Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2017 | Feb. 15, 2018 | Jun. 30, 2017 | |
Document Information [Line Items] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Dec. 31, 2017 | ||
Document Fiscal Year Focus | 2,017 | ||
Document Fiscal Period Focus | FY | ||
Trading Symbol | D | ||
Entity Registrant Name | DOMINION ENERGY INC /VA/ | ||
Entity Central Index Key | 715,957 | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Common Stock, Shares Outstanding | 651,524,668 | ||
Entity Public Float | $ 48,100,000,000 | ||
Virginia Electric and Power Company | |||
Document Information [Line Items] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Dec. 31, 2017 | ||
Document Fiscal Year Focus | 2,017 | ||
Document Fiscal Period Focus | FY | ||
Trading Symbol | VEL - PE | ||
Entity Registrant Name | VIRGINIA ELECTRIC & POWER CO | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Entity Filer Category | Non-accelerated Filer | ||
Entity Common Stock, Shares Outstanding | 274,723 | ||
Entity Public Float | 0 | ||
Dominion Energy Gas Holdings, LLC | |||
Document Information [Line Items] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Dec. 31, 2017 | ||
Document Fiscal Year Focus | 2,017 | ||
Document Fiscal Period Focus | FY | ||
Entity Registrant Name | Dominion Energy Gas Holdings, LLC | ||
Entity Central Index Key | 1,603,291 | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Entity Filer Category | Non-accelerated Filer | ||
Entity Common Stock, Shares Outstanding | 0 | ||
Entity Public Float | $ 0 |
Consolidated Statements of Inco
Consolidated Statements of Income - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | ||
Operating Revenue | [1] | $ 12,586 | $ 11,737 | $ 11,683 |
Operating Expenses | ||||
Electric fuel and other energy-related purchases | 2,301 | 2,333 | 2,725 | |
Purchased electric capacity | 6 | 99 | 330 | |
Purchased gas | 701 | 459 | 551 | |
Other operations and maintenance | 2,875 | 3,064 | 2,595 | |
Depreciation and amortization | 1,905 | 1,559 | 1,395 | |
Other taxes | 668 | 596 | 551 | |
Total operating expenses | 8,456 | 8,110 | 8,147 | |
Income from operations | 4,130 | 3,627 | 3,536 | |
Earnings from equity method investee | (18) | 111 | 56 | |
Other income | [1] | 165 | 250 | 196 |
Interest and related charges | 1,205 | 1,010 | 904 | |
Income from operations before income tax expense | 3,090 | 2,867 | 2,828 | |
Income tax expense | (30) | 655 | 905 | |
Net Income Including Noncontrolling Interests | 3,120 | 2,212 | 1,923 | |
Noncontrolling Interests | 121 | 89 | 24 | |
Net Income | $ 2,999 | $ 2,123 | $ 1,899 | |
Earnings Per Common Share | ||||
Net income attributable to Dominion Energy-Basic | $ 4.72 | $ 3.44 | $ 3.21 | |
Net income attributable to Dominion Energy-Diluted | 4.72 | 3.44 | 3.20 | |
Dividends Declared Per Common Share | $ 3.035 | $ 2.800 | $ 2.590 | |
Virginia Electric and Power Company | ||||
Operating Revenue | $ 7,556 | $ 7,588 | $ 7,622 | |
Operating Expenses | ||||
Electric fuel and other energy-related purchases | [2] | 1,909 | 1,973 | 2,320 |
Purchased electric capacity | 6 | 99 | 330 | |
Affiliated suppliers | 309 | 310 | 279 | |
Other | 1,169 | 1,547 | 1,355 | |
Depreciation and amortization | 1,141 | 1,025 | 953 | |
Other taxes | 290 | 284 | 264 | |
Total operating expenses | 4,824 | 5,238 | 5,501 | |
Income from operations | 2,732 | 2,350 | 2,121 | |
Other income | 76 | 56 | 68 | |
Interest and related charges | [2] | 494 | 461 | 443 |
Income from operations before income tax expense | 2,314 | 1,945 | 1,746 | |
Income tax expense | 774 | 727 | 659 | |
Net Income | 1,540 | 1,218 | 1,087 | |
Dominion Energy Gas Holdings, LLC | ||||
Operating Revenue | [3] | 1,814 | 1,638 | 1,716 |
Operating Expenses | ||||
Purchased gas | [3] | 132 | 109 | 133 |
Other energy-related purchases | [3] | 21 | 12 | 21 |
Affiliated suppliers | 87 | 81 | 64 | |
Other | [3] | 440 | 393 | 326 |
Depreciation and amortization | 227 | 204 | 217 | |
Other taxes | 185 | 170 | 166 | |
Total operating expenses | 1,092 | 969 | 927 | |
Income from operations | 722 | 669 | 789 | |
Earnings from equity method investee | 21 | 21 | 23 | |
Other income | 20 | 11 | 1 | |
Interest and related charges | [3] | 97 | 94 | 73 |
Income from operations before income tax expense | 666 | 607 | 740 | |
Income tax expense | 51 | 215 | 283 | |
Net Income | $ 615 | $ 392 | $ 457 | |
[1] | See Note 9 for amounts attributable to related parties. | |||
[2] | See Note 24 for amounts attributable to affiliates. | |||
[3] | See Note 24 for amounts attributable to related parties. |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Net income including noncontrolling interests | $ 3,120 | $ 2,212 | $ 1,923 |
Net income | 2,999 | 2,123 | 1,899 |
Other comprehensive income (loss), net of taxes: | |||
Net deferred gains (losses) on derivatives-hedging activities, net of tax | 8 | 55 | 110 |
Changes in unrealized net gains (losses) on investment securities, net of tax | 215 | 93 | 6 |
Changes in net unrecognized pension and other postretirement benefit costs, net of $32, $189 and $29 tax | (69) | (319) | (66) |
Amounts reclassified to net income (loss): | |||
Net derivative (gains) losses-hedging activities, net of tax | (29) | (159) | (108) |
Net realized gains on investment securities, net of tax | (37) | (28) | (50) |
Net pension and other postretirement benefit costs, net of tax | 50 | 34 | 51 |
Changes in other comprehensive loss from equity method investees, net of tax | 3 | (1) | (1) |
Net current period other comprehensive income (loss) | 141 | (325) | (58) |
Comprehensive income including noncontrolling interests | 3,261 | 1,887 | 1,865 |
Comprehensive income attributable to noncontrolling interests | 122 | 89 | 24 |
Comprehensive income attributable to Dominion Energy | 3,139 | 1,798 | 1,841 |
Virginia Electric and Power Company | |||
Net income | 1,540 | 1,218 | 1,087 |
Other comprehensive income (loss), net of taxes: | |||
Net deferred gains (losses) on derivatives-hedging activities, net of tax | (5) | (2) | (1) |
Changes in unrealized net gains (losses) on investment securities, net of tax | 24 | 11 | (4) |
Amounts reclassified to net income (loss): | |||
Net derivative (gains) losses-hedging activities, net of tax | 1 | 1 | 1 |
Net realized gains on investment securities, net of tax | (4) | (4) | (6) |
Net current period other comprehensive income (loss) | 16 | 6 | (10) |
Comprehensive income attributable to Dominion Energy | 1,556 | 1,224 | 1,077 |
Dominion Energy Gas Holdings, LLC | |||
Net income | 615 | 392 | 457 |
Other comprehensive income (loss), net of taxes: | |||
Net deferred gains (losses) on derivatives-hedging activities, net of tax | 5 | (16) | 6 |
Changes in net unrecognized pension and other postretirement benefit costs, net of $32, $189 and $29 tax | 20 | (20) | (20) |
Amounts reclassified to net income (loss): | |||
Net derivative (gains) losses-hedging activities, net of tax | (4) | 9 | (3) |
Net pension and other postretirement benefit costs, net of tax | 4 | 3 | 4 |
Net current period other comprehensive income (loss) | 25 | (24) | (13) |
Comprehensive income attributable to Dominion Energy | $ 640 | $ 368 | $ 444 |
Consolidated Statements of Com4
Consolidated Statements of Comprehensive Income (Parenthetical) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Net deferred gains (losses) on derivative-hedging activities, tax | $ (3) | $ (37) | $ (74) |
Changes in unrealized net gains (losses) on investment securities, tax | (121) | (53) | 23 |
Changes in net unrecognized pension and other postretirement benefit costs, tax | 32 | 189 | 29 |
Net derivative (gains) losses on derivative-hedging activities, tax | 18 | 100 | 68 |
Net realized gains on investment securities, tax | 21 | 15 | 29 |
Net pension and other postretirement benefit costs, tax | (32) | (22) | (35) |
Changes in other comprehensive income (loss) from equity method investees, tax | (2) | 1 | |
Virginia Electric and Power Company | |||
Net deferred gains (losses) on derivative-hedging activities, tax | 3 | 1 | 2 |
Changes in unrealized net gains (losses) on investment securities, tax | (16) | (7) | 1 |
Net derivative (gains) losses on derivative-hedging activities, tax | 0 | 0 | 0 |
Net realized gains on investment securities, tax | 3 | 2 | 4 |
Dominion Energy Gas Holdings, LLC | |||
Net deferred gains (losses) on derivative-hedging activities, tax | (3) | 10 | (4) |
Changes in net unrecognized pension and other postretirement benefit costs, tax | (8) | 14 | 13 |
Net derivative (gains) losses on derivative-hedging activities, tax | 3 | (6) | 3 |
Net pension and other postretirement benefit costs, tax | $ (2) | $ (2) | $ (3) |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Millions | Dec. 31, 2017 | Dec. 31, 2016 | |
Current Assets | |||
Cash and cash equivalents | $ 120 | $ 261 | |
Customer receivables (less allowance for doubtful accounts) | 1,660 | 1,523 | |
Other receivables (less allowance for doubtful accounts) | [1] | 126 | 183 |
Inventories | |||
Materials and supplies | 1,049 | 1,087 | |
Fossil fuel | 328 | 341 | |
Gas stored | 100 | 96 | |
Prepayments | 260 | 194 | |
Regulatory assets | 294 | 244 | |
Other | 397 | 319 | |
Total current assets | 4,334 | 4,248 | |
Investments | |||
Nuclear decommissioning trust funds | 5,093 | 4,484 | |
Investment in equity method affiliates | 1,544 | 1,561 | |
Other | 327 | 298 | |
Total investments | 6,964 | 6,343 | |
Property, Plant and Equipment | |||
Property, plant and equipment | 74,823 | 69,556 | |
Accumulated depreciation, depletion and amortization | (21,065) | (19,592) | |
Total property, plant and equipment, net | 53,758 | 49,964 | |
Deferred Charges and Other Assets | |||
Goodwill | [2] | 6,405 | 6,399 |
Pension and other postretirement benefit assets | 1,378 | 1,078 | |
Intangible assets, net | 685 | 618 | |
Regulatory assets | 2,480 | 2,473 | |
Other | 581 | 487 | |
Total deferred charges and other assets | 11,529 | 11,055 | |
Total assets | 76,585 | 71,610 | |
Current Liabilities | |||
Securities due within one year | 3,078 | 1,709 | |
Short-term debt | 3,298 | 3,155 | |
Accounts payable | 875 | 1,000 | |
Accrued interest, payroll and taxes | 848 | 798 | |
Other | 1,537 | 1,453 | |
Total current liabilities | 9,636 | 8,115 | |
Long-Term Debt | |||
Long-term debt | 25,588 | 24,878 | |
Junior subordinated notes | 3,981 | 2,980 | |
Remarketable subordinated notes | 1,379 | 2,373 | |
Long-Term Debt | 30,948 | 30,231 | |
Deferred Credits and Other Liabilities | |||
Deferred income taxes and investment tax credits | 4,523 | 8,602 | |
Regulatory liabilities | 6,916 | 2,622 | |
Asset retirement obligations | 2,169 | 2,236 | |
Pension and other postretirement benefit liability | 2,160 | 2,112 | |
Other | [3] | 863 | 852 |
Total deferred credits and other liabilities | 16,631 | 16,424 | |
Total liabilities | 57,215 | 54,770 | |
Commitments and Contingencies | |||
Equity | |||
Common stock-no par | [4] | 9,865 | 8,550 |
Retained earnings | 7,936 | 6,854 | |
Accumulated other comprehensive loss | (659) | (799) | |
Total common shareholders' equity | 17,142 | 14,605 | |
Noncontrolling interests | 2,228 | 2,235 | |
Total equity | 19,370 | 16,840 | |
Total liabilities and equity | 76,585 | 71,610 | |
Virginia Electric and Power Company | |||
Current Assets | |||
Cash and cash equivalents | 14 | 11 | |
Customer receivables (less allowance for doubtful accounts) | 951 | 892 | |
Other receivables (less allowance for doubtful accounts) | 64 | 99 | |
Affiliated receivables | 3 | 112 | |
Inventories | |||
Materials and supplies | 531 | 525 | |
Fossil fuel | 319 | 328 | |
Prepayments | 27 | 30 | |
Regulatory assets | 205 | 179 | |
Other | [5] | 110 | 72 |
Total current assets | 2,224 | 2,248 | |
Investments | |||
Nuclear decommissioning trust funds | 2,399 | 2,106 | |
Other | 3 | 3 | |
Total investments | 2,402 | 2,109 | |
Property, Plant and Equipment | |||
Property, plant and equipment | 42,329 | 40,030 | |
Accumulated depreciation, depletion and amortization | (13,277) | (12,436) | |
Total property, plant and equipment, net | 29,052 | 27,594 | |
Deferred Charges and Other Assets | |||
Pension and other postretirement benefit assets | [5] | 199 | 130 |
Intangible assets, net | 233 | 225 | |
Regulatory assets | 810 | 770 | |
Derivative assets | [5] | 91 | 128 |
Other | 128 | 104 | |
Total deferred charges and other assets | 1,461 | 1,357 | |
Total assets | 35,139 | 33,308 | |
Current Liabilities | |||
Securities due within one year | 850 | 678 | |
Short-term debt | 542 | 65 | |
Accounts payable | 361 | 444 | |
Payables to affiliates | 125 | 109 | |
Affiliated current borrowings | 33 | 262 | |
Accrued interest, payroll and taxes | 256 | 239 | |
Asset retirement obligations | 216 | 181 | |
Other | [5] | 537 | 544 |
Total current liabilities | 2,920 | 2,522 | |
Long-Term Debt | |||
Long-Term Debt | 10,496 | 9,852 | |
Deferred Credits and Other Liabilities | |||
Deferred income taxes and investment tax credits | 2,728 | 5,103 | |
Regulatory liabilities | 4,760 | 1,962 | |
Asset retirement obligations | 1,149 | 1,262 | |
Pension and other postretirement benefit liability | [5] | 505 | 396 |
Other | 357 | 346 | |
Total deferred credits and other liabilities | 9,499 | 9,069 | |
Total liabilities | 22,915 | 21,443 | |
Commitments and Contingencies | |||
Equity | |||
Common stock-no par | [6] | 5,738 | 5,738 |
Other paid-in capital | 1,113 | 1,113 | |
Retained earnings | 5,311 | 4,968 | |
Accumulated other comprehensive loss | 62 | 46 | |
Total common shareholders' equity | 12,224 | 11,865 | |
Total equity | 12,224 | 11,865 | |
Total liabilities and equity | 35,139 | 33,308 | |
Dominion Energy Gas Holdings, LLC | |||
Current Assets | |||
Cash and cash equivalents | 4 | 23 | |
Customer receivables (less allowance for doubtful accounts) | [7] | 297 | 281 |
Other receivables (less allowance for doubtful accounts) | [7] | 15 | 13 |
Affiliated receivables | 10 | 17 | |
Inventories | |||
Materials and supplies | 55 | 57 | |
Gas stored | 9 | 13 | |
Prepayments | [7] | 112 | 94 |
Regulatory assets | [8] | 26 | 26 |
Gas imbalances | 46 | 37 | |
Other | [7] | 52 | 47 |
Total current assets | 600 | 582 | |
Investments | |||
Investment in equity method affiliates | 95 | 98 | |
Total investments | 97 | 99 | |
Property, Plant and Equipment | |||
Property, plant and equipment | 11,173 | 10,475 | |
Accumulated depreciation, depletion and amortization | (3,018) | (2,851) | |
Total property, plant and equipment, net | 8,155 | 7,624 | |
Deferred Charges and Other Assets | |||
Goodwill | [2] | 542 | 542 |
Pension and other postretirement benefit assets | 1,828 | 1,557 | |
Intangible assets, net | 109 | 98 | |
Regulatory assets | 511 | 577 | |
Other | [7] | 98 | 63 |
Total deferred charges and other assets | [7] | 3,088 | 2,837 |
Total assets | 11,940 | 11,142 | |
Current Liabilities | |||
Short-term debt | 629 | 460 | |
Accounts payable | 193 | 221 | |
Payables to affiliates | 62 | 29 | |
Affiliated current borrowings | 18 | 118 | |
Accrued interest, payroll and taxes | 250 | 225 | |
Other | [7] | 189 | 162 |
Total current liabilities | 1,341 | 1,215 | |
Long-Term Debt | |||
Long-Term Debt | 3,570 | 3,528 | |
Deferred Credits and Other Liabilities | |||
Deferred income taxes and investment tax credits | 1,454 | 2,438 | |
Regulatory liabilities | 1,227 | 219 | |
Other | [7] | 185 | 206 |
Total deferred credits and other liabilities | 2,866 | 2,863 | |
Total liabilities | 7,777 | 7,606 | |
Commitments and Contingencies | |||
Equity | |||
Membership interests | 4,261 | 3,659 | |
Accumulated other comprehensive loss | (98) | (123) | |
Total equity | 4,163 | 3,536 | |
Total liabilities and equity | $ 11,940 | $ 11,142 | |
[1] | See Note 9 for amounts attributable to related parties. | ||
[2] | Goodwill amounts do not contain any accumulated impairment losses. | ||
[3] | See notes 3 and 9 for amounts attributable to related parties. | ||
[4] | 1 billion shares authorized; 645 million shares and 628 million shares outstanding at December 31, 2017 and 2016, respectively. | ||
[5] | See Note 24 for amounts attributable to affiliates. | ||
[6] | 500,000 shares authorized; 274,723 shares outstanding at December 31, 2017 and 2016. | ||
[7] | See Note 24 for amounts attributable to related parties. | ||
[8] | Current regulatory assets are presented in other current assets in the Consolidated Balance Sheets of Dominion Energy Gas. |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Millions | Dec. 31, 2017 | Dec. 31, 2016 | |
Customer receivables, allowance for doubtful accounts | $ 17 | $ 18 | |
Other receivables, allowance for doubtful accounts | $ 2 | $ 2 | |
Common stock, shares authorized | 1,000,000,000 | 1,000,000,000 | |
Common stock, shares outstanding | 645,000,000 | 628,000,000 | |
Virginia Electric and Power Company | |||
Customer receivables, allowance for doubtful accounts | $ 10 | $ 10 | |
Other receivables, allowance for doubtful accounts | $ 1 | $ 1 | |
Common stock, shares authorized | 500,000 | 500,000 | |
Common stock, shares outstanding | 274,723 | 274,723 | |
Dominion Energy Gas Holdings, LLC | |||
Customer receivables, allowance for doubtful accounts | [1] | $ 1 | $ 1 |
Other receivables, allowance for doubtful accounts | [1] | $ 1 | $ 1 |
[1] | See Note 24 for amounts attributable to related parties. |
Consolidated Statements of Equi
Consolidated Statements of Equity - USD ($) shares in Thousands, $ in Millions | Total | Sun Edison Inc | NRG Energy, Inc | Virginia Electric and Power Company | Dominion Energy Gas Holdings, LLC | Common Units | Convertible Preferred Units | Common Stock | Common StockVirginia Electric and Power Company | Retained Earnings | Retained EarningsVirginia Electric and Power Company | Accumulated Other Comprehensive Income (Loss) | Accumulated Other Comprehensive Income (Loss)Virginia Electric and Power Company | Accumulated Other Comprehensive Income (Loss)Dominion Energy Gas Holdings, LLC | Total Common Shareholders' Equity | Noncontrolling Interests | Noncontrolling InterestsSun Edison Inc | Noncontrolling InterestsNRG Energy, Inc | Noncontrolling InterestsCommon Units | Noncontrolling InterestsConvertible Preferred Units | Other Paid-In CapitalVirginia Electric and Power Company | Member UnitsDominion Energy Gas Holdings, LLC |
Beginning balance at Dec. 31, 2014 | $ 11,957 | $ 10,055 | $ 3,566 | $ 5,876 | $ 5,738 | $ 6,095 | $ 3,154 | $ (416) | $ 50 | $ (86) | $ 11,555 | $ 402 | $ 1,113 | $ 3,652 | ||||||||
Beginning balance (in shares) at Dec. 31, 2014 | 585,000 | 275 | ||||||||||||||||||||
Net income including noncontrolling interests | 1,923 | 1,899 | 1,899 | 24 | ||||||||||||||||||
Net income attributable to Dominion | 1,899 | $ 1,087 | 457 | 1,087 | 457 | |||||||||||||||||
Dominion Energy Midstream's acquisition of interest in Iroquois | 216 | 216 | ||||||||||||||||||||
Contributions to Four Brothers and Three Cedars | $ 103 | $ 103 | ||||||||||||||||||||
Distributions | (692) | (692) | ||||||||||||||||||||
Acquisition of Four Brothers and Three Cedars | 47 | 47 | ||||||||||||||||||||
Sale of interest in merchant solar projects | 205 | $ 26 | 26 | 179 | ||||||||||||||||||
Purchase of Dominion Energy Midstream common units | (25) | (6) | (6) | (19) | ||||||||||||||||||
Issuance of common stock | 786 | $ 786 | 786 | |||||||||||||||||||
Issuance of common stock (in shares) | 0 | 11,000 | ||||||||||||||||||||
Stock awards (net of change in unearned compensation) | 13 | $ 13 | 13 | |||||||||||||||||||
Dividends | (1,536) | $ (491) | (1,536) | (491) | (1,536) | |||||||||||||||||
Dominion Energy Midstream distributions | (16) | (16) | ||||||||||||||||||||
Other comprehensive income (loss), net of tax | (58) | (10) | (13) | (58) | (10) | (13) | (58) | |||||||||||||||
Other | (13) | (15) | (15) | 2 | ||||||||||||||||||
Ending balance at Dec. 31, 2015 | 13,602 | 10,641 | 3,318 | $ 6,680 | $ 5,738 | 6,458 | 3,750 | (474) | 40 | (99) | 12,664 | 938 | 1,113 | 3,417 | ||||||||
Ending Balance (in shares) at Dec. 31, 2015 | 596,000 | 275 | ||||||||||||||||||||
Net income including noncontrolling interests | 2,212 | 2,123 | 2,123 | 89 | ||||||||||||||||||
Net income attributable to Dominion | 2,123 | $ 1,218 | 392 | 1,218 | 392 | |||||||||||||||||
Dominion Energy Midstream's acquisition of interest in Iroquois | $ 482 | $ 490 | $ 482 | $ 490 | ||||||||||||||||||
Contributions to Four Brothers and Three Cedars | $ 189 | $ 189 | ||||||||||||||||||||
Distributions | (150) | (150) | ||||||||||||||||||||
Sale of interest in merchant solar projects | 139 | $ 22 | 22 | 117 | ||||||||||||||||||
Purchase of Dominion Energy Midstream common units | (17) | (3) | (3) | (14) | ||||||||||||||||||
Issuance of common stock | 2,152 | $ 2,152 | 2,152 | |||||||||||||||||||
Issuance of common stock (in shares) | 0 | 32,000 | ||||||||||||||||||||
Stock awards (net of change in unearned compensation) | 14 | $ 14 | 14 | |||||||||||||||||||
Present value of stock purchase contract payments related to RSNs(1) | (191) | (191) | (191) | |||||||||||||||||||
Tax effect of Dominion Energy Questar Pipeline contribution to Dominion Energy Midstream | (116) | (116) | (116) | |||||||||||||||||||
Dividends | (1,789) | (1,727) | (1,727) | (62) | ||||||||||||||||||
Other comprehensive income (loss), net of tax | (325) | $ 6 | (24) | (325) | 6 | (24) | (325) | |||||||||||||||
Other | (2) | (8) | (8) | 6 | ||||||||||||||||||
Ending balance at Dec. 31, 2016 | 16,840 | 11,865 | 3,536 | $ 8,550 | $ 5,738 | 6,854 | 4,968 | (799) | 46 | (123) | 14,605 | 2,235 | 1,113 | 3,659 | ||||||||
Ending Balance (in shares) at Dec. 31, 2016 | 628,000 | 275,000 | ||||||||||||||||||||
Net income including noncontrolling interests | 3,120 | 2,999 | 2,999 | 121 | ||||||||||||||||||
Net income attributable to Dominion | 2,999 | $ 1,540 | 615 | 1,540 | 615 | |||||||||||||||||
Dominion Energy Midstream's acquisition of interest in Iroquois | $ 18 | $ 18 | ||||||||||||||||||||
Contributions to Four Brothers and Three Cedars | $ 9 | $ 9 | ||||||||||||||||||||
Distributions | (15) | (15) | ||||||||||||||||||||
Issuance of common stock | 1,302 | $ 1,302 | 1,302 | |||||||||||||||||||
Issuance of common stock (in shares) | 0 | 17,000 | ||||||||||||||||||||
Stock awards (net of change in unearned compensation) | 22 | $ 22 | 22 | |||||||||||||||||||
Dividends | (2,087) | $ (1,199) | (1,931) | (1,199) | (1,931) | (156) | ||||||||||||||||
Other comprehensive income (loss), net of tax | 141 | 16 | 25 | 140 | 16 | 25 | 140 | 1 | ||||||||||||||
Other | 5 | 2 | 2 | (9) | 14 | 2 | 5 | 2 | ||||||||||||||
Ending balance at Dec. 31, 2017 | $ 19,370 | $ 12,224 | $ 4,163 | $ 9,865 | $ 5,738 | $ 7,936 | $ 5,311 | $ (659) | $ 62 | $ (98) | $ 17,142 | $ 2,228 | $ 1,113 | $ 4,261 | ||||||||
Ending Balance (in shares) at Dec. 31, 2017 | 645,000 | 275,000 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | ||
Operating Activities | ||||
Net income including noncontrolling interests | $ 3,120 | $ 2,212 | $ 1,923 | |
Net income | 2,999 | 2,123 | 1,899 | |
Adjustments to reconcile net income including noncontrolling interests to net cash provided by operating activities: | ||||
Depreciation, depletion and amortization (including nuclear fuel) | 2,202 | 1,849 | 1,669 | |
Deferred income taxes and investment tax credits | (3) | 725 | 854 | |
Current income tax for Dominion Energy Questar Pipeline contribution to Dominion Energy Midstream | (212) | |||
Proceeds from assignment of rental portfolio | 91 | |||
Gains on the sales of assets | (148) | (50) | (123) | |
Charges associated with equity method investments | 158 | |||
Charges associated with future ash pond and landfill closure costs | 197 | 99 | ||
Contribution to pension plan | (75) | |||
Other adjustments | (37) | (108) | (42) | |
Changes in: | ||||
Accounts receivable | (103) | (286) | 294 | |
Inventories | 15 | 1 | (26) | |
Deferred fuel and purchased gas costs, net | (71) | 54 | 94 | |
Prepayments | (62) | 21 | (25) | |
Accounts payable | (89) | 97 | (199) | |
Accrued interest, payroll and taxes | 64 | 203 | (52) | |
Margin deposit assets and liabilities | (10) | (66) | 237 | |
Net realized and unrealized changes related to derivative activities | 44 | (335) | (176) | |
Asset retirement obligations | (94) | (61) | (4) | |
Pension and other postretirement benefits | (177) | (152) | (51) | |
Other operating assets and liabilities | (276) | 38 | 3 | |
Net cash provided by operating activities | 4,549 | 4,127 | 4,475 | |
Investing Activities | ||||
Plant construction and other property additions (including nuclear fuel) | (5,504) | (6,085) | (5,575) | |
Acquisition of Dominion Energy Questar, net of cash acquired | (4,381) | |||
Acquisition of solar development projects | (405) | (40) | (418) | |
Acquisition of DECG | (497) | |||
Proceeds from sales of securities | 1,831 | 1,422 | 1,340 | |
Purchases of securities | (1,940) | (1,504) | (1,326) | |
Sale of certain retail energy marketing assets | 68 | |||
Proceeds from assignment of shale development rights | 70 | 10 | 79 | |
Contributions to equity method affiliates | (370) | (198) | (51) | |
Distributions from equity method affiliates | 228 | 26 | 16 | |
Other | 29 | 47 | (71) | |
Net cash used in investing activities | (5,993) | (10,703) | (6,503) | |
Financing Activities | ||||
Issuance (repayment) of short-term debt, net | 143 | (654) | 734 | |
Issuance of short-term notes | 1,200 | 600 | ||
Repayment and repurchase of short-term notes | (250) | (1,800) | (400) | |
Issuance and remarketing of long-term debt | 3,880 | 7,722 | 2,962 | |
Repayment and repurchase of long-term debt | (1,572) | (1,610) | (892) | |
Net proceeds from issuance of Dominion Energy Midstream common units | 18 | 482 | ||
Net proceeds from issuance of Dominion Energy Midstream preferred units | 490 | |||
Proceeds from sale of interest in merchant solar projects | 117 | 184 | ||
Contributions from NRG and SunEdison to Four Brothers and Three Cedars | 9 | 189 | 103 | |
Issuance of common stock | 1,302 | 2,152 | 786 | |
Common dividend payments | (1,931) | (1,727) | (1,536) | |
Other | (296) | (331) | (224) | |
Net cash provided by (used in) financing activities | 1,303 | 6,230 | 2,317 | |
Increase (decrease) in cash and cash equivalents | (141) | (346) | 289 | |
Cash and cash equivalents at beginning of year | 261 | 607 | 318 | |
Cash and cash equivalents at end of year | 120 | 261 | 607 | |
Supplemental Cash Flow Information | ||||
Interest and related charges, excluding capitalized amounts | 1,083 | 905 | 843 | |
Income taxes | 9 | 145 | 75 | |
Significant noncash investing and financing activities: | ||||
Accrued capital expenditures | [1] | 343 | 427 | 478 |
Guarantee provided to equity method affiliate | 30 | |||
Dominion Energy Midstream's acquisition of a noncontrolling partnership interest in Iroquois in exchange for issuance of Dominion Energy Midstream common units | [1] | 216 | ||
Virginia Electric and Power Company | ||||
Operating Activities | ||||
Net income | 1,540 | 1,218 | 1,087 | |
Adjustments to reconcile net income including noncontrolling interests to net cash provided by operating activities: | ||||
Depreciation, depletion and amortization (including nuclear fuel) | 1,333 | 1,210 | 1,121 | |
Deferred income taxes and investment tax credits | 269 | 469 | 251 | |
Proceeds from assignment of rental portfolio | 91 | |||
Charges associated with future ash pond and landfill closure costs | 197 | 99 | ||
Other adjustments | (36) | (16) | (27) | |
Changes in: | ||||
Accounts receivable | (27) | (65) | 128 | |
Affiliated accounts receivable and payable | 125 | 220 | (314) | |
Inventories | 3 | 20 | (20) | |
Deferred fuel and purchased gas costs, net | (59) | 69 | 64 | |
Prepayments | 3 | 8 | 214 | |
Accounts payable | (42) | 25 | (75) | |
Accrued interest, payroll and taxes | 17 | 49 | (9) | |
Net realized and unrealized changes related to derivative activities | 13 | (153) | (67) | |
Asset retirement obligations | (88) | (59) | 10 | |
Other operating assets and liabilities | (181) | 77 | 93 | |
Net cash provided by operating activities | 2,961 | 3,269 | 2,555 | |
Investing Activities | ||||
Plant construction and other property additions (including nuclear fuel) | (2,496) | (2,489) | (2,474) | |
Purchases of nuclear fuel | (192) | (153) | (172) | |
Acquisition of solar development projects | (41) | (7) | (43) | |
Proceeds from sales of securities | 849 | 733 | 639 | |
Purchases of securities | (884) | (775) | (651) | |
Other | (51) | (33) | (87) | |
Net cash used in investing activities | (2,815) | (2,724) | (2,788) | |
Financing Activities | ||||
Issuance (repayment) of short-term debt, net | 477 | (1,591) | 295 | |
Issuance (repayment) of affiliated current borrowings, net | (229) | (114) | (51) | |
Issuance and remarketing of long-term debt | 1,500 | 1,688 | 1,112 | |
Repayment and repurchase of long-term debt | (681) | (517) | (625) | |
Common dividend payments | (1,199) | (491) | ||
Other | (11) | (18) | (4) | |
Net cash provided by (used in) financing activities | (143) | (552) | 236 | |
Increase (decrease) in cash and cash equivalents | 3 | (7) | 3 | |
Cash and cash equivalents at beginning of year | 11 | 18 | 15 | |
Cash and cash equivalents at end of year | 14 | 11 | 18 | |
Supplemental Cash Flow Information | ||||
Interest and related charges, excluding capitalized amounts | 458 | 435 | 422 | |
Income taxes | 362 | 79 | 517 | |
Significant noncash investing and financing activities: | ||||
Accrued capital expenditures | 169 | 256 | 169 | |
Dominion Energy Gas Holdings, LLC | ||||
Operating Activities | ||||
Net income | 615 | 392 | 457 | |
Adjustments to reconcile net income including noncontrolling interests to net cash provided by operating activities: | ||||
Gains on sales of assets | (70) | (50) | (123) | |
Depreciation, depletion and amortization (including nuclear fuel) | 227 | 204 | 217 | |
Deferred income taxes and investment tax credits | 27 | 238 | 163 | |
Other adjustments | (9) | (6) | 16 | |
Changes in: | ||||
Accounts receivable | (17) | (68) | 115 | |
Affiliated receivables and payables | 40 | 88 | (105) | |
Inventories | 6 | 8 | (13) | |
Prepayments | (18) | (6) | 99 | |
Accounts payable | (17) | 15 | (51) | |
Accrued interest, payroll and taxes | 24 | 42 | (11) | |
Pension and other postretirement benefits | (143) | (141) | (119) | |
Other operating assets and liabilities | (1) | (68) | (17) | |
Net cash provided by operating activities | 664 | 648 | 628 | |
Investing Activities | ||||
Plant construction and other property additions (including nuclear fuel) | (778) | (854) | (795) | |
Proceeds from sale of equity method investment in Iroquois | 7 | |||
Proceeds from assignment of shale development rights | 70 | 10 | 79 | |
Other | (23) | (18) | (11) | |
Net cash used in investing activities | (731) | (855) | (727) | |
Financing Activities | ||||
Issuance of short-term notes | 169 | 69 | 391 | |
Issuance (repayment) of affiliated current borrowings, net | (100) | 23 | (289) | |
Issuance and remarketing of long-term debt | 680 | 700 | ||
Repayment and repurchase of long-term debt | (400) | |||
Distribution payments to parent | (15) | (150) | (692) | |
Other | (6) | (5) | (7) | |
Net cash provided by (used in) financing activities | 48 | 217 | 103 | |
Increase (decrease) in cash and cash equivalents | (19) | 10 | 4 | |
Cash and cash equivalents at beginning of year | 23 | 13 | 9 | |
Cash and cash equivalents at end of year | 4 | 23 | 13 | |
Supplemental Cash Flow Information | ||||
Interest and related charges, excluding capitalized amounts | 89 | 81 | 70 | |
Income taxes | 9 | (92) | 98 | |
Significant noncash investing and financing activities: | ||||
Accrued capital expenditures | $ 38 | $ 59 | $ 57 | |
[1] | See Note 3 for noncash activities related to the acquisition of Four Brothers and Three Cedars. |
Nature of Operations
Nature of Operations | 12 Months Ended |
Dec. 31, 2017 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Nature of Operations | N OTE ATURE OF PERATIONS Dominion Energy, headquartered in Richmond, Virginia, is one of the nation’s largest producers and transporters of energy. Dominion Energy’s operations are conducted through various subsidiaries, including Virginia Power and Dominion Energy Gas. Virginia Power is a regulated public utility that generates, transmits and distributes electricity for sale in Virginia and northeastern North Carolina. Virginia Power is a member of PJM, an RTO, and its electric transmission facilities are integrated into the PJM wholesale electricity markets. All of Virginia Power’s stock is owned by Dominion Energy. Dominion Energy 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 Dominion Energy’s operations also include the Cove Point LNG import, transport and storage facility in Maryland, an equity investment in Atlantic Coast Pipeline and regulated gas transportation and distribution operations in West Virginia. Dominion Energy’s nonregulated operations include merchant generation, energy marketing and price risk management activities, retail energy marketing operations and an equity investment in Blue Racer. In October 2014, Dominion Energy Midstream launched its initial public offering of 20,125,000 common units representing limited partner interests. At December 31, 2017, Dominion Energy owns the general partner, 50.6% of the common and subordinated units and 37.5% of the convertible preferred interests in Dominion Energy Midstream, which owns a preferred equity interest and the general partner interest in Cove Point, DECG, Dominion Energy Questar Pipeline and a 25.93% noncontrolling partnership interest in Iroquois. The public’s ownership interest in Dominion Energy Midstream is reflected as noncontrolling interest in Dominion Energy’s Consolidated Financial Statements. Dominion Energy manages its daily operations through three primary operating segments: Power Delivery, Power Generation and Gas Infrastructure. Dominion Energy also reports a Corporate and Other segment, which includes its corporate, service company and other functions (including unallocated debt). In addition, Corporate and Other includes specific items attributable to Dominion Energy’s operating segments that are not included in profit measures evaluated by executive management in assessing the segments’ performance or in allocating resources. Virginia Power manages its daily operations through two primary operating segments: Power Delivery and Power Generation. It also reports a Corporate and Other segment that 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. Dominion Energy Gas manages its daily operations through one primary operating segment: Gas Infrastructure. It also reports a Corporate and Other segment that primarily includes specific items attributable to its 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 Energy Gas as a result of Dominion Energy’s basis in the net assets contributed. See Note 25 for further discussion of the Companies’ operating segments. |
Significant Accounting Policies
Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2017 | |
Accounting Policies [Abstract] | |
Significant Accounting Policies | N OTE IGNIFICANT CCOUNTING OLICIES General 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, expenses and cash flows for the periods presented. Actual results may differ from those estimates. The Companies’ Consolidated Financial Statements include, after eliminating intercompany transactions and balances, the accounts of their respective majority-owned subsidiaries and non-wholly-owned The Companies report certain contracts, instruments and investments at fair value. See Note 6 for further information on fair value measurements. Dominion Energy maintains pension and other postretirement benefit plans. Virginia Power and Dominion Energy Gas participate in certain of these plans. See Note 21 for further information on these plans. Certain amounts in the 2016 and 2015 Consolidated Financial Statements and footnotes have been reclassified to conform to the 2017 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. Amounts disclosed for Dominion Energy are inclusive of Virginia Power and/or Dominion Energy Gas, where applicable. Operating Revenue Operating revenue is recorded on the basis of services rendered, commodities delivered or contracts settled and includes amounts yet to be billed to customers. Dominion Energy and Virginia Power collect sales, consumption and consumer utility taxes and Dominion Energy Gas collects sales taxes; however, these amounts are excluded from revenue. Dominion Energy’s customer receivables at December 31, 2017 and 2016 included $661 million and $631 million, respectively, of accrued unbilled revenue based on estimated amounts of electricity and natural gas delivered but not yet billed to its utility customers. Virginia Power’s customer receivables at December 31, 2017 and 2016 included $400 million and $349 million, respectively, of accrued unbilled revenue based on estimated amounts of electricity delivered but not yet billed to its customers. Dominion Energy Gas’ customer receivables at December 31, 2017 and 2016 included $121 million and $134 million, respectively, of accrued unbilled revenue based on estimated amounts of natural gas delivered but not yet billed to its customers. See Note 9 for amounts attributable to related parties. The primary types of sales and service activities reported as operating revenue for Dominion Energy are as follows: • Regulated electric sales • Nonregulated electric sales • Regulated gas sales • Nonregulated gas sales • Gas transportation and storage • Other revenue The primary types of sales and service activities reported as operating revenue for Virginia Power are as follows: • Regulated electric sales • Other revenue The primary types of sales and service activities reported as operating revenue for Dominion Energy Gas are as follows: • Regulated gas sales • Nonregulated gas sales • Gas transportation and storage • NGL revenue • Other revenue Electric Fuel, Purchased Energy and Purchased Gas-Deferred Where permitted by regulatory authorities, the differences between Dominion Energy’s and Virginia Power’s actual electric fuel and purchased energy expenses and Dominion Energy’s and Dominion Energy Gas’ purchased gas expenses and the related levels of recovery for these expenses in current rates are deferred and matched against recoveries in future periods. The deferral of costs in excess of current period fuel rate recovery is recognized as a regulatory asset, while rate recovery in excess of current period fuel expenses is recognized as a regulatory liability. Of the cost of fuel used in electric generation and energy purchases to serve utility customers, approximately 84% is currently subject to deferred fuel accounting, while substantially all of the remaining amount is subject to recovery through similar mechanisms. Virtually all of Dominion Energy Gas’, Cove Point’s, Questar Gas’ and Hope’s natural gas purchases are either subject to deferral accounting or are recovered from the customer in the same accounting period as the sale. Income Taxes A consolidated federal income tax return is filed for Dominion Energy and its subsidiaries, including Virginia Power and Dominion Energy Gas’ subsidiaries. In addition, where applicable, combined income tax returns for Dominion Energy and its subsidiaries are filed in various states; otherwise, separate state income tax returns are filed. Although Dominion Energy Gas is disregarded for income tax purposes, a provision for income taxes is recognized to reflect the inclusion of its business activities in the tax returns of its parent, Dominion Energy. Virginia Power and Dominion Energy Gas participate in intercompany tax sharing agreements with Dominion Energy and its subsidiaries. Current income taxes are based on taxable income or loss and credits determined on a separate company basis. Under the agreements, if a subsidiary incurs a tax loss or earns a credit, recognition of current income tax benefits is limited to refunds of prior year taxes obtained by the carryback of the net operating loss or credit or to the extent the tax loss or credit is absorbed by the taxable income of other Dominion Energy consolidated group members. Otherwise, the net operating loss or credit is carried forward and is recognized as a deferred tax asset until realized. The 2017 Tax Reform Act includes a broad range of tax reform provisions affecting the Companies, including changes in corporate tax rates and business deductions. The 2017 Tax Reform Act reduces the corporate income tax rate from 35% to 21% for tax years beginning after December 31, 2017. Deferred tax assets and liabilities are classified as noncurrent in the Consolidated Balance Sheets and measured at the enacted tax rate expected to apply when temporary differences are realized or settled. Thus, at the date of enactment, federal deferred taxes were remeasured based upon the new 21% tax rate. The total effect of tax rate changes on deferred tax balances is recorded as a component of the income tax provision related to continuing operations for the period in which the law is enacted, even if the assets and liabilities relate to other components of the financial statements, such as items of accumulated other comprehensive income. For Dominion Energy subsidiaries that are not rate-regulated utilities, existing deferred income tax assets or liabilities were adjusted for the reduction in the corporate income tax rate and allocated to continuing operations. Dominion Energy’s rate-regulated utility subsidiaries likewise are required to adjust deferred income tax assets and liabilities for the change in income tax rates. However, if it is probable that the effect of the change in income tax rates will be recovered or refunded in future rates, the regulated utility recorded a regulatory asset or liability instead of an increase or decrease to deferred income tax expense. Accounting for income taxes involves an asset and liability approach. Deferred income tax assets and liabilities are provided, representing future effects on income taxes for temporary differences between the bases of assets and liabilities for financial reporting and tax purposes. Accordingly, deferred taxes are recognized for the future consequences of different treatments used for the reporting of transactions in financial accounting and income tax returns. The Companies establish a valuation allowance when it is more-likely-than-not The Companies recognize positions taken, or expected to be taken, in income tax returns that are more-likely-than-not If it is not more-likely-than-not The Companies recognize interest on underpayments and overpayments of income taxes in interest expense and other income, respectively. Penalties are also recognized in other income. Dominion Energy and Virginia Power both recognized interest income of $11 million in 2017. Dominion Energy Gas’ interest was immaterial in 2017. Interest for the Companies was immaterial in 2016 and 2015. Dominion Energy’s, Virginia Power’s and Dominion Energy Gas’ penalties were immaterial in 2017, 2016 and 2015. At December 31, 2017, Virginia Power had an income tax-related In addition, Virginia Power’s Consolidated Balance Sheet at December 31, 2017 included $1 million of noncurrent federal income taxes receivable, less than $1 million of state income taxes receivable and $1 million of noncurrent state income taxes receivable. Dominion Energy Gas’ Consolidated Balance Sheet at December 31, 2017 included $14 million of state income taxes receivable. At December 31, 2016, Virginia Power had an income tax-related In addition, Virginia Power’s Consolidated Balance Sheet at December 31, 2016 included $2 million of noncurrent federal income taxes payable, $6 million of state income taxes receivable and $13 million of noncurrent state income taxes receivable. Dominion Energy Gas’ Consolidated Balance Sheet at December 31, 2016 included $1 million of noncurrent federal income taxes payable, $1 million of state income taxes receivable and $7 million of noncurrent state income taxes payable. Investment tax credits are recognized by nonregulated operations in the year qualifying property is placed in service. For regulated operations, investment tax credits are deferred and amortized over the service lives of the properties giving rise to the credits. Production tax credits are recognized as energy is generated and sold. Cash and Cash Equivalents Current banking arrangements generally do not require checks to be funded until they are presented for payment. The following table illustrates the checks outstanding but not yet presented for payment and recorded in accounts payable for the Companies: Year Ended December 31, 2017 2016 (millions) Dominion Energy $ 30 $ 24 Virginia Power 17 11 Dominion Energy Gas 7 9 The Companies hold restricted cash and cash equivalent balances that primarily consist of amounts held for customer deposits, future debt payments on Dominion Solar Projects III, Inc.’s term loan agreement and a distribution reserve at Cove Point. The amount of restricted cash held at each company is presented in the table below. These balances are presented in Other Current Assets and Other Investments in the Consolidated Balance Sheets. Year Ended December 31, 2017 2016 (millions) Dominion Energy $ 65 $ 61 Virginia Power 10 — Dominion Energy Gas 26 20 For purposes of the Consolidated Statements of Cash Flows, cash and cash equivalents include cash on hand, cash in banks and temporary investments purchased with an original maturity of three months or less. Derivative Instruments Dominion Energy uses derivative instruments such as physical and financial forwards, futures, swaps, options and FTRs to manage the commodity, interest rate and foreign currency exchange rate risks of its business operations. Virginia Power uses derivative instruments such as physical and financial forwards, futures, swaps, options and FTRs to manage commodity and interest rate risks. Dominion Energy Gas uses derivative instruments such as physical and financial forwards, futures and swaps to manage commodity, interest rate and foreign currency exchange rate risks. All derivatives, except those for which an exception applies, are required to be reported in the Consolidated Balance Sheets at fair value. Derivative contracts representing unrealized gain positions and purchased options are reported as derivative assets. Derivative contracts representing unrealized losses and options sold are reported as derivative liabilities. One of the exceptions to fair value accounting, normal purchases and normal sales, may be elected when the contract satisfies certain criteria, including a requirement that physical delivery of the underlying commodity is probable. Expenses and revenues resulting from deliveries under normal purchase contracts and normal sales contracts, respectively, are included in earnings at the time of contract performance. The Companies do not offset amounts recognized for the right to reclaim cash collateral or the obligation to return cash collateral against amounts recognized for derivative instruments executed with the same counterparty under the same master netting arrangement. Dominion Energy had margin assets of $92 million and $82 million associated with cash collateral at December 31, 2017 and 2016, respectively. Dominion Energy’s margin liabilities associated with cash collateral at December 31, 2017 or 2016 were immaterial. Virginia Power had margin assets of $23 million and $2 million associated with cash collateral at December 31, 2017 and 2016, respectively. Virginia Power’s margin liabilities associated with cash collateral were immaterial at December 31, 2017 and 2016. Dominion Energy Gas’ margin assets and liabilities associated with cash collateral were immaterial at December 31, 2017 and 2016. See Note 7 for further information about derivatives. To manage price risk, the Companies hold certain derivative instruments that are not designated as hedges for accounting purposes. However, to the extent the Companies do not hold offsetting positions for such derivatives, they believe these instruments represent economic hedges that mitigate their exposure to fluctuations in commodity prices. All income statement activity, including amounts realized upon settlement, is presented in operating revenue, operating expenses, interest and related charges or other income based on the nature of the underlying risk. Changes in the fair value of derivative instruments result in the recognition of regulatory assets or regulatory liabilities for jurisdictions subject to cost-based rate regulation. Realized gains or losses on the derivative instruments are generally recognized when the related transactions impact earnings. D ERIVATIVE NSTRUMENTS ESIGNATED AS EDGING NSTRUMENTS The Companies designate a portion of their derivative instruments as either cash flow or fair value hedges for accounting purposes. For all derivatives designated as hedges, the Companies formally document the relationship between the hedging instrument and the hedged item, as well as the risk management objective and the strategy for using the hedging instrument. The Companies assess whether the hedging relationship between the derivative and the hedged item is highly effective at offsetting changes in cash flows or fair values both at the inception of the hedging relationship and on an ongoing basis. Any change in the fair value of the derivative that is not effective at offsetting changes in the cash flows or fair values of the hedged item is recognized currently in earnings. Also, the Companies may elect to exclude certain gains or losses on hedging instruments from the assessment of hedge effectiveness, such as gains or losses attributable to changes in the time value of options or changes in the difference between spot prices and forward prices, thus requiring that such changes be recorded currently in earnings. Hedge accounting is discontinued prospectively for derivatives that cease to be highly effective hedges. For derivative instruments that are accounted for as fair value hedges or cash flow hedges, the cash flows from the derivatives and from the related hedged items are classified in operating cash flows. Cash Flow Hedges Dominion Energy entered into interest rate derivative instruments to hedge its forecasted interest payments related to planned debt issuances in 2014. These interest rate derivatives were designated by Dominion Energy as cash flow hedges prior to the formation of Dominion Energy Gas. For the purposes of the Dominion Energy Gas financial statements, the derivative balances, AOCI balance, and any income statement impact related to these interest rate derivative instruments entered into by Dominion Energy have been, and will continue to be, included in the Dominion Energy Gas’ Consolidated Financial Statements as the forecasted interest payments related to the debt issuances now occur at Dominion Energy Gas. Fair Value Hedges Property, Plant and Equipment Property, plant and equipment is recorded at lower of original cost or fair value, if impaired. Capitalized costs include labor, materials and other direct and indirect costs such as asset retirement costs, capitalized interest and, for certain operations subject to cost-of-service In 2017, 2016 and 2015, Dominion Energy capitalized interest costs and AFUDC to property, plant and equipment of $236 million, $159 million and $100 million, respectively. In 2017, 2016 and 2015, Virginia Power capitalized AFUDC to property, plant and equipment of $37 million, $21 million and $30 million, respectively. In 2017, 2016 and 2015, Dominion Energy Gas capitalized AFUDC to property, plant and equipment of $25 million, $8 million and $1 million, respectively. Under Virginia law, certain Virginia jurisdictional projects qualify for current recovery of AFUDC through rate adjustment clauses. AFUDC on these projects is calculated and recorded as a regulatory asset and is not capitalized to property, plant and equipment. In 2017, 2016 and 2015, Virginia Power recorded $22 million, $31 million and $19 million of AFUDC related to these projects, respectively. For property subject to cost-of-service cost-of-service plant-in-service For property that is not subject to cost-of-service Depreciation of property, plant and equipment is computed on the straight-line method based on projected service lives. The Companies’ average composite depreciation rates on utility property, plant and equipment are as follows: Year Ended December 31, 2017 2016 2015 (percent) Dominion Energy Generation 2.94 2.83 2.78 Transmission 2.55 2.47 2.42 Distribution 3.00 3.02 3.11 Storage 2.48 2.29 2.42 Gas gathering and processing 2.21 2.66 3.19 General and other 4.89 4.12 3.67 Virginia Power Generation 2.94 2.83 2.78 Transmission 2.54 2.36 2.33 Distribution 3.32 3.32 3.33 General and other 4.68 3.49 3.40 Dominion Energy Gas Transmission 2.40 2.43 2.46 Distribution 2.42 2.55 2.45 Storage 2.45 2.19 2.44 Gas gathering and processing 2.42 2.58 3.20 General and other 4.96 4.54 4.72 In the first quarter of 2017, Virginia Power revised the depreciation rates for its assets to reflect the results of a new depreciation study. This change resulted in an increase in annual depreciation expense of $40 million ($25 million after-tax) after-tax) Capitalized costs of development wells and leaseholds are amortized on a field-by-field unit-of-production Dominion Energy’s nonutility property, plant and equipment is depreciated using the straight-line method over the following estimated useful lives: Asset Estimated Useful Lives Merchant generation-nuclear 44 years Merchant generation-other 15-40 years Nonutility gas gathering and processing 3-50 General and other 5-59 Depreciation and amortization related to Virginia Power’s and Dominion Energy Gas’ nonutility property, plant and equipment and exploration and production properties was immaterial for the years ended December 31, 2017, 2016 and 2015, except for Dominion Energy Gas’ nonutility gas gathering and processing properties which are depreciated using the straight-line method over estimated useful lives between 10 and 50 years. Nuclear fuel used in electric generation is amortized over its estimated service life on a units-of-production Long-Lived and Intangible Assets The Companies perform an evaluation for impairment whenever events or changes in circumstances indicate that the carrying amount of long-lived assets or intangible assets with finite lives may not be recoverable. A long-lived or intangible asset is written down to fair value if the sum of its expected future undiscounted cash flows is less than its carrying amount. Intangible assets with finite lives are amortized over their estimated useful lives. Regulatory Assets and Liabilities The accounting for Dominion Energy’s and Dominion Energy Gas’ regulated gas and Virginia Power’s regulated electric operations differs from the accounting for nonregulated operations in that they are required to reflect the effect of rate regulation in their Consolidated Financial Statements. For regulated businesses subject to federal or state cost-of-service The Companies evaluate whether or not recovery of their regulatory assets through future rates is probable and make various assumptions in their analyses. The expectations of future recovery are generally based on orders issued by regulatory commissions, legislation or historical experience, as well as discussions with applicable regulatory authorities and legal counsel. If recovery of a regulatory asset is determined to be less than probable, it will be written off in the period such assessment is made. Asset Retirement Obligations The Companies recognize AROs at fair value as incurred or when sufficient information becomes available to determine a reasonable estimate of the fair value of future retirement activities to be performed, for which a legal obligation exists. These amounts are generally capitalized as costs of the related tangible long-lived assets. Since relevant market information is not available, fair value is estimated using discounted cash flow analyses. Quarterly, the Companies assess their AROs to determine if circumstances indicate that estimates of the amounts or timing of future cash flows associated with retirement activities have changed. AROs are adjusted when significant changes in the amounts or timing of future cash flows are identified. Dominion Energy and Dominion Energy Gas report accretion of AROs and depreciation on asset retirement costs associated with their natural gas pipeline and storage well assets as an adjustment to the related regulatory liabilities when revenue is recoverable from customers for AROs. Virginia Power reports accretion of AROs and depreciation on asset retirement costs associated with decommissioning its nuclear power stations as an adjustment to the regulatory liability for certain jurisdictions. Additionally, Virginia Power reports accretion of AROs and depreciation on asset retirement costs associated with certain rider and prospective rider projects as an adjustment to the regulatory asset for certain jurisdictions. Accretion of all other AROs and depreciation of all other asset retirement costs are reported in other operations and maintenance expense and depreciation expense, respectively, in the Consolidated Statements of Income. Debt Issuance Costs The Companies defer and amortize debt issuance costs and debt premiums or discounts over the expected lives of the respective debt issues, considering maturity dates and, if applicable, redemption rights held by others. Deferred debt issuance costs are recorded as a reduction in long-term debt in the Consolidated Balance Sheets. Amortization of the issuance costs is reported as interest expense. Unamortized costs associated with redemptions of debt securities prior to stated maturity dates are generally recognized and recorded in interest expense immediately. As permitted by regulatory authorities, gains or losses resulting from the refinancing of debt allocable to utility operations subject to cost-based rate regulation are deferred and amortized over the lives of the new issuances. Investments M ARKETABLE QUITY AND EBT ECURITIES Dominion Energy accounts for and classifies investments in marketable equity and debt securities as trading or available-for-sale available-for-sale • Trading securities • Available-for-sale available-for-sale after-tax. In determining realized gains and losses for marketable equity and debt securities, the cost basis of the security is based on the specific identification method. N ON -M ARKETABLE NVESTMENTS The Companies account for illiquid and privately held securities for which market prices or quotations are not readily available under either the equity or cost method. Non-marketable • Equity method investments • Cost method investments O THER HAN EMPORARY MPAIRMENT The Companies periodically review their investments to determine whether a decline in fair value should be considered other-than-temporary. If a decline in fair value of any security is determined to be other-than-temporary, the security is written down to its fair value at the end of the reporting period. Decommissioning Trust Investments—Special Considerations • The recognition provisions of the FASB’s other-than-temporary impairment guidance apply only to debt securities classified as available-for-sale held-to-maturity, • Debt Securities more-likely-than-not non-performance • Equity securities and other investments day-to-day non-marketable Inventories Materials and supplies and fossil fuel inventories are valued primarily using the weighted-average cost method. Stored gas inventory is valued using the weighted-average cost method, except for East Ohio gas distribution operations, which are valued using the LIFO method. Under the LIFO method, current stored gas inventory was valued at $9 million and $13 million at December 31, 2017 and December 31, 2016, respectively. Based on the average price of gas purchased during 2017 and 2016, the cost of replacing the current portion of stored gas inventory exceeded the amount stated on a LIFO basis by $79 million and $55 million, respectively. Gas Imbalances Natural gas imbalances occur when the physical amount of natural gas delivered from, or received by, a pipeline system or storage facility differs from the contractual amount of natural gas delivered or received. Dominion Energy and Dominion Energy Gas value these imbalances due to, or from, shippers and operators at an appropriate index price at period end, subject to the terms of its tariff for regulated entities. Imbalances are primarily settled in-kind. Goodwill Dominion Energy and Dominion Energy Gas evaluate goodwill for impairment annually as of April 1 and whenever an event occurs or circumstances change in the interim that would more-likely-than-not New Accounting Standards R EVENUE ECOGNITION In May 2014, the FASB issued revised accounting guidance for revenue recognition from contracts with customers. The core principle of this revised accounting guidance is that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. The amendments in this update also require disclosure of the nature, amount, timing and uncertainty of revenue and cash flows arising from contracts with customers. For the Companies, the revised accounting guidance is effective for interim and annual periods beginning January 1, 2018. The Companies have completed their evaluations of the impact of this guidance and expect no significant impact on their results of operations. However, the Companies will have offsetting increases in operating revenues and other energy-related purchases for noncash consideration related to NGLs received in consideration for performing processing and fractionation services and offsetting decreases in operating revenues and purchased gas for fuel retained to offset costs on certain transportation and storage arrangements. The Companies will apply the standard using the modified retrospective method as opposed to the full retrospective method. F INANCIAL NSTRUMENTS In January 2016, the FASB issued revised accounting guidance for the recognition, measurement, presentation and disclosure of financial instruments. In accordance with the guidance effective January 2018, Dominion Energy and Virginia Power will no longer classify equity securities as trading or available-for-sale Upon adoption of this guidance for equity securities held at January 1, 2018, Dominion Energy and Virginia Power recorded the cumulative-effect of a change in accounting principle to reclassify net unrealized gains from AOCI to retained earnings and to recognize equity securities previously categorized as cost method investments at fair value in nuclear decommissioning trust funds in the Consolidated Balance Sheets and a cumulative-effect adjustment to retained earnings. Dominion Energy and Virginia Power reclassified approximately $1.1 billion ($734 million after-tax) after-tax) after-tax), L EASES In February 2016, the FASB issued revised accounting guidance for the recognition, measurement, presentation and disclosure of leasing arrangements. The update requires that a liability and corresponding right-of-use The guidance is effective for the Companies’ interim and annual reporting periods beginning January 1, 2019, although it can be early adopted, with a modified retrospective approach, which requires lessees and lessors to recognize and measure leases at the beginning of the earliest period presented for leases that commenced prior to the date of adoption. The Companies plan to elect the proposed transition expedient which would allow the Companies to maintain historical presentation for periods before January 1, 2019. The Companies expect to elect the other practical expedients, which would require no reassessment of whether existing contracts are or contain leases and no reassessment of lease classification for existing leases. The Companies have completed a preliminary assessment for evaluating the impact of this guidance and anticipate that its adoption will result in a significant amount of offsetting right-of-use on-going D EFINITION OF A USINESS In January 2017, the FASB issued revised accounting guidance to clarify the definition of a business. The revised guidance affects the evaluation of whether a transaction should be accounted for as an acquisition or disposition of an asset or a business, which may impact goodwill and related financial statement disclosures. The Companies have adopted this guidance on a prospective basis effective October 1, 2017. The adoption of the pronouncement will result in additional transactions being accounted for as asset acquisitions or dispositions. D ERECOGNITION AND ARTIAL ALES OF ONFINANCIAL SSETS In February 2017, the FASB issued revised accounting guidance clarifying the scope of asset derecognition guidance and accounting for partial sales of nonfinancial assets. The guidance is effective for the Companies’ interim and annual reporting periods beginning January 1, 2018, and the Companies have elected to apply the standard using the modified retrospective method. Upon adoption of the standard on January 1, 2018, Dominion Energy recorded the cumulative-effect of a change in accounting principle to reclassify $127 million from noncontrolling interests to common stock related to the sale of a noncontrolling interest in certain merchant solar projects completed in December 2015 and January 2016. N ET ERIODIC ENSION AND THER OSTRETIREMENT ENEFIT OSTS In March 2017, the FASB issued revised accounting guidance for the presentation of net periodic pension and other postretirement benefit costs. The update requires that the service cost component of net periodic pension and other postretirement benefit costs be classified in the same line item as other compensation costs arising from services rendered by employees, while all other components of net periodic pension and other postretirement benefit costs would be classified outside of income from operations. In addition, only the service cost component will be eligible for capitalization during construction. However, these changes will not impact the accounting by participants in a multi-employer plan. The standard also recognized that in the event that a regulator continues to require capitalization of all net periodic benefit costs prospectively, the difference would result in recognition of a regulatory asset or liability. The guidance is effective for the Companies’ interim and annual reporting periods beginning January 1, 2018, with a retrospective adoption for income statement presentation and a prospective adoption for capitalization. For costs not capitalized for which regulators are expected to provide recovery, a regulatory asset will be established. As such, the amounts eligible for capitalization in the Consolidated Financial Statements of Virginia Power and Dominion Energy Gas, as subsidiary participants in Dominion Energy’s multi-employer plans wi |
Acquisitions and Dispositions
Acquisitions and Dispositions | 12 Months Ended |
Dec. 31, 2017 | |
Text Block [Abstract] | |
Acquisitions and Dispositions | N OTE CQUISITIONS AND ISPOSITIONS D OMINION NERGY Proposed Acquisition of SCANA Under the terms of the SCANA Merger Agreement announced in January 2018, Dominion Energy has agreed to issue 0.6690 shares of Dominion Energy common stock for each share of SCANA common stock upon closing. In addition, Dominion Energy will provide the financial support for SCE&G to make a $1.3 billion up-front, one-time The transaction requires approval of SCANA’s shareholders, FERC and the NRC and clearance from the Federal Trade Commission under the Hart-Scott-Rodino Act. In February 2018, the Federal Trade Commission granted early termination of the waiting period under the Hart-Scott-Rodino Act. In January 2018, SCANA and Dominion Energy filed for review and approval, as required, from the South Carolina Commission, the North Carolina Commission, the Georgia Public Service Commission and the NRC. Dominion Energy is not required to accept an order by the South Carolina Commission approving Dominion Energy’s merger with SCANA if such order contains any material change to the terms, conditions or undertakings set forth in the cost recovery plan related to the V.C. Summer Units 2 and 3 new nuclear development project or any significant changes to the economic value of the cost recovery plan. In addition, the SCANA Merger Agreement provides that Dominion Energy will have the right to refuse to close the merger if there shall have occurred any substantive change in the Base Load Review Act or other laws governing South Carolina public utilities which has or would reasonably be expected to have an adverse effect on SCE&G. The SCANA Merger Agreement contains certain termination rights for both Dominion Energy and SCANA, and provides that, upon termination of the SCANA Combination under specified circumstances, Dominion Energy would be required to pay a termination fee of $280 million to SCANA and SCANA would be required to pay Dominion Energy a termination fee of $240 million. Subject to receipt of SCANA shareholder and any required regulatory approvals and meeting closing conditions, Dominion Energy targets closing by the end of 2018. Acquisition of Dominion Energy Questar In September 2016, Dominion Energy completed the Dominion Energy Questar Combination and Dominion Energy Questar, a Rockies-based integrated natural gas company, became a wholly-owned subsidiary of Dominion Energy. Dominion Energy Questar included Questar Gas, Wexpro and Dominion Energy Questar Pipeline at closing. Questar Gas has regulated gas distribution operations in Utah, southwestern Wyoming and southeastern Idaho. Wexpro develops and produces natural gas from reserves supplied to Questar Gas under a cost-of-service In accordance with the terms of the Dominion Energy Questar Combination, at closing, each share of issued and outstanding Dominion Energy 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 Energy Questar outstanding at closing. Dominion Energy financed the Dominion Energy 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 term loan agreement and (4) $500 million of the proceeds from the April 2016 issuance of common stock. See Notes 17 and 19 for more information. P URCHASE RICE LLOCATION Dominion Energy Questar’s assets acquired and liabilities assumed were measured at estimated fair value at the closing date and are included in the Gas Infrastructure operating segment. The majority of operations acquired are subject to the rate-setting authority of FERC, as well as the Utah Commission and/or the Wyoming Commission and therefore are accounted for pursuant to ASC 980, Regulated Operations The fair value of Dominion Energy 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 Energy 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 Energy’s regulated portfolio of businesses, including the expected increase in demand for low-carbon, gas-fired The table below shows the allocation of the purchase price to the assets acquired and liabilities assumed at closing which reflects the following adjustments from the preliminary valuation recognized during the measurement period. During the fourth quarter of 2016, certain modifications were made to preliminary valuation amounts for acquired property, plant and equipment, current liabilities, and deferred income taxes, resulting in a $6 million net decrease to goodwill, which related primarily to the sale of Questar Fueling Company in December 2016 as further described in the Sale of Questar Fueling Company Amount (millions) Total current assets $ 224 Investments (1) 58 Property, plant and equipment (2) 4,131 Goodwill 3,111 Total deferred charges and other assets, excluding goodwill 75 Total Assets 7,599 Total current liabilities (3) 793 Long-term debt (4) 963 Deferred income taxes 807 Regulatory liabilities 259 Asset retirement obligations 160 Other deferred credits and other liabilities 220 Total Liabilities 3,202 Total 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 no amounts remain outstanding at December 31, 2017, as well as a $250 million variable interest rate term loan due in August 2017 that was paid in July 2017. (4) Unsecured senior and medium-term notes with maturities which range from 2017 to 2048 and bear interest at rates from 2.98% to 7.20%. R EGULATORY ATTERS The transaction required approval of Dominion Energy 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 Energy Questar Combination under the Hart-Scott-Rodino Act. In May 2016, Dominion Energy Questar’s shareholders voted to approve the Dominion Energy 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 Commission, who acknowledged the Dominion Energy Questar Combination in October 2016, and directed Dominion Energy Questar to notify the Idaho Commission when it makes filings with the Utah Commission. With the approval of the Dominion Energy Questar Combination in Utah and Wyoming, Dominion Energy agreed to the following: • Contribution of $75 million to Dominion Energy Questar’s qualified and non-qualified • Increasing Dominion Energy Questar’s historical level of corporate contributions to charities by $1 million per year for at least five years. • Withdrawal of Questar Gas’ general rate case filed in July 2016 with the Utah Commission and agreement to not file a general rate case with the Utah Commission to adjust its base distribution non-gas R ESULTS OF PERATIONS AND RO ORMA NFORMATION The impact of the Dominion Energy Questar Combination on Dominion Energy’s operating revenue and net income attributable to Dominion Energy in the Consolidated Statements of Income for the twelve months ended December 31, 2016 was an increase of $379 million and $73 million, respectively. Dominion Energy incurred transaction and transition costs in 2017 and 2016, of which $26 million and $58 million was recorded in other operations and maintenance expense, respectively, and $16 million was recorded in interest and related charges in 2016 in Dominion Energy’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 Energy assuming the Dominion Energy 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. Twelve Months Ended December 31, 2016 (1) 2015 (millions, except EPS) Operating Revenue $12,497 $12,818 Net income attributable to Dominion Energy 2,300 2,108 Earnings Per Common Share – Basic $ 3.73 $ 3.56 Earnings Per Common Share – Diluted $ 3.73 $ 3.55 (1) Amounts include adjustments for non-recurring C ONTRIBUTION OF OMINION NERGY UESTAR IPELINE TO OMINION NERGY IDSTREAM In October 2016, Dominion Energy entered into the Contribution Agreement under which Dominion Energy contributed Dominion Energy Questar Pipeline to Dominion Energy Midstream. Upon closing of the agreement on December 1, 2016, Dominion Energy Midstream became the owner of all of the issued and outstanding membership interests of Dominion Energy Questar Pipeline in exchange for consideration consisting of Dominion Energy Midstream common and convertible preferred units with a combined value of $467 million and cash payment of $823 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 Energy Midstream repurchased 6,656,839 common units from Dominion Energy, and repaid its $301 million promissory note to Dominion Energy in December 2016. The cash proceeds from these transactions were utilized in December 2016 to repay the $1.2 billion term loan agreement borrowed in September 2016. Since Dominion Energy consolidates Dominion Energy Midstream for financial reporting purposes, the transactions associated with the Contribution Agreement were eliminated upon consolidation. See Note 5 for the tax impacts of the transactions. S ALE OF UESTAR UELING OMPANY In December 2016, Dominion Energy completed the sale of Questar Fueling Company. The proceeds from the sale were $28 million, net of transaction costs. No gain or loss was recorded in Dominion Energy’s Consolidated Statements of Income, as the sale resulted in measurement period adjustments to the net assets acquired of Dominion Energy Questar. See the Purchase Price Allocation Wholly-Owned Merchant Solar Projects A CQUISITIONS The following table presents significant completed acquisitions of wholly-owned merchant solar projects by Dominion Energy. Completed Acquisition Seller Number of Project Project Name(s) Initial (1) Project (2) Date of Commercial MW 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 November 2015 EC&R NA Solar PV, LLC 1 California Maricopa West 65 65 December 2015 20 November 2015 Community Energy Solar, LLC 1 Virginia Amazon Solar Farm 34 212 October 2016 80 February 2017 Community Energy Solar, LLC 1 Virginia Amazon Solar Farm 29 205 December 2017 100 March 2017 Solar Frontier Americas Holding LLC 1 (4) California Midway II 77 78 June 2017 30 May 2017 Cypress Creek Renewables, LLC 1 North IS37 154 160 June 2017 79 June 2017 Hecate Energy Virginia C&C LLC 1 Virginia Clarke County 16 16 August 2017 10 June 2017 Strata Solar Development, LLC/Moorings Farm 2 Holdco, LLC 2 North Fremont, Moorings 2 20 20 November 2017 10 September 2017 Hecate Energy Virginia C&C LLC 1 Virginia Cherrydale 40 41 November 2017 20 October 2017 Strata Solar Development, LLC 2 North Clipperton, Pikeville 20 21 November 2017 10 (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. (4) In April 2017, Dominion Energy discontinued efforts on the acquisition of the additional 20 MW solar project from Solar Frontier Americas Holding LLC. In addition during 2016, Dominion Energy acquired 100% of the equity interests of seven solar projects in Virginia, North Carolina and South Carolina for an aggregate purchase price of $32 million, all of which was allocated to property, plant and equipment. The projects cost $421 million in total, including initial acquisition costs, and generate 221 MW combined. One of the projects commenced commercial operations in 2016 and the remaining projects commenced commercial operations in 2017. Long-term power purchase, interconnection and operation and maintenance agreements have been executed for all of the projects described above. These projects are included in the Power Generation operating segment. Dominion Energy has claimed or will claim federal investment tax credits on these solar projects. S ALE OF NTEREST IN ERCHANT OLAR ROJECTS In September 2015, Dominion Energy 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 425 MW, to SunEdison, including certain projects 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 Energy’s remaining 67% ownership in the projects upon the occurrence of certain events, none of which are expected to occur in 2018. Non-Wholly-Owned A CQUISITIONS OF OUR ROTHERS AND HREE EDARS In June 2015, Dominion Energy 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. Dominion Energy had no remaining obligation related to this payable at December 31, 2016. Four Brothers operates 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, generating 320 MW, at a cost of approximately $670 million. In September 2015, Dominion Energy 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. There was a $2 million payable included in other current liabilities in Dominion Energy’s Consolidated Balance Sheets at December 31, 2016. Dominion has no remaining obligation related to this payable at December 31, 2017. Three Cedars operates 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, generating 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 Energy claimed 99% of the federal investment tax credits on the projects. Dominion Energy 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 Energy 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 nonrecourse project financing and outside equity partners. The acquired assets of Four Brothers and Three Cedars are included in the Power Generation operating segment. Dominion Energy has assumed the majority of the agreements to provide administrative and support services in connection with 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 years ended December 31, 2017, 2016 and 2015. In November 2016, NRG acquired the 50% of units in Four Brothers and Three Cedars previously held by SunEdison. Subsequent to Dominion Energy’s acquisition of Four Brothers and Three Cedars, SunEdison and NRG made contributions to Four Brothers and Three Cedars of $301 million in aggregate through December 31, 2017, which are reflected as noncontrolling interests in the Consolidated Balance Sheets. Dominion Energy Midstream Acquisition of Interest in Iroquois In September 2015, Dominion Energy Midstream acquired from NG and NJNR a 25.93% noncontrolling partnership interest in Iroquois, which owns and operates a 416-mile, Acquisition of DECG In January 2015, Dominion Energy completed the acquisition of 100% of the equity interests of DECG from SCANA for $497 million in cash, as adjusted for working capital. DECG owns and operates nearly 1,500 miles of FERC-regulated interstate natural gas pipeline in South Carolina and southeastern Georgia. This acquisition supports Dominion Energy’s natural gas expansion into the southeastern U.S. 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 Energy’s regulated gas position, economic value attributable to future expansion projects as well as increased opportunities for synergies. The acquired assets of DECG are included in the Gas Infrastructure operating segment. On March 24, 2015, DECG converted to a limited liability company under the laws of South Carolina and changed its name from Carolina Gas Transmission Corporation to DECG. On April 1, 2015, Dominion Energy contributed 100% of the issued and outstanding membership interests of DECG to Dominion Energy Midstream in exchange for total consideration of $501 million, as adjusted for working capital. Total consideration to Dominion Energy consisted of the issuance of a two-year, V IRGINIA OWER Acquisition of Solar Projects In December 2015, Virginia Power completed the acquisition of 100% of a solar development project in North Carolina from Morgans Corner for $47 million, all of which was allocated to property, plant and equipment. The project was placed into service in December 2015 with a total cost of $49 million, including the initial acquisition cost. The project generates 20 MW. The output generated by the project is used to meet a ten-year non-jurisdictional D OMINION NERGY AND OMINION NERGY AS Blue Racer See Note 9 for a discussion of transactions related to Blue Racer. |
Operating Revenue
Operating Revenue | 12 Months Ended |
Dec. 31, 2017 | |
Text Block [Abstract] | |
Operating Revenue | N OTE PERATING EVENUE The Companies’ operating revenue consists of the following: Year Ended December 31, 2017 2016 2015 (millions) Dominion Energy Electric sales: Regulated $ 7,383 $ 7,348 $ 7,482 Nonregulated 1,429 1,519 1,488 Gas sales: Regulated 1,067 500 218 Nonregulated 457 354 471 Gas transportation and storage 1,786 1,636 1,616 Other 464 380 408 Total operating revenue $ 12,586 $ 11,737 $ 11,683 Virginia Power Regulated electric sales $ 7,383 $ 7,348 $ 7,482 Other 173 240 140 Total operating revenue $ 7,556 $ 7,588 $ 7,622 Dominion Energy Gas Gas sales: Regulated $ 87 $ 119 $ 122 Nonregulated 20 13 10 Gas transportation and storage 1,435 1,307 1,366 NGL revenue 91 62 93 Other 181 137 125 Total operating revenue $ 1,814 $ 1,638 $ 1,716 |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2017 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | N OTE NCOME AXES Judgment and the use of estimates are required in developing the provision for income taxes and reporting of tax-related tax-related The 2017 Tax Reform Act includes a broad range of tax reform provisions affecting the Companies as discussed in Note 2. The 2017 Tax Reform Act reduces the corporate income tax rate from 35% to 21% for tax years beginning after December 31, 2017. At the date of enactment, deferred tax assets and liabilities were remeasured based upon the new 21% enacted tax rate expected to apply when temporary differences are realized or settled. The specific provisions related to regulated public utilities in the 2017 Tax Reform Act generally allows for the continued deductibility of interest expense, changes the tax depreciation of certain property acquired after September 27, 2017, and continues certain rate normalization requirements for accelerated depreciation benefits. In December 2015, U.S. federal legislation was enacted, providing an extension of the 50% bonus depreciation allowance for qualifying expenditures incurred in 2015, 2016 and 2017. In addition, the legislation extended the 30% investment tax credit for qualifying expenditures incurred through 2019 and provides a phase down of the credit to 26% in 2020, 22% in 2021 and 10% in 2022 and thereafter. As indicated in Note 2, certain of the Companies’ operations, including accounting for income taxes, is subject to regulatory accounting treatment. For regulated operations, many of the changes in deferred taxes represent amounts probable of collection from or refund to customers, and are recorded as either an increase to a regulatory asset or liability. The 2017 Tax Reform Act includes provisions that stipulate how these excess deferred taxes may be passed back to customers for certain accelerated tax depreciation benefits. Potential refunds of other deferred taxes may be determined by state and federal regulators. See Note 13 for more information. The Companies have completed or have made a reasonable estimate for the measurement and accounting of certain effects of the 2017 Tax Reform Act which have been reflected in the Consolidated Financial Statements. The changes in deferred taxes were recorded as either an increase to a regulatory liability or as an adjustment to the deferred tax provision. The items reflected as provisional amounts are related to accelerated depreciation for tax purposes of certain property acquired and placed into service after September 27, 2017 and the impact of accelerated depreciation on state income taxes to the extent there is uncertainty on conformity to the new federal tax system. The determination of the income tax effects of the items reflected as provisional amounts represents a reasonable estimate, but will require additional analysis of historical records and further interpretation of the 2017 Tax Reform Act from yet to be issued U.S. Department of Treasury regulations, which will require more time, information and resources than currently available to the Companies. Continuing Operations Details of income tax expense for continuing operations including noncontrolling interests were as follows: Dominion Energy Virginia Power Dominion Energy Gas Year Ended December 31, 2017 2016 2015 2017 2016 2015 2017 2016 2015 (millions) Current: Federal $ (1 ) $ (155 ) $ (24 ) $ 432 $ 168 $ 316 $ 16 $ (27 ) $ 90 State (26 ) 85 75 73 90 92 8 4 30 Total current expense (benefit) (27 ) (70 ) 51 505 258 408 24 (23 ) 120 Deferred: Federal 2017 Tax Reform Act impact (851 ) — — (93 ) — — (197 ) — — Taxes before operating loss carryforwards and investment tax credits 739 1,050 384 319 435 154 199 239 156 Tax utilization expense (benefit) of operating loss carryforwards 174 (161 ) 539 4 (2 ) 96 5 (2 ) 6 Investment tax credits (200 ) (248 ) (134 ) (23 ) (25 ) (11 ) — — — State 132 50 66 59 27 13 20 1 1 Total deferred expense (benefit) (6 ) 691 855 266 435 252 27 238 163 Investment tax credit-gross deferral 5 35 — 5 35 — — — — Investment tax credit-amortization (2 ) (1 ) (1 ) (2 ) (1 ) (1 ) — — — Total income tax expense (benefit) $ (30 ) $ 655 $ 905 $ 774 $ 727 $ 659 $ 51 $ 215 $ 283 The accounting for the reduction in the corporate income tax rate decreased deferred income tax expense by $851 million at Dominion Energy, $93 million at Virginia Power, and $197 million for Dominion Energy Gas for the year ending December 31, 2017. The decrease in deferred income taxes at Dominion Energy primarily relates to the remeasurement of deferred taxes on merchant operations and includes the effects at Virginia Power and Dominion Energy Gas. Virginia Power and Dominion Energy Gas have certain regulatory assets and liabilities that have not yet been charged or returned to customers through rates, or on which they do not earn a return, including unrecognized pension and other postretirement benefits. The remeasurement of the deferred taxes on these regulatory balances was charged to continuing operations in 2017. For ratemaking purposes, Dominion Energy Gas’ subsidiary DETI follows the cash method on pension contributions. Deferred taxes recorded on pension balances as required by GAAP are not included as a component of rates and therefore the remeasurement of these deferred taxes were charged to continuing operations in 2017. In 2016, Dominion Energy realized a taxable gain resulting from the contribution of Dominion Energy Questar Pipeline to Dominion Energy Midstream. The contribution and related transactions resulted in increases in the tax basis of Dominion Energy Questar Pipeline’s assets and the number of Dominion Energy Midstream’s common and convertible preferred units held by noncontrolling interests. The direct tax effects of the transactions included a provision for current income taxes ($212 million) and an offsetting benefit for deferred income taxes ($96 million) and were charged to common shareholders’ equity. The federal tax liability was reduced by $129 million of tax credits generated in 2016 that otherwise would have resulted in additional credit carryforwards and a $17 million benefit provided by the domestic production activities deduction. These benefits, as indirect effects of the contribution transaction, were reflected in Dominion Energy’s 2016 current federal income tax expense. In 2015, Dominion Energy’s current federal income tax benefit includes the recognition of a $20 million benefit related to a carryback to be filed for nuclear decommissioning expenditures included in its 2014 net operating loss. For continuing operations including noncontrolling interests, the statutory U.S. federal income tax rate reconciles to the Companies’ effective income tax rate as follows: Dominion Energy Virginia Power Dominion Energy Gas Year Ended December 31, 2017 2016 2015 2017 2016 2015 2017 2016 2015 U.S. statutory rate 35.0 % 35.0 % 35.0 % 35.0 % 35.0 % 35.0 % 35.0 % 35.0 % 35.0 % Increases (reductions) resulting from: State taxes, net of federal benefit 2.0 2.4 3.7 3.7 3.8 3.9 2.4 0.5 2.7 Investment tax credits (6.3 ) (11.7 ) (4.7 ) (0.8 ) — (0.6 ) — — — Production tax credits (0.7 ) (0.8 ) (0.8 ) (0.4 ) (0.5 ) (0.6 ) — — — Valuation allowances 0.2 1.2 (0.3 ) — 0.1 — 0.3 — — Federal legislative change (27.5 ) — — (4.0 ) — — (29.5 ) — — State legislative change — (0.6 ) (0.1 ) — — — — — — AFUDC—equity (1.4 ) (0.6 ) (0.3 ) (0.6 ) (0.6 ) (0.6 ) (0.9 ) (0.2 ) 0.2 Employee stock ownership plan deduction (0.6 ) (0.6 ) (0.6 ) — — — — — — Other, net (1.7 ) (1.4 ) 0.1 0.6 (0.4 ) 0.6 0.4 0.1 0.3 Effective tax rate (1.0 )% 22.9 % 32.0 % 33.5 % 37.4 % 37.7 % 7.7 % 35.4 % 38.2 % In 2017, the Companies’ effective tax rates reflect the net benefit of remeasurement of deferred taxes resulting from the lower corporate income tax rate promulgated by the 2017 Tax Reform Act, and the completion of audits by state tax authorities that resulted in the recognition of previously unrecognized tax benefits. At December 31, 2016, Virginia Power’s unrecognized tax benefits included state refund claims for open tax years through 2011. Management believed settlement of the claims, including interest thereon, within the next twelve months was remote. In June 2017, Virginia Power received and accepted a cash offer to settle the refund claims. As a result of the settlement, Virginia Power decreased its unrecognized tax benefits by $8 million, and recognized a $2 million tax benefit, which impacted its effective tax rate. Also in connection with this settlement, Virginia Power realized interest income of $11 million, which is reflected in other income in the Consolidated Statements of Income. In 2016, Dominion Energy’s effective tax rate reflects a valuation allowance on a state credit not expected to be utilized by a Dominion Energy subsidiary which files a separate state return. The Companies’ deferred income taxes consist of the following: Dominion Energy Virginia Power Dominion Energy At December 31, 2017 2016 2017 2016 2017 2016 (millions) Deferred income taxes: Total deferred income tax assets $ 2,686 $ 1,827 $ 923 $ 268 $ 320 $ 126 Total deferred income tax liabilities 7,158 10,381 3,600 5,323 1,774 2,564 Total net deferred income tax liabilities $ 4,472 $ 8,554 $ 2,677 $5,055 $1,454 $ 2,438 Total deferred income taxes: Plant and equipment, primarily depreciation method and basis differences $ 5,056 $ 7,782 $ 2,969 $4,604 $1,132 $ 1,726 Excess deferred income taxes (1,050 ) — (687 ) — (244 ) — Nuclear decommissioning 829 1,240 260 406 — — Deferred state income taxes 834 747 378 321 227 204 Federal benefit of deferred state income taxes (175 ) (261 ) (79 ) (112 ) (48 ) (71 ) Deferred fuel, purchased energy and gas costs 1 (25 ) (3 ) (29 ) 2 4 Pension benefits 141 155 (104 ) (138 ) 419 646 Other postretirement benefits (51 ) (68 ) 44 49 (2 ) (6 ) Loss and credit carryforwards (1,536 ) (1,547 ) (111 ) (88 ) (4 ) (5 ) Valuation allowances 146 135 5 3 3 — Partnership basis differences 473 688 — — 26 43 Other (196 ) (292 ) 5 39 (57 ) (103 ) Total net deferred income tax liabilities $ 4,472 $ 8,554 $ 2,677 $5,055 $1,454 $ 2,438 Deferred Investment Tax Credits – Regulated Operations 51 48 51 48 — — Total Deferred Taxes and Deferred Investment Tax Credits $ 4,523 $ 8,602 $ 2,728 $5,103 $1,454 $ 2,438 The most significant impact reflected for the 2017 Tax Reform Act is the adjustment of the net accumulated deferred income tax liability for the reduction in the corporate income tax rate to 21%. In addition to amounts recognized in deferred income tax expense, the impacts of the 2017 Tax Reform Act decreased the accumulated deferred income tax liability by $3.1 billion at Dominion Energy, $1.9 billion at Virginia Power and $0.8 billion at Dominion Energy Gas at December 31, 2017. At Dominion Energy, the December 31, 2017 balance sheet reflects the impact of the 2017 Tax Reform Act on our regulatory liabilities which increased our regulatory liabilities by $4.2 billion, and created a corresponding deferred tax asset of $1.1 billion. At Virginia Power, our regulatory liabilities increased $2.6 billion, and created a deferred tax asset of $0.7 billion. At Dominion Energy Gas, our regulatory liabilities increased $1.0 billion, and created a deferred tax asset of $0.2 billion. These adjustments had no impact on 2017 cash flows. At December 31, 2017, Dominion Energy had the following deductible loss and credit carryforwards: Deductible Amount Deferred Tax Asset Valuation Expiration Period (millions) Federal losses $ 560 $ 118 $ — 2034 Federal investment credits — 938 — 2033-2037 Federal production credits — 129 — 2031-2037 Other federal credits — 58 — 2031-2037 State losses 1,366 103 (63 ) 2018-2037 State minimum tax credits — 90 — No expiration State investment and other credits — 100 (83 ) 2018-2027 Total $1,926 $1,536 $(146 ) At December 31, 2017, Virginia Power had the following deductible loss and credit carryforwards: Deductible Amount Deferred Tax Asset Valuation Allowance Expiration (millions) Federal losses $ 1 $ — $— 2034 Federal investment credits — 51 — 2034-2037 Federal production and other credits — 51 — 2031-2037 State investment credits — 9 (5 ) 2024 Total $ 1 $111 $(5 ) At December 31, 2017, Dominion Energy Gas had the following deductible loss and credit carryforwards: Deductible Amount Deferred Tax Asset Valuation Allowance Expiration Period (millions) Other federal credits $ — $1 $ 2032-2036 State losses 33 3 (3 ) 2036-2037 Total $33 $4 $ ) A reconciliation of changes in the Companies’ unrecognized tax benefits follows: Dominion Energy Virginia Power Dominion Energy Gas 2017 2016 2015 2017 2016 2015 2017 2016 2015 (millions) Balance at January 1 $ 64 $ 103 $ 145 $ 13 $ 12 $ 36 $ 7 $ 29 $29 Increases-prior period positions 1 9 2 — 4 — — 1 — Decreases-prior period positions (9 ) (44 ) (40 ) (1 ) (3 ) (25 ) — (19 ) — Increases-current period positions 5 6 8 — — 1 — — — Settlements with tax authorities (23 ) (8 ) (5 ) (8 ) — — (7 ) (4 ) — Expiration of statutes of limitations — (2 ) (7 ) — — — — — — Balance at December 31 $ 38 $ 64 $ 103 $ 4 $ 13 $ 12 $— $ 7 $29 Certain unrecognized tax benefits, or portions thereof, if recognized, would affect the effective tax rate. Changes in these unrecognized tax benefits may result from remeasurement of amounts expected to be realized, settlements with tax authorities and expiration of statutes of limitations. For Dominion Energy and its subsidiaries, these unrecognized tax benefits were $31 million, $45 million and $69 million at December 31, 2017, 2016 and 2015, respectively. For Dominion Energy, the change in these unrecognized tax benefits decreased income tax expense by $9 million, $18 million and $6 million in 2017, 2016 and 2015, respectively. For Virginia Power, these unrecognized tax benefits were $3 million, $9 million, and $8 million at December 31, 2017, 2016 and 2015, respectively. For Virginia Power, the change in these unrecognized tax benefits decreased income tax expense by $6 million in 2017 and increased income tax expense by $1 million and less than $1 million in 2016 and 2015, respectively. For Dominion Energy Gas, these unrecognized tax benefits were less than $1 million, $5 million and $19 million at December 31, 2017, 2016 and 2015, respectively. For Dominion Energy Gas, the change in these unrecognized tax benefits decreased income tax expense by $5 million, $11 million and less than $1 million in 2017, 2016 and 2015, respectively. Dominion Energy participates in the IRS Compliance Assurance Process which provides the opportunity to resolve complex tax matters with the IRS before filing its federal income tax returns, thus achieving certainty for such tax return filing positions agreed to by the IRS. In 2016 and 2017, the Companies submitted research credit claims for tax years 2012-2016. These claims are currently under IRS examination. With the exception of these research credit claims, the IRS has completed its audit of tax years through 2015. The statute of limitations has not yet expired for tax years after 2012. Although Dominion Energy has not received a final letter indicating no changes to its taxable income for tax year 2016, no material adjustments are expected. The IRS examination of tax year 2017 is ongoing. It is reasonably possible that settlement negotiations and expiration of statutes of limitations could result in a decrease in unrecognized tax benefits in 2018 by up to $13 million for Dominion Energy, $2 million for Virginia Power and less than $1 million for Dominion Energy Gas. If such changes were to occur, other than revisions of the accrual for interest on tax underpayments and overpayments, earnings could increase by up to $12 million for Dominion Energy, $2 million for Virginia Power and less than $1 million for Dominion Energy Gas. Otherwise, with regard to 2017 and prior years, Dominion Energy, Virginia Power and Dominion Energy Gas cannot estimate the range of reasonably possible changes to unrecognized tax benefits that may occur in 2018. For each of the major states in which Dominion Energy operates, the earliest tax year remaining open for examination is as follows: State Earliest Open Tax Year Pennsylvania (1) 2012 Connecticut 2014 Virginia (2) 2014 West Virginia (1) 2014 New York (1) 2011 Utah 2014 (1) Considered a major state for Dominion Energy Gas’ operations. (2) Considered a major state for Virginia Power’s operations. The Companies are also obligated to report adjustments resulting from IRS settlements to state tax authorities. In addition, if Dominion Energy utilizes operating losses or tax credits generated in years for which the statute of limitations has expired, such amounts are generally subject to examination. |
Fair Value Measurements
Fair Value Measurements | 12 Months Ended |
Dec. 31, 2017 | |
Dominion Energy Gas Holdings, LLC | |
