Document_and_Entity_Informatio
Document and Entity Information (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Jan. 31, 2015 | Jun. 30, 2014 | |
Document Information [Line Items] | |||
Document Type | 10-K | ||
Amendment Flag | FALSE | ||
Document Period End Date | 31-Dec-14 | ||
Document Fiscal Year Focus | 2014 | ||
Document Fiscal Period Focus | FY | ||
Trading Symbol | D | ||
Entity Registrant Name | DOMINION RESOURCES INC /VA/ | ||
Entity Central Index Key | 715957 | ||
Current Fiscal Year End Date | -19 | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Common Stock, Shares Outstanding | 588,138,107 | ||
Entity Well Known Seasoned Issuer | Yes | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Entity Public Float | $41,100,000,000 | ||
Virginia Electric and Power Company | |||
Document Information [Line Items] | |||
Document Type | 10-K | ||
Amendment Flag | FALSE | ||
Document Period End Date | 31-Dec-14 | ||
Document Fiscal Year Focus | 2014 | ||
Document Fiscal Period Focus | FY | ||
Trading Symbol | VEL - PE | ||
Entity Registrant Name | VIRGINIA ELECTRIC & POWER CO | ||
Entity Central Index Key | 103682 | ||
Current Fiscal Year End Date | -19 | ||
Entity Filer Category | Non-accelerated Filer | ||
Entity Common Stock, Shares Outstanding | 274,723 | ||
Entity Well Known Seasoned Issuer | Yes | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Entity Public Float | 0 | ||
Dominion Gas Holdings, LLC | |||
Document Information [Line Items] | |||
Document Type | 10-K | ||
Amendment Flag | FALSE | ||
Document Period End Date | 31-Dec-14 | ||
Document Fiscal Year Focus | 2014 | ||
Document Fiscal Period Focus | FY | ||
Entity Registrant Name | Dominion Gas Holdings, LLC | ||
Entity Central Index Key | 1603291 | ||
Current Fiscal Year End Date | -19 | ||
Entity Filer Category | Non-accelerated Filer | ||
Entity Common Stock, Shares Outstanding | 0 | ||
Entity Well Known Seasoned Issuer | No | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Entity Public Float | $0 |
Consolidated_Statements_of_Inc
Consolidated Statements of Income (USD $) | 12 Months Ended | |||||
In Millions, except Per Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |||
Operating Revenue | $12,436 | $13,120 | $12,835 | |||
Operating Expenses | ||||||
Electric fuel and other energy-related purchases | 3,400 | 3,885 | 3,645 | |||
Purchased electric capacity | 361 | 358 | 387 | |||
Purchased gas | 1,355 | 1,331 | 1,177 | |||
Other operations and maintenance | 2,765 | 2,459 | 3,091 | |||
Depreciation, depletion and amortization | 1,292 | 1,208 | 1,127 | |||
Other taxes | 542 | 563 | 550 | |||
Total operating expenses | 9,715 | 9,804 | 9,977 | |||
Income from operations | 2,721 | 3,316 | 2,858 | |||
Other income | 250 | 265 | 223 | |||
Interest and related charges | 1,193 | 877 | 816 | |||
Income from continuing operations including noncontrolling interests before income taxes | 1,778 | 2,704 | 2,265 | |||
Income tax expense | 452 | 892 | 811 | |||
Income from continuing operations including noncontrolling interests | 1,326 | 1,812 | 1,454 | |||
Income (loss) from discontinued operations | 0 | [1] | -92 | [1] | -1,125 | [1] |
Net income including noncontrolling interests | 1,326 | 1,720 | 329 | |||
Noncontrolling interests | 16 | 23 | 27 | |||
Net income attributable to Dominion | 1,310 | 1,697 | 302 | |||
Amounts attributable to Dominion: | ||||||
Income from continuing operations, net of tax | 1,310 | [2] | 1,789 | [2] | 1,427 | |
Loss from discontinued operations, net of tax | 0 | -92 | -1,125 | |||
Net income attributable to Dominion | 1,310 | 1,697 | 302 | |||
Earnings Per Common Share-Basic: | ||||||
Income from continuing operations (in dollars per share) | $2.25 | [2] | $3.09 | [2] | $2.49 | |
Loss from discontinued operations (in dollars per share) | $0 | ($0.16) | [2] | ($1.96) | ||
Net income attributable to Dominion (in dollars per share) | $2.25 | $2.93 | $0.53 | |||
Earnings Per Common Share-Diluted: | ||||||
Income from continuing operations (in dollars per share) | $2.24 | [2] | $3.09 | [2] | $2.49 | |
Loss from discontinued operations (in dollars per share) | $0 | ($0.16) | [2] | ($1.96) | ||
Net income attributable to Dominion (in dollars per share) | $2.24 | $2.93 | $0.53 | |||
Dividends declared per common share | $2.40 | $2.25 | $2.11 | |||
Virginia Electric and Power Company | ||||||
Operating Revenue | 7,579 | [3] | 7,295 | [3] | 7,226 | [3] |
Operating Expenses | ||||||
Electric fuel and other energy-related purchases | 2,406 | [3] | 2,304 | [3] | 2,368 | [3] |
Purchased electric capacity | 360 | 358 | 386 | |||
Affiliated suppliers | 286 | 290 | 305 | |||
Other | 1,630 | 1,161 | 1,161 | |||
Depreciation, depletion and amortization | 915 | 853 | 782 | |||
Other taxes | 258 | 249 | 232 | |||
Total operating expenses | 5,855 | 5,215 | 5,234 | |||
Income from operations | 1,724 | 2,080 | 1,992 | |||
Other income | 93 | 86 | 96 | |||
Interest and related charges | 411 | 369 | 385 | |||
Income from continuing operations including noncontrolling interests before income taxes | 1,406 | 1,797 | 1,703 | |||
Income tax expense | 548 | 659 | 653 | |||
Net income attributable to Dominion | 858 | 1,138 | 1,050 | |||
Amounts attributable to Dominion: | ||||||
Net income attributable to Dominion | 858 | 1,138 | 1,050 | |||
Preferred dividends(2) | 13 | [4] | 17 | [4] | 16 | [4] |
Balance available for common stock | 845 | 1,121 | 1,034 | |||
Dominion Gas Holdings, LLC | ||||||
Operating Revenue | 1,898 | [5] | 1,937 | [5] | 1,677 | [5] |
Operating Expenses | ||||||
Purchased gas | 315 | [5] | 323 | [5] | 235 | [5] |
Other energy-related purchases | 40 | 93 | 41 | |||
Affiliated suppliers | 64 | 70 | 112 | |||
Other | 274 | [6] | 353 | [6] | 223 | [6] |
Depreciation, depletion and amortization | 197 | 188 | 176 | |||
Other taxes | 157 | 148 | 140 | |||
Total operating expenses | 1,047 | 1,175 | 927 | |||
Income from operations | 851 | 762 | 750 | |||
Other income | 22 | 28 | 37 | |||
Interest and related charges | 27 | [5] | 28 | [5] | 40 | [5] |
Income from continuing operations including noncontrolling interests before income taxes | 846 | 762 | 747 | |||
Income tax expense | 334 | 301 | 288 | |||
Net income attributable to Dominion | 512 | 461 | 459 | |||
Amounts attributable to Dominion: | ||||||
Net income attributable to Dominion | $512 | $461 | $459 | |||
[1] | Includes income tax benefit of $43 million and $692 million in 2013 and 2012, respectively. For 2012, includes impairment charges of $1.6 billion related to Brayton Point and Kincaid. See Note 6 for additional information. | |||||
[2] | Amounts attributable to Dominion's common shareholders. | |||||
[3] | See Note 24 for amounts attributable to affiliates. | |||||
[4] | Includes $2 million associated with the write-off of issuance expenses related to the redemption of Virginia Power's preferred stock in 2014. See Note 18 for additional information. | |||||
[5] | See Note 24 for amounts attributable to related parties. | |||||
[6] | Includes gains on the sales of assets to related parties of $59 million, $122 million and $176 million in 2014, 2013 and 2012, respectively. See Note 9 for more information. |
Consolidated_Statements_of_Inc1
Consolidated Statements of Income (Parenthetical) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Discontinued operation tax expense | $43 | $692 | |
Impairment charge | 1,600 | ||
Issuance expenses related to redemption of preferred stock | 2 | ||
Dominion Gas Holdings, LLC | Affiliated Entity | |||
Gain on sale of assets | $59 | $122 | $176 |
Consolidated_Statements_of_Com
Consolidated Statements of Comprehensive Income (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Net income including noncontrolling interests | $1,326 | $1,720 | $329 |
Net income attributable to Dominion | 1,310 | 1,697 | 302 |
Other comprehensive income (loss), net of taxes: | |||
Net deferred gains (losses) on derivatives-hedging activities, net of tax | 17 | -243 | -8 |
Changes in unrealized net gains on investment securities, net of tax | 128 | 203 | 108 |
Changes in net unrecognized pension and other postretirement benefit costs, net of tax | -305 | 516 | -330 |
Amounts reclassified to net income: | |||
Net derivative (gains) losses-hedging activities, net of tax | 93 | 77 | -60 |
Net realized gains on investment securities, net of tax | -54 | -55 | -25 |
Net pension and other postretirement benefit costs, net of tax | 33 | 55 | 48 |
Changes in other comprehensive income (loss) from equity method investees, net of tax | -4 | 0 | 0 |
Other comprehensive income (loss) | -92 | 553 | -267 |
Comprehensive income including noncontrolling interests | 1,234 | 2,273 | 62 |
Comprehensive income attributable to noncontrolling interests | 16 | 23 | 27 |
Comprehensive income | 1,218 | 2,250 | 35 |
Virginia Electric and Power Company | |||
Net income attributable to Dominion | 858 | 1,138 | 1,050 |
Other comprehensive income (loss), net of taxes: | |||
Net deferred gains (losses) on derivatives-hedging activities, net of tax | -4 | 6 | -5 |
Changes in unrealized net gains on investment securities, net of tax | 15 | 20 | 13 |
Amounts reclassified to net income: | |||
Net derivative (gains) losses-hedging activities, net of tax | -3 | 0 | 2 |
Net realized gains on investment securities, net of tax | -6 | -3 | -4 |
Other comprehensive income (loss) | 2 | 23 | 6 |
Comprehensive income | 860 | 1,161 | 1,056 |
Dominion Gas Holdings, LLC | |||
Net income attributable to Dominion | 512 | 461 | 459 |
Other comprehensive income (loss), net of taxes: | |||
Net deferred gains (losses) on derivatives-hedging activities, net of tax | -31 | 39 | 13 |
Changes in net unrecognized pension and other postretirement benefit costs, net of tax | -10 | 26 | -7 |
Amounts reclassified to net income: | |||
Net derivative (gains) losses-hedging activities, net of tax | 8 | 11 | 20 |
Net pension and other postretirement benefit costs, net of tax | 5 | 6 | 5 |
Other comprehensive income (loss) | -28 | 82 | 31 |
Comprehensive income | $484 | $543 | $490 |
Consolidated_Statements_of_Com1
Consolidated Statements of Comprehensive Income (Parenthetical) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Net deferred gains (losses) on derivatives-hedging activities, tax | ($20) | $161 | $5 |
Changes in unrealized net gains (losses) on investment securities, tax | -59 | -136 | -68 |
Changes in net unrecognized pension and other postretirement benefit costs, tax | 189 | -341 | 209 |
Net derivative (gains) losses-hedging activities, tax | -59 | -53 | 34 |
Net realized (gains) losses on investment securities, tax | 33 | 35 | 16 |
Net pension and other postretirement benefit costs, tax | -24 | -39 | -32 |
Changes in other comprehensive income (loss) from equity method investees, tax | 3 | 0 | 0 |
Virginia Electric and Power Company | |||
Net deferred gains (losses) on derivatives-hedging activities, tax | 2 | -3 | 3 |
Changes in unrealized net gains (losses) on investment securities, tax | -9 | -13 | -7 |
Net derivative (gains) losses-hedging activities, tax | 2 | 0 | -2 |
Net realized (gains) losses on investment securities, tax | 4 | 2 | 2 |
Dominion Gas Holdings, LLC | |||
Net deferred gains (losses) on derivatives-hedging activities, tax | 19 | -27 | -10 |
Changes in net unrecognized pension and other postretirement benefit costs, tax | 6 | -18 | 5 |
Net derivative (gains) losses-hedging activities, tax | -5 | -5 | -13 |
Net pension and other postretirement benefit costs, tax | ($3) | ($4) | ($4) |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | ||
In Millions, unless otherwise specified | ||||
Current Assets | ||||
Cash and cash equivalents | $318 | $316 | ||
Customer receivables | 1,514 | 1,695 | ||
Other receivables | 119 | 141 | ||
Inventories: | ||||
Materials and supplies | 923 | 689 | ||
Fossil fuel | 413 | 393 | ||
Gas stored | 74 | 94 | ||
Derivative assets | 536 | 687 | ||
Margin deposit assets | 287 | 620 | ||
Prepayments | 167 | 192 | ||
Deferred income taxes | 800 | 778 | ||
Regulatory assets | 347 | 217 | ||
Other | 117 | 118 | ||
Total current assets | 5,615 | 5,940 | ||
Investments | ||||
Nuclear decommissioning trust funds | 4,196 | 3,903 | ||
Investment in equity method affiliates | 1,081 | 916 | ||
Other | 284 | 283 | ||
Total investments | 5,561 | 5,102 | ||
Property, Plant and Equipment | ||||
Property, plant and equipment | 51,406 | 46,969 | ||
Accumulated depreciation, depletion and amortization | -15,136 | -14,341 | ||
Total property, plant and equipment, net | 36,270 | 32,628 | ||
Deferred Charges and Other Assets | ||||
Goodwill | 3,044 | [1] | 3,086 | [1] |
Pension and other postretirement benefit assets | 956 | 942 | ||
Intangible assets, net | 570 | 560 | ||
Regulatory assets | 1,642 | 1,228 | ||
Other | 669 | 610 | ||
Total deferred charges and other assets | 6,881 | 6,426 | ||
Total assets | 54,327 | 50,096 | ||
Current Liabilities | ||||
Securities due within one year | 1,375 | 1,519 | ||
Short-term debt | 2,775 | 1,927 | ||
Accounts payable | 952 | 1,168 | ||
Accrued interest, payroll and taxes | 566 | 609 | ||
Derivative liabilities | 591 | 828 | ||
Regulatory liabilities | 170 | [2] | 128 | [2] |
Other | 939 | 943 | ||
Total current liabilities | 7,198 | 6,994 | ||
Long-Term Debt | ||||
Long-term debt | 18,348 | 16,877 | ||
Junior subordinated notes | 1,374 | 1,373 | ||
Remarketable subordinated notes | 2,083 | 1,080 | ||
Total long-term debt | 21,805 | 19,330 | ||
Deferred Credits and Other Liabilities | ||||
Deferred income taxes and investment tax credits | 7,444 | 7,114 | ||
Asset retirement obligations | 1,633 | 1,484 | ||
Pension and other postretirement benefit liabilities | 1,296 | 481 | ||
Regulatory liabilities | 1,991 | 2,001 | ||
Other | 1,003 | 793 | ||
Total deferred credits and other liabilities | 13,367 | 11,873 | ||
Total liabilities | 42,370 | 38,197 | ||
Commitments and Contingencies (see Note 22) | Â Â | Â Â | ||
Subsidiary Preferred Stock Not Subject To Mandatory Redemption | 0 | 257 | ||
Equity | ||||
Common stock-no par | 5,876 | [3] | 5,783 | [3] |
Retained earnings | 6,095 | 6,183 | ||
Accumulated other comprehensive loss | -416 | -324 | ||
Total common shareholders' equity | 11,555 | 11,642 | ||
Noncontrolling interest | 402 | 0 | ||
Total equity | 11,957 | 11,642 | ||
Total liabilities and equity | 54,327 | 50,096 | ||
Virginia Electric and Power Company | ||||
Current Assets | ||||
Cash and cash equivalents | 15 | 16 | ||
Customer receivables | 986 | 946 | ||
Other receivables | 65 | 78 | ||
Inventories: | ||||
Materials and supplies | 455 | 418 | ||
Fossil fuel | 398 | 390 | ||
Prepayments | 252 | 32 | ||
Deferred income taxes | 6 | 87 | ||
Regulatory assets | 298 | 128 | ||
Other | 76 | [4] | 68 | [4] |
Total current assets | 2,551 | 2,163 | ||
Investments | ||||
Nuclear decommissioning trust funds | 1,930 | 1,765 | ||
Other | 4 | 12 | ||
Total investments | 1,934 | 1,777 | ||
Property, Plant and Equipment | ||||
Property, plant and equipment | 35,180 | 32,848 | ||
Accumulated depreciation, depletion and amortization | -11,080 | -10,580 | ||
Total property, plant and equipment, net | 24,100 | 22,268 | ||
Deferred Charges and Other Assets | ||||
Intangible assets, net | 205 | 193 | ||
Regulatory assets | 439 | 417 | ||
Other | 280 | [4] | 143 | [4] |
Total deferred charges and other assets | 924 | 753 | ||
Total assets | 29,509 | 26,961 | ||
Current Liabilities | ||||
Securities due within one year | 211 | 58 | ||
Short-term debt | 1,361 | 842 | ||
Accounts payable | 458 | 479 | ||
Payables to affiliates | 92 | 69 | ||
Affiliated current borrowings | 427 | 97 | ||
Accrued interest, payroll and taxes | 199 | 218 | ||
Derivative liabilities | 60 | 12 | ||
Customer deposits | 107 | 95 | ||
Regulatory liabilities | 90 | 41 | ||
Other | 271 | 306 | ||
Total current liabilities | 3,276 | 2,217 | ||
Long-Term Debt | ||||
Total long-term debt | 8,726 | 7,974 | ||
Deferred Credits and Other Liabilities | ||||
Deferred income taxes and investment tax credits | 4,415 | 4,137 | ||
Asset retirement obligations | 848 | 689 | ||
Pension and other postretirement benefit liabilities | 219 | [4] | 147 | [4] |
Regulatory liabilities | 1,683 | 1,597 | ||
Other | 287 | 145 | ||
Total deferred credits and other liabilities | 7,452 | 6,715 | ||
Total liabilities | 19,454 | 16,906 | ||
Commitments and Contingencies (see Note 22) | Â Â | Â Â | ||
Subsidiary Preferred Stock Not Subject To Mandatory Redemption | 0 | 257 | ||
Equity | ||||
Common stock-no par | 5,738 | [5] | 5,738 | [5] |
Other paid-in capital | 1,113 | 1,113 | ||
Retained earnings | 3,154 | 2,899 | ||
Accumulated other comprehensive loss | 50 | 48 | ||
Total common shareholders' equity | 10,055 | 9,798 | ||
Total equity | 10,055 | 9,798 | ||
Total liabilities and equity | 29,509 | 26,961 | ||
Dominion Gas Holdings, LLC | ||||
Current Assets | ||||
Cash and cash equivalents | 9 | 8 | ||
Customer receivables | 322 | [6] | 311 | [6] |
Other receivables | 19 | 2 | ||
Affiliated receivables | 12 | 41 | ||
Inventories: | ||||
Materials and supplies | 53 | 56 | ||
Gas stored | 12 | 7 | ||
Prepayments | 166 | 67 | ||
Deferred income taxes | 96 | 89 | ||
Regulatory assets | 38 | 79 | ||
Other | 83 | [6] | 141 | [6] |
Total current assets | 810 | 801 | ||
Investments | ||||
Investment in equity method affiliates | 107 | 105 | ||
Total investments | 108 | 106 | ||
Property, Plant and Equipment | ||||
Property, plant and equipment | 8,902 | 8,240 | ||
Accumulated depreciation, depletion and amortization | -2,538 | -2,421 | ||
Total property, plant and equipment, net | 6,364 | 5,819 | ||
Deferred Charges and Other Assets | ||||
Goodwill | 542 | [1] | 545 | [1] |
Pension and other postretirement benefit assets | 1,486 | [6] | 1,436 | [6] |
Intangible assets, net | 79 | 82 | ||
Regulatory assets | 379 | 285 | ||
Other | 80 | [6] | 68 | [6] |
Total deferred charges and other assets | 2,566 | 2,416 | ||
Total assets | 9,848 | 9,142 | ||
Current Liabilities | ||||
Accounts payable | 247 | 277 | ||
Payables to affiliates | 41 | 45 | ||
