securities (1) 0.1 0.9 1.0 1.4 Average shares of common stock outstanding – Diluted 626.0 595.5 613.8 592.7 Earnings Per Common Share – Basic $ 1.10 $ 1.00 $ 2.72 $ 2.61 Earnings Per Common Share – Diluted $ 1.10 $ 1.00 $ 2.71 $ 2.60 (1) Dilutive securities consist primarily of the 2013 Equity Units for the nine months ended September 30, 2016 and the three and nine months ended September 30, 2015. See Note 14 in this report and Note 17 to the Consolidated Financial Statements in the Companies' Annual Report on Form 10-K for the year ended December 31, 2015 for more information. The 2014 Equity Units and 2016 Equity Units are potentially dilutive securities but were excluded from the calculation of diluted EPS for the three and nine months ended September 30, 2016 and 2015, as the dilutive stock price threshold was not met. |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Income | 9 Months Ended |
Sep. 30, 2016 | |
Equity [Abstract] | |
Accumulated Other Comprehensive Income | Accumulated Other Comprehensive Income Dominion The following table presents Dominion’s changes in AOCI by component, net of tax: Deferred Gains and Losses on Derivatives-Hedging Activities Unrealized Gains and Losses on Investment Securities Unrecognized Pension and Other Postretirement Benefit Costs Other Comprehensive Income (Loss) From Equity Method Investee Total (millions) Three Months Ended September 30, 2016 Beginning balance $ (241 ) $ 535 $ (781 ) $ (6 ) $ (493 ) Other comprehensive income before reclassifications: gains 14 31 15 — 60 Amounts reclassified from AOCI (1) : (gains) losses (34 ) (13 ) 9 — (38 ) Net current-period other comprehensive income (loss) (20 ) 18 24 — 22 Ending balance $ (261 ) $ 553 $ (757 ) $ (6 ) $ (471 ) Three Months Ended September 30, 2015 Beginning balance $ (146 ) $ 519 $ (754 ) $ (5 ) $ (386 ) Other comprehensive income before reclassifications: gains (losses) (7 ) (59 ) (9 ) 1 (74 ) Amounts reclassified from AOCI (1) : (gains) losses (53 ) (2 ) 14 — (41 ) Net current-period other comprehensive income (loss) (60 ) (61 ) 5 1 (115 ) Ending balance $ (206 ) $ 458 $ (749 ) $ (4 ) $ (501 ) Nine Months Ended September 30, 2016 Beginning balance $ (176 ) $ 504 $ (797 ) $ (5 ) $ (474 ) Other comprehensive income before reclassifications: gains (losses) 56 72 15 (1 ) 142 Amounts reclassified from AOCI (1) : (gains) losses (141 ) (23 ) 25 — (139 ) Net current-period other comprehensive income (loss) (85 ) 49 40 (1 ) 3 Ending balance $ (261 ) $ 553 $ (757 ) $ (6 ) $ (471 ) Nine Months Ended September 30, 2015 Beginning balance $ (178 ) $ 548 $ (782 ) $ (4 ) $ (416 ) Other comprehensive income before reclassifications: gains (losses) 25 (55 ) (6 ) — (36 ) Amounts reclassified from AOCI (1) : (gains) losses (53 ) (35 ) 39 — (49 ) Net current-period other comprehensive income (loss) (28 ) (90 ) 33 — (85 ) Ending balance $ (206 ) $ 458 $ (749 ) $ (4 ) $ (501 ) (1) See table below for details about these reclassifications. The following table presents Dominion’s reclassifications out of AOCI by component: Details About AOCI Components Amounts Reclassified From AOCI Affected Line Item in the Consolidated Statements of Income (millions) Three Months Ended September 30, 2016 Deferred (gains) and losses on derivatives-hedging activities: Commodity contracts $ (64 ) Operating revenue 1 Purchased gas 1 Electric fuel and other energy-related purchases Interest rate contracts 10 Interest and related charges Foreign currency contracts (3 ) Other income (55 ) Tax 21 Income tax expense $ (34 ) Unrealized (gains) and losses on investment securities: Realized (gain) loss on sale of securities $ (25 ) Other income Impairment 5 Other income (20 ) Tax 7 Income tax expense $ (13 ) Unrecognized pension and other postretirement benefit costs: Prior service (credit) costs $ (4 ) Other operations and maintenance Actuarial (gains) losses 17 Other operations and maintenance 13 Tax (4 ) Income tax expense $ 9 Three Months Ended September 30, 2015 Deferred (gains) and losses on derivatives-hedging activities: Commodity contracts $ (87 ) Operating revenue 2 Purchased gas Interest rate contracts 2 Interest and related charges (83 ) Tax 30 Income tax expense $ (53 ) Unrealized (gains) and losses on investment securities: Realized (gain) loss on sale of securities $ (18 ) Other income Impairment 16 Other income (2 ) Tax — Income tax expense $ (2 ) Unrecognized pension and other postretirement benefit costs: Prior service (credit) costs $ (3 ) Other operations and maintenance Actuarial (gains) losses 24 Other operations and maintenance 21 Tax (7 ) Income tax expense $ 14 Nine Months Ended September 30, 2016 Deferred (gains) and losses on derivatives-hedging activities: Commodity contracts $ (266 ) Operating revenue 9 Purchased gas 8 Electric fuel and other energy-related purchases Interest rate contracts 21 Interest and related charges Foreign currency contracts (1 ) Other income (229 ) Tax 88 Income tax expense $ (141 ) Unrealized (gains) and losses on investment securities: Realized (gain) loss on sale of securities $ (55 ) Other income Impairment 19 Other income (36 ) Tax 13 Income tax expense $ (23 ) Unrecognized pension and other postretirement benefit costs: Prior service (credit) costs $ (11 ) Other operations and maintenance Actuarial (gains) losses 52 Other operations and maintenance 41 Tax (16 ) Income tax expense $ 25 Nine Months Ended September 30, 2015 Deferred (gains) and losses on derivatives-hedging activities: Commodity contracts $ (103 ) Operating revenue 9 Purchased gas Interest rate contracts 7 Interest and related charges (87 ) Tax 34 Income tax expense $ (53 ) Unrealized (gains) and losses on investment securities: Realized (gain) loss on sale of securities $ (82 ) Other income Impairment 27 Other income (55 ) Tax 20 Income tax expense $ (35 ) Unrecognized pension and other postretirement benefit costs: Prior service (credit) costs $ (9 ) Other operations and maintenance Actuarial (gains) losses 73 Other operations and maintenance 64 Tax (25 ) Income tax expense $ 39 Dominion Gas The following table presents Dominion Gas’ changes in AOCI by component, net of tax: Deferred Gains and Losses on Derivatives-Hedging Activities Unrecognized Pension and Other Postretirement Benefit Costs Total (millions) Three Months Ended September 30, 2016 Beginning balance $ (34 ) $ (81 ) $ (115 ) Other comprehensive income before reclassifications: gains 9 — 9 Amounts reclassified from AOCI (1) : (gains) losses (1 ) 1 — Net current-period other comprehensive income 8 1 9 Ending balance $ (26 ) $ (80 ) $ (106 ) Three Months Ended September 30, 2015 Beginning balance $ (22 ) $ (64 ) $ (86 ) Other comprehensive income before reclassifications: gains 3 — 3 Amounts reclassified from AOCI (1) : (gains) losses (2 ) 1 (1 ) Net current-period other comprehensive income 1 1 2 Ending balance $ (21 ) $ (63 ) $ (84 ) Nine Months Ended September 30, 2016 Beginning balance $ (17 ) $ (82 ) $ (99 ) Other comprehensive income before reclassifications: losses (6 ) — (6 ) Amounts reclassified from AOCI (1) : (gains) losses (3 ) 2 (1 ) Net current-period other comprehensive income (loss) (9 ) 2 (7 ) Ending balance $ (26 ) $ (80 ) $ (106 ) Nine Months Ended September 30, 2015 Beginning balance $ (20 ) $ (66 ) $ (86 ) Other comprehensive income before reclassifications: gains 2 — 2 Amounts reclassified from AOCI (1) : (gains) losses (3 ) 3 — Net current-period other comprehensive income (loss) (1 ) 3 2 Ending balance $ (21 ) $ (63 ) $ (84 ) (1) See table below for details about these reclassifications. The following table presents Dominion Gas' reclassifications out of AOCI by component: Details About AOCI Components Amounts Reclassified From AOCI Affected Line Item in the Consolidated Statements of Income (millions) Three Months Ended September 30, 2016 Deferred (gains) and losses on derivatives-hedging activities: Commodity contracts $ (1 ) Operating revenue Interest rate contracts 1 Interest and related charges Foreign currency contracts (3 ) Other income (3 ) Tax 2 Income tax expense $ (1 ) Unrecognized pension and other postretirement benefit costs: Actuarial (gains) losses $ 2 Other operations and maintenance 2 Tax (1 ) Income tax expense $ 1 Three Months Ended September 30, 2015 Deferred (gains) and losses on derivatives-hedging activities: Commodity contracts $ (3 ) Operating revenue (3 ) Tax 1 Income tax expense $ (2 ) Unrecognized pension and other postretirement benefit costs: Actuarial (gains) losses $ 2 Other operations and maintenance 2 Tax (1 ) Income tax expense $ 1 Nine Months Ended September 30, 2016 Deferred (gains) and losses on derivatives-hedging activities: Commodity contracts $ (6 ) Operating revenue Interest rate contracts 2 Interest and related charges Foreign currency contracts (1 ) Other income (5 ) Tax 2 Income tax expense $ (3 ) Unrecognized pension and other postretirement benefit costs: Actuarial (gains) losses $ 4 Other operations and maintenance 4 Tax (2 ) Income tax expense $ 2 Nine Months Ended September 30, 2015 Deferred (gains) and losses on derivatives-hedging activities: Commodity contracts $ (4 ) Operating revenue (4 ) Tax 1 Income tax expense $ (3 ) Unrecognized pension and other postretirement benefit costs: Actuarial (gains) losses $ 6 Other operations and maintenance 6 Tax (3 ) Income tax expense $ 3 |
Fair Value Measurements
Fair Value Measurements | 9 Months Ended |
Sep. 30, 2016 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | Fair Value Measurements The Companies' fair value measurements are made in accordance with the policies discussed in Note 6 to the Consolidated Financial Statements in the Companies' Annual Report on Form 10-K for the year ended December 31, 2015. See Note 9 in this report for further information about the Companies' derivatives and hedge accounting activities. Dominion and Dominion Gas apply fair value measurements to foreign currency swaps used to manage the foreign currency exchange rate risk related to interest and principal payments denominated in foreign currencies. These swaps are designated as cash flow hedges for accounting purposes and are categorized as Level 2. The inputs and assumptions used in measuring the fair value for foreign currency swaps include the following: • Foreign currency forward exchange rates • Credit quality of counterparties and the Companies • Notional value • Credit enhancements • Time value The Companies enter into certain physical and financial forwards, futures, options and swaps, which are considered Level 3 as they have one or more inputs that are not observable and are significant to the valuation. The discounted cash flow method is used to value Level 3 physical and financial forwards and futures contracts. An option model is used to value Level 3 physical and financial options. The discounted cash flow model for forwards and futures calculates mark-to-market valuations based on forward market prices, original transaction prices, volumes, and risk-free rate of return. The option model calculates mark-to-market valuations using variations of the Black-Scholes option model. The inputs into the models are the forward market prices, implied price volatilities, risk-free rate of return, the option expiration dates, the option strike prices, the original sales prices, and volumes. For Level 3 fair value measurements, forward market prices, and implied price volatilities are considered unobservable. The unobservable inputs are developed and substantiated using historical information, available market data, third-party data, and statistical analysis. Periodically, inputs to valuation models are reviewed and revised as needed, based on historical information, updated market data, market liquidity and relationships, and changes in third-party pricing sources. The following table presents Dominion's quantitative information about Level 3 fair value measurements at September 30, 2016. The range and weighted average are presented in dollars for market price inputs and percentages for price volatility. Fair Value (millions) Valuation Techniques Unobservable Input Range Weighted Average (1) Assets Physical and financial forwards and futures: Natural gas (2) $ 85 Discounted cash flow Market price (per Dth) (3) (2) - 7 — FTRs 7 Discounted cash flow Market price (per MWh) (3) (6) - 6 1 Physical and financial options: Natural gas 4 Option model Market price (per Dth) (3) 2 - 7 3 Price volatility (4) 19% - 46% 24 % Total assets $ 96 Liabilities Physical and financial forwards and futures: Natural gas (2) $ 4 Discounted cash flow Market price (per Dth) (3) (2) - 4 1 FTRs 2 Discounted cash flow Market price (per MWh) (3) (11) - 6 1 Physical and financial options: Natural gas 1 Option model Market price (per Dth) (3) 2 - 4 3 Price volatility (4) 30% - 46% 38 % Total liabilities $ 7 (1) Averages weighted by volume. (2) Includes basis. (3) Represents market prices beyond defined terms for Levels 1 and 2. (4) Represents volatilities unrepresented in published markets. Sensitivity of the fair value measurements to changes in the significant unobservable inputs is as follows: Significant Unobservable Inputs Position Change to Input Impact on Fair Value Measurement Market price Buy Increase (decrease) Gain (loss) Market price Sell Increase (decrease) Loss (gain) Price volatility Buy Increase (decrease) Gain (loss) Price volatility Sell Increase (decrease) Loss (gain) Recurring Fair Value Measurements Dominion The following table presents Dominion’s assets and liabilities that are measured at fair value on a recurring basis for each hierarchy level, including both current and noncurrent portions: Level 1 Level 2 Level 3 Total (millions) At September 30, 2016 Assets Derivatives: Commodity $ — $ 172 $ 96 $ 268 Interest rate — 19 — 19 Foreign currency — 8 — 8 Investments (1) : Equity securities: United States: Large cap 2,712 — — 2,712 REIT 67 — — 67 Other 6 — — 6 Non-United States: Large cap 10 — — 10 Fixed income: Corporate debt instruments — 518 — 518 United States Treasury securities and agency debentures 438 231 — 669 State and municipal — 372 — 372 Other — 109 — 109 Cash equivalents and other 8 — — 8 Total assets $ 3,241 $ 1,429 $ 96 $ 4,766 Liabilities Derivatives: Commodity $ — $ 104 $ 7 $ 111 Interest rate — 307 — 307 Foreign currency — 4 — 4 Total liabilities $ — $ 415 $ 7 $ 422 At December 31, 2015 Assets Derivatives: Commodity $ 1 $ 249 $ 114 $ 364 Interest rate — 24 — 24 Investments (1) : Equity securities: United States: Large cap 2,547 — — 2,547 REIT 63 — — 63 Other 5 — — 5 Non-United States: Large cap 10 — — 10 Fixed income: Corporate debt instruments — 437 — 437 United States Treasury securities and agency debentures 458 201 — 659 State and municipal — 376 — 376 Other — 100 — 100 Cash equivalents and other 2 2 — 4 Total assets $ 3,086 $ 1,389 $ 114 $ 4,589 Liabilities Derivatives: Commodity $ — $ 141 $ 19 $ 160 Interest rate — 183 — 183 Total liabilities $ — $ 324 $ 19 $ 343 (1) Includes investments held in the nuclear decommissioning and rabbi trusts. The following table presents the net change in Dominion's assets and liabilities measured at fair value on a recurring basis and included in the Level 3 fair value category: Three Months Ended September 30, Nine Months Ended September 30, 2016 2015 2016 2015 (millions) Beginning balance $ 124 $ 71 $ 95 $ 107 Total realized and unrealized gains (losses): Included in earnings (7 ) (9 ) (23 ) 1 Included in other comprehensive income (loss) — 5 2 (7 ) Included in regulatory assets/liabilities (37 ) 47 (5 ) 18 Settlements 9 10 27 1 Transfers out of Level 3 — (1 ) (7 ) 3 Ending balance $ 89 $ 123 $ 89 $ 123 The amount of gains (losses) for the period included in earnings attributable to the change in unrealized gains (losses) relating to assets/liabilities still held at the reporting date $ — $ 1 $ — $ 1 The following table presents Dominion's classification of gains and losses included in earnings in the Level 3 fair value category. Operating Electric Fuel Total (millions) Three Months Ended September 30, 2016 Total gains (losses) included in earnings $ — $ (7 ) $ (7 ) Three Months Ended September 30, 2015 Total gains (losses) included in earnings $ — $ (9 ) $ (9 ) The amount of total gains (losses) for the period included in earnings attributable to the change in unrealized gains (losses) relating to assets/liabilities still held at the reporting date — 1 1 Nine Months Ended September 30, 2016 Total gains (losses) included in earnings $ — $ (23 ) $ (23 ) Nine Months Ended September 30, 2015 Total gains (losses) included in earnings $ 2 $ (1 ) $ 1 The amount of total gains (losses) for the period included in earnings attributable to the change in unrealized gains (losses) relating to assets/liabilities still held at the reporting date 1 — 1 Virginia Power The following table presents Virginia Power's quantitative information about Level 3 fair value measurements at September 30, 2016. The range and weighted average are presented in dollars for market price inputs and percentages for price volatility. Fair Value (millions) Valuation Techniques Unobservable Input Range Weighted Average (1) Assets Physical and financial forwards and futures: Natural gas (2) $ 81 Discounted cash flow Market price (per Dth) (3) (2) - 7 — FTRs 7 Discounted cash flow Market price (per MWh) (3) (6) - 6 1 Physical and financial options: Natural gas 2 Option model Market price (per Dth) (3) 2 - 7 3 Price volatility (4) 19% - 33% 24 % Total assets $ 90 Liabilities Physical and financial forwards and futures: FTRs $ 2 Discounted cash flow Market price (per MWh) (3) (11) - 6 1 Total liabilities $ 2 (1) Averages weighted by volume. (2) Includes basis. (3) Represents market prices beyond defined terms for Levels 1 and 2. (4) Represents volatilities unrepresented in published markets. Sensitivity of the fair value measurements to changes in the significant unobservable inputs is as follows: Significant Unobservable Inputs Position Change to Input Impact on Fair Value Measurement Market price Buy Increase (decrease) Gain (loss) Market price Sell Increase (decrease) Loss (gain) Price volatility Buy Increase (decrease) Gain (loss) Price volatility Sell Increase (decrease) Loss (gain) The following table presents Virginia Power’s assets and liabilities that are measured at fair value on a recurring basis for each hierarchy level, including both current and noncurrent portions: Level 1 Level 2 Level 3 Total (millions) At September 30, 2016 Assets Derivatives: Commodity $ — $ 26 $ 90 $ 116 Interest rate — 2 — 2 Investments (1) : Equity securities: United States large cap 1,183 — — 1,183 REIT 67 — — 67 Fixed income: Corporate debt instruments — 298 — 298 United States Treasury securities and agency debentures 144 107 — 251 State and municipal — 174 — 174 Other — 29 — 29 Total assets $ 1,394 $ 636 $ 90 $ 2,120 Liabilities Derivatives: Commodity $ — $ 22 $ 2 $ 24 Interest rate — 267 — 267 Total liabilities $ — $ 289 $ 2 $ 291 At December 31, 2015 Assets Derivatives: Commodity $ — $ 13 $ 101 $ 114 Interest rate — 13 — 13 Investments (1) : Equity securities: United States large cap 1,100 — — 1,100 REIT 63 — — 63 Fixed income: Corporate debt instruments — 238 — 238 United States Treasury securities and agency debentures 180 79 — 259 State and municipal — 175 — 175 Other — 34 — 34 Total assets $ 1,343 $ 552 $ 101 $ 1,996 Liabilities Derivatives: Commodity $ — $ 19 $ 8 $ 27 Interest rate — 59 — 59 Total liabilities $ — $ 78 $ 8 $ 86 (1) Includes investments held in the nuclear decommissioning and rabbi trusts. The following table presents the net change in Virginia Power’s assets and liabilities measured at fair value on a recurring basis and included in the Level 3 fair value category: Three Months Ended September 30, Nine Months Ended September 30, 2016 2015 2016 2015 (millions) Beginning balance $ 125 $ 73 $ 93 $ 102 Total realized and unrealized gains (losses): Included in earnings (7 ) (10 ) (24 ) (1 ) Included in regulatory assets/liabilities (37 ) 47 (5 ) 18 Settlements 7 10 24 1 Ending balance $ 88 $ 120 $ 88 $ 120 The gains and losses included in earnings in the Level 3 fair value category were classified in electric fuel and other energy-related purchases in Virginia Power's Consolidated Statements of Income for the three and nine months ended September 30, 2016 and 2015. There were no unrealized gains or losses included in earnings in the Level 3 fair value category relating to assets/liabilities still held at the reporting date for the three and nine months ended September 30, 2016 and 2015. Dominion Gas The following table presents Dominion Gas' assets and liabilities for derivatives that are measured at fair value on a recurring basis for each hierarchy level, including both current and noncurrent portions: Level 1 Level 2 Level 3 Total (millions) At September 30, 2016 Assets Commodity $ — $ 6 $ — $ 6 Foreign currency — 8 — 8 Total Assets $ — $ 14 $ — $ 14 Liabilities Commodity $ — $ 2 $ — $ 2 Foreign currency — 4 — 4 Total liabilities $ — $ 6 $ — $ 6 At December 31, 2015 Assets Commodity $ — $ 5 $ 6 $ 11 Total Assets $ — $ 5 $ 6 $ 11 Liabilities Interest rate $ — $ 14 $ — $ 14 Total liabilities $ — $ 14 $ — $ 14 The following table presents the net change in Dominion Gas' assets and liabilities for derivatives measured at fair value on a recurring basis and included in the Level 3 fair value category: Three Months Ended September 30, Nine Months Ended September 30, 2016 2015 2016 2015 (millions) Beginning balance $ — $ (1 ) $ 6 $ 2 Total realized and unrealized gains (losses): Included in earnings — — — 1 Included in other comprehensive income (loss) — 5 2 (7 ) Settlements — — — (1 ) Transfers out of Level 3 — — (8 ) 9 Ending balance $ — $ 4 $ — $ 4 The gains and losses included in earnings in the Level 3 fair value category were classified in operating revenue in Dominion Gas' Consolidated Statements of Income for the nine months ended September 30, 2015. There were no unrealized gains or losses included in earnings in the Level 3 fair value category relating to assets/liabilities still held at the reporting date for the three and nine months ended September 30, 2016 and 2015. Fair Value of Financial Instruments Substantially all of the Companies' financial instruments are recorded at fair value, with the exception of the instruments described below, which are reported at historical cost. Estimated fair values have been determined using available market information and valuation methodologies considered appropriate by management. The carrying amount of cash and cash equivalents, customer, affiliated, and other receivables, short-term debt, affiliated current borrowings, payables to affiliates and accounts payable are representative of fair value because of the short-term nature of these instruments. For the Companies' financial instruments that are not recorded at fair value, the carrying amounts and estimated fair values are as follows: September 30, 2016 December 31, 2015 Carrying Estimated Fair (1) Carrying Estimated Fair (1) (millions) Dominion Long-term debt, including securities due within one year (2) $ 26,287 $ 29,077 $ 21,873 $ 23,210 Junior subordinated notes (3) 2,980 3,030 1,340 1,192 Remarketable subordinated notes (3) 2,371 2,392 2,080 2,129 Virginia Power Long-term debt, including securities due within one year (3) $ 9,642 $ 11,259 $ 9,368 $ 10,400 Dominion Gas Long-term debt, including securities due within one year (4) $ 3,945 $ 4,139 $ 3,269 $ 3,299 (1) Fair value is estimated using market prices, where available, and interest rates currently available for issuance of debt with similar terms and remaining maturities. All fair value measurements are classified as Level 2. The carrying amount of debt issues with short-term maturities and variable rates refinanced at current market rates is a reasonable estimate of their fair value. (2) Carrying amount includes amounts which represent the unamortized debt issuance costs, discount and/or premium, and foreign currency remeasurement adjustments. At September 30, 2016 and December 31, 2015, includes the valuation of certain fair value hedges associated with fixed rate debt of $14 million and $7 million , respectively. (3) Carrying amount includes amounts which represent the unamortized debt issuance costs, discount and/or premium. (4) Carrying amount includes amounts which represent the unamortized debt issuance costs, discount and/or premium, and foreign currency remeasurement adjustments. |
Derivatives and Hedge Accountin
Derivatives and Hedge Accounting Activities | 9 Months Ended |
Sep. 30, 2016 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivatives and Hedge Accounting Activities | Derivatives and Hedge Accounting Activities The Companies' accounting policies, objectives and strategies for using derivative instruments are discussed in Note 2 to the Consolidated Financial Statements in the Companies' Annual Report on Form 10-K for the year ended December 31, 2015. See Note 8 in this report for further information about fair value measurements and associated valuation methods for derivatives. Derivative assets and liabilities are presented gross on the Companies' Consolidated Balance Sheets. Dominion's derivative contracts include both over-the-counter transactions and those that are executed on an exchange or other trading platform (exchange contracts) and centrally cleared. Dominion Gas' and Virginia Power's derivative contracts consist of over-the-counter transactions. Over-the-counter contracts are bilateral contracts that are transacted directly with a counterparty. Exchange contracts utilize a financial intermediary, exchange, or clearinghouse to enter, execute, or clear the transactions. Certain over-the-counter and exchange contracts contain contractual rights of setoff through master netting arrangements, derivative clearing agreements, and contract default provisions. In addition, the contracts are subject to conditional rights of setoff through counterparty nonperformance, insolvency, or other conditions. In general, most over-the-counter transactions and all exchange contracts are subject to collateral requirements. Types of collateral for over-the-counter and exchange contracts include cash, letters of credit, and in some cases other forms of security, none of which are subject to restrictions. Cash collateral is used in the table below to offset derivative assets and liabilities. Certain accounts receivable and accounts payable recognized on the Companies' Consolidated Balance Sheets, as well as letters of credit and other forms of security, all of which are not included in the tables below, are subject to offset under master netting or similar arrangements and would reduce the net exposure. Dominion Balance Sheet Presentation The tables below present Dominion's derivative asset and liability balances by type of financial instrument, before and after the effects of offsetting: September 30, 2016 December 31, 2015 Gross Amounts of Recognized Assets Gross Amounts Offset in the Consolidated Balance Sheet Net Amounts of Assets Presented in the Consolidated Balance Sheet Gross Amounts of Recognized Assets Gross Amounts Offset in the Consolidated Balance Sheet Net Amounts of Assets Presented in the Consolidated Balance Sheet (millions) Commodity contracts: Over-the-counter $ 173 $ — $ 173 $ 217 $ — $ 217 Exchange 88 — 88 138 — 138 Interest rate contracts: Over-the-counter 19 — 19 24 — 24 Foreign currency contracts: Over-the-counter 8 — 8 — — — Total derivatives, subject to a master netting or similar arrangement 288 — 288 379 — 379 Total derivatives, not subject to a master netting or similar arrangement 7 — 7 9 — 9 Total $ 295 $ — $ 295 $ 388 $ — $ 388 September 30, 2016 December 31, 2015 Gross Amounts Not Offset in the Consolidated Balance Sheet Gross Amounts Not Offset in the Consolidated Balance Sheet Net Amounts of Assets Presented in the Consolidated Balance Sheet Financial Instruments Cash Collateral Received Net Amounts Net Amounts of Assets Presented in the Consolidated Balance Sheet Financial Instruments Cash Collateral Received Net Amounts (millions) Commodity contracts: Over-the-counter $ 173 $ 20 $ — $ 153 $ 217 $ 37 $ — $ 180 Exchange 88 63 — 25 138 82 — 56 Interest rate contracts: Over-the-counter 19 10 — 9 24 22 — 2 Foreign currency contracts: Over-the-counter 8 4 — 4 — — — — Total $ 288 $ 97 $ — $ 191 $ 379 $ 141 $ — $ 238 September 30, 2016 December 31, 2015 Gross Amounts of Recognized Liabilities Gross Amounts Offset in the Consolidated Balance Sheet Net Amounts of Liabilities Presented in the Consolidated Balance Sheet Gross Amounts of Recognized Liabilities Gross Amounts Offset in the Consolidated Balance Sheet Net Amounts of Liabilities Presented in the Consolidated Balance Sheet (millions) Commodity contracts: Over-the-counter $ 43 $ — $ 43 $ 70 $ — $ 70 Exchange 63 — 63 82 — 82 Interest rate contracts: Over-the-counter 307 — 307 183 — 183 Foreign currency contracts: Over-the-counter 4 — 4 — — — Total derivatives, subject to a master netting or similar arrangement 417 — 417 335 — 335 Total derivatives, not subject to a master netting or similar arrangement 5 — 5 8 — 8 Total $ 422 $ — $ 422 $ 343 $ — $ 343 September 30, 2016 December 31, 2015 Gross Amounts Not Offset in the Consolidated Balance Sheet Gross Amounts Not Offset in the Consolidated Balance Sheet Net Amounts of Liabilities Presented in the Consolidated Balance Sheet Financial Instruments Cash Collateral Paid Net Amounts Net Amounts of Liabilities Presented in the Consolidated Balance Sheet Financial Instruments Cash Collateral Paid Net Amounts (millions) Commodity contracts: Over-the-counter $ 43 $ 20 $ — $ 23 $ 70 $ 37 $ — $ 33 Exchange 63 63 — — 82 82 — — Interest rate contracts: Over-the-counter 307 10 — 297 183 22 — 161 Foreign currency contracts: Over-the-counter 4 4 — — — — — — Total $ 417 $ 97 $ — $ 320 $ 335 $ 141 $ — $ 194 Volumes The following table presents the volume of Dominion’s derivative activity at September 30, 2016. These volumes are based on open derivative positions and represent the combined absolute value of their long and short positions, except in the case of offsetting transactions, for which they represent the absolute value of the net volume of their long and short positions. Current Noncurrent Natural Gas (bcf): Fixed price (1) 104 23 Basis 261 626 Electricity (MWh): Fixed price 8,274,639 659,440 FTRs 72,352,190 — Liquids (Gal) (2) 39,269,554 — Interest rate (3) $ 2,200,000,000 $ 1,600,000,000 Foreign currency (3)(4) $ — $ 280,000,000 (1) Includes options. (2) Includes NGLs and oil. (3) Maturity is determined based on final settlement period. (4) Euro equivalent volumes are € 250,000,000 . Ineffectiveness and AOCI For the three and nine months ended September 30, 2016 and 2015, gains or losses on hedging instruments determined to be ineffective and amounts excluded from the assessment of effectiveness were not material. Amounts excluded from the assessment of effectiveness include gains or losses attributable to changes in the time value of options and changes in the differences between spot prices and forward prices. The following table presents selected information related to gains (losses) on cash flow hedges included in AOCI in Dominion’s Consolidated Balance Sheet at September 30, 2016: AOCI After-Tax Amounts Expected to be Reclassified to Earnings During the Next 12 Months After-Tax Maximum Term (millions) Commodities: Gas $ (2 ) $ (2 ) 39 months Electricity 44 42 15 months Other (1 ) (1 ) 6 months Interest rate (304 ) (26 ) 378 months Foreign currency 2 — 117 months Total $ (261 ) $ 13 The amounts that will be reclassified from AOCI to earnings will generally be offset by the recognition of the hedged transactions (e.g., anticipated sales) in earnings, thereby achieving the realization of prices contemplated by the underlying risk management strategies and will vary from the expected amounts presented above as a result of changes in market prices, interest rates, and foreign currency exchange rates. Fair Value and Gains and Losses on Derivative Instruments The following table presents the fair values of Dominion’s derivatives and where they are presented in its Consolidated Balance Sheets: Fair Value – Fair Value – Total Fair Value (millions) At September 30, 2016 ASSETS Current Assets Commodity $ 59 $ 105 $ 164 Interest rate 9 — 9 Total current derivative assets (1) 68 105 173 Noncurrent Assets Commodity 4 100 104 Interest rate 10 — 10 Foreign currency 8 — 8 Total noncurrent derivative assets (2) 22 100 122 Total derivative assets $ 90 $ 205 $ 295 LIABILITIES Current Liabilities Commodity $ 22 $ 78 $ 100 Interest rate 182 — 182 Foreign currency 4 — 4 Total current derivative liabilities (3) 208 78 286 Noncurrent Liabilities Commodity 1 10 11 Interest rate 125 — 125 Total noncurrent derivative liabilities (4) 126 10 136 Total derivative liabilities $ 334 $ 88 $ 422 At December 31, 2015 ASSETS Current Assets Commodity $ 101 $ 151 $ 252 Interest rate 3 — 3 Total current derivative assets (1) 104 151 255 Noncurrent Assets Commodity 3 109 112 Interest rate 21 — 21 Total noncurrent derivative assets (2) 24 109 133 Total derivative assets $ 128 $ 260 $ 388 LIABILITIES Current Liabilities Commodity $ 32 $ 116 $ 148 Interest rate 164 — 164 Total current derivative liabilities (3) 196 116 312 Noncurrent Liabilities Commodity — 12 12 Interest rate 19 — 19 Total noncurrent derivative liabilities (4) 19 12 31 Total derivative liabilities $ 215 $ 128 $ 343 (1) Current derivative assets are presented in other current assets in Dominion’s Consolidated Balance Sheets. (2) Noncurrent derivative assets are presented in other deferred charges and other assets in Dominion’s Consolidated Balance Sheets. (3) Current derivative liabilities are presented in other current liabilities in Dominion's Consolidated Balance Sheets. (4) Noncurrent derivative liabilities are presented in other deferred credits and other liabilities in Dominion’s Consolidated Balance Sheets. The following tables present the gains and losses on Dominion's derivatives, as well as where the associated activity is presented in its Consolidated Balance Sheets and Statements of Income: Derivatives in Cash Flow Hedging Relationships Amount of Gain (Loss) Recognized in AOCI on Derivatives (Effective Portion) (1) Amount of Gain Increase (Decrease) in Derivatives Subject to Regulatory Treatment (2) (millions) Three Months Ended September 30, 2016 Derivative type and location of gains (losses): Commodity: Operating revenue $ 64 Purchased gas (1 ) Electric fuel and other energy-related purchases (1 ) Total commodity $ 7 $ 62 $ — Interest rate (3) 3 (10 ) (16 ) Foreign currency (4) 12 3 — Total $ 22 $ 55 $ (16 ) Three Months Ended September 30, 2015 Derivative type and location of gains (losses): Commodity: Operating revenue $ 87 Purchased gas (2 ) Total commodity $ 64 $ 85 $ — Interest rate (3) (71 ) (2 ) (69 ) Total $ (7 ) $ 83 $ (69 ) Nine Months Ended September 30, 2016 Derivative type and location of gains (losses): Commodity: Operating revenue $ 266 Purchased gas (9 ) Electric fuel and other energy-related purchases (8 ) Total commodity $ 193 $ 249 $ — Interest rate (3) (107 ) (21 ) (258 ) Foreign currency (4) 4 1 — Total $ 90 $ 229 $ (258 ) Nine Months Ended September 30, 2015 Derivative type and location of gains (losses): Commodity: Operating revenue $ 103 Purchased gas (9 ) Total commodity $ 117 $ 94 $ 3 Interest rate (3) (72 ) (7 ) (27 ) Total $ 45 $ 87 $ (24 ) (1) Amounts deferred into AOCI have no associated effect in Dominion’s Consolidated Statements of Income. (2) Represents net derivative activity deferred into and amortized out of regulatory assets/liabilities. Amounts deferred into regulatory assets/liabilities have no associated effect in Dominion’s Consolidated Statements of Income. (3) Amounts recorded in Dominion’s Consolidated Statements of Income are classified in interest and related charges. (4) Amounts recorded in Dominion’s Consolidated Statements of Income are classified in other income. Amount of Gain (Loss) Recognized in Income on Derivatives (1) Three Months Ended September 30, Nine Months Ended September 30, Derivatives Not Designated as Hedging Instruments 2016 2015 2016 2015 (millions) Derivative type and location of gains (losses): Commodity: Operating revenue $ 25 $ 2 $ 19 $ 20 Purchased gas (21 ) (3 ) (14 ) (12 ) Electric fuel and other energy-related purchases (12 ) (4 ) (43 ) 5 Interest rate (2) — (1 ) — (1 ) Total $ (8 ) $ (6 ) $ (38 ) $ 12 (1) Includes derivative activity amortized out of regulatory assets/liabilities. Amounts deferred into regulatory assets/liabilities have no associated effect in Dominion’s Consolidated Statements of Income. (2) Amounts recorded in Dominion's Consolidated Statements of Income are classified in interest and related charges. Virginia Power Balance Sheet Presentation The tables below present Virginia Power's derivative asset and liability balances by type of financial instrument, before and after the effects of offsetting: September 30, 2016 December 31, 2015 Gross Amounts of Recognized Assets Gross Amounts Offset in the Consolidated Balance Sheet Net Amounts of Assets Presented in the Consolidated Balance Sheet Gross Amounts of Recognized Assets Gross Amounts Offset in the Consolidated Balance Sheet Net Amounts of Assets Presented in the Consolidated Balance Sheet (millions) Commodity contracts: Over-the-counter $ 88 $ — $ 88 $ 101 $ — $ 101 Interest rate contracts: Over-the-counter 2 — 2 13 — 13 Total derivatives, subject to a master netting or similar arrangement 90 — 90 114 — 114 Total derivatives, not subject to a master netting or similar arrangement 28 — 28 13 — 13 Total $ 118 $ — $ 118 $ 127 $ — $ 127 September 30, 2016 December 31, 2015 Gross Amounts Not Offset in the Consolidated Balance Sheet Gross Amounts Not Offset in the Consolidated Balance Sheet Net Amounts of Assets Presented in the Consolidated Balance Sheet Financial Instruments Cash Collateral Received Net Amounts Net Amounts of Assets Presented in the Consolidated Balance Sheet Financial Instruments Cash Collateral Received Net Amounts (millions) Commodity contracts: Over-the-counter $ 88 $ 2 $ — $ 86 $ 101 $ 3 $ — $ 98 Interest rate contracts: Over-the-counter 2 — — 2 13 10 — 3 Total $ 90 $ 2 $ — $ 88 $ 114 $ 13 $ — $ 101 September 30, 2016 December 31, 2015 Gross Amounts of Recognized Liabilities Gross Amounts Offset in the Consolidated Balance Sheet Net Amounts of Liabilities Presented in the Consolidated Balance Sheet Gross Amounts of Recognized Liabilities Gross Amounts Offset in the Consolidated Balance Sheet Net Amounts of Liabilities Presented in the Consolidated Balance Sheet (millions) Commodity contracts: Over-the-counter $ 9 $ — $ 9 $ 5 $ — $ 5 Interest rate contracts: Over-the-counter 267 — 267 59 — 59 Total derivatives, subject to a master netting or similar arrangement 276 — 276 64 — 64 Total derivatives, not subject to a master netting or similar arrangement 15 — 15 22 — 22 Total $ 291 $ — $ 291 $ 86 $ — $ 86 September 30, 2016 December 31, 2015 Gross Amounts Not Offset in the Consolidated Balance Sheet Gross Amounts Not Offset in the Consolidated Balance Sheet Net Amounts of Liabilities Presented in the Consolidated Balance Sheet Financial Instruments Cash Collateral Paid Net Amounts Net Amounts of Liabilities Presented in the Consolidated Balance Sheet Financial Instruments Cash Collateral Paid Net Amounts (millions) Commodity contracts: Over-the-counter $ 9 $ 2 $ — $ 7 $ 5 $ 3 $ — $ 2 Interest rate contracts: Over-the-counter 267 — — 267 59 10 — 49 Total $ 276 $ 2 $ — $ 274 $ 64 $ 13 $ — $ 51 Volumes The following table presents the volume of Virginia Power’s derivative activity at September 30, 2016. These volumes are based on open derivative positions and represent the combined absolute value of their long and short positions, except in the case of offsetting transactions, for which they represent the absolute value of the net volume of their long and short positions. Current Noncurrent Natural Gas (bcf): Fixed price (1) 32 12 Basis 126 558 Electricity (MWh): FTRs 70,978,901 — Interest rate $ 1,200,000,000 $ 600,000,000 (1) Includes options. Ineffectiveness and AOCI For the three and nine months ended September 30, 2016 and 2015, gains or losses on hedging instruments determined to be ineffective were not material. The following table presents selected information related to gains (losses) on cash flow hedges included in AOCI in Virginia Power’s Consolidated Balance Sheet at September 30, 2016: AOCI After-Tax Amounts Expected to be Reclassified to Earnings During the Next 12 Months After-Tax Maximum Term (millions) Interest rate $ (22 ) $ (1 ) 378 months Total $ (22 ) $ (1 ) The amounts that will be reclassified from AOCI to earnings will generally be offset by the recognition of the hedged transactions (e.g., anticipated sales) in earnings, thereby achieving the realization of prices contemplated by the underlying risk management strategies and will vary from the expected amounts presented above as a result of changes in interest rates. Fair Value and Gains and Losses on Derivative Instruments The following table presents the fair values of Virginia Power’s derivatives and where they are presented in its Consolidated Balance Sheets: Fair Value – Fair Value – Total Fair Value (millions) At September 30, 2016 ASSETS Current Assets Commodity $ — $ 25 $ 25 Interest rate 2 — 2 Total current derivative assets (1) 2 25 27 Noncurrent Assets Commodity — 91 91 Total noncurrent derivative assets (2) — 91 91 Total derivative assets $ 2 $ 116 $ 118 LIABILITIES Current Liabilities Commodity $ — $ 19 $ 19 Interest rate 142 — 142 Total current derivative liabilities (3) 142 19 161 Noncurrent Liabilities Commodity — 5 5 Interest rate 125 — 125 Total noncurrent derivatives liabilities (4) 125 5 130 Total derivative liabilities $ 267 $ 24 $ 291 At December 31, 2015 ASSETS Current Assets Commodity $ — $ 18 $ 18 Total current derivative assets (1) — 18 18 Noncurrent Assets Commodity — 96 96 Interest rate 13 — 13 Total noncurrent derivative assets (2) 13 96 109 Total derivative assets $ 13 $ 114 $ 127 LIABILITIES Current Liabilities Commodity $ — $ 23 $ 23 Interest rate 57 — 57 Total current derivative liabilities (3) 57 23 80 Noncurrent Liabilities Commodity — 4 4 Interest rate 2 — 2 Total noncurrent derivative liabilities (4) 2 4 6 Total derivative liabilities $ 59 $ 27 $ 86 (1) Current derivative assets are presented in other current assets in Virginia Power's Consolidated Balance Sheets. (2) Noncurrent derivative assets are presented in other deferred charges and other assets in Virginia Power's Consolidated Balance Sheets. (3) Current derivative liabilities are presented in other current liabilities in Virginia Power's Consolidated Balance Sheets. (4) Noncurrent derivative liabilities are presented in other deferred credits and other liabilities in Virginia Power’s Consolidated Balance Sheets. The following tables present the gains and losses on Virginia Power's derivatives, as well as where the associated activity is presented in its Consolidated Balance Sheets and Statements of Income: Derivatives in Cash Flow Hedging Relationships Amount of Gain (Loss) Recognized in AOCI on Derivatives (Effective (1) Amount of Gain Increase(Decrease) in Derivatives Subject to Regulatory Treatment (2) (millions) Three Months Ended September 30, 2016 Derivative type and location of gains (losses): Interest rate (3) $ (2 ) $ — $ (16 ) Total $ (2 ) $ — $ (16 ) Three Months Ended September 30, 2015 Derivative type and location of gains (losses): Interest rate (3) $ (9 ) $ — $ (69 ) Total $ (9 ) $ — $ (69 ) Nine Months Ended September 30, 2016 Derivative type and location of gains (losses): Interest rate (3) $ (26 ) $ (1 ) $ (258 ) Total $ (26 ) $ (1 ) $ (258 ) Nine Months Ended September 30, 2015 Derivative type and location of gains (losses): Commodity: Electric fuel and other energy-related purchases $ (1 ) Total commodity $ — $ (1 ) $ 3 Interest rate (3) (4 ) — (27 ) Total $ (4 ) $ (1 ) $ (24 ) (1) Amounts deferred into AOCI have no associated effect in Virginia Power’s Consolidated Statements of Income. (2) Represents net derivative activity deferred into and amortized out of regulatory assets/liabilities. Amounts deferred into regulatory assets/liabilities have no associated effect in Virginia Power’s Consolidated Statements of Income. (3) Amounts recorded in Virginia Power’s Consolidated Statements of Income are classified in interest and related charges. Amount of Gain (Loss) Recognized in Income on Derivatives (1) Three Months Ended September 30, Nine Months Ended September 30, Derivatives Not Designated as Hedging Instruments 2016 2015 2016 2015 (millions) Derivative type and location of gains (losses): Commodity (2) $ (10 ) $ (6 ) $ (40 ) $ 6 Total $ (10 ) $ (6 ) $ (40 ) $ 6 (1) Includes derivative activity amortized out of regulatory assets/liabilities. Amounts deferred into regulatory assets/liabilities have no associated effect in Virginia Power’s Consolidated Statements of Income. (2) Amounts recorded in Virginia Power's Consolidated Statements of Income are classified in electric fuel and other energy-related purchases. Dominion Gas Balance Sheet Presentation The tables below present Dominion Gas' derivative asset and liability balances by type of financial instrument, before and after the effects of offsetting. September 30, 2016 December 31, 2015 Gross Amounts of Recognized Assets Gross Amounts Offset in the Consolidated Balance Sheet Net Amounts of Assets Presented in the Consolidated Balance Sheet Gross Amounts of Recognized Assets Gross Amounts Offset in the Consolidated Balance Sheet Net Amounts of Assets Presented in the Consolidated Balance Sheet (millions) Commodity contracts: Over-the-counter $ 6 $ — $ 6 $ 11 $ — $ 11 Foreign currency contracts: Over-the-counter 8 — 8 — — — Total derivatives, subject to a master netting or similar arrangement $ 14 $ — $ 14 $ 11 $ — $ 11 September 30, 2016 December 31, 2015 Gross Amounts Not Offset in the Consolidated Balance Sheet Gross Amounts Not Offset in the Consolidated Balance Sheet Net Amounts of Assets Presented in the Consolidated Balance Sheet Financial Instruments Cash Collateral Received Net Amounts Net Amounts of Assets Presented in the Consolidated Balance Sheet Financial Instruments Cash Collateral Received Net Amounts (millions) Commodity contracts: Over-the-counter $ 6 $ 1 $ — $ 5 $ 11 $ — $ — $ 11 Foreign currency contracts: Over-the-counter 8 4 — 4 — — — — Total $ 14 $ 5 $ — $ 9 $ 11 $ — $ — $ 11 September 30, 2016 December 31, 2015 Gross Amounts of Recognized Liabilities Gross Amounts Offset in the Consolidated Balance Sheet Net Amounts of Liabilities Presented in the Consolidated Balance Sheet Gross Amounts of Recognized Liabilities Gross Amounts Offset in the Consolidated Balance Sheet Net Amounts of Liabilities Presented in the Consolidated Balance Sheet (millions) Commodity contracts: Over-the-counter $ 2 $ — $ 2 $ — $ — $ — Interest rate contracts: Over-the-counter — — — 14 — 14 Foreign currency contracts: Over-the-counter 4 — 4 — — — Total derivatives, subject to a master netting or similar arrangement $ 6 $ — $ 6 $ 14 $ — $ 14 September 30, 2016 December 31, 2015 Gross Amounts Not Offset in the Consolidated Balance Sheet Gross Amounts Not Offset in the Consolidated Balance Sheet Net Amounts of Liabilities Presented in the Consolidated Balance Sheet Financial Instruments Cash Collateral Paid Net Amounts Net Amounts of Liabilities Presented in the Consolidated Balance Sheet Financial Instruments Cash Collateral Paid Net Amounts (millions) Commodity contracts Over-the-counter $ 2 $ 1 $ — $ 1 $ — $ — $ — $ — Interest rate contracts: Over-the-counter — — — — 14 — — 14 Foreign currency contracts: Over-the-counter 4 4 — — — — — — Total $ 6 $ 5 $ — $ 1 $ 14 $ — $ — $ 14 Volumes The following table presents the volume of Dominion Gas' derivative activity at September 30, 2016. These volumes are based on open derivative positions and represent the combined absolute value of their long and short positions, except in the case of offsetting transactions, for which they represent the absolute value of the net volume of their long and short positions. Current Noncurrent Natural Gas (bcf): Fixed price 6 — Basis 6 — NGLs (Gal) 33,095,554 — Foreign currency (1) $ — $ 280,000,000 (1) Maturity is determined based on final settlement period. Euro equivalent volumes are € 250,000,000 . Ineffectiveness and AOCI For the three and nine months ended September 30, 2016 and 2015, gains or losses on hedging instruments determined to be ineffective were not material. The following table presents selected information related to losses on cash flow hedges included in AOCI in Dominion Gas' Consolidated Balance Sheet at September 30, 2016: AOCI Amounts Expected to be Reclassified to Earnings During the Next 12 Months After-Tax Maximum Term (millions) Commodities: NGLs $ (1 ) $ (1 ) 6 months Interest rate (27 ) (2 ) 339 months Foreign currency 2 — 117 months Total $ (26 ) $ (3 ) The amounts that will be reclassified from AOCI to earnings will generally be offset by the recognition of the hedged transactions (e.g., anticipated sales) in earnings, thereby achieving the realization of prices contemplated by the underlying risk management strategies and will vary from the expected amounts presented above as a result of changes in market prices, interest rates, and foreign currency rates. Fair Value and Gains and Losses on Derivative Instruments The following tables present the fair values of Dominion Gas' derivatives and where they are presented in its Consolidated Balance Sheets: Fair Value-Derivatives Under Hedge Accounting Fair Value-Derivatives Not Under Hedge Accounting Total Fair Value (millions) At September 30, 2016 ASSETS Current Assets Commodity $ 1 $ 5 $ 6 Total current derivative assets (1) 1 5 6 Noncurrent Assets Foreign currency 8 — 8 Total noncurrent derivative assets (2) 8 — 8 Total derivative assets $ 9 $ 5 $ 14 LIABILITIES Current Liabilities Commodity $ 2 $ — $ 2 Foreign currency 4 — 4 Total current derivative liabilities (3) 6 — 6 Total derivative liabilities $ 6 $ — $ 6 At December 31, 2015 ASSETS Current Assets Commodity $ 10 $ — $ 10 Total current derivative assets (1) 10 — 10 Noncurrent Assets Commodity 1 — 1 Total noncurrent derivatives assets (2) 1 — 1 Total derivative assets $ 11 $ — $ 11 LIABILITIES Noncurrent Liabilities Interest rate $ 14 $ — $ 14 Total noncurrent derivative liabilities (4) 14 — 14 Total derivative liabilities $ 14 $ — $ 14 (1) Current derivative assets are presented in other current assets in Dominion Gas' Consolidated Balance Sheets. (2) Noncurrent derivative assets are presented in other deferred charges and other assets in Dominion Gas’ Consolidated Balance Sheets. (3) Current derivative liabilities are presented in other current liabilities in Dominion Gas' Consolidated Balance Sheets. (4) Noncurrent derivative liabilities are presented in other deferred credits and other liabilities in Dominion Gas’ Consolidated Balance Sheets. The following table presents the gains and losses on Dominion Gas' derivatives, as well as where the associated activity is presented in its Consolidated Balance Sheets and Statements of Income: Derivatives in Cash Flow Hedging Relationships Amount of Gain (Loss) Recognized in AOCI on Derivatives (Effective Portion) (1) Amount of Gain (Loss) Reclassified From AOCI (millions) Three Months Ended September 30, 2016 Derivative Type and Location of Gains (Losses): Commodity: Operating revenue $ 1 Total commodity $ — $ 1 Interest rate (2) — (1 ) Foreign currency (3) 12 3 Total $ 12 $ 3 Three Months Ended September 30, 2015 Derivative Type and Location of Gains (Losses): Commodity: Operating revenue $ 3 Total commodity $ 11 $ 3 Interest rate (2) (7 ) — Total $ 4 $ 3 Nine Months Ended September 30, 2016 Derivative Type and Location of Gains (Losses) Commodity: Operating revenue $ 6 Total commodity $ (7 ) $ 6 Interest rate (2) (8 ) (2 ) Foreign currency (3) 4 1 Total $ (11 ) $ 5 Nine Months Ended September 30, 2015 Derivative Type and Location of Gains (Losses) Commodity: Operating revenue $ 4 Total commodity $ 10 $ 4 Interest rate (2) (8 ) — Total $ 2 $ 4 (1) Amounts deferred into AOCI have no associated effect in Dominion Gas' Consolidated Statements of Income. (2) Amounts recorded in Dominion Gas' Consolidated Statements of Income are classified in interest and related charges. (3) Amounts recorded in Dominion Gas' Consolidated Statements of Income are classified in other income. Amount of Gain (Loss) Recognized in Income on Derivatives Three Months Ended September 30, Nine Months Ended September 30, Derivatives Not Designated as Hedging Instruments 2016 2015 2016 2015 (millions) Derivative Type and Location of Gains (Losses): Commodity: Operating revenue $ 5 $ 1 $ 3 $ 5 Total $ 5 $ 1 $ 3 $ 5 |
Investments
Investments | 9 Months Ended |
Sep. 30, 2016 | |
Investments, Debt and Equity Securities [Abstract] | |
Investments | Investments Dominion Equity and Debt Securities Rabbi Trust Securities Marketable equity and debt securities and cash equivalents held in Dominion’s rabbi trusts and classified as trading totaled $103 million and $100 million at September 30, 2016 and December 31, 2015, respectively. Decommissioning Trust Securities Dominion holds marketable equity and debt securities (classified as available-for-sale), cash equivalents and cost method investments in nuclear decommissioning trust funds to fund future decommissioning costs for its nuclear plants. Dominion’s decommissioning trust funds are summarized below: Amortized Cost Total Unrealized Gains (1) Total Unrealized Losses (1) Fair Value (millions) At September 30, 2016 Marketable equity securities: United States large cap $ 1,361 $ 1,312 $ — $ 2,673 REIT 59 8 — 67 Marketable debt securities: Corporate bonds 493 26 (1 ) 518 United States Treasury securities and agency debentures 645 21 — 666 State and municipal 306 27 — 333 Other 89 — — 89 Cost method investments 69 — — 69 Cash equivalents and other (2) 12 — — 12 Total $ 3,034 $ 1,394 $ (1 ) (3) $ 4,427 At December 31, 2015 Marketable equity securities: United States large cap $ 1,295 $ 1,213 $ — $ 2,508 REIT 59 4 — 63 Marketable debt securities: Corporate bonds 433 11 (7 ) 437 United States Treasury securities and agency debentures 654 8 (4 ) 658 State and municipal 312 22 — 334 Other 99 — — 99 Cost method investments 70 — — 70 Cash equivalents and other (2) 14 — — 14 Total $ 2,936 $ 1,258 $ (11 ) (3) $ 4,183 (1) Included in AOCI and the nuclear decommissioning trust regulatory liability. (2) Includes pending sales of securities of $9 million and $12 million at September 30, 2016 and December 31, 2015, respectively. (3) The fair value of securities in an unrealized loss position was $156 million and $592 million at September 30, 2016 and December 31, 2015, respectively. The fair value of Dominion’s marketable debt securities held in nuclear decommissioning trust funds at September 30, 2016 by contractual maturity is as follows: Amount (millions) Due in one year or less $ 199 Due after one year through five years 475 Due after five years through ten years 365 Due after ten years 567 Total $ 1,606 Presented below is selected information regarding Dominion’s marketable equity and debt securities held in nuclear decommissioning trust funds. Three Months Ended September 30, Nine Months Ended September 30, 2016 2015 2016 2015 (millions) Proceeds from sales $ 300 $ 357 $ 1,009 $ 937 Realized gains (1) 40 65 102 165 Realized losses (1) 9 40 43 69 (1) Includes realized gains and losses recorded to the nuclear decommissioning trust regulatory liability. Dominion recorded other-than-temporary impairment losses on investments held in nuclear decommissioning trust funds as follows: Three Months Ended September 30, Nine Months Ended September 30, 2016 2015 2016 2015 (millions) Total other-than-temporary impairment losses (1) $ 9 $ 29 $ 34 $ 55 Losses recorded to the nuclear decommissioning trust regulatory liability (4 ) (10 ) (15 ) (21 ) Losses recognized in other comprehensive income (before taxes) — (3 ) (1 ) (7 ) Net impairment losses recognized in earnings $ 5 $ 16 $ 18 $ 27 (1) Amounts include other-than-temporary impairment losses for debt securities of less than $1 million and $3 million for the three months ended September 30, 2016 and 2015, respectively, and $2 million and $7 million for the nine months ended September 30, 2016 and 2015, respectively. Virginia Power Virginia Power holds marketable equity and debt securities (classified as available-for-sale), cash equivalents and cost method investments in nuclear decommissioning trust funds to fund future decommissioning costs for its nuclear plants. Virginia Power’s decommissioning trust funds are summarized below: Amortized Total Unrealized (1) Total Unrealized (1) Fair Value (millions) At September 30, 2016 Marketable equity securities: United States large cap $ 606 $ 576 $ — $ 1,182 REIT 59 8 — 67 Marketable debt securities: Corporate bonds 285 13 — 298 United States Treasury securities and agency debentures 246 5 — 251 State and municipal 158 15 — 173 Other 29 — — 29 Cost method investments 69 — — 69 Cash equivalents and other (2) 5 — — 5 Total $ 1,457 $ 617 $ — (3) $ 2,074 At December 31, 2015 Marketable equity securities: United States large cap $ 574 $ 525 $ — $ 1,099 REIT 59 4 — 63 Marketable debt securities: Corporate bonds 237 5 (4 ) 238 United States Treasury securities and agency debentures 260 1 (2 ) 259 State and municipal 162 13 (1 ) 174 Other 34 — — 34 Cost method investments 70 — — 70 Cash equivalents and other (2) 8 — — 8 Total $ 1,404 $ 548 $ (7 ) (3) $ 1,945 (1) Included in AOCI and the nuclear decommissioning trust regulatory liability. (2) Includes pending sales of securities of $4 million and $8 million at September 30, 2016 and December 31, 2015, respectively. (3) The fair value of securities in an unrealized loss position was $91 million and $281 million at September 30, 2016 and December 31, 2015, respectively. The fair value of Virginia Power’s marketable debt securities held in nuclear decommissioning trust funds at September 30, 2016 by contractual maturity is as follows: Amount (millions) Due in one year or less $ 51 Due after one year through five years 228 Due after five years through ten years 202 Due after ten years 270 Total $ 751 Presented below is selected information regarding Virginia Power’s marketable equity and debt securities held in nuclear decommissioning trust funds. Three Months Ended September 30, Nine Months Ended September 30, 2016 2015 2016 2015 (millions) Proceeds from sales $ 131 $ 198 $ 478 $ 407 Realized gains (1) 18 45 48 82 Realized losses (1) 4 18 21 33 (1) Includes realized gains and losses recorded to the nuclear decommissioning trust regulatory liability. Other-than-temporary impairment losses on investments held in nuclear decommissioning trust funds for Virginia Power were not material for the three and nine months ended September 30, 2016 and 2015. Equity Method Investments Dominion In October 2016, Dominion purchased an additional 3% membership interest in Atlantic Coast Pipeline from Duke for $14 million , which adjusted Dominion's and Duke's membership interest to 48% and 47% , respectively. Dominion Gas Iroquois Dominion Gas' equity earnings totaled $14 million and $17 million for the nine months ended September 30, 2016 and 2015, respectively. Dominion Gas received distributions from this investment of $17 million and $26 million for the nine months ended September 30, 2016 and 2015, respectively. At September 30, 2016 and December 31, 2015, the carrying amount of Dominion Gas' investment of $97 million and $102 million , respectively, exceeded its share of underlying equity in net assets by $8 million . The difference reflects equity method goodwill and is not being amortized. In May 2016, Dominion Gas sold 0.65% of the non-controlling partnership interest in Iroquois to TransCanada for approximately $7 million , which resulted in a $5 million ( $3 million after-tax) gain, included in other income in Dominion Gas’ Consolidated Statements of Income. |