Fair Value Measurements | N OTE AIR ALUE EASUREMENTS Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability (exit price) in an orderly transaction between market participants at the measurement date. However, the use of a mid-market mid-point Inputs and Assumptions The Companies maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. Fair value is based on actively-quoted market prices, if available. In the absence of actively-quoted market prices, price information is sought from external sources, including broker quotes and industry publications. When evaluating pricing information provided by brokers and other pricing services, the Companies consider whether the broker is willing and able to trade at the quoted price, if the broker quotes are based on an active market or an inactive market and the extent to which brokers are utilizing a particular model if pricing is not readily available. If pricing information from external sources is not available, or if the Companies believe that observable pricing is not indicative of fair value, judgment is required to develop the estimates of fair value. In those cases the Companies must estimate prices based on available historical and near-term future price information and certain statistical methods, including regression analysis, that reflect their market assumptions. The Companies’ commodity derivative valuations are prepared by Dominion Energy’s ERM department. The ERM department creates daily mark-to-market mark-to-market mark-to-market mark-to-market For options and contracts with option-like characteristics where observable pricing information is not available from external sources, Dominion Energy and Virginia Power generally use a modified Black-Scholes Model that considers time value, the volatility of the underlying commodities and other relevant assumptions when estimating fair value. Dominion Energy and Virginia Power use other option models under special circumstances, including a Spread Approximation Model when contracts include different commodities or commodity locations and a Swing Option Model when contracts allow either the buyer or seller the ability to exercise within a range of quantities. For contracts with unique characteristics, the Companies may estimate fair value using a discounted cash flow approach deemed appropriate in the circumstances and applied consistently from period to period. For individual contracts, the use of different valuation models or assumptions could have a significant effect on the contract’s estimated fair value. The inputs and assumptions used in measuring fair value include the following: For commodity derivative contracts: • Forward commodity prices • Transaction prices • Price volatility • Price correlation • Volumes • Commodity location • Interest rates • Credit quality of counterparties and the Companies • Credit enhancements • Time value For interest rate derivative contracts: • Interest rate curves • Credit quality of counterparties and the Companies • Notional value • Credit enhancements • Time value For foreign currency derivative contracts: • Foreign currency forward exchange rates • Interest rates • Credit quality of counterparties and the Companies • Notional value • Credit enhancements • Time value For investments: • Quoted securities prices and indices • Securities trading information including volume and restrictions • Maturity • Interest rates • Credit quality The Companies regularly evaluate and validate the inputs used to estimate fair value by a number of methods, including review and verification of models, as well as various market price verification procedures such as the use of pricing services and multiple broker quotes to support the market price of the various commodities and investments in which the Companies transact. Levels The Companies also utilize the following fair value hierarchy, which prioritizes the inputs to valuation techniques used to measure fair value into three broad levels: • Level 1—Quoted prices (unadjusted) in active markets for identical assets and liabilities that they have the ability to access at the measurement date. Instruments categorized in Level 1 primarily consist of financial instruments such as certain exchange-traded derivatives, and exchange-listed equities, U.S. and international equity securities, mutual funds and certain Treasury securities held in nuclear decommissioning trust funds for Dominion Energy and Virginia Power, benefit plan trust funds for Dominion Energy and Dominion Energy Gas, and rabbi trust funds for Dominion Energy. • Level 2—Inputs other than quoted prices included within Level 1 that are either directly or indirectly observable for the asset or liability, including quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in inactive markets, inputs other than quoted prices that are observable for the asset or liability, and inputs that are derived from observable market data by correlation or other means. Instruments categorized in Level 2 primarily include commodity forwards and swaps, interest rate swaps, foreign currency swaps and cash and cash equivalents, corporate debt instruments, government securities and other fixed income investments held in nuclear decommissioning trust funds for Dominion Energy and Virginia Power, benefit plan trust funds for Dominion Energy and Dominion Energy Gas and rabbi trust funds for Dominion Energy. • Level 3—Unobservable inputs for the asset or liability, including situations where there is little, if any, market activity for the asset or liability. Instruments categorized in Level 3 for the Companies consist of long-dated commodity derivatives, FTRs, certain natural gas and power options and other modeled commodity derivatives. The fair value hierarchy gives the highest priority to quoted prices in active markets (Level 1) and the lowest priority to unobservable data (Level 3). In some cases, the inputs used to measure fair value might fall in different levels of the fair value hierarchy. In these cases, the lowest level input that is significant to a fair value measurement in its entirety determines the applicable level in the fair value hierarchy. Assessing the significance of a particular input to the fair value measurement in its entirety requires judgment, considering factors specific to the asset or liability. Alternative investments, consisting of investments in partnerships, joint ventures and other alternative investments held in nuclear decommissioning and benefit plan trust funds, are generally valued using NAV based on the proportionate share of the fair value as determined by reference to the most recent audited fair value financial statements or fair value statements provided by the investment manager adjusted for any significant events occurring between the investment manager’s and the Companies’ measurement date. Alternative investments recorded at NAV are not classified in the fair value hierarchy. For derivative contracts, the Companies recognize transfers among Level 1, Level 2 and Level 3 based on fair values as of the first day of the month in which the transfer occurs. Transfers out of Level 3 represent assets and liabilities that were previously classified as Level 3 for which the inputs became observable for classification in either Level 1 or Level 2. Because the activity and liquidity of commodity markets vary substantially between regions and time periods, the availability of observable inputs for substantially the full term and value of the Companies’ over-the-counter Level 3 Valuations Fair value measurements are categorized as Level 3 when price or other inputs that are considered to be unobservable are significant to their valuations. Long-dated commodity derivatives are generally based on unobservable inputs due to the length of time to settlement and the absence of market activity and are therefore categorized as Level 3. FTRs are categorized as Level 3 fair value measurements because the only relevant pricing available comes from ISO auctions, which are generally not considered to be liquid markets. Other modeled commodity derivatives have unobservable inputs in their valuation, mostly due to non-transparent 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 mark-to-market The following table presents Dominion Energy’s quantitative information about Level 3 fair value measurements at December 31, 2017. 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) $ 84 Discounted cash flow Market price (per Dth) (4) (2) - 14 — FTRs 29 Discounted cash flow Market price (per MWh) (4) (1) - 7 2 Physical options: Natural gas 1 Option model Market price (per Dth) (4) 2 - 7 3 Price volatility (5) 26% - 54% 33 % Electricity 43 Option model Market price (per MWh) (4) 22 - 74 37 Price volatility (5) 13% - 63% 33 % Total assets $157 Liabilities Financial forwards: Liquids (3) $ 2 Discounted cash flow Market price (per Gal) (4) 0 - 2 1 FTRs $ 5 Discounted cash flow Market price (per MWh) (4) (4) - 6 — Total liabilities $ 7 (1) Averages weighted by volume. (2) Includes basis. (3) Includes NGLs and oil. (4) Represents market prices beyond defined terms for Levels 1 and 2. (5) 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) Nonrecurring Fair Value Measurements D OMINION NERGY See Note 9 for information regarding an impairment charge recognized associated with Dominion Energy’s equity method investment in Fowler Ridge. A TLANTIC OAST IPELINE UARANTEE GREEMENT In October 2017, Dominion Energy entered into a guarantee agreement in connection with Atlantic Coast Pipeline’s obligation under a $3.4 billion revolving credit facility. See Note 22 for more information about the guarantee agreement associated with Atlantic Coast Pipeline’s revolving credit facility. Dominion Energy recorded a liability of $30 million, the fair value of the guarantee at inception, associated with the guarantee agreement. The fair value was estimated using a discounted cash flow method and is considered a Level 3 fair value measurement due to the use of a significant unobservable input related to the interest rate differential between the interest rate charged on the guaranteed revolving credit facility and the estimated interest rate that would have been charged had the loan not been guaranteed. Recurring Fair Value Measurements Fair value measurements are separately disclosed by level within the fair value hierarchy with a separate reconciliation of fair value measurements categorized as Level 3. Fair value disclosures for assets held in Dominion Energy’s and Dominion Energy Gas’ pension and other postretirement benefit plans are presented in Note 21. D OMINION NERGY The following table presents Dominion Energy’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) December 31, 2017 Assets Derivatives: Commodity $ — $ 101 $157 $ 258 Interest rate — 17 — 17 Foreign currency — 32 — 32 Investments (1) Equity securities: U.S. 3,493 — — 3,493 Fixed income: Corporate debt instruments — 444 — 444 Government securities 307 794 — 1,101 Cash equivalents and other 34 — — 34 Total assets $ 3,834 $ 1,388 $157 $ 5,379 Liabilities Derivatives: Commodity $ — $ 190 $ 7 $ 197 Interest rate — 85 — 85 Foreign currency — 2 — 2 Total liabilities $ — $ 277 $ 7 $ 284 December 31, 2016 Assets Derivatives: Commodity $ — $ 115 $147 $ 262 Interest rate — 17 — 17 Investments (1) Equity securities: U.S. 2,913 — — 2,913 Fixed income: Corporate debt instruments — 487 — 487 Government securities 424 614 — 1,038 Cash equivalents and other 5 — — 5 Total assets $ 3,342 $ 1,233 $147 $ 4,722 Liabilities Derivatives: Commodity $ — $ 88 $ 8 $ 96 Interest rate — 53 — 53 Foreign currency — 6 — 6 Total liabilities $ — $ 147 $ 8 $ 155 (1) Includes investments held in the nuclear decommissioning and rabbi trusts. Excludes $88 million and $89 million of assets at December 31, 2017 and 2016, respectively, measured at fair value using NAV (or its equivalent) as a practical expedient which are not required to be categorized in the fair value hierarchy. The following table presents the net change in Dominion Energy’s assets and liabilities measured at fair value on a recurring basis and included in the Level 3 fair value category: 2017 2016 2015 (millions) Balance at January 1, $ 139 $ 95 $ 107 Total realized and unrealized gains (losses): Included in earnings (38 ) (35 ) (5 ) Included in other comprehensive loss (2 ) — (9 ) Included in regulatory assets/liabilities 42 (39 ) (4 ) Settlements 6 38 9 Purchases — 87 — Transfers out of Level 3 3 (7 ) (3 ) Balance at December 31, $ 150 $ 139 $ 95 The amount of total gains (losses) for the period included in earnings attributable to the change in unrealized gains (losses) relating to assets still held at the reporting date $ 2 $ (1 ) $ 2 The following table presents Dominion Energy’s gains and losses included in earnings in the Level 3 fair value category: Operating Revenue Electric Fuel and Other Energy-Related Purchases Purchased Gas Total (millions) Year Ended December 31, 2017 Total gains (losses) included in earnings $ 3 $(42 ) $ 1 $ (38 ) 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 2 — — 2 Year Ended December 31, 2016 Total gains (losses) included in earnings $— $(35 ) $— $ (35 ) 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 ) Year Ended December 31, 2015 Total gains (losses) included in earnings $ 6 $(11 ) $— $ (5 ) 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 — 2 V IRGINIA OWER The following table presents Virginia Power’s quantitative information about Level 3 fair value measurements at December 31, 2017. 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 (1 ) FTRs 27 Discounted cash flow Market price (per MWh) (3) (1)-7 2 Physical options: Natural gas 1 Option model Market price (per Dth) (3) 2-7 3 Price volatility (4) 26%-54% 33 % Electricity 43 Option model Market price (per MWh) (3) 22-74 37 Price volatility (4) 13%-63% 33 % Total assets $152 Liabilities: Financial forwards: FTRs $ 5 Discounted cash flow Market price (per MWh) (3) (4)-6 — Total liabilities $ 5 (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 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) December 31, 2017 Assets Derivatives: Commodity $ — $ 14 $ 152 $ 166 Investments (1) Equity securities: U.S. 1,566 — — 1,566 Fixed income: Corporate debt instruments — 224 — 224 Government securities 168 326 — 494 Cash equivalents and other 16 — — 16 Total assets $ 1,750 $ 564 $ 152 $ 2,466 Liabilities Derivatives: Commodity $ — $ 4 $ 5 $ 9 Interest rate — 57 — 57 Total liabilities $ — $ 61 $ 5 $ 66 December 31, 2016 Assets Derivatives: Commodity $ — $ 43 $ 145 $ 188 Interest rate — 6 — 6 Investments (1) Equity securities: U.S. 1,302 — — 1,302 Fixed income: Corporate debt instruments — 277 — 277 Government securities 136 291 — 427 Total assets $ 1,438 $ 617 $ 145 $ 2,200 Liabilities Derivatives: Commodity $ — $ 8 $ 2 $ 10 Interest rate — 21 — 21 Total liabilities $ — $ 29 $ 2 $ 31 (1) Includes investments held in the nuclear decommissioning trusts. Excludes $27 million and $26 million of assets at December 31, 2017 and 2016, respectively, measured at fair value using NAV (or its equivalent) as a practical expedient which are not required to be categorized in the fair value hierarchy. 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: 2017 2016 2015 (millions) Balance at January 1, $ 143 $ 93 $ 102 Total realized and unrealized gains (losses): Included in earnings (43 ) (35 ) (13 ) Included in regulatory assets/liabilities 40 (37 ) (5 ) Settlements 7 35 13 Purchases — 87 — Transfers out of Level 3 — — (4 ) Balance at December 31, $ 147 $ 143 $ 93 The gains and losses included in earnings in the Level 3 fair value category were classified in electric fuel and other energy-related purchases expense in Virginia Power’s Consolidated Statements of Income for the years ended December 31, 2017, 2016 and 2015. There were no unrealized gains and losses included in earnings in the Level 3 fair value category relating to assets/liabilities still held at the reporting date for the years ended December 31, 2017, 2016 and 2015. D OMINION NERGY AS The following table presents Dominion Energy Gas’ quantitative information about Level 3 fair value measurements at December 31, 2017. The range and weighted average are presented in dollars for market price inputs. Fair Value (millions) Valuation Unobservable Range Weighted Average (1) Liabilities: Financial forwards: NGLs $2 Discounted Market (2) 0 - 1 1 Total liabilities $2 (1) Averages weighted by volume. (2) Represents market prices beyond defined terms for Levels 1 and 2. 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 Measurement Market price Buy Increase (decrease) Gain (loss) Market price Sell Increase (decrease) Loss (gain) The following table presents Dominion Energy Gas’ assets and liabilities for commodity and foreign currency 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) December 31, 2017 Assets Foreign currency $ — $32 $ $ 32 Total assets $ — $32 $ $ 32 Liabilities Commodity $ — $ 4 $ 2 $ 6 Foreign currency — 2 — 2 Total liabilities $ — $ 6 $ 2 $ 8 December 31, 2016 Liabilities Commodity $ — $ 3 $ 2 $ 5 Foreign currency — 6 — 6 Total liabilities $ — $ 9 $ 2 $ 11 The following table presents the net change in Dominion Energy Gas’ derivative assets and liabilities measured at fair value on a recurring basis and included in the Level 3 fair value category: 2017 2016 2015 (millions) Balance at January 1, $ (2 ) $ 6 $ 2 Total realized and unrealized gains (losses): Included in earnings — — 1 Included in other comprehensive loss (3 ) — (5 ) Settlements — — (1 ) Transfers out of Level 3 3 (8 ) 9 Balance at December 31, $ (2 ) $ (2 ) $ 6 The gains and losses included in earnings in the Level 3 fair value category were classified in operating revenue in Dominion Energy Gas’ Consolidated Statements of Income for the years ended December 31, 2017, 2016 and 2015. There were no unrealized gains and losses included in earnings in the Level 3 fair value category relating to assets/liabilities still held at the reporting date for the years ended December 31, 2017, 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, restricted cash (which is recorded in other current assets), customer and other receivables, affiliated 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: December 31, 2017 2016 Carrying Amount Estimated Fair Value (1) Carrying Amount Estimated Fair Value (1) (millions) Dominion Energy Long-term debt, including securities due within one year (2) $ 28,666 $31,233 $ 26,587 $28,273 Junior subordinated notes (3) 3,981 4,102 2,980 2,893 Remarketable subordinated notes (3) 1,379 1,446 2,373 2,418 Virginia Power Long-term debt, including securities due within one year (3) $ 11,346 $12,842 $ 10,530 $11,584 Dominion Energy Gas Long-term debt, including securities due within one year (4) $ 3,570 $ 3,719 $ 3,528 $ 3,603 (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 or premium, and foreign currency remeasurement adjustments. At December 31, 2017, and 2016, includes the valuation of certain fair value hedges associated with Dominion Energy’s fixed rate debt of $(22) million and $(1) million, respectively. (3) Carrying amount includes amounts which represent the unamortized debt issuance costs, discount or premium. (4) Carrying amount includes amounts which represent the unamortized debt issuance costs, discount or premium, and foreign currency remeasurement adjustments. |
Derivatives and Hedge Accountin
Derivatives and Hedge Accounting Activities | 12 Months Ended |
Dec. 31, 2017 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivatives and Hedge Accounting Activities | N OTE ERIVATIVES ND EDGE CCOUNTING CTIVITIES The Companies are exposed to the impact of market fluctuations in the price of electricity, natural gas and other energy-related products they market and purchase, as well as interest rate and foreign currency exchange rate risks of their business operations. The Companies use derivative instruments to manage exposure to these risks, and designate certain derivative instruments as fair value or cash flow hedges for accounting purposes. As discussed in Note 2, for jurisdictions subject to cost-based rate regulation, changes in the fair value of derivatives are deferred as regulatory assets or regulatory liabilities until the related transactions impact earnings. See Note 6 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 Energy’s derivative contracts include both over-the-counter over-the-counter Over-the-counter over-the-counter In general, most over-the-counter over-the-counter D OMINION NERGY Balance Sheet Presentation The tables below present Dominion Energy’s derivative asset and liability balances by type of financial instrument, before and after the effects of offsetting: December 31, 2017 December 31, 2016 Gross Amounts of Assets Gross Amounts Offset in the Net Amounts of Presented in the Gross Amounts of Assets Gross Amounts Offset in the Balance Sheet Net Amounts of Assets Presented in the Balance Sheet (millions) Commodity contracts: Over-the-counter $174 $— $174 $211 $— $211 Exchange 80 — 80 44 — 44 Interest rate contracts: Over-the-counter 17 — 17 17 — 17 Foreign currency contracts: Over-the-counter 32 — 32 — — — Total derivatives, subject to a master netting or similar arrangement 303 — 303 272 — 272 Total derivatives, not subject to a master netting or similar arrangement 4 — 4 7 — 7 Total $307 $— $307 $279 $— $279 December 31, 2017 December 31, 2016 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 $174 $ 9 $— $165 $211 $14 $— $197 Exchange 80 80 — — 44 44 — — Interest rate contracts: Over-the-counter 17 8 — 9 17 9 — 8 Foreign currency contracts: Over-the-counter 32 2 — 30 — — — — Total $303 $99 $— $204 $272 $67 $— $205 December 31, 2017 December 31, 2016 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 $ 76 $— $ 76 $ 23 $— $ 23 Exchange 120 — 120 71 — 71 Interest rate contracts: Over-the-counter 85 — 85 53 — 53 Foreign currency contracts: Over-the-counter 2 — 2 6 — 6 Total derivatives, subject to a master netting or similar arrangement 283 — 283 153 — 153 Total derivatives, not subject to a master netting or similar arrangement 1 — 1 2 — 2 Total $284 $— $284 $155 $— $155 December 31, 2017 December 31, 2016 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 $ 76 $ 9 $ 6 $ 61 $ 23 $14 $— $ 9 Exchange 120 80 40 — 71 44 27 — Interest rate contracts: Over-the-counter 85 8 — 77 53 9 — 44 Foreign currency contracts: Over-the-counter 2 2 — — 6 — — 6 Total $283 $99 $46 $138 $153 $67 $27 $59 Volumes The following table presents the volume of Dominion Energy’s derivative activity as of December 31, 2017. 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) 77 19 Basis 163 600 Electricity (MWh): Fixed price 10,552,363 364,990 FTRs 46,494,865 — Liquids (Gal) (2) 44,153,704 10,087,200 Interest rate (3) $ 1,950,000,000 $ 4,192,517,177 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 years ended December 31, 2017, 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 Energy’s Consolidated Balance Sheet at December 31, 2017: AOCI After-Tax Amounts Expected to be Reclassified to Earnings During the Next 12 Months After-Tax Maximum Term (millions) Commodities: Gas $ (2 ) $ (3 ) 34 months Electricity (55 ) (55 ) 12 months Other (4 ) (4 ) 15 months Interest rate (246 ) (10 ) 384 months Foreign currency 5 (1 ) 102 months Total $(302 ) $(73 ) 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 tables present the fair values of Dominion Energy’s derivatives and where they are presented in its Consolidated Balance Sheets: Fair Value – Derivatives Hedge Accounting Fair Value – Derivatives Hedge Accounting Total (millions) At December 31, 2017 ASSETS Current Assets Commodity $ 5 $158 $ 163 Interest rate 6 — 6 Total current derivative assets (1) 11 158 169 Noncurrent Assets Commodity — 95 95 Interest rate 11 — 11 Foreign currency 32 — 32 Total noncurrent derivative assets (2) 43 95 138 Total derivative assets $ 54 $253 $ 307 LIABILITIES Current Liabilities Commodity $103 $ 92 $ 195 Interest rate 53 — 53 Foreign currency 2 — 2 Total current derivative liabilities (3) 158 92 250 Noncurrent Liabilities Commodity 1 1 2 Interest rate 32 — 32 Total noncurrent derivative liabilities (4) 33 1 34 Total derivative liabilities $191 $ 93 $ 284 At December 31, 2016 ASSETS Current Assets Commodity $ 29 $101 $ 130 Interest rate 10 — 10 Total current derivative assets (1) 39 101 140 Noncurrent Assets Commodity — 132 132 Interest rate 7 — 7 Total noncurrent derivative assets (2) 7 132 139 Total derivative assets $ 46 $233 $ 279 LIABILITIES Current Liabilities Commodity $ 51 $ 41 $ 92 Interest rate 33 — 33 Foreign currency 3 — 3 Total current derivative liabilities (3) 87 41 128 Noncurrent Liabilities Commodity 1 3 4 Interest rate 20 — 20 Foreign currency 3 — 3 Total noncurrent derivative liabilities (4) 24 3 27 Total derivative liabilities $111 $ 44 $ 155 (1) Current derivative assets are presented in other current assets in Dominion Energy’s Consolidated Balance Sheets. (2) Noncurrent derivative assets are presented in other deferred charges and other assets in Dominion Energy’s Consolidated Balance Sheets. (3) Current derivative liabilities are presented in other current liabilities in Dominion Energy’s Consolidated Balance Sheets. (4) Noncurrent derivative liabilities are presented in other deferred credits and other liabilities in Dominion Energy’s Consolidated Balance Sheets. The following table presents the gains and losses on Dominion Energy’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 in AOCI on Derivatives Portion) (1) Amount of From AOCI Increase (Decrease) in Derivatives Subject to Regulatory (2) (millions) Year Ended December 31, 2017 Derivative type and location of gains (losses): Commodity: Operating revenue $ 81 Purchased gas (2 ) Total commodity $ 1 $ 79 $ — Interest rate (3) (8 ) (52 ) (58 ) Foreign currency (4) 18 20 — Total $ 11 $ 47 $(58 ) Year Ended December 31, 2016 Derivative type and location of gains (losses): Commodity: Operating revenue $330 Purchased gas (13 ) Electric fuel and other energy-related purchases (10 ) Total commodity $164 $307 $ — Interest rate (3) (66 ) (31 ) (26 ) Foreign currency (4) (6 ) (17 ) — Total $ 92 $259 $(26 ) Year Ended December 31, 2015 Derivative type and location of gains (losses): Commodity: Operating revenue $203 Purchased gas (15 ) Electric fuel and other energy-related purchases (1 ) Total commodity $230 $187 $ 4 Interest rate (3) (46 ) (11 ) (13 ) Total $184 $176 $ (9 ) (1) Amounts deferred into AOCI have no associated effect in Dominion Energy’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 Energy’s Consolidated Statements of Income. (3) Amounts recorded in Dominion Energy’s Consolidated Statements of Income are classified in interest and related charges. (4) Amounts recorded in Dominion Energy’s Consolidated Statements of Income are classified in other income. Derivatives not designated as hedging instruments Amount of Gain (Loss) Recognized in Income on Derivatives (1) Year Ended December 31, 2017 2016 2015 (millions) Derivative type and location of gains (losses): Commodity: Operating revenue $ 18 $ 2 $ 24 Purchased gas (3 ) 4 (14 ) Electric fuel and other energy-related purchases (59 ) (70 ) (14 ) Other operations & maintenance (1 ) 1 — Interest rate (2) — — (1 ) Total $(45 ) $(63 ) $ (5 ) (1) Includes derivative activity amortized out of regulatory assets/liabilities. Amounts deferred into regulatory assets/liabilities have no associated effect in Dominion Energy’s Consolidated Statements of Income. (2) Amounts recorded in Dominion Energy’s Consolidated Statements of Income are classified in interest and related charges. V IRGINIA OWER 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: December 31, 2017 December 31, 2016 Gross Amounts of Recognized Assets Gross Amounts Offset in the Consolidated Balance Sheet Net Amounts of Assets Presented 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 $155 $— $155 $147 $— $147 Interest rate contracts: Over-the-counter — — — 6 — 6 Total derivatives, subject to a master netting or similar arrangement 155 — 155 153 — 153 Total derivatives, not subject to a master netting or similar arrangement 11 — 11 41 — 41 Total $166 $— $166 $194 $— $194 December 31, 2017 December 31, 2016 Gross Amounts Not Offset in the Consolidated Balance Sheet Gross Amounts Not Offset in the Consolidated Balance Sheet Net Amounts of in the Consolidated Balance Sheet Financial Cash Collateral Received Net Amounts Net Amounts of Assets Presented in Balance Sheet Financial Instruments Cash Collateral Received Net Amounts (millions) Commodity contracts: Over-the-counter $155 $ 4 $— $151 $147 $ 2 $— $145 Interest rate contracts: Over-the-counter — — — — 6 — — 6 Total $155 $ 4 $— $151 $153 $ 2 $— $151 December 31, 2017 December 31, 2016 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 $ 4 $— $ 4 $ 2 $— $ 2 Interest rate contracts: Over-the-counter 57 — 57 21 — 21 Total derivatives, subject to a master netting or similar arrangement 61 — 61 23 — 23 Total derivatives, not subject to a master netting or similar arrangement 5 — 5 8 — 8 Total $66 $— $66 $31 $— $31 December 31, 2017 December 31, 2016 Gross Amounts Not Offset in the Gross Amounts Not Offset in the Net Amounts of Liabilities Presented in the Consolidated Balance Sheet Financial Instruments Cash Collateral Paid Net Amounts Net Amounts of Liabilities Presented Financial Instruments Cash Collateral Paid Net Amounts (millions) Commodity contracts: Over-the-counter $ 4 $ 4 $— $— $ 2 $ 2 $— $— Interest rate contracts: Over-the-counter 57 — — 57 21 — — 21 Total $61 $ 4 $— $57 $23 $ 2 $— $21 Volumes The following table presents the volume of Virginia Power’s derivative activity at December 31, 2017. 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) 33 5 Basis 79 540 Electricity (MWh): Fixed price (1) 1,453,910 364,990 FTRs 42,582,981 — Interest rate (2) $ 1,150,000,000 $ 300,000,000 (1) Includes options. (2) Maturity is determined based on final settlement period. Ineffectiveness and AOCI For the years ended December 31, 2017, 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 Virginia Power’s Consolidated Balance Sheet at December 31, 2017: AOCI After-Tax Amounts Expected After-Tax Maximum (millions) Interest rate $(12 ) $(1 ) 384 months Total $(12 ) $(1 ) The amounts that will be reclassified from AOCI to earnings will generally be offset by the recognition of the hedged transactions (e.g., interest payments) in earnings, thereby achieving the realization of interest rates 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 tables present the fair values of Virginia Power’s 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 December 31, 2017 ASSETS Current Assets Commodity $— $ 75 $ 75 Total current derivative assets (1) — 75 75 Noncurrent Assets Commodity — 91 91 Total noncurrent derivative assets — 91 91 Total derivative assets $— $166 $166 LIABILITIES Current Liabilities Commodity $— $ 9 $ 9 Interest rate 44 — 44 Total current derivative liabilities (2) 44 9 53 Noncurrent Liabilities Interest rate 13 — 13 Total noncurrent derivatives liabilities (3) 13 — 13 Total derivative liabilities $57 $ 9 $ 66 At December 31, 2016 ASSETS Current Assets Commodity $— $ 60 $ 60 Interest rate 6 — 6 Total current derivative assets (1) 6 60 66 Noncurrent Assets Commodity — 128 128 Total noncurrent derivative assets — 128 128 Total derivative assets $6 $188 $194 LIABILITIES Current Liabilities Commodity $— $ 10 $ 10 Interest rate 8 — 8 Total current derivative liabilities (2) 8 10 18 Noncurrent Liabilities Interest rate 13 — 13 Total noncurrent derivative liabilities (3) 13 — 13 Total derivative liabilities $21 $ 10 $ 31 (1) Current derivative assets are presented in other current assets in Virginia Power’s Consolidated Balance Sheets. (2) Current derivative liabilities are presented in other current liabilities in Virginia Power’s Consolidated Balance Sheets. (3) 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 Amount of Gain (Loss) Recognized in AOCI on (Effective Portion) (1) Amount of Gain (Loss) Reclassified From AOCI to Income Increase (2) (millions) Year Ended December 31, 2017 Derivative type and location of gains (losses): Interest rate (3) $(8 ) $(1 ) $(58 ) Total $(8 ) $(1 ) $(58 ) Year Ended December 31, 2016 Derivative type and location of gains (losses): Interest rate (3) $(3 ) $(1 ) $(26 ) Total $(3 ) $(1 ) $(26 ) Year Ended December 31, 2015 Derivative type and location of gains (losses): Commodity: Electric fuel and other energy-related purchases $(1 ) Total commodity $— $(1 ) $ 4 Interest rate (3) (3 ) — (13 ) Total $(3 ) $(1 ) $ (9 ) (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. Derivatives not designated as hedging instruments Amount of Gain (Loss) Recognized in Income on Derivatives (1) Year Ended December 31, 2017 2016 2015 (millions) Derivative type and location of gains (losses): Commodity (2) $(57 ) $(70 ) $(13 ) Total $(57 ) $(70 ) $(13 ) (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. D OMINION NERGY AS Balance Sheet Presentation The tables below present Dominion Energy Gas’ derivative asset and liability balances by type of financial instrument, before and after the effects of offsetting: December 31, 2017 December 31, 2016 Gross Amounts of Assets Gross Amounts Offset in the Net Amounts of Gross Assets Gross Amounts Offset in the Balance Sheet Net Amounts of Presented in the Balance Sheet (millions) Foreign currency contracts: Over-the-counter $32 $— $32 $— $— $— Total derivatives, subject to a master netting or similar arrangement $32 $— $32 $— $— $— December 31, 2017 December 31, 2016 Gross Amounts Not Offset in the Consolidated Balance Sheet Gross Amounts Not Balance Sheet Net Amounts of Balance Sheet Financial Instruments Cash Collateral Received Net Amounts Net Amounts of Balance Sheet Financial Instruments Cash Collateral Received Net Amounts (millions) Foreign currency contracts: Over-the-counter $32 $2 $— $30 $— $— $— $— Total $32 $2 $— $30 $— $— $— $— December 31, 2017 December 31, 2016 Gross Amounts of Gross Amounts Offset in the Net Amounts of Liabilities Presented in the Consolidated Gross Amounts of Gross Amounts Offset in the Net Amounts of Presented in the Consolidated Balance Sheet (millions) Commodity contracts: Over-the-counter $6 $— $6 $ 5 $— $ 5 Foreign currency contracts: Over-the-counter 2 — 2 6 — 6 Total derivatives, subject to a master netting or similar arrangement $8 $— $8 $11 $— $11 December 31, 2017 December 31, 2016 Gross Amounts Not Offset Gross Amounts Not Offset in the Consolidated Net Amounts of Financial Cash Collateral Paid Net Amounts Net Amounts of Financial Cash Collateral Paid Net Amounts (millions) Commodity contracts Over-the-counter $6 $— $— $ 6 $ 5 $— $— $ 5 Foreign currency contracts: Over-the-counter 2 2 — — 6 — — 6 Total $8 $ 2 $— $ 6 $11 $— $— $11 Volumes The following table presents the volume of Dominion Energy Gas’ derivative activity at December 31, 2017. 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): Basis 1 — NGLs (Gal) 40,961,704 8,491,200 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 years ended December 31, 2017, 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 Dominion Energy Gas’ Consolidated Balance Sheet at December 31, 2017: AOCI After-Tax Amounts Expected After-Tax Maximum (millions) Commodities: NGLs $ (4 ) $(4 ) 15 months Interest rate (25 ) (3 ) 324 months Foreign currency 6 (1 ) 102 months Total $(23 ) $(8 ) 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 tables present the fair values of Dominion Energy Gas’ derivatives and where they are presented in its Consolidated Balance Sheets: Fair Value- Under Accounting Fair Value- Not Under Accounting Total Fair Value (millions) At December 31, 2017 ASSETS Noncurrent Assets Foreign currency $32 $— $32 Total noncurrent derivative assets (1) 32 — 32 Total derivative assets $32 $— $32 LIABILITIES Current Liabilities Commodity $ 6 $— $ 6 Foreign currency 2 — 2 Total current derivative liabilities (2) 8 — 8 Total derivative liabilities $ 8 $— $ 8 At December 31, 2016 LIABILITIES Current Liabilities Commodity $ 4 $— $ 4 Foreign currency 3 — 3 Total current derivative liabilities (2) 7 — 7 Noncurrent Liabilities Commodity 1 — 1 Foreign currency 3 — 3 Total noncurrent derivative liabilities (3) 4 — 4 Total derivative liabilities $11 $— $11 (1) Noncurrent derivative assets are presented in other deferred charges and other assets in Dominion Energy Gas’ Consolidated Balance Sheets. (2) Current derivative liabilities are presented in other current liabilities in Dominion Energy Gas’ Consolidated Balance Sheets. (3) Noncurrent derivative liabilities are presented in other deferred credits and other liabilities in Dominion Energy Gas’ Consolidated Balance Sheets. Combined Notes to Consolidated Financial Statements, Continued The following tables present the gains and losses on Dominion Energy 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 Derivatives (1) Amount of (millions) Year Ended December 31, 2017 Derivative Type and Location of Gains (Losses): Commodity: Operating revenue $ (8 ) Total commodity $(10 ) $ (8 ) Interest rate (2) — (5 ) Foreign currency (3) 18 20 Total $ 8 $ 7 Year Ended December 31, 2016 Derivative Type and Location of Gains (Losses): Commodity: Operating revenue $ 4 Total commodity $(12 ) $ 4 Interest rate (2) (8 ) (2 ) Foreign currency (3) (6 ) (17 ) Total $(26 ) $(15 ) Year Ended December 31, 2015 Derivative Type and Location of Gains (Losses): Commodity: Operating revenue $ 6 Total commodity $ 16 $ 6 Interest rate (2) (6) — Total $ 10 $ 6 (1) Amounts deferred into AOCI have no associated effect in Dominion Energy Gas’ Consolidated Statements of Income. (2) Amounts recorded in Dominion Energy Gas’ Consolidated Statements of Income are classified in interest and related charges. (3) Amounts recorded in Dominion Energy Gas’ Consolidated Statements of Income are classified in other income. Derivatives not designated as hedging instruments Amount of Gain (Loss) Recognized in Income on Derivatives Year Ended December 31, 2017 2016 2015 (millions) Derivative type and location of gains (losses): Commodity Operating revenue $— $1 $6 Total $— $1 $6 |
Earnings Per Share
Earnings Per Share | 12 Months Ended |
Dec. 31, 2017 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | N OTE ARNINGS ER HARE The following table presents the calculation of Dominion Energy’s basic and diluted EPS: 2017 2016 2015 (millions, except EPS) Net income attributable to Dominion Energy $ 2,999 $ 2,123 $ 1,899 Average shares of common stock outstanding – Basic 636.0 616.4 592.4 Net effect of dilutive securities (1) — 0.7 1.3 Average shares of common stock outstanding – Diluted 636.0 617.1 593.7 Earnings Per Common Share – Basic $ 4.72 $ 3.44 $ 3.21 Earnings Per Common Share – Diluted $ 4.72 $ 3.44 $ 3.20 (1) Dilutive securities consist primarily of the 2013 Equity Units for 2016 and 2015. See Note 17 for more information. The 2014 Equity Units were excluded from the calculation of diluted EPS for the years ended December 31, 2016 and 2015, as the dilutive stock price threshold was not met. The 2016 Equity Units were excluded from the calculation of diluted EPS for the year ended December 31, 2017 and 2016, as the dilutive stock price threshold was not met. See Note 17 for more information. The Dominion Energy Midstream convertible preferred units are potentially dilutive securities but had no effect on the calculation of diluted EPS for the years ended December 31, 2017 and 2016. See Note 19 for more information. |
Investments
Investments | 12 Months Ended |
Dec. 31, 2017 | |
Investments, Debt and Equity Securities [Abstract] | |
Investments | N OTE NVESTMENTS D OMINION NERGY Equity and Debt Securities R ABBI RUST ECURITIES Marketable equity and debt securities and cash equivalents held in Dominion Energy’s rabbi trusts and classified as trading totaled $112 million and $104 million at December 31, 2017 and 2016, respectively. D ECOMMISSIONING RUST ECURITIES Dominion Energy holds marketable equity and debt securities (classified as available-for-sale), Amortized Cost Total Unrealized Gains (1) Total Unrealized Losses (1) Fair (millions) At December 31, 2017 Marketable equity securities: U.S. $1,569 $1,857 $ — $3,426 Fixed income: Corporate debt instruments 430 15 (1 ) 444 Government securities 1,039 27 (5 ) 1,061 Common/collective trust funds 60 — — 60 Cost method investments 68 — — 68 Cash equivalents and other (2) 34 — — 34 Total $3,200 $1,899 $ (6 ) (3) $5,093 At December 31, 2016 Marketable equity securities: U.S. $1,449 $1,408 $ — $2,857 Fixed income: Corporate debt instruments 478 13 (4 ) 487 Government securities 978 22 (8) 992 Common/collective trust funds 67 — — 67 Cost method investments 69 — — 69 Cash equivalents and other (2) 12 — — 12 Total $3,053 $1,443 $(12 ) (3) $4,484 (1) Included in AOCI and the nuclear decommissioning trust regulatory liability as discussed in Note 2. (2) Includes pending sales of securities of $5 million and $9 million at December 31, 2017 and 2016, respectively. (3) The fair value of securities in an unrealized loss position was $565 million and $576 million at December 31, 2017 and 2016, respectively. The fair value of Dominion Energy’s marketable debt securities held in nuclear decommissioning trust funds at December 31, 2017 by contractual maturity is as follows: Amount (millions) Due in one year or less $ 151 Due after one year through five years 385 Due after five years through ten years 370 Due after ten years 659 Total $ 1,565 Presented below is selected information regarding Dominion Energy’s marketable equity and debt securities held in nuclear decommissioning trust funds: Year Ended December 31, 2017 2016 2015 (millions) Proceeds from sales $ 1,831 $ 1,422 $ 1,340 Realized gains (1) 166 128 219 Realized losses (1) 71 55 84 (1) Includes realized gains and losses recorded to the nuclear decommissioning trust regulatory liability as discussed in Note 2. Dominion Energy recorded other-than-temporary impairment losses on investments held in nuclear decommissioning trust funds as follows: Year Ended December 31, 2017 2016 2015 (millions) Total other-than-temporary impairment losses (1) $ 44 $ 51 $ 66 Losses recorded to the nuclear decomissioning trust regulatory liability (16 ) (16 ) (26 ) Losses recognized in other comprehensive income (before taxes) (5 ) (12 ) (9 ) Net impairment losses recognized in earnings $ 23 $ 23 $ 31 (1) Amounts include other-than-temporary impairment losses for debt securities of $5 million, $13 million and $9 million at December 31, 2017, 2016 and 2015, respectively. V IRGINIA OWER Virginia Power holds marketable equity and debt securities (classified as available-for-sale), Amortized Cost Total Gains (1) Total Losses (1) Fair (millions) At December 31, 2017 Marketable equity securities: U.S. $ 734 $831 $— $1,565 Fixed income: Corporate debt instruments 216 8 — 224 Government securities 482 13 (2 ) 493 Common/collective trust funds 27 — — 27 Cost method investments 68 — — 68 Cash equivalents and other (2) 22 — — 22 Total $1,549 $852 $(2 ) (3) $2,399 At December 31, 2016 Marketable equity securities: U.S. $ 677 $624 $— $1,301 Fixed income: Corporate debt instruments 274 6 (4 ) 276 Government securities 420 9 (2 ) 427 Common/collective trust funds 26 — — 26 Cost method investments 69 — — 69 Cash equivalents and other (2) 7 — — 7 Total $1,473 $639 $(6 ) (3) $2,106 (1) Included in AOCI and the nuclear decommissioning trust regulatory liability as discussed in Note 2. (2) Includes pending sales of securities of $6 million and $7 million at December 31, 2017 and 2016, respectively. (3) The fair value of securities in an unrealized loss position was $234 million and $287 million at December 31, 2017 and 2016, respectively. The fair value of Virginia Power’s marketable debt securities at December 31, 2017, by contractual maturity is as follows: Amount (millions) Due in one year or less $ 32 Due after one year through five years 165 Due after five years through ten years 199 Due after ten years 348 Total $744 Presented below is selected information regarding Virginia Power’s marketable equity and debt securities held in nuclear decommissioning trust funds. Year Ended December 31, 2017 2016 2015 (millions) Proceeds from sales $ 849 $ 733 $ 639 Realized gains (1) 75 63 110 Realized losses (1) 30 27 43 (1) Includes realized gains and losses recorded to the nuclear decommissioning trust regulatory liability as discussed in Note 2. Virginia Power recorded other-than-temporary impairment losses on investments held in nuclear decommissioning trust funds as follows: Year Ended December 31, 2017 2016 2015 (millions) Total other-than-temporary impairment losses (1) $ 20 $ 26 $ 36 Losses recorded to the nuclear decomissioning trust regulatory liability (16 ) (16 ) (26 ) Losses recognized in other comprehensive income (before taxes) (2 ) (7 ) (6 ) Net impairment losses recognized in earnings $ 2 $ 3 $ 4 (1) Amounts include other-than-temporary impairment losses for debt securities of $2 million, $8 million and $6 million at December 31, 2017, 2016 and 2015, respectively. Equity Method Investments D OMINION NERGY AND OMINION NERGY AS Investments that Dominion Energy and Dominion Energy Gas account for under the equity method of accounting are as follows: Company Ownership % Investment Balance Description As of December 31, 2017 2016 (millions) Dominion Energy Blue Racer 50 % $ 691 $ 677 Midstream gas and Iroquois 50 % (1) 311 316 Gas transmission system Atlantic Coast Pipeline 48 % 382 256 Gas transmission system Fowler Ridge 50 % 81 116 Wind-powered merchant NedPower 50 % — (2) 112 Wind-powered merchant Other various 79 84 Total $ 1,544 $ 1,561 Dominion Energy Gas Iroquois 24.07 % $ 95 $ 98 Gas transmission system Total $ 95 $ 98 (1) Comprised of Dominion Energy Midstream’s interest of 25.93% and Dominion Energy Gas’ interest of 24.07%. See Note 15 for more information. (2) Liability of $17 million associated with NedPower recorded to other deferred credits and other liabilities, on the Consolidated Balance Sheets as of December 31, 2017. See additional discussion of NedPower below. Dominion Energy’s equity earnings on its investments totaled $14 million, $111 million and $56 million in 2017, 2016 and 2015, respectively, included in other income in Dominion Energy’s Consolidated Statements of Income. Dominion Energy received distributions from these investments of $419 million, $104 million and $83 million in 2017, 2016 and 2015, respectively. As of December 31, 2017 and 2016, the carrying amount of Dominion Energy’s investments exceeded its share of underlying equity in net assets by $249 million and $260 million, respectively. These differences are comprised at both December 31, 2017 and 2016 of $176 million, reflecting equity method goodwill that is not being amortized and at December 31, 2017 and 2016, of $73 million and $84 million related to basis differences from Dominion Energy’s investments in Blue Racer and wind projects, which are being amortized over the useful lives of the underlying assets, and in Atlantic Coast Pipeline, which is being amortized over the term of the credit facility. Dominion Energy Gas’ equity earnings on its investment totaled $21 million in 2017 and 2016 and $23 million in 2015. Dominion Energy Gas received distributions from its investment of $24 million, $22 million and $28 million in 2017, 2016 and 2015, respectively. As of December 31, 2017 and 2016, the carrying amount of Dominion Energy Gas’ investment 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 Energy Gas sold 0.65% of the noncontrolling partnership interest in Iroquois to TransCanada for approximately $7 million, which resulted in a $5 million ($3 million after-tax) D OMINION NERGY B LUE ACER In December 2012, Dominion Energy formed a joint venture with Caiman to provide midstream services to natural gas producers operating in the Utica Shale region in Ohio and portions of Pennsylvania. Blue Racer is an equal partnership between Dominion Energy and Caiman, with Dominion Energy contributing midstream assets and Caiman contributing private equity capital. In December 2016, Dominion Energy Gas repurchased a portion of the Western System from Blue Racer for $10 million, which is included in property, plant and equipment in Dominion Energy Gas’ Consolidated Balance Sheets. A TLANTIC OAST IPELINE In September 2014, Dominion Energy, along with Duke and Southern Company Gas, announced the formation of Atlantic Coast Pipeline. The Atlantic Coast Pipeline partnership agreement includes provisions to allow Dominion Energy an option to purchase additional ownership interest in Atlantic Coast Pipeline to maintain a leading ownership percentage. In October 2016, Dominion Energy purchased an additional 3% membership interest in Atlantic Coast Pipeline from Duke for $14 million. As of December 31, 2017, the members hold the following membership interests: Dominion Energy, 48%; Duke, 47%; and Southern Company Gas, 5%. Atlantic Coast Pipeline is focused on constructing an approximately 600-mile 20-year 20-year DETI provides services to Atlantic Coast Pipeline which totaled $129 million, $95 million and $74 million in 2017, 2016 and 2015, respectively, included in operating revenue in Dominion Energy and Dominion Energy Gas’ Consolidated Statements of Income. Amounts receivable related to these services were $12 million and $10 million at December 31, 2017 and 2016, respectively, composed entirely of accrued unbilled revenue, included in other receivables in Dominion Energy and Dominion Energy Gas’ Consolidated Balance Sheets. In October 2017, Dominion Energy entered into a guarantee agreement to support a portion of Atlantic Coast Pipeline’s obligation under its credit facility. See Note 22 for more information. Dominion Energy contributed $310 million, $184 million and $38 million during 2017, 2016 and 2015, respectively, to Atlantic Coast Pipeline. Dominion Energy received distributions of $270 million in 2017 from Atlantic Coast Pipeline. No distributions were received in 2016 or 2015. F OWLER IDGE ED OWER In the fourth quarter of 2017, Dominion Energy recorded a charge of $126 million ($76 million after-tax) As a result of the impairment recorded by NedPower, Dominion Energy evaluated its equity method investment in Fowler Ridge, a similar wind-powered merchant generation facility, determined its fair value was other than-temporarily impaired and recorded an impairment charge of $32 million ($20 million after-tax) |
Property, Plant and Equipment
Property, Plant and Equipment | 12 Months Ended |
Dec. 31, 2017 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment | N OTE ROPERTY LANT AND QUIPMENT Major classes of property, plant and equipment and their respective balances for the Companies are as follows: At December 31, 2017 2016 (millions) Dominion Energy Utility: Generation $ 17,602 $ 17,147 Transmission 15,335 14,315 Distribution 17,408 16,381 Storage 2,887 2,814 Nuclear fuel 1,599 1,537 Gas gathering and processing 219 216 Oil and gas 1,720 1,652 General and other 1,514 1,450 Plant under construction 7,765 6,254 Total utility 66,049 61,766 Nonutility: Merchant generation-nuclear 1,452 1,419 Merchant generation-other 4,992 4,149 Nuclear fuel 968 897 Gas gathering and processing 630 619 Other-including plant under construction 732 706 Total nonutility 8,774 7,790 Total property, plant and equipment $ 74,823 $ 69,556 Virginia Power Utility: Generation $ 17,602 $ 17,147 Transmission 8,332 7,871 Distribution 11,151 10,573 Nuclear fuel 1,599 1,537 General and other 794 745 Plant under construction 2,840 2,146 Total utility 42,318 40,019 Nonutility-other 11 11 Total property, plant and equipment $ 42,329 $ 40,030 Dominion Energy Gas Utility: Transmission $ 4,732 $ 4,231 Distribution 3,267 3,019 Storage 1,688 1,627 Gas gathering and processing 202 198 General and other 216 184 Plant under construction 293 448 Total utility 10,398 9,707 Nonutility: Gas gathering and processing 630 $ 619 Other-including plant under construction 145 149 Total nonutility 775 768 Total property, plant and equipment $ 11,173 $ 10,475 D OMINION NERGY AND IRGINIA OWER Jointly-Owned Power Stations Dominion Energy’s and Virginia Power’s proportionate share of jointly-owned power stations at December 31, 2017 is as follows: Bath County Pumped Storage Station (1) North Anna Units 1 and 2 (1) Clover Power Station (1) Millstone Unit 3 (2) (millions, except percentages) Ownership interest 60 % 88.4 % 50 % 93.5 % Plant in service $ 1,059 $ 2,504 $ 589 $ 1,217 Accumulated depreciation (612 ) (1,263 ) (231 ) (381 ) Nuclear fuel — 745 — 552 Accumulated amortization of nuclear fuel — (607 ) — (427 ) Plant under construction 2 92 6 68 (1) Units jointly owned by Virginia Power. (2) Unit jointly owned by Dominion Energy. The co-owners Acquisition of Solar Projects In September 2017, Virginia Power entered into agreements to acquire two solar development projects in North Carolina. The first acquisition is expected to close prior to the project commencing commercial operations, which is expected by the end of 2018, and cost approximately $140 million once constructed, including the initial acquisition cost. The second acquisition is expected to close prior to the project commencing commercial operations, which is expected by the end of 2019, and cost approximately $140 million once constructed, including the initial acquisition cost. The projects are expected to generate approximately 155 MW combined. Virginia Power anticipates claiming federal investment tax credits on these solar projects. Assignment of Tower Rental Portfolio Virginia Power rents space on certain of its electric transmission towers to various wireless carriers for communications antennas and other equipment. In March 2017, Virginia Power sold its rental portfolio to Vertical Bridge Towers II, LLC for $91 million in cash. The proceeds are subject to Virginia Power’s FERC-regulated tariff, under which it is required to return half of the proceeds to customers. Virginia Power recognized $11 million during 2017, with the remaining $35 million to be recognized ratably through 2023. D OMINION NERGY AND OMINION NERGY AS Assignments of Shale Development Rights In December 2013, Dominion Energy Gas closed on agreements with two natural gas producers to convey over time approximately 100,000 acres of Marcellus Shale development rights underneath several of its natural gas storage fields. The agreements provide for payments to Dominion Energy Gas, subject to customary adjustments, of approximately $200 million over a period of nine years, and an overriding royalty interest in gas produced from the acreage. In 2013, Dominion Energy Gas received approximately $100 million in cash proceeds. In 2014, Dominion Energy Gas received $16 million in additional cash proceeds resulting from post-closing adjustments. In March 2015, Dominion Energy Gas and one of the natural gas producers 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 after-tax) after-tax) after-tax) after-tax) after-tax) In November 2014, Dominion Energy Gas closed 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. The agreement provided for payments to Dominion Energy Gas, subject to customary adjustments, of approximately $120 million over a period of four years, and an overriding royalty interest in gas produced from the acreage. In November 2014, Dominion Energy Gas closed on the agreement and received proceeds of $60 million associated with an initial conveyance of approximately 12,000 acres. In connection with that agreement, in 2016, Dominion Energy Gas conveyed a 50% interest in approximately 4,000 acres of Marcellus Shale development rights and received proceeds of $10 million and an overriding royalty interest in gas produced from the acreage. These transactions resulted in a $10 million ($6 million after-tax) after-tax) after-tax) In March 2015, Dominion Energy 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) In September 2015, Dominion Energy 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 Energy Gas, subject to customary adjustments, of $52 million and an overriding royalty interest in gas produced from the acreage. In September 2015, Dominion Energy Gas received proceeds of $52 million associated with the conveyance of the acreage, resulting in a $52 million ($29 million after-tax) D OMINION NERGY Sale of Certain Retail Energy Marketing Assets In October 2017, Dominion Energy entered into an agreement to sell certain assets associated with its nonregulated retail energy marketing operations for total consideration of $143 million, subject to customary approvals and certain adjustments. In December 2017, the first phase of the agreement closed for $79 million, which resulted in the recognition of a $78 million ($48 million after-tax) after-tax) ten-year |
Goodwill and Intangible Assets
Goodwill and Intangible Assets | 12 Months Ended |
Dec. 31, 2017 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Intangible Assets | N OTE OODWILL AND NTANGIBLE SSETS Goodwill The changes in Dominion Energy’s and Dominion Energy Gas’ carrying amount and segment allocation of goodwill are presented below: Power Gas Power Corporate and Other (1) Total (millions) Dominion Energy Balance at December 31, 2015 (2) $1,422 $ 946 $926 $— $3,294 Dominion Energy Questar Combination — 3,105 (3) — — 3,105 Balance at December 31, 2016 (2) $1,422 $4,051 $926 $— $6,399 Dominion Energy Questar Combination — 6 (3) — — 6 Balance at December 31, 2017 (2) $1,422 $4,057 $926 $— $6,405 Dominion Energy Gas Balance at December 31, 2015 (2) $ — $ 542 $ — $— $ 542 No events affecting goodwill — — — — — Balance at December 31, 2016 (2) $ — $ 542 $ — $— $ 542 No events affecting goodwill — — — — — Balance at December 31, 2017 (2) $ — $ 542 $ — $— $ 542 (1) Goodwill recorded at the Corporate and Other segment is allocated to the primary operating segments for goodwill impairment testing purposes. (2) Goodwill amounts do not contain any accumulated impairment losses. (3) See Note 3. Other Intangible Assets The Companies’ other intangible assets are subject to amortization over their estimated useful lives. Dominion Energy’s amortization expense for intangible assets was $80 million, $73 million and $78 million for 2017, 2016 and 2015, respectively. In 2017, Dominion Energy acquired $147 million of intangible assets, primarily representing software and right-of-use 2017 2016 At December 31, Gross Carrying Amount Accumulated Amortization Gross Carrying Amount Accumulated Amortization (millions) Dominion Energy Software, licenses and other $1,043 $358 $955 $337 Virginia Power Software, licenses and other $ 347 $114 $326 $101 Dominion Energy Gas Software, licenses and other $ 165 $ 56 $147 $ 49 Annual amortization expense for these intangible assets is estimated to be as follows: 2018 2019 2020 2021 2022 (millions) Dominion Energy $ 78 $ 68 $ 56 $ 43 $ 37 Virginia Power $ 30 $ 26 $ 20 $ 13 $ 9 Dominion Energy Gas $ 13 $ 13 $ 12 $ 11 $ 10 |
Regulatory Assets and Liabiliti
Regulatory Assets and Liabilities | 12 Months Ended |
Dec. 31, 2017 | |
Regulated Operations [Abstract] | |
Regulatory Assets and Liabilities | N OTE EGULATORY SSETS ND IABILITIES Regulatory assets and liabilities include the following: At December 31, 2017 2016 (millions) Dominion Energy Regulatory assets: Deferred rate adjustment clause costs (1) $ 70 $ 63 Deferred nuclear refueling outage costs (2) 54 71 Unrecovered gas costs (3) 38 19 Deferred cost of fuel used in electric generation (4) 23 — Other 109 91 Regulatory assets-current 294 244 Unrecognized pension and other postretirement benefit costs (5) 1,336 1,401 Deferred rate adjustment clause costs (1) 401 329 Derivatives (6) 223 174 PJM transmission rates (7) 222 192 Utility reform legislation (8) 147 99 Income taxes recoverable through future rates (9) 32 123 Other 119 155 Regulatory assets-noncurrent 2,480 2,473 Total regulatory assets $ 2,774 $ 2,717 Regulatory liabilities: Provision for future cost of removal and AROs (10) $ 101 $ — PIPP (11) 20 28 Deferred cost of fuel used in electric generation (4) 8 61 Other 64 74 Regulatory liabilities-current (12) 193 163 Income taxes refundable through future rates (13) 4,058 — Provision for future cost of removal and AROs (10) 1,384 1,427 Nuclear decommissioning trust (14) 1,121 902 Derivatives (6) 69 69 Other 284 224 Regulatory liabilities-noncurrent 6,916 2,622 Total regulatory liabilities $ 7,109 $ 2,785 Virginia Power Regulatory assets: Deferred rate adjustment clause costs (1) $ 56 $ 51 Deferred nuclear refueling outage costs (2) 54 71 Deferred cost of fuel used in electric generation (4) 23 — Other 72 57 Regulatory assets-current 205 179 Deferred rate adjustment clause costs (1) 312 246 PJM transmission rates (7) 222 192 Derivatives (6) 190 133 Income taxes recoverable through future rates (9) — 76 Other 86 123 Regulatory assets-noncurrent 810 770 Total regulatory assets $ 1,015 $ 949 Regulatory liabilities: Provision for future cost of removal (10) $ 80 $ — Deferred cost of fuel used in electric generation (4) 8 61 Other 39 54 Regulatory liabilities-current (12) 127 115 Income taxes refundable through future rates (13) 2,581 — Nuclear decommissioning trust (14) 1,121 902 Provision for future cost of removal (10) 915 946 Derivatives (6) 69 69 Other 74 45 Regulatory liabilities-noncurrent 4,760 1,962 Total regulatory liabilities $ 4,887 $ 2,077 Dominion Energy Gas Regulatory assets: Deferred rate adjustment clause costs (1) $ 14 $ 12 Unrecovered gas costs (3) 8 12 Other 4 2 Regulatory assets-current (15) 26 26 Unrecognized pension and other postretirement benefit costs (5) 258 358 Utility reform legislation (8) 147 99 Deferred rate adjustment clause costs (1) 89 79 Income taxes recoverable through future rates (9) — 23 Other 17 18 Regulatory assets-noncurrent 511 577 Total regulatory assets $ 537 $ 603 Regulatory liabilities: PIPP (11) $ 20 $ 28 Provision for future cost of removal and AROs (10) 13 — Other 5 7 Regulatory liabilities-current (12) 38 35 Income taxes refundable through future rates (13) 998 — Provision for future cost of removal and AROs (10) 160 174 Other 69 45 Regulatory liabilities-noncurrent 1,227 219 Total regulatory liabilities $ 1,265 $ 254 (1) Primarily 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 and deferrals of costs associated with certain current and prospective rider projects for Dominion Energy Gas. See Note 13 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) Reflects unrecovered gas costs at regulated gas operations, which are recovered through filings with the applicable regulatory authority. (4) Reflects deferred fuel expenses for the Virginia and North Carolina jurisdictions of Dominion Energy’s and Virginia Power’s generation operations. See Note 13 for more information. (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 Energy’s and Dominion Energy Gas’ rate-regulated subsidiaries. (6) As discussed under Derivative Instruments in Note 2, 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 amount related to the PJM transmission cost allocation matter. See Note 13 for more information. (8) Ohio legislation under House Bill 95, which became effective in September 2011. This law updates natural gas legislation by enabling gas companies to include more up-to-date (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. See below for discussion of the 2017 Tax Reform Act. (10) 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. (11) 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. See Note 13 for more information. (12) Current regulatory liabilities are presented in other current liabilities in the Consolidated Balance Sheets of the Companies. (13) Amounts recorded to pass the effect of reduced income tax rates from the 2017 Tax Reform Act to customers in future periods, which will reverse at the weighted average tax rate that was used to build the reserves over the remaining book life of the property, net of amounts to be recovered through future rates to pay income taxes that become payable when rate revenue is provided to recover AFUDC-equity. (14) 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. (15) Current regulatory assets are presented in other current assets in the Consolidated Balance Sheets of Dominion Energy Gas. At December 31, 2017, $390 million of Dominion Energy’s, $273 million of Virginia Power’s and $11 million of Dominion Energy Gas’ regulatory assets represented past expenditures on which they do not currently earn a return. With the exception of the $222 million PJM transmission cost allocation matter, the majority of these expenditures are expected to be recovered within the next two years. |
Regulatory Matters
Regulatory Matters | 12 Months Ended |
Dec. 31, 2017 | |
Regulated Operations [Abstract] | |
Regulatory Matters | N OTE EGULATORY ATTERS 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—E LECTRIC Under the Federal Power Act, FERC regulates wholesale sales and transmission of electricity in interstate commerce by public util-ities. Dominion Energy’s merchant generators sell electricity in the PJM, MISO, CAISO and ISO-NE 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, ODEC 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 In October 2017, FERC issued an order determining the calculation of the incremental costs of undergrounding the transmission projects and affirming that the costs are to be recovered from the wholesale transmission customers with loads located in Virginia. FERC directed Virginia Power to rebill all wholesale transmission customers retroactively to March 2010 within 30 days of when the proceeding becomes final and no longer subject to rehearing. In November 2017, Virginia Power, North Carolina Electric Membership Corporation and the wholesale transmission customers filed petitions for rehearing. While Virginia Power cannot predict the outcome of the matter, 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 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 U.S. 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 December 31, 2017, Virginia Power has a contingent liability of $231 million in other deferred credits and other liabilities, which is offset by a $222 million regulatory asset for the amount that will be recovered through retail rates in Virginia. FERC—G AS In July 2017, FERC audit staff communicated to DETI that it had substantially completed an audit of DETI’s compliance with the accounting and reporting requirements of FERC’s Uniform System of Accounts and provided a description of matters and preliminary recommendations. In November 2017, the FERC audit staff issued its audit report which could have the potential to result in adjustments which could be material to Dominion Energy and Dominion Energy Gas’ results of operations. In December 2017, DETI provided its response to the audit report. DETI requested FERC review of contested findings and submitted its plan for compliance with the uncontested portions of the report. In connection with one uncontested issue, DETI recognized a charge of $15 million ($9 million after-tax) write-off 2017 T AX EFORM CT Subsequent to the enactment of the 2017 Tax Reform Act, the Companies’ state regulators issued orders requesting that public utilities evaluate the total tax impact on the entity’s cost of service and accrue a regulatory liability attributable to the benefits of the reduction in the corporate income tax rate. Certain of the orders requested that the public utilities submit a response to the state regulatory commissions detailing the total tax impact on the utility’s cost of service. Virginia Power submitted a response to the North Carolina Commission detailing the impact of the 2017 Tax Reform Act on base non-fuel cost of service and Virginia Power’s excess deferred income taxes clarifying that the amounts have been deferred to a regulatory liability. Questar Gas submitted a response to the Utah Commission detailing the impact of the 2017 Tax Reform Act on base rates and the infrastructure rider, and proposing that the benefits be passed back to customers. These filings are pending. Dominion Energy plans to respond to the remaining state regulatory commissions in accordance with the due dates on the issued orders. The Companies will begin to reserve the impacts of the cost of service reduction as a regulatory liability beginning in 2018 until the rates are reset. To date, the FERC has not issued guidance on how and when to reflect the impacts of the 2017 Tax Reform Act in customer rates. The Companies have recorded a reasonable estimate of net income taxes refundable through future rates in the jurisdictions in which they operate. Through actions by FERC or state regulators the estimates may be subject to changes that could have a material impact on the Companies’ results of operations, financial condition and/or cash flows. Other Regulatory Matters E LECTRIC EGULATION IN IRGINIA The Regulation Act enacted in 2007 instituted a cost-of-service The Regulation Act authorizes stand-alone rate adjustment clauses for recovery of costs for new generation projects, FERC-approved transmission costs, underground distribution lines, environmental compliance, conservation and energy efficiency programs and renewable energy programs, and also contains statutory provisions directing Virginia Power to file annual fuel cost recovery cases with the Virginia Commission. As amended, it provides for enhanced returns on capital expenditures on specific newly-proposed generation projects. If the Virginia Commission’s future rate decisions, including actions relating to Virginia Power’s rate adjustment clause filings, differ materially from Virginia Power’s expectations, it may adversely affect its results of operations, financial condition and cash flows. Regulation Act Legislation In February 2015, the Virginia Governor signed legislation into law which will keep Virginia Power’s base rates unchanged until at least December 1, 2022. In addition, no biennial reviews will be conducted by the Virginia Commission for the five successive 12-month US-2 In February 2016, certain industrial customers of APCo petitioned the Virginia Commission to issue a declaratory judgment that Virginia legislation enacted in 2015 keeping APCo’s base rates unchanged until at least 2020 (and Virginia Power’s base rates unchanged until at least 2022) is unconstitutional, and to require APCo to make biennial review filings in 2016 and 2018. Virginia Power intervened to support the constitutionality of this legislation. In July 2016, the Virginia Commission held in a divided opinion that this legislation is constitutional, and the industrial customers appealed this order to the Supreme Court of Virginia. In November 2016, the Supreme Court of Virginia granted the appeal as a matter of right and consolidated it for oral argument with other similar appeals from the Virginia Commission’s order. In September 2017, the Supreme Court of Virginia affirmed that the legislation is constitutional. In March 2017, as required by Regulation Act legislation enacted in February 2015, Virginia Power filed an application for the Virginia Commission to determine the general ROE for Virginia Power’s non-transmission 2015 Biennial Review In November 2015, the Virginia Commission issued the 2015 Biennial Review Order. After deciding several contested regulatory earnings adjustments, the Virginia Commission ruled that Virginia Power earned on average an ROE of approximately 10.89% on its generation and distribution services for the combined 2013 and 2014 test periods. Because this ROE was more than 70 basis points above Virginia Power’s authorized ROE of 10.0%, the Virginia Commission ordered that approximately $20 million in excess earnings be credited to customer bills based on usage in 2013 and 2014 over a six-month Virginia Fuel Expenses In May 2017, Virginia Power submitted its annual fuel factor to the Virginia Commission to recover an estimated $1.6 billion in Virginia jurisdictional projected fuel expenses for the rate year beginning July 1, 2017. Virginia Power’s proposed fuel rate represented a fuel revenue increase of $279 million when applied to projected kilowatt-hour sales for the period July 1, 2017 to June 30, 2018. In June 2017, the Virginia Commission approved Virginia Power’s proposed fuel rate. Solar Facility Projects In February 2017, Virginia Power received approval from the Virginia Commission for a CPCN to construct and operate the Remington solar facility and related distribution interconnection facilities. The 20 MW facility began operations in October 2017 at a total cost of $45 million, excluding financing costs. The facility is the subject of a public-private partnership whereby the Commonwealth of Virginia, a non-jurisdictional In March 2017, Virginia Power received Virginia Commission approval for a CPCN to construct and operate the Oceana solar facility and related distribution interconnection facilities. The 18 MW facility began operations in December 2017 at a total cost of $40 million, excluding financing costs. The facility is the subject of a public-private partnership whereby the Commonwealth of Virginia, a non-jurisdictional Rate Adjustment Clauses Below is a discussion of significant riders associated with various Virginia Power projects: • The Virginia Commission previously approved Rider T1 concerning transmission rates. In May 2017, Virginia Power proposed a $625 million total revenue requirement consisting of $490 million for the transmission component of Virginia Power’s base rates and $135 million for Rider T1. This total revenue requirement represents a $55 million decrease versus the revenues to be produced during the rate year under current rates. In July 2017, the Virginia Commission approved the proposed total revenue requirement, including Rider T1, subject to true-up, • The Virginia Commission previously approved Rider S in conjunction with the Virginia City Hybrid Energy Center. In February 2017, the Virginia Commission approved a $243 million revenue requirement, subject to true-up, • The Virginia Commission previously approved Rider W in conjunction with Warren County. In February 2017, the Virginia Commission approved a $121 million revenue requirement, subject to true-up, • The Virginia Commission previously approved Rider R in conjunction with Bear Garden. In February 2017, the Virginia Commission approved a $72 million revenue requirement, subject to true-up, true-up, • The Virginia Commission previously approved Rider B in conjunction with the conversion of three power stations to biomass. In February 2017, the Virginia Commission approved a $27 million revenue requirement for the rate year beginning April 1, 2017. It also established an 11.4% ROE effective April 1, 2017. In June 2017, Virginia Power proposed a $42 million revenue requirement for the rate year beginning April 1, 2018, which represents a $15 million increase over the previous year. This case is pending. • The Virginia Commission previously approved Rider U in conjunction with cost recovery to move certain electric distribution facilities underground as authorized by prior Virginia legislation. In September 2017, the Virginia Commission approved a total $22 million annual revenue requirement effective October 1, 2017, using a 9.4% ROE, and a total capital investment of $40 million for second phase conversions. • The Virginia Commission previously approved Riders C1A and C2A in connection with cost recovery for DSM programs. In June 2017, the Virginia Commission approved a $28 million revenue requirement, subject to true-up, • The Virginia Commission previously approved Rider BW in conjunction with Brunswick County. In April 2017, the Virginia Commission established a 10.4% ROE for Rider BW effective September 1, 2017. In June 2017, it approved a $127 million revenue requirement, subject to true-up, • The Virginia Commission previously approved Rider US-2 US-2 true-up, • The Virginia Commission previously approved Rider GV in conjunction with Greensville County. In February 2017, the Virginia Commission approved an $82 million revenue requirement, subject to true-up, Electric Transmission Projects In November 2013, the Virginia Commission issued an order granting Virginia Power a CPCN to construct approximately 7 miles of new overhead 500 kV transmission line from the existing Surry switching station in Surry County to a new Skiffes Creek switching station in James City County, and approximately 20 miles of new 230 kV transmission line in James City County, York County, and the City of Newport News from the proposed new Skiffes Creek switching station to Virginia Power’s existing Whealton substation in the City of Hampton. As of July 2017, Virginia Power has received all major required permits and approvals and is proceeding with construction of the project. In connection with the receipt of the permit from the U.S. Army Corps of Engineers in July 2017, Virginia Power was required to make payments totaling approximately $90 million to fund improvements to historical and cultural resources near the project. Accordingly, in July 2017, Virginia Power recorded an increase to property, plant and equipment and a corresponding liability for these payment obligations. Through December 31, 2017, Virginia Power had made $90 million of such payments. Also in July 2017, the National Parks Conservation Association filed a lawsuit in U.S. District Court for the D.C. Circuit seeking to set aside the permit granted by the U.S. Army Corps of Engineers for the project and requested a preliminary injunction against the permit. In August 2017, the National Trust for Historic Preservation and Preservation Virginia filed a similar lawsuit in U.S. District Court for the D.C. Circuit. In October 2017, the preliminary injunction requests were denied. These lawsuits are pending. In November 2015, Virginia Power filed an application with the Virginia Commission for a CPCN to convert an existing transmission line to 230 kV in Prince William County, Virginia, and Loudoun County, Virginia, and to construct and operate a new approximately five mile overhead 230 kV double circuit transmission line between a tap point near the Gainesville substation and a new to-be-constructed rights-of-way. In November 2015, Virginia Power filed an application with the Virginia Commission for a CPCN to construct and operate in multiple Virginia counties an approximately 38 mile overhead 230 kV transmission line between the Remington and Gordonsville substations, along with associated facilities. In August 2017, the Virginia Commission granted a CPCN for the project. The total estimated cost of the project is approximately $105 million. In March 2016, Virginia Power filed an application with the Virginia Commission for a CPCN to rebuild and operate in multiple Virginia counties approximately 33 miles of the existing 500 kV transmission line between the Cunningham switching station and the Dooms substation, along with associated station work. In May 2017, the Virginia Commission granted a CPCN to construct and operate the project. The total estimated cost of the project is approximately $60 million. In August 2016, Virginia Power filed an application with the Virginia Commission for a CPCN to rebuild and operate in multiple Virginia counties approximately 28 miles of the existing 500 kV transmission line between the Carson switching station and a terminus located near the Rogers Road switching station under construction in Greensville County, Virginia, along with associated work at the Carson switching station. In March 2017, the Virginia Commission granted a CPCN to construct and operate the project. The total estimated cost of the project is approximately $55 million. In January 2017, Virginia Power filed an application with the Virginia Commission for a CPCN to rebuild and rearrange its Idylwood substation in Fairfax County, Virginia. In September 2017, the Virginia Commission granted a CPCN for the project. The total estimated cost of the project is approximately $110 million. In June 2017, Virginia Power filed an application with the Virginia Commission for a CPCN to rebuild and operate in Prince William County, Virginia, approximately 9 miles of existing 115 kV transmission lines between Possum Point Switching Station and NOVEC’s Smoketown delivery point, utilizing 230 kV design on the majority of the route, for total estimated cost of approximately $20 million. In February 2018, the Virginia Commission granted a CPCN for the project. In September 2017, Virginia Power filed an application with the Virginia Commission for a CPCN to rebuild and operate in Augusta County, Virginia approximately 18 miles of the existing 500 kV transmission line between the Dooms substation and the Valley substation, along with associated substation work, for a total estimated cost of approximately $65 million. This case is pending. In November 2017, Virginia Power filed an application with the Virginia Commission for a CPCN to build and operate in Fairfax County, Virginia approximately 4 miles of 230 kV transmission line between the Idylwood and Tysons substations, along with associated substation work. The total estimated cost of the project is approximately $125 million. This case is pending. In February 2016, Virginia Power filed an application with the Virginia Commission for a CPCN to rebuild and operate in Lancaster County, Virginia and Middlesex County, Virginia and across the Rappahannock River, approximately 2 miles of existing 115 kV transmission lines between Harmony Village Substation and White Stone Substation. In December 2017, the Virginia Commission granted a CPCN for the project to be constructed under the Rappahannock River. The total estimated cost of the project is approximately $85 million. 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 would require a COL from the NRC, approval of the Virginia Commission and certain environmental permits and other approvals. In June 2017, the NRC issued the COL. 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 were dismissed, and in September 2016, the U.S. Court of Appeals for the D.C. Circuit 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 was closed. The NRC is required to conduct a hearing in all COL proceedings. This mandatory NRC hearing was held in March 2017, was uncontested and the resulting NRC decision authorized issuance of the COL. In August 2016, Virginia Power received a 60-day N ORTH AROLINA EGULATION In August 2017, 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 $15 million increase to the fuel component of its electric rates for the rate year beginning January 1, 2018. In January 2018, the North Carolina Commission approved Virginia Power’s proposed fuel charge adjustment. O HIO EGULATION PIR Program 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. In April 2017, the Ohio Commission approved East Ohio’s application to adjust the PIR cost recovery rates for 2016 costs. The filing reflects gross plant investment for 2016 of $188 million, cumulative gross plant investment of $1.2 billion and a revenue requirement of $157 million. AMR Program In 2007, East Ohio began installing automated meter reading technology for its 1.2 million customers in Ohio. The AMR program approved by the Ohio Commission was completed in 2012. Although no further capital investment will be added, East Ohio is approved to recover depreciation, property taxes, carrying charges and a return until East Ohio has another rate case. In April 2017, the Ohio Commission approved East Ohio’s application to adjust its AMR cost recovery rate for 2016 costs. The filing reflects a revenue requirement of approximately $6 million. PIPP Plus Program Under the Ohio PIPP Plus Program, eligible customers can make reduced payments based on their ability to pay their bill. The difference between the customer’s total bill and the PIPP amount is deferred and collected under the PIPP Rider in accordance with the rules of the Ohio Commission. In July 2017, East Ohio’s annual update of the PIPP Rider was automatically approved by the Ohio Commission after a 45-day UEX Rider East Ohio has approval for a UEX Rider through which it recovers the bad debt expense of most customers not participating in the PIPP Plus Program. The UEX Rider is adjusted annually to achieve dollar for dollar recovery of East Ohio’s actual write-offs of uncollectible amounts. In September 2017, the Ohio Commission approved East Ohio’s application requesting approval of its UEX Rider to reflect a refund of over-recovered accumulated bad debt expense of approximately $12 million as of March 31, 2017, and recovery of prospective net bad debt expense projected to total approximately $22 million for the twelve-month period from April 2017 to March 2018. Ohio Legislation In March 2017, the Governor of Ohio signed legislation into law that allows utilities to file an application to recover infrastructure development costs associated with economic development projects. The new cost recovery provision allows for projects totaling up to $22 million for East Ohio subject to Ohio Commission approval. DSM Rider East Ohio has approval for a DSM rider through which it recovers expenditures related to its DSM programs. In December 2017, East Ohio filed an application with the Ohio Commission seeking approval of an adjustment to the DSM rider to recover a total of $5 million, which includes an under-recovery of costs during the preceding 12-month period. This application is pending. W EST IRGINIA EGULATION In October 2017, the West Virginia Commission approved Hope’s application for new PREP customer rates, for the year beginning November 1, 2017, that provide for projected revenue of $4 million related to capital investments of $21 million, $27 million and $31 million for 2016, 2017 and 2018, respectively. U TAH AND YOMING EGULATION In October 2017, Questar Gas submitted filings with both the Utah Commission and the Wyoming Commission for an approximately $25 million gas cost increase reflecting forecasted increases in commodity and transportation costs. The Utah Commission and the Wyoming Commission both approved the filings in October 2017 with rates effective November 2017. FERC—G AS Cove Point In November 2016, pursuant to the terms of a previous settlement, Cove Point filed a general rate case for its FERC-jurisdictional services, with 23 proposed rates to be effective January 1, 2017. Cove Point proposed an annual cost-of-service DETI In September 2017, DETI submitted its annual transportation cost rate adjustment to FERC requesting approval to recover $39 million. Also in September 2017, DETI submitted its annual electric power cost adjustment to FERC requesting approval to recover $6 million. In October 2017, FERC approved these adjustments. |
Asset Retirement Obligations
Asset Retirement Obligations | 12 Months Ended |
Dec. 31, 2017 | |
Asset Retirement Obligation Disclosure [Abstract] | |
Asset Retirement Obligations | N OTE SSET ETIREMENT BLIGATIONS AROs represent obligations that result from laws, statutes, contracts and regulations related to the eventual retirement of certain of the Companies’ long-lived assets. Dominion Energy’s and Virginia Power’s AROs are primarily associated with the decommissioning of their nuclear generation facilities and ash pond and landfill closures. Dominion Energy Gas’ AROs primarily include plugging and abandonment of gas and oil wells and the interim retirement of natural gas gathering, transmission, distribution and storage pipeline components. The Companies have also identified, but not recognized, AROs related to the retirement of Dominion Energy’s LNG facility, Dominion Energy’s and Dominion Energy Gas’ storage wells in their underground natural gas storage network, certain Virginia Power electric transmission and distribution assets located on property with easements, rights of way, franchises and lease agreements, Virginia Power’s hydroelectric generation facilities and the abatement of certain asbestos not expected to be disturbed in Dominion Energy’s and Virginia Power’s generation facilities. The Companies currently do not have sufficient information to estimate a reasonable range of expected retirement dates for any of these assets since the economic lives of these assets can be extended indefinitely through regular repair and maintenance and they currently have no plans to retire or dispose of any of these assets. As a result, a settlement date is not determinable for these assets and AROs for these assets will not be reflected in the Consolidated Financial Statements until sufficient information becomes available to determine a reasonable estimate of the fair value of the activities to be performed. The Companies continue to monitor operational and strategic developments to identify if sufficient information exists to reasonably estimate a retirement date for these assets. The changes to AROs during 2016 and 2017 were as follows: Amount (millions) Dominion Energy AROs at December 31, 2015 $ 2,103 Obligations incurred during the period (1) 204 Obligations settled during the period (171 ) Revisions in estimated cash flows (2) 245 Accretion 104 AROs at December 31, 2016 (3) $ 2,485 Obligations incurred during the period 37 Obligations settled during the period (214 ) Revisions in estimated cash flows 7 Accretion 117 AROs at December 31, 2017 (3) $ 2,432 Virginia Power AROs at December 31, 2015 $ 1,247 Obligations incurred during the period 9 Obligations settled during the period (115 ) Revisions in estimated cash flows (2) 245 Accretion 57 AROs at December 31, 2016 $ 1,443 Obligations incurred during the period 11 Obligations settled during the period (152 ) Revisions in estimated cash flows (1 ) Accretion 64 AROs at December 31, 2017 $ 1,365 Dominion Energy Gas AROs at December 31, 2015 $ 149 Obligations incurred during the period 6 Obligations settled during the period (8 ) Accretion 9 AROs at December 31, 2016 (4) $ 156 Obligations incurred during the period 2 Obligations settled during the period (7 ) Accretion 9 AROs at December 31, 2017 (4) $ 160 (1) Primarily reflects AROs assumed in the Dominion Energy Questar Combination. See Note 3 for further information. (2) Primarily reflects future ash pond and landfill closure costs at certain utility generation facilities. See Note 22 for further information. (3) Includes $249 million and $263 million reported in other current liabilities at December 31, 2016, and 2017, respectively. (4) Includes $147 million and $146 million reported in other deferred credits and other liabilities, with the remainder recorded in other current liabilities, at December 31, 2016 and 2017, respectively. Dominion Energy and Virginia Power have established trusts dedicated to funding the future decommissioning of their nuclear plants. At December 31, 2017 and 2016, the aggregate fair value of Dominion Energy’s trusts, consisting primarily of equity and debt securities, totaled $5.1 billion and $4.5 billion, respectively. At December 31, 2017 and 2016, the aggregate fair value of Virginia Power’s trusts, consisting primarily of debt and equity securities, totaled $2.4 billion and $2.1 billion, respectively. |
Variable Interest Entities
Variable Interest Entities | 12 Months Ended |
Dec. 31, 2017 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Variable Interest Entities | N OTE ARIABLE NTEREST NTITIES 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. D OMINION NERGY At December 31, 2017, Dominion Energy owns the general partner, 50.6% of the common and subordinated units and 37.5% of the convertible preferred interests in Dominion Energy Midstream, which owns a preferred equity interest and the general partner interest in Cove Point. Additionally, Dominion Energy owns the manager and 67% of the membership interest in certain merchant solar facilities, as discussed in Note 2. Dominion Energy has concluded that these entities are VIEs due to the limited partners or members lacking the characteristics of a controlling financial interest. In addition, in 2016 Dominion Energy created a wholly owned subsidiary, SBL Holdco, as a holding company of its interest in the VIE merchant solar facilities and accordingly SBL Holdco is a VIE. Dominion Energy is the primary beneficiary of Dominion Energy Midstream, SBL Holdco and the merchant solar facilities, and Dominion Energy 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 Energy’s securities due within one year and long-term debt include $30 million and $332 million, respectively, of debt issued in 2016 by SBL Holdco net of issuance costs that is nonrecourse to Dominion Energy and is secured by SBL Holdco’s interest in the merchant solar facilities. Dominion Energy owns a 48% membership interest in Atlantic Coast Pipeline. See Note 9 for more details regarding the nature of this entity. Dominion Energy concluded that Atlantic Coast Pipeline is a VIE because it has insufficient equity to finance its activities without additional subordinated financial support. Dominion Energy 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 Energy is obligated to provide capital contributions based on its ownership percentage. Dominion Energy’s maximum exposure to loss is limited to its current and future investment as well as any obligations under a guarantee provided. See Note 22 for more information. D OMINION NERGY AND IRGINIA OWER Dominion Energy’s and Virginia Power’s nuclear decommissioning trust funds and Dominion Energy’s rabbi trusts hold investments in limited partnerships or similar type entities (see Note 9 for further details). Dominion Energy and Virginia Power concluded that these partnership investments are VIEs due to the limited partners lacking the characteristics of a controlling financial interest. Dominion Energy 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 Energy and Virginia Power are obligated to provide capital contributions to the partnerships as required by each partnership agreement based on their ownership percentages. Dominion Energy and Virginia Power’s maximum exposure to loss is limited to their current and future investments. D OMINION NERGY AND OMINION NERGY AS Dominion Energy previously concluded that Iroquois was a VIE because a non-affiliated V IRGINIA OWER Virginia Power had long-term power and capacity contracts with five non-utility non-utility D OMINION NERGY AS DETI 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 DETI holds a membership interest in Atlantic Coast Pipeline, therefore DETI 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. DETI 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. DETI has no obligation to absorb any losses of the VIE. See Note 24 for information about associated related party receivable balances. V IRGINIA OWER AND OMINION NERGY AS Virginia Power and Dominion Energy Gas purchased shared services from DES, an affiliated VIE, of $340 million and $126 million, $346 million and $123 million, and $318 million and $115 million for the years ended December 31, 2017, 2016 and 2015, respectively. Virginia Power and Dominion Energy Gas determined that neither is the primary beneficiary of DES 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. DES provides accounting, legal, finance and certain administrative and technical services to all Dominion Energy subsidiaries, including Virginia Power and Dominion Energy Gas. Virginia Power and Dominion Energy Gas have no obligation to absorb more than their allocated shares of DES costs. |
Short-Term Debt and Credit Agre
Short-Term Debt and Credit Agreements | 12 Months Ended |
Dec. 31, 2017 | |
Debt Disclosure [Abstract] | |
Short-Term Debt and Credit Agreements | N OTE HORT TERM EBT AND REDIT GREEMENTS 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 Energy utilizes cash and letters of credit to fund collateral requirements. Collateral requirements are impacted by commodity prices, hedging levels, Dominion Energy’s credit ratings and the credit quality of its counterparties. D OMINION NERGY Commercial paper and letters of credit outstanding, as well as capacity available under credit facilities, were as follows: Facility Limit Outstanding Commercial Paper (2) Outstanding Letters of Credit Facility Capacity Available (millions) At December 31, 2017 Joint revolving credit facility (1) $ 5,000 $3,298 $ $ 1,702 Joint revolving credit facility (1) 500 — 76 424 Total $ 5,500 $3,298 $76 $ 2,126 At December 31, 2016 Joint revolving credit facility (1) $ 5,000 $3,155 $ $ 1,845 Joint revolving credit facility (1) 500 — 85 415 Total $ 5,500 $3,155 $85 $ 2,260 (1) These credit facilities mature in April 2020 and can be used 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) The weighted-average interest rates of the outstanding commercial paper supported by Dominion Energy’s credit facilities were 1.61% and 1.05% at December 31, 2017 and 2016, respectively. Questar Gas’ short-term financing is supported through its access as co-borrower sub-limit Dominion Energy has indicated its intention to replace the existing two joint revolving credit facilities with a $6.0 billion joint revolving credit facility in the first quarter of 2018. Terms and covenants of the new credit facility are expected to be similar to the existing credit facilities, including that Virginia Power, Dominion Energy Gas and Questar Gas will remain as co-borrowers, co-borrower, In addition to the credit facilities mentioned above, SBL Holdco has $30 million of credit facilities which have an original stated maturity date of December 2017 with automatic one-year one-year In February 2018, Dominion Energy borrowed $950 million under a 364-Day V IRGINIA OWER Virginia Power’s short-term financing is supported through its access as co-borrower Virginia Power’s share of commercial paper and letters of credit outstanding under its joint credit facilities with Dominion Energy, Dominion Energy Gas and Questar Gas were as follows: Facility Limit (1) Outstanding Commercial Paper (2) Outstanding Letters of Credit (millions) At December 31, 2017 Joint revolving credit facility (1) $5,000 $542 $— Joint revolving credit facility (1) 500 — — Total $5,500 $542 $— At December 31, 2016 Joint revolving credit facility (1) $5,000 $ 65 $— Joint revolving credit facility (1) 500 — 1 Total $5,500 $ 65 $ 1 (1) The full amount of the facilities is available to Virginia Power, less any amounts outstanding to co-borrowers Sub-limits sub-limit sub-limit, sub-limit sub-limit, (2) The weighted-average interest rates of the outstanding commercial paper supported by these credit facilities were 1.65% and 0.97% at December 31, 2017 and 2016, respectively. In addition to the credit facility commitments mentioned above, Virginia Power also has a $100 million credit facility with a maturity date of April 2020. As of December 31, 2017, this facility supports $100 million of certain variable rate tax-exempt tax-exempt D OMINION NERGY AS Dominion Energy Gas’ short-term financing is supported by its access as co-borrower Dominion Energy Gas’ share of commercial paper and letters of credit outstanding under its joint credit facilities with Dominion Energy, Virginia Power and Questar Gas were as follows: Facility Limit (1) Outstanding Commercial Paper (2) Outstanding Letters of Credit (millions) At December 31, 2017 Joint revolving credit facility (1) $1,000 $629 $— Joint revolving credit facility (1) 500 — — Total $1,500 $629 $— At December 31, 2016 Joint revolving credit facility (1) $1,000 $460 $— Joint revolving credit facility (1) 500 — — Total $1,500 $460 $— (1) A maximum of a combined $1.5 billion of the facilities is available to Dominion Energy Gas, assuming adequate capacity is available after giving effect to uses by co-borrowers Sub-limits sub-limit sub-limit, sub-limit sub-limit, (2) The weighted-average interest rate of the outstanding commercial paper supported by these credit facilities was 1.57% and 1.00% at December 31, 2017 and 2016, respectively. |
Long-Term Debt
Long-Term Debt | 12 Months Ended |
Dec. 31, 2017 | |
Debt Disclosure [Abstract] | |
Long-Term Debt | N OTE ONG TERM EBT At December 31, 2017 Weighted- average Coupon (1) 2017 2016 (millions, except percentages) Dominion Energy Gas Holdings, LLC: Unsecured Senior Notes: 2.5% and 2.8%, due 2019 and 2020 2.68 % $ 1,150 $ 1,150 2.875% to 4.8%, due 2023 to 2044 (2) 3.90 % 2,450 2,413 Dominion Energy Gas Holdings, LLC total principal $ 3,600 $ 3,563 Unamortized discount and debt issuance costs (30 ) (35 ) Dominion Energy Gas Holdings, LLC total long-term debt $ 3,570 $ 3,528 Virginia Electric and Power Company: Unsecured Senior Notes: 1.2% to 7.25%, due 2017 to 2022 3.92 % $ 1,950 $ 2,554 2.75% to 8.875%, due 2023 to 2047 4.53 % 8,690 7,190 Tax-Exempt (3) Variable rates, due 2017 to 2027 1.27 % 100 175 1.75% to 5.6%, due 2023 to 2041 2.25 % 678 678 Virginia Electric and Power Company total principal $ 11,418 $ 10,597 Securities due within one year 4.17 % (850 ) (678 ) Unamortized discount, premium and debt issuances costs, net (72 ) (67 ) Virginia Electric and Power Company total long-term debt $ 10,496 $ 9,852 Dominion Energy, Inc.: Unsecured Senior Notes: Variable rates, due 2019 and 2020 1.99 % $ 800 $ — 1.25% to 6.4%, due 2017 to 2022 2.95 % 5,800 5,750 2.85% to 7.0%, due 2024 to 2044 4.72 % 5,049 4,649 Tax-Exempt (4) — 75 Unsecured Junior Subordinated Notes: 2.579% to 4.104%, due 2019 to 2021 3.08 % 2,100 1,100 Payable to Affiliated Trust, 8.4% due 2031 8.40 % 10 10 Enhanced Junior Subordinated Notes: 5.25% and 5.75%, due 2054 and 2076 5.48 % 1,485 1,485 Variable rates, due 2066 4.15 % 422 422 Remarketable Subordinated Notes, 1.5% and 2.0%, due 2020 to 2024 2.00 % 1,400 2,400 Unsecured Debentures and Senior Notes ( 5 ) 6.8% and 6.875%, due 2026 and 2027 6.81 % 89 89 Term Loan, variable rate, due 2017 ( 6 ) — 250 Unsecured Senior and Medium-Term Notes (6) 5.31% to 6.85%, due 2017 and 2018 5.72 % 120 135 2.98% to 7.20%, due 2024 to 2051 4.37 % 600 500 Term Loans, variable rates, due 2023 and 2024 ( 7 ) 3.74 % 638 405 Tax-Exempt ( 8 ) 1.55 % 27 27 Dominion Energy Midstream Partners, LP: Term Loan, variable rate, due 2019 2.74 % 300 300 Unsecured Senior and Medium-Term Notes, 5.83% and 6.48%, due 2018 (9) 5.84 % 255 255 Unsecured Senior Notes, 4.875%, due 2041 ( 9 ) 4.88 % 180 180 Dominion Energy Gas Holdings, LLC total principal (from above) 3,600 3,563 Virginia Electric and Power Company total principal (from above) 11,418 10,597 Dominion Energy, Inc. total principal $ 34,293 $ 32,192 Fair value hedge valuation ( 10 ) (22 ) (1 ) Securities due within one year ( 11) (12 ) 3.44 % (3,078 ) (1,709 ) Unamortized discount, premium and debt issuance costs, net (245 ) (251 ) Dominion Energy, Inc. total long-term debt $ 30,948 $ 30,231 (1) Represents weighted-average coupon rates for debt outstanding as of December 31, 2017. (2) Amount includes foreign currency remeasurement adjustments. (3) These financings relate to certain pollution control equipment at Virginia Power’s generating facilities. As of December 31, 2017, certain variable rate tax-exempt tax-exempt (4) Represents variable rate Massachusetts Development Finance Agency Solid Waste Disposal Revenue Bonds due in 2041 repaid in August 2017. (5) Represents debt assumed by Dominion Energy from the merger of its former CNG subsidiary. (6) Represents debt obligations of Dominion Energy Questar or Questar Gas. See Note 3 for more information. (7) Represents debt associated with SBL Holdco and Dominion Solar Projects III, Inc. The debt is nonrecourse to Dominion Energy and is secured by SBL Holdco’s and Dominion Solar Projects III, Inc.’s interest in certain merchant solar facilities. (8) Represents debt obligations of a DGI subsidiary. (9) Represents debt obligations of Dominion Energy Questar Pipeline. See Note 3 for more information. (10) Represents the valuation of certain fair value hedges associated with Dominion Energy’s fixed rate debt. (11) Excludes $250 million of Dominion Energy Questar Pipeline’s senior notes that matured in February 2018 which were repaid using proceeds from the January 2018 issuance, through private placement, of $100 million of 3.53% senior notes and $150 million of 3.91% senior notes that mature in 2028 and 2038, respectively. (12) Includes $20 million of estimated mandatory prepayments due within one year based on estimated cash flows in excess of debt service at SBL Holdco and Dominion Solar Projects III, Inc. Based on stated maturity dates rather than early redemption dates that could be elected by instrument holders, the scheduled principal payments of long-term debt at December 31, 2017, were as follows: 2018 2019 2020 2021 2022 Thereafter Total (millions, except percentages) Dominion Energy Gas $ — $ 450 $ 700 $ — $ — $ 2,450 $ 3,600 Weighted-average Coupon 2.50 % 2.80 % 3.90 % Virginia Power Unsecured Senior Notes $ 850 $ 350 $ — $ — $ 750 $ 8,690 $ 10,640 Tax-Exempt — — — — — 778 778 Total $ 850 $ 350 $ — $ — $ 750 $ 9,468 $ 11,418 Weighted-average Coupon 4.17 % 5.00 % 3.15 % 4.33 % Dominion Energy Term Loans (1) $ 36 $ 336 $ 35 $ 35 $ 34 $ 462 $ 938 Unsecured Senior Notes ( 2 ) 3,275 3,400 1,000 900 1,500 17,058 27,133 Tax-Exempt — — — — — 805 805 Unsecured Junior Subordinated Notes Payable to Affiliated Trusts — — — — — 10 10 Unsecured Junior Subordinated Notes — 550 1,000 550 — — 2,100 Enhanced Junior Subordinated Notes — — — — — 1,907 1,907 Remarketable Subordinated Notes — — — 700 — 700 1,400 Total $ 3,311 $ 4,286 $ 2,035 $ 2,185 $ 1,534 $ 20,942 $ 34,293 Weighted-average Coupon 3.62 % 2.89 % 2.58 % 3.12 % 2.97 % 4.38 % (1) Excludes mandatory prepayments associated with SBL Holdco and Dominion Solar Projects III, Inc. based on cash flows in excess of debt service. At December 31, 2017, $20 million of estimated mandatory prepayments due within one year were included in securities due within one year in Dominion Energy’s Consolidated Balance Sheets. (2) In February 2018, $250 million of Dominion Energy Questar Pipeline’s senior notes were repaid using proceeds from the January 2018 issuance, through private placements, of $100 million of 3.53% senior notes and $150 million of 3.91% senior notes that mature in 2028 and 2038, respectively. As a result, at December 31, 2017, $250 million was included in long-term debt in the Consolidated Balance Sheets. The Companies short-term credit facilities and long-term debt agreements contain customary covenants and default provisions. As of December 31, 2017, there were no events of default under these covenants. Enhanced Junior Subordinated Notes In June 2006 and September 2006, Dominion Energy issued $300 million of June 2006 hybrids and $500 million of September 2006 hybrids, respectively. Beginning June 30, 2016, the June 2006 hybrids bear interest at three-month LIBOR plus 2.825%, reset quarterly. Previously, interest was fixed at 7.5% per year. The September 2006 hybrids bear interest at the three-month LIBOR plus 2.3%, reset quarterly. In October 2014, Dominion Energy issued $685 million of October 2014 hybrids that will bear interest at 5.75% per year until October 1, 2024. Thereafter, they will bear interest at the three-month LIBOR plus 3.057%, reset quarterly. Dominion Energy may defer interest payments on the hybrids on one or more occasions for up to 10 consecutive years. If the interest payments on the hybrids are deferred, Dominion Energy may not make distributions related to its capital stock, including dividends, redemptions, repurchases, liquidation payments or guarantee payments during the deferral period. Also, during the deferral period, Dominion Energy 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 hybrids. Dominion Energy executed RCCs in connection with its issuance of the June 2006 hybrids and the September 2006 hybrids. Under the terms of the RCCs, Dominion Energy covenants to and for the benefit of designated covered debtholders, as may be designated from time to time, that Dominion Energy shall not redeem, repurchase, or defease all or any part of the hybrids, and shall not cause its majority owned subsidiaries to purchase all or any part of the hybrids, on or before their applicable RCC termination date, unless, subject to certain limitations, during the 180 days prior to such activity, Dominion Energy has received a specified amount of proceeds as set forth in the RCCs from the sale of qualifying securities that have equity-like characteristics that are the same as, or more equity-like than the applicable characteristics of the hybrids at that time, as more fully described in the RCCs. In September 2011, Dominion Energy amended the RCCs of the June 2006 hybrids and September 2006 hybrids to expand the measurement period for consideration of proceeds from the sale of common stock issuances from 180 days to 365 days. The proceeds Dominion Energy receives from the replacement offering, adjusted by a predetermined factor, must equal or exceed the redemption or repurchase price. In 2015, Dominion Energy purchased and cancelled $14 million and $3 million of the June 2006 hybrids and the September 2006 hybrids, respectively. In the first quarter of 2016, Dominion Energy purchased and cancelled $38 million and $4 million of the June 2006 hybrids and the September 2006 hybrids, respectively. In July 2016, Dominion Energy 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 Energy 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 RCC. Also in July 2016, Dominion Energy 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. Remarketable Subordinated Notes In June 2013, Dominion Energy issued $550 million of 2013 Series A 6.125% Equity Units and $550 million of 2013 Series B 6.0% Equity Units, initially in the form of Corporate Units. In July 2014, Dominion Energy issued $1.0 billion of 2014 Series A 6.375% Equity Units, initially in the form of Corporate Units. The Corporate Units were listed on the NYSE under the symbols DCUA, DCUB and DCUC respectively. Each Corporate Unit consisted of a stock purchase contract and 1/20 interest in a RSN issued by Dominion Energy. The stock purchase contracts obligated the holders to purchase shares of Dominion Energy common stock at a future settlement date prior to the relevant RSN maturity date. The purchase price paid under the stock purchase contracts was $50 per Corporate Unit and the number of shares purchased was determined under a formula based upon the average closing price of Dominion Energy common stock near the settlement date. The RSNs were pledged as collateral to secure the purchase of common stock under the related stock purchase contracts. In May 2017, Dominion Energy successfully remarketed the $1.0 billion 2014 Series A 1.50% RSNs due 2020 pursuant to the terms of the related 2014 Equity Units. In connection with the remarketing, the interest rate on the junior subordinated notes was reset to 2.579%, payable on a semi-annual basis and Dominion Energy ceased to have the ability to redeem the notes at its option or defer interest payments. In March 2016 and May 2016, Dominion Energy 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 Energy ceased to have the ability to redeem the notes at its option or defer interest payments. At December 31, 2017, the securities are included in junior subordinated notes in Dominion Energy’s Consolidated Balance Sheets. Dominion Energy did not receive any proceeds from the remarketings. Remarketing proceeds belonged to the investors holding the related 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 Energy for issuance of 12.5 million shares of its common stock in July 2017 and 8.5 million shares of its common stock in both April 2016 and July 2016. See Issuance of Common Stock below for a description of common stock issued by Dominion Energy under the stock purchase contracts. In August 2016, Dominion Energy issued $1.4 billion of 2016 Series A 6.75% Equity Units, initially in the form of Corporate Units. The Corporate Units are listed on the NYSE under the symbol DCUD. The net proceeds from the 2016 Equity Units were used to finance the Dominion Energy 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 A-2 Dominion Energy makes quarterly interest payments on the RSNs and quarterly contract adjustment payments on the stock purchase contracts, at the rates described below. Dominion Energy 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 Energy 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 Energy 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 Energy 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 Energy applies the treasury stock method to the equity units. Pursuant to the terms of the 2016 Equity Units, Dominion Energy expects to remarket both the 2016 Series A-1 A-2 Under the terms of the stock purchase contracts, assuming no anti-dilution or other adjustments, Dominion Energy will issue between 15.0 million and 18.8 million shares in August 2019. A total of 23.1 million shares of Dominion Energy’s common stock has been reserved for issuance in connection with the stock purchase contracts. Selected information about Dominion Energy’s equity units is presented below: Issuance Date Units Issued Total Net Proceeds Total Long-term Debt RSN Annual Interest Rate Stock Purchase Contract Annual Rate Stock Purchase Contract Liability (1) Stock Purchase Settlement Date (millions, except interest rates) 8/15/2016 (2) 28 $ 1,374.8 $1,400.0 2.000 % (3) 4.750 % $190.6 8/15/2019 (1) Payments of $101 million and $94 million were made in 2017 and 2016, respectively, including payments for the remarketed 2013 Series A and B notes and the remarketed 2014 Series A notes. The stock purchase contract liability was $111 million and $212 million at December 31, 2017 and 2016, respectively. (2) The maturity dates of the $700 million Series A-1 A-2 (3) Annual interest rate applies to each of the Series A-1 A-2 |