Affiliated current borrowings | 384 | 1,342 | ||
Accrued interest, payroll and taxes | 194 | 209 | ||
Regulatory liabilities | 75 | 79 | ||
Other | 97 | [6] | 118 | [6] |
Total current liabilities | 1,038 | 2,070 | ||
Long-Term Debt | ||||
Total long-term debt | 2,594 | 1,198 | ||
Deferred Credits and Other Liabilities | ||||
Deferred income taxes and investment tax credits | 2,158 | 1,977 | ||
Regulatory liabilities | 192 | 203 | ||
Other | 300 | [6] | 267 | [6] |
Total deferred credits and other liabilities | 2,650 | 2,447 | ||
Total liabilities | 6,282 | 5,715 | ||
Commitments and Contingencies (see Note 22) | Â Â | Â Â | ||
Equity | ||||
Membership interests | 3,652 | 3,485 | ||
Accumulated other comprehensive loss | -86 | -58 | ||
Total common shareholders' equity | 3,566 | 3,427 | ||
Total liabilities and equity | $9,848 | $9,142 | ||
[1] | Goodwill amounts do not contain any accumulated impairment losses. | |||
[2] | Current regulatory liabilities are presented in other current liabilities in Dominion's Consolidated Balance Sheets. | |||
[3] | 1 billion shares authorized; 585 million shares and 581 million shares outstanding at December 31, 2014 and 2013, respectively. | |||
[4] | See Note 24 for amounts attributable to affiliates. | |||
[5] | 500,000 shares authorized at December 31, 2014 and 2013; 274,723 shares outstanding at December 31, 2014 and 2013 | |||
[6] | See Note 24 for amounts attributable to related parties. |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parenthetical) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Millions, except Share data, unless otherwise specified | ||
Allowance - Customer Receivables | $34 | $25 |
Allowance - Other | 3 | 4 |
Common Stock, shares authorized | 1,000,000,000 | 1,000,000,000 |
Common stock, shares outstanding | 585,000,000 | 581,000,000 |
Virginia Electric and Power Company | ||
Allowance - Customer Receivables | 25 | 11 |
Allowance - Other | 1 | 2 |
Common Stock, shares authorized | 500,000 | 500,000 |
Common stock, shares outstanding | 274,723 | 274,723 |
Dominion Gas Holdings, LLC | ||
Allowance - Customer Receivables | 4 | 5 |
Allowance - Other | $1 | $1 |
Consolidated_Statements_Equity
Consolidated Statements Equity (USD $) | Total | IPO | Common Stock | Other Paid-In Capital | Retained Earnings | Accumulated Other Comprehensive Income (Loss) | Total Common Shareholders' Equity | Total Common Shareholders' Equity | Noncontrolling Interests | Noncontrolling Interests | Virginia Electric and Power Company | Virginia Electric and Power Company | Virginia Electric and Power Company | Virginia Electric and Power Company | Virginia Electric and Power Company | Dominion Gas Holdings, LLC | Dominion Gas Holdings, LLC | Dominion Gas Holdings, LLC | ||
Share data in Millions, unless otherwise specified | IPO | IPO | Common Stock | Other Paid-In Capital | Retained Earnings | Accumulated Other Comprehensive Income (Loss) | Membership Interests | Accumulated Other Comprehensive Income (Loss) | ||||||||||||
Beginning Balance, value at Dec. 31, 2011 | $2,996,000,000 | $3,167,000,000 | ($171,000,000) | |||||||||||||||||
Beginning Balance, value at Dec. 31, 2011 | 11,503,000,000 | 5,180,000,000 | 179,000,000 | 6,697,000,000 | -610,000,000 | 11,446,000,000 | 57,000,000 | 8,750,000,000 | 5,738,000,000 | 1,111,000,000 | 1,882,000,000 | 19,000,000 | ||||||||
Beginning Balance (in shares) at Dec. 31, 2011 | 570 | 275 | ||||||||||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||||||||||
Net income including noncontrolling interests | 329,000,000 | 318,000,000 | 318,000,000 | 11,000,000 | ||||||||||||||||
Net income attributable to Dominion | 302,000,000 | 1,050,000,000 | 1,050,000,000 | 459,000,000 | 459,000,000 | |||||||||||||||
Distributions | -210,000,000 | -210,000,000 | ||||||||||||||||||
Issuance of stock-employee and direct stock purchase plans (in shares) | 4 | |||||||||||||||||||
Issuance of stock-employee and direct stock purchase plans | 246,000,000 | 246,000,000 | 246,000,000 | |||||||||||||||||
Stock awards and stock options exercised (net of change in unearned compensation) (in shares) | -1 | |||||||||||||||||||
Stock awards and stock options exercised (net of change in unearned compensation), value | 26,000,000 | 26,000,000 | 26,000,000 | |||||||||||||||||
Other stock issuances (in shares) | [1] | 1 | ||||||||||||||||||
Other stock issuances, value | [1] | 14,000,000 | 41,000,000 | -27,000,000 | 14,000,000 | |||||||||||||||
Tax benefit from stock awards and stock options exercised | 10,000,000 | 10,000,000 | 10,000,000 | 2,000,000 | 2,000,000 | |||||||||||||||
Dividends | -1,236,000,000 | -1,225,000,000 | [2] | -1,225,000,000 | -11,000,000 | -575,000,000 | -575,000,000 | |||||||||||||
Other comprehensive income, net of tax | -267,000,000 | -267,000,000 | -267,000,000 | 6,000,000 | 6,000,000 | 31,000,000 | 31,000,000 | |||||||||||||
Beginning Balance, value at Dec. 31, 2012 | 10,625,000,000 | 5,493,000,000 | 162,000,000 | 5,790,000,000 | -877,000,000 | 10,568,000,000 | 57,000,000 | 9,233,000,000 | 5,738,000,000 | 1,113,000,000 | 2,357,000,000 | 25,000,000 | ||||||||
Beginning Balance, value at Dec. 31, 2012 | 3,276,000,000 | 3,416,000,000 | -140,000,000 | |||||||||||||||||
Ending Balance (shares) at Dec. 31, 2012 | 576 | 275 | ||||||||||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||||||||||
Net income including noncontrolling interests | 502,000,000 | |||||||||||||||||||
Net income attributable to Dominion | 495,000,000 | 287,000,000 | 138,000,000 | |||||||||||||||||
Beginning Balance, value at Mar. 31, 2013 | ||||||||||||||||||||
Beginning Balance, value at Dec. 31, 2012 | 3,276,000,000 | 3,416,000,000 | -140,000,000 | |||||||||||||||||
Beginning Balance, value at Dec. 31, 2012 | 10,625,000,000 | 5,493,000,000 | 162,000,000 | 5,790,000,000 | -877,000,000 | 10,568,000,000 | 57,000,000 | 9,233,000,000 | 5,738,000,000 | 2,357,000,000 | 25,000,000 | |||||||||
Beginning Balance (in shares) at Dec. 31, 2012 | 576 | 275 | ||||||||||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||||||||||
Net income including noncontrolling interests | 1,720,000,000 | 1,714,000,000 | 1,714,000,000 | 6,000,000 | ||||||||||||||||
Net income attributable to Dominion | 1,697,000,000 | 1,138,000,000 | 1,138,000,000 | 461,000,000 | 461,000,000 | |||||||||||||||
Equity contribution from parent | 6,000,000 | 6,000,000 | ||||||||||||||||||
Distributions | -398,000,000 | -398,000,000 | ||||||||||||||||||
Issuance of stock-employee and direct stock purchase plans (in shares) | 4 | |||||||||||||||||||
Issuance of stock-employee and direct stock purchase plans | 278,000,000 | 278,000,000 | 278,000,000 | |||||||||||||||||
Stock awards and stock options exercised (net of change in unearned compensation) (in shares) | Â Â | |||||||||||||||||||
Stock awards and stock options exercised (net of change in unearned compensation), value | 12,000,000 | 12,000,000 | 12,000,000 | |||||||||||||||||
Other stock issuances (in shares) | [3] | 1 | ||||||||||||||||||
Other stock issuances, value | [3] | 7,000,000 | 15,000,000 | -8,000,000 | 7,000,000 | |||||||||||||||
Present value of stock purchase contract payments related to RSNs | [4] | -156,000,000 | -154,000,000 | -2,000,000 | -156,000,000 | |||||||||||||||
Fairless lease buyout | [5] | -72,000,000 | -15,000,000 | -15,000,000 | -57,000,000 | |||||||||||||||
Dividends | -1,325,000,000 | -1,319,000,000 | [2] | -1,319,000,000 | -6,000,000 | -596,000,000 | -596,000,000 | |||||||||||||
Other comprehensive income, net of tax | 553,000,000 | 553,000,000 | 553,000,000 | 23,000,000 | 23,000,000 | 82,000,000 | 82,000,000 | |||||||||||||
Beginning Balance, value at Dec. 31, 2013 | 11,642,000,000 | 5,783,000,000 | 0 | 6,183,000,000 | -324,000,000 | 11,642,000,000 | 0 | 9,798,000,000 | 5,738,000,000 | 1,113,000,000 | 2,899,000,000 | 48,000,000 | ||||||||
Beginning Balance, value at Dec. 31, 2013 | 3,427,000,000 | 3,485,000,000 | -58,000,000 | |||||||||||||||||
Ending Balance (shares) at Dec. 31, 2013 | 581 | 275 | ||||||||||||||||||
Beginning Balance, value at Sep. 30, 2013 | ||||||||||||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||||||||||
Net income including noncontrolling interests | 435,000,000 | |||||||||||||||||||
Net income attributable to Dominion | 431,000,000 | 199,000,000 | 140,000,000 | |||||||||||||||||
Beginning Balance, value at Dec. 31, 2013 | 11,642,000,000 | 9,798,000,000 | 5,738,000,000 | 1,113,000,000 | ||||||||||||||||
Beginning Balance, value at Dec. 31, 2013 | 3,427,000,000 | |||||||||||||||||||
Ending Balance (shares) at Dec. 31, 2013 | 275 | |||||||||||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||||||||||
Net income including noncontrolling interests | 385,000,000 | |||||||||||||||||||
Net income attributable to Dominion | 379,000,000 | 324,000,000 | 164,000,000 | |||||||||||||||||
Beginning Balance, value at Mar. 31, 2014 | ||||||||||||||||||||
Beginning Balance, value at Dec. 31, 2013 | 3,427,000,000 | 3,485,000,000 | -58,000,000 | |||||||||||||||||
Beginning Balance, value at Dec. 31, 2013 | 11,642,000,000 | 5,783,000,000 | 6,183,000,000 | -324,000,000 | 11,642,000,000 | 0 | 9,798,000,000 | 5,738,000,000 | 1,113,000,000 | 2,899,000,000 | 48,000,000 | |||||||||
Beginning Balance (in shares) at Dec. 31, 2013 | 581 | 275 | ||||||||||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||||||||||
Net income including noncontrolling interests | 1,326,000,000 | 1,323,000,000 | 1,323,000,000 | 3,000,000 | ||||||||||||||||
Issuance of Dominion Midstream common units, net of offering costs | 392,000,000 | 0 | 392,000,000 | |||||||||||||||||
Net income attributable to Dominion | 1,310,000,000 | 858,000,000 | 858,000,000 | 512,000,000 | 512,000,000 | |||||||||||||||
Equity contribution from parent | 1,000,000 | 1,000,000 | ||||||||||||||||||
Distributions | -346,000,000 | -346,000,000 | ||||||||||||||||||
Issuance of stock-employee and direct stock purchase plans (in shares) | 3 | |||||||||||||||||||
Issuance of stock-employee and direct stock purchase plans | 205,000,000 | 205,000,000 | 205,000,000 | |||||||||||||||||
Stock awards and stock options exercised (net of change in unearned compensation), value | 14,000,000 | 14,000,000 | 14,000,000 | |||||||||||||||||
Other stock issuances (in shares) | [1] | 1 | ||||||||||||||||||
Other stock issuances, value | [1] | 14,000,000 | 14,000,000 | 14,000,000 | ||||||||||||||||
Present value of stock purchase contract payments related to RSNs | [4] | -143,000,000 | -143,000,000 | -143,000,000 | ||||||||||||||||
Dividends | -1,411,000,000 | -1,411,000,000 | [2] | -1,411,000,000 | -603,000,000 | -603,000,000 | ||||||||||||||
Other comprehensive income, net of tax | -92,000,000 | -92,000,000 | -92,000,000 | 2,000,000 | 2,000,000 | -28,000,000 | -28,000,000 | |||||||||||||
Other | 10,000,000 | 3,000,000 | 3,000,000 | 7,000,000 | ||||||||||||||||
Beginning Balance, value at Dec. 31, 2014 | 11,957,000,000 | 5,876,000,000 | 0 | 6,095,000,000 | -416,000,000 | 11,555,000,000 | 402,000,000 | 10,055,000,000 | 5,738,000,000 | 1,113,000,000 | 3,154,000,000 | 50,000,000 | ||||||||
Beginning Balance, value at Dec. 31, 2014 | 3,566,000,000 | 3,652,000,000 | -86,000,000 | |||||||||||||||||
Ending Balance (shares) at Dec. 31, 2014 | 585 | 275 | ||||||||||||||||||
Beginning Balance, value at Sep. 30, 2014 | ||||||||||||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||||||||||
Net income including noncontrolling interests | 249,000,000 | |||||||||||||||||||
Net income attributable to Dominion | 243,000,000 | 151,000,000 | 148,000,000 | |||||||||||||||||
Beginning Balance, value at Dec. 31, 2014 | 11,957,000,000 | 0 | 10,055,000,000 | 5,738,000,000 | 1,113,000,000 | |||||||||||||||
Beginning Balance, value at Dec. 31, 2014 | $3,566,000,000 | |||||||||||||||||||
Ending Balance (shares) at Dec. 31, 2014 | 275 | |||||||||||||||||||
[1] | Contains shares issued in excess of principal amounts related to converted securities. See Note 17 for further information on convertible securities. | |||||||||||||||||||
[2] | Includes subsidiary preferred dividends related to noncontrolling interests of $13 million, $17 million and $16 million in 2014 and 2013 and 2012, respectively | |||||||||||||||||||
[3] | Primarily includes $28 million in shares issued in excess of principal amounts related to converted securities, net of reclassification from other paid-in capital. See Note 17 for further information on convertible securities. | |||||||||||||||||||
[4] | See Note 17 for further information. | |||||||||||||||||||
[5] | See Note 15 for further information. |
Consolidated_Statements_of_Equ
Consolidated Statements of Equity (Parenthetical) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Statement of Stockholders' Equity [Abstract] | |||
Preferred dividends related to noncontrolling interest | $13 | $17 | $16 |
Shares issued in excess of principal amounts related to converted securities | $28 |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Operating Activities | |||
Net income including noncontrolling interests | $1,326 | $1,720 | $329 |
Net income (loss) attributable to Dominion | 1,310 | 1,697 | 302 |
Adjustments to reconcile net income including noncontrolling interests to net cash provided by operating activities: | |||
Impairment of generation assets | 0 | 48 | 2,089 |
Net payments related to rate refunds | 0 | -5 | -151 |
Depreciation and amortization | 1,292 | 1,208 | 1,127 |
Depreciation, depletion and amortization (including nuclear fuel) | 1,560 | 1,390 | 1,443 |
Deferred income taxes and investment tax credits | 449 | 737 | 246 |
Gains on the sale of assets and businesses | -220 | -122 | -81 |
Charges associated with North Anna and offshore wind legislation | 374 | 0 | 0 |
Charges associated with Liability Management Exercise | 284 | 0 | 0 |
Charges associated with proposed settlement for ash pond closure costs | 121 | 0 | 0 |
Other adjustments | -113 | -129 | -164 |
Changes in: | |||
Accounts receivable | 131 | -98 | 292 |
Inventories | -43 | -29 | 33 |
Deferred fuel and purchased gas costs, net | -180 | 102 | 368 |
Prepayments | 24 | 123 | -85 |
Accounts payable | -202 | 50 | -61 |
Accrued interest, payroll and taxes | -41 | -27 | -12 |
Margin deposit assets and liabilities | 361 | -414 | 45 |
Other operating assets and liabilities | -392 | 87 | -154 |
Net cash provided by operating activities | 3,439 | 3,433 | 4,137 |
Investing Activities | |||
Plant construction and other property additions (including nuclear fuel) | -5,345 | -4,065 | -4,145 |
Acquisition of solar development projects | -206 | -39 | 0 |
Proceeds from sales of securities | 1,235 | 1,476 | 1,356 |
Purchases of securities | -1,241 | -1,493 | -1,392 |
Proceeds from the sale of Brayton Point, Kincaid and equity method investment in Elwood | 0 | 465 | 0 |
Proceeds from the sale of electric retail energy marketing business | 187 | 0 | 0 |
Proceeds from Blue Racer | 60 | 33 | 58 |
Proceeds from assignments of Marcellus acreage | 60 | 18 | 0 |
Restricted cash equivalents | 8 | 25 | 108 |
Other | 36 | -5 | 118 |
Net cash used in investing activities | -5,181 | -3,458 | -3,840 |
Financing Activities | |||
Issuance (repayment) of short-term debt, net | 848 | -485 | 598 |
Issuance of short-term notes | 400 | 400 | 400 |
Repayment of short-term notes | -400 | -400 | 0 |
Issuance of long-term debt | 6,085 | 4,135 | 1,500 |
Repayment and repurchase of long-term debt, including redemption premiums | -3,993 | -1,245 | -1,675 |
Repayment of long-term debt | 0 | -258 | 0 |
Acquisition of Juniper noncontrolling interest in Fairless | 0 | -923 | 0 |
Net proceeds from issuance of Dominion Midstream common units | 392 | 0 | 0 |
Subsidiary preferred stock redemption | -259 | 0 | 0 |
Issuance of common stock | 205 | 278 | 265 |
Common dividend payments | -1,398 | -1,302 | -1,209 |
Subsidiary preferred dividend payments | -11 | -17 | -16 |
Other | -125 | -90 | -14 |
Net cash provided by (used in) financing activities | 1,744 | 93 | -151 |
Increase in cash and cash equivalents | 2 | 68 | 146 |
Cash and cash equivalents at beginning of year | 316 | 248 | 102 |
Cash and cash equivalents at end of year | 318 | 316 | 248 |
Supplemental Cash Flow Information | |||
Interest and related charges, excluding capitalized amounts | 889 | 852 | 913 |
Income taxes | 72 | 56 | -58 |
Significant noncash investing activities: | |||
Accrued capital expenditures | 315 | 375 | 388 |
Blue Racer | |||
Investing Activities | |||
Proceeds from Blue Racer | 85 | 160 | 115 |
Virginia Electric and Power Company | |||
Operating Activities | |||
Net income (loss) attributable to Dominion | 858 | 1,138 | 1,050 |
Adjustments to reconcile net income including noncontrolling interests to net cash provided by operating activities: | |||
Net payments related to rate refunds | 0 | -5 | -151 |
Depreciation and amortization | 915 | 853 | 782 |
Depreciation, depletion and amortization (including nuclear fuel) | 1,090 | 1,016 | 927 |
Deferred income taxes and investment tax credits | 396 | 240 | 502 |
Charges associated with North Anna and offshore wind legislation | 374 | 0 | 0 |
Charges associated with proposed settlement for ash pond closure costs | 121 | 0 | 0 |
Other adjustments | -35 | -63 | -70 |
Changes in: | |||
Accounts receivable | -27 | -124 | 126 |
Affiliated accounts receivable and payable | 23 | 3 | -2 |
Inventories | -45 | -19 | 8 |
Deferred fuel and purchased gas costs, net | -191 | 93 | 378 |
Prepayments | -220 | -9 | 18 |
Accounts payable | 5 | 15 | 19 |
Accrued interest, payroll and taxes | -19 | 14 | -22 |
Other operating assets and liabilities | -82 | 30 | -77 |
Net cash provided by operating activities | 2,248 | 2,329 | 2,706 |
Investing Activities | |||
Plant construction and other property additions (including nuclear fuel) | -2,911 | -2,394 | -2,082 |
Purchases of nuclear fuel | -196 | -139 | -206 |
Purchases of securities | -574 | -603 | -638 |
Proceeds from sales of securities | 549 | 572 | 626 |
Other | -2 | -37 | 18 |