Regulatory Assets and Liabiliti
Regulatory Assets and Liabilities | 9 Months Ended |
Sep. 30, 2016 | |
Regulatory Assets and Liabilities Disclosure [Abstract] | |
Regulatory Assets and Liabilities | Regulatory Assets and Liabilities Regulatory assets and liabilities include the following: September 30, 2016 December 31, 2015 (millions) Dominion Regulatory assets: Deferred rate adjustment clause costs (1) $ 101 $ 90 Deferred nuclear refueling outage costs (2) 60 75 Deferred cost of fuel used in electric generation (3) 3 111 Other 86 75 Regulatory assets-current (4) 250 351 Unrecognized pension and other postretirement benefit costs (5) 981 1,015 Derivatives (6) 366 110 Deferred rate adjustment clause costs (1) 271 295 PJM transmission rates (7) 192 192 Income taxes recoverable through future rates (8) 130 126 Other 203 127 Regulatory assets-non-current 2,143 1,865 Total regulatory assets $ 2,393 $ 2,216 Regulatory liabilities: Deferred cost of fuel used in electric generation (3) $ 62 $ — PIPP (9) 26 46 Other 36 54 Regulatory liabilities-current (10) 124 100 Provision for future cost of removal and AROs (11) 1,412 1,120 Nuclear decommissioning trust (12) 882 804 Derivatives (6) 76 79 Deferred cost of fuel used in electric generation (3) 27 97 Other 200 185 Regulatory liabilities-non-current 2,597 2,285 Total regulatory liabilities $ 2,721 $ 2,385 Virginia Power Regulatory assets: Deferred rate adjustment clause costs (1) $ 85 $ 80 Deferred nuclear refueling outage costs (2) 60 75 Deferred cost of fuel used in electric generation (3) 3 111 Other 49 60 Regulatory assets-current 197 326 Derivatives (6) 366 110 PJM transmission rates (7) 192 192 Deferred rate adjustment clause costs (1) 176 213 Income taxes recoverable through future rates (8) 99 97 Other 64 55 Regulatory assets-non-current 897 667 Total regulatory assets $ 1,094 $ 993 Regulatory liabilities: Deferred cost of fuel used in electric generation (3) $ 62 $ — Other 13 35 Regulatory liabilities-current 75 35 Provision for future cost of removal (11) 932 890 Nuclear decommissioning trust (12) 882 804 Derivatives (6) 76 79 Deferred cost of fuel used in electric generation (3) 27 97 Other 50 59 Regulatory liabilities-non-current 1,967 1,929 Total regulatory liabilities $ 2,042 $ 1,964 Dominion Gas Regulatory assets: Deferred rate adjustment clause costs (1) $ 16 $ 10 Other 6 13 Regulatory assets-current (4) 22 23 Unrecognized pension and other postretirement benefit costs (5) 275 282 Deferred rate adjustment clause costs (1) 91 82 Income taxes recoverable through future rates (8) 21 20 Other 82 65 Regulatory assets-non-current (13) 469 449 Total regulatory assets $ 491 $ 472 Regulatory liabilities: PIPP (9) $ 26 $ 46 Other 13 9 Regulatory liabilities-current (10) 39 55 Provision for future cost of removal and AROs (11) 173 170 Other 44 31 Regulatory liabilities-non-current (14) 217 201 Total regulatory liabilities $ 256 $ 256 (1) Reflects deferrals under the electric transmission FERC formula rate and the deferral of costs associated with certain current and prospective rider projects for Virginia Power. Reflects deferrals of costs associated with certain current and prospective rider projects for Dominion Gas. See Note 12 for more information. (2) Legislation enacted in Virginia in April 2014 requires Virginia Power to defer operation and maintenance costs incurred in connection with the refueling of any nuclear-powered generating plant. These deferred costs will be amortized over the refueling cycle, not to exceed 18 months. (3) Primarily reflects deferred fuel expenses for the Virginia jurisdiction of Dominion's and Virginia Power's generation operations. See Note 12 for more information. (4) Current regulatory assets are presented in other current assets in Dominion's and Dominion Gas' Consolidated Balance Sheets. (5) Represents unrecognized pension and other postretirement employee benefit costs expected to be recovered through future rates generally over the expected remaining service period of plan participants by certain of Dominion's and Dominion Gas' rate-regulated subsidiaries. (6) For jurisdictions subject to cost-based rate regulation, changes in the fair value of derivative instruments result in the recognition of regulatory assets or regulatory liabilities as they are expected to be recovered from or refunded to customers. (7) Reflects amounts related to PJM transmission cost allocation matter. See Note 12 for more information. (8) Amounts to be recovered through future rates to pay income taxes that become payable when rate revenue is provided to recover AFUDC-equity and depreciation of property, plant and equipment for which deferred income taxes were not recognized for ratemaking purposes, including amounts attributable to tax rate changes. (9) Under PIPP, eligible customers can make reduced payments based on their ability to pay. The difference between the customer's total bill and the PIPP plan amount is deferred and collected or returned annually under the PIPP rate adjustment clause according to East Ohio tariff provisions. (10) Current regulatory liabilities are presented in other current liabilities in the Dominion's and Dominion Gas' Consolidated Balance Sheets. (11) Rates charged to customers by the Companies' regulated businesses include a provision for the cost of future activities to remove assets that are expected to be incurred at the time of retirement. (12) Primarily reflects a regulatory liability representing amounts collected from Virginia jurisdictional customers and placed in external trusts (including income, losses and changes in fair value thereon) for the future decommissioning of Virginia Power's utility nuclear generation stations, in excess of the related AROs. (13) Noncurrent regulatory assets are presented in other deferred charges and other assets in Dominion Gas' Consolidated Balance Sheets. (14) Noncurrent regulatory liabilities are presented in other deferred credits and other liabilities in Dominion Gas' Consolidated Balance Sheets. At September 30, 2016, $299 million of Dominion's, $234 million of Virginia Power's and $23 million of Dominion Gas' regulatory assets represented past expenditures on which they do not currently earn a return. The majority of these expenditures are expected to be recovered within the next two years. |
Regulatory Matters
Regulatory Matters | 9 Months Ended |
Sep. 30, 2016 | |
Regulated Operations [Abstract] | |
Regulatory Matters | Regulatory Matters Regulatory Matters Involving Potential Loss Contingencies As a result of issues generated in the ordinary course of business, the Companies are involved in various regulatory matters. Certain regulatory matters may ultimately result in a loss; however, as such matters are in an initial procedural phase, involve uncertainty as to the outcome of pending reviews or orders, and/or involve significant factual issues that need to be resolved, it is not possible for the Companies to estimate a range of possible loss. For matters for which the Companies cannot estimate a range of possible loss, a statement to this effect is made in the description of the matter. Other matters may have progressed sufficiently through the regulatory process such that the Companies are able to estimate a range of possible loss. For regulatory matters for which the Companies are able to reasonably estimate a range of possible losses, an estimated range of possible loss is provided, in excess of the accrued liability (if any) for such matters. Any estimated range is based on currently available information, involves elements of judgment and significant uncertainties and may not represent the Companies’ maximum possible loss exposure. The circumstances of such regulatory matters will change from time to time and actual results may vary significantly from the current estimate. For current matters not specifically reported below, management does not anticipate that the outcome from such matters would have a material effect on the Companies’ financial position, liquidity or results of operations. FERC - Electric Under the Federal Power Act, FERC regulates wholesale sales and transmission of electricity in interstate commerce by public utilities. Dominion’s merchant generators sell electricity in the PJM, MISO, CAISO and ISO-NE wholesale markets, and to wholesale purchasers in the states of Tennessee, Georgia, California and Utah, under Dominion’s market-based sales tariffs authorized by FERC. Virginia Power purchases and, under its FERC market-based rate authority, sells electricity in the wholesale market. In addition, Virginia Power has FERC approval of a tariff to sell wholesale power at capped rates based on its embedded cost of generation. This cost-based sales tariff could be used to sell to loads within or outside Virginia Power’s service territory. Any such sales would be voluntary. Rates In April 2008, FERC granted an application for Virginia Power’s electric transmission operations to establish a forward-looking formula rate mechanism that updates transmission rates on an annual basis and approved an ROE of 11.4% , effective as of January 1, 2008. The formula rate is designed to recover the expected revenue requirement for each calendar year and is updated based on actual costs. The FERC-approved formula method, which is based on projected costs, allows Virginia Power to earn a current return on its growing investment in electric transmission infrastructure. In March 2010, Old Dominion Electric Cooperative and North Carolina Electric Membership Corporation filed a complaint with FERC against Virginia Power claiming, among other issues, that the incremental costs of undergrounding certain transmission line projects were unjust, unreasonable and unduly discriminatory or preferential and should be excluded from Virginia Power’s transmission formula rate. A settlement of the other issues raised in the complaint was approved by FERC in May 2012. In March 2014, FERC issued an order excluding from Virginia Power’s transmission rates for wholesale transmission customers located outside Virginia the incremental costs of undergrounding certain transmission line projects. FERC found it is not just and reasonable for non-Virginia wholesale transmission customers to be allocated the incremental costs of undergrounding the facilities because the projects are a direct result of Virginia legislation and Virginia Commission pilot programs intended to benefit the citizens of Virginia. The order is retroactively effective as of March 2010 and will cause the reallocation of the costs charged to wholesale transmission customers with loads outside Virginia to wholesale transmission customers with loads in Virginia. FERC determined that there was not sufficient evidence on the record to determine the magnitude of the underground increment and held a hearing to determine the appropriate amount of undergrounding cost to be allocated to each wholesale transmission customer in Virginia. While Virginia Power cannot predict the outcome of the hearing, it is not expected to have a material effect on results of operations. PJM Transmission Rates In April 2007, FERC issued an order regarding its transmission rate design for the allocation of costs among PJM transmission customers, including Virginia Power, for transmission service provided by PJM. For new PJM-planned transmission facilities that operate at or above 500 kV, FERC established a PJM regional rate design where customers pay according to each customer’s share of the region’s load. For recovery of costs of existing facilities, FERC approved the existing methodology whereby a customer pays the cost of facilities located in the same zone as the customer. A number of parties appealed the order to the United States Court of Appeals for the Seventh Circuit. In August 2009, the court issued its decision affirming the FERC order with regard to the existing facilities, but remanded to FERC the issue of the cost allocation associated with the new facilities 500 kV and above for further consideration by FERC. On remand, FERC reaffirmed its earlier decision to allocate the costs of new facilities 500 kV and above according to the customer’s share of the region’s load. A number of parties filed appeals of the order to the United States Court of Appeals for the Seventh Circuit. In June 2014, the court again remanded the cost allocation issue to FERC. In December 2014, FERC issued an order setting an evidentiary hearing and settlement proceeding regarding the cost allocation issue. The hearing only concerns the costs of new facilities approved by PJM prior to February 1, 2013. Transmission facilities approved after February 1, 2013 are allocated on a hybrid cost allocation method approved by FERC and not subject to any court review. In June 2016, PJM, the PJM transmission owners and state commissions representing substantially all of the load in the PJM market submitted a settlement to FERC to resolve the outstanding issues regarding this matter. Under the terms of the settlement, Virginia Power would be required to pay approximately $200 million to PJM over the next 10 years. Although the settlement agreement has not been accepted by FERC, and the settlement is opposed by a small group of parties to the proceeding, Virginia Power believes it is probable it will be required to make payment as an outcome of the settlement. Accordingly, as of September 30, 2016, Virginia Power has recorded a contingent liability of $200 million in other deferred credits and other liabilities, which is offset by a $192 million regulatory asset for the amount that will be recovered through retail rates in Virginia. The remaining $8 million was recorded in other operations and maintenance expense in the Consolidated Statement of Income for the year ended December 31, 2015. Other Regulatory Matters Other than the following matters, there have been no significant developments regarding the pending regulatory matters disclosed in Note 13 to the Consolidated Financial Statements in the Companies’ Annual Report on Form 10-K for the year ended December 31, 2015 and Note 12 to the Consolidated Financial Statements in the Companies’ Quarterly Reports on Form 10-Q for the quarters ended March 31, 2016 and June 30, 2016. Virginia Regulation Virginia Fuel Expenses In May 2016, Virginia Power submitted its annual fuel factor to the Virginia Commission to recover an estimated $1.4 billion in Virginia jurisdictional projected fuel expenses for the rate year beginning July 1, 2016. Virginia Power’s proposed fuel rate represents a fuel revenue decrease of $286 million when applied to projected kilowatt-hour sales for the period July 1, 2016 to June 30, 2017. In October 2016, the Virginia Commission approved Virginia Power's proposed fuel rate. Rate Adjustment Clauses Below is a discussion of significant riders associated with various Virginia Power projects: • The Virginia Commission previously approved Rider BW in conjunction with Brunswick County. In October 2016, Virginia Power proposed a $134 million revenue requirement for the rate year beginning September 1, 2017, which represents a $14 million increase over the previous year. This case is pending. • The Virginia Commission previously approved Rider US-2 in conjunction with the Scott Solar, Whitehouse, and Woodland solar facilities. In October 2016, Virginia Power proposed a $10 million revenue requirement for the rate year beginning September 1, 2017, which represents a $6 million increase over the previous year. This case is pending. • The Virginia Commission previously approved Riders C1A and C2A in connection with cost recovery for DSM programs. In October 2016, Virginia Power proposed a total revenue requirement of $45 million for the rate year beginning July 1, 2017. Virginia Power also proposed two new energy efficiency programs for Virginia Commission approval with a requested five -year cost cap of $178 million for those programs. Virginia Power further proposed to extend an existing energy efficiency program for an additional two years under current funding, and an existing peak shaving program for an additional five years with an additional $5 million cost cap. This case is pending. • Virginia Power previously filed for Virginia Commission approval of a revised Rider U in conjunction with cost recovery to move certain electric distribution facilities underground as authorized by prior Virginia legislation. In August 2016, the Virginia Commission approved a net $20 million revenue requirement and a 9.6% ROE for the rate year beginning September 1, 2016, and an additional $2 million in credits for each of the 2017-2018 and 2018-2019 rate years. The order limited the total investment in Phase One of Virginia Power’s proposed program to $140 million , with $123 million recoverable through Rider U. Electric Transmission Project Virginia Power previously filed an application with the Virginia Commission for a CPCN to construct and operate in Loudoun County, Virginia, a new approximately 230 kV Poland Road substation, and a new approximately four mile overhead 230 kV double circuit transmission line between the existing 230 kV Loudoun-Brambleton line and the Poland Road substation. In August 2016, the Virginia Commission granted a CPCN to construct and operate the project along a revised route. North Anna Virginia Power is considering the construction of a third nuclear unit at a site located at North Anna nuclear power station. If Virginia Power decides to build a new unit, it must first receive a COL from the NRC, approval of the Virginia Commission and certain environmental permits and other approvals. The COL is expected in 2017. Virginia Power has not yet committed to building a new nuclear unit at North Anna nuclear power station. Requests by BREDL for a contested NRC hearing on Virginia Power’s COL application have been dismissed, and in September 2016, the United States Court of Appeals for the District of Columbia dismissed with prejudice petitions for judicial review that BREDL and other organizations had filed challenging the NRC’s reliance on a rule generically assessing the environmental impacts of continued onsite storage of spent nuclear fuel in various licensing proceedings, including Virginia Power’s COL proceeding. This dismissal followed the Court’s June 2016 decision in New York v. NRC , upholding the NRC’s continued storage rule and August 2016 denial of requests for rehearing en banc. Therefore, the contested portion of the COL proceeding is closed. The NRC is required to conduct a hearing in all COL proceedings. This mandatory NRC hearing will be uncontested. In August 2016, Virginia Power received a 60 -day notice of intent to sue from the Sierra Club alleging Endangered Species Act violations. The notice alleges that the United States Army Corps of Engineers failed to conduct adequate environmental and consultation reviews, related to a potential third nuclear unit located at North Anna, prior to issuing a CWA section 404 permit to Virginia Power in September 2011. Virginia Power is currently unable to make an estimate of the potential impacts to its consolidated financial statements related to this matter. North Carolina Regulation In March 2016, Virginia Power filed its base rate case and schedules with the North Carolina Commission. Virginia Power proposed a non-fuel, base rate increase of $51 million effective November 1, 2016 with an ROE of 10.5% . In October 2016, Virginia Power entered into a stipulation and settlement agreement for a non-fuel, base rate increase of $35 million with an ROE of 9.9% effective November 1, 2016, on a temporary basis subject to refund, with any permanent rates ordered by the North Carolina Commission effective January 1, 2017. This case is pending. In August 2016, Virginia Power submitted its annual filing to the North Carolina Commission to adjust the fuel component of its electric rates. Virginia Power proposed a total $36 million decrease to the fuel component of its electric rates for the rate year beginning January 1, 2017. This case is pending. Ohio Regulation PIR In 2008, East Ohio began PIR, aimed at replacing approximately 25% of its pipeline system. In March 2015, East Ohio filed an application with the Ohio Commission requesting approval to extend the PIR program for an additional five years and to increase the annual capital investment, with corresponding increases in the annual rate-increase caps. In September 2016, the Ohio Commission approved a stipulation filed jointly by East Ohio and the Staff of the Ohio Commission to settle East Ohio’s pending application. As requested, the PIR Program and associated cost recovery will continue for another five -year term, calendar years 2017 through 2021, and East Ohio will be permitted to increase its annual capital expenditures to $200 million by 2018 and 3% per year thereafter subject to the cost recovery rate increase caps proposed by East Ohio. Costs associated with calendar year 2016 investment will be recovered under the existing terms. PSMP In November 2016, the Ohio Commission approved East Ohio’s request to defer the operation and maintenance costs associated with implementing PSMP of up to $15 million per year. West Virginia Regulation In May 2016, Hope filed a PREP application with the West Virginia Commission requesting approval of a projected capital investment for 2017 of $27 million as part of a total five -year projected capital investment of $152 million . In September 2016, Hope reached a settlement with all parties to the case agreeing to new PREP customer rates, for the year beginning November 1, 2016, that provide for projected revenue of $2 million related to capital investments of $20 million and $27 million for 2016 and 2017, respectively. In October 2016, the West Virginia Commission approved the settlement. FERC - Gas In August 2016, Dominion Gas received FERC authorization to construct and operate the Leidy South Project facilities. Service under the 20 -year contracts is expected to commence in the fourth quarter of 2017. The project is expected to cost approximately $210 million and provide 155,000 Dths per day of firm transportation service from Clinton County, Pennsylvania to Loudoun County, Virginia. |
Variable Interest Entities
Variable Interest Entities | 9 Months Ended |
Sep. 30, 2016 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Variable Interest Entities | Variable Interest Entities The primary beneficiary of a VIE is required to consolidate the VIE and to disclose certain information about its significant variable interests in the VIE. The primary beneficiary of a VIE is the entity that has both: 1) the power to direct the activities that most significantly impact the entity's economic performance and 2) the obligation to absorb losses or receive benefits from the entity that could potentially be significant to the VIE. Dominion As of September 30, 2016, Dominion owns the general partner interest and 65.0% of the limited partnership interests in Dominion Midstream, which owns a preferred equity interest and the general partner interest in Cove Point. Additionally, Dominion owns the manager and 67% of the membership interest in certain merchant solar facilities, as discussed in Note 2. Dominion has concluded that these entities are VIEs due to the limited partners or members lacking the characteristics of a controlling financial interest. Dominion is the primary beneficiary of Dominion Midstream and the merchant solar facilities, and Dominion Midstream is the primary beneficiary of Cove Point, as they have the power to direct the activities that most significantly impact their economic performance as well as the obligation to absorb losses and benefits which could be significant to them. Dominion owns a 48% membership interest in Atlantic Coast Pipeline. Atlantic Coast Pipeline is focused on constructing an approximately 600 -mile natural gas pipeline running from West Virginia through Virginia to North Carolina, which is expected to be in service in the second half of 2019. See Note 9 to the Companies' Annual Report on Form 10-K for the year ended December 31, 2015 for more details regarding the nature of this entity. Dominion concluded that Atlantic Coast Pipeline is a VIE because it has insufficient equity to finance its activities without additional subordinated financial support. Dominion has concluded that it is not the primary beneficiary of Atlantic Coast Pipeline as it does not have the power to direct the activities of Atlantic Coast Pipeline that most significantly impact its economic performance, as the power to direct is shared among multiple unrelated parties. Dominion is obligated to provide capital contributions based on its ownership percentage. Dominion's maximum exposure to loss is limited to its current and future investment. Dominion and Virginia Power Dominion and Virginia Power’s nuclear decommissioning trust funds and Dominion’s rabbi trusts hold investments in limited partnerships or similar type entities (see Note 10 for further details). Dominion and Virginia Power concluded that these partnership investments are VIEs due to the limited partners lacking the characteristics of a controlling financial interest. Dominion and Virginia Power have concluded neither is the primary beneficiary as they do not have the power to direct the activities that most significantly impact these VIEs’ economic performance. Dominion and Virginia Power are obligated to provide capital contributions to the partnerships as required by each partnership agreement based on their ownership percentages. Dominion and Virginia Power’s maximum exposure to loss is limited to their current and future investments. Dominion and Dominion Gas Dominion previously concluded that Iroquois was a VIE because a non-affiliated Iroquois equity holder had the ability during a limited period of time to transfer its ownership interests to another Iroquois equity holder or its affiliate. At the end of the first quarter of 2016, such right no longer existed and, as a result, Dominion concluded that Iroquois is no longer a VIE. Virginia Power Virginia Power had long-term power and capacity contracts with five non-utility generators; however, contracts with two of these generators expired in 2015, leaving three non-utility generators with an aggregate summer generation capacity of approximately 418 MW. These contracts contain certain variable pricing mechanisms in the form of partial fuel reimbursement that Virginia Power considers to be variable interests. After an evaluation of the information provided by these entities, Virginia Power was unable to determine whether they were VIEs. However, the information they provided, as well as Virginia Power's knowledge of generation facilities in Virginia, enabled Virginia Power to conclude that, if they were VIEs, it would not be the primary beneficiary. This conclusion reflects Virginia Power's determination that its variable interests do not convey the power to direct the most significant activities that impact the economic performance of the entities during the remaining terms of Virginia Power's contracts and for the years the entities are expected to operate after its contractual relationships expire. The contracts expire at various dates ranging from 2017 to 2021 . Virginia Power is not subject to any risk of loss from these potential VIEs other than its remaining purchase commitments which totaled $320 million as of September 30, 2016. Virginia Power paid $37 million and $52 million for electric capacity and $11 million and $17 million for electric energy to these entities in the three months ended September 30, 2016 and 2015, respectively. Virginia Power paid $111 million and $160 million for electric capacity and $23 million and $77 million for electric energy to these entities in the nine months ended September 30, 2016 and 2015, respectively. Dominion Gas DTI has been engaged to oversee the construction of, and to subsequently operate and maintain, the projects undertaken by Atlantic Coast Pipeline based on the overall direction and oversight of Atlantic Coast Pipeline's members. An affiliate of DTI holds a membership interest in Atlantic Coast Pipeline, therefore DTI is considered to have a variable interest in Atlantic Coast Pipeline. The members of Atlantic Coast Pipeline hold the power to direct the construction, operations and maintenance activities of the entity. DTI has concluded it is not the primary beneficiary of Atlantic Coast Pipeline as it does not have the power to direct the activities of Atlantic Coast Pipeline that most significantly impact its economic performance. DTI has no obligation to absorb any losses of the VIE. See Note 17 for information about associated related party receivable balances. Virginia Power and Dominion Gas Virginia Power and Dominion Gas purchased shared services from DRS, an affiliated VIE, of $80 million and $31 million for the three months ended September 30, 2016, $73 million and $27 million for the three months ended September 30, 2015, $268 million and $95 million for the nine months ended September 30, 2016 and $239 million and $85 million for the nine months ended September 30, 2015, respectively. Virginia Power and Dominion Gas determined that neither is the primary beneficiary of DRS as neither has both the power to direct the activities that most significantly impact its economic performance as well as the obligation to absorb losses and benefits which could be significant to it. DRS provides accounting, legal, finance and certain administrative and technical services to all Dominion subsidiaries, including Virginia Power and Dominion Gas. Virginia Power and Dominion Gas have no obligation to absorb more than their allocated shares of DRS costs. |
Significant Financing Transacti
Significant Financing Transactions | 9 Months Ended |
Sep. 30, 2016 | |
Debt Disclosure [Abstract] | |
Significant Financing Transactions | Significant Financing Transactions Credit Facilities and Short-term Debt The Companies use short-term debt to fund working capital requirements and as a bridge to long-term debt financings. The levels of borrowing may vary significantly during the course of the year, depending upon the timing and amount of cash requirements not satisfied by cash from operations. In addition, Dominion utilizes cash and letters of credit to fund collateral requirements. Collateral requirements are impacted by commodity prices, hedging levels, Dominion’s credit ratings and the credit quality of its counterparties. Dominion At September 30, 2016, Dominion’s commercial paper and letters of credit outstanding, as well as its capacity available under credit facilities, were as follows: Facility Outstanding Outstanding Facility (millions) Joint revolving credit facility (1) $ 5,000 $ 3,073 $ — $ 1,927 Joint revolving credit facility (1) 500 — 60 440 Revolving multi-year credit facility (2) 500 24 — 476 Revolving 364-day credit facility (2) 250 — — 250 Total $ 6,250 $ 3,097 $ 60 $ 3,093 (1) In May 2016, the maturity dates for these facilities were extended from April 2019 to April 2020. These credit facilities can be used by the Companies to support bank borrowings and the issuance of commercial paper, as well as to support up to a combined $2.0 billion of letters of credit. (2) These Dominion Questar facilities were terminated in October 2016. Virginia Power Virginia Power’s short-term financing is supported through its access as co-borrower to the two joint revolving credit facilities. These credit facilities can be used for working capital, as support for the combined commercial paper programs of the Companies and for other general corporate purposes. At September 30, 2016, Virginia Power’s share of commercial paper and letters of credit outstanding under its joint credit facilities with Dominion and Dominion Gas, were as follows: Facility Limit (1) Outstanding Commercial Paper Outstanding Letters of Credit (millions) Joint revolving credit facility (1) $ 5,000 $ 965 $ — Joint revolving credit facility (1) 500 — — Total $ 5,500 $ 965 $ — (1) The full amount of the facilities is available to Virginia Power, less any amounts outstanding to co-borrowers Dominion and Dominion Gas. Sub-limits for Virginia Power are set within the facility limit but can be changed at the option of the Companies multiple times per year. At September 30, 2016, the aggregate sub-limit for Virginia Power was $2.0 billion . If Virginia Power has liquidity needs in excess of its sub-limit, the sub-limit may be changed or such needs may be satisfied through short-term intercompany borrowings from Dominion. In May 2016, the maturity dates for these facilities were extended from April 2019 to April 2020. These credit facilities can be used to support bank borrowings and the issuance of commercial paper, as well as to support up to $2.0 billion (or the sub-limit, whichever is less) of letters of credit. In addition to the credit facility commitments mentioned above, Virginia Power also has a $120 million credit facility. In May 2016, the maturity date for this facility was extended from April 2019 to April 2020. As of September 30, 2016, this facility supports $100 million of certain variable rate tax-exempt financings of Virginia Power. In October 2016, this facility was reduced from $120 million to $100 million . Dominion Gas Dominion Gas’ short-term financing is supported by its access as co-borrower to the two joint revolving credit facilities. These credit facilities can be used for working capital, as support for the combined commercial paper programs of the Companies and for other general corporate purposes. At September 30, 2016, Dominion Gas' share of commercial paper and letters of credit outstanding under its joint credit facilities with Dominion and Virginia Power were as follows: Facility Limit (1) Outstanding Commercial Paper Outstanding Letters of Credit (millions) Joint revolving credit facility (1) $ 1,000 $ 60 $ — Joint revolving credit facility (1) 500 — — Total $ 1,500 $ 60 $ — (1) A maximum of a combined $1.5 billion of the facilities is available to Dominion Gas, assuming adequate capacity is available after giving effect to uses by co-borrowers Dominion and Virginia Power. Sub-limits for Dominion Gas are set within the facility limit but can be changed at the option of the Companies multiple times per year. In September 2016, the aggregate sub-limit for Dominion Gas was decreased from $1.0 billion to $750 million . If Dominion Gas has liquidity needs in excess of its sub-limit, the sub-limit may be changed or such needs may be satisfied through short-term intercompany borrowings from Dominion. In May 2016, the maturity dates for these facilities were extended from April 2019 to April 2020. These credit facilities can be used to support bank borrowings and the issuance of commercial paper, as well as to support up to $1.5 billion (or the sub-limit, whichever is less) of letters of credit. Remarketable Subordinated Notes In March 2016 and May 2016, Dominion successfully remarketed the $550 million 2013 Series A 1.07% RSNs due 2021 and the $550 million 2013 Series B 1.18% RSNs due 2019, respectively, pursuant to the terms of the related 2013 Equity Units. In connection with the remarketings, the interest rate on the Series A and Series B junior subordinated notes was reset to 4.104% and 2.962% , respectively, payable on a semi-annual basis and Dominion ceased to have the ability to redeem the notes at its option or defer interest payments. At September 30, 2016, the securities are included in junior subordinated notes in Dominion's Consolidated Balance Sheets. Dominion did not receive any proceeds from the remarketings. Remarketing proceeds belonged to the investors holding the related 2013 Equity Units and were temporarily used to purchase a portfolio of treasury securities. Upon maturity of each portfolio, the proceeds were applied on behalf of investors on the related stock purchase contract settlement date to pay the purchase price to Dominion for issuance of 8.5 million shares of its common stock on both April 1, 2016 and July 1, 2016. See Issuance of Common Stock below for a description of common stock issued by Dominion in April 2016 and July 2016 under the stock purchase contracts. In August 2016, Dominion issued $1.4 billion of 2016 Equity Units, initially in the form of 2016 Series A Corporate Units. The Corporate Units are listed on the NYSE under the symbol DCUD. The net proceeds were used to finance the Dominion Questar Combination. See Note 3 for more information. Each 2016 Series A Corporate Unit consists of a stock purchase contract, a 1/40 interest in a 2016 Series A-1 RSN issued by Dominion and a 1/40 interest in a 2016 Series A-2 RSN issued by Dominion. The stock purchase contracts obligate the holders to purchase shares of Dominion common stock at a future settlement date prior to the relevant RSN maturity date. The purchase price to be paid under the stock purchase contracts is $50 per Corporate Unit and the number of shares to be purchased will be determined under a formula based upon the average closing price of Dominion common stock near the settlement date. The RSNs are pledged as collateral to secure the purchase of common stock under the related stock purchase contracts. Dominion makes quarterly interest payments on the RSNs and quarterly contract adjustment payments on the stock purchase contracts, at the rates described below. Dominion may defer payments on the stock purchase contracts and the RSNs for one or more consecutive periods but generally not beyond the purchase contract settlement date. If payments are deferred, Dominion may not make any cash distributions related to its capital stock, including dividends, redemptions, repurchases, liquidation payments or guarantee payments. Also, during the deferral period, Dominion may not make any payments on or redeem or repurchase any debt securities that are equal in right of payment with, or subordinated to, the RSNs. Dominion has recorded the present value of the stock purchase contract payments as a liability offset by a charge to equity. Interest payments on the RSNs are recorded as interest expense and stock purchase contract payments are charged against the liability. Accretion of the stock purchase contract liability is recorded as imputed interest expense. In calculating diluted EPS, Dominion applies the treasury stock method to the 2016 Equity Units. These securities did not have an effect on diluted EPS for the three and nine months ended September 30, 2016. Under the terms of the stock purchase contracts, assuming no anti-dilution or other adjustments, Dominion will issue between 15.0 million and 18.7 million shares of its common stock in August 2019. A total of 23.1 million shares of Dominion’s common stock has been reserved for issuance in connection with the stock purchase contracts. Selected information about Dominion’s 2016 Equity Units is presented below: Issuance Date Units Issued Total Net Proceeds Total Long-term Debt RSN Annual Interest Rate (1) Stock Purchase Contract Annual Rate Stock Purchase Contract Liability Stock Purchase Contract Settlement Date RSN Maturity Date (2) (millions, except interest rates) 8/15/2016 28 $ 1,374.8 $ 1,400.0 2.000 % 4.750 % $ 190.6 8/15/2019 (1) Annual interest rate applies to each of the Series A-1 RSNs and Series A-2 RSNs. (2) The maturity dates of the $700 million Series A-1 RSNs and $700 million Series A-2 RSNs are August 15, 2021 and August 15, 2024, respectively. Enhanced Junior Subordinated Notes In the first quarter of 2016, Dominion purchased and cancelled $38 million and $4 million of the June 2006 hybrids and the September 2006 hybrids, respectively. In July 2016, Dominion launched a tender offer to purchase up to $200 million in aggregate of additional June 2006 hybrids and September 2006 hybrids, which expired on August 1, 2016. In connection with the tender offer, Dominion purchased and cancelled $125 million and $74 million of the June 2006 hybrids and the September 2006 hybrids, respectively. All purchases were conducted in compliance with the applicable replacement capital covenants. Also in July 2016, Dominion issued $800 million of 5.25% July 2016 hybrids. The proceeds were used for general corporate purposes, including to finance the tender offer. The July 2016 hybrids are listed on the NYSE under the symbol DRUA. From time to time, Dominion may reduce its outstanding debt and level of interest expense through redemption of debt securities prior to maturity and repurchases in the open market, in privately negotiated transactions, through additional tender offers or otherwise. Long-term Debt In May 2016, Dominion Gas issued $150 million of private placement 3.8% senior notes that mature in 2031. In June 2016, Dominion Gas issued $250 million of private placement 2.875% senior notes that mature in 2023. Also in June 2016, Dominion Gas issued €250 million of private placement 1.45% senior notes that mature in 2026. The notes were recorded at $280 million at issuance and included in long-term debt in the Consolidated Balance Sheets at $281 million at September 30, 2016. In August 2016, Dominion issued $500 million of 1.60% senior notes, $400 million of 2.0% senior notes and $400 million of 2.85% senior notes that mature in 2019, 2021 and 2026, respectively. The net proceeds were used to finance the Dominion Questar Combination. See Note 3 for more information. In September 2016, Dominion issued $300 million of private placement 1.50% senior notes that mature in 2018. Short-term Notes In September 2016, Dominion borrowed $1.2 billion under a private placement term loan agreement that matures in September 2017 and bears interest at a variable rate. The net proceeds were used to finance the Dominion Questar Combination. See Note 3 for more information. In November 2016, Dominion Midstream completed the issuance and public offering of common units for net proceeds of $348 million . Accordingly, $348 million of the borrowings under the private placement term loan are included in long-term debt in Dominion's Consolidated Balance Sheets. Issuance of Common Stock Dominion maintains Dominion Direct® and a number of employee savings plans through which contributions may be invested in Dominion’s common stock. These shares may either be newly issued or purchased on the open market with proceeds contributed to these plans. In December 2014, Dominion filed an SEC shelf registration for the sale of debt and equity securities including the ability to sell common stock through an at-the-market program. Also in December 2014, Dominion entered into four separate sales agency agreements to effect sales under the program and pursuant to which it may offer from time to time up to $500 million aggregate amount of its common stock. Sales of common stock can be made by means of privately negotiated transactions, as transactions on the NYSE at market prices or in such other transactions as are agreed upon by Dominion and the sales agents and in conformance with applicable securities laws. Following issuances during the first and second quarters of 2015, Dominion has the ability to issue up to approximately $200 million of stock under the 2014 sales agency agreements; however, no additional issuances have occurred under these agreements in 2016. In both April 2016 and July 2016, Dominion issued 8.5 million shares under the related stock purchase contract entered into as part of Dominion's 2013 Equity Units. Additionally, Dominion completed a market issuance of equity in April 2016 of 10.2 million shares and received proceeds of $756 million through a registered underwritten public offering. A portion of the net proceeds was used to finance the Dominion Questar Combination. See Note 3 for more information. |
Commitments and Contingencies
Commitments and Contingencies | 9 Months Ended |
Sep. 30, 2016 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies As a result of issues generated in the ordinary course of business, the Companies are involved in legal proceedings before various courts and are periodically subject to governmental examinations (including by regulatory authorities), inquiries and investigations. Certain legal proceedings and governmental examinations involve demands for unspecified amounts of damages, are in an initial procedural phase, involve uncertainty as to the outcome of pending appeals or motions, or involve significant factual issues that need to be resolved, such that it is not possible for the Companies to estimate a range of possible loss. For such matters for which the Companies cannot estimate a range of possible loss, a statement to this effect is made in the description of the matter. Other matters may have progressed sufficiently through the litigation or investigative processes such that the Companies are able to estimate a range of possible loss. For legal proceedings and governmental examinations for which the Companies are able to reasonably estimate a range of possible losses, an estimated range of possible loss is provided, in excess of the accrued liability (if any) for such matters. Any accrued liability is recorded on a gross basis with a receivable also recorded for any probable insurance recoveries. Estimated ranges of loss are inclusive of legal fees and net of any anticipated insurance recoveries. Any estimated range is based on currently available information and involves elements of judgment and significant uncertainties. Any estimated range of possible loss may not represent the Companies' maximum possible loss exposure. The circumstances of such legal proceedings and governmental examinations will change from time to time and actual results may vary significantly from the current estimate. For current proceedings not specifically reported below, management does not anticipate that the liabilities, if any, arising from such proceedings would have a material effect on the financial position, liquidity or results of operations of the Companies. Environmental Matters The Companies are subject to costs resulting from a number of federal, state and local laws and regulations designed to protect human health and the environment. These laws and regulations affect future planning and existing operations. They can result in increased capital, operating and other costs as a result of compliance, remediation, containment and monitoring obligations. Air CAA The CAA, as amended, is a comprehensive program utilizing a broad range of regulatory tools to protect and preserve the nation's air quality. At a minimum, states are required to establish regulatory programs to address all requirements of the CAA. However, states may choose to develop regulatory programs that are more restrictive. Many of the Companies' facilities are subject to the CAA's permitting and other requirements. MATS In December 2011, the EPA issued MATS for coal- and oil-fired electric utility steam generating units. The rule establishes strict emission limits for mercury, particulate matter as a surrogate for toxic metals and hydrogen chloride as a surrogate for acid gases. The rule includes a limited use provision for oil-fired units with annual capacity factors under 8% that provides an exemption from emission limits, and allows compliance with operational work practice standards. Compliance was required by April 16, 2015, with certain limited exceptions. However, in June 2014, the VDEQ granted a one -year MATS compliance extension for two coal-fired units at Yorktown power station to defer planned retirements and allow for continued operation of the units to address reliability concerns while necessary electric transmission upgrades are being completed. These coal units will need to continue operating until at least April 2017 due to delays in transmission upgrades needed to maintain electric reliability. Therefore, in October 2015, Virginia Power submitted a request to the EPA for an additional one year compliance extension under an EPA Administrative Order. The order was signed by the EPA in April 2016 allowing the Yorktown power station units to operate for up to one additional year, as required to maintain reliable power availability while transmission upgrades are being made. In June 2015, the United States Supreme Court issued a decision holding that the EPA failed to take cost into account when the agency first decided to regulate the emissions from coal- and oil-fired plants, and remanded the MATS rule back to the United States Court of Appeals for the District of Columbia Circuit. However, the Supreme Court did not vacate or stay the effective date and implementation of the MATS rule. In November 2015, in response to the Supreme Court decision, the EPA proposed a supplemental finding that consideration of cost does not alter the agency’s previous conclusion that it is appropriate and necessary to regulate coal- and oil-fired electric utility steam generating units under Section 112 of the CAA. In December 2015, the District of Columbia Court of Appeals issued an order remanding the MATS rulemaking proceeding back to the EPA without setting aside judgment, noting that EPA had represented it was on track to issue a final finding regarding its consideration of cost. In April 2016, the EPA issued a final supplemental finding that consideration of costs does not alter its conclusion regarding appropriateness and necessity for the regulation. These actions do not change Virginia Power’s plans to close coal units at Yorktown power station by April 2017 or the need to complete necessary electricity transmission upgrades which are expected to be in service approximately 20 months following receipt of all required permits and approvals for construction. Since the MATS rule remains in effect and Dominion is complying with the requirements of the rule, Dominion does not expect any adverse impacts to its operations at this time. CAIR The EPA established CAIR with the intent to require significant reductions in SO 2 and NO X emissions from electric generating facilities. In July 2008, the United States Court of Appeals for the District of Columbia Circuit issued a ruling vacating CAIR. In December 2008, the Court denied rehearing, but also issued a decision to remand CAIR to the EPA. In July 2011, the EPA issued a replacement rule for CAIR, called CSAPR, that required 28 states to reduce power plant emissions that cross state lines. CSAPR established new SO 2 and NO X emissions cap and trade programs that were completely independent of the current ARP. Specifically, CSAPR required reductions in SO 2 and NO X emissions from fossil fuel-fired electric generating units of 25 MW or more through annual NO X emissions caps, NO X emissions caps during the ozone season (May 1 through September 30) and annual SO 2 emission caps with differing requirements for two groups of affected states. CSAPR Following numerous petitions by industry participants for review and a successful motion for stay, in October 2014, the United States Court of Appeals for the District of Columbia Circuit ordered that the EPA’s motion to lift the stay of CSAPR be granted. Further, the Court granted the EPA’s request to shift the CSAPR compliance deadlines by three years, so that Phase 1 emissions budgets (which would have gone into effect in 2012 and 2013) applied in 2015 and 2016, and Phase 2 emissions budgets will apply in 2017 and beyond. CSAPR replaced CAIR beginning in January 2015. In September 2016, the EPA issued a revision to CSAPR that reduces the ozone season NO X emission budgets in 22 states beginning in 2017. The cost to comply with CSAPR, including the recent revision to the CSAPR ozone season NOx program, is not expected to be material to Dominion’s or Virginia Power’s Consolidated Financial Statements. Ozone Standards In October 2015, the EPA issued a final rule tightening the ozone standard, set in 2008, from 75 -ppb to 70 -ppb. To comply with the 2008 standard, in April 2016 Virginia Power submitted the NO X Reasonable Available Control Technology analysis for Unit 5 at Possum Point power station. The EPA is expected to complete attainment designations for a new standard by December 2017 and states will have until 2020 or 2021 to develop plans to address the new standard. Until the states have developed implementation plans, the Companies are unable to predict whether or to what extent the new rules will ultimately require additional controls. However, if significant expenditures are required to implement additional controls, it could adversely affect the Companies’ results of operations and cash flows. NO x and VOC Emissions In April 2014, the Pennsylvania Department of Environmental Protection issued proposed regulations to reduce NO X and VOC emissions from combustion sources. The regulations were finalized in April 2016. To comply with the regulations, Dominion Gas anticipates installing emission control systems on existing engines at several compressor stations in Pennsylvania. The compliance costs associated with engineering and installation of controls and compliance demonstration with the regulation are expected to be approximately $25 million . NSPS In August 2012, the EPA issued the first NSPS impacting new and modified facilities in the natural gas production and gathering sectors and made revisions to the NSPS for natural gas processing and transmission facilities. These rules establish equipment performance specifications and emissions standards for control of VOC emissions for natural gas production wells, tanks, pneumatic controllers, and compressors in the upstream sector. In September 2015, the EPA issued a proposed NSPS (for the oil and natural gas sector) to regulate methane and VOC emissions from new and modified facilities in transmission and storage, gathering and boosting, production and processing facilities. The proposed regulation was finalized in June 2016. All projects which commenced construction after September 2015 will be required to comply with this regulation. Dominion and Dominion Gas are implementing the final regulation. Dominion and Dominion Gas are still evaluating whether potential impacts on results of operations, financial condition and/or cash flows related to this matter will be material. Methane Emissions In January 2015, as part of its Climate Action Plan, the EPA announced plans to reduce methane emissions from the oil and gas sector including natural gas processing and transmission sources. In July 2015, the EPA announced the next generation of its voluntary Natural Gas STAR program, the Natural Gas STAR Methane Challenge Program. The proposed program covers the entire natural gas sector from production to distribution, with more emphasis on transparency and increased reporting for both annual emissions and reductions achieved through implementation measures. In March 2016, Dominion and Dominion Questar joined the EPA as founding partners in this program for its distribution companies, East Ohio and Hope, DTI and Questar Gas. In September 2016, Dominion and Dominion Questar, prior to the Dominion Questar Combination, submitted implementation plans for participation in the Methane Challenge Program to the EPA. In March 2016, as part of its Climate Action Plan, the EPA began development of regulations for reducing methane emissions from existing sources in the oil and natural gas sectors. In June 2016 and September 2016, the EPA issued a draft Information Collection Request to collect information on existing sources upstream of distribution in this sector. The final Information Collection Request is expected in the fourth quarter of 2016. Depending on the results of this Information Collection Request effort, the EPA may propose new regulations on existing sources. Dominion and Dominion Gas cannot currently estimate the potential impacts on results of operations, financial condition and/or cash flows related to this matter. Climate Change Legislation and Regulation In October 2013, the United States Supreme Court granted petitions filed by several industry groups, states, and the United States Chamber of Commerce seeking review of the United States Court of Appeals for the District of Columbia Circuit's June 2012 decision upholding the EPA’s regulation of GHG emissions from stationary sources under the CAA's permitting programs. In June 2014, the United States Supreme Court ruled that the EPA lacked the authority under the CAA to require PSD or Title V permits for stationary sources based solely on GHG emissions. However, the Court upheld the EPA’s ability to require BACT for GHG for sources that are otherwise subject to PSD or Title V permitting for conventional pollutants. In July 2014, the EPA issued a memorandum specifying that it will no longer apply or enforce federal regulations or EPA-approved PSD state implementation plan provisions that require new and modified stationary sources to obtain a PSD permit when GHGs are the only pollutant that would be emitted at levels that exceed the permitting thresholds. In August 2015, the EPA published a final rule rescinding the requirement for all new and modified major sources to obtain permits based solely on their GHG emissions. In addition, the EPA stated that it will continue to use the existing thresholds to apply to sources that are otherwise subject to PSD for conventional pollutants until it completes a new rulemaking either justifying and upholding those thresholds or setting new ones. Some states have issued interim guidance that follows the EPA guidance. In August 2016, the EPA issued a draft rule proposing to reaffirm that a source’s obligation to obtain a PSD or Title V permit for GHGs is triggered only if such permitting requirements are first triggered by non-GHG, or conventional, pollutants that are regulated by the New Source Review program, and to set a significant emissions rate at 75,000 tons per year of CO 2 equivalent emissions under which a source would not be required to apply BACT for its GHG emissions. Until the EPA ultimately takes final action on this rulemaking, the Companies cannot predict the impact to their financial statements. In July 2011, the EPA signed a final rule deferring the need for PSD and Title V permitting for CO 2 emissions for biomass projects. This rule temporarily deferred for a period of up to three years the consideration of CO 2 emissions from biomass projects