PREFERRED STOCK
PREFERRED STOCK | 12 Months Ended |
Dec. 31, 2017 | |
Equity [Abstract] | |
PREFERRED STOCK | N OTE REFERRED TOCK Dominion Energy is authorized to issue up to 20 million shares of preferred stock; however, none were issued and outstanding at December 31, 2017 or 2016. Virginia Power is authorized to issue up to 10 million shares of preferred stock, $100 liquidation preference; however, none were issued and outstanding at December 31, 2017 or 2016. |
EQUITY
EQUITY | 12 Months Ended |
Dec. 31, 2017 | |
Equity [Abstract] | |
EQUITY | N OTE QUITY Issuance of Common Stock D OMINION NERGY Dominion Energy maintains Dominion Energy Direct ® During 2017, Dominion Energy received cash proceeds, net of fees and commissions, of $1.3 billion from the issuance of approximately 17 million shares of common stock through various programs resulting in approximately 645 million shares of common stock outstanding at December 31, 2017. These proceeds include cash of $302 million received from the issuance of 3.8 million of such shares through Dominion Energy Direct ® In July 2017, Dominion Energy issued 12.5 million shares under the related stock purchase contracts entered into as part of Dominion Energy’s 2014 Equity Units and received proceeds of $1.0 billion. In both April 2016 and July 2016, Dominion Energy issued 8.5 million shares under the related stock purchase contracts entered into as part of Dominion Energy’s 2013 Equity Units and received $1.1 billion of total proceeds. Additionally, Dominion Energy 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 Energy Questar Combination. See Note 3 for more information. In June 2017, Dominion Energy 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 at-the-market V IRGINIA OWER In 2017, 2016 and 2015, Virginia Power did not issue any shares of its common stock to Dominion Energy. Shares Reserved for Issuance At December 31, 2017, Dominion Energy had approximately 67 million shares reserved and available for issuance for Dominion Energy Direct ® Repurchase of Common Stock Dominion Energy did not repurchase any shares in 2017 or 2016 and does not plan to repurchase shares during 2018, except for shares tendered by employees to satisfy tax withholding obligations on vested restricted stock, which do not count against its stock repurchase authorization. Purchase of Dominion Energy Midstream Units In September 2015, Dominion Energy initiated a program to purchase from the market up to $50 million of common units representing limited partner interests in Dominion Energy Midstream, which expired in September 2016. Dominion Energy purchased approximately 658,000 common units for $17 million and 887,000 common units for $25 million for the years ended December 31, 2016 and 2015, respectively. Issuance of Dominion Energy Midstream Units In 2017, Dominion Energy Midstream received $18 million of proceeds from the issuance of common units through its at-the-market In 2016, Dominion Energy Midstream received $482 million of proceeds from the issuance of common units and $490 million of proceeds from the issuance of convertible preferred units. The net proceeds were primarily used to finance a portion of the acquisition of Dominion Energy Questar Pipeline from Dominion Energy. See Note 3 for more information. The holders of the convertible preferred units are entitled to receive cumulative quarterly distributions payable in cash or additional convertible preferred units, subject to certain conditions. The units are convertible into Dominion Energy Midstream common units on a one-for-one Accumulated Other Comprehensive Income (Loss) Presented in the table below is a summary of AOCI by component: At December 31, 2017 2016 (millions) Dominion Energy Net deferred losses on derivatives-hedging activities, net of tax of $188 and $173 $ (301 ) $ (280 ) Net unrealized gains on nuclear decommissioning trust funds, net of tax of $(419) and $(318) 747 569 Net unrecognized pension and other postretirement benefit costs, net of tax of $692 and $691 (1,101 ) (1,082 ) Other comprehensive loss from equity method investees, net of tax of $2 and $4 (3 ) (6 ) Total AOCI, including noncontrolling interest $ (658 ) $ (799 ) Less other comprehensive income attributable to noncontrolling interest 1 — Total AOCI, excluding noncontrolling interest $ (659 ) $ (799 ) Virginia Power Net deferred losses on derivatives-hedging activities, net of tax of $8 and $5 $ (12 ) $ (8 ) Net unrealized gains on nuclear decommissioning trust funds, net of tax of $(47) and $(35) 74 54 Total AOCI $ 62 $ 46 Dominion Energy Gas Net deferred losses on derivatives-hedging activities, net of tax of $15 and $15 $ (23 ) $ (24 ) Net unrecognized pension costs, net of tax of $59 and $68 (75 ) (99 ) Total AOCI $ (98 ) $ (123 ) D OMINION NERGY The following table presents Dominion Energy’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 loss from equity method investees Total (millions) Year Ended December 31, 2017 Beginning balance $(280 ) $569 $(1,082 ) $(6 ) $(799 ) Other comprehensive income before reclassifications: gains (losses) 8 215 (69 ) 3 157 Amounts reclassified from AOCI: (gains) losses (1) (29 ) (37) 50 — (16 ) Net current period other comprehensive income (loss) (21 ) 178 (19 ) 3 141 Less other comprehensive income attributable to noncontrolling interest 1 — — — 1 Ending balance $(302 ) $747 $(1,101 ) $(3 ) $(659 ) Year Ended December 31, 2016 Beginning balance $(176 ) $504 $ (797 ) $(5 ) $(474 ) Other comprehensive income before reclassifications: gains (losses) 55 93 (319 ) (1 ) (172 ) Amounts reclassified from AOCI: (gains) losses (1) (159 ) (28) 34 — (153 ) Net current period other comprehensive income (loss) (104 ) 65 (285 ) (1 ) (325 ) Ending balance $(280 ) $569 $(1,082 ) $(6 ) $(799 ) (1) See table below for details about these reclassifications. The following table presents Dominion Energy’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) Year Ended December 31, 2017 Deferred (gains) and losses on derivatives-hedging activities: Commodity contracts $ (81 ) Operating revenue 2 Purchased gas Interest rate contracts 52 Interest and related charges Foreign currency contracts (20 ) Other Income Total (47 ) Tax 18 Income tax expense Total, net of tax $ (29 ) Unrealized (gains) and losses on investment securities: Realized (gain) loss on sale of securities $ (81 ) Other income Impairment 23 Other income Total (58 ) Tax 21 Income tax expense Total, net of tax $ (37 ) Unrecognized pension and other postretirement benefit costs: Amortization of prior-service costs (credits) $ (21 ) Other operations and Amortization of actuarial losses 103 Other operations and Total 82 Tax (32 ) Income tax expense Total, net of tax $ 50 Year Ended December 31, 2016 Deferred (gains) and losses on derivatives-hedging activities: Commodity contracts $(330 ) Operating revenue 13 Purchased gas 10 Electric fuel and other Interest rate contracts 31 Interest and related charges Foreign currency contracts 17 Other Income Total (259 ) Tax 100 Income tax expense Total, net of tax $(159 ) Unrealized (gains) and losses on investment securities: Realized (gain) loss on sale of securities $ (66 ) Other income Impairment 23 Other income Total (43 ) Tax 15 Income tax expense Total, net of tax $ (28 ) Unrecognized pension and other postretirement benefit costs: Prior-service costs (credits) $ (15 ) Other operations and Actuarial losses 71 Other operations and Total 56 Tax (22 ) Income tax expense Total, net of tax $ 34 V IRGINIA OWER The following table presents Virginia Power’s changes in AOCI by component, net of tax: Deferred gains and losses on derivatives- hedging activities Unrealized gains and losses on investment securities Total (millions) Year Ended December 31, 2017 Beginning balance $ (8 ) $54 $46 Other comprehensive income before reclassifications: gains (losses) (5 ) 24 19 Amounts reclassified from AOCI: (gains) losses (1) 1 (4 ) (3 ) Net current period other comprehensive income (loss) (4 ) 20 16 Ending balance $(12) $74 $62 Year Ended December 31, 2016 Beginning balance $ (7 ) $47 $40 Other comprehensive income before reclassifications: gains (losses) (2 ) 11 9 Amounts reclassified from AOCI: (gains) losses (1) 1 (4 ) (3 ) Net current period other comprehensive income (loss) (1 ) 7 6 Ending balance $ (8 ) $54 $46 (1) See table below for details about these reclassifications. The following table presents Virginia Power’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) Year Ended December 31, 2017 (Gains) losses on cash flow hedges: Interest rate contracts $ 1 Interest and related charges Total 1 Tax — Income tax expense Total, net of tax $ 1 Unrealized (gains) and losses on investment securities: Realized (gain) loss on sale of securities $(9 ) Other income Impairment 2 Other income Total (7 ) Tax 3 Income tax expense Total, net of tax $(4 ) Year Ended December 31, 2016 (Gains) losses on cash flow hedges: Interest rate contracts $ 1 Interest and related charges Total 1 Tax — Income tax expense Total, net of tax $ 1 Unrealized (gains) and losses on investment securities: Realized (gain) loss on sale of securities $(9 ) Other income Impairment 3 Other income Total (6 ) Tax 2 Income tax expense Total, net of tax $(4 ) D OMINION NERGY AS The following table presents Dominion Energy Gas’ changes in AOCI by component, net of tax: Deferred gains and losses on derivatives- hedging activities Unrecognized pension costs Total (millions) Year Ended December 31, 2017 Beginning balance $(24 ) $(99 ) $(123 ) Other comprehensive income before reclassifications: losses 5 20 25 Amounts reclassified from AOCI (1) (4 ) 4 — Net current period other comprehensive loss 1 24 25 Ending balance $(23 ) $(75 ) $ (98 ) Year Ended December 31, 2016 Beginning balance $(17 ) $(82 ) $ (99 ) Other comprehensive income before reclassifications: (losses) (16 ) (20 ) (36 ) Amounts reclassified from AOCI (1) 9 3 12 Net current period other comprehensive income (loss) (7 ) (17 ) (24 ) Ending balance $(24 ) $(99 ) $(123 ) (1) See table below for details about these reclassifications. The following table presents Dominion Energy Gas’ reclassifications out of AOCI by component: Details about AOCI components Amounts from AOCI Affected line item in the Consolidated Statements of Income (millions) Year Ended December 31, 2017 Deferred (gains) and losses on derivatives-hedging activities: Commodity contracts $ 8 Operating revenue Interest rate contracts 5 Interest and related charges Foreign currency contracts (20 ) Other income Total (7) Tax 3 Income tax expense Total, net of tax $ (4 ) Unrecognized pension costs: Actuarial losses $ 6 Other operations and maintenance Total 6 Tax (2 ) Income tax expense Total, net of tax $ 4 Year Ended December 31, 2016 Deferred (gains) and losses on derivatives-hedging activities: Commodity contracts $ (4 ) Operating revenue Interest rate contracts 2 Interest and related charges Foreign currency contracts 17 Other income Total 15 Tax (6 ) Income tax expense Total, net of tax $ 9 Unrecognized pension costs: Actuarial losses $ 5 Other operations and Total 5 Tax (2 ) Income tax expense Total, net of tax $ 3 Stock-Based Awards The 2005 and 2014 Incentive Compensation Plans permit stock-based awards that include restricted stock, performance grants, goal-based stock, stock options, and stock appreciation rights. The Non-Employee non-employee Goal-based stock awards are granted in lieu of cash-based performance grants to certain officers who have not achieved a certain targeted level of share ownership. As of December 31, 2017, unrecognized compensation cost related to nonvested goal-based stock awards was immaterial. Dominion Energy measures and recognizes compensation expense relating to share-based payment transactions over the vesting period based on the fair value of the equity or liability instruments issued. Dominion Energy’s results for the years ended December 31, 2017, 2016 and 2015 include $45 million, $33 million, and $39 million, respectively, of compensation costs and $16 million, $11 million, and $14 million, respectively of income tax benefits related to Dominion Energy’s stock-based compensation arrangements. Stock-based compensation cost is reported in other operations and maintenance expense in Dominion Energy’s Consolidated Statements of Income. Excess Tax Benefits are classified as a financing cash flow. R ESTRICTED TOCK Restricted stock grants are made to officers under Dominion Energy’s LTIP and may also be granted to certain key non-officer Shares Weighted - average Grant Date Fair Value (thousands) Nonvested at December 31, 2014 1,065 $56.74 Granted 302 73.26 Vested (510 ) 50.71 Cancelled and forfeited (2 ) 62.62 Nonvested at December 31, 2015 855 $66.16 Granted 372 71.67 Vested (301 ) 56.83 Cancelled and forfeited (40 ) 71.75 Nonvested at December 31, 2016 886 $71.40 Granted 454 74.24 Vested (287 ) 68.90 Cancelled and forfeited (10 ) 72.37 Nonvested at December 31, 2017 1,043 $73.32 As of December 31, 2017, unrecognized compensation cost related to nonvested restricted stock awards totaled $42 million and is expected to be recognized over a weighted-average period of 2.0 years. The fair value of restricted stock awards that vested was $21 million, $21 million, and $37 million in 2017, 2016 and 2015, respectively. Employees may elect to have shares of restricted stock withheld upon vesting to satisfy tax withholding obligations. The number of shares withheld will vary for each employee depending on the vesting date fair market value of Dominion Energy stock and the applicable federal, state and local tax withholding rates. C ASH ASED ERFORMANCE RANTS Cash-based performance grants are made to Dominion Energy’s officers under Dominion Energy’s LTIP. The actual payout of cash-based performance grants will vary between zero and 200% of the targeted amount based on the level of performance metrics achieved. In February 2015, a cash-based performance grant was made to officers. Payout of the performance grant occurred in January 2017 based on the achievement of two performance metrics during 2015 and 2016: TSR relative to that of companies listed as members of the Philadelphia Utility Index as of the end of the performance period and ROIC. The total of the payout under the grant was $10 million. In February 2016, a cash-based performance grant was made to officers. Payout of the performance grant occurred in January 2018 based on the achievement of two performance metrics during 2016 and 2017: TSR relative to that of companies listed as members of the Philadelphia Utility Index as of the end of the performance period and ROIC. The total of the payout under the grant was $12 million. In February 2017, two cash-based performance grants were made to officers as the Company transitioned from a two-year two-year two-year |
Dividend Restrictions
Dividend Restrictions | 12 Months Ended |
Dec. 31, 2017 | |
Equity [Abstract] | |
Dividend Restrictions | N OTE IVIDEND ESTRICTIONS The Virginia Commission may prohibit any public service company, including Virginia Power, from declaring or paying a dividend to an affiliate if found to be detrimental to the public interest. At December 31, 2017, the Virginia Commission had not restricted the payment of dividends by Virginia Power. The Ohio Commission may prohibit any public service company, including East Ohio, from declaring or paying a dividend to an affiliate if found to be detrimental to the public interest. At December 31, 2017, the Ohio Commission had not restricted the payment of dividends by East Ohio. The Utah Commission may prohibit any public service company, including Questar Gas, from declaring or paying a dividend to an affiliate if found to be detrimental to the public interest. At December 31, 2017, the Utah Commission had not restricted the payment of dividends by Questar Gas. Certain agreements associated with the Companies’ credit facilities contain restrictions on the ratio of debt to total capitalization. These limitations did not restrict the Companies’ ability to pay dividends or receive dividends from their subsidiaries at December 31, 2017. As part of the SCANA Merger Agreement, Dominion Energy shall not declare, set aside or pay any dividends on, or make any other distributions (whether in cash, stock or property) in respect of, any of its capital stock, other than regular quarterly cash dividends. See Note 17 for a description of potential restrictions on dividend payments by Dominion Energy in connection with the deferral of interest payments on certain junior subordinated notes and equity units, initially in the form of corporate units. |
EMPLOYEE BENEFITPLANS
EMPLOYEE BENEFITPLANS | 12 Months Ended |
Dec. 31, 2017 | |
Retirement Benefits [Abstract] | |
EMPLOYEE BENEFITPLANS | N OTE MPLOYEE ENEFIT LANS Dominion Energy and Dominion Energy Gas—Defined Benefit Plans Dominion Energy provides certain retirement benefits to eligible active employees, retirees and qualifying dependents. Dominion Energy Gas participates in a number of the Dominion Energy-sponsored retirement plans. Under the terms of its benefit plans, Dominion Energy reserves the right to change, modify or terminate the plans. From time to time in the past, benefits have changed, and some of these changes have reduced benefits. Dominion Energy maintains qualified noncontributory defined benefit pension plans covering virtually all employees. Retirement benefits are based primarily on years of service, age and the employee’s compensation. Dominion Energy’s funding policy is to contribute annually an amount that is in accordance with the provisions of ERISA. The pension programs also provide benefits to certain retired executives under company-sponsored nonqualified employee benefit plans. The nonqualified plans are funded through contributions to grantor trusts. Dominion Energy also provides retiree healthcare and life insurance benefits with annual employee premiums based on several factors such as age, retirement date and years of service. Pension benefits for Dominion Energy Gas employees not represented by collective bargaining units are covered by the Dominion Energy Pension Plan, a defined benefit pension plan sponsored by Dominion Energy that provides benefits to multiple Dominion Energy subsidiaries. Pension benefits for Dominion Energy Gas employees represented by collective bargaining units are covered by separate pension plans for East Ohio and, for DETI, a plan that provides benefits to employees of both DETI and Hope. Employee compensation is the basis for allocating pension costs and obligations between DETI and Hope and determining East Ohio’s share of total pension costs. Retiree healthcare and life insurance benefits for Dominion Energy Gas employees not represented by collective bargaining units are covered by the Dominion Retiree Health and Welfare Plan, a plan sponsored by Dominion Energy that provides certain retiree healthcare and life insurance benefits to multiple Dominion Energy subsidiaries. Retiree healthcare and life insurance benefits for Dominion Energy Gas employees represented by collective bargaining units are covered by separate other postretirement benefit plans for East Ohio and, for DETI, a plan that provides benefits to both DETI and Hope. Employee headcount is the basis for allocating other postretirement benefit costs and obligations between DETI and Hope and determining East Ohio’s share of total other postretirement benefit costs. Pension and other postretirement benefit costs are affected by employee demographics (including age, compensation levels and years of service), the level of contributions made to the plans and earnings on plan assets. These costs may also be affected by changes in key assumptions, including expected long-term rates of return on plan assets, discount rates, healthcare cost trend rates, mortality rates and the rate of compensation increases. Dominion Energy uses December 31 as the measurement date for all of its employee benefit plans, including those in which Dominion Energy Gas participates. Dominion Energy uses the market-related value of pension plan assets to determine the expected return on plan assets, a component of net periodic pension cost, for all pension plans, including those in which Dominion Energy Gas participates. The market-related value recognizes changes in fair value on a straight-line basis over a four-year period, which reduces year-to-year Dominion Energy’s pension and other postretirement benefit plans hold investments in trusts to fund employee benefit payments. Dominion Energy’s pension and other postretirement plan assets experienced aggregate actual returns of $1.6 billion and $534 million in 2017 and 2016, respectively, versus expected returns of $767 million and $691 million, respectively. Dominion Energy Gas’ pension and other postretirement plan assets for employees represented by collective bargaining units experienced aggregate actual returns of $335 million and $130 million in 2017 and 2016, respectively, versus expected returns of $165 million and $157 million, respectively. Differences between actual and expected returns on plan assets are accumulated and amortized during future periods. As such, any investment-related declines in these trusts will result in future increases in the net periodic cost recognized for such employee benefit plans and will be included in the determination of the amount of cash to be contributed to the employee benefit plans. In October 2014, the Society of Actuaries published new mortality tables and mortality improvement scales. Such tables and scales are used to develop mortality assumptions for use in determining pension and other postretirement benefit liabilities and expense. Following evaluation of the new tables, Dominion Energy changed its assumption for mortality rates to reflect a generational improvement scale. This change in assumption increased net periodic benefit cost for Dominion Energy and Dominion Energy Gas (for employees represented by collective bargaining units) by $25 million and $3 million, respectively, for 2015. During 2016, Dominion Energy and Dominion Energy Gas (for employees represented by collective bargaining units) engaged their actuary to conduct an experience study of their employees demographics over a five-year period as compared to significant assumptions that were being used to determine pension and other postretirement benefit obligations and periodic costs. These assumptions primarily included mortality, retirement rates, termination rates, and salary increase rates. The changes in assumptions implemented as a result of the experience study resulted in increases of $290 million and $38 million in the pension and other postretirement benefits obligations, respectively, at December 31, 2016 for Dominion Energy and $24 million and $9 million in the pension and other postretirement benefits obligations, respectively, at December 31, 2016 for Dominion Energy Gas. In addition, these changes increased net periodic benefit costs $42 million for Dominion Energy during 2017. The increase in net periodic benefit costs for Dominion Energy Gas during 2017 was immaterial. P LAN MENDMENTS AND EMEASUREMENTS In the fourth quarter of 2017, Dominion Energy remeasured its pension and other postretirement benefit plans as a result of voluntary and involuntary separation programs at Dominion Energy Questar. The settlement and related remeasurement resulted in a reduction in the pension benefit obligation of approximately $75 million and an increase in the accumulated postretirement benefit obligation of approximately $2 million. The discount rates used for the 2017 pension cost and related settlement were 4.46% as of December 31, 2016, 4.51% as of January 31, 2017 and 4.05% as of June 30 and September 30, 2017. All other assumptions used were consistent with the measurement as of December 31, 2016. In the first quarter of 2017, Dominion Energy and Dominion Energy Gas remeasured an other postretirement benefit plan as a result of an amendment that changed post-65 Also during the first quarter of 2017, Dominion Energy recorded a $7 million ($4 million after-tax) after-tax) In the third quarter of 2016, Dominion Energy remeasured an other postretirement benefit plan as a result of an amendment that changed post-65 F UNDED TATUS The following table summarizes the changes in pension plan and other postretirement benefit plan obligations and plan assets and includes a statement of the plans’ funded status for Dominion Energy and Dominion Energy Gas (for employees represented by collective bargaining units): Pension Benefits Other Postretirement Benefits Year Ended December 31, 2017 2016 2017 2016 (millions, except percentages) Dominion Energy Changes in benefit obligation: Benefit obligation at beginning of year $ 8,132 $ 6,391 $ 1,478 $ 1,430 Dominion Energy Questar Combination — 817 — 85 Service cost 138 118 26 31 Interest cost 345 317 60 65 Benefits paid (323 ) (286 ) (83 ) (83 ) Actuarial (gains) losses during the year 830 784 119 166 Plan amendments (1) 5 — (73 ) (216 ) Settlements and curtailments (2) (75 ) (9 ) 2 — Benefit obligation at end of year $ 9,052 $ 8,132 $ 1,529 $ 1,478 Changes in fair value of plan assets: Fair value of plan assets at beginning of year $ 7,016 $ 6,166 $ 1,512 $ 1,382 Dominion Energy Questar Combination — 704 — 45 Actual return (loss) on plan assets 1,327 426 236 108 Employer contributions 118 15 13 12 Benefits paid (323 ) (286 ) (32 ) (35 ) Settlements (2) (76 ) (9 ) — — Fair value of plan assets at end of year $ 8,062 $ 7,016 $ 1,729 $ 1,512 Funded status at end of year $ (990 ) $ (1,116 ) $ 200 $ 34 Amounts recognized in the Consolidated Balance Sheets at December 31: Noncurrent pension and other postretirement benefit assets $ 1,117 $ 930 $ 261 $ 148 Other current liabilities (8 ) (43 ) — (5 ) Noncurrent pension and other postretirement benefit liabilities (2,099 ) (2,003 ) (61 ) (109 ) Net amount recognized $ (990 ) $ (1,116 ) $ 200 $ 34 Significant assumptions used to determine benefit obligations as of December 31: Discount rate 3.80%–3.81 % 3.31%–4.50 % 3.76% 3.92%–4.47 % Weighted average rate of increase for compensation 4.09 % 4.09 % 3.95%-4.11% 3.29 % Dominion Energy Gas Changes in benefit obligation: Benefit obligation at beginning of year $ 683 $ 608 $ 320 $ 292 Service cost 15 13 4 5 Interest cost 30 30 12 14 Benefits paid (33 ) (32 ) (19 ) (19 ) Actuarial (gains) losses during the year 78 64 34 28 Plan amendments (1) — — (61 ) — Benefit obligation at end of year $ 773 $ 683 $ 290 $ 320 Changes in fair value of plan assets: Fair value of plan assets at beginning of year $ 1,542 $ 1,467 $ 299 $ 283 Actual return (loss) on plan assets 294 107 41 23 Employer contributions — — 12 12 Benefits paid (33 ) (32 ) (19 ) (19 ) Fair value of plan assets at end of year $ 1,803 $ 1,542 $ 333 $ 299 Funded status at end of year $ 1,030 $ 859 $ 43 $ (21 ) Amounts recognized in the Consolidated Balance Sheets at December 31: Noncurrent pension and other postretirement benefit assets $ 1,030 $ 859 $ 57 $ — Noncurrent pension and other postretirement benefit liabilities (3) — — (14 ) (21 ) Net amount recognized $ 1,030 $ 859 $ 43 $ (21 ) Significant assumptions used to determine benefit obligations as of December 31: Discount rate 3.81 % 4.50 % 3.76 % 4.47 % Weighted average rate of increase for compensation 4.11 % 4.11 % n/a n/a (1) 2017 amounts relate primarily to a plan amendment that changed post-65 post-65 (2) 2017 amount relates primarily to settlement and curtailment as a result of the voluntary and involuntary separation programs at Dominion Energy Questar. 2016 amount relates primarily to a settlement for certain executives. (3) Reflected in other deferred credits and other liabilities in Dominion Energy Gas’ Consolidated Balance Sheets. The ABO for all of Dominion Energy’s defined benefit pension plans was $8.2 billion and $7.3 billion at December 31, 2017 and 2016, respectively. The ABO for the defined benefit pension plans covering Dominion Energy Gas employees represented by collective bargaining units was $724 million and $640 million at December 31, 2017 and 2016, respectively. Under its funding policies, Dominion Energy evaluates plan funding requirements annually, usually in the fourth quarter after receiving updated plan information from its actuary. Based on the funded status of each plan and other factors, Dominion Energy determines the amount of contributions for the current year, if any, at that time. During 2017, Dominion Energy and Dominion Energy Gas made no contributions to the qualified defined benefit pension plans other than a $75 million contribution to Dominion Energy’s qualified pension plan to satisfy a regulatory condition to closing of the Dominion Energy Questar Combination and no contributions are currently expected in 2018. In July 2012, the MAP 21 Act was signed into law. This Act includes an increase in the interest rates used to determine plan sponsors’ pension contributions for required funding purposes. In 2014, the HATFA of 2014 was signed into law. Similar to the MAP 21 Act, the HATFA of 2014 adjusts the rules for calculating interest rates used in determining funding obligations. It is estimated that the new interest rates will reduce required pension contributions through 2019. Dominion Energy believes that required pension contributions will rise subsequent to 2019, resulting in an estimated $200 million reduction in net cumulative required contributions over a 10-year Certain regulatory authorities have held that amounts recovered in utility customers’ rates for other postretirement benefits, in excess of benefits actually paid during the year, must be deposited in trust funds dedicated for the sole purpose of paying such benefits. Accordingly, certain of Dominion Energy’s subsidiaries, including Dominion Energy Gas, fund other postretirement benefit costs through VEBAs. Dominion Energy’s remaining subsidiaries do not prefund other postretirement benefit costs but instead pay claims as presented. Dominion Energy’s contributions to VEBAs, all of which pertained to Dominion Energy Gas employees, totaled $12 million for both 2017 and 2016, and Dominion Energy expects to contribute approximately $12 million to the Dominion Energy VEBAs in 2018, all of which pertains to Dominion Energy Gas employees. Dominion Energy and Dominion Energy Gas do not expect any pension or other postretirement plan assets to be returned during 2018. The following table provides information on the benefit obligations and fair value of plan assets for plans with a benefit obligation in excess of plan assets for Dominion Energy and Dominion Energy Gas (for employees represented by collective bargaining units): Pension Benefits Other Postretirement Benefits As of December 31, 2017 2016 2017 2016 (millions) Dominion Energy Benefit obligation $ 8,209 $ 7,386 $191 $470 Fair value of plan assets 6,103 5,340 156 356 Dominion Energy Gas Benefit obligation $ — $ — $157 $320 Fair value of plan assets — — 143 299 The following table provides information on the ABO and fair value of plan assets for Dominion Energy’s pension plans with an ABO in excess of plan assets: As of December 31, 2017 2016 (millions) Accumulated benefit obligation $ 7,392 $ 5,987 Fair value of plan assets 6,103 4,653 The following benefit payments, which reflect expected future service, as appropriate, are expected to be paid for Dominion Energy’s and Dominion Energy Gas’ (for employees represented by collective bargaining units) plans: Estimated Future Benefit Payments Pension Benefits Other Postretirement Benefits (millions) Dominion Energy 2018 $373 $ 99 2019 378 101 2020 402 102 2021 418 102 2022 434 102 2023-2027 2,437 486 Dominion Energy Gas 2018 $ 35 $ 19 2019 37 19 2020 38 20 2021 39 20 2022 41 20 2023-2027 214 94 P LAN SSETS Dominion Energy’s overall objective for investing its pension and other postretirement plan assets is to achieve appropriate long-term rates of return commensurate with prudent levels of risk. As a participating employer in various pension plans sponsored by Dominion Energy, Dominion Energy Gas is subject to Dominion Energy’s investment policies for such plans. To minimize risk, funds are broadly diversified among asset classes, investment strategies and investment advisors. The strategic target asset allocations for Dominion Energy’s pension funds are 28% U.S. equity, 18% non-U.S. large-cap, mid-cap small-cap Non-U.S. large-cap small-cap non-U.S. Dominion Energy also utilizes common/collective trust funds as an investment vehicle for its defined benefit plans. A common/collective trust fund is a pooled fund operated by a bank or trust company for investment of the assets of various organizations and individuals in a well-diversified portfolio. Common/collective trust funds are funds of grouped assets that follow various investment strategies. Strategic investment policies are established for Dominion Energy’s prefunded benefit plans based upon periodic asset/liability studies. Factors considered in setting the investment policy include employee demographics, liability growth rates, future discount rates, the funded status of the plans and the expected long-term rate of return on plan assets. Deviations from the plans’ strategic allocation are a function of Dominion Energy’s assessments regarding short-term risk and reward opportunities in the capital markets and/or short-term market movements which result in the plans’ actual asset allocations varying from the strategic target asset allocations. Through periodic rebalancing, actual allocations are brought back in line with the target. Future asset/liability studies will focus on strategies to further reduce pension and other postretirement plan risk, while still achieving attractive levels of returns. Financial derivatives may be used to obtain or manage market exposures and to hedge assets and liabilities. For fair value measurement policies and procedures related to pension and other postretirement benefit plan assets, see Note 6. The fair values of Dominion Energy’s and Dominion Energy Gas’ (for employees represented by collective bargaining units) pension plan assets by asset category are as follows: At December 31, 2017 2016 Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total (millions) Dominion Energy Cash and cash equivalents $ 18 $ — $— $ 18 $ 12 $ 2 $— $ 14 Common and preferred stocks: U.S. 1,902 — — 1,902 1,705 — — 1,705 International 1,151 — — 1,151 928 — — 928 Insurance contracts — 352 — 352 — 334 — 334 Corporate debt instruments 41 729 — 770 35 682 — 717 Government securities 9 676 — 685 13 522 — 535 Total recorded at fair value $ 3,121 $ 1,757 $— $ 4,878 $ 2,693 $ 1,540 $— $ 4,233 Assets recorded at NAV (1) Common/collective trust funds 2,272 1,960 Alternative investments: Real estate funds 111 121 Private equity funds 606 506 Debt funds 161 153 Hedge funds 19 25 Total recorded at NAV $ 3,169 $ 2,765 Total investments (2) $ 8,047 $ 6,998 Dominion Energy Gas Cash and cash equivalents $ 4 $ — $— $ 4 $ 3 $ — $— $ 3 Common and preferred stocks: U.S. 425 — — 425 375 — — 375 International 257 — — 257 203 — — 203 Insurance contracts — 79 — 79 — 73 — 73 Corporate debt instruments 9 163 — 172 8 150 — 158 Government securities 2 151 — 153 3 115 — 118 Total recorded at fair value $ 697 $ 393 $— $ 1,090 $ 592 $ 338 $— $ 930 Assets recorded at NAV (1) Common/collective trust funds 509 430 Alternative investments: Real estate funds 25 27 Private equity funds 135 111 Debt funds 36 34 Hedge funds 4 6 Total recorded at NAV $ 709 $ 608 Total investments (3) $ 1,799 $ 1,538 (1) These investments that are measured at fair value using the NAV per share (or its equivalent) as a practical expedient which are not required to be categorized in the fair value hierarchy. (2) Excludes net assets related to pending sales of securities of $11 million, net accrued income of $19 million, and includes net assets related to pending purchases of securities of $15 million at December 31, 2017. Excludes net assets related to pending sales of securities of $46 million, net accrued income of $19 million, and includes net assets related to pending purchases of securities of $47 million at December 31, 2016. (3) Excludes net assets related to pending sales of securities of $3 million, net accrued income of $4 million, and includes net assets related to pending purchases of securities of $3 million at December 31, 2017. Excludes net assets related to pending sales of securities of $10 million, net accrued income of $4 million, and includes net assets related to pending purchases of securities of $10 million at December 31, 2016. The fair values of Dominion Energy’s and Dominion Energy Gas’ (for employees represented by collective bargaining units) other postretirement plan assets by asset category are as follows: At December 31, 2017 2016 Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total (millions) Dominion Energy Cash and cash equivalents $ 1 $ 2 $— $ 3 $ 1 $ 1 $— $ 2 Common and preferred stocks: U.S. 636 — — 636 571 — — 571 International 196 — — 196 143 — — 143 Insurance contracts — 21 — 21 — 19 — 19 Corporate debt instruments 2 44 — 46 2 40 — 42 Government securities 1 41 — 42 1 30 — 31 Total recorded at fair value $836 $108 $— $ 944 $718 $90 $— $ 808 Assets recorded at NAV (1) Common/collective trust funds 689 621 Alternative investments: Real estate funds 9 9 Private equity funds 73 59 Debt funds 11 12 Hedge funds 1 1 Total recorded at NAV $ 783 $ 702 Total investments (2) $ 1,727 $1,510 Dominion Energy Gas Common and preferred stocks: U.S. $130 $ — $— $ 130 $121 $— $— $ 121 International 33 — — 33 24 — — 24 Total recorded at fair value $163 $ — $— $ 163 $145 $— $— $ 145 Assets recorded at NAV (1) Common/collective trust funds 154 140 Alternative investments: Real estate funds 1 1 Private equity funds 15 12 Debt funds — 1 Total recorded at NAV $ 170 $ 154 Total investments $ 333 $ 299 (1) These investments that are measured at fair value using the NAV per share (or its equivalent) as a practical expedient which are not required to be categorized in the fair value hierarchy. (2) Excludes net assets related to pending sales of securities of $1 million, net accrued income of $2 million, and includes net assets related to pending purchases of securities of $1 million at December 31, 2017. Excludes net assets related to pending sales of securities of $5 million, net accrued income of $2 million, and includes net assets related to pending purchases of securities of $5 million at December 31, 2016. The Plan’s investments are determined based on the fair values of the investments and the underlying investments, which have been determined as follows: • Cash and Cash Equivalents • Common and Preferred Stocks • Insurance Contracts • Corporate Debt Instruments • Government Securities • Common/Collective Trust Funds • Alternative Investments N ET ERIODIC ENEFIT REDIT OST Net periodic benefit (credit) cost is reflected in other operations and maintenance expense in the Consolidated Statements of Income. The components of the provision for net periodic benefit (credit) cost and amounts recognized in other comprehensive income and regulatory assets and liabilities for Dominion Energy’s and Dominion Energy Gas’ (for employees represented by collective bargaining units) plans are as follows: Pension Benefits Other Postretirement Benefits Year Ended December 31, 2017 2016 2015 2017 2016 2015 (millions, except percentages) Dominion Energy Service cost $ 138 $ 118 $ 126 $ 26 $ 31 $ 40 Interest cost 345 317 287 60 65 67 Expected return on plan assets (639 ) (573 ) (531 ) (128 ) (118 ) (117 ) Amortization of prior service (credit) cost 1 1 2 (51 ) (35 ) (27 ) Amortization of net actuarial loss 162 111 160 13 8 6 Settlements and curtailments — 1 — — — — Net periodic benefit (credit) cost $ 7 $ (25 ) $ 44 $ (80 ) $ (49 ) $ (31 ) Changes in plan assets and benefit obligations recognized in other comprehensive income and regulatory assets and liabilities: Current year net actuarial (gain) loss $ 142 $ 931 $ 159 $ 12 $ 178 $ (18 ) Prior service (credit) cost 5 — — (73 ) (216 ) (31 ) Settlements and curtailments 1 (1 ) — 2 — — Less amounts included in net periodic benefit cost: Amortization of net actuarial loss (162 ) (111 ) (160 ) (13 ) (8 ) (6 ) Amortization of prior service credit (cost) (1 ) (1 ) (2 ) 51 35 27 Total recognized in other comprehensive income and regulatory assets and liabilities $ (15 ) $ 818 $ (3 ) $ (21 ) $ (11 ) $ (28 ) Significant assumptions used to determine periodic cost: Discount rate 3.31%-4.50 % 2.87%-4.99 % 4.40 % 3.92%-4.47 % 3.56%-4.94 % 4.40 % Expected long-term rate of return on plan assets 8.75 % 8.75 % 8.75 % 8.50 % 8.50 % 8.50 % Weighted average rate of increase for compensation 4.09 % 4.22 % 4.22 % 3.29 % 4.22 % 4.22 % Healthcare cost trend rate (1) 7.00 % 7.00 % 7.00 % Rate to which the cost trend rate is assumed to decline (the ultimate trend rate) (1) 5.00 % 5.00 % 5.00 % Year that the rate reaches the ultimate trend rate (1)(2) 2021 2020 2019 Dominion Energy Gas Service cost $ 15 $ 13 $ 15 $ 4 $ 5 $ 7 Interest cost 30 30 27 12 14 14 Expected return on plan assets (141 ) (134 ) (126 ) (24 ) (23 ) (24 ) Amortization of prior service (credit) cost — — 1 (3 ) 1 (1 ) Amortization of net actuarial loss 16 13 20 2 1 2 Net periodic benefit (credit) cost $ (80 ) $ (78 ) $ (63 ) $ (9 ) $ (2 ) $ (2 ) Changes in plan assets and benefit obligations recognized in other comprehensive income and regulatory assets and liabilities: Current year net actuarial (gain) loss $ (75 ) $ 91 $ 97 $ 18 $ 28 $ (9 ) Prior service cost — — — (61 ) — — Less amounts included in net periodic benefit cost: Amortization of net actuarial loss (16 ) (13 ) (20 ) (2 ) (1 ) (2 ) Amortization of prior service credit (cost) — — (1 ) 3 (1 ) 1 Total recognized in other comprehensive income and regulatory assets and liabilities $ (91 ) $ 78 $ 76 $ (42 ) $ 26 $ (10 ) Significant assumptions used to determine periodic cost: Discount rate 4.50 % 4.99 % 4.40 % 4.47 % 4.93 % 4.40 % Expected long-term rate of return on plan assets 8.75 % 8.75 % 8.75 % 8.50 % 8.50 % 8.50 % Weighted average rate of increase for compensation 4.11 % 3.93 % 3.93 % 4.11 % 3.93 % 3.93 % Healthcare cost trend rate (1) 7.00 % 7.00 % 7.00 % Rate to which the cost trend rate is assumed to decline (the ultimate trend rate) (1) 5.00 % 5.00 % 5.00 % Year that the rate reaches the ultimate trend rate (1) 2021 2020 2019 (1) Assumptions used to determine net periodic cost for the following year. (2) The Society of Actuaries model used to determine healthcare cost trend rates was updated in 2014. The new model converges to the ultimate trend rate much more quickly than previous models. The components of AOCI and regulatory assets and liabilities for Dominion Energy’s and Dominion Energy Gas’ (for employees represented by collective bargaining units) plans that have not been recognized as components of net periodic benefit (credit) cost are as follows: Pension Benefits Other Postretirement Benefits At December 31, 2017 2016 2017 2016 (millions) Dominion Energy Net actuarial loss $ 3,181 $ 3,200 $ 283 $ 283 Prior service (credit) cost 8 4 (440 ) (419 ) Total (1) $ 3,189 $ 3,204 $ (157 ) $ (136 ) Dominion Energy Gas Net actuarial loss $ 367 $ 458 $ 76 $ 60 Prior service (credit) cost — — (52 ) 7 Total (2) $ 367 $ 458 $ 24 $ 67 (1) As of December 31, 2017, of the $3.2 billion and $(157) million related to pension benefits and other postretirement benefits, $1.9 billion and $(87) million, respectively, are included in AOCI, with the remainder included in regulatory assets and liabilities. As of December 31, 2016, of the $3.2 billion and $(136) million related to pension benefits and other postretirement benefits, $1.9 billion and $(103) million, respectively, are included in AOCI, with the remainder included in regulatory assets and liabilities. (2) As of December 31, 2017, of the $367 million related to pension benefits, $134 million is included in AOCI, with the remainder included in regulatory assets and liabilities; the $24 million related to other postretirement benefits is included entirely in regulatory assets and liabilities. As of December 31, 2016, of the $458 million related to pension benefits, $167 million is included in AOCI, with the remainder included in regulatory assets and liabilities; the $67 million related to other postretirement benefits is included entirely in regulatory assets and liabilities. The following table provides the components of AOCI and regulatory assets and liabilities for Dominion Energy’s and Dominion Energy Gas’ (for employees represented by collective bargaining units) plans as of December 31, 2017 that are expected to be amortized as components of net periodic benefit (credit) cost in 2018: Pension Benefits Other Benefits (millions) Dominion Energy Net actuarial loss $193 $ 11 Prior service (credit) cost 1 (52 ) Dominion Energy Gas Net actuarial loss $ 19 $ 3 Prior service (credit) cost — (4 ) The expected long-term rates of return on plan assets, discount rates, healthcare cost trend rates and mortality are critical assumptions in determining net periodic benefit (credit) cost. Dominion Energy develops non-investment Dominion Energy determines the expected long-term rates of return on plan assets for its pension plans and other postretirement benefit plans, including those in which Dominion Energy Gas participates, by using a combination of: • Expected inflation and risk-free interest rate assumptions; • Historical return analysis to determine long term historic returns as well as historic risk premiums for various asset classes; • Expected future risk premiums, asset volatilities and correlations; • Forward-looking return expectations derived from the yield on long-term bonds and the expected long-term returns of major stock market indices; and • Investment allocation of plan assets. Dominion Energy determines discount rates from analyses of AA/Aa rated bonds with cash flows matching the expected payments to be made under its plans, including those in which Dominion Energy Gas participates. Mortality rates are developed from actual and projected plan experience for postretirement benefit plans. Dominion Energy’s actuary conducts an experience study periodically as part of the process to select its best estimate of mortality. Dominion Energy considers both standard mortality tables and improvement factors as well as the plans’ actual experience when selecting a best estimate. During 2016, Dominion Energy conducted a new experience study as scheduled and, as a result, updated its mortality assumptions for all its plans, including those in which Dominion Energy Gas participates. Assumed healthcare cost trend rates have a significant effect on the amounts reported for Dominion Energy’s retiree healthcare plans, including those in which Dominion Energy Gas participates. A one percentage point change in assumed healthcare cost trend rates would have had the following effects for Dominion Energy’s and Dominion Energy Gas’ (for employees represented by collective bargaining units) other postretirement benefit plans: Other Postretirement Benefits One percentage point increase One percentage point decrease (millions) Dominion Energy Effect on net periodic cost for 2018 $ 24 $ (15 ) Effect on other postretirement benefit obligation at December 31, 2017 158 (132 ) Dominion Energy Gas Effect on net periodic cost for 2018 $ 4 $ (3 ) Effect on other postretirement benefit obligation at December 31, 2017 31 (26 ) Dominion Energy Gas (Employees Not Represented by Collective Bargaining Units) and Virginia Power—Participation in Defined Benefit Plans Virginia Power employees and Dominion Energy Gas employees not represented by collective bargaining units are covered by the Dominion Energy Pension Plan described above. As participating employers, Virginia Power and Dominion Energy Gas are subject to Dominion Energy’s funding policy, which is to contribute annually an amount that is in accordance with ERISA. During 2017, Virginia Power and Dominion Energy Gas made no contributions to the Dominion Energy Pension Plan, and no contributions to this plan are currently expected in 2018. Virginia Power’s net periodic pension cost related to this plan was $110 million, $79 million and $97 million in 2017, 2016 and 2015, respectively. Dominion Energy Gas’ net periodic pension credit related to this plan was $(37) million, $(45) million and $(38) million in 2017, 2016 and 2015, respectively. Net periodic pension (credit) cost is reflected in other operations and maintenance expense in their respective Consolidated Statements of Income. The funded status of various Dominion Energy subsidiary groups and employee compensation are the basis for determining the share of total pension costs for participating Dominion Energy subsidiaries. See Note 24 for Virginia Power and Dominion Energy Gas amounts due to/from Dominion Energy related to this plan. Retiree healthcare and life insurance benefits, for Virginia Power employees and for Dominion Energy Gas employees not represented by collective bargaining units, are covered by the Dominion Energy Retiree Health and Welfare Plan described above. Virginia Power’s net periodic benefit (credit) cost related to this plan was $(42) million, $(2 |
COMMITMENTS ANDCONTINGENCIES
COMMITMENTS ANDCONTINGENCIES | 12 Months Ended |
Dec. 31, 2017 | |
Commitments and Contingencies Disclosure [Abstract] | |
COMMITMENTS ANDCONTINGENCIES | N OTE OMMITMENTS ND ONTINGENCIES 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. A IR 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 The MATS rule requires coal- and oil-fired one-year one-year 90-day Although litigation of the MATS rule is still pending, the regulation remains in effect and Virginia Power is complying with the applicable requirements of the rule and does not expect any adverse impacts to its operations at this time. Ozone Standards In October 2015, the EPA issued a final rule tightening the ozone standard from 75-ppb 70-ppb. X X X mid-2019 The statutory deadline for the EPA to complete attainment designations for a new standard was October 2017. States will have three years after final designations, certain of which were issued by the EPA in November 2017, to develop plans to address the new standard. Until the states have developed implementation plans for the standard, the Companies are unable to predict whether or to what extent the new rules will ultimately require additional controls. The expenditures required to implement additional controls could have a material impact on the Companies’ results of operations and cash flows. NO x In April 2016, the Pennsylvania Department of Environmental Protection issued final regulations, with an effective date of January 2017, to reduce NO X Oil and Gas NSPS In August 2012, the EPA issued an 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 June 2016, the EPA issued a new NSPS regulation, 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. All projects which commenced construction after September 2015 are required to comply with this regulation. In April 2017, the EPA issued a notice that it is reviewing the rule and, if appropriate, will issue a rulemaking to suspend, revise or rescind the June 2016 final NSPS for certain oil and gas facilities. In June 2017, the EPA published notice of reconsideration and partial stay of the rule for 90 days and proposed extending the stay for two years. In July 2017, the U.S. Court of Appeals for the D.C. Circuit vacated the 90-day two-year GHG R EGULATION Carbon Regulations 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, 2 In addition, the EPA continues to evaluate its policy regarding the consideration of CO 2 Methane Emissions In July 2015, the EPA announced the next generation of its voluntary Natural Gas STAR Program, the Natural Gas STAR Methane Challenge Program. The 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, East Ohio, Hope, DETI and Questar Gas joined the EPA as founding partners in the new Methane Challenge program and submitted implementation plans in September 2016. DECG joined the EPA’s voluntary Natural Gas STAR Program in July 2016 and submitted an implementation plan in September 2016. Dominion Energy and Dominion Energy Gas do not expect the costs related to these programs to have a material impact on their results of operations, financial condition and/or cash flows. W ATER 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 case-by-case 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 subject to the final rule. In April 2017, the EPA granted two separate petitions for reconsideration of the Effluent Limitations Guidelines final rule and stayed future compliance dates in the rule. Also in April 2017, the U.S. Court of Appeals for the Fifth Circuit granted the U.S.’s request for a stay of the pending consolidated litigation challenging the rule while the EPA addresses the petitions for reconsideration. In September 2017, the EPA signed a rule to postpone the earliest compliance dates for certain waste streams regulations in the Effluent Limitations Guidelines final rule from November 2018 to November 2020; however, the latest date for compliance for these regulations remains December 2023. The EPA is proposing to complete new rulemaking for these waste streams. While the impacts of this rule could be material to Dominion Energy’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. W ASTE ANAGEMENT AND EMEDIATION 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 U.S. 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 From time to time, Dominion Energy, Virginia Power, or Dominion Energy 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. These parties can also bring contribution actions against each other and seek reimbursement from their insurance companies. As a result, Dominion Energy, Virginia Power, or Dominion Energy 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. Dominion Energy 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 Energy 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 Energy 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. A PPALACHIAN ATEWAY Pipeline Contractor Litigation Following the completion of the Appalachian Gateway project in 2012, DETI received multiple change order requests and other claims for additional payments from a pipeline contractor for the project. In July 2015, the contractor filed a complaint against DETI in U.S. District Court for the Western District of Pennsylvania. In March 2016, the Pennsylvania court granted DETI’s motion to transfer the case to the U.S. District Court for the Eastern District of Virginia. In July 2016, DETI filed a motion to dismiss. In March 2017, the court dismissed three of eight counts in the complaint. In May 2017, the contractor withdrew one of the counts in the complaint. In November 2017, DETI and the contractor entered into a partial settlement agreement for a release of certain claims. This case is pending. At December 31, 2017, DETI has accrued a liability of $2 million for this matter. Dominion Energy 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 Energy 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 Energy, DETI and Dominion Energy 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 Energy, DETI and Dominion Energy Field Services, Inc. were served with the complaint. Also in the third quarter of 2016, Dominion Energy and DETI, with the consent of the other defendants, removed the case to the U.S. District Court for the Northern District of West Virginia. In October 2016, the defendants filed a motion to dismiss and the plaintiffs filed a motion to remand. In February 2017, the U.S. District Court entered an order remanding the matter to the Circuit Court of Marshall County, West Virginia. In March 2017, Dominion Energy was voluntarily dismissed from the case; however, DETI and Dominion Energy Field Services, Inc. remain parties to the matter. In April 2017, the case was transferred to the Business Court Division of West Virginia. In January 2018, the court granted the motion to dismiss filed by the defendants on two counts. All other claims are pending in the Business Court Division of West Virginia. Dominion Energy and Dominion Energy Gas cannot currently estimate financial statement impacts, but there could be a material impact to their financial condition and/or cash flows. A SH OND AND ANDFILL LOSURE OSTS In March 2015, the Sierra Club filed a lawsuit alleging CWA violations at Chesapeake power station. In March 2017, the U.S. District Court for the Eastern District of Virginia ruled that impacted groundwater associated with the on-site on-site In April 2015, the EPA enacted a final rule regulating 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. This rule 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 2015, Virginia Power recorded a $386 million ARO related to future ash pond and landfill closure costs, which 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 from the reversal of a previously recorded contingent liability since the ARO obligation created by the final CCR rule represents similar activities. In 2016, Virginia Power recorded an increase to this ARO of $238 million, which resulted in a $197 million incremental charge recorded in other operations and maintenance expense in its Consolidated Statement of Income, a $17 million increase in property, plant and equipment and a $24 million increase in regulatory assets. In December 2016, legislation was enacted that creates a framework for EPA- In April 2017, the Virginia Governor signed legislation into law that places a moratorium on the VDEQ issuing solid waste permits for closure of ash ponds at Virginia Power’s Bremo, Chesapeake, Chesterfield and Possum Point power stations until May 2018. The law also required Virginia Power to conduct an assessment of closure alternatives for the ash ponds at these four stations, to include an evaluation of excavation for recycling or off-site C OVE OINT Dominion Energy has constructed the Liquefaction Project at the Cove Point facility, which, once commercially operational, 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. Two parties have separately filed petitions for review of the FERC order in the U.S. Court of Appeals for the D.C. 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. In September 2017, FERC issued its order on remand from the U.S. Court of Appeals for the D.C. Circuit, and reaffirmed its ruling in its prior orders that Cove Point did not violate the prohibition against undue discrimination by agreeing to a capacity reduction and early contract termination with the existing import shipper. In October 2017, the party filed a request for rehearing of the FERC order on remand. This case is pending. In September 2013, the DOE granted Non-FTA In July 2017, Cove Point submitted an application for a temporary operating permit to the Maryland Department of the Environment, as required prior to the date of first production of LNG for commercial purposes of exporting LNG. The permit was received in December 2017. In February 2018, the Public Service Commission of Maryland issued an order approving Cove Point’s August 2017 application to amend the CPCN issued by the Public Service Commission of Maryland in May 2014 to make necessary updates. FERC FERC staff in the Office of Enforcement, Division of Investigations, is conducting a non-public day-ahead G REENSVILLE OUNTY Virginia Power is constructing Greensville County and related transmission interconnection facilities. In August 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. In August 2017, the Circuit Court upheld the air permit, and no appeals were filed. 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 Operations. Like other U.S. nuclear operators, Dominion Energy has been gathering supporting data and participating in industry initiatives focused on the ability to respond to and mitigate the consequences of design-basis and beyond-design-basis events at its stations. In July 2011, an NRC task force provided initial recommendations based on its review of the Fukushima Daiichi accident and in October 2011 the NRC staff prioritized these recommendations into Tiers 1, 2 and 3, with the Tier 1 recommendations consisting of actions which the staff determined should be started without unnecessary delay. In December 2011, the NRC Commissioners approved the agency staff’s prioritization and recommendations, and that same month an appropriations act directed the NRC to require reevaluation of external hazards (not limited to seismic and flooding hazards) as soon as possible. Based on the prioritized recommendations, in March 2012, the NRC issued orders and information requests requiring specific reviews and actions to all operating reactors, construction permit holders and combined license holders based on the lessons learned from the Fukushima Daiichi event. The orders applicable to Dominion Energy requiring implementation of safety enhancements related to mitigation strategies to respond to extreme natural events resulting in the loss of power at plants, and enhancing spent fuel pool instrumentation have been implemented. The information requests issued by the NRC request each reactor to reevaluate the seismic and external flooding hazards at their site using present-day Nuclear Operations N UCLEAR ECOMMISSIONING INIMUM INANCIAL SSURANCE The NRC requires nuclear power plant owners to annually update minimum financial assurance amounts for the future decommissioning of their nuclear facilities. Decommissioning involves the decontamination and removal of radioactive contaminants from a nuclear power station once operations have ceased, in accordance with standards established by the NRC. The 2017 calculation for the NRC minimum financial assurance amount, aggregated for Dominion Energy’s and Virginia Power’s nuclear units, excluding joint owners’ assurance amounts and Millstone Unit 1 and Kewaunee, as those units are in a decommissioning state, was $2.7 billion and $1.8 billion, respectively, and has been satisfied by a combination of the funds being collected and deposited in the nuclear decommissioning trusts and the real annual rate of return growth of the funds allowed by the NRC. The 2017 NRC minimum financial assurance amounts above were calculated using preliminary December 31, 2017 U.S. Bureau of Labor Statistics indices. Dominion Energy believes that the amounts currently available in its decommissioning trusts and their expected earnings will be sufficient to cover expected decommissioning costs for the Millstone and Kewaunee units. Virginia Power also believes that the decommissioning funds and their expected earnings for the Surry and North Anna units will be sufficient to cover decommissioning costs, particularly when combined with future ratepayer collections and contributions to these decommissioning trusts, if such future collections and contributions are required. This reflects a positive long-term outlook for trust fund investment returns as the decommissioning of the units will not be complete for decades. Dominion Energy and Virginia Power will continue to monitor these trusts to ensure they meet the NRC minimum financial assurance requirement, which may include, if needed, the use of parent company guarantees, surety bonding or other financial instruments recognized by the NRC. See Note 9 for additional information on nuclear decommissioning trust investments. N UCLEAR NSURANCE The Price-Anderson Amendments Act of 1988 provides the public up to $13.44 billion of liability protection per nuclear incident, via obligations required of owners of nuclear power plants, and allows for an inflationary provision adjustment every five years. Dominion Energy and Virginia Power have purchased $450 million of coverage from commercial insurance pools for each reactor site with the remainder provided through a mandatory industry retrospective rating plan. In the event of a nuclear incident at any licensed nuclear reactor in the U.S., the Companies could be assessed up to $127 million for each of their licensed reactors not to exceed $19 million per year per reactor. There is no limit to the number of incidents for which this retrospective premium can be assessed. However, the NRC granted an exemption in March 2015 to remove Kewaunee from the Secondary Financial Protection program. The current levels of nuclear property insurance coverage for Dominion Energy’s and Virginia Power’s nuclear units are as follows: Coverage (billions) Dominion Energy Millstone $1.70 Kewaunee 1.06 Virginia Power (1) Surry $1.70 North Anna 1.70 (1) Surry and North Anna share a blanket property limit of $200 million. Dominion Energy’s and Virginia Power’s nuclear property insurance coverage for Millstone, Surry and North Anna exceeds the NRC minimum requirement for nuclear power plant licensees of $1.06 billion per reactor site. Kewaunee meets the NRC minimum requirement of $1.06 billion. This includes coverage for premature decommissioning and functional total loss. The NRC requires that the proceeds from this insurance be used first, to return the reactor to and maintain it in a safe and stable condition and second, to decontaminate the reactor and station site in accordance with a plan approved by the NRC. Nuclear property insurance is provided by NEIL, a mutual insurance company, and is subject to retrospective premium assessments in any policy year in which losses exceed the funds available to the insurance company. Dominion Energy’s and Virginia Power’s maximum retrospective premium assessment for the current policy period is $86 million and $50 million, respectively. Based on the severity of the incident, the Board of Directors of the nuclear insurer has the discretion to lower or eliminate the maximum retrospective premium assessment. Dominion Energy and Virginia Power have the financial responsibility for any losses that exceed the limits or for which insurance proceeds are not available because they must first be used for stabilization and decontamination. Millstone and Virginia Power also purchase accidental outage insurance from NEIL to mitigate certain expenses, including replacement power costs, associated with the prolonged outage of a nuclear unit due to direct physical damage. Under this program, Dominion Energy and Virginia Power are subject to a retrospective premium assessment for any policy year in which losses exceed funds available to NEIL. Dominion Energy’s and Virginia Power’s maximum retrospective premium assessment for the current policy period is $22 million and $10 million, respectively. ODEC, a part owner of North Anna, and Massachusetts Municipal and Green Mountain, part owners of Millstone’s Unit 3, are responsible to Dominion Energy and Virginia Power for their share of the nuclear decommissioning obligation and insurance premiums on applicable units, including any retrospective premium assessments and any losses not covered by insurance. S PENT UCLEAR UEL Dominion Energy and Virginia Power entered into contracts with the DOE for the disposal of spent nuclear fuel under provisions of the Nuclear Waste Policy Act of 1982. The DOE failed to begin accepting the spent fuel on January 31, 1998, the date provided by the Nuclear Waste Policy Act and by Dominion Energy’s and Virginia Power’s contracts with the DOE. Dominion Energy and Virginia Power have previously received damages award payments and settlement payments related to these contracts. By mutual agreement of the parties, the settlement agreements are extendable to provide for resolution of damages incurred after 2013. The settlement agreements for the Surry, North Anna and Millstone plants have been extended to provide for periodic payments for damages incurred through December 31, 2016, and have been extended to provide for periodic payment of damages through December 31, 2019. Pursuit of or possible settlement of the Kewaunee claims for damages incurred after December 31, 2013 is being evaluated. In 2017, Virginia Power and Dominion Energy received payments of $22 million for resolution of claims incurred at North Anna and Surry for the period of January 1, 2015 through December 31, 2015, and $14 million for resolution of claims incurred at Millstone for the period of July 1, 2015 through June 30, 2016. In 2016, Virginia Power and Dominion Energy received payments of $30 million for resolution of claims incurred at North Anna and Surry for the period of January 1, 2014 through December 31, 2014, and $22 million for resolution of claims incurred at Millstone for the period of July 1, 2014 through June 30, 2015. In 2015, Virginia Power and Dominion Energy received payments of $8 million for resolution of claims incurred at North Anna and Surry for the period of January 1, 2013 through December 31, 2013, and $17 million for resolution of claims incurred at Millstone for the period of July 1, 2013 through June 30, 2014. Dominion Energy and Virginia Power continue to recognize receivables for certain spent nuclear fuel-related costs that they believe are probable of recovery from the DOE. Dominion Energy’s receivables for spent nuclear fuel-related costs totaled $46 million and $56 million at December 31, 2017 and 2016, respectively. Virginia Power’s receivables for spent nuclear fuel-related costs totaled $30 million and $37 million at December 31, 2017 and 2016, respectively. Dominion Energy and Virginia Power will continue to manage their spent fuel until it is accepted by the DOE. Long-Term Purchase Agreements At December 31, 2017, Virginia Power had the following long-term commitments that are noncancelable or are cancelable only under certain conditions, and that a third party has used to secure financing for the facility that will provide the contracted goods or services: 2018 2019 2020 2021 2022 Thereafter Total (millions) Purchased electric capacity (1) $ 93 $ 61 $ 52 $ 46 $— $— $ 252 (1) Commitments represent estimated amounts payable for capacity under a power purchase contract with a qualifying facility and an independent power producer, which ends in 2021. Capacity payments under the contract are generally based on fixed dollar amounts per month, subject to escalation using broad-based economic indices. At December 31, 2017, the present value of Virginia Power’s total commitment for capacity payments is $221 million. Capacity payments totaled $114 million, $248 million, and $305 million, and energy payments totaled $72 million, $126 million, and $198 million for the years ended 2017, 2016 and 2015, respectively. Lease Commitments The Companies lease real estate, vehicles and equipment primarily under operating leases. Payments under certain leases are escalated based on an index such as the consumer price index. Future minimum lease payments under noncancelable operating and capital leases that have initial or remaining lease terms in excess of one year as of December 31, 2017 are as follows: 2018 2019 2020 2021 2022 Thereafter Total (millions) Dominion Energy (1) $ 68 $ 63 $ 56 $ 48 $ 39 $361 $ 635 Virginia Power $ 34 $ 31 $ 27 $ 22 $ 15 $ 28 $ 157 Dominion Energy Gas $ 15 $ 13 $ 10 $ 9 $ 7 $ 41 $ 95 (1) Amounts include a lease agreement for the Dominion Energy Questar corporate office, which is accounted for as a capital lease. At December 31, 2017 and 2016, the Consolidated Balance Sheets include $27 million and $30 million, respectively, in property, plant and equipment and $33 million and $35 million, respectively, in other deferred credits and other liabilities. The Consolidated Statements of Income include $3 million and less than $1 million recorded in depreciation, depletion and amortization for the years ended December 31, 2017 and 2016. Rental expense for Dominion Energy totaled $113 million, $104 million, and $99 million for 2017, 2016 and 2015, respectively. Rental expense for Virginia Power totaled $57 million, $52 million, and $51 million for 2017, 2016 and 2015, respectively. Rental expense for Dominion Energy Gas totaled $34 million, $37 million, and $37 million for 2017, 2016 and 2015, respectively. The majority of rental expense i |
Credit Risk
Credit Risk | 12 Months Ended |
Dec. 31, 2017 | |
Risks and Uncertainties [Abstract] | |
Credit Risk | N OTE REDIT ISK Credit risk is the risk of financial loss if counterparties fail to perform their contractual obligations. In order to minimize overall credit risk, credit policies are maintained, including the evaluation of counterparty financial condition, collateral requirements and the use of standardized agreements that facilitate the netting of cash flows associated with a single counterparty. In addition, counterparties may make available collateral, including letters of credit or cash held as margin deposits, as a result of exceeding agreed-upon credit limits, or may be required to prepay the transaction. The Companies maintain a provision for credit losses based on factors surrounding the credit risk of their customers, historical trends and other information. Management believes, based on credit policies and the December 31, 2017 provision for credit losses, that it is unlikely that a material adverse effect on financial position, results of operations or cash flows would occur as a result of counterparty nonperformance. General D OMINION NERGY As a diversified energy company, Dominion Energy transacts primarily with major companies in the energy industry and with commercial and residential energy consumers. These transactions principally occur in the Northeast, mid-Atlantic, Dominion Energy’s exposure to credit risk is concentrated primarily within its energy marketing and price risk management activities, as Dominion Energy transacts with a smaller, less diverse group of counterparties and transactions may involve large notional volumes and potentially volatile commodity prices. Energy marketing and price risk management activities include marketing of merchant generation output, structured transactions and the use of financial contracts for enterprise-wide hedging purposes. Gross credit exposure for each counterparty is calculated as outstanding receivables plus any unrealized on- off-balance non-investment V IRGINIA OWER Virginia Power sells electricity and provides distribution and transmission services to customers in Virginia and northeastern North Carolina. Management believes that this geographic concentration risk is mitigated by the diversity of Virginia Power’s customer base, which includes residential, commercial and industrial customers, as well as rural electric cooperatives and municipalities. Credit risk associated with trade accounts receivable from energy consumers is limited due to the large number of customers. Virginia Power’s exposure to potential concentrations of credit risk results primarily from sales to wholesale customers. Virginia Power’s gross credit exposure for each counterparty is calculated as outstanding receivables plus any unrealized on- off-balance non-investment D OMINION NERGY AS Dominion Energy Gas transacts mainly with major companies in the energy industry and with residential and commercial energy consumers. These transactions principally occur in the Northeast, mid-Atlantic on- off-balance non-investment In 2017, DETI provided service to 289 customers with approximately 96% of its storage and transportation revenue being provided through firm services. The ten largest customers provided approximately 38% of the total storage and transportation revenue and the thirty largest provided approximately 68% of the total storage and transportation revenue. East Ohio distributes natural gas to residential, commercial and industrial customers in Ohio using rates established by the Ohio Commission. Approximately 98% of East Ohio revenues are derived from its regulated gas distribution services. East Ohio’s bad debt risk is mitigated by the regulatory framework established by the Ohio Commission. See Note 13 for further information about Ohio’s PIPP and UEX Riders that mitigate East Ohio’s overall credit risk. Credit-Related Contingent Provisions The majority of Dominion Energy’s derivative instruments contain credit-related contingent provisions. These provisions require Dominion Energy to provide collateral upon the occurrence of specific events, primarily a credit 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 December 31, 2017 and 2016, Dominion Energy would have been required to post an additional $62 million and $3 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 non-derivative |
RELATED-PARTYTRANSACTIONS
RELATED-PARTYTRANSACTIONS | 12 Months Ended |
Dec. 31, 2017 | |
Related Party Transactions [Abstract] | |
RELATED-PARTYTRANSACTIONS | N OTE ELATED PARTY RANSACTIONS Virginia Power and Dominion Energy Gas engage in related party transactions primarily with other Dominion Energy subsidiaries (affiliates). Virginia Power’s and Dominion Energy 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 Energy Gas are included in Dominion Energy’s consolidated federal income tax return and, where applicable, combined income tax returns for Dominion Energy are filed in various states. See Note 2 for further information. Dominion Energy’s transactions with equity method investments are described in Note 9. A discussion of significant related party transactions follows. V IRGINIA OWER 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 swaps, to manage commodity price risks associated with purchases of natural gas. See Notes 7 and 19 for more information. As of December 31, 2017, Virginia Power’s derivative assets and liabilities with affiliates were $11 million and $5 million, respectively. As of December 31, 2016, Virginia Power’s derivative assets and liabilities with affiliates were $41 million and $8 million, respectively. Virginia Power participates in certain Dominion Energy benefit plans as described in Note 21. At December 31, 2017 and 2016, Virginia Power’s amounts due to Dominion Energy asso-ciated with the Dominion Energy Pension Plan and reflected in noncurrent pension and other postretirement benefit liabilities in the Consolidated Balance Sheets were $505 million and $396 million, respectively. At December 31, 2017 and 2016, Virginia Power’s amounts due from Dominion Energy associated with the Dominion Energy Retiree Health and Welfare Plan and reflected in noncurrent pension and other postretirement benefit assets in the Consolidated Balance Sheets were $199 million and $130 million, respectively. DES 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. The financial statements for all years presented include costs for certain general, administrative and corporate expenses assigned by DES to Virginia Power on the basis of direct and allocated methods in accordance with Virginia Power’s services agreements with DES. Where costs incurred cannot be determined by specific identification, the costs are allocated based on the proportional level of effort devoted by DES resources that is attributable to the entity, determined by reference to number of employees, salaries and wages and other similar measures for the relevant DES service. Management believes the assumptions and methodologies underlying the allocation of general corporate overhead expenses are reasonable. Presented below are significant transactions with DES and other affiliates: Year Ended December 31, 2017 2016 2015 (millions) Commodity purchases from affiliates $ 674 $ 571 $ 555 Services provided by affiliates (1) 453 454 422 Services provided to affiliates 25 22 22 (1) Includes capitalized expenditures of $144 million, $144 million and $143 million for the year ended December 31, 2017, 2016 and 2015, respectively. Virginia Power has borrowed funds from Dominion Energy under short-term borrowing arrangements. There were $33 million and $262 million in short-term demand note borrowings from Dominion Energy as of December 31, 2017 and 2016, respectively. The weighted-average interest rate of these borrowings was 1.65% and 0.97% at December 31, 2017 and 2016, respectively. Virginia Power had no outstanding borrowings, net of repayments under the Dominion Energy money pool for its nonregulated subsidiaries as of December 31, 2017 and 2016. Interest charges related to Virginia Power’s borrowings from Dominion Energy were immaterial for the years ended December 31, 2017, 2016 and 2015. There were no issuances of Virginia Power’s common stock to Dominion Energy in 2017, 2016 or 2015. D OMINION NERGY AS Transactions with Related Parties Dominion Energy Gas transacts with affiliates for certain quantities of natural gas and other commodities at market prices in the ordinary course of business. Additionally, Dominion Energy Gas provides transportation and storage services to affiliates. Dominion Energy Gas also enters into certain other contracts with affiliates, which are presented separately from contracts involving commodities or services. As of December 31, 2017 and 2016, all of Dominion Energy Gas’ commodity derivatives were with affiliates. See Notes 7 and 19 for more information. See Note 9 for information regarding transactions with an affiliate. Dominion Energy Gas participates in certain Dominion Energy benefit plans as described in Note 21. At December 31, 2017 and 2016, Dominion Energy Gas’ amounts due from Dominion Energy associated with the Dominion Energy Pension Plan and reflected in noncurrent pension and other postretirement benefit assets in the Consolidated Balance Sheets were $734 million and $697 million, respectively. Dominion Energy Gas’ amounts due from Dominion Energy associated with the Dominion Energy Retiree Health and Welfare Plan and reflected in noncurrent pension and other postretirement benefit assets in the Consolidated Balance Sheets were $7 million and $2 million at December 31, 2017 and 2016, respectively. DES and other affiliates provide accounting, legal, finance and certain administrative and technical services to Dominion Energy Gas. Dominion Energy Gas provides certain services to related parties, including technical services. The financial statements for all years presented include costs for certain general, administrative and corporate expenses assigned by DES to Dominion Energy Gas on the basis of direct and allocated methods in accordance with Dominion Energy Gas’ services agreements with DES. Where costs incurred cannot be determined by specific identification, the costs are allocated based on the proportional level of effort devoted by DES resources that is attributable to the entity, determined by reference to number of employees, salaries and wages and other similar measures for the relevant DES service. Management believes the assumptions and methodologies underlying the allocation of general corporate overhead expenses are reasonable. The costs of these services follow: Year Ended December 31, 2017 2016 2015 (millions) Purchases of natural gas and transportation and storage services from affiliates $ 5 $ 9 $ 10 Sales of natural gas and transportation and storage services to affiliates 70 69 69 Services provided by related parties (1) 143 141 133 Services provided to related parties (2) 156 128 101 (1) Includes capitalized expenditures of $45 million, $49 million and $57 million for the year ended December 31, 2017, 2016 and 2015, respectively. (2) Amounts primarily attributable to Atlantic Coast Pipeline. The following table presents affiliated and related party balances reflected in Dominion Energy Gas’ Consolidated Balance Sheets: At December 31, 2017 2016 (millions) Other receivables (1) $ 12 $ 10 Customer receivables from related parties 1 1 Imbalances receivable from affiliates 1 2 Imbalances payable to affiliates (2) — 4 Affiliated notes receivable (3) 20 18 (1) Represents amounts due from Atlantic Coast Pipeline, a related party VIE. (2) Amounts are presented in other current liabilities in Dominion Energy Gas’ Consolidated Balance Sheets. (3) Amounts are presented in other deferred charges and other assets in Dominion Energy Gas’ Consolidated Balance Sheets. Dominion Energy Gas’ borrowings under the IRCA with Dominion Energy totaled $18 million and $118 million as of December 31, 2017 and 2016, respectively. The weighted-average interest rate of these borrowings was 1.60% and 1.08% at December 31, 2017 and 2016, respectively. Interest charges related to Dominion Energy Gas’ total borrowings from Dominion Energy were immaterial for 2017, 2016 and 2015. |
OPERATING SEGMENTS
OPERATING SEGMENTS | 12 Months Ended |
Dec. 31, 2017 | |
Segment Reporting [Abstract] | |
OPERATING SEGMENTS | N OTE PERATING EGMENTS The Companies are organized primarily on the basis of products and services sold in the U.S. A description of the operations included in the Companies’ primary operating segments is as follows: Primary Operating Description of Operations Dominion Virginia Dominion Power Delivery Regulated electric distribution X X Regulated electric transmission X X Power Generation Regulated electric fleet X X Merchant electric fleet X Gas Infrastructure Gas transmission and storage X (1) X Gas distribution and storage X X Gas gathering and processing X X LNG terminalling and storage X Nonregulated retail energy marketing X (1) Includes remaining producer services activities. In addition to the operating segments above, the Companies also report a Corporate and Other segment. D OMINION NERGY The Corporate and Other Segment of Dominion Energy In 2017, Dominion Energy reported an after-tax The net benefit for specific items in 2017 primarily related to the impact of the following items: • A $979 million tax benefit resulting from the remeasurement of deferred income taxes as a result of the 2017 Tax Reform Act, primarily attributable to: • Gas Infrastructure ($324 million); • Power Generation ($655 million); partially offset by • $158 million ($96 million after-tax) In 2016, Dominion Energy reported after-tax The net expenses for specific items in 2016 primarily related to the impact of the following items: • A $197 million ($122 million after-tax) • A $59 million ($36 million after-tax) • Power Delivery ($5 million after-tax); • Gas Infrastructure ($12 million after-tax); • Power Generation ($19 million after-tax). In 2015, Dominion Energy reported after-tax The net expenses for specific items in 2015 primarily related to the impact of the following items: • A $99 million ($60 million after-tax) • An $85 million ($52 million after-tax) write-off The following table presents segment information pertaining to Dominion Energy’s operations: Year Ended December 31, Power Power Gas Corporate and Other Adjustments & Eliminations Consolidated Total (millions) 2017 Total revenue from external customers $2,206 $6,676 $2,832 $ 16 $ 856 $12,586 Intersegment revenue 22 10 834 610 (1,476 ) — Total operating revenue 2,228 6,686 3,666 626 (620 ) 12,586 Depreciation, depletion and amortization 593 747 522 43 — 1,905 Equity in earnings of equity method investees — (181) 159 4 — (18 ) Interest income 4 92 45 96 (155 ) 82 Interest and related charges 265 342 109 644 (155 ) 1,205 Income tax expense (benefit) 334 373 487 (1,224 ) — (30 ) Net income attributable to Dominion Energy 531 1,181 898 389 — 2,999 Investment in equity method investees — 81 1,422 41 — 1,544 Capital expenditures 1,433 2,275 2,149 52 — 5,909 Total assets (billions) 16.7 29.0 28.0 12.0 (9.1 ) 76.6 2016 Total revenue from external customers $2,210 $6,747 $2,069 $ (7 ) $ 718 $11,737 Intersegment revenue 23 10 697 609 (1,339 ) — Total operating revenue 2,233 6,757 2,766 602 (621 ) 11,737 Depreciation, depletion and amortization 537 662 330 30 — 1,559 Equity in earnings of equity method investees — (16) 105 22 — 111 Interest income — 74 34 36 (78 ) 66 Interest and related charges 244 290 38 516 (78 ) 1,010 Income tax expense (benefit) 308 279 431 (363 ) — 655 Net income (loss) attributable to Dominion Energy 484 1,397 726 (484 ) — 2,123 Investment in equity method investees — 228 1,289 44 — 1,561 Capital expenditures 1,320 2,440 2,322 43 — 6,125 Total assets (billions) 15.6 27.1 26.0 10.2 (7.3 ) 71.6 2015 Total revenue from external customers $2,091 $7,001 $1,877 $ (27) $ 741 $11,683 Intersegment revenue 20 15 695 554 (1,284 ) — Total operating revenue 2,111 7,016 2,572 527 (543 ) 11,683 Depreciation, depletion and amortization 498 591 262 44 — 1,395 Equity in earnings of equity method investees — (15 ) 60 11 — 56 Interest income — 64 25 13 (44 ) 58 Interest and related charges 230 262 27 429 (44 ) 904 Income tax expense (benefit) 307 465 423 (290 ) — 905 Net income (loss) attributable to Dominion Energy 490 1,120 680 (391 ) — 1,899 Investment in equity method investees — 245 1,042 33 — 1,320 Capital expenditures 1,607 2,190 2,153 43 — 5,993 Intersegment sales and transfers for Dominion Energy are based on contractual arrangements and may result in intersegment profit or loss that is eliminated in consolidation. V IRGINIA OWER The majority of Virginia Power’s revenue is provided through tariff rates. Generally, such revenue is allocated for management reporting based on an unbundled rate methodology among Virginia Power’s Power Delivery and Power Generation segments. The Corporate and Other Segment of Virginia Power In 2017, Virginia Power reported an after-tax The net benefit for specific items in 2017 primarily related to the impact of the following item: • A $93 million tax benefit resulting from the remeasurement of deferred income taxes as a result of the 2017 Tax Reform Act, attributable to Power Generation. In 2016, Virginia Power reported after-tax The net expenses for specific items in 2016 primarily related to the impact of the following item: • A $197 million ($121 million after-tax) In 2015, Virginia Power reported after-tax The net expenses for specific items in 2015 primarily related to the impact of the following items: • A $99 million ($60 million after-tax) • An $85 million ($52 million after-tax) write-off The following table presents segment information pertaining to Virginia Power’s operations: Year Ended December 31, Power Power Corporate and Other Adjustments & Eliminations Consolidated Total (millions) 2017 Operating revenue $2,212 $5,344 $ — $ — $7,556 Depreciation and amortization 594 547 — — 1,141 Interest income 4 15 3 (3 ) 19 Interest and related charges 265 232 — (3 ) 494 Income tax expense (benefit) 334 534 (94 ) — 774 Net income 527 939 74 — 1,540 Capital expenditures 1,439 1,290 — — 2,729 Total assets (billions) 16.6 18.6 — (0.1 ) 35.1 2016 Operating revenue $2,217 $5,390 $ (19 ) $ — $7,588 Depreciation and amortization 537 488 — — 1,025 Interest income — — — — — Interest and related charges 244 219 — (2 ) 461 Income tax expense (benefit) 307 524 (104 ) — 727 Net income (loss) 482 909 (173 ) — 1,218 Capital expenditures 1,313 1,336 — — 2,649 Total assets (billions) 15.6 17.8 — (0.1 ) 33.3 2015 Operating revenue $2,099 $5,566 $ (43 ) $ — $7,622 Depreciation and amortization 498 453 2 — 953 Interest income — 7 — — 7 Interest and related charges 230 210 4 (1 ) 443 Income tax expense (benefit) 308 437 (86 ) — 659 Net income (loss) 490 750 (153 ) — 1,087 Capital expenditures 1,569 1,120 — — 2,689 D OMINION NERGY AS The Corporate and Other Segment of Dominion Energy Gas In 2017, Dominion Energy Gas reported after-tax The net benefit for specific items in 2017 primarily related to the impact of the following item: • A $185 million tax benefit resulting from the remeasurement of deferred income taxes as a result of the 2017 Tax Reform Act. In 2016, Dominion Energy Gas reported after-tax The net expense for specific items in 2016 primarily related to the impact of the following item: • An $8 million ($5 million after-tax) In 2015, Dominion Energy Gas reported after-tax The net expenses for specific items in 2015 primarily related to the impact of the following item: • $16 million ($10 million after-tax) The following table presents segment information pertaining to Dominion Energy Gas’ operations: Year Ended December 31, Gas Infrastructure Corporate and Consolidated Total (millions) 2017 Operating revenue $1,814 $ — $1,814 Depreciation and amortization 227 — 227 Equity in earnings of equity method investees 21 — 21 Interest income 2 — 2 Interest and related charges 97 — 97 Income tax expense (benefit) 256 (205 ) 51 Net income 436 179 615 Investment in equity method investees 95 — 95 Capital expenditures 778 — 778 Total assets (billions) 11.3 0.6 11.9 2016 Operating revenue $1,638 $ — $1,638 Depreciation and amortization 214 (10 ) 204 Equity in earnings of equity method investees 21 — 21 Interest income 1 — 1 Interest and related charges 92 2 94 Income tax expense (benefit) 237 (22 ) 215 Net income (loss) 395 (3 ) 392 Investment in equity method investees 98 — 98 Capital expenditures 854 — 854 Total assets (billions) 10.5 0.6 11.1 2015 Operating revenue $1,716 $ — $1,716 Depreciation and amortization 213 4 217 Equity in earnings of equity method investees 23 — 23 Interest income 1 — 1 Interest and related charges 72 1 73 Income tax expense (benefit) 296 (13 ) 283 Net income (loss) 478 (21 ) 457 Investment in equity method investees 102 — 102 Capital expenditures 795 — 795 |
QUARTERLY FINANCIALAND COMMON S
QUARTERLY FINANCIALAND COMMON STOCKDATA (UNAUDITED) | 12 Months Ended |
Dec. 31, 2017 | |
Quarterly Financial Information Disclosure [Abstract] | |
QUARTERLY FINANCIALAND COMMON STOCKDATA (UNAUDITED) | N OTE UARTERLY INANCIAL AND OMMON TOCK ATA NAUDITED A summary of the Companies’ quarterly results of operations for the years ended December 31, 2017 and 2016 follows. Amounts reflect all adjustments necessary in the opinion of management for a fair statement of the results for the interim periods. Results for interim periods may fluctuate as a result of weather conditions, changes in rates and other factors. D OMINION NERGY First Quarter Second Quarter Third Quarter Fourth Quarter (millions, except per share amounts) 2017 Operating revenue $ 3,384 $ 2,813 $ 3,179 $ 3,210 Income from operations 1,125 801 1,200 1,004 Net income including noncontrolling interests 674 417 696 1,333 Net income attributable to Dominion Energy 632 390 665 1,312 Basic EPS: Net income attributable to Dominion Energy 1.01 0.62 1.03 2.04 Diluted EPS: Net income attributable to Dominion Energy 1.01 0.62 1.03 2.04 Dividends declared per share 0.755 0.755 0.770 0.770 Common stock prices (intraday high-low) $ 79.36 - 70.87 $ 81.65 - 76.17 $ 80.67 - 75.40 $ 85.30 - 75.75 2016 Operating revenue $ 2,921 $ 2,598 $ 3,132 $ 3,086 Income from operations 882 781 1,145 819 Net income including noncontrolling interests 531 462 728 491 Net income attributable to Dominion Energy 524 452 690 457 Basic EPS: Net income attributable to Dominion Energy 0.88 0.73 1.10 0.73 Diluted EPS: Net income attributable to Dominion Energy 0.88 0.73 1.10 0.73 Dividends declared per share 0.700 0.700 0.700 0.700 Common stock prices (intraday high-low) $ 75.18 - 66.25 $ 77.93 - 68.71 $ 78.97 - 72.49 $ 77.32 - 69.51 Dominion Energy’s 2017 results include the impact of the following significant item: • Fourth quarter results include $851 million tax benefit resulting from the remeasurement of deferred income taxes as a result of the 2017 Tax Reform Act, partially offset by $96 million of after-tax Dominion Energy’s 2016 results include the impact of the following significant item: • Fourth quarter results include a $122 million after-tax V IRGINIA OWER Virginia Power’s quarterly results of operations were as follows: First Quarter Second Quarter Third Quarter Fourth Quarter (millions) 2017 Operating revenue $ 1,831 $ 1,747 $ 2,154 $ 1,824 Income from operations 653 613 847 619 Net income 356 318 459 407 2016 Operating revenue $ 1,890 $ 1,776 $ 2,211 $ 1,711 Income from operations 514 553 914 369 Net income 263 280 503 172 Virginia Power’s 2017 results include the impact of the following significant item: • Fourth quarter results include a $93 million tax benefit resulting from the remeasurement of deferred income taxes as a result of the 2017 Tax Reform Act. Virginia Power’s 2016 results include the impact of the following significant item: • Fourth quarter results include a $121 million after-tax D OMINION NERGY AS Dominion Energy Gas’ quarterly results of operations were as follows: First Quarter Second Quarter Third Quarter Fourth Quarter (millions) 2017 Operating revenue $490 $422 $401 $501 Income from operations 176 137 206 203 Net income 108 77 117 313 2016 Operating revenue $431 $368 $382 $457 Income from operations 175 186 133 175 Net income 98 105 83 106 Dominion Energy Gas’s 2017 results include the impact of the following significant item: • Fourth quarter results include a $197 million tax benefit resulting from the remeasurement of deferred income taxes as a result of the 2017 Tax Reform Act. There were no significant items impacting Dominion Energy Gas’ 2016 quarterly results. |
Significant Accounting Polici35
Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2017 | |
Accounting Policies [Abstract] | |
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, expenses and cash flows for the periods presented. Actual results may differ from those estimates. |
Consolidation | The Companies’ Consolidated Financial Statements include, after eliminating intercompany transactions and balances, the accounts of their respective majority-owned subsidiaries and non-wholly-owned |
Consolidation, consolidated entities and noncontrolling interest | For certain partnership structures, income is allocated based on the liquidation value of the underlying contractual arrangements. NRG’s ownership interest in Four Brothers and Three Cedars, as well as Terra Nova Renewable Partners’ 33% interest in certain of Dominion Energy’s merchant solar projects, is reflected as noncontrolling interest in Dominion Energy’s Consolidated Financial Statements. See Note 3 for further information on these transactions. |
Reclassifications | Certain amounts in the 2016 and 2015 Consolidated Financial Statements and footnotes have been reclassified to conform to the 2017 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. |
Operating Revenue | Operating Revenue Operating revenue is recorded on the basis of services rendered, commodities delivered or contracts settled and includes amounts yet to be billed to customers. Dominion Energy and Virginia Power collect sales, consumption and consumer utility taxes and Dominion Energy Gas collects sales taxes; however, these amounts are excluded from revenue. Dominion Energy’s customer receivables at December 31, 2017 and 2016 included $661 million and $631 million, respectively, of accrued unbilled revenue based on estimated amounts of electricity and natural gas delivered but not yet billed to its utility customers. Virginia Power’s customer receivables at December 31, 2017 and 2016 included $400 million and $349 million, respectively, of accrued unbilled revenue based on estimated amounts of electricity delivered but not yet billed to its customers. Dominion Energy Gas’ customer receivables at December 31, 2017 and 2016 included $121 million and $134 million, respectively, of accrued unbilled revenue based on estimated amounts of natural gas delivered but not yet billed to its customers. See Note 9 for amounts attributable to related parties. The primary types of sales and service activities reported as operating revenue for Dominion Energy are as follows: • Regulated electric sales • Nonregulated electric sales • Regulated gas sales • Nonregulated gas sales • Gas transportation and storage • Other revenue |
Electric Fuel, Purchased Energy and Purchased Gas-Deferred Costs | Electric Fuel, Purchased Energy and Purchased Gas-Deferred Where permitted by regulatory authorities, the differences between Dominion Energy’s and Virginia Power’s actual electric fuel and purchased energy expenses and Dominion Energy’s and Dominion Energy Gas’ purchased gas expenses and the related levels of recovery for these expenses in current rates are deferred and matched against recoveries in future periods. The deferral of costs in excess of current period fuel rate recovery is recognized as a regulatory asset, while rate recovery in excess of current period fuel expenses is recognized as a regulatory liability. Of the cost of fuel used in electric generation and energy purchases to serve utility customers, approximately 84% is currently subject to deferred fuel accounting, while substantially all of the remaining amount is subject to recovery through similar mechanisms. Virtually all of Dominion Energy Gas’, Cove Point’s, Questar Gas’ and Hope’s natural gas purchases are either subject to deferral accounting or are recovered from the customer in the same accounting period as the sale. |
Income Taxes | Income Taxes A consolidated federal income tax return is filed for Dominion Energy and its subsidiaries, including Virginia Power and Dominion Energy Gas’ subsidiaries. In addition, where applicable, combined income tax returns for Dominion Energy and its subsidiaries are filed in various states; otherwise, separate state income tax returns are filed. Although Dominion Energy Gas is disregarded for income tax purposes, a provision for income taxes is recognized to reflect the inclusion of its business activities in the tax returns of its parent, Dominion Energy. Virginia Power and Dominion Energy Gas participate in intercompany tax sharing agreements with Dominion Energy and its subsidiaries. Current income taxes are based on taxable income or loss and credits determined on a separate company basis. Under the agreements, if a subsidiary incurs a tax loss or earns a credit, recognition of current income tax benefits is limited to refunds of prior year taxes obtained by the carryback of the net operating loss or credit or to the extent the tax loss or credit is absorbed by the taxable income of other Dominion Energy consolidated group members. Otherwise, the net operating loss or credit is carried forward and is recognized as a deferred tax asset until realized. The 2017 Tax Reform Act includes a broad range of tax reform provisions affecting the Companies, including changes in corporate tax rates and business deductions. The 2017 Tax Reform Act reduces the corporate income tax rate from 35% to 21% for tax years beginning after December 31, 2017. Deferred tax assets and liabilities are classified as noncurrent in the Consolidated Balance Sheets and measured at the enacted tax rate expected to apply when temporary differences are realized or settled. Thus, at the date of enactment, federal deferred taxes were remeasured based upon the new 21% tax rate. The total effect of tax rate changes on deferred tax balances is recorded as a component of the income tax provision related to continuing operations for the period in which the law is enacted, even if the assets and liabilities relate to other components of the financial statements, such as items of accumulated other comprehensive income. For Dominion Energy subsidiaries that are not rate-regulated utilities, existing deferred income tax assets or liabilities were adjusted for the reduction in the corporate income tax rate and allocated to continuing operations. Dominion Energy’s rate-regulated utility subsidiaries likewise are required to adjust deferred income tax assets and liabilities for the change in income tax rates. However, if it is probable that the effect of the change in income tax rates will be recovered or refunded in future rates, the regulated utility recorded a regulatory asset or liability instead of an increase or decrease to deferred income tax expense. Accounting for income taxes involves an asset and liability approach. Deferred income tax assets and liabilities are provided, representing future effects on income taxes for temporary differences between the bases of assets and liabilities for financial reporting and tax purposes. Accordingly, deferred taxes are recognized for the future consequences of different treatments used for the reporting of transactions in financial accounting and income tax returns. The Companies establish a valuation allowance when it is more-likely-than-not The Companies recognize positions taken, or expected to be taken, in income tax returns that are more-likely-than-not If it is not more-likely-than-not The Companies recognize interest on underpayments and overpayments of income taxes in interest expense and other income, respectively. Penalties are also recognized in other income. Dominion Energy and Virginia Power both recognized interest income of $11 million in 2017. Dominion Energy Gas’ interest was immaterial in 2017. Interest for the Companies was immaterial in 2016 and 2015. Dominion Energy’s, Virginia Power’s and Dominion Energy Gas’ penalties were immaterial in 2017, 2016 and 2015. At December 31, 2017, Virginia Power had an income tax-related In addition, Virginia Power’s Consolidated Balance Sheet at December 31, 2017 included $1 million of noncurrent federal income taxes receivable, less than $1 million of state income taxes receivable and $1 million of noncurrent state income taxes receivable. Dominion Energy Gas’ Consolidated Balance Sheet at December 31, 2017 included $14 million of state income taxes receivable. At December 31, 2016, Virginia Power had an income tax-related In addition, Virginia Power’s Consolidated Balance Sheet at December 31, 2016 included $2 million of noncurrent federal income taxes payable, $6 million of state income taxes receivable and $13 million of noncurrent state income taxes receivable. Dominion Energy Gas’ Consolidated Balance Sheet at December 31, 2016 included $1 million of noncurrent federal income taxes payable, $1 million of state income taxes receivable and $7 million of noncurrent state income taxes payable. Investment tax credits are recognized by nonregulated operations in the year qualifying property is placed in service. For regulated operations, investment tax credits are deferred and amortized over the service lives of the properties giving rise to the credits. Production tax credits are recognized as energy is generated and sold. |