Net cash used in investing activities | -3,134 | -2,601 | -2,282 |
Financing Activities | |||
Issuance (repayment) of short-term debt, net | 519 | -151 | 98 |
Issuance (repayment) of affiliated current borrowings, net | 330 | -338 | 248 |
Issuance of long-term debt | 950 | 1,835 | 450 |
Repayment of long-term debt | -61 | -470 | -641 |
Subsidiary preferred stock redemption | -259 | 0 | 0 |
Common dividend payments | -590 | -579 | -559 |
Subsidiary preferred dividend payments | -11 | -17 | -16 |
Other | 7 | -20 | -5 |
Net cash provided by (used in) financing activities | 885 | 260 | -425 |
Increase in cash and cash equivalents | -1 | -12 | -1 |
Cash and cash equivalents at beginning of year | 16 | 28 | 29 |
Cash and cash equivalents at end of year | 15 | 16 | 28 |
Supplemental Cash Flow Information | |||
Interest and related charges, excluding capitalized amounts | 383 | 328 | 376 |
Income taxes | 386 | 427 | 225 |
Significant noncash investing activities: | |||
Accrued capital expenditures | 181 | 276 | 242 |
Dominion Gas Holdings, LLC | |||
Operating Activities | |||
Net income (loss) attributable to Dominion | 512 | 461 | 459 |
Adjustments to reconcile net income including noncontrolling interests to net cash provided by operating activities: | |||
Depreciation and amortization | 197 | 188 | 176 |
Deferred income taxes and investment tax credits | 216 | 102 | 294 |
Gains on the sale of assets and businesses | -124 | -122 | -176 |
Other adjustments | 2 | -3 | 2 |
Changes in: | |||
Accounts receivable | -42 | -17 | 63 |
Affiliated receivables | -1 | 2 | -3 |
Inventories | -2 | 0 | 5 |
Prepayments | -99 | 13 | -9 |
Accounts payable | -35 | 62 | -52 |
Payables to affiliates | -4 | 8 | -12 |
Accrued interest, payroll and taxes | -15 | 48 | -43 |
Other operating assets and liabilities | -134 | -44 | -75 |
Net cash provided by operating activities | 471 | 698 | 629 |
Investing Activities | |||
Plant construction and other property additions (including nuclear fuel) | -719 | -650 | -928 |
Proceeds from sale of assets to an affiliate | 47 | 113 | 0 |
Advances to affiliate, net | 0 | -5 | -14 |
Proceeds from Blue Racer | 20 | 19 | 25 |
Proceeds from assignments of Marcellus acreage | 60 | 18 | 0 |
Other | -5 | -14 | -10 |
Net cash used in investing activities | -616 | -460 | -952 |
Financing Activities | |||
Issuance (repayment) of affiliated current borrowings, net | -892 | -545 | 549 |
Issuance of long-term debt | 1,400 | 1,200 | 0 |
Repayment of long-term debt | 0 | -569 | -10 |
Distribution payments | -346 | -318 | -210 |
Other | -16 | -10 | 0 |
Net cash provided by (used in) financing activities | 146 | -242 | 329 |
Increase in cash and cash equivalents | 1 | -4 | 6 |
Cash and cash equivalents at beginning of year | 8 | 12 | 6 |
Cash and cash equivalents at end of year | 9 | 8 | 12 |
Supplemental Cash Flow Information | |||
Interest and related charges, excluding capitalized amounts | 23 | 31 | 43 |
Income taxes | 266 | 148 | 67 |
Significant noncash investing activities: | |||
Accrued capital expenditures | 35 | 42 | 62 |
Extinguishment of affiliated long-term debt in exchange for assets sold to affiliate | 67 | 0 | 187 |
Distribution of non-cash asset (account receivable) to parent | 0 | 80 | 0 |
Proceeds from sale of assets to affiliate not yet received | 0 | 30 | 61 |
Conversion of affiliated current borrowings to membership interests | 0 | 0 | 61 |
Dominion Gas Holdings, LLC | Blue Racer | |||
Investing Activities | |||
Proceeds from Blue Racer | $1 | $78 | $0 |
Nature_of_Operations
Nature of Operations | 12 Months Ended |
Dec. 31, 2014 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Nature of Operations | NATURE OF OPERATIONS |
Dominion, headquartered in Richmond, Virginia, is one of the nation's largest producers and transporters of energy. Dominion's operations are conducted through various subsidiaries, including Virginia Power and Dominion Gas. Virginia Power is a regulated public utility that generates, transmits and distributes electricity for sale in Virginia and northeastern North Carolina. 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. Dominion Gas is a holding company that conducts business activities through a regulated interstate natural gas transmission pipeline and underground storage system in the Northeast, mid-Atlantic and Midwest states, regulated gas transportation and distribution operations in Ohio, and gas gathering and processing activities primarily in West Virginia, Ohio and Pennsylvania. All of Dominion Gas' membership interests are held by Dominion. | |
Dominion's operations also include an LNG import, transport and storage facility in Maryland, a preferred equity interest in which was contributed to Dominion Midstream in 2014, an equity investment in Atlantic Coast Pipeline and regulated gas transportation and distribution operations in West Virginia. Dominion'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 Midstream launched its initial public offering of 20,125,000 common units representing limited partner interests at a price of $21 per unit, which included an over-allotment option to purchase an additional 2,625,000 common units at the initial offering price, which was exercised in full by the underwriters. Dominion received $392 million in net proceeds from the sale of the units, after deducting underwriting discounts, structuring fees and estimated offering expenses. Dominion owns the general partner and 68.5% of the limited partner interests in Dominion Midstream, which owns a preferred equity interest and the general partner interest in Cove Point. The public's ownership interest in Dominion Midstream is reflected as non-controlling interest in Dominion's Consolidated Financial Statements. | |
Dominion manages its daily operations through three primary operating segments: DVP, Dominion Generation and Dominion Energy. Dominion also reports a Corporate and Other segment, which includes its corporate, service company and other functions (including unallocated debt) and the net impact of operations that are discontinued, which is discussed in Note 3 and Note 25. In addition, Corporate and Other includes specific items attributable to Dominion's operating segments that are not included in profit measures evaluated by executive management in assessing the segments' performance or allocating resources among the segments. | |
Virginia Power manages its daily operations through two primary operating segments: DVP and Dominion 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 allocating resources among the segments. | |
Dominion Gas manages its daily operations through one primary operating segment: Dominion Energy. 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 and the effect of certain items recorded at Dominion Gas as a result of the recognition of Dominion's basis in the net assets contributed. | |
See Note 25 for further discussion of the Companies' operating segments. |
Significant_Accounting_Policie
Significant Accounting Policies | 12 Months Ended | |||
Dec. 31, 2014 | ||||
Accounting Policies [Abstract] | ||||
Significant Accounting Policies | SIGNIFICANT ACCOUNTING POLICIES | |||
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. | ||||
The Companies report certain contracts, instruments and investments at fair value. See Note 6 for further information on fair value measurements. | ||||
Dominion maintains pension and other postretirement benefit plans. Virginia Power and Dominion Gas participate in certain of these plans. See Note 21 for further information on these plans. | ||||
Certain amounts in the 2013 and 2012 Consolidated Financial Statements and footnotes have been reclassified to conform to the 2014 presentation for comparative purposes. The reclassifications did not affect the Companies' net income, total assets, liabilities, equity or cash flows. | ||||
Amounts disclosed for Dominion are inclusive of Virginia Power and/or Dominion 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 and Virginia Power collect sales, consumption and consumer utility taxes and Dominion Gas collects sales taxes; however, these amounts are excluded from revenue. Dominion's customer receivables at December 31, 2014 and 2013 included $564 million and $555 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, 2014 and 2013 included $407 million and $395 million, respectively, of accrued unbilled revenue based on estimated amounts of electricity delivered but not yet billed to its customers. Dominion Gas' customer receivables at December 31, 2014 and 2013 included $127 million and $106 million, respectively, of accrued unbilled revenue based on estimated amounts of natural gas delivered but not yet billed to its customers. | ||||
The primary types of sales and service activities reported as operating revenue for Dominion are as follows: | ||||
• | Regulated electric sales consist primarily of state-regulated retail electric sales, and federally-regulated wholesale electric sales and electric transmission services; | |||
• | Nonregulated electric sales consist primarily of sales of electricity at market-based rates and contracted fixed rates, and associated derivative activity; | |||
• | Regulated gas sales consist primarily of state- and FERC-regulated natural gas sales and related distribution services; | |||
• | Nonregulated gas sales consist primarily of sales of natural gas production at market-based rates and contracted fixed prices, sales of gas purchased from third parties, gas trading and marketing revenue and associated derivative activity; | |||
• | Gas transportation and storage consists primarily of regulated sales of gathering, transmission, distribution and storage services. Also included are regulated gas distribution charges to retail distribution service customers opting for alternate suppliers; and | |||
• | Other revenue consists primarily of sales of NGL production and condensate, extracted products and associated derivative activity. Other revenue also includes miscellaneous service revenue from electric and gas distribution operations, and gas processing and handling revenue. | |||
The primary types of sales and service activities reported as operating revenue for Virginia Power are as follows: | ||||
• | Regulated electric sales consist primarily of state-regulated retail electric sales and federally-regulated wholesale electric sales and electric transmission services; and | |||
• | Other revenue consists primarily of miscellaneous service revenue from electric distribution operations and miscellaneous revenue from generation operations, including sales of capacity and other commodities. | |||
The primary types of sales and service activities reported as operating revenue for Dominion Gas are as follows: | ||||
• | Regulated gas sales consist primarily of state- and FERC-regulated natural gas sales and related distribution services; | |||
• | Nonregulated gas sales consist primarily of sales of natural gas production at market-based rates and contracted fixed prices and sales of gas purchased from third parties. Revenue from sales of gas production is recognized based on actual volumes of gas sold to purchasers and is reported net of royalties; | |||
• | Gas transportation and storage consists primarily of regulated sales of gathering, transmission, distribution and storage services. Also included are regulated gas distribution charges to retail distribution service customers opting for alternate suppliers; | |||
• | NGL revenue consists primarily of sales of NGL production and condensate, extracted products and associated derivative activity; and | |||
• | Other revenue consists primarily of miscellaneous service revenue, gas processing and handling revenue and gathering revenue. | |||
Electric Fuel, Purchased Energy and Purchased Gas-Deferred Costs | ||||
Where permitted by regulatory authorities, the differences between Dominion's and Virginia Power's actual electric fuel and purchased energy expenses and Dominion's and Dominion 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 Gas', Cove Point's 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 and its subsidiaries, including Virginia Power and Dominion Gas' subsidiaries. In addition, where applicable, combined income tax returns for Dominion and its subsidiaries are filed in various states; otherwise, separate state income tax returns are filed. | ||||
Although Dominion 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. Virginia Power and Dominion Gas participate in intercompany tax sharing agreements with Dominion and its subsidiaries and current income taxes are based on taxable income or loss, determined on a separate company basis. | ||||
Under the agreements, if a subsidiary incurs a net operating loss, recognition of current income tax benefits is limited to refunds of prior year taxes obtained by the carryback of the net operating loss or to the extent the net operating loss is absorbed by the taxable income of other Dominion consolidated group members. Otherwise, the net operating loss is carried forward and is recognized as a deferred tax asset until realized. | ||||
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 that all, or a portion, of a deferred tax asset will not be realized. Where the treatment of temporary differences is different for rate-regulated operations, a regulatory asset is recognized if it is probable that future revenues will be provided for the payment of deferred tax liabilities. | ||||
The Companies recognize positions taken, or expected to be taken, in income tax returns that are more-likely-than-not to be realized, assuming that the position will be examined by tax authorities with full knowledge of all relevant information. | ||||
If it is not more-likely-than-not that a tax position, or some portion thereof, will be sustained, the related tax benefits are not recognized in the financial statements. Unrecognized tax benefits may result in an increase in income taxes payable, a reduction of income tax refunds receivable or changes in deferred taxes. Also, when uncertainty about the deductibility of an amount is limited to the timing of such deductibility, the increase in income taxes payable (or reduction in tax refunds receivable) is accompanied by a decrease in deferred tax liabilities. Except when such amounts are presented net with amounts receivable from or amounts prepaid to tax authorities, noncurrent income taxes payable related to unrecognized tax benefits are classified in other deferred credits and other liabilities on the consolidated balance sheets and current payables are included in accrued interest, payroll and taxes on the consolidated balance sheets. | ||||
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's, Virginia Power's and Dominion Gas' interest and penalties were immaterial in 2014, 2013 and 2012. | ||||
At December 31, 2014, Virginia Power's Consolidated Balance Sheet included $225 million of federal and state income taxes receivable, $13 million of noncurrent state income taxes receivable and $38 million of noncurrent federal and state income taxes payable. | ||||
At December 31, 2013, Virginia Power's Consolidated Balance Sheet included $3 million of state income taxes receivable, $22 million of federal and state income taxes payable, $12 million of noncurrent state income taxes receivable and $28 million of noncurrent federal and state income taxes payable. | ||||
At December 31, 2014, Dominion Gas' Consolidated Balance Sheet included $96 million of federal and state income taxes receivable, $14 million of state income taxes payable, $7 million of noncurrent state income taxes payable and $20 million noncurrent state income taxes receivable. | ||||
At December 31, 2013, Dominion Gas' Consolidated Balance Sheet included $17 million of federal income taxes payable, $23 million of state income taxes payable, $1 million of state income taxes receivable, $7 million of noncurrent state income taxes payable and $20 million noncurrent state income taxes receivable. | ||||
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, | 2014 | 2013 | ||
(millions) | ||||
Dominion | $42 | $38 | ||
Virginia Power | 20 | 21 | ||
Dominion Gas | 9 | 7 | ||
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 and Virginia Power use derivative instruments such as futures, swaps, forwards, options and FTRs to manage the commodity, currency exchange and financial market risks of their business operations. Dominion Gas uses derivative instruments such as physical and financial forwards, futures and swaps to manage commodity price and interest 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 had margin assets of $287 million and $620 million associated with cash collateral at December 31, 2014 and 2013, respectively. Dominion had margin liabilities of $34 million and $2 million associated with cash collateral at December 31, 2014 and 2013, respectively. Virginia Power had margin assets of $6 million and $11 million associated with cash collateral at December 31, 2014 and 2013, respectively. Virginia Power did not have any margin liabilities associated with cash collateral at December 31, 2014 or 2013. Dominion Gas did not have any margin assets or liabilities related to cash collateral at December 31, 2014 or 2013. See Note 7 for further information about derivatives. | ||||
To manage price risk, Dominion and Virginia Power hold certain derivative instruments that are not designated as hedges for accounting purposes. However, to the extent Dominion and Virginia Power do not hold offsetting positions for such derivatives, they believe these instruments represent economic hedges that mitigate their exposure to fluctuations in commodity prices, interest rates and foreign exchange rates. As part of Dominion’s strategy to market energy and manage related risks, it formerly managed a portfolio of commodity-based financial derivative instruments held for trading purposes. Dominion used established policies and procedures to manage the risks associated with price fluctuations in these energy commodities and used various derivative instruments to reduce risk by creating offsetting market positions. In the second quarter of 2013, Dominion commenced a repositioning of its producer services business. The repositioning was completed in the first quarter of 2014 and resulted in the termination of natural gas trading and certain energy marketing activities. | ||||