when determining whether a stationary source meets the PSD and Title V applicability thresholds, including those for the application of BACT. The deferral policy expired in July 2014. In July 2013, the United States Court of Appeals for the District of Columbia Circuit vacated this rule; however, a mandate making this decision effective has not been issued. Virginia Power converted three coal-fired generating stations, Altavista, Hopewell and Southampton, to biomass during the CO 2 deferral period. It is unclear how the court's decision or the EPA's final policy regarding the treatment of specific feedstock will affect biomass sources that were permitted during the deferral period; however, the expenditures to comply with any new requirements could be material to Dominion's and Virginia Power's financial statements. Water The CWA, as amended, is a comprehensive program requiring a broad range of regulatory tools including a permit program to authorize and regulate discharges to surface waters with strong enforcement mechanisms. The Companies must comply with applicable aspects of the CWA programs at their operating facilities. In October 2014, the final regulations under Section 316(b) of the CWA that govern existing facilities and new units at existing facilities that employ a cooling water intake structure and that have flow levels exceeding a minimum threshold became effective. The rule establishes a national standard for impingement based on seven compliance options, but forgoes the creation of a single technology standard for entrainment. Instead, the EPA has delegated entrainment technology decisions to state regulators. State regulators are to make case-by-case entrainment technology determinations after an examination of five mandatory facility-specific factors, including a social cost-benefit test, and six optional facility-specific factors. The rule governs all electric generating stations with water withdrawals above two MGD, with a heightened entrainment analysis for those facilities over 125 MGD. Dominion and Virginia Power have 14 and 11 facilities, respectively, that may be subject to the final regulations. Dominion anticipates that it will have to install impingement control technologies at many of these stations that have once-through cooling systems. Dominion and Virginia Power are currently evaluating the need or potential for entrainment controls under the final rule as these decisions will be made on a case-by-case basis after a thorough review of detailed biological, technology, cost and benefit studies. While the impacts of this rule could be material to Dominion's and Virginia Power's results of operations, financial condition and/or cash flows, the existing regulatory framework in Virginia provides rate recovery mechanisms that could substantially mitigate any such impacts for Virginia Power. In September 2015, the EPA released a final rule to revise the Effluent Limitations Guidelines for the Steam Electric Power Generating Category. The final rule establishes updated standards for wastewater discharges that apply primarily at coal and oil steam generating stations. Affected facilities are required to convert from wet to dry or closed cycle coal ash management, improve existing wastewater treatment systems and/or install new wastewater treatment technologies in order to meet the new discharge limits. Virginia Power has eight facilities that may be subject to additional wastewater treatment requirements associated with the final rule. The expenditures to comply with these new requirements are expected to be material. Solid and Hazardous Waste The CERCLA, as amended, provides for immediate response and removal actions coordinated by the EPA in the event of threatened releases of hazardous substances into the environment and authorizes the United States government either to clean up sites at which hazardous substances have created actual or potential environmental hazards or to order persons responsible for the situation to do so. Under the CERCLA, as amended, generators and transporters of hazardous substances, as well as past and present owners and operators of contaminated sites, can be jointly, severally and strictly liable for the cost of cleanup. These potentially responsible parties can be ordered to perform a cleanup, be sued for costs associated with an EPA-directed cleanup, voluntarily settle with the United States government concerning their liability for cleanup costs, or voluntarily begin a site investigation and site remediation under state oversight. From time to time, Dominion, Virginia Power, or Dominion Gas may be identified as a potentially responsible party to a Superfund site. The EPA (or a state) can either allow such a party to conduct and pay for a remedial investigation, feasibility study and remedial action or conduct the remedial investigation and action itself and then seek reimbursement from the potentially responsible parties. Each party can be held jointly, severally and strictly liable for the cleanup costs. These parties can also bring contribution actions against each other and seek reimbursement from their insurance companies. As a result, Dominion, Virginia Power, or Dominion Gas may be responsible for the costs of remedial investigation and actions under the Superfund law or other laws or regulations regarding the remediation of waste. The Companies do not believe these matters will have a material effect on results of operations, financial condition and/or cash flows. In September 2011, the EPA issued a UAO to Virginia Power and 22 other parties, pursuant to CERCLA, ordering specific remedial action of certain areas at the Ward Transformer Superfund site located in Raleigh, North Carolina. In September 2016, the United States, on behalf of the EPA, lodged a proposed Remedial Design/Remedial Action Consent Decree with the United States District Court for the Eastern District of North Carolina, settling claims related to the site between the EPA and a number of parties, including Virginia Power. The Consent Decree identifies Virginia Power as a non-performing cash-out party to the settlement and, once approved by the court, would resolve Virginia Power’s alleged liability under CERCLA with respect to the site, including liability pursuant to the UAO. The ultimate outcome of this matter depends on the approval of the Consent Decree by the Court, and cannot be predicted at this time; however, this matter is not expected to have a material effect on Virginia Power. Dominion has determined that it is associated with 19 former manufactured gas plant sites, three of which pertain to Virginia Power and 12 of which pertain to Dominion Gas. Studies conducted by other utilities at their former manufactured gas plant sites have indicated that those sites contain coal tar and other potentially harmful materials. None of the former sites with which the Companies are associated is under investigation by any state or federal environmental agency. At one of the former sites, Dominion is conducting a state-approved post closure groundwater monitoring program and an environmental land use restriction has been recorded. Another site has been accepted into a state-based voluntary remediation program. Virginia Power is currently evaluating the nature and extent of the contamination from this site as well as potential remedial options. Preliminary costs for options under evaluation for the site range from $1 million to $22 million . Due to the uncertainty surrounding the other sites, the Companies are unable to make an estimate of the potential financial statement impacts. See below for discussion on ash pond and landfill closure costs. Other Legal Matters The Companies are defendants in a number of lawsuits and claims involving unrelated incidents of property damage and personal injury. Due to the uncertainty surrounding these matters, the Companies are unable to make an estimate of the potential financial statement impacts; however, they could have a material impact on results of operations, financial condition and/or cash flows. Appalachian Gateway Pipeline Contractor Litigation Following the completion of the Appalachian Gateway project in 2012, DTI received multiple change order requests and other claims for additional payments from a pipeline contractor for the project. In July 2013, DTI filed a complaint in United States District Court for the Eastern District of Virginia for breach of contract as well as accounting and declaratory relief. The contractor filed a motion to dismiss, or in the alternative, a motion to transfer venue to Pennsylvania and/or West Virginia, where the pipelines were constructed. DTI filed an opposition to the contractor’s motion in August 2013. In November 2013, the court granted the contractor’s motion on the basis that DTI must first comply with the dispute resolution process. In July 2015, the contractor filed a complaint against DTI in United States District Court for the Western District of Pennsylvania. In August 2015, DTI filed a motion to dismiss, or in the alternative, a motion to transfer venue to Virginia. In March 2016, the Pennsylvania court granted the motion to dismiss and transferred the case to the United States District Court for the Eastern District of Virginia. In April 2016, the Virginia court issued an order staying the proceedings and ordering mediation. A mediation occurred in May 2016 but was unsuccessful. In July 2016, DTI filed a motion to dismiss. This case is pending. DTI has accrued a liability of $6 million for this matter. Dominion Gas cannot currently estimate additional financial statement impacts, but there could be a material impact to its financial condition and/or cash flows. Gas Producers Litigation In connection with the Appalachian Gateway project, Dominion Field Services, Inc. entered into contracts for firm purchase rights with a group of small gas producers. In June 2016, the gas producers filed a complaint in the Circuit Court of Marshall County, West Virginia against Dominion, DTI and Dominion Field Services, Inc., among other defendants, claiming that the contracts are unenforceable and seeking compensatory and punitive damages. During the third quarter of 2016, Dominion, DTI and Dominion Field Services, Inc. were served with the complaint. Also in the third quarter of 2016, Dominion and DTI, with the consent of the other defendants, removed the case to the United States District Court for the Northern District of West Virginia. In October 2016, the defendants filed a motion to dismiss. This case is pending. Dominion and Dominion Gas cannot currently estimate financial statement impacts, but there could be a material impact to their financial condition and/or cash flows. Ash Pond and Landfill Closure Costs In September 2014, Virginia Power received a notice from the Southern Environmental Law Center on behalf of the Potomac Riverkeeper and Sierra Club alleging CWA violations at Possum Point power station. The notice alleges unpermitted discharges to surface water and groundwater from Possum Point power station’s historical and active ash storage facilities. A similar notice from the Southern Environmental Law Center on behalf of the Sierra Club was subsequently received related to Chesapeake power station. In December 2014, Virginia Power offered to close all of its coal ash ponds and landfills at Possum Point power station, Chesapeake and Bremo power stations as settlement of the potential litigation. While the issue is open to potential further negotiations, the Southern Environmental Law Center declined the offer as presented in January 2015 and, in March 2015, filed a lawsuit related to its claims of the alleged CWA violations at Chesapeake power station. Virginia Power filed a motion to dismiss in April 2015, which was denied in November 2015. A trial was held in June 2016. This case is pending. As a result of the December 2014 settlement offer, Virginia Power recognized a charge of $121 million in other operations and maintenance expense in its Consolidated Statements of Income in the Companies’ Annual Report on Form 10-K for the year ended December 31, 2014. In April 2015, the EPA’s final rule regulating the management of CCRs stored in impoundments (ash ponds) and landfills was published in the Federal Register. The final rule regulates CCR landfills, existing ash ponds that still receive and manage CCRs, and inactive ash ponds that do not receive, but still store CCRs. Virginia Power currently operates inactive ash ponds, existing ash ponds, and CCR landfills subject to the final rule at eight different facilities. The enactment of the final rule in April 2015 created a legal obligation for Virginia Power to retrofit or close all of its inactive and existing ash ponds over a certain period of time, as well as perform required monitoring, corrective action, and post-closure care activities as necessary. In April 2016, the EPA announced a partial settlement with certain environmental and industry organizations that had challenged the final CCR rule in the United States Court of Appeals for the District of Columbia Circuit. As part of the settlement, certain exemptions included in the final rule for inactive ponds that closed by April 2018 will be removed, resulting in inactive ponds ultimately being subject to the same requirements as existing ponds. In June 2016, the court issued an order approving the settlement, which requires the EPA to modify provisions in the final CCR rule concerning inactive ponds. In August 2016, the EPA issued a final rule, effective October 2016, extending certain compliance deadlines in the final CCR rule for inactive ponds. Virginia Power does not believe these changes will substantially impact its closure plans for inactive ponds. In 2015, Virginia Power recorded a $386 million ARO related to future ash pond and landfill closure costs. Recognition of the ARO also resulted in a $99 million incremental charge recorded in other operations and maintenance expense in its Consolidated Statement of Income, a $166 million increase in property, plant, and equipment associated with asset retirement costs, and a $121 million reduction in other noncurrent liabilities related to reversal of the contingent liability described above since the ARO obligation created by the final CCR rule represents similar activities. Virginia Power is in the process of obtaining the necessary permits to complete the work. In February and March 2016, respectively, two parties filed administrative appeals in the Circuit Court for the City of Richmond challenging certain provisions, relating to ash pond dewatering activities, of Possum Point power station’s wastewater discharge permit issued by the VDEQ in January 2016. One of those parties withdrew its appeal in June 2016. In November 2016, the court dismissed the remaining appeal. The actual AROs related to the CCR rule may vary substantially from the estimates used to record the increased obligation in 2015. Cove Point Dominion is constructing the Liquefaction Project at the Cove Point facility, which would enable the facility to liquefy domestically-produced natural gas and export it as LNG. In September 2014, FERC issued an order granting authorization for Cove Point to construct, modify and operate the Liquefaction Project. In October 2014, several parties filed a motion with FERC to stay the order and requested rehearing. In May 2015, FERC denied the requests for stay and rehearing. Two parties have separately filed petitions for review of the FERC order in the United States Court of Appeals for the District of Columbia Circuit, which petitions were consolidated. Separately, one party requested a stay of the FERC order until the judicial proceedings are complete, which the court denied in June 2015. In July 2016, the court denied one party’s petition for review of the FERC order authorizing the Liquefaction Project. The court also issued a decision remanding the other party’s petition for review of the FERC order to FERC for further explanation of FERC’s decision that a previous transaction with an existing import shipper was not unduly discriminatory. Cove Point believes that on remand FERC will be able to justify its decision. In September 2013, the DOE granted Non-FTA Authorization approval for the export of up to 0.77 bcfe/day of natural gas to countries that do not have an FTA for trade in natural gas. In June 2016, a party filed a petition for review of this approval in the United States Court of Appeals for the District of Columbia Circuit. This case is pending. FERC The FERC staff in the Office of Enforcement, Division of Investigations, is conducting a non-public investigation of Virginia Power's offers of combustion turbines generators into the PJM day-ahead markets from April 2010 through September 2014. The FERC staff notified Virginia Power of its preliminary findings relating to Virginia Power's alleged violation of FERC's rules in connection with these activities. Virginia Power has provided its response to the FERC staff's preliminary findings letter explaining why Virginia Power's conduct was lawful and refuting any allegation of wrongdoing. Virginia Power is cooperating fully with the investigation; however, it cannot currently predict whether or to what extent it may incur a material liability. Greensville County Virginia Power is constructing Greensville County and related transmission interconnection facilities. In July 2016, the Sierra Club filed an administrative appeal in the Circuit Court for the City of Richmond challenging certain provisions in Greensville County’s PSD air permit issued by VDEQ in June 2016. Virginia Power is currently unable to make an estimate of the potential impacts to its consolidated financial statements related to this matter. Nuclear Matters In March 2011, a magnitude 9.0 earthquake and subsequent tsunami caused significant damage at the Fukushima Daiichi nuclear power station in northeast Japan. These events have resulted in significant nuclear safety reviews required by the NRC and industry groups such as the Institute of Nuclear Power |
Credit Risk
Credit Risk | 9 Months Ended |
Sep. 30, 2016 | |
Risks and Uncertainties [Abstract] | |
Credit Risk | Credit Risk The Companies' accounting policies for credit risk are discussed in Note 23 to the Consolidated Financial Statements in the Companies' Annual Report on Form 10-K for the year ended December 31, 2015. At September 30, 2016, Dominion's credit exposure related to energy marketing and price risk management activities totaled $96 million . Of this amount, investment grade counterparties, including those internally rated, represented 70% . No single counterparty, whether investment grade or non-investment grade, exceeded $21 million of exposure. At September 30, 2016, Virginia Power's exposure related to sales to wholesale customers totaled $23 million . Of this amount, investment grade counterparties, including those internally rated, represented 35% . No single counterparty, whether investment grade or non-investment grade, exceeded $4 million of exposure. Credit-Related Contingent Provisions The majority of Dominion's derivative instruments contain credit-related contingent provisions. These provisions require Dominion to provide collateral upon the occurrence of specific events, primarily a credit rating downgrade. If the credit-related contingent features underlying these instruments that are in a liability position and not fully collateralized with cash were fully triggered as of September 30, 2016 and December 31, 2015, Dominion would have been required to post an additional $7 million and $12 million , respectively, of collateral to its counterparties. The collateral that would be required to be posted includes the impacts of any offsetting asset positions and any amounts already posted for derivatives, non-derivative contracts and derivatives elected under the normal purchases and normal sales exception, per contractual terms. Dominion had not posted any collateral at September 30, 2016 or December 31, 2015 related to derivatives with credit-related contingent provisions that are in a liability position and not fully collateralized with cash. The collateral posted includes any amounts paid related to non-derivative contracts and derivatives elected under the normal purchases and normal sales exception, per contractual terms. The aggregate fair value of all derivative instruments with credit-related contingent provisions that are in a liability position and not fully collateralized with cash as of September 30, 2016 and December 31, 2015 was $18 million and $49 million , respectively, which does not include the impact of any offsetting asset positions. Credit-related contingent provisions for Virginia Power and Dominion Gas were not material as of September 30, 2016 and December 31, 2015. See Note 9 for further information about derivative instruments. |
Related-Party Transactions
Related-Party Transactions | 9 Months Ended |
Sep. 30, 2016 | |
Related Party Transactions [Abstract] | |
Related-Party Transactions | Related-Party Transactions Virginia Power and Dominion Gas engage in related-party transactions primarily with other Dominion subsidiaries (affiliates). Virginia Power's and Dominion Gas' receivable and payable balances with affiliates are settled based on contractual terms or on a monthly basis, depending on the nature of the underlying transactions. Virginia Power and Dominion Gas are included in Dominion's consolidated federal income tax return. Dominion's transactions with equity method investments are described in Note 10. A discussion of significant related-party transactions follows. Virginia Power Transactions with Affiliates Virginia Power transacts with affiliates for certain quantities of natural gas and other commodities in the ordinary course of business. Virginia Power also enters into certain commodity derivative contracts with affiliates. Virginia Power uses these contracts, which are principally comprised of commodity physical forwards and options, to manage commodity price risks associated with purchases of natural gas. As of September 30, 2016, Virginia Power’s derivative assets and liabilities with affiliates were $28 million and $15 million , respectively. As of December 31, 2015, Virginia Power’s derivative assets and liabilities with affiliates were $13 million and $22 million , respectively. See Note 9 for more information. Virginia Power participates in certain Dominion benefit plans described in Note 18. In Virginia Power's Consolidated Balance Sheets at September 30, 2016 and December 31, 2015, amounts due to Dominion associated with these benefit plans included in other deferred credits and other liabilities were $376 million and $316 million , respectively, and amounts due from Dominion at September 30, 2016 and December 31, 2015 included in other deferred charges and other assets were $111 million and $77 million , respectively. DRS and other affiliates provide accounting, legal, finance and certain administrative and technical services to Virginia Power. In addition, Virginia Power provides certain services to affiliates, including charges for facilities and equipment usage. Presented below are Virginia Power's significant transactions with DRS and other affiliates: Three Months Ended September 30, Nine Months Ended September 30, 2016 2015 2016 2015 (millions) Commodity purchases from affiliates $ 172 $ 123 $ 416 $ 469 Services provided by affiliates (1) 105 96 347 313 Services provided to affiliates 5 5 17 15 (1) Includes capitalized expenditures of $32 million for both the three months ended September 30, 2016 and 2015, and $109 million and $105 million for the nine months ended September 30, 2016 and 2015, respectively. Virginia Power has borrowed funds from Dominion under short-term borrowing arrangements. Virginia Power had no short-term demand note borrowings from Dominion as of September 30, 2016. There were $376 million in short-term demand note borrowings from Dominion as of December 31, 2015. Virginia Power had no outstanding borrowings under the Dominion money pool for its nonregulated subsidiaries as of September 30, 2016 and December 31, 2015. Interest charges related to Virginia Power's borrowings from Dominion were immaterial for the three and nine months ended September 30, 2016 and 2015. There were no issuances of Virginia Power's common stock to Dominion for the three and nine months ended September 30, 2016 and 2015. Dominion Gas Transactions with Related Parties Dominion Gas transacts with affiliates for certain quantities of natural gas and other commodities at market prices in the ordinary course of business. Additionally, Dominion Gas provides transportation and storage services to affiliates. Dominion Gas also enters into certain other contracts with affiliates, which are presented separately from contracts involving commodities or services. As of September 30, 2016 and December 31, 2015, all of Dominion Gas' commodity derivatives were with affiliates. See Notes 7 and 9 for more information. Dominion Gas participates in certain Dominion benefit plans as described in Note 18. In Dominion Gas' Consolidated Balance Sheets at September 30, 2016 and December 31, 2015, amounts due from Dominion associated with these benefit plans included in noncurrent pension and other postretirement benefit assets were $686 million and $652 million , respectively, and amounts due to Dominion at December 31, 2015 included in other deferred credits and other liabilities were immaterial. There were no such amounts due to Dominion at September 30, 2016. DRS and other affiliates provide accounting, legal, finance and certain administrative and technical services to Dominion Gas. Dominion Gas provides certain services to related parties, including technical services. The amounts recognized for these services were as follows: Three Months Ended September 30, Nine Months Ended September 30, 2016 2015 2016 2015 (millions) Purchases of natural gas and transportation and storage services from affiliates $ 2 $ 3 $ 7 $ 7 Sales of natural gas and transportation and storage services to affiliates 16 17 51 52 Services provided by related parties (1) 36 30 108 99 Services provided to related parties (2) 34 30 94 75 (1) Includes capitalized expenditures of $13 million and $16 million for the three months ended September 30, 2016 and 2015, respectively, and $37 million and $40 million for the nine months ended September 30, 2016 and 2015, respectively. (2) Amounts primarily attributable to Atlantic Coast Pipeline. The following table presents affiliated and related-party activity reflected in Dominion Gas' Consolidated Balance Sheets: September 30, 2016 December 31, 2015 (millions) Other receivables (1) $ 9 $ 7 Customer receivables from related parties 1 4 Imbalances receivable from affiliates (2) 1 1 Affiliated notes receivable (3) 17 14 (1) Represents amounts due from Atlantic Coast Pipeline, a related-party VIE. (2) Amounts are presented in other current assets in Dominion Gas' Consolidated Balance Sheets. (3) Amounts are presented in other deferred charges and other assets in Dominion Gas' Consolidated Balance Sheets. Dominion Gas' borrowings under the intercompany revolving credit agreement with Dominion were immaterial and $95 million as of September 30, 2016 and December 31, 2015, respectively. Interest charges related to Dominion Gas' total borrowings from Dominion were immaterial for the three and nine months ended September 30, 2016 and 2015. |
Employee Benefit Plans
Employee Benefit Plans | 9 Months Ended |
Sep. 30, 2016 | |
Compensation and Retirement Disclosure [Abstract] | |
Employee Benefit Plans | Employee Benefit Plans In the first quarter of 2016, the Companies announced an organizational design initiative that will reduce their total workforces during 2016. The goal of the organizational design initiative was to streamline leadership structure and push decision making lower while also improving efficiency. During the nine months ended September 30, 2016, Dominion recorded a $65 million ( $40 million after-tax) charge, including $33 million ( $20 million after-tax) at Virginia Power and $8 million ( $5 million after-tax) at Dominion Gas, primarily reflected in other operations and maintenance expense in their Consolidated Statements of Income due to severance pay and other costs related to the organizational design initiative. The terms of the severance under the organizational design initiative were consistent with the Companies’ existing severance plans. Dominion The components of Dominion's provision for net periodic benefit cost (credit) were as follows: Pension Benefits Other Postretirement Benefits 2016 2015 2016 2015 (millions) Three Months Ended September 30, Service cost $ 30 $ 32 $ 7 $ 10 Interest cost 79 71 16 17 Expected return on plan assets (141 ) (132 ) (28 ) (29 ) Amortization of prior service credit — — (9 ) (7 ) Amortization of net actuarial loss 29 40 2 1 Net periodic benefit cost (credit) $ (3 ) $ 11 $ (12 ) $ (8 ) Nine Months Ended September 30, Service cost $ 87 $ 95 $ 23 $ 30 Interest cost 234 215 50 50 Expected return on plan assets (419 ) (398 ) (87 ) (88 ) Amortization of prior service cost (credit) 1 1 (23 ) (20 ) Amortization of net actuarial loss 84 120 5 4 Net periodic benefit cost (credit) $ (13 ) $ 33 $ (32 ) $ (24 ) Plan Amendment and Remeasurement In the third quarter of 2016, Dominion remeasured an other postretirement benefit plan as a result of an amendment that changed post- 65 retiree medical coverage for certain current and future Local 50 retirees effective April 1, 2017. The remeasurement resulted in a decrease in Dominion's accumulated postretirement benefit obligation of $37 million . The impact of the remeasurement on net periodic benefit credit was recognized prospectively from the remeasurement date and is expected to increase the net periodic benefit credit for 2016 by $9 million . The discount rate used for the remeasurement was 3.71% and the demographic and mortality assumptions were updated using plan-specific studies and mortality improvement scales. The expected long-term rate of return used was consistent with the measurement as of December 31, 2015. Employer Contributions During the nine months ended September 30, 2016, Dominion made no contributions to its defined benefit pension plans or other postretirement benefit plans. Dominion expects to contribute approximately $12 million to its other postretirement benefit plans through VEBAs during the remainder of 2016. Dominion Gas Dominion Gas participates in certain Dominion benefit plans as described in Note 21 to the Consolidated Financial Statements in the Companies' Annual Report on Form 10-K for the year ended December 31, 2015. See Note 17 for more information. The components of Dominion Gas' provision for net periodic benefit credit for employees represented by collective bargaining units were as follows: Pension Benefits Other Postretirement Benefits 2016 2015 2016 2015 (millions) Three Months Ended September 30, Service cost $ 3 $ 4 $ 1 $ 2 Interest cost 7 7 3 3 Expected return on plan assets (33 ) (31 ) (5 ) (6 ) Amortization of net actuarial loss 3 5 — 1 Net periodic benefit credit $ (20 ) $ (15 ) $ (1 ) $ — Nine Months Ended September 30, Service cost $ 10 $ 11 $ 4 $ 5 Interest cost 22 21 10 10 Expected return on plan assets (100 ) (94 ) (17 ) (18 ) Amortization of net actuarial loss 10 15 1 2 Net periodic benefit credit $ (58 ) $ (47 ) $ (2 ) $ (1 ) Employer Contributions During the nine months ended September 30, 2016, Dominion Gas made no contributions to its defined benefit pension plans or other postretirement benefit plans. Dominion Gas expects to contribute approximately $12 million to its other postretirement benefit plans through VEBAs, for both employees represented by collective bargaining units and employees not represented by collective bargaining units, during the remainder of 2016. |
Operating Segments
Operating Segments | 9 Months Ended |
Sep. 30, 2016 | |
Segment Reporting [Abstract] | |
Operating Segments | Operating Segments The Companies are organized primarily on the basis of products and services sold in the United States. A description of the operations included in the Companies’ primary operating segments is as follows: Primary Operating Segment Description of Operations Dominion Virginia Power Dominion Gas DVP Regulated electric distribution X X Regulated electric transmission X X Dominion Generation Regulated electric fleet X X Merchant electric fleet X Dominion Energy Gas transmission and storage (1) X X Gas distribution and storage X X Gas gathering and processing X X LNG import and storage X Nonregulated retail energy marketing (2) X (1) Includes remaining producer services activities for Dominion. (2) As a result of Dominion's decision to realign its business units effective for 2015 year-end reporting, nonregulated retail energy marketing operations were moved from the Dominion Generation segment to the Dominion Energy segment. In addition to the operating segments above, the Companies also report a Corporate and Other segment. Dominion The Corporate and Other Segment of Dominion includes its corporate, service company and other functions (including unallocated debt) and the net impact of operations that are discontinued or sold. In addition, Corporate and Other includes specific items attributable to Dominion's operating segments that are not included in profit measures evaluated by executive management in assessing the segments' performance or in allocating resources. In the nine months ended September 30, 2016, Dominion reported an after-tax net expense of $63 million for specific items in the Corporate and Other segment, with $22 million of these net expenses attributable to its operating segments. In the nine months ended September 30, 2015, Dominion reported an after-tax net expense of $82 million for specific items in the Corporate and Other segment, with $80 million of these net expenses attributable to its operating segments. The net expense for specific items attributable to Dominion's operating segments in 2016 primarily related to the impact of the following items: • A $59 million ( $36 million after-tax) charge related to an organizational design initiative, attributable to: • DVP ( $5 million after-tax); • Dominion Energy ( $12 million after-tax); and • Dominion Generation ( $19 million after-tax); partially offset by • A $29 million ( $18 million after-tax) net gain on investments held in nuclear decommissioning trust funds, attributable to Dominion Generation. The net expense for specific items in 2015 primarily related to the impact of the following items, all of which were attributable to Dominion Generation: • An $85 million ( $52 million after-tax) write-off of deferred fuel costs associated with Virginia legislation enacted in February 2015; • A $45 million ( $28 million after-tax) charge related to incremental future ash pond and landfill closure costs at certain utility generation facilities due to the enactment of the final CCR rule in April 2015; and • A $17 million ( $10 million after-tax) billing adjustment related to PJM; partially offset by • A $39 million ( $25 million after-tax) net gain on investments held in nuclear decommissioning trust funds. The following table presents segment information pertaining to Dominion’s operations: DVP Dominion (1) Dominion (1) Corporate Adjustments/Eliminations (1) Consolidated (millions) Three Months Ended September 30, 2016 Total revenue from external customers $ 614 $ 1,947 $ 359 $ 2 $ 210 $ 3,132 Intersegment revenue 6 2 205 144 (357 ) — Total operating revenue 620 1,949 564 146 (147 ) 3,132 Net income (loss) attributable to Dominion 139 650 135 (234 ) — 690 Three Months Ended September 30, 2015 Total revenue from external customers $ 539 $ 1,892 $ 377 $ — $ 163 $ 2,971 Intersegment revenue 4 2 159 128 (293 ) — Total operating revenue 543 1,894 536 128 (130 ) 2,971 Net income (loss) attributable to Dominion 125 390 153 (75 ) — 593 Nine Months Ended September 30, 2016 Total revenue from external customers $ 1,682 $ 5,204 $ 1,235 $ 8 $ 522 $ 8,651 Intersegment revenue 17 7 507 469 (1,000 ) — Total operating revenue 1,699 5,211 1,742 477 (478 ) 8,651 Net income (loss) attributable to Dominion 363 1,066 483 (246 ) — 1,666 Nine Months Ended September 30, 2015 Total revenue from external customers $ 1,603 $ 5,533 $ 1,376 $ (9 ) $ 624 $ 9,127 Intersegment revenue 14 11 584 414 (1,023 ) — Total operating revenue 1,617 5,544 1,960 405 (399 ) 9,127 Net income (loss) attributable to Dominion 382 902 509 (251 ) — 1,542 (1) 2015 amounts have been recast to reflect nonregulated retail energy marketing operations in the Dominion Energy segment. Intersegment sales and transfers for Dominion are based on contractual arrangements and may result in intersegment profit or loss that is eliminated in consolidation. Virginia Power The Corporate and Other Segment of Virginia Power primarily includes specific items attributable to its operating segments that are not included in profit measures evaluated by executive management in assessing the segments' performance or in allocating resources. In the nine months ended September 30, 2016, Virginia Power reported an after-tax net expense of $ 18 million for specific items in the Corporate and Other segment, all of which was attributable to its operating segments. In the nine months ended September 30, 2015, Virginia Power reported an after-tax net expense of $101 million for specific items in the Corporate and Other segment, all of which was attributable to its operating segments. The net expense for specific items attributable to Virginia Power's operating segments in 2016 primarily related to the impact of the following item: • A $33 million ( $20 million after-tax) charge related to an organizational design initiative, attributable to: • DVP ( $5 million after-tax); and • Dominion Generation ( $15 million after-tax). The net expense for specific items in 2015 primarily related to the impact of the following items, all of which were attributable to Dominion Generation: • An $85 million ( $52 million after-tax) write-off of deferred fuel costs associated with Virginia legislation enacted in February 2015; • A $45 million ( $28 million after-tax) charge related to incremental future ash pond and landfill closure costs at certain utility generation facilities due to the enactment of the final CCR rule in April 2015; and • A $15 million ( $9 million after-tax) billing adjustment related to PJM. The following table presents segment information pertaining to Virginia Power’s operations: DVP Dominion Corporate Consolidated (millions) Three Months Ended September 30, 2016 Operating revenue $ 617 $ 1,594 $ — $ 2,211 Net income 140 359 4 503 Three Months Ended September 30, 2015 Operating revenue $ 541 $ 1,523 $ (6 ) $ 2,058 Net income (loss) 125 273 (13 ) 385 Nine Months Ended September 30, 2016 Operating revenue $ 1,686 $ 4,191 $ — $ 5,877 Net income (loss) 362 699 (15 ) 1,046 Nine Months Ended September 30, 2015 Operating revenue $ 1,610 $ 4,419 $ (21 ) $ 6,008 Net income (loss) 382 618 (100 ) 900 Dominion Gas The Corporate and Other Segment of Dominion Gas primarily includes specific items attributable to Dominion Gas' operating segment that are not included in profit measures evaluated by executive management in assessing the segment's performance or in allocating resources and the effect of certain items recorded at Dominion Gas as a result of Dominion's basis in the net assets contributed. In the nine months ended September 30, 2016, Dominion Gas reported an after-tax net benefit of $5 million for specific items in the Corporate and Other segment, with after-tax net expense of $7 million attributable to its operating segment. In the nine months ended September 30, 2015, Dominion Gas reported no amounts for specific items in the Corporate and Other segment. The net expense for specific items in 2016 primarily related to an $8 million ( $5 million after-tax) charge related to an organizational design initiative. The following table presents segment information pertaining to Dominion Gas' operations: Dominion Energy Corporate and Other Consolidated Total (millions) Three Months Ended September 30, 2016 Operating revenue $ 382 $ — $ 382 Net income 77 6 83 Three Months Ended September 30, 2015 Operating revenue $ 365 $ — $ 365 Net income (loss) 113 (2 ) 111 Nine Months Ended September 30, 2016 Operating revenue $ 1,181 $ — $ 1,181 Net income (loss) 288 (2 ) 286 Nine Months Ended September 30, 2015 Operating revenue $ 1,291 $ — $ 1,291 Net income (loss) 364 (7 ) 357 |
Significant Accounting Polici28
Significant Accounting Policies (Policies) | 9 Months Ended |
Sep. 30, 2016 | |
Accounting Policies [Abstract] | |
Basis of Accounting | As permitted by the rules and regulations of the SEC, the Companies' accompanying unaudited Consolidated Financial Statements contain certain condensed financial information and exclude certain footnote disclosures normally included in annual audited consolidated financial statements prepared in accordance with GAAP. These unaudited Consolidated Financial Statements should be read in conjunction with the Consolidated Financial Statements and Notes in the Companies' Annual Report on Form 10-K for the year ended December 31, 2015. |
Estimates | The Companies make certain estimates and assumptions in preparing their Consolidated Financial Statements in accordance with GAAP. These estimates and assumptions affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses for the periods presented. Actual results may differ from those estimates. |
Consolidation | The Companies' accompanying unaudited Consolidated Financial Statements include, after eliminating intercompany transactions and balances, their accounts, those of their respective majority-owned subsidiaries and non-wholly-owned entities in which they have a controlling financial interest. |
Consolidation, consolidated entities and noncontrolling interest | For certain partnership structures, income is allocated based on the liquidation value of the underlying contractual arrangements. As of September 30, 2016, Dominion owns the general partner and 65.0% of the limited partner interests in Dominion Midstream. The public’s ownership interest in Dominion Midstream is reflected as noncontrolling interest in Dominion’s Consolidated Financial Statements. Also, as of September 30, 2016, Dominion owns 50% of the units in and consolidates Four Brothers and Three Cedars. SunEdison’s ownership interest in Four Brothers and Three Cedars, as well as Terra Nova Renewable Partners' 33% interest in certain Dominion merchant solar projects, is reflected as noncontrolling interest in Dominion’s Consolidated Financial Statements. |
Reclassifications | Certain amounts in the Companies' 2015 Consolidated Financial Statements and Notes have been reclassified to conform to the 2016 presentation for comparative purposes. The reclassifications did not affect the Companies’ net income, total assets, liabilities, equity or cash flows, except for the reclassification of debt issuance costs as discussed in Note 2 to the Companies' Annual Report on Form 10-K for the year ended December 31, 2015. |
Fair Value Measurements | The Companies' fair value measurements are made in accordance with the policies discussed in Note 6 to the Consolidated Financial Statements in the Companies' Annual Report on Form 10-K for the year ended December 31, 2015. See Note 9 in this report for further information about the Companies' derivatives and hedge accounting activities. Dominion and Dominion Gas apply fair value measurements to foreign currency swaps used to manage the foreign currency exchange rate risk related to interest and principal payments denominated in foreign currencies. These swaps are designated as cash flow hedges for accounting purposes and are categorized as Level 2. The inputs and assumptions used in measuring the fair value for foreign currency swaps include the following: • Foreign currency forward exchange rates • Credit quality of counterparties and the Companies • Notional value • Credit enhancements • Time value The Companies enter into certain physical and financial forwards, futures, options and swaps, which are considered Level 3 as they have one or more inputs that are not observable and are significant to the valuation. The discounted cash flow method is used to value Level 3 physical and financial forwards and futures contracts. An option model is used to value Level 3 physical and financial options. The discounted cash flow model for forwards and futures calculates mark-to-market valuations based on forward market prices, original transaction prices, volumes, and risk-free rate of return. The option model calculates mark-to-market valuations using variations of the Black-Scholes option model. The inputs into the models are the forward market prices, implied price volatilities, risk-free rate of return, the option expiration dates, the option strike prices, the original sales prices, and volumes. For Level 3 fair value measurements, forward market prices, and implied price volatilities are considered unobservable. The unobservable inputs are developed and substantiated using historical information, available market data, third-party data, and statistical analysis. Periodically, inputs to valuation models are reviewed and revised as needed, based on historical information, updated market data, market liquidity and relationships, and changes in third-party pricing sources. |
Derivatives and Hedge Accounting Activities | The Companies' accounting policies, objectives and strategies for using derivative instruments are discussed in Note 2 to the Consolidated Financial Statements in the Companies' Annual Report on Form 10-K for the year ended December 31, 2015. See Note 8 in this report for further information about fair value measurements and associated valuation methods for derivatives. Derivative assets and liabilities are presented gross on the Companies' Consolidated Balance Sheets. Dominion's derivative contracts include both over-the-counter transactions and those that are executed on an exchange or other trading platform (exchange contracts) and centrally cleared. Dominion Gas' and Virginia Power's derivative contracts consist of over-the-counter transactions. Over-the-counter contracts are bilateral contracts that are transacted directly with a counterparty. Exchange contracts utilize a financial intermediary, exchange, or clearinghouse to enter, execute, or clear the transactions. Certain over-the-counter and exchange contracts contain contractual rights of setoff through master netting arrangements, derivative clearing agreements, and contract default provisions. In addition, the contracts are subject to conditional rights of setoff through counterparty nonperformance, insolvency, or other conditions. In general, most over-the-counter transactions and all exchange contracts are subject to collateral requirements. Types of collateral for over-the-counter and exchange contracts include cash, letters of credit, and in some cases other forms of security, none of which are subject to restrictions. Cash collateral is used in the table below to offset derivative assets and liabilities. Certain accounts receivable and accounts payable recognized on the Companies' Consolidated Balance Sheets, as well as letters of credit and other forms of security, all of which are not included in the tables below, are subject to offset under master netting or similar arrangements and would reduce the net exposure. |
Regulatory Matters Involving Potential Loss Contingencies | Regulatory Matters Involving Potential Loss Contingencies As a result of issues generated in the ordinary course of business, the Companies are involved in various regulatory matters. Certain regulatory matters may ultimately result in a loss; however, as such matters are in an initial procedural phase, involve uncertainty as to the outcome of pending reviews or orders, and/or involve significant factual issues that need to be resolved, it is not possible for the Companies to estimate a range of possible loss. For matters for which the Companies cannot estimate a range of possible loss, a statement to this effect is made in the description of the matter. Other matters may have progressed sufficiently through the regulatory process such that the Companies are able to estimate a range of possible loss. For regulatory matters for which the Companies are able to reasonably estimate a range of possible losses, an estimated range of possible loss is provided, in excess of the accrued liability (if any) for such matters. Any estimated range is based on currently available information, involves elements of judgment and significant uncertainties and may not represent the Companies’ maximum possible loss exposure. The circumstances of such regulatory matters will change from time to time and actual results may vary significantly from the current estimate. For current matters not specifically reported below, management does not anticipate that the outcome from such matters would have a material effect on the Companies’ financial position, liquidity or results of operations. |
Commitments and Contingencies | As a result of issues generated in the ordinary course of business, the Companies are involved in legal proceedings before various courts and are periodically subject to governmental examinations (including by regulatory authorities), inquiries and investigations. Certain legal proceedings and governmental examinations involve demands for unspecified amounts of damages, are in an initial procedural phase, involve uncertainty as to the outcome of pending appeals or motions, or involve significant factual issues that need to be resolved, such that it is not possible for the Companies to estimate a range of possible loss. For such matters for which the Companies cannot estimate a range of possible loss, a statement to this effect is made in the description of the matter. Other matters may have progressed sufficiently through the litigation or investigative processes such that the Companies are able to estimate a range of possible loss. For legal proceedings and governmental examinations for which the Companies are able to reasonably estimate a range of possible losses, an estimated range of possible loss is provided, in excess of the accrued liability (if any) for such matters. Any accrued liability is recorded on a gross basis with a receivable also recorded for any probable insurance recoveries. Estimated ranges of loss are inclusive of legal fees and net of any anticipated insurance recoveries. Any estimated range is based on currently available information and involves elements of judgment and significant uncertainties. Any estimated range of possible loss may not represent the Companies' maximum possible loss exposure. The circumstances of such legal proceedings and governmental examinations will change from time to time and actual results may vary significantly from the current estimate. For current proceedings not specifically reported below, management does not anticipate that the liabilities, if any, arising from such proceedings would have a material effect on the financial position, liquidity or results of operations of the Companies. |
Guarantees, Surety Bonds and Letters of Credit | Dominion also enters into guarantee arrangements on behalf of its consolidated subsidiaries, primarily to facilitate their commercial transactions with third parties. To the extent that a liability subject to a guarantee has been incurred by one of Dominion's consolidated subsidiaries, that liability is included in the Consolidated Financial Statements. Dominion is not required to recognize liabilities for guarantees issued on behalf of its subsidiaries unless it becomes probable that it will have to perform under the guarantees. Terms of the guarantees typically end once obligations have been paid. Dominion currently believes it is unlikely that it would be required to perform or otherwise incur any losses associated with guarantees of its subsidiaries' obligations. |
Acquisitions and Dispositions (
Acquisitions and Dispositions (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Business Acquisition [Line Items] | |
Schedule of Business Acquisitions | The following table presents significant completed acquisitions of wholly-owned merchant solar projects by Dominion in the nine months ended September 30, 2015. Long-term power purchase, interconnection and operation and maintenance agreements have been executed for all of the projects. Dominion has claimed federal investment tax credits on the projects. These projects are included in the Dominion Generation operating segment. Completed Acquisition Date Seller Number of Projects Project Location Project Name Initial Acquisition Cost (millions) (1) Project Cost (millions) (2) Date of Commercial Operations MW Capacity April 2015 EC&R NA Solar PV, LLC 1 California Alamo $ 66 $ 66 May 2015 20 April 2015 EDF Renewable Development, Inc. 3 California Cottonwood (3) 106 106 May 2015 24 June 2015 EDF Renewable Development, Inc. 1 California Catalina 2 68 68 July 2015 18 July 2015 SunPeak Solar, LLC 1 California Imperial Valley 2 42 71 August 2015 20 (1) The purchase price was primarily allocated to Property, Plant and Equipment. (2) Includes acquisition cost. (3) One of the projects, Marin Carport, began commercial operations in 2016. |
Dominion Questar Corporation | |
Business Acquisition [Line Items] | |
Schedule of Business Acquisitions | The table below shows the preliminary allocation of the purchase price to the assets acquired and liabilities assumed at closing. The allocation is subject to change during the remainder of the measurement period, which ends one year from the closing date, as additional information is obtained about the facts and circumstances that existed at the closing date. Any material adjustments to provisional amounts identified during the measurement period will be recognized and disclosed in the reporting period in which the adjustment amounts are determined. Amount (millions) Total current assets $ 224 Investments (1) 58 Property, plant and equipment (2) 4,120 Goodwill 3,111 Total deferred charges and other assets, excluding goodwill 75 Total Assets 7,588 Total current liabilities (3) 791 Long-term debt (4) 963 Deferred income taxes 798 Regulatory liabilities 259 Asset retirement obligations 160 Other deferred credits and other liabilities (5) 220 Total Liabilities 3,191 Total estimated purchase price $ 4,397 (1) Includes $40 million for an equity method investment in White River Hub. The fair value adjustment on the equity method investment in White River Hub is considered to be equity method goodwill and is not amortized. (2) Nonregulated property, plant and equipment, excluding land, will be depreciated over remaining useful lives primarily ranging from 9 to 18 years. (3) Includes $301 million of short-term debt, of which $24 million is outstanding at September 30, 2016, as well as a $250 million short-term note which matures in February 2017 and bears interest at a variable rate. (4) Unsecured senior notes have maturities which range from 2017 to 2048 and bear interest at rates from 2.98% to 7.20% . (5) Includes a $35 million capital lease obligation with undiscounted future minimum lease payments of $1 million remaining in 2016, $4 million per year for 2017 through 2020, and $37 million in total thereafter. |
Business Acquisition, Pro Forma Information | The following unaudited pro forma financial information reflects the consolidated results of operations of Dominion assuming the Dominion Questar Combination had taken place on January 1, 2015. The unaudited pro forma financial information has been presented for illustrative purposes only and is not necessarily indicative of the consolidated results of operations that would have been achieved or the future consolidated results of operations of the combined company. Three Months Ended September 30, Nine Months Ended September 30, 2016 (1) 2015 2016 (1) 2015 (millions, except EPS) Operating Revenue $ 3,261 $ 3,113 $ 9,410 $ 9,897 Net income attributable to Dominion 732 626 1,835 1,700 Earnings Per Common Share – Basic $ 1.17 $ 1.05 $ 2.99 $ 2.88 Earnings Per Common Share – Diluted $ 1.17 $ 1.05 $ 2.99 $ 2.87 (1) Amounts include adjustments for non-recurring costs directly related to the Dominion Questar Combination. |
Operating Revenue (Tables)
Operating Revenue (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Regulated and Unregulated Operating Revenue [Abstract] | |
Operating Revenue | The Companies’ operating revenue consists of the following: Three Months Ended September 30, Nine Months Ended September 30, 2016 2015 2016 2015 (millions) Dominion Electric sales: Regulated $ 2,147 $ 2,020 $ 5,707 $ 5,911 Nonregulated 399 388 1,123 1,145 Gas sales: Regulated 46 21 137 168 Nonregulated 87 66 259 361 Gas transportation and storage 378 365 1,162 1,221 Other 75 111 263 321 Total operating revenue $ 3,132 $ 2,971 $ 8,651 $ 9,127 Virginia Power Regulated electric sales $ 2,147 $ 2,020 $ 5,707 $ 5,911 Other 64 38 170 97 Total operating revenue $ 2,211 $ 2,058 $ 5,877 $ 6,008 Dominion Gas Gas sales: Regulated $ 28 $ 9 $ 69 $ 87 Nonregulated 1 1 8 5 Gas transportation and storage 303 302 955 1,035 NGL revenue 19 20 45 71 Other 31 33 104 93 Total operating revenue $ 382 $ 365 $ 1,181 $ 1,291 |
Income Taxes (Tables)
Income Taxes (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Income Tax Disclosure [Abstract] | |
Effective Income Tax | For continuing operations, including noncontrolling interests, the statutory United States federal income tax rate reconciles to the Companies' effective income tax rate as follows: Dominion Virginia Power Dominion Gas Nine Months Ended September 30, 2016 2015 2016 2015 2016 2015 United States statutory rate 35.0 % 35.0 % 35.0 % 35.0 % 35.0 % 35.0 % Increases (reductions) resulting from: State taxes, net of federal benefit 3.7 4.0 3.9 4.2 0.8 4.1 Investment tax credits (10.4 ) (3.5 ) — — — — Production tax credits (0.8 ) (0.8 ) (0.5 ) (0.5 ) — — State legislative change (0.8 ) (0.2 ) — — — — Other, net (2.1 ) (0.7 ) (0.5 ) (0.2 ) 0.4 0.4 Effective tax rate 24.6 % 33.8 % 37.9 % 38.5 % 36.2 % 39.5 % |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Earnings Per Share [Abstract] | |
Earnings Per Share Computation | The following table presents the calculation of Dominion’s basic and diluted EPS: Three Months Ended September 30, Nine Months Ended September 30, 2016 2015 2016 2015 (millions, except EPS) Net income attributable to Dominion $ 690 $ 593 $ 1,666 $ 1,542 Average shares of common stock outstanding – Basic 625.9 594.6 612.8 591.3 Net effect of dilutive securities (1) 0.1 0.9 1.0 1.4 Average shares of common stock outstanding – Diluted 626.0 595.5 613.8 592.7 Earnings Per Common Share – Basic $ 1.10 $ 1.00 $ 2.72 $ 2.61 Earnings Per Common Share – Diluted $ 1.10 $ 1.00 $ 2.71 $ 2.60 (1) Dilutive securities consist primarily of the 2013 Equity Units for the nine months ended September 30, 2016 and the three and nine months ended September 30, 2015. See Note 14 in this report and Note 17 to the Consolidated Financial Statements in the Companies' Annual Report on Form 10-K for the year ended December 31, 2015 for more information. |