Cash and Cash Equivalents | Cash and Cash Equivalents Current banking arrangements generally do not require checks to be funded until they are presented for payment. The following table illustrates the checks outstanding but not yet presented for payment and recorded in accounts payable for the Companies: Year Ended December 31, 2017 2016 (millions) Dominion Energy $ 30 $ 24 Virginia Power 17 11 Dominion Energy Gas 7 9 The Companies hold restricted cash and cash equivalent balances that primarily consist of amounts held for customer deposits, future debt payments on Dominion Solar Projects III, Inc.’s term loan agreement and a distribution reserve at Cove Point. The amount of restricted cash held at each company is presented in the table below. These balances are presented in Other Current Assets and Other Investments in the Consolidated Balance Sheets. Year Ended December 31, 2017 2016 (millions) Dominion Energy $ 65 $ 61 Virginia Power 10 — Dominion Energy Gas 26 20 For purposes of the Consolidated Statements of Cash Flows, cash and cash equivalents include cash on hand, cash in banks and temporary investments purchased with an original maturity of three months or less. |
Derivative Instruments | Derivative Instruments Dominion Energy uses derivative instruments such as physical and financial forwards, futures, swaps, options and FTRs to manage the commodity, interest rate and foreign currency exchange rate risks of its business operations. Virginia Power uses derivative instruments such as physical and financial forwards, futures, swaps, options and FTRs to manage commodity and interest rate risks. Dominion Energy Gas uses derivative instruments such as physical and financial forwards, futures and swaps to manage commodity, interest rate and foreign currency exchange rate risks. All derivatives, except those for which an exception applies, are required to be reported in the Consolidated Balance Sheets at fair value. Derivative contracts representing unrealized gain positions and purchased options are reported as derivative assets. Derivative contracts representing unrealized losses and options sold are reported as derivative liabilities. One of the exceptions to fair value accounting, normal purchases and normal sales, may be elected when the contract satisfies certain criteria, including a requirement that physical delivery of the underlying commodity is probable. Expenses and revenues resulting from deliveries under normal purchase contracts and normal sales contracts, respectively, are included in earnings at the time of contract performance. The Companies do not offset amounts recognized for the right to reclaim cash collateral or the obligation to return cash collateral against amounts recognized for derivative instruments executed with the same counterparty under the same master netting arrangement. Dominion Energy had margin assets of $92 million and $82 million associated with cash collateral at December 31, 2017 and 2016, respectively. Dominion Energy’s margin liabilities associated with cash collateral at December 31, 2017 or 2016 were immaterial. Virginia Power had margin assets of $23 million and $2 million associated with cash collateral at December 31, 2017 and 2016, respectively. Virginia Power’s margin liabilities associated with cash collateral were immaterial at December 31, 2017 and 2016. Dominion Energy Gas’ margin assets and liabilities associated with cash collateral were immaterial at December 31, 2017 and 2016. See Note 7 for further information about derivatives. To manage price risk, the Companies hold certain derivative instruments that are not designated as hedges for accounting purposes. However, to the extent the Companies do not hold offsetting positions for such derivatives, they believe these instruments represent economic hedges that mitigate their exposure to fluctuations in commodity prices. All income statement activity, including amounts realized upon settlement, is presented in operating revenue, operating expenses, interest and related charges or other income based on the nature of the underlying risk. Changes in the fair value of derivative instruments result in the recognition of regulatory assets or regulatory liabilities for jurisdictions subject to cost-based rate regulation. Realized gains or losses on the derivative instruments are generally recognized when the related transactions impact earnings. D ERIVATIVE NSTRUMENTS ESIGNATED AS EDGING NSTRUMENTS The Companies designate a portion of their derivative instruments as either cash flow or fair value hedges for accounting purposes. For all derivatives designated as hedges, the Companies formally document the relationship between the hedging instrument and the hedged item, as well as the risk management objective and the strategy for using the hedging instrument. The Companies assess whether the hedging relationship between the derivative and the hedged item is highly effective at offsetting changes in cash flows or fair values both at the inception of the hedging relationship and on an ongoing basis. Any change in the fair value of the derivative that is not effective at offsetting changes in the cash flows or fair values of the hedged item is recognized currently in earnings. Also, the Companies may elect to exclude certain gains or losses on hedging instruments from the assessment of hedge effectiveness, such as gains or losses attributable to changes in the time value of options or changes in the difference between spot prices and forward prices, thus requiring that such changes be recorded currently in earnings. Hedge accounting is discontinued prospectively for derivatives that cease to be highly effective hedges. For derivative instruments that are accounted for as fair value hedges or cash flow hedges, the cash flows from the derivatives and from the related hedged items are classified in operating cash flows. Cash Flow Hedges Dominion Energy entered into interest rate derivative instruments to hedge its forecasted interest payments related to planned debt issuances in 2014. These interest rate derivatives were designated by Dominion Energy as cash flow hedges prior to the formation of Dominion Energy Gas. For the purposes of the Dominion Energy Gas financial statements, the derivative balances, AOCI balance, and any income statement impact related to these interest rate derivative instruments entered into by Dominion Energy have been, and will continue to be, included in the Dominion Energy Gas’ Consolidated Financial Statements as the forecasted interest payments related to the debt issuances now occur at Dominion Energy Gas. Fair Value Hedges |
Property, Plant and Equipment | Property, Plant and Equipment Property, plant and equipment is recorded at lower of original cost or fair value, if impaired. Capitalized costs include labor, materials and other direct and indirect costs such as asset retirement costs, capitalized interest and, for certain operations subject to cost-of-service In 2017, 2016 and 2015, Dominion Energy capitalized interest costs and AFUDC to property, plant and equipment of $236 million, $159 million and $100 million, respectively. In 2017, 2016 and 2015, Virginia Power capitalized AFUDC to property, plant and equipment of $37 million, $21 million and $30 million, respectively. In 2017, 2016 and 2015, Dominion Energy Gas capitalized AFUDC to property, plant and equipment of $25 million, $8 million and $1 million, respectively. Under Virginia law, certain Virginia jurisdictional projects qualify for current recovery of AFUDC through rate adjustment clauses. AFUDC on these projects is calculated and recorded as a regulatory asset and is not capitalized to property, plant and equipment. In 2017, 2016 and 2015, Virginia Power recorded $22 million, $31 million and $19 million of AFUDC related to these projects, respectively. For property subject to cost-of-service cost-of-service plant-in-service For property that is not subject to cost-of-service Depreciation of property, plant and equipment is computed on the straight-line method based on projected service lives. The Companies’ average composite depreciation rates on utility property, plant and equipment are as follows: Year Ended December 31, 2017 2016 2015 (percent) Dominion Energy Generation 2.94 2.83 2.78 Transmission 2.55 2.47 2.42 Distribution 3.00 3.02 3.11 Storage 2.48 2.29 2.42 Gas gathering and processing 2.21 2.66 3.19 General and other 4.89 4.12 3.67 Virginia Power Generation 2.94 2.83 2.78 Transmission 2.54 2.36 2.33 Distribution 3.32 3.32 3.33 General and other 4.68 3.49 3.40 Dominion Energy Gas Transmission 2.40 2.43 2.46 Distribution 2.42 2.55 2.45 Storage 2.45 2.19 2.44 Gas gathering and processing 2.42 2.58 3.20 General and other 4.96 4.54 4.72 In the first quarter of 2017, Virginia Power revised the depreciation rates for its assets to reflect the results of a new depreciation study. This change resulted in an increase in annual depreciation expense of $40 million ($25 million after-tax) after-tax) Capitalized costs of development wells and leaseholds are amortized on a field-by-field unit-of-production Dominion Energy’s nonutility property, plant and equipment is depreciated using the straight-line method over the following estimated useful lives: Asset Estimated Useful Lives Merchant generation-nuclear 44 years Merchant generation-other 15-40 years Nonutility gas gathering and processing 3-50 General and other 5-59 Depreciation and amortization related to Virginia Power’s and Dominion Energy Gas’ nonutility property, plant and equipment and exploration and production properties was immaterial for the years ended December 31, 2017, 2016 and 2015, except for Dominion Energy Gas’ nonutility gas gathering and processing properties which are depreciated using the straight-line method over estimated useful lives between 10 and 50 years. Nuclear fuel used in electric generation is amortized over its estimated service life on a units-of-production |
Long-Lived and Intangible Assets | Long-Lived and Intangible Assets The Companies perform an evaluation for impairment whenever events or changes in circumstances indicate that the carrying amount of long-lived assets or intangible assets with finite lives may not be recoverable. A long-lived or intangible asset is written down to fair value if the sum of its expected future undiscounted cash flows is less than its carrying amount. Intangible assets with finite lives are amortized over their estimated useful lives. |
Regulatory Assets and Liabilities | Regulatory Assets and Liabilities The accounting for Dominion Energy’s and Dominion Energy Gas’ regulated gas and Virginia Power’s regulated electric operations differs from the accounting for nonregulated operations in that they are required to reflect the effect of rate regulation in their Consolidated Financial Statements. For regulated businesses subject to federal or state cost-of-service The Companies evaluate whether or not recovery of their regulatory assets through future rates is probable and make various assumptions in their analyses. The expectations of future recovery are generally based on orders issued by regulatory commissions, legislation or historical experience, as well as discussions with applicable regulatory authorities and legal counsel. If recovery of a regulatory asset is determined to be less than probable, it will be written off in the period such assessment is made. |
Asset Retirement Obligations | Asset Retirement Obligations The Companies recognize AROs at fair value as incurred or when sufficient information becomes available to determine a reasonable estimate of the fair value of future retirement activities to be performed, for which a legal obligation exists. These amounts are generally capitalized as costs of the related tangible long-lived assets. Since relevant market information is not available, fair value is estimated using discounted cash flow analyses. Quarterly, the Companies assess their AROs to determine if circumstances indicate that estimates of the amounts or timing of future cash flows associated with retirement activities have changed. AROs are adjusted when significant changes in the amounts or timing of future cash flows are identified. Dominion Energy and Dominion Energy Gas report accretion of AROs and depreciation on asset retirement costs associated with their natural gas pipeline and storage well assets as an adjustment to the related regulatory liabilities when revenue is recoverable from customers for AROs. Virginia Power reports accretion of AROs and depreciation on asset retirement costs associated with decommissioning its nuclear power stations as an adjustment to the regulatory liability for certain jurisdictions. Additionally, Virginia Power reports accretion of AROs and depreciation on asset retirement costs associated with certain rider and prospective rider projects as an adjustment to the regulatory asset for certain jurisdictions. Accretion of all other AROs and depreciation of all other asset retirement costs are reported in other operations and maintenance expense and depreciation expense, respectively, in the Consolidated Statements of Income. |
Debt Issuance Costs | Debt Issuance Costs The Companies defer and amortize debt issuance costs and debt premiums or discounts over the expected lives of the respective debt issues, considering maturity dates and, if applicable, redemption rights held by others. Deferred debt issuance costs are recorded as a reduction in long-term debt in the Consolidated Balance Sheets. Amortization of the issuance costs is reported as interest expense. Unamortized costs associated with redemptions of debt securities prior to stated maturity dates are generally recognized and recorded in interest expense immediately. As permitted by regulatory authorities, gains or losses resulting from the refinancing of debt allocable to utility operations subject to cost-based rate regulation are deferred and amortized over the lives of the new issuances. |
Investments | Investments M ARKETABLE QUITY AND EBT ECURITIES Dominion Energy accounts for and classifies investments in marketable equity and debt securities as trading or available-for-sale available-for-sale • Trading securities • Available-for-sale available-for-sale after-tax. In determining realized gains and losses for marketable equity and debt securities, the cost basis of the security is based on the specific identification method. N ON -M ARKETABLE NVESTMENTS The Companies account for illiquid and privately held securities for which market prices or quotations are not readily available under either the equity or cost method. Non-marketable • Equity method investments • Cost method investments O THER HAN EMPORARY MPAIRMENT The Companies periodically review their investments to determine whether a decline in fair value should be considered other-than-temporary. If a decline in fair value of any security is determined to be other-than-temporary, the security is written down to its fair value at the end of the reporting period. Decommissioning Trust Investments—Special Considerations • The recognition provisions of the FASB’s other-than-temporary impairment guidance apply only to debt securities classified as available-for-sale held-to-maturity, • Debt Securities more-likely-than-not non-performance • Equity securities and other investments day-to-day non-marketable |
Inventories | Inventories Materials and supplies and fossil fuel inventories are valued primarily using the weighted-average cost method. Stored gas inventory is valued using the weighted-average cost method, except for East Ohio gas distribution operations, which are valued using the LIFO method. Under the LIFO method, current stored gas inventory was valued at $9 million and $13 million at December 31, 2017 and December 31, 2016, respectively. Based on the average price of gas purchased during 2017 and 2016, the cost of replacing the current portion of stored gas inventory exceeded the amount stated on a LIFO basis by $79 million and $55 million, respectively. |
Gas Imbalances | Gas Imbalances Natural gas imbalances occur when the physical amount of natural gas delivered from, or received by, a pipeline system or storage facility differs from the contractual amount of natural gas delivered or received. Dominion Energy and Dominion Energy Gas value these imbalances due to, or from, shippers and operators at an appropriate index price at period end, subject to the terms of its tariff for regulated entities. Imbalances are primarily settled in-kind. |
Goodwill | Goodwill Dominion Energy and Dominion Energy Gas evaluate goodwill for impairment annually as of April 1 and whenever an event occurs or circumstances change in the interim that would more-likely-than-not |
New Accounting Standards | New Accounting Standards R EVENUE ECOGNITION In May 2014, the FASB issued revised accounting guidance for revenue recognition from contracts with customers. The core principle of this revised accounting guidance is that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. The amendments in this update also require disclosure of the nature, amount, timing and uncertainty of revenue and cash flows arising from contracts with customers. For the Companies, the revised accounting guidance is effective for interim and annual periods beginning January 1, 2018. The Companies have completed their evaluations of the impact of this guidance and expect no significant impact on their results of operations. However, the Companies will have offsetting increases in operating revenues and other energy-related purchases for noncash consideration related to NGLs received in consideration for performing processing and fractionation services and offsetting decreases in operating revenues and purchased gas for fuel retained to offset costs on certain transportation and storage arrangements. The Companies will apply the standard using the modified retrospective method as opposed to the full retrospective method. F INANCIAL NSTRUMENTS In January 2016, the FASB issued revised accounting guidance for the recognition, measurement, presentation and disclosure of financial instruments. In accordance with the guidance effective January 2018, Dominion Energy and Virginia Power will no longer classify equity securities as trading or available-for-sale Upon adoption of this guidance for equity securities held at January 1, 2018, Dominion Energy and Virginia Power recorded the cumulative-effect of a change in accounting principle to reclassify net unrealized gains from AOCI to retained earnings and to recognize equity securities previously categorized as cost method investments at fair value in nuclear decommissioning trust funds in the Consolidated Balance Sheets and a cumulative-effect adjustment to retained earnings. Dominion Energy and Virginia Power reclassified approximately $1.1 billion ($734 million after-tax) after-tax) after-tax), L EASES In February 2016, the FASB issued revised accounting guidance for the recognition, measurement, presentation and disclosure of leasing arrangements. The update requires that a liability and corresponding right-of-use The guidance is effective for the Companies’ interim and annual reporting periods beginning January 1, 2019, although it can be early adopted, with a modified retrospective approach, which requires lessees and lessors to recognize and measure leases at the beginning of the earliest period presented for leases that commenced prior to the date of adoption. The Companies plan to elect the proposed transition expedient which would allow the Companies to maintain historical presentation for periods before January 1, 2019. The Companies expect to elect the other practical expedients, which would require no reassessment of whether existing contracts are or contain leases and no reassessment of lease classification for existing leases. The Companies have completed a preliminary assessment for evaluating the impact of this guidance and anticipate that its adoption will result in a significant amount of offsetting right-of-use on-going D EFINITION OF A USINESS In January 2017, the FASB issued revised accounting guidance to clarify the definition of a business. The revised guidance affects the evaluation of whether a transaction should be accounted for as an acquisition or disposition of an asset or a business, which may impact goodwill and related financial statement disclosures. The Companies have adopted this guidance on a prospective basis effective October 1, 2017. The adoption of the pronouncement will result in additional transactions being accounted for as asset acquisitions or dispositions. D ERECOGNITION AND ARTIAL ALES OF ONFINANCIAL SSETS In February 2017, the FASB issued revised accounting guidance clarifying the scope of asset derecognition guidance and accounting for partial sales of nonfinancial assets. The guidance is effective for the Companies’ interim and annual reporting periods beginning January 1, 2018, and the Companies have elected to apply the standard using the modified retrospective method. Upon adoption of the standard on January 1, 2018, Dominion Energy recorded the cumulative-effect of a change in accounting principle to reclassify $127 million from noncontrolling interests to common stock related to the sale of a noncontrolling interest in certain merchant solar projects completed in December 2015 and January 2016. N ET ERIODIC ENSION AND THER OSTRETIREMENT ENEFIT OSTS In March 2017, the FASB issued revised accounting guidance for the presentation of net periodic pension and other postretirement benefit costs. The update requires that the service cost component of net periodic pension and other postretirement benefit costs be classified in the same line item as other compensation costs arising from services rendered by employees, while all other components of net periodic pension and other postretirement benefit costs would be classified outside of income from operations. In addition, only the service cost component will be eligible for capitalization during construction. However, these changes will not impact the accounting by participants in a multi-employer plan. The standard also recognized that in the event that a regulator continues to require capitalization of all net periodic benefit costs prospectively, the difference would result in recognition of a regulatory asset or liability. The guidance is effective for the Companies’ interim and annual reporting periods beginning January 1, 2018, with a retrospective adoption for income statement presentation and a prospective adoption for capitalization. For costs not capitalized for which regulators are expected to provide recovery, a regulatory asset will be established. As such, the amounts eligible for capitalization in the Consolidated Financial Statements of Virginia Power and Dominion Energy Gas, as subsidiary participants in Dominion Energy’s multi-employer plans will differ from the amounts eligible for capitalization in the Consolidated Financial Statements of Dominion Energy, the plan administrator. These differences will result in a regulatory asset or liability recorded in the Consolidated Financial Statements of Dominion Energy. T AX EFORM In December 2017, the staff of the SEC issued guidance which clarifies accounting for income taxes if information is not yet available or complete and provides for up to a one-year measurement period in which to complete the required analyses and accounting. The guidance describes three scenarios associated with a company’s status of accounting for income tax reform: (1) a company is complete with its accounting for certain effects of tax reform, (2) a company is able to determine a reasonable estimate for certain effects of tax reform and records that estimate as a provisional amount, or (3) a company is not able to determine a reasonable estimate and therefore continues to apply accounting for income taxes based on the provisions of the tax laws that were in effect immediately prior to the 2017 Tax Reform Act being enacted. In addition, the guidance provides clarification related to disclosures for entities which are utilizing the measurement period. The Companies have recorded their best estimate of the impacts of the 2017 Tax Reform Act as discussed above and in Note 5. The amounts are considered to be provisional and may result in adjustments to be recognized during the measurement period. In February 2018, the FASB issued revised accounting guidance to provide clarification on the application of the 2017 Tax Reform Act for balances recorded within AOCI. The revised guidance provides for stranded amounts within AOCI from the impacts of the 2017 Tax Reform Act to be reclassified to retained earnings. The guidance is effective for the Companies’ interim and annual reporting periods beginning January 1, 2019, with early adoption permitted, and may be applied prospectively or retrospectively upon adoption. If the Companies had adopted this guidance for the period ended December 31, 2017, Dominion Energy would have reclassified a benefit of $165 million from AOCI to retained earnings, Dominion Energy Gas would have reclassified a benefit of $26 million from AOCI to membership interests and Virginia Power would have reclassified an expense of $13 million from AOCI to retained earnings. |
Fair Value Measurements | Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability (exit price) in an orderly transaction between market participants at the measurement date. However, the use of a mid-market mid-point Inputs and Assumptions The Companies maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. Fair value is based on actively-quoted market prices, if available. In the absence of actively-quoted market prices, price information is sought from external sources, including broker quotes and industry publications. When evaluating pricing information provided by brokers and other pricing services, the Companies consider whether the broker is willing and able to trade at the quoted price, if the broker quotes are based on an active market or an inactive market and the extent to which brokers are utilizing a particular model if pricing is not readily available. If pricing information from external sources is not available, or if the Companies believe that observable pricing is not indicative of fair value, judgment is required to develop the estimates of fair value. In those cases the Companies must estimate prices based on available historical and near-term future price information and certain statistical methods, including regression analysis, that reflect their market assumptions. The Companies’ commodity derivative valuations are prepared by Dominion Energy’s ERM department. The ERM department creates daily mark-to-market mark-to-market mark-to-market mark-to-market For options and contracts with option-like characteristics where observable pricing information is not available from external sources, Dominion Energy and Virginia Power generally use a modified Black-Scholes Model that considers time value, the volatility of the underlying commodities and other relevant assumptions when estimating fair value. Dominion Energy and Virginia Power use other option models under special circumstances, including a Spread Approximation Model when contracts include different commodities or commodity locations and a Swing Option Model when contracts allow either the buyer or seller the ability to exercise within a range of quantities. For contracts with unique characteristics, the Companies may estimate fair value using a discounted cash flow approach deemed appropriate in the circumstances and applied consistently from period to period. For individual contracts, the use of different valuation models or assumptions could have a significant effect on the contract’s estimated fair value. The inputs and assumptions used in measuring fair value include the following: For commodity derivative contracts: • Forward commodity prices • Transaction prices • Price volatility • Price correlation • Volumes • Commodity location • Interest rates • Credit quality of counterparties and the Companies • Credit enhancements • Time value For interest rate derivative contracts: • Interest rate curves • Credit quality of counterparties and the Companies • Notional value • Credit enhancements • Time value For foreign currency derivative contracts: • Foreign currency forward exchange rates • Interest rates • Credit quality of counterparties and the Companies • Notional value • Credit enhancements • Time value For investments: • Quoted securities prices and indices • Securities trading information including volume and restrictions • Maturity • Interest rates • Credit quality The Companies regularly evaluate and validate the inputs used to estimate fair value by a number of methods, including review and verification of models, as well as various market price verification procedures such as the use of pricing services and multiple broker quotes to support the market price of the various commodities and investments in which the Companies transact. Levels The Companies also utilize the following fair value hierarchy, which prioritizes the inputs to valuation techniques used to measure fair value into three broad levels: • Level 1—Quoted prices (unadjusted) in active markets for identical assets and liabilities that they have the ability to access at the measurement date. Instruments categorized in Level 1 primarily consist of financial instruments such as certain exchange-traded derivatives, and exchange-listed equities, U.S. and international equity securities, mutual funds and certain Treasury securities held in nuclear decommissioning trust funds for Dominion Energy and Virginia Power, benefit plan trust funds for Dominion Energy and Dominion Energy Gas, and rabbi trust funds for Dominion Energy. • Level 2—Inputs other than quoted prices included within Level 1 that are either directly or indirectly observable for the asset or liability, including quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in inactive markets, inputs other than quoted prices that are observable for the asset or liability, and inputs that are derived from observable market data by correlation or other means. Instruments categorized in Level 2 primarily include commodity forwards and swaps, interest rate swaps, foreign currency swaps and cash and cash equivalents, corporate debt instruments, government securities and other fixed income investments held in nuclear decommissioning trust funds for Dominion Energy and Virginia Power, benefit plan trust funds for Dominion Energy and Dominion Energy Gas and rabbi trust funds for Dominion Energy. • Level 3—Unobservable inputs for the asset or liability, including situations where there is little, if any, market activity for the asset or liability. Instruments categorized in Level 3 for the Companies consist of long-dated commodity derivatives, FTRs, certain natural gas and power options and other modeled commodity derivatives. The fair value hierarchy gives the highest priority to quoted prices in active markets (Level 1) and the lowest priority to unobservable data (Level 3). In some cases, the inputs used to measure fair value might fall in different levels of the fair value hierarchy. In these cases, the lowest level input that is significant to a fair value measurement in its entirety determines the applicable level in the fair value hierarchy. Assessing the significance of a particular input to the fair value measurement in its entirety requires judgment, considering factors specific to the asset or liability. Alternative investments, consisting of investments in partnerships, joint ventures and other alternative investments held in nuclear decommissioning and benefit plan trust funds, are generally valued using NAV based on the proportionate share of the fair value as determined by reference to the most recent audited fair value financial statements or fair value statements provided by the investment manager adjusted for any significant events occurring between the investment manager’s and the Companies’ measurement date. Alternative investments recorded at NAV are not classified in the fair value hierarchy. For derivative contracts, the Companies recognize transfers among Level 1, Level 2 and Level 3 based on fair values as of the first day of the month in which the transfer occurs. Transfers out of Level 3 represent assets and liabilities that were previously classified as Level 3 for which the inputs became observable for classification in either Level 1 or Level 2. Because the activity and liquidity of commodity markets vary substantially between regions and time periods, the availability of observable inputs for substantially the full term and value of the Companies’ over-the-counter Level 3 Valuations Fair value measurements are categorized as Level 3 when price or other inputs that are considered to be unobservable are significant to their valuations. Long-dated commodity derivatives are generally based on unobservable inputs due to the length of time to settlement and the absence of market activity and are therefore categorized as Level 3. FTRs are categorized as Level 3 fair value measurements because the only relevant pricing available comes from ISO auctions, which are generally not considered to be liquid markets. Other modeled commodity derivatives have unobservable inputs in their valuation, mostly due to non-transparent 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 mark-to-market |
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. |
Employee Benefit Plans | Dominion Energy and Dominion Energy Gas—Defined Benefit Plans Dominion Energy provides certain retirement benefits to eligible active employees, retirees and qualifying dependents. Dominion Energy Gas participates in a number of the Dominion Energy-sponsored retirement plans. Under the terms of its benefit plans, Dominion Energy reserves the right to change, modify or terminate the plans. From time to time in the past, benefits have changed, and some of these changes have reduced benefits. Dominion Energy maintains qualified noncontributory defined benefit pension plans covering virtually all employees. Retirement benefits are based primarily on years of service, age and the employee’s compensation. Dominion Energy’s funding policy is to contribute annually an amount that is in accordance with the provisions of ERISA. The pension programs also provide benefits to certain retired executives under company-sponsored nonqualified employee benefit plans. The nonqualified plans are funded through contributions to grantor trusts. Dominion Energy also provides retiree healthcare and life insurance benefits with annual employee premiums based on several factors such as age, retirement date and years of service. Pension benefits for Dominion Energy Gas employees not represented by collective bargaining units are covered by the Dominion Energy Pension Plan, a defined benefit pension plan sponsored by Dominion Energy that provides benefits to multiple Dominion Energy subsidiaries. Pension benefits for Dominion Energy Gas employees represented by collective bargaining units are covered by separate pension plans for East Ohio and, for DETI, a plan that provides benefits to employees of both DETI and Hope. Employee compensation is the basis for allocating pension costs and obligations between DETI and Hope and determining East Ohio’s share of total pension costs. Retiree healthcare and life insurance benefits for Dominion Energy Gas employees not represented by collective bargaining units are covered by the Dominion Retiree Health and Welfare Plan, a plan sponsored by Dominion Energy that provides certain retiree healthcare and life insurance benefits to multiple Dominion Energy subsidiaries. Retiree healthcare and life insurance benefits for Dominion Energy Gas employees represented by collective bargaining units are covered by separate other postretirement benefit plans for East Ohio and, for DETI, a plan that provides benefits to both DETI and Hope. Employee headcount is the basis for allocating other postretirement benefit costs and obligations between DETI and Hope and determining East Ohio’s share of total other postretirement benefit costs. Pension and other postretirement benefit costs are affected by employee demographics (including age, compensation levels and years of service), the level of contributions made to the plans and earnings on plan assets. These costs may also be affected by changes in key assumptions, including expected long-term rates of return on plan assets, discount rates, healthcare cost trend rates, mortality rates and the rate of compensation increases. Dominion Energy uses December 31 as the measurement date for all of its employee benefit plans, including those in which Dominion Energy Gas participates. Dominion Energy uses the market-related value of pension plan assets to determine the expected return on plan assets, a component of net periodic pension cost, for all pension plans, including those in which Dominion Energy Gas participates. The market-related value recognizes changes in fair value on a straight-line basis over a four-year period, which reduces year-to-year P LAN SSETS Dominion Energy’s overall objective for investing its pension and other postretirement plan assets is to achieve appropriate long-term rates of return commensurate with prudent levels of risk. As a participating employer in various pension plans sponsored by Dominion Energy, Dominion Energy Gas is subject to Dominion Energy’s investment policies for such plans. To minimize risk, funds are broadly diversified among asset classes, investment strategies and investment advisors. The strategic target asset allocations for Dominion Energy’s pension funds are 28% U.S. equity, 18% non-U.S. large-cap, mid-cap small-cap Non-U.S. large-cap small-cap non-U.S. Dominion Energy also utilizes common/collective trust funds as an investment vehicle for its defined benefit plans. A common/collective trust fund is a pooled fund operated by a bank or trust company for investment of the assets of various organizations and individuals in a well-diversified portfolio. Common/collective trust funds are funds of grouped assets that follow various investment strategies. Strategic investment policies are established for Dominion Energy’s prefunded benefit plans based upon periodic asset/liability studies. Factors considered in setting the investment policy include employee demographics, liability growth rates, future discount rates, the funded status of the plans and the expected long-term rate of return on plan assets. Deviations from the plans’ strategic allocation are a function of Dominion Energy’s assessments regarding short-term risk and reward opportunities in the capital markets and/or short-term market movements which result in the plans’ actual asset allocations varying from the strategic target asset allocations. Through periodic rebalancing, actual allocations are brought back in line with the target. Future asset/liability studies will focus on strategies to further reduce pension and other postretirement plan risk, while still achieving attractive levels of returns. Financial derivatives may be used to obtain or manage market exposures and to hedge assets and liabilities. The expected long-term rates of return on plan assets, discount rates, healthcare cost trend rates and mortality are critical assumptions in determining net periodic benefit (credit) cost. Dominion Energy develops non-investment Dominion Energy determines the expected long-term rates of return on plan assets for its pension plans and other postretirement benefit plans, including those in which Dominion Energy Gas participates, by using a combination of: • Expected inflation and risk-free interest rate assumptions; • Historical return analysis to determine long term historic returns as well as historic risk premiums for various asset classes; • Expected future risk premiums, asset volatilities and correlations; • Forward-looking return expectations derived from the yield on long-term bonds and the expected long-term returns of major stock market indices; and • Investment allocation of plan assets. Dominion Energy determines discount rates from analyses of AA/Aa rated bonds with cash flows matching the expected payments to be made under its plans, including those in which Dominion Energy Gas participates. |
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 Energy also enters into guarantee arrangements on behalf of its consolidated subsidiaries, primarily to facilitate their commercial transactions with third parties. If any of these subsidiaries fail to perform or pay under the contracts and the counterparties seek performance or payment, Dominion Energy would be obligated to satisfy such obligation. To the extent that a liability subject to a guarantee has been incurred by one of Dominion Energy’s consolidated subsidiaries, that liability is included in the Consolidated Financial Statements. Dominion Energy 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 Energy currently believes it is unlikely that it would be required to perform or otherwise incur any losses associated with guarantees of its subsidiaries’ obligations. |
Indemnifications | Indemnifications As part of commercial contract negotiations in the normal course of business, the Companies may sometimes agree to make payments to compensate or indemnify other parties for possible future unfavorable financial consequences resulting from specified events. The specified events may involve an adverse judgment in a lawsuit or the imposition of additional taxes due to a change in tax law or interpretation of the tax law. The Companies are unable to develop an estimate of the maximum potential amount of any other future payments under these contracts because events that would obligate them have not yet occurred or, if any such event has occurred, they have not been notified of its occurrence. However, at December 31, 2017, the Companies believe any other future payments, if any, that could ultimately become payable under these contract provisions, would not have a material impact on their results of operations, cash flows or financial position. |
Credit Risk | Credit risk is the risk of financial loss if counterparties fail to perform their contractual obligations. In order to minimize overall credit risk, credit policies are maintained, including the evaluation of counterparty financial condition, collateral requirements and the use of standardized agreements that facilitate the netting of cash flows associated with a single counterparty. In addition, counterparties may make available collateral, including letters of credit or cash held as margin deposits, as a result of exceeding agreed-upon credit limits, or may be required to prepay the transaction. The Companies maintain a provision for credit losses based on factors surrounding the credit risk of their customers, historical trends and other information. Management believes, based on credit policies and the December 31, 2017 provision for credit losses, that it is unlikely that a material adverse effect on financial position, results of operations or cash flows would occur as a result of counterparty nonperformance. |
Significant Accounting Polici36
Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Accounting Policies [Abstract] | |
Schedule of Checks Outstanding but Not Yet Presented for Payment | The following table illustrates the checks outstanding but not yet presented for payment and recorded in accounts payable for the Companies: Year Ended December 31, 2017 2016 (millions) Dominion Energy $ 30 $ 24 Virginia Power 17 11 Dominion Energy Gas 7 9 |
Amount of Restricted Cash Held at each Company | The Companies hold restricted cash and cash equivalent balances that primarily consist of amounts held for customer deposits, future debt payments on Dominion Solar Projects III, Inc.’s term loan agreement and a distribution reserve at Cove Point. The amount of restricted cash held at each company is presented in the table below. These balances are presented in Other Current Assets and Other Investments in the Consolidated Balance Sheets. Year Ended December 31, 2017 2016 (millions) Dominion Energy $ 65 $ 61 Virginia Power 10 — Dominion Energy Gas 26 20 |
Schedule of Depreciation Rates | The Companies’ average composite depreciation rates on utility property, plant and equipment are as follows: Year Ended December 31, 2017 2016 2015 (percent) Dominion Energy Generation 2.94 2.83 2.78 Transmission 2.55 2.47 2.42 Distribution 3.00 3.02 3.11 Storage 2.48 2.29 2.42 Gas gathering and processing 2.21 2.66 3.19 General and other 4.89 4.12 3.67 Virginia Power Generation 2.94 2.83 2.78 Transmission 2.54 2.36 2.33 Distribution 3.32 3.32 3.33 General and other 4.68 3.49 3.40 Dominion Energy Gas Transmission 2.40 2.43 2.46 Distribution 2.42 2.55 2.45 Storage 2.45 2.19 2.44 Gas gathering and processing 2.42 2.58 3.20 General and other 4.96 4.54 4.72 |
Property, Plant and Equipment | Dominion Energy’s nonutility property, plant and equipment is depreciated using the straight-line method over the following estimated useful lives: Asset Estimated Useful Lives Merchant generation-nuclear 44 years Merchant generation-other 15-40 years Nonutility gas gathering and processing 3-50 General and other 5-59 |
Acquisitions and Dispositions (
Acquisitions and Dispositions (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Schedule of Business Acquisitions, by Acquisition | The following table presents significant completed acquisitions of wholly-owned merchant solar projects by Dominion Energy. Completed Acquisition Seller Number of Project Project Name(s) Initial (1) Project (2) Date of Commercial MW 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 November 2015 EC&R NA Solar PV, LLC 1 California Maricopa West 65 65 December 2015 20 November 2015 Community Energy Solar, LLC 1 Virginia Amazon Solar Farm 34 212 October 2016 80 February 2017 Community Energy Solar, LLC 1 Virginia Amazon Solar Farm 29 205 December 2017 100 March 2017 Solar Frontier Americas Holding LLC 1 (4) California Midway II 77 78 June 2017 30 May 2017 Cypress Creek Renewables, LLC 1 North IS37 154 160 June 2017 79 June 2017 Hecate Energy Virginia C&C LLC 1 Virginia Clarke County 16 16 August 2017 10 June 2017 Strata Solar Development, LLC/Moorings Farm 2 Holdco, LLC 2 North Fremont, Moorings 2 20 20 November 2017 10 September 2017 Hecate Energy Virginia C&C LLC 1 Virginia Cherrydale 40 41 November 2017 20 October 2017 Strata Solar Development, LLC 2 North Clipperton, Pikeville 20 21 November 2017 10 (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. (4) In April 2017, Dominion Energy discontinued efforts on the acquisition of the additional 20 MW solar project from Solar Frontier Americas Holding LLC. |
Dominion Energy Questar Corporation | |
Schedule of Preliminary Allocation of Purchase Price to Assets Acquired and Liabilities Assumed | The table below shows the allocation of the purchase price to the assets acquired and liabilities assumed at closing which reflects the following adjustments from the preliminary valuation recognized during the measurement period. During the fourth quarter of 2016, certain modifications were made to preliminary valuation amounts for acquired property, plant and equipment, current liabilities, and deferred income taxes, resulting in a $6 million net decrease to goodwill, which related primarily to the sale of Questar Fueling Company in December 2016 as further described in the Sale of Questar Fueling Company Amount (millions) Total current assets $ 224 Investments (1) 58 Property, plant and equipment (2) 4,131 Goodwill 3,111 Total deferred charges and other assets, excluding goodwill 75 Total Assets 7,599 Total current liabilities (3) 793 Long-term debt (4) 963 Deferred income taxes 807 Regulatory liabilities 259 Asset retirement obligations 160 Other deferred credits and other liabilities 220 Total Liabilities 3,202 Total 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 no amounts remain outstanding at December 31, 2017, as well as a $250 million variable interest rate term loan due in August 2017 that was paid in July 2017. (4) Unsecured senior and medium-term notes with maturities which range from 2017 to 2048 and bear interest at rates from 2.98% to 7.20%. |
Business Acquisition, Pro Forma Information | The following unaudited pro forma financial information reflects the consolidated results of operations of Dominion Energy assuming the Dominion Energy 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. Twelve Months Ended December 31, 2016 (1) 2015 (millions, except EPS) Operating Revenue $12,497 $12,818 Net income attributable to Dominion Energy 2,300 2,108 Earnings Per Common Share – Basic $ 3.73 $ 3.56 Earnings Per Common Share – Diluted $ 3.73 $ 3.55 (1) Amounts include adjustments for non-recurring |
Operating Revenue (Tables)
Operating Revenue (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Text Block [Abstract] | |
Operating Revenue | The Companies’ operating revenue consists of the following: Year Ended December 31, 2017 2016 2015 (millions) Dominion Energy Electric sales: Regulated $ 7,383 $ 7,348 $ 7,482 Nonregulated 1,429 1,519 1,488 Gas sales: Regulated 1,067 500 218 Nonregulated 457 354 471 Gas transportation and storage 1,786 1,636 1,616 Other 464 380 408 Total operating revenue $ 12,586 $ 11,737 $ 11,683 Virginia Power Regulated electric sales $ 7,383 $ 7,348 $ 7,482 Other 173 240 140 Total operating revenue $ 7,556 $ 7,588 $ 7,622 Dominion Energy Gas Gas sales: Regulated $ 87 $ 119 $ 122 Nonregulated 20 13 10 Gas transportation and storage 1,435 1,307 1,366 NGL revenue 91 62 93 Other 181 137 125 Total operating revenue $ 1,814 $ 1,638 $ 1,716 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Income Tax Disclosure [Abstract] | |
Income tax expense for continuing operations including noncontrolling interests | Details of income tax expense for continuing operations including noncontrolling interests were as follows: Dominion Energy Virginia Power Dominion Energy Gas Year Ended December 31, 2017 2016 2015 2017 2016 2015 2017 2016 2015 (millions) Current: Federal $ (1 ) $ (155 ) $ (24 ) $ 432 $ 168 $ 316 $ 16 $ (27 ) $ 90 State (26 ) 85 75 73 90 92 8 4 30 Total current expense (benefit) (27 ) (70 ) 51 505 258 408 24 (23 ) 120 Deferred: Federal 2017 Tax Reform Act impact (851 ) — — (93 ) — — (197 ) — — Taxes before operating loss carryforwards and investment tax credits 739 1,050 384 319 435 154 199 239 156 Tax utilization expense (benefit) of operating loss carryforwards 174 (161 ) 539 4 (2 ) 96 5 (2 ) 6 Investment tax credits (200 ) (248 ) (134 ) (23 ) (25 ) (11 ) — — — State 132 50 66 59 27 13 20 1 1 Total deferred expense (benefit) (6 ) 691 855 266 435 252 27 238 163 Investment tax credit-gross deferral 5 35 — 5 35 — — — — Investment tax credit-amortization (2 ) (1 ) (1 ) (2 ) (1 ) (1 ) — — — Total income tax expense (benefit) $ (30 ) $ 655 $ 905 $ 774 $ 727 $ 659 $ 51 $ 215 $ 283 |
Effective Income Tax | For continuing operations including noncontrolling interests, the statutory U.S. federal income tax rate reconciles to the Companies’ effective income tax rate as follows: Dominion Energy Virginia Power Dominion Energy Gas Year Ended December 31, 2017 2016 2015 2017 2016 2015 2017 2016 2015 U.S. statutory rate 35.0 % 35.0 % 35.0 % 35.0 % 35.0 % 35.0 % 35.0 % 35.0 % 35.0 % Increases (reductions) resulting from: State taxes, net of federal benefit 2.0 2.4 3.7 3.7 3.8 3.9 2.4 0.5 2.7 Investment tax credits (6.3 ) (11.7 ) (4.7 ) (0.8 ) — (0.6 ) — — — Production tax credits (0.7 ) (0.8 ) (0.8 ) (0.4 ) (0.5 ) (0.6 ) — — — Valuation allowances 0.2 1.2 (0.3 ) — 0.1 — 0.3 — — Federal legislative change (27.5 ) — — (4.0 ) — — (29.5 ) — — State legislative change — (0.6 ) (0.1 ) — — — — — — AFUDC—equity (1.4 ) (0.6 ) (0.3 ) (0.6 ) (0.6 ) (0.6 ) (0.9 ) (0.2 ) 0.2 Employee stock ownership plan deduction (0.6 ) (0.6 ) (0.6 ) — — — — — — Other, net (1.7 ) (1.4 ) 0.1 0.6 (0.4 ) 0.6 0.4 0.1 0.3 Effective tax rate (1.0 )% 22.9 % 32.0 % 33.5 % 37.4 % 37.7 % 7.7 % 35.4 % 38.2 % |
Deferred income taxes components | The Companies’ deferred income taxes consist of the following: Dominion Energy Virginia Power Dominion Energy At December 31, 2017 2016 2017 2016 2017 2016 (millions) Deferred income taxes: Total deferred income tax assets $ 2,686 $ 1,827 $ 923 $ 268 $ 320 $ 126 Total deferred income tax liabilities 7,158 10,381 3,600 5,323 1,774 2,564 Total net deferred income tax liabilities $ 4,472 $ 8,554 $ 2,677 $5,055 $1,454 $ 2,438 Total deferred income taxes: Plant and equipment, primarily depreciation method and basis differences $ 5,056 $ 7,782 $ 2,969 $4,604 $1,132 $ 1,726 Excess deferred income taxes (1,050 ) — (687 ) — (244 ) — Nuclear decommissioning 829 1,240 260 406 — — Deferred state income taxes 834 747 378 321 227 204 Federal benefit of deferred state income taxes (175 ) (261 ) (79 ) (112 ) (48 ) (71 ) Deferred fuel, purchased energy and gas costs 1 (25 ) (3 ) (29 ) 2 4 Pension benefits 141 155 (104 ) (138 ) 419 646 Other postretirement benefits (51 ) (68 ) 44 49 (2 ) (6 ) Loss and credit carryforwards (1,536 ) (1,547 ) (111 ) (88 ) (4 ) (5 ) Valuation allowances 146 135 5 3 3 — Partnership basis differences 473 688 — — 26 43 Other (196 ) (292 ) 5 39 (57 ) (103 ) Total net deferred income tax liabilities $ 4,472 $ 8,554 $ 2,677 $5,055 $1,454 $ 2,438 Deferred Investment Tax Credits – Regulated Operations 51 48 51 48 — — Total Deferred Taxes and Deferred Investment Tax Credits $ 4,523 $ 8,602 $ 2,728 $5,103 $1,454 $ 2,438 |
Summary of deductible loss and credit carryforwards | At December 31, 2017, Dominion Energy had the following deductible loss and credit carryforwards: Deductible Amount Deferred Tax Asset Valuation Expiration Period (millions) Federal losses $ 560 $ 118 $ — 2034 Federal investment credits — 938 — 2033-2037 Federal production credits — 129 — 2031-2037 Other federal credits — 58 — 2031-2037 State losses 1,366 103 (63 ) 2018-2037 State minimum tax credits — 90 — No expiration State investment and other credits — 100 (83 ) 2018-2027 Total $1,926 $1,536 $(146 ) At December 31, 2017, Virginia Power had the following deductible loss and credit carryforwards: Deductible Amount Deferred Tax Asset Valuation Allowance Expiration (millions) Federal losses $ 1 $ — $— 2034 Federal investment credits — 51 — 2034-2037 Federal production and other credits — 51 — 2031-2037 State investment credits — 9 (5 ) 2024 Total $ 1 $111 $(5 ) At December 31, 2017, Dominion Energy Gas had the following deductible loss and credit carryforwards: Deductible Amount Deferred Tax Asset Valuation Allowance Expiration Period (millions) Other federal credits $ — $1 $ 2032-2036 State losses 33 3 (3 ) 2036-2037 Total $33 $4 $ ) |
Reconciliation of changes in unrecognized tax benefits | A reconciliation of changes in the Companies’ unrecognized tax benefits follows: Dominion Energy Virginia Power Dominion Energy Gas 2017 2016 2015 2017 2016 2015 2017 2016 2015 (millions) Balance at January 1 $ 64 $ 103 $ 145 $ 13 $ 12 $ 36 $ 7 $ 29 $29 Increases-prior period positions 1 9 2 — 4 — — 1 — Decreases-prior period positions (9 ) (44 ) (40 ) (1 ) (3 ) (25 ) — (19 ) — Increases-current period positions 5 6 8 — — 1 — — — Settlements with tax authorities (23 ) (8 ) (5 ) (8 ) — — (7 ) (4 ) — Expiration of statutes of limitations — (2 ) (7 ) — — — — — — Balance at December 31 $ 38 $ 64 $ 103 $ 4 $ 13 $ 12 $— $ 7 $29 |
Earliest tax year remaining | For each of the major states in which Dominion Energy operates, the earliest tax year remaining open for examination is as follows: State Earliest Open Tax Year Pennsylvania (1) 2012 Connecticut 2014 Virginia (2) 2014 West Virginia (1) 2014 New York (1) 2011 Utah 2014 (1) Considered a major state for Dominion Energy Gas’ operations. (2) Considered a major state for Virginia Power’s operations. |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Fair Value Inputs, Assets, Quantitative Information | The following table presents Dominion Energy’s quantitative information about Level 3 fair value measurements at December 31, 2017. 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) $ 84 Discounted cash flow Market price (per Dth) (4) (2) - 14 — FTRs 29 Discounted cash flow Market price (per MWh) (4) (1) - 7 2 Physical options: Natural gas 1 Option model Market price (per Dth) (4) 2 - 7 3 Price volatility (5) 26% - 54% 33 % Electricity 43 Option model Market price (per MWh) (4) 22 - 74 37 Price volatility (5) 13% - 63% 33 % Total assets $157 Liabilities Financial forwards: Liquids (3) $ 2 Discounted cash flow Market price (per Gal) (4) 0 - 2 1 FTRs $ 5 Discounted cash flow Market price (per MWh) (4) (4) - 6 — Total liabilities $ 7 (1) Averages weighted by volume. (2) Includes basis. (3) Includes NGLs and oil. (4) Represents market prices beyond defined terms for Levels 1 and 2. (5) Represents volatilities unrepresented in published markets. |
Fair Value, Option, Qualitative Disclosures | 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) |
Fair Value, by Balance Sheet Grouping | The following table presents Dominion Energy’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) December 31, 2017 Assets Derivatives: Commodity $ — $ 101 $157 $ 258 Interest rate — 17 — 17 Foreign currency — 32 — 32 Investments (1) Equity securities: U.S. 3,493 — — 3,493 Fixed income: Corporate debt instruments — 444 — 444 Government securities 307 794 — 1,101 Cash equivalents and other 34 — — 34 Total assets $ 3,834 $ 1,388 $157 $ 5,379 Liabilities Derivatives: Commodity $ — $ 190 $ 7 $ 197 Interest rate — 85 — 85 Foreign currency — 2 — 2 Total liabilities $ — $ 277 $ 7 $ 284 December 31, 2016 Assets Derivatives: Commodity $ — $ 115 $147 $ 262 Interest rate — 17 — 17 Investments (1) Equity securities: U.S. 2,913 — — 2,913 Fixed income: Corporate debt instruments — 487 — 487 Government securities 424 614 — 1,038 Cash equivalents and other 5 — — 5 Total assets $ 3,342 $ 1,233 $147 $ 4,722 Liabilities Derivatives: Commodity $ — $ 88 $ 8 $ 96 Interest rate — 53 — 53 Foreign currency — 6 — 6 Total liabilities $ — $ 147 $ 8 $ 155 (1) Includes investments held in the nuclear decommissioning and rabbi trusts. Excludes $88 million and $89 million of assets at December 31, 2017 and 2016, respectively, measured at fair value using NAV (or its equivalent) as a practical expedient which are not required to be categorized in the fair value hierarchy. |
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation | The following table presents the net change in Dominion Energy’s assets and liabilities measured at fair value on a recurring basis and included in the Level 3 fair value category: 2017 2016 2015 (millions) Balance at January 1, $ 139 $ 95 $ 107 Total realized and unrealized gains (losses): Included in earnings (38 ) (35 ) (5 ) Included in other comprehensive loss (2 ) — (9 ) Included in regulatory assets/liabilities 42 (39 ) (4 ) Settlements 6 38 9 Purchases — 87 — Transfers out of Level 3 3 (7 ) (3 ) Balance at December 31, $ 150 $ 139 $ 95 The amount of total gains (losses) for the period included in earnings attributable to the change in unrealized gains (losses) relating to assets still held at the reporting date $ 2 $ (1 ) $ 2 |
Fair Value Unobservable Inputs Gain (Loss) Included In Earnings | The following table presents Dominion Energy’s gains and losses included in earnings in the Level 3 fair value category: Operating Revenue Electric Fuel and Other Energy-Related Purchases Purchased Gas Total (millions) Year Ended December 31, 2017 Total gains (losses) included in earnings $ 3 $(42 ) $ 1 $ (38 ) 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 2 — — 2 Year Ended December 31, 2016 Total gains (losses) included in earnings $— $(35 ) $— $ (35 ) 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 ) Year Ended December 31, 2015 Total gains (losses) included in earnings $ 6 $(11 ) $— $ (5 ) 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 — 2 |
Schedule of Carrying Values and Estimated Fair Values of Debt Instruments | For the Companies’ financial instruments that are not recorded at fair value, the carrying amounts and estimated fair values are as follows: December 31, 2017 2016 Carrying Amount Estimated Fair Value (1) Carrying Amount Estimated Fair Value (1) (millions) Dominion Energy Long-term debt, including securities due within one year (2) $ 28,666 $31,233 $ 26,587 $28,273 Junior subordinated notes (3) 3,981 4,102 2,980 2,893 Remarketable subordinated notes (3) 1,379 1,446 2,373 2,418 Virginia Power Long-term debt, including securities due within one year (3) $ 11,346 $12,842 $ 10,530 $11,584 Dominion Energy Gas Long-term debt, including securities due within one year (4) $ 3,570 $ 3,719 $ 3,528 $ 3,603 (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 or premium, and foreign currency remeasurement adjustments. At December 31, 2017, and 2016, includes the valuation of certain fair value hedges associated with Dominion Energy’s fixed rate debt of $(22) million and $(1) million, respectively. (3) Carrying amount includes amounts which represent the unamortized debt issuance costs, discount or premium. (4) Carrying amount includes amounts which represent the unamortized debt issuance costs, discount or premium, and foreign currency remeasurement adjustments. |
Virginia Electric and Power Company | |
Fair Value Inputs, Assets, Quantitative Information | The following table presents Virginia Power’s quantitative information about Level 3 fair value measurements at December 31, 2017. 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 (1 ) FTRs 27 Discounted cash flow Market price (per MWh) (3) (1)-7 2 Physical options: Natural gas 1 Option model Market price (per Dth) (3) 2-7 3 Price volatility (4) 26%-54% 33 % Electricity 43 Option model Market price (per MWh) (3) 22-74 37 Price volatility (4) 13%-63% 33 % Total assets $152 Liabilities: Financial forwards: FTRs $ 5 Discounted cash flow Market price (per MWh) (3) (4)-6 — Total liabilities $ 5 (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, Option, Qualitative Disclosures | Sensitivity of the fair value measurements to changes in the significant unobservable inputs is as follows: Significant Unobservable 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) |
Fair Value, by Balance Sheet Grouping | 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) December 31, 2017 Assets Derivatives: Commodity $ — $ 14 $ 152 $ 166 Investments (1) Equity securities: U.S. 1,566 — — 1,566 Fixed income: Corporate debt instruments — 224 — 224 Government securities 168 326 — 494 Cash equivalents and other 16 — — 16 Total assets $ 1,750 $ 564 $ 152 $ 2,466 Liabilities Derivatives: Commodity $ — $ 4 $ 5 $ 9 Interest rate — 57 — 57 Total liabilities $ — $ 61 $ 5 $ 66 December 31, 2016 Assets Derivatives: Commodity $ — $ 43 $ 145 $ 188 Interest rate — 6 — 6 Investments (1) Equity securities: U.S. 1,302 — — 1,302 Fixed income: Corporate debt instruments — 277 — 277 Government securities 136 291 — 427 Total assets $ 1,438 $ 617 $ 145 $ 2,200 Liabilities Derivatives: Commodity $ — $ 8 $ 2 $ 10 Interest rate — 21 — 21 Total liabilities $ — $ 29 $ 2 $ 31 (1) Includes investments held in the nuclear decommissioning trusts. Excludes $27 million and $26 million of assets at December 31, 2017 and 2016, respectively, measured at fair value using NAV (or its equivalent) as a practical expedient which are not required to be categorized in the fair value hierarchy. |
Fair Value, Net Derivative Asset (Liability) 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: 2017 2016 2015 (millions) Balance at January 1, $ 143 $ 93 $ 102 Total realized and unrealized gains (losses): Included in earnings (43 ) (35 ) (13 ) Included in regulatory assets/liabilities 40 (37 ) (5 ) Settlements 7 35 13 Purchases — 87 — Transfers out of Level 3 — — (4 ) Balance at December 31, $ 147 $ 143 $ 93 |
Dominion Energy Gas Holdings, LLC | |
Fair Value Inputs, Assets, Quantitative Information | The following table presents Dominion Energy Gas’ quantitative information about Level 3 fair value measurements at December 31, 2017. The range and weighted average are presented in dollars for market price inputs. Fair Value (millions) Valuation Unobservable Range Weighted Average (1) Liabilities: Financial forwards: NGLs $2 Discounted Market (2) 0 - 1 1 Total liabilities $2 (1) Averages weighted by volume. (2) Represents market prices beyond defined terms for Levels 1 and 2. |
Fair Value, Option, Qualitative Disclosures | 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 Measurement Market price Buy Increase (decrease) Gain (loss) Market price Sell Increase (decrease) Loss (gain) |
Fair Value, by Balance Sheet Grouping | The following table presents Dominion Energy Gas’ assets and liabilities for commodity and foreign currency 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) December 31, 2017 Assets Foreign currency $ — $32 $ $ 32 Total assets $ — $32 $ $ 32 Liabilities Commodity $ — $ 4 $ 2 $ 6 Foreign currency — 2 — 2 Total liabilities $ — $ 6 $ 2 $ 8 December 31, 2016 Liabilities Commodity $ — $ 3 $ 2 $ 5 Foreign currency — 6 — 6 Total liabilities $ — $ 9 $ 2 $ 11 |
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation | The following table presents the net change in Dominion Energy Gas’ derivative assets and liabilities measured at fair value on a recurring basis and included in the Level 3 fair value category: 2017 2016 2015 (millions) Balance at January 1, $ (2 ) $ 6 $ 2 Total realized and unrealized gains (losses): Included in earnings — — 1 Included in other comprehensive loss (3 ) — (5 ) Settlements — — (1 ) Transfers out of Level 3 3 (8 ) 9 Balance at December 31, $ (2 ) $ (2 ) $ 6 |
Derivatives and Hedge Account41
Derivatives and Hedge Accounting Activities (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Offsetting Assets | The tables below present Dominion Energy’s derivative asset and liability balances by type of financial instrument, before and after the effects of offsetting: December 31, 2017 December 31, 2016 Gross Amounts of Assets Gross Amounts Offset in the Net Amounts of Presented in the Gross Amounts of Assets Gross Amounts Offset in the Balance Sheet Net Amounts of Assets Presented in the Balance Sheet (millions) Commodity contracts: Over-the-counter $174 $— $174 $211 $— $211 Exchange 80 — 80 44 — 44 Interest rate contracts: Over-the-counter 17 — 17 17 — 17 Foreign currency contracts: Over-the-counter 32 — 32 — — — Total derivatives, subject to a master netting or similar arrangement 303 — 303 272 — 272 Total derivatives, not subject to a master netting or similar arrangement 4 — 4 7 — 7 Total $307 $— $307 $279 $— $279 December 31, 2017 December 31, 2016 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 $174 $ 9 $— $165 $211 $14 $— $197 Exchange 80 80 — — 44 44 — — Interest rate contracts: Over-the-counter 17 8 — 9 17 9 — 8 Foreign currency contracts: Over-the-counter 32 2 — 30 — — — — Total $303 $99 $— $204 $272 $67 $— $205 |
Offsetting Liabilities | December 31, 2017 December 31, 2016 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 $ 76 $— $ 76 $ 23 $— $ 23 Exchange 120 — 120 71 — 71 Interest rate contracts: Over-the-counter 85 — 85 53 — 53 Foreign currency contracts: Over-the-counter 2 — 2 6 — 6 Total derivatives, subject to a master netting or similar arrangement 283 — 283 153 — 153 Total derivatives, not subject to a master netting or similar arrangement 1 — 1 2 — 2 Total $284 $— $284 $155 $— $155 December 31, 2017 December 31, 2016 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 $ 76 $ 9 $ 6 $ 61 $ 23 $14 $— $ 9 Exchange 120 80 40 — 71 44 27 — Interest rate contracts: Over-the-counter 85 8 — 77 53 9 — 44 Foreign currency contracts: Over-the-counter 2 2 — — 6 — — 6 Total $283 $99 $46 $138 $153 $67 $27 $59 |
Schedule of Volume of Derivative Activity | The following table presents the volume of Dominion Energy’s derivative activity as of December 31, 2017. 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) 77 19 Basis 163 600 Electricity (MWh): Fixed price 10,552,363 364,990 FTRs 46,494,865 — Liquids (Gal) (2) 44,153,704 10,087,200 Interest rate (3) $ 1,950,000,000 $ 4,192,517,177 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. |
Schedule of Cash Flow Hedges Included in Accumulated Other Comprehensive Income (Loss) | The following table presents selected information related to gains (losses) on cash flow hedges included in AOCI in Dominion Energy’s Consolidated Balance Sheet at December 31, 2017: AOCI After-Tax Amounts Expected to be Reclassified to Earnings During the Next 12 Months After-Tax Maximum Term (millions) Commodities: Gas $ (2 ) $ (3 ) 34 months Electricity (55 ) (55 ) 12 months Other (4 ) (4 ) 15 months Interest rate (246 ) (10 ) 384 months Foreign currency 5 (1 ) 102 months Total $(302 ) $(73 ) |
Fair Value of Derivatives | The following tables present the fair values of Dominion Energy’s derivatives and where they are presented in its Consolidated Balance Sheets: Fair Value – Derivatives Hedge Accounting Fair Value – Derivatives Hedge Accounting Total (millions) At December 31, 2017 ASSETS Current Assets Commodity $ 5 $158 $ 163 Interest rate 6 — 6 Total current derivative assets (1) 11 158 169 Noncurrent Assets Commodity — 95 95 Interest rate 11 — 11 Foreign currency 32 — 32 Total noncurrent derivative assets (2) 43 95 138 Total derivative assets $ 54 $253 $ 307 LIABILITIES Current Liabilities Commodity $103 $ 92 $ 195 Interest rate 53 — 53 Foreign currency 2 — 2 Total current derivative liabilities (3) 158 92 250 Noncurrent Liabilities Commodity 1 1 2 Interest rate 32 — 32 Total noncurrent derivative liabilities (4) 33 1 34 Total derivative liabilities $191 $ 93 $ 284 At December 31, 2016 ASSETS Current Assets Commodity $ 29 $101 $ 130 Interest rate 10 — 10 Total current derivative assets (1) 39 101 140 Noncurrent Assets Commodity — 132 132 Interest rate 7 — 7 Total noncurrent derivative assets (2) 7 132 139 Total derivative assets $ 46 $233 $ 279 LIABILITIES Current Liabilities Commodity $ 51 $ 41 $ 92 Interest rate 33 — 33 Foreign currency 3 — 3 Total current derivative liabilities (3) 87 41 128 Noncurrent Liabilities Commodity 1 3 4 Interest rate 20 — 20 Foreign currency 3 — 3 Total noncurrent derivative liabilities (4) 24 3 27 Total derivative liabilities $111 $ 44 $ 155 (1) Current derivative assets are presented in other current assets in Dominion Energy’s Consolidated Balance Sheets. (2) Noncurrent derivative assets are presented in other deferred charges and other assets in Dominion Energy’s Consolidated Balance Sheets. (3) Current derivative liabilities are presented in other current liabilities in Dominion Energy’s Consolidated Balance Sheets. (4) Noncurrent derivative liabilities are presented in other deferred credits and other liabilities in Dominion Energy’s Consolidated Balance Sheets. |
Schedule of Cash Flow Hedging Instruments, Statements of Financial Performance and Financial Position, Location | The following table presents the gains and losses on Dominion Energy’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 in AOCI on Derivatives Portion) (1) Amount of From AOCI Increase (Decrease) in Derivatives Subject to Regulatory (2) (millions) Year Ended December 31, 2017 Derivative type and location of gains (losses): Commodity: Operating revenue $ 81 Purchased gas (2 ) Total commodity $ 1 $ 79 $ — Interest rate (3) (8 ) (52 ) (58 ) Foreign currency (4) 18 20 — Total $ 11 $ 47 $(58 ) Year Ended December 31, 2016 Derivative type and location of gains (losses): Commodity: Operating revenue $330 Purchased gas (13 ) Electric fuel and other energy-related purchases (10 ) Total commodity $164 $307 $ — Interest rate (3) (66 ) (31 ) (26 ) Foreign currency (4) (6 ) (17 ) — Total $ 92 $259 $(26 ) Year Ended December 31, 2015 Derivative type and location of gains (losses): Commodity: Operating revenue $203 Purchased gas (15 ) Electric fuel and other energy-related purchases (1 ) Total commodity $230 $187 $ 4 Interest rate (3) (46 ) (11 ) (13 ) Total $184 $176 $ (9 ) (1) Amounts deferred into AOCI have no associated effect in Dominion Energy’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 Energy’s Consolidated Statements of Income. (3) Amounts recorded in Dominion Energy’s Consolidated Statements of Income are classified in interest and related charges. (4) Amounts recorded in Dominion Energy’s Consolidated Statements of Income are classified in other income. |
Schedule of Other Derivatives Not Designated as Hedging Instruments, Statements of Financial Performance | Derivatives not designated as hedging instruments Amount of Gain (Loss) Recognized in Income on Derivatives (1) Year Ended December 31, 2017 2016 2015 (millions) Derivative type and location of gains (losses): Commodity: Operating revenue $ 18 $ 2 $ 24 Purchased gas (3 ) 4 (14 ) Electric fuel and other energy-related purchases (59 ) (70 ) (14 ) Other operations & maintenance (1 ) 1 — Interest rate (2) — — (1 ) Total $(45 ) $(63 ) $ (5 ) (1) Includes derivative activity amortized out of regulatory assets/liabilities. Amounts deferred into regulatory assets/liabilities have no associated effect in Dominion Energy’s Consolidated Statements of Income. (2) Amounts recorded in Dominion Energy’s Consolidated Statements of Income are classified in interest and related charges. |
Virginia Electric and Power Company | |
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: December 31, 2017 December 31, 2016 Gross Amounts of Recognized Assets Gross Amounts Offset in the Consolidated Balance Sheet Net Amounts of Assets Presented 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 $155 $— $155 $147 $— $147 Interest rate contracts: Over-the-counter — — — 6 — 6 Total derivatives, subject to a master netting or similar arrangement 155 — 155 153 — 153 Total derivatives, not subject to a master netting or similar arrangement 11 — 11 41 — 41 Total $166 $— $166 $194 $— $194 December 31, 2017 December 31, 2016 Gross Amounts Not Offset in the Consolidated Balance Sheet Gross Amounts Not Offset in the Consolidated Balance Sheet Net Amounts of in the Consolidated Balance Sheet Financial Cash Collateral Received Net Amounts Net Amounts of Assets Presented in Balance Sheet Financial Instruments Cash Collateral Received Net Amounts (millions) Commodity contracts: Over-the-counter $155 $ 4 $— $151 $147 $ 2 $— $145 Interest rate contracts: Over-the-counter — — — — 6 — — 6 Total $155 $ 4 $— $151 $153 $ 2 $— $151 |
Offsetting Liabilities | December 31, 2017 December 31, 2016 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 $ 4 $— $ 4 $ 2 $— $ 2 Interest rate contracts: Over-the-counter 57 — 57 21 — 21 Total derivatives, subject to a master netting or similar arrangement 61 — 61 23 — 23 Total derivatives, not subject to a master netting or similar arrangement 5 — 5 8 — 8 Total $66 $— $66 $31 $— $31 December 31, 2017 December 31, 2016 Gross Amounts Not Offset in the Gross Amounts Not Offset in the Net Amounts of Liabilities Presented in the Consolidated Balance Sheet Financial Instruments Cash Collateral Paid Net Amounts Net Amounts of Liabilities Presented Financial Instruments Cash Collateral Paid Net Amounts (millions) Commodity contracts: Over-the-counter $ 4 $ 4 $— $— $ 2 $ 2 $— $— Interest rate contracts: Over-the-counter 57 — — 57 21 — — 21 Total $61 $ 4 $— $57 $23 $ 2 $— $21 |
Schedule of Volume of Derivative Activity | The following table presents the volume of Virginia Power’s derivative activity at December 31, 2017. 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) 33 5 Basis 79 540 Electricity (MWh): Fixed price (1) 1,453,910 364,990 FTRs 42,582,981 — Interest rate (2) $ 1,150,000,000 $ 300,000,000 (1) Includes options. (2) Maturity is determined based on final settlement period. |
Schedule of Cash Flow Hedges Included in Accumulated Other Comprehensive Income (Loss) | The following table presents selected information related to losses on cash flow hedges included in AOCI in Virginia Power’s Consolidated Balance Sheet at December 31, 2017: AOCI After-Tax Amounts Expected After-Tax Maximum (millions) Interest rate $(12 ) $(1 ) 384 months Total $(12 ) $(1 ) |
Fair Value of Derivatives | The following tables present the fair values of Virginia Power’s 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 December 31, 2017 ASSETS Current Assets Commodity $— $ 75 $ 75 Total current derivative assets (1) — 75 75 Noncurrent Assets Commodity — 91 91 Total noncurrent derivative assets — 91 91 Total derivative assets $— $166 $166 LIABILITIES Current Liabilities Commodity $— $ 9 $ 9 Interest rate 44 — 44 Total current derivative liabilities (2) 44 9 53 Noncurrent Liabilities Interest rate 13 — 13 Total noncurrent derivatives liabilities (3) 13 — 13 Total derivative liabilities $57 $ 9 $ 66 At December 31, 2016 ASSETS Current Assets Commodity $— $ 60 $ 60 Interest rate 6 — 6 Total current derivative assets (1) 6 60 66 Noncurrent Assets Commodity — 128 128 Total noncurrent derivative assets — 128 128 Total derivative assets $6 $188 $194 LIABILITIES Current Liabilities Commodity $— $ 10 $ 10 Interest rate 8 — 8 Total current derivative liabilities (2) 8 10 18 Noncurrent Liabilities Interest rate 13 — 13 Total noncurrent derivative liabilities (3) 13 — 13 Total derivative liabilities $21 $ 10 $ 31 (1) Current derivative assets are presented in other current assets in Virginia Power’s Consolidated Balance Sheets. (2) Current derivative liabilities are presented in other current liabilities in Virginia Power’s Consolidated Balance Sheets. (3) Noncurrent derivative liabilities are presented in other deferred credits and other liabilities in Virginia Power’s Consolidated Balance Sheets. |
Schedule of Cash Flow Hedging Instruments, Statements of Financial Performance and Financial Position, Location | 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 Amount of Gain (Loss) Recognized in AOCI on (Effective Portion) (1) Amount of Gain (Loss) Reclassified From AOCI to Income Increase (2) (millions) Year Ended December 31, 2017 Derivative type and location of gains (losses): Interest rate (3) $(8 ) $(1 ) $(58 ) Total $(8 ) $(1 ) $(58 ) Year Ended December 31, 2016 Derivative type and location of gains (losses): Interest rate (3) $(3 ) $(1 ) $(26 ) Total $(3 ) $(1 ) $(26 ) Year Ended December 31, 2015 Derivative type and location of gains (losses): Commodity: Electric fuel and other energy-related purchases $(1 ) Total commodity $— $(1 ) $ 4 Interest rate (3) (3 ) — (13 ) Total $(3 ) $(1 ) $ (9 ) (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 Other Derivatives Not Designated as Hedging Instruments, Statements of Financial Performance | Derivatives not designated as hedging instruments Amount of Gain (Loss) Recognized in Income on Derivatives (1) Year Ended December 31, 2017 2016 2015 (millions) Derivative type and location of gains (losses): Commodity (2) $(57 ) $(70 ) $(13 ) Total $(57 ) $(70 ) $(13 ) (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 Energy Gas Holdings, LLC | |
Offsetting Assets | The tables below present Dominion Energy Gas’ derivative asset and liability balances by type of financial instrument, before and after the effects of offsetting: December 31, 2017 December 31, 2016 Gross Amounts of Assets Gross Amounts Offset in the Net Amounts of Gross Assets Gross Amounts Offset in the Balance Sheet Net Amounts of Presented in the Balance Sheet (millions) Foreign currency contracts: Over-the-counter $32 $— $32 $— $— $— Total derivatives, subject to a master netting or similar arrangement $32 $— $32 $— $— $— December 31, 2017 December 31, 2016 Gross Amounts Not Offset in the Consolidated Balance Sheet Gross Amounts Not Balance Sheet Net Amounts of Balance Sheet Financial Instruments Cash Collateral Received Net Amounts Net Amounts of Balance Sheet Financial Instruments Cash Collateral Received Net Amounts (millions) Foreign currency contracts: Over-the-counter $32 $2 $— $30 $— $— $— $— Total $32 $2 $— $30 $— $— $— $— |
Offsetting Liabilities | December 31, 2017 December 31, 2016 Gross Amounts of Gross Amounts Offset in the Net Amounts of Liabilities Presented in the Consolidated Gross Amounts of Gross Amounts Offset in the Net Amounts of Presented in the Consolidated Balance Sheet (millions) Commodity contracts: Over-the-counter $6 $— $6 $ 5 $— $ 5 Foreign currency contracts: Over-the-counter 2 — 2 6 — 6 Total derivatives, subject to a master netting or similar arrangement $8 $— $8 $11 $— $11 December 31, 2017 December 31, 2016 Gross Amounts Not Offset Gross Amounts Not Offset in the Consolidated Net Amounts of Financial Cash Collateral Paid Net Amounts Net Amounts of Financial Cash Collateral Paid Net Amounts (millions) Commodity contracts Over-the-counter $6 $— $— $ 6 $ 5 $— $— $ 5 Foreign currency contracts: Over-the-counter 2 2 — — 6 — — 6 Total $8 $ 2 $— $ 6 $11 $— $— $11 |
Schedule of Volume of Derivative Activity | The following table presents the volume of Dominion Energy Gas’ derivative activity at December 31, 2017. 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): Basis 1 — NGLs (Gal) 40,961,704 8,491,200 Foreign currency (1) $ — $ 280,000,000 (1) Maturity is determined based on final settlement period. Euro equivalent volumes are €250,000,000. |
Schedule of Cash Flow Hedges Included in Accumulated Other Comprehensive Income (Loss) | The following table presents selected information related to gains (losses) on cash flow hedges included in AOCI in Dominion Energy Gas’ Consolidated Balance Sheet at December 31, 2017: AOCI After-Tax Amounts Expected After-Tax Maximum (millions) Commodities: NGLs $ (4 ) $(4 ) 15 months Interest rate (25 ) (3 ) 324 months Foreign currency 6 (1 ) 102 months Total $(23 ) $(8 ) |
Fair Value of Derivatives | The following tables present the fair values of Dominion Energy Gas’ derivatives and where they are presented in its Consolidated Balance Sheets: Fair Value- Under Accounting Fair Value- Not Under Accounting Total Fair Value (millions) At December 31, 2017 ASSETS Noncurrent Assets Foreign currency $32 $— $32 Total noncurrent derivative assets (1) 32 — 32 Total derivative assets $32 $— $32 LIABILITIES Current Liabilities Commodity $ 6 $— $ 6 Foreign currency 2 — 2 Total current derivative liabilities (2) 8 — 8 Total derivative liabilities $ 8 $— $ 8 At December 31, 2016 LIABILITIES Current Liabilities Commodity $ 4 $— $ 4 Foreign currency 3 — 3 Total current derivative liabilities (2) 7 — 7 Noncurrent Liabilities Commodity 1 — 1 Foreign currency 3 — 3 Total noncurrent derivative liabilities (3) 4 — 4 Total derivative liabilities $11 $— $11 (1) Noncurrent derivative assets are presented in other deferred charges and other assets in Dominion Energy Gas’ Consolidated Balance Sheets. (2) Current derivative liabilities are presented in other current liabilities in Dominion Energy Gas’ Consolidated Balance Sheets. (3) Noncurrent derivative liabilities are presented in other deferred credits and other liabilities in Dominion Energy Gas’ Consolidated Balance Sheets. |
Schedule of Cash Flow Hedging Instruments, Statements of Financial Performance and Financial Position, Location | The following tables present the gains and losses on Dominion Energy 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 Derivatives (1) Amount of (millions) Year Ended December 31, 2017 Derivative Type and Location of Gains (Losses): Commodity: Operating revenue $ (8 ) Total commodity $(10 ) $ (8 ) Interest rate (2) — (5 ) Foreign currency (3) 18 20 Total $ 8 $ 7 Year Ended December 31, 2016 Derivative Type and Location of Gains (Losses): Commodity: Operating revenue $ 4 Total commodity $(12 ) $ 4 Interest rate (2) (8 ) (2 ) Foreign currency (3) (6 ) (17 ) Total $(26 ) $(15 ) Year Ended December 31, 2015 Derivative Type and Location of Gains (Losses): Commodity: Operating revenue $ 6 Total commodity $ 16 $ 6 Interest rate (2) (6) — Total $ 10 $ 6 (1) Amounts deferred into AOCI have no associated effect in Dominion Energy Gas’ Consolidated Statements of Income. (2) Amounts recorded in Dominion Energy Gas’ Consolidated Statements of Income are classified in interest and related charges. (3) Amounts recorded in Dominion Energy Gas’ Consolidated Statements of Income are classified in other income. |
Schedule of Other Derivatives Not Designated as Hedging Instruments, Statements of Financial Performance | Derivatives not designated as hedging instruments Amount of Gain (Loss) Recognized in Income on Derivatives Year Ended December 31, 2017 2016 2015 (millions) Derivative type and location of gains (losses): Commodity Operating revenue $— $1 $6 Total $— $1 $6 |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Earnings Per Share [Abstract] | |
Earnings Per Share Computation | The following table presents the calculation of Dominion Energy’s basic and diluted EPS: 2017 2016 2015 (millions, except EPS) Net income attributable to Dominion Energy $ 2,999 $ 2,123 $ 1,899 Average shares of common stock outstanding – Basic 636.0 616.4 592.4 Net effect of dilutive securities (1) — 0.7 1.3 Average shares of common stock outstanding – Diluted 636.0 617.1 593.7 Earnings Per Common Share – Basic $ 4.72 $ 3.44 $ 3.21 Earnings Per Common Share – Diluted $ 4.72 $ 3.44 $ 3.20 (1) Dilutive securities consist primarily of the 2013 Equity Units for 2016 and 2015. See Note 17 for more information. |
Investments (Tables)
Investments (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Available-For-Sale Securities | Dominion Energy’s decommissioning trust funds are summarized below: Amortized Cost Total Unrealized Gains (1) Total Unrealized Losses (1) Fair (millions) At December 31, 2017 Marketable equity securities: U.S. $1,569 $1,857 $ — $3,426 Fixed income: Corporate debt instruments 430 15 (1 ) 444 Government securities 1,039 27 (5 ) 1,061 Common/collective trust funds 60 — — 60 Cost method investments 68 — — 68 Cash equivalents and other (2) 34 — — 34 Total $3,200 $1,899 $ (6 ) (3) $5,093 At December 31, 2016 Marketable equity securities: U.S. $1,449 $1,408 $ — $2,857 Fixed income: Corporate debt instruments 478 13 (4 ) 487 Government securities 978 22 (8) 992 Common/collective trust funds 67 — — 67 Cost method investments 69 — — 69 Cash equivalents and other (2) 12 — — 12 Total $3,053 $1,443 $(12 ) (3) $4,484 (1) Included in AOCI and the nuclear decommissioning trust regulatory liability as discussed in Note 2. (2) Includes pending sales of securities of $5 million and $9 million at December 31, 2017 and 2016, respectively. (3) The fair value of securities in an unrealized loss position was $565 million and $576 million at December 31, 2017 and 2016, respectively. |
Investments Classified by Contractual Maturity Date | The fair value of Dominion Energy’s marketable debt securities held in nuclear decommissioning trust funds at December 31, 2017 by contractual maturity is as follows: Amount (millions) Due in one year or less $ 151 Due after one year through five years 385 Due after five years through ten years 370 Due after ten years 659 Total $ 1,565 |
Marketable Securities | Presented below is selected information regarding Dominion Energy’s marketable equity and debt securities held in nuclear decommissioning trust funds: Year Ended December 31, 2017 2016 2015 (millions) Proceeds from sales $ 1,831 $ 1,422 $ 1,340 Realized gains (1) 166 128 219 Realized losses (1) 71 55 84 (1) Includes realized gains and losses recorded to the nuclear decommissioning trust regulatory liability as discussed in Note 2. |
Other Than Temporary Impairment Losses On Investment Securities | Dominion Energy recorded other-than-temporary impairment losses on investments held in nuclear decommissioning trust funds as follows: Year Ended December 31, 2017 2016 2015 (millions) Total other-than-temporary impairment losses (1) $ 44 $ 51 $ 66 Losses recorded to the nuclear decomissioning trust regulatory liability (16 ) (16 ) (26 ) Losses recognized in other comprehensive income (before taxes) (5 ) (12 ) (9 ) Net impairment losses recognized in earnings $ 23 $ 23 $ 31 (1) Amounts include other-than-temporary impairment losses for debt securities of $5 million, $13 million and $9 million at December 31, 2017, 2016 and 2015, respectively. |
Investments Accounts Under Equity Method of Accounting | Investments that Dominion Energy and Dominion Energy Gas account for under the equity method of accounting are as follows: Company Ownership % Investment Balance Description As of December 31, 2017 2016 (millions) Dominion Energy Blue Racer 50 % $ 691 $ 677 Midstream gas and Iroquois 50 % (1) 311 316 Gas transmission system Atlantic Coast Pipeline 48 % 382 256 Gas transmission system Fowler Ridge 50 % 81 116 Wind-powered merchant NedPower 50 % — (2) 112 Wind-powered merchant Other various 79 84 Total $ 1,544 $ 1,561 Dominion Energy Gas Iroquois 24.07 % $ 95 $ 98 Gas transmission system Total $ 95 $ 98 (1) Comprised of Dominion Energy Midstream’s interest of 25.93% and Dominion Energy Gas’ interest of 24.07%. See Note 15 for more information. (2) Liability of $17 million associated with NedPower recorded to other deferred credits and other liabilities, on the Consolidated Balance Sheets as of December 31, 2017. See additional discussion of NedPower below. |
Virginia Electric and Power Company | |
Available-For-Sale Securities | Virginia Power’s decommissioning trust funds are summarized below: Amortized Cost Total Gains (1) Total Losses (1) Fair (millions) At December 31, 2017 Marketable equity securities: U.S. $ 734 $831 $— $1,565 Fixed income: Corporate debt instruments 216 8 — 224 Government securities 482 13 (2 ) 493 Common/collective trust funds 27 — — 27 Cost method investments 68 — — 68 Cash equivalents and other (2) 22 — — 22 Total $1,549 $852 $(2 ) (3) $2,399 At December 31, 2016 Marketable equity securities: U.S. $ 677 $624 $— $1,301 Fixed income: Corporate debt instruments 274 6 (4 ) 276 Government securities 420 9 (2 ) 427 Common/collective trust funds 26 — — 26 Cost method investments 69 — — 69 Cash equivalents and other (2) 7 — — 7 Total $1,473 $639 $(6 ) (3) $2,106 (1) Included in AOCI and the nuclear decommissioning trust regulatory liability as discussed in Note 2. (2) Includes pending sales of securities of $6 million and $7 million at December 31, 2017 and 2016, respectively. (3) The fair value of securities in an unrealized loss position was $234 million and $287 million at December 31, 2017 and 2016, respectively. |
Investments Classified by Contractual Maturity Date | The fair value of Virginia Power’s marketable debt securities at December 31, 2017, by contractual maturity is as follows: Amount (millions) Due in one year or less $ 32 Due after one year through five years 165 Due after five years through ten years 199 Due after ten years 348 Total $744 |
Marketable Securities | Presented below is selected information regarding Virginia Power’s marketable equity and debt securities held in nuclear decommissioning trust funds. Year Ended December 31, 2017 2016 2015 (millions) Proceeds from sales $ 849 $ 733 $ 639 Realized gains (1) 75 63 110 Realized losses (1) 30 27 43 (1) Includes realized gains and losses recorded to the nuclear decommissioning trust regulatory liability as discussed in Note 2. |
Other Than Temporary Impairment Losses On Investment Securities | Virginia Power recorded other-than-temporary impairment losses on investments held in nuclear decommissioning trust funds as follows: Year Ended December 31, 2017 2016 2015 (millions) Total other-than-temporary impairment losses (1) $ 20 $ 26 $ 36 Losses recorded to the nuclear decomissioning trust regulatory liability (16 ) (16 ) (26 ) Losses recognized in other comprehensive income (before taxes) (2 ) (7 ) (6 ) Net impairment losses recognized in earnings $ 2 $ 3 $ 4 (1) Amounts include other-than-temporary impairment losses for debt securities of $2 million, $8 million and $6 million at December 31, 2017, 2016 and 2015, respectively. |
Property, Plant and Equipment (
Property, Plant and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment | Major classes of property, plant and equipment and their respective balances for the Companies are as follows: At December 31, 2017 2016 (millions) Dominion Energy Utility: Generation $ 17,602 $ 17,147 Transmission 15,335 14,315 Distribution 17,408 16,381 Storage 2,887 2,814 Nuclear fuel 1,599 1,537 Gas gathering and processing 219 216 Oil and gas 1,720 1,652 General and other 1,514 1,450 Plant under construction 7,765 6,254 Total utility 66,049 61,766 Nonutility: Merchant generation-nuclear 1,452 1,419 Merchant generation-other 4,992 4,149 Nuclear fuel 968 897 Gas gathering and processing 630 619 Other-including plant under construction 732 706 Total nonutility 8,774 7,790 Total property, plant and equipment $ 74,823 $ 69,556 Virginia Power Utility: Generation $ 17,602 $ 17,147 Transmission 8,332 7,871 Distribution 11,151 10,573 Nuclear fuel 1,599 1,537 General and other 794 745 Plant under construction 2,840 2,146 Total utility 42,318 40,019 Nonutility-other 11 11 Total property, plant and equipment $ 42,329 $ 40,030 Dominion Energy Gas Utility: Transmission $ 4,732 $ 4,231 Distribution 3,267 3,019 Storage 1,688 1,627 Gas gathering and processing 202 198 General and other 216 184 Plant under construction 293 448 Total utility 10,398 9,707 Nonutility: Gas gathering and processing 630 $ 619 Other-including plant under construction 145 149 Total nonutility 775 768 Total property, plant and equipment $ 11,173 $ 10,475 |
Share of Jointly-Owned Power Stations | Dominion Energy’s and Virginia Power’s proportionate share of jointly-owned power stations at December 31, 2017 is as follows: Bath County Pumped Storage Station (1) North Anna Units 1 and 2 (1) Clover Power Station (1) Millstone Unit 3 (2) (millions, except percentages) Ownership interest 60 % 88.4 % 50 % 93.5 % Plant in service $ 1,059 $ 2,504 $ 589 $ 1,217 Accumulated depreciation (612 ) (1,263 ) (231 ) (381 ) Nuclear fuel — 745 — 552 Accumulated amortization of nuclear fuel — (607 ) — (427 ) Plant under construction 2 92 6 68 (1) Units jointly owned by Virginia Power. (2) Unit jointly owned by Dominion Energy. |
Goodwill and Intangible Assets
Goodwill and Intangible Assets (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Segment allocation of goodwill | The changes in Dominion Energy’s and Dominion Energy Gas’ carrying amount and segment allocation of goodwill are presented below: Power Gas Power Corporate and Other (1) Total (millions) Dominion Energy Balance at December 31, 2015 (2) $1,422 $ 946 $926 $— $3,294 Dominion Energy Questar Combination — 3,105 (3) — — 3,105 Balance at December 31, 2016 (2) $1,422 $4,051 $926 $— $6,399 Dominion Energy Questar Combination — 6 (3) — — 6 Balance at December 31, 2017 (2) $1,422 $4,057 $926 $— $6,405 Dominion Energy Gas Balance at December 31, 2015 (2) $ — $ 542 $ — $— $ 542 No events affecting goodwill — — — — — Balance at December 31, 2016 (2) $ — $ 542 $ — $— $ 542 No events affecting goodwill — — — — — Balance at December 31, 2017 (2) $ — $ 542 $ — $— $ 542 (1) Goodwill recorded at the Corporate and Other segment is allocated to the primary operating segments for goodwill impairment testing purposes. (2) Goodwill amounts do not contain any accumulated impairment losses. (3) See Note 3. |
Components of intangible assets | The components of intangible assets are as follows: 2017 2016 At December 31, Gross Carrying Amount Accumulated Amortization Gross Carrying Amount Accumulated Amortization (millions) Dominion Energy Software, licenses and other $1,043 $358 $955 $337 Virginia Power Software, licenses and other $ 347 $114 $326 $101 Dominion Energy Gas Software, licenses and other $ 165 $ 56 $147 $ 49 |
Annual amortization expense of intangible assets | Annual amortization expense for these intangible assets is estimated to be as follows: 2018 2019 2020 2021 2022 (millions) Dominion Energy $ 78 $ 68 $ 56 $ 43 $ 37 Virginia Power $ 30 $ 26 $ 20 $ 13 $ 9 Dominion Energy Gas $ 13 $ 13 $ 12 $ 11 $ 10 |
Regulatory Assets and Liabili46
Regulatory Assets and Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Regulated Operations [Abstract] | |
Schedule of Regulatory Assets | Regulatory assets and liabilities include the following: At December 31, 2017 2016 (millions) Dominion Energy Regulatory assets: Deferred rate adjustment clause costs (1) $ 70 $ 63 Deferred nuclear refueling outage costs (2) 54 71 Unrecovered gas costs (3) 38 19 Deferred cost of fuel used in electric generation (4) 23 — Other 109 91 Regulatory assets-current 294 244 Unrecognized pension and other postretirement benefit costs (5) 1,336 1,401 Deferred rate adjustment clause costs (1) 401 329 Derivatives (6) 223 174 PJM transmission rates (7) 222 192 Utility reform legislation (8) 147 99 Income taxes recoverable through future rates (9) 32 123 Other 119 155 Regulatory assets-noncurrent 2,480 2,473 Total regulatory assets $ 2,774 $ 2,717 Regulatory liabilities: Provision for future cost of removal and AROs (10) $ 101 $ — PIPP (11) 20 28 Deferred cost of fuel used in electric generation (4) 8 61 Other 64 74 Regulatory liabilities-current (12) 193 163 Income taxes refundable through future rates (13) 4,058 — Provision for future cost of removal and AROs (10) 1,384 1,427 Nuclear decommissioning trust (14) 1,121 902 Derivatives (6) 69 69 Other 284 224 Regulatory liabilities-noncurrent 6,916 2,622 Total regulatory liabilities $ 7,109 $ 2,785 Virginia Power Regulatory assets: Deferred rate adjustment clause costs (1) $ 56 $ 51 Deferred nuclear refueling outage costs (2) 54 71 Deferred cost of fuel used in electric generation (4) 23 — Other 72 57 Regulatory assets-current 205 179 Deferred rate adjustment clause costs (1) 312 246 PJM transmission rates (7) 222 192 Derivatives (6) 190 133 Income taxes recoverable through future rates (9) — 76 Other 86 123 Regulatory assets-noncurrent 810 770 Total regulatory assets $ 1,015 $ 949 Regulatory liabilities: Provision for future cost of removal (10) $ 80 $ — Deferred cost of fuel used in electric generation (4) 8 61 Other 39 54 Regulatory liabilities-current (12) 127 115 Income taxes refundable through future rates (13) 2,581 — Nuclear decommissioning trust (14) 1,121 902 Provision for future cost of removal (10) 915 946 Derivatives (6) 69 69 Other 74 45 Regulatory liabilities-noncurrent 4,760 1,962 Total regulatory liabilities $ 4,887 $ 2,077 Dominion Energy Gas Regulatory assets: Deferred rate adjustment clause costs (1) $ 14 $ 12 Unrecovered gas costs (3) 8 12 Other 4 2 Regulatory assets-current (15) 26 26 Unrecognized pension and other postretirement benefit costs (5) 258 358 Utility reform legislation (8) 147 99 Deferred rate adjustment clause costs (1) 89 79 Income taxes recoverable through future rates (9) — 23 Other 17 18 Regulatory assets-noncurrent 511 577 Total regulatory assets $ 537 $ 603 Regulatory liabilities: PIPP (11) $ 20 $ 28 Provision for future cost of removal and AROs (10) 13 — Other 5 7 Regulatory liabilities-current (12) 38 35 Income taxes refundable through future rates (13) 998 — Provision for future cost of removal and AROs (10) 160 174 Other 69 45 Regulatory liabilities-noncurrent 1,227 219 Total regulatory liabilities $ 1,265 $ 254 (1) Primarily 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 and deferrals of costs associated with certain current and prospective rider projects for Dominion Energy Gas. See Note 13 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) Reflects unrecovered gas costs at regulated gas operations, which are recovered through filings with the applicable regulatory authority. (4) Reflects deferred fuel expenses for the Virginia and North Carolina jurisdictions of Dominion Energy’s and Virginia Power’s generation operations. See Note 13 for more information. (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 Energy’s and Dominion Energy Gas’ rate-regulated subsidiaries. (6) As discussed under Derivative Instruments in Note 2, 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 amount related to the PJM transmission cost allocation matter. See Note 13 for more information. (8) Ohio legislation under House Bill 95, which became effective in September 2011. This law updates natural gas legislation by enabling gas companies to include more up-to-date (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. See below for discussion of the 2017 Tax Reform Act. (10) 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. (11) 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. See Note 13 for more information. (12) Current regulatory liabilities are presented in other current liabilities in the Consolidated Balance Sheets of the Companies. (13) Amounts recorded to pass the effect of reduced income tax rates from the 2017 Tax Reform Act to customers in future periods, which will reverse at the weighted average tax rate that was used to build the reserves over the remaining book life of the property, net of amounts to be recovered through future rates to pay income taxes that become payable when rate revenue is provided to recover AFUDC-equity. (14) 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. (15) Current regulatory assets are presented in other current assets in the Consolidated Balance Sheets of Dominion Energy Gas. |
Schedule of Regulatory Liabilities | Regulatory assets and liabilities include the following: At December 31, 2017 2016 (millions) Dominion Energy Regulatory assets: Deferred rate adjustment clause costs (1) $ 70 $ 63 Deferred nuclear refueling outage costs (2) 54 71 Unrecovered gas costs (3) 38 19 Deferred cost of fuel used in electric generation (4) 23 — Other 109 91 Regulatory assets-current 294 244 Unrecognized pension and other postretirement benefit costs (5) 1,336 1,401 Deferred rate adjustment clause costs (1) 401 329 Derivatives (6) 223 174 PJM transmission rates (7) 222 192 Utility reform legislation (8) 147 99 Income taxes recoverable through future rates (9) 32 123 Other 119 155 Regulatory assets-noncurrent 2,480 2,473 Total regulatory assets $ 2,774 $ 2,717 Regulatory liabilities: Provision for future cost of removal and AROs (10) $ 101 $ — PIPP (11) 20 28 Deferred cost of fuel used in electric generation (4) 8 61 Other 64 74 Regulatory liabilities-current (12) 193 163 Income taxes refundable through future rates (13) 4,058 — Provision for future cost of removal and AROs (10) 1,384 1,427 Nuclear decommissioning trust (14) 1,121 902 Derivatives (6) 69 69 Other 284 224 Regulatory liabilities-noncurrent 6,916 2,622 Total regulatory liabilities $ 7,109 $ 2,785 Virginia Power Regulatory assets: Deferred rate adjustment clause costs (1) $ 56 $ 51 Deferred nuclear refueling outage costs (2) 54 71 Deferred cost of fuel used in electric generation (4) 23 — Other 72 57 Regulatory assets-current 205 179 Deferred rate adjustment clause costs (1) 312 246 PJM transmission rates (7) 222 192 Derivatives (6) 190 133 Income taxes recoverable through future rates (9) — 76 Other 86 123 Regulatory assets-noncurrent 810 770 Total regulatory assets $ 1,015 $ 949 Regulatory liabilities: Provision for future cost of removal (10) $ 80 $ — Deferred cost of fuel used in electric generation (4) 8 61 Other 39 54 Regulatory liabilities-current (12) 127 115 Income taxes refundable through future rates (13) 2,581 — Nuclear decommissioning trust (14) 1,121 902 Provision for future cost of removal (10) 915 946 Derivatives (6) 69 69 Other 74 45 Regulatory liabilities-noncurrent 4,760 1,962 Total regulatory liabilities $ 4,887 $ 2,077 Dominion Energy Gas Regulatory assets: Deferred rate adjustment clause costs (1) $ 14 $ 12 Unrecovered gas costs (3) 8 12 Other 4 2 Regulatory assets-current (15) 26 26 Unrecognized pension and other postretirement benefit costs (5) 258 358 Utility reform legislation (8) 147 99 Deferred rate adjustment clause costs (1) 89 79 Income taxes recoverable through future rates (9) — 23 Other 17 18 Regulatory assets-noncurrent 511 577 Total regulatory assets $ 537 $ 603 Regulatory liabilities: PIPP (11) $ 20 $ 28 Provision for future cost of removal and AROs (10) 13 — Other 5 7 Regulatory liabilities-current (12) 38 35 Income taxes refundable through future rates (13) 998 — Provision for future cost of removal and AROs (10) 160 174 Other 69 45 Regulatory liabilities-noncurrent 1,227 219 Total regulatory liabilities $ 1,265 $ 254 (1) Primarily 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 and deferrals of costs associated with certain current and prospective rider projects for Dominion Energy Gas. See Note 13 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) Reflects unrecovered gas costs at regulated gas operations, which are recovered through filings with the applicable regulatory authority. (4) Reflects deferred fuel expenses for the Virginia and North Carolina jurisdictions of Dominion Energy’s and Virginia Power’s generation operations. See Note 13 for more information. (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 Energy’s and Dominion Energy Gas’ rate-regulated subsidiaries. (6) As discussed under Derivative Instruments in Note 2, 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 amount related to the PJM transmission cost allocation matter. See Note 13 for more information. (8) Ohio legislation under House Bill 95, which became effective in September 2011. This law updates natural gas legislation by enabling gas companies to include more up-to-date (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. See below for discussion of the 2017 Tax Reform Act. (10) 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. (11) 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. See Note 13 for more information. (12) Current regulatory liabilities are presented in other current liabilities in the Consolidated Balance Sheets of the Companies. (13) Amounts recorded to pass the effect of reduced income tax rates from the 2017 Tax Reform Act to customers in future periods, which will reverse at the weighted average tax rate that was used to build the reserves over the remaining book life of the property, net of amounts to be recovered through future rates to pay income taxes that become payable when rate revenue is provided to recover AFUDC-equity. (14) 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. (15) Current regulatory assets are presented in other current assets in the Consolidated Balance Sheets of Dominion Energy Gas. |