Statement of Income Presentation: | ||||
• | Derivatives Held for Trading Purposes: All income statement activity, including amounts realized upon settlement, is presented in operating revenue on a net basis. | |||
• | Derivatives Not Held for Trading Purposes: All income statement activity, including amounts realized upon settlement, is presented in operating revenue, operating expenses or interest and related charges based on the nature of the underlying risk. | |||
In Virginia Power's generation operations, 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. | ||||
DERIVATIVE INSTRUMENTS DESIGNATED AS HEDGING INSTRUMENTS | ||||
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-A majority of the Companies' hedge strategies represents cash flow hedges of the variable price risk associated with the purchase and sale of electricity, natural gas, NGLs and other energy-related products. The Companies also use foreign currency contracts to hedge the variability in foreign exchange rates and interest rate swaps to hedge their exposure to variable interest rates on long-term debt. For transactions in which the Companies are hedging the variability of cash flows, changes in the fair value of the derivatives are reported in AOCI, to the extent they are effective at offsetting changes in the hedged item. Any derivative gains or losses reported in AOCI are reclassified to earnings when the forecasted item is included in earnings, or earlier, if it becomes probable that the forecasted transaction will not occur. For cash flow hedge transactions, hedge accounting is discontinued if the occurrence of the forecasted transaction is no longer probable. | ||||
Dominion entered into interest rate derivative instruments to hedge its forecasted interest payments related to planned debt issuances in 2013 and 2014. These interest rate derivatives were designated by Dominion as cash flow hedges in 2012 and 2013, prior to the formation of Dominion Gas. For the purposes of the Dominion Gas financial statements, the derivative balances, AOCI balance, and any income statement impact related to these interest rate derivative instruments entered into by Dominion have been, and will continue to be, included in the Dominion Gas' Consolidated Financial Statements as the forecasted interest payments related to the debt issuances will now occur at Dominion Gas. | ||||
Fair Value Hedges-Dominion also uses fair value hedges to mitigate the fixed price exposure inherent in certain firm commodity commitments and commodity inventory. In addition, Dominion and Virginia Power have designated interest rate swaps as fair value hedges on certain fixed rate long-term debt to manage interest rate exposure. For fair value hedge transactions, changes in the fair value of the derivative are generally offset currently in earnings by the recognition of changes in the hedged item's fair value. Derivative gains and losses from the hedged item are reclassified to earnings when the hedged item is included in earnings, or earlier, if the hedged item no longer qualifies for hedge accounting. Hedge accounting is discontinued if the hedged item no longer qualifies for hedge accounting. See Note 6 for further information about fair value measurements and associated valuation methods for derivatives. See Note 7 for further information on derivatives. | ||||
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 rate regulation, AFUDC and overhead costs. The cost of repairs and maintenance, including minor additions and replacements, is generally charged to expense as it is incurred. | ||||
In 2014, 2013 and 2012, Dominion capitalized interest costs and AFUDC to property, plant and equipment of $80 million, $66 million and $91 million, respectively. In 2014, 2013 and 2012, Virginia Power capitalized AFUDC to property, plant and equipment of $39 million, $33 million and $31 million, respectively. In 2014, 2013 and 2012, Dominion Gas capitalized AFUDC to property, plant and equipment of $1 million, $5 million and $23 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 2014, 2013 and 2012, Virginia Power recorded $8 million, $32 million and $37 million of AFUDC related to these projects, respectively. | ||||
For property subject to cost-of-service rate regulation, including Virginia Power electric distribution, electric transmission, and generation property, Dominion Gas natural gas distribution and transmission property, and for certain Dominion natural gas property, the undepreciated cost of such property, less salvage value, is generally charged to accumulated depreciation at retirement. Cost of removal collections from utility customers not representing AROs are recorded as regulatory liabilities. For property subject to cost-of-service rate regulation that will be abandoned significantly before the end of its useful life, the net carrying value is reclassified from plant-in-service when it becomes probable it will be abandoned. | ||||
For property that is not subject to cost-of-service rate regulation, including nonutility property, cost of removal not associated with AROs is charged to expense as incurred. The Companies also record gains and losses upon retirement based upon the difference between the proceeds received, if any, and the property's net book value at the retirement date. | ||||
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, | 2014 | 2013 | 2012 | |
(percent) | ||||
Dominion | ||||
Generation | 2.66 | 2.71 | 2.62 | |
Transmission | 2.38 | 2.36 | 2.17 | |
Distribution | 3.12 | 3.13 | 3.17 | |
Storage | 2.39 | 2.43 | 2.59 | |
Gas gathering and processing | 2.81 | 2.39 | 2.49 | |
General and other | 3.62 | 3.82 | 4.55 | |
Virginia Power | ||||
Generation | 2.66 | 2.71 | 2.62 | |
Transmission | 2.34 | 2.28 | 1.98 | |
Distribution | 3.34 | 3.33 | 3.32 | |
General and other | 3.29 | 3.51 | 4.32 | |
Dominion Gas | ||||
Transmission | 2.4 | 2.43 | 2.35 | |
Distribution | 2.47 | 2.5 | 2.66 | |
Storage | 2.4 | 2.43 | 2.58 | |
Gas gathering and processing | 2.82 | 2.39 | 2.5 | |
General and other | 5.77 | 5.93 | 6.09 | |
In 2013, Virginia Power revised its depreciation rates to reflect the results of a new depreciation study. This change resulted in an increase of $19 million ($12 million after-tax) in depreciation and amortization expense in Virginia Power's Consolidated Statements of Income. | ||||
In 2014, Virginia Power also made a one-time adjustment to depreciation expense as ordered by the Virginia Commission. This adjustment resulted in an increase of $38 million ($23 million after-tax) in depreciation and amortization expense in Virginia Power’s Consolidated Statements of Income. | ||||
In 2013, Dominion Gas revised the depreciation rates for East Ohio to reflect the results of a new depreciation study. This change resulted in a decrease of $8 million ($5 million after-tax) in depreciation and amortization expense in Dominion Gas' Consolidated Statements of Income. | ||||
Dominion'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 | 44Â years | |||
Merchant generation-other | 15-36 years | |||
General and other | 5-59 years | |||
Depreciation and amortization related to Virginia Power's and Dominion Gas' nonutility property, plant and equipment and E&P properties was immaterial for the years ended December 31, 2014, 2013 and 2012. | ||||
Nuclear fuel used in electric generation is amortized over its estimated service life on a units-of-production basis. Dominion and Virginia Power report the amortization of nuclear fuel in electric fuel and other energy-related purchases expense in their Consolidated Statements of Income and in depreciation and amortization in their Consolidated Statements of Cash Flows. | ||||
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. See Note 6 for a discussion of impairments related to certain long-lived assets and intangible assets with finite lives. | ||||
Regulatory Assets and Liabilities | ||||
The accounting for Dominion's and Dominion 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 rate regulation, regulatory practices that assign costs to accounting periods may differ from accounting methods generally applied by nonregulated companies. When it is probable that regulators will permit the recovery of current costs through future rates charged to customers, these costs that otherwise would be expensed by nonregulated companies are deferred as regulatory assets. Likewise, regulatory liabilities are recognized when it is probable that regulators will require customer refunds through future rates or when revenue is collected from customers for expenditures that have yet to be incurred. Generally, regulatory assets and liabilities are amortized into income over the period authorized by the regulator. | ||||
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. 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. At least annually, the Companies evaluate the key assumptions underlying their AROs including estimates of the amounts and timing of future cash flows associated with retirement activities. AROs are adjusted when significant changes in these assumptions are identified. Dominion and Dominion 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. Accretion of all other AROs and depreciation of all other asset retirement costs is reported in other operations and maintenance expense and depreciation expense 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 an asset and classified in other current assets and other deferred charges and other assets in the Consolidated Balance Sheets. 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 | ||||
MARKETABLE EQUITY AND DEBT SECURITIES | ||||
Dominion accounts for and classifies investments in marketable equity and debt securities as trading or available-for-sale securities. Virginia Power classifies investments in marketable equity and debt securities as available-for-sale securities. | ||||
• | Trading securities include marketable equity and debt securities held by Dominion in rabbi trusts associated with certain deferred compensation plans. These securities are reported in other investments in the Consolidated Balance Sheets at fair value with net realized and unrealized gains and losses included in other income in the Consolidated Statements of Income. | |||
• | Available-for-sale securities include all other marketable equity and debt securities, primarily comprised of securities held in the nuclear decommissioning trusts. These investments are reported at fair value in nuclear decommissioning trust funds in the Consolidated Balance Sheets. Net realized and unrealized gains and losses (including any other-than-temporary impairments) on investments held in Virginia Power's nuclear decommissioning trusts are recorded to a regulatory liability for certain jurisdictions subject to cost-based regulation. For all other available-for-sale securities, including those held in Dominion's merchant generation nuclear decommissioning trusts, net realized gains and losses (including any other-than-temporary impairments) are included in other income and unrealized gains and losses are reported as a component of AOCI, 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. | ||||
NON-MARKETABLE INVESTMENTS | ||||
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 investments include: | ||||
• | Equity method investments when the Companies have the ability to exercise significant influence, but not control, over the investee. Dominion's investments are included in investments in equity method affiliates and Virginia Power's investments are included in other investments in their Consolidated Balance Sheets. The Companies record equity method adjustments in other income in the Consolidated Statements of Income including: their proportionate share of investee income or loss, gains or losses resulting from investee capital transactions, amortization of certain differences between the carrying value and the equity in the net assets of the investee at the date of investment and other adjustments required by the equity method. | |||
• | Cost method investments when Dominion and Virginia Power do not have the ability to exercise significant influence over the investee. Dominion's and Virginia Power's investments are included in other investments and nuclear decommissioning trust funds. | |||
OTHER-THAN-TEMPORARY IMPAIRMENT | ||||
Dominion and Virginia Power 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 or held-to-maturity, while the presentation and disclosure requirements apply to both debt and equity securities. | |||
• | Debt Securities- Using information obtained from their nuclear decommissioning trust fixed-income investment managers, Dominion and Virginia Power record in earnings any unrealized loss for a debt security when the manager intends to sell the debt security or it is more-likely-than-not that the manager will have to sell the debt security before recovery of its fair value up to its cost basis. If that is not the case, but the debt security is deemed to have experienced a credit loss, Dominion and Virginia Power record the credit loss in earnings and any remaining portion of the unrealized loss in AOCI. Credit losses are evaluated primarily by considering the credit ratings of the issuer, prior instances of non-performance by the issuer and other factors. | |||
• | Equity securities and other investments- Dominion's and Virginia Power's method of assessing other-than-temporary declines requires demonstrating the ability to hold individual securities for a period of time sufficient to allow for the anticipated recovery in their market value prior to the consideration of the other criteria mentioned above. Since Dominion and Virginia Power have limited ability to oversee the day-to-day management of nuclear decommissioning trust fund investments, they do not have the ability to ensure investments are held through an anticipated recovery period. Accordingly, they consider all equity and other securities as well as non-marketable investments held in nuclear decommissioning trusts with market values below their cost bases to be other-than-temporarily impaired. | |||
Inventories | ||||
Materials and supplies and fossil fuel inventories are valued primarily using the weighted-average cost method. Stored gas inventory for Dominion Gas used in East Ohio gas distribution operations is valued using the LIFO method. Under the LIFO method, stored gas inventory was valued at $12 million and $7 million at December 31, 2014 and December 31, 2013, respectively. Based on the average price of gas purchased during 2014 and 2013, the cost of replacing the current portion of stored gas inventory exceeded the amount stated on a LIFO basis by approximately $98 million and $77 million, respectively. Stored gas inventory for Dominion held by Hope and certain nonregulated gas operations is valued using the weighted-average cost method. | ||||
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 and Dominion 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. Imbalances due to Dominion and Dominion Gas from other parties are reported in other current assets and imbalances that Dominion and Dominion Gas owe to other parties are reported in other current liabilities in the Consolidated Balance Sheets. | ||||
Goodwill | ||||
Dominion and Dominion 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 reduce the fair value of a reporting unit below its carrying amount. |
Acquisitions_and_Dispositions
Acquisitions and Dispositions | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Business Combinations, Discontinued Operations and Disposal Groups [Abstract] | |||||||||
Acquisitions and Dispositions | ACQUISITIONS AND DISPOSITIONS | ||||||||
Dominion | |||||||||
Acquisition of Solar Development Projects | |||||||||
In March 2014, Dominion acquired 100% of the equity interests of six solar development projects in California from Recurrent Energy Development Holdings, LLC for approximately $50 million in cash. The projects cost approximately $446 million to construct, including the initial acquisition cost. The facilities, which began commercial operations in the fourth quarter of 2014, generate approximately 139 MW. | |||||||||
In November 2014, Dominion acquired 100% of the equity interests of a solar project in California from CSI Project Holdco, LLC for approximately $79 million in cash. The project costs approximately $80 million to construct, including the initial acquisition cost. The facility, which began commercial operations in the fourth quarter of 2014, generates approximately 20 MW. | |||||||||
In December 2014, Dominion acquired 100% of the equity interests of a solar project in California from EDF Renewable Development, Inc. for approximately $71 million in cash. The project is expected to cost approximately $73 million to construct, including the initial acquisition cost. The facility, which began commercial operations in January 2015, generates approximately 20 MW. | |||||||||
The purchase price for each of these acquisitions was allocated to Property, Plant and Equipment. | |||||||||
In September 2014, Dominion entered into agreements to acquire 100% of the equity interests in two additional solar projects in California from EDF Renewable Development, Inc. for approximately $175 million in cash. The acquisitions are expected to close in the first half of 2015 prior to the projects commencing operations. The projects are expected to cost approximately $185 million once constructed, including the initial acquisition cost. Upon completion, the facilities are expected to generate approximately 42 MW. | |||||||||