Accumulated Other Comprehensi33
Accumulated Other Comprehensive Income (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |
Schedule of Accumulated Other Comprehensive Income (Loss) | The following table presents Dominion’s changes in AOCI by component, net of tax: Deferred Gains and Losses on Derivatives-Hedging Activities Unrealized Gains and Losses on Investment Securities Unrecognized Pension and Other Postretirement Benefit Costs Other Comprehensive Income (Loss) From Equity Method Investee Total (millions) Three Months Ended September 30, 2016 Beginning balance $ (241 ) $ 535 $ (781 ) $ (6 ) $ (493 ) Other comprehensive income before reclassifications: gains 14 31 15 — 60 Amounts reclassified from AOCI (1) : (gains) losses (34 ) (13 ) 9 — (38 ) Net current-period other comprehensive income (loss) (20 ) 18 24 — 22 Ending balance $ (261 ) $ 553 $ (757 ) $ (6 ) $ (471 ) Three Months Ended September 30, 2015 Beginning balance $ (146 ) $ 519 $ (754 ) $ (5 ) $ (386 ) Other comprehensive income before reclassifications: gains (losses) (7 ) (59 ) (9 ) 1 (74 ) Amounts reclassified from AOCI (1) : (gains) losses (53 ) (2 ) 14 — (41 ) Net current-period other comprehensive income (loss) (60 ) (61 ) 5 1 (115 ) Ending balance $ (206 ) $ 458 $ (749 ) $ (4 ) $ (501 ) Nine Months Ended September 30, 2016 Beginning balance $ (176 ) $ 504 $ (797 ) $ (5 ) $ (474 ) Other comprehensive income before reclassifications: gains (losses) 56 72 15 (1 ) 142 Amounts reclassified from AOCI (1) : (gains) losses (141 ) (23 ) 25 — (139 ) Net current-period other comprehensive income (loss) (85 ) 49 40 (1 ) 3 Ending balance $ (261 ) $ 553 $ (757 ) $ (6 ) $ (471 ) Nine Months Ended September 30, 2015 Beginning balance $ (178 ) $ 548 $ (782 ) $ (4 ) $ (416 ) Other comprehensive income before reclassifications: gains (losses) 25 (55 ) (6 ) — (36 ) Amounts reclassified from AOCI (1) : (gains) losses (53 ) (35 ) 39 — (49 ) Net current-period other comprehensive income (loss) (28 ) (90 ) 33 — (85 ) Ending balance $ (206 ) $ 458 $ (749 ) $ (4 ) $ (501 ) (1) See table below for details about these reclassifications. |
Reclassification out of Accumulated Other Comprehensive Income | The following table presents Dominion’s reclassifications out of AOCI by component: Details About AOCI Components Amounts Reclassified From AOCI Affected Line Item in the Consolidated Statements of Income (millions) Three Months Ended September 30, 2016 Deferred (gains) and losses on derivatives-hedging activities: Commodity contracts $ (64 ) Operating revenue 1 Purchased gas 1 Electric fuel and other energy-related purchases Interest rate contracts 10 Interest and related charges Foreign currency contracts (3 ) Other income (55 ) Tax 21 Income tax expense $ (34 ) Unrealized (gains) and losses on investment securities: Realized (gain) loss on sale of securities $ (25 ) Other income Impairment 5 Other income (20 ) Tax 7 Income tax expense $ (13 ) Unrecognized pension and other postretirement benefit costs: Prior service (credit) costs $ (4 ) Other operations and maintenance Actuarial (gains) losses 17 Other operations and maintenance 13 Tax (4 ) Income tax expense $ 9 Three Months Ended September 30, 2015 Deferred (gains) and losses on derivatives-hedging activities: Commodity contracts $ (87 ) Operating revenue 2 Purchased gas Interest rate contracts 2 Interest and related charges (83 ) Tax 30 Income tax expense $ (53 ) Unrealized (gains) and losses on investment securities: Realized (gain) loss on sale of securities $ (18 ) Other income Impairment 16 Other income (2 ) Tax — Income tax expense $ (2 ) Unrecognized pension and other postretirement benefit costs: Prior service (credit) costs $ (3 ) Other operations and maintenance Actuarial (gains) losses 24 Other operations and maintenance 21 Tax (7 ) Income tax expense $ 14 Nine Months Ended September 30, 2016 Deferred (gains) and losses on derivatives-hedging activities: Commodity contracts $ (266 ) Operating revenue 9 Purchased gas 8 Electric fuel and other energy-related purchases Interest rate contracts 21 Interest and related charges Foreign currency contracts (1 ) Other income (229 ) Tax 88 Income tax expense $ (141 ) Unrealized (gains) and losses on investment securities: Realized (gain) loss on sale of securities $ (55 ) Other income Impairment 19 Other income (36 ) Tax 13 Income tax expense $ (23 ) Unrecognized pension and other postretirement benefit costs: Prior service (credit) costs $ (11 ) Other operations and maintenance Actuarial (gains) losses 52 Other operations and maintenance 41 Tax (16 ) Income tax expense $ 25 Nine Months Ended September 30, 2015 Deferred (gains) and losses on derivatives-hedging activities: Commodity contracts $ (103 ) Operating revenue 9 Purchased gas Interest rate contracts 7 Interest and related charges (87 ) Tax 34 Income tax expense $ (53 ) Unrealized (gains) and losses on investment securities: Realized (gain) loss on sale of securities $ (82 ) Other income Impairment 27 Other income (55 ) Tax 20 Income tax expense $ (35 ) Unrecognized pension and other postretirement benefit costs: Prior service (credit) costs $ (9 ) Other operations and maintenance Actuarial (gains) losses 73 Other operations and maintenance 64 Tax (25 ) Income tax expense $ 39 |
Dominion Gas Holdings, LLC | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |
Schedule of Accumulated Other Comprehensive Income (Loss) | The following table presents Dominion Gas’ changes in AOCI by component, net of tax: Deferred Gains and Losses on Derivatives-Hedging Activities Unrecognized Pension and Other Postretirement Benefit Costs Total (millions) Three Months Ended September 30, 2016 Beginning balance $ (34 ) $ (81 ) $ (115 ) Other comprehensive income before reclassifications: gains 9 — 9 Amounts reclassified from AOCI (1) : (gains) losses (1 ) 1 — Net current-period other comprehensive income 8 1 9 Ending balance $ (26 ) $ (80 ) $ (106 ) Three Months Ended September 30, 2015 Beginning balance $ (22 ) $ (64 ) $ (86 ) Other comprehensive income before reclassifications: gains 3 — 3 Amounts reclassified from AOCI (1) : (gains) losses (2 ) 1 (1 ) Net current-period other comprehensive income 1 1 2 Ending balance $ (21 ) $ (63 ) $ (84 ) Nine Months Ended September 30, 2016 Beginning balance $ (17 ) $ (82 ) $ (99 ) Other comprehensive income before reclassifications: losses (6 ) — (6 ) Amounts reclassified from AOCI (1) : (gains) losses (3 ) 2 (1 ) Net current-period other comprehensive income (loss) (9 ) 2 (7 ) Ending balance $ (26 ) $ (80 ) $ (106 ) Nine Months Ended September 30, 2015 Beginning balance $ (20 ) $ (66 ) $ (86 ) Other comprehensive income before reclassifications: gains 2 — 2 Amounts reclassified from AOCI (1) : (gains) losses (3 ) 3 — Net current-period other comprehensive income (loss) (1 ) 3 2 Ending balance $ (21 ) $ (63 ) $ (84 ) (1) See table below for details about these reclassifications. |
Reclassification out of Accumulated Other Comprehensive Income | The following table presents Dominion Gas' reclassifications out of AOCI by component: Details About AOCI Components Amounts Reclassified From AOCI Affected Line Item in the Consolidated Statements of Income (millions) Three Months Ended September 30, 2016 Deferred (gains) and losses on derivatives-hedging activities: Commodity contracts $ (1 ) Operating revenue Interest rate contracts 1 Interest and related charges Foreign currency contracts (3 ) Other income (3 ) Tax 2 Income tax expense $ (1 ) Unrecognized pension and other postretirement benefit costs: Actuarial (gains) losses $ 2 Other operations and maintenance 2 Tax (1 ) Income tax expense $ 1 Three Months Ended September 30, 2015 Deferred (gains) and losses on derivatives-hedging activities: Commodity contracts $ (3 ) Operating revenue (3 ) Tax 1 Income tax expense $ (2 ) Unrecognized pension and other postretirement benefit costs: Actuarial (gains) losses $ 2 Other operations and maintenance 2 Tax (1 ) Income tax expense $ 1 Nine Months Ended September 30, 2016 Deferred (gains) and losses on derivatives-hedging activities: Commodity contracts $ (6 ) Operating revenue Interest rate contracts 2 Interest and related charges Foreign currency contracts (1 ) Other income (5 ) Tax 2 Income tax expense $ (3 ) Unrecognized pension and other postretirement benefit costs: Actuarial (gains) losses $ 4 Other operations and maintenance 4 Tax (2 ) Income tax expense $ 2 Nine Months Ended September 30, 2015 Deferred (gains) and losses on derivatives-hedging activities: Commodity contracts $ (4 ) Operating revenue (4 ) Tax 1 Income tax expense $ (3 ) Unrecognized pension and other postretirement benefit costs: Actuarial (gains) losses $ 6 Other operations and maintenance 6 Tax (3 ) Income tax expense $ 3 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |
Fair Value Inputs, Assets, Quantitative Information | The following table presents Dominion's quantitative information about Level 3 fair value measurements at September 30, 2016. The range and weighted average are presented in dollars for market price inputs and percentages for price volatility. Fair Value (millions) Valuation Techniques Unobservable Input Range Weighted Average (1) Assets Physical and financial forwards and futures: Natural gas (2) $ 85 Discounted cash flow Market price (per Dth) (3) (2) - 7 — FTRs 7 Discounted cash flow Market price (per MWh) (3) (6) - 6 1 Physical and financial options: Natural gas 4 Option model Market price (per Dth) (3) 2 - 7 3 Price volatility (4) 19% - 46% 24 % Total assets $ 96 Liabilities Physical and financial forwards and futures: Natural gas (2) $ 4 Discounted cash flow Market price (per Dth) (3) (2) - 4 1 FTRs 2 Discounted cash flow Market price (per MWh) (3) (11) - 6 1 Physical and financial options: Natural gas 1 Option model Market price (per Dth) (3) 2 - 4 3 Price volatility (4) 30% - 46% 38 % Total liabilities $ 7 (1) Averages weighted by volume. (2) Includes basis. (3) Represents market prices beyond defined terms for Levels 1 and 2. (4) Represents volatilities unrepresented in published markets. |
Fair Value Inputs, Liabilities, Quantitative Information | The following table presents Dominion's quantitative information about Level 3 fair value measurements at September 30, 2016. The range and weighted average are presented in dollars for market price inputs and percentages for price volatility. Fair Value (millions) Valuation Techniques Unobservable Input Range Weighted Average (1) Assets Physical and financial forwards and futures: Natural gas (2) $ 85 Discounted cash flow Market price (per Dth) (3) (2) - 7 — FTRs 7 Discounted cash flow Market price (per MWh) (3) (6) - 6 1 Physical and financial options: Natural gas 4 Option model Market price (per Dth) (3) 2 - 7 3 Price volatility (4) 19% - 46% 24 % Total assets $ 96 Liabilities Physical and financial forwards and futures: Natural gas (2) $ 4 Discounted cash flow Market price (per Dth) (3) (2) - 4 1 FTRs 2 Discounted cash flow Market price (per MWh) (3) (11) - 6 1 Physical and financial options: Natural gas 1 Option model Market price (per Dth) (3) 2 - 4 3 Price volatility (4) 30% - 46% 38 % Total liabilities $ 7 (1) Averages weighted by volume. (2) Includes basis. (3) Represents market prices beyond defined terms for Levels 1 and 2. (4) Represents volatilities unrepresented in published markets. |
Significant Unobservable Inputs | Sensitivity of the fair value measurements to changes in the significant unobservable inputs is as follows: Significant Unobservable Inputs Position Change to Input Impact on Fair Value Measurement Market price Buy Increase (decrease) Gain (loss) Market price Sell Increase (decrease) Loss (gain) Price volatility Buy Increase (decrease) Gain (loss) Price volatility Sell Increase (decrease) Loss (gain) |
Recurring Fair Value Measurements | The following table presents Dominion’s assets and liabilities that are measured at fair value on a recurring basis for each hierarchy level, including both current and noncurrent portions: Level 1 Level 2 Level 3 Total (millions) At September 30, 2016 Assets Derivatives: Commodity $ — $ 172 $ 96 $ 268 Interest rate — 19 — 19 Foreign currency — 8 — 8 Investments (1) : Equity securities: United States: Large cap 2,712 — — 2,712 REIT 67 — — 67 Other 6 — — 6 Non-United States: Large cap 10 — — 10 Fixed income: Corporate debt instruments — 518 — 518 United States Treasury securities and agency debentures 438 231 — 669 State and municipal — 372 — 372 Other — 109 — 109 Cash equivalents and other 8 — — 8 Total assets $ 3,241 $ 1,429 $ 96 $ 4,766 Liabilities Derivatives: Commodity $ — $ 104 $ 7 $ 111 Interest rate — 307 — 307 Foreign currency — 4 — 4 Total liabilities $ — $ 415 $ 7 $ 422 At December 31, 2015 Assets Derivatives: Commodity $ 1 $ 249 $ 114 $ 364 Interest rate — 24 — 24 Investments (1) : Equity securities: United States: Large cap 2,547 — — 2,547 REIT 63 — — 63 Other 5 — — 5 Non-United States: Large cap 10 — — 10 Fixed income: Corporate debt instruments — 437 — 437 United States Treasury securities and agency debentures 458 201 — 659 State and municipal — 376 — 376 Other — 100 — 100 Cash equivalents and other 2 2 — 4 Total assets $ 3,086 $ 1,389 $ 114 $ 4,589 Liabilities Derivatives: Commodity $ — $ 141 $ 19 $ 160 Interest rate — 183 — 183 Total liabilities $ — $ 324 $ 19 $ 343 (1) Includes investments held in the nuclear decommissioning and rabbi trusts. |
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation | The following table presents the net change in Dominion's assets and liabilities measured at fair value on a recurring basis and included in the Level 3 fair value category: Three Months Ended September 30, Nine Months Ended September 30, 2016 2015 2016 2015 (millions) Beginning balance $ 124 $ 71 $ 95 $ 107 Total realized and unrealized gains (losses): Included in earnings (7 ) (9 ) (23 ) 1 Included in other comprehensive income (loss) — 5 2 (7 ) Included in regulatory assets/liabilities (37 ) 47 (5 ) 18 Settlements 9 10 27 1 Transfers out of Level 3 — (1 ) (7 ) 3 Ending balance $ 89 $ 123 $ 89 $ 123 The amount of gains (losses) for the period included in earnings attributable to the change in unrealized gains (losses) relating to assets/liabilities still held at the reporting date $ — $ 1 $ — $ 1 |
Fair Value, Unobservable Inputs, Gain (Loss) Included In Earnings | The following table presents Dominion's classification of gains and losses included in earnings in the Level 3 fair value category. Operating Electric Fuel Total (millions) Three Months Ended September 30, 2016 Total gains (losses) included in earnings $ — $ (7 ) $ (7 ) Three Months Ended September 30, 2015 Total gains (losses) included in earnings $ — $ (9 ) $ (9 ) The amount of total gains (losses) for the period included in earnings attributable to the change in unrealized gains (losses) relating to assets/liabilities still held at the reporting date — 1 1 Nine Months Ended September 30, 2016 Total gains (losses) included in earnings $ — $ (23 ) $ (23 ) Nine Months Ended September 30, 2015 Total gains (losses) included in earnings $ 2 $ (1 ) $ 1 The amount of total gains (losses) for the period included in earnings attributable to the change in unrealized gains (losses) relating to assets/liabilities still held at the reporting date 1 — 1 |
Cost and Fair Value of Financial Instruments Disclosure | For the Companies' financial instruments that are not recorded at fair value, the carrying amounts and estimated fair values are as follows: September 30, 2016 December 31, 2015 Carrying Estimated Fair (1) Carrying Estimated Fair (1) (millions) Dominion Long-term debt, including securities due within one year (2) $ 26,287 $ 29,077 $ 21,873 $ 23,210 Junior subordinated notes (3) 2,980 3,030 1,340 1,192 Remarketable subordinated notes (3) 2,371 2,392 2,080 2,129 Virginia Power Long-term debt, including securities due within one year (3) $ 9,642 $ 11,259 $ 9,368 $ 10,400 Dominion Gas Long-term debt, including securities due within one year (4) $ 3,945 $ 4,139 $ 3,269 $ 3,299 (1) Fair value is estimated using market prices, where available, and interest rates currently available for issuance of debt with similar terms and remaining maturities. All fair value measurements are classified as Level 2. The carrying amount of debt issues with short-term maturities and variable rates refinanced at current market rates is a reasonable estimate of their fair value. (2) Carrying amount includes amounts which represent the unamortized debt issuance costs, discount and/or premium, and foreign currency remeasurement adjustments. At September 30, 2016 and December 31, 2015, includes the valuation of certain fair value hedges associated with fixed rate debt of $14 million and $7 million , respectively. (3) Carrying amount includes amounts which represent the unamortized debt issuance costs, discount and/or premium. (4) Carrying amount includes amounts which represent the unamortized debt issuance costs, discount and/or premium, and foreign currency remeasurement adjustments. |
Virginia Electric and Power Company | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |
Fair Value Inputs, Assets, Quantitative Information | The following table presents Virginia Power's quantitative information about Level 3 fair value measurements at September 30, 2016. The range and weighted average are presented in dollars for market price inputs and percentages for price volatility. Fair Value (millions) Valuation Techniques Unobservable Input Range Weighted Average (1) Assets Physical and financial forwards and futures: Natural gas (2) $ 81 Discounted cash flow Market price (per Dth) (3) (2) - 7 — FTRs 7 Discounted cash flow Market price (per MWh) (3) (6) - 6 1 Physical and financial options: Natural gas 2 Option model Market price (per Dth) (3) 2 - 7 3 Price volatility (4) 19% - 33% 24 % Total assets $ 90 Liabilities Physical and financial forwards and futures: FTRs $ 2 Discounted cash flow Market price (per MWh) (3) (11) - 6 1 Total liabilities $ 2 (1) Averages weighted by volume. (2) Includes basis. (3) Represents market prices beyond defined terms for Levels 1 and 2. (4) Represents volatilities unrepresented in published markets. |
Fair Value Inputs, Liabilities, Quantitative Information | The following table presents Virginia Power's quantitative information about Level 3 fair value measurements at September 30, 2016. The range and weighted average are presented in dollars for market price inputs and percentages for price volatility. Fair Value (millions) Valuation Techniques Unobservable Input Range Weighted Average (1) Assets Physical and financial forwards and futures: Natural gas (2) $ 81 Discounted cash flow Market price (per Dth) (3) (2) - 7 — FTRs 7 Discounted cash flow Market price (per MWh) (3) (6) - 6 1 Physical and financial options: Natural gas 2 Option model Market price (per Dth) (3) 2 - 7 3 Price volatility (4) 19% - 33% 24 % Total assets $ 90 Liabilities Physical and financial forwards and futures: FTRs $ 2 Discounted cash flow Market price (per MWh) (3) (11) - 6 1 Total liabilities $ 2 (1) Averages weighted by volume. (2) Includes basis. (3) Represents market prices beyond defined terms for Levels 1 and 2. (4) Represents volatilities unrepresented in published markets. |
Significant Unobservable Inputs | Sensitivity of the fair value measurements to changes in the significant unobservable inputs is as follows: Significant Unobservable Inputs Position Change to Input Impact on Fair Value Measurement Market price Buy Increase (decrease) Gain (loss) Market price Sell Increase (decrease) Loss (gain) Price volatility Buy Increase (decrease) Gain (loss) Price volatility Sell Increase (decrease) Loss (gain) |
Recurring Fair Value Measurements | The following table presents Virginia Power’s assets and liabilities that are measured at fair value on a recurring basis for each hierarchy level, including both current and noncurrent portions: Level 1 Level 2 Level 3 Total (millions) At September 30, 2016 Assets Derivatives: Commodity $ — $ 26 $ 90 $ 116 Interest rate — 2 — 2 Investments (1) : Equity securities: United States large cap 1,183 — — 1,183 REIT 67 — — 67 Fixed income: Corporate debt instruments — 298 — 298 United States Treasury securities and agency debentures 144 107 — 251 State and municipal — 174 — 174 Other — 29 — 29 Total assets $ 1,394 $ 636 $ 90 $ 2,120 Liabilities Derivatives: Commodity $ — $ 22 $ 2 $ 24 Interest rate — 267 — 267 Total liabilities $ — $ 289 $ 2 $ 291 At December 31, 2015 Assets Derivatives: Commodity $ — $ 13 $ 101 $ 114 Interest rate — 13 — 13 Investments (1) : Equity securities: United States large cap 1,100 — — 1,100 REIT 63 — — 63 Fixed income: Corporate debt instruments — 238 — 238 United States Treasury securities and agency debentures 180 79 — 259 State and municipal — 175 — 175 Other — 34 — 34 Total assets $ 1,343 $ 552 $ 101 $ 1,996 Liabilities Derivatives: Commodity $ — $ 19 $ 8 $ 27 Interest rate — 59 — 59 Total liabilities $ — $ 78 $ 8 $ 86 (1) Includes investments held in the nuclear decommissioning and rabbi trusts. |
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation | The following table presents the net change in Virginia Power’s assets and liabilities measured at fair value on a recurring basis and included in the Level 3 fair value category: Three Months Ended September 30, Nine Months Ended September 30, 2016 2015 2016 2015 (millions) Beginning balance $ 125 $ 73 $ 93 $ 102 Total realized and unrealized gains (losses): Included in earnings (7 ) (10 ) (24 ) (1 ) Included in regulatory assets/liabilities (37 ) 47 (5 ) 18 Settlements 7 10 24 1 Ending balance $ 88 $ 120 $ 88 $ 120 |
Dominion Gas Holdings, LLC | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |
Recurring Fair Value Measurements | The following table presents Dominion Gas' assets and liabilities for derivatives that are measured at fair value on a recurring basis for each hierarchy level, including both current and noncurrent portions: Level 1 Level 2 Level 3 Total (millions) At September 30, 2016 Assets Commodity $ — $ 6 $ — $ 6 Foreign currency — 8 — 8 Total Assets $ — $ 14 $ — $ 14 Liabilities Commodity $ — $ 2 $ — $ 2 Foreign currency — 4 — 4 Total liabilities $ — $ 6 $ — $ 6 At December 31, 2015 Assets Commodity $ — $ 5 $ 6 $ 11 Total Assets $ — $ 5 $ 6 $ 11 Liabilities Interest rate $ — $ 14 $ — $ 14 Total liabilities $ — $ 14 $ — $ 14 |
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation | The following table presents the net change in Dominion Gas' assets and liabilities for derivatives measured at fair value on a recurring basis and included in the Level 3 fair value category: Three Months Ended September 30, Nine Months Ended September 30, 2016 2015 2016 2015 (millions) Beginning balance $ — $ (1 ) $ 6 $ 2 Total realized and unrealized gains (losses): Included in earnings — — — 1 Included in other comprehensive income (loss) — 5 2 (7 ) Settlements — — — (1 ) Transfers out of Level 3 — — (8 ) 9 Ending balance $ — $ 4 $ — $ 4 |
Derivatives and Hedge Account35
Derivatives and Hedge Accounting Activities (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Derivative [Line Items] | |
Offsetting Assets | The tables below present Dominion's derivative asset and liability balances by type of financial instrument, before and after the effects of offsetting: September 30, 2016 December 31, 2015 Gross Amounts of Recognized Assets Gross Amounts Offset in the Consolidated Balance Sheet Net Amounts of Assets Presented in the Consolidated Balance Sheet Gross Amounts of Recognized Assets Gross Amounts Offset in the Consolidated Balance Sheet Net Amounts of Assets Presented in the Consolidated Balance Sheet (millions) Commodity contracts: Over-the-counter $ 173 $ — $ 173 $ 217 $ — $ 217 Exchange 88 — 88 138 — 138 Interest rate contracts: Over-the-counter 19 — 19 24 — 24 Foreign currency contracts: Over-the-counter 8 — 8 — — — Total derivatives, subject to a master netting or similar arrangement 288 — 288 379 — 379 Total derivatives, not subject to a master netting or similar arrangement 7 — 7 9 — 9 Total $ 295 $ — $ 295 $ 388 $ — $ 388 September 30, 2016 December 31, 2015 Gross Amounts Not Offset in the Consolidated Balance Sheet Gross Amounts Not Offset in the Consolidated Balance Sheet Net Amounts of Assets Presented in the Consolidated Balance Sheet Financial Instruments Cash Collateral Received Net Amounts Net Amounts of Assets Presented in the Consolidated Balance Sheet Financial Instruments Cash Collateral Received Net Amounts (millions) Commodity contracts: Over-the-counter $ 173 $ 20 $ — $ 153 $ 217 $ 37 $ — $ 180 Exchange 88 63 — 25 138 82 — 56 Interest rate contracts: Over-the-counter 19 10 — 9 24 22 — 2 Foreign currency contracts: Over-the-counter 8 4 — 4 — — — — Total $ 288 $ 97 $ — $ 191 $ 379 $ 141 $ — $ 238 |
Offsetting Liabilities | September 30, 2016 December 31, 2015 Gross Amounts of Recognized Liabilities Gross Amounts Offset in the Consolidated Balance Sheet Net Amounts of Liabilities Presented in the Consolidated Balance Sheet Gross Amounts of Recognized Liabilities Gross Amounts Offset in the Consolidated Balance Sheet Net Amounts of Liabilities Presented in the Consolidated Balance Sheet (millions) Commodity contracts: Over-the-counter $ 43 $ — $ 43 $ 70 $ — $ 70 Exchange 63 — 63 82 — 82 Interest rate contracts: Over-the-counter 307 — 307 183 — 183 Foreign currency contracts: Over-the-counter 4 — 4 — — — Total derivatives, subject to a master netting or similar arrangement 417 — 417 335 — 335 Total derivatives, not subject to a master netting or similar arrangement 5 — 5 8 — 8 Total $ 422 $ — $ 422 $ 343 $ — $ 343 September 30, 2016 December 31, 2015 Gross Amounts Not Offset in the Consolidated Balance Sheet Gross Amounts Not Offset in the Consolidated Balance Sheet Net Amounts of Liabilities Presented in the Consolidated Balance Sheet Financial Instruments Cash Collateral Paid Net Amounts Net Amounts of Liabilities Presented in the Consolidated Balance Sheet Financial Instruments Cash Collateral Paid Net Amounts (millions) Commodity contracts: Over-the-counter $ 43 $ 20 $ — $ 23 $ 70 $ 37 $ — $ 33 Exchange 63 63 — — 82 82 — — Interest rate contracts: Over-the-counter 307 10 — 297 183 22 — 161 Foreign currency contracts: Over-the-counter 4 4 — — — — — — Total $ 417 $ 97 $ — $ 320 $ 335 $ 141 $ — $ 194 |
Schedule of Volume of Derivative Activity | The following table presents the volume of Dominion’s derivative activity at September 30, 2016. These volumes are based on open derivative positions and represent the combined absolute value of their long and short positions, except in the case of offsetting transactions, for which they represent the absolute value of the net volume of their long and short positions. Current Noncurrent Natural Gas (bcf): Fixed price (1) 104 23 Basis 261 626 Electricity (MWh): Fixed price 8,274,639 659,440 FTRs 72,352,190 — Liquids (Gal) (2) 39,269,554 — Interest rate (3) $ 2,200,000,000 $ 1,600,000,000 Foreign currency (3)(4) $ — $ 280,000,000 (1) Includes options. (2) Includes NGLs and oil. (3) Maturity is determined based on final settlement period. (4) Euro equivalent volumes are € 250,000,000 . |
Cash Flow Hedges Included Accumulated Other Comprehensive Income (Loss) | The following table presents selected information related to gains (losses) on cash flow hedges included in AOCI in Dominion’s Consolidated Balance Sheet at September 30, 2016: AOCI After-Tax Amounts Expected to be Reclassified to Earnings During the Next 12 Months After-Tax Maximum Term (millions) Commodities: Gas $ (2 ) $ (2 ) 39 months Electricity 44 42 15 months Other (1 ) (1 ) 6 months Interest rate (304 ) (26 ) 378 months Foreign currency 2 — 117 months Total $ (261 ) $ 13 |
Fair Value of Derivatives | The following table presents the fair values of Dominion’s derivatives and where they are presented in its Consolidated Balance Sheets: Fair Value – Fair Value – Total Fair Value (millions) At September 30, 2016 ASSETS Current Assets Commodity $ 59 $ 105 $ 164 Interest rate 9 — 9 Total current derivative assets (1) 68 105 173 Noncurrent Assets Commodity 4 100 104 Interest rate 10 — 10 Foreign currency 8 — 8 Total noncurrent derivative assets (2) 22 100 122 Total derivative assets $ 90 $ 205 $ 295 LIABILITIES Current Liabilities Commodity $ 22 $ 78 $ 100 Interest rate 182 — 182 Foreign currency 4 — 4 Total current derivative liabilities (3) 208 78 286 Noncurrent Liabilities Commodity 1 10 11 Interest rate 125 — 125 Total noncurrent derivative liabilities (4) 126 10 136 Total derivative liabilities $ 334 $ 88 $ 422 At December 31, 2015 ASSETS Current Assets Commodity $ 101 $ 151 $ 252 Interest rate 3 — 3 Total current derivative assets (1) 104 151 255 Noncurrent Assets Commodity 3 109 112 Interest rate 21 — 21 Total noncurrent derivative assets (2) 24 109 133 Total derivative assets $ 128 $ 260 $ 388 LIABILITIES Current Liabilities Commodity $ 32 $ 116 $ 148 Interest rate 164 — 164 Total current derivative liabilities (3) 196 116 312 Noncurrent Liabilities Commodity — 12 12 Interest rate 19 — 19 Total noncurrent derivative liabilities (4) 19 12 31 Total derivative liabilities $ 215 $ 128 $ 343 (1) Current derivative assets are presented in other current assets in Dominion’s Consolidated Balance Sheets. (2) Noncurrent derivative assets are presented in other deferred charges and other assets in Dominion’s Consolidated Balance Sheets. (3) Current derivative liabilities are presented in other current liabilities in Dominion's Consolidated Balance Sheets. (4) Noncurrent derivative liabilities are presented in other deferred credits and other liabilities in Dominion’s Consolidated Balance Sheets. |
Gains and Losses on Derivatives in Cash Flow Hedging Relationships | The following tables present the gains and losses on Dominion's derivatives, as well as where the associated activity is presented in its Consolidated Balance Sheets and Statements of Income: Derivatives in Cash Flow Hedging Relationships Amount of Gain (Loss) Recognized in AOCI on Derivatives (Effective Portion) (1) Amount of Gain Increase (Decrease) in Derivatives Subject to Regulatory Treatment (2) (millions) Three Months Ended September 30, 2016 Derivative type and location of gains (losses): Commodity: Operating revenue $ 64 Purchased gas (1 ) Electric fuel and other energy-related purchases (1 ) Total commodity $ 7 $ 62 $ — Interest rate (3) 3 (10 ) (16 ) Foreign currency (4) 12 3 — Total $ 22 $ 55 $ (16 ) Three Months Ended September 30, 2015 Derivative type and location of gains (losses): Commodity: Operating revenue $ 87 Purchased gas (2 ) Total commodity $ 64 $ 85 $ — Interest rate (3) (71 ) (2 ) (69 ) Total $ (7 ) $ 83 $ (69 ) Nine Months Ended September 30, 2016 Derivative type and location of gains (losses): Commodity: Operating revenue $ 266 Purchased gas (9 ) Electric fuel and other energy-related purchases (8 ) Total commodity $ 193 $ 249 $ — Interest rate (3) (107 ) (21 ) (258 ) Foreign currency (4) 4 1 — Total $ 90 $ 229 $ (258 ) Nine Months Ended September 30, 2015 Derivative type and location of gains (losses): Commodity: Operating revenue $ 103 Purchased gas (9 ) Total commodity $ 117 $ 94 $ 3 Interest rate (3) (72 ) (7 ) (27 ) Total $ 45 $ 87 $ (24 ) (1) Amounts deferred into AOCI have no associated effect in Dominion’s Consolidated Statements of Income. (2) Represents net derivative activity deferred into and amortized out of regulatory assets/liabilities. Amounts deferred into regulatory assets/liabilities have no associated effect in Dominion’s Consolidated Statements of Income. (3) Amounts recorded in Dominion’s Consolidated Statements of Income are classified in interest and related charges. (4) Amounts recorded in Dominion’s Consolidated Statements of Income are classified in other income. |
Schedule of Derivatives not Designated as Hedging Instruments | Amount of Gain (Loss) Recognized in Income on Derivatives (1) Three Months Ended September 30, Nine Months Ended September 30, Derivatives Not Designated as Hedging Instruments 2016 2015 2016 2015 (millions) Derivative type and location of gains (losses): Commodity: Operating revenue $ 25 $ 2 $ 19 $ 20 Purchased gas (21 ) (3 ) (14 ) (12 ) Electric fuel and other energy-related purchases (12 ) (4 ) (43 ) 5 Interest rate (2) — (1 ) — (1 ) Total $ (8 ) $ (6 ) $ (38 ) $ 12 (1) Includes derivative activity amortized out of regulatory assets/liabilities. Amounts deferred into regulatory assets/liabilities have no associated effect in Dominion’s Consolidated Statements of Income. (2) Amounts recorded in Dominion's Consolidated Statements of Income are classified in interest and related charges. |
Virginia Electric and Power Company | |
Derivative [Line Items] | |
Offsetting Assets | The tables below present Virginia Power's derivative asset and liability balances by type of financial instrument, before and after the effects of offsetting: September 30, 2016 December 31, 2015 Gross Amounts of Recognized Assets Gross Amounts Offset in the Consolidated Balance Sheet Net Amounts of Assets Presented in the Consolidated Balance Sheet Gross Amounts of Recognized Assets Gross Amounts Offset in the Consolidated Balance Sheet Net Amounts of Assets Presented in the Consolidated Balance Sheet (millions) Commodity contracts: Over-the-counter $ 88 $ — $ 88 $ 101 $ — $ 101 Interest rate contracts: Over-the-counter 2 — 2 13 — 13 Total derivatives, subject to a master netting or similar arrangement 90 — 90 114 — 114 Total derivatives, not subject to a master netting or similar arrangement 28 — 28 13 — 13 Total $ 118 $ — $ 118 $ 127 $ — $ 127 September 30, 2016 December 31, 2015 Gross Amounts Not Offset in the Consolidated Balance Sheet Gross Amounts Not Offset in the Consolidated Balance Sheet Net Amounts of Assets Presented in the Consolidated Balance Sheet Financial Instruments Cash Collateral Received Net Amounts Net Amounts of Assets Presented in the Consolidated Balance Sheet Financial Instruments Cash Collateral Received Net Amounts (millions) Commodity contracts: Over-the-counter $ 88 $ 2 $ — $ 86 $ 101 $ 3 $ — $ 98 Interest rate contracts: Over-the-counter 2 — — 2 13 10 — 3 Total $ 90 $ 2 $ — $ 88 $ 114 $ 13 $ — $ 101 |
Offsetting Liabilities | September 30, 2016 December 31, 2015 Gross Amounts of Recognized Liabilities Gross Amounts Offset in the Consolidated Balance Sheet Net Amounts of Liabilities Presented in the Consolidated Balance Sheet Gross Amounts of Recognized Liabilities Gross Amounts Offset in the Consolidated Balance Sheet Net Amounts of Liabilities Presented in the Consolidated Balance Sheet (millions) Commodity contracts: Over-the-counter $ 9 $ — $ 9 $ 5 $ — $ 5 Interest rate contracts: Over-the-counter 267 — 267 59 — 59 Total derivatives, subject to a master netting or similar arrangement 276 — 276 64 — 64 Total derivatives, not subject to a master netting or similar arrangement 15 — 15 22 — 22 Total $ 291 $ — $ 291 $ 86 $ — $ 86 September 30, 2016 December 31, 2015 Gross Amounts Not Offset in the Consolidated Balance Sheet Gross Amounts Not Offset in the Consolidated Balance Sheet Net Amounts of Liabilities Presented in the Consolidated Balance Sheet Financial Instruments Cash Collateral Paid Net Amounts Net Amounts of Liabilities Presented in the Consolidated Balance Sheet Financial Instruments Cash Collateral Paid Net Amounts (millions) Commodity contracts: Over-the-counter $ 9 $ 2 $ — $ 7 $ 5 $ 3 $ — $ 2 Interest rate contracts: Over-the-counter 267 — — 267 59 10 — 49 Total $ 276 $ 2 $ — $ 274 $ 64 $ 13 $ — $ 51 |
Schedule of Volume of Derivative Activity | The following table presents the volume of Virginia Power’s derivative activity at September 30, 2016. These volumes are based on open derivative positions and represent the combined absolute value of their long and short positions, except in the case of offsetting transactions, for which they represent the absolute value of the net volume of their long and short positions. Current Noncurrent Natural Gas (bcf): Fixed price (1) 32 12 Basis 126 558 Electricity (MWh): FTRs 70,978,901 — Interest rate $ 1,200,000,000 $ 600,000,000 (1) Includes options. |
Cash Flow Hedges Included Accumulated Other Comprehensive Income (Loss) | The following table presents selected information related to gains (losses) on cash flow hedges included in AOCI in Virginia Power’s Consolidated Balance Sheet at September 30, 2016: AOCI After-Tax Amounts Expected to be Reclassified to Earnings During the Next 12 Months After-Tax Maximum Term (millions) Interest rate $ (22 ) $ (1 ) 378 months Total $ (22 ) $ (1 ) |
Fair Value of Derivatives | The following table presents the fair values of Virginia Power’s derivatives and where they are presented in its Consolidated Balance Sheets: Fair Value – Fair Value – Total Fair Value (millions) At September 30, 2016 ASSETS Current Assets Commodity $ — $ 25 $ 25 Interest rate 2 — 2 Total current derivative assets (1) 2 25 27 Noncurrent Assets Commodity — 91 91 Total noncurrent derivative assets (2) — 91 91 Total derivative assets $ 2 $ 116 $ 118 LIABILITIES Current Liabilities Commodity $ — $ 19 $ 19 Interest rate 142 — 142 Total current derivative liabilities (3) 142 19 161 Noncurrent Liabilities Commodity — 5 5 Interest rate 125 — 125 Total noncurrent derivatives liabilities (4) 125 5 130 Total derivative liabilities $ 267 $ 24 $ 291 At December 31, 2015 ASSETS Current Assets Commodity $ — $ 18 $ 18 Total current derivative assets (1) — 18 18 Noncurrent Assets Commodity — 96 96 Interest rate 13 — 13 Total noncurrent derivative assets (2) 13 96 109 Total derivative assets $ 13 $ 114 $ 127 LIABILITIES Current Liabilities Commodity $ — $ 23 $ 23 Interest rate 57 — 57 Total current derivative liabilities (3) 57 23 80 Noncurrent Liabilities Commodity — 4 4 Interest rate 2 — 2 Total noncurrent derivative liabilities (4) 2 4 6 Total derivative liabilities $ 59 $ 27 $ 86 (1) Current derivative assets are presented in other current assets in Virginia Power's Consolidated Balance Sheets. (2) Noncurrent derivative assets are presented in other deferred charges and other assets in Virginia Power's Consolidated Balance Sheets. (3) Current derivative liabilities are presented in other current liabilities in Virginia Power's Consolidated Balance Sheets. (4) Noncurrent derivative liabilities are presented in other deferred credits and other liabilities in Virginia Power’s Consolidated Balance Sheets. |
Gains and Losses on Derivatives in Cash Flow Hedging Relationships | The following tables present the gains and losses on Virginia Power's derivatives, as well as where the associated activity is presented in its Consolidated Balance Sheets and Statements of Income: Derivatives in Cash Flow Hedging Relationships Amount of Gain (Loss) Recognized in AOCI on Derivatives (Effective (1) Amount of Gain Increase(Decrease) in Derivatives Subject to Regulatory Treatment (2) (millions) Three Months Ended September 30, 2016 Derivative type and location of gains (losses): Interest rate (3) $ (2 ) $ — $ (16 ) Total $ (2 ) $ — $ (16 ) Three Months Ended September 30, 2015 Derivative type and location of gains (losses): Interest rate (3) $ (9 ) $ — $ (69 ) Total $ (9 ) $ — $ (69 ) Nine Months Ended September 30, 2016 Derivative type and location of gains (losses): Interest rate (3) $ (26 ) $ (1 ) $ (258 ) Total $ (26 ) $ (1 ) $ (258 ) Nine Months Ended September 30, 2015 Derivative type and location of gains (losses): Commodity: Electric fuel and other energy-related purchases $ (1 ) Total commodity $ — $ (1 ) $ 3 Interest rate (3) (4 ) — (27 ) Total $ (4 ) $ (1 ) $ (24 ) (1) Amounts deferred into AOCI have no associated effect in Virginia Power’s Consolidated Statements of Income. (2) Represents net derivative activity deferred into and amortized out of regulatory assets/liabilities. Amounts deferred into regulatory assets/liabilities have no associated effect in Virginia Power’s Consolidated Statements of Income. (3) Amounts recorded in Virginia Power’s Consolidated Statements of Income are classified in interest and related charges. |
Schedule of Derivatives not Designated as Hedging Instruments | Amount of Gain (Loss) Recognized in Income on Derivatives (1) Three Months Ended September 30, Nine Months Ended September 30, Derivatives Not Designated as Hedging Instruments 2016 2015 2016 2015 (millions) Derivative type and location of gains (losses): Commodity (2) $ (10 ) $ (6 ) $ (40 ) $ 6 Total $ (10 ) $ (6 ) $ (40 ) $ 6 (1) Includes derivative activity amortized out of regulatory assets/liabilities. Amounts deferred into regulatory assets/liabilities have no associated effect in Virginia Power’s Consolidated Statements of Income. (2) Amounts recorded in Virginia Power's Consolidated Statements of Income are classified in electric fuel and other energy-related purchases. |
Dominion Gas Holdings, LLC | |
Derivative [Line Items] | |
Offsetting Assets | The tables below present Dominion Gas' derivative asset and liability balances by type of financial instrument, before and after the effects of offsetting. September 30, 2016 December 31, 2015 Gross Amounts of Recognized Assets Gross Amounts Offset in the Consolidated Balance Sheet Net Amounts of Assets Presented in the Consolidated Balance Sheet Gross Amounts of Recognized Assets Gross Amounts Offset in the Consolidated Balance Sheet Net Amounts of Assets Presented in the Consolidated Balance Sheet (millions) Commodity contracts: Over-the-counter $ 6 $ — $ 6 $ 11 $ — $ 11 Foreign currency contracts: Over-the-counter 8 — 8 — — — Total derivatives, subject to a master netting or similar arrangement $ 14 $ — $ 14 $ 11 $ — $ 11 September 30, 2016 December 31, 2015 Gross Amounts Not Offset in the Consolidated Balance Sheet Gross Amounts Not Offset in the Consolidated Balance Sheet Net Amounts of Assets Presented in the Consolidated Balance Sheet Financial Instruments Cash Collateral Received Net Amounts Net Amounts of Assets Presented in the Consolidated Balance Sheet Financial Instruments Cash Collateral Received Net Amounts (millions) Commodity contracts: Over-the-counter $ 6 $ 1 $ — $ 5 $ 11 $ — $ — $ 11 Foreign currency contracts: Over-the-counter 8 4 — 4 — — — — Total $ 14 $ 5 $ — $ 9 $ 11 $ — $ — $ 11 |
Offsetting Liabilities | September 30, 2016 December 31, 2015 Gross Amounts of Recognized Liabilities Gross Amounts Offset in the Consolidated Balance Sheet Net Amounts of Liabilities Presented in the Consolidated Balance Sheet Gross Amounts of Recognized Liabilities Gross Amounts Offset in the Consolidated Balance Sheet Net Amounts of Liabilities Presented in the Consolidated Balance Sheet (millions) Commodity contracts: Over-the-counter $ 2 $ — $ 2 $ — $ — $ — Interest rate contracts: Over-the-counter — — — 14 — 14 Foreign currency contracts: Over-the-counter 4 — 4 — — — Total derivatives, subject to a master netting or similar arrangement $ 6 $ — $ 6 $ 14 $ — $ 14 September 30, 2016 December 31, 2015 Gross Amounts Not Offset in the Consolidated Balance Sheet Gross Amounts Not Offset in the Consolidated Balance Sheet Net Amounts of Liabilities Presented in the Consolidated Balance Sheet Financial Instruments Cash Collateral Paid Net Amounts Net Amounts of Liabilities Presented in the Consolidated Balance Sheet Financial Instruments Cash Collateral Paid Net Amounts (millions) Commodity contracts Over-the-counter $ 2 $ 1 $ — $ 1 $ — $ — $ — $ — Interest rate contracts: Over-the-counter — — — — 14 — — 14 Foreign currency contracts: Over-the-counter 4 4 — — — — — — Total $ 6 $ 5 $ — $ 1 $ 14 $ — $ — $ 14 |
Schedule of Volume of Derivative Activity | The following table presents the volume of Dominion Gas' derivative activity at September 30, 2016. These volumes are based on open derivative positions and represent the combined absolute value of their long and short positions, except in the case of offsetting transactions, for which they represent the absolute value of the net volume of their long and short positions. Current Noncurrent Natural Gas (bcf): Fixed price 6 — Basis 6 — NGLs (Gal) 33,095,554 — Foreign currency (1) $ — $ 280,000,000 (1) Maturity is determined based on final settlement period. Euro equivalent volumes are € 250,000,000 . |
Cash Flow Hedges Included Accumulated Other Comprehensive Income (Loss) | The following table presents selected information related to losses on cash flow hedges included in AOCI in Dominion Gas' Consolidated Balance Sheet at September 30, 2016: AOCI Amounts Expected to be Reclassified to Earnings During the Next 12 Months After-Tax Maximum Term (millions) Commodities: NGLs $ (1 ) $ (1 ) 6 months Interest rate (27 ) (2 ) 339 months Foreign currency 2 — 117 months Total $ (26 ) $ (3 ) |
Fair Value of Derivatives | The following tables present the fair values of Dominion Gas' derivatives and where they are presented in its Consolidated Balance Sheets: Fair Value-Derivatives Under Hedge Accounting Fair Value-Derivatives Not Under Hedge Accounting Total Fair Value (millions) At September 30, 2016 ASSETS Current Assets Commodity $ 1 $ 5 $ 6 Total current derivative assets (1) 1 5 6 Noncurrent Assets Foreign currency 8 — 8 Total noncurrent derivative assets (2) 8 — 8 Total derivative assets $ 9 $ 5 $ 14 LIABILITIES Current Liabilities Commodity $ 2 $ — $ 2 Foreign currency 4 — 4 Total current derivative liabilities (3) 6 — 6 Total derivative liabilities $ 6 $ — $ 6 At December 31, 2015 ASSETS Current Assets Commodity $ 10 $ — $ 10 Total current derivative assets (1) 10 — 10 Noncurrent Assets Commodity 1 — 1 Total noncurrent derivatives assets (2) 1 — 1 Total derivative assets $ 11 $ — $ 11 LIABILITIES Noncurrent Liabilities Interest rate $ 14 $ — $ 14 Total noncurrent derivative liabilities (4) 14 — 14 Total derivative liabilities $ 14 $ — $ 14 (1) Current derivative assets are presented in other current assets in Dominion Gas' Consolidated Balance Sheets. (2) Noncurrent derivative assets are presented in other deferred charges and other assets in Dominion Gas’ Consolidated Balance Sheets. (3) Current derivative liabilities are presented in other current liabilities in Dominion Gas' Consolidated Balance Sheets. (4) Noncurrent derivative liabilities are presented in other deferred credits and other liabilities in Dominion Gas’ Consolidated Balance Sheets. |
Gains and Losses on Derivatives in Cash Flow Hedging Relationships | The following table presents the gains and losses on Dominion Gas' derivatives, as well as where the associated activity is presented in its Consolidated Balance Sheets and Statements of Income: Derivatives in Cash Flow Hedging Relationships Amount of Gain (Loss) Recognized in AOCI on Derivatives (Effective Portion) (1) Amount of Gain (Loss) Reclassified From AOCI (millions) Three Months Ended September 30, 2016 Derivative Type and Location of Gains (Losses): Commodity: Operating revenue $ 1 Total commodity $ — $ 1 Interest rate (2) — (1 ) Foreign currency (3) 12 3 Total $ 12 $ 3 Three Months Ended September 30, 2015 Derivative Type and Location of Gains (Losses): Commodity: Operating revenue $ 3 Total commodity $ 11 $ 3 Interest rate (2) (7 ) — Total $ 4 $ 3 Nine Months Ended September 30, 2016 Derivative Type and Location of Gains (Losses) Commodity: Operating revenue $ 6 Total commodity $ (7 ) $ 6 Interest rate (2) (8 ) (2 ) Foreign currency (3) 4 1 Total $ (11 ) $ 5 Nine Months Ended September 30, 2015 Derivative Type and Location of Gains (Losses) Commodity: Operating revenue $ 4 Total commodity $ 10 $ 4 Interest rate (2) (8 ) — Total $ 2 $ 4 (1) Amounts deferred into AOCI have no associated effect in Dominion Gas' Consolidated Statements of Income. (2) Amounts recorded in Dominion Gas' Consolidated Statements of Income are classified in interest and related charges. (3) Amounts recorded in Dominion Gas' Consolidated Statements of Income are classified in other income. |
Schedule of Derivatives not Designated as Hedging Instruments | Amount of Gain (Loss) Recognized in Income on Derivatives Three Months Ended September 30, Nine Months Ended September 30, Derivatives Not Designated as Hedging Instruments 2016 2015 2016 2015 (millions) Derivative Type and Location of Gains (Losses): Commodity: Operating revenue $ 5 $ 1 $ 3 $ 5 Total $ 5 $ 1 $ 3 $ 5 |
Investments (Tables)
Investments (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Gain (Loss) on Investments [Line Items] | |
Available-For-Sale Securities | Dominion’s decommissioning trust funds are summarized below: Amortized Cost Total Unrealized Gains (1) Total Unrealized Losses (1) Fair Value (millions) At September 30, 2016 Marketable equity securities: United States large cap $ 1,361 $ 1,312 $ — $ 2,673 REIT 59 8 — 67 Marketable debt securities: Corporate bonds 493 26 (1 ) 518 United States Treasury securities and agency debentures 645 21 — 666 State and municipal 306 27 — 333 Other 89 — — 89 Cost method investments 69 — — 69 Cash equivalents and other (2) 12 — — 12 Total $ 3,034 $ 1,394 $ (1 ) (3) $ 4,427 At December 31, 2015 Marketable equity securities: United States large cap $ 1,295 $ 1,213 $ — $ 2,508 REIT 59 4 — 63 Marketable debt securities: Corporate bonds 433 11 (7 ) 437 United States Treasury securities and agency debentures 654 8 (4 ) 658 State and municipal 312 22 — 334 Other 99 — — 99 Cost method investments 70 — — 70 Cash equivalents and other (2) 14 — — 14 Total $ 2,936 $ 1,258 $ (11 ) (3) $ 4,183 (1) Included in AOCI and the nuclear decommissioning trust regulatory liability. (2) Includes pending sales of securities of $9 million and $12 million at September 30, 2016 and December 31, 2015, respectively. (3) The fair value of securities in an unrealized loss position was $156 million and $592 million at September 30, 2016 and December 31, 2015, respectively. |
Investments Classified by Contractual Maturity Date | The fair value of Dominion’s marketable debt securities held in nuclear decommissioning trust funds at September 30, 2016 by contractual maturity is as follows: Amount (millions) Due in one year or less $ 199 Due after one year through five years 475 Due after five years through ten years 365 Due after ten years 567 Total $ 1,606 |
Marketable Securities | Presented below is selected information regarding Dominion’s marketable equity and debt securities held in nuclear decommissioning trust funds. Three Months Ended September 30, Nine Months Ended September 30, 2016 2015 2016 2015 (millions) Proceeds from sales $ 300 $ 357 $ 1,009 $ 937 Realized gains (1) 40 65 102 165 Realized losses (1) 9 40 43 69 (1) Includes realized gains and losses recorded to the nuclear decommissioning trust regulatory liability. |
Other Than Temporary Impairment Losses On Investment Securities | Dominion recorded other-than-temporary impairment losses on investments held in nuclear decommissioning trust funds as follows: Three Months Ended September 30, Nine Months Ended September 30, 2016 2015 2016 2015 (millions) Total other-than-temporary impairment losses (1) $ 9 $ 29 $ 34 $ 55 Losses recorded to the nuclear decommissioning trust regulatory liability (4 ) (10 ) (15 ) (21 ) Losses recognized in other comprehensive income (before taxes) — (3 ) (1 ) (7 ) Net impairment losses recognized in earnings $ 5 $ 16 $ 18 $ 27 (1) Amounts include other-than-temporary impairment losses for debt securities of less than $1 million and $3 million for the three months ended September 30, 2016 and 2015, respectively, and $2 million and $7 million for the nine months ended September 30, 2016 and 2015, respectively. |
Virginia Electric and Power Company | |
Gain (Loss) on Investments [Line Items] | |
Available-For-Sale Securities | Virginia Power’s decommissioning trust funds are summarized below: Amortized Total Unrealized (1) Total Unrealized (1) Fair Value (millions) At September 30, 2016 Marketable equity securities: United States large cap $ 606 $ 576 $ — $ 1,182 REIT 59 8 — 67 Marketable debt securities: Corporate bonds 285 13 — 298 United States Treasury securities and agency debentures 246 5 — 251 State and municipal 158 15 — 173 Other 29 — — 29 Cost method investments 69 — — 69 Cash equivalents and other (2) 5 — — 5 Total $ 1,457 $ 617 $ — (3) $ 2,074 At December 31, 2015 Marketable equity securities: United States large cap $ 574 $ 525 $ — $ 1,099 REIT 59 4 — 63 Marketable debt securities: Corporate bonds 237 5 (4 ) 238 United States Treasury securities and agency debentures 260 1 (2 ) 259 State and municipal 162 13 (1 ) 174 Other 34 — — 34 Cost method investments 70 — — 70 Cash equivalents and other (2) 8 — — 8 Total $ 1,404 $ 548 $ (7 ) (3) $ 1,945 (1) Included in AOCI and the nuclear decommissioning trust regulatory liability. (2) Includes pending sales of securities of $4 million and $8 million at September 30, 2016 and December 31, 2015, respectively. (3) The fair value of securities in an unrealized loss position was $91 million and $281 million at September 30, 2016 and December 31, 2015, respectively. |
Investments Classified by Contractual Maturity Date | The fair value of Virginia Power’s marketable debt securities held in nuclear decommissioning trust funds at September 30, 2016 by contractual maturity is as follows: Amount (millions) Due in one year or less $ 51 Due after one year through five years 228 Due after five years through ten years 202 Due after ten years 270 Total $ 751 |
Marketable Securities | Presented below is selected information regarding Virginia Power’s marketable equity and debt securities held in nuclear decommissioning trust funds. Three Months Ended September 30, Nine Months Ended September 30, 2016 2015 2016 2015 (millions) Proceeds from sales $ 131 $ 198 $ 478 $ 407 Realized gains (1) 18 45 48 82 Realized losses (1) 4 18 21 33 (1) Includes realized gains and losses recorded to the nuclear decommissioning trust regulatory liability. |
Regulatory Assets and Liabili37
Regulatory Assets and Liabilities (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Regulatory Assets and Liabilities Disclosure [Abstract] | |
Schedule of Regulatory Assets | Regulatory assets and liabilities include the following: September 30, 2016 December 31, 2015 (millions) Dominion Regulatory assets: Deferred rate adjustment clause costs (1) $ 101 $ 90 Deferred nuclear refueling outage costs (2) 60 75 Deferred cost of fuel used in electric generation (3) 3 111 Other 86 75 Regulatory assets-current (4) 250 351 Unrecognized pension and other postretirement benefit costs (5) 981 1,015 Derivatives (6) 366 110 Deferred rate adjustment clause costs (1) 271 295 PJM transmission rates (7) 192 192 Income taxes recoverable through future rates (8) 130 126 Other 203 127 Regulatory assets-non-current 2,143 1,865 Total regulatory assets $ 2,393 $ 2,216 Regulatory liabilities: Deferred cost of fuel used in electric generation (3) $ 62 $ — PIPP (9) 26 46 Other 36 54 Regulatory liabilities-current (10) 124 100 Provision for future cost of removal and AROs (11) 1,412 1,120 Nuclear decommissioning trust (12) 882 804 Derivatives (6) 76 79 Deferred cost of fuel used in electric generation (3) 27 97 Other 200 185 Regulatory liabilities-non-current 2,597 2,285 Total regulatory liabilities $ 2,721 $ 2,385 Virginia Power Regulatory assets: Deferred rate adjustment clause costs (1) $ 85 $ 80 Deferred nuclear refueling outage costs (2) 60 75 Deferred cost of fuel used in electric generation (3) 3 111 Other 49 60 Regulatory assets-current 197 326 Derivatives (6) 366 110 PJM transmission rates (7) 192 192 Deferred rate adjustment clause costs (1) 176 213 Income taxes recoverable through future rates (8) 99 97 Other 64 55 Regulatory assets-non-current 897 667 Total regulatory assets $ 1,094 $ 993 Regulatory liabilities: Deferred cost of fuel used in electric generation (3) $ 62 $ — Other 13 35 Regulatory liabilities-current 75 35 Provision for future cost of removal (11) 932 890 Nuclear decommissioning trust (12) 882 804 Derivatives (6) 76 79 Deferred cost of fuel used in electric generation (3) 27 97 Other 50 59 Regulatory liabilities-non-current 1,967 1,929 Total regulatory liabilities $ 2,042 $ 1,964 Dominion Gas Regulatory assets: Deferred rate adjustment clause costs (1) $ 16 $ 10 Other 6 13 Regulatory assets-current (4) 22 23 Unrecognized pension and other postretirement benefit costs (5) 275 282 Deferred rate adjustment clause costs (1) 91 82 Income taxes recoverable through future rates (8) 21 20 Other 82 65 Regulatory assets-non-current (13) 469 449 Total regulatory assets $ 491 $ 472 Regulatory liabilities: PIPP (9) $ 26 $ 46 Other 13 9 Regulatory liabilities-current (10) 39 55 Provision for future cost of removal and AROs (11) 173 170 Other 44 31 Regulatory liabilities-non-current (14) 217 201 Total regulatory liabilities $ 256 $ 256 (1) Reflects deferrals under the electric transmission FERC formula rate and the deferral of costs associated with certain current and prospective rider projects for Virginia Power. Reflects deferrals of costs associated with certain current and prospective rider projects for Dominion Gas. See Note 12 for more information. (2) Legislation enacted in Virginia in April 2014 requires Virginia Power to defer operation and maintenance costs incurred in connection with the refueling of any nuclear-powered generating plant. These deferred costs will be amortized over the refueling cycle, not to exceed 18 months. (3) Primarily reflects deferred fuel expenses for the Virginia jurisdiction of Dominion's and Virginia Power's generation operations. See Note 12 for more information. (4) Current regulatory assets are presented in other current assets in Dominion's and Dominion Gas' Consolidated Balance Sheets. (5) Represents unrecognized pension and other postretirement employee benefit costs expected to be recovered through future rates generally over the expected remaining service period of plan participants by certain of Dominion's and Dominion Gas' rate-regulated subsidiaries. (6) For jurisdictions subject to cost-based rate regulation, changes in the fair value of derivative instruments result in the recognition of regulatory assets or regulatory liabilities as they are expected to be recovered from or refunded to customers. (7) Reflects amounts related to PJM transmission cost allocation matter. See Note 12 for more information. (8) Amounts to be recovered through future rates to pay income taxes that become payable when rate revenue is provided to recover AFUDC-equity and depreciation of property, plant and equipment for which deferred income taxes were not recognized for ratemaking purposes, including amounts attributable to tax rate changes. (9) Under PIPP, eligible customers can make reduced payments based on their ability to pay. The difference between the customer's total bill and the PIPP plan amount is deferred and collected or returned annually under the PIPP rate adjustment clause according to East Ohio tariff provisions. (10) Current regulatory liabilities are presented in other current liabilities in the Dominion's and Dominion Gas' Consolidated Balance Sheets. (11) Rates charged to customers by the Companies' regulated businesses include a provision for the cost of future activities to remove assets that are expected to be incurred at the time of retirement. (12) Primarily reflects a regulatory liability representing amounts collected from Virginia jurisdictional customers and placed in external trusts (including income, losses and changes in fair value thereon) for the future decommissioning of Virginia Power's utility nuclear generation stations, in excess of the related AROs. (13) Noncurrent regulatory assets are presented in other deferred charges and other assets in Dominion Gas' Consolidated Balance Sheets. (14) Noncurrent regulatory liabilities are presented in other deferred credits and other liabilities in Dominion Gas' Consolidated Balance Sheets. |