Asset Retirement Obligations (T
Asset Retirement Obligations (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Asset Retirement Obligation Disclosure [Abstract] | |
Changes to Asset Retirement Obligations | The changes to AROs during 2016 and 2017 were as follows: Amount (millions) Dominion Energy AROs at December 31, 2015 $ 2,103 Obligations incurred during the period (1) 204 Obligations settled during the period (171 ) Revisions in estimated cash flows (2) 245 Accretion 104 AROs at December 31, 2016 (3) $ 2,485 Obligations incurred during the period 37 Obligations settled during the period (214 ) Revisions in estimated cash flows 7 Accretion 117 AROs at December 31, 2017 (3) $ 2,432 Virginia Power AROs at December 31, 2015 $ 1,247 Obligations incurred during the period 9 Obligations settled during the period (115 ) Revisions in estimated cash flows (2) 245 Accretion 57 AROs at December 31, 2016 $ 1,443 Obligations incurred during the period 11 Obligations settled during the period (152 ) Revisions in estimated cash flows (1 ) Accretion 64 AROs at December 31, 2017 $ 1,365 Dominion Energy Gas AROs at December 31, 2015 $ 149 Obligations incurred during the period 6 Obligations settled during the period (8 ) Accretion 9 AROs at December 31, 2016 (4) $ 156 Obligations incurred during the period 2 Obligations settled during the period (7 ) Accretion 9 AROs at December 31, 2017 (4) $ 160 (1) Primarily reflects AROs assumed in the Dominion Energy Questar Combination. See Note 3 for further information. (2) Primarily reflects future ash pond and landfill closure costs at certain utility generation facilities. See Note 22 for further information. (3) Includes $249 million and $263 million reported in other current liabilities at December 31, 2016, and 2017, respectively. (4) Includes $147 million and $146 million reported in other deferred credits and other liabilities, with the remainder recorded in other current liabilities, at December 31, 2016 and 2017, respectively. |
Short-Term Debt and Credit Ag48
Short-Term Debt and Credit Agreements (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Schedule of Line of Credit Facilities | Commercial paper and letters of credit outstanding, as well as capacity available under credit facilities, were as follows: Facility Limit Outstanding Commercial Paper (2) Outstanding Letters of Credit Facility Capacity Available (millions) At December 31, 2017 Joint revolving credit facility (1) $ 5,000 $3,298 $ $ 1,702 Joint revolving credit facility (1) 500 — 76 424 Total $ 5,500 $3,298 $76 $ 2,126 At December 31, 2016 Joint revolving credit facility (1) $ 5,000 $3,155 $ $ 1,845 Joint revolving credit facility (1) 500 — 85 415 Total $ 5,500 $3,155 $85 $ 2,260 (1) These credit facilities mature in April 2020 and can be used 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) The weighted-average interest rates of the outstanding commercial paper supported by Dominion Energy’s credit facilities were 1.61% and 1.05% at December 31, 2017 and 2016, respectively. |
Virginia Electric and Power Company | |
Schedule of Line of Credit Facilities | Virginia Power’s share of commercial paper and letters of credit outstanding under its joint credit facilities with Dominion Energy, Dominion Energy Gas and Questar Gas were as follows: Facility Limit (1) Outstanding Commercial Paper (2) Outstanding Letters of Credit (millions) At December 31, 2017 Joint revolving credit facility (1) $5,000 $542 $— Joint revolving credit facility (1) 500 — — Total $5,500 $542 $— At December 31, 2016 Joint revolving credit facility (1) $5,000 $ 65 $— Joint revolving credit facility (1) 500 — 1 Total $5,500 $ 65 $ 1 (1) The full amount of the facilities is available to Virginia Power, less any amounts outstanding to co-borrowers Sub-limits sub-limit sub-limit, sub-limit sub-limit, (2) The weighted-average interest rates of the outstanding commercial paper supported by these credit facilities were 1.65% and 0.97% at December 31, 2017 and 2016, respectively. |
Dominion Energy Gas Holdings, LLC | |
Schedule of Line of Credit Facilities | Dominion Energy Gas’ share of commercial paper and letters of credit outstanding under its joint credit facilities with Dominion Energy, Virginia Power and Questar Gas were as follows: Facility Limit (1) Outstanding Commercial Paper (2) Outstanding Letters of Credit (millions) At December 31, 2017 Joint revolving credit facility (1) $1,000 $629 $— Joint revolving credit facility (1) 500 — — Total $1,500 $629 $— At December 31, 2016 Joint revolving credit facility (1) $1,000 $460 $— Joint revolving credit facility (1) 500 — — Total $1,500 $460 $— (1) A maximum of a combined $1.5 billion of the facilities is available to Dominion Energy Gas, assuming adequate capacity is available after giving effect to uses by co-borrowers Sub-limits sub-limit sub-limit, sub-limit sub-limit, (2) The weighted-average interest rate of the outstanding commercial paper supported by these credit facilities was 1.57% and 1.00% at December 31, 2017 and 2016, respectively. |
Long-Term Debt (Tables)
Long-Term Debt (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Debt Disclosure [Abstract] | |
Long term Debt | At December 31, 2017 Weighted- average Coupon (1) 2017 2016 (millions, except percentages) Dominion Energy Gas Holdings, LLC: Unsecured Senior Notes: 2.5% and 2.8%, due 2019 and 2020 2.68 % $ 1,150 $ 1,150 2.875% to 4.8%, due 2023 to 2044 (2) 3.90 % 2,450 2,413 Dominion Energy Gas Holdings, LLC total principal $ 3,600 $ 3,563 Unamortized discount and debt issuance costs (30 ) (35 ) Dominion Energy Gas Holdings, LLC total long-term debt $ 3,570 $ 3,528 Virginia Electric and Power Company: Unsecured Senior Notes: 1.2% to 7.25%, due 2017 to 2022 3.92 % $ 1,950 $ 2,554 2.75% to 8.875%, due 2023 to 2047 4.53 % 8,690 7,190 Tax-Exempt (3) Variable rates, due 2017 to 2027 1.27 % 100 175 1.75% to 5.6%, due 2023 to 2041 2.25 % 678 678 Virginia Electric and Power Company total principal $ 11,418 $ 10,597 Securities due within one year 4.17 % (850 ) (678 ) Unamortized discount, premium and debt issuances costs, net (72 ) (67 ) Virginia Electric and Power Company total long-term debt $ 10,496 $ 9,852 Dominion Energy, Inc.: Unsecured Senior Notes: Variable rates, due 2019 and 2020 1.99 % $ 800 $ — 1.25% to 6.4%, due 2017 to 2022 2.95 % 5,800 5,750 2.85% to 7.0%, due 2024 to 2044 4.72 % 5,049 4,649 Tax-Exempt (4) — 75 Unsecured Junior Subordinated Notes: 2.579% to 4.104%, due 2019 to 2021 3.08 % 2,100 1,100 Payable to Affiliated Trust, 8.4% due 2031 8.40 % 10 10 Enhanced Junior Subordinated Notes: 5.25% and 5.75%, due 2054 and 2076 5.48 % 1,485 1,485 Variable rates, due 2066 4.15 % 422 422 Remarketable Subordinated Notes, 1.5% and 2.0%, due 2020 to 2024 2.00 % 1,400 2,400 Unsecured Debentures and Senior Notes ( 5 ) 6.8% and 6.875%, due 2026 and 2027 6.81 % 89 89 Term Loan, variable rate, due 2017 ( 6 ) — 250 Unsecured Senior and Medium-Term Notes (6) 5.31% to 6.85%, due 2017 and 2018 5.72 % 120 135 2.98% to 7.20%, due 2024 to 2051 4.37 % 600 500 Term Loans, variable rates, due 2023 and 2024 ( 7 ) 3.74 % 638 405 Tax-Exempt ( 8 ) 1.55 % 27 27 Dominion Energy Midstream Partners, LP: Term Loan, variable rate, due 2019 2.74 % 300 300 Unsecured Senior and Medium-Term Notes, 5.83% and 6.48%, due 2018 (9) 5.84 % 255 255 Unsecured Senior Notes, 4.875%, due 2041 ( 9 ) 4.88 % 180 180 Dominion Energy Gas Holdings, LLC total principal (from above) 3,600 3,563 Virginia Electric and Power Company total principal (from above) 11,418 10,597 Dominion Energy, Inc. total principal $ 34,293 $ 32,192 Fair value hedge valuation ( 10 ) (22 ) (1 ) Securities due within one year ( 11) (12 ) 3.44 % (3,078 ) (1,709 ) Unamortized discount, premium and debt issuance costs, net (245 ) (251 ) Dominion Energy, Inc. total long-term debt $ 30,948 $ 30,231 (1) Represents weighted-average coupon rates for debt outstanding as of December 31, 2017. (2) Amount includes foreign currency remeasurement adjustments. (3) These financings relate to certain pollution control equipment at Virginia Power’s generating facilities. As of December 31, 2017, certain variable rate tax-exempt tax-exempt (4) Represents variable rate Massachusetts Development Finance Agency Solid Waste Disposal Revenue Bonds due in 2041 repaid in August 2017. (5) Represents debt assumed by Dominion Energy from the merger of its former CNG subsidiary. (6) Represents debt obligations of Dominion Energy Questar or Questar Gas. See Note 3 for more information. (7) Represents debt associated with SBL Holdco and Dominion Solar Projects III, Inc. The debt is nonrecourse to Dominion Energy and is secured by SBL Holdco’s and Dominion Solar Projects III, Inc.’s interest in certain merchant solar facilities. (8) Represents debt obligations of a DGI subsidiary. (9) Represents debt obligations of Dominion Energy Questar Pipeline. See Note 3 for more information. (10) Represents the valuation of certain fair value hedges associated with Dominion Energy’s fixed rate debt. (11) Excludes $250 million of Dominion Energy Questar Pipeline’s senior notes that matured in February 2018 which were repaid using proceeds from the January 2018 issuance, through private placement, of $100 million of 3.53% senior notes and $150 million of 3.91% senior notes that mature in 2028 and 2038, respectively. (12) Includes $20 million of estimated mandatory prepayments due within one year based on estimated cash flows in excess of debt service at SBL Holdco and Dominion Solar Projects III, Inc. |
Scheduled Principal Payments of Long-Term Debt | Based on stated maturity dates rather than early redemption dates that could be elected by instrument holders, the scheduled principal payments of long-term debt at December 31, 2017, were as follows: 2018 2019 2020 2021 2022 Thereafter Total (millions, except percentages) Dominion Energy Gas $ — $ 450 $ 700 $ — $ — $ 2,450 $ 3,600 Weighted-average Coupon 2.50 % 2.80 % 3.90 % Virginia Power Unsecured Senior Notes $ 850 $ 350 $ — $ — $ 750 $ 8,690 $ 10,640 Tax-Exempt — — — — — 778 778 Total $ 850 $ 350 $ — $ — $ 750 $ 9,468 $ 11,418 Weighted-average Coupon 4.17 % 5.00 % 3.15 % 4.33 % Dominion Energy Term Loans (1) $ 36 $ 336 $ 35 $ 35 $ 34 $ 462 $ 938 Unsecured Senior Notes ( 2 ) 3,275 3,400 1,000 900 1,500 17,058 27,133 Tax-Exempt — — — — — 805 805 Unsecured Junior Subordinated Notes Payable to Affiliated Trusts — — — — — 10 10 Unsecured Junior Subordinated Notes — 550 1,000 550 — — 2,100 Enhanced Junior Subordinated Notes — — — — — 1,907 1,907 Remarketable Subordinated Notes — — — 700 — 700 1,400 Total $ 3,311 $ 4,286 $ 2,035 $ 2,185 $ 1,534 $ 20,942 $ 34,293 Weighted-average Coupon 3.62 % 2.89 % 2.58 % 3.12 % 2.97 % 4.38 % (1) Excludes mandatory prepayments associated with SBL Holdco and Dominion Solar Projects III, Inc. based on cash flows in excess of debt service. At December 31, 2017, $20 million of estimated mandatory prepayments due within one year were included in securities due within one year in Dominion Energy’s Consolidated Balance Sheets. (2) In February 2018, $250 million of Dominion Energy Questar Pipeline’s senior notes were repaid using proceeds from the January 2018 issuance, through private placements, of $100 million of 3.53% senior notes and $150 million of 3.91% senior notes that mature in 2028 and 2038, respectively. As a result, at December 31, 2017, $250 million was included in long-term debt in the Consolidated Balance Sheets. |
Schedule of Capital Units | Selected information about Dominion Energy’s equity units is presented below: Issuance Date Units Issued Total Net Proceeds Total Long-term Debt RSN Annual Interest Rate Stock Purchase Contract Annual Rate Stock Purchase Contract Liability (1) Stock Purchase Settlement Date (millions, except interest rates) 8/15/2016 (2) 28 $ 1,374.8 $1,400.0 2.000 % (3) 4.750 % $190.6 8/15/2019 (1) Payments of $101 million and $94 million were made in 2017 and 2016, respectively, including payments for the remarketed 2013 Series A and B notes and the remarketed 2014 Series A notes. The stock purchase contract liability was $111 million and $212 million at December 31, 2017 and 2016, respectively. (2) The maturity dates of the $700 million Series A-1 A-2 (3) Annual interest rate applies to each of the Series A-1 A-2 |
EQUITY (Tables)
EQUITY (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Schedule of Accumulated Other Comprehensive Income (Loss) | Presented in the table below is a summary of AOCI by component: At December 31, 2017 2016 (millions) Dominion Energy Net deferred losses on derivatives-hedging activities, net of tax of $188 and $173 $ (301 ) $ (280 ) Net unrealized gains on nuclear decommissioning trust funds, net of tax of $(419) and $(318) 747 569 Net unrecognized pension and other postretirement benefit costs, net of tax of $692 and $691 (1,101 ) (1,082 ) Other comprehensive loss from equity method investees, net of tax of $2 and $4 (3 ) (6 ) Total AOCI, including noncontrolling interest $ (658 ) $ (799 ) Less other comprehensive income attributable to noncontrolling interest 1 — Total AOCI, excluding noncontrolling interest $ (659 ) $ (799 ) Virginia Power Net deferred losses on derivatives-hedging activities, net of tax of $8 and $5 $ (12 ) $ (8 ) Net unrealized gains on nuclear decommissioning trust funds, net of tax of $(47) and $(35) 74 54 Total AOCI $ 62 $ 46 Dominion Energy Gas Net deferred losses on derivatives-hedging activities, net of tax of $15 and $15 $ (23 ) $ (24 ) Net unrecognized pension costs, net of tax of $59 and $68 (75 ) (99 ) Total AOCI $ (98 ) $ (123 ) D OMINION NERGY The following table presents Dominion Energy’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 loss from equity method investees Total (millions) Year Ended December 31, 2017 Beginning balance $(280 ) $569 $(1,082 ) $(6 ) $(799 ) Other comprehensive income before reclassifications: gains (losses) 8 215 (69 ) 3 157 Amounts reclassified from AOCI: (gains) losses (1) (29 ) (37) 50 — (16 ) Net current period other comprehensive income (loss) (21 ) 178 (19 ) 3 141 Less other comprehensive income attributable to noncontrolling interest 1 — — — 1 Ending balance $(302 ) $747 $(1,101 ) $(3 ) $(659 ) Year Ended December 31, 2016 Beginning balance $(176 ) $504 $ (797 ) $(5 ) $(474 ) Other comprehensive income before reclassifications: gains (losses) 55 93 (319 ) (1 ) (172 ) Amounts reclassified from AOCI: (gains) losses (1) (159 ) (28) 34 — (153 ) Net current period other comprehensive income (loss) (104 ) 65 (285 ) (1 ) (325 ) Ending balance $(280 ) $569 $(1,082 ) $(6 ) $(799 ) (1) See table below for details about these reclassifications. |
Reclassification out of Accumulated Other Comprehensive Income | The following table presents Dominion Energy’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) Year Ended December 31, 2017 Deferred (gains) and losses on derivatives-hedging activities: Commodity contracts $ (81 ) Operating revenue 2 Purchased gas Interest rate contracts 52 Interest and related charges Foreign currency contracts (20 ) Other Income Total (47 ) Tax 18 Income tax expense Total, net of tax $ (29 ) Unrealized (gains) and losses on investment securities: Realized (gain) loss on sale of securities $ (81 ) Other income Impairment 23 Other income Total (58 ) Tax 21 Income tax expense Total, net of tax $ (37 ) Unrecognized pension and other postretirement benefit costs: Amortization of prior-service costs (credits) $ (21 ) Other operations and Amortization of actuarial losses 103 Other operations and Total 82 Tax (32 ) Income tax expense Total, net of tax $ 50 Year Ended December 31, 2016 Deferred (gains) and losses on derivatives-hedging activities: Commodity contracts $(330 ) Operating revenue 13 Purchased gas 10 Electric fuel and other Interest rate contracts 31 Interest and related charges Foreign currency contracts 17 Other Income Total (259 ) Tax 100 Income tax expense Total, net of tax $(159 ) Unrealized (gains) and losses on investment securities: Realized (gain) loss on sale of securities $ (66 ) Other income Impairment 23 Other income Total (43 ) Tax 15 Income tax expense Total, net of tax $ (28 ) Unrecognized pension and other postretirement benefit costs: Prior-service costs (credits) $ (15 ) Other operations and Actuarial losses 71 Other operations and Total 56 Tax (22 ) Income tax expense Total, net of tax $ 34 |
Summary of restricted stock activity | The following table provides a summary of restricted stock activity for the years ended December 31, 2017, 2016 and 2015: Shares Weighted - average Grant Date Fair Value (thousands) Nonvested at December 31, 2014 1,065 $56.74 Granted 302 73.26 Vested (510 ) 50.71 Cancelled and forfeited (2 ) 62.62 Nonvested at December 31, 2015 855 $66.16 Granted 372 71.67 Vested (301 ) 56.83 Cancelled and forfeited (40 ) 71.75 Nonvested at December 31, 2016 886 $71.40 Granted 454 74.24 Vested (287 ) 68.90 Cancelled and forfeited (10 ) 72.37 Nonvested at December 31, 2017 1,043 $73.32 |
Virginia Electric and Power Company | |
Schedule of Accumulated Other Comprehensive Income (Loss) | The following table presents Virginia Power’s changes in AOCI by component, net of tax: Deferred gains and losses on derivatives- hedging activities Unrealized gains and losses on investment securities Total (millions) Year Ended December 31, 2017 Beginning balance $ (8 ) $54 $46 Other comprehensive income before reclassifications: gains (losses) (5 ) 24 19 Amounts reclassified from AOCI: (gains) losses (1) 1 (4 ) (3 ) Net current period other comprehensive income (loss) (4 ) 20 16 Ending balance $(12) $74 $62 Year Ended December 31, 2016 Beginning balance $ (7 ) $47 $40 Other comprehensive income before reclassifications: gains (losses) (2 ) 11 9 Amounts reclassified from AOCI: (gains) losses (1) 1 (4 ) (3 ) Net current period other comprehensive income (loss) (1 ) 7 6 Ending balance $ (8 ) $54 $46 (1) See table below for details about these reclassifications. |
Reclassification out of Accumulated Other Comprehensive Income | The following table presents Virginia Power’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) Year Ended December 31, 2017 (Gains) losses on cash flow hedges: Interest rate contracts $ 1 Interest and related charges Total 1 Tax — Income tax expense Total, net of tax $ 1 Unrealized (gains) and losses on investment securities: Realized (gain) loss on sale of securities $(9 ) Other income Impairment 2 Other income Total (7 ) Tax 3 Income tax expense Total, net of tax $(4 ) Year Ended December 31, 2016 (Gains) losses on cash flow hedges: Interest rate contracts $ 1 Interest and related charges Total 1 Tax — Income tax expense Total, net of tax $ 1 Unrealized (gains) and losses on investment securities: Realized (gain) loss on sale of securities $(9 ) Other income Impairment 3 Other income Total (6 ) Tax 2 Income tax expense Total, net of tax $(4 ) |
Dominion Energy Gas Holdings, LLC | |
Schedule of Accumulated Other Comprehensive Income (Loss) | The following table presents Dominion Energy Gas’ changes in AOCI by component, net of tax: Deferred gains and losses on derivatives- hedging activities Unrecognized pension costs Total (millions) Year Ended December 31, 2017 Beginning balance $(24 ) $(99 ) $(123 ) Other comprehensive income before reclassifications: losses 5 20 25 Amounts reclassified from AOCI (1) (4 ) 4 — Net current period other comprehensive loss 1 24 25 Ending balance $(23 ) $(75 ) $ (98 ) Year Ended December 31, 2016 Beginning balance $(17 ) $(82 ) $ (99 ) Other comprehensive income before reclassifications: (losses) (16 ) (20 ) (36 ) Amounts reclassified from AOCI (1) 9 3 12 Net current period other comprehensive income (loss) (7 ) (17 ) (24 ) Ending balance $(24 ) $(99 ) $(123 ) (1) See table below for details about these reclassifications. |
Reclassification out of Accumulated Other Comprehensive Income | The following table presents Dominion Energy Gas’ reclassifications out of AOCI by component: Details about AOCI components Amounts from AOCI Affected line item in the Consolidated Statements of Income (millions) Year Ended December 31, 2017 Deferred (gains) and losses on derivatives-hedging activities: Commodity contracts $ 8 Operating revenue Interest rate contracts 5 Interest and related charges Foreign currency contracts (20 ) Other income Total (7) Tax 3 Income tax expense Total, net of tax $ (4 ) Unrecognized pension costs: Actuarial losses $ 6 Other operations and maintenance Total 6 Tax (2 ) Income tax expense Total, net of tax $ 4 Year Ended December 31, 2016 Deferred (gains) and losses on derivatives-hedging activities: Commodity contracts $ (4 ) Operating revenue Interest rate contracts 2 Interest and related charges Foreign currency contracts 17 Other income Total 15 Tax (6 ) Income tax expense Total, net of tax $ 9 Unrecognized pension costs: Actuarial losses $ 5 Other operations and Total 5 Tax (2 ) Income tax expense Total, net of tax $ 3 |
EMPLOYEE BENEFITPLANS (Tables)
EMPLOYEE BENEFITPLANS (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Retirement Benefits [Abstract] | |
Pension plan and other postretirement benefit plan obligations and plan assets and includes a statement of the plans funded status | The following table summarizes the changes in pension plan and other postretirement benefit plan obligations and plan assets and includes a statement of the plans’ funded status for Dominion Energy and Dominion Energy Gas (for employees represented by collective bargaining units): Pension Benefits Other Postretirement Benefits Year Ended December 31, 2017 2016 2017 2016 (millions, except percentages) Dominion Energy Changes in benefit obligation: Benefit obligation at beginning of year $ 8,132 $ 6,391 $ 1,478 $ 1,430 Dominion Energy Questar Combination — 817 — 85 Service cost 138 118 26 31 Interest cost 345 317 60 65 Benefits paid (323 ) (286 ) (83 ) (83 ) Actuarial (gains) losses during the year 830 784 119 166 Plan amendments (1) 5 — (73 ) (216 ) Settlements and curtailments (2) (75 ) (9 ) 2 — Benefit obligation at end of year $ 9,052 $ 8,132 $ 1,529 $ 1,478 Changes in fair value of plan assets: Fair value of plan assets at beginning of year $ 7,016 $ 6,166 $ 1,512 $ 1,382 Dominion Energy Questar Combination — 704 — 45 Actual return (loss) on plan assets 1,327 426 236 108 Employer contributions 118 15 13 12 Benefits paid (323 ) (286 ) (32 ) (35 ) Settlements (2) (76 ) (9 ) — — Fair value of plan assets at end of year $ 8,062 $ 7,016 $ 1,729 $ 1,512 Funded status at end of year $ (990 ) $ (1,116 ) $ 200 $ 34 Amounts recognized in the Consolidated Balance Sheets at December 31: Noncurrent pension and other postretirement benefit assets $ 1,117 $ 930 $ 261 $ 148 Other current liabilities (8 ) (43 ) — (5 ) Noncurrent pension and other postretirement benefit liabilities (2,099 ) (2,003 ) (61 ) (109 ) Net amount recognized $ (990 ) $ (1,116 ) $ 200 $ 34 Significant assumptions used to determine benefit obligations as of December 31: Discount rate 3.80%–3.81 % 3.31%–4.50 % 3.76% 3.92%–4.47 % Weighted average rate of increase for compensation 4.09 % 4.09 % 3.95%-4.11% 3.29 % Dominion Energy Gas Changes in benefit obligation: Benefit obligation at beginning of year $ 683 $ 608 $ 320 $ 292 Service cost 15 13 4 5 Interest cost 30 30 12 14 Benefits paid (33 ) (32 ) (19 ) (19 ) Actuarial (gains) losses during the year 78 64 34 28 Plan amendments (1) — — (61 ) — Benefit obligation at end of year $ 773 $ 683 $ 290 $ 320 Changes in fair value of plan assets: Fair value of plan assets at beginning of year $ 1,542 $ 1,467 $ 299 $ 283 Actual return (loss) on plan assets 294 107 41 23 Employer contributions — — 12 12 Benefits paid (33 ) (32 ) (19 ) (19 ) Fair value of plan assets at end of year $ 1,803 $ 1,542 $ 333 $ 299 Funded status at end of year $ 1,030 $ 859 $ 43 $ (21 ) Amounts recognized in the Consolidated Balance Sheets at December 31: Noncurrent pension and other postretirement benefit assets $ 1,030 $ 859 $ 57 $ — Noncurrent pension and other postretirement benefit liabilities (3) — — (14 ) (21 ) Net amount recognized $ 1,030 $ 859 $ 43 $ (21 ) Significant assumptions used to determine benefit obligations as of December 31: Discount rate 3.81 % 4.50 % 3.76 % 4.47 % Weighted average rate of increase for compensation 4.11 % 4.11 % n/a n/a (1) 2017 amounts relate primarily to a plan amendment that changed post-65 post-65 (2) 2017 amount relates primarily to settlement and curtailment as a result of the voluntary and involuntary separation programs at Dominion Energy Questar. 2016 amount relates primarily to a settlement for certain executives. (3) Reflected in other deferred credits and other liabilities in Dominion Energy Gas’ Consolidated Balance Sheets. |
Benefit obligation in excess of plan asset | The following table provides information on the benefit obligations and fair value of plan assets for plans with a benefit obligation in excess of plan assets for Dominion Energy and Dominion Energy Gas (for employees represented by collective bargaining units): Pension Benefits Other Postretirement Benefits As of December 31, 2017 2016 2017 2016 (millions) Dominion Energy Benefit obligation $ 8,209 $ 7,386 $191 $470 Fair value of plan assets 6,103 5,340 156 356 Dominion Energy Gas Benefit obligation $ — $ — $157 $320 Fair value of plan assets — — 143 299 |
Accumulated benefit obligation in excess of plan assets | The following table provides information on the ABO and fair value of plan assets for Dominion Energy’s pension plans with an ABO in excess of plan assets: As of December 31, 2017 2016 (millions) Accumulated benefit obligation $ 7,392 $ 5,987 Fair value of plan assets 6,103 4,653 |
Benefit payments expected future service | The following benefit payments, which reflect expected future service, as appropriate, are expected to be paid for Dominion Energy’s and Dominion Energy Gas’ (for employees represented by collective bargaining units) plans: Estimated Future Benefit Payments Pension Benefits Other Postretirement Benefits (millions) Dominion Energy 2018 $373 $ 99 2019 378 101 2020 402 102 2021 418 102 2022 434 102 2023-2027 2,437 486 Dominion Energy Gas 2018 $ 35 $ 19 2019 37 19 2020 38 20 2021 39 20 2022 41 20 2023-2027 214 94 |
Fair values of pension and post retirement plan assets by asset category | The fair values of Dominion Energy’s and Dominion Energy Gas’ (for employees represented by collective bargaining units) other postretirement plan assets by asset category are as follows: At December 31, 2017 2016 Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total (millions) Dominion Energy Cash and cash equivalents $ 1 $ 2 $— $ 3 $ 1 $ 1 $— $ 2 Common and preferred stocks: U.S. 636 — — 636 571 — — 571 International 196 — — 196 143 — — 143 Insurance contracts — 21 — 21 — 19 — 19 Corporate debt instruments 2 44 — 46 2 40 — 42 Government securities 1 41 — 42 1 30 — 31 Total recorded at fair value $836 $108 $— $ 944 $718 $90 $— $ 808 Assets recorded at NAV (1) Common/collective trust funds 689 621 Alternative investments: Real estate funds 9 9 Private equity funds 73 59 Debt funds 11 12 Hedge funds 1 1 Total recorded at NAV $ 783 $ 702 Total investments (2) $ 1,727 $1,510 Dominion Energy Gas Common and preferred stocks: U.S. $130 $ — $— $ 130 $121 $— $— $ 121 International 33 — — 33 24 — — 24 Total recorded at fair value $163 $ — $— $ 163 $145 $— $— $ 145 Assets recorded at NAV (1) Common/collective trust funds 154 140 Alternative investments: Real estate funds 1 1 Private equity funds 15 12 Debt funds — 1 Total recorded at NAV $ 170 $ 154 Total investments $ 333 $ 299 (1) These investments that are measured at fair value using the NAV per share (or its equivalent) as a practical expedient which are not required to be categorized in the fair value hierarchy. (2) Excludes net assets related to pending sales of securities of $1 million, net accrued income of $2 million, and includes net assets related to pending purchases of securities of $1 million at December 31, 2017. Excludes net assets related to pending sales of securities of $5 million, net accrued income of $2 million, and includes net assets related to pending purchases of securities of $5 million at December 31, 2016. |
Net periodic benefit (credit) cost and amounts recognized in other comprehensive income and regulatory assets and liabilities | The components of the provision for net periodic benefit (credit) cost and amounts recognized in other comprehensive income and regulatory assets and liabilities for Dominion Energy’s and Dominion Energy Gas’ (for employees represented by collective bargaining units) plans are as follows: Pension Benefits Other Postretirement Benefits Year Ended December 31, 2017 2016 2015 2017 2016 2015 (millions, except percentages) Dominion Energy Service cost $ 138 $ 118 $ 126 $ 26 $ 31 $ 40 Interest cost 345 317 287 60 65 67 Expected return on plan assets (639 ) (573 ) (531 ) (128 ) (118 ) (117 ) Amortization of prior service (credit) cost 1 1 2 (51 ) (35 ) (27 ) Amortization of net actuarial loss 162 111 160 13 8 6 Settlements and curtailments — 1 — — — — Net periodic benefit (credit) cost $ 7 $ (25 ) $ 44 $ (80 ) $ (49 ) $ (31 ) Changes in plan assets and benefit obligations recognized in other comprehensive income and regulatory assets and liabilities: Current year net actuarial (gain) loss $ 142 $ 931 $ 159 $ 12 $ 178 $ (18 ) Prior service (credit) cost 5 — — (73 ) (216 ) (31 ) Settlements and curtailments 1 (1 ) — 2 — — Less amounts included in net periodic benefit cost: Amortization of net actuarial loss (162 ) (111 ) (160 ) (13 ) (8 ) (6 ) Amortization of prior service credit (cost) (1 ) (1 ) (2 ) 51 35 27 Total recognized in other comprehensive income and regulatory assets and liabilities $ (15 ) $ 818 $ (3 ) $ (21 ) $ (11 ) $ (28 ) Significant assumptions used to determine periodic cost: Discount rate 3.31%-4.50 % 2.87%-4.99 % 4.40 % 3.92%-4.47 % 3.56%-4.94 % 4.40 % Expected long-term rate of return on plan assets 8.75 % 8.75 % 8.75 % 8.50 % 8.50 % 8.50 % Weighted average rate of increase for compensation 4.09 % 4.22 % 4.22 % 3.29 % 4.22 % 4.22 % Healthcare cost trend rate (1) 7.00 % 7.00 % 7.00 % Rate to which the cost trend rate is assumed to decline (the ultimate trend rate) (1) 5.00 % 5.00 % 5.00 % Year that the rate reaches the ultimate trend rate (1)(2) 2021 2020 2019 Dominion Energy Gas Service cost $ 15 $ 13 $ 15 $ 4 $ 5 $ 7 Interest cost 30 30 27 12 14 14 Expected return on plan assets (141 ) (134 ) (126 ) (24 ) (23 ) (24 ) Amortization of prior service (credit) cost — — 1 (3 ) 1 (1 ) Amortization of net actuarial loss 16 13 20 2 1 2 Net periodic benefit (credit) cost $ (80 ) $ (78 ) $ (63 ) $ (9 ) $ (2 ) $ (2 ) Changes in plan assets and benefit obligations recognized in other comprehensive income and regulatory assets and liabilities: Current year net actuarial (gain) loss $ (75 ) $ 91 $ 97 $ 18 $ 28 $ (9 ) Prior service cost — — — (61 ) — — Less amounts included in net periodic benefit cost: Amortization of net actuarial loss (16 ) (13 ) (20 ) (2 ) (1 ) (2 ) Amortization of prior service credit (cost) — — (1 ) 3 (1 ) 1 Total recognized in other comprehensive income and regulatory assets and liabilities $ (91 ) $ 78 $ 76 $ (42 ) $ 26 $ (10 ) Significant assumptions used to determine periodic cost: Discount rate 4.50 % 4.99 % 4.40 % 4.47 % 4.93 % 4.40 % Expected long-term rate of return on plan assets 8.75 % 8.75 % 8.75 % 8.50 % 8.50 % 8.50 % Weighted average rate of increase for compensation 4.11 % 3.93 % 3.93 % 4.11 % 3.93 % 3.93 % Healthcare cost trend rate (1) 7.00 % 7.00 % 7.00 % Rate to which the cost trend rate is assumed to decline (the ultimate trend rate) (1) 5.00 % 5.00 % 5.00 % Year that the rate reaches the ultimate trend rate (1) 2021 2020 2019 (1) Assumptions used to determine net periodic cost for the following year. (2) The Society of Actuaries model used to determine healthcare cost trend rates was updated in 2014. The new model converges to the ultimate trend rate much more quickly than previous models. |
Components of AOCI and regulatory assets and liabilities that have not been recognized as components of periodic benefit (credit) cost | The components of AOCI and regulatory assets and liabilities for Dominion Energy’s and Dominion Energy Gas’ (for employees represented by collective bargaining units) plans that have not been recognized as components of net periodic benefit (credit) cost are as follows: Pension Benefits Other Postretirement Benefits At December 31, 2017 2016 2017 2016 (millions) Dominion Energy Net actuarial loss $ 3,181 $ 3,200 $ 283 $ 283 Prior service (credit) cost 8 4 (440 ) (419 ) Total (1) $ 3,189 $ 3,204 $ (157 ) $ (136 ) Dominion Energy Gas Net actuarial loss $ 367 $ 458 $ 76 $ 60 Prior service (credit) cost — — (52 ) 7 Total (2) $ 367 $ 458 $ 24 $ 67 (1) As of December 31, 2017, of the $3.2 billion and $(157) million related to pension benefits and other postretirement benefits, $1.9 billion and $(87) million, respectively, are included in AOCI, with the remainder included in regulatory assets and liabilities. As of December 31, 2016, of the $3.2 billion and $(136) million related to pension benefits and other postretirement benefits, $1.9 billion and $(103) million, respectively, are included in AOCI, with the remainder included in regulatory assets and liabilities. (2) As of December 31, 2017, of the $367 million related to pension benefits, $134 million is included in AOCI, with the remainder included in regulatory assets and liabilities; the $24 million related to other postretirement benefits is included entirely in regulatory assets and liabilities. As of December 31, 2016, of the $458 million related to pension benefits, $167 million is included in AOCI, with the remainder included in regulatory assets and liabilities; the $67 million related to other postretirement benefits is included entirely in regulatory assets and liabilities. |
Components of AOCI and regulatory assets and liabilities that are expected to be amortized as components of periodic benefit cost in 2017 | The following table provides the components of AOCI and regulatory assets and liabilities for Dominion Energy’s and Dominion Energy Gas’ (for employees represented by collective bargaining units) plans as of December 31, 2017 that are expected to be amortized as components of net periodic benefit (credit) cost in 2018: Pension Benefits Other Benefits (millions) Dominion Energy Net actuarial loss $193 $ 11 Prior service (credit) cost 1 (52 ) Dominion Energy Gas Net actuarial loss $ 19 $ 3 Prior service (credit) cost — (4 ) |
Effect of one percentage point change on benefit plans | A one percentage point change in assumed healthcare cost trend rates would have had the following effects for Dominion Energy’s and Dominion Energy Gas’ (for employees represented by collective bargaining units) other postretirement benefit plans: Other Postretirement Benefits One percentage point increase One percentage point decrease (millions) Dominion Energy Effect on net periodic cost for 2018 $ 24 $ (15 ) Effect on other postretirement benefit obligation at December 31, 2017 158 (132 ) Dominion Energy Gas Effect on net periodic cost for 2018 $ 4 $ (3 ) Effect on other postretirement benefit obligation at December 31, 2017 31 (26 ) |
COMMITMENTS ANDCONTINGENCIES (T
COMMITMENTS ANDCONTINGENCIES (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Nuclear Insurance | The current levels of nuclear property insurance coverage for Dominion Energy’s and Virginia Power’s nuclear units are as follows: Coverage (billions) Dominion Energy Millstone $1.70 Kewaunee 1.06 Virginia Power (1) Surry $1.70 North Anna 1.70 (1) Surry and North Anna share a blanket property limit of $200 million. |
Lease Commitments | Future minimum lease payments under noncancelable operating and capital leases that have initial or remaining lease terms in excess of one year as of December 31, 2017 are as follows: 2018 2019 2020 2021 2022 Thereafter Total (millions) Dominion Energy (1) $ 68 $ 63 $ 56 $ 48 $ 39 $361 $ 635 Virginia Power $ 34 $ 31 $ 27 $ 22 $ 15 $ 28 $ 157 Dominion Energy Gas $ 15 $ 13 $ 10 $ 9 $ 7 $ 41 $ 95 (1) Amounts include a lease agreement for the Dominion Energy Questar corporate office, which is accounted for as a capital lease. At December 31, 2017 and 2016, the Consolidated Balance Sheets include $27 million and $30 million, respectively, in property, plant and equipment and $33 million and $35 million, respectively, in other deferred credits and other liabilities. The Consolidated Statements of Income include $3 million and less than $1 million recorded in depreciation, depletion and amortization for the years ended December 31, 2017 and 2016. |
Schedule Of Subsidiary Guarantees | At December 31, 2017, Dominion Energy had issued the following subsidiary guarantees: Maximum Exposure (millions) Commodity transactions (1) $2,027 Nuclear obligations (2) 227 Cove Point (3) 1,900 Solar (4) 1,064 Other (5) 553 Total (6) $5,771 (1) Guarantees related to commodity commitments of certain subsidiaries. These guarantees were provided to counterparties in order to facilitate physical and financial transaction related commodities and services. (2) Guarantees related to certain DGI subsidiaries’ regarding all aspects of running a nuclear facility. (3) Guarantees related to Cove Point, in support of terminal services, transportation and construction. Cove Point has two guarantees that have no maximum limit and, therefore, are not included in this amount. (4) Includes guarantees to facilitate the development of solar projects. Also includes guarantees entered into by DGI on behalf of certain subsidiaries to facilitate the acquisition and development of solar projects. (5) Guarantees related to other miscellaneous contractual obligations such as leases, environmental obligations, construction projects and insurance programs. Due to the uncertainty of worker’s compensation claims, the parental guarantee has no stated limit. Also included are guarantees related to certain DGI subsidiaries’ obligations for equity capital contributions and energy generation associated with Fowler Ridge and NedPower. As of December 31, 2017, Dominion Energy’s maximum remaining cumulative exposure under these equity funding agreements is $17 million through 2019 and its maximum annual future contributions could range from approximately $4 million to $14 million. (6) Excludes Dominion Energy’s guarantee for the construction of the new corporate office property discussed further within Lease Commitments above. |
Virginia Electric and Power Company | |
Long-term Purchase Commitment | At December 31, 2017, Virginia Power had the following long-term commitments that are noncancelable or are cancelable only under certain conditions, and that a third party has used to secure financing for the facility that will provide the contracted goods or services: 2018 2019 2020 2021 2022 Thereafter Total (millions) Purchased electric capacity (1) $ 93 $ 61 $ 52 $ 46 $— $— $ 252 (1) Commitments represent estimated amounts payable for capacity under a power purchase contract with a qualifying facility and an independent power producer, which ends in 2021. Capacity payments under the contract are generally based on fixed dollar amounts per month, subject to escalation using broad-based economic indices. At December 31, 2017, the present value of Virginia Power’s total commitment for capacity payments is $221 million. Capacity payments totaled $114 million, $248 million, and $305 million, and energy payments totaled $72 million, $126 million, and $198 million for the years ended 2017, 2016 and 2015, respectively. |
RELATED-PARTYTRANSACTIONS (Tabl
RELATED-PARTYTRANSACTIONS (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Virginia Electric and Power Company | |
Schedule of Related Party Transactions | Presented below are significant transactions with DES and other affiliates: Year Ended December 31, 2017 2016 2015 (millions) Commodity purchases from affiliates $ 674 $ 571 $ 555 Services provided by affiliates (1) 453 454 422 Services provided to affiliates 25 22 22 (1) Includes capitalized expenditures of $144 million, $144 million and $143 million for the year ended December 31, 2017, 2016 and 2015, respectively. |
Dominion Energy Gas Holdings, LLC | |
Schedule of Related Party Transactions | Management believes the assumptions and methodologies underlying the allocation of general corporate overhead expenses are reasonable. The costs of these services follow: Year Ended December 31, 2017 2016 2015 (millions) Purchases of natural gas and transportation and storage services from affiliates $ 5 $ 9 $ 10 Sales of natural gas and transportation and storage services to affiliates 70 69 69 Services provided by related parties (1) 143 141 133 Services provided to related parties (2) 156 128 101 (1) Includes capitalized expenditures of $45 million, $49 million and $57 million for the year ended December 31, 2017, 2016 and 2015, respectively. (2) Amounts primarily attributable to Atlantic Coast Pipeline. The following table presents affiliated and related party balances reflected in Dominion Energy Gas’ Consolidated Balance Sheets: At December 31, 2017 2016 (millions) Other receivables (1) $ 12 $ 10 Customer receivables from related parties 1 1 Imbalances receivable from affiliates 1 2 Imbalances payable to affiliates (2) — 4 Affiliated notes receivable (3) 20 18 (1) Represents amounts due from Atlantic Coast Pipeline, a related party VIE. (2) Amounts are presented in other current liabilities in Dominion Energy Gas’ Consolidated Balance Sheets. (3) Amounts are presented in other deferred charges and other assets in Dominion Energy Gas’ Consolidated Balance Sheets. |
OPERATING SEGMENTS (Tables)
OPERATING SEGMENTS (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Segment Reporting Disclosure Other Information | A description of the operations included in the Companies’ primary operating segments is as follows: Primary Operating Description of Operations Dominion Virginia Dominion Power Delivery Regulated electric distribution X X Regulated electric transmission X X Power Generation Regulated electric fleet X X Merchant electric fleet X Gas Infrastructure Gas transmission and storage X (1) X Gas distribution and storage X X Gas gathering and processing X X LNG terminalling and storage X Nonregulated retail energy marketing X (1) Includes remaining producer services activities. |
Schedule of Segment Reporting Information, by Segment | The following table presents segment information pertaining to Dominion Energy’s operations: Year Ended December 31, Power Power Gas Corporate and Other Adjustments & Eliminations Consolidated Total (millions) 2017 Total revenue from external customers $2,206 $6,676 $2,832 $ 16 $ 856 $12,586 Intersegment revenue 22 10 834 610 (1,476 ) — Total operating revenue 2,228 6,686 3,666 626 (620 ) 12,586 Depreciation, depletion and amortization 593 747 522 43 — 1,905 Equity in earnings of equity method investees — (181) 159 4 — (18 ) Interest income 4 92 45 96 (155 ) 82 Interest and related charges 265 342 109 644 (155 ) 1,205 Income tax expense (benefit) 334 373 487 (1,224 ) — (30 ) Net income attributable to Dominion Energy 531 1,181 898 389 — 2,999 Investment in equity method investees — 81 1,422 41 — 1,544 Capital expenditures 1,433 2,275 2,149 52 — 5,909 Total assets (billions) 16.7 29.0 28.0 12.0 (9.1 ) 76.6 2016 Total revenue from external customers $2,210 $6,747 $2,069 $ (7 ) $ 718 $11,737 Intersegment revenue 23 10 697 609 (1,339 ) — Total operating revenue 2,233 6,757 2,766 602 (621 ) 11,737 Depreciation, depletion and amortization 537 662 330 30 — 1,559 Equity in earnings of equity method investees — (16) 105 22 — 111 Interest income — 74 34 36 (78 ) 66 Interest and related charges 244 290 38 516 (78 ) 1,010 Income tax expense (benefit) 308 279 431 (363 ) — 655 Net income (loss) attributable to Dominion Energy 484 1,397 726 (484 ) — 2,123 Investment in equity method investees — 228 1,289 44 — 1,561 Capital expenditures 1,320 2,440 2,322 43 — 6,125 Total assets (billions) 15.6 27.1 26.0 10.2 (7.3 ) 71.6 2015 Total revenue from external customers $2,091 $7,001 $1,877 $ (27) $ 741 $11,683 Intersegment revenue 20 15 695 554 (1,284 ) — Total operating revenue 2,111 7,016 2,572 527 (543 ) 11,683 Depreciation, depletion and amortization 498 591 262 44 — 1,395 Equity in earnings of equity method investees — (15 ) 60 11 — 56 Interest income — 64 25 13 (44 ) 58 Interest and related charges 230 262 27 429 (44 ) 904 Income tax expense (benefit) 307 465 423 (290 ) — 905 Net income (loss) attributable to Dominion Energy 490 1,120 680 (391 ) — 1,899 Investment in equity method investees — 245 1,042 33 — 1,320 Capital expenditures 1,607 2,190 2,153 43 — 5,993 |
Virginia Electric and Power Company | |
Schedule of Segment Reporting Information, by Segment | The following table presents segment information pertaining to Virginia Power’s operations: Year Ended December 31, Power Power Corporate and Other Adjustments & Eliminations Consolidated Total (millions) 2017 Operating revenue $2,212 $5,344 $ — $ — $7,556 Depreciation and amortization 594 547 — — 1,141 Interest income 4 15 3 (3 ) 19 Interest and related charges 265 232 — (3 ) 494 Income tax expense (benefit) 334 534 (94 ) — 774 Net income 527 939 74 — 1,540 Capital expenditures 1,439 1,290 — — 2,729 Total assets (billions) 16.6 18.6 — (0.1 ) 35.1 2016 Operating revenue $2,217 $5,390 $ (19 ) $ — $7,588 Depreciation and amortization 537 488 — — 1,025 Interest income — — — — — Interest and related charges 244 219 — (2 ) 461 Income tax expense (benefit) 307 524 (104 ) — 727 Net income (loss) 482 909 (173 ) — 1,218 Capital expenditures 1,313 1,336 — — 2,649 Total assets (billions) 15.6 17.8 — (0.1 ) 33.3 2015 Operating revenue $2,099 $5,566 $ (43 ) $ — $7,622 Depreciation and amortization 498 453 2 — 953 Interest income — 7 — — 7 Interest and related charges 230 210 4 (1 ) 443 Income tax expense (benefit) 308 437 (86 ) — 659 Net income (loss) 490 750 (153 ) — 1,087 Capital expenditures 1,569 1,120 — — 2,689 |
Dominion Energy Gas Holdings, LLC | |
Schedule of Segment Reporting Information, by Segment | The following table presents segment information pertaining to Dominion Energy Gas’ operations: Year Ended December 31, Gas Infrastructure Corporate and Consolidated Total (millions) 2017 Operating revenue $1,814 $ — $1,814 Depreciation and amortization 227 — 227 Equity in earnings of equity method investees 21 — 21 Interest income 2 — 2 Interest and related charges 97 — 97 Income tax expense (benefit) 256 (205 ) 51 Net income 436 179 615 Investment in equity method investees 95 — 95 Capital expenditures 778 — 778 Total assets (billions) 11.3 0.6 11.9 2016 Operating revenue $1,638 $ — $1,638 Depreciation and amortization 214 (10 ) 204 Equity in earnings of equity method investees 21 — 21 Interest income 1 — 1 Interest and related charges 92 2 94 Income tax expense (benefit) 237 (22 ) 215 Net income (loss) 395 (3 ) 392 Investment in equity method investees 98 — 98 Capital expenditures 854 — 854 Total assets (billions) 10.5 0.6 11.1 2015 Operating revenue $1,716 $ — $1,716 Depreciation and amortization 213 4 217 Equity in earnings of equity method investees 23 — 23 Interest income 1 — 1 Interest and related charges 72 1 73 Income tax expense (benefit) 296 (13 ) 283 Net income (loss) 478 (21 ) 457 Investment in equity method investees 102 — 102 Capital expenditures 795 — 795 |
QUARTERLY FINANCIALAND COMMON55
QUARTERLY FINANCIALAND COMMON STOCKDATA (UNAUDITED) (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Quarterly Financial and Common Stock Data | A summary of the Companies’ quarterly results of operations for the years ended December 31, 2017 and 2016 follows. Amounts reflect all adjustments necessary in the opinion of management for a fair statement of the results for the interim periods. Results for interim periods may fluctuate as a result of weather conditions, changes in rates and other factors. D OMINION NERGY First Quarter Second Quarter Third Quarter Fourth Quarter (millions, except per share amounts) 2017 Operating revenue $ 3,384 $ 2,813 $ 3,179 $ 3,210 Income from operations 1,125 801 1,200 1,004 Net income including noncontrolling interests 674 417 696 1,333 Net income attributable to Dominion Energy 632 390 665 1,312 Basic EPS: Net income attributable to Dominion Energy 1.01 0.62 1.03 2.04 Diluted EPS: Net income attributable to Dominion Energy 1.01 0.62 1.03 2.04 Dividends declared per share 0.755 0.755 0.770 0.770 Common stock prices (intraday high-low) $ 79.36 - 70.87 $ 81.65 - 76.17 $ 80.67 - 75.40 $ 85.30 - 75.75 2016 Operating revenue $ 2,921 $ 2,598 $ 3,132 $ 3,086 Income from operations 882 781 1,145 819 Net income including noncontrolling interests 531 462 728 491 Net income attributable to Dominion Energy 524 452 690 457 Basic EPS: Net income attributable to Dominion Energy 0.88 0.73 1.10 0.73 Diluted EPS: Net income attributable to Dominion Energy 0.88 0.73 1.10 0.73 Dividends declared per share 0.700 0.700 0.700 0.700 Common stock prices (intraday high-low) $ 75.18 - 66.25 $ 77.93 - 68.71 $ 78.97 - 72.49 $ 77.32 - 69.51 |
Virginia Electric and Power Company | |
Quarterly Financial and Common Stock Data | Virginia Power’s quarterly results of operations were as follows: First Quarter Second Quarter Third Quarter Fourth Quarter (millions) 2017 Operating revenue $ 1,831 $ 1,747 $ 2,154 $ 1,824 Income from operations 653 613 847 619 Net income 356 318 459 407 2016 Operating revenue $ 1,890 $ 1,776 $ 2,211 $ 1,711 Income from operations 514 553 914 369 Net income 263 280 503 172 |
Dominion Energy Gas Holdings, LLC | |
Quarterly Financial and Common Stock Data | Dominion Energy Gas’ quarterly results of operations were as follows: First Quarter Second Quarter Third Quarter Fourth Quarter (millions) 2017 Operating revenue $490 $422 $401 $501 Income from operations 176 137 206 203 Net income 108 77 117 313 2016 Operating revenue $431 $368 $382 $457 Income from operations 175 186 133 175 Net income 98 105 83 106 |
Nature of Operations (Narrative
Nature of Operations (Narrative) (Detail) | 1 Months Ended | 12 Months Ended | |
Sep. 30, 2015shares | Oct. 31, 2014shares | Dec. 31, 2017Segments | |
Subsidiary, Sale of Stock [Line Items] | |||
Number of operating segments | 3 | ||
Dominion Energy Midstream Partners, LP | Iroquois | Partnership Interest | |||
Subsidiary, Sale of Stock [Line Items] | |||
Common units included in initial public offering | shares | 8,600,000 | ||
Noncontrolling partnership percentage interest | 25.93% | ||
Dominion Energy Midstream Partners, LP | Common and Subordinated Units | |||
Subsidiary, Sale of Stock [Line Items] | |||
Ownership interest percentage of limited partner interests | 50.60% | ||
Dominion Energy Midstream Partners, LP | Convertible Preferred Units | |||
Subsidiary, Sale of Stock [Line Items] | |||
Ownership interest percentage of limited partner interests | 37.50% | ||
Dominion Energy Midstream Partners, LP | IPO [Member] | |||
Subsidiary, Sale of Stock [Line Items] | |||
Common units included in initial public offering | shares | 20,125,000 | ||
Virginia Electric and Power Company | |||
Subsidiary, Sale of Stock [Line Items] | |||
Number of operating segments | 2 | ||
Dominion Energy Gas Holdings, LLC | |||
Subsidiary, Sale of Stock [Line Items] | |||
Number of operating segments | 1 |
Significant Accounting Polici57
Significant Accounting Policies (Narrative) (Detail) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Significant Accounting Policies [Line Items] | ||||
Accrued unbilled revenue | $ 661 | $ 631 | ||
Percentage of fuel currently subject to deferred fuel accounting | 84.00% | |||
Federal statutory income tax rate | 35.00% | 35.00% | 35.00% | |
Recognized interest income | $ 11 | |||
Margin deposit assets | 92 | $ 82 | ||
Capitalized interest costs and AFUDC | 236 | 159 | $ 100 | |
Unrealized gains reclassified from AOCI to retained earnings | 1,100 | |||
Unrealized gains reclassified from AOCI to retained earnings after-tax | 734 | |||
Net unrealized gains on equity securities previously classified as cost method investments | 36 | |||
Net unrealized gains on equity securities previously classified as cost method investments, after tax | 22 | |||
Net unrealized gains in other income | 275 | |||
Net unrealized gains in other income, after tax | 176 | |||
Tax Cuts and Jobs Act of 2017, Reclassification from AOCI to Retained Earnings | 165 | |||
Change in Estimated Useful Life | Merchant generation assets | ||||
Significant Accounting Policies [Line Items] | ||||
Increase (decrease) in depreciation expense | 26 | |||
Increase (decrease) in depreciation expense, after tax | $ 16 | |||
NRG Energy, Inc | Four Brothers and Three Cedars | Disposal Group, Disposed of by Sale, Not Discontinued Operations | ||||
Significant Accounting Policies [Line Items] | ||||
Percentage of equity interest sold to noncontrolling interest owners | 33.00% | |||
Virginia Electric and Power Company | ||||
Significant Accounting Policies [Line Items] | ||||
Accrued unbilled revenue | $ 400 | $ 349 | ||
Federal statutory income tax rate | 35.00% | 35.00% | 35.00% | |
Recognized interest income | $ 11 | |||
Noncurrent income taxes receivable | 1 | |||
Margin deposit assets | 23 | $ 2 | ||
Capitalized interest costs | 37 | 21 | $ 30 | |
AFUDC related to projects | 22 | 31 | $ 19 | |
Unrealized gains reclassified from AOCI to retained earnings | 119 | |||
Unrealized gains reclassified from AOCI to retained earnings after-tax | 73 | |||
Net unrealized gains on equity securities previously classified as cost method investments | 36 | |||
Net unrealized gains on equity securities previously classified as cost method investments, after tax | 22 | |||
Net unrealized gains in other income | 30 | |||
Net unrealized gains in other income, after tax | 19 | |||
Tax Cuts and Jobs Act of 2017, Reclassification from AOCI to Retained Earnings | 13 | |||
Virginia Electric and Power Company | Change in Depreciation Rates from New Depreciation Study | ||||
Significant Accounting Policies [Line Items] | ||||
Increase (decrease) in depreciation expense | 40 | |||
Increase (decrease) in depreciation expense, after tax | 25 | |||
Virginia Electric and Power Company | Federal | ||||
Significant Accounting Policies [Line Items] | ||||
Noncurrent income taxes receivable | 1 | |||
Noncurrent income tax payable | 2 | |||
Virginia Electric and Power Company | State | ||||
Significant Accounting Policies [Line Items] | ||||
Noncurrent income taxes receivable | 13 | |||
Income tax receivable | 6 | |||
Virginia Electric and Power Company | Affiliated Entity | ||||
Significant Accounting Policies [Line Items] | ||||
Income tax payable | 16 | |||
Income tax receivable | 112 | |||
Virginia Electric and Power Company | Affiliated Entity | Federal | ||||
Significant Accounting Policies [Line Items] | ||||
Income tax payable | 16 | |||
Income tax receivable | 122 | |||
Virginia Electric and Power Company | Affiliated Entity | State | ||||
Significant Accounting Policies [Line Items] | ||||
Affiliated payables for estimated income taxes owed | 10 | |||
Dominion Energy Gas Holdings, LLC | ||||
Significant Accounting Policies [Line Items] | ||||
Accrued unbilled revenue | $ 121 | $ 134 | ||
Federal statutory income tax rate | 35.00% | 35.00% | 35.00% | |
Capitalized interest costs | $ 25 | $ 8 | $ 1 | |
Inventory under LIFO method | 9 | 13 | ||
Amount exceeded on LIFO basis | 79 | 55 | ||
Tax Cuts and Jobs Act of 2017, Reclassification from AOCI to Retained Earnings | 26 | |||
Dominion Energy Gas Holdings, LLC | Federal | ||||
Significant Accounting Policies [Line Items] | ||||
Noncurrent income tax payable | 1 | |||
Dominion Energy Gas Holdings, LLC | State | ||||
Significant Accounting Policies [Line Items] | ||||
Noncurrent income taxes receivable | 14 | |||
Income tax receivable | 1 | |||
Noncurrent income tax payable | 7 | |||
Dominion Energy Gas Holdings, LLC | Affiliated Entity | ||||
Significant Accounting Policies [Line Items] | ||||
Income tax payable | 25 | |||
Income tax receivable | 11 | |||
Dominion Energy Gas Holdings, LLC | Affiliated Entity | Federal | ||||
Significant Accounting Policies [Line Items] | ||||
Income tax payable | 21 | |||
Income tax receivable | 10 | |||
Dominion Energy Gas Holdings, LLC | Affiliated Entity | State | ||||
Significant Accounting Policies [Line Items] | ||||
Income tax payable | 4 | |||
Income tax receivable | $ 1 | |||
Scenario, Forecast | ||||
Significant Accounting Policies [Line Items] | ||||
Federal statutory income tax rate | 21.00% | |||
Retained Earnings | ||||
Significant Accounting Policies [Line Items] | ||||
Net unrealized gains on equity securities previously classified as cost method investments | 4 | |||
Retained Earnings | Virginia Electric and Power Company | ||||
Significant Accounting Policies [Line Items] | ||||
Net unrealized gains on equity securities previously classified as cost method investments | 4 | |||
Accounting Standards Update 2017-05 [Member] | Cumulative Effect Of Changes In Accounting Principle [Member] | ||||
Significant Accounting Policies [Line Items] | ||||
Change in accounting principle to reclassify from noncontrolling interests | 127 | |||
Current Regulatory Liabilities [Member] | ||||
Significant Accounting Policies [Line Items] | ||||
Net unrealized gains on equity securities previously classified as cost method investments | 32 | |||
Current Regulatory Liabilities [Member] | Virginia Electric and Power Company | ||||
Significant Accounting Policies [Line Items] | ||||
Net unrealized gains on equity securities previously classified as cost method investments | $ 32 | |||
Maximum | Nonutility Gas Gathering and Processing | ||||
Significant Accounting Policies [Line Items] | ||||
Estimated Useful Lives | 50 years | |||
Maximum | Virginia Electric and Power Company | State | ||||
Significant Accounting Policies [Line Items] | ||||
Noncurrent income taxes receivable | $ 1 | |||
Maximum | Dominion Energy Gas Holdings, LLC | Nonutility Gas Gathering and Processing | ||||
Significant Accounting Policies [Line Items] | ||||
Estimated Useful Lives | 50 years | |||
Minimum | Nonutility Gas Gathering and Processing | ||||
Significant Accounting Policies [Line Items] | ||||
Estimated Useful Lives | 3 years | |||
Minimum | Dominion Energy Gas Holdings, LLC | Nonutility Gas Gathering and Processing | ||||
Significant Accounting Policies [Line Items] | ||||
Estimated Useful Lives | 10 years |
Significant Accounting Polici58
Significant Accounting Policies (Checks the Outstanding Accounts Payable but not yet Presented for Payment and Recorded) (Detail) - USD ($) $ in Millions | Dec. 31, 2017 | Dec. 31, 2016 |
Accounts Payable [Line Items] | ||
Accounts payable for checks outstanding | $ 30 | $ 24 |
Virginia Electric and Power Company | ||
Accounts Payable [Line Items] | ||
Accounts payable for checks outstanding | 17 | 11 |
Dominion Energy Gas Holdings, LLC | ||
Accounts Payable [Line Items] | ||
Accounts payable for checks outstanding | $ 7 | $ 9 |
Amount of Restricted Cash Held
Amount of Restricted Cash Held at each Company (Detail) - USD ($) $ in Millions | Dec. 31, 2017 | Dec. 31, 2016 |
Restricted Cash and Cash Equivalents Items [Line Items] | ||
Restricted cash and cash equivalents | $ 65 | $ 61 |
Virginia Electric and Power Company | ||
Restricted Cash and Cash Equivalents Items [Line Items] | ||
Restricted cash and cash equivalents | 10 | |
Dominion Energy Gas Holdings, LLC | ||
Restricted Cash and Cash Equivalents Items [Line Items] | ||
Restricted cash and cash equivalents | $ 26 | $ 20 |
Significant Accounting Polici60
Significant Accounting Policies (Depreciation Rates and Estimated Useful Life) (Detail) | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Generation | |||
Public Utility, Property, Plant and Equipment [Line Items] | |||
Average composite depreciation rates on utility property, plant and equipment (percentage) | 2.94% | 2.83% | 2.78% |
Generation | Virginia Electric and Power Company | |||
Public Utility, Property, Plant and Equipment [Line Items] | |||
Average composite depreciation rates on utility property, plant and equipment (percentage) | 2.94% | 2.83% | 2.78% |
Transmission | |||
Public Utility, Property, Plant and Equipment [Line Items] | |||
Average composite depreciation rates on utility property, plant and equipment (percentage) | 2.55% | 2.47% | 2.42% |
Transmission | Virginia Electric and Power Company | |||
Public Utility, Property, Plant and Equipment [Line Items] | |||
Average composite depreciation rates on utility property, plant and equipment (percentage) | 2.54% | 2.36% | 2.33% |
Transmission | Dominion Energy Gas Holdings, LLC | |||
Public Utility, Property, Plant and Equipment [Line Items] | |||
Average composite depreciation rates on utility property, plant and equipment (percentage) | 2.40% | 2.43% | 2.46% |
Distribution | |||
Public Utility, Property, Plant and Equipment [Line Items] | |||
Average composite depreciation rates on utility property, plant and equipment (percentage) | 3.00% | 3.02% | 3.11% |
Distribution | Virginia Electric and Power Company | |||
Public Utility, Property, Plant and Equipment [Line Items] | |||
Average composite depreciation rates on utility property, plant and equipment (percentage) | 3.32% | 3.32% | 3.33% |
Storage | |||
Public Utility, Property, Plant and Equipment [Line Items] | |||
Average composite depreciation rates on utility property, plant and equipment (percentage) | 2.48% | 2.29% | 2.42% |
Storage | Dominion Energy Gas Holdings, LLC | |||
Public Utility, Property, Plant and Equipment [Line Items] | |||
Average composite depreciation rates on utility property, plant and equipment (percentage) | 2.45% | 2.19% | 2.44% |
Gas Gathering and Processing | |||
Public Utility, Property, Plant and Equipment [Line Items] | |||
Average composite depreciation rates on utility property, plant and equipment (percentage) | 2.21% | 2.66% | 3.19% |
Gas Gathering and Processing | Dominion Energy Gas Holdings, LLC | |||
Public Utility, Property, Plant and Equipment [Line Items] | |||
Average composite depreciation rates on utility property, plant and equipment (percentage) | 2.42% | 2.58% | 3.20% |
General and Other | |||
Public Utility, Property, Plant and Equipment [Line Items] | |||
Average composite depreciation rates on utility property, plant and equipment (percentage) | 4.89% | 4.12% | 3.67% |
General and Other | Virginia Electric and Power Company | |||
Public Utility, Property, Plant and Equipment [Line Items] | |||
Average composite depreciation rates on utility property, plant and equipment (percentage) | 4.68% | 3.49% | 3.40% |
General and Other | Dominion Energy Gas Holdings, LLC | |||
Public Utility, Property, Plant and Equipment [Line Items] | |||
Average composite depreciation rates on utility property, plant and equipment (percentage) | 4.96% | 4.54% | 4.72% |
Distribution | Dominion Energy Gas Holdings, LLC | |||
Public Utility, Property, Plant and Equipment [Line Items] | |||
Average composite depreciation rates on utility property, plant and equipment (percentage) | 2.42% | 2.55% | 2.45% |
Merchant Generation Nuclear | |||
Public Utility, Property, Plant and Equipment [Line Items] | |||
Estimated Useful Lives | 44 years | ||
Minimum | Merchant Generation-Other | |||
Public Utility, Property, Plant and Equipment [Line Items] | |||
Estimated Useful Lives | 15 years | ||
Minimum | Nonutility Gas Gathering and Processing | |||
Public Utility, Property, Plant and Equipment [Line Items] | |||
Estimated Useful Lives | 3 years | ||
Minimum | Nonutility Gas Gathering and Processing | Dominion Energy Gas Holdings, LLC | |||
Public Utility, Property, Plant and Equipment [Line Items] | |||
Estimated Useful Lives | 10 years | ||
Minimum | General and Other | |||
Public Utility, Property, Plant and Equipment [Line Items] | |||
Estimated Useful Lives | 5 years | ||
Maximum | Merchant Generation-Other | |||
Public Utility, Property, Plant and Equipment [Line Items] | |||
Estimated Useful Lives | 40 years | ||
Maximum | Nonutility Gas Gathering and Processing | |||
Public Utility, Property, Plant and Equipment [Line Items] | |||
Estimated Useful Lives | 50 years | ||
Maximum | Nonutility Gas Gathering and Processing | Dominion Energy Gas Holdings, LLC | |||
Public Utility, Property, Plant and Equipment [Line Items] | |||
Estimated Useful Lives | 50 years | ||
Maximum | General and Other | |||
Public Utility, Property, Plant and Equipment [Line Items] | |||
Estimated Useful Lives | 59 years |
Acquisitions and Dispositions61
Acquisitions and Dispositions (Proposed Acquisition Of Scana) (Narrative) (Detail) - Subsequent Event $ in Millions | 1 Months Ended |
Jan. 31, 2018USD ($)shares | |
Business Acquisition [Line Items] | |
Contract termination fee | $ 280 |
SCANA [Member] | |
Business Acquisition [Line Items] | |
Common stock agreed to issue | shares | 0.6690 |
Business combination, liability incurred | $ 575 |
Combination debt outstanding | 7,000 |
Contract termination fee | $ 240 |
SCANA [Member] | Minimum | |
Business Acquisition [Line Items] | |
Discount on existing customers | 5.00% |
SCANA [Member] | Up-front Payment Arrangement [Member] | |
Business Acquisition [Line Items] | |
Business combination, liability incurred | $ 1,300 |
V.C. Summer Units [Member] | |
Business Acquisition [Line Items] | |
Business combination cost related to exclusion from rate recovery | 1,700 |
Columbia energy. | |
Business Acquisition [Line Items] | |
Business combination cost related to exclusion from rate recovery | $ 180 |
Acquisitions and Dispositions62
Acquisitions and Dispositions (Acquisition of Dominion Energy Questar) (Narrative) (Detail) - USD ($) $ / shares in Units, $ in Millions | Dec. 01, 2016 | Sep. 16, 2016 | Jul. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Aug. 31, 2016 | Apr. 30, 2016 | Sep. 30, 2017 | Dec. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Business Acquisition [Line Items] | ||||||||||||
Issuance of common stock | $ 1,302 | $ 2,152 | $ 786 | |||||||||
Issuance of short-term notes | 1,200 | 600 | ||||||||||
Issuance of common stock | 1,302 | 2,152 | 786 | |||||||||
Other Commitment, Fiscal Year Maturity [Abstract] | ||||||||||||
Repayment of short-term notes | $ 250 | $ 1,800 | $ 400 | |||||||||
Dominion Energy Questar Pipeline LLC | Dominion Energy Midstream Partners, LP | Subsidiary of Common Parent | Disposal Group, Disposed of by Sale, Not Discontinued Operations | ||||||||||||
Other Commitment, Fiscal Year Maturity [Abstract] | ||||||||||||
Cash consideration | $ 823 | |||||||||||
Debt financed distribution | 300 | |||||||||||
Amount of consideration | 1,300 | |||||||||||
Dominion Energy Questar Pipeline LLC | Dominion Energy Midstream Partners, LP | Subsidiary of Common Parent | Partnership Interest | Disposal Group, Disposed of by Sale, Not Discontinued Operations | ||||||||||||
Other Commitment, Fiscal Year Maturity [Abstract] | ||||||||||||
Combined value of common and convertible preferred units | $ 467 | |||||||||||
Dominion Energy Questar Pipeline LLC | Dominion Energy Midstream Partners, LP | Limited Partner | Disposal Group, Disposed of by Sale, Not Discontinued Operations | Senior Unsecured Promissory Note Payable | Notes Payable, Other Payables | ||||||||||||
Other Commitment, Fiscal Year Maturity [Abstract] | ||||||||||||
Repayments of promissory note | $ 301 | |||||||||||
Dominion Energy Questar Pipeline LLC | Dominion Energy Midstream Partners, LP | Limited Partner | Common Units | Disposal Group, Disposed of by Sale, Not Discontinued Operations | ||||||||||||
Other Commitment, Fiscal Year Maturity [Abstract] | ||||||||||||
Number of common units to be purchased | 6,656,839 | |||||||||||
Questar Fueling Company | Disposal Group, Disposed of by Sale, Not Discontinued Operations | ||||||||||||
Other Commitment, Fiscal Year Maturity [Abstract] | ||||||||||||
Cash consideration | $ 28 | |||||||||||
Underwritten Public Offering | ||||||||||||
Business Acquisition [Line Items] | ||||||||||||
Issuance of common stock | $ 756 | |||||||||||
Term Loans | Dominion Energy Questar Pipeline LLC | Disposal Group, Disposed of by Sale, Not Discontinued Operations | Private Placement Term Loan Agreement Maturing in September 2017 | ||||||||||||
Other Commitment, Fiscal Year Maturity [Abstract] | ||||||||||||
Repayment of short-term notes | $ 1,200 | |||||||||||
Capital Unit, Class A | ||||||||||||
Business Acquisition [Line Items] | ||||||||||||
Issuance of common stock | $ 1,000 | |||||||||||
Dominion Energy Questar Corporation | ||||||||||||
Business Acquisition [Line Items] | ||||||||||||
Price per share | $ 25 | |||||||||||
Total consideration | $ 4,400 | |||||||||||
Number of shares of Dominion Questar outstanding at closing | 175,500,000 | |||||||||||
Issuance of senior notes | $ 1,300 | |||||||||||
Increase (decrease) to goodwill related modifications to preliminary valuation amounts | $ 6 | $ (6) | ||||||||||
Contributions to fund Dominion Questar's qualified and non-qualified defined benefit pension plans | $ 75 | |||||||||||
Dominion Energy Questar Corporation | Commitment for Charitable Contributions | ||||||||||||
Other Commitment, Fiscal Year Maturity [Abstract] | ||||||||||||
Charitable contributions, next twelve months | 1 | |||||||||||
Charitable contributions, second year | 1 | |||||||||||
Charitable contributions, third year | 1 | |||||||||||
Charitable contributions, fourth year | 1 | |||||||||||
Charitable contributions, fifth year | $ 1 | |||||||||||
Dominion Energy Questar Corporation | Commitment for Charitable Contributions | Minimum | ||||||||||||
Other Commitment, Fiscal Year Maturity [Abstract] | ||||||||||||
Period for charitable contributions | 5 years | |||||||||||
Dominion Energy Questar Corporation | White River Hub LLC | ||||||||||||
Business Acquisition [Line Items] | ||||||||||||
Ownership percentage | 50.00% | |||||||||||
Dominion Energy Questar Corporation | Underwritten Public Offering | ||||||||||||
Business Acquisition [Line Items] | ||||||||||||
Issuance of common stock | $ 500 | |||||||||||
Dominion Energy Questar Corporation | Term Loans | ||||||||||||
Business Acquisition [Line Items] | ||||||||||||
Issuance of short-term notes | $ 1,200 | |||||||||||
Dominion Energy Questar Corporation | Capital Unit, Class A | ||||||||||||
Business Acquisition [Line Items] | ||||||||||||
Issuance of common stock | $ 1,400 |
Acquisitions and Dispositions63
Acquisitions and Dispositions (Schedule of Preliminary Allocation of Purchase Price to Assets Acquired and Liabilities Assumed) (Detail) - USD ($) $ in Millions | Dec. 31, 2017 | Dec. 31, 2016 | Sep. 16, 2016 | Dec. 31, 2015 | |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Assets [Abstract] | |||||
Goodwill | [1] | $ 6,405 | $ 6,399 | $ 3,294 | |
Dominion Energy 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] | 4,131 | |||
Goodwill | 3,111 | ||||
Total deferred charges and other assets, excluding goodwill | 75 | ||||
Total Assets | 7,599 | ||||
Total current liabilities | [4] | 793 | |||
Long-term debt | [5] | 963 | |||
Deferred income taxes | 807 | ||||
Regulatory liabilities | 259 | ||||
Asset retirement obligations | 160 | ||||
Other deferred credits and other liabilities | 220 | ||||
Total Liabilities | 3,202 | ||||
Total estimated purchase price | $ 4,397 | ||||
[1] | Goodwill amounts do not contain any accumulated impairment losses. | ||||
[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 no amounts remain outstanding at December 31, 2017, as well as a $250 million variable interest rate term loan due in August 2017 that was paid in July 2017. | ||||
[5] | Unsecured senior and medium-term notes with maturities which range from 2017 to 2048 and bear interest at rates from 2.98% to 7.20%. |
Acquisitions and Dispositions64
Acquisitions and Dispositions (Schedule of Preliminary Allocation of Purchase Price to Assets Acquired and Liabilities Assumed) (Parenthetical) (Detail) - Dominion Energy Questar Corporation - USD ($) $ in Millions | Sep. 16, 2016 | Dec. 31, 2017 |
Business Acquisition [Line Items] | ||
Short-term debt | $ 301 | |
White River Hub LLC | ||
Business Acquisition [Line Items] | ||
Equity method investment | $ 40 | |
Minimum | ||
Business Acquisition [Line Items] | ||
Estimated Useful Lives | 9 years | |
Maximum | ||
Business Acquisition [Line Items] | ||
Estimated Useful Lives | 18 years | |
Unsecured Senior Notes | Minimum | ||
Business Acquisition [Line Items] | ||
Interest rate (percentage) | 2.98% | |
Unsecured Senior Notes | Maximum | ||
Business Acquisition [Line Items] | ||
Interest rate (percentage) | 7.20% | |
Variable Interest Rate Short Term Loan Due in August 2017 [Member] | ||
Business Acquisition [Line Items] | ||
Short-term note outstanding | $ 250 |
Acquisitions and Dispositions65
Acquisitions and Dispositions (Results of Operations and Pro Forma Information) (Narrative) (Detail) - Dominion Energy Questar Corporation - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Business Acquisition [Line Items] | ||
Increase in operating revenue | $ 379 | |
Increase in net income | 73 | |
Other operations and maintenance | ||
Business Acquisition [Line Items] | ||
Transaction and transition costs incurred | $ 26 | 58 |
Interest And Related Charges | ||
Business Acquisition [Line Items] | ||
Transaction and transition costs incurred | $ 16 |
Acquisitions and Dispositions66
Acquisitions and Dispositions (Schedule of Unaudited Pro Forma Information) (Detail) - Dominion Energy Questar Corporation - USD ($) $ / shares in Units, $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | [1] | Dec. 31, 2015 | |
Business Acquisition [Line Items] | |||
Operating Revenue | $ 12,497 | $ 12,818 | |
Net income attributable to Dominion Energy | $ 2,300 | $ 2,108 | |
Earnings Per Common Share - Basic | $ 3.73 | $ 3.56 | |
Earnings Per Common Share - Diluted | $ 3.73 | $ 3.55 | |
[1] | Amounts include adjustments for non-recurring costs directly related to the Dominion Energy Questar Combination. |
Acquisitions and Dispositions67
Acquisitions and Dispositions (Schedule of Acquisitions of Solar Projects) (Detail) $ in Millions | 1 Months Ended | 12 Months Ended | |||||||||||||
Oct. 31, 2017USD ($)ProjectMW | Sep. 30, 2017USD ($)ProjectMW | Jun. 30, 2017USD ($)ProjectMW | May 31, 2017USD ($)ProjectMW | Mar. 31, 2017USD ($)ProjectMW | Feb. 28, 2017USD ($)ProjectMW | Nov. 30, 2015USD ($)ProjectMW | Jul. 31, 2015USD ($)ProjectMW | Jun. 30, 2015USD ($)ProjectMW | Apr. 30, 2015USD ($)ProjectMW | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | |||
Business Acquisition [Line Items] | |||||||||||||||
Project Cost | $ 405 | $ 40 | $ 418 | ||||||||||||
EC&R NA Solar PV, LLC | |||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||
Number of Projects | Project | 1 | 1 | |||||||||||||
Total consideration | [1] | $ 65 | $ 66 | ||||||||||||
Project Cost | [2] | $ 65 | $ 66 | ||||||||||||
MW Capacity | MW | 20 | 20 | |||||||||||||
EDF Renewable Development, Inc. | |||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||
Number of Projects | Project | 1 | 3 | [3] | ||||||||||||
Total consideration | [1] | $ 68 | $ 106 | [3] | |||||||||||
Project Cost | [2] | $ 68 | $ 106 | [3] | |||||||||||
MW Capacity | MW | 18 | 24 | [3] | ||||||||||||
Sun Peak Solar LLC | |||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||
Number of Projects | Project | 1 | ||||||||||||||
Total consideration | [1] | $ 42 | |||||||||||||
Project Cost | [2] | $ 71 | |||||||||||||
MW Capacity | MW | 20 | ||||||||||||||
Community Energy Solar, Inc | |||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||
Number of Projects | Project | 1 | 1 | |||||||||||||
Total consideration | [1] | $ 29 | $ 34 | ||||||||||||
Project Cost | [2] | $ 205 | $ 212 | ||||||||||||
MW Capacity | MW | 100 | 80 | |||||||||||||
Solar Frontier Americas Holding, LLC | |||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||
Number of Projects | Project | [4] | 1 | |||||||||||||
Total consideration | [1] | $ 77 | |||||||||||||
Project Cost | [2] | $ 78 | |||||||||||||
MW Capacity | MW | 30 | ||||||||||||||
Solar Projects from Cypress Creek Renewables, LLC | |||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||
Number of Projects | Project | 1 | ||||||||||||||
Total consideration | [1] | $ 154 | |||||||||||||
Project Cost | [2] | $ 160 | |||||||||||||
MW Capacity | MW | 79 | ||||||||||||||
Hecate Energy Virginia C&C LLC | |||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||
Number of Projects | Project | 1 | 1 | |||||||||||||
Total consideration | [1] | $ 40 | $ 16 | ||||||||||||
Project Cost | [2] | $ 41 | $ 16 | ||||||||||||
MW Capacity | MW | 20 | 10 | |||||||||||||
Strata Solar Development, LLC/Moorings Farm 2 Holdco, LLC | |||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||
Number of Projects | Project | 2 | ||||||||||||||
Total consideration | [1] | $ 20 | |||||||||||||
Project Cost | [2] | $ 20 | |||||||||||||
MW Capacity | MW | 10 | ||||||||||||||
Strata Solar Development, LLC | |||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||
Number of Projects | Project | 2 | ||||||||||||||
Total consideration | [1] | $ 20 | |||||||||||||
Project Cost | [2] | $ 21 | |||||||||||||
MW Capacity | MW | 10 | ||||||||||||||
[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. | ||||||||||||||
[4] | In April 2017, Dominion Energy discontinued efforts on the acquisition of the additional 20 MW solar project from Solar Frontier Americas Holding LLC. |
Acquisitions and Dispositions68
Acquisitions and Dispositions (Schedule of Acquisitions of Solar Projects) (Parenthetical) (Detail) | 1 Months Ended |
Apr. 30, 2017MW | |
Business Combinations Discontinued Operations And Disposal Groups [Abstract] | |
Discontinued efforts on acquisition of additional MW capacity | 20 |
Acquisitions and Dispositions69
Acquisitions and Dispositions (Merchant Solar Projects) (Narrative) (Detail) $ in Millions | 1 Months Ended | 12 Months Ended | ||||
Dec. 31, 2015USD ($)Project | Sep. 30, 2015ProjectMW | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($)ProjectMW | Dec. 31, 2015USD ($) | Jan. 31, 2016USD ($) | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||
Project Cost | $ 405 | $ 40 | $ 418 | |||
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 | |||||
Number of solar projects | Project | 24 | |||||
Total number of solar projects related to potential sale | Project | 15 | |||||
Amount of consideration | $ 184 | $ 184 | $ 117 | |||
Merchant Solar Projects | Disposal Group, Disposed of by Sale, Not Discontinued Operations | SunEdison, Inc | ||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||
Percentage of equity interest sold to non-controlling interest owners | 33.00% | |||||
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% | |||||
Number of Solar Development Projects in Operation [Member] | ||||||
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 | 7 | |||||
Aggregate purchase price | $ 32 | |||||
Project Cost | $ 421 | |||||
MW Capacity | MW | 221 |
Acquisitions and Dispositions70
Acquisitions and Dispositions (Narrative) (Detail) $ / shares in Units, $ in Millions | Apr. 01, 2015USD ($)$ / sharesshares | Dec. 31, 2015USD ($)MW | Sep. 30, 2015USD ($)miMWshares | Jun. 30, 2015USD ($)ProjectMW | Jan. 31, 2015USD ($)mi | Sep. 30, 2016USD ($) | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | Dec. 31, 2017USD ($) | Nov. 30, 2016 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||||
Project Cost | $ 405 | $ 40 | $ 418 | |||||||||
Goodwill | [1] | $ 3,294 | 6,405 | 6,399 | 3,294 | $ 6,405 | ||||||
DECG | ||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||||
Percentage of equity interests acquired | 100.00% | |||||||||||
Purchase price | $ 497 | |||||||||||
Net property plant and equipment acquired | $ 277 | |||||||||||
Length of FERC regulated interstate natural gas pipeline (in miles) (nearly 1,500 miles) | mi | 1,500 | |||||||||||
Goodwill | $ 250 | |||||||||||
Amount expected to be deductible for tax purposes | 225 | |||||||||||
Amount of regulatory liabilities | $ 38 | |||||||||||
Four Brothers Solar, LLC | ||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||||
Percentage of equity interests acquired | 50.00% | |||||||||||
Number of Projects | Project | 4 | |||||||||||
Purchase price | $ 64 | |||||||||||
Acquisition price in cash | 2 | |||||||||||
Acquisition price payable | $ 62 | |||||||||||
MW Capacity | MW | 320 | |||||||||||
Project Cost | $ 670 | |||||||||||
Purchase price | $ 64 | |||||||||||
Net property plant and equipment acquired | 89 | |||||||||||
Amount of noncontrolling interest | $ 25 | |||||||||||
Three Cedars | ||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||||
Percentage of equity interests acquired | 50.00% | |||||||||||
Number of Projects | 3 | |||||||||||
Purchase price | $ 43 | |||||||||||
Acquisition price in cash | 6 | |||||||||||
Acquisition price payable | $ 37 | |||||||||||
MW Capacity | MW | 210 | |||||||||||
Project Cost | $ 450 | |||||||||||
Purchase price | $ 43 | |||||||||||
Net property plant and equipment acquired | 65 | |||||||||||
Amount of noncontrolling interest | $ 22 | |||||||||||
Three Cedars | Current Liabilities | ||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||||
Payable included in other current liabilities | $ 0 | 2 | $ 0 | |||||||||
Four Brothers and Three Cedars | Investment Credits | IRS | ||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||||
Percentage of federal investment tax credits on projects claimed | 99.00% | 99.00% | ||||||||||
Iroquois | ||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||||
Ownership percentage | 50.00% | 50.00% | ||||||||||
Partnership Interest | Iroquois | National Grid | ||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||||
Ownership interest percentage | 20.40% | |||||||||||
Partnership Interest | Iroquois | NJNR Pipeline Company | ||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||||
Ownership interest percentage | 5.53% | |||||||||||
Dominion Energy Midstream Partners, LP | Iroquois | ||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||||
Ownership percentage | 25.93% | 25.93% | 25.93% | |||||||||
Dominion Energy Midstream Partners, LP | Partnership Interest | Iroquois | ||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||||
Length of FERC regulated interstate natural gas pipeline (in miles) (nearly 1,500 miles) | mi | 416 | |||||||||||
Common units included in initial public offering | shares | 8,600,000 | |||||||||||
Value of common units at closing | $ 216 | |||||||||||
Dominion Energy Midstream Partners, LP | Partnership Interest | Iroquois | National Grid | ||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||||
Common units included in initial public offering | shares | 6,800,000 | |||||||||||
Dominion Energy Midstream Partners, LP | Partnership Interest | Iroquois | NJNR Pipeline Company | ||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||||
Common units included in initial public offering | shares | 1,800,000 | |||||||||||
Dominion Energy Midstream Partners, LP | Disposal Group, Disposed of by Sale, Not Discontinued Operations | DECG | Affiliated Entity | ||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||||
Ownership interest percentage | 100.00% | |||||||||||
Sales price | $ 501 | |||||||||||
Dominion Energy Midstream Partners, LP | Disposal Group, Disposed of by Sale, Not Discontinued Operations | DECG | Affiliated Entity | Unsecured Promissory Note Receivable | Notes Receivable | ||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||||
Term of senior unsecured promissory note payable | 2 years | |||||||||||
Senior unsecured promissory note payable by Dominion Midstream | $ 301 | |||||||||||
Interest rate (percentage) | 0.60% | |||||||||||
Dominion Energy Midstream Partners, LP | Disposal Group, Disposed of by Sale, Not Discontinued Operations | Partnership Interest | DECG | Affiliated Entity | ||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||||
Common units included in initial public offering | shares | 5,112,139 | |||||||||||
Value of common units at closing | $ 200 | |||||||||||
Number of trading days | 10 days | |||||||||||
Price per unit | $ / shares | $ 39.12 | |||||||||||
Dominion Energy Gas Holdings, LLC | ||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||||
Goodwill | [1] | $ 542 | $ 542 | 542 | 542 | $ 542 | ||||||
Dominion Energy Gas Holdings, LLC | Iroquois | ||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||||
Ownership percentage | 24.07% | 24.07% | ||||||||||
Virginia Electric and Power Company | ||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||||
Project Cost | $ 41 | 7 | $ 43 | |||||||||
Virginia Electric and Power Company | Morgans Corner Solar Energy, 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% | ||||||||||
Purchase price | $ 47 | |||||||||||
MW Capacity | MW | 20 | |||||||||||
Virginia Electric and Power Company | Morgans Corner Solar Energy, LLC | Supply Agreement with US Navy | ||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||||
Duration of supply agreement | 10 years | |||||||||||
Virginia Electric and Power Company | Morgans Corner Solar Energy, LLC | Solar Development Project | ||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||||
Total cost of project placed into service | $ 49 | $ 49 | ||||||||||
NRG Energy, Inc | ||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||||
Contributions from SunEdison and NRG to Four Brothers and Three Cedars | $ 9 | |||||||||||
NRG Energy, Inc | Four Brothers and Three Cedars | ||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||||
Percentage of equity interests acquired | 50.00% | |||||||||||
Sun Edison Inc | ||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||||
Contributions from SunEdison and NRG to Four Brothers and Three Cedars | $ 189 | $ 103 | ||||||||||
Sun Edison Inc | Four Brothers and Three Cedars | ||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||||
Contributions from SunEdison and NRG to Four Brothers and Three Cedars | $ 301 | |||||||||||
[1] | Goodwill amounts do not contain any accumulated impairment losses. |
Operating Revenue (Schedule of
Operating Revenue (Schedule of Operating Revenue) (Detail) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | ||||||||||||
Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | ||||
Electric sales: | ||||||||||||||
Regulated | $ 7,383 | $ 7,348 | $ 7,482 | |||||||||||
Nonregulated | 1,429 | 1,519 | 1,488 | |||||||||||
Gas sales: | ||||||||||||||
Regulated | 1,067 | 500 | 218 | |||||||||||
Nonregulated | 457 | 354 | 471 | |||||||||||
Gas transportation and storage | 1,786 | 1,636 | 1,616 | |||||||||||
Other | 464 | 380 | 408 | |||||||||||
Total operating revenue | $ 3,210 | $ 3,179 | $ 2,813 | $ 3,384 | $ 3,086 | $ 3,132 | $ 2,598 | $ 2,921 | 12,586 | [1] | 11,737 | [1] | 11,683 | [1] |
Virginia Electric and Power Company | ||||||||||||||
Electric sales: | ||||||||||||||
Regulated | 7,383 | 7,348 | 7,482 | |||||||||||
Gas sales: | ||||||||||||||
Other | 173 | 240 | 140 | |||||||||||
Total operating revenue | 1,824 | 2,154 | 1,747 | 1,831 | 1,711 | 2,211 | 1,776 | 1,890 | 7,556 | 7,588 | 7,622 | |||
Dominion Energy Gas Holdings, LLC | ||||||||||||||
Gas sales: | ||||||||||||||
Regulated | 87 | 119 | 122 | |||||||||||
Nonregulated | 20 | 13 | 10 | |||||||||||
Gas transportation and storage | 1,435 | 1,307 | 1,366 | |||||||||||
NGL revenue | 91 | 62 | 93 | |||||||||||
Other | 181 | 137 | 125 | |||||||||||
Total operating revenue | $ 501 | $ 401 | $ 422 | $ 490 | $ 457 | $ 382 | $ 368 | $ 431 | $ 1,814 | [2] | $ 1,638 | [2] | $ 1,716 | [2] |
[1] | See Note 9 for amounts attributable to related parties. | |||||||||||||
[2] | See Note 24 for amounts attributable to related parties. |
Income Taxes (Narrative) (Detai
Income Taxes (Narrative) (Detail) - USD ($) $ in Millions | 1 Months Ended | 3 Months Ended | 12 Months Ended | |||
Jun. 30, 2017 | Dec. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Income Taxes [Line Items] | ||||||
Federal statutory income tax rate | 35.00% | 35.00% | 35.00% | |||
Percentage of bonus depreciation allowance for qualifying expenditures incurred | 50.00% | 50.00% | 50.00% | 50.00% | ||
Percentage of investment tax credit for qualifying expenditures to be incurred in 2019 | 30.00% | 30.00% | ||||
Percentage of investment tax credit for qualifying expenditures to be incurred in 2020 | 26.00% | 26.00% | ||||
Percentage of investment tax credit for qualifying expenditures to be incurred in 2021 | 22.00% | 22.00% | ||||
Percentage of investment tax credit for qualifying expenditures to be incurred in 2022 | 10.00% | 10.00% | ||||
Percentage of investment tax credit for qualifying expenditures to be incurred thereafter | 10.00% | 10.00% | ||||
Deferred income tax expense | $ (851) | $ (851) | ||||
Provision for current income taxes | (27) | $ (70) | $ 51 | |||
Benefit for deferred income taxes | 96 | |||||
Decrease in unrecognized tax benefits due to settlement | 23 | 8 | 5 | |||
Unrecognized tax benefits that would impact effective tax rate | 31 | 31 | 45 | 69 | ||
Decrease in accumulated deferred income tax liability | 3,100 | 3,100 | ||||
Increase in regulatory liabilities | 4,200 | |||||
Increase in deferred tax asset | 1,100 | |||||
Increase (Decrease) in tax expense as a result of changes in unrecognized tax benefits | $ (9) | $ (18) | $ (6) | |||
Virginia Electric and Power Company | ||||||
Income Taxes [Line Items] | ||||||
Federal statutory income tax rate | 35.00% | 35.00% | 35.00% | |||
Deferred income tax expense | (93) | $ (93) | ||||
Provision for current income taxes | 505 | $ 258 | $ 408 | |||
Decrease in unrecognized tax benefits due to settlement | $ 8 | 8 | ||||
Unrecognized tax benefits that would impact effective tax rate | 2 | 3 | 3 | 9 | $ 8 | |
Interest income | $ 11 | |||||
Decrease in accumulated deferred income tax liability | 1,900 | 1,900 | ||||
Increase in regulatory liabilities | 2,600 | |||||
Increase in deferred tax asset | 700 | |||||
Increase (Decrease) in tax expense as a result of changes in unrecognized tax benefits | $ (6) | $ 1 | ||||
Dominion Energy Gas Holdings, LLC | ||||||
Income Taxes [Line Items] | ||||||
Federal statutory income tax rate | 35.00% | 35.00% | 35.00% | |||
Deferred income tax expense | (197) | $ (197) | ||||
Provision for current income taxes | 24 | $ (23) | $ 120 | |||
Decrease in unrecognized tax benefits due to settlement | 7 | 4 | ||||
Unrecognized tax benefits that would impact effective tax rate | 5 | 19 | ||||
Decrease in accumulated deferred income tax liability | 800 | 800 | ||||
Increase in regulatory liabilities | 1,000 | |||||
Increase in deferred tax asset | 200 | |||||
Increase (Decrease) in tax expense as a result of changes in unrecognized tax benefits | (5) | (11) | ||||
Maximum | ||||||
Income Taxes [Line Items] | ||||||
Decrease in Unrecognized tax benefits due to settlement negotiations and expiration of statutes of limitations | 13 | 13 | ||||
Amount that earnings could potentially increase if changes were to occur | 12 | |||||
Maximum | Virginia Electric and Power Company | ||||||
Income Taxes [Line Items] | ||||||
Increase (Decrease) in tax expense as a result of changes in unrecognized tax benefits | 1 | |||||
Decrease in Unrecognized tax benefits due to settlement negotiations and expiration of statutes of limitations | 2 | 2 | ||||
Amount that earnings could potentially increase if changes were to occur | 2 | |||||
Maximum | Dominion Energy Gas Holdings, LLC | ||||||
Income Taxes [Line Items] | ||||||
Unrecognized tax benefits that would impact effective tax rate | 1 | 1 | ||||
Increase (Decrease) in tax expense as a result of changes in unrecognized tax benefits | 1 | |||||
Decrease in Unrecognized tax benefits due to settlement negotiations and expiration of statutes of limitations | $ 1 | 1 | ||||
Amount that earnings could potentially increase if changes were to occur | $ 1 | |||||
Scenario, Forecast | ||||||
Income Taxes [Line Items] | ||||||
Federal statutory income tax rate | 21.00% | |||||
Federal | ||||||
Income Taxes [Line Items] | ||||||
Federal tax credits | 129 | |||||
Realizable domestic production activities deduction | 17 | |||||
Federal | Dominion Midstream Partners, LP | Questar Pipeline, LLC | Disposal Group, Disposed of by Sale, Not Discontinued Operations | ||||||
Income Taxes [Line Items] | ||||||
Provision for current income taxes | $ 212 | |||||
Federal | IRS | ||||||
Income Taxes [Line Items] | ||||||
Benefit related to carryback recognized | $ 20 | |||||
Tax year under ongoing examination | 2,017 |
Income Taxes (Income Tax Expens
Income Taxes (Income Tax Expense for Continuing Operations Including Noncontrolling Interests) (Detail) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Current: | ||||
Federal | $ (1) | $ (155) | $ (24) | |
State | (26) | 85 | 75 | |
Total current expense (benefit) | (27) | (70) | 51 | |
Deferred: | ||||
Federal 2017 Tax Reform Act impact | $ (851) | (851) | ||
Taxes before operating loss carryforwards and investment tax credits | 739 | 1,050 | 384 | |
Tax utilization expense (benefit) of operating loss carryforwards | 174 | (161) | 539 | |
Investment tax credits | (200) | (248) | (134) | |
State | 132 | 50 | 66 | |
Total deferred expense (benefit) | (6) | 691 | 855 | |
Investment tax credit-gross deferral | 5 | 35 | ||
Investment tax credit-amortization | (2) | (1) | (1) | |
Total income tax expense (benefit) | (30) | 655 | 905 | |
Virginia Electric and Power Company | ||||
Current: | ||||
Federal | 432 | 168 | 316 | |
State | 73 | 90 | 92 | |
Total current expense (benefit) | 505 | 258 | 408 | |
Deferred: | ||||
Federal 2017 Tax Reform Act impact | (93) | (93) | ||
Taxes before operating loss carryforwards and investment tax credits | 319 | 435 | 154 | |
Tax utilization expense (benefit) of operating loss carryforwards | 4 | (2) | 96 | |
Investment tax credits | (23) | (25) | (11) | |
State | 59 | 27 | 13 | |
Total deferred expense (benefit) | 266 | 435 | 252 | |
Investment tax credit-gross deferral | 5 | 35 | ||
Investment tax credit-amortization | (2) | (1) | (1) | |
Total income tax expense (benefit) | 774 | 727 | 659 | |
Dominion Energy Gas Holdings, LLC | ||||
Current: | ||||
Federal | 16 | (27) | 90 | |
State | 8 | 4 | 30 | |
Total current expense (benefit) | 24 | (23) | 120 | |
Deferred: | ||||
Federal 2017 Tax Reform Act impact | $ (197) | (197) | ||
Taxes before operating loss carryforwards and investment tax credits | 199 | 239 | 156 | |
Tax utilization expense (benefit) of operating loss carryforwards | 5 | (2) | 6 | |
State | 20 | 1 | 1 | |
Total deferred expense (benefit) | 27 | 238 | 163 | |
Total income tax expense (benefit) | $ 51 | $ 215 | $ 283 |
Income Taxes (Reconciliation of
Income Taxes (Reconciliation of Income Taxes at the U.S. Statutory Federal Income Tax Rate) (Detail) | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Income Tax Contingency [Line Items] | |||
U.S. statutory rate | 35.00% | 35.00% | 35.00% |
Increases (reductions) resulting from: | |||
State taxes, net of federal benefit | 2.00% | 2.40% | 3.70% |
Investment tax credits | (6.30%) | (11.70%) | (4.70%) |
Production tax credits | (0.70%) | (0.80%) | (0.80%) |
Valuation allowances | 0.20% | 1.20% | (0.30%) |
Federal legislative change | (27.50%) | ||
State legislative change | (0.60%) | (0.10%) | |
AFUDC-equity | (1.40%) | (0.60%) | (0.30%) |
Employee stock ownership plan deduction | (0.60%) | (0.60%) | (0.60%) |
Other, net | (1.70%) | (1.40%) | 0.10% |
Effective tax rate | (1.00%) | 22.90% | 32.00% |
Virginia Electric and Power Company | |||
Income Tax Contingency [Line Items] | |||
U.S. statutory rate | 35.00% | 35.00% | 35.00% |
Increases (reductions) resulting from: | |||
State taxes, net of federal benefit | 3.70% | 3.80% | 3.90% |
Investment tax credits | (0.80%) | (0.60%) | |
Production tax credits | (0.40%) | (0.50%) | (0.60%) |
Valuation allowances | 0.10% | ||
Federal legislative change | (4.00%) | ||
AFUDC-equity | (0.60%) | (0.60%) | (0.60%) |
Other, net | 0.60% | (0.40%) | 0.60% |
Effective tax rate | 33.50% | 37.40% | 37.70% |
Dominion Energy Gas Holdings, LLC | |||
Income Tax Contingency [Line Items] | |||
U.S. statutory rate | 35.00% | 35.00% | 35.00% |
Increases (reductions) resulting from: | |||
State taxes, net of federal benefit | 2.40% | 0.50% | 2.70% |
Valuation allowances | 0.30% | ||
Federal legislative change | (29.50%) | ||
AFUDC-equity | (0.90%) | (0.20%) | 0.20% |
Other, net | 0.40% | 0.10% | 0.30% |
Effective tax rate | 7.70% | 35.40% | 38.20% |
Income Taxes (Schedule of Defer
Income Taxes (Schedule of Deferred Income Taxes) (Detail) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Deferred income taxes: | ||
Total deferred income tax assets | $ 2,686 | $ 1,827 |
Total deferred income tax liabilities | 7,158 | 10,381 |
Total net deferred income tax liabilities | 4,472 | 8,554 |
Plant and equipment, primarily depreciation method and basis differences | 5,056 | 7,782 |
Excess deferred income taxes | (1,050) | |
Nuclear decommissioning | 829 | 1,240 |
Deferred state income taxes | 834 | 747 |
Federal benefit of deferred state income taxes | (175) | (261) |
Deferred fuel, purchased energy and gas costs | 1 | (25) |
Pension benefits | 141 | 155 |
Other postretirement benefits | (51) | (68) |
Loss and credit carryforwards | (1,536) | (1,547) |
Valuation allowances | 146 | 135 |
Partnership basis differences | 473 | 688 |
Other | (196) | (292) |
Total net deferred income tax liabilities | 4,472 | 8,554 |
Deferred Investment Tax Credits - Regulated Operations | 51 | 48 |
Total Deferred Taxes and Deferred Investment Tax Credits | 4,523 | 8,602 |
Virginia Electric and Power Company | ||
Deferred income taxes: | ||
Total deferred income tax assets | 923 | 268 |
Total deferred income tax liabilities | 3,600 | 5,323 |
Total net deferred income tax liabilities | 2,677 | 5,055 |
Plant and equipment, primarily depreciation method and basis differences | 2,969 | 4,604 |
Excess deferred income taxes | (687) | |
Nuclear decommissioning | 260 | 406 |
Deferred state income taxes | 378 | 321 |
Federal benefit of deferred state income taxes | (79) | (112) |
Deferred fuel, purchased energy and gas costs | (3) | (29) |
Pension benefits | (104) | (138) |
Other postretirement benefits | 44 | 49 |
Loss and credit carryforwards | (111) | (88) |
Valuation allowances | 5 | 3 |
Other | 5 | 39 |
Total net deferred income tax liabilities | 2,677 | 5,055 |
Deferred Investment Tax Credits - Regulated Operations | 51 | 48 |
Total Deferred Taxes and Deferred Investment Tax Credits | 2,728 | 5,103 |
Dominion Energy Gas Holdings, LLC | ||
Deferred income taxes: | ||
Total deferred income tax assets | 320 | 126 |
Total deferred income tax liabilities | 1,774 | 2,564 |
Total net deferred income tax liabilities | 1,454 | 2,438 |
Plant and equipment, primarily depreciation method and basis differences | 1,132 | 1,726 |
Excess deferred income taxes | (244) | |
Deferred state income taxes | 227 | 204 |
Federal benefit of deferred state income taxes | (48) | (71) |
Deferred fuel, purchased energy and gas costs | 2 | 4 |
Pension benefits | 419 | 646 |
Other postretirement benefits | (2) | (6) |
Loss and credit carryforwards | (4) | (5) |
Valuation allowances | 3 | |
Partnership basis differences | 26 | 43 |
Other | (57) | (103) |
Total net deferred income tax liabilities | 1,454 | 2,438 |
Total Deferred Taxes and Deferred Investment Tax Credits | $ 1,454 | $ 2,438 |
Income Taxes (Schedule of Deduc
Income Taxes (Schedule of Deductible Loss and Credit Carryforwards) (Detail) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Deductible loss and credit carryforwards [Line Items] | ||
Deferred Tax Asset | $ 1,536 | $ 1,547 |
Valuation Allowance | (146) | |
Deductible amount | 1,926 | |
Virginia Electric and Power Company | ||
Deductible loss and credit carryforwards [Line Items] | ||
Deferred Tax Asset | 111 | 88 |
Valuation Allowance | (5) | |
Deductible amount | 1 | |
Dominion Energy Gas Holdings, LLC | ||
Deductible loss and credit carryforwards [Line Items] | ||
Deferred Tax Asset | 4 | $ 5 |
Valuation Allowance | (3) | |
Deductible amount | 33 | |
Federal | ||
Deductible loss and credit carryforwards [Line Items] | ||
Losses, Deferred tax asset | 118 | |
Deductible amount | 560 | |
Losses, Valuation allowance | 0 | |
Tax credits, Deductible amount | 0 | |
Tax credits, Deferred tax asset | 58 | |
Tax Credits, Valuation allowance | 0 | |
Federal | Virginia Electric and Power Company | ||
Deductible loss and credit carryforwards [Line Items] | ||
Deductible amount | 1 | |
Losses, Valuation allowance | 0 | |
Federal | Dominion Energy Gas Holdings, LLC | ||
Deductible loss and credit carryforwards [Line Items] | ||
Tax credits, Deductible amount | 0 | |
Tax credits, Deferred tax asset | 1 | |
Tax Credits, Valuation allowance | 0 | |
Federal | Investment Credits | ||
Deductible loss and credit carryforwards [Line Items] | ||
Tax credits, Deductible amount | 0 | |
Tax credits, Deferred tax asset | 938 | |
Tax Credits, Valuation allowance | 0 | |
Federal | Investment Credits | Virginia Electric and Power Company | ||
Deductible loss and credit carryforwards [Line Items] | ||
Tax credits, Deductible amount | 0 | |
Tax credits, Deferred tax asset | 51 | |
Tax Credits, Valuation allowance | 0 | |
Federal | Federal production credits | ||
Deductible loss and credit carryforwards [Line Items] | ||
Tax credits, Deductible amount | 0 | |
Tax credits, Deferred tax asset | 129 | |
Tax Credits, Valuation allowance | 0 | |
Federal | Federal Production And Other Credits [Member] | Virginia Electric and Power Company | ||
Deductible loss and credit carryforwards [Line Items] | ||
Tax credits, Deductible amount | 0 | |
Tax credits, Deferred tax asset | 51 | |
Tax Credits, Valuation allowance | 0 | |
State | ||
Deductible loss and credit carryforwards [Line Items] | ||
Losses, Deferred tax asset | 103 | |
Deductible amount | 1,366 | |
Losses, Valuation allowance | (63) | |
Tax credits, Deductible amount | 0 | |
State minimum tax credits | 90 | |
Tax Credits, Valuation allowance | 0 | |
State | Dominion Energy Gas Holdings, LLC | ||
Deductible loss and credit carryforwards [Line Items] | ||
Losses, Deferred tax asset | 3 | |
Deductible amount | 33 | |
Losses, Valuation allowance | (3) | |
State | Investment Credits | Virginia Electric and Power Company | ||
Deductible loss and credit carryforwards [Line Items] | ||
Tax credits, Deductible amount | 0 | |
Tax credits, Deferred tax asset | 9 | |
Tax Credits, Valuation allowance | (5) | |
State | Investment and Other Credit | ||
Deductible loss and credit carryforwards [Line Items] | ||
Tax credits, Deductible amount | 0 | |
Tax credits, Deferred tax asset | 100 | |
Tax Credits, Valuation allowance | $ (83) | |
Earliest Tax Year [Member] | Federal | ||
Deductible loss and credit carryforwards [Line Items] | ||
Tax Credits, Expiration Period | 2,031 | |
Earliest Tax Year [Member] | Federal | Dominion Energy Gas Holdings, LLC | ||
Deductible loss and credit carryforwards [Line Items] | ||
Tax Credits, Expiration Period | 2,032 | |
Earliest Tax Year [Member] | Federal | Investment Credits | ||
Deductible loss and credit carryforwards [Line Items] | ||
Tax Credits, Expiration Period | 2,033 | |
Earliest Tax Year [Member] | Federal | Investment Credits | Virginia Electric and Power Company | ||
Deductible loss and credit carryforwards [Line Items] | ||
Tax Credits, Expiration Period | 2,034 | |
Earliest Tax Year [Member] | Federal | Federal production credits | ||
Deductible loss and credit carryforwards [Line Items] | ||
Tax Credits, Expiration Period | 2,031 | |
Earliest Tax Year [Member] | Federal | Federal Production And Other Credits [Member] | Virginia Electric and Power Company | ||
Deductible loss and credit carryforwards [Line Items] | ||
Tax Credits, Expiration Period | 2,031 | |
Earliest Tax Year [Member] | State | ||
Deductible loss and credit carryforwards [Line Items] | ||
Losses, Expiration Period | 2,018 | |
Earliest Tax Year [Member] | State | Dominion Energy Gas Holdings, LLC | ||
Deductible loss and credit carryforwards [Line Items] | ||
Losses, Expiration Period | 2,036 | |
Earliest Tax Year [Member] | State | Investment and Other Credit | ||
Deductible loss and credit carryforwards [Line Items] | ||
Tax Credits, Expiration Period | 2,018 | |
Latest Tax Year [Member] | Federal | ||
Deductible loss and credit carryforwards [Line Items] | ||
Losses, Expiration Period | 2,034 | |
Tax Credits, Expiration Period | 2,037 | |
Latest Tax Year [Member] | Federal | Virginia Electric and Power Company | ||
Deductible loss and credit carryforwards [Line Items] | ||
Losses, Expiration Period | 2,034 | |
Latest Tax Year [Member] | Federal | Dominion Energy Gas Holdings, LLC | ||
Deductible loss and credit carryforwards [Line Items] | ||
Tax Credits, Expiration Period | 2,036 | |
Latest Tax Year [Member] | Federal | Investment Credits | ||
Deductible loss and credit carryforwards [Line Items] | ||
Tax Credits, Expiration Period | 2,037 | |
Latest Tax Year [Member] | Federal | Investment Credits | Virginia Electric and Power Company | ||
Deductible loss and credit carryforwards [Line Items] | ||
Tax Credits, Expiration Period | 2,037 | |
Latest Tax Year [Member] | Federal | Federal production credits | ||
Deductible loss and credit carryforwards [Line Items] | ||
Tax Credits, Expiration Period | 2,037 | |
Latest Tax Year [Member] | Federal | Federal Production And Other Credits [Member] | Virginia Electric and Power Company | ||
Deductible loss and credit carryforwards [Line Items] | ||
Tax Credits, Expiration Period | 2,037 | |
Latest Tax Year [Member] | State | ||
Deductible loss and credit carryforwards [Line Items] | ||
Losses, Expiration Period | 2,037 | |
Latest Tax Year [Member] | State | Dominion Energy Gas Holdings, LLC | ||
Deductible loss and credit carryforwards [Line Items] | ||
Losses, Expiration Period | 2,037 | |
Latest Tax Year [Member] | State | Investment Credits | Virginia Electric and Power Company | ||
Deductible loss and credit carryforwards [Line Items] | ||
Tax Credits, Expiration Period | 2,024 | |
Latest Tax Year [Member] | State | Investment and Other Credit | ||
Deductible loss and credit carryforwards [Line Items] | ||
Tax Credits, Expiration Period | 2,027 |
Income Taxes (Unrecognized Tax
Income Taxes (Unrecognized Tax Benefits) (Detail) - USD ($) $ in Millions | 1 Months Ended | 12 Months Ended | ||
Jun. 30, 2017 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] | ||||