These acquisitions provide Dominion with a large utility-scale solar presence and significantly increase its solar generation portfolio. Long-term power purchase, interconnection and operation and maintenance agreements have been executed for the projects. Dominion has claimed or expects to claim federal investment tax credits on the projects. | |||||||||
Acquisition of CGT | |||||||||
In January 2015, Dominion completed the acquisition of 100% of the equity interests of CGT from SCANA Corporation for approximately $495 million in cash, subject to final acquired working capital adjustments. CGT owns and operates nearly 1,500 miles of FERC-regulated interstate natural gas pipeline in South Carolina and southeastern Georgia. This acquisition supports Dominion's natural gas expansion into the Southeast. The acquired assets of CGT will be included in the Dominion Energy operating segment. Subject to board approvals by Dominion and Dominion Midstream, Dominion expects to contribute CGT into Dominion Midstream for a combination of debt and Dominion Midstream common units during the first half of 2015. The allocation of the purchase price to individual assets is under evaluation by management and has not been finalized. | |||||||||
Sale of Electric Retail Energy Marketing Business | |||||||||
In March 2014, Dominion completed the sale of its electric retail energy marketing business. The proceeds were approximately $187 million, net of transaction costs. The sale resulted in a gain, subject to post-closing adjustments, of approximately $100 million ($57 million after-tax) net of a $31 million write-off of goodwill, and is included in other operations and maintenance expense in Dominion's Consolidated Statements of Income. The sale of the electric retail energy marketing business did not qualify for discontinued operations classification. | |||||||||
Sale of Illinois Gas Contracts | |||||||||
In June 2013, Dominion completed the sale of Illinois Gas Contracts. The sales price was approximately $32 million, subject to post-closing adjustments. The sale resulted in a gain of approximately $29 million ($18 million after-tax) net of a $3 million write-off of goodwill, and is included in other operations and maintenance expense in Dominion's Consolidated Statement of Income. The sale of Illinois Gas Contracts did not qualify for discontinued operations classification as it is not considered a component under applicable accounting guidance. | |||||||||
Sale of Brayton Point, Kincaid and Equity Method Investment in Elwood | |||||||||
In March 2013, Dominion entered into an agreement with Energy Capital Partners to sell Brayton Point, Kincaid, and its equity method investment in Elwood. | |||||||||
In the first and second quarters of 2013, Brayton Point's and Kincaid's assets and liabilities to be disposed were classified as held for sale and adjusted to their estimated fair value less cost to sell, resulting in impairment charges totaling $48 million ($28 million after-tax), which are included in discontinued operations in Dominion's Consolidated Statements of Income. In both periods, Dominion used the market approach to estimate the fair value of Brayton Point's and Kincaid's long-lived assets. These were considered Level 2 fair value measurements given that they were based on the agreed-upon sales price. | |||||||||
Dominion's 50% interest in Elwood was an equity method investment and therefore, in accordance with applicable accounting guidance, the carrying amount of this investment was not classified as held for sale nor were the equity earnings from this investment reported as discontinued operations. | |||||||||
In August 2013, Dominion completed the sale and received proceeds of approximately $465 million, net of transaction costs. The sale resulted in a $35 million ($25 million after-tax) gain attributable to its equity method investment in Elwood, which is included in other income in Dominion's Consolidated Statement of Income, which was partially offset by a $17 million ($18 million after-tax) loss attributable to Brayton Point and Kincaid, which includes a $16 million write-off of goodwill and is reflected in loss from discontinued operations in Dominion's Consolidated Statement of Income. See Note 6 for other impairments related to these power stations. | |||||||||
The following table presents selected information regarding the results of operations of Brayton Point and Kincaid, which are reported as discontinued operations in Dominion's Consolidated Statements of Income: | |||||||||
Year Ended December 31, | 2013 | 2012 | |||||||
(millions) | |||||||||
Operating revenue | $ | 304 | $ | 258 | |||||
Loss before income taxes | (135 | ) | (1)Â | (1,768 | ) | (2)Â | |||
(1) Includes $64 million of charges related to the defeasance of Brayton Point debt and the early redemption of Kincaid debt in 2013. | |||||||||
(2) Includes a long-lived asset impairment charge of $1.6 billion. | |||||||||
Sale of Salem Harbor and State Line | |||||||||
In August 2012, Dominion completed the sale of Salem Harbor. In the second quarter of 2012, the assets and liabilities to be disposed were classified as held for sale and adjusted to their estimated fair value less cost to sell. Also during the second quarter of 2012, Dominion completed the sale of State Line, which ceased operations in March 2012. See Note 6 for impairments related to these power stations. | |||||||||
The following table presents selected information regarding the results of operations of Salem Harbor and State Line, which are reported as discontinued operations in Dominion's Consolidated Statements of Income: | |||||||||
Year Ended December 31, | 2012 | ||||||||
(millions) | |||||||||
Operating revenue | $ | 57 | |||||||
Loss before income taxes | (49 | ) | |||||||
Dominion and Dominion Gas | |||||||||
Blue Racer | |||||||||
See Note 9 for a discussion of transactions related to Blue Racer. | |||||||||
Marcellus Acreage | |||||||||
See Note 10 for a discussion of assignments of Marcellus acreage. |
Operating_Revenue
Operating Revenue | 12 Months Ended | |||||||||
Dec. 31, 2014 | ||||||||||
Regulated and Unregulated Operating Revenue [Abstract] | ||||||||||
Operating Revenue | OPERATING REVENUE | |||||||||
The Companies' operating revenue consists of the following: | ||||||||||
Year Ended December 31, | 2014 | 2013 | 2012 | |||||||
(millions) | ||||||||||
Dominion | ||||||||||
Electric sales: | ||||||||||
Regulated | $ | 7,460 | $ | 7,193 | $ | 7,102 | ||||
Nonregulated | 1,839 | 2,511 | 2,483 | |||||||
Gas sales: | ||||||||||
Regulated | 334 | 323 | 250 | |||||||
Nonregulated | 751 | 930 | 1,071 | |||||||
Gas transportation and storage | 1,543 | 1,535 | 1,401 | |||||||
Other | 509 | 628 | 528 | |||||||
Total operating revenue | $ | 12,436 | $ | 13,120 | $ | 12,835 | ||||
Virginia Power | ||||||||||
Regulated electric sales | $ | 7,460 | $ | 7,193 | $ | 7,102 | ||||
Other | 119 | 102 | 124 | |||||||
Total operating revenue | $ | 7,579 | $ | 7,295 | $ | 7,226 | ||||
Dominion Gas | ||||||||||
Gas sales: | ||||||||||
Regulated | $ | 209 | $ | 202 | $ | 138 | ||||
Nonregulated | 26 | 32 | 28 | |||||||
Gas transportation and storage | 1,353 | 1,338 | 1,188 | |||||||
NGL revenue | 212 | 292 | 275 | |||||||
Other | 98 | 73 | 48 | |||||||
Total operating revenue | $ | 1,898 | $ | 1,937 | $ | 1,677 | ||||
Income_Taxes
Income Taxes | 12 Months Ended | |||||||||||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||||||||||
Income Tax Disclosure [Abstract] | ||||||||||||||||||||||||||||
Income Taxes | INCOME TAXES | |||||||||||||||||||||||||||
Judgment and the use of estimates are required in developing the provision for income taxes and reporting of tax-related assets and liabilities. The interpretation of tax laws involves uncertainty, since tax authorities may interpret the laws differently. The Companies are routinely audited by federal and state tax authorities. Ultimate resolution of income tax matters may result in favorable or unfavorable impacts to net income and cash flows, and adjustments to tax-related assets and liabilities could be material. | ||||||||||||||||||||||||||||
In December 2014, U.S. federal legislation was enacted that provides an extension of the 50% bonus depreciation allowance for qualifying capital expenditures incurred through 2014. | ||||||||||||||||||||||||||||
Continuing Operations | ||||||||||||||||||||||||||||
Details of income tax expense for continuing operations including noncontrolling interests were as follows: | ||||||||||||||||||||||||||||
Dominion | Virginia Power | Dominion Gas | ||||||||||||||||||||||||||
Year Ended December 31, | 2014 | 2013 | 2012 | 2014 | 2013 | 2012 | 2014 | 2013 | 2012 | |||||||||||||||||||
(millions) | ||||||||||||||||||||||||||||
Current: | ||||||||||||||||||||||||||||
Federal | $ | (11 | ) | $ | 317 | $ | 43 | $ | 85 | $ | 357 | $ | 70 | $ | 86 | $ | 158 | $ | (8 | ) | ||||||||
State | 14 | 110 | 84 | 67 | 62 | 81 | 32 | 41 | 2 | |||||||||||||||||||
Total current expense (benefit) | 3 | 427 | 127 | 152 | 419 | 151 | 118 | 199 | (6 | ) | ||||||||||||||||||
Deferred: | ||||||||||||||||||||||||||||
Federal | ||||||||||||||||||||||||||||
Taxes before operating loss carryforwards and investment tax credits | 956 | 563 | 645 | 381 | 224 | 482 | 192 | 92 | 257 | |||||||||||||||||||
Tax benefit of operating loss carryforwards | (352 | ) | (18 | ) | — | — | — | — | — | — | — | |||||||||||||||||
Investment tax credits | (152 | ) | (48 | ) | — | — | — | — | — | — | — | |||||||||||||||||
State | (2 | ) | (31 | ) | 40 | 16 | 17 | 21 | 24 | 10 | 37 | |||||||||||||||||
Total deferred expense | 450 | 466 | 685 | 397 | 241 | 503 | 216 | 102 | 294 | |||||||||||||||||||
Amortization of deferred investment tax credits | (1 | ) | (1 | ) | (1 | ) | (1 | ) | (1 | ) | (1 | ) | — | — | — | |||||||||||||
Total income tax expense | $ | 452 | $ | 892 | $ | 811 | $ | 548 | $ | 659 | $ | 653 | $ | 334 | $ | 301 | $ | 288 | ||||||||||
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 | Virginia Power | Dominion Gas | ||||||||||||||||||||||||||
Year Ended December 31, | 2014 | 2013 | 2012 | 2014 | 2013 | 2012 | 2014 | 2013 | 2012 | |||||||||||||||||||
U.S. statutory rate | 35 | Â % | 35 | Â % | 35 | Â % | 35 | Â % | 35 | Â % | 35 | Â % | 35 | % | 35 | Â % | 35 | Â % | ||||||||||
Increases (reductions) resulting from: | ||||||||||||||||||||||||||||
State taxes, net of federal benefit | — | 2.1 | 4.2 | 3.8 | 3.1 | 3.9 | 4.4 | 4.3 | 3.4 | |||||||||||||||||||
Investment tax credits | (8.6 | ) | (1.8 | ) | — | — | — | — | — | — | — | |||||||||||||||||
Production tax credits | (1.2 | ) | (0.6 | ) | (0.5 | ) | (0.6 | ) | (0.2 | ) | — | — | — | — | ||||||||||||||
Valuation allowances | 0.7 | (0.1 | ) | (0.7 | ) | — | — | — | — | — | — | |||||||||||||||||
AFUDC - equity | — | (0.6 | ) | (0.9 | ) | — | (0.8 | ) | (0.9 | ) | — | (0.1 | ) | (0.6 | ) | |||||||||||||
Employee stock ownership plan deduction | (0.9 | ) | (0.6 | ) | (0.7 | ) | — | — | — | — | — | — | ||||||||||||||||
Other, net | 0.4 | (0.4 | ) | (0.6 | ) | 0.8 | (0.4 | ) | 0.3 | 0.1 | 0.3 | 0.7 | ||||||||||||||||
Effective tax rate | 25.4 | Â % | 33 | Â % | 35.8 | Â % | 39 | Â % | 36.7 | Â % | 38.3 | Â % | 39.5 | % | 39.5 | Â % | 38.5 | Â % | ||||||||||
Dominion's effective tax rate in 2014 reflects the recognition of state tax credits and previously unrecognized tax benefits due to the expiration of statutes of limitations. | ||||||||||||||||||||||||||||
The Companies' deferred income taxes consist of the following: | ||||||||||||||||||||||||||||
Dominion | Virginia Power | Dominion Gas | ||||||||||||||||||||||||||
At December 31, | 2014 | 2013 | 2014 | 2013 | 2014 | 2013 | ||||||||||||||||||||||
(millions) | ||||||||||||||||||||||||||||
Deferred income taxes: | ||||||||||||||||||||||||||||
Total deferred income tax assets | $ | 2,023 | $ | 2,142 | $ | 500 | $ | 462 | $ | 227 | $ | 216 | ||||||||||||||||
Total deferred income tax liabilities | 8,663 | 8,463 | 4,915 | 4,498 | 2,289 | 2,103 | ||||||||||||||||||||||
Total net deferred income tax liabilities | $ | 6,640 | $ | 6,321 | $ | 4,415 | $ | 4,036 | $ | 2,062 | $ | 1,887 | ||||||||||||||||
Total deferred income taxes: | ||||||||||||||||||||||||||||
Plant and equipment, primarily depreciation method and basis differences | $ | 5,895 | $ | 5,383 | $ | 3,965 | $ | 3,628 | $ | 1,417 | $ | 1,266 | ||||||||||||||||
Nuclear decommissioning | 1,241 | 1,136 | 474 | 441 | — | — | ||||||||||||||||||||||
Deferred state income taxes | 659 | 606 | 299 | 285 | 207 | 182 | ||||||||||||||||||||||
Federal benefit of deferred state income taxes | (231 | ) | (212 | ) | (105 | ) | (100 | ) | (72 | ) | (64 | ) | ||||||||||||||||
Deferred fuel, purchased energy and gas costs | 27 | (33 | ) | 18 | (50 | ) | 7 | 13 | ||||||||||||||||||||
Pension benefits | 272 | 435 | (77 | ) | (52 | ) | 567 | 522 | ||||||||||||||||||||
Other postretirement benefits | (17 | ) | (78 | ) | 13 | (3 | ) | (12 | ) | (13 | ) | |||||||||||||||||
Loss and credit carryforwards | (1,434 | ) | (797 | ) | (116 | ) | (106 | ) | (10 | ) | (10 | ) | ||||||||||||||||
Valuation allowances | 87 | 69 | — | — | — | — | ||||||||||||||||||||||
Partnership basis differences | 304 | 125 | — | — | 42 | 42 | ||||||||||||||||||||||
Other | (163 | ) | (313 | ) | (56 | ) | (7 | ) | (84 | ) | (51 | ) | ||||||||||||||||
Total net deferred income tax liabilities | $ | 6,640 | $ | 6,321 | $ | 4,415 | $ | 4,036 | $ | 2,062 | $ | 1,887 | ||||||||||||||||
At December 31, 2014, Dominion had the following deductible loss and credit carryforwards: | ||||||||||||||||||||||||||||
• | Federal loss carryforwards of $2.2 billion that expire if unutilized during the period 2021 through 2034; | |||||||||||||||||||||||||||
• | Federal investment tax credits of $245 million that expire if unutilized during the period 2033 through 2034; | |||||||||||||||||||||||||||
• | Federal production and other tax credits of $65 million that expire if unutilized during the period 2031 through 2034; | |||||||||||||||||||||||||||
• | State loss carryforwards of $1.7 billion that expire if unutilized during the period 2018 through 2034. A valuation allowance on $962 million of these carryforwards has been established; | |||||||||||||||||||||||||||
• | State minimum tax credits of $194 million that do not expire; and | |||||||||||||||||||||||||||
• | State investment tax credits of $29 million that expire if unutilized during the period 2016 through 2019. | |||||||||||||||||||||||||||
At December 31, 2014, Virginia Power had the following deductible loss and credit carryforwards: | ||||||||||||||||||||||||||||
• | Federal loss carryforwards of $279 million that expire if unutilized during the period 2031 through 2033; and | |||||||||||||||||||||||||||
• | Federal production and other tax credits of $14 million that expire if unutilized during the period 2031 through 2034. | |||||||||||||||||||||||||||
At December 31, 2014, Dominion Gas had the following deductible loss carryforwards: | ||||||||||||||||||||||||||||
• | Federal loss carryforwards of $25 million that expire if unutilized during the period 2031 through 2033; and | |||||||||||||||||||||||||||
• | State loss carryforwards of $4 million that expire if unutilized during the period 2031 through 2032. | |||||||||||||||||||||||||||
Dominion Gas had no credit carryforwards at December 31, 2014. | ||||||||||||||||||||||||||||
A reconciliation of changes in the Companies' unrecognized tax benefits follows: | ||||||||||||||||||||||||||||
Dominion | Virginia Power | Dominion Gas | ||||||||||||||||||||||||||
2014 | 2013 | 2012 | 2014 | 2013 | 2012 | 2014 | 2013 | 2012 | ||||||||||||||||||||
(millions) | ||||||||||||||||||||||||||||
Balance at January 1 | $ | 222 | $ | 293 | $ | 347 | $ | 39 | $ | 57 | $ | 114 | $ | 29 | $ | 30 | $ | 30 | ||||||||||
Increases-prior period positions | 24 | 17 | 28 | 2 | 12 | 4 | — | — | — | |||||||||||||||||||
Decreases-prior period positions | (26 | ) | (99 | ) | (106 | ) | (16 | ) | (42 | ) | (80 | ) | — | (1 | ) | — | ||||||||||||
Increases-current period positions | 16 | 30 | 43 | 11 | 14 | 24 | — | — | — | |||||||||||||||||||
Decreases-current period positions | — | (5 | ) | — | — | — | — | — | — | — | ||||||||||||||||||
Settlements with tax authorities | — | (2 | ) | (4 | ) | — | (2 | ) | (4 | ) | — | — | — | |||||||||||||||
Expiration of statutes of limitations | (91 | ) | (12 | ) | (15 | ) | — | — | (1 | ) | — | — | — | |||||||||||||||
Balance at December 31 | $ | 145 | $ | 222 | $ | 293 | $ | 36 | $ | 39 | $ | 57 | $ | 29 | $ | 29 | $ | 30 | ||||||||||
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 and its subsidiaries, these unrecognized tax benefits were $77 million, $126 million and $167 million at December 31, 2014, 2013 and 2012, respectively. For Dominion, the change in these unrecognized tax benefits decreased income tax expense by $47 million and $29 million in 2014 and 2013, respectively, and increased income tax expense by $1 million in 2012. For Virginia Power, these unrecognized tax benefits were $8 million at December 31, 2014 and 2013, and $13 million at December 31, 2012. For Virginia Power, the change in these unrecognized tax benefits decreased income tax expense by less than $1 million in 2014 and increased income tax expense by $4 million and $1 million in 2013 and 2012, respectively. For Dominion Gas, these unrecognized tax benefits were $19 million at December 31, 2014 and 2013 and $20 million at December 31, 2012. For Dominion Gas, the change in these unrecognized tax benefits affected income tax expense by less than $1 million in 2014, 2013 and 2012. | ||||||||||||||||||||||||||||
In January 2012, the Appellate Division of the IRS informed Dominion that the Joint Committee had completed its review of the settlement of tax years 2004 and 2005 for Dominion and its consolidated subsidiaries. Since the measurement of unrecognized tax benefits in 2011 considered the results of completed settlement negotiations, Dominion’s results of operations in 2012 were not affected. | ||||||||||||||||||||||||||||