Schedule of Regulatory Liabilities | Regulatory assets and liabilities include the following: September 30, 2016 December 31, 2015 (millions) Dominion Regulatory assets: Deferred rate adjustment clause costs (1) $ 101 $ 90 Deferred nuclear refueling outage costs (2) 60 75 Deferred cost of fuel used in electric generation (3) 3 111 Other 86 75 Regulatory assets-current (4) 250 351 Unrecognized pension and other postretirement benefit costs (5) 981 1,015 Derivatives (6) 366 110 Deferred rate adjustment clause costs (1) 271 295 PJM transmission rates (7) 192 192 Income taxes recoverable through future rates (8) 130 126 Other 203 127 Regulatory assets-non-current 2,143 1,865 Total regulatory assets $ 2,393 $ 2,216 Regulatory liabilities: Deferred cost of fuel used in electric generation (3) $ 62 $ — PIPP (9) 26 46 Other 36 54 Regulatory liabilities-current (10) 124 100 Provision for future cost of removal and AROs (11) 1,412 1,120 Nuclear decommissioning trust (12) 882 804 Derivatives (6) 76 79 Deferred cost of fuel used in electric generation (3) 27 97 Other 200 185 Regulatory liabilities-non-current 2,597 2,285 Total regulatory liabilities $ 2,721 $ 2,385 Virginia Power Regulatory assets: Deferred rate adjustment clause costs (1) $ 85 $ 80 Deferred nuclear refueling outage costs (2) 60 75 Deferred cost of fuel used in electric generation (3) 3 111 Other 49 60 Regulatory assets-current 197 326 Derivatives (6) 366 110 PJM transmission rates (7) 192 192 Deferred rate adjustment clause costs (1) 176 213 Income taxes recoverable through future rates (8) 99 97 Other 64 55 Regulatory assets-non-current 897 667 Total regulatory assets $ 1,094 $ 993 Regulatory liabilities: Deferred cost of fuel used in electric generation (3) $ 62 $ — Other 13 35 Regulatory liabilities-current 75 35 Provision for future cost of removal (11) 932 890 Nuclear decommissioning trust (12) 882 804 Derivatives (6) 76 79 Deferred cost of fuel used in electric generation (3) 27 97 Other 50 59 Regulatory liabilities-non-current 1,967 1,929 Total regulatory liabilities $ 2,042 $ 1,964 Dominion Gas Regulatory assets: Deferred rate adjustment clause costs (1) $ 16 $ 10 Other 6 13 Regulatory assets-current (4) 22 23 Unrecognized pension and other postretirement benefit costs (5) 275 282 Deferred rate adjustment clause costs (1) 91 82 Income taxes recoverable through future rates (8) 21 20 Other 82 65 Regulatory assets-non-current (13) 469 449 Total regulatory assets $ 491 $ 472 Regulatory liabilities: PIPP (9) $ 26 $ 46 Other 13 9 Regulatory liabilities-current (10) 39 55 Provision for future cost of removal and AROs (11) 173 170 Other 44 31 Regulatory liabilities-non-current (14) 217 201 Total regulatory liabilities $ 256 $ 256 (1) Reflects deferrals under the electric transmission FERC formula rate and the deferral of costs associated with certain current and prospective rider projects for Virginia Power. Reflects deferrals of costs associated with certain current and prospective rider projects for Dominion Gas. See Note 12 for more information. (2) Legislation enacted in Virginia in April 2014 requires Virginia Power to defer operation and maintenance costs incurred in connection with the refueling of any nuclear-powered generating plant. These deferred costs will be amortized over the refueling cycle, not to exceed 18 months. (3) Primarily reflects deferred fuel expenses for the Virginia jurisdiction of Dominion's and Virginia Power's generation operations. See Note 12 for more information. (4) Current regulatory assets are presented in other current assets in Dominion's and Dominion Gas' Consolidated Balance Sheets. (5) Represents unrecognized pension and other postretirement employee benefit costs expected to be recovered through future rates generally over the expected remaining service period of plan participants by certain of Dominion's and Dominion Gas' rate-regulated subsidiaries. (6) For jurisdictions subject to cost-based rate regulation, changes in the fair value of derivative instruments result in the recognition of regulatory assets or regulatory liabilities as they are expected to be recovered from or refunded to customers. (7) Reflects amounts related to PJM transmission cost allocation matter. See Note 12 for more information. (8) Amounts to be recovered through future rates to pay income taxes that become payable when rate revenue is provided to recover AFUDC-equity and depreciation of property, plant and equipment for which deferred income taxes were not recognized for ratemaking purposes, including amounts attributable to tax rate changes. (9) Under PIPP, eligible customers can make reduced payments based on their ability to pay. The difference between the customer's total bill and the PIPP plan amount is deferred and collected or returned annually under the PIPP rate adjustment clause according to East Ohio tariff provisions. (10) Current regulatory liabilities are presented in other current liabilities in the Dominion's and Dominion Gas' Consolidated Balance Sheets. (11) Rates charged to customers by the Companies' regulated businesses include a provision for the cost of future activities to remove assets that are expected to be incurred at the time of retirement. (12) Primarily reflects a regulatory liability representing amounts collected from Virginia jurisdictional customers and placed in external trusts (including income, losses and changes in fair value thereon) for the future decommissioning of Virginia Power's utility nuclear generation stations, in excess of the related AROs. (13) Noncurrent regulatory assets are presented in other deferred charges and other assets in Dominion Gas' Consolidated Balance Sheets. (14) Noncurrent regulatory liabilities are presented in other deferred credits and other liabilities in Dominion Gas' Consolidated Balance Sheets. |
Significant Financing Transac38
Significant Financing Transactions (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Debt Instrument [Line Items] | |
Schedule of Line of Credit Facilities | At September 30, 2016, Dominion’s commercial paper and letters of credit outstanding, as well as its capacity available under credit facilities, were as follows: Facility Outstanding Outstanding Facility (millions) Joint revolving credit facility (1) $ 5,000 $ 3,073 $ — $ 1,927 Joint revolving credit facility (1) 500 — 60 440 Revolving multi-year credit facility (2) 500 24 — 476 Revolving 364-day credit facility (2) 250 — — 250 Total $ 6,250 $ 3,097 $ 60 $ 3,093 (1) In May 2016, the maturity dates for these facilities were extended from April 2019 to April 2020. These credit facilities can be used by the Companies to support bank borrowings and the issuance of commercial paper, as well as to support up to a combined $2.0 billion of letters of credit. (2) These Dominion Questar facilities were terminated in October 2016. |
Schedule of Capital Units | Selected information about Dominion’s 2016 Equity Units is presented below: Issuance Date Units Issued Total Net Proceeds Total Long-term Debt RSN Annual Interest Rate (1) Stock Purchase Contract Annual Rate Stock Purchase Contract Liability Stock Purchase Contract Settlement Date RSN Maturity Date (2) (millions, except interest rates) 8/15/2016 28 $ 1,374.8 $ 1,400.0 2.000 % 4.750 % $ 190.6 8/15/2019 (1) Annual interest rate applies to each of the Series A-1 RSNs and Series A-2 RSNs. (2) The maturity dates of the $700 million Series A-1 RSNs and $700 million Series A-2 RSNs are August 15, 2021 and August 15, 2024, respectively. |
Virginia Electric and Power Company | |
Debt Instrument [Line Items] | |
Schedule of Line of Credit Facilities | At September 30, 2016, Virginia Power’s share of commercial paper and letters of credit outstanding under its joint credit facilities with Dominion and Dominion Gas, were as follows: Facility Limit (1) Outstanding Commercial Paper Outstanding Letters of Credit (millions) Joint revolving credit facility (1) $ 5,000 $ 965 $ — Joint revolving credit facility (1) 500 — — Total $ 5,500 $ 965 $ — (1) The full amount of the facilities is available to Virginia Power, less any amounts outstanding to co-borrowers Dominion and Dominion Gas. Sub-limits for Virginia Power are set within the facility limit but can be changed at the option of the Companies multiple times per year. At September 30, 2016, the aggregate sub-limit for Virginia Power was $2.0 billion . If Virginia Power has liquidity needs in excess of its sub-limit, the sub-limit may be changed or such needs may be satisfied through short-term intercompany borrowings from Dominion. In May 2016, the maturity dates for these facilities were extended from April 2019 to April 2020. These credit facilities can be used to support bank borrowings and the issuance of commercial paper, as well as to support up to $2.0 billion (or the sub-limit, whichever is less) of letters of credit. |
Dominion Gas Holdings, LLC | |
Debt Instrument [Line Items] | |
Schedule of Line of Credit Facilities | At September 30, 2016, Dominion Gas' share of commercial paper and letters of credit outstanding under its joint credit facilities with Dominion and Virginia Power were as follows: Facility Limit (1) Outstanding Commercial Paper Outstanding Letters of Credit (millions) Joint revolving credit facility (1) $ 1,000 $ 60 $ — Joint revolving credit facility (1) 500 — — Total $ 1,500 $ 60 $ — (1) A maximum of a combined $1.5 billion of the facilities is available to Dominion Gas, assuming adequate capacity is available after giving effect to uses by co-borrowers Dominion and Virginia Power. Sub-limits for Dominion Gas are set within the facility limit but can be changed at the option of the Companies multiple times per year. In September 2016, the aggregate sub-limit for Dominion Gas was decreased from $1.0 billion to $750 million . If Dominion Gas has liquidity needs in excess of its sub-limit, the sub-limit may be changed or such needs may be satisfied through short-term intercompany borrowings from Dominion. In May 2016, the maturity dates for these facilities were extended from April 2019 to April 2020. These credit facilities can be used to support bank borrowings and the issuance of commercial paper, as well as to support up to $1.5 billion (or the sub-limit, whichever is less) of letters of credit. |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule Of Subsidiary Guarantees | At September 30, 2016, Dominion had issued the following subsidiary guarantees: Stated Limit Value (1) (millions) Subsidiary debt (2) $ 27 $ 27 Commodity transactions (3) 2,081 874 Nuclear obligations (4) 169 94 Cove Point (5) 1,900 — Solar (6) 1,847 539 Other (7) 783 60 Total $ 6,807 $ 1,594 (1) Represents the estimated portion of the guarantee's stated limit that is utilized as of September 30, 2016 based upon prevailing economic conditions and fact patterns specific to each guarantee arrangement. For those guarantees related to obligations that are recorded as liabilities by Dominion's subsidiaries, the value includes the recorded amount. (2) Guarantee of debt of a DEI subsidiary. In the event of default by the subsidiary, Dominion would be obligated to repay such amounts. (3) Guarantees related to commodity commitments of certain subsidiaries, including subsidiaries of Virginia Power, Dominion Gas and DEI. These guarantees were provided to counterparties in order to facilitate physical and financial transactions in gas, oil, electricity, pipeline capacity, transportation and related commodities and services. If any of these subsidiaries fail to perform or pay under the contracts and the counterparties seek performance or payment, Dominion would be obligated to satisfy such obligation. Dominion and its subsidiaries receive similar guarantees as collateral for credit extended to others. The value provided includes certain guarantees that do not have stated limits. (4) Guarantees related to certain DEI subsidiaries' potential retrospective premiums that could be assessed if there is a nuclear incident under Dominion's nuclear insurance programs and guarantees for a DEI subsidiary's and Virginia Power's commitment to buy nuclear fuel. Excludes Dominion's agreement to provide up to $150 million and $60 million to two DEI subsidiaries to pay the operating expenses of Millstone nuclear power station (in the event of a prolonged outage) and Kewaunee nuclear power station, respectively, as part of satisfying certain NRC requirements concerned with ensuring adequate funding for the operations of nuclear power stations. The agreement for Kewaunee nuclear power station also provides for funds through the completion of decommissioning. (5) Guarantees related to Cove Point, in support of terminal services, transportation and construction. Two of the guarantees have no stated limit, one guarantee has a $150 million limit, and one guarantee has a $1.75 billion aggregate limit with an annual draw limit of $175 million . (6) Includes guarantees related to solar projects including guarantees that do not have stated limits. Also includes guarantees related to solar projects entered into by DEI on behalf of certain subsidiaries. (7) Guarantees related to other miscellaneous contractual obligations such as leases, environmental obligations and construction projects. Also includes guarantees related to certain DEI subsidiaries' obligations for equity capital contributions and energy generation associated with Fowler Ridge and NedPower. As of September 30, 2016, Dominion's maximum remaining cumulative exposure under these equity funding agreements is $36 million through 2019 and its maximum annual future contributions could range from approximately $4 million to $19 million . The value provided includes certain guarantees that do not have stated limits. |
Related-Party Transactions (Tab
Related-Party Transactions (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Virginia Electric and Power Company | |
Related Party Transaction [Line Items] | |
Transactions With Affiliates | Presented below are Virginia Power's significant transactions with DRS and other affiliates: Three Months Ended September 30, Nine Months Ended September 30, 2016 2015 2016 2015 (millions) Commodity purchases from affiliates $ 172 $ 123 $ 416 $ 469 Services provided by affiliates (1) 105 96 347 313 Services provided to affiliates 5 5 17 15 (1) Includes capitalized expenditures of $32 million for both the three months ended September 30, 2016 and 2015, and $109 million and $105 million for the nine months ended September 30, 2016 and 2015, respectively. |
Dominion Gas Holdings, LLC | |
Related Party Transaction [Line Items] | |
Schedule of Related Party Transactions | DRS and other affiliates provide accounting, legal, finance and certain administrative and technical services to Dominion Gas. Dominion Gas provides certain services to related parties, including technical services. The amounts recognized for these services were as follows: Three Months Ended September 30, Nine Months Ended September 30, 2016 2015 2016 2015 (millions) Purchases of natural gas and transportation and storage services from affiliates $ 2 $ 3 $ 7 $ 7 Sales of natural gas and transportation and storage services to affiliates 16 17 51 52 Services provided by related parties (1) 36 30 108 99 Services provided to related parties (2) 34 30 94 75 (1) Includes capitalized expenditures of $13 million and $16 million for the three months ended September 30, 2016 and 2015, respectively, and $37 million and $40 million for the nine months ended September 30, 2016 and 2015, respectively. (2) Amounts primarily attributable to Atlantic Coast Pipeline. The following table presents affiliated and related-party activity reflected in Dominion Gas' Consolidated Balance Sheets: September 30, 2016 December 31, 2015 (millions) Other receivables (1) $ 9 $ 7 Customer receivables from related parties 1 4 Imbalances receivable from affiliates (2) 1 1 Affiliated notes receivable (3) 17 14 (1) Represents amounts due from Atlantic Coast Pipeline, a related-party VIE. (2) Amounts are presented in other current assets in Dominion Gas' Consolidated Balance Sheets. (3) Amounts are presented in other deferred charges and other assets in Dominion Gas' Consolidated Balance Sheets. |
Employee Benefit Plans (Tables)
Employee Benefit Plans (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |
Net Periodic Benefit Cost | The components of Dominion's provision for net periodic benefit cost (credit) were as follows: Pension Benefits Other Postretirement Benefits 2016 2015 2016 2015 (millions) Three Months Ended September 30, Service cost $ 30 $ 32 $ 7 $ 10 Interest cost 79 71 16 17 Expected return on plan assets (141 ) (132 ) (28 ) (29 ) Amortization of prior service credit — — (9 ) (7 ) Amortization of net actuarial loss 29 40 2 1 Net periodic benefit cost (credit) $ (3 ) $ 11 $ (12 ) $ (8 ) Nine Months Ended September 30, Service cost $ 87 $ 95 $ 23 $ 30 Interest cost 234 215 50 50 Expected return on plan assets (419 ) (398 ) (87 ) (88 ) Amortization of prior service cost (credit) 1 1 (23 ) (20 ) Amortization of net actuarial loss 84 120 5 4 Net periodic benefit cost (credit) $ (13 ) $ 33 $ (32 ) $ (24 ) |
Dominion Gas Holdings, LLC | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |
Net Periodic Benefit Cost | The components of Dominion Gas' provision for net periodic benefit credit for employees represented by collective bargaining units were as follows: Pension Benefits Other Postretirement Benefits 2016 2015 2016 2015 (millions) Three Months Ended September 30, Service cost $ 3 $ 4 $ 1 $ 2 Interest cost 7 7 3 3 Expected return on plan assets (33 ) (31 ) (5 ) (6 ) Amortization of net actuarial loss 3 5 — 1 Net periodic benefit credit $ (20 ) $ (15 ) $ (1 ) $ — Nine Months Ended September 30, Service cost $ 10 $ 11 $ 4 $ 5 Interest cost 22 21 10 10 Expected return on plan assets (100 ) (94 ) (17 ) (18 ) Amortization of net actuarial loss 10 15 1 2 Net periodic benefit credit $ (58 ) $ (47 ) $ (2 ) $ (1 ) |
Operating Segments (Tables)
Operating Segments (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Segment Reporting Information [Line Items] | |
Segment Reporting Disclosure Other Information | A description of the operations included in the Companies’ primary operating segments is as follows: Primary Operating Segment Description of Operations Dominion Virginia Power Dominion Gas DVP Regulated electric distribution X X Regulated electric transmission X X Dominion Generation Regulated electric fleet X X Merchant electric fleet X Dominion Energy Gas transmission and storage (1) X X Gas distribution and storage X X Gas gathering and processing X X LNG import and storage X Nonregulated retail energy marketing (2) X (1) Includes remaining producer services activities for Dominion. (2) As a result of Dominion's decision to realign its business units effective for 2015 year-end reporting, nonregulated retail energy marketing operations were moved from the Dominion Generation segment to the Dominion Energy segment. |
Schedule of Segment Reporting Information, by Segment | The following table presents segment information pertaining to Dominion’s operations: DVP Dominion (1) Dominion (1) Corporate Adjustments/Eliminations (1) Consolidated (millions) Three Months Ended September 30, 2016 Total revenue from external customers $ 614 $ 1,947 $ 359 $ 2 $ 210 $ 3,132 Intersegment revenue 6 2 205 144 (357 ) — Total operating revenue 620 1,949 564 146 (147 ) 3,132 Net income (loss) attributable to Dominion 139 650 135 (234 ) — 690 Three Months Ended September 30, 2015 Total revenue from external customers $ 539 $ 1,892 $ 377 $ — $ 163 $ 2,971 Intersegment revenue 4 2 159 128 (293 ) — Total operating revenue 543 1,894 536 128 (130 ) 2,971 Net income (loss) attributable to Dominion 125 390 153 (75 ) — 593 Nine Months Ended September 30, 2016 Total revenue from external customers $ 1,682 $ 5,204 $ 1,235 $ 8 $ 522 $ 8,651 Intersegment revenue 17 7 507 469 (1,000 ) — Total operating revenue 1,699 5,211 1,742 477 (478 ) 8,651 Net income (loss) attributable to Dominion 363 1,066 483 (246 ) — 1,666 Nine Months Ended September 30, 2015 Total revenue from external customers $ 1,603 $ 5,533 $ 1,376 $ (9 ) $ 624 $ 9,127 Intersegment revenue 14 11 584 414 (1,023 ) — Total operating revenue 1,617 5,544 1,960 405 (399 ) 9,127 Net income (loss) attributable to Dominion 382 902 509 (251 ) — 1,542 (1) 2015 amounts have been recast to reflect nonregulated retail energy marketing operations in the Dominion Energy segment. |
Virginia Electric and Power Company | |
Segment Reporting Information [Line Items] | |
Schedule of Segment Reporting Information, by Segment | The following table presents segment information pertaining to Virginia Power’s operations: DVP Dominion Corporate Consolidated (millions) Three Months Ended September 30, 2016 Operating revenue $ 617 $ 1,594 $ — $ 2,211 Net income 140 359 4 503 Three Months Ended September 30, 2015 Operating revenue $ 541 $ 1,523 $ (6 ) $ 2,058 Net income (loss) 125 273 (13 ) 385 Nine Months Ended September 30, 2016 Operating revenue $ 1,686 $ 4,191 $ — $ 5,877 Net income (loss) 362 699 (15 ) 1,046 Nine Months Ended September 30, 2015 Operating revenue $ 1,610 $ 4,419 $ (21 ) $ 6,008 Net income (loss) 382 618 (100 ) 900 |
Dominion Gas Holdings, LLC | |
Segment Reporting Information [Line Items] | |
Schedule of Segment Reporting Information, by Segment | The following table presents segment information pertaining to Dominion Gas' operations: Dominion Energy Corporate and Other Consolidated Total (millions) Three Months Ended September 30, 2016 Operating revenue $ 382 $ — $ 382 Net income 77 6 83 Three Months Ended September 30, 2015 Operating revenue $ 365 $ — $ 365 Net income (loss) 113 (2 ) 111 Nine Months Ended September 30, 2016 Operating revenue $ 1,181 $ — $ 1,181 Net income (loss) 288 (2 ) 286 Nine Months Ended September 30, 2015 Operating revenue $ 1,291 $ — $ 1,291 Net income (loss) 364 (7 ) 357 |
Significant Accounting Polici43
Significant Accounting Policies (Narrative) (Details) | 9 Months Ended | |
Sep. 30, 2016 | Sep. 30, 2015 | |
Disposal Group, Disposed of by Sale, Not Discontinued Operations | Merchant Solar Projects | ||
Subsidiary, Sale of Stock [Line Items] | ||
Percentage of equity interest sold to noncontrolling interest owners | 33.00% | 33.00% |
Four Brothers and Three Cedars | ||
Subsidiary, Sale of Stock [Line Items] | ||
Percentage ownership in total units | 50.00% | |
Dominion Midstream Partners, LP | ||
Subsidiary, Sale of Stock [Line Items] | ||
Ownership interest percentage of limited partner interests | 65.00% |
Acquisitions and Dispositions44
Acquisitions and Dispositions (Acquisition of Dominion Questar) (Narrative) (Details) $ / shares in Units, shares in Thousands, MMcf in Thousands | Sep. 16, 2016USD ($)mi$ / sharessharesMMcf | Oct. 31, 2016USD ($) | Sep. 30, 2016USD ($) | Aug. 31, 2016USD ($) | Apr. 30, 2016USD ($) | Dec. 31, 2016USD ($)shares | Sep. 30, 2016USD ($) | Sep. 30, 2016USD ($) | Sep. 30, 2015USD ($) |
Business Acquisition [Line Items] | |||||||||
Issuance of common stock | $ 2,079,000,000 | ||||||||
Issuance of short-term notes | 1,200,000,000 | $ 0 | |||||||
Issuance of common stock | 2,079,000,000 | 717,000,000 | |||||||
Contributions to fund Dominion Questar's qualified and non-qualified defined benefit pension plans | 12,000,000 | ||||||||
Other Commitment, Fiscal Year Maturity [Abstract] | |||||||||
Repayments of short term note | 600,000,000 | $ 0 | |||||||
Subsequent Event | Questar Pipeline | Disposal Group, Disposed of by Sale, Not Discontinued Operations | Dominion Midstream Partners, LP | Subsidiary of Common Parent | |||||||||
Other Commitment, Fiscal Year Maturity [Abstract] | |||||||||
Debt financed distribution | $ 300,000,000 | ||||||||
Total consideration | 1,300,000,000 | ||||||||
Subsequent Event | Questar Pipeline | Disposal Group, Disposed of by Sale, Not Discontinued Operations | Dominion Midstream Partners, LP | Subsidiary of Common Parent | Minimum | |||||||||
Other Commitment, Fiscal Year Maturity [Abstract] | |||||||||
Cash consideration | 565,000,000 | ||||||||
Subsequent Event | Questar Pipeline | Disposal Group, Disposed of by Sale, Not Discontinued Operations | Dominion Midstream Partners, LP | Subsidiary of Common Parent | Maximum | |||||||||
Other Commitment, Fiscal Year Maturity [Abstract] | |||||||||
Cash consideration | 890,000,000 | ||||||||
Subsequent Event | Questar Pipeline | Disposal Group, Disposed of by Sale, Not Discontinued Operations | Dominion Midstream Partners, LP | Subsidiary of Common Parent | Partnership Interest | Minimum | |||||||||
Other Commitment, Fiscal Year Maturity [Abstract] | |||||||||
Combined value of common and convertible preferred units | 400,000,000 | ||||||||
Subsequent Event | Questar Pipeline | Disposal Group, Disposed of by Sale, Not Discontinued Operations | Dominion Midstream Partners, LP | Subsidiary of Common Parent | Partnership Interest | Maximum | |||||||||
Other Commitment, Fiscal Year Maturity [Abstract] | |||||||||
Combined value of common and convertible preferred units | $ 725,000,000 | ||||||||
Subsequent Event | Questar Pipeline | Disposal Group, Disposed of by Sale, Not Discontinued Operations | Scenario, Forecast | Dominion Midstream Partners, LP | Limited Partner | Common Units | |||||||||
Other Commitment, Fiscal Year Maturity [Abstract] | |||||||||
Common units to be purchased | shares | 6,657 | ||||||||
Senior Unsecured Promissory Note Payable | Subsequent Event | Questar Pipeline | Disposal Group, Disposed of by Sale, Not Discontinued Operations | Scenario, Forecast | Dominion Midstream Partners, LP | Limited Partner | Term loan | |||||||||
Other Commitment, Fiscal Year Maturity [Abstract] | |||||||||
Repayment of term loan | $ 301,000,000 | ||||||||
Private Placement Term Loan Agreement Maturing in September 2017 | Term loan agreement | Subsequent Event | Questar Pipeline | Disposal Group, Disposed of by Sale, Not Discontinued Operations | Scenario, Forecast | |||||||||
Other Commitment, Fiscal Year Maturity [Abstract] | |||||||||
Repayments of short term note | $ 1,200,000,000 | ||||||||
Underwritten Public Offering | |||||||||
Business Acquisition [Line Items] | |||||||||
Issuance of common stock | $ 756,000,000 | ||||||||
Series A RSNs | |||||||||
Business Acquisition [Line Items] | |||||||||
Issuance of common stock | $ 1,400,000,000 | ||||||||
Dominion Questar Corporation | |||||||||
Business Acquisition [Line Items] | |||||||||
Gas storage (bcf) | MMcf | 56 | ||||||||
Price per share | $ / shares | $ 25 | ||||||||
Total consideration | $ 4,400,000,000 | ||||||||
Shares of Dominion Questar outstanding at closing | shares | 175,500 | ||||||||
August 2016 issuance of senior notes | 1,300,000,000 | ||||||||
Contributions to fund Dominion Questar's qualified and non-qualified defined benefit pension plans | $ 75,000,000 | ||||||||
Period after the closing date | 6 months | ||||||||
Other Commitment, Fiscal Year Maturity [Abstract] | |||||||||
Increase in operating revenue | $ 23,000,000 | 23,000,000 | |||||||
Increase in net income | 5,000,000 | 5,000,000 | |||||||
Dominion Questar Corporation | Other operations and maintenance | |||||||||
Other Commitment, Fiscal Year Maturity [Abstract] | |||||||||
Transaction and transition costs incurred | 40,000,000 | 47,000,000 | |||||||
Dominion Questar Corporation | Interest and related charges | |||||||||
Other Commitment, Fiscal Year Maturity [Abstract] | |||||||||
Transaction and transition costs incurred | $ 13,000,000 | $ 13,000,000 | |||||||
Dominion Questar Corporation | White River Hub, LLC | |||||||||
Business Acquisition [Line Items] | |||||||||
Percentage interest | 50.00% | ||||||||
Dominion Questar Corporation | Commitment for Charitable Contributions | |||||||||
Other Commitment, Fiscal Year Maturity [Abstract] | |||||||||
Charitable contributions, next twelve months | $ 1,000,000 | ||||||||
Charitable contributions, second year | 1,000,000 | ||||||||
Charitable contributions, third year | 1,000,000 | ||||||||
Charitable contributions, fourth year | 1,000,000 | ||||||||
Charitable contributions, fifth year | $ 1,000,000 | ||||||||
Dominion Questar Corporation | Commitment for Charitable Contributions | Minimum | |||||||||
Other Commitment, Fiscal Year Maturity [Abstract] | |||||||||
Period for charitable contributions | 5 years | ||||||||
Dominion Questar Corporation | Term loan agreement | |||||||||
Business Acquisition [Line Items] | |||||||||
Issuance of short-term notes | $ 1,200,000,000 | ||||||||
Dominion Questar Corporation | Underwritten Public Offering | |||||||||
Business Acquisition [Line Items] | |||||||||
Issuance of common stock | $ 500,000,000 | ||||||||
Dominion Questar Corporation | Series A RSNs | |||||||||
Business Acquisition [Line Items] | |||||||||
Issuance of common stock | $ 1,400,000,000 | ||||||||
Dominion Questar Corporation | Gas Transmission Pipeline | |||||||||
Business Acquisition [Line Items] | |||||||||
Length of natural gas pipeline (in miles) | mi | 3,400 | ||||||||
Dominion Questar Corporation | Gas Distribution Pipeline | |||||||||
Business Acquisition [Line Items] | |||||||||
Length of natural gas pipeline (in miles) | mi | 27,500 |
Acquisitions and Dispositions45
Acquisitions and Dispositions (Schedule of Preliminary Allocation of Purchase Price to Assets Acquired and Liabilities Assumed) (Details) - USD ($) $ in Millions | Sep. 16, 2016 | Sep. 30, 2016 | Dec. 31, 2015 | [1] | |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Assets [Abstract] | |||||
Goodwill | $ 6,405 | $ 3,294 | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Liabilities [Abstract] | |||||
Short-term debt outstanding | $ 3,097 | $ 3,509 | |||
Dominion Questar Corporation | |||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Assets [Abstract] | |||||
Total current assets | $ 224 | ||||
Investments | [2] | 58 | |||
Property, plant and equipment | [3] | 4,120 | |||
Goodwill | 3,111 | ||||
Total deferred charges and other assets, excluding goodwill | 75 | ||||
Total Assets | 7,588 | ||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Liabilities [Abstract] | |||||
Total current liabilities | [4] | 791 | |||
Long-term debt | [5] | 963 | |||
Deferred income taxes | 798 | ||||
Regulatory liabilities | 259 | ||||
Asset retirement obligations | 160 | ||||
Other deferred credits and other liabilities | [6] | 220 | |||
Total Liabilities | 3,191 | ||||
Total estimated purchase price | 4,397 | ||||
Short term debt | 301 | ||||
Short-term debt outstanding | 24 | ||||
Capital lease obligation | 35 | ||||
Capital Leases, Future Minimum Payments, Net Present Value [Abstract] | |||||
Remaining in 2016 | 1 | ||||
2,017 | 4 | ||||
2,018 | 4 | ||||
2,019 | 4 | ||||
2,020 | 4 | ||||
Remaining payments thereafter | 37 | ||||
Dominion Questar Corporation | Short Term Note, Variable Rate, Maturing in February 2017 | |||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Liabilities [Abstract] | |||||
Short-term note outstanding | $ 250 | ||||
Dominion Questar Corporation | Minimum | |||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Liabilities [Abstract] | |||||
Useful lives | 9 years | ||||
Dominion Questar Corporation | Minimum | Unsecured Senior Notes, Maturities Range from 2017 to 2048 | Unsecured Senior Notes | |||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Liabilities [Abstract] | |||||
Interest rate percentage | 2.98% | ||||
Dominion Questar Corporation | Maximum | |||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Liabilities [Abstract] | |||||
Useful lives | 18 years | ||||
Dominion Questar Corporation | Maximum | Unsecured Senior Notes, Maturities Range from 2017 to 2048 | Unsecured Senior Notes | |||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Liabilities [Abstract] | |||||
Interest rate percentage | 7.20% | ||||
Dominion Questar Corporation | White River Hub, LLC | |||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Liabilities [Abstract] | |||||
Equity method investment | $ 40 | ||||
[1] | Dominion’s Consolidated Balance Sheet at December 31, 2015 has been derived from the audited Consolidated Financial Statements at that date. | ||||
[2] | Includes $40 million for an equity method investment in White River Hub. The fair value adjustment on the equity method investment in White River Hub is considered to be equity method goodwill and is not amortized. | ||||
[3] | Nonregulated property, plant and equipment, excluding land, will be depreciated over remaining useful lives primarily ranging from 9 to 18 years. | ||||
[4] | Includes $301 million of short-term debt, of which $24 million is outstanding at September 30, 2016, as well as a $250 million short-term note which matures in February 2017 and bears interest at a variable rate. | ||||
[5] | Unsecured senior notes have maturities which range from 2017 to 2048 and bear interest at rates from 2.98% to 7.20%. | ||||
[6] | Includes a $35 million capital lease obligation with undiscounted future minimum lease payments of $1 million remaining in 2016, $4 million per year for 2017 through 2020, and $37 million in total thereafter. |
Acquisitions and Dispositions46
Acquisitions and Dispositions (Schedule of Unaudited Pro Forma Information) (Details) - Dominion Questar Corporation - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | 9 Months Ended | ||||
Sep. 30, 2016 | [1] | Sep. 30, 2015 | Sep. 30, 2016 | [1] | Sep. 30, 2015 | |
Business Acquisition [Line Items] | ||||||
Operating Revenue | $ 3,261 | $ 3,113 | $ 9,410 | $ 9,897 | ||
Net income attributable to Dominion | $ 732 | $ 626 | $ 1,835 | $ 1,700 | ||
Earnings Per Common Share – Basic | $ 1.17 | $ 1.05 | $ 2.99 | $ 2.88 | ||
Earnings Per Common Share – Diluted | $ 1.17 | $ 1.05 | $ 2.99 | $ 2.87 | ||
[1] | Amounts include adjustments for non-recurring costs directly related to the Dominion Questar Combination. |
Acquisitions and Dispositions47
Acquisitions and Dispositions (Narrative) (Details) $ / shares in Units, a in Thousands, $ in Millions | Apr. 01, 2015USD ($)$ / sharesshares | Sep. 30, 2016USD ($)MW | Aug. 31, 2016USD ($)projectMW | Jul. 31, 2016USD ($)a | Apr. 30, 2016USD ($)a | Jan. 31, 2016USD ($)a | Dec. 31, 2015USD ($)project | Sep. 30, 2015USD ($)afieldprojectMW | Jun. 30, 2015USD ($)project | Mar. 31, 2015USD ($)afield | Jan. 31, 2015USD ($)mi | Dec. 31, 2013USD ($)afield | Dec. 31, 2017USD ($) | Sep. 30, 2016USD ($)MW | Sep. 30, 2016USD ($) | Sep. 30, 2015USD ($)afieldproject | Sep. 30, 2016USD ($) | Nov. 30, 2016 | Nov. 30, 2014afield | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||||||||||||
Cost of project | $ 21 | $ 278 | ||||||||||||||||||
Contributions from SunEdison to Four Brothers and Three Cedars | 178 | |||||||||||||||||||
Goodwill | $ 6,405 | $ 3,294 | [1] | $ 6,405 | $ 6,405 | $ 6,405 | ||||||||||||||
Merchant Solar Projects | Disposal Group, Disposed of by Sale, Not Discontinued Operations | ||||||||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||||||||||||
MW Capacity | MW | 425 | |||||||||||||||||||
Percentage of equity interest sold to noncontrolling interest owners | 33.00% | 33.00% | 33.00% | 33.00% | 33.00% | 33.00% | ||||||||||||||
Number of solar projects | project | 24 | 24 | ||||||||||||||||||
Total number of solar projects related to potential sale | project | 15 | |||||||||||||||||||
Amount of consideration (up to $200 million for assignment of shale development rights) | $ 117 | $ 184 | ||||||||||||||||||
Dominion Gas Holdings, LLC | ||||||||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||||||||||||
Goodwill | $ 542 | $ 542 | [2] | $ 542 | $ 542 | $ 542 | ||||||||||||||
Dominion Gas Holdings, LLC | Marcellus Shale | Shale development rights | ||||||||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||||||||||||
Amount of consideration (up to $200 million for assignment of shale development rights) | $ 5 | $ 5 | $ 27 | $ 200 | ||||||||||||||||
Development rights (number of acres) | a | 2 | 2 | 11 | 79 | 24 | |||||||||||||||
Number of natural gas storage fields | field | 1 | 1 | 1 | |||||||||||||||||
Duration of conveyance of rights | 9 years | |||||||||||||||||||
Dominion Gas Holdings, LLC | Marcellus Shale | Shale development rights | Other operations and maintenance | ||||||||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||||||||||||
Gain on sale of assets | $ 5 | $ 5 | $ 27 | |||||||||||||||||
After tax gain on sale of assets | $ 3 | $ 3 | $ 16 | |||||||||||||||||
Dominion Gas Holdings, LLC | Marcellus Shale | Shale development rights | Amended Agreement to Extend Conveyance of Development Rights | ||||||||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||||||||||||
Development rights (number of acres) | a | 70 | 9 | ||||||||||||||||||
Duration of conveyance of rights | 2 years | |||||||||||||||||||
Partial interest in remaining acres conveyed (percentage) | 32.00% | |||||||||||||||||||
Dominion Gas Holdings, LLC | Marcellus Shale | Shale development rights | Amended Agreement to Extend Conveyance of Development Rights | Other operations and maintenance | ||||||||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||||||||||||
Deferred revenue recognized from conveyance of rights | $ 35 | $ 43 | ||||||||||||||||||
Deferred revenue recognized from conveyance of rights, after tax | $ 21 | $ 27 | ||||||||||||||||||
Dominion Gas Holdings, LLC | Utica and Point Pleasant Shale | Shale development rights | ||||||||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||||||||||||
Amount of consideration (up to $200 million for assignment of shale development rights) | $ 52 | $ 52 | ||||||||||||||||||
Development rights (number of acres) | a | 16 | 16 | ||||||||||||||||||
Number of natural gas storage fields | field | 1 | 1 | ||||||||||||||||||
Proceeds received with conveyance of acreage | $ 52 | |||||||||||||||||||
Dominion Gas Holdings, LLC | Utica and Point Pleasant Shale | Shale development rights | Other operations and maintenance | ||||||||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||||||||||||
Gain on sale of assets | 52 | |||||||||||||||||||
After tax gain on sale of assets | 29 | |||||||||||||||||||
Terra Nova Renewable Partners | Call Option | Merchant Solar Projects | ||||||||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||||||||||||
Percentage ownership in total units | 67.00% | 67.00% | 67.00% | 67.00% | ||||||||||||||||
Dominion Midstream Partners, LP | DCG | Disposal Group, Disposed of by Sale, Not Discontinued Operations | Affiliate | ||||||||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||||||||||||
Amount of consideration (up to $200 million for assignment of shale development rights) | $ 501 | |||||||||||||||||||
Percentage of equity interests contributed | 100.00% | |||||||||||||||||||
Dominion Midstream Partners, LP | DCG | Disposal Group, Disposed of by Sale, Not Discontinued Operations | Affiliate | Partnership Interest | ||||||||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||||||||||||
Number of common units issued | shares | 5,112,139 | |||||||||||||||||||
Value of common units issued | $ 200 | |||||||||||||||||||
Number of trading days used to determine weighted average trading price | 10 days | |||||||||||||||||||
Dominion Midstream Partners, LP | DCG | Disposal Group, Disposed of by Sale, Not Discontinued Operations | Affiliate | Partnership Interest | Weighted Average | ||||||||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||||||||||||
Price per unit | $ / shares | $ 39.12 | |||||||||||||||||||
Dominion Midstream Partners, LP | DCG | Disposal Group, Disposed of by Sale, Not Discontinued Operations | Affiliate | Senior unsecured promissory note payable by Dominion Midstream | Unsecured Promissory Note Receivable | ||||||||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||||||||||||
Term of senior unsecured promissory note payable to Dominion | 2 years | |||||||||||||||||||
Amount of senior unsecured promissory note payable to Dominion | $ 301 | |||||||||||||||||||
Annual interest rate percentage for senior unsecured promissory note payable to Dominion | 0.60% | |||||||||||||||||||
Four Brothers and Three Cedars | ||||||||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||||||||||||
Percentage ownership in total units | 50.00% | 50.00% | 50.00% | 50.00% | ||||||||||||||||
Four Brothers and Three Cedars | SunEdison, Inc | ||||||||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||||||||||||
Contributions from SunEdison to Four Brothers and Three Cedars | $ 281 | |||||||||||||||||||
Four Brothers and Three Cedars | Federal | Investment Tax Credits | ||||||||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||||||||||||
Percentage of expected federal investment tax credits on projects to be claimed | 99.00% | 99.00% | 99.00% | 99.00% | ||||||||||||||||
Four Brothers and Three Cedars | Scenario, Forecast | Subsequent Event | NRG | ||||||||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||||||||||||
Percentage of equity interests acquired | 50.00% | |||||||||||||||||||
Four Brothers | ||||||||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||||||||||||
Acquisition price | $ 64 | |||||||||||||||||||
Liabilities incurred | $ 62 | |||||||||||||||||||
Cost of project | $ 670 | |||||||||||||||||||
Percentage of equity interests acquired | 50.00% | |||||||||||||||||||
Acquisition price in cash | $ 2 | |||||||||||||||||||
Purchase price | 64 | |||||||||||||||||||
Net property, plant and equipment acquired | 89 | |||||||||||||||||||
Non-controlling interest | $ 25 | |||||||||||||||||||
Number of Projects | project | 4 | |||||||||||||||||||
MW Capacity | MW | 320 | |||||||||||||||||||
Four Brothers | Other Current Liabilities | ||||||||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||||||||||||
Payable at period end | $ 7 | $ 7 | $ 7 | $ 7 | ||||||||||||||||
Three Cedars | ||||||||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||||||||||||
Acquisition price | 43 | |||||||||||||||||||
Liabilities incurred | $ 37 | |||||||||||||||||||
Cost of project | $ 450 | |||||||||||||||||||
Percentage of equity interests acquired | 50.00% | 50.00% | ||||||||||||||||||
Acquisition price in cash | $ 6 | |||||||||||||||||||
Purchase price | 43 | $ 43 | ||||||||||||||||||
Net property, plant and equipment acquired | 65 | 65 | ||||||||||||||||||
Non-controlling interest | $ 22 | $ 22 | ||||||||||||||||||
Number of Projects | project | 3 | |||||||||||||||||||
MW Capacity | MW | 210 | |||||||||||||||||||
Three Cedars | Other Current Liabilities | ||||||||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||||||||||||
Payable at period end | $ 4 | $ 4 | $ 4 | $ 4 | ||||||||||||||||
Solar Frontier Americas Holding, LLC | ||||||||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||||||||||||
Acquisition price | $ 128 | |||||||||||||||||||
Percentage of equity interests acquired | 100.00% | |||||||||||||||||||
Number of Projects | project | 2 | |||||||||||||||||||
MW Capacity | MW | 50 | |||||||||||||||||||
Solar Frontier Americas Holding, LLC | Scenario, Forecast | ||||||||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||||||||||||
Cost of project | $ 130 | |||||||||||||||||||
Virginia Solar, LLC | ||||||||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||||||||||||
Percentage of equity interests acquired | 100.00% | |||||||||||||||||||
Number of Projects | project | 4 | |||||||||||||||||||
MW Capacity | MW | 80 | |||||||||||||||||||
Virginia Solar, LLC | Scenario, Forecast | ||||||||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||||||||||||
Cost of project | 160 | |||||||||||||||||||
Community Energy Solar, LLC | ||||||||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||||||||||||
Percentage of equity interests acquired | 100.00% | 100.00% | 100.00% | 100.00% | ||||||||||||||||
MW Capacity | MW | 100 | |||||||||||||||||||
Community Energy Solar, LLC | Scenario, Forecast | ||||||||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||||||||||||
Cost of project | $ 210 | |||||||||||||||||||
DCG | ||||||||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||||||||||||
Acquisition price | $ 497 | |||||||||||||||||||
Percentage of equity interests acquired | 100.00% | |||||||||||||||||||
Net property, plant and equipment acquired | $ 277 | |||||||||||||||||||
Length of natural gas pipeline (in miles) (nearly 1,500 miles) | mi | 1,500 | |||||||||||||||||||
Goodwill | $ 250 | |||||||||||||||||||
Goodwill expected to be deductible for income tax purposes | 225 | |||||||||||||||||||
Regulatory liabilities assumed | $ 38 | |||||||||||||||||||
[1] | Dominion’s Consolidated Balance Sheet at December 31, 2015 has been derived from the audited Consolidated Financial Statements at that date. | |||||||||||||||||||
[2] | Dominion Gas’ Consolidated Balance Sheet at December 31, 2015 has been derived from the audited Consolidated Financial Statements at that date. |
Acquisitions and Dispositions48
Acquisitions and Dispositions (Schedule of Acquisitions of Solar Projects) (Details) $ in Millions | 1 Months Ended | 2 Months Ended | 9 Months Ended | ||||||||
Aug. 31, 2015USD ($) | Jul. 31, 2015USD ($) | Apr. 30, 2015USD ($)projectMW | Aug. 31, 2015USD ($)projectMW | Jul. 31, 2015USD ($)projectMW | May 31, 2015USD ($) | Sep. 30, 2016USD ($) | Sep. 30, 2015USD ($) | ||||
Business Acquisition [Line Items] | |||||||||||
Acquisition of solar development projects | $ 21 | $ 278 | |||||||||
EC&R NA Solar PV, LLC | |||||||||||
Business Acquisition [Line Items] | |||||||||||
Number of Projects | project | 1 | ||||||||||
Initial Acquisition Cost | [1] | $ 66 | |||||||||
Acquisition of solar development projects | [2] | $ 66 | |||||||||
MW Capacity | MW | 20 | ||||||||||
EDF Renewable Development, Inc. | |||||||||||
Business Acquisition [Line Items] | |||||||||||
Number of Projects | project | 3 | [3] | 1 | ||||||||
Initial Acquisition Cost | [1] | $ 106 | [3] | $ 68 | |||||||
Acquisition of solar development projects | [2] | $ 68 | $ 106 | [3] | |||||||
MW Capacity | MW | 24 | [3] | 18 | ||||||||
SunPeak Solar, LLC | |||||||||||
Business Acquisition [Line Items] | |||||||||||
Number of Projects | project | 1 | ||||||||||
Initial Acquisition Cost | [1] | $ 42 | |||||||||
Acquisition of solar development projects | [2] | $ 71 | |||||||||
MW Capacity | MW | 20 | ||||||||||
[1] | The purchase price was primarily allocated to Property, Plant and Equipment. | ||||||||||
[2] | Includes acquisition cost. | ||||||||||
[3] | One of the projects, Marin Carport, began commercial operations in 2016. |
Operating Revenue (Schedule of
Operating Revenue (Schedule of Operating Revenue) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | ||
Electric sales: | |||||
Regulated | $ 2,147 | $ 2,020 | $ 5,707 | $ 5,911 | |
Nonregulated | 399 | 388 | 1,123 | 1,145 | |
Gas sales: | |||||
Regulated | 46 | 21 | 137 | 168 | |
Nonregulated | 87 | 66 | 259 | 361 | |
Gas transportation and storage | 378 | 365 | 1,162 | 1,221 | |
Other | 75 | 111 | 263 | 321 | |
Total operating revenue | 3,132 | 2,971 | 8,651 | 9,127 | |
Virginia Electric and Power Company | |||||
Electric sales: | |||||
Regulated | 2,147 | 2,020 | 5,707 | 5,911 | |
Gas sales: | |||||
Other | 64 | 38 | 170 | 97 | |
Total operating revenue | [1] | 2,211 | 2,058 | 5,877 | 6,008 |
Dominion Gas Holdings, LLC | |||||
Gas sales: | |||||
Regulated | 28 | 9 | 69 | 87 | |
Nonregulated | 1 | 1 | 8 | 5 | |
Gas transportation and storage | 303 | 302 | 955 | 1,035 | |
NGL revenue | 19 | 20 | 45 | 71 | |
Other | 31 | 33 | 104 | 93 | |
Total operating revenue | [2] | $ 382 | $ 365 | $ 1,181 | $ 1,291 |
[1] | See Note 17 for amounts attributable to affiliates. | ||||
[2] | See Note 17 for amounts attributable to related parties. |
Income Taxes (Reconciliation of
Income Taxes (Reconciliation of Income Taxes at the U.S. Statutory Federal Rate as Compared to the Income Tax Expense Recorded in Our Consolidated Statements of Income) (Details) | 9 Months Ended | |
Sep. 30, 2016 | Sep. 30, 2015 | |
Operating Loss Carryforwards [Line Items] | ||
United States statutory rate | 35.00% | 35.00% |
Increases (reductions) resulting from: | ||
State taxes, net of federal benefit | 3.70% | 4.00% |
Investment tax credits | (10.40%) | (3.50%) |
Production tax credits | (0.80%) | (0.80%) |
State legislative change | (0.80%) | (0.20%) |
Other, net | (2.10%) | (0.70%) |
Effective tax rate | 24.60% | 33.80% |
Virginia Electric and Power Company | ||
Operating Loss Carryforwards [Line Items] | ||
United States statutory rate | 35.00% | 35.00% |
Increases (reductions) resulting from: | ||
State taxes, net of federal benefit | 3.90% | 4.20% |
Investment tax credits | (0.00%) | (0.00%) |
Production tax credits | (0.50%) | (0.50%) |
State legislative change | 0.00% | 0.00% |
Other, net | (0.50%) | (0.20%) |
Effective tax rate | 37.90% | 38.50% |
Dominion Gas Holdings, LLC | ||
Operating Loss Carryforwards [Line Items] | ||
United States statutory rate | 35.00% | 35.00% |
Increases (reductions) resulting from: | ||
State taxes, net of federal benefit | 0.80% | 4.10% |
Investment tax credits | (0.00%) | (0.00%) |
Production tax credits | (0.00%) | (0.00%) |
State legislative change | 0.00% | 0.00% |
Other, net | 0.40% | 0.40% |
Effective tax rate | 36.20% | 39.50% |
Income Taxes (Narrative) (Detai
Income Taxes (Narrative) (Details) $ in Millions | 9 Months Ended |
Sep. 30, 2016USD ($) | |
Income Tax Disclosure [Abstract] | |
Previously unrecognized tax benefits | $ 23 |
Settlement with tax authority | 12 |
Legislative change | $ 11 |
Earnings Per Share (Calculation
Earnings Per Share (Calculation of Basic and Diluted EPS) (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | ||
Earnings Per Share [Abstract] | |||||
Net income attributable to Dominion | $ 690 | $ 593 | $ 1,666 | $ 1,542 | |
Average shares of common stock outstanding – Basic (shares) | 625.9 | 594.6 | 612.8 | 591.3 | |
Net effect of dilutive securities (shares) | [1] | 0.1 | 0.9 | 1 | 1.4 |
Average shares of common stock outstanding – Diluted (shares) | 626 | 595.5 | 613.8 | 592.7 | |
Earnings Per Common Share – Basic (in dollars per share) | $ 1.10 | $ 1 | $ 2.72 | $ 2.61 | |
Earnings Per Common Share – Diluted (in dollars per share) | $ 1.10 | $ 1 | $ 2.71 | $ 2.60 | |
[1] | Dilutive securities consist primarily of the 2013 Equity Units for the nine months ended September 30, 2016 and the three and nine months ended September 30, 2015. See Note 14 in this report and Note 17 to the Consolidated Financial Statements in the Companies' Annual Report on Form 10-K for the year ended December 31, 2015 for more information. |
Accumulated Other Comprehensi53
Accumulated Other Comprehensive Income (Schedule of Changes in AOCI by Component Net of Tax) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | ||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | |||||
Beginning balance | [1] | $ 12,664 | |||
Total other comprehensive income (loss) | $ 22 | $ (115) | 3 | $ (85) | |
Ending balance | 14,958 | 14,958 | |||
Dominion Gas Holdings, LLC | |||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | |||||
Beginning balance | [2] | 3,318 | |||
Total other comprehensive income (loss) | 9 | 2 | (7) | 2 | |
Ending balance | 3,447 | 3,447 | |||
Total | |||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | |||||
Beginning balance | (493) | (386) | (474) | (416) | |
Other comprehensive income before reclassifications: gains (losses) | 60 | (74) | 142 | (36) | |
Amounts reclassified from AOCI: (gains) losses | [3] | (38) | (41) | (139) | (49) |
Total other comprehensive income (loss) | 22 | (115) | 3 | (85) | |
Ending balance | (471) | (501) | (471) | (501) | |
Total | Dominion Gas Holdings, LLC | |||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | |||||
Beginning balance | (115) | (86) | (99) | (86) | |
Other comprehensive income before reclassifications: gains (losses) | 9 | 3 | (6) | 2 | |
Amounts reclassified from AOCI: (gains) losses | [3] | 0 | (1) | (1) | 0 |
Total other comprehensive income (loss) | 9 | 2 | (7) | 2 | |
Ending balance | (106) | (84) | (106) | (84) | |
Deferred Gains and Losses on Derivatives-Hedging Activities | |||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | |||||
Beginning balance | (241) | (146) | (176) | (178) | |
Other comprehensive income before reclassifications: gains (losses) | 14 | (7) | 56 | 25 | |
Amounts reclassified from AOCI: (gains) losses | [3] | (34) | (53) | (141) | (53) |
Total other comprehensive income (loss) | (20) | (60) | (85) | (28) | |
Ending balance | (261) | (206) | (261) | (206) | |
Deferred Gains and Losses on Derivatives-Hedging Activities | Dominion Gas Holdings, LLC | |||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | |||||
Beginning balance | (34) | (22) | (17) | (20) | |
Other comprehensive income before reclassifications: gains (losses) | 9 | 3 | (6) | 2 | |
Amounts reclassified from AOCI: (gains) losses | [3] | (1) | (2) | (3) | (3) |
Total other comprehensive income (loss) | 8 | 1 | (9) | (1) | |
Ending balance | (26) | (21) | (26) | (21) | |
Unrealized Gains and Losses on Investment Securities | |||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | |||||
Beginning balance | 535 | 519 | 504 | 548 | |
Other comprehensive income before reclassifications: gains (losses) | 31 | (59) | 72 | (55) | |
Amounts reclassified from AOCI: (gains) losses | [3] | (13) | (2) | (23) | (35) |
Total other comprehensive income (loss) | 18 | (61) | 49 | (90) | |
Ending balance | 553 | 458 | 553 | 458 | |
Unrecognized Pension and Other Postretirement Benefit Costs | |||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | |||||
Beginning balance | (781) | (754) | (797) | (782) | |
Other comprehensive income before reclassifications: gains (losses) | 15 | (9) | 15 | (6) | |
Amounts reclassified from AOCI: (gains) losses | [3] | 9 | 14 | 25 | 39 |
Total other comprehensive income (loss) | 24 | 5 | 40 | 33 | |
Ending balance | (757) | (749) | (757) | (749) | |
Unrecognized Pension and Other Postretirement Benefit Costs | Dominion Gas Holdings, LLC | |||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | |||||
Beginning balance | (81) | (64) | (82) | (66) | |
Other comprehensive income before reclassifications: gains (losses) | 0 | 0 | 0 | 0 | |
Amounts reclassified from AOCI: (gains) losses | [3] | 1 | 1 | 2 | 3 |
Total other comprehensive income (loss) | 1 | 1 | 2 | 3 | |
Ending balance | (80) | (63) | (80) | (63) | |
Other Comprehensive Income (Loss) From Equity Method Investee | |||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | |||||
Beginning balance | (6) | (5) | (5) | (4) | |
Other comprehensive income before reclassifications: gains (losses) | 0 | 1 | (1) | 0 | |
Amounts reclassified from AOCI: (gains) losses | [3] | 0 | 0 | 0 | 0 |
Total other comprehensive income (loss) | 0 | 1 | (1) | 0 | |
Ending balance | $ (6) | $ (4) | $ (6) | $ (4) | |
[1] | Dominion’s Consolidated Balance Sheet at December 31, 2015 has been derived from the audited Consolidated Financial Statements at that date. | ||||
[2] | Dominion Gas’ Consolidated Balance Sheet at December 31, 2015 has been derived from the audited Consolidated Financial Statements at that date. | ||||
[3] | See table below for details about these reclassifications. |
Accumulated Other Comprehensi54
Accumulated Other Comprehensive Income (Schedule of Reclassifications out of AOCI by Component Net of Tax) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||
Operating revenue | $ (3,132) | $ (2,971) | $ (8,651) | $ (9,127) | |
Purchased gas | 77 | 85 | 252 | 446 | |
Electric fuel and other energy-related purchases | 606 | 636 | 1,791 | 2,180 | |
Interest and related charges | 250 | 230 | 715 | 674 | |
Other income | (63) | (11) | (189) | (127) | |
Impairment | 5 | 16 | 18 | 27 | |
Income from operations including noncontrolling interests before income tax expense | (958) | (904) | (2,282) | (2,351) | |
Income tax expense | 230 | 305 | 561 | 794 | |
Other operations and maintenance | 765 | 564 | 2,133 | 1,875 | |
Dominion Gas Holdings, LLC | |||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||
Operating revenue | [1] | (382) | (365) | (1,181) | (1,291) |
Purchased gas | [1] | 21 | 8 | 71 | 103 |
Interest and related charges | 23 | 18 | 68 | 53 | |
Other income | (7) | (4) | (22) | (17) | |
Income from operations including noncontrolling interests before income tax expense | (117) | (188) | (448) | (590) | |
Income tax expense | 34 | 77 | 162 | 233 | |
Deferred (gains) and losses on derivatives-hedging activities: | Amounts Reclassified From AOCI | |||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||
Income from operations including noncontrolling interests before income tax expense | (55) | (83) | (229) | (87) | |
Income tax expense | 21 | 30 | 88 | 34 | |
Income from continuing operations including noncontrolling interests | (34) | (53) | (141) | (53) | |
Deferred (gains) and losses on derivatives-hedging activities: | Amounts Reclassified From AOCI | Dominion Gas Holdings, LLC | |||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||
Income from operations including noncontrolling interests before income tax expense | (3) | (3) | (5) | (4) | |
Income tax expense | 2 | 1 | 2 | 1 | |
Income from continuing operations including noncontrolling interests | (1) | (2) | (3) | (3) | |
Deferred (gains) and losses on derivatives-hedging activities: | Commodity contracts | Amounts Reclassified From AOCI | |||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||
Operating revenue | (64) | (87) | (266) | (103) | |
Purchased gas | 1 | 2 | 9 | 9 | |
Electric fuel and other energy-related purchases | 1 | 8 | |||
Deferred (gains) and losses on derivatives-hedging activities: | Commodity contracts | Amounts Reclassified From AOCI | Dominion Gas Holdings, LLC | |||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||
Operating revenue | (1) | (3) | (6) | (4) | |
Deferred (gains) and losses on derivatives-hedging activities: | Interest rate contracts | Amounts Reclassified From AOCI | |||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||
Interest and related charges | 10 | 2 | 21 | 7 | |
Deferred (gains) and losses on derivatives-hedging activities: | Interest rate contracts | Amounts Reclassified From AOCI | Dominion Gas Holdings, LLC | |||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||
Interest and related charges | 1 | 2 | |||
Deferred (gains) and losses on derivatives-hedging activities: | Foreign currency | Amounts Reclassified From AOCI | |||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||
Other income | (3) | (1) | |||
Deferred (gains) and losses on derivatives-hedging activities: | Foreign currency | Amounts Reclassified From AOCI | Dominion Gas Holdings, LLC | |||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||
Other income | (3) | (1) | |||