Balance at January 1 | $ 64 | $ 103 | $ 145 | |
Increases-prior period positions | 1 | 9 | 2 | |
Decreases-prior period positions | (9) | (44) | (40) | |
Increases-current period positions | 5 | 6 | 8 | |
Settlements with tax authorities | (23) | (8) | (5) | |
Expiration of statutes of limitations | (2) | (7) | ||
Balance at December 31 | 38 | 64 | 103 | |
Virginia Electric and Power Company | ||||
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] | ||||
Balance at January 1 | 13 | 12 | 36 | |
Increases-prior period positions | 4 | |||
Decreases-prior period positions | (1) | (3) | (25) | |
Increases-current period positions | 1 | |||
Settlements with tax authorities | $ (8) | (8) | ||
Balance at December 31 | 4 | 13 | 12 | |
Dominion Energy Gas Holdings, LLC | ||||
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] | ||||
Balance at January 1 | 7 | 29 | 29 | |
Increases-prior period positions | 1 | |||
Decreases-prior period positions | (19) | |||
Settlements with tax authorities | $ (7) | (4) | ||
Balance at December 31 | $ 7 | $ 29 |
Income Taxes (Earliest Tax Year
Income Taxes (Earliest Tax Year) (Detail) | 12 Months Ended | |
Dec. 31, 2017 | ||
Pennsylvania | ||
Operation In Major Geographical Areas Tax Year [Line Items] | ||
Earliest Open Tax Year | 2,012 | [1] |
Connecticut | ||
Operation In Major Geographical Areas Tax Year [Line Items] | ||
Earliest Open Tax Year | 2,014 | |
Virginia | ||
Operation In Major Geographical Areas Tax Year [Line Items] | ||
Earliest Open Tax Year | 2,014 | [2] |
West Virginia | ||
Operation In Major Geographical Areas Tax Year [Line Items] | ||
Earliest Open Tax Year | 2,014 | [1] |
New York | ||
Operation In Major Geographical Areas Tax Year [Line Items] | ||
Earliest Open Tax Year | 2,011 | [1] |
Utah | ||
Operation In Major Geographical Areas Tax Year [Line Items] | ||
Earliest Open Tax Year | 2,014 | |
[1] | Considered a major state for Dominion Energy Gas' operations. | |
[2] | Considered a major state for Virginia Power's operations. |
Fair Value Measurements (Fair V
Fair Value Measurements (Fair Value, Option, Quantitative Disclosures) (Detail) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017USD ($)$ / MWh$ / DTH$ / gal | Dec. 31, 2016USD ($) | ||
Fair Value, Option, Quantitative Disclosures [Line Items] | |||
Fair Value of Derivative Assets | $ 307 | $ 279 | |
Fair Value of Derivative Liabilities | 284 | 155 | |
Virginia Electric and Power Company | |||
Fair Value, Option, Quantitative Disclosures [Line Items] | |||
Fair Value of Derivative Assets | 166 | 194 | |
Fair Value of Derivative Liabilities | 66 | 31 | |
Dominion Energy Gas Holdings, LLC | |||
Fair Value, Option, Quantitative Disclosures [Line Items] | |||
Fair Value of Derivative Assets | 32 | ||
Fair Value of Derivative Liabilities | 8 | 11 | |
Fair Value, Measurements, Recurring | |||
Fair Value, Option, Quantitative Disclosures [Line Items] | |||
Total Assets | 5,379 | 4,722 | |
Total Liabilities | 284 | 155 | |
Fair Value, Measurements, Recurring | Virginia Electric and Power Company | |||
Fair Value, Option, Quantitative Disclosures [Line Items] | |||
Total Assets | 2,466 | 2,200 | |
Total Liabilities | 66 | 31 | |
Fair Value, Measurements, Recurring | Dominion Energy Gas Holdings, LLC | |||
Fair Value, Option, Quantitative Disclosures [Line Items] | |||
Total Assets | 32 | ||
Total Liabilities | 8 | 11 | |
Fair Value, Measurements, Recurring | Commodity | |||
Fair Value, Option, Quantitative Disclosures [Line Items] | |||
Fair Value of Derivative Assets | 258 | 262 | |
Fair Value of Derivative Liabilities | 197 | 96 | |
Fair Value, Measurements, Recurring | Commodity | Virginia Electric and Power Company | |||
Fair Value, Option, Quantitative Disclosures [Line Items] | |||
Fair Value of Derivative Assets | 166 | 188 | |
Fair Value of Derivative Liabilities | 9 | 10 | |
Fair Value, Measurements, Recurring | Commodity | Dominion Energy Gas Holdings, LLC | |||
Fair Value, Option, Quantitative Disclosures [Line Items] | |||
Fair Value of Derivative Liabilities | 6 | 5 | |
Fair Value, Measurements, Recurring | Level 3 | |||
Fair Value, Option, Quantitative Disclosures [Line Items] | |||
Total Assets | 157 | 147 | |
Total Liabilities | 7 | 8 | |
Fair Value, Measurements, Recurring | Level 3 | Virginia Electric and Power Company | |||
Fair Value, Option, Quantitative Disclosures [Line Items] | |||
Total Assets | 152 | 145 | |
Total Liabilities | 5 | 2 | |
Fair Value, Measurements, Recurring | Level 3 | Dominion Energy Gas Holdings, LLC | |||
Fair Value, Option, Quantitative Disclosures [Line Items] | |||
Total Liabilities | 2 | 2 | |
Fair Value, Measurements, Recurring | Level 3 | Commodity | |||
Fair Value, Option, Quantitative Disclosures [Line Items] | |||
Fair Value of Derivative Assets | 157 | 147 | |
Fair Value of Derivative Liabilities | 7 | 8 | |
Fair Value, Measurements, Recurring | Level 3 | Commodity | Virginia Electric and Power Company | |||
Fair Value, Option, Quantitative Disclosures [Line Items] | |||
Fair Value of Derivative Assets | 152 | 145 | |
Fair Value of Derivative Liabilities | 5 | 2 | |
Fair Value, Measurements, Recurring | Level 3 | Commodity | Dominion Energy Gas Holdings, LLC | |||
Fair Value, Option, Quantitative Disclosures [Line Items] | |||
Fair Value of Derivative Liabilities | 2 | $ 2 | |
Fair Value, Measurements, Recurring | Discounted Cash Flow [Member] | Level 3 | FTRs [Member] | Commodity | |||
Fair Value, Option, Quantitative Disclosures [Line Items] | |||
Fair Value of Derivative Assets | 29 | ||
Fair Value of Derivative Liabilities | 5 | ||
Fair Value, Measurements, Recurring | Discounted Cash Flow [Member] | Level 3 | FTRs [Member] | Commodity | Virginia Electric and Power Company | |||
Fair Value, Option, Quantitative Disclosures [Line Items] | |||
Fair Value of Derivative Assets | 27 | ||
Fair Value of Derivative Liabilities | $ 5 | ||
Fair Value, Measurements, Recurring | Discounted Cash Flow [Member] | Level 3 | FTRs [Member] | Commodity | Liabilities | Minimum | |||
Fair Value, Option, Quantitative Disclosures [Line Items] | |||
Market Price | $ / MWh | [1] | (4) | |
Fair Value, Measurements, Recurring | Discounted Cash Flow [Member] | Level 3 | FTRs [Member] | Commodity | Liabilities | Minimum | Virginia Electric and Power Company | |||
Fair Value, Option, Quantitative Disclosures [Line Items] | |||
Market Price | $ / MWh | [1] | (4) | |
Fair Value, Measurements, Recurring | Discounted Cash Flow [Member] | Level 3 | FTRs [Member] | Commodity | Liabilities | Maximum | |||
Fair Value, Option, Quantitative Disclosures [Line Items] | |||
Market Price | $ / MWh | [1] | 6 | |
Fair Value, Measurements, Recurring | Discounted Cash Flow [Member] | Level 3 | FTRs [Member] | Commodity | Liabilities | Maximum | Virginia Electric and Power Company | |||
Fair Value, Option, Quantitative Disclosures [Line Items] | |||
Market Price | $ / MWh | [1] | 6 | |
Fair Value, Measurements, Recurring | Discounted Cash Flow [Member] | Level 3 | Natural Gas Liquids [Member] | Dominion Energy Gas Holdings, LLC | |||
Fair Value, Option, Quantitative Disclosures [Line Items] | |||
Fair Value of Derivative Liabilities | $ 2 | ||
Fair Value, Measurements, Recurring | Discounted Cash Flow [Member] | Level 3 | Natural Gas Liquids [Member] | Liabilities | Minimum | Dominion Energy Gas Holdings, LLC | |||
Fair Value, Option, Quantitative Disclosures [Line Items] | |||
Market Price | $ / DTH | [1] | 0 | |
Fair Value, Measurements, Recurring | Discounted Cash Flow [Member] | Level 3 | Natural Gas Liquids [Member] | Liabilities | Maximum | Dominion Energy Gas Holdings, LLC | |||
Fair Value, Option, Quantitative Disclosures [Line Items] | |||
Market Price | $ / DTH | [1] | 1 | |
Fair Value, Measurements, Recurring | Discounted Cash Flow [Member] | Level 3 | Natural Gas Liquids [Member] | Liabilities | Weighted Average | Dominion Energy Gas Holdings, LLC | |||
Fair Value, Option, Quantitative Disclosures [Line Items] | |||
Market Price | $ / DTH | [1],[2] | 1 | |
Fair Value, Measurements, Recurring | Discounted Cash Flow [Member] | Level 3 | Natural Gas Liquids [Member] | Commodity | |||
Fair Value, Option, Quantitative Disclosures [Line Items] | |||
Fair Value of Derivative Liabilities | [3] | $ 2 | |
Fair Value, Measurements, Recurring | Discounted Cash Flow [Member] | Level 3 | Natural Gas Liquids [Member] | Commodity | Liabilities | Minimum | |||
Fair Value, Option, Quantitative Disclosures [Line Items] | |||
Market Price | $ / gal | [1] | 0 | |
Fair Value, Measurements, Recurring | Discounted Cash Flow [Member] | Level 3 | Natural Gas Liquids [Member] | Commodity | Liabilities | Maximum | |||
Fair Value, Option, Quantitative Disclosures [Line Items] | |||
Market Price | $ / gal | [1] | 2 | |
Fair Value, Measurements, Recurring | Discounted Cash Flow [Member] | Level 3 | Natural Gas Liquids [Member] | Commodity | Liabilities | Weighted Average | |||
Fair Value, Option, Quantitative Disclosures [Line Items] | |||
Market Price | $ / gal | [1],[2] | 1 | |
Fair Value, Measurements, Recurring | Discounted Cash Flow [Member] | Level 3 | Assets | FTRs [Member] | Commodity | Minimum | |||
Fair Value, Option, Quantitative Disclosures [Line Items] | |||
Market Price | $ / MWh | [1] | (1) | |
Fair Value, Measurements, Recurring | Discounted Cash Flow [Member] | Level 3 | Assets | FTRs [Member] | Commodity | Minimum | Virginia Electric and Power Company | |||
Fair Value, Option, Quantitative Disclosures [Line Items] | |||
Market Price | $ / MWh | [1] | (1) | |
Fair Value, Measurements, Recurring | Discounted Cash Flow [Member] | Level 3 | Assets | FTRs [Member] | Commodity | Maximum | |||
Fair Value, Option, Quantitative Disclosures [Line Items] | |||
Market Price | $ / MWh | [1] | 7 | |
Fair Value, Measurements, Recurring | Discounted Cash Flow [Member] | Level 3 | Assets | FTRs [Member] | Commodity | Maximum | Virginia Electric and Power Company | |||
Fair Value, Option, Quantitative Disclosures [Line Items] | |||
Market Price | $ / MWh | [1] | 7 | |
Fair Value, Measurements, Recurring | Discounted Cash Flow [Member] | Level 3 | Assets | FTRs [Member] | Commodity | Weighted Average | |||
Fair Value, Option, Quantitative Disclosures [Line Items] | |||
Market Price | $ / MWh | [1],[2] | 2 | |
Fair Value, Measurements, Recurring | Discounted Cash Flow [Member] | Level 3 | Assets | FTRs [Member] | Commodity | Weighted Average | Virginia Electric and Power Company | |||
Fair Value, Option, Quantitative Disclosures [Line Items] | |||
Market Price | $ / MWh | [1],[2] | 2 | |
Fair Value, Measurements, Recurring | Discounted Cash Flow [Member] | Level 3 | Natural Gas | Commodity | |||
Fair Value, Option, Quantitative Disclosures [Line Items] | |||
Fair Value of Derivative Assets | [4] | $ 84 | |
Fair Value, Measurements, Recurring | Discounted Cash Flow [Member] | Level 3 | Natural Gas | Commodity | Virginia Electric and Power Company | |||
Fair Value, Option, Quantitative Disclosures [Line Items] | |||
Fair Value of Derivative Assets | [4] | $ 81 | |
Fair Value, Measurements, Recurring | Discounted Cash Flow [Member] | Level 3 | Natural Gas | Assets | Commodity | Minimum | |||
Fair Value, Option, Quantitative Disclosures [Line Items] | |||
Market Price | $ / DTH | [1] | (2) | |
Fair Value, Measurements, Recurring | Discounted Cash Flow [Member] | Level 3 | Natural Gas | Assets | Commodity | Minimum | Virginia Electric and Power Company | |||
Fair Value, Option, Quantitative Disclosures [Line Items] | |||
Market Price | $ / DTH | [1] | (2) | |
Fair Value, Measurements, Recurring | Discounted Cash Flow [Member] | Level 3 | Natural Gas | Assets | Commodity | Maximum | |||
Fair Value, Option, Quantitative Disclosures [Line Items] | |||
Market Price | $ / DTH | [1] | 14 | |
Fair Value, Measurements, Recurring | Discounted Cash Flow [Member] | Level 3 | Natural Gas | Assets | Commodity | Maximum | Virginia Electric and Power Company | |||
Fair Value, Option, Quantitative Disclosures [Line Items] | |||
Market Price | $ / DTH | [1] | 7 | |
Fair Value, Measurements, Recurring | Discounted Cash Flow [Member] | Level 3 | Natural Gas | Assets | Commodity | Weighted Average | |||
Fair Value, Option, Quantitative Disclosures [Line Items] | |||
Market Price | $ / DTH | [1],[2] | 0 | |
Fair Value, Measurements, Recurring | Discounted Cash Flow [Member] | Level 3 | Natural Gas | Assets | Commodity | Weighted Average | Virginia Electric and Power Company | |||
Fair Value, Option, Quantitative Disclosures [Line Items] | |||
Market Price | $ / DTH | [1],[2] | (1) | |
Fair Value, Measurements, Recurring | Option Model [Member] | Level 3 | Electricity | Physical Options [Member] | |||
Fair Value, Option, Quantitative Disclosures [Line Items] | |||
Fair Value of Derivative Assets | $ 43 | ||
Fair Value, Measurements, Recurring | Option Model [Member] | Level 3 | Electricity | Physical Options [Member] | Virginia Electric and Power Company | |||
Fair Value, Option, Quantitative Disclosures [Line Items] | |||
Fair Value of Derivative Assets | $ 43 | ||
Fair Value, Measurements, Recurring | Option Model [Member] | Level 3 | Assets | Electricity | Physical Options [Member] | Market Price [Member] | Minimum | |||
Fair Value, Option, Quantitative Disclosures [Line Items] | |||
Market Price | $ / MWh | [1] | 22 | |
Fair Value, Measurements, Recurring | Option Model [Member] | Level 3 | Assets | Electricity | Physical Options [Member] | Market Price [Member] | Minimum | Virginia Electric and Power Company | |||
Fair Value, Option, Quantitative Disclosures [Line Items] | |||
Market Price | $ / MWh | [1] | 22 | |
Fair Value, Measurements, Recurring | Option Model [Member] | Level 3 | Assets | Electricity | Physical Options [Member] | Market Price [Member] | Maximum | |||
Fair Value, Option, Quantitative Disclosures [Line Items] | |||
Market Price | $ / MWh | [1] | 74 | |
Fair Value, Measurements, Recurring | Option Model [Member] | Level 3 | Assets | Electricity | Physical Options [Member] | Market Price [Member] | Maximum | Virginia Electric and Power Company | |||
Fair Value, Option, Quantitative Disclosures [Line Items] | |||
Market Price | $ / MWh | [1] | 74 | |
Fair Value, Measurements, Recurring | Option Model [Member] | Level 3 | Assets | Electricity | Physical Options [Member] | Market Price [Member] | Weighted Average | |||
Fair Value, Option, Quantitative Disclosures [Line Items] | |||
Market Price | $ / MWh | [1],[2] | 37 | |
Fair Value, Measurements, Recurring | Option Model [Member] | Level 3 | Assets | Electricity | Physical Options [Member] | Market Price [Member] | Weighted Average | Virginia Electric and Power Company | |||
Fair Value, Option, Quantitative Disclosures [Line Items] | |||
Market Price | $ / MWh | [1],[2] | 37 | |
Fair Value, Measurements, Recurring | Option Model [Member] | Level 3 | Assets | Electricity | Physical Options [Member] | Price Volatility [Member] | Minimum | |||
Fair Value, Option, Quantitative Disclosures [Line Items] | |||
Price volatility (percentage) | [5] | 13.00% | |
Fair Value, Measurements, Recurring | Option Model [Member] | Level 3 | Assets | Electricity | Physical Options [Member] | Price Volatility [Member] | Minimum | Virginia Electric and Power Company | |||
Fair Value, Option, Quantitative Disclosures [Line Items] | |||
Price volatility (percentage) | [5] | 13.00% | |
Fair Value, Measurements, Recurring | Option Model [Member] | Level 3 | Assets | Electricity | Physical Options [Member] | Price Volatility [Member] | Maximum | |||
Fair Value, Option, Quantitative Disclosures [Line Items] | |||
Price volatility (percentage) | [5] | 63.00% | |
Fair Value, Measurements, Recurring | Option Model [Member] | Level 3 | Assets | Electricity | Physical Options [Member] | Price Volatility [Member] | Maximum | Virginia Electric and Power Company | |||
Fair Value, Option, Quantitative Disclosures [Line Items] | |||
Price volatility (percentage) | [5] | 63.00% | |
Fair Value, Measurements, Recurring | Option Model [Member] | Level 3 | Assets | Electricity | Physical Options [Member] | Price Volatility [Member] | Weighted Average | |||
Fair Value, Option, Quantitative Disclosures [Line Items] | |||
Price volatility (percentage) | [2],[5] | 33.00% | |
Fair Value, Measurements, Recurring | Option Model [Member] | Level 3 | Assets | Electricity | Physical Options [Member] | Price Volatility [Member] | Weighted Average | Virginia Electric and Power Company | |||
Fair Value, Option, Quantitative Disclosures [Line Items] | |||
Price volatility (percentage) | [2],[5] | 33.00% | |
Fair Value, Measurements, Recurring | Option Model [Member] | Level 3 | Natural Gas | Physical Options [Member] | |||
Fair Value, Option, Quantitative Disclosures [Line Items] | |||
Fair Value of Derivative Assets | $ 1 | ||
Fair Value, Measurements, Recurring | Option Model [Member] | Level 3 | Natural Gas | Physical Options [Member] | Virginia Electric and Power Company | |||
Fair Value, Option, Quantitative Disclosures [Line Items] | |||
Fair Value of Derivative Assets | $ 1 | ||
Fair Value, Measurements, Recurring | Option Model [Member] | Level 3 | Natural Gas | Assets | Physical Options [Member] | Market Price [Member] | Minimum | |||
Fair Value, Option, Quantitative Disclosures [Line Items] | |||
Market Price | $ / DTH | [1] | 2 | |
Fair Value, Measurements, Recurring | Option Model [Member] | Level 3 | Natural Gas | Assets | Physical Options [Member] | Market Price [Member] | Minimum | Virginia Electric and Power Company | |||
Fair Value, Option, Quantitative Disclosures [Line Items] | |||
Market Price | $ / DTH | [1] | 2 | |
Fair Value, Measurements, Recurring | Option Model [Member] | Level 3 | Natural Gas | Assets | Physical Options [Member] | Market Price [Member] | Maximum | |||
Fair Value, Option, Quantitative Disclosures [Line Items] | |||
Market Price | $ / DTH | [1] | 7 | |
Fair Value, Measurements, Recurring | Option Model [Member] | Level 3 | Natural Gas | Assets | Physical Options [Member] | Market Price [Member] | Maximum | Virginia Electric and Power Company | |||
Fair Value, Option, Quantitative Disclosures [Line Items] | |||
Market Price | $ / DTH | [1] | 7 | |
Fair Value, Measurements, Recurring | Option Model [Member] | Level 3 | Natural Gas | Assets | Physical Options [Member] | Market Price [Member] | Weighted Average | |||
Fair Value, Option, Quantitative Disclosures [Line Items] | |||
Market Price | $ / DTH | [1],[2] | 3 | |
Fair Value, Measurements, Recurring | Option Model [Member] | Level 3 | Natural Gas | Assets | Physical Options [Member] | Market Price [Member] | Weighted Average | Virginia Electric and Power Company | |||
Fair Value, Option, Quantitative Disclosures [Line Items] | |||
Market Price | $ / DTH | [1],[2] | 3 | |
Fair Value, Measurements, Recurring | Option Model [Member] | Level 3 | Natural Gas | Assets | Physical Options [Member] | Price Volatility [Member] | Minimum | |||
Fair Value, Option, Quantitative Disclosures [Line Items] | |||
Price volatility (percentage) | [5] | 26.00% | |
Fair Value, Measurements, Recurring | Option Model [Member] | Level 3 | Natural Gas | Assets | Physical Options [Member] | Price Volatility [Member] | Minimum | Virginia Electric and Power Company | |||
Fair Value, Option, Quantitative Disclosures [Line Items] | |||
Price volatility (percentage) | [5] | 26.00% | |
Fair Value, Measurements, Recurring | Option Model [Member] | Level 3 | Natural Gas | Assets | Physical Options [Member] | Price Volatility [Member] | Maximum | |||
Fair Value, Option, Quantitative Disclosures [Line Items] | |||
Price volatility (percentage) | [5] | 54.00% | |
Fair Value, Measurements, Recurring | Option Model [Member] | Level 3 | Natural Gas | Assets | Physical Options [Member] | Price Volatility [Member] | Maximum | Virginia Electric and Power Company | |||
Fair Value, Option, Quantitative Disclosures [Line Items] | |||
Price volatility (percentage) | [5] | 54.00% | |
Fair Value, Measurements, Recurring | Option Model [Member] | Level 3 | Natural Gas | Assets | Physical Options [Member] | Price Volatility [Member] | Weighted Average | |||
Fair Value, Option, Quantitative Disclosures [Line Items] | |||
Price volatility (percentage) | [2],[5] | 33.00% | |
Fair Value, Measurements, Recurring | Option Model [Member] | Level 3 | Natural Gas | Assets | Physical Options [Member] | Price Volatility [Member] | Weighted Average | Virginia Electric and Power Company | |||
Fair Value, Option, Quantitative Disclosures [Line Items] | |||
Price volatility (percentage) | [2],[5] | 33.00% | |
[1] | Represents market prices beyond defined terms for Levels 1 and 2. | ||
[2] | Averages weighted by volume. | ||
[3] | Includes NGLs and oil. | ||
[4] | Includes basis. | ||
[5] | Represents volatilities unrepresented in published markets. |
Fair Value Measurements (Narrat
Fair Value Measurements (Narrative) (Detail) - USD ($) | 12 Months Ended | ||||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Oct. 31, 2017 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Facility Limit | $ 5,500,000,000 | $ 5,500,000,000 | |||
Revolving Credit Facility | Atlantic Coast Pipeline | Financial Guarantee [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Facility Limit | 3,400,000,000 | $ 3,400,000,000 | |||
Guarantee liability | 30,000,000 | ||||
Virginia Electric and Power Company | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Facility Limit | [1] | 5,500,000,000 | 5,500,000,000 | ||
Unrealized gains and losses included in earnings in Level 3 fair value category | 0 | 0 | $ 0 | ||
Dominion Energy Gas Holdings, LLC | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Facility Limit | [2] | 1,500,000,000 | 1,500,000,000 | ||
Unrealized gains and losses included in earnings in Level 3 fair value category | $ 0 | $ 0 | $ 0 | ||
[1] | The full amount of the facilities is available to Virginia Power, less any amounts outstanding to co-borrowers Dominion Energy, Dominion Energy Gas and Questar 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 December 31, 2017, the sub-limit for Virginia Power was an aggregate $1.5 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 Energy. These facilities mature in April 2020, and 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 Energy Gas, assuming adequate capacity is available after giving effect to uses by co-borrowers Dominion Energy, Virginia Power and Questar Gas. Sub-limits for Dominion Energy Gas are set within the facility limit but can be changed at the option of the Companies multiple times per year. At December 31, 2017, the sub-limit for Dominion Energy Gas was an aggregate $500 million. If Dominion Energy 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 Energy. These credit facilities mature in April 2020 and can be used to support bank borrowings and the issuance of commercial paper, as well as to support up to $1.5 billion (or the sub-limit, whichever is less) of letters of credit. |
Fair Value Measurements (Assets
Fair Value Measurements (Assets and Liabilities that are Measured at Fair Value on a Recurring Basis) (Detail) - USD ($) $ in Millions | Dec. 31, 2017 | Dec. 31, 2016 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Derivative Asset | $ 307 | $ 279 | ||
Derivative Liabilities | 284 | 155 | ||
Virginia Electric and Power Company | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Derivative Asset | 166 | 194 | ||
Derivative Liabilities | 66 | 31 | ||
Dominion Energy Gas Holdings, LLC | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Derivative Asset | 32 | |||
Derivative Liabilities | 8 | 11 | ||
Fair Value, Measurements, Recurring | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Total assets | 5,379 | 4,722 | ||
Total Liabilities | 284 | 155 | ||
Fair Value, Measurements, Recurring | Virginia Electric and Power Company | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Total assets | 2,466 | 2,200 | ||
Total Liabilities | 66 | 31 | ||
Fair Value, Measurements, Recurring | Dominion Energy Gas Holdings, LLC | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Total assets | 32 | |||
Total Liabilities | 8 | 11 | ||
Fair Value, Measurements, Recurring | Equity securities: | U.S. | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Investments | [1] | 3,493 | 2,913 | |
Fair Value, Measurements, Recurring | Equity securities: | U.S. | Virginia Electric and Power Company | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Investments | [2] | 1,566 | 1,302 | |
Fair Value, Measurements, Recurring | Fixed Income [Member] | Corporate debt instruments | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Investments | [1] | 444 | 487 | |
Fair Value, Measurements, Recurring | Fixed Income [Member] | Corporate debt instruments | Virginia Electric and Power Company | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Investments | [2] | 224 | 277 | |
Fair Value, Measurements, Recurring | Fixed Income [Member] | Government Securities [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Investments | [1] | 1,101 | 1,038 | |
Fair Value, Measurements, Recurring | Fixed Income [Member] | Government Securities [Member] | Virginia Electric and Power Company | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Investments | 494 | [2] | 427 | |
Fair Value, Measurements, Recurring | Cash equivalents and other | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Investments | [1] | 34 | 5 | |
Fair Value, Measurements, Recurring | Cash equivalents and other | Virginia Electric and Power Company | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Investments | [2] | 16 | ||
Fair Value, Measurements, Recurring | Commodity | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Derivative Asset | 258 | 262 | ||
Derivative Liabilities | 197 | 96 | ||
Fair Value, Measurements, Recurring | Commodity | Virginia Electric and Power Company | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Derivative Asset | 166 | 188 | ||
Derivative Liabilities | 9 | 10 | ||
Fair Value, Measurements, Recurring | Commodity | Dominion Energy Gas Holdings, LLC | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Derivative Liabilities | 6 | 5 | ||
Fair Value, Measurements, Recurring | Interest rate | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Derivative Asset | 17 | 17 | ||
Derivative Liabilities | 85 | 53 | ||
Fair Value, Measurements, Recurring | Interest rate | Virginia Electric and Power Company | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Derivative Asset | 6 | |||
Derivative Liabilities | 57 | 21 | ||
Fair Value, Measurements, Recurring | Foreign currency | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Derivative Asset | 32 | |||
Derivative Liabilities | 2 | 6 | ||
Fair Value, Measurements, Recurring | Foreign currency | Dominion Energy Gas Holdings, LLC | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Derivative Asset | 32 | |||
Derivative Liabilities | 2 | 6 | ||
Fair Value, Measurements, Recurring | Level 1 | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Total assets | 3,834 | 3,342 | ||
Fair Value, Measurements, Recurring | Level 1 | Virginia Electric and Power Company | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Total assets | 1,750 | 1,438 | ||
Fair Value, Measurements, Recurring | Level 1 | Equity securities: | U.S. | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Investments | [1] | 3,493 | 2,913 | |
Fair Value, Measurements, Recurring | Level 1 | Equity securities: | U.S. | Virginia Electric and Power Company | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Investments | [2] | 1,566 | 1,302 | |
Fair Value, Measurements, Recurring | Level 1 | Fixed Income [Member] | Government Securities [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Investments | [1] | 307 | 424 | |
Fair Value, Measurements, Recurring | Level 1 | Fixed Income [Member] | Government Securities [Member] | Virginia Electric and Power Company | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Investments | 168 | [2] | 136 | |
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] | 34 | 5 | |
Fair Value, Measurements, Recurring | Level 1 | Cash equivalents and other | Virginia Electric and Power Company | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Investments | [2] | 16 | ||
Fair Value, Measurements, Recurring | Level 2 | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Total assets | 1,388 | 1,233 | ||
Total Liabilities | 277 | 147 | ||
Fair Value, Measurements, Recurring | Level 2 | Virginia Electric and Power Company | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Total assets | 564 | 617 | ||
Total Liabilities | 61 | 29 | ||
Fair Value, Measurements, Recurring | Level 2 | Dominion Energy Gas Holdings, LLC | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Total assets | 32 | |||
Total Liabilities | 6 | 9 | ||
Fair Value, Measurements, Recurring | Level 2 | Fixed Income [Member] | Corporate debt instruments | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Investments | [1] | 444 | 487 | |
Fair Value, Measurements, Recurring | Level 2 | Fixed Income [Member] | Corporate debt instruments | Virginia Electric and Power Company | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Investments | [2] | 224 | 277 | |
Fair Value, Measurements, Recurring | Level 2 | Fixed Income [Member] | Government Securities [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Investments | [1] | 794 | 614 | |
Fair Value, Measurements, Recurring | Level 2 | Fixed Income [Member] | Government Securities [Member] | Virginia Electric and Power Company | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Investments | 326 | [2] | 291 | |
Fair Value, Measurements, Recurring | Level 2 | Commodity | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Derivative Asset | 101 | 115 | ||
Derivative Liabilities | 190 | 88 | ||
Fair Value, Measurements, Recurring | Level 2 | Commodity | Virginia Electric and Power Company | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Derivative Asset | 14 | 43 | ||
Derivative Liabilities | 4 | 8 | ||
Fair Value, Measurements, Recurring | Level 2 | Commodity | Dominion Energy Gas Holdings, LLC | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Derivative Liabilities | 4 | 3 | ||
Fair Value, Measurements, Recurring | Level 2 | Interest rate | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Derivative Asset | 17 | 17 | ||
Derivative Liabilities | 85 | 53 | ||
Fair Value, Measurements, Recurring | Level 2 | Interest rate | Virginia Electric and Power Company | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Derivative Asset | 6 | |||
Derivative Liabilities | 57 | 21 | ||
Fair Value, Measurements, Recurring | Level 2 | Foreign currency | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Derivative Asset | 32 | |||
Derivative Liabilities | 2 | 6 | ||
Fair Value, Measurements, Recurring | Level 2 | Foreign currency | Dominion Energy Gas Holdings, LLC | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Derivative Asset | 32 | |||
Derivative Liabilities | 2 | 6 | ||
Fair Value, Measurements, Recurring | Level 3 | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Total assets | 157 | 147 | ||
Total Liabilities | 7 | 8 | ||
Fair Value, Measurements, Recurring | Level 3 | Virginia Electric and Power Company | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Total assets | 152 | 145 | ||
Total Liabilities | 5 | 2 | ||
Fair Value, Measurements, Recurring | Level 3 | Dominion Energy Gas Holdings, LLC | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Total Liabilities | 2 | 2 | ||
Fair Value, Measurements, Recurring | Level 3 | Commodity | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Derivative Asset | 157 | 147 | ||
Derivative Liabilities | 7 | 8 | ||
Fair Value, Measurements, Recurring | Level 3 | Commodity | Virginia Electric and Power Company | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Derivative Asset | 152 | 145 | ||
Derivative Liabilities | 5 | 2 | ||
Fair Value, Measurements, Recurring | Level 3 | Commodity | Dominion Energy Gas Holdings, LLC | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Derivative Liabilities | $ 2 | $ 2 | ||
[1] | Includes investments held in the nuclear decommissioning and rabbi trusts. Excludes $88 million and $89 million of assets at December 31, 2017 and 2016, respectively, measured at fair value using NAV (or its equivalent) as a practical expedient which are not required to be categorized in the fair value hierarchy. | |||
[2] | Includes investments held in the nuclear decommissioning trusts. Excludes $27 million and $26 million of assets at December 31, 2017 and 2016, respectively, measured at fair value using NAV (or its equivalent) as a practical expedient which are not required to be categorized in the fair value hierarchy. |
Fair Value Measurements (Asse82
Fair Value Measurements (Assets and Liabilities that are Measured at Fair Value on a Recurring Basis) (Parenthetical) (Detail) - USD ($) $ in Millions | Dec. 31, 2017 | Dec. 31, 2016 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets measured at fair value using NAV | $ 88 | $ 89 |
Virginia Electric and Power Company | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets measured at fair value using NAV | $ 27 | $ 26 |
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) (Detail) - Commodity - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward] | |||
Balance at January 1, | $ 139 | $ 95 | $ 107 |
Total realized and unrealized gains (losses): | |||
Included in earnings | (38) | (35) | (5) |
Included in other comprehensive loss | (2) | (9) | |
Included in regulatory assets/liabilities | 42 | (39) | (4) |
Settlements | 6 | 38 | 9 |
Purchases | 87 | ||
Transfers out of Level 3 | 3 | (7) | (3) |
Balance at December 31, | 150 | 139 | 95 |
The amount of total gains (losses) for the period included in earnings attributable to the change in unrealized gains (losses) relating to assets still held at the reporting date | 2 | (1) | 2 |
Virginia Electric and Power Company | |||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward] | |||
Balance at January 1, | 143 | 93 | 102 |
Total realized and unrealized gains (losses): | |||
Included in earnings | (43) | (35) | (13) |
Included in regulatory assets/liabilities | 40 | (37) | (5) |
Settlements | 7 | 35 | 13 |
Purchases | 87 | ||
Transfers out of Level 3 | (4) | ||
Balance at December 31, | 147 | 143 | 93 |
Dominion Energy Gas Holdings, LLC | |||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward] | |||
Balance at January 1, | (2) | 6 | 2 |
Total realized and unrealized gains (losses): | |||
Included in earnings | 1 | ||
Included in other comprehensive loss | (3) | (5) | |
Settlements | (1) | ||
Transfers out of Level 3 | 3 | (8) | 9 |
Balance at December 31, | $ (2) | $ (2) | $ 6 |
Fair Value Measurements (Schedu
Fair Value Measurements (Schedule of Gains and Losses Included in the Level 3 Fair Value Category) (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Derivative Instruments Gain Loss [Line Items] | |||
Total gains (losses) included in earnings | $ (38) | $ (35) | $ (5) |
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 | 2 | (1) | 2 |
Operating Revenue | |||
Derivative Instruments Gain Loss [Line Items] | |||
Total gains (losses) included in earnings | 3 | 0 | 6 |
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 | 2 | 0 | 1 |
Electric fuel and other energy-related purchases | |||
Derivative Instruments Gain Loss [Line Items] | |||
Total gains (losses) included in earnings | (42) | (35) | (11) |
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) | 1 |
Purchased Gas | |||
Derivative Instruments Gain Loss [Line Items] | |||
Total gains (losses) included in earnings | 1 | 0 | 0 |
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 | $ 0 | $ 0 |
Fair Value Measurements (Financ
Fair Value Measurements (Financial Instruments' Carrying Amounts and Fair Values) (Detail) - USD ($) $ in Millions | Dec. 31, 2017 | Dec. 31, 2016 | |
Carrying Amount | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Long-term debt, including securities due within one year | [1] | $ 28,666 | $ 26,587 |
Junior subordinated notes | [2] | 3,981 | 2,980 |
Remarketable subordinated notes | [2] | 1,379 | 2,373 |
Carrying Amount | Virginia Electric and Power Company | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Long-term debt, including securities due within one year | [2] | 11,346 | 10,530 |
Carrying Amount | Dominion Energy Gas Holdings, LLC | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Long-term debt, including securities due within one year | [3] | 3,570 | 3,528 |
Estimate of Fair Value | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Long-term debt, including securities due within one year | [1],[4] | 31,233 | 28,273 |
Junior subordinated notes | [2],[4] | 4,102 | 2,893 |
Remarketable subordinated notes | [2],[4] | 1,446 | 2,418 |
Estimate of Fair Value | Virginia Electric and Power Company | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Long-term debt, including securities due within one year | [2],[4] | 12,842 | 11,584 |
Estimate of Fair Value | Dominion Energy Gas Holdings, LLC | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Long-term debt, including securities due within one year | [3],[4] | $ 3,719 | $ 3,603 |
[1] | Carrying amount includes amounts which represent the unamortized debt issuance costs, discount or premium, and foreign currency remeasurement adjustments. At December 31, 2017, and 2016, includes the valuation of certain fair value hedges associated with Dominion Energy's fixed rate debt of $(22) million and $(1) million, respectively | ||
[2] | Carrying amount includes amounts which represent the unamortized debt issuance costs, discount or premium. | ||
[3] | Carrying amount includes amounts which represent the unamortized debt issuance costs, discount or premium, and foreign currency remeasurement adjustments. | ||
[4] | Fair value is estimated using market prices, where available, and interest rates currently available for issuance of debt with similar terms and remaining maturities. All fair value measurements are classified as Level 2. The carrying amount of debt issues with short-term maturities and variable rates refinanced at current market rates is a reasonable estimate of their fair value. |
Fair Value Measurements (Fina86
Fair Value Measurements (Financial Instruments' Carrying Amounts and Fair Values) (Parenthetical) (Detail) - USD ($) $ in Millions | Dec. 31, 2017 | Dec. 31, 2016 |
Fair Value Disclosures [Abstract] | ||
Valuation of certain fair value hedges associated with fixed rate debt | $ (22) | $ (1) |
Derivatives and Hedge Account87
Derivatives and Hedge Accounting Activities (Schedule of Offsetting Assets) (Detail) - USD ($) $ in Millions | Dec. 31, 2017 | Dec. 31, 2016 |
Offsetting Assets [Line Items] | ||
Gross Amounts of Recognized Assets | $ 303 | $ 272 |
Net Amounts of Assets Presented in the Consolidated Balance Sheet | 303 | 272 |
Total derivatives, not subject to a master netting or similar arrangement | 4 | 7 |
Gross Amounts of Recognized Assets, Total | 307 | 279 |
Derivative Asset | 307 | 279 |
Gross Amounts Not Offset in the Consolidated Balance Sheet, Financial Instruments | 99 | 67 |
Net Amounts | 204 | 205 |
Virginia Electric and Power Company | ||
Offsetting Assets [Line Items] | ||
Gross Amounts of Recognized Assets | 155 | 153 |
Net Amounts of Assets Presented in the Consolidated Balance Sheet | 155 | 153 |
Total derivatives, not subject to a master netting or similar arrangement | 11 | 41 |
Gross Amounts of Recognized Assets, Total | 166 | 194 |
Derivative Asset | 166 | 194 |
Gross Amounts Not Offset in the Consolidated Balance Sheet, Financial Instruments | 4 | 2 |
Net Amounts | 151 | 151 |
Dominion Energy Gas Holdings, LLC | ||
Offsetting Assets [Line Items] | ||
Gross Amounts of Recognized Assets | 32 | 0 |
Gross Amounts Offset in the Consolidated Balance Sheet | 0 | 0 |
Net Amounts of Assets Presented in the Consolidated Balance Sheet | 32 | 0 |
Derivative Asset | 32 | |
Gross Amounts Not Offset in the Consolidated Balance Sheet, Financial Instruments | 2 | 0 |
Gross Amounts Not Offset in the Consolidated Balance Sheet, Cash Collateral Received | 0 | 0 |
Net Amounts | 30 | 0 |
Commodity | Over-the-counter | ||
Offsetting Assets [Line Items] | ||
Gross Amounts of Recognized Assets | 174 | 211 |
Net Amounts of Assets Presented in the Consolidated Balance Sheet | 174 | 211 |
Gross Amounts Not Offset in the Consolidated Balance Sheet, Financial Instruments | 9 | 14 |
Net Amounts | 165 | 197 |
Commodity | Exchange | ||
Offsetting Assets [Line Items] | ||
Gross Amounts of Recognized Assets | 80 | 44 |
Net Amounts of Assets Presented in the Consolidated Balance Sheet | 80 | 44 |
Gross Amounts Not Offset in the Consolidated Balance Sheet, Financial Instruments | 80 | 44 |
Commodity | Virginia Electric and Power Company | Over-the-counter | ||
Offsetting Assets [Line Items] | ||
Gross Amounts of Recognized Assets | 155 | 147 |
Net Amounts of Assets Presented in the Consolidated Balance Sheet | 155 | 147 |
Gross Amounts Not Offset in the Consolidated Balance Sheet, Financial Instruments | 4 | 2 |
Net Amounts | 151 | 145 |
Interest rate | Over-the-counter | ||
Offsetting Assets [Line Items] | ||
Gross Amounts of Recognized Assets | 17 | 17 |
Net Amounts of Assets Presented in the Consolidated Balance Sheet | 17 | 17 |
Gross Amounts Not Offset in the Consolidated Balance Sheet, Financial Instruments | 8 | 9 |
Net Amounts | 9 | 8 |
Interest rate | Virginia Electric and Power Company | Over-the-counter | ||
Offsetting Assets [Line Items] | ||
Gross Amounts of Recognized Assets | 6 | |
Net Amounts of Assets Presented in the Consolidated Balance Sheet | 6 | |
Net Amounts | 6 | |
Foreign currency | Over-the-counter | ||
Offsetting Assets [Line Items] | ||
Gross Amounts of Recognized Assets | 32 | |
Net Amounts of Assets Presented in the Consolidated Balance Sheet | 32 | |
Gross Amounts Not Offset in the Consolidated Balance Sheet, Financial Instruments | 2 | |
Net Amounts | 30 | |
Foreign currency | Dominion Energy Gas Holdings, LLC | Over-the-counter | ||
Offsetting Assets [Line Items] | ||
Gross Amounts of Recognized Assets | 32 | 0 |
Gross Amounts Offset in the Consolidated Balance Sheet | 0 | 0 |
Net Amounts of Assets Presented in the Consolidated Balance Sheet | 32 | 0 |
Gross Amounts Not Offset in the Consolidated Balance Sheet, Financial Instruments | 2 | 0 |
Gross Amounts Not Offset in the Consolidated Balance Sheet, Cash Collateral Received | 0 | 0 |
Net Amounts | $ 30 | $ 0 |
Derivatives and Hedge Account88
Derivatives and Hedge Accounting Activities (Schedule of Offsetting Liabilities) (Detail) - USD ($) $ in Millions | Dec. 31, 2017 | Dec. 31, 2016 |
Offsetting Liabilities [Line Items] | ||
Gross Amounts of Recognized Liabilities | $ 283 | $ 153 |
Net Amounts of Liabilities Presented in the Consolidated Balance Sheet | 283 | 153 |
Total derivatives, not subject to a master netting or similar arrangement | 1 | 2 |
Gross Amounts of Recognized Liabilities, Total | 284 | 155 |
Derivative Liabilities | 284 | 155 |
Gross Amounts Not Offset in the Consolidated Balance Sheet, Financial Instruments | 99 | 67 |
Gross Amounts Not Offset in the Consolidated Balance Sheet, Cash Collateral | 46 | 27 |
Net Amounts | 138 | 59 |
Virginia Electric and Power Company | ||
Offsetting Liabilities [Line Items] | ||
Gross Amounts of Recognized Liabilities | 61 | 23 |
Net Amounts of Liabilities Presented in the Consolidated Balance Sheet | 61 | 23 |
Total derivatives, not subject to a master netting or similar arrangement | 5 | 8 |
Gross Amounts of Recognized Liabilities, Total | 66 | 31 |
Derivative Liabilities | 66 | 31 |
Gross Amounts Not Offset in the Consolidated Balance Sheet, Financial Instruments | 4 | 2 |
Net Amounts | 57 | 21 |
Dominion Energy Gas Holdings, LLC | ||
Offsetting Liabilities [Line Items] | ||
Gross Amounts of Recognized Liabilities | 8 | 11 |
Gross Amounts Offset in the Consolidated Balance Sheet | 0 | 0 |
Net Amounts of Liabilities Presented in the Consolidated Balance Sheet | 8 | 11 |
Derivative Liabilities | 8 | 11 |
Gross Amounts Not Offset in the Consolidated Balance Sheet, Financial Instruments | 2 | 0 |
Gross Amounts Not Offset in the Consolidated Balance Sheet, Cash Collateral | 0 | 0 |
Net Amounts | 6 | 11 |
Commodity | Over-the-counter | ||
Offsetting Liabilities [Line Items] | ||
Gross Amounts of Recognized Liabilities | 76 | 23 |
Net Amounts of Liabilities Presented in the Consolidated Balance Sheet | 76 | 23 |
Gross Amounts Not Offset in the Consolidated Balance Sheet, Financial Instruments | 9 | 14 |
Gross Amounts Not Offset in the Consolidated Balance Sheet, Cash Collateral | 6 | |
Net Amounts | 61 | 9 |
Commodity | Exchange | ||
Offsetting Liabilities [Line Items] | ||
Gross Amounts of Recognized Liabilities | 120 | 71 |
Net Amounts of Liabilities Presented in the Consolidated Balance Sheet | 120 | 71 |
Gross Amounts Not Offset in the Consolidated Balance Sheet, Financial Instruments | 80 | 44 |
Gross Amounts Not Offset in the Consolidated Balance Sheet, Cash Collateral | 40 | 27 |
Commodity | Virginia Electric and Power Company | Over-the-counter | ||
Offsetting Liabilities [Line Items] | ||
Gross Amounts of Recognized Liabilities | 4 | 2 |
Net Amounts of Liabilities Presented in the Consolidated Balance Sheet | 4 | 2 |
Gross Amounts Not Offset in the Consolidated Balance Sheet, Financial Instruments | 4 | 2 |
Commodity | Dominion Energy Gas Holdings, LLC | Over-the-counter | ||
Offsetting Liabilities [Line Items] | ||
Gross Amounts of Recognized Liabilities | 6 | 5 |
Gross Amounts Offset in the Consolidated Balance Sheet | 0 | 0 |
Net Amounts of Liabilities Presented in the Consolidated Balance Sheet | 6 | 5 |
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 | 6 | 5 |
Interest rate | Over-the-counter | ||
Offsetting Liabilities [Line Items] | ||
Gross Amounts of Recognized Liabilities | 85 | 53 |
Net Amounts of Liabilities Presented in the Consolidated Balance Sheet | 85 | 53 |
Gross Amounts Not Offset in the Consolidated Balance Sheet, Financial Instruments | 8 | 9 |
Net Amounts | 77 | 44 |
Interest rate | Virginia Electric and Power Company | Over-the-counter | ||
Offsetting Liabilities [Line Items] | ||
Gross Amounts of Recognized Liabilities | 57 | 21 |
Net Amounts of Liabilities Presented in the Consolidated Balance Sheet | 57 | 21 |
Net Amounts | 57 | 21 |
Foreign currency | Over-the-counter | ||
Offsetting Liabilities [Line Items] | ||
Gross Amounts of Recognized Liabilities | 2 | 6 |
Net Amounts of Liabilities Presented in the Consolidated Balance Sheet | 2 | 6 |
Gross Amounts Not Offset in the Consolidated Balance Sheet, Financial Instruments | 2 | |
Net Amounts | 6 | |
Foreign currency | Dominion Energy Gas Holdings, LLC | Over-the-counter | ||
Offsetting Liabilities [Line Items] | ||
Gross Amounts of Recognized Liabilities | 2 | 6 |
Gross Amounts Offset in the Consolidated Balance Sheet | 0 | 0 |
Net Amounts of Liabilities Presented in the Consolidated Balance Sheet | 2 | 6 |
Gross Amounts Not Offset in the Consolidated Balance Sheet, Financial Instruments | 2 | 0 |
Gross Amounts Not Offset in the Consolidated Balance Sheet, Cash Collateral | 0 | 0 |
Net Amounts | $ 0 | $ 6 |
Derivatives and Hedge Account89
Derivatives and Hedge Accounting Activities (Volume of Derivative Activity) (Detail) | 12 Months Ended | |
Dec. 31, 2017USD ($)MWhgalBcf | ||
Fixed Price - Natural Gas - Non-current Derivative Contract [Member] | ||
Derivative [Line Items] | ||
Volume of derivative activity | 19 | [1] |
Fixed Price - Natural Gas - Non-current Derivative Contract [Member] | Virginia Electric and Power Company | ||
Derivative [Line Items] | ||
Volume of derivative activity | 5 | [1] |
Basis - Natural Gas - Non-current Derivative Contract [Member] | ||
Derivative [Line Items] | ||
Volume of derivative activity | 600 | |
Basis - Natural Gas - Non-current Derivative Contract [Member] | Virginia Electric and Power Company | ||
Derivative [Line Items] | ||
Volume of derivative activity | 540 | |
Fixed Price - Electricity - Non-current Derivative Contract [Member] | ||
Derivative [Line Items] | ||
Volume of electricity | MWh | 364,990 | |
Fixed Price - Electricity - Non-current Derivative Contract [Member] | Virginia Electric and Power Company | ||
Derivative [Line Items] | ||
Volume of electricity | MWh | 364,990 | [1] |
Liquids - Non-current Derivative Contract [Member] | ||
Derivative [Line Items] | ||
Volume of derivative activity | gal | 10,087,200 | [2] |
Liquids - Non-current Derivative Contract [Member] | Dominion Energy Gas Holdings, LLC | ||
Derivative [Line Items] | ||
Volume of derivative activity | gal | 8,491,200 | |
Interest Rate - Non-current Derivative Contract | ||
Derivative [Line Items] | ||
Interest rate / Foreign currency (US Dollars, Euros) | $ | $ 4,192,517,177 | [3] |
Interest Rate - Non-current Derivative Contract | Virginia Electric and Power Company | ||
Derivative [Line Items] | ||
Interest rate / Foreign currency (US Dollars, Euros) | $ | 300,000,000 | [3] |
Foreign Exchange - Non- Current Derivative Contract [Member] | ||
Derivative [Line Items] | ||
Interest rate / Foreign currency (US Dollars, Euros) | $ | 280,000,000 | [3],[4] |
Foreign Exchange - Non- Current Derivative Contract [Member] | Dominion Energy Gas Holdings, LLC | ||
Derivative [Line Items] | ||
Interest rate / Foreign currency (US Dollars, Euros) | $ | $ 280,000,000 | [5] |
Fixed Price - Natural Gas - Current Derivative Contract | ||
Derivative [Line Items] | ||
Volume of derivative activity | 77 | [1] |
Fixed Price - Natural Gas - Current Derivative Contract | Virginia Electric and Power Company | ||
Derivative [Line Items] | ||
Volume of derivative activity | 33 | [1] |
Basis - Natural Gas - Current Derivative Contract | ||
Derivative [Line Items] | ||
Volume of derivative activity | 163 | |
Basis - Natural Gas - Current Derivative Contract | Dominion Energy Gas Holdings, LLC | ||
Derivative [Line Items] | ||
Volume of derivative activity | 1 | |
Basis - Natural Gas - Current Derivative Contract | Virginia Electric and Power Company | ||
Derivative [Line Items] | ||
Volume of derivative activity | 79 | |
Fixed Price - Electricity - Current Derivative Contract | ||
Derivative [Line Items] | ||
Volume of electricity | MWh | 10,552,363 | |
Fixed Price - Electricity - Current Derivative Contract | Virginia Electric and Power Company | ||
Derivative [Line Items] | ||
Volume of electricity | MWh | 1,453,910 | [1] |
Financial Transmission Rights - Electricity- Current Derivative Contract | ||
Derivative [Line Items] | ||
Volume of electricity | MWh | 46,494,865 | |
Liquids - Current Derivative Contract | ||
Derivative [Line Items] | ||
Volume of derivative activity | gal | 44,153,704 | [2] |
Liquids - Current Derivative Contract | Dominion Energy Gas Holdings, LLC | ||
Derivative [Line Items] | ||
Volume of derivative activity | gal | 40,961,704 | |
Liquids - Current Derivative Contract | Virginia Electric and Power Company | ||
Derivative [Line Items] | ||
Volume of electricity | MWh | 42,582,981 | |
Interest Rate - Current Derivative Contract | ||
Derivative [Line Items] | ||
Interest rate / Foreign currency (US Dollars, Euros) | $ | $ 1,950,000,000 | [3] |
Interest Rate - Current Derivative Contract | Virginia Electric and Power Company | ||
Derivative [Line Items] | ||
Interest rate / Foreign currency (US Dollars, Euros) | $ | $ 1,150,000,000 | [3] |
[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. | |
[5] | Maturity is determined based on final settlement period. Euro equivalent volumes are €250,000,000. |
Derivatives and Hedge Account90
Derivatives and Hedge Accounting Activities (Volume of Derivative Activity) (Parenthetical) (Detail) - Foreign currency | Dec. 31, 2017EUR (€) |
Derivative [Line Items] | |
Interest rate / Foreign currency (US Dollars, Euros) | € 250,000,000 |
Dominion Energy Gas Holdings, LLC | |
Derivative [Line Items] | |
Interest rate / Foreign currency (US Dollars, Euros) | € 250,000,000 |
Derivatives and Hedge Account91
Derivatives and Hedge Accounting Activities (Selected Information Related to Gains (Losses) on Cash Flow Hedges Included in AOCI) (Detail) $ in Millions | 12 Months Ended |
Dec. 31, 2017USD ($) | |
Derivative Instruments Gain Loss [Line Items] | |
AOCI After-Tax | $ (302) |
Amounts Expected to be Reclassified to Earnings During the Next 12 Months After-Tax | (73) |
Commodity | Electricity | |
Derivative Instruments Gain Loss [Line Items] | |
AOCI After-Tax | (55) |
Commodities, Amounts Expected to be Reclassified to Earnings During the Next 12 Months After-Tax | $ (55) |
Maximum Term | 12 months |
Commodity | Other Energy Contract | |
Derivative Instruments Gain Loss [Line Items] | |
AOCI After-Tax | $ (4) |
Commodities, Amounts Expected to be Reclassified to Earnings During the Next 12 Months After-Tax | $ (4) |
Maximum Term | 15 months |
Commodity | Natural Gas | |
Derivative Instruments Gain Loss [Line Items] | |
AOCI After-Tax | $ (2) |
Commodities, Amounts Expected to be Reclassified to Earnings During the Next 12 Months After-Tax | $ (3) |
Maximum Term | 34 months |
Interest rate | |
Derivative Instruments Gain Loss [Line Items] | |
AOCI After-Tax | $ (246) |
Interest rate, Amounts Expected to be Reclassified to Earnings During the Next 12 Months After-Tax | $ (10) |
Maximum Term | 384 months |
Foreign currency | |
Derivative Instruments Gain Loss [Line Items] | |
AOCI After-Tax | $ 5 |
Foreign currency, Amounts Expected to be Reclassified to Earnings During the Next 12 Months After-Tax | $ (1) |
Maximum Term | 102 months |
Dominion Energy Gas Holdings, LLC | |
Derivative Instruments Gain Loss [Line Items] | |
AOCI After-Tax | $ (23) |
Amounts Expected to be Reclassified to Earnings During the Next 12 Months After-Tax | (8) |
Dominion Energy Gas Holdings, LLC | Interest rate | |
Derivative Instruments Gain Loss [Line Items] | |
AOCI After-Tax | (25) |
Interest rate, Amounts Expected to be Reclassified to Earnings During the Next 12 Months After-Tax | $ (3) |
Maximum Term | 324 months |
Dominion Energy Gas Holdings, LLC | Foreign currency | |
Derivative Instruments Gain Loss [Line Items] | |
AOCI After-Tax | $ 6 |
Foreign currency, Amounts Expected to be Reclassified to Earnings During the Next 12 Months After-Tax | $ (1) |
Maximum Term | 102 months |
Dominion Energy Gas Holdings, LLC | NGLs | |
Derivative Instruments Gain Loss [Line Items] | |
AOCI After-Tax | $ (4) |
Commodities, Amounts Expected to be Reclassified to Earnings During the Next 12 Months After-Tax | $ (4) |
Maximum Term | 15 months |
Virginia Electric and Power Company | |
Derivative Instruments Gain Loss [Line Items] | |
AOCI After-Tax | $ (12) |
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 | (12) |
Interest rate, Amounts Expected to be Reclassified to Earnings During the Next 12 Months After-Tax | $ (1) |
Maximum Term | 384 months |
Derivatives and Hedge Account92
Derivatives and Hedge Accounting Activities (Fair Value of Derivatives) (Detail) - USD ($) $ in Millions | Dec. 31, 2017 | Dec. 31, 2016 | |
Derivatives Fair Value [Line Items] | |||
Derivative Asset | $ 307 | $ 279 | |
Derivative Liabilities | 284 | 155 | |
Virginia Electric and Power Company | |||
Derivatives Fair Value [Line Items] | |||
Derivative Asset | 166 | 194 | |
Derivative Liabilities | 66 | 31 | |
Dominion Energy Gas Holdings, LLC | |||
Derivatives Fair Value [Line Items] | |||
Derivative Asset | 32 | ||
Derivative Liabilities | 8 | 11 | |
Current Assets | |||
Derivatives Fair Value [Line Items] | |||
Derivative Asset | [1] | 169 | 140 |
Current Assets | Commodity | |||
Derivatives Fair Value [Line Items] | |||
Derivative Asset | 163 | 130 | |
Current Assets | Interest rate | |||
Derivatives Fair Value [Line Items] | |||
Derivative Asset | 6 | 10 | |
Current Assets | Virginia Electric and Power Company | |||
Derivatives Fair Value [Line Items] | |||
Derivative Asset | [2] | 75 | 66 |
Current Assets | Virginia Electric and Power Company | Commodity | |||
Derivatives Fair Value [Line Items] | |||
Derivative Asset | 75 | 60 | |
Current Assets | Virginia Electric and Power Company | Interest rate | |||
Derivatives Fair Value [Line Items] | |||
Derivative Asset | 6 | ||
Noncurrent Assets | |||
Derivatives Fair Value [Line Items] | |||
Derivative Asset | [3] | 138 | 139 |
Noncurrent Assets | Commodity | |||
Derivatives Fair Value [Line Items] | |||
Derivative Asset | 95 | 132 | |
Noncurrent Assets | Interest rate | |||
Derivatives Fair Value [Line Items] | |||
Derivative Asset | 11 | 7 | |
Noncurrent Assets | Foreign currency | |||
Derivatives Fair Value [Line Items] | |||
Derivative Asset | 32 | ||
Noncurrent Assets | Virginia Electric and Power Company | |||
Derivatives Fair Value [Line Items] | |||
Derivative Asset | 91 | 128 | |
Noncurrent Assets | Virginia Electric and Power Company | Commodity | |||
Derivatives Fair Value [Line Items] | |||
Derivative Asset | 91 | 128 | |
Noncurrent Assets | Dominion Energy Gas Holdings, LLC | |||
Derivatives Fair Value [Line Items] | |||
Derivative Asset | [4] | 32 | |
Noncurrent Assets | Dominion Energy Gas Holdings, LLC | Foreign currency | |||
Derivatives Fair Value [Line Items] | |||
Derivative Asset | 32 | ||
Current Liabilities | |||
Derivatives Fair Value [Line Items] | |||
Derivative Liabilities | [5] | 250 | 128 |
Current Liabilities | Commodity | |||
Derivatives Fair Value [Line Items] | |||
Derivative Liabilities | 195 | 92 | |
Current Liabilities | Interest rate | |||
Derivatives Fair Value [Line Items] | |||
Derivative Liabilities | 53 | 33 | |
Current Liabilities | Foreign currency | |||
Derivatives Fair Value [Line Items] | |||
Derivative Liabilities | 2 | 3 | |
Current Liabilities | Virginia Electric and Power Company | |||
Derivatives Fair Value [Line Items] | |||
Derivative Liabilities | [6] | 53 | 18 |
Current Liabilities | Virginia Electric and Power Company | Commodity | |||
Derivatives Fair Value [Line Items] | |||
Derivative Liabilities | 9 | 10 | |
Current Liabilities | Virginia Electric and Power Company | Interest rate | |||
Derivatives Fair Value [Line Items] | |||
Derivative Liabilities | 44 | 8 | |
Current Liabilities | Dominion Energy Gas Holdings, LLC | |||
Derivatives Fair Value [Line Items] | |||
Derivative Liabilities | [7] | 8 | 7 |
Current Liabilities | Dominion Energy Gas Holdings, LLC | Commodity | |||
Derivatives Fair Value [Line Items] | |||
Derivative Liabilities | 6 | 4 | |
Current Liabilities | Dominion Energy Gas Holdings, LLC | Foreign currency | |||
Derivatives Fair Value [Line Items] | |||
Derivative Liabilities | 2 | 3 | |
Noncurrent Liabilities [Member] | |||
Derivatives Fair Value [Line Items] | |||
Derivative Liabilities | [8] | 34 | 27 |
Noncurrent Liabilities [Member] | Commodity | |||
Derivatives Fair Value [Line Items] | |||
Derivative Liabilities | 2 | 4 | |
Noncurrent Liabilities [Member] | Interest rate | |||
Derivatives Fair Value [Line Items] | |||
Derivative Liabilities | 32 | 20 | |
Noncurrent Liabilities [Member] | Foreign currency | |||
Derivatives Fair Value [Line Items] | |||
Derivative Liabilities | 3 | ||
Noncurrent Liabilities [Member] | Virginia Electric and Power Company | |||
Derivatives Fair Value [Line Items] | |||
Derivative Liabilities | [9] | 13 | 13 |
Noncurrent Liabilities [Member] | Virginia Electric and Power Company | Interest rate | |||
Derivatives Fair Value [Line Items] | |||
Derivative Liabilities | 13 | 13 | |
Noncurrent Liabilities [Member] | Dominion Energy Gas Holdings, LLC | |||
Derivatives Fair Value [Line Items] | |||
Derivative Liabilities | [10] | 4 | |
Noncurrent Liabilities [Member] | Dominion Energy Gas Holdings, LLC | Commodity | |||
Derivatives Fair Value [Line Items] | |||
Derivative Liabilities | 1 | ||
Noncurrent Liabilities [Member] | Dominion Energy Gas Holdings, LLC | Foreign currency | |||
Derivatives Fair Value [Line Items] | |||
Derivative Liabilities | 3 | ||
Fair Value - Derivatives under Hedge Accounting [Member] | |||
Derivatives Fair Value [Line Items] | |||
Derivative Asset | 54 | 46 | |
Derivative Liabilities | 191 | 111 | |
Fair Value - Derivatives under Hedge Accounting [Member] | Virginia Electric and Power Company | |||
Derivatives Fair Value [Line Items] | |||
Derivative Asset | 6 | ||
Derivative Liabilities | 57 | 21 | |
Fair Value - Derivatives under Hedge Accounting [Member] | Dominion Energy Gas Holdings, LLC | |||
Derivatives Fair Value [Line Items] | |||
Derivative Asset | 32 | ||
Derivative Liabilities | 8 | 11 | |
Fair Value - Derivatives under Hedge Accounting [Member] | Current Assets | |||
Derivatives Fair Value [Line Items] | |||
Derivative Asset | [1] | 11 | 39 |
Fair Value - Derivatives under Hedge Accounting [Member] | Current Assets | Commodity | |||
Derivatives Fair Value [Line Items] | |||
Derivative Asset | 5 | 29 | |
Fair Value - Derivatives under Hedge Accounting [Member] | Current Assets | Interest rate | |||
Derivatives Fair Value [Line Items] | |||
Derivative Asset | 6 | 10 | |
Fair Value - Derivatives under Hedge Accounting [Member] | Current Assets | Virginia Electric and Power Company | |||
Derivatives Fair Value [Line Items] | |||
Derivative Asset | [2] | 6 | |
Fair Value - Derivatives under Hedge Accounting [Member] | Current Assets | Virginia Electric and Power Company | Interest rate | |||
Derivatives Fair Value [Line Items] | |||
Derivative Asset | 6 | ||
Fair Value - Derivatives under Hedge Accounting [Member] | Noncurrent Assets | |||
Derivatives Fair Value [Line Items] | |||
Derivative Asset | [3] | 43 | 7 |
Fair Value - Derivatives under Hedge Accounting [Member] | Noncurrent Assets | Interest rate | |||
Derivatives Fair Value [Line Items] | |||
Derivative Asset | 11 | 7 | |
Fair Value - Derivatives under Hedge Accounting [Member] | Noncurrent Assets | Foreign currency | |||
Derivatives Fair Value [Line Items] | |||
Derivative Asset | 32 | ||
Fair Value - Derivatives under Hedge Accounting [Member] | Noncurrent Assets | Dominion Energy Gas Holdings, LLC | |||
Derivatives Fair Value [Line Items] | |||
Derivative Asset | [4] | 32 | |
Fair Value - Derivatives under Hedge Accounting [Member] | Noncurrent Assets | Dominion Energy Gas Holdings, LLC | Foreign currency | |||
Derivatives Fair Value [Line Items] | |||
Derivative Asset | 32 | ||
Fair Value - Derivatives under Hedge Accounting [Member] | Current Liabilities | |||
Derivatives Fair Value [Line Items] | |||
Derivative Liabilities | [5] | 158 | 87 |
Fair Value - Derivatives under Hedge Accounting [Member] | Current Liabilities | Commodity | |||
Derivatives Fair Value [Line Items] | |||
Derivative Liabilities | 103 | 51 | |
Fair Value - Derivatives under Hedge Accounting [Member] | Current Liabilities | Interest rate | |||
Derivatives Fair Value [Line Items] | |||
Derivative Liabilities | 53 | 33 | |
Fair Value - Derivatives under Hedge Accounting [Member] | Current Liabilities | Foreign currency | |||
Derivatives Fair Value [Line Items] | |||
Derivative Liabilities | 2 | 3 | |
Fair Value - Derivatives under Hedge Accounting [Member] | Current Liabilities | Virginia Electric and Power Company | |||
Derivatives Fair Value [Line Items] | |||
Derivative Liabilities | [6] | 44 | 8 |
Fair Value - Derivatives under Hedge Accounting [Member] | Current Liabilities | Virginia Electric and Power Company | Interest rate | |||
Derivatives Fair Value [Line Items] | |||
Derivative Liabilities | 44 | 8 | |
Fair Value - Derivatives under Hedge Accounting [Member] | Current Liabilities | Dominion Energy Gas Holdings, LLC | |||
Derivatives Fair Value [Line Items] | |||
Derivative Liabilities | [7] | 8 | 7 |
Fair Value - Derivatives under Hedge Accounting [Member] | Current Liabilities | Dominion Energy Gas Holdings, LLC | Commodity | |||
Derivatives Fair Value [Line Items] | |||
Derivative Liabilities | 6 | 4 | |
Fair Value - Derivatives under Hedge Accounting [Member] | Current Liabilities | Dominion Energy Gas Holdings, LLC | Foreign currency | |||
Derivatives Fair Value [Line Items] | |||
Derivative Liabilities | 2 | 3 | |
Fair Value - Derivatives under Hedge Accounting [Member] | Noncurrent Liabilities [Member] | |||
Derivatives Fair Value [Line Items] | |||
Derivative Liabilities | [8] | 33 | 24 |
Fair Value - Derivatives under Hedge Accounting [Member] | Noncurrent Liabilities [Member] | Commodity | |||
Derivatives Fair Value [Line Items] | |||
Derivative Liabilities | 1 | 1 | |
Fair Value - Derivatives under Hedge Accounting [Member] | Noncurrent Liabilities [Member] | Interest rate | |||
Derivatives Fair Value [Line Items] | |||
Derivative Liabilities | 32 | 20 | |
Fair Value - Derivatives under Hedge Accounting [Member] | Noncurrent Liabilities [Member] | Foreign currency | |||
Derivatives Fair Value [Line Items] | |||
Derivative Liabilities | 3 | ||
Fair Value - Derivatives under Hedge Accounting [Member] | Noncurrent Liabilities [Member] | Virginia Electric and Power Company | |||
Derivatives Fair Value [Line Items] | |||
Derivative Liabilities | [9] | 13 | 13 |
Fair Value - Derivatives under Hedge Accounting [Member] | Noncurrent Liabilities [Member] | Virginia Electric and Power Company | Interest rate | |||
Derivatives Fair Value [Line Items] | |||
Derivative Liabilities | 13 | 13 | |
Fair Value - Derivatives under Hedge Accounting [Member] | Noncurrent Liabilities [Member] | Dominion Energy Gas Holdings, LLC | |||
Derivatives Fair Value [Line Items] | |||
Derivative Liabilities | [10] | 4 | |
Fair Value - Derivatives under Hedge Accounting [Member] | Noncurrent Liabilities [Member] | Dominion Energy Gas Holdings, LLC | Commodity | |||
Derivatives Fair Value [Line Items] | |||
Derivative Liabilities | 1 | ||
Fair Value - Derivatives under Hedge Accounting [Member] | Noncurrent Liabilities [Member] | Dominion Energy Gas Holdings, LLC | Foreign currency | |||
Derivatives Fair Value [Line Items] | |||
Derivative Liabilities | 3 | ||
Derivatives Not Designated as Hedging Instruments | |||
Derivatives Fair Value [Line Items] | |||
Derivative Asset | 253 | 233 | |
Derivative Liabilities | 93 | 44 | |
Derivatives Not Designated as Hedging Instruments | Virginia Electric and Power Company | |||
Derivatives Fair Value [Line Items] | |||
Derivative Asset | 166 | 188 | |
Derivative Liabilities | 9 | 10 | |
Derivatives Not Designated as Hedging Instruments | Current Assets | |||
Derivatives Fair Value [Line Items] | |||
Derivative Asset | [1] | 158 | 101 |
Derivatives Not Designated as Hedging Instruments | Current Assets | Commodity | |||
Derivatives Fair Value [Line Items] | |||
Derivative Asset | 158 | 101 | |
Derivatives Not Designated as Hedging Instruments | Current Assets | Virginia Electric and Power Company | |||
Derivatives Fair Value [Line Items] | |||
Derivative Asset | [2] | 75 | 60 |
Derivatives Not Designated as Hedging Instruments | Current Assets | Virginia Electric and Power Company | Commodity | |||
Derivatives Fair Value [Line Items] | |||
Derivative Asset | 75 | 60 | |
Derivatives Not Designated as Hedging Instruments | Noncurrent Assets | |||
Derivatives Fair Value [Line Items] | |||
Derivative Asset | [3] | 95 | 132 |
Derivatives Not Designated as Hedging Instruments | Noncurrent Assets | Commodity | |||
Derivatives Fair Value [Line Items] | |||
Derivative Asset | 95 | 132 | |
Derivatives Not Designated as Hedging Instruments | Noncurrent Assets | Virginia Electric and Power Company | |||
Derivatives Fair Value [Line Items] | |||
Derivative Asset | 91 | 128 | |
Derivatives Not Designated as Hedging Instruments | Noncurrent Assets | Virginia Electric and Power Company | Commodity | |||
Derivatives Fair Value [Line Items] | |||
Derivative Asset | 91 | 128 | |
Derivatives Not Designated as Hedging Instruments | Current Liabilities | |||
Derivatives Fair Value [Line Items] | |||
Derivative Liabilities | [5] | 92 | 41 |
Derivatives Not Designated as Hedging Instruments | Current Liabilities | Commodity | |||
Derivatives Fair Value [Line Items] | |||
Derivative Liabilities | 92 | 41 | |
Derivatives Not Designated as Hedging Instruments | Current Liabilities | Virginia Electric and Power Company | |||
Derivatives Fair Value [Line Items] | |||
Derivative Liabilities | [6] | 9 | 10 |
Derivatives Not Designated as Hedging Instruments | Current Liabilities | Virginia Electric and Power Company | Commodity | |||
Derivatives Fair Value [Line Items] | |||
Derivative Liabilities | 9 | 10 | |
Derivatives Not Designated as Hedging Instruments | Noncurrent Liabilities [Member] | |||
Derivatives Fair Value [Line Items] | |||
Derivative Liabilities | [8] | 1 | 3 |
Derivatives Not Designated as Hedging Instruments | Noncurrent Liabilities [Member] | Commodity | |||
Derivatives Fair Value [Line Items] | |||
Derivative Liabilities | $ 1 | $ 3 | |
[1] | Current derivative assets are presented in other current assets in Dominion Energy's Consolidated Balance Sheets. | ||
[2] | Current derivative assets are presented in other current assets in Virginia Power's Consolidated Balance Sheets. | ||
[3] | Noncurrent derivative assets are presented in other deferred charges and other assets in Dominion Energy's Consolidated Balance Sheets. | ||
[4] | Noncurrent derivative assets are presented in other deferred charges and other assets in Dominion Energy Gas' Consolidated Balance Sheets. | ||
[5] | Current derivative liabilities are presented in other current liabilities in Dominion Energy's Consolidated Balance Sheets. | ||
[6] | Current derivative liabilities are presented in other current liabilities in Virginia Power's Consolidated Balance Sheets. | ||
[7] | Current derivative liabilities are presented in other current liabilities in Dominion Energy Gas' Consolidated Balance Sheets. | ||
[8] | Noncurrent derivative liabilities are presented in other deferred credits and other liabilities in Dominion Energy's Consolidated Balance Sheets. | ||
[9] | Noncurrent derivative liabilities are presented in other deferred credits and other liabilities in Virginia Power's Consolidated Balance Sheets. | ||
[10] | Noncurrent derivative liabilities are presented in other deferred credits and other liabilities in Dominion Energy Gas' Consolidated Balance Sheets. |
Derivatives and Hedge Account93
Derivatives and Hedge Accounting Activities (Gains and Losses on Derivatives in Cash Flow Hedging Relationships) (Detail) - Cash Flow Hedges - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | ||
Derivative Instruments Gain Loss [Line Items] | ||||
Amount of Gain (Loss) Recognized in AOCI on Derivatives (Effective Portion) | [1] | $ 11 | $ 92 | $ 184 |
Amount of Gain (Loss) Reclassified From AOCI to Income | 47 | 259 | 176 | |
Increase (Decrease) in Derivatives Subject to Regulatory Treatment | [2] | (58) | (26) | (9) |
Virginia Electric and Power Company | ||||
Derivative Instruments Gain Loss [Line Items] | ||||
Amount of Gain (Loss) Recognized in AOCI on Derivatives (Effective Portion) | [3] | (8) | (3) | (3) |
Amount of Gain (Loss) Reclassified From AOCI to Income | (1) | (1) | (1) | |
Increase (Decrease) in Derivatives Subject to Regulatory Treatment | [4] | (58) | (26) | (9) |
Dominion Energy Gas Holdings, LLC | ||||
Derivative Instruments Gain Loss [Line Items] | ||||
Amount of Gain (Loss) Recognized in AOCI on Derivatives (Effective Portion) | [5] | 8 | (26) | 10 |
Amount of Gain (Loss) Reclassified From AOCI to Income | 7 | (15) | 6 | |
Commodity | ||||
Derivative Instruments Gain Loss [Line Items] | ||||
Amount of Gain (Loss) Recognized in AOCI on Derivatives (Effective Portion) | [1] | 1 | 164 | 230 |
Amount of Gain (Loss) Reclassified From AOCI to Income | 79 | 307 | 187 | |
Increase (Decrease) in Derivatives Subject to Regulatory Treatment | [2] | 4 | ||
Commodity | Virginia Electric and Power Company | ||||
Derivative Instruments Gain Loss [Line Items] | ||||
Amount of Gain (Loss) Reclassified From AOCI to Income | (1) | |||
Increase (Decrease) in Derivatives Subject to Regulatory Treatment | [4] | 4 | ||
Commodity | Dominion Energy Gas Holdings, LLC | ||||
Derivative Instruments Gain Loss [Line Items] | ||||
Amount of Gain (Loss) Recognized in AOCI on Derivatives (Effective Portion) | [5] | (10) | (12) | 16 |
Amount of Gain (Loss) Reclassified From AOCI to Income | (8) | 4 | 6 | |
Commodity | Operating Revenue | ||||
Derivative Instruments Gain Loss [Line Items] | ||||
Amount of Gain (Loss) Reclassified From AOCI to Income | 81 | 330 | 203 | |
Commodity | Operating Revenue | Dominion Energy Gas Holdings, LLC | ||||
Derivative Instruments Gain Loss [Line Items] | ||||
Amount of Gain (Loss) Reclassified From AOCI to Income | (8) | 4 | 6 | |
Commodity | Purchased Gas | ||||
Derivative Instruments Gain Loss [Line Items] | ||||
Amount of Gain (Loss) Reclassified From AOCI to Income | (2) | (13) | (15) | |
Commodity | Electric fuel and other energy-related purchases | ||||
Derivative Instruments Gain Loss [Line Items] | ||||
Amount of Gain (Loss) Reclassified From AOCI to Income | (10) | (1) | ||
Commodity | Electric fuel and other energy-related purchases | Virginia Electric and Power Company | ||||
Derivative Instruments Gain Loss [Line Items] | ||||
Amount of Gain (Loss) Reclassified From AOCI to Income | (1) | |||
Interest rate | ||||
Derivative Instruments Gain Loss [Line Items] | ||||
Amount of Gain (Loss) Recognized in AOCI on Derivatives (Effective Portion) | [1],[6] | (8) | (66) | (46) |
Amount of Gain (Loss) Reclassified From AOCI to Income | [6] | (52) | (31) | (11) |
Increase (Decrease) in Derivatives Subject to Regulatory Treatment | [2],[6] | (58) | (26) | (13) |
Interest rate | Virginia Electric and Power Company | ||||
Derivative Instruments Gain Loss [Line Items] | ||||
Amount of Gain (Loss) Recognized in AOCI on Derivatives (Effective Portion) | [3],[7] | (8) | (3) | (3) |
Amount of Gain (Loss) Reclassified From AOCI to Income | [7] | (1) | (1) | |
Increase (Decrease) in Derivatives Subject to Regulatory Treatment | [4],[7] | (58) | (26) | (13) |
Interest rate | Dominion Energy Gas Holdings, LLC | ||||
Derivative Instruments Gain Loss [Line Items] | ||||
Amount of Gain (Loss) Recognized in AOCI on Derivatives (Effective Portion) | [5],[8] | (8) | $ (6) | |
Amount of Gain (Loss) Reclassified From AOCI to Income | [8] | (5) | (2) | |
Foreign currency | ||||
Derivative Instruments Gain Loss [Line Items] | ||||
Amount of Gain (Loss) Recognized in AOCI on Derivatives (Effective Portion) | [1],[9] | 18 | (6) | |
Amount of Gain (Loss) Reclassified From AOCI to Income | [9] | 20 | (17) | |
Foreign currency | Dominion Energy Gas Holdings, LLC | ||||
Derivative Instruments Gain Loss [Line Items] | ||||
Amount of Gain (Loss) Recognized in AOCI on Derivatives (Effective Portion) | [5],[10] | 18 | (6) | |
Amount of Gain (Loss) Reclassified From AOCI to Income | [10] | $ 20 | $ (17) | |
[1] | Amounts deferred into AOCI have no associated effect in Dominion Energy'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 Energy's Consolidated Statements of Income. | |||
[3] | Amounts deferred into AOCI have no associated effect in Virginia Power's Consolidated Statements of Income. | |||
[4] | 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. | |||
[5] | Amounts deferred into AOCI have no associated effect in Dominion Energy Gas' Consolidated Statements of Income. | |||
[6] | Amounts recorded in Dominion Energy's Consolidated Statements of Income are classified in interest and related charges. | |||
[7] | Amounts recorded in Virginia Power's Consolidated Statements of Income are classified in interest and related charges. | |||
[8] | Amounts recorded in Dominion Energy Gas' Consolidated Statements of Income are classified in interest and related charges. | |||
[9] | Amounts recorded in Dominion Energy's Consolidated Statements of Income are classified in other income. | |||
[10] | Amounts recorded in Dominion Energy Gas' Consolidated Statements of Income are classified in other income. |
Derivatives and Hedge Account94
Derivatives and Hedge Accounting Activities (Schedule of Derivatives not Designated as Hedging Instruments) (Detail) - Derivatives Not Designated as Hedging Instruments - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | ||
Derivative Instruments Gain Loss [Line Items] | ||||
Amount of Gain (Loss) Recognized in Income on Derivatives | [1] | $ (45) | $ (63) | $ (5) |
Virginia Electric and Power Company | ||||
Derivative Instruments Gain Loss [Line Items] | ||||
Amount of Gain (Loss) Recognized in Income on Derivatives | [2] | (57) | (70) | (13) |
Dominion Energy Gas Holdings, LLC | ||||
Derivative Instruments Gain Loss [Line Items] | ||||
Amount of Gain (Loss) Recognized in Income on Derivatives | 1 | 6 | ||
Commodity | Operating Revenue | ||||
Derivative Instruments Gain Loss [Line Items] | ||||
Amount of Gain (Loss) Recognized in Income on Derivatives | [1] | 18 | 2 | 24 |
Commodity | Operating Revenue | Virginia Electric and Power Company | ||||
Derivative Instruments Gain Loss [Line Items] | ||||
Amount of Gain (Loss) Recognized in Income on Derivatives | [2],[3] | (57) | (70) | (13) |
Commodity | Operating Revenue | Dominion Energy Gas Holdings, LLC | ||||
Derivative Instruments Gain Loss [Line Items] | ||||
Amount of Gain (Loss) Recognized in Income on Derivatives | 1 | 6 | ||
Commodity | Purchased Gas | ||||
Derivative Instruments Gain Loss [Line Items] | ||||
Amount of Gain (Loss) Recognized in Income on Derivatives | [1] | (3) | 4 | (14) |
Commodity | Electric fuel and other energy-related purchases | ||||
Derivative Instruments Gain Loss [Line Items] | ||||
Amount of Gain (Loss) Recognized in Income on Derivatives | [1] | (59) | (70) | (14) |
Commodity | Other operations and maintenance | ||||
Derivative Instruments Gain Loss [Line Items] | ||||
Amount of Gain (Loss) Recognized in Income on Derivatives | [1] | $ (1) | $ 1 | |
Interest rate | ||||
Derivative Instruments Gain Loss [Line Items] | ||||
Amount of Gain (Loss) Recognized in Income on Derivatives | [1],[4] | $ (1) | ||
[1] | Includes derivative activity amortized out of regulatory assets/liabilities. Amounts deferred into regulatory assets/liabilities have no associated effect in Dominion Energy's Consolidated Statements of Income. | |||
[2] | 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. | |||
[3] | Amounts recorded in Virginia Power's Consolidated Statements of Income are classified in electric fuel and other energy-related purchases. | |||
[4] | Amounts recorded in Dominion Energy's Consolidated Statements of Income are classified in interest and related charges. |
Earnings Per Share (Calculation
Earnings Per Share (Calculation of Basic and Diluted EPS) (Detail) - USD ($) $ / shares in Units, shares in Millions, $ in Millions | 3 Months Ended | 12 Months Ended | ||||||||||
Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | ||
Earnings Per Share [Abstract] | ||||||||||||
Net income attributable to Dominion Energy | $ 1,312 | $ 665 | $ 390 | $ 632 | $ 457 | $ 690 | $ 452 | $ 524 | $ 2,999 | $ 2,123 | $ 1,899 | |
Average shares of common stock outstanding - Basic | 636 | 616.4 | 592.4 | |||||||||
Net effect of dilutive securities | [1] | 0.7 | 1.3 | |||||||||
Average shares of common stock outstanding - Diluted | 636 | 617.1 | 593.7 | |||||||||
Earnings Per Common Share - Basic | $ 2.04 | $ 1.03 | $ 0.62 | $ 1.01 | $ 0.73 | $ 1.10 | $ 0.73 | $ 0.88 | $ 4.72 | $ 3.44 | $ 3.21 | |
Earnings Per Common Share - Diluted | $ 2.04 | $ 1.03 | $ 0.62 | $ 1.01 | $ 0.73 | $ 1.10 | $ 0.73 | $ 0.88 | $ 4.72 | $ 3.44 | $ 3.20 | |
[1] | Dilutive securities consist primarily of the 2013 Equity Units for 2016 and 2015. See Note 17 for more information. |
Investments (Narrative) (Detail
Investments (Narrative) (Detail) mi in Millions, $ in Millions | 1 Months Ended | 3 Months Ended | 12 Months Ended | ||||||||||||||||
Dec. 31, 2016USD ($) | Oct. 31, 2016USD ($) | May 31, 2016USD ($) | Sep. 30, 2014Membermi | Dec. 31, 2017USD ($) | Sep. 30, 2017USD ($) | Jun. 30, 2017USD ($) | Mar. 31, 2017USD ($) | Dec. 31, 2016USD ($) | Sep. 30, 2016USD ($) | Jun. 30, 2016USD ($) | Mar. 31, 2016USD ($) | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | |||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||||||||
Equity in earnings on investments | $ (18) | $ 111 | $ 56 | ||||||||||||||||
Distributions received from investment | 419 | 104 | 83 | ||||||||||||||||
Carrying amount of investment that exceeded share of underlying equity | $ 260 | $ 249 | $ 260 | 249 | 260 | ||||||||||||||
Equity method investment goodwill | 176 | 176 | 176 | 176 | 176 | ||||||||||||||
Additional membership percentage interest purchased | 3.00% | ||||||||||||||||||
Payment for purchase of equity interest | $ 14 | ||||||||||||||||||
Contributions to equity method affiliates | 370 | 198 | 51 | ||||||||||||||||
Liabilities, other deferred credits and other liabilities | 16,424 | 16,631 | 16,424 | 16,631 | 16,424 | ||||||||||||||
Operating Revenue | 3,210 | $ 3,179 | $ 2,813 | $ 3,384 | 3,086 | $ 3,132 | $ 2,598 | $ 2,921 | 12,586 | [1] | 11,737 | [1] | 11,683 | [1] | |||||
Other receivables | [1] | 183 | 126 | 183 | 126 | 183 | |||||||||||||
Trading Securities [Member] | |||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||||||||
Rabbi trust securities | 104 | 112 | 104 | 112 | 104 | ||||||||||||||
Dominion Energy Gas Holdings, LLC | |||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||||||||
Equity in earnings on investments | 21 | 21 | 23 | ||||||||||||||||
Liabilities, other deferred credits and other liabilities | 2,863 | 2,866 | 2,863 | 2,866 | 2,863 | ||||||||||||||
Operating Revenue | 501 | $ 401 | $ 422 | $ 490 | 457 | $ 382 | $ 368 | $ 431 | 1,814 | [2] | 1,638 | [2] | 1,716 | [2] | |||||
Other receivables | [2] | 13 | 15 | 13 | 15 | 13 | |||||||||||||
Dominion Energy Gas Holdings, LLC | Partnership Interest | |||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||||||||
Equity in earnings on investments | 21 | 21 | 23 | ||||||||||||||||
Distributions received from investment | 24 | 22 | 28 | ||||||||||||||||
Carrying amount of investment that exceeded share of underlying equity | 8 | 8 | 8 | 8 | 8 | ||||||||||||||
Dominion Energy Gas Holdings, LLC | Partnership Interest | Other Income [Member] | |||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||||||||
Percentage of non-controlling partnership interest sold | 0.65% | ||||||||||||||||||
Sales price of non-controlling partnership interest | $ 7 | ||||||||||||||||||
Amount of gain from sale | 5 | ||||||||||||||||||
Amount of after tax gain from sale | $ 3 | ||||||||||||||||||
Finite Lived Equity Method Investment Basis Difference [Member] | |||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||||||||
Carrying amount of investment that exceeded share of underlying equity | 84 | 73 | 84 | 73 | 84 | ||||||||||||||
Blue Racer Midstream Llc [Member] | Oil and Gas Properties [Member] | |||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||||||||
Amount paid to repurchase portion of Western System from Blue Racer | 10 | ||||||||||||||||||
Atlantic Coast Pipeline | |||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||||||||
Distributions received from investment | 270 | ||||||||||||||||||
Contributions to equity method affiliates | 310 | 184 | 38 | ||||||||||||||||
Atlantic Coast Pipeline | DETI | |||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||||||||
Operating Revenue | 129 | 95 | $ 74 | ||||||||||||||||
Other receivables | $ 10 | 12 | $ 10 | 12 | $ 10 | ||||||||||||||
Atlantic Coast Pipeline | Pipelines | Jointly Owned Natural Gas Pipeline | Distribution | |||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||||||||
Ownership interest (percentage) | 48.00% | ||||||||||||||||||
Length of natural gas pipeline (in miles) | mi | 600 | ||||||||||||||||||
Number of members | Member | 3 | ||||||||||||||||||
Duration of contract | 20 years | ||||||||||||||||||
Atlantic Coast Pipeline | Pipelines | Jointly Owned Natural Gas Pipeline | Distribution | Duke Energy | |||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||||||||
Ownership interest (percentage) | 47.00% | ||||||||||||||||||
Atlantic Coast Pipeline | Pipelines | Jointly Owned Natural Gas Pipeline | Distribution | Southern Company Gas [Member] | |||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||||||||
Ownership interest (percentage) | 5.00% | ||||||||||||||||||
Nedpower Mount Storm Llc [Member] | |||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||||||||
Liabilities, other deferred credits and other liabilities | 17 | 17 | |||||||||||||||||
Nedpower Mount Storm Llc [Member] | Property, Plant and Equipment [Member] | |||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||||||||
Impairment charge | 126 | ||||||||||||||||||
Impairment charge, after tax | 76 | ||||||||||||||||||
Fowler I Holdings LLC | |||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||||||||
Impairment charge | 32 | ||||||||||||||||||
Impairment charge, after tax | 20 | ||||||||||||||||||
Fair value of investment | $ 81 | $ 81 | |||||||||||||||||
[1] | See Note 9 for amounts attributable to related parties. | ||||||||||||||||||
[2] | See Note 24 for amounts attributable to related parties. |
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) (Detail) - USD ($) $ in Millions | Dec. 31, 2017 | Dec. 31, 2016 | |
Investment Holdings [Line Items] | |||
Amortized Cost, Total | $ 3,200 | $ 3,053 | |
Total Unrealized Gains | [1] | 1,899 | 1,443 |
Total Unrealized Losses | [1],[2] | (6) | (12) |
Fair Value | 5,093 | 4,484 | |
Cash Equivalents and Other [Member] | |||
Investment Holdings [Line Items] | |||
Amortized Cost, Total | [3] | 34 | 12 |
Fair Value | [3] | 34 | 12 |
Cost Method Investments [Member] | |||
Investment Holdings [Line Items] | |||
Amortized Cost, Total | 68 | 69 | |
Fair Value | 68 | 69 | |
Common/collective trust funds | |||
Investment Holdings [Line Items] | |||
Amortized Cost, Total | 60 | 67 | |
Fair Value | 60 | 67 | |
Virginia Electric and Power Company | |||
Investment Holdings [Line Items] | |||
Amortized Cost, Total | 1,549 | 1,473 | |
Total Unrealized Gains | [1] | 852 | 639 |
Total Unrealized Losses | [1],[4] | (2) | (6) |
Fair Value | 2,399 | 2,106 | |
Virginia Electric and Power Company | Cash Equivalents and Other [Member] | |||
Investment Holdings [Line Items] | |||
Amortized Cost, Other Investments | [5] | 22 | 7 |
Fair Value | [5] | 22 | 7 |
Virginia Electric and Power Company | Cost Method Investments [Member] | |||
Investment Holdings [Line Items] | |||
Amortized Cost, Other Investments | 68 | 69 | |
Fair Value | 68 | 69 | |
Virginia Electric and Power Company | Common/collective trust funds | |||
Investment Holdings [Line Items] | |||
Amortized Cost, Marketable Securities | 27 | 26 | |
Fair Value | 27 | 26 | |
Corporate debt instruments | |||
Investment Holdings [Line Items] | |||
Amortized Cost, Total | 430 | 478 | |
Total Unrealized Gains | [1] | 15 | 13 |
Total Unrealized Losses | [1] | (1) | (4) |
Fair Value | 444 | 487 | |
Corporate debt instruments | Virginia Electric and Power Company | |||
Investment Holdings [Line Items] | |||
Amortized Cost, Marketable Securities | 216 | 274 | |
Total Unrealized Gains | [1] | 8 | 6 |
Total Unrealized Losses | [1] | (4) | |
Fair Value | 224 | 276 | |
Government Securities [Member] | |||
Investment Holdings [Line Items] | |||
Amortized Cost, Total | 1,039 | 978 | |
Total Unrealized Gains | [1] | 27 | 22 |
Total Unrealized Losses | [1] | (5) | (8) |
Fair Value | 1,061 | 992 | |
Government Securities [Member] | Virginia Electric and Power Company | |||
Investment Holdings [Line Items] | |||
Amortized Cost, Marketable Securities | 482 | 420 | |
Total Unrealized Gains | [1] | 13 | 9 |
Total Unrealized Losses | [1] | (2) | (2) |
Fair Value | 493 | 427 | |
U.S. | Equity securities: | |||
Investment Holdings [Line Items] | |||
Amortized Cost, Total | 1,569 | 1,449 | |
Total Unrealized Gains | [1] | 1,857 | 1,408 |
Fair Value | 3,426 | 2,857 | |
U.S. | Equity securities: | Virginia Electric and Power Company | |||
Investment Holdings [Line Items] | |||
Amortized Cost, Marketable Securities | 734 | 677 | |
Total Unrealized Gains | [1] | 831 | 624 |
Fair Value | $ 1,565 | $ 1,301 | |
[1] | Included in AOCI and the nuclear decommissioning trust regulatory liability as discussed in Note 2. | ||
[2] | The fair value of securities in an unrealized loss position was $565 million and $576 million at December 31, 2017 and 2016, respectively. | ||
[3] | Includes pending sales of securities of $5 million and $9 million at December 31, 2017 and 2016, respectively. | ||
[4] | The fair value of securities in an unrealized loss position was $234 million and $287 million at December 31, 2017 and 2016, respectively. | ||
[5] | Includes pending sales of securities of $6 million and $7 million at December 31, 2017 and 2016, respectively. |
Investments (Marketable Equit98
Investments (Marketable Equity and Debt Securities and Cash Equivalents (Classified as Available-for-sale) and Cost Method Investments in Decommissioning Trust Funds) (Parenthetical) (Detail) - USD ($) $ in Millions | Dec. 31, 2017 | Dec. 31, 2016 |
Investment Holdings [Line Items] | ||
Net assets related to pending sales and purchases of securities | $ 5 | $ 9 |
Fair value of securities in an unrealized loss position | 565 | 576 |
Virginia Electric and Power Company | ||
Investment Holdings [Line Items] | ||
Net assets related to pending sales and purchases of securities | 6 | 7 |
Fair value of securities in an unrealized loss position | $ 234 | $ 287 |
Investments (Fair Value of our
Investments (Fair Value of our Marketable Debt Securities by Contractual Maturity) (Detail) $ in Millions | Dec. 31, 2017USD ($) |
Schedule of Held-to-maturity Securities [Line Items] | |
Due in one year or less | $ 151 |
Due after one year through five years | 385 |
Due after five years through ten years | 370 |
Due after ten years | 659 |
Total | 1,565 |
Virginia Electric and Power Company | |
Schedule of Held-to-maturity Securities [Line Items] | |
Due in one year or less | 32 |
Due after one year through five years | 165 |
Due after five years through ten years | 199 |
Due after ten years | 348 |
Total | $ 744 |
Investments (Selected Informati
Investments (Selected Information Regarding Marketable Equity and Debt Securities) (Detail) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | ||
Schedule of Available-for-sale Securities [Line Items] | ||||
Proceeds from sales | $ 1,831 | $ 1,422 | $ 1,340 | |
Realized gains | [1] | 166 | 128 | 219 |
Realized losses | [1] | 71 | 55 | 84 |
Virginia Electric and Power Company | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Proceeds from sales | 849 | 733 | 639 | |
Realized gains | [1] | 75 | 63 | 110 |
Realized losses | [1] | $ 30 | $ 27 | $ 43 |
[1] | Includes realized gains and losses recorded to the nuclear decommissioning trust regulatory liability as discussed in Note 2. |
Investments (Recorded Other-Tha
Investments (Recorded Other-Than-Temporary Impairment Losses on Investments) (Detail) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | ||
Schedule of Available-for-sale Securities [Line Items] | ||||
Total other-than-temporary impairment losses | [1] | $ 44 | $ 51 | $ 66 |
Losses recorded to the nuclear decomissioning trust regulatory liability | (16) | (16) | (26) | |
Losses recognized in other comprehensive income (before taxes) | (5) | (12) | (9) | |
Net impairment losses recognized in earnings | 23 | 23 | 31 | |
Virginia Electric and Power Company | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Total other-than-temporary impairment losses | [2] | 20 | 26 | 36 |
Losses recorded to the nuclear decomissioning trust regulatory liability | (16) | (16) | (26) | |
Losses recognized in other comprehensive income (before taxes) | (2) | (7) | (6) | |
Net impairment losses recognized in earnings | $ 2 | $ 3 | $ 4 | |
[1] | Amounts include other-than-temporary impairment losses for debt securities of $5 million, $13 million and $9 million at December 31, 2017, 2016 and 2015, respectively. | |||
[2] | Amounts include other-than-temporary impairment losses for debt securities of $2 million, $8 million and $6 million at December 31, 2017, 2016 and 2015, respectively. |
Investments (Recorded Other-102
Investments (Recorded Other-Than-Temporary Impairment Losses on Investments) (Parenthetical) (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Schedule of Available-for-sale Securities [Line Items] | |||
Other-than-temporary impairment losses for debt securities | $ 5 | $ 13 | $ 9 |
Virginia Electric and Power Company | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Other-than-temporary impairment losses for debt securities | $ 2 | $ 8 | $ 6 |
Investments (Investments Under
Investments (Investments Under Equity Method of Accounting) (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Schedule of Equity Method Investments [Line Items] | |||
Investment Balance | $ 1,544 | $ 1,561 | $ 1,320 |
Iroquois | |||
Schedule of Equity Method Investments [Line Items] | |||
Ownership% | 50.00% | ||
Investment Balance | $ 311 | 316 | |
Description | Gas transmission system | ||
Blue Racer Midstream Llc [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Ownership% | 50.00% | ||
Investment Balance | $ 691 | 677 | |
Description | Midstream gas and related services | ||
Atlantic Coast Pipeline | |||
Schedule of Equity Method Investments [Line Items] | |||
Ownership% | 48.00% | ||
Investment Balance | $ 382 | 256 | |
Description | Gas transmission system | ||
Fowler I Holdings LLC | |||
Schedule of Equity Method Investments [Line Items] | |||
Ownership% | 50.00% | ||
Investment Balance | $ 81 | 116 | |
Description | Wind-powered merchant generation facility | ||
Nedpower Mount Storm Llc [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Ownership% | 50.00% | ||
Investment Balance | 112 | ||
Description | Wind-powered merchant generation facility | ||
Other Investment [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Investment Balance | $ 79 | 84 | |
Dominion Energy Gas Holdings, LLC | |||
Schedule of Equity Method Investments [Line Items] | |||
Investment Balance | $ 95 | 98 | $ 102 |
Dominion Energy Gas Holdings, LLC | Iroquois | |||
Schedule of Equity Method Investments [Line Items] | |||
Ownership% | 24.07% | ||
Investment Balance | $ 95 | $ 98 | |
Description | Gas transmission system |
Investments (Investments Und104
Investments (Investments Under Equity Method of Accounting) (Parenthetical) (Detail) - USD ($) $ in Millions | Dec. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2015 |
Schedule of Equity Method Investments [Line Items] | |||
Liabilities, other deferred credits and other liabilities | $ 16,631 | $ 16,424 | |
Iroquois | |||
Schedule of Equity Method Investments [Line Items] | |||
Ownership% | 50.00% | ||
Nedpower Mount Storm Llc [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Ownership% | 50.00% | ||
Liabilities, other deferred credits and other liabilities | $ 17 | ||
Dominion Energy Midstream Partners, LP | Iroquois | |||
Schedule of Equity Method Investments [Line Items] | |||
Ownership% | 25.93% | 25.93% | |
Dominion Energy Gas Holdings, LLC | |||
Schedule of Equity Method Investments [Line Items] | |||
Liabilities, other deferred credits and other liabilities | $ 2,866 | $ 2,863 | |
Dominion Energy Gas Holdings, LLC | Iroquois | |||
Schedule of Equity Method Investments [Line Items] | |||
Ownership% | 24.07% |
Property, Plant and Equipmen105
Property, Plant and Equipment (Property, Plant and Equipment) (Detail) - USD ($) $ in Millions | Dec. 31, 2017 | Dec. 31, 2016 |
Utility: | ||
Generation | $ 17,602 | $ 17,147 |
Transmission | 15,335 | 14,315 |
Distribution | 17,408 | 16,381 |
Storage | 2,887 | 2,814 |
Nuclear fuel | 1,599 | 1,537 |
Gas gathering and processing | 219 | 216 |
Oil and gas | 1,720 | 1,652 |
General and other | 1,514 | 1,450 |
Plant under construction | 7,765 | 6,254 |
Total utility | 66,049 | 61,766 |
Nonutility: | ||
Merchant generation-nuclear | 1,452 | 1,419 |
Merchant generation-other | 4,992 | 4,149 |
Nuclear fuel | 968 | 897 |
Gas Gathering and Processing | 630 | 619 |
Other-including plant under construction | 732 | 706 |
Total nonutility | 8,774 | 7,790 |
Total property, plant and equipment | 74,823 | 69,556 |
Virginia Electric and Power Company | ||
Utility: | ||
Generation | 17,602 | 17,147 |
Transmission | 8,332 | 7,871 |
Distribution | 11,151 | 10,573 |
Nuclear fuel | 1,599 | 1,537 |
General and other | 794 | 745 |
Plant under construction | 2,840 | 2,146 |
Total utility | 42,318 | 40,019 |
Nonutility: | ||
Other-including plant under construction | 11 | 11 |
Total property, plant and equipment | 42,329 | 40,030 |
Dominion Energy Gas Holdings, LLC | ||
Utility: | ||
Transmission | 4,732 | 4,231 |
Distribution | 3,267 | 3,019 |
Storage | 1,688 | 1,627 |
Gas gathering and processing | 202 | 198 |
General and other | 216 | 184 |
Plant under construction | 293 | 448 |
Total utility | 10,398 | 9,707 |
Nonutility: | ||
Gas Gathering and Processing | 630 | 619 |
Other-including plant under construction | 145 | 149 |
Total nonutility | 775 | 768 |
Total property, plant and equipment | $ 11,173 | $ 10,475 |
Property, Plant and Equipmen106
Property, Plant and Equipment (Share of Jointly-Owned Power Stations) (Detail) $ in Millions | Dec. 31, 2017USD ($) | |
Millstone Unit [Member] | ||
Jointly Owned Utility Plant Interests [Line Items] | ||
Ownership interest | 93.50% | [1] |
Plant in service | $ 1,217 | [1] |
Accumulated depreciation | (381) | [1] |
Nuclear fuel | 552 | [1] |
Accumulated amortization of nuclear fuel | (427) | [1] |
Plant under construction | $ 68 | [1] |
Virginia Electric and Power Company | Bath Country Pumped Storage Station [Member] | ||
Jointly Owned Utility Plant Interests [Line Items] | ||
Ownership interest | 60.00% | [2] |
Plant in service | $ 1,059 | [2] |
Accumulated depreciation | (612) | [2] |
Plant under construction | $ 2 | [2] |
Virginia Electric and Power Company | North Anna | ||
Jointly Owned Utility Plant Interests [Line Items] | ||
Ownership interest | 88.40% | [2] |
Plant in service | $ 2,504 | [2] |
Accumulated depreciation | (1,263) | [2] |
Nuclear fuel | 745 | [2] |
Accumulated amortization of nuclear fuel | (607) | [2] |
Plant under construction | $ 92 | [2] |
Virginia Electric and Power Company | Clover Power Station [Member] | ||
Jointly Owned Utility Plant Interests [Line Items] | ||
Ownership interest | 50.00% | [2] |
Plant in service | $ 589 | [2] |
Accumulated depreciation | (231) | [2] |
Plant under construction | $ 6 | [2] |
[1] | Unit jointly owned by Dominion Energy. | |
[2] | Units jointly owned by Virginia Power. |
Property, Plant and Equipmen107
Property, Plant and Equipment (Narrative) (Detail) $ in Millions | 1 Months Ended | 3 Months Ended | 12 Months Ended | ||||||||||||||||||
Jan. 31, 2018USD ($)a | Dec. 31, 2017USD ($) | Sep. 30, 2017Project | Aug. 31, 2017USD ($)a | Jul. 31, 2017USD ($)a | Mar. 31, 2017USD ($) | Apr. 30, 2016USD ($)a | Sep. 30, 2015USD ($)aFields | Mar. 31, 2015USD ($)a | Dec. 31, 2014USD ($) | Nov. 30, 2014USD ($)aFields | Sep. 30, 2018USD ($) | Dec. 31, 2017USD ($) | Sep. 30, 2017USD ($) | Dec. 31, 2019USD ($)MW | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($)a | Dec. 31, 2015USD ($) | Dec. 31, 2013USD ($)a | Oct. 31, 2017USD ($) | |
Property, Plant and Equipment [Line Items] | |||||||||||||||||||||
Project Cost | $ 405 | $ 40 | $ 418 | ||||||||||||||||||
Retail Energy Marketing Assets | Disposal Group, Disposed of by Sale, Not Discontinued Operations | |||||||||||||||||||||
Property, Plant and Equipment [Line Items] | |||||||||||||||||||||
Amount of consideration | $ 143 | ||||||||||||||||||||
Gain from sale | $ 78 | ||||||||||||||||||||
After tax gain on sale | $ 48 | ||||||||||||||||||||
Contractual term of agreement to use brand | 10 years | ||||||||||||||||||||
Retail Energy Marketing Assets | Disposal Group, Disposed of by Sale, Not Discontinued Operations | Scenario, Forecast | |||||||||||||||||||||
Property, Plant and Equipment [Line Items] | |||||||||||||||||||||
Expected benefit to be recognized | $ 65 | ||||||||||||||||||||
Expected benefit to be recognized, net of tax | 48 | ||||||||||||||||||||
Retail Energy Marketing Assets | Disposal Group, Disposed of by Sale, Not Discontinued Operations | First Phase of Agreements to Sell Certain Assets | |||||||||||||||||||||
Property, Plant and Equipment [Line Items] | |||||||||||||||||||||
Amount of consideration | $ 79 | $ 79 | 79 | ||||||||||||||||||
Dominion Energy Gas Holdings, LLC | Marcellus Shale [Member] | Oil and Gas Properties [Member] | |||||||||||||||||||||
Property, Plant and Equipment [Line Items] | |||||||||||||||||||||
Amount of consideration | $ 5 | $ 120 | $ 10 | $ 200 | |||||||||||||||||
Number of natural gas producers | 2 | ||||||||||||||||||||
Development rights (number of acres) | a | 2,000 | 11,000 | 24,000 | 4,000 | 100,000 | ||||||||||||||||
Period for payments related to conveyance of natural gas storage fields | 4 years | 9 years | |||||||||||||||||||
Proceeds from assignment of Shale Development Rights | $ 27 | $ 16 | $ 60 | $ 100 | |||||||||||||||||
Gas and oil area developed net remaining interest conveyed percentage | 50.00% | 50.00% | 50.00% | ||||||||||||||||||
Number of natural gas storage fields | Fields | 1 | ||||||||||||||||||||
Number of acres included in initial conveyance | a | 12,000 | ||||||||||||||||||||
Dominion Energy Gas Holdings, LLC | Marcellus Shale [Member] | Oil and Gas Properties [Member] | Other operations and maintenance | |||||||||||||||||||||
Property, Plant and Equipment [Line Items] | |||||||||||||||||||||
Gain from sale | $ 5 | 27 | $ 10 | ||||||||||||||||||
After tax gain on sale | $ 3 | $ 16 | 6 | ||||||||||||||||||
Dominion Energy Gas Holdings, LLC | Marcellus Shale [Member] | Oil and Gas Properties [Member] | Amended Agreement to Extend Conveyance of Development Rights [Member] | |||||||||||||||||||||
Property, Plant and Equipment [Line Items] | |||||||||||||||||||||
Development rights (number of acres) | a | 70,000 | 70,000 | |||||||||||||||||||
Period for payments related to conveyance of natural gas storage fields | 2 years | ||||||||||||||||||||
Development rights conveyed (number of acres) | a | 9,000 | ||||||||||||||||||||
Partial interest percentage conveyed | 32.00% | ||||||||||||||||||||
Gas and oil area developed net remaining interest conveyed percentage | 68.00% | ||||||||||||||||||||
Total consideration | $ 130 | 65 | |||||||||||||||||||
Gain from sale | $ 56 | ||||||||||||||||||||
After tax gain on sale | 33 | ||||||||||||||||||||
Dominion Energy Gas Holdings, LLC | Marcellus Shale [Member] | Oil and Gas Properties [Member] | Amended Agreement to Extend Conveyance of Development Rights [Member] | Royalty Interest | |||||||||||||||||||||
Property, Plant and Equipment [Line Items] | |||||||||||||||||||||
Gain from sale | 9 | ||||||||||||||||||||
After tax gain on sale | $ 5 | ||||||||||||||||||||
Dominion Energy Gas Holdings, LLC | Marcellus Shale [Member] | Oil and Gas Properties [Member] | Amended Agreement to Extend Conveyance of Development Rights [Member] | Final Conveyance | |||||||||||||||||||||
Property, Plant and Equipment [Line Items] | |||||||||||||||||||||
Gain from sale | 65 | ||||||||||||||||||||
After tax gain on sale | $ 47 | ||||||||||||||||||||
Dominion Energy Gas Holdings, LLC | Marcellus Shale [Member] | Oil and Gas Properties [Member] | Amended Agreement to Extend Conveyance of Development Rights [Member] | Scenario, Forecast | |||||||||||||||||||||
Property, Plant and Equipment [Line Items] | |||||||||||||||||||||
Total consideration | $ 65 | ||||||||||||||||||||
Dominion Energy Gas Holdings, LLC | Marcellus Shale [Member] | Oil and Gas Properties [Member] | Amended Agreement to Extend Conveyance of Development Rights [Member] | Other operations and maintenance | |||||||||||||||||||||
Property, Plant and Equipment [Line Items] | |||||||||||||||||||||
Revenue recognized | $ 35 | $ 43 | |||||||||||||||||||
Revenue recognized net of tax | $ 21 | $ 27 | |||||||||||||||||||
Dominion Energy Gas Holdings, LLC | Marcellus Shale [Member] | Subsequent Event | Oil and Gas Properties [Member] | |||||||||||||||||||||
Property, Plant and Equipment [Line Items] | |||||||||||||||||||||
Amount of consideration | $ 28 | ||||||||||||||||||||
Development rights (number of acres) | a | 18,000 | ||||||||||||||||||||
Gas and oil area developed net remaining interest conveyed percentage | 50.00% | ||||||||||||||||||||
Dominion Energy Gas Holdings, LLC | Marcellus Shale [Member] | Subsequent Event | Oil and Gas Properties [Member] | Other operations and maintenance | |||||||||||||||||||||
Property, Plant and Equipment [Line Items] | |||||||||||||||||||||
Gain from sale | $ 28 | ||||||||||||||||||||
After tax gain on sale | $ 20 | ||||||||||||||||||||
Dominion Energy Gas Holdings, LLC | Uticaand Point Pleasant Shale [Member] | Oil and Gas Properties [Member] | |||||||||||||||||||||
Property, Plant and Equipment [Line Items] | |||||||||||||||||||||
Amount of consideration | $ 52 | ||||||||||||||||||||
Development rights (number of acres) | a | 16,000 | ||||||||||||||||||||
Proceeds from assignment of Shale Development Rights | $ 52 | ||||||||||||||||||||
Number of natural gas storage fields | Fields | 1 | ||||||||||||||||||||
Dominion Energy Gas Holdings, LLC | Uticaand Point Pleasant Shale [Member] | Oil and Gas Properties [Member] | Other operations and maintenance | |||||||||||||||||||||
Property, Plant and Equipment [Line Items] | |||||||||||||||||||||
Gain from sale | $ 52 | ||||||||||||||||||||
After tax gain on sale | $ 29 | ||||||||||||||||||||
Virginia Electric and Power Company | |||||||||||||||||||||
Property, Plant and Equipment [Line Items] | |||||||||||||||||||||
Project Cost | $ 41 | $ 7 | $ 43 | ||||||||||||||||||
Virginia Electric and Power Company | Two Solar Development Projects | |||||||||||||||||||||
Property, Plant and Equipment [Line Items] | |||||||||||||||||||||
Number of Projects | Project | 2 | ||||||||||||||||||||
Virginia Electric and Power Company | Scenario, Forecast | Two Solar Development Projects | |||||||||||||||||||||
Property, Plant and Equipment [Line Items] | |||||||||||||||||||||
MW Capacity | MW | 155 | ||||||||||||||||||||
Virginia Electric and Power Company | Scenario, Forecast | First Solar Development Project | |||||||||||||||||||||
Property, Plant and Equipment [Line Items] | |||||||||||||||||||||
Project Cost | $ 140 | ||||||||||||||||||||
Virginia Electric and Power Company | Scenario, Forecast | Second Solar Development Project | |||||||||||||||||||||
Property, Plant and Equipment [Line Items] | |||||||||||||||||||||
Project Cost | $ 140 | ||||||||||||||||||||
Virginia Electric and Power Company | Rental Portfolio of Electric Transmission Towers [Member] | Disposal Group, Disposed of by Sale, Not Discontinued Operations | |||||||||||||||||||||