In April 2012, the IRS issued its Revenue Agent Report for Dominion’s consolidated tax returns for tax years 2006 and 2007, reflecting the resolution of all issues except one that was subsequently settled in 2012. | ||||||||||||||||||||||||||||
The IRS examination of tax years 2008, 2009, 2010 and 2011 concluded in late 2013, resulting in a payment of $46 million, and an adjustment to a refund previously received by Dominion for its carryback of 2008 losses to 2007. The loss carryback, as adjusted, was submitted to the Joint Committee for review. Early in 2014, Dominion received notification that the matter had been resolved with no further adjustments. Accordingly, the earliest tax year remaining open for examination of Dominion’s federal tax returns is 2012. | ||||||||||||||||||||||||||||
Effective for its 2014 tax year, Dominion has been accepted into the CAP. The CAP is a method of identifying and resolving tax issues through open, cooperative, and transparent interaction between the IRS and taxpayers prior to the filing of a return. Through the CAP, Dominion will have 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 accepted by the IRS. Under a Pre-CAP plan, the IRS audit of tax years 2012 and 2013 began in early 2014. | ||||||||||||||||||||||||||||
It is reasonably possible that settlement negotiations and expiration of statutes of limitations could result in a decrease in unrecognized tax benefits in 2015 by up to $30 million for Dominion and up to $25 million for Virginia Power. 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 $10 million for Dominion and $7 million for Virginia Power. | ||||||||||||||||||||||||||||
Otherwise, with regard to 2014 and prior years, Dominion and Virginia Power cannot estimate the range of reasonably possible changes to unrecognized tax benefits that may occur in 2015. | ||||||||||||||||||||||||||||
After considering the possibility of potential changes in the status of its remaining unrecognized tax benefits, Dominion Gas has concluded that no significant changes are reasonably possible to occur in 2015. | ||||||||||||||||||||||||||||
For each of the major states in which Dominion operates, the earliest tax year remaining open for examination is as follows: | ||||||||||||||||||||||||||||
State | Earliest Open Tax Year | |||||||||||||||||||||||||||
Pennsylvania(1) | 2010 | |||||||||||||||||||||||||||
Connecticut | 2011 | |||||||||||||||||||||||||||
Virginia(2) | 2011 | |||||||||||||||||||||||||||
West Virginia(1) | 2011 | |||||||||||||||||||||||||||
New York(1) | 2007 | |||||||||||||||||||||||||||
-1 | Considered a major state for Dominion 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 utilizes operating losses or tax credits generated in years for which the statute of limitations has expired, such amounts are subject to examination. | ||||||||||||||||||||||||||||
Discontinued Operations | ||||||||||||||||||||||||||||
Details of income tax expense for Dominion's discontinued operations were as follows: | ||||||||||||||||||||||||||||
Year Ended December 31, | 2013 | 2012 | ||||||||||||||||||||||||||
(millions) | ||||||||||||||||||||||||||||
Current: | ||||||||||||||||||||||||||||
   Federal | (274 | ) | (248 | ) | ||||||||||||||||||||||||
   State | (41 | ) | (6 | ) | ||||||||||||||||||||||||
      Total current benefit | (315 | ) | (254 | ) | ||||||||||||||||||||||||
Deferred: | ||||||||||||||||||||||||||||
   Federal | 232 | (368 | ) | |||||||||||||||||||||||||
   State | 40 | (70 | ) | |||||||||||||||||||||||||
      Total deferred expense (benefit) | 272 | (438 | ) | |||||||||||||||||||||||||
      Total income tax benefit | (43 | ) | (692 | ) | ||||||||||||||||||||||||
Dominion's effective tax rate for 2013 reflects the impact of goodwill written off in the sale of Kincaid and Brayton Point that is not deductible for tax purposes. |
Fair_Value_Measurements
Fair Value Measurements | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Fair Value Disclosures [Abstract] | |||||||||||||
Fair Value Measurements | 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 pricing convention (the mid-point between bid and ask prices) is permitted. Fair values are based on assumptions that market participants would use when pricing an asset or liability, including assumptions about risk and the risks inherent in valuation techniques and the inputs to valuations. This includes not only the credit standing of counterparties involved and the impact of credit enhancements but also the impact of the Companies' own nonperformance risk on their liabilities. Fair value measurements assume that the transaction occurs in the principal market for the asset or liability (the market with the most volume and activity for the asset or liability from the perspective of the reporting entity), or in the absence of a principal market, the most advantageous market for the asset or liability (the market in which the reporting entity would be able to maximize the amount received or minimize the amount paid). Dominion and Virginia Power apply fair value measurements to certain assets and liabilities including commodity and interest rate derivative instruments, and nuclear decommissioning trust and other investments including those held in Dominion's rabbi, pension and other postretirement benefit plan trusts, in accordance with the requirements described above. Dominion Gas applies fair value measurements to certain assets and liabilities including commodity and interest rate derivative instruments and investments held in pension and other postretirement benefit plan trusts, in accordance with the requirements described above. The Companies apply credit adjustments to their derivative fair values in accordance with the requirements described above. These credit adjustments are currently not material to the derivative fair values. | |||||||||||||
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's ERM department. The ERM department reports directly to Dominion's CFO. The ERM department creates daily mark-to-market valuations for the Companies' derivative transactions using computer-based statistical models. The inputs that go into the market valuations are transactional information stored in the systems of record and market pricing information that resides in data warehouse databases. The majority of forward prices are automatically uploaded into the data warehouse databases from various third-party sources. Inputs obtained from third-party sources are evaluated for reliability considering the reputation, independence, market presence, and methodology used by the third-party. If forward prices are not available from third-party sources, then the ERM department models the forward prices based on other available market data. A team consisting of risk management and risk quantitative analysts meets each business day to assess the validity of market prices and mark-to-market valuations. During this meeting, the changes in mark-to-market valuations from period to period are examined and qualified against historical expectations. If any discrepancies are identified during this process, the mark-to-market valuations or the market pricing information is evaluated further and adjusted, if necessary. | |||||||||||||
For options and contracts with option-like characteristics where observable pricing information is not available from external sources, Dominion 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 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, Dominion and Virginia Power 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 and foreign currency derivative contracts: | |||||||||||||
• | Forward commodity prices | ||||||||||||
• | Forward foreign currency 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 | ||||||||||||
• | Volumes | ||||||||||||
• | Credit enhancements | ||||||||||||
• | Time value | ||||||||||||
For investments: | |||||||||||||
• | Quoted securities prices and indices | ||||||||||||
• | Securities trading information including volume and restrictions | ||||||||||||
• | Maturity | ||||||||||||
• | Interest rates | ||||||||||||
• | Credit quality | ||||||||||||
• | NAV (for alternative investments and common/collective trust funds) | ||||||||||||
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, mutual funds and certain Treasury securities held in nuclear decommissioning trust funds for Dominion and Virginia Power, benefit plan trust funds for Dominion and Dominion Gas, and rabbi trust funds for Dominion. | |||||||||||||
•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, restricted cash equivalents, and certain Treasury securities, money market funds, common/collective trust funds, and corporate, state and municipal debt securities held in nuclear decommissioning trust funds for Dominion and Virginia Power, benefit plan trust funds for Dominion and Dominion Gas, and rabbi trust funds for Dominion. | |||||||||||||
•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, NGLs, natural gas peaking options and other modeled commodity derivatives. Additional instruments categorized in Level 3 for Dominion and Dominion Gas include alternative investments, consisting of investments in partnerships, joint ventures and other alternative investments, held in benefit plan trust funds. | |||||||||||||
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. | |||||||||||||
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 derivative contracts is subject to change. | |||||||||||||
Level 3 Valuations | |||||||||||||
Fair value measurements are categorized as Level 3 when a significant amount of price or other inputs that are considered to be unobservable are used in 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. For NGL derivatives, market illiquidity requires a valuation based on proxy markets that do not always correlate to the actual instrument, therefore they are 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 and illiquid markets. Alternative investments are categorized as Level 3 due to the absence of quoted market prices, illiquidity and the long-term nature of these assets. These investments 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. | |||||||||||||
The Companies enter into certain physical and financial forwards, futures, options and swaps, which are considered Level 3 as they have one or more inputs that are not observable and are significant to the valuation. The discounted cash flow method is used to value Level 3 physical and financial forwards and futures contracts. An option model is used to value Level 3 physical and financial options. The discounted cash flow model for forwards and futures calculates mark-to-market valuations based on forward market prices, original transaction prices, volumes, risk-free rate of return, and credit spreads. The option model calculates mark-to-market valuations using variations of the Black-Scholes option model. The inputs into the models are the forward market prices, implied price volatilities, risk-free rate of return, the option expiration dates, the option strike prices, the original sales prices, and volumes. For Level 3 fair value measurements, forward market prices, credit spreads and implied price volatilities are considered unobservable. The unobservable inputs are developed and substantiated using historical information, available market data, third-party data, and statistical analysis. Periodically, inputs to valuation models are reviewed and revised as needed, based on historical information, updated market data, market liquidity and relationships, and changes in third-party pricing sources. | |||||||||||||
The following table presents Dominion's and Dominion Gas' quantitative information about Level 3 fair value measurements at December 31, 2014. The range and weighted average are presented in dollars for market price inputs and percentages for price volatility and credit spreads. | |||||||||||||
Fair Value (millions) | Valuation Techniques | Unobservable Input | Range | Weighted Average(1) | |||||||||
Assets: | |||||||||||||
Physical and Financial Forwards and Futures: | |||||||||||||
Natural Gas(2) | $ | 74 | Discounted Cash Flow | Market Price (per Dth) | (4)Â | (2) - 11 | (1 | ) | |||||
Credit spread | (6)Â | 1% - 5% | 2 | % | |||||||||
FTRs | 44 | Discounted Cash Flow | Market Price (per MWh) | (4)Â | (1) - 21 | 3 | |||||||
NGLs(3) | 2 | Discounted Cash Flow | Market Price (per Gal) | (4)Â | 0 - 2 | 1 | |||||||
Physical and Financial Options: | |||||||||||||
Natural Gas | 5 | Option Model | Market Price (per Dth) | (4)Â | 4-Feb | 3 | |||||||
Price Volatility | (5)Â | 19% - 67% | 33 | % | |||||||||
Total assets | $ | 125 | |||||||||||
Liabilities: | |||||||||||||
Physical and Financial Forwards and Futures: | |||||||||||||
Natural Gas(2) | $ | 12 | Discounted Cash Flow | Market Price (per Dth) | (4)Â | (2) - 4 | 2 | ||||||
      FTRs | 4 | Discounted Cash Flow | Market Price (per MWh) | (4) | (21) - 21 | — | |||||||
Physical and Financial Options: | |||||||||||||
Natural Gas | 2 | Option Model | Market Price (per Dth) | (4)Â | 4-Feb | 3 | |||||||
Price Volatility | (5)Â | 19% - 67% | 33 | % | |||||||||
Total liabilities | $ | 18 | |||||||||||
-1 | Averages weighted by volume. | ||||||||||||
-2 | Includes basis. | ||||||||||||
-3 | Information represents Dominion Gas quantitative information about Level 3 fair value measurements. | ||||||||||||
-4 | Represents market prices beyond defined terms for Levels 1 and 2. | ||||||||||||
-5 | Represents volatilities unrepresented in published markets. | ||||||||||||
-6 | Represents credit spreads 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) | ||||||||||
Credit spread | Asset | Increase (decrease) | Loss (gain) | ||||||||||
Nonrecurring Fair Value Measurements | |||||||||||||
Dominion Gas | |||||||||||||
Natural Gas Assets | |||||||||||||
In the fourth quarter of 2014, Dominion Gas recorded an impairment charge of $9 million ($6 million after-tax) in other operations and maintenance expense in its Consolidated Statements of Income, to write off previously capitalized costs following the cancellation of a development project. | |||||||||||||
In June 2013, Dominion Gas purchased certain natural gas infrastructure facilities that were previously leased from third parties. The purchase price was based on terms in the lease, which exceeded current market pricing. As a result of the purchase price and expected losses, Dominion Gas recorded an impairment charge of $49 million ($29 million after-tax) in other operations and maintenance expense in its Consolidated Statements of Income, to write down the long-lived assets to their estimated fair values of less than $1 million. As management was not aware of any recent market transactions for comparable assets with sufficient transparency to develop a market approach to fair value, Dominion Gas used the income approach (discounted cash flows) to estimate the fair value of the assets in this impairment test. This was considered a Level 3 fair value measurement due to the use of significant unobservable inputs, including estimates of future production and other commodity prices. | |||||||||||||
Also in June 2013, Dominion Gas recorded an impairment charge of $6 million ($4 million after-tax) in other operations and maintenance expense in its Consolidated Statements of Income, to write off previously capitalized costs following the cancellation of two development projects. | |||||||||||||
Dominion | |||||||||||||
Merchant Power Stations | |||||||||||||
In the third quarter of 2012, Dominion decided to pursue the sale of Brayton Point and Kincaid, as well as its 50% interest in Elwood, which is an equity method investment. Since Dominion was unlikely to operate the Brayton Point and Kincaid facilities through their estimated useful lives, Dominion evaluated these power stations for recoverability under a probability weighted approach and concluded that the carrying values of these facilities were not impaired as of September 30, 2012. | |||||||||||||
At December 31, 2012, Dominion updated its recoverability analysis for Brayton Point and Kincaid to reflect bids received and an updated probability weighting. As a result of this updated evaluation, Dominion recorded an impairment charge of approximately $1.6 billion ($1.0 billion after-tax), which is included in loss from discontinued operations in its Consolidated Statement of Income, to write down Brayton Point’s and Kincaid's long-lived assets to their estimated fair value of approximately $216 million. Dominion used a market approach to estimate the fair value of Brayton Point’s and Kincaid's long-lived assets. This was considered a Level 2 fair value measurement given it was based on bids received. | |||||||||||||
See Note 3 for information regarding the sale of Brayton Point, Kincaid and Dominion's equity method investment in Elwood, including an additional impairment. | |||||||||||||
In April 2011, Dominion announced it would pursue a sale of Kewaunee since it was not able to move forward with its original plan to grow its nuclear fleet in the Midwest to take advantage of economies of scale. Dominion was unable to find a buyer for the facility. In addition, the power purchase agreements for the two utilities that contracted to buy Kewaunee's generation expired in December 2013 at a time of low wholesale electricity prices in the region. At September 30, 2012, Dominion expected that it would permanently cease generation operations at Kewaunee in 2013 and commence decommissioning of the facility. As a result, Dominion evaluated Kewaunee for impairment since it was more likely than not that Kewaunee would be retired before the end of its previously estimated useful life. As management was not aware of any recent market transactions for comparable assets with sufficient transparency to develop a market approach to fair value, Dominion used the income approach (discounted cash flows) to estimate the fair value of Kewaunee's long-lived assets. This was considered a Level 3 fair value measurement due to the use of significant unobservable inputs including estimates of future power and other commodity prices. | |||||||||||||