Unrealized (gains) and losses on investment securities: | Amounts Reclassified From AOCI | |||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||
Realized (gain) loss on sale of securities | (25) | (18) | (55) | (82) | |
Impairment | 5 | 16 | 19 | 27 | |
Income from operations including noncontrolling interests before income tax expense | (20) | (2) | (36) | (55) | |
Income tax expense | 7 | 0 | 13 | 20 | |
Income from continuing operations including noncontrolling interests | (13) | (2) | (23) | (35) | |
Unrecognized pension and other postretirement benefit costs: | |||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||
Unrecognized pension and other postretirement benefit costs, before tax | 13 | 21 | 41 | 64 | |
Unrecognized pension and other postretirement benefit costs, income tax expense | (4) | (7) | (16) | (25) | |
Unrecognized pension and other postretirement benefit costs, net of tax | 9 | 14 | 25 | 39 | |
Unrecognized pension and other postretirement benefit costs: | Dominion Gas Holdings, LLC | |||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||
Unrecognized pension and other postretirement benefit costs, before tax | 2 | 2 | 4 | 6 | |
Unrecognized pension and other postretirement benefit costs, income tax expense | (1) | (1) | (2) | (3) | |
Unrecognized pension and other postretirement benefit costs, net of tax | 1 | 1 | 2 | 3 | |
Prior service (credit) costs | Amounts Reclassified From AOCI | |||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||
Other operations and maintenance | (4) | (3) | (11) | (9) | |
Actuarial (gains) losses | Amounts Reclassified From AOCI | |||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||
Other operations and maintenance | 17 | 24 | 52 | 73 | |
Actuarial (gains) losses | Amounts Reclassified From AOCI | Dominion Gas Holdings, LLC | |||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||
Other operations and maintenance | $ 2 | $ 2 | $ 4 | $ 6 | |
[1] | See Note 17 for amounts attributable to related parties. |
Fair Value Measurements (Fair V
Fair Value Measurements (Fair Value, Option, Quantitative Disclosures) (Details) $ in Millions | 9 Months Ended | ||
Sep. 30, 2016USD ($)$ / MWh$ / MMBTU | Dec. 31, 2015USD ($) | ||
Fair Value, Option, Quantitative Disclosures [Line Items] | |||
Fair Value of Derivative Assets | $ 295 | $ 388 | |
Fair Value of Derivative Liabilities | 422 | 343 | |
Virginia Electric and Power Company | |||
Fair Value, Option, Quantitative Disclosures [Line Items] | |||
Fair Value of Derivative Assets | 118 | 127 | |
Fair Value of Derivative Liabilities | 291 | 86 | |
Dominion Gas Holdings, LLC | |||
Fair Value, Option, Quantitative Disclosures [Line Items] | |||
Fair Value of Derivative Assets | 14 | 11 | |
Fair Value of Derivative Liabilities | 6 | 14 | |
Level 3 | Virginia Electric and Power Company | |||
Fair Value, Option, Quantitative Disclosures [Line Items] | |||
Fair Value of Derivative Assets | 90 | ||
Fair Value, Measurements, Recurring | Physical and financial forwards and futures: | |||
Fair Value, Option, Quantitative Disclosures [Line Items] | |||
Fair Value of Derivative Assets | 268 | 364 | |
Fair Value of Derivative Liabilities | 111 | 160 | |
Fair Value, Measurements, Recurring | Virginia Electric and Power Company | Physical and financial forwards and futures: | |||
Fair Value, Option, Quantitative Disclosures [Line Items] | |||
Fair Value of Derivative Assets | 116 | 114 | |
Fair Value of Derivative Liabilities | 24 | 27 | |
Fair Value, Measurements, Recurring | Dominion Gas Holdings, LLC | Physical and financial forwards and futures: | |||
Fair Value, Option, Quantitative Disclosures [Line Items] | |||
Fair Value of Derivative Assets | 6 | 11 | |
Fair Value of Derivative Liabilities | 2 | ||
Fair Value, Measurements, Recurring | Level 3 | |||
Fair Value, Option, Quantitative Disclosures [Line Items] | |||
Fair Value of Derivative Assets | 96 | ||
Fair Value of Derivative Liabilities | 7 | ||
Fair Value, Measurements, Recurring | Level 3 | Physical and financial forwards and futures: | |||
Fair Value, Option, Quantitative Disclosures [Line Items] | |||
Fair Value of Derivative Assets | 96 | 114 | |
Fair Value of Derivative Liabilities | 7 | 19 | |
Fair Value, Measurements, Recurring | Level 3 | Discounted cash flow | Natural Gas | Physical and financial forwards and futures: | |||
Fair Value, Option, Quantitative Disclosures [Line Items] | |||
Fair Value of Derivative Assets | [1] | 85 | |
Fair Value of Derivative Liabilities | [1] | $ 4 | |
Fair Value, Measurements, Recurring | Level 3 | Discounted cash flow | Natural Gas | Liabilities | Physical and financial forwards and futures: | Minimum | |||
Fair Value, Option, Quantitative Disclosures [Line Items] | |||
Market price (per Dth, per MWh) | $ / MMBTU | [2] | (2) | |
Fair Value, Measurements, Recurring | Level 3 | Discounted cash flow | Natural Gas | Liabilities | Physical and financial forwards and futures: | Maximum | |||
Fair Value, Option, Quantitative Disclosures [Line Items] | |||
Market price (per Dth, per MWh) | $ / MMBTU | [2] | 4 | |
Fair Value, Measurements, Recurring | Level 3 | Discounted cash flow | Natural Gas | Liabilities | Physical and financial forwards and futures: | Weighted Average | |||
Fair Value, Option, Quantitative Disclosures [Line Items] | |||
Market price (per Dth, per MWh) | $ / MMBTU | [2],[3] | 1 | |
Fair Value, Measurements, Recurring | Level 3 | Discounted cash flow | Natural Gas | Assets | Physical and financial forwards and futures: | Minimum | |||
Fair Value, Option, Quantitative Disclosures [Line Items] | |||
Market price (per Dth, per MWh) | $ / MMBTU | [2] | (2) | |
Fair Value, Measurements, Recurring | Level 3 | Discounted cash flow | Natural Gas | Assets | Physical and financial forwards and futures: | Maximum | |||
Fair Value, Option, Quantitative Disclosures [Line Items] | |||
Market price (per Dth, per MWh) | $ / MMBTU | [2] | 7 | |
Fair Value, Measurements, Recurring | Level 3 | Discounted cash flow | Natural Gas | Assets | Physical and financial forwards and futures: | Weighted Average | |||
Fair Value, Option, Quantitative Disclosures [Line Items] | |||
Market price (per Dth, per MWh) | $ / MMBTU | 0 | ||
Fair Value, Measurements, Recurring | Level 3 | Discounted cash flow | FTRs | Physical and financial forwards and futures: | |||
Fair Value, Option, Quantitative Disclosures [Line Items] | |||
Fair Value of Derivative Assets | $ 7 | ||
Fair Value of Derivative Liabilities | $ 2 | ||
Fair Value, Measurements, Recurring | Level 3 | Discounted cash flow | FTRs | Liabilities | Physical and financial forwards and futures: | Minimum | |||
Fair Value, Option, Quantitative Disclosures [Line Items] | |||
Market price (per Dth, per MWh) | $ / MWh | [2] | (11) | |
Fair Value, Measurements, Recurring | Level 3 | Discounted cash flow | FTRs | Liabilities | Physical and financial forwards and futures: | Maximum | |||
Fair Value, Option, Quantitative Disclosures [Line Items] | |||
Market price (per Dth, per MWh) | $ / MWh | [2] | 6 | |
Fair Value, Measurements, Recurring | Level 3 | Discounted cash flow | FTRs | Liabilities | Physical and financial forwards and futures: | Weighted Average | |||
Fair Value, Option, Quantitative Disclosures [Line Items] | |||
Market price (per Dth, per MWh) | $ / MWh | [2],[3] | 1 | |
Fair Value, Measurements, Recurring | Level 3 | Discounted cash flow | FTRs | Assets | Physical and financial forwards and futures: | Minimum | |||
Fair Value, Option, Quantitative Disclosures [Line Items] | |||
Market price (per Dth, per MWh) | $ / MWh | [2] | (6) | |
Fair Value, Measurements, Recurring | Level 3 | Discounted cash flow | FTRs | Assets | Physical and financial forwards and futures: | Maximum | |||
Fair Value, Option, Quantitative Disclosures [Line Items] | |||
Market price (per Dth, per MWh) | $ / MWh | [2] | 6 | |
Fair Value, Measurements, Recurring | Level 3 | Discounted cash flow | FTRs | Assets | Physical and financial forwards and futures: | Weighted Average | |||
Fair Value, Option, Quantitative Disclosures [Line Items] | |||
Market price (per Dth, per MWh) | $ / MWh | [2],[3] | 1 | |
Fair Value, Measurements, Recurring | Level 3 | Option model | Natural Gas | Physical and financial options: | |||
Fair Value, Option, Quantitative Disclosures [Line Items] | |||
Fair Value of Derivative Assets | $ 4 | ||
Fair Value of Derivative Liabilities | $ 1 | ||
Fair Value, Measurements, Recurring | Level 3 | Option model | Natural Gas | Liabilities | Physical and financial options: | Minimum | |||
Fair Value, Option, Quantitative Disclosures [Line Items] | |||
Market price (per Dth, per MWh) | $ / MMBTU | [2] | 2 | |
Price volatility percentage | [4] | 30.00% | |
Fair Value, Measurements, Recurring | Level 3 | Option model | Natural Gas | Liabilities | Physical and financial options: | Maximum | |||
Fair Value, Option, Quantitative Disclosures [Line Items] | |||
Market price (per Dth, per MWh) | $ / MMBTU | [2] | 4 | |
Price volatility percentage | [4] | 46.00% | |
Fair Value, Measurements, Recurring | Level 3 | Option model | Natural Gas | Liabilities | Physical and financial options: | Weighted Average | |||
Fair Value, Option, Quantitative Disclosures [Line Items] | |||
Market price (per Dth, per MWh) | $ / MMBTU | [2],[3] | 3 | |
Price volatility percentage | [3],[4] | 38.00% | |
Fair Value, Measurements, Recurring | Level 3 | Option model | Natural Gas | Assets | Physical and financial options: | Minimum | |||
Fair Value, Option, Quantitative Disclosures [Line Items] | |||
Market price (per Dth, per MWh) | $ / MMBTU | [2] | 2 | |
Price volatility percentage | [4] | 19.00% | |
Fair Value, Measurements, Recurring | Level 3 | Option model | Natural Gas | Assets | Physical and financial options: | Maximum | |||
Fair Value, Option, Quantitative Disclosures [Line Items] | |||
Market price (per Dth, per MWh) | $ / MMBTU | [2] | 7 | |
Price volatility percentage | [4] | 46.00% | |
Fair Value, Measurements, Recurring | Level 3 | Option model | Natural Gas | Assets | Physical and financial options: | Weighted Average | |||
Fair Value, Option, Quantitative Disclosures [Line Items] | |||
Market price (per Dth, per MWh) | $ / MMBTU | [2],[3] | 3 | |
Price volatility percentage | [3],[4] | 24.00% | |
Fair Value, Measurements, Recurring | Level 3 | Virginia Electric and Power Company | |||
Fair Value, Option, Quantitative Disclosures [Line Items] | |||
Fair Value of Derivative Liabilities | $ 2 | ||
Fair Value, Measurements, Recurring | Level 3 | Virginia Electric and Power Company | Physical and financial forwards and futures: | |||
Fair Value, Option, Quantitative Disclosures [Line Items] | |||
Fair Value of Derivative Assets | 90 | 101 | |
Fair Value of Derivative Liabilities | 2 | 8 | |
Fair Value, Measurements, Recurring | Level 3 | Virginia Electric and Power Company | Discounted cash flow | Natural Gas | Physical and financial forwards and futures: | |||
Fair Value, Option, Quantitative Disclosures [Line Items] | |||
Fair Value of Derivative Assets | [5] | $ 81 | |
Fair Value, Measurements, Recurring | Level 3 | Virginia Electric and Power Company | Discounted cash flow | Natural Gas | Assets | Physical and financial forwards and futures: | Minimum | |||
Fair Value, Option, Quantitative Disclosures [Line Items] | |||
Market price (per Dth, per MWh) | $ / MMBTU | [6] | (2) | |
Fair Value, Measurements, Recurring | Level 3 | Virginia Electric and Power Company | Discounted cash flow | Natural Gas | Assets | Physical and financial forwards and futures: | Maximum | |||
Fair Value, Option, Quantitative Disclosures [Line Items] | |||
Market price (per Dth, per MWh) | $ / MMBTU | [6] | 7 | |
Fair Value, Measurements, Recurring | Level 3 | Virginia Electric and Power Company | Discounted cash flow | Natural Gas | Assets | Physical and financial forwards and futures: | Weighted Average | |||
Fair Value, Option, Quantitative Disclosures [Line Items] | |||
Market price (per Dth, per MWh) | $ / MMBTU | [6],[7] | 0 | |
Fair Value, Measurements, Recurring | Level 3 | Virginia Electric and Power Company | Discounted cash flow | FTRs | Physical and financial forwards and futures: | |||
Fair Value, Option, Quantitative Disclosures [Line Items] | |||
Fair Value of Derivative Assets | $ 7 | ||
Fair Value of Derivative Liabilities | $ 2 | ||
Fair Value, Measurements, Recurring | Level 3 | Virginia Electric and Power Company | Discounted cash flow | FTRs | Liabilities | Physical and financial forwards and futures: | Minimum | |||
Fair Value, Option, Quantitative Disclosures [Line Items] | |||
Market price (per Dth, per MWh) | $ / MWh | [6] | (11) | |
Fair Value, Measurements, Recurring | Level 3 | Virginia Electric and Power Company | Discounted cash flow | FTRs | Liabilities | Physical and financial forwards and futures: | Maximum | |||
Fair Value, Option, Quantitative Disclosures [Line Items] | |||
Market price (per Dth, per MWh) | $ / MWh | [6] | 6 | |
Fair Value, Measurements, Recurring | Level 3 | Virginia Electric and Power Company | Discounted cash flow | FTRs | Liabilities | Physical and financial forwards and futures: | Weighted Average | |||
Fair Value, Option, Quantitative Disclosures [Line Items] | |||
Market price (per Dth, per MWh) | $ / MWh | [6],[7] | 1 | |
Fair Value, Measurements, Recurring | Level 3 | Virginia Electric and Power Company | Discounted cash flow | FTRs | Assets | Physical and financial forwards and futures: | Minimum | |||
Fair Value, Option, Quantitative Disclosures [Line Items] | |||
Market price (per Dth, per MWh) | $ / MWh | [6] | (6) | |
Fair Value, Measurements, Recurring | Level 3 | Virginia Electric and Power Company | Discounted cash flow | FTRs | Assets | Physical and financial forwards and futures: | Maximum | |||
Fair Value, Option, Quantitative Disclosures [Line Items] | |||
Market price (per Dth, per MWh) | $ / MWh | [6] | 6 | |
Fair Value, Measurements, Recurring | Level 3 | Virginia Electric and Power Company | Discounted cash flow | FTRs | Assets | Physical and financial forwards and futures: | Weighted Average | |||
Fair Value, Option, Quantitative Disclosures [Line Items] | |||
Market price (per Dth, per MWh) | $ / MWh | [6],[7] | 1 | |
Fair Value, Measurements, Recurring | Level 3 | Virginia Electric and Power Company | Option model | Natural Gas | Physical and financial options: | |||
Fair Value, Option, Quantitative Disclosures [Line Items] | |||
Fair Value of Derivative Assets | $ 2 | ||
Fair Value, Measurements, Recurring | Level 3 | Virginia Electric and Power Company | Option model | Natural Gas | Assets | Physical and financial options: | Minimum | |||
Fair Value, Option, Quantitative Disclosures [Line Items] | |||
Market price (per Dth, per MWh) | $ / MMBTU | [6] | 2 | |
Price volatility percentage | [8] | 19.00% | |
Fair Value, Measurements, Recurring | Level 3 | Virginia Electric and Power Company | Option model | Natural Gas | Assets | Physical and financial options: | Maximum | |||
Fair Value, Option, Quantitative Disclosures [Line Items] | |||
Market price (per Dth, per MWh) | $ / MMBTU | [6] | 7 | |
Price volatility percentage | [8] | 33.00% | |
Fair Value, Measurements, Recurring | Level 3 | Virginia Electric and Power Company | Option model | Natural Gas | Assets | Physical and financial options: | Weighted Average | |||
Fair Value, Option, Quantitative Disclosures [Line Items] | |||
Market price (per Dth, per MWh) | $ / MMBTU | [6],[7] | 3 | |
Price volatility percentage | [7],[8] | 24.00% | |
Fair Value, Measurements, Recurring | Level 3 | Dominion Gas Holdings, LLC | Physical and financial forwards and futures: | |||
Fair Value, Option, Quantitative Disclosures [Line Items] | |||
Fair Value of Derivative Assets | $ 0 | $ 6 | |
Fair Value of Derivative Liabilities | $ 0 | ||
[1] | Includes basis. | ||
[2] | Represents market prices beyond defined terms for Levels 1 and 2. | ||
[3] | Averages weighted by volume. | ||
[4] | Represents volatilities unrepresented in published markets. | ||
[5] | Includes basis. | ||
[6] | Represents market prices beyond defined terms for Levels 1 and 2. | ||
[7] | Averages weighted by volume. | ||
[8] | Represents volatilities unrepresented in published markets. |
Fair Value Measurements (Assets
Fair Value Measurements (Assets and Liabilities that are Measured at Fair Value on a Recurring Basis) (Details) - USD ($) $ in Millions | Sep. 30, 2016 | Dec. 31, 2015 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative Asset | $ 295 | $ 388 | |
Derivative Liabilities | 422 | 343 | |
Fair Value, Measurements, Recurring | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Total assets | [1] | 4,766 | 4,589 |
Total liabilities | 422 | 343 | |
Fair Value, Measurements, Recurring | Commodity | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative Asset | 268 | 364 | |
Derivative Liabilities | 111 | 160 | |
Fair Value, Measurements, Recurring | Interest rate | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative Asset | 19 | 24 | |
Derivative Liabilities | 307 | 183 | |
Fair Value, Measurements, Recurring | Foreign currency | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative Asset | 8 | ||
Derivative Liabilities | 4 | ||
Fair Value, Measurements, Recurring | Equity securities: | Large cap | United States: | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investments | [1] | 2,712 | 2,547 |
Fair Value, Measurements, Recurring | Equity securities: | Large cap | Non-United States: | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investments | [1] | 10 | 10 |
Fair Value, Measurements, Recurring | Equity securities: | REIT | United States: | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investments | [1] | 67 | 63 |
Fair Value, Measurements, Recurring | Equity securities: | Other | United States: | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investments | [1] | 6 | 5 |
Fair Value, Measurements, Recurring | Fixed income: | Corporate debt instruments | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investments | [1] | 518 | 437 |
Fair Value, Measurements, Recurring | Fixed income: | United States Treasury securities and agency debentures | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investments | [1] | 669 | 659 |
Fair Value, Measurements, Recurring | Fixed income: | State and municipal | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investments | [1] | 372 | 376 |
Fair Value, Measurements, Recurring | Fixed income: | Other | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investments | [1] | 109 | 100 |
Fair Value, Measurements, Recurring | Cash equivalents and other | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investments | [1] | 8 | 4 |
Fair Value, Measurements, Recurring | Level 1 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Total assets | [1] | 3,241 | 3,086 |
Total liabilities | 0 | 0 | |
Fair Value, Measurements, Recurring | Level 1 | Commodity | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative Asset | 0 | 1 | |
Derivative Liabilities | 0 | 0 | |
Fair Value, Measurements, Recurring | Level 1 | Interest rate | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative Asset | 0 | 0 | |
Derivative Liabilities | 0 | 0 | |
Fair Value, Measurements, Recurring | Level 1 | Foreign currency | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative Asset | 0 | ||
Derivative Liabilities | 0 | ||
Fair Value, Measurements, Recurring | Level 1 | Equity securities: | Large cap | United States: | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investments | [1] | 2,712 | 2,547 |
Fair Value, Measurements, Recurring | Level 1 | Equity securities: | Large cap | Non-United States: | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investments | [1] | 10 | 10 |
Fair Value, Measurements, Recurring | Level 1 | Equity securities: | REIT | United States: | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investments | [1] | 67 | 63 |
Fair Value, Measurements, Recurring | Level 1 | Equity securities: | Other | United States: | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investments | [1] | 6 | 5 |
Fair Value, Measurements, Recurring | Level 1 | Fixed income: | Corporate debt instruments | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investments | [1] | 0 | 0 |
Fair Value, Measurements, Recurring | Level 1 | Fixed income: | United States Treasury securities and agency debentures | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investments | [1] | 438 | 458 |
Fair Value, Measurements, Recurring | Level 1 | Fixed income: | State and municipal | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investments | [1] | 0 | 0 |
Fair Value, Measurements, Recurring | Level 1 | Fixed income: | Other | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investments | [1] | 0 | 0 |
Fair Value, Measurements, Recurring | Level 1 | Cash equivalents and other | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investments | [1] | 8 | 2 |
Fair Value, Measurements, Recurring | Level 2 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Total assets | [1] | 1,429 | 1,389 |
Total liabilities | 415 | 324 | |
Fair Value, Measurements, Recurring | Level 2 | Commodity | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative Asset | 172 | 249 | |
Derivative Liabilities | 104 | 141 | |
Fair Value, Measurements, Recurring | Level 2 | Interest rate | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative Asset | 19 | 24 | |
Derivative Liabilities | 307 | 183 | |
Fair Value, Measurements, Recurring | Level 2 | Foreign currency | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative Asset | 8 | ||
Derivative Liabilities | 4 | ||
Fair Value, Measurements, Recurring | Level 2 | Equity securities: | Large cap | United States: | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investments | [1] | 0 | 0 |
Fair Value, Measurements, Recurring | Level 2 | Equity securities: | Large cap | Non-United States: | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investments | [1] | 0 | 0 |
Fair Value, Measurements, Recurring | Level 2 | Equity securities: | REIT | United States: | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investments | [1] | 0 | 0 |
Fair Value, Measurements, Recurring | Level 2 | Equity securities: | Other | United States: | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investments | [1] | 0 | 0 |
Fair Value, Measurements, Recurring | Level 2 | Fixed income: | Corporate debt instruments | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investments | [1] | 518 | 437 |
Fair Value, Measurements, Recurring | Level 2 | Fixed income: | United States Treasury securities and agency debentures | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investments | [1] | 231 | 201 |
Fair Value, Measurements, Recurring | Level 2 | Fixed income: | State and municipal | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investments | [1] | 372 | 376 |
Fair Value, Measurements, Recurring | Level 2 | Fixed income: | Other | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investments | [1] | 109 | 100 |
Fair Value, Measurements, Recurring | Level 2 | Cash equivalents and other | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investments | [1] | 0 | 2 |
Fair Value, Measurements, Recurring | Level 3 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative Asset | 96 | ||
Total assets | [1] | 96 | 114 |
Derivative Liabilities | 7 | ||
Total liabilities | 7 | 19 | |
Fair Value, Measurements, Recurring | Level 3 | Commodity | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative Asset | 96 | 114 | |
Derivative Liabilities | 7 | 19 | |
Fair Value, Measurements, Recurring | Level 3 | Interest rate | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative Asset | 0 | 0 | |
Derivative Liabilities | 0 | 0 | |
Fair Value, Measurements, Recurring | Level 3 | Foreign currency | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative Asset | 0 | ||
Derivative Liabilities | 0 | ||
Fair Value, Measurements, Recurring | Level 3 | Equity securities: | Large cap | United States: | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investments | [1] | 0 | 0 |
Fair Value, Measurements, Recurring | Level 3 | Equity securities: | Large cap | Non-United States: | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investments | [1] | 0 | 0 |
Fair Value, Measurements, Recurring | Level 3 | Equity securities: | REIT | United States: | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investments | [1] | 0 | 0 |
Fair Value, Measurements, Recurring | Level 3 | Equity securities: | Other | United States: | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investments | [1] | 0 | 0 |
Fair Value, Measurements, Recurring | Level 3 | Fixed income: | Corporate debt instruments | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investments | [1] | 0 | 0 |
Fair Value, Measurements, Recurring | Level 3 | Fixed income: | United States Treasury securities and agency debentures | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investments | [1] | 0 | 0 |
Fair Value, Measurements, Recurring | Level 3 | Fixed income: | State and municipal | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investments | [1] | 0 | 0 |
Fair Value, Measurements, Recurring | Level 3 | Fixed income: | Other | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investments | [1] | 0 | 0 |
Fair Value, Measurements, Recurring | Level 3 | Cash equivalents and other | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investments | [1] | 0 | 0 |
Virginia Electric and Power Company | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative Asset | 118 | 127 | |
Derivative Liabilities | 291 | 86 | |
Virginia Electric and Power Company | Level 3 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative Asset | 90 | ||
Virginia Electric and Power Company | Fair Value, Measurements, Recurring | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Total assets | [2] | 2,120 | 1,996 |
Total liabilities | 291 | 86 | |
Virginia Electric and Power Company | Fair Value, Measurements, Recurring | Commodity | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative Asset | 116 | 114 | |
Derivative Liabilities | 24 | 27 | |
Virginia Electric and Power Company | Fair Value, Measurements, Recurring | Interest rate | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative Asset | 2 | 13 | |
Derivative Liabilities | 267 | 59 | |
Virginia Electric and Power Company | Fair Value, Measurements, Recurring | Equity securities: | Large cap | United States: | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investments | [2] | 1,183 | 1,100 |
Virginia Electric and Power Company | Fair Value, Measurements, Recurring | Equity securities: | REIT | United States: | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investments | [2] | 67 | 63 |
Virginia Electric and Power Company | Fair Value, Measurements, Recurring | Fixed income: | Corporate debt instruments | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investments | [2] | 298 | 238 |
Virginia Electric and Power Company | Fair Value, Measurements, Recurring | Fixed income: | United States Treasury securities and agency debentures | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investments | [2] | 251 | 259 |
Virginia Electric and Power Company | Fair Value, Measurements, Recurring | Fixed income: | State and municipal | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investments | [2] | 174 | 175 |
Virginia Electric and Power Company | Fair Value, Measurements, Recurring | Fixed income: | Other | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investments | [2] | 29 | 34 |
Virginia Electric and Power Company | Fair Value, Measurements, Recurring | Level 1 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Total assets | [2] | 1,394 | 1,343 |
Total liabilities | 0 | 0 | |
Virginia Electric and Power Company | Fair Value, Measurements, Recurring | Level 1 | Commodity | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative Asset | 0 | 0 | |
Derivative Liabilities | 0 | 0 | |
Virginia Electric and Power Company | Fair Value, Measurements, Recurring | Level 1 | Interest rate | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative Asset | 0 | 0 | |
Derivative Liabilities | 0 | 0 | |
Virginia Electric and Power Company | Fair Value, Measurements, Recurring | Level 1 | Equity securities: | Large cap | United States: | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investments | [2] | 1,183 | 1,100 |
Virginia Electric and Power Company | Fair Value, Measurements, Recurring | Level 1 | Equity securities: | REIT | United States: | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investments | [2] | 67 | 63 |
Virginia Electric and Power Company | Fair Value, Measurements, Recurring | Level 1 | Fixed income: | Corporate debt instruments | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investments | [2] | 0 | 0 |
Virginia Electric and Power Company | Fair Value, Measurements, Recurring | Level 1 | Fixed income: | United States Treasury securities and agency debentures | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investments | [2] | 144 | 180 |
Virginia Electric and Power Company | Fair Value, Measurements, Recurring | Level 1 | Fixed income: | State and municipal | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investments | [2] | 0 | 0 |
Virginia Electric and Power Company | Fair Value, Measurements, Recurring | Level 1 | Fixed income: | Other | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investments | [2] | 0 | 0 |
Virginia Electric and Power Company | Fair Value, Measurements, Recurring | Level 2 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Total assets | [2] | 636 | 552 |
Total liabilities | 289 | 78 | |
Virginia Electric and Power Company | Fair Value, Measurements, Recurring | Level 2 | Commodity | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative Asset | 26 | 13 | |
Derivative Liabilities | 22 | 19 | |
Virginia Electric and Power Company | Fair Value, Measurements, Recurring | Level 2 | Interest rate | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative Asset | 2 | 13 | |
Derivative Liabilities | 267 | 59 | |
Virginia Electric and Power Company | Fair Value, Measurements, Recurring | Level 2 | Equity securities: | Large cap | United States: | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investments | [2] | 0 | 0 |
Virginia Electric and Power Company | Fair Value, Measurements, Recurring | Level 2 | Equity securities: | REIT | United States: | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investments | [2] | 0 | 0 |
Virginia Electric and Power Company | Fair Value, Measurements, Recurring | Level 2 | Fixed income: | Corporate debt instruments | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investments | [2] | 298 | 238 |
Virginia Electric and Power Company | Fair Value, Measurements, Recurring | Level 2 | Fixed income: | United States Treasury securities and agency debentures | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investments | [2] | 107 | 79 |
Virginia Electric and Power Company | Fair Value, Measurements, Recurring | Level 2 | Fixed income: | State and municipal | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investments | [2] | 174 | 175 |
Virginia Electric and Power Company | Fair Value, Measurements, Recurring | Level 2 | Fixed income: | Other | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investments | [2] | 29 | 34 |
Virginia Electric and Power Company | Fair Value, Measurements, Recurring | Level 3 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Total assets | [2] | 90 | 101 |
Derivative Liabilities | 2 | ||
Total liabilities | 2 | 8 | |
Virginia Electric and Power Company | Fair Value, Measurements, Recurring | Level 3 | Commodity | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative Asset | 90 | 101 | |
Derivative Liabilities | 2 | 8 | |
Virginia Electric and Power Company | Fair Value, Measurements, Recurring | Level 3 | Interest rate | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative Asset | 0 | 0 | |
Derivative Liabilities | 0 | 0 | |
Virginia Electric and Power Company | Fair Value, Measurements, Recurring | Level 3 | Equity securities: | Large cap | United States: | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investments | [2] | 0 | 0 |
Virginia Electric and Power Company | Fair Value, Measurements, Recurring | Level 3 | Equity securities: | REIT | United States: | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investments | [2] | 0 | 0 |
Virginia Electric and Power Company | Fair Value, Measurements, Recurring | Level 3 | Fixed income: | Corporate debt instruments | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investments | [2] | 0 | 0 |
Virginia Electric and Power Company | Fair Value, Measurements, Recurring | Level 3 | Fixed income: | United States Treasury securities and agency debentures | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investments | [2] | 0 | 0 |
Virginia Electric and Power Company | Fair Value, Measurements, Recurring | Level 3 | Fixed income: | State and municipal | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investments | [2] | 0 | 0 |
Virginia Electric and Power Company | Fair Value, Measurements, Recurring | Level 3 | Fixed income: | Other | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investments | [2] | 0 | 0 |
Dominion Gas Holdings, LLC | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative Asset | 14 | 11 | |
Derivative Liabilities | 6 | 14 | |
Dominion Gas Holdings, LLC | Fair Value, Measurements, Recurring | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Total assets | 14 | 11 | |
Total liabilities | 6 | 14 | |
Dominion Gas Holdings, LLC | Fair Value, Measurements, Recurring | Commodity | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative Asset | 6 | 11 | |
Derivative Liabilities | 2 | ||
Dominion Gas Holdings, LLC | Fair Value, Measurements, Recurring | Interest rate | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative Liabilities | 14 | ||
Dominion Gas Holdings, LLC | Fair Value, Measurements, Recurring | Foreign currency | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative Asset | 8 | ||
Derivative Liabilities | 4 | ||
Dominion Gas Holdings, LLC | Fair Value, Measurements, Recurring | Level 1 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Total assets | 0 | 0 | |
Total liabilities | 0 | 0 | |
Dominion Gas Holdings, LLC | Fair Value, Measurements, Recurring | Level 1 | Commodity | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative Asset | 0 | 0 | |
Derivative Liabilities | 0 | ||
Dominion Gas Holdings, LLC | Fair Value, Measurements, Recurring | Level 1 | Interest rate | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative Liabilities | 0 | ||
Dominion Gas Holdings, LLC | Fair Value, Measurements, Recurring | Level 1 | Foreign currency | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative Asset | 0 | ||
Derivative Liabilities | 0 | ||
Dominion Gas Holdings, LLC | Fair Value, Measurements, Recurring | Level 2 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Total assets | 14 | 5 | |
Total liabilities | 6 | 14 | |
Dominion Gas Holdings, LLC | Fair Value, Measurements, Recurring | Level 2 | Commodity | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative Asset | 6 | 5 | |
Derivative Liabilities | 2 | ||
Dominion Gas Holdings, LLC | Fair Value, Measurements, Recurring | Level 2 | Interest rate | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative Liabilities | 14 | ||
Dominion Gas Holdings, LLC | Fair Value, Measurements, Recurring | Level 2 | Foreign currency | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative Asset | 8 | ||
Derivative Liabilities | 4 | ||
Dominion Gas Holdings, LLC | Fair Value, Measurements, Recurring | Level 3 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Total assets | 0 | 6 | |
Total liabilities | 0 | 0 | |
Dominion Gas Holdings, LLC | Fair Value, Measurements, Recurring | Level 3 | Commodity | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative Asset | 0 | 6 | |
Derivative Liabilities | 0 | ||
Dominion Gas Holdings, LLC | Fair Value, Measurements, Recurring | Level 3 | Interest rate | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative Liabilities | $ 0 | ||
Dominion Gas Holdings, LLC | Fair Value, Measurements, Recurring | Level 3 | Foreign currency | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative Asset | 0 | ||
Derivative Liabilities | $ 0 | ||
[1] | Includes investments held in the nuclear decommissioning and rabbi trusts. | ||
[2] | Includes investments held in the nuclear decommissioning and rabbi trusts. |
Fair Value Measurements (Net Ch
Fair Value Measurements (Net Change in the Assets and Liabilities Measured at Fair Value on a Recurring Basis and Included in the Level 3 Fair Value Category) (Details) - Commodity - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward] | ||||
Beginning balance | $ 124 | $ 71 | $ 95 | $ 107 |
Total realized and unrealized gains (losses): | ||||
Included in earnings | (7) | (9) | (23) | 1 |
Included in other comprehensive income (loss) | 0 | 5 | 2 | (7) |
Included in regulatory assets/liabilities | (37) | 47 | (5) | 18 |
Settlements | 9 | 10 | 27 | 1 |
Transfers out of Level 3 | 0 | (1) | (7) | 3 |
Ending balance | 89 | 123 | 89 | 123 |
The amount of gains (losses) for the period included in earnings attributable to the change in unrealized gains (losses) relating to assets/liabilities still held at the reporting date | 0 | 1 | 0 | 1 |
Virginia Electric and Power Company | ||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward] | ||||
Beginning balance | 125 | 73 | 93 | 102 |
Total realized and unrealized gains (losses): | ||||
Included in earnings | (7) | (10) | (24) | (1) |
Included in regulatory assets/liabilities | (37) | 47 | (5) | 18 |
Settlements | 7 | 10 | 24 | 1 |
Ending balance | 88 | 120 | 88 | 120 |
Dominion Gas Holdings, LLC | ||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward] | ||||
Beginning balance | 0 | (1) | 6 | 2 |
Total realized and unrealized gains (losses): | ||||
Included in earnings | 0 | 0 | 0 | 1 |
Included in other comprehensive income (loss) | 0 | 5 | 2 | (7) |
Settlements | 0 | 0 | 0 | (1) |
Transfers out of Level 3 | 0 | 0 | (8) | 9 |
Ending balance | $ 0 | $ 4 | $ 0 | $ 4 |
Fair Value Measurements (Narrat
Fair Value Measurements (Narrative) (Details) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Unrealized gains or losses included in earnings in Level 3 fair value category | $ 0 | $ 0 | $ 0 | $ 0 |
Virginia Electric and Power Company | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Unrealized gains or losses included in earnings in Level 3 fair value category | 0 | 0 | 0 | 0 |
Dominion Gas Holdings, LLC | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Unrealized gains or losses included in earnings in Level 3 fair value category | $ 0 | $ 0 | $ 0 | $ 0 |
Fair Value Measurements (Gains
Fair Value Measurements (Gains and Losses Included in Earnings in the Level 3 Fair Value Category) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Total gains (losses) included in earnings | $ (7) | $ (9) | $ (23) | $ 1 |
The amount of total gains (losses) for the period included in earnings attributable to the change in unrealized gains (losses) relating to assets/liabilities still held at the reporting date | 1 | 1 | ||
Operating Revenue | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Total gains (losses) included in earnings | 0 | 0 | 0 | 2 |
The amount of total gains (losses) for the period included in earnings attributable to the change in unrealized gains (losses) relating to assets/liabilities still held at the reporting date | 0 | 1 | ||
Electric Fuel and Other Energy-Related Purchases | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Total gains (losses) included in earnings | $ (7) | (9) | $ (23) | (1) |
The amount of total gains (losses) for the period included in earnings attributable to the change in unrealized gains (losses) relating to assets/liabilities still held at the reporting date | $ 1 | $ 0 |
Fair Value Measurements (Financ
Fair Value Measurements (Financial Instruments' Carrying Amounts and Fair Values) (Details) - USD ($) $ in Millions | Sep. 30, 2016 | Dec. 31, 2015 | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Valuation of certain fair value hedges | $ 14 | $ 7 | |
Carrying Amount | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Total long-term debt | [1] | 26,287 | 21,873 |
Junior subordinated notes | [2] | 2,980 | 1,340 |
Remarketable subordinated notes | [2] | 2,371 | 2,080 |
Estimate of Fair Value | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Total long-term debt | [1],[3] | 29,077 | 23,210 |
Junior subordinated notes | [2],[3] | 3,030 | 1,192 |
Remarketable subordinated notes | [2],[3] | 2,392 | 2,129 |
Virginia Electric and Power Company | Carrying Amount | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Total long-term debt | [2] | 9,642 | 9,368 |
Virginia Electric and Power Company | Estimate of Fair Value | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Total long-term debt | [2],[3] | 11,259 | 10,400 |
Dominion Gas Holdings, LLC | Carrying Amount | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Total long-term debt | [4] | 3,945 | 3,269 |
Dominion Gas Holdings, LLC | Estimate of Fair Value | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Total long-term debt | [3],[4] | $ 4,139 | $ 3,299 |
[1] | Carrying amount includes amounts which represent the unamortized debt issuance costs, discount and/or premium, and foreign currency remeasurement adjustments. At September 30, 2016 and December 31, 2015, includes the valuation of certain fair value hedges associated with fixed rate debt of $14 million and $7 million, respectively. | ||
[2] | Carrying amount includes amounts which represent the unamortized debt issuance costs, discount and/or premium. | ||
[3] | Fair value is estimated using market prices, where available, and interest rates currently available for issuance of debt with similar terms and remaining maturities. All fair value measurements are classified as Level 2. The carrying amount of debt issues with short-term maturities and variable rates refinanced at current market rates is a reasonable estimate of their fair value. | ||
[4] | Carrying amount includes amounts which represent the unamortized debt issuance costs, discount and/or premium, and foreign currency remeasurement adjustments. |
Derivatives and Hedge Account61
Derivatives and Hedge Accounting Activities (Schedule of Offsetting Assets) (Details) - USD ($) $ in Millions | Sep. 30, 2016 | Dec. 31, 2015 |
Offsetting Assets [Line Items] | ||
Gross Amounts of Recognized Assets | $ 288 | $ 379 |
Gross Amounts Offset in the Consolidated Balance Sheet | 0 | 0 |
Net Amounts of Assets Presented in the Consolidated Balance Sheet | 288 | 379 |
Total derivatives, not subject to a master netting or similar arrangement | 7 | 9 |
Gross Amounts of Recognized Assets, Total | 295 | 388 |
Derivative Asset | 295 | 388 |
Gross Amounts Not Offset in the Consolidated Balance Sheet, Financial Instruments | 97 | 141 |
Gross Amounts Not Offset in the Consolidated Balance Sheet, Cash Collateral Received | 0 | 0 |
Net Amounts | 191 | 238 |
Commodity | Over-the-counter | ||
Offsetting Assets [Line Items] | ||
Gross Amounts of Recognized Assets | 173 | 217 |
Gross Amounts Offset in the Consolidated Balance Sheet | 0 | 0 |
Net Amounts of Assets Presented in the Consolidated Balance Sheet | 173 | 217 |
Gross Amounts Not Offset in the Consolidated Balance Sheet, Financial Instruments | 20 | 37 |
Gross Amounts Not Offset in the Consolidated Balance Sheet, Cash Collateral Received | 0 | 0 |
Net Amounts | 153 | 180 |
Commodity | Exchange | ||
Offsetting Assets [Line Items] | ||
Gross Amounts of Recognized Assets | 88 | 138 |
Gross Amounts Offset in the Consolidated Balance Sheet | 0 | 0 |
Net Amounts of Assets Presented in the Consolidated Balance Sheet | 88 | 138 |
Gross Amounts Not Offset in the Consolidated Balance Sheet, Financial Instruments | 63 | 82 |
Gross Amounts Not Offset in the Consolidated Balance Sheet, Cash Collateral Received | 0 | 0 |
Net Amounts | 25 | 56 |
Interest rate | Over-the-counter | ||
Offsetting Assets [Line Items] | ||
Gross Amounts of Recognized Assets | 19 | 24 |
Gross Amounts Offset in the Consolidated Balance Sheet | 0 | 0 |
Net Amounts of Assets Presented in the Consolidated Balance Sheet | 19 | 24 |
Gross Amounts Not Offset in the Consolidated Balance Sheet, Financial Instruments | 10 | 22 |
Gross Amounts Not Offset in the Consolidated Balance Sheet, Cash Collateral Received | 0 | 0 |
Net Amounts | 9 | 2 |
Foreign currency | Over-the-counter | ||
Offsetting Assets [Line Items] | ||
Gross Amounts of Recognized Assets | 8 | 0 |
Gross Amounts Offset in the Consolidated Balance Sheet | 0 | 0 |
Net Amounts of Assets Presented in the Consolidated Balance Sheet | 8 | 0 |
Gross Amounts Not Offset in the Consolidated Balance Sheet, Financial Instruments | 4 | 0 |
Gross Amounts Not Offset in the Consolidated Balance Sheet, Cash Collateral Received | 0 | 0 |
Net Amounts | 4 | 0 |
Virginia Electric and Power Company | ||
Offsetting Assets [Line Items] | ||
Gross Amounts of Recognized Assets | 90 | 114 |
Gross Amounts Offset in the Consolidated Balance Sheet | 0 | 0 |
Net Amounts of Assets Presented in the Consolidated Balance Sheet | 90 | 114 |
Total derivatives, not subject to a master netting or similar arrangement | 28 | 13 |
Gross Amounts of Recognized Assets, Total | 118 | 127 |
Derivative Asset | 118 | 127 |
Gross Amounts Not Offset in the Consolidated Balance Sheet, Financial Instruments | 2 | 13 |
Gross Amounts Not Offset in the Consolidated Balance Sheet, Cash Collateral Received | 0 | 0 |
Net Amounts | 88 | 101 |
Virginia Electric and Power Company | Commodity | Over-the-counter | ||
Offsetting Assets [Line Items] | ||
Gross Amounts of Recognized Assets | 88 | 101 |
Gross Amounts Offset in the Consolidated Balance Sheet | 0 | 0 |
Net Amounts of Assets Presented in the Consolidated Balance Sheet | 88 | 101 |
Gross Amounts Not Offset in the Consolidated Balance Sheet, Financial Instruments | 2 | 3 |
Gross Amounts Not Offset in the Consolidated Balance Sheet, Cash Collateral Received | 0 | 0 |
Net Amounts | 86 | 98 |
Virginia Electric and Power Company | Interest rate | Over-the-counter | ||
Offsetting Assets [Line Items] | ||
Gross Amounts of Recognized Assets | 2 | 13 |
Gross Amounts Offset in the Consolidated Balance Sheet | 0 | 0 |
Net Amounts of Assets Presented in the Consolidated Balance Sheet | 2 | 13 |
Gross Amounts Not Offset in the Consolidated Balance Sheet, Financial Instruments | 0 | 10 |
Gross Amounts Not Offset in the Consolidated Balance Sheet, Cash Collateral Received | 0 | 0 |
Net Amounts | 2 | 3 |
Dominion Gas Holdings, LLC | ||
Offsetting Assets [Line Items] | ||
Gross Amounts of Recognized Assets | 14 | 11 |
Gross Amounts Offset in the Consolidated Balance Sheet | 0 | 0 |
Net Amounts of Assets Presented in the Consolidated Balance Sheet | 14 | 11 |
Derivative Asset | 14 | 11 |
Gross Amounts Not Offset in the Consolidated Balance Sheet, Financial Instruments | 5 | 0 |
Gross Amounts Not Offset in the Consolidated Balance Sheet, Cash Collateral Received | 0 | 0 |
Net Amounts | 9 | 11 |
Dominion Gas Holdings, LLC | Commodity | Over-the-counter | ||
Offsetting Assets [Line Items] | ||
Gross Amounts of Recognized Assets | 6 | 11 |
Gross Amounts Offset in the Consolidated Balance Sheet | 0 | 0 |
Net Amounts of Assets Presented in the Consolidated Balance Sheet | 6 | 11 |
Gross Amounts Not Offset in the Consolidated Balance Sheet, Financial Instruments | 1 | 0 |
Gross Amounts Not Offset in the Consolidated Balance Sheet, Cash Collateral Received | 0 | 0 |
Net Amounts | 5 | 11 |
Dominion Gas Holdings, LLC | Foreign currency | Over-the-counter | ||
Offsetting Assets [Line Items] | ||
Gross Amounts of Recognized Assets | 8 | 0 |
Gross Amounts Offset in the Consolidated Balance Sheet | 0 | 0 |
Net Amounts of Assets Presented in the Consolidated Balance Sheet | 8 | 0 |
Gross Amounts Not Offset in the Consolidated Balance Sheet, Financial Instruments | 4 | 0 |
Gross Amounts Not Offset in the Consolidated Balance Sheet, Cash Collateral Received | 0 | 0 |
Net Amounts | $ 4 | $ 0 |
Derivatives and Hedge Account62
Derivatives and Hedge Accounting Activities (Schedule of Offsetting Liabilities) (Details) - USD ($) $ in Millions | Sep. 30, 2016 | Dec. 31, 2015 |
Offsetting Liabilities [Line Items] | ||
Gross Amounts of Recognized Liabilities | $ 417 | $ 335 |
Gross Amounts Offset in the Consolidated Balance Sheet | 0 | 0 |
Net Amounts of Liabilities Presented in the Consolidated Balance Sheet | 417 | 335 |
Total derivatives, not subject to a master netting or similar arrangement | 5 | 8 |
Gross Amounts of Recognized Liabilities, Total | 422 | 343 |
Derivative Liabilities | 422 | 343 |
Gross Amounts Not Offset in the Consolidated Balance Sheet, Financial Instruments | 97 | 141 |
Gross Amounts Not Offset in the Consolidated Balance Sheet, Cash Collateral | 0 | 0 |
Net Amounts | 320 | 194 |
Commodity | Over-the-counter | ||
Offsetting Liabilities [Line Items] | ||
Gross Amounts of Recognized Liabilities | 43 | 70 |
Gross Amounts Offset in the Consolidated Balance Sheet | 0 | 0 |
Net Amounts of Liabilities Presented in the Consolidated Balance Sheet | 43 | 70 |
Gross Amounts Not Offset in the Consolidated Balance Sheet, Financial Instruments | 20 | 37 |
Gross Amounts Not Offset in the Consolidated Balance Sheet, Cash Collateral | 0 | 0 |
Net Amounts | 23 | 33 |
Commodity | Exchange | ||
Offsetting Liabilities [Line Items] | ||
Gross Amounts of Recognized Liabilities | 63 | 82 |
Gross Amounts Offset in the Consolidated Balance Sheet | 0 | 0 |
Net Amounts of Liabilities Presented in the Consolidated Balance Sheet | 63 | 82 |
Gross Amounts Not Offset in the Consolidated Balance Sheet, Financial Instruments | 63 | 82 |
Gross Amounts Not Offset in the Consolidated Balance Sheet, Cash Collateral | 0 | 0 |
Net Amounts | 0 | 0 |
Interest rate | Over-the-counter | ||
Offsetting Liabilities [Line Items] | ||
Gross Amounts of Recognized Liabilities | 307 | 183 |
Gross Amounts Offset in the Consolidated Balance Sheet | 0 | 0 |
Net Amounts of Liabilities Presented in the Consolidated Balance Sheet | 307 | 183 |
Gross Amounts Not Offset in the Consolidated Balance Sheet, Financial Instruments | 10 | 22 |
Gross Amounts Not Offset in the Consolidated Balance Sheet, Cash Collateral | 0 | 0 |
Net Amounts | 297 | 161 |
Foreign currency | Over-the-counter | ||
Offsetting Liabilities [Line Items] | ||
Gross Amounts of Recognized Liabilities | 4 | 0 |
Gross Amounts Offset in the Consolidated Balance Sheet | 0 | 0 |
Net Amounts of Liabilities Presented in the Consolidated Balance Sheet | 4 | 0 |
Gross Amounts Not Offset in the Consolidated Balance Sheet, Financial Instruments | 4 | 0 |
Gross Amounts Not Offset in the Consolidated Balance Sheet, Cash Collateral | 0 | 0 |
Net Amounts | 0 | 0 |
Virginia Electric and Power Company | ||
Offsetting Liabilities [Line Items] | ||
Gross Amounts of Recognized Liabilities | 276 | 64 |
Gross Amounts Offset in the Consolidated Balance Sheet | 0 | 0 |
Net Amounts of Liabilities Presented in the Consolidated Balance Sheet | 276 | 64 |
Total derivatives, not subject to a master netting or similar arrangement | 15 | 22 |
Gross Amounts of Recognized Liabilities, Total | 291 | 86 |
Derivative Liabilities | 291 | 86 |
Gross Amounts Not Offset in the Consolidated Balance Sheet, Financial Instruments | 2 | 13 |
Gross Amounts Not Offset in the Consolidated Balance Sheet, Cash Collateral | 0 | 0 |
Net Amounts | 274 | 51 |
Virginia Electric and Power Company | Commodity | Over-the-counter | ||
Offsetting Liabilities [Line Items] | ||
Gross Amounts of Recognized Liabilities | 9 | 5 |
Gross Amounts Offset in the Consolidated Balance Sheet | 0 | 0 |
Net Amounts of Liabilities Presented in the Consolidated Balance Sheet | 9 | 5 |
Gross Amounts Not Offset in the Consolidated Balance Sheet, Financial Instruments | 2 | 3 |
Gross Amounts Not Offset in the Consolidated Balance Sheet, Cash Collateral | 0 | 0 |
Net Amounts | 7 | 2 |
Virginia Electric and Power Company | Interest rate | Over-the-counter | ||
Offsetting Liabilities [Line Items] | ||
Gross Amounts of Recognized Liabilities | 267 | 59 |
Gross Amounts Offset in the Consolidated Balance Sheet | 0 | 0 |
Net Amounts of Liabilities Presented in the Consolidated Balance Sheet | 267 | 59 |
Gross Amounts Not Offset in the Consolidated Balance Sheet, Financial Instruments | 0 | 10 |
Gross Amounts Not Offset in the Consolidated Balance Sheet, Cash Collateral | 0 | 0 |
Net Amounts | 267 | 49 |
Dominion Gas Holdings, LLC | ||
Offsetting Liabilities [Line Items] | ||
Gross Amounts of Recognized Liabilities | 6 | 14 |
Gross Amounts Offset in the Consolidated Balance Sheet | 0 | 0 |
Net Amounts of Liabilities Presented in the Consolidated Balance Sheet | 6 | 14 |
Derivative Liabilities | 6 | 14 |
Gross Amounts Not Offset in the Consolidated Balance Sheet, Financial Instruments | 5 | 0 |
Gross Amounts Not Offset in the Consolidated Balance Sheet, Cash Collateral | 0 | 0 |
Net Amounts | 1 | 14 |
Dominion Gas Holdings, LLC | Commodity | Over-the-counter | ||
Offsetting Liabilities [Line Items] | ||
Gross Amounts of Recognized Liabilities | 2 | 0 |
Gross Amounts Offset in the Consolidated Balance Sheet | 0 | 0 |
Net Amounts of Liabilities Presented in the Consolidated Balance Sheet | 2 | 0 |
Gross Amounts Not Offset in the Consolidated Balance Sheet, Financial Instruments | 1 | 0 |
Gross Amounts Not Offset in the Consolidated Balance Sheet, Cash Collateral | 0 | 0 |
Net Amounts | 1 | 0 |
Dominion Gas Holdings, LLC | Interest rate | Over-the-counter | ||
Offsetting Liabilities [Line Items] | ||
Gross Amounts of Recognized Liabilities | 0 | 14 |
Gross Amounts Offset in the Consolidated Balance Sheet | 0 | 0 |
Net Amounts of Liabilities Presented in the Consolidated Balance Sheet | 0 | 14 |
Gross Amounts Not Offset in the Consolidated Balance Sheet, Financial Instruments | 0 | 0 |
Gross Amounts Not Offset in the Consolidated Balance Sheet, Cash Collateral | 0 | 0 |
Net Amounts | 0 | 14 |
Dominion Gas Holdings, LLC | Foreign currency | Over-the-counter | ||
Offsetting Liabilities [Line Items] | ||
Gross Amounts of Recognized Liabilities | 4 | 0 |
Gross Amounts Offset in the Consolidated Balance Sheet | 0 | 0 |
Net Amounts of Liabilities Presented in the Consolidated Balance Sheet | 4 | 0 |
Gross Amounts Not Offset in the Consolidated Balance Sheet, Financial Instruments | 4 | 0 |
Gross Amounts Not Offset in the Consolidated Balance Sheet, Cash Collateral | 0 | 0 |
Net Amounts | $ 0 | $ 0 |
Derivatives and Hedge Account63
Derivatives and Hedge Accounting Activities (Volume of Derivative Activity) (Details) - 9 months ended Sep. 30, 2016 MMcf in Thousands, € in Millions, $ in Millions | USD ($)MWhMMcfgal | EUR (€) | |
Fixed Price - Natural Gas - Current Derivative Contract | |||
Derivative [Line Items] | |||
Volume of derivative activity (bcf, Gal) | [1] | 104 | |
Fixed Price - Natural Gas - Non-current Derivative Contract | |||
Derivative [Line Items] | |||
Volume of derivative activity (bcf, Gal) | [1] | 23 | |
Basis - Natural Gas - Current Derivative Contract | |||
Derivative [Line Items] | |||
Volume of derivative activity (bcf, Gal) | 261 | ||
Basis - Natural Gas - Non-current Derivative Contract | |||
Derivative [Line Items] | |||
Volume of derivative activity (bcf, Gal) | 626 | ||
Fixed Price - Electricity - Current Derivative Contract | |||
Derivative [Line Items] | |||
Volume of electricity (MWh) | MWh | 8,274,639 | ||
Fixed Price - Electricity - Non-current Derivative Contract | |||
Derivative [Line Items] | |||
Volume of electricity (MWh) | MWh | 659,440 | ||
Financial Transmission Rights - Electricity- Current Derivative Contract | |||
Derivative [Line Items] | |||
Volume of electricity (MWh) | MWh | 72,352,190 | ||
Financial Transmission Rights - Electricity- Non-current Derivative Contract | |||
Derivative [Line Items] | |||
Volume of electricity (MWh) | MWh | 0 | ||
Liquids - Current Derivative Contract | |||
Derivative [Line Items] | |||
Volume of derivative activity (bcf, Gal) | gal | [2] | 39,269,554 | |
Liquids - Non-current Derivative Contract | |||
Derivative [Line Items] | |||
Volume of derivative activity (bcf, Gal) | gal | [2] | 0 | |
Foreign currency | |||
Derivative [Line Items] | |||
Interest rate (US Dollars, Euros) | € | € 250 | ||
Foreign Exchange - Current Derivative Contract | |||
Derivative [Line Items] | |||
Interest rate (US Dollars, Euros) | $ | [3],[4] | $ 0 | |
Foreign Exchange - Non- Current Derivative Contract | |||
Derivative [Line Items] | |||
Interest rate (US Dollars, Euros) | $ | [3],[4] | 280 | |
Interest Rate - Current Derivative Contract | |||
Derivative [Line Items] | |||
Interest rate (US Dollars, Euros) | $ | [4] | 2,200 | |
Interest Rate - Non-current Derivative Contract | |||
Derivative [Line Items] | |||
Interest rate (US Dollars, Euros) | $ | [4] | $ 1,600 | |
Virginia Electric and Power Company | Fixed Price - Natural Gas - Current Derivative Contract | |||
Derivative [Line Items] | |||
Volume of derivative activity (bcf, Gal) | [5] | 32 | |
Virginia Electric and Power Company | Fixed Price - Natural Gas - Non-current Derivative Contract | |||
Derivative [Line Items] | |||
Volume of derivative activity (bcf, Gal) | [5] | 12 | |
Virginia Electric and Power Company | Basis - Natural Gas - Current Derivative Contract | |||
Derivative [Line Items] | |||
Volume of derivative activity (bcf, Gal) | 126 | ||
Virginia Electric and Power Company | Basis - Natural Gas - Non-current Derivative Contract | |||
Derivative [Line Items] | |||
Volume of derivative activity (bcf, Gal) | 558 | ||
Virginia Electric and Power Company | Financial Transmission Rights - Electricity- Current Derivative Contract | |||
Derivative [Line Items] | |||
Volume of electricity (MWh) | MWh | 70,978,901 | ||
Virginia Electric and Power Company | Financial Transmission Rights - Electricity- Non-current Derivative Contract | |||
Derivative [Line Items] | |||
Volume of electricity (MWh) | MWh | 0 | ||
Virginia Electric and Power Company | Interest Rate - Current Derivative Contract | |||
Derivative [Line Items] | |||
Interest rate (US Dollars, Euros) | $ | $ 1,200 | ||
Virginia Electric and Power Company | Interest Rate - Non-current Derivative Contract | |||
Derivative [Line Items] | |||
Interest rate (US Dollars, Euros) | $ | $ 600 | ||
Dominion Gas Holdings, LLC | Fixed Price - Natural Gas - Current Derivative Contract | |||
Derivative [Line Items] | |||
Volume of derivative activity (bcf, Gal) | 6 | ||
Dominion Gas Holdings, LLC | Fixed Price - Natural Gas - Non-current Derivative Contract | |||
Derivative [Line Items] | |||
Volume of derivative activity (bcf, Gal) | 0 | ||
Dominion Gas Holdings, LLC | Basis - Natural Gas - Current Derivative Contract | |||
Derivative [Line Items] | |||
Volume of derivative activity (bcf, Gal) | 6 | ||
Dominion Gas Holdings, LLC | Basis - Natural Gas - Non-current Derivative Contract | |||
Derivative [Line Items] | |||
Volume of derivative activity (bcf, Gal) | 0 | ||
Dominion Gas Holdings, LLC | Liquids - Current Derivative Contract | |||
Derivative [Line Items] | |||
Volume of derivative activity (bcf, Gal) | gal | 33,095,554 | ||
Dominion Gas Holdings, LLC | Liquids - Non-current Derivative Contract | |||