Property, Plant and Equipment [Line Items] | |||||||||||||||||||||
Amount of consideration | $ 91 | ||||||||||||||||||||
Amount recognized in other income from sale | 11 | ||||||||||||||||||||
Amount to be recognized in other income ratably through 2023 | $ 35 |
Goodwill and Intangible Asse108
Goodwill and Intangible Assets (Goodwill) (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | ||
Goodwill [Roll Forward] | |||
Goodwill, Beginning Balance | [1] | $ 6,399 | $ 3,294 |
Dominion Questar Combination | 6 | ||
Goodwill, Ending Balance | [1] | 6,405 | 6,399 |
Dominion Energy Gas Holdings, LLC | |||
Goodwill [Roll Forward] | |||
Goodwill, Beginning Balance | [1] | 542 | 542 |
No events affecting goodwill | 0 | 0 | |
Goodwill, Ending Balance | [1] | 542 | 542 |
Dominion Questar Corporation | |||
Goodwill [Roll Forward] | |||
Dominion Questar Combination | 3,105 | ||
Operating Segments | Power Generation | |||
Goodwill [Roll Forward] | |||
Goodwill, Beginning Balance | [1] | 1,422 | 1,422 |
Goodwill, Ending Balance | [1] | 1,422 | 1,422 |
Operating Segments | Power Generation | Dominion Energy Gas Holdings, LLC | |||
Goodwill [Roll Forward] | |||
No events affecting goodwill | 0 | 0 | |
Operating Segments | Gas Infrastructure | |||
Goodwill [Roll Forward] | |||
Goodwill, Beginning Balance | [1] | 4,051 | 946 |
Dominion Questar Combination | 6 | ||
Goodwill, Ending Balance | [1] | 4,057 | 4,051 |
Operating Segments | Gas Infrastructure | Dominion Energy Gas Holdings, LLC | |||
Goodwill [Roll Forward] | |||
Goodwill, Beginning Balance | [1] | 542 | 542 |
No events affecting goodwill | 0 | 0 | |
Goodwill, Ending Balance | [1] | 542 | 542 |
Operating Segments | Power Delivery | |||
Goodwill [Roll Forward] | |||
Goodwill, Beginning Balance | [1] | 926 | 926 |
Goodwill, Ending Balance | [1] | 926 | 926 |
Operating Segments | Power Delivery | Dominion Energy Gas Holdings, LLC | |||
Goodwill [Roll Forward] | |||
No events affecting goodwill | 0 | 0 | |
Operating Segments | Corporate and Other | Dominion Energy Gas Holdings, LLC | |||
Goodwill [Roll Forward] | |||
No events affecting goodwill | [2] | $ 0 | 0 |
Operating Segments | Dominion Questar Corporation | Gas Infrastructure | |||
Goodwill [Roll Forward] | |||
Dominion Questar Combination | [3] | $ 3,105 | |
[1] | Goodwill amounts do not contain any accumulated impairment losses. | ||
[2] | Goodwill recorded at the Corporate and Other segment is allocated to the primary operating segments for goodwill impairment testing purposes. | ||
[3] | See Note 3. |
Goodwill and Intangible Asse109
Goodwill and Intangible Assets (Narrative) (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Goodwill [Line Items] | |||
Amortization expense for intangible assets | $ 80 | $ 73 | $ 78 |
Acquisition of intangible assets | $ 147 | ||
Weighted-average amortization period (years) | 14 years | ||
Virginia Electric and Power Company | |||
Goodwill [Line Items] | |||
Amortization expense for intangible assets | $ 31 | 29 | 25 |
Acquisition of intangible assets | $ 39 | ||
Weighted-average amortization period (years) | 7 years | ||
Dominion Energy Gas Holdings, LLC | |||
Goodwill [Line Items] | |||
Amortization expense for intangible assets | $ 14 | $ 6 | $ 18 |
Acquisition of intangible assets | $ 25 | ||
Weighted-average amortization period (years) | 14 years |
Goodwill and Intangible Asse110
Goodwill and Intangible Assets (Components of Intangible Assets) (Detail) - Computer Software, Intangible Asset [Member] - USD ($) $ in Millions | Dec. 31, 2017 | Dec. 31, 2016 |
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | $ 1,043 | $ 955 |
Accumulated Amortization | 358 | 337 |
Virginia Electric and Power Company | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 347 | 326 |
Accumulated Amortization | 114 | 101 |
Dominion Energy Gas Holdings, LLC | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 165 | 147 |
Accumulated Amortization | $ 56 | $ 49 |
Goodwill and Intangible Asse111
Goodwill and Intangible Assets (Annual Amortization Expense of Intangible Assets) (Detail) $ in Millions | Dec. 31, 2017USD ($) |
Finite-Lived Intangible Assets [Line Items] | |
2,018 | $ 78 |
2,019 | 68 |
2,020 | 56 |
2,021 | 43 |
2,022 | 37 |
Virginia Electric and Power Company | |
Finite-Lived Intangible Assets [Line Items] | |
2,018 | 30 |
2,019 | 26 |
2,020 | 20 |
2,021 | 13 |
2,022 | 9 |
Dominion Energy Gas Holdings, LLC | |
Finite-Lived Intangible Assets [Line Items] | |
2,018 | 13 |
2,019 | 13 |
2,020 | 12 |
2,021 | 11 |
2,022 | $ 10 |
Regulatory Assets and Liabil112
Regulatory Assets and Liabilities (Schedule of Regulatory Assets) (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | ||
Regulatory Assets [Line Items] | |||
Regulatory assets-current | $ 294 | $ 244 | |
Regulatory assets-noncurrent | 2,480 | 2,473 | |
Total regulatory assets | 2,774 | 2,717 | |
Deferred nuclear refueling outage costs | |||
Regulatory Assets [Line Items] | |||
Regulatory assets-current | [1] | 54 | 71 |
Deferred rate adjustment clause costs | |||
Regulatory Assets [Line Items] | |||
Regulatory assets-current | [2] | 70 | 63 |
Regulatory assets-noncurrent | [2] | 401 | 329 |
Deferred cost of fuel used in electric generation | |||
Regulatory Assets [Line Items] | |||
Regulatory assets-current | [3] | 23 | |
Unrecovered gas costs | |||
Regulatory Assets [Line Items] | |||
Regulatory assets-current | [4] | 38 | 19 |
Other | |||
Regulatory Assets [Line Items] | |||
Regulatory assets-current | 109 | 91 | |
Regulatory assets-noncurrent | 119 | 155 | |
Unrecognized pension and other postretirement benefit costs | |||
Regulatory Assets [Line Items] | |||
Regulatory assets-noncurrent | [5] | 1,336 | 1,401 |
Derivatives | |||
Regulatory Assets [Line Items] | |||
Regulatory assets-noncurrent | [6] | 223 | 174 |
PJM transmission rates | |||
Regulatory Assets [Line Items] | |||
Regulatory assets-noncurrent | [7] | 222 | 192 |
Income taxes recoverable through future rates | |||
Regulatory Assets [Line Items] | |||
Regulatory assets-noncurrent | [8] | 32 | 123 |
Utility reform legislation | |||
Regulatory Assets [Line Items] | |||
Regulatory assets-noncurrent | [9] | $ 147 | 99 |
Maximum | Deferred nuclear refueling outage costs | |||
Regulatory Assets [Line Items] | |||
Amortization period for deferred costs | 18 months | ||
Virginia Electric and Power Company | |||
Regulatory Assets [Line Items] | |||
Regulatory assets-current | $ 205 | 179 | |
Regulatory assets-noncurrent | 810 | 770 | |
Total regulatory assets | 1,015 | 949 | |
Virginia Electric and Power Company | Deferred nuclear refueling outage costs | |||
Regulatory Assets [Line Items] | |||
Regulatory assets-current | [1] | 54 | 71 |
Virginia Electric and Power Company | Deferred rate adjustment clause costs | |||
Regulatory Assets [Line Items] | |||
Regulatory assets-current | [2] | 56 | 51 |
Regulatory assets-noncurrent | [2] | 312 | 246 |
Virginia Electric and Power Company | Deferred cost of fuel used in electric generation | |||
Regulatory Assets [Line Items] | |||
Regulatory assets-current | [3] | 23 | |
Virginia Electric and Power Company | Other | |||
Regulatory Assets [Line Items] | |||
Regulatory assets-current | 72 | 57 | |
Regulatory assets-noncurrent | 86 | 123 | |
Virginia Electric and Power Company | Derivatives | |||
Regulatory Assets [Line Items] | |||
Regulatory assets-noncurrent | [6] | 190 | 133 |
Virginia Electric and Power Company | PJM transmission rates | |||
Regulatory Assets [Line Items] | |||
Regulatory assets-noncurrent | [7] | 222 | 192 |
Virginia Electric and Power Company | Income taxes recoverable through future rates | |||
Regulatory Assets [Line Items] | |||
Regulatory assets-noncurrent | [8] | 76 | |
Dominion Energy Gas Holdings, LLC | |||
Regulatory Assets [Line Items] | |||
Regulatory assets-current | [10] | 26 | 26 |
Regulatory assets-noncurrent | 511 | 577 | |
Total regulatory assets | 537 | 603 | |
Dominion Energy Gas Holdings, LLC | Deferred rate adjustment clause costs | |||
Regulatory Assets [Line Items] | |||
Regulatory assets-current | [2] | 14 | 12 |
Regulatory assets-noncurrent | [2] | 89 | 79 |
Dominion Energy Gas Holdings, LLC | Unrecovered gas costs | |||
Regulatory Assets [Line Items] | |||
Regulatory assets-current | [4] | 8 | 12 |
Dominion Energy Gas Holdings, LLC | Other | |||
Regulatory Assets [Line Items] | |||
Regulatory assets-current | 4 | 2 | |
Regulatory assets-noncurrent | 17 | 18 | |
Dominion Energy Gas Holdings, LLC | Unrecognized pension and other postretirement benefit costs | |||
Regulatory Assets [Line Items] | |||
Regulatory assets-noncurrent | [5] | 258 | 358 |
Dominion Energy Gas Holdings, LLC | Income taxes recoverable through future rates | |||
Regulatory Assets [Line Items] | |||
Regulatory assets-noncurrent | [8] | 23 | |
Dominion Energy Gas Holdings, LLC | Utility reform legislation | |||
Regulatory Assets [Line Items] | |||
Regulatory assets-noncurrent | [9] | $ 147 | $ 99 |
[1] | 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. | ||
[2] | Primarily 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 and deferrals of costs associated with certain current and prospective rider projects for Dominion Energy Gas. See Note 13 for more information. | ||
[3] | Reflects deferred fuel expenses for the Virginia and North Carolina jurisdictions of Dominion Energy's and Virginia Power's generation operations. See Note 13 for more information. | ||
[4] | Reflects unrecovered gas costs at regulated gas operations, which are recovered through filings with the applicable regulatory authority. | ||
[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 Energy's and Dominion Energy Gas' rate-regulated subsidiaries. | ||
[6] | As discussed under Derivative Instruments in Note 2, 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 amount related to the PJM transmission cost allocation matter. See Note 13 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. See below for discussion of the 2017 Tax Reform Act. | ||
[9] | Ohio legislation under House Bill 95, which became effective in September 2011. This law updates natural gas legislation by enabling gas companies to include more up-to-date cost levels when filing rate cases. It also allows gas companies to seek approval of capital expenditure plans under which gas companies can recognize carrying costs on associated capital investments placed in service and can defer the carrying costs plus depreciation and property tax expenses for recovery from ratepayers in the future. | ||
[10] | Current regulatory assets are presented in other current assets in the Consolidated Balance Sheets of Dominion Energy Gas. |
Regulatory Assets and Liabil113
Regulatory Assets and Liabilities (Schedule of Regulatory Liabilities) (Detail) - USD ($) $ in Millions | Dec. 31, 2017 | Dec. 31, 2016 | |
Regulatory Liabilities [Line Items] | |||
Regulatory liabilities-current | [1] | $ 193 | $ 163 |
Regulatory liabilities-noncurrent | 6,916 | 2,622 | |
Total regulatory liabilities | 7,109 | 2,785 | |
Virginia Electric and Power Company | |||
Regulatory Liabilities [Line Items] | |||
Regulatory liabilities-current | [1] | 127 | 115 |
Regulatory liabilities-noncurrent | 4,760 | 1,962 | |
Total regulatory liabilities | 4,887 | 2,077 | |
Dominion Energy Gas Holdings, LLC | |||
Regulatory Liabilities [Line Items] | |||
Regulatory liabilities-current | [1] | 38 | 35 |
Regulatory liabilities-noncurrent | 1,227 | 219 | |
Total regulatory liabilities | 1,265 | 254 | |
Provision for future cost of removal and AROs | |||
Regulatory Liabilities [Line Items] | |||
Regulatory liabilities-current | [2] | 101 | |
Regulatory liabilities-noncurrent | [2] | 1,384 | 1,427 |
Provision for future cost of removal and AROs | Dominion Energy Gas Holdings, LLC | |||
Regulatory Liabilities [Line Items] | |||
Regulatory liabilities-current | [2] | 13 | |
Regulatory liabilities-noncurrent | [2] | 160 | 174 |
PIPP [Member] | |||
Regulatory Liabilities [Line Items] | |||
Regulatory liabilities-current | [3] | 20 | 28 |
PIPP [Member] | Dominion Energy Gas Holdings, LLC | |||
Regulatory Liabilities [Line Items] | |||
Regulatory liabilities-current | [3] | 20 | 28 |
Deferred cost of fuel used in electric generation | |||
Regulatory Liabilities [Line Items] | |||
Regulatory liabilities-current | [4] | 8 | 61 |
Deferred cost of fuel used in electric generation | Virginia Electric and Power Company | |||
Regulatory Liabilities [Line Items] | |||
Regulatory liabilities-current | [4] | 8 | 61 |
Other | |||
Regulatory Liabilities [Line Items] | |||
Regulatory liabilities-current | 64 | 74 | |
Regulatory liabilities-noncurrent | 284 | 224 | |
Other | Virginia Electric and Power Company | |||
Regulatory Liabilities [Line Items] | |||
Regulatory liabilities-current | 39 | 54 | |
Regulatory liabilities-noncurrent | 74 | 45 | |
Other | Dominion Energy Gas Holdings, LLC | |||
Regulatory Liabilities [Line Items] | |||
Regulatory liabilities-current | 5 | 7 | |
Regulatory liabilities-noncurrent | 69 | 45 | |
Income taxes recoverable through future rates | |||
Regulatory Liabilities [Line Items] | |||
Regulatory liabilities-noncurrent | [5] | 4,058 | |
Income taxes recoverable through future rates | Virginia Electric and Power Company | |||
Regulatory Liabilities [Line Items] | |||
Regulatory liabilities-noncurrent | [5] | 2,581 | |
Income taxes recoverable through future rates | Dominion Energy Gas Holdings, LLC | |||
Regulatory Liabilities [Line Items] | |||
Regulatory liabilities-noncurrent | [5] | 998 | |
Nuclear decommissioning trust | |||
Regulatory Liabilities [Line Items] | |||
Regulatory liabilities-noncurrent | [6] | 1,121 | 902 |
Nuclear decommissioning trust | Virginia Electric and Power Company | |||
Regulatory Liabilities [Line Items] | |||
Regulatory liabilities-noncurrent | [6] | 1,121 | 902 |
Derivatives | |||
Regulatory Liabilities [Line Items] | |||
Regulatory liabilities-noncurrent | [7] | 69 | 69 |
Derivatives | Virginia Electric and Power Company | |||
Regulatory Liabilities [Line Items] | |||
Regulatory liabilities-noncurrent | [7] | 69 | 69 |
Provision for future cost of removal | Virginia Electric and Power Company | |||
Regulatory Liabilities [Line Items] | |||
Regulatory liabilities-current | [2] | 80 | |
Regulatory liabilities-noncurrent | [2] | $ 915 | $ 946 |
[1] | Current regulatory liabilities are presented in other current liabilities in the Consolidated Balance Sheets of the Companies. | ||
[2] | 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. | ||
[3] | 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. See Note 13 for more information. | ||
[4] | Reflects deferred fuel expenses for the Virginia and North Carolina jurisdictions of Dominion Energy's and Virginia Power's generation operations. See Note 13 for more information. | ||
[5] | Amounts recorded to pass the effect of reduced income tax rates from the 2017 Tax Reform Act to customers in future periods, which will reverse at the weighted average tax rate that was used to build the reserves over the remaining book life of the property, net of amounts to be recovered through future rates to pay income taxes that become payable when rate revenue is provided to recover AFUDC-equity. | ||
[6] | 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. | ||
[7] | As discussed under Derivative Instruments in Note 2, 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. |
Regulatory Assets and Liabil114
Regulatory Assets and Liabilities (Narrative) (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | ||
Public Utilities, General Disclosures [Line Items] | |||
Regulatory assets past expenditures not earning return | $ 390 | ||
Regulatory assets | $ 2,480 | $ 2,473 | |
Period for which expenditures are expected to be recovered | 2 years | ||
PJM transmission rates | |||
Public Utilities, General Disclosures [Line Items] | |||
Regulatory assets | [1] | $ 222 | 192 |
Virginia Electric and Power Company | |||
Public Utilities, General Disclosures [Line Items] | |||
Regulatory assets past expenditures not earning return | 273 | ||
Regulatory assets | 810 | 770 | |
Virginia Electric and Power Company | PJM transmission rates | |||
Public Utilities, General Disclosures [Line Items] | |||
Regulatory assets | [1] | 222 | 192 |
Dominion Energy Gas Holdings, LLC | |||
Public Utilities, General Disclosures [Line Items] | |||
Regulatory assets past expenditures not earning return | 11 | ||
Regulatory assets | $ 511 | $ 577 | |
[1] | Reflects amount related to the PJM transmission cost allocation matter. See Note 13 for more information. |
Regulatory Matters (Narrative)
Regulatory Matters (Narrative) (Detail) Customer in Millions | 1 Months Ended | 12 Months Ended | ||||||||||||||||||||||||||||
Feb. 28, 2018USD ($) | Dec. 31, 2017USD ($)kVmi | Nov. 30, 2017USD ($)kVmi | Oct. 31, 2017USD ($)Program | Sep. 30, 2017USD ($)kVmi | Aug. 31, 2017USD ($) | Jul. 31, 2017USD ($) | Jun. 30, 2017USD ($)kVmi | May 31, 2017USD ($) | Apr. 30, 2017USD ($) | Mar. 31, 2017USD ($)MW | Feb. 28, 2017USD ($)MW | Dec. 31, 2016USD ($)Rate | Nov. 30, 2016USD ($)Rate | Aug. 31, 2016kVmi | Jun. 30, 2016USD ($) | Mar. 31, 2016USD ($)kVmi | Nov. 30, 2015USD ($)kVmi | Mar. 31, 2015USD ($) | Nov. 30, 2013kVmi | Aug. 31, 2009kV | Apr. 30, 2008 | Dec. 31, 2007Customer | Apr. 30, 2007kV | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($)Power_Station | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | Jan. 31, 2017USD ($) | ||
Public Utilities, General Disclosures [Line Items] | ||||||||||||||||||||||||||||||
Regulatory assets-noncurrent | $ 2,480,000,000 | $ 2,473,000,000 | $ 2,480,000,000 | $ 2,473,000,000 | ||||||||||||||||||||||||||
Total amount of credit to customers | 7,109,000,000 | 2,785,000,000 | 7,109,000,000 | 2,785,000,000 | ||||||||||||||||||||||||||
Project Cost | 405,000,000 | 40,000,000 | $ 418,000,000 | |||||||||||||||||||||||||||
PJM transmission rates | ||||||||||||||||||||||||||||||
Public Utilities, General Disclosures [Line Items] | ||||||||||||||||||||||||||||||
Regulatory assets-noncurrent | [1] | 222,000,000 | 192,000,000 | 222,000,000 | 192,000,000 | |||||||||||||||||||||||||
Virginia Electric and Power Company | ||||||||||||||||||||||||||||||
Public Utilities, General Disclosures [Line Items] | ||||||||||||||||||||||||||||||
ROE (percentage) | 11.40% | |||||||||||||||||||||||||||||
Regulatory assets-noncurrent | 810,000,000 | 770,000,000 | 810,000,000 | 770,000,000 | ||||||||||||||||||||||||||
Total amount of credit to customers | 4,887,000,000 | 2,077,000,000 | 4,887,000,000 | 2,077,000,000 | ||||||||||||||||||||||||||
Project Cost | 41,000,000 | 7,000,000 | $ 43,000,000 | |||||||||||||||||||||||||||
Virginia Electric and Power Company | PJM transmission rates | ||||||||||||||||||||||||||||||
Public Utilities, General Disclosures [Line Items] | ||||||||||||||||||||||||||||||
Regulatory assets-noncurrent | [1] | 222,000,000 | 192,000,000 | 222,000,000 | 192,000,000 | |||||||||||||||||||||||||
Virginia Electric and Power Company | Minimum | ||||||||||||||||||||||||||||||
Public Utilities, General Disclosures [Line Items] | ||||||||||||||||||||||||||||||
Facility operating capacity (kV) | kV | 500 | |||||||||||||||||||||||||||||
Virginia Electric and Power Company | Minimum | Judicial Ruling [Member] | ||||||||||||||||||||||||||||||
Public Utilities, General Disclosures [Line Items] | ||||||||||||||||||||||||||||||
Facility operating capacity (kV) | kV | 500 | |||||||||||||||||||||||||||||
Virginia Electric and Power Company | Virginia Regulation | ||||||||||||||||||||||||||||||
Public Utilities, General Disclosures [Line Items] | ||||||||||||||||||||||||||||||
Proposed revenue requirement | $ 625,000,000 | |||||||||||||||||||||||||||||
Capacity of transmission line (kV) | kV | 230 | |||||||||||||||||||||||||||||
Obligated to make payments to fund improvement for historical and cultural resources | $ 90,000,000 | |||||||||||||||||||||||||||||
Payments made to fund improvement for historical and cultural resources | $ 90,000,000 | 90,000,000 | ||||||||||||||||||||||||||||
Virginia Electric and Power Company | Virginia Regulation | North Anna | ||||||||||||||||||||||||||||||
Public Utilities, General Disclosures [Line Items] | ||||||||||||||||||||||||||||||
Period of notice of intent to sue | 60 days | |||||||||||||||||||||||||||||
Virginia Electric and Power Company | Virginia Regulation | Solar Development Project | ||||||||||||||||||||||||||||||
Public Utilities, General Disclosures [Line Items] | ||||||||||||||||||||||||||||||
Project Cost | $ 45,000,000 | |||||||||||||||||||||||||||||
Capacity of solar facility (in MW) | MW | 20 | |||||||||||||||||||||||||||||
Virginia Electric and Power Company | Virginia Regulation | Transmission Line between Remington and Gordonsville Substations | ||||||||||||||||||||||||||||||
Public Utilities, General Disclosures [Line Items] | ||||||||||||||||||||||||||||||
Length of kV line (miles) | mi | 38 | |||||||||||||||||||||||||||||
Capacity of transmission line (kV) | kV | 230 | |||||||||||||||||||||||||||||
Total estimated cost of project | $ 105,000,000 | |||||||||||||||||||||||||||||
Virginia Electric and Power Company | Virginia Regulation | Idylwood substation | ||||||||||||||||||||||||||||||
Public Utilities, General Disclosures [Line Items] | ||||||||||||||||||||||||||||||
Total estimated cost of project | $ 110,000,000 | |||||||||||||||||||||||||||||
Virginia Electric and Power Company | Virginia Regulation | Transmission Component of Virginia Power's | ||||||||||||||||||||||||||||||
Public Utilities, General Disclosures [Line Items] | ||||||||||||||||||||||||||||||
Proposed revenue requirement | 490,000,000 | |||||||||||||||||||||||||||||
Virginia Electric and Power Company | Virginia Regulation | Surry Switching Station Transmission Line | ||||||||||||||||||||||||||||||
Public Utilities, General Disclosures [Line Items] | ||||||||||||||||||||||||||||||
Length of kV line (miles) | mi | 7 | |||||||||||||||||||||||||||||
Capacity of transmission line (kV) | kV | 500 | |||||||||||||||||||||||||||||
Virginia Electric and Power Company | Virginia Regulation | Transmission Line from Skiffes Creek Switching Station to Wheaton Substation | ||||||||||||||||||||||||||||||
Public Utilities, General Disclosures [Line Items] | ||||||||||||||||||||||||||||||
Length of kV line (miles) | mi | 20 | |||||||||||||||||||||||||||||
Capacity of transmission line (kV) | kV | 230 | |||||||||||||||||||||||||||||
Virginia Electric and Power Company | Virginia Regulation | Transmission Line Near Gainesville Substation And Haymarket Substation | ||||||||||||||||||||||||||||||
Public Utilities, General Disclosures [Line Items] | ||||||||||||||||||||||||||||||
Length of kV line (miles) | mi | 5 | |||||||||||||||||||||||||||||
Capacity of transmission line (kV) | kV | 230 | |||||||||||||||||||||||||||||
Total estimated cost of project | $ 55,000,000 | |||||||||||||||||||||||||||||
Virginia Electric and Power Company | Virginia Regulation | Double Circuit Transmission Line Between Near Gainesville Substation And Haymarket Substation | ||||||||||||||||||||||||||||||
Public Utilities, General Disclosures [Line Items] | ||||||||||||||||||||||||||||||
Capacity of transmission line (kV) | kV | 230 | |||||||||||||||||||||||||||||
Virginia Electric and Power Company | Virginia Regulation | Transmission Line Between Cunningham Switching Station And Dooms Substation | ||||||||||||||||||||||||||||||
Public Utilities, General Disclosures [Line Items] | ||||||||||||||||||||||||||||||
Length of kV line (miles) | mi | 33 | |||||||||||||||||||||||||||||
Capacity of transmission line (kV) | kV | 500 | |||||||||||||||||||||||||||||
Total estimated cost of project | $ 60,000,000 | |||||||||||||||||||||||||||||
Virginia Electric and Power Company | Virginia Regulation | Transmission Line Between Carson Switching Station A Terminus Near Rogers Road Switching Station | ||||||||||||||||||||||||||||||
Public Utilities, General Disclosures [Line Items] | ||||||||||||||||||||||||||||||
Length of kV line (miles) | mi | 28 | |||||||||||||||||||||||||||||
Capacity of transmission line (kV) | kV | 500 | |||||||||||||||||||||||||||||
Total estimated cost of project | $ 55,000,000 | |||||||||||||||||||||||||||||
Virginia Electric and Power Company | Virginia Regulation | Transmission Lines Between Possum Point Switching Station And Novec's Smoketown Delivery Point [Member] | ||||||||||||||||||||||||||||||
Public Utilities, General Disclosures [Line Items] | ||||||||||||||||||||||||||||||
Length of kV line (miles) | mi | 9 | |||||||||||||||||||||||||||||
Capacity of transmission line (kV) | kV | 115 | |||||||||||||||||||||||||||||
Total estimated cost of project | $ 20,000,000 | |||||||||||||||||||||||||||||
Virginia Electric and Power Company | Virginia Regulation | Transmission Line Between Dooms Substation And The Valley Substation [Member] | ||||||||||||||||||||||||||||||
Public Utilities, General Disclosures [Line Items] | ||||||||||||||||||||||||||||||
Length of kV line (miles) | mi | 18 | |||||||||||||||||||||||||||||
Capacity of transmission line (kV) | kV | 500 | |||||||||||||||||||||||||||||
Total estimated cost of project | $ 65,000,000 | |||||||||||||||||||||||||||||
Virginia Electric and Power Company | Virginia Regulation | Transmission Line Between The Idylwood And Tysons Substations [Member] | ||||||||||||||||||||||||||||||
Public Utilities, General Disclosures [Line Items] | ||||||||||||||||||||||||||||||
Length of kV line (miles) | mi | 4 | |||||||||||||||||||||||||||||
Capacity of transmission line (kV) | kV | 230 | |||||||||||||||||||||||||||||
Total estimated cost of project | $ 125,000,000 | |||||||||||||||||||||||||||||
Virginia Electric and Power Company | Virginia Regulation | Transmission Line Between Harmony Village Substation and White Stone Substation | ||||||||||||||||||||||||||||||
Public Utilities, General Disclosures [Line Items] | ||||||||||||||||||||||||||||||
Length of kV line (miles) | mi | 2 | |||||||||||||||||||||||||||||
Capacity of transmission line (kV) | kV | 115 | |||||||||||||||||||||||||||||
Total estimated cost of project | $ 85,000,000 | $ 85,000,000 | ||||||||||||||||||||||||||||
Virginia Electric and Power Company | Virginia Regulation | Annual Fuel Factor Submitted To The Virginia Commission | ||||||||||||||||||||||||||||||
Public Utilities, General Disclosures [Line Items] | ||||||||||||||||||||||||||||||
Proposed revenue requirement | 1,600,000,000 | |||||||||||||||||||||||||||||
Increase (decrease) in revenue requirement | 279,000,000 | |||||||||||||||||||||||||||||
Virginia Electric and Power Company | Virginia Regulation | February 2015 Regulation Act Legislation | ||||||||||||||||||||||||||||||
Public Utilities, General Disclosures [Line Items] | ||||||||||||||||||||||||||||||
ROE (percentage) | 9.20% | 10.50% | ||||||||||||||||||||||||||||
Virginia Electric and Power Company | Virginia Regulation | Rider S | ||||||||||||||||||||||||||||||
Public Utilities, General Disclosures [Line Items] | ||||||||||||||||||||||||||||||
ROE (percentage) | 10.40% | |||||||||||||||||||||||||||||
Approved revenue required | $ 243,000,000 | |||||||||||||||||||||||||||||
Virginia Electric and Power Company | Virginia Regulation | Rider W | ||||||||||||||||||||||||||||||
Public Utilities, General Disclosures [Line Items] | ||||||||||||||||||||||||||||||
ROE (percentage) | 10.40% | |||||||||||||||||||||||||||||
Approved revenue required | $ 121,000,000 | |||||||||||||||||||||||||||||
Virginia Electric and Power Company | Virginia Regulation | Rider B | ||||||||||||||||||||||||||||||
Public Utilities, General Disclosures [Line Items] | ||||||||||||||||||||||||||||||
ROE (percentage) | 11.40% | |||||||||||||||||||||||||||||
Proposed revenue requirement | 42,000,000 | |||||||||||||||||||||||||||||
Increase (decrease) in revenue requirement | $ 15,000,000 | |||||||||||||||||||||||||||||
Approved revenue required | $ 27,000,000 | |||||||||||||||||||||||||||||
Number of power stations converted to biomass | Power_Station | 3 | |||||||||||||||||||||||||||||
Virginia Electric and Power Company | Virginia Regulation | Rider U | ||||||||||||||||||||||||||||||
Public Utilities, General Disclosures [Line Items] | ||||||||||||||||||||||||||||||
ROE (percentage) | 9.40% | |||||||||||||||||||||||||||||
Approved revenue required | $ 22,000,000 | |||||||||||||||||||||||||||||
Projected capital investment | 40,000,000 | |||||||||||||||||||||||||||||
Virginia Electric and Power Company | Virginia Regulation | Riders C1A and C2A | ||||||||||||||||||||||||||||||
Public Utilities, General Disclosures [Line Items] | ||||||||||||||||||||||||||||||
ROE (percentage) | 9.40% | |||||||||||||||||||||||||||||
Approved revenue required | $ 28,000,000 | |||||||||||||||||||||||||||||
Virginia Electric and Power Company | Virginia Regulation | Riders C1A and C2A | Energy Efficiency Program | ||||||||||||||||||||||||||||||
Public Utilities, General Disclosures [Line Items] | ||||||||||||||||||||||||||||||
Proposed revenue requirement | $ 31,000,000 | |||||||||||||||||||||||||||||
Increase (decrease) in revenue requirement | $ 3,000,000 | |||||||||||||||||||||||||||||
Period for cost cap | 5 years | |||||||||||||||||||||||||||||
Amount of cost recovery | $ 25,000,000 | |||||||||||||||||||||||||||||
Number of new energy efficiency programs | Program | 1 | |||||||||||||||||||||||||||||
Virginia Electric and Power Company | Virginia Regulation | Rider BW | ||||||||||||||||||||||||||||||
Public Utilities, General Disclosures [Line Items] | ||||||||||||||||||||||||||||||
ROE (percentage) | 10.40% | |||||||||||||||||||||||||||||
Proposed revenue requirement | $ 132,000,000 | |||||||||||||||||||||||||||||
Increase (decrease) in revenue requirement | 5,000,000 | |||||||||||||||||||||||||||||
Approved revenue required | 127,000,000 | |||||||||||||||||||||||||||||
Virginia Electric and Power Company | Virginia Regulation | Rider US-2 | ||||||||||||||||||||||||||||||
Public Utilities, General Disclosures [Line Items] | ||||||||||||||||||||||||||||||
ROE (percentage) | 9.40% | |||||||||||||||||||||||||||||
Proposed revenue requirement | 15,000,000 | |||||||||||||||||||||||||||||
Increase (decrease) in revenue requirement | 5,000,000 | |||||||||||||||||||||||||||||
Approved revenue required | $ 10,000,000 | |||||||||||||||||||||||||||||
Virginia Electric and Power Company | Virginia Regulation | Virginia Commission 2015 Biennial Review | ||||||||||||||||||||||||||||||
Public Utilities, General Disclosures [Line Items] | ||||||||||||||||||||||||||||||
ROE (percentage) | 10.00% | |||||||||||||||||||||||||||||
Earned ROE percentage | 10.89% | |||||||||||||||||||||||||||||
ROE above authorized ROE (basis points) | 0.70% | |||||||||||||||||||||||||||||
Duration excess earnings will be credited to customers | 6 months | |||||||||||||||||||||||||||||
Period after Biennial Review Order | 60 days | |||||||||||||||||||||||||||||
Virginia Electric and Power Company | Virginia Regulation | Virginia Commission 2015 Biennial Review | Revenue Subject to Refund | ||||||||||||||||||||||||||||||
Public Utilities, General Disclosures [Line Items] | ||||||||||||||||||||||||||||||
Total amount of credit to customers | $ 20,000,000 | |||||||||||||||||||||||||||||
Virginia Electric and Power Company | Virginia Regulation | Application filed with Virginia Commission to Construct and Operate the Oceana Solar Facility | Solar Development Project | ||||||||||||||||||||||||||||||
Public Utilities, General Disclosures [Line Items] | ||||||||||||||||||||||||||||||
Project Cost | $ 40,000,000 | |||||||||||||||||||||||||||||
Capacity of solar facility (in MW) | MW | 18 | |||||||||||||||||||||||||||||
Virginia Electric and Power Company | Virginia Regulation | Rider T1 | ||||||||||||||||||||||||||||||
Public Utilities, General Disclosures [Line Items] | ||||||||||||||||||||||||||||||
Proposed revenue requirement | 135,000,000 | |||||||||||||||||||||||||||||
Increase (decrease) in revenue requirement | $ (55,000,000) | |||||||||||||||||||||||||||||
Virginia Electric and Power Company | Virginia Regulation | Rider R | ||||||||||||||||||||||||||||||
Public Utilities, General Disclosures [Line Items] | ||||||||||||||||||||||||||||||
ROE (percentage) | 10.40% | |||||||||||||||||||||||||||||
Approved revenue required | $ 72,000,000 | |||||||||||||||||||||||||||||
Virginia Electric and Power Company | Virginia Regulation | Rider GV | ||||||||||||||||||||||||||||||
Public Utilities, General Disclosures [Line Items] | ||||||||||||||||||||||||||||||
ROE (percentage) | 9.40% | |||||||||||||||||||||||||||||
Approved revenue required | $ 82,000,000 | |||||||||||||||||||||||||||||
Virginia Electric and Power Company | Virginia Regulation | Subsequent Event | Rider S | ||||||||||||||||||||||||||||||
Public Utilities, General Disclosures [Line Items] | ||||||||||||||||||||||||||||||
ROE (percentage) | 10.20% | |||||||||||||||||||||||||||||
Approved revenue required | $ 218,000,000 | |||||||||||||||||||||||||||||
Virginia Electric and Power Company | Virginia Regulation | Subsequent Event | Rider W | ||||||||||||||||||||||||||||||
Public Utilities, General Disclosures [Line Items] | ||||||||||||||||||||||||||||||
ROE (percentage) | 10.20% | |||||||||||||||||||||||||||||
Approved revenue required | $ 109,000,000 | |||||||||||||||||||||||||||||
Virginia Electric and Power Company | Virginia Regulation | Subsequent Event | Rider R | ||||||||||||||||||||||||||||||
Public Utilities, General Disclosures [Line Items] | ||||||||||||||||||||||||||||||
ROE (percentage) | 10.20% | |||||||||||||||||||||||||||||
Approved revenue required | $ 66,000,000 | |||||||||||||||||||||||||||||
Virginia Electric and Power Company | Virginia Regulation | Subsequent Event | Rider GV | ||||||||||||||||||||||||||||||
Public Utilities, General Disclosures [Line Items] | ||||||||||||||||||||||||||||||
ROE (percentage) | 9.20% | |||||||||||||||||||||||||||||
Virginia Electric and Power Company | Federal Energy Regulatory Commission | Settled Litigation | Order Regarding Transmission Rate Design for Allocation of Costs among PJM Interconnect LLC Transmission Customers | Unfavorable Regulatory Action | ||||||||||||||||||||||||||||||
Public Utilities, General Disclosures [Line Items] | ||||||||||||||||||||||||||||||
Amount required to pay under settlement agreement (approximately $200 million) | $ 200,000,000 | |||||||||||||||||||||||||||||
Duration of payment under settlement agreement | 10 years | |||||||||||||||||||||||||||||
Amount of contingent liability | 231,000,000 | $ 231,000,000 | ||||||||||||||||||||||||||||
Virginia Electric and Power Company | Federal Energy Regulatory Commission | Settled Litigation | Order Regarding Transmission Rate Design for Allocation of Costs among PJM Interconnect LLC Transmission Customers | Unfavorable Regulatory Action | PJM transmission rates | ||||||||||||||||||||||||||||||
Public Utilities, General Disclosures [Line Items] | ||||||||||||||||||||||||||||||
Regulatory assets-noncurrent | 222,000,000 | 222,000,000 | ||||||||||||||||||||||||||||
Virginia Electric and Power Company | North Carolina Regulation | Annual Base Fuel Revenues | ||||||||||||||||||||||||||||||
Public Utilities, General Disclosures [Line Items] | ||||||||||||||||||||||||||||||
Increase (decrease) in revenue requirement | $ 15,000,000 | |||||||||||||||||||||||||||||
East Ohio | Ohio Regulation | Pipeline Infrastructure Replacement Program | ||||||||||||||||||||||||||||||
Public Utilities, General Disclosures [Line Items] | ||||||||||||||||||||||||||||||
Proposed revenue requirement | 157,000,000 | |||||||||||||||||||||||||||||
Percentage replacement of pipeline system | 25.00% | |||||||||||||||||||||||||||||
Period for capital investment | 5 years | |||||||||||||||||||||||||||||
Estimated cost of project | $ 200,000,000 | |||||||||||||||||||||||||||||
Annual percentage increase in capital investment | 3.00% | |||||||||||||||||||||||||||||
Total estimated cost | $ 1,200,000 | $ 188,000,000 | 1,200,000 | 188,000,000 | ||||||||||||||||||||||||||
East Ohio | Ohio Regulation | Automated Meter Reading Program | ||||||||||||||||||||||||||||||
Public Utilities, General Disclosures [Line Items] | ||||||||||||||||||||||||||||||
Proposed revenue requirement | $ 6,000,000 | |||||||||||||||||||||||||||||
Number of customers with automated meter reading technology | Customer | 1.2 | |||||||||||||||||||||||||||||
East Ohio | Ohio Regulation | Percentage Of Income Payment Plan Rider | ||||||||||||||||||||||||||||||
Public Utilities, General Disclosures [Line Items] | ||||||||||||||||||||||||||||||
Refund of over-recovery of accumulated arrearages | 19 | |||||||||||||||||||||||||||||
Recovery of projected deferred program costs | $ 20 | |||||||||||||||||||||||||||||
East Ohio | Ohio Regulation | UEX Rider | ||||||||||||||||||||||||||||||
Public Utilities, General Disclosures [Line Items] | ||||||||||||||||||||||||||||||
Elimination of over-recovered balance of accumulated bad debt expense | $ 12,000,000 | |||||||||||||||||||||||||||||
Prospective bad debt expense recovered | $ 22,000,000 | |||||||||||||||||||||||||||||
East Ohio | Ohio Regulation | Demand Side Management Costs [Member] | ||||||||||||||||||||||||||||||
Public Utilities, General Disclosures [Line Items] | ||||||||||||||||||||||||||||||
Annual electric power cost rate adjustment, approval amount requested to recover amount | 5,000,000 | |||||||||||||||||||||||||||||
DETI | Federal Energy Regulatory Commission | Preliminary recommendation one | Other operations and maintenance | ||||||||||||||||||||||||||||||
Public Utilities, General Disclosures [Line Items] | ||||||||||||||||||||||||||||||
Audit compliance charge recognized in connection with preliminary recommendation | 15,000,000 | |||||||||||||||||||||||||||||
Audit compliance after-tax charge recognized in connection with preliminary recommendation | 9,000,000 | |||||||||||||||||||||||||||||
DETI | Federal Energy Regulatory Commission | Other preliminary recommendation | Other operations and maintenance | ||||||||||||||||||||||||||||||
Public Utilities, General Disclosures [Line Items] | ||||||||||||||||||||||||||||||
Audit compliance charge recognized in connection with preliminary recommendation | 0 | |||||||||||||||||||||||||||||
Audit compliance after-tax charge recognized in connection with preliminary recommendation | 0 | |||||||||||||||||||||||||||||
DETI | Federal Energy Regulatory Commission | Atlantic Coast Pipeline | Supply Header Project | ||||||||||||||||||||||||||||||
Public Utilities, General Disclosures [Line Items] | ||||||||||||||||||||||||||||||
Annual electric power cost rate adjustment, approval amount requested to recover amount | 6,000,000 | |||||||||||||||||||||||||||||
Annual transportation cost rate adjustment, approval amount requested to recover amount | $ 39,000,000 | |||||||||||||||||||||||||||||
Hope Gas, Inc. | West Virginia Regulation | PREP | ||||||||||||||||||||||||||||||
Public Utilities, General Disclosures [Line Items] | ||||||||||||||||||||||||||||||
Projected capital investment | $ 27,000,000 | $ 21,000,000 | ||||||||||||||||||||||||||||
Amount of cost recovery | 4,000,000 | |||||||||||||||||||||||||||||
Hope Gas, Inc. | West Virginia Regulation | Scenario, Forecast | PREP | ||||||||||||||||||||||||||||||
Public Utilities, General Disclosures [Line Items] | ||||||||||||||||||||||||||||||
Projected capital investment | $ 31,000,000 | |||||||||||||||||||||||||||||
Questar Gas | Utah and Wyoming Regulation | ||||||||||||||||||||||||||||||
Public Utilities, General Disclosures [Line Items] | ||||||||||||||||||||||||||||||
Proposed cost increase (decrease) amount | 25,000,000 | |||||||||||||||||||||||||||||
Cove Point | Federal Energy Regulatory Commission | ||||||||||||||||||||||||||||||
Public Utilities, General Disclosures [Line Items] | ||||||||||||||||||||||||||||||
Proposed revenue requirement | $ 140,000,000 | |||||||||||||||||||||||||||||
Number of proposed rates to be effective | Rate | 23 | |||||||||||||||||||||||||||||
Number of proposed rates that were suspended | Rate | 5 | |||||||||||||||||||||||||||||
Cove Point | Federal Energy Regulatory Commission | Operating Revenue | ||||||||||||||||||||||||||||||
Public Utilities, General Disclosures [Line Items] | ||||||||||||||||||||||||||||||
Public utilities rate decrease amount | (18,000,000) | |||||||||||||||||||||||||||||
Cove Point | Federal Energy Regulatory Commission | Depreciation Expense | ||||||||||||||||||||||||||||||
Public Utilities, General Disclosures [Line Items] | ||||||||||||||||||||||||||||||
Public utilities rate decrease amount | $ (3,000,000) | |||||||||||||||||||||||||||||
[1] | Reflects amount related to the PJM transmission cost allocation matter. See Note 13 for more information. |
Asset Retirement Obligations (C
Asset Retirement Obligations (Changes to AROs) (Detail) - USD ($) $ in Millions | 12 Months Ended | ||||
Dec. 31, 2017 | Dec. 31, 2016 | ||||
Asset Retirement Obligation, Roll Forward Analysis [Roll Forward] | |||||
AROs, Beginning balance | $ 2,485 | [1] | $ 2,103 | ||
Obligations incurred during the period | 37 | 204 | [2] | ||
Obligations settled during the period | (214) | (171) | |||
Revisions in estimated cash flows | 7 | 245 | [3] | ||
Accretion | 117 | 104 | |||
AROs, Ending balance | [1] | 2,432 | 2,485 | ||
Asset retirement obligations, non current | 2,169 | 2,236 | |||
Current Liabilities | |||||
Asset Retirement Obligation, Roll Forward Analysis [Roll Forward] | |||||
Asset retirement obligation, current | 263 | 249 | |||
Virginia Electric and Power Company | |||||
Asset Retirement Obligation, Roll Forward Analysis [Roll Forward] | |||||
AROs, Beginning balance | 1,443 | 1,247 | |||
Obligations incurred during the period | 11 | 9 | |||
Obligations settled during the period | (152) | (115) | |||
Revisions in estimated cash flows | (1) | 245 | [3] | ||
Accretion | 64 | 57 | |||
AROs, Ending balance | 1,365 | 1,443 | |||
Asset retirement obligation, current | 216 | 181 | |||
Asset retirement obligations, non current | 1,149 | 1,262 | |||
Dominion Energy Gas Holdings, LLC | |||||
Asset Retirement Obligation, Roll Forward Analysis [Roll Forward] | |||||
AROs, Beginning balance | 156 | [4] | 149 | ||
Obligations incurred during the period | 2 | 6 | |||
Obligations settled during the period | (7) | (8) | |||
Accretion | 9 | 9 | |||
AROs, Ending balance | [4] | 160 | 156 | ||
Dominion Energy Gas Holdings, LLC | Other Deferred Credits And Other Liabilities | |||||
Asset Retirement Obligation, Roll Forward Analysis [Roll Forward] | |||||
Asset retirement obligations, non current | $ 146 | $ 147 | |||
[1] | Includes $249 million and $263 million reported in other current liabilities at December 31, 2016, and 2017, respectively. | ||||
[2] | Primarily reflects AROs assumed in the Dominion Energy Questar Combination. See Note 3 for further information. | ||||
[3] | Primarily reflects future ash pond and landfill closure costs at certain utility generation facilities. See Note 22 for further information. | ||||
[4] | Includes $147 million and $146 million reported in other deferred credits and other liabilities, with the remainder recorded in other current liabilities, at December 31, 2016 and 2017, respectively. |
Asset Retirement Obligations (N
Asset Retirement Obligations (Narrative) (Detail) - USD ($) $ in Millions | Dec. 31, 2017 | Dec. 31, 2016 |
Asset Retirement Obligations [Line Items] | ||
Nuclear decommissioning trust funds | $ 5,093 | $ 4,484 |
Virginia Electric and Power Company | ||
Asset Retirement Obligations [Line Items] | ||
Nuclear decommissioning trust funds | $ 2,399 | $ 2,106 |
Variable Interest Entities (Nar
Variable Interest Entities (Narrative) (Detail) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017USD ($)MWGenerators | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($)Generators | |
Variable Interest Entity [Line Items] | |||
Securities due within one year | $ 3,078 | $ 1,709 | |
Long term debt | 30,948 | 30,231 | |
Virginia Electric and Power Company | |||
Variable Interest Entity [Line Items] | |||
Securities due within one year | 850 | 678 | |
Long term debt | 10,496 | 9,852 | |
Dominion Energy Gas Holdings, LLC | |||
Variable Interest Entity [Line Items] | |||
Long term debt | $ 3,570 | 3,528 | |
Variable Interest Entity, Primary Beneficiary | Partnership Interest | Merchant Solar Projects | |||
Variable Interest Entity [Line Items] | |||
Initial membership interest percentage | 67.00% | ||
Variable Interest Entity, Primary Beneficiary | SBL Holdco | |||
Variable Interest Entity [Line Items] | |||
Securities due within one year | $ 30 | ||
Long term debt | $ 332 | ||
Variable Interest Entity, Primary Beneficiary | Dominion Energy Midstream Partners, LP | Partnership Interest | Limited Partner | |||
Variable Interest Entity [Line Items] | |||
Percentage of limited partner interests in Dominion Midstream Partners, LP | 50.60% | ||
Variable Interest Entity, Primary Beneficiary | Dominion Energy Midstream Partners, LP | Partnership Interest | Preferred Partner | |||
Variable Interest Entity [Line Items] | |||
Percentage of limited partner interests in Dominion Midstream Partners, LP | 37.50% | ||
Variable Interest Entity, Not Primary Beneficiary | Distribution | Atlantic Coast Pipeline | Pipelines | Jointly Owned Natural Gas Pipeline | |||
Variable Interest Entity [Line Items] | |||
Initial membership interest percentage | 48.00% | ||
Variable Interest Entity, Not Primary Beneficiary | Virginia Electric and Power Company | DES | |||
Variable Interest Entity [Line Items] | |||
Shared services purchased | $ 340 | 346 | $ 318 |
Variable Interest Entity, Not Primary Beneficiary | Dominion Energy Gas Holdings, LLC | DES | |||
Variable Interest Entity [Line Items] | |||
Shared services purchased | $ 126 | 123 | $ 115 |
Variable Interest Entity (VIE) or Potential VIE, Information Unavailability | Virginia Electric and Power Company | |||
Variable Interest Entity [Line Items] | |||
Long term capacity contract non utility generators (generators) | Generators | 5 | ||
Number of expired non-utility generators | Generators | 2 | ||
Number of expired additional non-utility generators | Generators | 2 | ||
Aggregate generation capacity from long-term power and capacity contracts (MW) | MW | 218 | ||
Remaining purchase commitments | $ 200 | ||
Payment for electric capacity | 86 | 144 | $ 200 |
Payment for electric energy | $ 24 | $ 31 | $ 83 |
Short-Term Debt and Credit A119
Short-Term Debt and Credit Agreements (Commercial Paper, Bank Loans and Letters of Credit Outstanding) (Detail) - USD ($) | Dec. 31, 2017 | Dec. 31, 2016 | |
Line of Credit Facility [Line Items] | |||
Facility Limit | $ 5,500,000,000 | $ 5,500,000,000 | |
Outstanding Commercial Paper | [1] | 3,298,000,000 | 3,155,000,000 |
Outstanding Letters of Credit | 76,000,000 | 85,000,000 | |
Facility Capacity Available | 2,126,000,000 | 2,260,000,000 | |
Dominion Energy Gas Holdings, LLC | |||
Line of Credit Facility [Line Items] | |||
Facility Limit | [2] | 1,500,000,000 | 1,500,000,000 |
Outstanding Commercial Paper | [3] | 629,000,000 | 460,000,000 |
Virginia Electric and Power Company | |||
Line of Credit Facility [Line Items] | |||
Facility Limit | [4] | 5,500,000,000 | 5,500,000,000 |
Outstanding Commercial Paper | [5] | 542,000,000 | 65,000,000 |
Outstanding Letters of Credit | 1,000,000 | ||
Credit Facility 5 Billion | |||
Line of Credit Facility [Line Items] | |||
Facility Limit | [6] | 5,000,000,000 | 5,000,000,000 |
Outstanding Commercial Paper | [1],[6] | 3,298,000,000 | 3,155,000,000 |
Facility Capacity Available | [6] | 1,702,000,000 | 1,845,000,000 |
Credit Facility 5 Billion | Virginia Electric and Power Company | |||
Line of Credit Facility [Line Items] | |||
Facility Limit | [4] | 5,000,000,000 | 5,000,000,000 |
Outstanding Commercial Paper | [4],[5] | 542,000,000 | 65,000,000 |
Credit Facility 500 Million | |||
Line of Credit Facility [Line Items] | |||
Facility Limit | [6] | 500,000,000 | 500,000,000 |
Outstanding Letters of Credit | [6] | 76,000,000 | 85,000,000 |
Facility Capacity Available | [6] | 424,000,000 | 415,000,000 |
Credit Facility 500 Million | Dominion Energy Gas Holdings, LLC | |||
Line of Credit Facility [Line Items] | |||
Facility Limit | [2] | 500,000,000 | 500,000,000 |
Credit Facility 500 Million | Virginia Electric and Power Company | |||
Line of Credit Facility [Line Items] | |||
Facility Limit | [4] | 500,000,000 | 500,000,000 |
Outstanding Letters of Credit | [4] | 1,000,000 | |
Credit Facility 1 Billion | Dominion Energy Gas Holdings, LLC | |||
Line of Credit Facility [Line Items] | |||
Facility Limit | [2] | 1,000,000,000 | 1,000,000,000 |
Outstanding Commercial Paper | [2],[3] | $ 629,000,000 | $ 460,000,000 |
[1] | The weighted-average interest rates of the outstanding commercial paper supported by Dominion Energy's credit facilities were 1.61% and 1.05% at December 31, 2017 and 2016, respectively. | ||
[2] | A maximum of a combined $1.5 billion of the facilities is available to Dominion Energy Gas, assuming adequate capacity is available after giving effect to uses by co-borrowers Dominion Energy, Virginia Power and Questar Gas. Sub-limits for Dominion Energy Gas are set within the facility limit but can be changed at the option of the Companies multiple times per year. At December 31, 2017, the sub-limit for Dominion Energy Gas was an aggregate $500 million. If Dominion Energy 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 Energy. These credit facilities mature in April 2020 and 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] | The weighted-average interest rate of the outstanding commercial paper supported by these credit facilities was 1.57% and 1.00% at December 31, 2017 and 2016, respectively. | ||
[4] | The full amount of the facilities is available to Virginia Power, less any amounts outstanding to co-borrowers Dominion Energy, Dominion Energy Gas and Questar 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 December 31, 2017, the sub-limit for Virginia Power was an aggregate $1.5 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 Energy. These facilities mature in April 2020, and 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. | ||
[5] | The weighted-average interest rates of the outstanding commercial paper supported by these credit facilities were 1.65% and 0.97% at December 31, 2017 and 2016, respectively. | ||
[6] | These credit facilities mature in April 2020, and can be used to support bank borrowings and the issuance of commercial paper, as well as to support up to a combined $2.0 billion of letters of credit. |
Short-Term Debt and Credit A120
Short-Term Debt and Credit Agreements (Commercial Paper, Bank Loans and Letters of Credit Outstanding) (Parenthetical) (Detail) - USD ($) | Dec. 31, 2017 | Dec. 31, 2016 | |
Line of Credit Facility [Line Items] | |||
Facility Limit | $ 5,500,000,000 | $ 5,500,000,000 | |
Dominion Energy Gas Holdings, LLC | |||
Line of Credit Facility [Line Items] | |||
Facility Limit | [1] | 1,500,000,000 | 1,500,000,000 |
Virginia Electric and Power Company | |||
Line of Credit Facility [Line Items] | |||
Facility Limit | [2] | $ 5,500,000,000 | $ 5,500,000,000 |
Weighted-average percentage interest rates | [3] | 4.17% | |
Joint Revolving Credit Facility 5 Billion and Joint Revolving Credit Facility 500 Million | Dominion Energy Gas Holdings, LLC | |||
Line of Credit Facility [Line Items] | |||
Facility Limit | $ 1,500,000,000 | ||
Joint Revolving Credit Facility 5 Billion and Joint Revolving Credit Facility 500 Million | Virginia Electric and Power Company | |||
Line of Credit Facility [Line Items] | |||
Facility Limit | 1,500,000,000 | ||
Letter of Credit | Joint Revolving Credit Facility 5 Billion and Joint Revolving Credit Facility 500 Million | |||
Line of Credit Facility [Line Items] | |||
Facility Limit | 2,000,000,000 | ||
Letter of Credit | Joint Revolving Credit Facility 5 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 | ||
Commercial Paper | Joint Revolving Credit Facility 5 Billion and Joint Revolving Credit Facility 500 Million | |||
Line of Credit Facility [Line Items] | |||
Weighted-average percentage interest rates | 1.61% | 1.05% | |
Commercial Paper | Joint Revolving Credit Facility 5 Billion and Joint Revolving Credit Facility 500 Million | Dominion Energy Gas Holdings, LLC | |||
Line of Credit Facility [Line Items] | |||
Weighted-average percentage interest rates | 1.57% | 1.00% | |
Commercial Paper | Joint Revolving Credit Facility 5 Billion and Joint Revolving Credit Facility 500 Million | Virginia Electric and Power Company | |||
Line of Credit Facility [Line Items] | |||
Weighted-average percentage interest rates | 1.65% | 0.97% | |
Line of Credit | Joint Revolving Credit Facility 5 Billion and Joint Revolving Credit Facility 500 Million | Dominion Energy Gas Holdings, LLC | |||
Line of Credit Facility [Line Items] | |||
Facility Limit | $ 500,000,000 | ||
[1] | A maximum of a combined $1.5 billion of the facilities is available to Dominion Energy Gas, assuming adequate capacity is available after giving effect to uses by co-borrowers Dominion Energy, Virginia Power and Questar Gas. Sub-limits for Dominion Energy Gas are set within the facility limit but can be changed at the option of the Companies multiple times per year. At December 31, 2017, the sub-limit for Dominion Energy Gas was an aggregate $500 million. If Dominion Energy 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 Energy. These credit facilities mature in April 2020 and 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. | ||
[2] | The full amount of the facilities is available to Virginia Power, less any amounts outstanding to co-borrowers Dominion Energy, Dominion Energy Gas and Questar 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 December 31, 2017, the sub-limit for Virginia Power was an aggregate $1.5 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 Energy. These facilities mature in April 2020, and can be used to support bank borrowings and the issuance of commercial paper, as well as to support up to $2.0 billion (or the sub-limit, whichever is less) of letters of credit. | ||
[3] | Represents weighted-average coupon rates for debt outstanding as of December 31, 2017. |
Short-Term Debt and Credit A121
Short-Term Debt and Credit Agreements (Narrative) (Detail) | 1 Months Ended | 3 Months Ended | 12 Months Ended | ||
Feb. 28, 2018USD ($) | Mar. 31, 2018USD ($) | Dec. 31, 2017USD ($)CreditFacility | Dec. 31, 2016USD ($) | ||
Debt Instrument [Line Items] | |||||
Facility Limit | $ 5,500,000,000 | $ 5,500,000,000 | |||
Short-term debt | $ 3,298,000,000 | 3,155,000,000 | |||
Number of joint revolving credit facilities | CreditFacility | 2 | ||||
Virginia Electric and Power Company | |||||
Debt Instrument [Line Items] | |||||
Facility Limit | [1] | $ 5,500,000,000 | 5,500,000,000 | ||
Short-term debt | 542,000,000 | $ 65,000,000 | |||
Credit facility | 100,000,000 | ||||
Variable rate tax-exempt financings | 100,000,000 | ||||
Virginia Electric and Power Company | Subsequent Event | |||||
Debt Instrument [Line Items] | |||||
Redemption of credit facility | $ 100,000,000 | ||||
Joint Revolving Credit Facility 5 Billion and Joint Revolving Credit Facility 500 Million | Questar Gas | |||||
Debt Instrument [Line Items] | |||||
Facility Limit | 250,000,000 | ||||
Joint Revolving Credit Facility 5 Billion and Joint Revolving Credit Facility 500 Million | Virginia Electric and Power Company | |||||
Debt Instrument [Line Items] | |||||
Facility Limit | 1,500,000,000 | ||||
Credit Facilities, Maturing in December 2018 with 1 year Automatic Renewals through 2023 | SBL Holdco | |||||
Debt Instrument [Line Items] | |||||
Facility Limit | $ 30,000,000 | ||||
Automatic renewal period | 1 year | ||||
Short-term debt | $ 0 | ||||
Credit Facilities, Maturing in May 2018 with 1 year Automatic Renewals through 2024 | Dominion Solar Projects III, Inc | |||||
Debt Instrument [Line Items] | |||||
Facility Limit | $ 25,000,000 | ||||
Automatic renewal period | 1 year | ||||
Short-term debt | $ 0 | ||||
Six Billion Joint Revolving Credit Facility [Member] | |||||
Debt Instrument [Line Items] | |||||
Maximum allowed total debt to total capital ratio | 65.00% | ||||
Six Billion Joint Revolving Credit Facility [Member] | Scenario, Forecast | |||||
Debt Instrument [Line Items] | |||||
Facility Limit | $ 6,000,000,000 | ||||
Duration of credit facilities | 5 years | ||||
Maximum allowed total debt to total capital ratio | 67.50% | ||||
Term Loan Credit Agreement [Member] | |||||
Debt Instrument [Line Items] | |||||
Duration of credit facilities | 364 days | ||||
Maximum allowed total debt to total capital ratio | 67.50% | ||||
Guarantee recorded amount | $ 950,000,000 | ||||
[1] | The full amount of the facilities is available to Virginia Power, less any amounts outstanding to co-borrowers Dominion Energy, Dominion Energy Gas and Questar 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 December 31, 2017, the sub-limit for Virginia Power was an aggregate $1.5 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 Energy. These facilities mature in April 2020, and can be used to support bank borrowings and the issuance of commercial paper, as well as to support up to $2.0 billion (or the sub-limit, whichever is less) of letters of credit. |
Long-Term Debt (Total Long Term
Long-Term Debt (Total Long Term Debt) (Detail) - USD ($) $ in Millions | Dec. 31, 2017 | Dec. 31, 2016 | |
Debt Instrument [Line Items] | |||
Total principal | $ 34,293 | $ 32,192 | |
Fair value hedge valuation | [1] | (22) | (1) |
Securities due within one year | [2],[3] | (3,078) | (1,709) |
Unamortized discount and debt issuance costs | 245 | 251 | |
Dominion Energy, Inc. total long-term debt | $ 30,948 | 30,231 | |
Long Term Debt Due Within One Year [Member] | |||
Debt Instrument [Line Items] | |||
2017 Weighted- average Coupon (percentage) | [2],[3],[4] | 3.44% | |
Senior Notes | Variable rates, due 2019 and 2020 | |||
Debt Instrument [Line Items] | |||
2017 Weighted- average Coupon (percentage) | [4] | 1.99% | |
Total principal | $ 800 | ||
Senior Notes | 1.25% to 6.4%, due 2017 to 2022 | |||
Debt Instrument [Line Items] | |||
2017 Weighted- average Coupon (percentage) | [4] | 2.95% | |
Total principal | $ 5,800 | 5,750 | |
Senior Notes | 2.85% to 7.0%, due 2024 to 2044 | |||
Debt Instrument [Line Items] | |||
2017 Weighted- average Coupon (percentage) | [4] | 4.72% | |
Total principal | $ 5,049 | 4,649 | |
Senior Notes | 6.8% and 6.875%, due 2026 and 2027 | |||
Debt Instrument [Line Items] | |||
2017 Weighted- average Coupon (percentage) | [4] | 6.81% | |
Dominion Energy, Inc. total long-term debt | [5] | $ 89 | 89 |
Senior Notes | 5.31% to 6.85%, due 2017 and 2018 | |||
Debt Instrument [Line Items] | |||
2017 Weighted- average Coupon (percentage) | [4] | 5.72% | |
Total principal | [6] | $ 120 | 135 |
Senior Notes | 2.98% to 7.20%, due 2024 to 2051 | |||
Debt Instrument [Line Items] | |||
2017 Weighted- average Coupon (percentage) | [4] | 4.37% | |
Total principal | $ 600 | 500 | |
Term Loans | Tax-Exempt Financing, variable rate, due 2041 | |||
Debt Instrument [Line Items] | |||
Total principal | [7] | 75 | |
Term Loans | Term loan, variable rate, due 2017 | |||
Debt Instrument [Line Items] | |||
Total principal | [6] | 250 | |
Term Loans | Term Loans, variable rates, due 2023 and 2024 [Member] | |||
Debt Instrument [Line Items] | |||
2017 Weighted- average Coupon (percentage) | [4],[8] | 3.74% | |
Total principal | [8] | $ 638 | 405 |
Term Loans | Tax-Exempt Financing, 1.55%, due 2033 | |||
Debt Instrument [Line Items] | |||
2017 Weighted- average Coupon (percentage) | [4],[9] | 1.55% | |
Total principal | [9] | $ 27 | 27 |
Unsecured Junior Subordinated Notes | : 2.579% to 4.104%, due 2019 to 2021 | |||
Debt Instrument [Line Items] | |||
2017 Weighted- average Coupon (percentage) | [4] | 3.08% | |
Total principal | $ 2,100 | 1,100 | |
Unsecured Junior Subordinated Notes | Payable to Affiliated Trust, 8.4% due 2031 | |||
Debt Instrument [Line Items] | |||
2017 Weighted- average Coupon (percentage) | [4] | 8.40% | |
Total principal | $ 10 | 10 | |
Unsecured Junior Subordinated Notes | 5.25% and 5.75%, due 2054 and 2076 | |||
Debt Instrument [Line Items] | |||
2017 Weighted- average Coupon (percentage) | [4] | 5.48% | |
Total principal | $ 1,485 | 1,485 | |
Unsecured Junior Subordinated Notes | Variable rates, due 2066 | |||
Debt Instrument [Line Items] | |||
2017 Weighted- average Coupon (percentage) | [4] | 4.15% | |
Total principal | $ 422 | 422 | |
Remarketable Subordinated Notes | Remarketable Subordinated Notes, 1.5% and 2.0%, due 2020 to 2024 | |||
Debt Instrument [Line Items] | |||
2017 Weighted- average Coupon (percentage) | [4] | 2.00% | |
Total principal | $ 1,400 | 2,400 | |
Dominion Energy Gas Holdings, LLC | |||
Debt Instrument [Line Items] | |||
Total principal | 3,600 | 3,563 | |
Unamortized discount and debt issuance costs | (30) | (35) | |
Dominion Energy, Inc. total long-term debt | $ 3,570 | 3,528 | |
Dominion Energy Gas Holdings, LLC | Senior Notes | 2.5% and 2.8%, due 2019 and 2020 | |||
Debt Instrument [Line Items] | |||
2017 Weighted- average Coupon (percentage) | [4] | 2.68% | |
Total principal | $ 1,150 | 1,150 | |
Dominion Energy Gas Holdings, LLC | Senior Notes | 2.875% to 4.8%, due 2023 to 2044 | |||
Debt Instrument [Line Items] | |||
2017 Weighted- average Coupon (percentage) | [4],[10] | 3.90% | |
Total principal | [10] | $ 2,450 | 2,413 |
Virginia Electric and Power Company | |||
Debt Instrument [Line Items] | |||
2017 Weighted- average Coupon (percentage) | [4] | 4.17% | |
Total principal | $ 11,418 | 10,597 | |
Securities due within one year | (850) | (678) | |
Unamortized discount and debt issuance costs | (72) | (67) | |
Dominion Energy, Inc. total long-term debt | $ 10,496 | 9,852 | |
Virginia Electric and Power Company | Senior Notes | 1.2% to 7.25%, due 2017 to 2022 | |||
Debt Instrument [Line Items] | |||
2017 Weighted- average Coupon (percentage) | [4] | 3.92% | |
Total principal | [11],[12] | $ 1,950 | 2,554 |
Virginia Electric and Power Company | Senior Notes | 2.75% to 8.875%, due 2023 to 2047 | |||
Debt Instrument [Line Items] | |||
2017 Weighted- average Coupon (percentage) | [4] | 4.53% | |
Total principal | $ 8,690 | 7,190 | |
Virginia Electric and Power Company | Term Loans | Variable rates, due 2017 to 2027 | |||
Debt Instrument [Line Items] | |||
2017 Weighted- average Coupon (percentage) | [4] | 1.27% | |
Total principal | $ 100 | 175 | |
Virginia Electric and Power Company | Tax Exempt Financing [Member] | 1.75% to 5.6%, due 2023 to 2041 | |||
Debt Instrument [Line Items] | |||
2017 Weighted- average Coupon (percentage) | [4] | 2.25% | |
Total principal | $ 678 | 678 | |
Dominion Energy Midstream Partners, LP | |||
Debt Instrument [Line Items] | |||
Securities due within one year | $ 250 | ||
Dominion Energy Midstream Partners, LP | Senior Notes | Unsecured Senior and Medium Term Notes, 5.83% and 6.48%, due 2018 | |||
Debt Instrument [Line Items] | |||
2017 Weighted- average Coupon (percentage) | [4],[9] | 5.84% | |
Total principal | [13] | $ 255 | 255 |
Dominion Energy Midstream Partners, LP | Senior Notes | Unsecured Senior Note, 4.875%, due 2041 | |||
Debt Instrument [Line Items] | |||
2017 Weighted- average Coupon (percentage) | [4],[13] | 4.88% | |
Total principal | [13] | $ 180 | 180 |
Dominion Energy Midstream Partners, LP | Term Loans | Term Loan, variable rate, due 2019 | |||
Debt Instrument [Line Items] | |||
2017 Weighted- average Coupon (percentage) | [4] | 2.74% | |
Total principal | $ 300 | $ 300 | |
[1] | Represents the valuation of certain fair value hedges associated with Dominion Energy's fixed rate debt. | ||
[2] | Excludes $250 million of Dominion Energy Questar Pipeline's senior notes that matured in February 2018 which were repaid using proceeds from the January 2018 issuance, through private placement, of $100 million of 3.53% senior notes and $150 million of 3.91% senior notes that mature in 2028 and 2038, respectively. | ||
[3] | Includes $20 million of estimated mandatory prepayments due within one year based on estimated cash flows in excess of debt service at SBL Holdco and Dominion Solar Projects III, Inc. | ||
[4] | Represents weighted-average coupon rates for debt outstanding as of December 31, 2017. | ||
[5] | Represents debt assumed by Dominion Energy from the merger of its former CNG subsidiary. | ||
[6] | Represents debt obligations of Dominion Energy Questar or Questar Gas. See Note 3 for more information. | ||
[7] | Represents variable rate Massachusetts Development Finance Agency Solid Waste Disposal Revenue Bonds due in 2041 repaid in August 2017. | ||
[8] | Represents debt associated with SBL Holdco and Dominion Solar Projects III, Inc. The debt is nonrecourse to Dominion Energy and is secured by SBL Holdco's and Dominion Solar Projects III, Inc.'s interest in certain merchant solar facilities. | ||
[9] | Represents debt obligations of a DGI subsidiary. | ||
[10] | Amount includes foreign currency remeasurement adjustments. | ||
[11] | Annual interest rate applies to each of the Series A-1 RSNs and Series A-2 RSNs. | ||
[12] | These financings relate to certain pollution control equipment at Virginia Power's generating facilities. As of December 31, 2017, certain variable rate tax-exempt financings are supported by a $100 million credit facility that terminates in April 2020. In February 2018, Virginia Power provided notice to redeem three series of variable rate tax-exempt financings with an aggregate outstanding principal of $100 million. The financings would otherwise mature in 2024, 2026 and 2027. | ||
[13] | Represents debt obligations of Dominion Energy Questar Pipeline. See Note 3 for more information. |
Long-Term Debt (Total Long T123
Long-Term Debt (Total Long Term Debt) (Parenthetical) (Detail) - USD ($) $ in Millions | 1 Months Ended | 12 Months Ended | ||
Feb. 28, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Debt Instrument [Line Items] | ||||
Repayment of Debt | $ 1,572 | $ 1,610 | $ 892 | |
Term Loans | ||||
Debt Instrument [Line Items] | ||||
Estimated mandatory prepayments due within one year | 20 | |||
Dominion Energy Gas Holdings, LLC | ||||
Debt Instrument [Line Items] | ||||
Repayment of Debt | 400 | |||
Virginia Electric and Power Company | ||||
Debt Instrument [Line Items] | ||||
Repayment of Debt | $ 681 | $ 517 | $ 625 | |
Dominion Energy Midstream Partners, LP | Subsequent Event | ||||
Debt Instrument [Line Items] | ||||
Repayment of Debt | $ 250 | |||
2.5% and 2.8%, due 2019 and 2020 | Dominion Energy Gas Holdings, LLC | Senior Notes | Minimum | ||||
Debt Instrument [Line Items] | ||||
Interest rate | 2.50% | |||
2.5% and 2.8%, due 2019 and 2020 | Dominion Energy Gas Holdings, LLC | Senior Notes | Maximum | ||||
Debt Instrument [Line Items] | ||||
Interest rate | 2.80% | |||
2.875% to 4.8%, due 2023 to 2044 | Dominion Energy Gas Holdings, LLC | Senior Notes | Minimum | ||||
Debt Instrument [Line Items] | ||||
Interest rate | 2.875% | |||
2.875% to 4.8%, due 2023 to 2044 | Dominion Energy Gas Holdings, LLC | Senior Notes | Maximum | ||||
Debt Instrument [Line Items] | ||||
Interest rate | 4.80% | |||
1.2% to 7.25%, due 2017 to 2022 | Virginia Electric and Power Company | Senior Notes | Minimum | ||||
Debt Instrument [Line Items] | ||||
Interest rate | 1.20% | |||
1.2% to 7.25%, due 2017 to 2022 | Virginia Electric and Power Company | Senior Notes | Maximum | ||||
Debt Instrument [Line Items] | ||||
Interest rate | 7.25% | |||
2.75% to 8.875%, due 2023 to 2047 | Virginia Electric and Power Company | Senior Notes | Minimum | ||||
Debt Instrument [Line Items] | ||||
Interest rate | 2.75% | |||
2.75% to 8.875%, due 2023 to 2047 | Virginia Electric and Power Company | Senior Notes | Maximum | ||||
Debt Instrument [Line Items] | ||||
Interest rate | 8.875% | |||
1.75% to 5.6%, due 2023 to 2041 | Virginia Electric and Power Company | Tax Exempt Financing [Member] | Minimum | ||||
Debt Instrument [Line Items] | ||||
Interest rate | 1.75% | |||
1.75% to 5.6%, due 2023 to 2041 | Virginia Electric and Power Company | Tax Exempt Financing [Member] | Maximum | ||||
Debt Instrument [Line Items] | ||||
Interest rate | 5.60% | |||
1.25% to 6.4%, due 2017 to 2022 | Senior Notes | Minimum | ||||
Debt Instrument [Line Items] | ||||
Interest rate | 1.25% | |||
1.25% to 6.4%, due 2017 to 2022 | Senior Notes | Maximum | ||||
Debt Instrument [Line Items] | ||||
Interest rate | 6.40% | |||
2.85% to 7.0%, due 2024 to 2044 | Senior Notes | Minimum | ||||
Debt Instrument [Line Items] | ||||
Interest rate | 2.85% | |||
2.85% to 7.0%, due 2024 to 2044 | Senior Notes | Maximum | ||||
Debt Instrument [Line Items] | ||||
Interest rate | 7.00% | |||
: 2.579% to 4.104%, due 2019 to 2021 | Unsecured Junior Subordinated Notes | Minimum | ||||
Debt Instrument [Line Items] | ||||
Interest rate | 2.579% | |||
: 2.579% to 4.104%, due 2019 to 2021 | Unsecured Junior Subordinated Notes | Maximum | ||||
Debt Instrument [Line Items] | ||||
Interest rate | 4.104% | |||
Payable to Affiliated Trust, 8.4% due 2031 | Unsecured Junior Subordinated Notes | ||||
Debt Instrument [Line Items] | ||||
Interest rate | 8.40% | |||
5.25% and 5.75%, due 2054 and 2076 | Unsecured Junior Subordinated Notes | Minimum | ||||
Debt Instrument [Line Items] | ||||
Interest rate | 5.25% | |||
5.25% and 5.75%, due 2054 and 2076 | Unsecured Junior Subordinated Notes | Maximum | ||||
Debt Instrument [Line Items] | ||||
Interest rate | 5.75% | |||
Remarketable Subordinated Notes, 1.5% and 2.0%, due 2020 to 2024 | Remarketable Subordinated Notes | Minimum | ||||
Debt Instrument [Line Items] | ||||
Interest rate | 1.50% | |||
Remarketable Subordinated Notes, 1.5% and 2.0%, due 2020 to 2024 | Remarketable Subordinated Notes | Maximum | ||||
Debt Instrument [Line Items] | ||||
Interest rate | 2.00% | |||
6.8% and 6.875%, due 2026 and 2027 | Senior Notes | Minimum | ||||
Debt Instrument [Line Items] | ||||
Interest rate | 6.80% | |||
6.8% and 6.875%, due 2026 and 2027 | Senior Notes | Maximum | ||||
Debt Instrument [Line Items] | ||||
Interest rate | 6.875% | |||
5.31% to 6.85%, due 2017 and 2018 | Senior Notes | Maximum | ||||
Debt Instrument [Line Items] | ||||
Interest rate | 6.85% | |||
5.31% to 6.85%, due 2017 and 2018 | Term Loans | Minimum | ||||
Debt Instrument [Line Items] | ||||
Interest rate | 5.31% | |||
2.98% to 7.20%, due 2024 to 2051 | Senior Notes | Minimum | ||||
Debt Instrument [Line Items] | ||||
Interest rate | 2.98% | |||
2.98% to 7.20%, due 2024 to 2051 | Senior Notes | Maximum | ||||
Debt Instrument [Line Items] | ||||
Interest rate | 7.20% | |||
Tax-Exempt Financing, 1.55%, due 2033 | Term Loans | ||||
Debt Instrument [Line Items] | ||||
Interest rate | 1.55% | |||
Unsecured Senior and Medium Term Notes, 5.83% and 6.48%, due 2018 | Dominion Energy Midstream Partners, LP | Senior Notes | Minimum | ||||
Debt Instrument [Line Items] | ||||
Interest rate | 5.83% | |||
Unsecured Senior and Medium Term Notes, 5.83% and 6.48%, due 2018 | Dominion Energy Midstream Partners, LP | Senior Notes | Maximum | ||||
Debt Instrument [Line Items] | ||||
Interest rate | 6.48% | |||
Unsecured Senior Note, 4.875%, due 2041 | Dominion Energy Midstream Partners, LP | Senior Notes | ||||
Debt Instrument [Line Items] | ||||
Interest rate | 4.875% | |||
3.53% Due 2028 | Dominion Energy Midstream Partners, LP | Private Placement | Subsequent Event | ||||
Debt Instrument [Line Items] | ||||
Repayment of Debt | $ 100 | |||
Interest rate | 3.53% | |||
3.91% Due 2038 | Dominion Energy Midstream Partners, LP | Private Placement | Subsequent Event | ||||
Debt Instrument [Line Items] | ||||
Repayment of Debt | $ 150 | |||
Interest rate | 3.91% | |||
Line of Credit | Virginia Electric and Power Company | ||||
Debt Instrument [Line Items] | ||||
Credit facility, to support letters of credit | $ 100 |
Long-Term Debt (Based on Stated
Long-Term Debt (Based on Stated Maturity Dates Rather than Early Redemption Dates that Could be Elected by Instrument Holders) (Detail) $ in Millions | Dec. 31, 2017USD ($) | |
Debt Instrument [Line Items] | ||
2,018 | $ 3,311 | |
2,019 | 4,286 | |
2,020 | 2,035 | |
2,021 | 2,185 | |
2,022 | 1,534 | |
Thereafter | 20,942 | |
Total | $ 34,293 | |
Weighted- average Coupon, 2018 | 3.62% | |
Weighted- average Coupon, 2019 | 2.89% | |
Weighted- average Coupon, 2020 | 2.58% | |
Weighted- average Coupon, 2021 | 3.12% | |
Weighted- average Coupon, 2022 | 2.97% | |
Weighted- average Coupon, Thereafter | 4.38% | |
Unsecured Senior Notes | ||
Debt Instrument [Line Items] | ||
2,018 | $ 3,275 | [1] |
2,019 | 3,400 | [1] |
2,020 | 1,000 | [1] |
2,021 | 900 | [1] |
2,022 | 1,500 | [1] |
Thereafter | 17,058 | [1] |
Total | 27,133 | [1] |
Tax-Exempt Financings | ||
Debt Instrument [Line Items] | ||
Thereafter | 805 | |
Total | 805 | |
Term Loans | ||
Debt Instrument [Line Items] | ||
2,018 | 36 | [2] |
2,019 | 336 | [2] |
2,020 | 35 | [2] |
2,021 | 35 | [2] |
2,022 | 34 | [2] |
Thereafter | 462 | [2] |
Total | 938 | [2] |
Unsecured Junior Subordinated Notes Payable to Affiliated Trusts | ||
Debt Instrument [Line Items] | ||
Thereafter | 10 | |
Total | 10 | |
Unsecured Junior Subordinated Notes | ||
Debt Instrument [Line Items] | ||
2,019 | 550 | |
2,020 | 1,000 | |
2,021 | 550 | |
Total | 2,100 | |
Unsecured Junior Subordinated Notes | ||
Debt Instrument [Line Items] | ||
Thereafter | 1,907 | |
Total | 1,907 | |
Remarketable Subordinated Notes | ||
Debt Instrument [Line Items] | ||
2,021 | 700 | |
Thereafter | 700 | |
Total | 1,400 | |
Dominion Energy Gas Holdings, LLC | ||
Debt Instrument [Line Items] | ||
2,019 | 450 | |
2,020 | 700 | |
Thereafter | 2,450 | |
Total | $ 3,600 | |
Weighted- average Coupon, 2019 | 2.50% | |
Weighted- average Coupon, 2020 | 2.80% | |
Weighted- average Coupon, Thereafter | 3.90% | |
Virginia Electric and Power Company | ||
Debt Instrument [Line Items] | ||
2,018 | $ 850 | |
2,019 | 350 | |
2,022 | 750 | |
Thereafter | 9,468 | |
Total | $ 11,418 | |
Weighted- average Coupon, 2018 | 4.17% | |
Weighted- average Coupon, 2019 | 5.00% | |
Weighted- average Coupon, 2022 | 3.15% | |
Weighted- average Coupon, Thereafter | 4.33% | |
Virginia Electric and Power Company | Unsecured Senior Notes | ||
Debt Instrument [Line Items] | ||
2,018 | $ 850 | |
2,019 | 350 | |
2,022 | 750 | |
Thereafter | 8,690 | |
Total | 10,640 | |
Virginia Electric and Power Company | Tax-Exempt Financings | ||
Debt Instrument [Line Items] | ||
Thereafter | 778 | |
Total | $ 778 | |
[1] | In February 2018, $250 million of Dominion Energy Questar Pipeline's senior notes were repaid using proceeds from the January 2018 issuance, through private placements, of $100 million of 3.53% senior notes and $150 million of 3.91% senior notes that mature in 2028 and 2038, respectively. As a result, at December 31, 2017, $250 million was included in long-term debt in the Consolidated Balance Sheets. | |
[2] | Excludes mandatory prepayments associated with SBL Holdco and Dominion Solar Projects III, Inc. based on cash flows in excess of debt service. At December 31, 2017, $20 million of estimated mandatory prepayments due within one year were included in securities due within one year in Dominion Energy's Consolidated Balance Sheets. |
Long-Term Debt (Based on Sta125
Long-Term Debt (Based on Stated Maturity Dates Rather than Early Redemption Dates that Could be Elected by Instrument Holders) (Parenthetical) (Detail) - USD ($) $ in Millions | 1 Months Ended | 12 Months Ended | |||
Feb. 28, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | ||
Debt Instrument [Line Items] | |||||
Repayment of Debt | $ 1,572 | $ 1,610 | $ 892 | ||
Securities due within one year | [1],[2] | (3,078) | $ (1,709) | ||
Term Loans | |||||
Debt Instrument [Line Items] | |||||
Estimated mandatory prepayments due within one year | 20 | ||||
Dominion Energy Midstream Partners, LP | |||||
Debt Instrument [Line Items] | |||||
Securities due within one year | $ 250 | ||||
Dominion Energy Midstream Partners, LP | Subsequent Event | |||||
Debt Instrument [Line Items] | |||||
Repayment of Debt | $ 250 | ||||
3.53% Due 2028 | Dominion Energy Midstream Partners, LP | Private Placement | Subsequent Event | |||||
Debt Instrument [Line Items] | |||||
Repayment of Debt | $ 100 | ||||
Interest rate | 3.53% | ||||
3.91% Due 2038 | Dominion Energy Midstream Partners, LP | Private Placement | Subsequent Event | |||||
Debt Instrument [Line Items] | |||||
Repayment of Debt | $ 150 | ||||
Interest rate | 3.91% | ||||
[1] | Excludes $250 million of Dominion Energy Questar Pipeline's senior notes that matured in February 2018 which were repaid using proceeds from the January 2018 issuance, through private placement, of $100 million of 3.53% senior notes and $150 million of 3.91% senior notes that mature in 2028 and 2038, respectively. | ||||
[2] | Includes $20 million of estimated mandatory prepayments due within one year based on estimated cash flows in excess of debt service at SBL Holdco and Dominion Solar Projects III, Inc. |
Long-Term Debt (Narrative) (Det
Long-Term Debt (Narrative) (Detail) - USD ($) | Oct. 01, 2024 | Aug. 15, 2016 | Aug. 31, 2019 | Jul. 31, 2017 | Jul. 31, 2016 | Apr. 30, 2016 | Oct. 31, 2014 | Sep. 30, 2011 | Sep. 30, 2006 | Jun. 30, 2006 | Dec. 31, 2017 | May 31, 2017 | Aug. 31, 2016 | Jun. 29, 2016 | May 31, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Jul. 31, 2014 | Jul. 31, 2013 | |
Debt Instrument [Line Items] | ||||||||||||||||||||
Period of deferral | 10 years | |||||||||||||||||||
Period for consideration of proceeds (days) | 180 days | 365 days | ||||||||||||||||||
Interest in RSN issued by Dominion (percentage) | 5.00% | |||||||||||||||||||
Capital Unit, Class A | ||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||
Principal amount of notes | $ 1,400,000,000 | |||||||||||||||||||
Payment percentage rate on Equity Units | 6.75% | 6.375% | 6.125% | |||||||||||||||||
Purchase price to be paid under stock purchase contracts (in dollars per unit) | $ 50 | |||||||||||||||||||
Issuance of common stock (in shares) | 28,000,000 | [1] | 12,500,000 | |||||||||||||||||
Capital Unit, Class B | ||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||
Payment percentage rate on Equity Units | 6.00% | |||||||||||||||||||
Common Stock | ||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||
Purchase price to be paid under stock purchase contracts (in dollars per unit) | $ 50 | |||||||||||||||||||
Shares reserved and available for issuance | 23,100,000 | |||||||||||||||||||
Remarketable Subordinated Notes | Capital Unit, Class A | ||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||
Interest rate (percentage) | 2.00% | [1],[2] | 1.50% | 1.07% | ||||||||||||||||
Principal amount of notes | $ 1,400,000,000 | [1] | $ 1,000,000,000 | $ 550,000,000 | $ 1,000,000,000 | |||||||||||||||
Issuance of common stock (in shares) | 12,500,000 | 8,500,000 | 8,500,000 | |||||||||||||||||
Remarketable Subordinated Notes | Capital Unit, Class B | ||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||
Interest rate (percentage) | 1.18% | |||||||||||||||||||
Principal amount of notes | $ 550,000,000 | |||||||||||||||||||
Remarketable Subordinated Notes, 2016 Series A-1, due August 15, 2021 | ||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||
Interest in RSN issued by Dominion (percentage) | 2.50% | |||||||||||||||||||
Remarketable Subordinated Notes, 2016 Series A-1, due August 15, 2021 | Capital Unit, Class A | ||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||
Principal amount of notes | 700,000,000 | |||||||||||||||||||
Remarketable Subordinated Notes, 2016 Series A-2, due August 15, 2024 | ||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||
Interest in RSN issued by Dominion (percentage) | 2.50% | |||||||||||||||||||
Remarketable Subordinated Notes, 2016 Series A-2, due August 15, 2024 | Capital Unit, Class A | ||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||
Principal amount of notes | $ 700,000,000 | |||||||||||||||||||
Scenario, Forecast | Maximum | ||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||
Shares to be issued under purchase contracts | 18,800,000 | |||||||||||||||||||
Scenario, Forecast | Minimum | ||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||
Shares to be issued under purchase contracts | 15,000,000 | |||||||||||||||||||
Unsecured Junior Subordinated Notes | June 2006 and September 2006 hybrids | Maximum | ||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||
Amount purchased and cancelled | $ 200,000,000 | |||||||||||||||||||
Unsecured Junior Subordinated Notes | July 2016 Hybrids | ||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||
Interest rate (percentage) | 5.25% | |||||||||||||||||||
Principal amount of notes | $ 800,000,000 | |||||||||||||||||||
Unsecured Junior Subordinated Notes | Series A Junior Subordinated Notes | ||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||
Interest rate (percentage) | 2.579% | 4.104% | ||||||||||||||||||
Unsecured Junior Subordinated Notes | Series B Junior Subordinated Notes | ||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||
Interest rate (percentage) | 2.962% | |||||||||||||||||||
October 2014 Hybrids [Member] | Unsecured Junior Subordinated Notes | ||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||
Interest rate (percentage) | 5.75% | |||||||||||||||||||
Principal amount of notes | $ 685,000,000 | |||||||||||||||||||
October 2014 Hybrids [Member] | LIBOR [Member] | Unsecured Junior Subordinated Notes | Scenario, Forecast | ||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||
Spread on variable percentage rate | 3.057% | |||||||||||||||||||
June 2006 hybrids | ||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||
Junior subordinated notes | $ 300,000,000 | |||||||||||||||||||
Interest rate (percentage) | 7.50% | |||||||||||||||||||
Aggregate redemption price paid | $ 38,000,000 | $ 14,000,000 | ||||||||||||||||||
June 2006 hybrids | Unsecured Junior Subordinated Notes | ||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||
Amount purchased and cancelled | 125,000,000 | |||||||||||||||||||
June 2006 hybrids | LIBOR [Member] | ||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||
Spread on variable percentage rate | 2.825% | |||||||||||||||||||
September 2006 hybrids | ||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||
Junior subordinated notes | $ 500,000,000 | |||||||||||||||||||
Aggregate redemption price paid | $ 4,000,000 | $ 3,000,000 | ||||||||||||||||||
September 2006 hybrids | Unsecured Junior Subordinated Notes | ||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||
Amount purchased and cancelled | $ 74,000,000 | |||||||||||||||||||
September 2006 hybrids | LIBOR [Member] | ||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||
Spread on variable percentage rate | 2.30% | |||||||||||||||||||
[1] | The maturity dates of the $700 million Series A-1 RSNs and $700 million Series A-2 RSNs are August 15, 2021 and August 15, 2024, respectively. | |||||||||||||||||||
[2] | Annual interest rate applies to each of the Series A-1 RSNs and Series A-2 RSNs. |
Long-Term Debt Long Term Debt (
Long-Term Debt Long Term Debt (Schedule of Equity Units) (Detail) - USD ($) shares in Millions | Aug. 15, 2016 | Jul. 31, 2017 | Jul. 31, 2016 | Apr. 30, 2016 | Dec. 31, 2017 | May 31, 2017 | Dec. 31, 2016 | Aug. 31, 2016 | Mar. 31, 2016 | Jul. 31, 2014 | ||
Capital Unit [Line Items] | ||||||||||||
Stock Purchase Contract Liability | $ 111,000,000 | $ 212,000,000 | ||||||||||
Capital Unit, Class A | ||||||||||||
Capital Unit [Line Items] | ||||||||||||
Units Issued | 28 | [1] | 12.5 | |||||||||
Total Net Proceeds | [1] | $ 1,374,800,000 | ||||||||||
Total Long-term Debt | $ 1,400,000,000 | |||||||||||
Stock Purchase Contract Annual Rate (Percentage) | [1] | 4.75% | ||||||||||
Stock Purchase Contract Liability | [1],[2] | $ 190,600,000 | ||||||||||
Stock Purchase Settlement Date | [1] | Aug. 15, 2019 | ||||||||||
Capital Unit, Class A | Remarketable Subordinated Notes | ||||||||||||
Capital Unit [Line Items] | ||||||||||||
Units Issued | 12.5 | 8.5 | 8.5 | |||||||||
Total Long-term Debt | $ 1,400,000,000 | [1] | $ 1,000,000,000 | $ 550,000,000 | $ 1,000,000,000 | |||||||
RSN Annual Interest Rate | 2.00% | [1],[3] | 1.50% | 1.07% | ||||||||
[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] | Payments of $101 million and $94 million were made in 2017 and 2016, respectively, including payments for the remarketed 2013 Series A and B notes and the remarketed 2014 Series A notes. The stock purchase contract liability was $111 million and $212 million at December 31, 2017 and 2016, respectively. | |||||||||||
[3] | Annual interest rate applies to each of the Series A-1 RSNs and Series A-2 RSNs. |
Long-Term Debt Long Term Deb128
Long-Term Debt Long Term Debt (Schedule of Equity Units) (Parenthetical) (Detail) - USD ($) | 12 Months Ended | ||||
Dec. 31, 2017 | Dec. 31, 2016 | Aug. 31, 2016 | Aug. 15, 2016 | ||
Capital Unit [Line Items] | |||||
Stock Purchase Contract Liability | $ 111,000,000 | $ 212,000,000 | |||
Total payments | $ 101,000,000 | $ 94,000,000 | |||
Capital Unit, Class A | |||||
Capital Unit [Line Items] | |||||
Stock Purchase Contract Liability | [1],[2] | $ 190,600,000 | |||
Total Long-term Debt | $ 1,400,000,000 | ||||
Capital Unit, Class A | Remarketable Subordinated Notes, 2016 Series A-1, due August 15, 2021 | |||||
Capital Unit [Line Items] | |||||
Total Long-term Debt | 700,000,000 | ||||
Capital Unit, Class A | Remarketable Subordinated Notes, 2016 Series A-2, due August 15, 2024 | |||||
Capital Unit [Line Items] | |||||
Total Long-term Debt | $ 700,000,000 | ||||
[1] | Payments of $101 million and $94 million were made in 2017 and 2016, respectively, including payments for the remarketed 2013 Series A and B notes and the remarketed 2014 Series A notes. The stock purchase contract liability was $111 million and $212 million at December 31, 2017 and 2016, respectively. | ||||
[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. |
Preferred Stock (Narrative) (De
Preferred Stock (Narrative) (Detail) - $ / shares | Dec. 31, 2017 | Dec. 31, 2016 |
Class of Stock [Line Items] | ||
Preferred stock shares authorized | 20,000,000 | 20,000,000 |
Preferred stock shares issued | 0 | 0 |
Preferred stock shares outstanding | 0 | 0 |
Virginia Electric and Power Company | ||
Class of Stock [Line Items] | ||
Preferred stock shares authorized | 10,000,000 | 10,000,000 |
Preferred stock shares issued | 0 | 0 |
Preferred stock shares outstanding | 0 | 0 |
Liquidation preference (in dollars per share) | $ 100 |
Equity (Narrative) (Detail)
Equity (Narrative) (Detail) | Aug. 15, 2016shares | [1] | Jan. 31, 2018USD ($)shares | Jul. 31, 2017USD ($)shares | Jun. 30, 2017USD ($)Agreement | Jul. 31, 2016shares | Apr. 30, 2016USD ($)shares | Feb. 28, 2015USD ($) | Dec. 31, 2018Performance_Factorshares | Dec. 31, 2017USD ($)shares | Dec. 31, 2016USD ($)Performance_Factorshares | Dec. 31, 2015USD ($)shares | Sep. 30, 2015USD ($) |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||
Issuance of common stock | $ 1,302,000,000 | $ 2,152,000,000 | $ 786,000,000 | ||||||||||
Common stock, shares outstanding | shares | 645,000,000 | 628,000,000 | |||||||||||
Issuance of common stock (in shares) | $ 1,302,000,000 | $ 2,152,000,000 | 786,000,000 | ||||||||||
Net proceeds from issuance of Dominion Midstream common units | $ 18,000,000 | 482,000,000 | |||||||||||
Net proceeds from issuance of Dominion Midstream convertible preferred units | 490,000,000 | ||||||||||||
Conversion basis | 1 | ||||||||||||
Compensation cost related to stock-based compensation | $ 45,000,000 | 33,000,000 | 39,000,000 | ||||||||||
Tax benefit from stock awards and stock options exercised | $ 16,000,000 | $ 11,000,000 | 14,000,000 | ||||||||||
Vesting period | 3 years | ||||||||||||
Cash Based Performance Grant | Officer | |||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||
Cash-based performance grants minimum percentage | 0.00% | ||||||||||||
Cash-based performance grants maximum percentage | 200.00% | ||||||||||||
February 2015 Cash Based Performance Grant | Officer | |||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||
Number of performance metrics achieved | Performance_Factor | 2 | ||||||||||||
Expected award under grant | $ 10,000,000 | ||||||||||||
February 2016 Cash Based Performance Grant | Officer | |||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||
Number of performance metrics achieved | Performance_Factor | 2 | ||||||||||||
Subsequent Event | February 2016 Cash Based Performance Grant | Officer | |||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||
Expected award under grant | $ 12,000,000 | ||||||||||||
Scenario, Forecast | February 2017 Cash Based Performance Grant [Member] | Officer | |||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||
Number of performance metrics achieved | Performance_Factor | 2 | ||||||||||||
Dominion Direct Employee Stock Awards Employee Savings Plans Director Stock Compensation Plans and Contingent Convertible Senior Notes | |||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||
Shares reserved and available for issuance | shares | 67,000,000 | ||||||||||||
Stock Based Awards | |||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||
Shares were available for future grants | shares | 23,000,000 | ||||||||||||
Restricted Stock | |||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||
Unrecognized compensation cost related to nonvested awards | $ 42,000,000 | ||||||||||||
Fair value of restricted stock awards that vested | $ 21,000,000 | $ 21,000,000 | $ 37,000,000 | ||||||||||
Virginia Electric and Power Company | |||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||
Issuance of common stock (in shares | shares | 0 | 0 | 0 | ||||||||||
Common stock, shares outstanding | shares | 274,723 | 274,723 | |||||||||||
Repurchase of common stock, shares | shares | 0 | 0 | |||||||||||
Virginia Electric and Power Company | Scenario, Forecast | |||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||
Repurchase of common stock, shares | shares | 0 | ||||||||||||
Dominion Midstream Partners, LP | Limited Partner | |||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||
Net proceeds from issuance of Dominion Midstream common units | $ 18,000,000 | $ 482,000,000 | |||||||||||
Dominion Midstream Partners, LP | Limited Partner | Convertible Preferred Units | |||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||
Net proceeds from issuance of Dominion Midstream convertible preferred units | $ 490,000,000 | ||||||||||||
Dominion Midstream Partners, LP | Dominion Midstream Limited Partner Common Unit Purchase Program | Limited Partner | |||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||
Authorized purchase amount | $ 50,000,000 | ||||||||||||
Stock repurchase program expiration date | Sep. 30, 2016 | ||||||||||||
Number of common units purchased | shares | 658,000 | 887,000 | |||||||||||
Value of common units purchased | $ 17,000,000 | $ 25,000,000 | |||||||||||
Two-year grant | February 2017 Cash Based Performance Grant [Member] | Officer | |||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||
Targeted amount of the grant | $ 15,000,000 | ||||||||||||
Liability accrued for award | 7,000,000 | ||||||||||||
Three-year grant | February 2017 Cash Based Performance Grant [Member] | Officer | |||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||
Targeted amount of the grant | 15,000,000 | ||||||||||||
Liability accrued for award | 5,000,000 | ||||||||||||
Capital Unit, Class A | |||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||
Issuance of common stock | $ 1,000,000,000 | ||||||||||||
Issuance of common stock (in shares | shares | 28,000,000 | 12,500,000 | |||||||||||
Capital Unit, Class A | Remarketable Subordinated Notes | |||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||
Issuance of common stock | $ 1,100,000,000 | ||||||||||||
Issuance of common stock (in shares | shares | 12,500,000 | 8,500,000 | 8,500,000 | ||||||||||
Maximum | Stock Based Awards | |||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||
Maximum term of stock based awards | 8 years | ||||||||||||
Weighted Average | Restricted Stock | |||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||
Expected weighted-average period recognized for the unrecognized compensation cost | 2 years | ||||||||||||
Various Programs | |||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||
Issuance of common stock | $ 1,300,000,000 | ||||||||||||
Issuance of common stock (in shares | shares | 17,000,000 | ||||||||||||
Common stock, shares outstanding | shares | 645,000,000 | ||||||||||||
Employee Stock | |||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||
Cash proceeds received from issuance of shares through Dominion Direct and employee savings plans | $ 302,000,000 | ||||||||||||
Number of shares issued through Dominion Direct and employee savings plans | shares | 3,800,000 | ||||||||||||
Underwritten Public Offering | |||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||
Issuance of common stock | $ 756,000,000 | ||||||||||||
Issuance of common stock (in shares | shares | 10,200,000 | ||||||||||||
Shelf Registration for Sale of Common Stock through At-the-market Program | |||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||
Issuance of common stock | $ 495,000,000 | ||||||||||||
Issuance of common stock (in shares | shares | 6,600,000 | ||||||||||||
Number of sales agency agreements | Agreement | 3 | ||||||||||||
Issuance of common stock (in shares) | $ 0 | ||||||||||||
Fees and commissions paid | $ 5,000,000 | ||||||||||||
Shelf Registration for Sale of Common Stock through At-the-market Program | Maximum | |||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||
Sale of stock authorized amount | $ 500,000,000 | ||||||||||||
[1] | The maturity dates of the $700 million Series A-1 RSNs and $700 million Series A-2 RSNs are August 15, 2021 and August 15, 2024, respectively. |
Equity (Accumulated Other Compr
Equity (Accumulated Other Comprehensive Income (Loss)) (Detail) - USD ($) $ in Millions | Dec. 31, 2017 | Dec. 31, 2016 |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Total AOCI, including noncontrolling interest | $ (658) | $ (799) |
Less other comprehensive income attributable to noncontrolling interest | 1 | |
Total AOCI | (659) | (799) |
Deferred Gains and Losses on Derivatives-Hedging Activities | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Total AOCI | (301) | (280) |
Amount of tax | 188 | 173 |
Unrealized Gains and Losses on Investment Securities | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Total AOCI | 747 | 569 |
Amount of tax | (419) | (318) |
Unrecognized Pension and Other Postretirement Benefit Costs | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Total AOCI | (1,101) | (1,082) |
Amount of tax | 692 | 691 |
Other Comprehensive Loss From Equity Method Investee | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Total AOCI | (3) | (6) |
Amount of tax | 2 | 4 |
Dominion Energy Gas Holdings, LLC | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Total AOCI | (98) | (123) |
Dominion Energy Gas Holdings, LLC | Deferred Gains and Losses on Derivatives-Hedging Activities | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Total AOCI | (23) | (24) |
Amount of tax | 15 | 15 |
Dominion Energy Gas Holdings, LLC | Unrecognized Pension and Other Postretirement Benefit Costs | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Total AOCI | (75) | (99) |
Amount of tax | 59 | 68 |
Virginia Electric and Power Company | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Total AOCI | 62 | 46 |
Virginia Electric and Power Company | Deferred Gains and Losses on Derivatives-Hedging Activities | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Total AOCI | (12) | (8) |
Amount of tax | 8 | 5 |
Virginia Electric and Power Company | Unrealized Gains and Losses on Investment Securities | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Total AOCI | 74 | 54 |
Amount of tax | $ (47) | $ 35 |
Equity (Schedule of Changes in
Equity (Schedule of Changes in AOCI by Component Net of Tax) (Detail) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Beginning balance | $ 14,605 | |||
Net current period other comprehensive income (loss) | 141 | $ (325) | $ (58) | |
Ending balance | 17,142 | 14,605 | ||
Virginia Electric and Power Company | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Beginning balance | 11,865 | |||
Net current period other comprehensive income (loss) | 16 | 6 | (10) | |
Ending balance | 12,224 | 11,865 | ||
Dominion Energy Gas Holdings, LLC | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Net current period other comprehensive income (loss) | 25 | (24) | (13) | |
Deferred Gains and Losses on Derivatives-Hedging Activities | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Beginning balance | (280) | (176) | ||
Other comprehensive income before reclassifications: (losses) | 8 | 55 | ||
Amounts reclassified from AOCI: (gains) losses | [1] | (29) | (159) | |
Net current period other comprehensive income (loss) | (21) | (104) | ||
Less other comprehensive income attributable to noncontrolling interest | 1 | |||
Ending balance | (302) | (280) | (176) | |
Deferred Gains and Losses on Derivatives-Hedging Activities | Virginia Electric and Power Company | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Beginning balance | (8) | (7) | ||
Other comprehensive income before reclassifications: (losses) | (5) | (2) | ||
Amounts reclassified from AOCI: (gains) losses | [1] | 1 | 1 | |
Net current period other comprehensive income (loss) | (4) | (1) | ||
Ending balance | (12) | (8) | (7) | |
Deferred Gains and Losses on Derivatives-Hedging Activities | Dominion Energy Gas Holdings, LLC | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Beginning balance | (24) | (17) | ||
Other comprehensive income before reclassifications: (losses) | 5 | (16) | ||
Amounts reclassified from AOCI: (gains) losses | [1] | (4) | 9 | |
Net current period other comprehensive income (loss) | 1 | (7) | ||
Ending balance | (23) | (24) | (17) | |
Unrealized Gains and Losses on Investment Securities | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Beginning balance | 569 | 504 | ||
Other comprehensive income before reclassifications: (losses) | 215 | 93 | ||
Amounts reclassified from AOCI: (gains) losses | [1] | (37) | (28) | |
Net current period other comprehensive income (loss) | 178 | 65 | ||
Ending balance | 747 | 569 | 504 | |
Unrealized Gains and Losses on Investment Securities | Virginia Electric and Power Company | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Beginning balance | 54 | 47 | ||
Other comprehensive income before reclassifications: (losses) | 24 | 11 | ||
Amounts reclassified from AOCI: (gains) losses | [1] | (4) | (4) | |
Net current period other comprehensive income (loss) | 20 | 7 | ||
Ending balance | 74 | 54 | 47 | |
Unrecognized Pension and Other Postretirement Benefit Costs | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Beginning balance | (1,082) | (797) | ||
Other comprehensive income before reclassifications: (losses) | (69) | (319) | ||
Amounts reclassified from AOCI: (gains) losses | [1] | 50 | 34 | |
Net current period other comprehensive income (loss) | (19) | (285) | ||
Ending balance | (1,101) | (1,082) | (797) | |
Unrecognized Pension and Other Postretirement Benefit Costs | Dominion Energy Gas Holdings, LLC | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Beginning balance | (99) | (82) | ||
Other comprehensive income before reclassifications: (losses) | 20 | (20) | ||
Amounts reclassified from AOCI: (gains) losses | [1] | 4 | 3 | |
Net current period other comprehensive income (loss) | 24 | (17) | ||
Ending balance | (75) | (99) | (82) | |
Other Comprehensive Loss From Equity Method Investee | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Beginning balance | (6) | (5) | ||
Other comprehensive income before reclassifications: (losses) | 3 | (1) | ||
Net current period other comprehensive income (loss) | 3 | (1) | ||
Ending balance | (3) | (6) | (5) | |
Accumulated Other Comprehensive Income (Loss) | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Beginning balance | (799) | (474) | ||
Other comprehensive income before reclassifications: (losses) | 157 | (172) | ||
Amounts reclassified from AOCI: (gains) losses | [1] | (16) | (153) | |
Net current period other comprehensive income (loss) | 140 | (325) | (58) | |
Less other comprehensive income attributable to noncontrolling interest | 1 | |||
Ending balance | (659) | (799) | (474) | |
Accumulated Other Comprehensive Income (Loss) | Virginia Electric and Power Company | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Beginning balance | 46 | 40 | ||
Other comprehensive income before reclassifications: (losses) | 19 | 9 | ||
Amounts reclassified from AOCI: (gains) losses | [1] | (3) | (3) | |
Net current period other comprehensive income (loss) | 16 | 6 | (10) | |
Ending balance | 62 | 46 | 40 | |
Accumulated Other Comprehensive Income (Loss) | Dominion Energy Gas Holdings, LLC | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Beginning balance | (123) | (99) | ||
Other comprehensive income before reclassifications: (losses) | 25 | (36) | ||
Amounts reclassified from AOCI: (gains) losses | [1] | 0 | 12 | |
Net current period other comprehensive income (loss) | 25 | (24) | (13) | |
Ending balance | $ (98) | $ (123) | $ (99) | |
[1] | See table below for details about these reclassifications. |
Equity (Schedule of Reclassific
Equity (Schedule of Reclassifications out of AOCI by Component Net of Tax) (Detail) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||||||
Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||||||||||||
Operating Revenue | $ 3,210 | $ 3,179 | $ 2,813 | $ 3,384 | $ 3,086 | $ 3,132 | $ 2,598 | $ 2,921 | $ 12,586 | [1] | $ 11,737 | [1] | $ 11,683 | [1] | |
Other income | [1] | 165 | 250 | 196 | |||||||||||
Purchased gas | (701) | (459) | (551) | ||||||||||||
Electric fuel and other energy-related purchases | (2,301) | (2,333) | (2,725) | ||||||||||||
Interest and related charges | (1,205) | (1,010) | (904) | ||||||||||||
Impairment | (23) | (23) | (31) | ||||||||||||
Income from operations before income tax expense | 3,090 | 2,867 | 2,828 | ||||||||||||
Income tax expense | 30 | (655) | (905) | ||||||||||||
Dominion Energy Gas Holdings, LLC | |||||||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||||||||||||
Operating Revenue | 501 | 401 | 422 | 490 | 457 | 382 | 368 | 431 | 1,814 | [2] | 1,638 | [2] | 1,716 | [2] | |
Other income | 20 | 11 | 1 | ||||||||||||
Purchased gas | [2] | (132) | (109) | (133) | |||||||||||
Interest and related charges | [2] | (97) | (94) | (73) | |||||||||||
Income from operations before income tax expense | 666 | 607 | 740 | ||||||||||||
Income tax expense | (51) | (215) | (283) | ||||||||||||
Virginia Electric and Power Company | |||||||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||||||||||||
Operating Revenue | $ 1,824 | $ 2,154 | $ 1,747 | $ 1,831 | $ 1,711 | $ 2,211 | $ 1,776 | $ 1,890 | 7,556 | 7,588 | 7,622 | ||||
Other income | 76 | 56 | 68 | ||||||||||||
Electric fuel and other energy-related purchases | [3] | (1,909) | (1,973) | (2,320) | |||||||||||
Interest and related charges | [3] | (494) | (461) | (443) | |||||||||||
Impairment | (2) | (3) | (4) | ||||||||||||
Income from operations before income tax expense | 2,314 | 1,945 | 1,746 | ||||||||||||
Income tax expense | (774) | (727) | $ (659) | ||||||||||||
Deferred (gains) and losses on derivatives-hedging activities: | Amounts Reclassified From AOCI | |||||||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||||||||||||
Income from operations before income tax expense | (47) | (259) | |||||||||||||
Income tax expense | 18 | 100 | |||||||||||||
Income from continuing operations including noncontrolling interests | (29) | (159) | |||||||||||||
Deferred (gains) and losses on derivatives-hedging activities: | Commodity | Amounts Reclassified From AOCI | |||||||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||||||||||||
Operating Revenue | (81) | (330) | |||||||||||||
Purchased gas | 2 | 13 | |||||||||||||
Electric fuel and other energy-related purchases | 10 | ||||||||||||||
Deferred (gains) and losses on derivatives-hedging activities: | Interest rate | Amounts Reclassified From AOCI | |||||||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||||||||||||
Interest and related charges | 52 | 31 | |||||||||||||
Deferred (gains) and losses on derivatives-hedging activities: | Foreign currency | Amounts Reclassified From AOCI | |||||||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||||||||||||
Other income | (20) | 17 | |||||||||||||
Deferred (gains) and losses on derivatives-hedging activities: | Dominion Energy Gas Holdings, LLC | Amounts Reclassified From AOCI | |||||||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||||||||||||
Income from operations before income tax expense | (7) | 15 | |||||||||||||
Income tax expense | 3 | (6) | |||||||||||||
Income from continuing operations including noncontrolling interests | (4) | 9 | |||||||||||||
Deferred (gains) and losses on derivatives-hedging activities: | Dominion Energy Gas Holdings, LLC | Commodity | Amounts Reclassified From AOCI | |||||||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||||||||||||
Operating Revenue | 8 | (4) | |||||||||||||
Deferred (gains) and losses on derivatives-hedging activities: | Dominion Energy Gas Holdings, LLC | Interest rate | Amounts Reclassified From AOCI | |||||||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||||||||||||
Interest and related charges | 5 | 2 | |||||||||||||
Deferred (gains) and losses on derivatives-hedging activities: | Dominion Energy Gas Holdings, LLC | Foreign currency | Amounts Reclassified From AOCI | |||||||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||||||||||||
Other income | (20) | 17 | |||||||||||||
Deferred (gains) and losses on derivatives-hedging activities: | Virginia Electric and Power Company | Amounts Reclassified From AOCI | |||||||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||||||||||||
Income from operations before income tax expense | 1 | 1 | |||||||||||||
Income from continuing operations including noncontrolling interests | 1 | 1 | |||||||||||||
Deferred (gains) and losses on derivatives-hedging activities: | Virginia Electric and Power Company | Interest rate | Amounts Reclassified From AOCI | |||||||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||||||||||||