As a result of this evaluation in September 2012, Dominion recorded impairment and other charges of $435 million ($281 million after-tax) largely reflected in other operations and maintenance expense in its Consolidated Statement of Income. This primarily reflects a $378 million ($244 million after-tax) charge for the full impairment of Kewaunee's long-lived assets, a write down of materials and supplies inventories of $33 million ($21 million after-tax), and a $24 million ($16 million after-tax) charge related to severance costs. | |||||||||||||
The decision to decommission Kewaunee was approved by Dominion's Board of Directors in October 2012 after consideration of the factors discussed above, which made it uneconomic for Kewaunee to continue operations. Kewaunee ceased operations and decommissioning activities commenced in May 2013. | |||||||||||||
In the second quarter of 2012, an agreement was reached to sell Salem Harbor and the assets and liabilities to be disposed were classified as held for sale and adjusted to their estimated fair value less cost to sell. This resulted in a pre-tax charge of $27 million ($16 million after-tax), which is included in loss from discontinued operations in Dominion's Consolidated Statement of Income. This was considered a Level 2 fair value measurement as it was based on the negotiated sales price. Salem Harbor was sold in the third quarter of 2012. | |||||||||||||
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's and Dominion Gas' pension and other postretirement benefit plans are presented in Note 21. | |||||||||||||
Dominion | |||||||||||||
The following table presents Dominion's assets and liabilities that are measured at fair value on a recurring basis for each hierarchy level, including both current and noncurrent portions: | |||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||
(millions) | |||||||||||||
At December 31, 2014 | |||||||||||||
Assets: | |||||||||||||
Derivatives: | |||||||||||||
Commodity | $ | 3 | $ | 567 | $ | 125 | $ | 695 | |||||
Interest rate | — | 24 | — | 24 | |||||||||
Investments(1): | |||||||||||||
Equity securities: | |||||||||||||
U.S.: | |||||||||||||
Large Cap | 2,669 | — | — | 2,669 | |||||||||
Other | 6 | — | — | 6 | |||||||||
Non-U.S.: | |||||||||||||
Large Cap | 12 | — | — | 12 | |||||||||
Fixed Income: | |||||||||||||
Corporate debt instruments | — | 441 | — | 441 | |||||||||
U.S. Treasury securities and agency debentures | 419 | 190 | — | 609 | |||||||||
State and municipal | — | 395 | — | 395 | |||||||||
Other | — | 74 | — | 74 | |||||||||
Cash equivalents and other | 3 | 10 | — | 13 | |||||||||
Total assets | $ | 3,112 | $ | 1,701 | $ | 125 | $ | 4,938 | |||||
Liabilities: | |||||||||||||
Derivatives: | |||||||||||||
Commodity | $ | 3 | $ | 571 | $ | 18 | $ | 592 | |||||
Interest rate | — | 202 | — | 202 | |||||||||
Total liabilities | $ | 3 | $ | 773 | $ | 18 | $ | 794 | |||||
At December 31, 2013 | |||||||||||||
Assets: | |||||||||||||
Derivatives: | |||||||||||||
Commodity | $ | 3 | $ | 718 | $ | 32 | $ | 753 | |||||
Interest rate | — | 137 | — | 137 | |||||||||
Investments(1): | |||||||||||||
Equity securities: | |||||||||||||
U.S.: | |||||||||||||
Large Cap | 2,417 | — | — | 2,417 | |||||||||
Other | 79 | — | — | 79 | |||||||||
Non-U.S.: | |||||||||||||
Large Cap | 13 | — | — | 13 | |||||||||
Fixed Income: | |||||||||||||
Corporate debt instruments | — | 345 | — | 345 | |||||||||
U.S. Treasury securities and agency debentures | 415 | 175 | — | 590 | |||||||||
State and municipal | — | 343 | — | 343 | |||||||||
Other | — | 3 | — | 3 | |||||||||
Cash equivalents and other | — | 103 | — | 103 | |||||||||
Restricted cash equivalents | — | 8 | — | 8 | |||||||||
Total assets | $ | 2,927 | $ | 1,832 | $ | 32 | $ | 4,791 | |||||
Liabilities: | |||||||||||||
Derivatives: | |||||||||||||
Commodity | $ | 3 | $ | 1,051 | $ | 48 | $ | 1,102 | |||||
Total liabilities | $ | 3 | $ | 1,051 | $ | 48 | $ | 1,102 | |||||
-1 | Includes investments held in the nuclear decommissioning and rabbi trusts. | ||||||||||||
The following table presents the net change in Dominion's assets and liabilities measured at fair value on a recurring basis and included in the Level 3 fair value category: | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
(millions) | |||||||||||||
Balance at January 1, | $ | (16 | ) | $ | 25 | $ | (71 | ) | |||||
Total realized and unrealized gains (losses): | |||||||||||||
Included in earnings | 97 | (9 | ) | (15 | ) | ||||||||
Included in other comprehensive income (loss) | 7 | 1 | 101 | ||||||||||
Included in regulatory assets/liabilities | 109 | (9 | ) | 30 | |||||||||
Settlements | (88 | ) | (23 | ) | 47 | ||||||||
Transfers out of Level 3 | (2 | ) | (1 | ) | (67 | ) | |||||||
Balance at December 31, | $ | 107 | $ | (16 | ) | $ | 25 | ||||||
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 | $ | 6 | $ | — | $ | 42 | |||||||
The following table presents Dominion's gains and losses included in earnings in the Level 3 fair value category: | |||||||||||||
Operating | Electric Fuel | Purchased | Total | ||||||||||
Revenue | and Energy | Gas | |||||||||||
Purchases | |||||||||||||
(millions) | |||||||||||||
Year Ended December 31, 2014 | |||||||||||||
Total gains (losses) included in earnings | $ | 4 | $ | 97 | $ | (4 | ) | $ | 97 | ||||
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 | 4 | 1 | 1 | 6 | |||||||||
Year Ended December 31, 2013 | |||||||||||||
Total gains (losses) included in earnings | $ | 11 | $ | (19 | ) | $ | (1 | ) | $ | (9 | ) | ||
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 | 1 | — | (1 | ) | — | ||||||||
Year Ended December 31, 2012 | |||||||||||||
Total gains (losses) included in earnings | $ | 35 | $ | (50 | ) | $ | — | $ | (15 | ) | |||
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 | 42 | — | — | 42 | |||||||||
Virginia Power | |||||||||||||
The following table presents Virginia Power's quantitative information about Level 3 fair value measurements at December 31, 2014. The range and weighted average are presented in dollars for market price inputs and percentages for credit spreads. | |||||||||||||
Fair Value (millions) | Valuation Techniques | Unobservable Input | Range | Weighted Average(1) | |||||||||
Assets: | |||||||||||||
Physical and Financial Forwards and Futures: | |||||||||||||
FTRs | $ | 44 | Discounted Cash Flow | Market Price (per MWh) | (3)Â | (1) - 21 | 3 | ||||||
Natural gas(2) | 62 | Discounted Cash Flow | Market Price (per Dth) | (3)Â | (2) - 7 | (1 | ) | ||||||
Credit spread | (4)Â | 1% - 5% | 2 | % | |||||||||
Total assets | $ | 106 | |||||||||||
Liabilities: | |||||||||||||
Physical and Financial Forwards and Futures: | |||||||||||||
FTRs | $ | 4 | Discounted Cash Flow | Market Price (per MWh) | (3) | (21) - 21 | — | ||||||
Total liabilities | $ | 4 | |||||||||||
-1 | Averages weighted by volume. | ||||||||||||
-2 | Includes basis. | ||||||||||||
-3 | Represents market prices beyond defined terms for Levels 1 and 2. | ||||||||||||
-4 | Represents credit spreads 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) | ||||||||||
Credit spread | Asset | Increase (decrease) | Loss (gain) | ||||||||||
The following table presents Virginia Power's assets and liabilities that are measured at fair value on a recurring basis for each hierarchy level, including both current and noncurrent portions: | |||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||
(millions) | |||||||||||||
At December 31, 2014 | |||||||||||||
Assets: | |||||||||||||
Derivatives: | |||||||||||||
Commodity | $ | — | $ | 7 | $ | 106 | $ | 113 | |||||
Investments(1): | |||||||||||||
Equity securities: | |||||||||||||
U.S.: | |||||||||||||
Large Cap | 1,157 | — | — | 1,157 | |||||||||
Fixed Income: | |||||||||||||
Corporate debt instruments | — | 250 | — | 250 | |||||||||
U.S. Treasury securities and agency debentures | 137 | 61 | — | 198 | |||||||||
State and municipal | — | 211 | — | 211 | |||||||||
Other | — | 23 | — | 23 | |||||||||
Total assets | $ | 1,294 | $ | 552 | $ | 106 | $ | 1,952 | |||||
Liabilities: | |||||||||||||
Derivatives: | |||||||||||||
Commodity | $ | — | $ | 11 | $ | 4 | $ | 15 | |||||
Interest rate | — | 72 | — | 72 | |||||||||
Total liabilities | $ | — | $ | 83 | $ | 4 | $ | 87 | |||||
At December 31, 2013 | |||||||||||||
Assets: | |||||||||||||
Derivatives: | |||||||||||||
Commodity | $ | — | $ | 3 | $ | 2 | $ | 5 | |||||
Interest rate | — | 48 | — | 48 | |||||||||
Investments(1): | |||||||||||||
Equity securities: | |||||||||||||
U.S.: | |||||||||||||
Large Cap | 1,021 | — | — | 1,021 | |||||||||
Other | 36 | — | — | 36 | |||||||||
Fixed Income: | |||||||||||||
Corporate debt instruments | — | 191 | — | 191 | |||||||||
U.S. Treasury securities and agency debentures | 146 | 66 | — | 212 | |||||||||
State and municipal | — | 164 | — | 164 | |||||||||
Cash equivalents and other | — | 31 | — | 31 | |||||||||
Restricted cash equivalents | — | 8 | — | 8 | |||||||||
Total assets | $ | 1,203 | $ | 511 | $ | 2 | $ | 1,716 | |||||
Liabilities: | |||||||||||||
Derivatives: | |||||||||||||
Commodity | $ | — | $ | 3 | $ | 9 | $ | 12 | |||||
Total liabilities | $ | — | $ | 3 | $ | 9 | $ | 12 | |||||
-1 | Includes investments held in the nuclear decommissioning and rabbi trusts. | ||||||||||||
The following table presents the net change in Virginia Power's assets and liabilities measured at fair value on a recurring basis and included in the Level 3 fair value category: | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
(millions) | |||||||||||||
Balance at January 1, | $ | (7 | ) | $ | 2 | $ | (28 | ) | |||||
Total realized and unrealized gains (losses): | |||||||||||||
Included in earnings | 96 | (17 | ) | (50 | ) | ||||||||
Included in regulatory assets/liabilities | 109 | (9 | ) | 30 | |||||||||
Settlements | (96 | ) | 17 | 50 | |||||||||
Balance at December 31, | $ | 102 | $ | (7 | ) | $ | 2 | ||||||
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, 2014, 2013 and 2012. 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, 2014, 2013 and 2012. | |||||||||||||
Dominion Gas | |||||||||||||
The following table presents Dominion Gas' assets and liabilities for commodity and interest rate derivatives that are measured at fair value on a recurring basis for each hierarchy level, including both current and noncurrent portions: | |||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||
(millions) | |||||||||||||
At December 31, 2014 | |||||||||||||
Assets: | |||||||||||||
Commodity | $ | — | $ | — | $ | 2 | $ | 2 | |||||
Total assets | $ | — | $ | — | $ | 2 | $ | 2 | |||||
Liabilities: | |||||||||||||
Interest rate | $ | — | $ | 9 | $ | — | $ | 9 | |||||
Total liabilities | $ | — | $ | 9 | $ | — | $ | 9 | |||||
At December 31, 2013 | |||||||||||||
Assets: | |||||||||||||
Commodity | $ | — | $ | — | $ | 6 | $ | 6 | |||||
Interest rate | — | 34 | — | 34 | |||||||||
Total assets | $ | — | $ | 34 | $ | 6 | $ | 40 | |||||
Liabilities: | |||||||||||||
Commodity | $ | — | $ | 13 | $ | 12 | $ | 25 | |||||
Total liabilities | $ | — | $ | 13 | $ | 12 | $ | 25 | |||||
The following table presents the net change in Dominion Gas' derivative assets and liabilities measured at fair value on a recurring basis and included in the Level 3 fair value category: | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
(millions) | |||||||||||||
Balance at January 1, | $ | (6 | ) | $ | (12 | ) | $ | (98 | ) | ||||
Total realized and unrealized gains (losses): | |||||||||||||
Included in earnings | 2 | 1 | (15 | ) | |||||||||
Included in other comprehensive income (loss) | 10 | 3 | 86 | ||||||||||
Settlements | (4 | ) | 2 | 15 | |||||||||
Balance at December 31, | $ | 2 | $ | (6 | ) | $ | (12 | ) | |||||
The gains and losses included in earnings in the Level 3 fair value category were classified in operating revenue in Dominion Gas' Consolidated Statements of Income for the years ended December 31, 2014, 2013 and 2012. 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, 2014, 2013 and 2012. | |||||||||||||
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, 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: | |||||||||||||
At December 31, | 2014 | 2013 | |||||||||||
Carrying | Estimated | Carrying | Estimated | ||||||||||
Amount | Fair Value(1) | Amount | Fair Value(1) | ||||||||||
(millions) | |||||||||||||
Dominion | |||||||||||||
Long-term debt, including securities due within one year(2) | $ | 19,723 | $ | 21,881 | $ | 18,396 | $ | 19,887 | |||||
Junior subordinated notes(3) | 1,374 | 1,396 | 1,373 | 1,394 | |||||||||
Remarketable subordinated notes(3) | 2,083 | 2,362 | 1,080 | 1,192 | |||||||||
Subsidiary preferred stock(4) | — | — | 257 | 261 | |||||||||
Virginia Power | |||||||||||||
Long-term debt, including securities due within one year(3) | $ | 8,937 | $ | 10,293 | $ | 8,032 | $ | 8,897 | |||||
Preferred stock(4) | — | — | 257 | 261 | |||||||||
Dominion Gas | |||||||||||||
Long-term debt(3) | $ | 2,594 | $ | 2,672 | $ | 1,198 | $ | 1,169 | |||||
-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 discount and/or premium. At December 31, 2014, and 2013, includes the valuation of certain fair value hedges associated with Dominion's fixed rate debt, of approximately $19 million and $55 million, respectively. | ||||||||||||
-3 | Carrying amount includes amounts which represent the unamortized discount and/or premium. | ||||||||||||
-4 | Includes deferred issuance expenses of $2 million at December 31, 2013. See Note 18 for information about the redemption of preferred stock in 2014. |
Derivatives_and_Hedge_Accounti
Derivatives and Hedge Accounting Activities | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||||||||||||||||||||||||
Derivatives and Hedge Accounting Activities | DERIVATIVES AND HEDGE ACCOUNTING ACTIVITIES | ||||||||||||||||||||||||
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 currency exchange and interest 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's and Virginia Power's derivative contracts include both over-the-counter transactions and those that are executed on an exchange or other trading platform (exchange contracts) and centrally cleared. Dominion Gas' derivative contracts include over-the-counter transactions. Over-the-counter contracts are bilateral contracts that are transacted directly with a third party. Exchange contracts utilize a financial intermediary, exchange, or clearinghouse to enter, execute, or clear the transactions. Certain over-the-counter and exchange contracts contain contractual rights of setoff through master netting arrangements, derivative clearing agreements, and contract default provisions. In addition, the contracts are subject to conditional rights of setoff through counterparty nonperformance, insolvency, or other conditions. | |||||||||||||||||||||||||
In general, most over-the-counter transactions and all exchange contracts are subject to collateral requirements. Types of collateral for over-the-counter and exchange contracts include cash, letters of credit, and in some cases other forms of security, none of which are subject to restrictions. Cash collateral is used in the table below to offset derivative assets and liabilities. Certain accounts receivable and accounts payable recognized on the Companies' Consolidated Balance Sheets, as well as letters of credit and other forms of security, all of which are not included in the tables below, are subject to offset under master netting or similar arrangements and would reduce the net exposure. | |||||||||||||||||||||||||
Dominion | |||||||||||||||||||||||||
Balance Sheet Presentation | |||||||||||||||||||||||||
The tables below present Dominion's derivative asset and liability balances by type of financial instrument, before and after the effects of offsetting: | |||||||||||||||||||||||||
31-Dec-14 | 31-Dec-13 | ||||||||||||||||||||||||
Gross Amounts of Recognized Assets | Gross Amounts Offset in the Consolidated Balance Sheet | Net Amounts of Assets Presented in the Consolidated Balance Sheet | Gross Amounts of Recognized Assets | Gross Amounts Offset in the Consolidated Balance Sheet | Net Amounts of Assets Presented in the Consolidated Balance Sheet | ||||||||||||||||||||
(millions) | |||||||||||||||||||||||||
Interest rate contracts: | |||||||||||||||||||||||||
Over-the-counter | $ | 24 | $ | — | $ | 24 | $ | 137 | $ | — | $ | 137 | |||||||||||||
Commodity contracts: | |||||||||||||||||||||||||
Over-the-counter | 382 | — | 382 | 240 | — | 240 | |||||||||||||||||||
Exchange | 298 | — | 298 | 506 | — | 506 | |||||||||||||||||||
Total derivatives, subject to a master netting or similar arrangement | 704 | — | 704 | 883 | — | 883 | |||||||||||||||||||
Total derivatives, not subject to a master netting or similar arrangement | 15 | — | 15 | 7 | — | 7 | |||||||||||||||||||
Total | $ | 719 | $ | — | $ | 719 | $ | 890 | $ | — | $ | 890 | |||||||||||||
31-Dec-14 | 31-Dec-13 | ||||||||||||||||||||||||
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) | |||||||||||||||||||||||||
Interest rate contracts: | |||||||||||||||||||||||||
Over-the-counter | $ | 24 | $ | 16 | $ | — | $ | 8 | $ | 137 | $ | — | $ | — | $ | 137 | |||||||||
Commodity contracts: | |||||||||||||||||||||||||
Over-the-counter | 382 | 34 | 34 | 314 | 240 | 63 | — | 177 | |||||||||||||||||
Exchange | 298 | 298 | — | — | 506 | 505 | — | 1 | |||||||||||||||||
Total | $ | 704 | $ | 348 | $ | 34 | $ | 322 | $ | 883 | $ | 568 | $ | — | $ | 315 | |||||||||
31-Dec-14 | 31-Dec-13 | ||||||||||||||||||||||||
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) | |||||||||||||||||||||||||
Interest rate contracts: | |||||||||||||||||||||||||
Over-the-counter | $ | 202 | $ | — | $ | 202 | $ | — | $ | — | $ | — | |||||||||||||
Commodity contracts: | |||||||||||||||||||||||||