Derivative [Line Items] | |||
Volume of derivative activity (bcf, Gal) | gal | 0 | ||
Dominion Gas Holdings, LLC | Foreign currency | |||
Derivative [Line Items] | |||
Interest rate (US Dollars, Euros) | € | € 250 | ||
Dominion Gas Holdings, LLC | Foreign Exchange - Current Derivative Contract | |||
Derivative [Line Items] | |||
Interest rate (US Dollars, Euros) | $ | [6] | $ 0 | |
Dominion Gas Holdings, LLC | Foreign Exchange - Non- Current Derivative Contract | |||
Derivative [Line Items] | |||
Interest rate (US Dollars, Euros) | $ | [6] | $ 280 | |
[1] | Includes options. | ||
[2] | Includes NGLs and oil. | ||
[3] | Euro equivalent volumes are €250,000,000. | ||
[4] | Maturity is determined based on final settlement period. | ||
[5] | Includes options. | ||
[6] | Maturity is determined based on final settlement period. Euro equivalent volumes are €250,000,000. |
Derivatives and Hedge Account64
Derivatives and Hedge Accounting Activities (Selected Information Related to Gains (Losses) on Cash Flow Hedges Included in AOCI) (Details) $ in Millions | 9 Months Ended |
Sep. 30, 2016USD ($) | |
Derivative Instruments, Gain (Loss) [Line Items] | |
AOCI After-Tax | $ (261) |
Amounts Expected to be Reclassified to Earnings During the Next 12 Months After-Tax | 13 |
Commodity | Gas Energy Contract | |
Derivative Instruments, Gain (Loss) [Line Items] | |
AOCI After-Tax | (2) |
Amounts Expected to be Reclassified to Earnings During the Next 12 Months After-Tax | $ (2) |
Maximum Term | 39 months |
Commodity | Electricity Energy Contract | |
Derivative Instruments, Gain (Loss) [Line Items] | |
AOCI After-Tax | $ 44 |
Amounts Expected to be Reclassified to Earnings During the Next 12 Months After-Tax | $ 42 |
Maximum Term | 15 months |
Commodity | Other Energy Contract | |
Derivative Instruments, Gain (Loss) [Line Items] | |
AOCI After-Tax | $ (1) |
Amounts Expected to be Reclassified to Earnings During the Next 12 Months After-Tax | $ (1) |
Maximum Term | 6 months |
Interest rate | |
Derivative Instruments, Gain (Loss) [Line Items] | |
AOCI After-Tax | $ (304) |
Amounts Expected to be Reclassified to Earnings During the Next 12 Months After-Tax | $ (26) |
Maximum Term | 378 months |
Foreign currency | |
Derivative Instruments, Gain (Loss) [Line Items] | |
AOCI After-Tax | $ 2 |
Amounts Expected to be Reclassified to Earnings During the Next 12 Months After-Tax | $ 0 |
Maximum Term | 117 months |
Virginia Electric and Power Company | |
Derivative Instruments, Gain (Loss) [Line Items] | |
AOCI After-Tax | $ (22) |
Amounts Expected to be Reclassified to Earnings During the Next 12 Months After-Tax | (1) |
Virginia Electric and Power Company | Interest rate | |
Derivative Instruments, Gain (Loss) [Line Items] | |
AOCI After-Tax | (22) |
Amounts Expected to be Reclassified to Earnings During the Next 12 Months After-Tax | $ (1) |
Maximum Term | 378 months |
Dominion Gas Holdings, LLC | |
Derivative Instruments, Gain (Loss) [Line Items] | |
AOCI After-Tax | $ (26) |
Amounts Expected to be Reclassified to Earnings During the Next 12 Months After-Tax | (3) |
Dominion Gas Holdings, LLC | Commodity | NGLs | |
Derivative Instruments, Gain (Loss) [Line Items] | |
AOCI After-Tax | (1) |
Amounts Expected to be Reclassified to Earnings During the Next 12 Months After-Tax | $ (1) |
Maximum Term | 6 months |
Dominion Gas Holdings, LLC | Interest rate | |
Derivative Instruments, Gain (Loss) [Line Items] | |
AOCI After-Tax | $ (27) |
Amounts Expected to be Reclassified to Earnings During the Next 12 Months After-Tax | $ (2) |
Maximum Term | 339 months |
Dominion Gas Holdings, LLC | Foreign currency | |
Derivative Instruments, Gain (Loss) [Line Items] | |
AOCI After-Tax | $ 2 |
Amounts Expected to be Reclassified to Earnings During the Next 12 Months After-Tax | $ 0 |
Maximum Term | 117 months |
Derivatives and Hedge Account65
Derivatives and Hedge Accounting Activities (Fair Value of Derivatives) (Details) - USD ($) $ in Millions | Sep. 30, 2016 | Dec. 31, 2015 | |
Derivatives, Fair Value [Line Items] | |||
Derivative Asset | $ 295 | $ 388 | |
Derivative Liabilities | 422 | 343 | |
Current Assets | |||
Derivatives, Fair Value [Line Items] | |||
Derivative Asset | [1] | 173 | 255 |
Current Assets | Commodity | |||
Derivatives, Fair Value [Line Items] | |||
Derivative Asset | 164 | 252 | |
Current Assets | Interest rate | |||
Derivatives, Fair Value [Line Items] | |||
Derivative Asset | 9 | 3 | |
Noncurrent Assets | |||
Derivatives, Fair Value [Line Items] | |||
Derivative Asset | [2] | 122 | 133 |
Noncurrent Assets | Commodity | |||
Derivatives, Fair Value [Line Items] | |||
Derivative Asset | 104 | 112 | |
Noncurrent Assets | Interest rate | |||
Derivatives, Fair Value [Line Items] | |||
Derivative Asset | 10 | 21 | |
Noncurrent Assets | Foreign currency | |||
Derivatives, Fair Value [Line Items] | |||
Derivative Asset | 8 | ||
Current Liabilities | |||
Derivatives, Fair Value [Line Items] | |||
Derivative Liabilities | [3] | 286 | 312 |
Current Liabilities | Commodity | |||
Derivatives, Fair Value [Line Items] | |||
Derivative Liabilities | 100 | 148 | |
Current Liabilities | Interest rate | |||
Derivatives, Fair Value [Line Items] | |||
Derivative Liabilities | 182 | 164 | |
Current Liabilities | Foreign currency | |||
Derivatives, Fair Value [Line Items] | |||
Derivative Liabilities | 4 | ||
Noncurrent Liabilities | |||
Derivatives, Fair Value [Line Items] | |||
Derivative Liabilities | [4] | 136 | 31 |
Noncurrent Liabilities | Commodity | |||
Derivatives, Fair Value [Line Items] | |||
Derivative Liabilities | 11 | 12 | |
Noncurrent Liabilities | Interest rate | |||
Derivatives, Fair Value [Line Items] | |||
Derivative Liabilities | 125 | 19 | |
Fair Value – Derivatives under Hedge Accounting | |||
Derivatives, Fair Value [Line Items] | |||
Derivative Asset | 90 | 128 | |
Derivative Liabilities | 334 | 215 | |
Fair Value – Derivatives under Hedge Accounting | Current Assets | |||
Derivatives, Fair Value [Line Items] | |||
Derivative Asset | [1] | 68 | 104 |
Fair Value – Derivatives under Hedge Accounting | Current Assets | Commodity | |||
Derivatives, Fair Value [Line Items] | |||
Derivative Asset | 59 | 101 | |
Fair Value – Derivatives under Hedge Accounting | Current Assets | Interest rate | |||
Derivatives, Fair Value [Line Items] | |||
Derivative Asset | 9 | 3 | |
Fair Value – Derivatives under Hedge Accounting | Noncurrent Assets | |||
Derivatives, Fair Value [Line Items] | |||
Derivative Asset | [2] | 22 | 24 |
Fair Value – Derivatives under Hedge Accounting | Noncurrent Assets | Commodity | |||
Derivatives, Fair Value [Line Items] | |||
Derivative Asset | 4 | 3 | |
Fair Value – Derivatives under Hedge Accounting | Noncurrent Assets | Interest rate | |||
Derivatives, Fair Value [Line Items] | |||
Derivative Asset | 10 | 21 | |
Fair Value – Derivatives under Hedge Accounting | Noncurrent Assets | Foreign currency | |||
Derivatives, Fair Value [Line Items] | |||
Derivative Asset | 8 | ||
Fair Value – Derivatives under Hedge Accounting | Current Liabilities | |||
Derivatives, Fair Value [Line Items] | |||
Derivative Liabilities | [3] | 208 | 196 |
Fair Value – Derivatives under Hedge Accounting | Current Liabilities | Commodity | |||
Derivatives, Fair Value [Line Items] | |||
Derivative Liabilities | 22 | 32 | |
Fair Value – Derivatives under Hedge Accounting | Current Liabilities | Interest rate | |||
Derivatives, Fair Value [Line Items] | |||
Derivative Liabilities | 182 | 164 | |
Fair Value – Derivatives under Hedge Accounting | Current Liabilities | Foreign currency | |||
Derivatives, Fair Value [Line Items] | |||
Derivative Liabilities | 4 | ||
Fair Value – Derivatives under Hedge Accounting | Noncurrent Liabilities | |||
Derivatives, Fair Value [Line Items] | |||
Derivative Liabilities | [4] | 126 | 19 |
Fair Value – Derivatives under Hedge Accounting | Noncurrent Liabilities | Commodity | |||
Derivatives, Fair Value [Line Items] | |||
Derivative Liabilities | 1 | 0 | |
Fair Value – Derivatives under Hedge Accounting | Noncurrent Liabilities | Interest rate | |||
Derivatives, Fair Value [Line Items] | |||
Derivative Liabilities | 125 | 19 | |
Fair Value – Derivatives not under Hedge Accounting | |||
Derivatives, Fair Value [Line Items] | |||
Derivative Asset | 205 | 260 | |
Derivative Liabilities | 88 | 128 | |
Fair Value – Derivatives not under Hedge Accounting | Current Assets | |||
Derivatives, Fair Value [Line Items] | |||
Derivative Asset | [1] | 105 | 151 |
Fair Value – Derivatives not under Hedge Accounting | Current Assets | Commodity | |||
Derivatives, Fair Value [Line Items] | |||
Derivative Asset | 105 | 151 | |
Fair Value – Derivatives not under Hedge Accounting | Current Assets | Interest rate | |||
Derivatives, Fair Value [Line Items] | |||
Derivative Asset | 0 | 0 | |
Fair Value – Derivatives not under Hedge Accounting | Noncurrent Assets | |||
Derivatives, Fair Value [Line Items] | |||
Derivative Asset | [2] | 100 | 109 |
Fair Value – Derivatives not under Hedge Accounting | Noncurrent Assets | Commodity | |||
Derivatives, Fair Value [Line Items] | |||
Derivative Asset | 100 | 109 | |
Fair Value – Derivatives not under Hedge Accounting | Noncurrent Assets | Interest rate | |||
Derivatives, Fair Value [Line Items] | |||
Derivative Asset | 0 | 0 | |
Fair Value – Derivatives not under Hedge Accounting | Noncurrent Assets | Foreign currency | |||
Derivatives, Fair Value [Line Items] | |||
Derivative Asset | 0 | ||
Fair Value – Derivatives not under Hedge Accounting | Current Liabilities | |||
Derivatives, Fair Value [Line Items] | |||
Derivative Liabilities | [3] | 78 | 116 |
Fair Value – Derivatives not under Hedge Accounting | Current Liabilities | Commodity | |||
Derivatives, Fair Value [Line Items] | |||
Derivative Liabilities | 78 | 116 | |
Fair Value – Derivatives not under Hedge Accounting | Current Liabilities | Interest rate | |||
Derivatives, Fair Value [Line Items] | |||
Derivative Liabilities | 0 | 0 | |
Fair Value – Derivatives not under Hedge Accounting | Current Liabilities | Foreign currency | |||
Derivatives, Fair Value [Line Items] | |||
Derivative Liabilities | 0 | ||
Fair Value – Derivatives not under Hedge Accounting | Noncurrent Liabilities | |||
Derivatives, Fair Value [Line Items] | |||
Derivative Liabilities | [4] | 10 | 12 |
Fair Value – Derivatives not under Hedge Accounting | Noncurrent Liabilities | Commodity | |||
Derivatives, Fair Value [Line Items] | |||
Derivative Liabilities | 10 | 12 | |
Fair Value – Derivatives not under Hedge Accounting | Noncurrent Liabilities | Interest rate | |||
Derivatives, Fair Value [Line Items] | |||
Derivative Liabilities | 0 | 0 | |
Virginia Electric and Power Company | |||
Derivatives, Fair Value [Line Items] | |||
Derivative Asset | 118 | 127 | |
Derivative Liabilities | 291 | 86 | |
Virginia Electric and Power Company | Current Assets | |||
Derivatives, Fair Value [Line Items] | |||
Derivative Asset | [5] | 27 | 18 |
Virginia Electric and Power Company | Current Assets | Commodity | |||
Derivatives, Fair Value [Line Items] | |||
Derivative Asset | 25 | 18 | |
Virginia Electric and Power Company | Current Assets | Interest rate | |||
Derivatives, Fair Value [Line Items] | |||
Derivative Asset | 2 | ||
Virginia Electric and Power Company | Noncurrent Assets | |||
Derivatives, Fair Value [Line Items] | |||
Derivative Asset | [6] | 91 | 109 |
Virginia Electric and Power Company | Noncurrent Assets | Commodity | |||
Derivatives, Fair Value [Line Items] | |||
Derivative Asset | 91 | 96 | |
Virginia Electric and Power Company | Noncurrent Assets | Interest rate | |||
Derivatives, Fair Value [Line Items] | |||
Derivative Asset | 13 | ||
Virginia Electric and Power Company | Current Liabilities | |||
Derivatives, Fair Value [Line Items] | |||
Derivative Liabilities | [7] | 161 | 80 |
Virginia Electric and Power Company | Current Liabilities | Commodity | |||
Derivatives, Fair Value [Line Items] | |||
Derivative Liabilities | 19 | 23 | |
Virginia Electric and Power Company | Current Liabilities | Interest rate | |||
Derivatives, Fair Value [Line Items] | |||
Derivative Liabilities | 142 | 57 | |
Virginia Electric and Power Company | Noncurrent Liabilities | |||
Derivatives, Fair Value [Line Items] | |||
Derivative Liabilities | [8] | 130 | 6 |
Virginia Electric and Power Company | Noncurrent Liabilities | Commodity | |||
Derivatives, Fair Value [Line Items] | |||
Derivative Liabilities | 5 | 4 | |
Virginia Electric and Power Company | Noncurrent Liabilities | Interest rate | |||
Derivatives, Fair Value [Line Items] | |||
Derivative Liabilities | 125 | 2 | |
Virginia Electric and Power Company | Fair Value – Derivatives under Hedge Accounting | |||
Derivatives, Fair Value [Line Items] | |||
Derivative Asset | 2 | 13 | |
Derivative Liabilities | 267 | 59 | |
Virginia Electric and Power Company | Fair Value – Derivatives under Hedge Accounting | Current Assets | |||
Derivatives, Fair Value [Line Items] | |||
Derivative Asset | [5] | 2 | 0 |
Virginia Electric and Power Company | Fair Value – Derivatives under Hedge Accounting | Current Assets | Commodity | |||
Derivatives, Fair Value [Line Items] | |||
Derivative Asset | 0 | 0 | |
Virginia Electric and Power Company | Fair Value – Derivatives under Hedge Accounting | Current Assets | Interest rate | |||
Derivatives, Fair Value [Line Items] | |||
Derivative Asset | 2 | ||
Virginia Electric and Power Company | Fair Value – Derivatives under Hedge Accounting | Noncurrent Assets | |||
Derivatives, Fair Value [Line Items] | |||
Derivative Asset | [6] | 0 | 13 |
Virginia Electric and Power Company | Fair Value – Derivatives under Hedge Accounting | Noncurrent Assets | Commodity | |||
Derivatives, Fair Value [Line Items] | |||
Derivative Asset | 0 | 0 | |
Virginia Electric and Power Company | Fair Value – Derivatives under Hedge Accounting | Noncurrent Assets | Interest rate | |||
Derivatives, Fair Value [Line Items] | |||
Derivative Asset | 13 | ||
Virginia Electric and Power Company | Fair Value – Derivatives under Hedge Accounting | Current Liabilities | |||
Derivatives, Fair Value [Line Items] | |||
Derivative Liabilities | [7] | 142 | 57 |
Virginia Electric and Power Company | Fair Value – Derivatives under Hedge Accounting | Current Liabilities | Commodity | |||
Derivatives, Fair Value [Line Items] | |||
Derivative Liabilities | 0 | 0 | |
Virginia Electric and Power Company | Fair Value – Derivatives under Hedge Accounting | Current Liabilities | Interest rate | |||
Derivatives, Fair Value [Line Items] | |||
Derivative Liabilities | 142 | 57 | |
Virginia Electric and Power Company | Fair Value – Derivatives under Hedge Accounting | Noncurrent Liabilities | |||
Derivatives, Fair Value [Line Items] | |||
Derivative Liabilities | [8] | 125 | 2 |
Virginia Electric and Power Company | Fair Value – Derivatives under Hedge Accounting | Noncurrent Liabilities | Commodity | |||
Derivatives, Fair Value [Line Items] | |||
Derivative Liabilities | 0 | 0 | |
Virginia Electric and Power Company | Fair Value – Derivatives under Hedge Accounting | Noncurrent Liabilities | Interest rate | |||
Derivatives, Fair Value [Line Items] | |||
Derivative Liabilities | 125 | 2 | |
Virginia Electric and Power Company | Fair Value – Derivatives not under Hedge Accounting | |||
Derivatives, Fair Value [Line Items] | |||
Derivative Asset | 116 | 114 | |
Derivative Liabilities | 24 | 27 | |
Virginia Electric and Power Company | Fair Value – Derivatives not under Hedge Accounting | Current Assets | |||
Derivatives, Fair Value [Line Items] | |||
Derivative Asset | [5] | 25 | 18 |
Virginia Electric and Power Company | Fair Value – Derivatives not under Hedge Accounting | Current Assets | Commodity | |||
Derivatives, Fair Value [Line Items] | |||
Derivative Asset | 25 | 18 | |
Virginia Electric and Power Company | Fair Value – Derivatives not under Hedge Accounting | Current Assets | Interest rate | |||
Derivatives, Fair Value [Line Items] | |||
Derivative Asset | 0 | ||
Virginia Electric and Power Company | Fair Value – Derivatives not under Hedge Accounting | Noncurrent Assets | |||
Derivatives, Fair Value [Line Items] | |||
Derivative Asset | [6] | 91 | 96 |
Virginia Electric and Power Company | Fair Value – Derivatives not under Hedge Accounting | Noncurrent Assets | Commodity | |||
Derivatives, Fair Value [Line Items] | |||
Derivative Asset | 91 | 96 | |
Virginia Electric and Power Company | Fair Value – Derivatives not under Hedge Accounting | Noncurrent Assets | Interest rate | |||
Derivatives, Fair Value [Line Items] | |||
Derivative Asset | 0 | ||
Virginia Electric and Power Company | Fair Value – Derivatives not under Hedge Accounting | Current Liabilities | |||
Derivatives, Fair Value [Line Items] | |||
Derivative Liabilities | [7] | 19 | 23 |
Virginia Electric and Power Company | Fair Value – Derivatives not under Hedge Accounting | Current Liabilities | Commodity | |||
Derivatives, Fair Value [Line Items] | |||
Derivative Liabilities | 19 | 23 | |
Virginia Electric and Power Company | Fair Value – Derivatives not under Hedge Accounting | Current Liabilities | Interest rate | |||
Derivatives, Fair Value [Line Items] | |||
Derivative Liabilities | 0 | 0 | |
Virginia Electric and Power Company | Fair Value – Derivatives not under Hedge Accounting | Noncurrent Liabilities | |||
Derivatives, Fair Value [Line Items] | |||
Derivative Liabilities | [8] | 5 | 4 |
Virginia Electric and Power Company | Fair Value – Derivatives not under Hedge Accounting | Noncurrent Liabilities | Commodity | |||
Derivatives, Fair Value [Line Items] | |||
Derivative Liabilities | 5 | 4 | |
Virginia Electric and Power Company | Fair Value – Derivatives not under Hedge Accounting | Noncurrent Liabilities | Interest rate | |||
Derivatives, Fair Value [Line Items] | |||
Derivative Liabilities | 0 | 0 | |
Dominion Gas Holdings, LLC | |||
Derivatives, Fair Value [Line Items] | |||
Derivative Asset | 14 | 11 | |
Derivative Liabilities | 6 | 14 | |
Dominion Gas Holdings, LLC | Current Assets | |||
Derivatives, Fair Value [Line Items] | |||
Derivative Asset | [9] | 6 | 10 |
Dominion Gas Holdings, LLC | Current Assets | Commodity | |||
Derivatives, Fair Value [Line Items] | |||
Derivative Asset | 6 | 10 | |
Dominion Gas Holdings, LLC | Noncurrent Assets | |||
Derivatives, Fair Value [Line Items] | |||
Derivative Asset | [10] | 8 | 1 |
Dominion Gas Holdings, LLC | Noncurrent Assets | Commodity | |||
Derivatives, Fair Value [Line Items] | |||
Derivative Asset | 1 | ||
Dominion Gas Holdings, LLC | Noncurrent Assets | Foreign currency | |||
Derivatives, Fair Value [Line Items] | |||
Derivative Asset | 8 | ||
Dominion Gas Holdings, LLC | Current Liabilities | |||
Derivatives, Fair Value [Line Items] | |||
Derivative Liabilities | [11] | 6 | |
Dominion Gas Holdings, LLC | Current Liabilities | Commodity | |||
Derivatives, Fair Value [Line Items] | |||
Derivative Liabilities | 2 | ||
Dominion Gas Holdings, LLC | Current Liabilities | Foreign currency | |||
Derivatives, Fair Value [Line Items] | |||
Derivative Liabilities | 4 | ||
Dominion Gas Holdings, LLC | Noncurrent Liabilities | |||
Derivatives, Fair Value [Line Items] | |||
Derivative Liabilities | [12] | 14 | |
Dominion Gas Holdings, LLC | Noncurrent Liabilities | Interest rate | |||
Derivatives, Fair Value [Line Items] | |||
Derivative Liabilities | 14 | ||
Dominion Gas Holdings, LLC | Fair Value – Derivatives under Hedge Accounting | |||
Derivatives, Fair Value [Line Items] | |||
Derivative Asset | 9 | 11 | |
Derivative Liabilities | 6 | 14 | |
Dominion Gas Holdings, LLC | Fair Value – Derivatives under Hedge Accounting | Current Assets | |||
Derivatives, Fair Value [Line Items] | |||
Derivative Asset | [9] | 1 | 10 |
Dominion Gas Holdings, LLC | Fair Value – Derivatives under Hedge Accounting | Current Assets | Commodity | |||
Derivatives, Fair Value [Line Items] | |||
Derivative Asset | 1 | 10 | |
Dominion Gas Holdings, LLC | Fair Value – Derivatives under Hedge Accounting | Noncurrent Assets | |||
Derivatives, Fair Value [Line Items] | |||
Derivative Asset | [10] | 8 | 1 |
Dominion Gas Holdings, LLC | Fair Value – Derivatives under Hedge Accounting | Noncurrent Assets | Commodity | |||
Derivatives, Fair Value [Line Items] | |||
Derivative Asset | 1 | ||
Dominion Gas Holdings, LLC | Fair Value – Derivatives under Hedge Accounting | Noncurrent Assets | Foreign currency | |||
Derivatives, Fair Value [Line Items] | |||
Derivative Asset | 8 | ||
Dominion Gas Holdings, LLC | Fair Value – Derivatives under Hedge Accounting | Current Liabilities | |||
Derivatives, Fair Value [Line Items] | |||
Derivative Liabilities | [11] | 6 | |
Dominion Gas Holdings, LLC | Fair Value – Derivatives under Hedge Accounting | Current Liabilities | Commodity | |||
Derivatives, Fair Value [Line Items] | |||
Derivative Liabilities | 2 | ||
Dominion Gas Holdings, LLC | Fair Value – Derivatives under Hedge Accounting | Current Liabilities | Foreign currency | |||
Derivatives, Fair Value [Line Items] | |||
Derivative Liabilities | 4 | ||
Dominion Gas Holdings, LLC | Fair Value – Derivatives under Hedge Accounting | Noncurrent Liabilities | |||
Derivatives, Fair Value [Line Items] | |||
Derivative Liabilities | [12] | 14 | |
Dominion Gas Holdings, LLC | Fair Value – Derivatives under Hedge Accounting | Noncurrent Liabilities | Interest rate | |||
Derivatives, Fair Value [Line Items] | |||
Derivative Liabilities | 14 | ||
Dominion Gas Holdings, LLC | Fair Value – Derivatives not under Hedge Accounting | |||
Derivatives, Fair Value [Line Items] | |||
Derivative Asset | 5 | 0 | |
Derivative Liabilities | 0 | 0 | |
Dominion Gas Holdings, LLC | Fair Value – Derivatives not under Hedge Accounting | Current Assets | |||
Derivatives, Fair Value [Line Items] | |||
Derivative Asset | [9] | 5 | 0 |
Dominion Gas Holdings, LLC | Fair Value – Derivatives not under Hedge Accounting | Current Assets | Commodity | |||
Derivatives, Fair Value [Line Items] | |||
Derivative Asset | 5 | 0 | |
Dominion Gas Holdings, LLC | Fair Value – Derivatives not under Hedge Accounting | Noncurrent Assets | |||
Derivatives, Fair Value [Line Items] | |||
Derivative Asset | [10] | 0 | 0 |
Dominion Gas Holdings, LLC | Fair Value – Derivatives not under Hedge Accounting | Noncurrent Assets | Commodity | |||
Derivatives, Fair Value [Line Items] | |||
Derivative Asset | 0 | ||
Dominion Gas Holdings, LLC | Fair Value – Derivatives not under Hedge Accounting | Noncurrent Assets | Foreign currency | |||
Derivatives, Fair Value [Line Items] | |||
Derivative Asset | 0 | ||
Dominion Gas Holdings, LLC | Fair Value – Derivatives not under Hedge Accounting | Current Liabilities | |||
Derivatives, Fair Value [Line Items] | |||
Derivative Liabilities | [11] | 0 | |
Dominion Gas Holdings, LLC | Fair Value – Derivatives not under Hedge Accounting | Current Liabilities | Commodity | |||
Derivatives, Fair Value [Line Items] | |||
Derivative Liabilities | 0 | ||
Dominion Gas Holdings, LLC | Fair Value – Derivatives not under Hedge Accounting | Current Liabilities | Foreign currency | |||
Derivatives, Fair Value [Line Items] | |||
Derivative Liabilities | $ 0 | ||
Dominion Gas Holdings, LLC | Fair Value – Derivatives not under Hedge Accounting | Noncurrent Liabilities | |||
Derivatives, Fair Value [Line Items] | |||
Derivative Liabilities | [12] | 0 | |
Dominion Gas Holdings, LLC | Fair Value – Derivatives not under Hedge Accounting | Noncurrent Liabilities | Interest rate | |||
Derivatives, Fair Value [Line Items] | |||
Derivative Liabilities | $ 0 | ||
[1] | Current derivative assets are presented in other current assets in Dominion’s Consolidated Balance Sheets. | ||
[2] | Noncurrent derivative assets are presented in other deferred charges and other assets in Dominion’s Consolidated Balance Sheets. | ||
[3] | Current derivative liabilities are presented in other current liabilities in Dominion's Consolidated Balance Sheets. | ||
[4] | Noncurrent derivative liabilities are presented in other deferred credits and other liabilities in Dominion’s Consolidated Balance Sheets. | ||
[5] | Current derivative assets are presented in other current assets in Virginia Power's Consolidated Balance Sheets. | ||
[6] | Noncurrent derivative assets are presented in other deferred charges and other assets in Virginia Power's Consolidated Balance Sheets. | ||
[7] | Current derivative liabilities are presented in other current liabilities in Virginia Power's Consolidated Balance Sheets. | ||
[8] | Noncurrent derivative liabilities are presented in other deferred credits and other liabilities in Virginia Power’s Consolidated Balance Sheets. | ||
[9] | Current derivative assets are presented in other current assets in Dominion Gas' Consolidated Balance Sheets. | ||
[10] | Noncurrent derivative assets are presented in other deferred charges and other assets in Dominion Gas’ Consolidated Balance Sheets. | ||
[11] | Current derivative liabilities are presented in other current liabilities in Dominion Gas' Consolidated Balance Sheets. | ||
[12] | Noncurrent derivative liabilities are presented in other deferred credits and other liabilities in Dominion Gas’ Consolidated Balance Sheets. |
Derivatives and Hedge Account66
Derivatives and Hedge Accounting Activities (Gains and Losses on Derivatives in Cash Flow Hedging Relationships) (Details) - Cash Flow Hedges - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | ||
Derivative Instruments, Gain (Loss) [Line Items] | |||||
Amount of Gain (Loss) Recognized in AOCI on Derivatives (Effective Portion) | [1] | $ 22 | $ (7) | $ 90 | $ 45 |
Amount of Gain (Loss) Reclassified From AOCI to Income | 55 | 83 | 229 | 87 | |
Increase (Decrease) in Derivatives Subject to Regulatory Treatment | [2] | (16) | (69) | (258) | (24) |
Commodity | |||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||
Amount of Gain (Loss) Recognized in AOCI on Derivatives (Effective Portion) | [1] | 7 | 64 | 193 | 117 |
Amount of Gain (Loss) Reclassified From AOCI to Income | 62 | 85 | 249 | 94 | |
Increase (Decrease) in Derivatives Subject to Regulatory Treatment | [2] | 0 | 0 | 0 | 3 |
Commodity | Operating revenue | |||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||
Amount of Gain (Loss) Reclassified From AOCI to Income | 64 | 87 | 266 | 103 | |
Commodity | Purchased Gas | |||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||
Amount of Gain (Loss) Reclassified From AOCI to Income | (1) | (2) | (9) | (9) | |
Commodity | Electric Fuel and Other Energy-Related Purchases | |||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||
Amount of Gain (Loss) Reclassified From AOCI to Income | (1) | (8) | |||
Interest rate | |||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||
Amount of Gain (Loss) Recognized in AOCI on Derivatives (Effective Portion) | [1],[3] | 3 | (71) | (107) | (72) |
Amount of Gain (Loss) Reclassified From AOCI to Income | [3] | (10) | (2) | (21) | (7) |
Increase (Decrease) in Derivatives Subject to Regulatory Treatment | [2],[3] | (16) | (69) | (258) | (27) |
Foreign currency | |||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||
Amount of Gain (Loss) Recognized in AOCI on Derivatives (Effective Portion) | [1],[4] | 12 | 4 | ||
Amount of Gain (Loss) Reclassified From AOCI to Income | [4] | 3 | 1 | ||
Increase (Decrease) in Derivatives Subject to Regulatory Treatment | [2],[4] | 0 | 0 | ||
Virginia Electric and Power Company | |||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||
Amount of Gain (Loss) Recognized in AOCI on Derivatives (Effective Portion) | [5] | (2) | (9) | (26) | (4) |
Amount of Gain (Loss) Reclassified From AOCI to Income | 0 | 0 | (1) | (1) | |
Increase (Decrease) in Derivatives Subject to Regulatory Treatment | [6] | (16) | (69) | (258) | (24) |
Virginia Electric and Power Company | Commodity | |||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||
Amount of Gain (Loss) Recognized in AOCI on Derivatives (Effective Portion) | [5] | 0 | |||
Amount of Gain (Loss) Reclassified From AOCI to Income | (1) | ||||
Increase (Decrease) in Derivatives Subject to Regulatory Treatment | [6] | 3 | |||
Virginia Electric and Power Company | Commodity | Electric Fuel and Other Energy-Related Purchases | |||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||
Amount of Gain (Loss) Reclassified From AOCI to Income | (1) | ||||
Virginia Electric and Power Company | Interest rate | |||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||
Amount of Gain (Loss) Recognized in AOCI on Derivatives (Effective Portion) | [5],[7] | (2) | (9) | (26) | (4) |
Amount of Gain (Loss) Reclassified From AOCI to Income | [7] | 0 | 0 | (1) | 0 |
Increase (Decrease) in Derivatives Subject to Regulatory Treatment | [6],[7] | (16) | (69) | (258) | (27) |
Dominion Gas Holdings, LLC | |||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||
Amount of Gain (Loss) Recognized in AOCI on Derivatives (Effective Portion) | [8] | 12 | 4 | (11) | 2 |
Amount of Gain (Loss) Reclassified From AOCI to Income | 3 | 3 | 5 | 4 | |
Dominion Gas Holdings, LLC | Commodity | |||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||
Amount of Gain (Loss) Recognized in AOCI on Derivatives (Effective Portion) | [8] | 0 | 11 | (7) | 10 |
Amount of Gain (Loss) Reclassified From AOCI to Income | 1 | 3 | 6 | 4 | |
Dominion Gas Holdings, LLC | Commodity | Operating revenue | |||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||
Amount of Gain (Loss) Reclassified From AOCI to Income | 1 | 3 | 6 | 4 | |
Dominion Gas Holdings, LLC | Interest rate | |||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||
Amount of Gain (Loss) Recognized in AOCI on Derivatives (Effective Portion) | [8],[9] | 0 | (7) | (8) | (8) |
Amount of Gain (Loss) Reclassified From AOCI to Income | [9] | (1) | $ 0 | (2) | $ 0 |
Dominion Gas Holdings, LLC | Foreign currency | |||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||
Amount of Gain (Loss) Recognized in AOCI on Derivatives (Effective Portion) | [8],[10] | 12 | 4 | ||
Amount of Gain (Loss) Reclassified From AOCI to Income | [10] | $ 3 | $ 1 | ||
[1] | Amounts deferred into AOCI have no associated effect in Dominion’s Consolidated Statements of Income. | ||||
[2] | Represents net derivative activity deferred into and amortized out of regulatory assets/liabilities. Amounts deferred into regulatory assets/liabilities have no associated effect in Dominion’s Consolidated Statements of Income. | ||||
[3] | Amounts recorded in Dominion’s Consolidated Statements of Income are classified in interest and related charges. | ||||
[4] | Amounts recorded in Dominion’s Consolidated Statements of Income are classified in other income. | ||||
[5] | Amounts deferred into AOCI have no associated effect in Virginia Power’s Consolidated Statements of Income. | ||||
[6] | Represents net derivative activity deferred into and amortized out of regulatory assets/liabilities. Amounts deferred into regulatory assets/liabilities have no associated effect in Virginia Power’s Consolidated Statements of Income. | ||||
[7] | Amounts recorded in Virginia Power’s Consolidated Statements of Income are classified in interest and related charges. | ||||
[8] | Amounts deferred into AOCI have no associated effect in Dominion Gas' Consolidated Statements of Income. | ||||
[9] | Amounts recorded in Dominion Gas' Consolidated Statements of Income are classified in interest and related charges. | ||||
[10] | Amounts recorded in Dominion Gas' Consolidated Statements of Income are classified in other income. |
Derivatives and Hedge Account67
Derivatives and Hedge Accounting Activities (Schedule of Derivatives not Designated as Hedging Instruments) (Details) - Derivatives Not Designated as Hedging Instruments - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | ||
Derivative Instruments, Gain (Loss) [Line Items] | |||||
Amount of Gain (Loss) Recognized in Income on Derivatives | [1] | $ (8) | $ (6) | $ (38) | $ 12 |
Commodity | Operating revenue | |||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||
Amount of Gain (Loss) Recognized in Income on Derivatives | [1] | 25 | 2 | 19 | 20 |
Commodity | Purchased gas | |||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||
Amount of Gain (Loss) Recognized in Income on Derivatives | [1] | (21) | (3) | (14) | (12) |
Commodity | Electric fuel and other energy-related purchases | |||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||
Amount of Gain (Loss) Recognized in Income on Derivatives | [1] | (12) | (4) | (43) | 5 |
Interest rate | |||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||
Amount of Gain (Loss) Recognized in Income on Derivatives | [1],[2] | 0 | (1) | 0 | (1) |
Virginia Electric and Power Company | |||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||
Amount of Gain (Loss) Recognized in Income on Derivatives | [3] | (10) | (6) | (40) | 6 |
Virginia Electric and Power Company | Commodity | |||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||
Amount of Gain (Loss) Recognized in Income on Derivatives | [3],[4] | (10) | (6) | (40) | 6 |
Dominion Gas Holdings, LLC | Commodity | |||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||
Amount of Gain (Loss) Recognized in Income on Derivatives | 5 | 1 | 3 | 5 | |
Dominion Gas Holdings, LLC | Commodity | Operating revenue | |||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||
Amount of Gain (Loss) Recognized in Income on Derivatives | $ 5 | $ 1 | $ 3 | $ 5 | |
[1] | Includes derivative activity amortized out of regulatory assets/liabilities. Amounts deferred into regulatory assets/liabilities have no associated effect in Dominion’s Consolidated Statements of Income. | ||||
[2] | Amounts recorded in Dominion's Consolidated Statements of Income are classified in interest and related charges. | ||||
[3] | Includes derivative activity amortized out of regulatory assets/liabilities. Amounts deferred into regulatory assets/liabilities have no associated effect in Virginia Power’s Consolidated Statements of Income. | ||||
[4] | Amounts recorded in Virginia Power's Consolidated Statements of Income are classified in electric fuel and other energy-related purchases. |
Investments (Narrative) (Detail
Investments (Narrative) (Details) - USD ($) $ in Millions | 1 Months Ended | 9 Months Ended | ||||
Oct. 31, 2016 | May 31, 2016 | Sep. 30, 2016 | Sep. 30, 2015 | Dec. 31, 2015 | ||
Gain (Loss) on Investments [Line Items] | ||||||
Investment in equity method affiliates | $ 1,498 | $ 1,320 | [1] | |||
Atlantic Coast Pipeline | Subsequent Event | ||||||
Gain (Loss) on Investments [Line Items] | ||||||
Membership interest percentage purchased | 3.00% | |||||
Membership interest purchased | $ 14 | |||||
Membership interest percentage | 48.00% | |||||
Duke | Atlantic Coast Pipeline | Subsequent Event | ||||||
Gain (Loss) on Investments [Line Items] | ||||||
Membership interest percentage | 47.00% | |||||
Dominion Gas Holdings, LLC | Iroquois | Partnership Interest | ||||||
Gain (Loss) on Investments [Line Items] | ||||||
Equity in earnings on investments | 14 | $ 17 | ||||
Distributions received from investment | 17 | $ 26 | ||||
Investment in equity method affiliates | 97 | 102 | ||||
Carrying amount of investment that exceeded share of underlying equity | 8 | 8 | ||||
Percentage of non-controlling interests sold | 0.65% | |||||
Sales price | $ 7 | |||||
Gain on sale of interests | 5 | |||||
After tax gain on sale of interests | $ 3 | |||||
Categories of Investments, Marketable Securities, Trading Securities | ||||||
Gain (Loss) on Investments [Line Items] | ||||||
Assets Held-in-trust | $ 103 | $ 100 | ||||
[1] | Dominion’s Consolidated Balance Sheet at December 31, 2015 has been derived from the audited Consolidated Financial Statements at that date. |
Investments (Marketable Equity
Investments (Marketable Equity and Debt Securities and Cash Equivalents (Classified as Available-for-sale) and Cost Method Investments in Decommissioning Trust Funds) (Details) - USD ($) $ in Millions | Sep. 30, 2016 | Dec. 31, 2015 | ||
Investment Holdings [Line Items] | ||||
Amortized Cost, Total | $ 3,034 | $ 2,936 | ||
Total Unrealized Gains | [1] | 1,394 | 1,258 | |
Total Unrealized Losses | [1],[2] | (1) | (11) | |
Fair Value | 4,427 | 4,183 | [3] | |
Net assets related to pending sales and purchases of securities | 9 | 12 | ||
Fair value of securities in an unrealized loss position | 156 | 592 | ||
Cost method investments | ||||
Investment Holdings [Line Items] | ||||
Amortized Cost, Other Investments | 69 | 70 | ||
Total Unrealized Gains | [1] | 0 | 0 | |
Total Unrealized Losses | [1] | 0 | 0 | |
Fair Value | 69 | 70 | ||
Cash equivalents and other | ||||
Investment Holdings [Line Items] | ||||
Amortized Cost, Other Investments | [4] | 12 | 14 | |
Total Unrealized Gains | [1],[4] | 0 | 0 | |
Total Unrealized Losses | [1],[4] | 0 | 0 | |
Fair Value | [4] | 12 | 14 | |
Equity securities | Large cap | United States: | ||||
Investment Holdings [Line Items] | ||||
Amortized Cost, Marketable Securities | 1,361 | 1,295 | ||
Total Unrealized Gains | [1] | 1,312 | 1,213 | |
Total Unrealized Losses | [1] | 0 | 0 | |
Fair Value | 2,673 | 2,508 | ||
Equity securities | REIT | ||||
Investment Holdings [Line Items] | ||||
Amortized Cost, Marketable Securities | 59 | 59 | ||
Total Unrealized Gains | [1] | 8 | 4 | |
Total Unrealized Losses | [1] | 0 | 0 | |
Fair Value | 67 | 63 | ||
Corporate bonds | ||||
Investment Holdings [Line Items] | ||||
Amortized Cost, Marketable Securities | 493 | 433 | ||
Total Unrealized Gains | [1] | 26 | 11 | |
Total Unrealized Losses | [1] | (1) | (7) | |
Fair Value | 518 | 437 | ||
United States Treasury securities and agency debentures | ||||
Investment Holdings [Line Items] | ||||
Amortized Cost, Marketable Securities | 645 | 654 | ||
Total Unrealized Gains | [1] | 21 | 8 | |
Total Unrealized Losses | [1] | 0 | (4) | |
Fair Value | 666 | 658 | ||
State and municipal | ||||
Investment Holdings [Line Items] | ||||
Amortized Cost, Marketable Securities | 306 | 312 | ||
Total Unrealized Gains | [1] | 27 | 22 | |
Total Unrealized Losses | [1] | 0 | 0 | |
Fair Value | 333 | 334 | ||
Other | ||||
Investment Holdings [Line Items] | ||||
Amortized Cost, Marketable Securities | 89 | 99 | ||
Total Unrealized Gains | [1] | 0 | 0 | |
Total Unrealized Losses | [1] | 0 | 0 | |
Fair Value | 89 | 99 | ||
Virginia Electric and Power Company | ||||
Investment Holdings [Line Items] | ||||
Amortized Cost, Total | 1,457 | 1,404 | ||
Total Unrealized Gains | [5] | 617 | 548 | |
Total Unrealized Losses | [5],[6] | 0 | (7) | |
Fair Value | 2,074 | 1,945 | [7] | |
Net assets related to pending sales and purchases of securities | 4 | 8 | ||
Fair value of securities in an unrealized loss position | 91 | 281 | ||
Virginia Electric and Power Company | Cost method investments | ||||
Investment Holdings [Line Items] | ||||
Amortized Cost, Other Investments | 69 | 70 | ||
Total Unrealized Gains | [5] | 0 | 0 | |
Total Unrealized Losses | [5] | 0 | 0 | |
Fair Value | 69 | 70 | ||
Virginia Electric and Power Company | Cash equivalents and other | ||||
Investment Holdings [Line Items] | ||||
Amortized Cost, Other Investments | [8] | 5 | 8 | |
Total Unrealized Gains | [5],[8] | 0 | 0 | |
Total Unrealized Losses | [5],[8] | 0 | 0 | |
Fair Value | [8] | 5 | 8 | |
Virginia Electric and Power Company | Equity securities | Large cap | United States: | ||||
Investment Holdings [Line Items] | ||||
Amortized Cost, Marketable Securities | 606 | 574 | ||
Total Unrealized Gains | [5] | 576 | 525 | |
Total Unrealized Losses | [5] | 0 | 0 | |
Fair Value | 1,182 | 1,099 | ||
Virginia Electric and Power Company | Equity securities | REIT | ||||
Investment Holdings [Line Items] | ||||
Amortized Cost, Marketable Securities | 59 | 59 | ||
Total Unrealized Gains | [5] | 8 | 4 | |
Total Unrealized Losses | [5] | 0 | 0 | |
Fair Value | 67 | 63 | ||
Virginia Electric and Power Company | Corporate bonds | ||||
Investment Holdings [Line Items] | ||||
Amortized Cost, Marketable Securities | 285 | 237 | ||
Total Unrealized Gains | [5] | 13 | 5 | |
Total Unrealized Losses | [5] | 0 | (4) | |
Fair Value | 298 | 238 | ||
Virginia Electric and Power Company | United States Treasury securities and agency debentures | ||||
Investment Holdings [Line Items] | ||||
Amortized Cost, Marketable Securities | 246 | 260 | ||
Total Unrealized Gains | [5] | 5 | 1 | |
Total Unrealized Losses | [5] | 0 | (2) | |
Fair Value | 251 | 259 | ||
Virginia Electric and Power Company | State and municipal | ||||
Investment Holdings [Line Items] | ||||
Amortized Cost, Marketable Securities | 158 | 162 | ||
Total Unrealized Gains | [5] | 15 | 13 | |
Total Unrealized Losses | [5] | 0 | (1) | |
Fair Value | 173 | 174 | ||
Virginia Electric and Power Company | Other | ||||
Investment Holdings [Line Items] | ||||
Amortized Cost, Marketable Securities | 29 | 34 | ||
Total Unrealized Gains | [5] | 0 | 0 | |
Total Unrealized Losses | [5] | 0 | 0 | |
Fair Value | $ 29 | $ 34 | ||
[1] | Included in AOCI and the nuclear decommissioning trust regulatory liability. | |||
[2] | The fair value of securities in an unrealized loss position was $156 million and $592 million at September 30, 2016 and December 31, 2015, respectively. | |||
[3] | Dominion’s Consolidated Balance Sheet at December 31, 2015 has been derived from the audited Consolidated Financial Statements at that date. | |||
[4] | Includes pending sales of securities of $9 million and $12 million at September 30, 2016 and December 31, 2015, respectively. | |||
[5] | Included in AOCI and the nuclear decommissioning trust regulatory liability. | |||
[6] | The fair value of securities in an unrealized loss position was $91 million and $281 million at September 30, 2016 and December 31, 2015, respectively. | |||
[7] | Virginia Power’s Consolidated Balance Sheet at December 31, 2015 has been derived from the audited Consolidated Financial Statements at that date. | |||
[8] | Includes pending sales of securities of $4 million and $8 million at September 30, 2016 and December 31, 2015, respectively. |
Investments (Fair Value of our
Investments (Fair Value of our Marketable Debt Securities by Contractual Maturity) (Details) $ in Millions | Sep. 30, 2016USD ($) |
Schedule of Held-to-maturity Securities [Line Items] | |
Due in one year or less | $ 199 |
Due after one year through five years | 475 |
Due after five years through ten years | 365 |
Due after ten years | 567 |
Total | 1,606 |
Virginia Electric and Power Company | |
Schedule of Held-to-maturity Securities [Line Items] | |
Due in one year or less | 51 |
Due after one year through five years | 228 |
Due after five years through ten years | 202 |
Due after ten years | 270 |
Total | $ 751 |
Investments (Selected Informati
Investments (Selected Information Regarding Marketable Equity and Debt Securities) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | ||
Available-for-sale securities: | |||||
Proceeds from sales | $ 300 | $ 357 | $ 1,009 | $ 937 | |
Realized gains | [1] | 40 | 65 | 102 | 165 |
Realized losses | [1] | 9 | 40 | 43 | 69 |
Virginia Electric and Power Company | |||||
Available-for-sale securities: | |||||
Proceeds from sales | 131 | 198 | 478 | 407 | |
Realized gains | [2] | 18 | 45 | 48 | 82 |
Realized losses | [2] | $ 4 | $ 18 | $ 21 | $ 33 |
[1] | Includes realized gains and losses recorded to the nuclear decommissioning trust regulatory liability. | ||||
[2] | Includes realized gains and losses recorded to the nuclear decommissioning trust regulatory liability. |
Investments (Recorded Other-Tha
Investments (Recorded Other-Than-Temporary Impairment Losses on Investments) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | ||
Investments, Debt and Equity Securities [Abstract] | |||||
Total other-than-temporary impairment losses | [1] | $ 9 | $ 29 | $ 34 | $ 55 |
Losses recorded to the nuclear decommissioning trust regulatory liability | (4) | (10) | (15) | (21) | |
Losses recognized in other comprehensive income (before taxes) | 0 | (3) | (1) | (7) | |
Impairment | 5 | 16 | 18 | 27 | |
Other than temporary impairment losses for debt securities (less than $1 million for the three months ended September 30, 2016) | $ 1 | $ 3 | $ 2 | $ 7 | |
[1] | Amounts include other-than-temporary impairment losses for debt securities of less than $1 million and $3 million for the three months ended September 30, 2016 and 2015, respectively, and $2 million and $7 million for the nine months ended September 30, 2016 and 2015, respectively. |
Regulatory Assets and Liabili73
Regulatory Assets and Liabilities (Schedule of Regulatory Assets) (Details) - USD ($) $ in Millions | 9 Months Ended | |||
Sep. 30, 2016 | Dec. 31, 2015 | |||
Regulatory Assets [Line Items] | ||||
Regulatory assets current | [1] | $ 250 | $ 351 | |
Regulatory assets-non-current | 2,143 | 1,865 | [2] | |
Total regulatory assets | 2,393 | 2,216 | ||
Deferred rate adjustment clause costs | ||||
Regulatory Assets [Line Items] | ||||
Regulatory assets current | [3] | 101 | 90 | |
Regulatory assets-non-current | [3] | 271 | 295 | |
Deferred nuclear refueling outage costs | ||||
Regulatory Assets [Line Items] | ||||
Regulatory assets current | [4] | $ 60 | 75 | |
Deferred nuclear refueling outage costs | Maximum | ||||
Regulatory Assets [Line Items] | ||||
Amortization period for deferred costs | 18 months | |||
Deferred cost of fuel used in electric generation | ||||
Regulatory Assets [Line Items] | ||||
Regulatory assets current | [5] | $ 3 | 111 | |
Other | ||||
Regulatory Assets [Line Items] | ||||
Regulatory assets current | 86 | 75 | ||
Regulatory assets-non-current | 203 | 127 | ||
Unrecognized pension and other postretirement benefit costs | ||||
Regulatory Assets [Line Items] | ||||
Regulatory assets-non-current | [6] | 981 | 1,015 | |
Derivatives | ||||
Regulatory Assets [Line Items] | ||||
Regulatory assets-non-current | [7] | 366 | 110 | |
PJM transmission rates | ||||
Regulatory Assets [Line Items] | ||||
Regulatory assets-non-current | [8] | 192 | 192 | |
Income taxes recoverable through future rates | ||||
Regulatory Assets [Line Items] | ||||
Regulatory assets-non-current | [9] | 130 | 126 | |
Virginia Electric and Power Company | ||||
Regulatory Assets [Line Items] | ||||
Regulatory assets current | 197 | 326 | [10] | |
Regulatory assets-non-current | 897 | 667 | [10] | |
Total regulatory assets | 1,094 | 993 | ||
Virginia Electric and Power Company | Deferred rate adjustment clause costs | ||||
Regulatory Assets [Line Items] | ||||
Regulatory assets current | [3] | 85 | 80 | |
Regulatory assets-non-current | [3] | 176 | 213 | |
Virginia Electric and Power Company | Deferred nuclear refueling outage costs | ||||
Regulatory Assets [Line Items] | ||||
Regulatory assets current | [4] | 60 | 75 | |
Virginia Electric and Power Company | Deferred cost of fuel used in electric generation | ||||
Regulatory Assets [Line Items] | ||||
Regulatory assets current | [5] | 3 | 111 | |
Virginia Electric and Power Company | Other | ||||
Regulatory Assets [Line Items] | ||||
Regulatory assets current | 49 | 60 | ||
Regulatory assets-non-current | 64 | 55 | ||
Virginia Electric and Power Company | Derivatives | ||||
Regulatory Assets [Line Items] | ||||
Regulatory assets-non-current | [7] | 366 | 110 | |
Virginia Electric and Power Company | PJM transmission rates | ||||
Regulatory Assets [Line Items] | ||||
Regulatory assets-non-current | [8] | 192 | 192 | |
Virginia Electric and Power Company | Income taxes recoverable through future rates | ||||
Regulatory Assets [Line Items] | ||||
Regulatory assets-non-current | [9] | 99 | 97 | |
Dominion Gas Holdings, LLC | ||||
Regulatory Assets [Line Items] | ||||
Regulatory assets current | [1] | 22 | 23 | |
Regulatory assets-non-current | [11] | 469 | 449 | |
Total regulatory assets | 491 | 472 | ||
Dominion Gas Holdings, LLC | Deferred rate adjustment clause costs | ||||
Regulatory Assets [Line Items] | ||||
Regulatory assets current | [3] | 16 | 10 | |
Regulatory assets-non-current | [3] | 91 | 82 | |
Dominion Gas Holdings, LLC | Other | ||||
Regulatory Assets [Line Items] | ||||
Regulatory assets current | 6 | 13 | ||
Regulatory assets-non-current | 82 | 65 | ||
Dominion Gas Holdings, LLC | Unrecognized pension and other postretirement benefit costs | ||||
Regulatory Assets [Line Items] | ||||
Regulatory assets-non-current | [6] | 275 | 282 | |
Dominion Gas Holdings, LLC | Income taxes recoverable through future rates | ||||
Regulatory Assets [Line Items] | ||||
Regulatory assets-non-current | [9] | $ 21 | $ 20 | |
[1] | Current regulatory assets are presented in other current assets in Dominion's and Dominion Gas' Consolidated Balance Sheets. | |||
[2] | Dominion’s Consolidated Balance Sheet at December 31, 2015 has been derived from the audited Consolidated Financial Statements at that date. | |||
[3] | Reflects deferrals under the electric transmission FERC formula rate and the deferral of costs associated with certain current and prospective rider projects for Virginia Power. Reflects deferrals of costs associated with certain current and prospective rider projects for Dominion Gas. See Note 12 for more information. | |||
[4] | Legislation enacted in Virginia in April 2014 requires Virginia Power to defer operation and maintenance costs incurred in connection with the refueling of any nuclear-powered generating plant. These deferred costs will be amortized over the refueling cycle, not to exceed 18 months. | |||
[5] | Primarily reflects deferred fuel expenses for the Virginia jurisdiction of Dominion's and Virginia Power's generation operations. See Note 12 for more information. | |||
[6] | Represents unrecognized pension and other postretirement employee benefit costs expected to be recovered through future rates generally over the expected remaining service period of plan participants by certain of Dominion's and Dominion Gas' rate-regulated subsidiaries | |||
[7] | For jurisdictions subject to cost-based rate regulation, changes in the fair value of derivative instruments result in the recognition of regulatory assets or regulatory liabilities as they are expected to be recovered from or refunded to customers. | |||
[8] | Reflects amounts related to PJM transmission cost allocation matter. See Note 12 for more information. | |||
[9] | Amounts to be recovered through future rates to pay income taxes that become payable when rate revenue is provided to recover AFUDC-equity and depreciation of property, plant and equipment for which deferred income taxes were not recognized for ratemaking purposes, including amounts attributable to tax rate changes. | |||
[10] | Virginia Power’s Consolidated Balance Sheet at December 31, 2015 has been derived from the audited Consolidated Financial Statements at that date. | |||
[11] | Noncurrent regulatory assets are presented in other deferred charges and other assets in Dominion Gas' Consolidated Balance Sheets |
Regulatory Assets and Liabili74
Regulatory Assets and Liabilities (Schedule of Regulatory Liabilities) (Details) - USD ($) $ in Millions | Sep. 30, 2016 | Dec. 31, 2015 | ||
Regulatory Liabilities [Line Items] | ||||
Regulatory liabilities-current | [1] | $ 124 | $ 100 | |
Regulatory liabilities-non-current | 2,597 | 2,285 | [2] | |
Total regulatory liabilities | 2,721 | 2,385 | ||
Deferred cost of fuel used in electric generation | ||||
Regulatory Liabilities [Line Items] | ||||
Regulatory liabilities-current | [3] | 62 | 0 | |
Regulatory liabilities-non-current | [3] | 27 | 97 | |
PIPP | ||||
Regulatory Liabilities [Line Items] | ||||
Regulatory liabilities-current | [4] | 26 | 46 | |
Other | ||||
Regulatory Liabilities [Line Items] | ||||
Regulatory liabilities-current | 36 | 54 | ||
Regulatory liabilities-non-current | 200 | 185 | ||
Provision for future cost of removal and AROs | ||||
Regulatory Liabilities [Line Items] | ||||
Regulatory liabilities-non-current | [5] | 1,412 | 1,120 | |
Derivatives | ||||
Regulatory Liabilities [Line Items] | ||||
Regulatory liabilities-non-current | [6] | 76 | 79 | |
Nuclear decommissioning trust | ||||
Regulatory Liabilities [Line Items] | ||||
Regulatory liabilities-non-current | [7] | 882 | 804 | |
Virginia Electric and Power Company | ||||
Regulatory Liabilities [Line Items] | ||||
Regulatory liabilities-current | 75 | 35 | [8] | |
Regulatory liabilities-non-current | 1,967 | 1,929 | [8] | |
Total regulatory liabilities | 2,042 | 1,964 | ||
Virginia Electric and Power Company | Deferred cost of fuel used in electric generation | ||||
Regulatory Liabilities [Line Items] | ||||
Regulatory liabilities-current | [3] | 62 | 0 | |
Regulatory liabilities-non-current | [3] | 27 | 97 | |
Virginia Electric and Power Company | Other | ||||
Regulatory Liabilities [Line Items] | ||||
Regulatory liabilities-current | 13 | 35 | ||
Regulatory liabilities-non-current | 50 | 59 | ||
Virginia Electric and Power Company | Provision for future cost of removal | ||||
Regulatory Liabilities [Line Items] | ||||
Regulatory liabilities-non-current | [5] | 932 | 890 | |
Virginia Electric and Power Company | Derivatives | ||||
Regulatory Liabilities [Line Items] | ||||
Regulatory liabilities-non-current | [6] | 76 | 79 | |
Virginia Electric and Power Company | Nuclear decommissioning trust | ||||
Regulatory Liabilities [Line Items] | ||||
Regulatory liabilities-non-current | [7] | 882 | 804 | |
Dominion Gas Holdings, LLC | ||||
Regulatory Liabilities [Line Items] | ||||
Regulatory liabilities-current | [1] | 39 | 55 | |
Regulatory liabilities-non-current | [9] | 217 | 201 | |
Total regulatory liabilities | 256 | 256 | ||
Dominion Gas Holdings, LLC | PIPP | ||||
Regulatory Liabilities [Line Items] | ||||
Regulatory liabilities-current | [4] | 26 | 46 | |
Dominion Gas Holdings, LLC | Other | ||||
Regulatory Liabilities [Line Items] | ||||
Regulatory liabilities-current | 13 | 9 | ||
Regulatory liabilities-non-current | 44 | 31 | ||
Dominion Gas Holdings, LLC | Provision for future cost of removal and AROs | ||||
Regulatory Liabilities [Line Items] | ||||
Regulatory liabilities-non-current | [5] | $ 173 | $ 170 | |
[1] | Current regulatory liabilities are presented in other current liabilities in the Dominion's and Dominion Gas' Consolidated Balance Sheets. | |||
[2] | Dominion’s Consolidated Balance Sheet at December 31, 2015 has been derived from the audited Consolidated Financial Statements at that date. | |||
[3] | Primarily reflects deferred fuel expenses for the Virginia jurisdiction of Dominion's and Virginia Power's generation operations. See Note 12 for more information. | |||
[4] | Under PIPP, eligible customers can make reduced payments based on their ability to pay. The difference between the customer's total bill and the PIPP plan amount is deferred and collected or returned annually under the PIPP rate adjustment clause according to East Ohio tariff provisions. | |||
[5] | Rates charged to customers by the Companies' regulated businesses include a provision for the cost of future activities to remove assets that are expected to be incurred at the time of retirement. | |||
[6] | For jurisdictions subject to cost-based rate regulation, changes in the fair value of derivative instruments result in the recognition of regulatory assets or regulatory liabilities as they are expected to be recovered from or refunded to customers. | |||
[7] | Primarily reflects a regulatory liability representing amounts collected from Virginia jurisdictional customers and placed in external trusts (including income, losses and changes in fair value thereon) for the future decommissioning of Virginia Power's utility nuclear generation stations, in excess of the related AROs. | |||
[8] | Virginia Power’s Consolidated Balance Sheet at December 31, 2015 has been derived from the audited Consolidated Financial Statements at that date. | |||
[9] | Noncurrent regulatory liabilities are presented in other deferred credits and other liabilities in Dominion Gas' Consolidated Balance Sheets. |
Regulatory Assets and Liabili75
Regulatory Assets and Liabilities (Narrative) (Details) $ in Millions | 9 Months Ended |
Sep. 30, 2016USD ($) | |
Public Utilities, General Disclosures [Line Items] | |
Regulatory assets past expenditures not earning return | $ 299 |
Period for which expenditures are expected to be recovered | 2 years |
Virginia Electric and Power Company | |
Public Utilities, General Disclosures [Line Items] | |
Regulatory assets past expenditures not earning return | $ 234 |
Dominion Gas Holdings, LLC | |
Public Utilities, General Disclosures [Line Items] | |
Regulatory assets past expenditures not earning return | $ 23 |
Regulatory Matters (Narrative)
Regulatory Matters (Narrative) (Details) MMBTU in Thousands, $ in Millions | 1 Months Ended | 12 Months Ended | |||||||||||||
Oct. 31, 2016USD ($)program | Sep. 30, 2016USD ($) | Aug. 31, 2016USD ($)MMBTU | Jun. 30, 2016USD ($) | May 31, 2016USD ($)kVmi | Mar. 31, 2016USD ($) | Mar. 31, 2015USD ($) | Aug. 31, 2009kV | Apr. 30, 2008 | Apr. 30, 2007kV | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | Dec. 31, 2008 | Nov. 30, 2016USD ($) | |
Public Utilities, General Disclosures [Line Items] | |||||||||||||||
Regulatory asset | $ 2,393 | $ 2,216 | |||||||||||||
Virginia Electric and Power Company | |||||||||||||||
Public Utilities, General Disclosures [Line Items] | |||||||||||||||
ROE (percentage) | 11.40% | ||||||||||||||
Regulatory asset | 1,094 | 993 | |||||||||||||
Virginia Electric and Power Company | Minimum | |||||||||||||||
Public Utilities, General Disclosures [Line Items] | |||||||||||||||
Facility operating capacity (kV) | kV | 500 | 500 | |||||||||||||
Virginia Electric and Power Company | FERC Gas Regulation | Order Regarding Transmission Rate Design for Allocation of Costs among PJM Interconnect LLC Transmission Customers | Unfavorable Regulatory Action | Settled Litigation | |||||||||||||||
Public Utilities, General Disclosures [Line Items] | |||||||||||||||
Amount required to pay under settlement agreement | $ 200 | ||||||||||||||
Duration of payment under settlement agreement | 10 years | ||||||||||||||
Virginia Electric and Power Company | FERC Gas Regulation | Order Regarding Transmission Rate Design for Allocation of Costs among PJM Interconnect LLC Transmission Customers | Unfavorable Regulatory Action | Settled Litigation | Regulatory asset recovered through retail rates | |||||||||||||||
Public Utilities, General Disclosures [Line Items] | |||||||||||||||
Regulatory asset | 192 | ||||||||||||||
Virginia Electric and Power Company | FERC Gas Regulation | Order Regarding Transmission Rate Design for Allocation of Costs among PJM Interconnect LLC Transmission Customers | Unfavorable Regulatory Action | Settled Litigation | Other operations and maintenance | Regulatory asset recovered through retail rates | |||||||||||||||
Public Utilities, General Disclosures [Line Items] | |||||||||||||||
Remaining amount recorded in other operations and maintenance expense | 8 | ||||||||||||||
Virginia Electric and Power Company | FERC Gas Regulation | Order Regarding Transmission Rate Design for Allocation of Costs among PJM Interconnect LLC Transmission Customers | Unfavorable Regulatory Action | Settled Litigation | Other deferred credits and other liabilities | |||||||||||||||
Public Utilities, General Disclosures [Line Items] | |||||||||||||||
Amount of contingent liability | 200 | ||||||||||||||