Interest and related charges | 1 | 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 | (81) | (66) | |||||||||||||
Impairment | 23 | 23 | |||||||||||||
Income from operations before income tax expense | (58) | (43) | |||||||||||||
Income tax expense | 21 | 15 | |||||||||||||
Income from continuing operations including noncontrolling interests | (37) | (28) | |||||||||||||
Unrealized (gains) and losses on investment securities: | Virginia Electric and Power Company | Amounts Reclassified From AOCI | |||||||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||||||||||||
Realized (gain) loss on sale of securities | (9) | (9) | |||||||||||||
Impairment | 2 | 3 | |||||||||||||
Income from operations before income tax expense | (7) | (6) | |||||||||||||
Income tax expense | 3 | 2 | |||||||||||||
Income from continuing operations including noncontrolling interests | (4) | (4) | |||||||||||||
Unrecognized pension and other postretirement benefit costs: | |||||||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||||||||||||
Unrecognized pension and other postretirement benefit costs, before tax | 82 | 56 | |||||||||||||
Unrecognized pension and other postretirement benefit costs, income tax expense | (32) | (22) | |||||||||||||
Unrecognized pension and other postretirement benefit costs, net of tax | 50 | 34 | |||||||||||||
Unrecognized pension and other postretirement benefit costs: | Amounts Reclassified From AOCI | |||||||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||||||||||||
Other operations and maintenance | (21) | (15) | |||||||||||||
Other operations and maintenance | 103 | 71 | |||||||||||||
Unrecognized pension and other postretirement benefit costs: | Dominion Energy Gas Holdings, LLC | |||||||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||||||||||||
Unrecognized pension and other postretirement benefit costs, before tax | 6 | 5 | |||||||||||||
Unrecognized pension and other postretirement benefit costs, income tax expense | (2) | (2) | |||||||||||||
Unrecognized pension and other postretirement benefit costs, net of tax | 4 | 3 | |||||||||||||
Unrecognized pension and other postretirement benefit costs: | Dominion Energy Gas Holdings, LLC | Amounts Reclassified From AOCI | |||||||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||||||||||||
Other operations and maintenance | $ 6 | $ 5 | |||||||||||||
[1] | See Note 9 for amounts attributable to related parties. | ||||||||||||||
[2] | See Note 24 for amounts attributable to related parties. | ||||||||||||||
[3] | See Note 24 for amounts attributable to affiliates. |
Equity (Summary of Restricted S
Equity (Summary of Restricted Stock and Goal-Based Stock Activity) (Detail) - Restricted Stock - $ / shares shares in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | |||
Nonvested beginning (in shares) | 886 | 855 | 1,065 |
Granted (in shares) | 454 | 372 | 302 |
Vested (in shares) | (287) | (301) | (510) |
Cancelled and forfeited (in shares) | (10) | (40) | (2) |
Nonvested ending (in shares) | 1,043 | 886 | 855 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Roll Forward] | |||
Nonvested beginning, Weighted Average Grant Date Fair Value (in dollars per share) | $ 71.40 | $ 66.16 | $ 56.74 |
Granted, Weighted Average Grant Date Fair Value (in dollars per share) | 74.24 | 71.67 | 73.26 |
Vested, Weighted Average Grant Date Fair Value (in dollars per share) | 68.90 | 56.83 | 50.71 |
Cancelled and forfeited, Weighted Average Grant Date Fair Value (in dollars per share) | 72.37 | 71.75 | 62.62 |
Nonvested ending, Weighted Average Grant Date Fair Value (in dollars per share) | $ 73.32 | $ 71.40 | $ 66.16 |
Employee Benefit Plans (Narrati
Employee Benefit Plans (Narrative) (Detail) - USD ($) | Sep. 30, 2017 | Jun. 30, 2017 | Jan. 31, 2017 | Dec. 31, 2017 | Mar. 31, 2017 | Sep. 30, 2016 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Defined Benefit Plans And Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||||||||
Actual return (loss) on plan assets | $ 1,600,000,000 | $ 534,000,000 | ||||||||
Expected return on pension and other postretirement plan assets | 767,000,000 | 691,000,000 | ||||||||
Net actuarial loss | $ (25,000,000) | |||||||||
Accumulated benefit obligation | $ 8,200,000,000 | 8,200,000,000 | 7,300,000,000 | |||||||
Contributions to qualified defined benefit pension plans | 0 | |||||||||
Contributions to qualified defined benefit pension plans in 2018 | $ 0 | 0 | ||||||||
Estimated reduction in net cumulative required contributions | $ 200,000,000 | |||||||||
Cumulative required contribution period (years) | 10 years | |||||||||
Expected contribution to voluntary employees beneficiary association | $ 12,000,000 | 12,000,000 | ||||||||
Amounts recognized in employer matching contributions | $ 45,000,000 | 44,000,000 | 43,000,000 | |||||||
Special Termination Benefits | Organizational Design Initiative | ||||||||||
Defined Benefit Plans And Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||||||||
Organizational design initiative | 65,000,000 | |||||||||
Organizational design initiative, after tax | 40,000,000 | |||||||||
Common and Preferred Stocks | ||||||||||
Defined Benefit Plans And Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||||||||
Defined benefit plan, actual plan asset allocation percentages | 28.00% | 28.00% | ||||||||
Government Securities | ||||||||||
Defined Benefit Plans And Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||||||||
Defined benefit plan, actual plan asset allocation percentages | 18.00% | 18.00% | ||||||||
Fixed Income | ||||||||||
Defined Benefit Plans And Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||||||||
Defined benefit plan, actual plan asset allocation percentages | 35.00% | 35.00% | ||||||||
Real Estate Funds | ||||||||||
Defined Benefit Plans And Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||||||||
Defined benefit plan, actual plan asset allocation percentages | 3.00% | 3.00% | ||||||||
Other Alternative Investments | ||||||||||
Defined Benefit Plans And Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||||||||
Defined benefit plan, actual plan asset allocation percentages | 16.00% | 16.00% | ||||||||
Scenario, Forecast | ||||||||||
Defined Benefit Plans And Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||||||||
Expected contribution to voluntary employees beneficiary association | $ 12,000,000 | |||||||||
Pension or other postretirement plan assets to be returned | 0 | |||||||||
Dominion Energy Questar Corporation | Capital Contribution to Dominion Energy Questar to Fund Pension Contributions | ||||||||||
Defined Benefit Plans And Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||||||||
Contribution to qualified pension plan | $ 75,000,000 | |||||||||
Medical Coverage for Local retirees | ||||||||||
Defined Benefit Plans And Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||||||||
Decrease in accumulated postretirement benefit obligation | $ (73,000,000) | $ 37,000,000 | ||||||||
Discount rate percentage | 4.30% | 3.71% | ||||||||
Charge recorded from plan amendment and remeasurement | $ 7,000,000 | $ (9,000,000) | ||||||||
Charge recorded from plan amendment and remeasurement, after tax | 4,000,000 | |||||||||
Pension Benefits | ||||||||||
Defined Benefit Plans And Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||||||||
Actual return (loss) on plan assets | 1,327,000,000 | 426,000,000 | ||||||||
Expected return on pension and other postretirement plan assets | 639,000,000 | 573,000,000 | $ 531,000,000 | |||||||
Net actuarial loss | $ 193,000,000 | 193,000,000 | ||||||||
Actuarial (gains) losses during the year | 830,000,000 | $ 784,000,000 | ||||||||
Decrease in accumulated postretirement benefit obligation | (75,000,000) | |||||||||
Discount rate percentage | 4.05% | 4.05% | 4.51% | 4.46% | 4.40% | |||||
Contributions to qualified defined benefit pension plans | 118,000,000 | $ 15,000,000 | ||||||||
Net periodic benefit cost | 7,000,000 | (25,000,000) | $ 44,000,000 | |||||||
Other Postretirement Benefits | ||||||||||
Defined Benefit Plans And Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||||||||
Actual return (loss) on plan assets | 236,000,000 | 108,000,000 | ||||||||
Expected return on pension and other postretirement plan assets | 128,000,000 | 118,000,000 | $ 117,000,000 | |||||||
Net actuarial loss | 11,000,000 | 11,000,000 | ||||||||
Actuarial (gains) losses during the year | $ 119,000,000 | 166,000,000 | ||||||||
Decrease in accumulated postretirement benefit obligation | $ 2,000,000 | |||||||||
Discount rate percentage | 4.40% | |||||||||
Discount rate percentage | 3.76% | 3.76% | ||||||||
Contributions to qualified defined benefit pension plans | $ 13,000,000 | 12,000,000 | ||||||||
Net periodic benefit cost | (80,000,000) | $ (49,000,000) | $ (31,000,000) | |||||||
Collective Bargaining Agreement | ||||||||||
Defined Benefit Plans And Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||||||||
Period for experience study of employee demographics | 5 years | |||||||||
Increase in net periodic benefit costs for 2017 | $ 42,000,000 | |||||||||
Collective Bargaining Agreement | Pension Benefits | ||||||||||
Defined Benefit Plans And Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||||||||
Actuarial (gains) losses during the year | 290,000,000 | |||||||||
Collective Bargaining Agreement | Other Postretirement Benefits | ||||||||||
Defined Benefit Plans And Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||||||||
Actuarial (gains) losses during the year | 38,000,000 | |||||||||
Dominion Energy Gas Holdings, LLC | ||||||||||
Defined Benefit Plans And Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||||||||
Actual return (loss) on plan assets | 335,000,000 | 130,000,000 | ||||||||
Expected return on pension and other postretirement plan assets | 165,000,000 | 157,000,000 | ||||||||
Net actuarial loss | (3,000,000) | |||||||||
Accumulated benefit obligation | $ 724,000,000 | 724,000,000 | 640,000,000 | |||||||
Contributions to qualified defined benefit pension plans | 0 | |||||||||
Contributions to qualified defined benefit pension plans in 2018 | 0 | 0 | ||||||||
Contribution to qualified pension plan | 15,000,000 | 150,000,000 | 692,000,000 | |||||||
Amounts recognized in employer matching contributions | 7,000,000 | 7,000,000 | 7,000,000 | |||||||
Dominion Energy Gas Holdings, LLC | Special Termination Benefits | Organizational Design Initiative | ||||||||||
Defined Benefit Plans And Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||||||||
Organizational design initiative | 8,000,000 | |||||||||
Organizational design initiative, after tax | 5,000,000 | |||||||||
Dominion Energy Gas Holdings, LLC | Other operations and maintenance | Dominion Retiree Health And Welfare Plan | Multiemployer Plans, Postretirement Benefit | ||||||||||
Defined Benefit Plans And Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||||||||
Net periodic benefit cost | (5,000,000) | (4,000,000) | (5,000,000) | |||||||
Dominion Energy Gas Holdings, LLC | Scenario, Forecast | ||||||||||
Defined Benefit Plans And Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||||||||
Pension or other postretirement plan assets to be returned | $ 0 | |||||||||
Dominion Energy Gas Holdings, LLC | Medical Coverage for Local retirees | ||||||||||
Defined Benefit Plans And Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||||||||
Decrease in accumulated postretirement benefit obligation | (61,000,000) | |||||||||
Charge recorded from plan amendment and remeasurement | 6,000,000 | |||||||||
Charge recorded from plan amendment and remeasurement, after tax | $ 4,000,000 | |||||||||
Dominion Energy Gas Holdings, LLC | Pension Benefits | ||||||||||
Defined Benefit Plans And Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||||||||
Actual return (loss) on plan assets | 294,000,000 | 107,000,000 | ||||||||
Expected return on pension and other postretirement plan assets | 141,000,000 | 134,000,000 | $ 126,000,000 | |||||||
Net actuarial loss | $ 19,000,000 | 19,000,000 | ||||||||
Actuarial (gains) losses during the year | $ 78,000,000 | $ 64,000,000 | ||||||||
Discount rate percentage | 4.50% | 4.99% | 4.40% | |||||||
Discount rate percentage | 3.81% | 3.81% | 4.50% | |||||||
Net periodic benefit cost | $ (80,000,000) | $ (78,000,000) | $ (63,000,000) | |||||||
Dominion Energy Gas Holdings, LLC | Pension Benefits | Other operations and maintenance | ||||||||||
Defined Benefit Plans And Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||||||||
Net periodic benefit cost | (37,000,000) | (45,000,000) | (38,000,000) | |||||||
Dominion Energy Gas Holdings, LLC | Other Postretirement Benefits | ||||||||||
Defined Benefit Plans And Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||||||||
Actual return (loss) on plan assets | 41,000,000 | 23,000,000 | ||||||||
Expected return on pension and other postretirement plan assets | 24,000,000 | 23,000,000 | $ 24,000,000 | |||||||
Net actuarial loss | $ 3,000,000 | 3,000,000 | ||||||||
Actuarial (gains) losses during the year | $ 34,000,000 | $ 28,000,000 | ||||||||
Discount rate percentage | 4.47% | 4.93% | 4.40% | |||||||
Discount rate percentage | 3.76% | 3.76% | 4.47% | |||||||
Contributions to qualified defined benefit pension plans | $ 12,000,000 | $ 12,000,000 | ||||||||
Net periodic benefit cost | (9,000,000) | (2,000,000) | $ (2,000,000) | |||||||
Dominion Energy Gas Holdings, LLC | Collective Bargaining Agreement | Pension Benefits | ||||||||||
Defined Benefit Plans And Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||||||||
Actuarial (gains) losses during the year | 24,000,000 | |||||||||
Dominion Energy Gas Holdings, LLC | Collective Bargaining Agreement | Other Postretirement Benefits | ||||||||||
Defined Benefit Plans And Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||||||||
Actuarial (gains) losses during the year | 9,000,000 | |||||||||
Virginia Electric and Power Company | ||||||||||
Defined Benefit Plans And Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||||||||
Amounts recognized in employer matching contributions | 19,000,000 | 19,000,000 | 18,000,000 | |||||||
Virginia Electric and Power Company | Special Termination Benefits | Organizational Design Initiative | ||||||||||
Defined Benefit Plans And Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||||||||
Organizational design initiative | 33,000,000 | |||||||||
Organizational design initiative, after tax | 20,000,000 | |||||||||
Virginia Electric and Power Company | Other operations and maintenance | Dominion Retiree Health And Welfare Plan | ||||||||||
Defined Benefit Plans And Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||||||||
Net periodic benefit cost | (42,000,000) | (29,000,000) | (16,000,000) | |||||||
Virginia Electric and Power Company | Pension Benefits | Other operations and maintenance | ||||||||||
Defined Benefit Plans And Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||||||||
Net periodic benefit cost | $ 110,000,000 | $ 79,000,000 | $ 97,000,000 |
Employee Benefit Plans (Summary
Employee Benefit Plans (Summary of Changes in Pension and Other Postretirement Benefit Plans) (Detail) - USD ($) | 12 Months Ended | |||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | ||
Changes in fair value of plan assets: | ||||
Actual return (loss) on plan assets | $ 1,600,000,000 | $ 534,000,000 | ||
Employer contributions | 0 | |||
Dominion Energy Gas Holdings, LLC | ||||
Changes in fair value of plan assets: | ||||
Actual return (loss) on plan assets | 335,000,000 | 130,000,000 | ||
Employer contributions | 0 | |||
Pension Benefits | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Benefit obligation at beginning of year | 8,132,000,000 | 6,391,000,000 | ||
Dominion Energy Questar Combination | 817,000,000 | |||
Service cost | 138,000,000 | 118,000,000 | $ 126,000,000 | |
Interest cost | 345,000,000 | 317,000,000 | 287,000,000 | |
Benefits paid | (323,000,000) | (286,000,000) | ||
Actuarial (gains) losses during the year | 830,000,000 | 784,000,000 | ||
Plan amendments | [1] | 5,000,000 | ||
Settlements and curtailments | [2] | (75,000,000) | (9,000,000) | |
Benefit obligation at end of year | 9,052,000,000 | 8,132,000,000 | 6,391,000,000 | |
Changes in fair value of plan assets: | ||||
Fair value of plan assets at beginning of year | 7,016,000,000 | 6,166,000,000 | ||
Dominion Energy Questar Combination | 704,000,000 | |||
Actual return (loss) on plan assets | 1,327,000,000 | 426,000,000 | ||
Employer contributions | 118,000,000 | 15,000,000 | ||
Benefits paid | (323,000,000) | (286,000,000) | ||
Settlements | [2] | (76,000,000) | (9,000,000) | |
Fair value of plan assets at end of year | 8,062,000,000 | 7,016,000,000 | 6,166,000,000 | |
Funded status at end of year | (990,000,000) | (1,116,000,000) | ||
Noncurrent pension and other postretirement benefit assets | 1,117,000,000 | 930,000,000 | ||
Other current liabilities | (8,000,000) | (43,000,000) | ||
Noncurrent pension and other postretirement benefit liabilities | (2,099,000,000) | (2,003,000,000) | ||
Net amount recognized | $ (990,000,000) | $ (1,116,000,000) | ||
Changes in benefit obligation: | ||||
Weighted average rate of increase for compensation | 4.09% | 4.09% | ||
Pension Benefits | Dominion Energy Gas Holdings, LLC | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Benefit obligation at beginning of year | $ 683,000,000 | $ 608,000,000 | ||
Service cost | 15,000,000 | 13,000,000 | 15,000,000 | |
Interest cost | 30,000,000 | 30,000,000 | 27,000,000 | |
Benefits paid | (33,000,000) | (32,000,000) | ||
Actuarial (gains) losses during the year | 78,000,000 | 64,000,000 | ||
Benefit obligation at end of year | 773,000,000 | 683,000,000 | 608,000,000 | |
Changes in fair value of plan assets: | ||||
Fair value of plan assets at beginning of year | 1,542,000,000 | 1,467,000,000 | ||
Actual return (loss) on plan assets | 294,000,000 | 107,000,000 | ||
Benefits paid | (33,000,000) | (32,000,000) | ||
Fair value of plan assets at end of year | 1,803,000,000 | 1,542,000,000 | 1,467,000,000 | |
Funded status at end of year | 1,030,000,000 | 859,000,000 | ||
Noncurrent pension and other postretirement benefit assets | 1,030,000,000 | 859,000,000 | ||
Net amount recognized | $ 1,030,000,000 | $ 859,000,000 | ||
Changes in benefit obligation: | ||||
Discount rate | 3.81% | 4.50% | ||
Weighted average rate of increase for compensation | 4.11% | 4.11% | ||
Pension Benefits | Minimum | ||||
Changes in benefit obligation: | ||||
Discount rate | 3.80% | 3.31% | ||
Pension Benefits | Maximum | ||||
Changes in benefit obligation: | ||||
Discount rate | 3.81% | 4.50% | ||
Other Postretirement Benefits | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Benefit obligation at beginning of year | $ 1,478,000,000 | $ 1,430,000,000 | ||
Dominion Energy Questar Combination | 85,000,000 | |||
Service cost | 26,000,000 | 31,000,000 | 40,000,000 | |
Interest cost | 60,000,000 | 65,000,000 | 67,000,000 | |
Benefits paid | (83,000,000) | (83,000,000) | ||
Actuarial (gains) losses during the year | 119,000,000 | 166,000,000 | ||
Plan amendments | [1] | (73,000,000) | (216,000,000) | |
Settlements and curtailments | [2] | 2,000,000 | ||
Benefit obligation at end of year | 1,529,000,000 | 1,478,000,000 | 1,430,000,000 | |
Changes in fair value of plan assets: | ||||
Fair value of plan assets at beginning of year | 1,512,000,000 | 1,382,000,000 | ||
Dominion Energy Questar Combination | 45,000,000 | |||
Actual return (loss) on plan assets | 236,000,000 | 108,000,000 | ||
Employer contributions | 13,000,000 | 12,000,000 | ||
Benefits paid | (32,000,000) | (35,000,000) | ||
Fair value of plan assets at end of year | 1,729,000,000 | 1,512,000,000 | 1,382,000,000 | |
Funded status at end of year | 200,000,000 | 34,000,000 | ||
Noncurrent pension and other postretirement benefit assets | 261,000,000 | 148,000,000 | ||
Other current liabilities | (5,000,000) | |||
Noncurrent pension and other postretirement benefit liabilities | (61,000,000) | (109,000,000) | ||
Net amount recognized | $ 200,000,000 | $ 34,000,000 | ||
Changes in benefit obligation: | ||||
Discount rate | 3.76% | |||
Weighted average rate of increase for compensation | 3.29% | |||
Other Postretirement Benefits | Dominion Energy Gas Holdings, LLC | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Benefit obligation at beginning of year | $ 320,000,000 | $ 292,000,000 | ||
Service cost | 4,000,000 | 5,000,000 | 7,000,000 | |
Interest cost | 12,000,000 | 14,000,000 | 14,000,000 | |
Benefits paid | (19,000,000) | (19,000,000) | ||
Actuarial (gains) losses during the year | 34,000,000 | 28,000,000 | ||
Plan amendments | [1] | (61,000,000) | ||
Benefit obligation at end of year | 290,000,000 | 320,000,000 | 292,000,000 | |
Changes in fair value of plan assets: | ||||
Fair value of plan assets at beginning of year | 299,000,000 | 283,000,000 | ||
Actual return (loss) on plan assets | 41,000,000 | 23,000,000 | ||
Employer contributions | 12,000,000 | 12,000,000 | ||
Benefits paid | (19,000,000) | (19,000,000) | ||
Fair value of plan assets at end of year | 333,000,000 | 299,000,000 | $ 283,000,000 | |
Funded status at end of year | 43,000,000 | (21,000,000) | ||
Noncurrent pension and other postretirement benefit assets | 57,000,000 | |||
Noncurrent pension and other postretirement benefit liabilities | [3] | (14,000,000) | (21,000,000) | |
Net amount recognized | $ 43,000,000 | $ (21,000,000) | ||
Changes in benefit obligation: | ||||
Discount rate | 3.76% | 4.47% | ||
Other Postretirement Benefits | Minimum | ||||
Changes in benefit obligation: | ||||
Discount rate | 3.92% | |||
Weighted average rate of increase for compensation | 3.95% | |||
Other Postretirement Benefits | Maximum | ||||
Changes in benefit obligation: | ||||
Discount rate | 4.47% | |||
Weighted average rate of increase for compensation | 4.11% | |||
[1] | 2017 amounts relate primarily to a plan amendment that changed post-65 retiree medical coverage for certain current and future Local 69 retirees effective July 1, 2017. 2016 amount relates primarily to a plan amendment that changed post-65 retiree medical coverage for certain current and future Local 50 retirees effective April 1, 2017. | |||
[2] | 2017 amount relates primarily to settlement and curtailment as a result of the voluntary and involuntary separation programs at Dominion Energy Questar. 2016 amount relates primarily to a settlement for certain executives. | |||
[3] | Reflected in other deferred credits and other liabilities in Dominion Energy Gas' Consolidated Balance Sheets. |
Employee Benefit Plans (Benefit
Employee Benefit Plans (Benefit Obligation in Excess of Plan Assets) (Detail) - USD ($) $ in Millions | Dec. 31, 2017 | Dec. 31, 2016 |
Pension Benefits | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Benefit obligation | $ 8,209 | $ 7,386 |
Fair value of plan assets | 6,103 | 5,340 |
Other Postretirement Benefits | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Benefit obligation | 191 | 470 |
Fair value of plan assets | 156 | 356 |
Other Postretirement Benefits | Dominion Energy Gas Holdings, LLC | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Benefit obligation | 157 | 320 |
Fair value of plan assets | $ 143 | $ 299 |
Employee Benefit Plans (Accumul
Employee Benefit Plans (Accumulated Benefit Obligation in Excess of Plan Assets) (Detail) - USD ($) $ in Millions | Dec. 31, 2017 | Dec. 31, 2016 |
General Discussion Of Pension And Other Postretirement Benefits [Abstract] | ||
Accumulated benefit obligation | $ 7,392 | $ 5,987 |
Fair value of plan assets | $ 6,103 | $ 4,653 |
Employee Benefit Plans (Bene139
Employee Benefit Plans (Benefit Payments Expected Future Service) (Detail) $ in Millions | Dec. 31, 2017USD ($) |
Pension Benefits | |
Defined Benefit Plan Disclosure [Line Items] | |
2,018 | $ 373 |
2,019 | 378 |
2,020 | 402 |
2,021 | 418 |
2,022 | 434 |
2023-2027 | 2,437 |
Pension Benefits | Dominion Energy Gas Holdings, LLC | |
Defined Benefit Plan Disclosure [Line Items] | |
2,018 | 35 |
2,019 | 37 |
2,020 | 38 |
2,021 | 39 |
2,022 | 41 |
2023-2027 | 214 |
Other Postretirement Benefits | |
Defined Benefit Plan Disclosure [Line Items] | |
2,018 | 99 |
2,019 | 101 |
2,020 | 102 |
2,021 | 102 |
2,022 | 102 |
2023-2027 | 486 |
Other Postretirement Benefits | Dominion Energy Gas Holdings, LLC | |
Defined Benefit Plan Disclosure [Line Items] | |
2,018 | 19 |
2,019 | 19 |
2,020 | 20 |
2,021 | 20 |
2,022 | 20 |
2023-2027 | $ 94 |
Employee Benefit Plans (Fair va
Employee Benefit Plans (Fair values of pension and post retirement plan assets by asset category) (Detail) - USD ($) $ in Millions | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Defined Benefit Plan Disclosure [Line Items] | ||||
Total investments | $ 1,378 | $ 1,078 | ||
Dominion Energy Gas Holdings, LLC | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total investments | 1,828 | 1,557 | ||
Pension Benefits | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total recorded at fair value | 8,062 | 7,016 | $ 6,166 | |
Pension Benefits | Dominion Energy Gas Holdings, LLC | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total recorded at fair value | 1,803 | 1,542 | 1,467 | |
Other Postretirement Benefits | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total recorded at fair value | 1,729 | 1,512 | 1,382 | |
Other Postretirement Benefits | Dominion Energy Gas Holdings, LLC | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total recorded at fair value | 333 | 299 | $ 283 | |
Collective Bargaining Agreement | Pension Benefits | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total recorded at fair value | 4,878 | 4,233 | ||
Total recorded at NAV | [1] | 3,169 | 2,765 | |
Total investments | [2] | 8,047 | 6,998 | |
Collective Bargaining Agreement | Pension Benefits | Dominion Energy Gas Holdings, LLC | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total recorded at fair value | 1,090 | 930 | ||
Total recorded at NAV | [1] | 709 | 608 | |
Total investments | [3] | 1,799 | 1,538 | |
Collective Bargaining Agreement | Pension Benefits | Common/collective trust funds | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total recorded at NAV | [1] | 2,272 | 1,960 | |
Collective Bargaining Agreement | Pension Benefits | Common/collective trust funds | Dominion Energy Gas Holdings, LLC | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total recorded at NAV | [1] | 509 | 430 | |
Collective Bargaining Agreement | Pension Benefits | Cash equivalents and other | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total recorded at fair value | 18 | 14 | ||
Collective Bargaining Agreement | Pension Benefits | Cash equivalents and other | Dominion Energy Gas Holdings, LLC | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total recorded at fair value | 4 | 3 | ||
Collective Bargaining Agreement | Pension Benefits | Equity securities: | U.S. | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total recorded at fair value | 1,902 | 1,705 | ||
Collective Bargaining Agreement | Pension Benefits | Equity securities: | International | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total recorded at fair value | 1,151 | 928 | ||
Collective Bargaining Agreement | Pension Benefits | Equity securities: | Dominion Energy Gas Holdings, LLC | U.S. | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total recorded at fair value | 425 | 375 | ||
Collective Bargaining Agreement | Pension Benefits | Equity securities: | Dominion Energy Gas Holdings, LLC | International | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total recorded at fair value | 257 | 203 | ||
Collective Bargaining Agreement | Pension Benefits | Insurance contracts | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total recorded at fair value | 352 | 334 | ||
Collective Bargaining Agreement | Pension Benefits | Insurance contracts | Dominion Energy Gas Holdings, LLC | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total recorded at fair value | 79 | 73 | ||
Collective Bargaining Agreement | Pension Benefits | Corporate debt instruments | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total recorded at fair value | 770 | 717 | ||
Collective Bargaining Agreement | Pension Benefits | Corporate debt instruments | Dominion Energy Gas Holdings, LLC | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total recorded at fair value | 172 | 158 | ||
Collective Bargaining Agreement | Pension Benefits | Government securities | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total recorded at fair value | 685 | 535 | ||
Collective Bargaining Agreement | Pension Benefits | Government securities | Dominion Energy Gas Holdings, LLC | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total recorded at fair value | 153 | 118 | ||
Collective Bargaining Agreement | Pension Benefits | Real Estate Funds | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total recorded at NAV | [1] | 111 | 121 | |
Collective Bargaining Agreement | Pension Benefits | Real Estate Funds | Dominion Energy Gas Holdings, LLC | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total recorded at NAV | [1] | 25 | 27 | |
Collective Bargaining Agreement | Pension Benefits | Private Equity Funds | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total recorded at NAV | [1] | 606 | 506 | |
Collective Bargaining Agreement | Pension Benefits | Private Equity Funds | Dominion Energy Gas Holdings, LLC | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total recorded at NAV | [1] | 135 | 111 | |
Collective Bargaining Agreement | Pension Benefits | Fixed Income Funds | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total recorded at NAV | [1] | 161 | 153 | |
Collective Bargaining Agreement | Pension Benefits | Fixed Income Funds | Dominion Energy Gas Holdings, LLC | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total recorded at NAV | [1] | 36 | 34 | |
Collective Bargaining Agreement | Pension Benefits | Hedge Funds | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total recorded at NAV | [1] | 19 | 25 | |
Collective Bargaining Agreement | Pension Benefits | Hedge Funds | Dominion Energy Gas Holdings, LLC | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total recorded at NAV | [1] | 4 | 6 | |
Collective Bargaining Agreement | Pension Benefits | Level 1 | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total recorded at fair value | 3,121 | 2,693 | ||
Collective Bargaining Agreement | Pension Benefits | Level 1 | Dominion Energy Gas Holdings, LLC | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total recorded at fair value | 697 | 592 | ||
Collective Bargaining Agreement | Pension Benefits | Level 1 | Cash equivalents and other | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total recorded at fair value | 18 | 12 | ||
Collective Bargaining Agreement | Pension Benefits | Level 1 | Cash equivalents and other | Dominion Energy Gas Holdings, LLC | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total recorded at fair value | 4 | 3 | ||
Collective Bargaining Agreement | Pension Benefits | Level 1 | Equity securities: | U.S. | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total recorded at fair value | 1,902 | 1,705 | ||
Collective Bargaining Agreement | Pension Benefits | Level 1 | Equity securities: | International | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total recorded at fair value | 1,151 | 928 | ||
Collective Bargaining Agreement | Pension Benefits | Level 1 | Equity securities: | Dominion Energy Gas Holdings, LLC | U.S. | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total recorded at fair value | 425 | 375 | ||
Collective Bargaining Agreement | Pension Benefits | Level 1 | Equity securities: | Dominion Energy Gas Holdings, LLC | International | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total recorded at fair value | 257 | 203 | ||
Collective Bargaining Agreement | Pension Benefits | Level 1 | Corporate debt instruments | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total recorded at fair value | 41 | 35 | ||
Collective Bargaining Agreement | Pension Benefits | Level 1 | Corporate debt instruments | Dominion Energy Gas Holdings, LLC | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total recorded at fair value | 9 | 8 | ||
Collective Bargaining Agreement | Pension Benefits | Level 1 | Government securities | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total recorded at fair value | 9 | 13 | ||
Collective Bargaining Agreement | Pension Benefits | Level 1 | Government securities | Dominion Energy Gas Holdings, LLC | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total recorded at fair value | 2 | 3 | ||
Collective Bargaining Agreement | Pension Benefits | Level 2 | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total recorded at fair value | 1,757 | 1,540 | ||
Collective Bargaining Agreement | Pension Benefits | Level 2 | Dominion Energy Gas Holdings, LLC | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total recorded at fair value | 393 | 338 | ||
Collective Bargaining Agreement | Pension Benefits | Level 2 | Cash equivalents and other | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total recorded at fair value | 2 | |||
Collective Bargaining Agreement | Pension Benefits | Level 2 | Insurance contracts | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total recorded at fair value | 352 | 334 | ||
Collective Bargaining Agreement | Pension Benefits | Level 2 | Insurance contracts | Dominion Energy Gas Holdings, LLC | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total recorded at fair value | 79 | 73 | ||
Collective Bargaining Agreement | Pension Benefits | Level 2 | Corporate debt instruments | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total recorded at fair value | 729 | 682 | ||
Collective Bargaining Agreement | Pension Benefits | Level 2 | Corporate debt instruments | Dominion Energy Gas Holdings, LLC | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total recorded at fair value | 163 | 150 | ||
Collective Bargaining Agreement | Pension Benefits | Level 2 | Government securities | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total recorded at fair value | 676 | 522 | ||
Collective Bargaining Agreement | Pension Benefits | Level 2 | Government securities | Dominion Energy Gas Holdings, LLC | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total recorded at fair value | 151 | 115 | ||
Collective Bargaining Agreement | Other Postretirement Benefits | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total recorded at fair value | 944 | 808 | ||
Total recorded at NAV | [1] | 783 | 702 | |
Total investments | [4] | 1,727 | 1,510 | |
Collective Bargaining Agreement | Other Postretirement Benefits | Dominion Energy Gas Holdings, LLC | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total recorded at fair value | 163 | 145 | ||
Total recorded at NAV | [1] | 170 | 154 | |
Total investments | 333 | 299 | ||
Collective Bargaining Agreement | Other Postretirement Benefits | Common/collective trust funds | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total recorded at NAV | [1] | 689 | 621 | |
Collective Bargaining Agreement | Other Postretirement Benefits | Common/collective trust funds | Dominion Energy Gas Holdings, LLC | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total recorded at NAV | [1] | 154 | 140 | |
Collective Bargaining Agreement | Other Postretirement Benefits | Cash equivalents and other | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total recorded at fair value | 3 | 2 | ||
Collective Bargaining Agreement | Other Postretirement Benefits | Equity securities: | U.S. | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total recorded at fair value | 636 | 571 | ||
Collective Bargaining Agreement | Other Postretirement Benefits | Equity securities: | International | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total recorded at fair value | 196 | 143 | ||
Collective Bargaining Agreement | Other Postretirement Benefits | Equity securities: | Dominion Energy Gas Holdings, LLC | U.S. | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total recorded at fair value | 130 | 121 | ||
Collective Bargaining Agreement | Other Postretirement Benefits | Equity securities: | Dominion Energy Gas Holdings, LLC | International | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total recorded at fair value | 33 | 24 | ||
Collective Bargaining Agreement | Other Postretirement Benefits | Insurance contracts | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total recorded at fair value | 21 | 19 | ||
Collective Bargaining Agreement | Other Postretirement Benefits | Corporate debt instruments | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total recorded at fair value | 46 | 42 | ||
Collective Bargaining Agreement | Other Postretirement Benefits | Government securities | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total recorded at fair value | 42 | 31 | ||
Collective Bargaining Agreement | Other Postretirement Benefits | Real Estate Funds | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total recorded at NAV | [1] | 9 | 9 | |
Collective Bargaining Agreement | Other Postretirement Benefits | Real Estate Funds | Dominion Energy Gas Holdings, LLC | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total recorded at NAV | [1] | 1 | 1 | |
Collective Bargaining Agreement | Other Postretirement Benefits | Private Equity Funds | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total recorded at NAV | [1] | 73 | 59 | |
Collective Bargaining Agreement | Other Postretirement Benefits | Private Equity Funds | Dominion Energy Gas Holdings, LLC | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total recorded at NAV | [1] | 15 | 12 | |
Collective Bargaining Agreement | Other Postretirement Benefits | Fixed Income Funds | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total recorded at NAV | [1] | 11 | 12 | |
Collective Bargaining Agreement | Other Postretirement Benefits | Fixed Income Funds | Dominion Energy Gas Holdings, LLC | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total recorded at NAV | [1] | 1 | ||
Collective Bargaining Agreement | Other Postretirement Benefits | Hedge Funds | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total recorded at NAV | [1] | 1 | 1 | |
Collective Bargaining Agreement | Other Postretirement Benefits | Level 1 | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total recorded at fair value | 836 | 718 | ||
Collective Bargaining Agreement | Other Postretirement Benefits | Level 1 | Dominion Energy Gas Holdings, LLC | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total recorded at fair value | 163 | 145 | ||
Collective Bargaining Agreement | Other Postretirement Benefits | Level 1 | Cash equivalents and other | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total recorded at fair value | 1 | 1 | ||
Collective Bargaining Agreement | Other Postretirement Benefits | Level 1 | Equity securities: | U.S. | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total recorded at fair value | 636 | 571 | ||
Collective Bargaining Agreement | Other Postretirement Benefits | Level 1 | Equity securities: | International | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total recorded at fair value | 196 | 143 | ||
Collective Bargaining Agreement | Other Postretirement Benefits | Level 1 | Equity securities: | Dominion Energy Gas Holdings, LLC | U.S. | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total recorded at fair value | 130 | 121 | ||
Collective Bargaining Agreement | Other Postretirement Benefits | Level 1 | Equity securities: | Dominion Energy Gas Holdings, LLC | International | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total recorded at fair value | 33 | 24 | ||
Collective Bargaining Agreement | Other Postretirement Benefits | Level 1 | Corporate debt instruments | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total recorded at fair value | 2 | 2 | ||
Collective Bargaining Agreement | Other Postretirement Benefits | Level 1 | Government securities | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total recorded at fair value | 1 | 1 | ||
Collective Bargaining Agreement | Other Postretirement Benefits | Level 2 | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total recorded at fair value | 108 | 90 | ||
Collective Bargaining Agreement | Other Postretirement Benefits | Level 2 | Cash equivalents and other | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total recorded at fair value | 2 | 1 | ||
Collective Bargaining Agreement | Other Postretirement Benefits | Level 2 | Insurance contracts | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total recorded at fair value | 21 | 19 | ||
Collective Bargaining Agreement | Other Postretirement Benefits | Level 2 | Corporate debt instruments | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total recorded at fair value | 44 | 40 | ||
Collective Bargaining Agreement | Other Postretirement Benefits | Level 2 | Government securities | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total recorded at fair value | $ 41 | $ 30 | ||
[1] | These investments that are measured at fair value using the NAV per share (or its equivalent) as a practical expedient which are not required to be categorized in the fair value hierarchy. | |||
[2] | Excludes net assets related to pending sales of securities of $11 million, net accrued income of $19 million, and includes net assets related to pending purchases of securities of $15 million at December 31, 2017. Excludes net assets related to pending sales of securities of $46 million, net accrued income of $19 million, and includes net assets related to pending purchases of securities of $47 million at December 31, 2016. | |||
[3] | Excludes net assets related to pending sales of securities of $3 million, net accrued income of $4 million, and includes net assets related to pending purchases of securities of $3 million at December 31, 2017. Excludes net assets related to pending sales of securities of $10 million, net accrued income of $4 million, and includes net assets related to pending purchases of securities of $10 million at December 31, 2016. | |||
[4] | Excludes net assets related to pending sales of securities of $1 million, net accrued income of $2 million, and includes net assets related to pending purchases of securities of $1 million at December 31, 2017. Excludes net assets related to pending sales of securities of $5 million, net accrued income of $2 million, and includes net assets related to pending purchases of securities of $5 million at December 31, 2016. |
Employee Benefit Plans (Fair141
Employee Benefit Plans (Fair values of pension and post retirement plan assets by asset category) (Parenthetical) (Detail) - Collective Bargaining Agreement - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Pension Benefits | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Pending sales of securities | $ 11 | $ 46 |
Net accrued income | 19 | 19 |
Pending purchases of securities | 15 | 47 |
Other Postretirement Benefits | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Pending sales of securities | 1 | 5 |
Net accrued income | 2 | 2 |
Pending purchases of securities | 1 | 5 |
Dominion Energy Gas Holdings, LLC | Pension Benefits | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Pending sales of securities | 3 | 10 |
Net accrued income | 4 | 4 |
Pending purchases of securities | $ 3 | $ 10 |
Employee Benefit Plans (Net Per
Employee Benefit Plans (Net Periodic Benefit (Credit) Cost and Amounts Recognized in Other Comprehensive Income and Regulatory Assets and Liabilities) (Detail) - USD ($) $ in Millions | Sep. 30, 2017 | Jun. 30, 2017 | Jan. 31, 2017 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Expected return on plan assets | $ (767) | $ (691) | |||||
Dominion Energy Gas Holdings, LLC | |||||||
Expected return on plan assets | (165) | (157) | |||||
Pension Benefits | |||||||
Service cost | 138 | 118 | $ 126 | ||||
Interest cost | 345 | 317 | 287 | ||||
Expected return on plan assets | (639) | (573) | (531) | ||||
Amortization of prior service (credit) cost | 1 | 1 | 2 | ||||
Amortization of net actuarial loss | 162 | 111 | 160 | ||||
Settlements and curtailments | 1 | ||||||
Net periodic benefit (credit) cost | 7 | (25) | 44 | ||||
Changes in plan assets and benefit obligations recognized in other comprehensive income and regulatory assets and liabilities: | |||||||
Current year net actuarial (gain) loss | 142 | 931 | 159 | ||||
Prior service (credit) cost | 5 | ||||||
Settlements and curtailments | 1 | (1) | |||||
Amortization of net actuarial loss | (162) | (111) | (160) | ||||
Amortization of prior service credit (cost) | (1) | (1) | (2) | ||||
Total recognized in other comprehensive income and regulatory assets and liabilities | $ (15) | $ 818 | $ (3) | ||||
Significant assumptions used to determine periodic cost: | |||||||
Discount rate | 4.05% | 4.05% | 4.51% | 4.46% | 4.40% | ||
Expected long-term rate of return on plan assets | 8.75% | 8.75% | 8.75% | ||||
Weighted average rate of increase for compensation | 4.09% | 4.22% | 4.22% | ||||
Pension Benefits | Dominion Energy Gas Holdings, LLC | |||||||
Service cost | $ 15 | $ 13 | $ 15 | ||||
Interest cost | 30 | 30 | 27 | ||||
Expected return on plan assets | (141) | (134) | (126) | ||||
Amortization of prior service (credit) cost | 1 | ||||||
Amortization of net actuarial loss | 16 | 13 | 20 | ||||
Net periodic benefit (credit) cost | (80) | (78) | (63) | ||||
Changes in plan assets and benefit obligations recognized in other comprehensive income and regulatory assets and liabilities: | |||||||
Current year net actuarial (gain) loss | (75) | 91 | 97 | ||||
Amortization of net actuarial loss | (16) | (13) | (20) | ||||
Amortization of prior service credit (cost) | (1) | ||||||
Total recognized in other comprehensive income and regulatory assets and liabilities | $ (91) | $ 78 | $ 76 | ||||
Significant assumptions used to determine periodic cost: | |||||||
Discount rate | 4.50% | 4.99% | 4.40% | ||||
Expected long-term rate of return on plan assets | 8.75% | 8.75% | 8.75% | ||||
Weighted average rate of increase for compensation | 4.11% | 3.93% | 3.93% | ||||
Pension Benefits | Minimum | |||||||
Significant assumptions used to determine periodic cost: | |||||||
Discount rate | 3.31% | 2.87% | |||||
Pension Benefits | Maximum | |||||||
Significant assumptions used to determine periodic cost: | |||||||
Discount rate | 4.50% | 4.99% | |||||
Other Postretirement Benefits | |||||||
Service cost | $ 26 | $ 31 | $ 40 | ||||
Interest cost | 60 | 65 | 67 | ||||
Expected return on plan assets | (128) | (118) | (117) | ||||
Amortization of prior service (credit) cost | (51) | (35) | (27) | ||||
Amortization of net actuarial loss | 13 | 8 | 6 | ||||
Net periodic benefit (credit) cost | (80) | (49) | (31) | ||||
Changes in plan assets and benefit obligations recognized in other comprehensive income and regulatory assets and liabilities: | |||||||
Current year net actuarial (gain) loss | 12 | 178 | (18) | ||||
Prior service (credit) cost | (73) | (216) | (31) | ||||
Settlements and curtailments | 2 | ||||||
Amortization of net actuarial loss | (13) | (8) | (6) | ||||
Amortization of prior service credit (cost) | 51 | 35 | 27 | ||||
Total recognized in other comprehensive income and regulatory assets and liabilities | $ (21) | $ (11) | $ (28) | ||||
Significant assumptions used to determine periodic cost: | |||||||
Discount rate | 4.40% | ||||||
Expected long-term rate of return on plan assets | 8.50% | 8.50% | 8.50% | ||||
Weighted average rate of increase for compensation | 3.29% | 4.22% | 4.22% | ||||
Healthcare cost trend rate | 7.00% | 7.00% | 7.00% | ||||
Rate to which the cost trend rate is assumed to decline (the ultimate trend rate) | [1] | 5.00% | 5.00% | 5.00% | |||
Year that the rate reaches the ultimate trend rate | [1],[2] | 2,021 | 2,020 | 2,019 | |||
Other Postretirement Benefits | Dominion Energy Gas Holdings, LLC | |||||||
Service cost | $ 4 | $ 5 | $ 7 | ||||
Interest cost | 12 | 14 | 14 | ||||
Expected return on plan assets | (24) | (23) | (24) | ||||
Amortization of prior service (credit) cost | (3) | 1 | (1) | ||||
Amortization of net actuarial loss | 2 | 1 | 2 | ||||
Net periodic benefit (credit) cost | (9) | (2) | (2) | ||||
Changes in plan assets and benefit obligations recognized in other comprehensive income and regulatory assets and liabilities: | |||||||
Current year net actuarial (gain) loss | 18 | 28 | (9) | ||||
Prior service (credit) cost | (61) | ||||||
Amortization of net actuarial loss | (2) | (1) | (2) | ||||
Amortization of prior service credit (cost) | 3 | (1) | 1 | ||||
Total recognized in other comprehensive income and regulatory assets and liabilities | $ (42) | $ 26 | $ (10) | ||||
Significant assumptions used to determine periodic cost: | |||||||
Discount rate | 4.47% | 4.93% | 4.40% | ||||
Expected long-term rate of return on plan assets | 8.50% | 8.50% | 8.50% | ||||
Weighted average rate of increase for compensation | 4.11% | 3.93% | 3.93% | ||||
Healthcare cost trend rate | 7.00% | 7.00% | 7.00% | ||||
Rate to which the cost trend rate is assumed to decline (the ultimate trend rate) | [1] | 5.00% | 5.00% | 5.00% | |||
Year that the rate reaches the ultimate trend rate | [1] | 2,021 | 2,020 | 2,019 | |||
Other Postretirement Benefits | Minimum | |||||||
Significant assumptions used to determine periodic cost: | |||||||
Discount rate | 3.92% | 3.56% | |||||
Other Postretirement Benefits | Maximum | |||||||
Significant assumptions used to determine periodic cost: | |||||||
Discount rate | 4.47% | 4.94% | |||||
[1] | Assumptions used to determine net periodic cost for the following year. | ||||||
[2] | The Society of Actuaries model used to determine healthcare cost trend rates was updated in 2014. The new model converges to the ultimate trend rate much more quickly than previous models. |
Employee Benefit Plans (AOCI an
Employee Benefit Plans (AOCI and regulatory assets and liabilities that have not been recognized as components of periodic benefit (credit) cost) (Detail) - USD ($) $ in Millions | Dec. 31, 2017 | Dec. 31, 2016 | |
Defined Benefit Plan Disclosure [Line Items] | |||
Net actuarial loss | $ 659 | $ 799 | |
Dominion Energy Gas Holdings, LLC | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Net actuarial loss | 98 | 123 | |
Pension Benefits | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Net actuarial loss | 3,181 | 3,200 | |
Prior service (credit) cost | 8 | 4 | |
Total | [1] | 3,189 | 3,204 |
Pension Benefits | Dominion Energy Gas Holdings, LLC | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Net actuarial loss | 367 | 458 | |
Total | [2] | 367 | 458 |
Other Postretirement Benefits | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Net actuarial loss | 283 | 283 | |
Prior service (credit) cost | (440) | (419) | |
Total | [1] | (157) | (136) |
Other Postretirement Benefits | Dominion Energy Gas Holdings, LLC | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Net actuarial loss | 76 | 60 | |
Prior service (credit) cost | (52) | 7 | |
Total | [2] | $ 24 | $ 67 |
[1] | As of December 31, 2017, of the $3.2 billion and $(157) million related to pension benefits and other postretirement benefits, $1.9 billion and $(87) million, respectively, are included in AOCI, with the remainder included in regulatory assets and liabilities. As of December 31, 2016, of the $3.2 billion and $(136) million related to pension benefits and other postretirement benefits, $1.9 billion and $(103) million, respectively, are included in AOCI, with the remainder included in regulatory assets and liabilities. | ||
[2] | As of December 31, 2017, of the $367 million related to pension benefits, $134 million is included in AOCI, with the remainder included in regulatory assets and liabilities; the $24 million related to other postretirement benefits is included entirely in regulatory assets and liabilities. As of December 31, 2016, of the $458 million related to pension benefits, $167 million is included in AOCI, with the remainder included in regulatory assets and liabilities; the $67 million related to other postretirement benefits is included entirely in regulatory assets and liabilities. |
Employee Benefit Plans (AOCI144
Employee Benefit Plans (AOCI and regulatory assets and liabilities that have not been recognized as components of periodic benefit (credit) cost) (Parenthetical) (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | ||
Pension Benefits | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total | [1] | $ 3,189 | $ 3,204 |
Amount included in AOCI | 1,900 | 1,900 | |
Other Postretirement Benefits | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total | [1] | (157) | (136) |
Amount included in AOCI | (87) | (103) | |
Dominion Energy Gas Holdings, LLC | Pension Benefits | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total | [2] | 367 | 458 |
Amount included in AOCI | 134 | 167 | |
Dominion Energy Gas Holdings, LLC | Other Postretirement Benefits | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total | [2] | $ 24 | $ 67 |
[1] | As of December 31, 2017, of the $3.2 billion and $(157) million related to pension benefits and other postretirement benefits, $1.9 billion and $(87) million, respectively, are included in AOCI, with the remainder included in regulatory assets and liabilities. As of December 31, 2016, of the $3.2 billion and $(136) million related to pension benefits and other postretirement benefits, $1.9 billion and $(103) million, respectively, are included in AOCI, with the remainder included in regulatory assets and liabilities. | ||
[2] | As of December 31, 2017, of the $367 million related to pension benefits, $134 million is included in AOCI, with the remainder included in regulatory assets and liabilities; the $24 million related to other postretirement benefits is included entirely in regulatory assets and liabilities. As of December 31, 2016, of the $458 million related to pension benefits, $167 million is included in AOCI, with the remainder included in regulatory assets and liabilities; the $67 million related to other postretirement benefits is included entirely in regulatory assets and liabilities. |
Employee Benefit Plans (Compone
Employee Benefit Plans (Components of AOCI and Regulatory Assets and Liabilities) (Detail) - USD ($) $ in Millions | Dec. 31, 2017 | Dec. 31, 2015 |
Defined Benefit Plan Disclosure [Line Items] | ||
Net actuarial loss | $ (25) | |
Dominion Energy Gas Holdings, LLC | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Net actuarial loss | $ (3) | |
Pension Benefits | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Net actuarial loss | $ 193 | |
Prior service (credit) cost | 1 | |
Pension Benefits | Dominion Energy Gas Holdings, LLC | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Net actuarial loss | 19 | |
Other Postretirement Benefits | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Net actuarial loss | 11 | |
Prior service (credit) cost | (52) | |
Other Postretirement Benefits | Dominion Energy Gas Holdings, LLC | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Net actuarial loss | 3 | |
Prior service (credit) cost | $ (4) |
Employee Benefit Plans (Effect
Employee Benefit Plans (Effect of One Percentage Point Change on Benefit Plans) (Detail) - Other Postretirement Benefits $ in Millions | 12 Months Ended |
Dec. 31, 2017USD ($) | |
Defined Benefit Plan Disclosure [Line Items] | |
Effect of one percentage point increase on total of service and interest cost components | $ 24 |
Effect of one percentage point increase on other postretirement benefit obligation | 158 |
Effect of one percentage point decrease on total of service and interest cost components | (15) |
Effect of one percentage point decrease on other postretirement benefit obligation | (132) |
Dominion Energy Gas Holdings, LLC | |
Defined Benefit Plan Disclosure [Line Items] | |
Effect of one percentage point increase on total of service and interest cost components | 4 |
Effect of one percentage point increase on other postretirement benefit obligation | 31 |
Effect of one percentage point decrease on total of service and interest cost components | (3) |
Effect of one percentage point decrease on other postretirement benefit obligation | $ (26) |
Commitments and Contingencies (
Commitments and Contingencies (Narrative) (Detail) | 1 Months Ended | 12 Months Ended | |||||||||||||||||||
Dec. 31, 2017USD ($)siteFacilityParties | Sep. 30, 2017 | Jul. 31, 2017 | Jun. 30, 2017 | May 31, 2017Counts | Apr. 30, 2017PetitionStation | Mar. 31, 2017Counts | Aug. 31, 2016T | Jul. 31, 2016Parties | Oct. 31, 2015PartsPerBillion | Jun. 30, 2015Parties | Apr. 30, 2015Facility | Oct. 31, 2014Facilitygal | Jun. 30, 2014 | Sep. 30, 2013Bcfe | Dec. 31, 2017USD ($)siteFacility | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | Apr. 30, 2016USD ($) | Jul. 31, 2013Counts | ||
Loss Contingencies [Line Items] | |||||||||||||||||||||
ARO incurred | $ 37,000,000 | $ 204,000,000 | [1] | ||||||||||||||||||
Virginia Electric and Power Company | |||||||||||||||||||||
Loss Contingencies [Line Items] | |||||||||||||||||||||
ARO incurred | 11,000,000 | 9,000,000 | |||||||||||||||||||
Dominion Energy Gas Holdings, LLC | |||||||||||||||||||||
Loss Contingencies [Line Items] | |||||||||||||||||||||
ARO incurred | $ 2,000,000 | 6,000,000 | |||||||||||||||||||
Future Ash Pond and Landfill Closure Costs | |||||||||||||||||||||
Loss Contingencies [Line Items] | |||||||||||||||||||||
ARO incurred | 238,000,000 | $ 386,000,000 | |||||||||||||||||||
Increase in Property, Plant and Equipment [Member] | |||||||||||||||||||||
Loss Contingencies [Line Items] | |||||||||||||||||||||
ARO incurred | 17,000,000 | 166,000,000 | |||||||||||||||||||
Reversal of Contingent Liability [Member] | |||||||||||||||||||||
Loss Contingencies [Line Items] | |||||||||||||||||||||
ARO incurred | 121,000,000 | ||||||||||||||||||||
Increase in Regulatory Assets | |||||||||||||||||||||
Loss Contingencies [Line Items] | |||||||||||||||||||||
ARO incurred | 24,000,000 | ||||||||||||||||||||
Other operations and maintenance | |||||||||||||||||||||
Loss Contingencies [Line Items] | |||||||||||||||||||||
ARO incurred | $ 197,000,000 | $ 99,000,000 | |||||||||||||||||||
CWA | Minimum | Virginia Electric and Power Company | Possum Point Power Station | Judicial Ruling [Member] | |||||||||||||||||||||
Loss Contingencies [Line Items] | |||||||||||||||||||||
Additional specific sediment, water and aquatic life monitoring period | 2 years | ||||||||||||||||||||
CWA | EPA | Final Rule to Revise Effluent Limitations Guidelines for Steam Electric Power Generating Category | |||||||||||||||||||||
Loss Contingencies [Line Items] | |||||||||||||||||||||
Compliance date | 2023-12 | ||||||||||||||||||||
CWA | EPA | 2015 Effluent Limitations Guidelines Rule for Steam Electric Power Generating Category | |||||||||||||||||||||
Loss Contingencies [Line Items] | |||||||||||||||||||||
Compliance date | 2020-11 | ||||||||||||||||||||
Ozone Standards | EPA | Maximum | |||||||||||||||||||||
Loss Contingencies [Line Items] | |||||||||||||||||||||
Maximum period to develop plans to address new standard | 3 years | ||||||||||||||||||||
Unfavorable Regulatory Action | Maximum | Non-FTA | |||||||||||||||||||||
Loss Contingencies [Line Items] | |||||||||||||||||||||
Authorization export approval of natural gas per day | Bcfe | 0.77 | ||||||||||||||||||||
Unfavorable Regulatory Action | EPA | |||||||||||||||||||||
Loss Contingencies [Line Items] | |||||||||||||||||||||
Significant emission rate per rear CO2 equivalent | T | 75,000 | ||||||||||||||||||||
Electric generating station facilities heightened entrainment analysis per day | gal | 125,000,000 | ||||||||||||||||||||
Unfavorable Regulatory Action | Regulations To Reduce Nitrogen Oxideand Volatile Organic Compounds Emissions [Member] | Pennsylvania Department Of Environmental Protection [Member] | Dominion Gas Holdings, LLC | |||||||||||||||||||||
Loss Contingencies [Line Items] | |||||||||||||||||||||
Estimated compliance costs | $ 35,000,000 | ||||||||||||||||||||
Unfavorable Regulatory Action | CWA | |||||||||||||||||||||
Loss Contingencies [Line Items] | |||||||||||||||||||||
Number of facilities that may be subject to final regulations | Facility | 13 | ||||||||||||||||||||
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 | 8 | |||||||||||||||||||
Number of separate petitions for reconsideration granted | Petition | 2 | ||||||||||||||||||||
Unfavorable Regulatory Action | Coal Tar and Other Potentially Harmful Materials | EPA | |||||||||||||||||||||
Loss Contingencies [Line Items] | |||||||||||||||||||||
Number of former manufactured gas plant sites | site | 19 | 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 | Virginia Electric and Power Company | |||||||||||||||||||||
Loss Contingencies [Line Items] | |||||||||||||||||||||
Number of former manufactured gas plant sites | site | 3 | 3 | |||||||||||||||||||
Unfavorable Regulatory Action | Coal Tar and Other Potentially Harmful Materials | EPA | Dominion Energy Gas Holdings, LLC | |||||||||||||||||||||
Loss Contingencies [Line Items] | |||||||||||||||||||||
Number of former manufactured gas plant sites | site | 12 | 12 | |||||||||||||||||||
Unfavorable Regulatory Action | Coal Tar and Other Potentially Harmful Materials | EPA | Minimum | Virginia Electric and Power Company | |||||||||||||||||||||
Loss Contingencies [Line Items] | |||||||||||||||||||||
Estimated compliance costs | $ 1,000,000 | $ 1,000,000 | |||||||||||||||||||
Unfavorable Regulatory Action | Coal Tar and Other Potentially Harmful Materials | EPA | Maximum | Virginia Electric and Power Company | |||||||||||||||||||||
Loss Contingencies [Line Items] | |||||||||||||||||||||
Estimated compliance costs | 22,000,000 | 22,000,000 | |||||||||||||||||||
Unfavorable Regulatory Action | MATS | EPA | |||||||||||||||||||||
Loss Contingencies [Line Items] | |||||||||||||||||||||
Extension period for MATS compliance | 1 year | ||||||||||||||||||||
Requested compliance extension under EPA Administrative Order | 1 year | ||||||||||||||||||||
Unfavorable Regulatory Action | MATS | EPA | Virginia Electric and Power Company | |||||||||||||||||||||
Loss Contingencies [Line Items] | |||||||||||||||||||||
Number of effective days to operate power station units | 90 days | ||||||||||||||||||||
Period to be in service following receipt of all required permits | 23 months | ||||||||||||||||||||
Unfavorable Regulatory Action | Ozone Standards | EPA | |||||||||||||||||||||
Loss Contingencies [Line Items] | |||||||||||||||||||||
Standard emission level prior to revision | PartsPerBillion | 75 | ||||||||||||||||||||
Revised emission standard level | PartsPerBillion | 70 | ||||||||||||||||||||
Unfavorable Regulatory Action | Ozone Standards | EPA | Minimum | |||||||||||||||||||||
Loss Contingencies [Line Items] | |||||||||||||||||||||
Estimated compliance costs | 25,000,000 | 25,000,000 | |||||||||||||||||||
Unfavorable Regulatory Action | Ozone Standards | EPA | Maximum | |||||||||||||||||||||
Loss Contingencies [Line Items] | |||||||||||||||||||||
Estimated compliance costs | 35,000,000 | $ 35,000,000 | |||||||||||||||||||
Unfavorable Regulatory Action | Oil And Gas New Source Performance Standards [Member] | |||||||||||||||||||||
Loss Contingencies [Line Items] | |||||||||||||||||||||
Number of period court appeals DC vacated stay | 90 days | ||||||||||||||||||||
Unfavorable Regulatory Action | Oil And Gas New Source Performance Standards [Member] | EPA | |||||||||||||||||||||
Loss Contingencies [Line Items] | |||||||||||||||||||||
Requested compliance extension under EPA Administrative Order | 2 years | ||||||||||||||||||||
EPA notice issued reviewing month and year | 2017-04 | ||||||||||||||||||||
Number of period EPA published notice of reconsideration and partial stay | 90 days | ||||||||||||||||||||
Unfavorable Regulatory Action | CCR | EPA | Virginia Electric and Power Company | Environmental Protection Agency Final Rule Regulating Management of CCRs | Facilities Subject to Coal Combustion Residual Final Rule | |||||||||||||||||||||
Loss Contingencies [Line Items] | |||||||||||||||||||||
Number of facilities with CCR | Facility | 8 | ||||||||||||||||||||
Number of stations | Station | 4 | ||||||||||||||||||||
Breach of Contract Lawsuit | DETI | Pending Litigation [Member] | |||||||||||||||||||||
Loss Contingencies [Line Items] | |||||||||||||||||||||
Total number of counts in complaint | Counts | 8 | ||||||||||||||||||||
Accrued liability for legal matter | $ 2,000,000 | $ 2,000,000 | |||||||||||||||||||
Breach of Contract Lawsuit | DETI | Judicial Ruling [Member] | |||||||||||||||||||||
Loss Contingencies [Line Items] | |||||||||||||||||||||
Number of counts dismissed | Counts | 3 | ||||||||||||||||||||
Breach of Contract Lawsuit | DETI | Settled Litigation | |||||||||||||||||||||
Loss Contingencies [Line Items] | |||||||||||||||||||||
Number of claims withdrew | Counts | 1 | ||||||||||||||||||||
Liquefaction Project | Federal Energy Regulatory Commission | Cove Point | Pending Litigation [Member] | |||||||||||||||||||||
Loss Contingencies [Line Items] | |||||||||||||||||||||
Number of parties | Parties | 2 | ||||||||||||||||||||
Liquefaction Project | Federal Energy Regulatory Commission | Cove Point | Judicial Ruling [Member] | |||||||||||||||||||||
Loss Contingencies [Line Items] | |||||||||||||||||||||
Number of parties | Parties | 1 | 1 | 1 | ||||||||||||||||||
[1] | Primarily reflects AROs assumed in the Dominion Energy Questar Combination. See Note 3 for further information. |
Commitments and Contingencie148
Commitments and Contingencies (Nuclear Operations) (Narrative) (Detail) - USD ($) | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Loss Contingencies [Line Items] | |||
Amount of coverage purchased from commercial insurance pools | $ 450,000,000 | ||
Maximum assessment for premiums on insurance policy | 86,000,000 | ||
Maximum assessment for insurance policy | 22,000,000 | ||
Spent Nuclear Fuel | |||
Loss Contingencies [Line Items] | |||
Receivables | 46,000,000 | $ 56,000,000 | |
Nuclear Obligations | |||
Loss Contingencies [Line Items] | |||
Maximum liability protection per nuclear incident amount | $ 13,440,000,000 | ||
Inflationary provision adjustment period | 5 years | ||
Maximum | |||
Loss Contingencies [Line Items] | |||
Amount that could be assessed for each licensed reactor | $ 127,000,000 | ||
Amount that could be assessed for each licensed reactor per reactor | 19,000,000 | ||
Millstone Unit 1 | |||
Loss Contingencies [Line Items] | |||
Minimum financial assurance | 2,700,000,000 | ||
Millstone | |||
Loss Contingencies [Line Items] | |||
Settlement amount | 14,000,000 | 22,000,000 | $ 17,000,000 |
Surry and North Anna | |||
Loss Contingencies [Line Items] | |||
Settlement amount | 22,000,000 | 30,000,000 | $ 8,000,000 |
Virginia Electric and Power Company | |||
Loss Contingencies [Line Items] | |||
Maximum assessment for premiums on insurance policy | 50,000,000 | ||
Maximum assessment for insurance policy | 10,000,000 | ||
Virginia Electric and Power Company | Spent Nuclear Fuel | |||
Loss Contingencies [Line Items] | |||
Receivables | 30,000,000 | $ 37,000,000 | |
Virginia Electric and Power Company | Kewaunee | |||
Loss Contingencies [Line Items] | |||
Minimum financial assurance | $ 1,800,000,000 |
Commitments and Contingencie149
Commitments and Contingencies (Nuclear Insurance) (Detail) $ in Millions | Dec. 31, 2017USD ($) | |
Millstone | ||
Guarantor Obligations [Line Items] | ||
Property insurance coverage | $ 1,700 | |
Kewaunee | ||
Guarantor Obligations [Line Items] | ||
Property insurance coverage | 1,060 | |
Surry | Virginia Electric and Power Company | ||
Guarantor Obligations [Line Items] | ||
Property insurance coverage | 1,700 | [1] |
North Anna | Virginia Electric and Power Company | ||
Guarantor Obligations [Line Items] | ||
Property insurance coverage | $ 1,700 | [1] |
[1] | Surry and North Anna share a blanket property limit of $200 million. |
Commitments and Contingencie150
Commitments and Contingencies (Nuclear Insurance) (Parenthetical) (Detail) $ in Millions | Dec. 31, 2017USD ($) |
Surry and North Anna | |
Guarantor Obligations [Line Items] | |
Coverage amount | $ 200 |
Commitment and Contingencies (S
Commitment and Contingencies (Schedule of Long Term Purchase Commitments) (Detail) - Virginia Electric and Power Company - Purchased electric capacity $ in Millions | Dec. 31, 2017USD ($) | [1] |
Long-term Purchase Commitment [Line Items] | ||
2,018 | $ 93 | |
2,019 | 61 | |
2,020 | 52 | |
2,021 | 46 | |
2,022 | 0 | |
Thereafter | 0 | |
Total | $ 252 | |
[1] | Commitments represent estimated amounts payable for capacity under a power purchase contract with a qualifying facility and an independent power producer, which ends in 2021. Capacity payments under the contract are generally based on fixed dollar amounts per month, subject to escalation using broad-based economic indices. At December 31, 2017, the present value of Virginia Power's total commitment for capacity payments is $221 million. Capacity payments totaled $114 million, $248 million, and $305 million, and energy payments totaled $72 million, $126 million, and $198 million for the years ended 2017, 2016 and 2015, respectively. |
Commitment and Contingencies152
Commitment and Contingencies (Schedule of Long Term Purchase Commitments) (Parenthetical) (Detail) - Virginia Electric and Power Company - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Long-term Purchase Commitment [Line Items] | |||
Present value of total commitment for capacity payments | $ 221 | ||
Purchased electric capacity | |||
Long-term Purchase Commitment [Line Items] | |||
Payments | 114 | $ 248 | $ 305 |
Energy payments | |||
Long-term Purchase Commitment [Line Items] | |||
Payments | $ 72 | $ 126 | $ 198 |
Commitments and Contingencie153
Commitments and Contingencies (Lease Commitments) (Detail) $ in Millions | Dec. 31, 2017USD ($) | |
Loss Contingencies [Line Items] | ||
2,018 | $ 68 | [1] |
2,019 | 63 | [1] |
2,020 | 56 | [1] |
2,021 | 48 | [1] |
2,022 | 39 | [1] |
Thereafter | 361 | [1] |
Total | 635 | [1] |
Virginia Electric and Power Company | ||
Loss Contingencies [Line Items] | ||
2,018 | 34 | |
2,019 | 31 | |
2,020 | 27 | |
2,021 | 22 | |
2,022 | 15 | |
Thereafter | 28 | |
Total | 157 | |
Dominion Gas Holdings, LLC | ||
Loss Contingencies [Line Items] | ||
2,018 | 15 | |
2,019 | 13 | |
2,020 | 10 | |
2,021 | 9 | |
2,022 | 7 | |
Thereafter | 41 | |
Total | $ 95 | |
[1] | Amounts include a lease agreement for the Dominion Energy Questar corporate office, which is accounted for as a capital lease. At December 31, 2017 and 2016, the Consolidated Balance Sheets include $27 million and $30 million, respectively, in property, plant and equipment and $33 million and $35 million, respectively, in other deferred credits and other liabilities. The Consolidated Statements of Income include $3 million and less than $1 million recorded in depreciation, depletion and amortization for the years ended December 31, 2017 and 2016. |
Commitments and Contingencie154
Commitments and Contingencies (Lease Commitments) (Parenthetical) (Detail) - Dominion Questar Corporation - Corporate office - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Loss Contingencies [Line Items] | ||
Amount included in property plant and equipment | $ 27 | $ 30 |
Amount included in other deferred credits and other liabilities | 33 | 35 |
Amount recorded in depreciation, depletion and amortization (less than $1 million) | $ 3 | $ 1 |
Commitments and Contingencie155
Commitments and Contingencies (Lease Commitments) (Narrative) (Detail) - USD ($) $ in Millions | 1 Months Ended | 12 Months Ended | ||
Jul. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Loss Contingencies [Line Items] | ||||
Rental expense | $ 113 | $ 104 | $ 99 | |
Corporate office | Agreement with Lessor to Construct and Lease Corporate Office Property | ||||
Loss Contingencies [Line Items] | ||||
Requested cash draws from lessor to fund project costs | 139 | |||
Required percentage payment of funded amount under certain events of default | 89.90% | |||
Required percentage payment for specific full recourse events | 100.00% | |||
Lease term | 5 years | |||
Extension term of lease | 5 years | |||
Required percentage payment to lessor for difference between project costs and sales proceeds | 87.00% | |||
Virginia Electric and Power Company | ||||
Loss Contingencies [Line Items] | ||||
Rental expense | 57 | 52 | 51 | |
Dominion Gas Holdings, LLC | ||||
Loss Contingencies [Line Items] | ||||
Rental expense | $ 34 | $ 37 | $ 37 | |
Lessor | Corporate office | Agreement with Lessor to Construct and Lease Corporate Office Property | ||||
Loss Contingencies [Line Items] | ||||
Amount of financing commitments to fund estimated project costs | $ 365 |
Commitments and Contingencie156
Commitments and Contingencies (Guarantees, Surety Bonds and Letters of Credit) (Detail) - USD ($) | 1 Months Ended | 12 Months Ended | ||
Oct. 31, 2017 | Dec. 31, 2017 | Dec. 31, 2016 | ||
Guarantor Obligations [Line Items] | ||||
Facility Limit | $ 5,500,000,000 | $ 5,500,000,000 | ||
Maximum Exposure | [1] | 5,771,000,000 | ||
Cove Point | ||||
Guarantor Obligations [Line Items] | ||||
Maximum Exposure | [2] | 1,900,000,000 | ||
Virginia Electric and Power Company | ||||
Guarantor Obligations [Line Items] | ||||
Facility Limit | [3] | 5,500,000,000 | 5,500,000,000 | |
Dominion Energy Gas Holdings, LLC | ||||
Guarantor Obligations [Line Items] | ||||
Facility Limit | [4] | 1,500,000,000 | $ 1,500,000,000 | |
Nuclear Obligations | ||||
Guarantor Obligations [Line Items] | ||||
Maximum Exposure | [5] | 227,000,000 | ||
Commodity Transactions | ||||
Guarantor Obligations [Line Items] | ||||
Maximum Exposure | [6] | 2,027,000,000 | ||
Surety Bond [Member] | ||||
Guarantor Obligations [Line Items] | ||||
Maximum Exposure | 153,000,000 | |||
Surety Bond [Member] | Virginia Electric and Power Company | ||||
Guarantor Obligations [Line Items] | ||||
Maximum Exposure | 63,000,000 | |||
Surety Bond [Member] | Dominion Energy Gas Holdings, LLC | ||||
Guarantor Obligations [Line Items] | ||||
Maximum Exposure | 24,000,000 | |||
Financial Standby Letter of Credit [Member] | ||||
Guarantor Obligations [Line Items] | ||||
Maximum Exposure | 76,000,000 | |||
Debt [Member] | Virginia Electric and Power Company | ||||
Guarantor Obligations [Line Items] | ||||
Maximum Exposure | 14,000,000 | |||
Solar | ||||
Guarantor Obligations [Line Items] | ||||
Maximum Exposure | [7] | 1,064,000,000 | ||
Other | ||||
Guarantor Obligations [Line Items] | ||||
Maximum Exposure | [8] | 553,000,000 | ||
Revolving Credit Facility | Atlantic Coast Pipeline | Financial Guarantee [Member] | ||||
Guarantor Obligations [Line Items] | ||||
Facility Limit | $ 3,400,000,000 | 3,400,000,000 | ||
Revolving credit facility stated maturity date | Oct. 31, 2021 | |||
Maximum potential loss exposure, limited guarantee percentage | 48.00% | |||
Guarantee liability | 28,000,000 | |||
Guarantee recorded amount | 664,000,000 | |||
Equity Method Investee [Member] | Financial Guarantee [Member] | ||||
Guarantor Obligations [Line Items] | ||||
Maximum Exposure | 48,000,000 | |||
Affiliated Entity | Financial Guarantee [Member] | ||||
Guarantor Obligations [Line Items] | ||||
Maximum Exposure | 17,000,000 | |||
Minimum | Affiliated Entity | Financial Guarantee [Member] | ||||
Guarantor Obligations [Line Items] | ||||
Maximum annual future contributions | 4,000,000 | |||
Maximum | Affiliated Entity | Financial Guarantee [Member] | ||||
Guarantor Obligations [Line Items] | ||||
Maximum annual future contributions | $ 14,000,000 | |||
[1] | Excludes Dominion Energy's guarantee for the construction of the new corporate office property discussed further within Lease Commitments above. | |||
[2] | Guarantees related to Cove Point, in support of terminal services, transportation and construction. Cove Point has two guarantees that have no maximum limit and, therefore, are not included in this amount. | |||
[3] | The full amount of the facilities is available to Virginia Power, less any amounts outstanding to co-borrowers Dominion Energy, Dominion Energy Gas and Questar 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 December 31, 2017, the sub-limit for Virginia Power was an aggregate $1.5 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 Energy. These facilities mature in April 2020, and 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. | |||
[4] | A maximum of a combined $1.5 billion of the facilities is available to Dominion Energy Gas, assuming adequate capacity is available after giving effect to uses by co-borrowers Dominion Energy, Virginia Power and Questar Gas. Sub-limits for Dominion Energy Gas are set within the facility limit but can be changed at the option of the Companies multiple times per year. At December 31, 2017, the sub-limit for Dominion Energy Gas was an aggregate $500 million. If Dominion Energy 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 Energy. These credit facilities mature in April 2020 and 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. | |||
[5] | Guarantees related to certain DGI subsidiaries' regarding all aspects of running a nuclear facility. | |||
[6] | Guarantees related to commodity commitments of certain subsidiaries. These guarantees were provided to counterparties in order to facilitate physical and financial transaction related commodities and services. | |||
[7] | Includes guarantees to facilitate the development of solar projects. Also includes guarantees entered into by DGI on behalf of certain subsidiaries to facilitate the acquisition and development of solar projects. | |||
[8] | Guarantees related to other miscellaneous contractual obligations such as leases, environmental obligations, construction projects and insurance programs. Due to the uncertainty of worker's compensation claims, the parental guarantee has no stated limit. Also included are guarantees related to certain DGI subsidiaries' obligations for equity capital contributions and energy generation associated with Fowler Ridge and NedPower. As of December 31, 2017, Dominion Energy's maximum remaining cumulative exposure under these equity funding agreements is $17 million through 2019 and its maximum annual future contributions could range from approximately $4 million to $14 million. |
Credit Risk (Narrative) (Detail
Credit Risk (Narrative) (Detail) $ in Millions | 12 Months Ended | |
Dec. 31, 2017USD ($)CounterpartyCustomer | Dec. 31, 2016USD ($) | |
Concentration Risk And Guarantor Obligations [Line Items] | ||
Gross credit exposure | $ 95 | |
Additional collateral to be posted if the credit related contingent features were triggered | 62 | $ 3 |
Aggregate fair value of all derivative instruments with credit contingent provisions that are in a liability position | 65 | $ 9 |
Virginia Electric and Power Company | ||
Concentration Risk And Guarantor Obligations [Line Items] | ||
Gross credit exposure | 60 | |
Dominion Energy Gas Holdings, LLC | ||
Concentration Risk And Guarantor Obligations [Line Items] | ||
Gross credit exposure | $ 15 | |
Credit Concentration Risk | ||
Concentration Risk And Guarantor Obligations [Line Items] | ||
Number of counterparties | Counterparty | 0 | |
Amount of exposure for single counterparty | $ 13 | |
Credit Concentration Risk | Virginia Electric and Power Company | ||
Concentration Risk And Guarantor Obligations [Line Items] | ||
Number of counterparties | Counterparty | 0 | |
Amount of exposure for single counterparty | $ 13 | |
Credit Concentration Risk | Dominion Energy Gas Holdings, LLC | ||
Concentration Risk And Guarantor Obligations [Line Items] | ||
Number of counterparties | 0 | |
Amount of exposure for single counterparty | $ 4 | |
Credit Concentration Risk | Investment Grade | Investment Grade Counterparty | ||
Concentration Risk And Guarantor Obligations [Line Items] | ||
Concentration risk, percentage (percentage) | 26.00% | |
Credit Concentration Risk | Investment Grade | Investment Grade Counterparty | Virginia Electric and Power Company | ||
Concentration Risk And Guarantor Obligations [Line Items] | ||
Concentration risk, percentage (percentage) | 9.00% | |
Credit Concentration Risk | Investment Grade | Investment Grade Counterparty | Dominion Energy Gas Holdings, LLC | ||
Concentration Risk And Guarantor Obligations [Line Items] | ||
Concentration risk, percentage (percentage) | 22.00% | |
Customer Concentration Risk | Sales Revenue, Net | Dominion Energy Gas Holdings, LLC | ||
Concentration Risk And Guarantor Obligations [Line Items] | ||
Concentration risk, percentage (percentage) | 96.00% | |
Number of customers | Customer | 289 | |
Customer Concentration Risk | Sales Revenue, Net | Dominion Energy Gas Holdings, LLC | Ten Largest Customers | ||
Concentration Risk And Guarantor Obligations [Line Items] | ||
Concentration risk, percentage (percentage) | 38.00% | |
Number of customers | Customer | 10 | |
Customer Concentration Risk | Sales Revenue, Net | Dominion Energy Gas Holdings, LLC | Thirty Largest Customers | ||
Concentration Risk And Guarantor Obligations [Line Items] | ||
Concentration risk, percentage (percentage) | 68.00% | |
Number of customers | Customer | 30 | |
Customer Concentration Risk | Sales Revenue, Net | East Ohio | ||
Concentration Risk And Guarantor Obligations [Line Items] | ||
Concentration risk, percentage (percentage) | 98.00% |
Related-Party Transactions (Nar
Related-Party Transactions (Narrative) (Detail) - USD ($) shares in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Related Party Transaction [Line Items] | |||
Derivative Asset | $ 307,000,000 | $ 279,000,000 | |
Derivative Liabilities | 284,000,000 | 155,000,000 | |
Dominion Energy Gas Holdings, LLC | |||
Related Party Transaction [Line Items] | |||
Derivative Asset | 32,000,000 | ||
Derivative Liabilities | 8,000,000 | 11,000,000 | |
Short term demand note | 18,000,000 | 118,000,000 | |
Dominion Energy Gas Holdings, LLC | Revolving Credit Facility | IRCA | |||
Related Party Transaction [Line Items] | |||
Short term demand note | $ 18,000,000 | $ 118,000,000 | |
Weighted- average interest rate percentage | 1.60% | 1.08% | |
Dominion Energy Gas Holdings, LLC | Pension Benefits | Amounts Associated with the Dominion Pension Plan | |||
Related Party Transaction [Line Items] | |||
Amounts due from Dominion, noncurrent | $ 734,000,000 | $ 697,000,000 | |
Dominion Energy Gas Holdings, LLC | Medical Coverage for Local retirees | Amounts Associated with the Dominion Retiree Health and Welfare Plan | |||
Related Party Transaction [Line Items] | |||
Amounts due from Dominion, noncurrent | 7,000,000 | 2,000,000 | |
Virginia Electric and Power Company | |||
Related Party Transaction [Line Items] | |||
Derivative Asset | 166,000,000 | 194,000,000 | |
Derivative Liabilities | 66,000,000 | 31,000,000 | |
Short term demand note | 33,000,000 | 262,000,000 | |
Outstanding borrowings, net of repayments, under money pool for non-regulated subsidiaries | $ 0 | $ 0 | |
Issuance of common stock (in shares) | 0 | 0 | 0 |
Virginia Electric and Power Company | Affiliated Entity | |||
Related Party Transaction [Line Items] | |||
Derivative Asset | $ 11,000,000 | $ 41,000,000 | |
Derivative Liabilities | 5,000,000 | 8,000,000 | |
Virginia Electric and Power Company | Principal Owner | |||
Related Party Transaction [Line Items] | |||
Short term demand note | $ 33,000,000 | $ 262,000,000 | |
Weighted- average interest rate percentage | 1.65% | 0.97% | |
Virginia Electric and Power Company | Pension Benefits | Amounts Associated with the Dominion Pension Plan | |||
Related Party Transaction [Line Items] | |||
Amounts due to Dominion, noncurrent | $ 505,000,000 | $ 396,000,000 | |
Virginia Electric and Power Company | Medical Coverage for Local retirees | Amounts Associated with the Dominion Retiree Health and Welfare Plan | |||
Related Party Transaction [Line Items] | |||
Amounts due from Dominion, noncurrent | $ 199,000,000 | $ 130,000,000 |
Related-Party Transactions (Det
Related-Party Transactions (Detail) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | ||
Virginia Electric and Power Company | ||||
Related Party Transaction [Line Items] | ||||
Commodity purchases from affiliates | $ 674 | $ 571 | $ 555 | |
Services provided by affiliates | [1] | 453 | 454 | 422 |
Virginia Electric and Power Company | Affiliated Entity | ||||
Related Party Transaction [Line Items] | ||||
Services provided to related parties | 25 | 22 | 22 | |
Dominion Energy Gas Holdings, LLC | ||||
Related Party Transaction [Line Items] | ||||
Services provided to related parties | [2] | 156 | 128 | 101 |
Commodity purchases from affiliates | 5 | 9 | 10 | |
Services provided by affiliates | [3] | 143 | 141 | 133 |
Other receivables | [4] | 12 | 10 | |
Customer receivables from related parties | 1 | 1 | ||
Affiliated notes receivable | [5] | 20 | 18 | |
Dominion Energy Gas Holdings, LLC | Affiliated Entity | ||||
Related Party Transaction [Line Items] | ||||
Services provided to related parties | 70 | 69 | $ 69 | |
Imbalances receivable from affiliates | $ 1 | 2 | ||
Imbalances payable to affiliates | [6] | $ 4 | ||
[1] | Includes capitalized expenditures of $144 million, $144 million and $143 million for the year ended December 31, 2017, 2016 and 2015, respectively. | |||
[2] | Amounts primarily attributable to Atlantic Coast Pipeline. | |||
[3] | Includes capitalized expenditures of $45 million, $49 million and $57 million for the year ended December 31, 2017, 2016 and 2015, respectively. | |||
[4] | Represents amounts due from Atlantic Coast Pipeline, a related party VIE. | |||
[5] | Amounts are presented in other deferred charges and other assets in Dominion Energy Gas' Consolidated Balance Sheets. | |||
[6] | Amounts are presented in other current liabilities in Dominion Energy Gas' Consolidated Balance Sheets. |
Related-Party Transactions (Par
Related-Party Transactions (Parenthetical) (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Related Party Transaction [Line Items] | |||
Capital expenditures | $ 5,504 | $ 6,085 | $ 5,575 |
Virginia Electric and Power Company | |||
Related Party Transaction [Line Items] | |||
Capital expenditures | 2,496 | 2,489 | 2,474 |
Virginia Electric and Power Company | Services provided by affiliates | Affiliated Entity | |||
Related Party Transaction [Line Items] | |||
Capital expenditures | 144 | 144 | 143 |
Dominion Energy Gas Holdings, LLC | |||
Related Party Transaction [Line Items] | |||
Capital expenditures | 778 | 854 | 795 |
Dominion Energy Gas Holdings, LLC | Services provided by affiliates | Affiliated Entity | |||
Related Party Transaction [Line Items] | |||
Capital expenditures | $ 45 | $ 49 | $ 57 |
Operating Segments (Narrative)
Operating Segments (Narrative) (Detail) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Segment Reporting Information [Line Items] | |||||
Tax benefit resulting from remeasurement of deferred income taxes as a result of the 2017 Tax Reform Act | $ (851) | $ (851) | |||
Charges associated with equity method investments in wind-powered generation facilities | 158 | ||||
Charges associated with equity method investments in wind-powered generation facilities, after tax | 96 | ||||
Charges associated with future ash pond and landfill closure costs | $ 197 | $ 99 | |||
Virginia Electric and Power Company | |||||
Segment Reporting Information [Line Items] | |||||
Tax benefit resulting from remeasurement of deferred income taxes as a result of the 2017 Tax Reform Act | (93) | (93) | |||
Charges associated with future ash pond and landfill closure costs | 197 | 99 | |||
Dominion Energy Gas Holdings, LLC | |||||
Segment Reporting Information [Line Items] | |||||
Tax benefit resulting from remeasurement of deferred income taxes as a result of the 2017 Tax Reform Act | $ (197) | (197) | |||
Facilities Subject to Coal Combustion Residual Final Rule | |||||
Segment Reporting Information [Line Items] | |||||
Charge related to future ash pond and landfill closure costs | $ 122 | ||||
Facilities Subject to Coal Combustion Residual Final Rule | Virginia Electric and Power Company | |||||
Segment Reporting Information [Line Items] | |||||
Charge related to future ash pond and landfill closure costs | $ 121 | ||||
Operating Segments | |||||
Segment Reporting Information [Line Items] | |||||
After-tax net (expenses) benefit | 861 | (180) | (136) | ||
Tax benefit resulting from remeasurement of deferred income taxes as a result of the 2017 Tax Reform Act | 979 | ||||
Charges associated with equity method investments in wind-powered generation facilities | 158 | ||||
Charges associated with equity method investments in wind-powered generation facilities, after tax | 96 | ||||
Operating Segments | Virginia Electric and Power Company | |||||
Segment Reporting Information [Line Items] | |||||
Tax benefit resulting from remeasurement of deferred income taxes as a result of the 2017 Tax Reform Act | 93 | ||||
Operating Segments | Dominion Energy Gas Holdings, LLC | |||||
Segment Reporting Information [Line Items] | |||||
After-tax net (expenses) benefit | (174) | (7) | (13) | ||
Tax benefit resulting from remeasurement of deferred income taxes as a result of the 2017 Tax Reform Act | 185 | ||||
Ceiling test impairment charge | 16 | ||||
Ceiling test impairment charge, net of tax | 10 | ||||
Operating Segments | Organizational Design Initiative | |||||
Segment Reporting Information [Line Items] | |||||
Organizational design initiative charges, after tax | 36 | ||||
Organizational design initiative | 59 | ||||
Operating Segments | Organizational Design Initiative | Dominion Energy Gas Holdings, LLC | |||||
Segment Reporting Information [Line Items] | |||||
Organizational design initiative charges, after tax | 5 | ||||
Organizational design initiative | 8 | ||||
Operating Segments | Corporate and Other | |||||
Segment Reporting Information [Line Items] | |||||
After-tax net (expenses) benefit | 389 | (484) | (391) | ||
Operating Segments | Corporate and Other | Virginia Electric and Power Company | |||||
Segment Reporting Information [Line Items] | |||||
After-tax net (expenses) benefit | 74 | (173) | (153) | ||
Operating Segments | Corporate and Other | Dominion Energy Gas Holdings, LLC | |||||
Segment Reporting Information [Line Items] | |||||
After-tax net (expenses) benefit | (179) | (3) | (21) | ||
Operating Segments | Dominion Generation | Virginia Regulation | Deferred Fuel Costs | |||||
Segment Reporting Information [Line Items] | |||||
Write offs of deferred fuel costs | 85 | ||||
Write off of deferred fuel cost, net of tax | 52 | ||||
Operating Segments | Dominion Generation | Virginia Regulation | Deferred Fuel Costs | Virginia Electric and Power Company | |||||
Segment Reporting Information [Line Items] | |||||
Write offs of deferred fuel costs | 85 | ||||
Write off of deferred fuel cost, net of tax | 52 | ||||
Operating Segments | Dominion Generation | Facilities Subject to Coal Combustion Residual Final Rule | |||||
Segment Reporting Information [Line Items] | |||||
Charges associated with future ash pond and landfill closure costs | 197 | 99 | |||
Charge related to future ash pond and landfill closure costs | 122 | 60 | |||
Operating Segments | Dominion Generation | Facilities Subject to Coal Combustion Residual Final Rule | Virginia Electric and Power Company | |||||
Segment Reporting Information [Line Items] | |||||
Charges associated with future ash pond and landfill closure costs | 197 | 99 | |||
Charge related to future ash pond and landfill closure costs | 121 | $ 60 | |||
Operating Segments | Gas Infrastructure | Organizational Design Initiative | |||||
Segment Reporting Information [Line Items] | |||||
Organizational design initiative charges, after tax | 324 | 12 | |||
Operating Segments | Power Generation | Organizational Design Initiative | |||||
Segment Reporting Information [Line Items] | |||||
Organizational design initiative charges, after tax | $ 655 | 19 | |||
Operating Segments | Power Delivery | Organizational Design Initiative | |||||
Segment Reporting Information [Line Items] | |||||
Organizational design initiative charges, after tax | $ 5 |
Operating Segments (Schedule of
Operating Segments (Schedule of Segment Reporting Information, by Segment) (Detail) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | ||||||||||||
Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | ||||
Segment Reporting Information [Line Items] | ||||||||||||||
Total revenue | $ 3,210 | $ 3,179 | $ 2,813 | $ 3,384 | $ 3,086 | $ 3,132 | $ 2,598 | $ 2,921 | $ 12,586 | [1] | $ 11,737 | [1] | $ 11,683 | [1] |
Depreciation and amortization | 1,905 | 1,559 | 1,395 | |||||||||||
Equity in earnings of equity method investees | (18) | 111 | 56 | |||||||||||
Interest income | 82 | 66 | 58 | |||||||||||
Interest and related charges | 1,205 | 1,010 | 904 | |||||||||||
Income tax expense (benefit) | (30) | 655 | 905 | |||||||||||
Net income | 1,312 | 665 | 390 | 632 | 457 | 690 | 452 | 524 | 2,999 | 2,123 | 1,899 | |||
Investment in equity method investees | 1,544 | 1,561 | 1,544 | 1,561 | 1,320 | |||||||||
Capital expenditures | 5,504 | 6,085 | 5,575 | |||||||||||
Capital expenditures | 5,909 | 6,125 | 5,993 | |||||||||||
Total assets | 76,585 | 71,610 | 76,585 | 71,610 | ||||||||||
Virginia Electric and Power Company | ||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||
Total revenue | 1,824 | 2,154 | 1,747 | 1,831 | 1,711 | 2,211 | 1,776 | 1,890 | 7,556 | 7,588 | 7,622 | |||
Depreciation and amortization | 1,141 | 1,025 | 953 | |||||||||||
Interest income | 19 | 7 | ||||||||||||
Interest and related charges | 494 | 461 | 443 | |||||||||||
Income tax expense (benefit) | 774 | 727 | 659 | |||||||||||
Net income | 407 | 459 | 318 | 356 | 172 | 503 | 280 | 263 | 1,540 | 1,218 | 1,087 | |||
Capital expenditures | 2,496 | 2,489 | 2,474 | |||||||||||
Capital expenditures | 2,729 | 2,649 | 2,689 | |||||||||||
Total assets | 35,139 | 33,308 | 35,139 | 33,308 | ||||||||||
Dominion Energy Gas Holdings, LLC | ||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||
Total revenue | 501 | 401 | 422 | 490 | 457 | 382 | 368 | 431 | 1,814 | [2] | 1,638 | [2] | 1,716 | [2] |
Depreciation and amortization | 227 | 204 | 217 | |||||||||||
Equity in earnings of equity method investees | 21 | 21 | 23 | |||||||||||
Interest income | 2 | 1 | 1 | |||||||||||
Interest and related charges | 97 | 94 | 73 | |||||||||||
Income tax expense (benefit) | 51 | 215 | 283 | |||||||||||
Net income | 313 | $ 117 | $ 77 | $ 108 | 106 | $ 83 | $ 105 | $ 98 | 615 | 392 | 457 | |||
Investment in equity method investees | 95 | 98 | 95 | 98 | 102 | |||||||||
Capital expenditures | 778 | 854 | 795 | |||||||||||
Total assets | 11,940 | 11,142 | 11,940 | 11,142 | ||||||||||
Power Delivery | ||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||
Total revenue | 2,206 | 2,210 | 2,091 | |||||||||||
Power Generation | ||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||
Total revenue | 6,676 | 6,747 | 7,001 | |||||||||||
Gas Infrastructure | ||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||
Total revenue | 2,832 | 2,069 | 1,877 | |||||||||||
Gas Infrastructure | Dominion Energy Gas Holdings, LLC | ||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||
Total revenue | 1,814 | 1,638 | 1,716 | |||||||||||
Depreciation and amortization | 227 | 214 | 213 | |||||||||||
Equity in earnings of equity method investees | 21 | 21 | 23 | |||||||||||
Interest income | 2 | 1 | 1 | |||||||||||
Interest and related charges | 97 | 92 | 72 | |||||||||||
Income tax expense (benefit) | 256 | 237 | 296 | |||||||||||
Net income | 436 | 395 | 478 | |||||||||||
Investment in equity method investees | 95 | 98 | 95 | 98 | 102 | |||||||||
Capital expenditures | 778 | 854 | 795 | |||||||||||
Total assets | 11,300 | 10,500 | 11,300 | 10,500 | ||||||||||
Corporate and Other | ||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||
Total revenue | 16 | (7) | (27) | |||||||||||
Corporate and Other | Dominion Energy Gas Holdings, LLC | ||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||
Depreciation and amortization | (10) | 4 | ||||||||||||
Interest and related charges | 2 | 1 | ||||||||||||
Income tax expense (benefit) | (205) | (22) | (13) | |||||||||||
Net income | 179 | (3) | (21) | |||||||||||
Total assets | 600 | 600 | 600 | 600 | ||||||||||
Adjustments & Eliminations | ||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||
Total revenue | 856 | 718 | 741 | |||||||||||
Interest income | (155) | (78) | (44) | |||||||||||
Interest and related charges | (155) | (78) | (44) | |||||||||||
Total assets | (9,100) | (7,300) | (9,100) | (7,300) | ||||||||||
Adjustments & Eliminations | Virginia Electric and Power Company | ||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||
Interest income | (3) | |||||||||||||
Interest and related charges | (3) | (2) | (1) | |||||||||||
Total assets | (100) | (100) | (100) | (100) | ||||||||||
Intersegment revenue | ||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||
Total revenue | (1,476) | (1,339) | (1,284) | |||||||||||
Intersegment revenue | Power Delivery | ||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||
Total revenue | (22) | (23) | (20) | |||||||||||
Intersegment revenue | Power Generation | ||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||
Total revenue | (10) | (10) | (15) | |||||||||||
Intersegment revenue | Gas Infrastructure | ||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||
Total revenue | (834) | (697) | (695) | |||||||||||
Intersegment revenue | Corporate and Other | ||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||
Total revenue | (610) | (609) | (554) | |||||||||||
Eliminations | ||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||
Total revenue | (620) | (621) | (543) | |||||||||||
Operating Segments | ||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||
Total revenue | 12,586 | 11,737 | 11,683 | |||||||||||
Operating Segments | Power Delivery | ||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||
Total revenue | 2,228 | 2,233 | 2,111 | |||||||||||
Depreciation and amortization | 593 | 537 | 498 | |||||||||||
Interest income | 4 | |||||||||||||
Interest and related charges | 265 | 244 | 230 | |||||||||||
Income tax expense (benefit) | 334 | 308 | 307 | |||||||||||
Net income | 531 | 484 | 490 | |||||||||||
Capital expenditures | 1,433 | 1,320 | 1,607 | |||||||||||
Total assets | 16,700 | 15,600 | 16,700 | 15,600 | ||||||||||
Operating Segments | Power Delivery | Virginia Electric and Power Company | ||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||
Total revenue | 2,212 | 2,217 | 2,099 | |||||||||||
Depreciation and amortization | 594 | 537 | 498 | |||||||||||
Interest income | 4 | |||||||||||||
Interest and related charges | 265 | 244 | 230 | |||||||||||
Income tax expense (benefit) | 334 | 307 | 308 | |||||||||||
Net income | 527 | 482 | 490 | |||||||||||
Capital expenditures | 1,439 | 1,313 | 1,569 | |||||||||||
Total assets | 16,600 | 15,600 | 16,600 | 15,600 | ||||||||||
Operating Segments | Power Generation | ||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||
Total revenue | 6,686 | 6,757 | 7,016 | |||||||||||
Depreciation and amortization | 747 | 662 | 591 | |||||||||||
Equity in earnings of equity method investees | (181) | (16) | (15) | |||||||||||
Interest income | 92 | 74 | 64 | |||||||||||
Interest and related charges | 342 | 290 | 262 | |||||||||||
Income tax expense (benefit) | 373 | 279 | 465 | |||||||||||
Net income | 1,181 | 1,397 | 1,120 | |||||||||||
Investment in equity method investees | 81 | 228 | 81 | 228 | 245 | |||||||||
Capital expenditures | 2,275 | 2,440 | 2,190 | |||||||||||
Total assets | 29,000 | 27,100 | 29,000 | 27,100 | ||||||||||
Operating Segments | Power Generation | Virginia Electric and Power Company | ||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||
Total revenue | 5,344 | 5,390 | 5,566 | |||||||||||
Depreciation and amortization | 547 | 488 | 453 | |||||||||||
Interest income | 15 | 7 | ||||||||||||
Interest and related charges | 232 | 219 | 210 | |||||||||||
Income tax expense (benefit) | 534 | 524 | 437 | |||||||||||
Net income | 939 | 909 | 750 | |||||||||||
Capital expenditures | 1,290 | 1,336 | 1,120 | |||||||||||
Total assets | 18,600 | 17,800 | 18,600 | 17,800 | ||||||||||
Operating Segments | Gas Infrastructure | ||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||
Total revenue | 3,666 | 2,766 | 2,572 | |||||||||||
Depreciation and amortization | 522 | 330 | 262 | |||||||||||
Equity in earnings of equity method investees | 159 | 105 | 60 | |||||||||||
Interest income | 45 | 34 | 25 | |||||||||||
Interest and related charges | 109 | 38 | 27 | |||||||||||
Income tax expense (benefit) | 487 | 431 | 423 | |||||||||||
Net income | 898 | 726 | 680 | |||||||||||
Investment in equity method investees | 1,422 | 1,289 | 1,422 | 1,289 | 1,042 | |||||||||
Capital expenditures | 2,149 | 2,322 | 2,153 | |||||||||||
Total assets | 28,000 | 26,000 | 28,000 | 26,000 | ||||||||||
Operating Segments | Corporate and Other | ||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||
Total revenue | 626 | 602 | 527 | |||||||||||
Depreciation and amortization | 43 | 30 | 44 | |||||||||||
Equity in earnings of equity method investees | 4 | 22 | 11 | |||||||||||
Interest income | 96 | 36 | 13 | |||||||||||
Interest and related charges | 644 | 516 | 429 | |||||||||||
Income tax expense (benefit) | (1,224) | (363) | (290) | |||||||||||
Net income | 389 | (484) | (391) | |||||||||||
Investment in equity method investees | 41 | 44 | 41 | 44 | 33 | |||||||||
Capital expenditures | 52 | 43 | 43 | |||||||||||
Total assets | $ 12,000 | $ 10,200 | 12,000 | 10,200 | ||||||||||
Operating Segments | Corporate and Other | Virginia Electric and Power Company | ||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||
Total revenue | (19) | (43) | ||||||||||||
Depreciation and amortization | 2 | |||||||||||||
Interest income | 3 | |||||||||||||
Interest and related charges | 4 | |||||||||||||
Income tax expense (benefit) | (94) | (104) | (86) | |||||||||||
Net income | $ 74 | $ (173) | $ (153) | |||||||||||
[1] | See Note 9 for amounts attributable to related parties. | |||||||||||||
[2] | See Note 24 for amounts attributable to related parties. |
Quarterly Financial and Common
Quarterly Financial and Common Stock Data (Unaudited) (Quarterly Financial and Common Stock Data) (Detail) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | 12 Months Ended | ||||||||||||
Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | ||||
Condensed Financial Statements, Captions [Line Items] | ||||||||||||||
Operating Revenue | $ 3,210 | $ 3,179 | $ 2,813 | $ 3,384 | $ 3,086 | $ 3,132 | $ 2,598 | $ 2,921 | $ 12,586 | [1] | $ 11,737 | [1] | $ 11,683 | [1] |
Income from operations | 1,004 | 1,200 | 801 | 1,125 | 819 | 1,145 | 781 | 882 | 4,130 | 3,627 | 3,536 | |||
Net income including noncontrolling interests | 1,333 | 696 | 417 | 674 | 491 | 728 | 462 | 531 | 3,120 | 2,212 | 1,923 | |||
Net income (loss) attributable to Dominion Energy | $ 1,312 | $ 665 | $ 390 | $ 632 | $ 457 | $ 690 | $ 452 | $ 524 | $ 2,999 | $ 2,123 | $ 1,899 | |||
Net income attributable to Dominion Energy - Basic | $ 2.04 | $ 1.03 | $ 0.62 | $ 1.01 | $ 0.73 | $ 1.10 | $ 0.73 | $ 0.88 | $ 4.72 | $ 3.44 | $ 3.21 | |||
Net income attributable to Dominion Energy - Diluted | 2.04 | 1.03 | 0.62 | 1.01 | 0.73 | 1.10 | 0.73 | 0.88 | 4.72 | 3.44 | 3.20 | |||
Dividends declared per share | $ 0.770 | $ 0.770 | $ 0.755 | $ 0.755 | $ 0.700 | $ 0.700 | $ 0.700 | $ 0.700 | $ 3.035 | $ 2.800 | $ 2.590 | |||
Virginia Electric and Power Company | ||||||||||||||
Condensed Financial Statements, Captions [Line Items] | ||||||||||||||
Operating Revenue | $ 1,824 | $ 2,154 | $ 1,747 | $ 1,831 | $ 1,711 | $ 2,211 | $ 1,776 | $ 1,890 | $ 7,556 | $ 7,588 | $ 7,622 | |||
Income from operations | 619 | 847 | 613 | 653 | 369 | 914 | 553 | 514 | 2,732 | 2,350 | 2,121 | |||
Net income (loss) attributable to Dominion Energy | 407 | 459 | 318 | 356 | 172 | 503 | 280 | 263 | 1,540 | 1,218 | 1,087 | |||
Dominion Energy Gas Holdings, LLC | ||||||||||||||
Condensed Financial Statements, Captions [Line Items] | ||||||||||||||
Operating Revenue | 501 | 401 | 422 | 490 | 457 | 382 | 368 | 431 | 1,814 | [2] | 1,638 | [2] | 1,716 | [2] |
Income from operations | 203 | 206 | 137 | 176 | 175 | 133 | 186 | 175 | 722 | 669 | 789 | |||
Net income (loss) attributable to Dominion Energy | $ 313 | $ 117 | $ 77 | $ 108 | $ 106 | $ 83 | $ 105 | $ 98 | $ 615 | $ 392 | $ 457 | |||
Maximum | ||||||||||||||
Condensed Financial Statements, Captions [Line Items] | ||||||||||||||
Share Price (in dollars per share) | $ 85.30 | $ 80.67 | $ 81.65 | $ 79.36 | $ 77.32 | $ 78.97 | $ 77.93 | $ 75.18 | ||||||
Minimum | ||||||||||||||
Condensed Financial Statements, Captions [Line Items] | ||||||||||||||
Share Price (in dollars per share) | $ 75.75 | $ 75.40 | $ 76.17 | $ 70.87 | $ 69.51 | $ 72.49 | $ 68.71 | $ 66.25 | ||||||
[1] | See Note 9 for amounts attributable to related parties. | |||||||||||||
[2] | See Note 24 for amounts attributable to related parties. |
Quarterly Financial and Comm164
Quarterly Financial and Common Stock Data (Unaudited) (Narrative) (Detail) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2017 | |
Parent Company Only Financial Information [Line Items] | |||
Tax benefit resulting from remeasurement of deferred income taxes as a result of the 2017 Tax Reform Act | $ (851) | $ (851) | |
Charges associated with equity method investments in wind-powered generation facilities, after tax | 96 | ||
Virginia Electric and Power Company | |||
Parent Company Only Financial Information [Line Items] | |||
Tax benefit resulting from remeasurement of deferred income taxes as a result of the 2017 Tax Reform Act | (93) | (93) | |
Dominion Energy Gas Holdings, LLC | |||
Parent Company Only Financial Information [Line Items] | |||
Tax benefit resulting from remeasurement of deferred income taxes as a result of the 2017 Tax Reform Act | $ (197) | $ (197) | |
Facilities Subject to Coal Combustion Residual Final Rule | |||
Parent Company Only Financial Information [Line Items] | |||
Charge related to future ash pond and landfill closure costs | $ 122 | ||
Facilities Subject to Coal Combustion Residual Final Rule | Virginia Electric and Power Company | |||
Parent Company Only Financial Information [Line Items] | |||
Charge related to future ash pond and landfill closure costs | $ 121 |