Virginia Electric and Power Company | Virginia Regulation | |||||||||||||||
Public Utilities, General Disclosures [Line Items] | |||||||||||||||
Proposed revenue requirement | $ 1,400 | ||||||||||||||
Proposed revenue requirement increase (decrease) | $ (286) | ||||||||||||||
Virginia Electric and Power Company | Virginia Regulation | North Anna | Intent to Sue Notification Received from Sierra Club Alleging Endangered Species Act Violations | |||||||||||||||
Public Utilities, General Disclosures [Line Items] | |||||||||||||||
Period of notice of intent to sue | 60 days | ||||||||||||||
Virginia Electric and Power Company | Virginia Regulation | Phase One of Cost Recovery to Move Electric Distribution Facilities Underground | |||||||||||||||
Public Utilities, General Disclosures [Line Items] | |||||||||||||||
Total projected capital investment | $ 140 | ||||||||||||||
Virginia Electric and Power Company | Virginia Regulation | Poland Road Substation | |||||||||||||||
Public Utilities, General Disclosures [Line Items] | |||||||||||||||
Capacity of transmission line (kV) | kV | 230 | ||||||||||||||
Virginia Electric and Power Company | Virginia Regulation | Double Circuit Transmission Line between Loudoun-Brambleton Line and Poland Road Substation | |||||||||||||||
Public Utilities, General Disclosures [Line Items] | |||||||||||||||
Capacity of transmission line (kV) | kV | 230 | ||||||||||||||
Length of kV line (miles) | mi | 4 | ||||||||||||||
Virginia Electric and Power Company | Virginia Regulation | Loudoun- Brambleton Line | |||||||||||||||
Public Utilities, General Disclosures [Line Items] | |||||||||||||||
Capacity of transmission line (kV) | kV | 230 | ||||||||||||||
Virginia Electric and Power Company | Virginia Regulation | Rider U | |||||||||||||||
Public Utilities, General Disclosures [Line Items] | |||||||||||||||
ROE (percentage) | 9.60% | ||||||||||||||
Approved revenue required | $ 20 | ||||||||||||||
Virginia Electric and Power Company | Virginia Regulation | Rider U | Phase One of Cost Recovery to Move Electric Distribution Facilities Underground | |||||||||||||||
Public Utilities, General Disclosures [Line Items] | |||||||||||||||
Amount of cost recovery | 123 | ||||||||||||||
Virginia Electric and Power Company | Virginia Regulation | Rider U, 2017-2018 Rate Year | |||||||||||||||
Public Utilities, General Disclosures [Line Items] | |||||||||||||||
Projected capital investment | 2 | ||||||||||||||
Virginia Electric and Power Company | Virginia Regulation | Rider U, 2018-2019 Rate Year | |||||||||||||||
Public Utilities, General Disclosures [Line Items] | |||||||||||||||
Projected capital investment | 2 | ||||||||||||||
Virginia Electric and Power Company | Virginia Regulation | Subsequent Event | Rider BW | |||||||||||||||
Public Utilities, General Disclosures [Line Items] | |||||||||||||||
Proposed revenue requirement | $ 134 | ||||||||||||||
Proposed revenue requirement increase (decrease) | 14 | ||||||||||||||
Virginia Electric and Power Company | Virginia Regulation | Subsequent Event | Rider US-2 | |||||||||||||||
Public Utilities, General Disclosures [Line Items] | |||||||||||||||
Proposed revenue requirement | 10 | ||||||||||||||
Proposed revenue requirement increase (decrease) | 6 | ||||||||||||||
Virginia Electric and Power Company | Virginia Regulation | Subsequent Event | Riders C1A and C2A | |||||||||||||||
Public Utilities, General Disclosures [Line Items] | |||||||||||||||
Proposed revenue requirement | $ 45 | ||||||||||||||
Virginia Electric and Power Company | Virginia Regulation | Subsequent Event | Riders C1A and C2A | Energy Efficiency Program | |||||||||||||||
Public Utilities, General Disclosures [Line Items] | |||||||||||||||
Number of new energy efficiency programs | program | 2 | ||||||||||||||
Period of cost cap | 5 years | ||||||||||||||
Duration of program | 2 years | ||||||||||||||
Virginia Electric and Power Company | Virginia Regulation | Subsequent Event | Riders C1A and C2A | Peak Shaving Program | |||||||||||||||
Public Utilities, General Disclosures [Line Items] | |||||||||||||||
Duration of program | 5 years | ||||||||||||||
Virginia Electric and Power Company | Virginia Regulation | Subsequent Event | Maximum | Riders C1A and C2A | Energy Efficiency Program | |||||||||||||||
Public Utilities, General Disclosures [Line Items] | |||||||||||||||
Amount of cost recovery | $ 178 | ||||||||||||||
Virginia Electric and Power Company | Virginia Regulation | Subsequent Event | Maximum | Riders C1A and C2A | Peak Shaving Program | |||||||||||||||
Public Utilities, General Disclosures [Line Items] | |||||||||||||||
Amount of cost recovery | $ 5 | ||||||||||||||
Virginia Electric and Power Company | North Carolina Regulation | |||||||||||||||
Public Utilities, General Disclosures [Line Items] | |||||||||||||||
Proposed revenue requirement increase (decrease) | $ (36) | ||||||||||||||
Virginia Electric and Power Company | North Carolina Regulation | Annual Non- Fuel Base Revenues | |||||||||||||||
Public Utilities, General Disclosures [Line Items] | |||||||||||||||
Proposed revenue requirement increase (decrease) | $ 51 | ||||||||||||||
Proposed ROE percentage | 10.50% | ||||||||||||||
Virginia Electric and Power Company | North Carolina Regulation | Subsequent Event | Annual Non- Fuel Base Revenues | |||||||||||||||
Public Utilities, General Disclosures [Line Items] | |||||||||||||||
Proposed ROE percentage | 9.90% | ||||||||||||||
Base rate increase per stipulation and settlement agreement | $ 35 | ||||||||||||||
East Ohio | Ohio Regulation | PIR | |||||||||||||||
Public Utilities, General Disclosures [Line Items] | |||||||||||||||
Total projected capital investment | $ 200 | ||||||||||||||
Percentage of pipeline system | 25.00% | ||||||||||||||
Period for capital investment | 5 years | ||||||||||||||
Percentage increase in capital spend | 3.00% | ||||||||||||||
East Ohio | Ohio Regulation | Subsequent Event | PSMP | Scenario, Forecast | |||||||||||||||
Public Utilities, General Disclosures [Line Items] | |||||||||||||||
Total projected capital investment | $ 15 | ||||||||||||||
Hope Gas Inc | West Virginia Regulation | PREP | |||||||||||||||
Public Utilities, General Disclosures [Line Items] | |||||||||||||||
Amount of cost recovery | 2 | ||||||||||||||
Total projected capital investment | $ 152 | ||||||||||||||
Period for capital investment | 5 years | ||||||||||||||
Hope Gas Inc | West Virginia Regulation | PREP | Scenario, Forecast | |||||||||||||||
Public Utilities, General Disclosures [Line Items] | |||||||||||||||
Projected capital investment | $ 27 | $ 20 | |||||||||||||
Dominion Gas Holdings, LLC | |||||||||||||||
Public Utilities, General Disclosures [Line Items] | |||||||||||||||
Regulatory asset | $ 491 | $ 472 | |||||||||||||
Dominion Gas Holdings, LLC | FERC Gas Regulation | Leidy South Project Facilities | |||||||||||||||
Public Utilities, General Disclosures [Line Items] | |||||||||||||||
Duration of contracts | 20 years | ||||||||||||||
Amount of project | $ 210 | ||||||||||||||
Daily firm transportation service (Dths) | MMBTU | 155 |
Variable Interest Entities (Nar
Variable Interest Entities (Narrative) (Details) $ in Millions | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
Sep. 30, 2016USD ($) | Sep. 30, 2015USD ($) | Sep. 30, 2016USD ($)MWgeneratormi | Sep. 30, 2015USD ($) | Dec. 31, 2015generator | |
Dominion Midstream Partners, LP | |||||
Variable Interest Entities [Line Items] | |||||
Ownership interest percentage of limited partner interests | 65.00% | ||||
Variable Interest Entity, Primary Beneficiary | Partnership Interest | Merchant Solar Projects | |||||
Variable Interest Entities [Line Items] | |||||
Ownership percentage | 67.00% | ||||
Variable Interest Entity, Primary Beneficiary | Dominion Midstream Partners, LP | Partnership Interest | |||||
Variable Interest Entities [Line Items] | |||||
Ownership interest percentage of limited partner interests | 65.00% | ||||
Variable Interest Entity, Not Primary Beneficiary | Jointly Owned Natural Gas Pipeline | Atlantic Coast Pipeline | Pipelines | Gas Distribution | |||||
Variable Interest Entities [Line Items] | |||||
Ownership percentage | 48.00% | ||||
Length of natural gas pipeline (in miles) | mi | 600 | ||||
Variable Interest Entity, Not Primary Beneficiary | Virginia Electric and Power Company | |||||
Variable Interest Entities [Line Items] | |||||
Long term capacity contract non utility generators (generators) | generator | 3 | 5 | |||
Number of expired non-utility generators | generator | 2 | ||||
Aggregate generation capacity from long-term power and capacity contracts (MW) | MW | 418 | ||||
Remaining purchase commitments | $ 320 | ||||
Payment for electric capacity | $ 37 | $ 52 | 111 | $ 160 | |
Payment for electric energy | 11 | 17 | 23 | 77 | |
Shared services purchased | 80 | 73 | $ 268 | 239 | |
Variable Interest Entity, Not Primary Beneficiary | Virginia Electric and Power Company | Minimum | |||||
Variable Interest Entities [Line Items] | |||||
Contracts expiry date start range | 2,017 | ||||
Variable Interest Entity, Not Primary Beneficiary | Virginia Electric and Power Company | Maximum | |||||
Variable Interest Entities [Line Items] | |||||
Contracts expiry date start range | 2,021 | ||||
Variable Interest Entity, Not Primary Beneficiary | Dominion Gas Holdings, LLC | |||||
Variable Interest Entities [Line Items] | |||||
Shared services purchased | $ 31 | $ 27 | $ 95 | $ 85 |
Significant Financing Transac78
Significant Financing Transactions (Commercial Paper, Bank Loans and Letters of Credit Outstanding) (Details) - USD ($) | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 01, 2016 | ||
Line of Credit Facility [Line Items] | |||
Facility Limit | $ 6,250,000,000 | ||
Outstanding Commercial Paper | 3,097,000,000 | ||
Outstanding Letters of Credit | 60,000,000 | ||
Facility Capacity Available | 3,093,000,000 | ||
Virginia Electric and Power Company | |||
Line of Credit Facility [Line Items] | |||
Facility Limit | [1] | 5,500,000,000 | |
Outstanding Commercial Paper | 965,000,000 | ||
Outstanding Letters of Credit | 0 | ||
Dominion Gas Holdings, LLC | |||
Line of Credit Facility [Line Items] | |||
Facility Limit | [2] | 1,500,000,000 | |
Outstanding Commercial Paper | 60,000,000 | ||
Outstanding Letters of Credit | 0 | ||
Joint Revolving Credit Facility 4 Billion and Joint Revolving Credit Facility 500 Million | Virginia Electric and Power Company | |||
Line of Credit Facility [Line Items] | |||
Facility Limit | 2,000,000,000 | ||
Joint Revolving Credit Facility 4 Billion and Joint Revolving Credit Facility 500 Million | Dominion Gas Holdings, LLC | |||
Line of Credit Facility [Line Items] | |||
Facility Limit | 1,500,000,000 | ||
Joint Revolving Credit Facility 4 Billion and Joint Revolving Credit Facility 500 Million | Line of Credit | Dominion Gas Holdings, LLC | |||
Line of Credit Facility [Line Items] | |||
Facility Limit | 750,000,000 | $ 1,000,000,000 | |
Joint Revolving Credit Facility 4 Billion and Joint Revolving Credit Facility 500 Million | Letter of Credit | |||
Line of Credit Facility [Line Items] | |||
Facility Limit | 2,000,000,000 | ||
Joint Revolving Credit Facility 4 Billion and Joint Revolving Credit Facility 500 Million | Letter of Credit | Virginia Electric and Power Company | |||
Line of Credit Facility [Line Items] | |||
Facility Limit | 2,000,000,000 | ||
Joint Revolving Credit Facility 4 Billion and Joint Revolving Credit Facility 500 Million | Letter of Credit | Dominion Gas Holdings, LLC | |||
Line of Credit Facility [Line Items] | |||
Facility Limit | 1,500,000,000 | ||
Credit Facility 4 Billion | |||
Line of Credit Facility [Line Items] | |||
Facility Limit | [3] | 5,000,000,000 | |
Outstanding Commercial Paper | [3] | 3,073,000,000 | |
Outstanding Letters of Credit | [3] | 0 | |
Facility Capacity Available | [3] | 1,927,000,000 | |
Credit Facility 4 Billion | Virginia Electric and Power Company | |||
Line of Credit Facility [Line Items] | |||
Facility Limit | [1] | 5,000,000,000 | |
Outstanding Commercial Paper | [1] | 965,000,000 | |
Outstanding Letters of Credit | [1] | 0 | |
Credit Facility 4 Billion | Dominion Gas Holdings, LLC | |||
Line of Credit Facility [Line Items] | |||
Facility Limit | [2] | 1,000,000,000 | |
Outstanding Commercial Paper | [2] | 60,000,000 | |
Outstanding Letters of Credit | [2] | 0 | |
Credit Facility 500 Million | |||
Line of Credit Facility [Line Items] | |||
Facility Limit | [3] | 500,000,000 | |
Outstanding Commercial Paper | [3] | 0 | |
Outstanding Letters of Credit | [3] | 60,000,000 | |
Facility Capacity Available | [3] | 440,000,000 | |
Credit Facility 500 Million | Virginia Electric and Power Company | |||
Line of Credit Facility [Line Items] | |||
Facility Limit | [1] | 500,000,000 | |
Outstanding Commercial Paper | [1] | 0 | |
Outstanding Letters of Credit | [1] | 0 | |
Credit Facility 500 Million | Dominion Gas Holdings, LLC | |||
Line of Credit Facility [Line Items] | |||
Facility Limit | [2] | 500,000,000 | |
Outstanding Commercial Paper | [2] | 0 | |
Outstanding Letters of Credit | [2] | 0 | |
Revolving multi-year credit facility | Dominion Questar Corporation | |||
Line of Credit Facility [Line Items] | |||
Facility Limit | [4] | 500,000,000 | |
Outstanding Commercial Paper | [4] | 24,000,000 | |
Outstanding Letters of Credit | [4] | 0 | |
Facility Capacity Available | [4] | 476,000,000 | |
Revolving 364-day credit facility | Dominion Questar Corporation | |||
Line of Credit Facility [Line Items] | |||
Facility Limit | [4] | 250,000,000 | |
Outstanding Commercial Paper | [4] | 0 | |
Outstanding Letters of Credit | [4] | 0 | |
Facility Capacity Available | [4] | $ 250,000,000 | |
Term of revolving credit facility | [4] | 364 days | |
[1] | The full amount of the facilities is available to Virginia Power, less any amounts outstanding to co-borrowers Dominion and Dominion Gas. Sub-limits for Virginia Power are set within the facility limit but can be changed at the option of the Companies multiple times per year. At September 30, 2016, the aggregate sub-limit for Virginia Power was $2.0 billion. If Virginia Power has liquidity needs in excess of its sub-limit, the sub-limit may be changed or such needs may be satisfied through short-term intercompany borrowings from Dominion. In May 2016, the maturity dates for these facilities were extended from April 2019 to April 2020. These credit facilities can be used to support bank borrowings and the issuance of commercial paper, as well as to support up to $2.0 billion (or the sub-limit, whichever is less) of letters of credit. | ||
[2] | A maximum of a combined $1.5 billion of the facilities is available to Dominion Gas, assuming adequate capacity is available after giving effect to uses by co-borrowers Dominion and Virginia Power. Sub-limits for Dominion Gas are set within the facility limit but can be changed at the option of the Companies multiple times per year. In September 2016, the aggregate sub-limit for Dominion Gas was decreased from $1.0 billion to $750 million. If Dominion Gas has liquidity needs in excess of its sub-limit, the sub-limit may be changed or such needs may be satisfied through short-term intercompany borrowings from Dominion. In May 2016, the maturity dates for these facilities were extended from April 2019 to April 2020. These credit facilities can be used to support bank borrowings and the issuance of commercial paper, as well as to support up to $1.5 billion (or the sub-limit, whichever is less) of letters of credit. | ||
[3] | In May 2016, the maturity dates for these facilities were extended from April 2019 to April 2020. These credit facilities can be used by the Companies to support bank borrowings and the issuance of commercial paper, as well as to support up to a combined $2.0 billion of letters of credit. | ||
[4] | These Dominion Questar facilities were terminated in October 2016. |
Significant Financing Transac79
Significant Financing Transactions (Narrative) (Details) | Aug. 15, 2016USD ($)shares | Jul. 01, 2016shares | Apr. 01, 2016shares | Aug. 31, 2019shares | Nov. 30, 2016USD ($) | Aug. 31, 2016USD ($) | Jul. 31, 2016USD ($)shares | Apr. 30, 2016USD ($)shares | Dec. 31, 2014USD ($)agreement | Sep. 30, 2016USD ($)facility$ / sharesshares | Sep. 30, 2015USD ($) | Oct. 31, 2016USD ($) | Oct. 01, 2016USD ($) | Jun. 30, 2016USD ($) | Jun. 30, 2016EUR (€) | May 31, 2016USD ($) | Mar. 31, 2016USD ($) | Jun. 30, 2015USD ($) | |
Debt Instrument [Line Items] | |||||||||||||||||||
Amount issued for 2016 Series A Equity Units | $ 2,079,000,000 | ||||||||||||||||||
Issuance of common stock | $ 2,079,000,000 | $ 717,000,000 | |||||||||||||||||
Shelf Registration for Sale of Common Stock through At-the-market Program | |||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||
Number of sales agency agreements | agreement | 4 | ||||||||||||||||||
Common stock reserved for issuance in connection with stock purchase contracts (up to $200 million) | $ 200,000,000 | ||||||||||||||||||
Underwritten Public Offering | |||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||
Number of common units issued | shares | 10,200,000 | ||||||||||||||||||
Issuance of common stock | $ 756,000,000 | ||||||||||||||||||
Maximum | Shelf Registration for Sale of Common Stock through At-the-market Program | |||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||
Aggregate amount of common stock in which the company may offer under SEC shelf registration (up to $500 million) | $ 500,000,000 | ||||||||||||||||||
Common Stock | |||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||
Shares of common stock reserved for issuance with stock purchase contracts | shares | 23,100,000 | ||||||||||||||||||
Scenario, Forecast | Minimum | |||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||
Shares to be issued under purchase contracts | shares | 15,000,000 | ||||||||||||||||||
Scenario, Forecast | Maximum | |||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||
Shares to be issued under purchase contracts | shares | 18,700,000 | ||||||||||||||||||
Series A RSNs | |||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||
Units Issued | shares | [1] | 28,000,000 | |||||||||||||||||
Amount issued for 2016 Series A Equity Units | $ 1,400,000,000 | ||||||||||||||||||
Purchase price to be paid under stock purchase contracts (in dollars per corporate unit) | $ / shares | $ 50 | ||||||||||||||||||
Remarketable Subordinated Notes | Series A RSNs | |||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||
Total Long-term Debt | [1] | $ 1,400,000,000 | |||||||||||||||||
Interest rate percentage | [1],[2] | 2.00% | |||||||||||||||||
Units Issued | shares | 8,500,000 | 8,500,000 | 8,500,000 | 8,500,000 | |||||||||||||||
Remarketable Subordinated Notes, 2013 Series A, due 2021 | Series A RSNs | |||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||
Total Long-term Debt | $ 550,000,000 | ||||||||||||||||||
Interest rate percentage | 1.07% | ||||||||||||||||||
Remarketable Subordinated Notes, 2013 Series B, due 2019 | Series B RSNs | |||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||
Total Long-term Debt | $ 550,000,000 | ||||||||||||||||||
Interest rate percentage | 1.18% | ||||||||||||||||||
Remarketable Subordinated Notes, 2016 Series A-1, due 2021 | |||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||
Interest in RSNs issued by Dominion (percentage) | 2.50% | ||||||||||||||||||
Remarketable Subordinated Notes, 2016 Series A-1, due 2021 | Series A RSNs | |||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||
Total Long-term Debt | $ 700,000,000 | ||||||||||||||||||
Remarketable Subordinated Notes, 2016 Series A-2, due 2024 | |||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||
Interest in RSNs issued by Dominion (percentage) | 2.50% | ||||||||||||||||||
Remarketable Subordinated Notes, 2016 Series A-2, due 2024 | Series A RSNs | |||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||
Total Long-term Debt | $ 700,000,000 | ||||||||||||||||||
Series A Junior Subordinated Notes | Enhanced Junior Subordinated Notes | |||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||
Interest rate percentage | 4.104% | ||||||||||||||||||
Series B Junior Subordinated Notes | Enhanced Junior Subordinated Notes | |||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||
Interest rate percentage | 2.962% | ||||||||||||||||||
June 2006 and September 2006 hybrids | Maximum | Enhanced Junior Subordinated Notes | |||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||
Amount purchased and cancelled | $ 200,000,000 | ||||||||||||||||||
June 2006 hybrids | Enhanced Junior Subordinated Notes | |||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||
Amount purchased and cancelled | 125,000,000 | $ 38,000,000 | |||||||||||||||||
September 2006 hybrids | Enhanced Junior Subordinated Notes | |||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||
Amount purchased and cancelled | 74,000,000 | $ 4,000,000 | |||||||||||||||||
July 2016 Hybrids | Enhanced Junior Subordinated Notes | |||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||
Total Long-term Debt | $ 800,000,000 | ||||||||||||||||||
Interest rate percentage | 5.25% | ||||||||||||||||||
1.60% Senior Notes Due in 2019 | Senior Notes | |||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||
Total Long-term Debt | $ 500,000,000 | ||||||||||||||||||
Interest rate percentage | 1.60% | 1.60% | |||||||||||||||||
2.0% Senior Notes Due in 2021 | Senior Notes | |||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||
Total Long-term Debt | $ 400,000,000 | ||||||||||||||||||
Interest rate percentage | 2.00% | 2.00% | |||||||||||||||||
2.85% Senior Notes Due in 2026 | Senior Notes | |||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||
Total Long-term Debt | $ 400,000,000 | ||||||||||||||||||
Interest rate percentage | 2.85% | 2.85% | |||||||||||||||||
1.50% Senior Notes Due in 2018 | Senior Notes | |||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||
Total Long-term Debt | $ 300,000,000 | ||||||||||||||||||
Interest rate percentage | 1.50% | ||||||||||||||||||
Private Placement Term Loan Agreement Maturing in September 2017 | Term loan agreement | |||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||
Total Long-term Debt | $ 1,200,000,000 | ||||||||||||||||||
Private Placement Term Loan Agreement Maturing in September 2017 | Term loan agreement | Long-term Debt | |||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||
Borrowings under private placement term loan included in long term debt | $ 348,000,000 | ||||||||||||||||||
Virginia Electric and Power Company | |||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||
Number of joint revolving credit facilities | facility | 2 | ||||||||||||||||||
Credit facility | $ 120,000,000 | ||||||||||||||||||
Virginia Electric and Power Company | Subsequent Event | |||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||
Credit facility | $ 100,000,000 | $ 120,000,000 | |||||||||||||||||
Virginia Electric and Power Company | Tax Exempt Debt | |||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||
Variable rate tax-exempt financings | $ 100,000,000 | ||||||||||||||||||
Dominion Gas Holdings, LLC | |||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||
Number of joint revolving credit facilities | facility | 2 | ||||||||||||||||||
Dominion Gas Holdings, LLC | 3.8% Senior Notes Due in 2031 | Senior Notes | |||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||
Total Long-term Debt | $ 150,000,000 | ||||||||||||||||||
Interest rate percentage | 3.80% | ||||||||||||||||||
Dominion Gas Holdings, LLC | 2.875% Senior Notes Due in 2023 | Senior Notes | |||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||
Total Long-term Debt | $ 250,000,000 | ||||||||||||||||||
Interest rate percentage | 2.875% | 2.875% | |||||||||||||||||
Dominion Gas Holdings, LLC | 1.45% Senior Notes Due in 2026 | Senior Notes | |||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||
Total Long-term Debt | € | € 250,000,000 | ||||||||||||||||||
Interest rate percentage | 1.45% | 1.45% | |||||||||||||||||
Dominion Gas Holdings, LLC | 1.45% Senior Notes Due in 2026 | Senior Notes | Long-term Debt | |||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||
Total Long-term Debt | $ 280,000,000 | ||||||||||||||||||
Amount of senior notes at period end | $ 281,000,000 | ||||||||||||||||||
Dominion Midstream Partners, LP | Subsequent Event | Scenario, Forecast | Underwritten Public Offering | Limited Partner | |||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||
Net proceeds from issuance and public offering of common units | $ 348,000,000 | ||||||||||||||||||
[1] | The maturity dates of the $700 million Series A-1 RSNs and $700 million Series A-2 RSNs are August 15, 2021 and August 15, 2024, respectively. | ||||||||||||||||||
[2] | Annual interest rate applies to each of the Series A-1 RSNs and Series A-2 RSNs. |
Significant Financing Transac80
Significant Financing Transactions (Schedule of Equity Units) (Details) - Series A RSNs - USD ($) | Aug. 15, 2016 | Jul. 01, 2016 | Apr. 01, 2016 | Jul. 31, 2016 | Apr. 30, 2016 | |
Capital Unit [Line Items] | ||||||
Units Issued | [1] | 28,000,000 | ||||
Total Net Proceeds | [1] | $ 1,374,800,000 | ||||
Stock Purchase Contract Annual Rate | [1] | 4.75% | ||||
Stock Purchase Contract Liability | [1] | $ 190,600,000 | ||||
Remarketable Subordinated Notes | ||||||
Capital Unit [Line Items] | ||||||
Units Issued | 8,500,000 | 8,500,000 | 8,500,000 | 8,500,000 | ||
Total Long-term Debt | [1] | $ 1,400,000,000 | ||||
RSN Annual Interest Rate | [1],[2] | 2.00% | ||||
Remarketable Subordinated Notes, 2016 Series A-1, due 2021 | ||||||
Capital Unit [Line Items] | ||||||
Total Long-term Debt | $ 700,000,000 | |||||
Remarketable Subordinated Notes, 2016 Series A-2, due 2024 | ||||||
Capital Unit [Line Items] | ||||||
Total Long-term Debt | $ 700,000,000 | |||||
[1] | The maturity dates of the $700 million Series A-1 RSNs and $700 million Series A-2 RSNs are August 15, 2021 and August 15, 2024, respectively. | |||||
[2] | Annual interest rate applies to each of the Series A-1 RSNs and Series A-2 RSNs. |
Commitments and Contingencies81
Commitments and Contingencies (Narrative) (Details) | 1 Months Ended | 9 Months Ended | 12 Months Ended | ||||||||||||
Apr. 30, 2017 | Jul. 31, 2016party | Jun. 30, 2016party | Apr. 30, 2016USD ($) | Oct. 31, 2015 | Jun. 30, 2015party | Apr. 30, 2015facility | Dec. 31, 2014USD ($) | Oct. 31, 2014facility | Jun. 30, 2014unit | Jul. 31, 2013unit | Sep. 30, 2011party | Jul. 31, 2011stategroupMW | Sep. 30, 2016USD ($)facilitypartysite | Dec. 31, 2015USD ($)party | |
CWA | Virginia Electric and Power Company | Possum Point Power Station | Other operations and maintenance | |||||||||||||||
Loss Contingencies [Line Items] | |||||||||||||||
Charge as a result of settlement offer | $ 121,000,000 | ||||||||||||||
Unfavorable Regulatory Action | EPA | Maximum | |||||||||||||||
Loss Contingencies [Line Items] | |||||||||||||||
Maximum period for consideration of CO2 emissions from biomass projects | 3 years | ||||||||||||||
Unfavorable Regulatory Action | EPA | Virginia Electric and Power Company | |||||||||||||||
Loss Contingencies [Line Items] | |||||||||||||||
Number of coal fired generating units | unit | 3 | ||||||||||||||
Unfavorable Regulatory Action | MATS | EPA | |||||||||||||||
Loss Contingencies [Line Items] | |||||||||||||||
Extension period for MATS compliance | 1 year | ||||||||||||||
Number of coal fired generating units | unit | 2 | ||||||||||||||
Requested compliance extension under EPA Administrative Order | 1 year | ||||||||||||||
Unfavorable Regulatory Action | MATS | EPA | Scenario, Forecast | |||||||||||||||
Loss Contingencies [Line Items] | |||||||||||||||
Period to be in service following receipt of all required permits | 20 months | ||||||||||||||
Unfavorable Regulatory Action | MATS | EPA | Maximum | |||||||||||||||
Loss Contingencies [Line Items] | |||||||||||||||
Extension period for MATS compliance | 1 year | ||||||||||||||
Unfavorable Regulatory Action | CAIR | EPA | |||||||||||||||
Loss Contingencies [Line Items] | |||||||||||||||
Number of states under EPA replacement rule | state | 28 | ||||||||||||||
Number of groups of affected states | group | 2 | ||||||||||||||
Unfavorable Regulatory Action | CAIR | EPA | Minimum | |||||||||||||||
Loss Contingencies [Line Items] | |||||||||||||||
Emissions of fossil fuel fired electric generating units (MW) | MW | 25 | ||||||||||||||
Unfavorable Regulatory Action | Regulations to Reduce Nitrogen Oxide and Volatile Organic Compounds Emissions | Pennsylvania Department of Environmental Protection | Dominion Gas Holdings, LLC | |||||||||||||||
Loss Contingencies [Line Items] | |||||||||||||||
Estimated compliance costs | $ 25,000,000 | ||||||||||||||
Unfavorable Regulatory Action | CWA | |||||||||||||||
Loss Contingencies [Line Items] | |||||||||||||||
Number of facilities that may be subject to final regulations | facility | 14 | ||||||||||||||
Unfavorable Regulatory Action | CWA | Virginia Electric and Power Company | |||||||||||||||
Loss Contingencies [Line Items] | |||||||||||||||
Number of facilities that may be subject to final regulations | facility | 11 | ||||||||||||||
Unfavorable Regulatory Action | CWA | EPA | Final Rule to Revise Effluent Limitations Guidelines for Steam Electric Power Generating Category | |||||||||||||||
Loss Contingencies [Line Items] | |||||||||||||||
Number of facilities that maybe subject to additional wastewater treatment requirements | facility | 8 | ||||||||||||||
Unfavorable Regulatory Action | CERCLA | EPA | |||||||||||||||
Loss Contingencies [Line Items] | |||||||||||||||
Number of parties issued UAO | party | 22 | ||||||||||||||
Unfavorable Regulatory Action | Coal Tar and Other Potentially Harmful Materials | EPA | |||||||||||||||
Loss Contingencies [Line Items] | |||||||||||||||
Number of former manufactured gas plant sites | site | 19 | ||||||||||||||
Unfavorable Regulatory Action | Coal Tar and Other Potentially Harmful Materials | EPA | Former Gas Plant Site with Post Closure Groundwater Monitoring Program | |||||||||||||||
Loss Contingencies [Line Items] | |||||||||||||||
Number of former sites | site | 1 | ||||||||||||||
Unfavorable Regulatory Action | Coal Tar and Other Potentially Harmful Materials | EPA | Dominion Gas Holdings, LLC | |||||||||||||||
Loss Contingencies [Line Items] | |||||||||||||||
Number of former manufactured gas plant sites | site | 12 | ||||||||||||||
Unfavorable Regulatory Action | Coal Tar and Other Potentially Harmful Materials | EPA | Virginia Electric and Power Company | |||||||||||||||
Loss Contingencies [Line Items] | |||||||||||||||
Number of former manufactured gas plant sites | site | 3 | ||||||||||||||
Preliminary costs for options under evaluation for site, minimum | $ 1,000,000 | ||||||||||||||
Preliminary costs for options under evaluation for site, maximum | 22,000,000 | ||||||||||||||
Unfavorable Regulatory Action | CCR | EPA | Virginia Electric and Power Company | Environmental Protection Agency Final Rule Regulating Management of CCRs | Facilities Subject to CCR Final Rule | |||||||||||||||
Loss Contingencies [Line Items] | |||||||||||||||
Number of facilities with CCR | facility | 8 | ||||||||||||||
Obligations incurred during the period | $ 386,000,000 | ||||||||||||||
Unfavorable Regulatory Action | CCR | EPA | Virginia Electric and Power Company | Environmental Protection Agency Final Rule Regulating Management of CCRs | Facilities Subject to CCR Final Rule | Other operations and maintenance | |||||||||||||||
Loss Contingencies [Line Items] | |||||||||||||||
Incremental charge upon recognition of ARO | 99,000,000 | ||||||||||||||
Unfavorable Regulatory Action | CCR | EPA | Virginia Electric and Power Company | Environmental Protection Agency Final Rule Regulating Management of CCRs | Facilities Subject to CCR Final Rule | ARO's | |||||||||||||||
Loss Contingencies [Line Items] | |||||||||||||||
Increase in property plant and equipment associated with asset retirement costs | 166,000,000 | ||||||||||||||
Unfavorable Regulatory Action | CCR | EPA | Virginia Electric and Power Company | Environmental Protection Agency Final Rule Regulating Management of CCRs | Facilities Subject to CCR Final Rule | Noncurrent Liabilities | |||||||||||||||
Loss Contingencies [Line Items] | |||||||||||||||
Reduction in other current liabilities | $ 121,000,000 | ||||||||||||||
Unfavorable Regulatory Action | CCR | EPA | Virginia Electric and Power Company | Pending Litigation | Environmental Protection Agency Final Rule Regulating Management of CCRs | Facilities Subject to CCR Final Rule | Administrative Appeals in Circuit Court for the City of Richmond | |||||||||||||||
Loss Contingencies [Line Items] | |||||||||||||||
Number of parties | party | 2 | ||||||||||||||
Unfavorable Regulatory Action | CCR | EPA | Virginia Electric and Power Company | Settled Litigation | Environmental Protection Agency Final Rule Regulating Management of CCRs | Facilities Subject to CCR Final Rule | Administrative Appeals in Circuit Court for the City of Richmond | |||||||||||||||
Loss Contingencies [Line Items] | |||||||||||||||
Number of parties | party | 1 | ||||||||||||||
Breach of Contract Lawsuit | DTI | Pending Litigation | |||||||||||||||
Loss Contingencies [Line Items] | |||||||||||||||
Accrued liability for legal matter | $ 6,000,000 | ||||||||||||||
Liquefaction Project | FERC | Cove Point | Pending Litigation | |||||||||||||||
Loss Contingencies [Line Items] | |||||||||||||||
Number of parties | party | 2 | ||||||||||||||
Liquefaction Project | FERC | Cove Point | Judicial Ruling | |||||||||||||||
Loss Contingencies [Line Items] | |||||||||||||||
Number of parties | party | 1 | 1 |
Commitments and Contingencies82
Commitments and Contingencies (Subsidiary Guarantees) (Details) | 9 Months Ended | |
Sep. 30, 2016USD ($)guaranteesubsidiary | ||
Guarantor Obligations [Line Items] | ||
Stated Limit | $ 6,807,000,000 | |
Value | $ 1,594,000,000 | [1] |
Number of DEI subsidiaries | subsidiary | 2 | |
Purchased surety bonds | $ 147,000,000 | |
Authorized issuance of standby letters of credit | 60,000,000 | |
Minimum | ||
Guarantor Obligations [Line Items] | ||
Annual future contributions | 4,000,000 | |
Maximum | ||
Guarantor Obligations [Line Items] | ||
Annual future contributions | 19,000,000 | |
Third Party and Equity Method Investee | ||
Guarantor Obligations [Line Items] | ||
Amount of civil penalty | 73,000,000 | |
Stated Limit | 43,000,000 | |
Cove Point | ||
Guarantor Obligations [Line Items] | ||
Stated Limit | $ 150,000,000 | |
Number of guarantees with no stated limit | guarantee | 2 | |
Number of guarantees | guarantee | 1 | |
Aggregate limit | $ 1,750,000,000 | |
Annual draw limit | 175,000,000 | |
Subsidiary Debt | ||
Guarantor Obligations [Line Items] | ||
Stated Limit | 27,000,000 | [2] |
Value | 27,000,000 | [1],[2] |
Commodity Transactions | ||
Guarantor Obligations [Line Items] | ||
Stated Limit | 2,081,000,000 | [3] |
Value | 874,000,000 | [1],[3] |
Nuclear Obligations | ||
Guarantor Obligations [Line Items] | ||
Stated Limit | 169,000,000 | [4] |
Value | 94,000,000 | [1],[4] |
Nuclear Obligations | Millstone | ||
Guarantor Obligations [Line Items] | ||
Stated Limit | 150,000,000 | |
Nuclear Obligations | Kewaunee | ||
Guarantor Obligations [Line Items] | ||
Stated Limit | 60,000,000 | |
Cove Point | ||
Guarantor Obligations [Line Items] | ||
Stated Limit | 1,900,000,000 | [5] |
Value | 0 | [1],[5] |
Solar | ||
Guarantor Obligations [Line Items] | ||
Stated Limit | 1,847,000,000 | [6] |
Value | 539,000,000 | [1],[6] |
Other | ||
Guarantor Obligations [Line Items] | ||
Stated Limit | 783,000,000 | [7] |
Value | 60,000,000 | [1],[7] |
Through 2019 | Third Party and Equity Method Investee | ||
Guarantor Obligations [Line Items] | ||
Stated Limit | 36,000,000 | |
Virginia Electric and Power Company | ||
Guarantor Obligations [Line Items] | ||
Purchased surety bonds | 70,000,000 | |
Dominion Gas Holdings, LLC | ||
Guarantor Obligations [Line Items] | ||
Purchased surety bonds | $ 21,000,000 | |
[1] | Represents the estimated portion of the guarantee's stated limit that is utilized as of September 30, 2016 based upon prevailing economic conditions and fact patterns specific to each guarantee arrangement. For those guarantees related to obligations that are recorded as liabilities by Dominion's subsidiaries, the value includes the recorded amount. | |
[2] | Guarantee of debt of a DEI subsidiary. In the event of default by the subsidiary, Dominion would be obligated to repay such amounts. | |
[3] | Guarantees related to commodity commitments of certain subsidiaries, including subsidiaries of Virginia Power, Dominion Gas and DEI. These guarantees were provided to counterparties in order to facilitate physical and financial transactions in gas, oil, electricity, pipeline capacity, transportation and related commodities and services. If any of these subsidiaries fail to perform or pay under the contracts and the counterparties seek performance or payment, Dominion would be obligated to satisfy such obligation. Dominion and its subsidiaries receive similar guarantees as collateral for credit extended to others. The value provided includes certain guarantees that do not have stated limits. | |
[4] | Guarantees related to certain DEI subsidiaries' potential retrospective premiums that could be assessed if there is a nuclear incident under Dominion's nuclear insurance programs and guarantees for a DEI subsidiary's and Virginia Power's commitment to buy nuclear fuel. Excludes Dominion's agreement to provide up to $150 million and $60 million to two DEI subsidiaries to pay the operating expenses of Millstone nuclear power station (in the event of a prolonged outage) and Kewaunee nuclear power station, respectively, as part of satisfying certain NRC requirements concerned with ensuring adequate funding for the operations of nuclear power stations. The agreement for Kewaunee nuclear power station also provides for funds through the completion of decommissioning. | |
[5] | Guarantees related to Cove Point, in support of terminal services, transportation and construction. Two of the guarantees have no stated limit, one guarantee has a $150 million limit, and one guarantee has a $1.75 billion aggregate limit with an annual draw limit of $175 million. | |
[6] | Includes guarantees related to solar projects including guarantees that do not have stated limits. Also includes guarantees related to solar projects entered into by DEI on behalf of certain subsidiaries. | |
[7] | Guarantees related to other miscellaneous contractual obligations such as leases, environmental obligations and construction projects. Also includes guarantees related to certain DEI subsidiaries' obligations for equity capital contributions and energy generation associated with Fowler Ridge and NedPower. As of September 30, 2016, Dominion's maximum remaining cumulative exposure under these equity funding agreements is $36 million through 2019 and its maximum annual future contributions could range from approximately $4 million to $19 million. The value provided includes certain guarantees that do not have stated limits. |
Credit Risk (Narrative) (Detail
Credit Risk (Narrative) (Details) $ in Millions | 3 Months Ended | 9 Months Ended | ||||
Sep. 30, 2016USD ($)counterparty | Sep. 30, 2015USD ($) | Sep. 30, 2016USD ($)counterparty | Sep. 30, 2015USD ($) | Dec. 31, 2015USD ($) | ||
Concentration Risk and Guarantor Obligations [Line Items] | ||||||
Gross credit exposure | $ 96 | |||||
Operating Revenue | $ 3,132 | $ 2,971 | 8,651 | $ 9,127 | ||
Additional collateral to be posted if the credit related contingent features were triggered | 7 | 7 | $ 12 | |||
Aggregate fair value of all derivative instruments with credit contingent provisions that are in a liability position | 18 | 18 | $ 49 | |||
Virginia Electric and Power Company | ||||||
Concentration Risk and Guarantor Obligations [Line Items] | ||||||
Operating Revenue | [1] | $ 2,211 | $ 2,058 | $ 5,877 | $ 6,008 | |
Credit Concentration Risk | ||||||
Concentration Risk and Guarantor Obligations [Line Items] | ||||||
Number of counterparties | counterparty | 0 | 0 | ||||
Amount of exposure for single counterparty | $ 21 | |||||
Credit Concentration Risk | Wholesale Customers | Sales to wholesale customers | Virginia Electric and Power Company | ||||||
Concentration Risk and Guarantor Obligations [Line Items] | ||||||
Number of counterparties | counterparty | 0 | 0 | ||||
Operating Revenue | $ 23 | |||||
Amount of exposure related to sales to wholesale customers for single counterparty | $ 4 | |||||
Credit Concentration Risk | Investment Grade | ||||||
Concentration Risk and Guarantor Obligations [Line Items] | ||||||
Concentration risk, percentage (percentage) | 70.00% | |||||
Credit Concentration Risk | Investment Grade | Virginia Electric and Power Company | ||||||
Concentration Risk and Guarantor Obligations [Line Items] | ||||||
Concentration risk, percentage (percentage) | 35.00% | |||||
[1] | See Note 17 for amounts attributable to affiliates. |
Related-Party Transactions (Det
Related-Party Transactions (Details) - USD ($) | 3 Months Ended | 9 Months Ended | ||||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | Dec. 31, 2015 | ||
Related Party Transaction [Line Items] | ||||||
Derivative Asset | $ 295,000,000 | $ 295,000,000 | $ 388,000,000 | |||
Derivative Liabilities | 422,000,000 | 422,000,000 | 343,000,000 | |||
Capital expenditures | 4,536,000,000 | $ 3,632,000,000 | ||||
Virginia Electric and Power Company | ||||||
Related Party Transaction [Line Items] | ||||||
Derivative Asset | 118,000,000 | 118,000,000 | 127,000,000 | |||
Derivative Liabilities | 291,000,000 | 291,000,000 | 86,000,000 | |||
Commodity purchases from affiliates | 172,000,000 | $ 123,000,000 | 416,000,000 | 469,000,000 | ||
Services provided by affiliates | [1] | 105,000,000 | 96,000,000 | 347,000,000 | 313,000,000 | |
Services provided to affiliates | 5,000,000 | 5,000,000 | 17,000,000 | 15,000,000 | ||
Capital expenditures | 1,835,000,000 | 1,840,000,000 | ||||
Outstanding borrowings, net of repayments, under money pool for non-regulated subsidiaries | 0 | 0 | 0 | |||
Virginia Electric and Power Company | Affiliate | ||||||
Related Party Transaction [Line Items] | ||||||
Derivative Asset | 28,000,000 | 28,000,000 | 13,000,000 | |||
Derivative Liabilities | 15,000,000 | 15,000,000 | 22,000,000 | |||
Virginia Electric and Power Company | Affiliate | Services provided by affiliates | ||||||
Related Party Transaction [Line Items] | ||||||
Capital expenditures | 32,000,000 | 32,000,000 | 109,000,000 | 105,000,000 | ||
Virginia Electric and Power Company | Principal Owner | ||||||
Related Party Transaction [Line Items] | ||||||
Short term demand note | 0 | 0 | 376,000,000 | |||
Virginia Electric and Power Company | Other deferred credits and other liabilities | ||||||
Related Party Transaction [Line Items] | ||||||
Amounts due to Dominion | 376,000,000 | 376,000,000 | 316,000,000 | |||
Virginia Electric and Power Company | Other deferred charges and other assets | ||||||
Related Party Transaction [Line Items] | ||||||
Amounts due from Dominion | 111,000,000 | 111,000,000 | 77,000,000 | |||
Dominion Gas Holdings, LLC | ||||||
Related Party Transaction [Line Items] | ||||||
Derivative Asset | 14,000,000 | 14,000,000 | 11,000,000 | |||
Derivative Liabilities | 6,000,000 | 6,000,000 | 14,000,000 | |||
Amounts due from Dominion | [2] | 1,000,000 | 1,000,000 | 1,000,000 | ||
Commodity purchases from affiliates | 2,000,000 | 3,000,000 | 7,000,000 | 7,000,000 | ||
Services provided by affiliates | [3] | 34,000,000 | 30,000,000 | 94,000,000 | 75,000,000 | |
Services provided to affiliates | 16,000,000 | 17,000,000 | 51,000,000 | 52,000,000 | ||
Capital expenditures | 610,000,000 | 514,000,000 | ||||
Other receivables | [4] | 9,000,000 | 9,000,000 | 7,000,000 | ||
Customer receivables from related parties | 1,000,000 | 1,000,000 | 4,000,000 | |||
Affiliated notes receivable | [5] | 17,000,000 | 17,000,000 | 14,000,000 | ||
Dominion Gas Holdings, LLC | Revolving Credit Facility | IRCA | ||||||
Related Party Transaction [Line Items] | ||||||
Borrowings under IRCA | 95,000,000 | |||||
Dominion Gas Holdings, LLC | Services provided by affiliates | ||||||
Related Party Transaction [Line Items] | ||||||
Commodity purchases from affiliates | [6] | 36,000,000 | 30,000,000 | 108,000,000 | 99,000,000 | |
Dominion Gas Holdings, LLC | Affiliate | Services provided by affiliates | ||||||
Related Party Transaction [Line Items] | ||||||
Capital expenditures | 13,000,000 | $ 16,000,000 | 37,000,000 | $ 40,000,000 | ||
Dominion Gas Holdings, LLC | Noncurrent Pension and Other Postretirement Benefit Assets | ||||||
Related Party Transaction [Line Items] | ||||||
Amounts due from Dominion, noncurrent | $ 686,000,000 | $ 686,000,000 | $ 652,000,000 | |||
[1] | Includes capitalized expenditures of $32 million for both the three months ended September 30, 2016 and 2015, and $109 million and $105 million for the nine months ended September 30, 2016 and 2015, respectively. | |||||
[2] | Amounts are presented in other current assets in Dominion Gas' Consolidated Balance Sheets. | |||||
[3] | Amounts primarily attributable to Atlantic Coast Pipeline. | |||||
[4] | Represents amounts due from Atlantic Coast Pipeline, a related-party VIE. | |||||
[5] | Amounts are presented in other deferred charges and other assets in Dominion Gas' Consolidated Balance Sheets. | |||||
[6] | Includes capitalized expenditures of $13 million and $16 million for the three months ended September 30, 2016 and 2015, respectively, and $37 million and $40 million for the nine months ended September 30, 2016 and 2015 |
Employee Benefit Plans (Narrati
Employee Benefit Plans (Narrative) (Details) | 3 Months Ended | 9 Months Ended |
Sep. 30, 2016USD ($) | Sep. 30, 2016USD ($) | |
Defined Benefit Plan Disclosure [Line Items] | ||
Contributions to defined benefit pension plans and OPEB plans | $ 0 | |
Expected contribution to voluntary employees' beneficiary association | 12,000,000 | |
Medical Coverage for Local 50 retirees | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Retirement age | 65 years | |
Decrease in accumulated postretirement benefit obligation | $ 37,000,000 | 37,000,000 |
Increase in net periodic benefit credit | $ 9,000,000 | $ 9,000,000 |
Discount rate percentage | 3.71% | 3.71% |
Dominion Gas Holdings, LLC | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Contributions to defined benefit pension plans and OPEB plans | $ 0 | |
Expected contribution to voluntary employees' beneficiary association | 12,000,000 | |
Special Termination Benefits | Organizational Design Initiative | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Organizational design initiative | 65,000,000 | |
Organizational design initiative, after tax | 40,000,000 | |
Special Termination Benefits | Organizational Design Initiative | Virginia Electric and Power Company | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Organizational design initiative | 33,000,000 | |
Organizational design initiative, after tax | 20,000,000 | |
Special Termination Benefits | Organizational Design Initiative | Dominion Gas Holdings, LLC | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Organizational design initiative | 8,000,000 | |
Organizational design initiative, after tax | $ 5,000,000 |
Employee Benefit Plans (Net Per
Employee Benefit Plans (Net Periodic Benefit Cost) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Pension Benefits | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Service cost | $ 30 | $ 32 | $ 87 | $ 95 |
Interest cost | 79 | 71 | 234 | 215 |
Expected return on plan assets | (141) | (132) | (419) | (398) |
Amortization of prior service cost (credit) | 0 | 0 | 1 | 1 |
Amortization of net actuarial loss | 29 | 40 | 84 | 120 |
Net periodic benefit cost (credit) | (3) | 11 | (13) | 33 |
Pension Benefits | Dominion Gas Holdings, LLC | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Service cost | 3 | 4 | 10 | 11 |
Interest cost | 7 | 7 | 22 | 21 |
Expected return on plan assets | (33) | (31) | (100) | (94) |
Amortization of net actuarial loss | 3 | 5 | 10 | 15 |
Net periodic benefit cost (credit) | (20) | (15) | (58) | (47) |
Other Postretirement Benefits | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Service cost | 7 | 10 | 23 | 30 |
Interest cost | 16 | 17 | 50 | 50 |
Expected return on plan assets | (28) | (29) | (87) | (88) |
Amortization of prior service cost (credit) | (9) | (7) | (23) | (20) |
Amortization of net actuarial loss | 2 | 1 | 5 | 4 |
Net periodic benefit cost (credit) | (12) | (8) | (32) | (24) |
Other Postretirement Benefits | Dominion Gas Holdings, LLC | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Service cost | 1 | 2 | 4 | 5 |
Interest cost | 3 | 3 | 10 | 10 |
Expected return on plan assets | (5) | (6) | (17) | (18) |
Amortization of net actuarial loss | 0 | 1 | 1 | 2 |
Net periodic benefit cost (credit) | $ (1) | $ 0 | $ (2) | $ (1) |
Operating Segments (Narrative)
Operating Segments (Narrative) (Details) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Segment Reporting Information [Line Items] | ||||
After tax net expense (benefit) | $ 1,987,000,000 | $ 1,848,000,000 | $ 5,843,000,000 | $ 6,229,000,000 |
Operating Segments | ||||
Segment Reporting Information [Line Items] | ||||
After tax net expenses | 22,000,000 | 80,000,000 | ||
Operating Segments | Organizational Design Initiative | ||||
Segment Reporting Information [Line Items] | ||||
Organizational design initiative | 59,000,000 | |||
Organizational design initiative, after tax | 36,000,000 | |||
Operating Segments | Corporate and Other | ||||
Segment Reporting Information [Line Items] | ||||
After tax net expenses | 63,000,000 | 82,000,000 | ||
Operating Segments | DVP | Organizational Design Initiative | ||||
Segment Reporting Information [Line Items] | ||||
Organizational design initiative, after tax | 5,000,000 | |||
Operating Segments | Dominion Energy | Organizational Design Initiative | ||||
Segment Reporting Information [Line Items] | ||||
Organizational design initiative, after tax | 12,000,000 | |||
Operating Segments | Dominion Generation | ||||
Segment Reporting Information [Line Items] | ||||
Net gain on investments | 29,000,000 | 39,000,000 | ||
Net gain on investments, after tax | 18,000,000 | 25,000,000 | ||
Operating Segments | Dominion Generation | PJM | ||||
Segment Reporting Information [Line Items] | ||||
Billing adjustment | 17,000,000 | |||
Billing adjustment, net of tax | 10,000,000 | |||
Operating Segments | Dominion Generation | Facilities Subject to CCR Final Rule | ||||
Segment Reporting Information [Line Items] | ||||
Charge related to incremental future ash pond and landfill closure costs | 45,000,000 | |||
Charge related to incremental future ash pond and landfill closure costs, after tax | 28,000,000 | |||
Operating Segments | Dominion Generation | Virginia Regulation | Deferred Fuel Costs | ||||
Segment Reporting Information [Line Items] | ||||
Write off of deferred fuel balances | 85,000,000 | |||
Write off of deferred fuel balances, net of tax | 52,000,000 | |||
Operating Segments | Dominion Generation | Organizational Design Initiative | ||||
Segment Reporting Information [Line Items] | ||||
Organizational design initiative, after tax | 19,000,000 | |||
Virginia Electric and Power Company | ||||
Segment Reporting Information [Line Items] | ||||
After tax net expense (benefit) | 1,297,000,000 | 1,317,000,000 | 3,896,000,000 | 4,261,000,000 |
Virginia Electric and Power Company | Operating Segments | Organizational Design Initiative | ||||
Segment Reporting Information [Line Items] | ||||
Organizational design initiative | 33,000,000 | |||
Organizational design initiative, after tax | 20,000,000 | |||
Virginia Electric and Power Company | Operating Segments | Corporate and Other | ||||
Segment Reporting Information [Line Items] | ||||
After tax net expenses | 101,000,000 | |||
After tax net expense (benefit) | 18,000,000 | |||
Virginia Electric and Power Company | Operating Segments | DVP | Organizational Design Initiative | ||||
Segment Reporting Information [Line Items] | ||||
Organizational design initiative, after tax | 5,000,000 | |||
Virginia Electric and Power Company | Operating Segments | Dominion Generation | PJM | ||||
Segment Reporting Information [Line Items] | ||||
Billing adjustment | 15,000,000 | |||
Billing adjustment, net of tax | 9,000,000 | |||
Virginia Electric and Power Company | Operating Segments | Dominion Generation | Facilities Subject to CCR Final Rule | ||||
Segment Reporting Information [Line Items] | ||||
Charge related to incremental future ash pond and landfill closure costs | 45,000,000 | |||
Charge related to incremental future ash pond and landfill closure costs, after tax | 28,000,000 | |||
Virginia Electric and Power Company | Operating Segments | Dominion Generation | Virginia Regulation | Deferred Fuel Costs | ||||
Segment Reporting Information [Line Items] | ||||
Write off of deferred fuel balances | 85,000,000 | |||
Write off of deferred fuel balances, net of tax | 52,000,000 | |||
Virginia Electric and Power Company | Operating Segments | Dominion Generation | Organizational Design Initiative | ||||
Segment Reporting Information [Line Items] | ||||
Organizational design initiative, after tax | 15,000,000 | |||
Dominion Gas Holdings, LLC | ||||
Segment Reporting Information [Line Items] | ||||
After tax net expense (benefit) | $ 249,000,000 | $ 163,000,000 | 687,000,000 | 665,000,000 |
Dominion Gas Holdings, LLC | Operating Segments | Organizational Design Initiative | ||||
Segment Reporting Information [Line Items] | ||||
Organizational design initiative | 8,000,000 | |||
Organizational design initiative, after tax | 5,000,000 | |||
Dominion Gas Holdings, LLC | Operating Segments | Corporate and Other | ||||
Segment Reporting Information [Line Items] | ||||
After tax net expenses | 7,000,000 | $ 0 | ||
After tax net expense (benefit) | $ (5,000,000) |
Operating Segments (Schedule of
Operating Segments (Schedule of Segment Reporting Information, by Segment) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | ||
Segment Reporting Information [Line Items] | |||||
Total revenue from external customers | $ 3,132 | $ 2,971 | $ 8,651 | $ 9,127 | |
Net income (loss) attributable to Dominion | 690 | 593 | 1,666 | 1,542 | |
DVP | |||||
Segment Reporting Information [Line Items] | |||||
Total revenue from external customers | 620 | 543 | 1,699 | 1,617 | |
Dominion Generation | |||||
Segment Reporting Information [Line Items] | |||||
Total revenue from external customers | [1] | 1,949 | 1,894 | 5,211 | 5,544 |
Dominion Energy | |||||
Segment Reporting Information [Line Items] | |||||
Total revenue from external customers | [1] | 564 | 536 | 1,742 | 1,960 |
Corporate and Other | |||||
Segment Reporting Information [Line Items] | |||||
Total revenue from external customers | 146 | 128 | 477 | 405 | |
Operating Segments | DVP | |||||
Segment Reporting Information [Line Items] | |||||
Total revenue from external customers | 614 | 539 | 1,682 | 1,603 | |
Net income (loss) attributable to Dominion | 139 | 125 | 363 | 382 | |
Operating Segments | Dominion Generation | |||||
Segment Reporting Information [Line Items] | |||||
Total revenue from external customers | [1] | 1,947 | 1,892 | 5,204 | 5,533 |
Net income (loss) attributable to Dominion | [1] | 650 | 390 | 1,066 | 902 |
Operating Segments | Dominion Energy | |||||
Segment Reporting Information [Line Items] | |||||
Total revenue from external customers | [1] | 359 | 377 | 1,235 | 1,376 |
Net income (loss) attributable to Dominion | [1] | 135 | 153 | 483 | 509 |
Operating Segments | Corporate and Other | |||||
Segment Reporting Information [Line Items] | |||||
Total revenue from external customers | 2 | 0 | 8 | (9) | |
Net income (loss) attributable to Dominion | (234) | (75) | (246) | (251) | |
Intersegment revenue | |||||
Segment Reporting Information [Line Items] | |||||
Total revenue from external customers | [1] | (357) | (293) | (1,000) | (1,023) |
Intersegment revenue | DVP | |||||
Segment Reporting Information [Line Items] | |||||
Total revenue from external customers | 6 | 4 | 17 | 14 | |
Intersegment revenue | Dominion Generation | |||||
Segment Reporting Information [Line Items] | |||||
Total revenue from external customers | [1] | 2 | 2 | 7 | 11 |
Intersegment revenue | Dominion Energy | |||||
Segment Reporting Information [Line Items] | |||||
Total revenue from external customers | [1] | 205 | 159 | 507 | 584 |
Intersegment revenue | Corporate and Other | |||||
Segment Reporting Information [Line Items] | |||||
Total revenue from external customers | 144 | 128 | 469 | 414 | |
Adjustments/Eliminations | |||||
Segment Reporting Information [Line Items] | |||||
Total revenue from external customers | [1] | 210 | 163 | 522 | 624 |
Net income (loss) attributable to Dominion | [1] | 0 | 0 | 0 | 0 |
Eliminations | |||||
Segment Reporting Information [Line Items] | |||||
Total revenue from external customers | [1] | (147) | (130) | (478) | (399) |
Virginia Electric and Power Company | |||||
Segment Reporting Information [Line Items] | |||||
Total revenue from external customers | [2] | 2,211 | 2,058 | 5,877 | 6,008 |
Net income (loss) attributable to Dominion | 503 | 385 | 1,046 | 900 | |
Virginia Electric and Power Company | Operating Segments | DVP | |||||
Segment Reporting Information [Line Items] | |||||
Total revenue from external customers | 617 | 541 | 1,686 | 1,610 | |
Net income (loss) attributable to Dominion | 140 | 125 | 362 | 382 | |
Virginia Electric and Power Company | Operating Segments | Dominion Generation | |||||
Segment Reporting Information [Line Items] | |||||
Total revenue from external customers | 1,594 | 1,523 | 4,191 | 4,419 | |
Net income (loss) attributable to Dominion | 359 | 273 | 699 | 618 | |
Virginia Electric and Power Company | Operating Segments | Corporate and Other | |||||
Segment Reporting Information [Line Items] | |||||
Total revenue from external customers | 0 | (6) | 0 | (21) | |
Net income (loss) attributable to Dominion | 4 | (13) | (15) | (100) | |
Dominion Gas Holdings, LLC | |||||
Segment Reporting Information [Line Items] | |||||
Total revenue from external customers | [3] | 382 | 365 | 1,181 | 1,291 |
Net income (loss) attributable to Dominion | 83 | 111 | 286 | 357 | |
Dominion Gas Holdings, LLC | Operating Segments | Dominion Energy | |||||
Segment Reporting Information [Line Items] | |||||
Total revenue from external customers | 382 | 365 | 1,181 | 1,291 | |
Net income (loss) attributable to Dominion | 77 | 113 | 288 | 364 | |
Dominion Gas Holdings, LLC | Operating Segments | Corporate and Other | |||||
Segment Reporting Information [Line Items] | |||||
Total revenue from external customers | 0 | 0 | 0 | 0 | |
Net income (loss) attributable to Dominion | $ 6 | $ (2) | $ (2) | $ (7) | |
[1] | 2015 amounts have been recast to reflect nonregulated retail energy marketing operations in the Dominion Energy segment. | ||||
[2] | See Note 17 for amounts attributable to affiliates. | ||||
[3] | See Note 17 for amounts attributable to related parties. |