Over-the-counter | 87 | — | 87 | 262 | — | 262 | |||||||||||||||||||
Exchange | 493 | — | 493 | 838 | — | 838 | |||||||||||||||||||
Total derivatives, subject to a master netting or similar arrangement | 782 | — | 782 | 1,100 | — | 1,100 | |||||||||||||||||||
Total derivatives, not subject to a master netting or similar arrangement | 12 | — | 12 | 2 | — | 2 | |||||||||||||||||||
Total | $ | 794 | $ | — | $ | 794 | $ | 1,102 | $ | — | $ | 1,102 | |||||||||||||
31-Dec-14 | 31-Dec-13 | ||||||||||||||||||||||||
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) | |||||||||||||||||||||||||
Interest rate contracts: | |||||||||||||||||||||||||
Over-the-counter | $ | 202 | $ | 16 | $ | — | $ | 186 | $ | — | $ | — | $ | — | $ | — | |||||||||
Commodity contracts: | |||||||||||||||||||||||||
Over-the-counter | 87 | 34 | 1 | 52 | 262 | 63 | 69 | 130 | |||||||||||||||||
Exchange | 493 | 298 | 195 | — | 838 | 505 | 333 | — | |||||||||||||||||
Total | $ | 782 | $ | 348 | $ | 196 | $ | 238 | $ | 1,100 | $ | 568 | $ | 402 | $ | 130 | |||||||||
Volumes | |||||||||||||||||||||||||
The following table presents the volume of Dominion's derivative activity as of December 31, 2014. 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) | 52 | 13 | |||||||||||||||||||||||
Basis | 227 | 575 | |||||||||||||||||||||||
Electricity (MWh): | |||||||||||||||||||||||||
Fixed price | 14,689,432 | 6,148,800 | |||||||||||||||||||||||
FTRs | 35,786,150 | — | |||||||||||||||||||||||
Capacity (MW) | 10,700 | 7,600 | |||||||||||||||||||||||
Liquids (Gals)(2) | 39,984,000 | 1,260,000 | |||||||||||||||||||||||
Interest rate | $ | 1,300,000,000 | $ | 4,450,000,000 | |||||||||||||||||||||
-1 | Includes options. | ||||||||||||||||||||||||
-2 | Includes NGLs and oil. | ||||||||||||||||||||||||
Ineffectiveness and AOCI | |||||||||||||||||||||||||
For the years ended December 31, 2014, 2013 and 2012, gains or losses on hedging instruments determined to be ineffective and amounts excluded from the assessment of effectiveness were not material. Amounts excluded from the assessment of effectiveness include gains or losses attributable to changes in the time value of options and changes in the differences between spot prices and forward prices. | |||||||||||||||||||||||||
The following table presents selected information related to gains (losses) on cash flow hedges included in AOCI in Dominion's Consolidated Balance Sheet at December 31, 2014: | |||||||||||||||||||||||||
AOCI | Amounts Expected to be Reclassified to Earnings during the next 12 Months After-Tax | Maximum | |||||||||||||||||||||||
After-Tax | Term | ||||||||||||||||||||||||
(millions) | |||||||||||||||||||||||||
Commodities: | |||||||||||||||||||||||||
Gas | $ | (8 | ) | $ | (7 | ) | 27 months | ||||||||||||||||||
Electricity | 56 | 46 | 24 months | ||||||||||||||||||||||
Other | — | — | 17 months | ||||||||||||||||||||||
Interest rate | (226 | ) | (6 | ) | 384 months | ||||||||||||||||||||
Total | $ | (178 | ) | $ | 33 | ||||||||||||||||||||
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 and interest rates. | |||||||||||||||||||||||||
Fair Value and Gains and Losses on Derivative Instruments | |||||||||||||||||||||||||
The following tables present the fair values of Dominion's derivatives and where they are presented in its Consolidated Balance Sheets: | |||||||||||||||||||||||||
Fair Value - | Fair Value - | Total | |||||||||||||||||||||||
Derivatives | Derivatives | Fair | |||||||||||||||||||||||
under | not under | Value | |||||||||||||||||||||||
Hedge | Hedge | ||||||||||||||||||||||||
Accounting | Accounting | ||||||||||||||||||||||||
(millions) | |||||||||||||||||||||||||
At December 31, 2014 | |||||||||||||||||||||||||
ASSETS | |||||||||||||||||||||||||
Current Assets | |||||||||||||||||||||||||
Commodity | $ | 281 | $ | 242 | $ | 523 | |||||||||||||||||||
Interest rate | 13 | — | 13 | ||||||||||||||||||||||
Total current derivative assets | 294 | 242 | 536 | ||||||||||||||||||||||
Noncurrent Assets | |||||||||||||||||||||||||
Commodity | 71 | 101 | 172 | ||||||||||||||||||||||
Interest rate | 11 | — | 11 | ||||||||||||||||||||||
Total noncurrent derivative assets(1) | 82 | 101 | 183 | ||||||||||||||||||||||
Total derivative assets | $ | 376 | $ | 343 | $ | 719 | |||||||||||||||||||
LIABILITIES | |||||||||||||||||||||||||
Current Liabilities | |||||||||||||||||||||||||
Commodity | $ | 224 | $ | 267 | $ | 491 | |||||||||||||||||||
Interest rate | 100 | — | 100 | ||||||||||||||||||||||
Total current derivative liabilities | 324 | 267 | 591 | ||||||||||||||||||||||
Noncurrent Liabilities | |||||||||||||||||||||||||
Commodity | 55 | 46 | 101 | ||||||||||||||||||||||
Interest rate | 102 | — | 102 | ||||||||||||||||||||||
Total noncurrent derivative liabilities(2) | 157 | 46 | 203 | ||||||||||||||||||||||
Total derivative liabilities | $ | 481 | $ | 313 | $ | 794 | |||||||||||||||||||
At December 31, 2013 | |||||||||||||||||||||||||
ASSETS | |||||||||||||||||||||||||
Current Assets | |||||||||||||||||||||||||
Commodity | $ | 49 | $ | 522 | $ | 571 | |||||||||||||||||||
Interest rate | 116 | — | 116 | ||||||||||||||||||||||
Total current derivative assets | 165 | 522 | 687 | ||||||||||||||||||||||
Noncurrent Assets | |||||||||||||||||||||||||
Commodity | 28 | 154 | 182 | ||||||||||||||||||||||
Interest rate | 21 | — | 21 | ||||||||||||||||||||||
Total noncurrent derivative assets(1) | 49 | 154 | 203 | ||||||||||||||||||||||
Total derivative assets | $ | 214 | $ | 676 | $ | 890 | |||||||||||||||||||
LIABILITIES | |||||||||||||||||||||||||
Current Liabilities | |||||||||||||||||||||||||
Commodity | $ | 267 | $ | 561 | $ | 828 | |||||||||||||||||||
Total current derivative liabilities | 267 | 561 | 828 | ||||||||||||||||||||||
Noncurrent Liabilities | |||||||||||||||||||||||||
Commodity | 119 | 155 | 274 | ||||||||||||||||||||||
Total noncurrent derivative liabilities(2) | 119 | 155 | 274 | ||||||||||||||||||||||
Total derivative liabilities | $ | 386 | $ | 716 | $ | 1,102 | |||||||||||||||||||
-1 | Noncurrent derivative assets are presented in other deferred charges and other assets in Dominion's Consolidated Balance Sheets. | ||||||||||||||||||||||||
-2 | Noncurrent derivative liabilities are presented in other deferred credits and other liabilities in Dominion's Consolidated Balance Sheets. | ||||||||||||||||||||||||
The following tables present the gains and losses on Dominion's derivatives, as well as where the associated activity is presented in its Consolidated Balance Sheets and Statements of Income: | |||||||||||||||||||||||||
Derivatives in cash flow hedging | Amount of | Amount of | Increase | ||||||||||||||||||||||
relationships | Gain (Loss) | Gain (Loss) | (Decrease) | ||||||||||||||||||||||
Recognized | Reclassified | in | |||||||||||||||||||||||
in AOCI on | from AOCI | Derivatives | |||||||||||||||||||||||
Derivatives | to Income | Subject to | |||||||||||||||||||||||
(Effective | Regulatory | ||||||||||||||||||||||||
Portion)(1) | Treatment(2) | ||||||||||||||||||||||||
(millions) | |||||||||||||||||||||||||
Year Ended December 31, 2014 | |||||||||||||||||||||||||
Derivative Type and Location of Gains (Losses) | |||||||||||||||||||||||||
Commodity: | |||||||||||||||||||||||||
Operating revenue | $ | (130 | ) | ||||||||||||||||||||||
Purchased gas | (13 | ) | |||||||||||||||||||||||
Electric fuel and other energy-related purchases | 7 | ||||||||||||||||||||||||
Total commodity | $ | 245 | $ | (136 | ) | $ | (4 | ) | |||||||||||||||||
Interest rate(3) | (208 | ) | (16 | ) | (81 | ) | |||||||||||||||||||
Total | $ | 37 | $ | (152 | ) | $ | (85 | ) | |||||||||||||||||
Year Ended December 31, 2013 | |||||||||||||||||||||||||
Derivative Type and Location of Gains (Losses) | |||||||||||||||||||||||||
Commodity: | |||||||||||||||||||||||||
Operating revenue | $ | (58 | ) | ||||||||||||||||||||||
Purchased gas | (47 | ) | |||||||||||||||||||||||
Electric fuel and other energy-related purchases | (10 | ) | |||||||||||||||||||||||
Total commodity | $ | (481 | ) | $ | (115 | ) | $ | 5 | |||||||||||||||||
Interest rate(3) | 77 | (15 | ) | 81 | |||||||||||||||||||||
Total | $ | (404 | ) | $ | (130 | ) | $ | 86 | |||||||||||||||||
Year Ended December 31, 2012 | |||||||||||||||||||||||||
Derivative Type and Location of Gains (Losses) | |||||||||||||||||||||||||
Commodity: | |||||||||||||||||||||||||
Operating revenue | $ | 188 | |||||||||||||||||||||||
Purchased gas | (75 | ) | |||||||||||||||||||||||
Electric fuel and other energy-related purchases | (17 | ) | |||||||||||||||||||||||
Total commodity | $ | 71 | $ | 96 | $ | 10 | |||||||||||||||||||
Interest rate(3) | (84 | ) | (2 | ) | (35 | ) | |||||||||||||||||||
Total | $ | (13 | ) | $ | 94 | $ | (25 | ) | |||||||||||||||||
-1 | Amounts deferred into AOCI have no associated effect in Dominion's Consolidated Statements of Income. | ||||||||||||||||||||||||
-2 | Represents net derivative activity deferred into and amortized out of regulatory assets/liabilities. Amounts deferred into regulatory assets/liabilities have no associated effect in Dominion's Consolidated Statements of Income. | ||||||||||||||||||||||||
-3 | Amounts recorded in Dominion's Consolidated Statements of Income are classified in interest and related charges. | ||||||||||||||||||||||||
Derivatives not designated as hedging | Amount of Gain (Loss) Recognized in Income on Derivatives(1) | ||||||||||||||||||||||||
instruments | |||||||||||||||||||||||||
Year Ended December 31, | 2014 | 2013 | 2012 | ||||||||||||||||||||||
(millions) | |||||||||||||||||||||||||
Derivative Type and Location of Gains (Losses) | |||||||||||||||||||||||||
Commodity: | |||||||||||||||||||||||||
Operating revenue | $ | (310 | ) | $ | (45 | ) | $ | 168 | |||||||||||||||||
Purchased gas | (51 | ) | (9 | ) | (14 | ) | |||||||||||||||||||
Electric fuel and other energy-related purchases | 113 | (29 | ) | (40 | ) | ||||||||||||||||||||
Interest rate(2) | — | — | 17 | ||||||||||||||||||||||
Total | $ | (248 | ) | $ | (83 | ) | $ | 131 | |||||||||||||||||
-1 | Includes derivative activity amortized out of regulatory assets/liabilities. Amounts deferred into regulatory assets/liabilities have no associated effect in Dominion's Consolidated Statements of Income. | ||||||||||||||||||||||||
-2 | Amounts recorded in Dominion's Consolidated Statements of Income are classified in interest and related charges. | ||||||||||||||||||||||||
Virginia Power | |||||||||||||||||||||||||
Balance Sheet Presentation | |||||||||||||||||||||||||
The tables below present Virginia Power's derivative asset and liability balances by type of financial instrument, before and after the effects of offsetting: | |||||||||||||||||||||||||
31-Dec-14 | 31-Dec-13 | ||||||||||||||||||||||||
Gross Amounts of Recognized Assets | Gross Amounts Offset in the Consolidated Balance Sheet | Net Amounts of Assets Presented in the Consolidated Balance Sheet | Gross Amounts of Recognized Assets | Gross Amounts Offset in the Consolidated Balance Sheet | Net Amounts of Assets Presented in the Consolidated Balance Sheet | ||||||||||||||||||||
(millions) | |||||||||||||||||||||||||
Interest rate contracts: | |||||||||||||||||||||||||
Over-the-counter | $ | — | $ | — | $ | — | $ | 48 | $ | — | $ | 48 | |||||||||||||
Commodity contracts: | |||||||||||||||||||||||||
Over-the-counter | 106 | — | 106 | 4 | — | 4 | |||||||||||||||||||
Exchange | — | — | — | 1 | — | 1 | |||||||||||||||||||
Total derivatives, subject to a master netting or similar arrangement | 106 | — | 106 | 53 | — | 53 | |||||||||||||||||||
Total derivatives, not subject to a master netting or similar arrangement | 7 | — | 7 | — | — | — | |||||||||||||||||||
Total | $ | 113 | $ | — | $ | 113 | $ | 53 | $ | — | $ | 53 | |||||||||||||
31-Dec-14 | 31-Dec-13 | ||||||||||||||||||||||||
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) | |||||||||||||||||||||||||
Interest rate contracts: | |||||||||||||||||||||||||
Over-the-counter | $ | — | $ | — | $ | — | $ | — | $ | 48 | $ | — | $ | — | $ | 48 | |||||||||
Commodity contracts: | |||||||||||||||||||||||||
Over-the-counter | 106 | 4 | — | 102 | 4 | 4 | — | — | |||||||||||||||||
Exchange | — | — | — | — | 1 | — | — | 1 | |||||||||||||||||
Total | $ | 106 | $ | 4 | $ | — | $ | 102 | $ | 53 | $ | 4 | $ | — | $ | 49 | |||||||||
31-Dec-14 | 31-Dec-13 | ||||||||||||||||||||||||
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) | |||||||||||||||||||||||||
Interest rate contracts: | |||||||||||||||||||||||||
Over-the-counter | $ | 72 | $ | — | $ | 72 | $ | — | $ | — | $ | — | |||||||||||||
Commodity contracts: | |||||||||||||||||||||||||
Over-the-counter | 8 | — | 8 | 12 | — | 12 | |||||||||||||||||||
Total derivatives, subject to a master netting or similar arrangement | 80 | — | 80 | 12 | — | 12 | |||||||||||||||||||
Total derivatives, not subject to a master netting or similar arrangement | 7 | — | 7 | — | — | — | |||||||||||||||||||
Total | $ | 87 | $ | — | $ | 87 | $ | 12 | $ | — | $ | 12 | |||||||||||||
31-Dec-14 | 31-Dec-13 | ||||||||||||||||||||||||
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) | |||||||||||||||||||||||||
Interest rate contracts: | |||||||||||||||||||||||||
Over-the-counter | $ | 72 | $ | — | $ | — | $ | 72 | $ | — | $ | — | $ | — | $ | — | |||||||||
Commodity contracts: | |||||||||||||||||||||||||
Over-the-counter | 8 | 4 | — | 4 | 12 | 4 | 7 | 1 | |||||||||||||||||
Total | $ | 80 | $ | 4 | $ | — | $ | 76 | $ | 12 | $ | 4 | $ | 7 | $ | 1 | |||||||||
Volumes | |||||||||||||||||||||||||
The following table presents the volume of Virginia Power's derivative activity at December 31, 2014. 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 | 7 | — | |||||||||||||||||||||||
Basis | 51 | 493 | |||||||||||||||||||||||
Electricity (MWh): | |||||||||||||||||||||||||
FTRs | 33,709,386 | — | |||||||||||||||||||||||
Capacity (MW) | 10,700 | 7,600 | |||||||||||||||||||||||
Interest rate | $ | 550,000,000 | $ | 900,000,000 | |||||||||||||||||||||
Ineffectiveness | |||||||||||||||||||||||||
For the years ended December 31, 2014, 2013 and 2012, gains or losses on hedging instruments determined to be ineffective were not material. | |||||||||||||||||||||||||
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 - | Fair Value - | Total | |||||||||||||||||||||||
Derivatives | Derivatives | Fair | |||||||||||||||||||||||
under | not under | Value | |||||||||||||||||||||||
Hedge | Hedge | ||||||||||||||||||||||||
Accounting | Accounting | ||||||||||||||||||||||||
(millions) | |||||||||||||||||||||||||
At December 31, 2014 | |||||||||||||||||||||||||
ASSETS | |||||||||||||||||||||||||
Current Assets | |||||||||||||||||||||||||
Commodity | $ | — | $ | 51 | $ | 51 | |||||||||||||||||||
Total current derivative assets(1) | — | 51 | 51 | ||||||||||||||||||||||
Noncurrent Assets | |||||||||||||||||||||||||
Commodity | — | 62 | 62 | ||||||||||||||||||||||
Total noncurrent derivative assets(2) | — | 62 | 62 | ||||||||||||||||||||||
Total derivative assets | $ | — | $ | 113 | $ | 113 | |||||||||||||||||||
LIABILITIES | |||||||||||||||||||||||||
Current Liabilities | |||||||||||||||||||||||||
Commodity | $ | 3 | $ | 12 | $ | 15 | |||||||||||||||||||
Interest rate | 45 | — | 45 | ||||||||||||||||||||||
Total current derivative liabilities | 48 | 12 | 60 | ||||||||||||||||||||||
Noncurrent Liabilities | |||||||||||||||||||||||||
Interest rate | 27 | — | 27 | ||||||||||||||||||||||
Total noncurrent derivative liabilities(3) | 27 | — | 27 | ||||||||||||||||||||||
Total derivative liabilities | $ | 75 | $ | 12 | $ | 87 | |||||||||||||||||||
At December 31, 2013 | |||||||||||||||||||||||||
ASSETS | |||||||||||||||||||||||||
Current Assets | |||||||||||||||||||||||||
Commodity | $ | 2 | $ | 3 | $ | 5 | |||||||||||||||||||
Interest rate | 48 | — | 48 | ||||||||||||||||||||||
Total current derivative assets(1) | 50 | 3 | 53 | ||||||||||||||||||||||
Total derivative assets | $ | 50 | $ | 3 | $ | 53 | |||||||||||||||||||
LIABILITIES | |||||||||||||||||||||||||
Current Liabilities | |||||||||||||||||||||||||
Commodity | $ | 1 | $ | 11 | $ | 12 | |||||||||||||||||||
Total current derivative liabilities | 1 | 11 | 12 | ||||||||||||||||||||||
Total derivative liabilities | $ | 1 | $ | 11 | $ | 12 | |||||||||||||||||||
-1 | Current derivative assets are presented in other current assets in Virginia Power's Consolidated Balance Sheets. | ||||||||||||||||||||||||
-2 | Noncurrent derivative assets are presented in other deferred charges and other assets in Virginia Power's Consolidated Balance Sheets. | ||||||||||||||||||||||||
-3 | 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 | Amount of | Increase | ||||||||||||||||||||||
relationships | (Loss) | Gain (Loss) | (Decrease)Â in | ||||||||||||||||||||||
Recognized in | Reclassified | Derivatives | |||||||||||||||||||||||
AOCI on | from AOCI to | Subject to | |||||||||||||||||||||||
Derivatives | Income | Regulatory | |||||||||||||||||||||||
(Effective | Treatment(2) | ||||||||||||||||||||||||
Portion)(1) | |||||||||||||||||||||||||
(millions) | |||||||||||||||||||||||||
Year Ended December 31, 2014 | |||||||||||||||||||||||||
Derivative Type and Location of Gains (Losses) | |||||||||||||||||||||||||
Commodity: | |||||||||||||||||||||||||
Electric fuel and other energy-related purchases | $ | 5 | |||||||||||||||||||||||
Total commodity | $ | 4 | $ | 5 | $ | (4 | ) | ||||||||||||||||||
Interest rate(3) | (10 | ) | — | (81 | ) | ||||||||||||||||||||
Total | $ | (6 | ) | $ | 5 | $ | (85 | ) | |||||||||||||||||
Year Ended December 31, 2013 | |||||||||||||||||||||||||
Derivative Type and Location of Gains (Losses) | |||||||||||||||||||||||||
Commodity: | |||||||||||||||||||||||||
Electric fuel and other energy-related purchases | $ | — | |||||||||||||||||||||||
Total commodity | $ | — | $ | — | $ | 5 | |||||||||||||||||||
Interest rate(3) | 9 | — | 81 | ||||||||||||||||||||||
Total | $ | 9 | $ | — | $ | 86 | |||||||||||||||||||
Year Ended December 31, 2012 | |||||||||||||||||||||||||
Derivative Type and Location of Gains (Losses) | |||||||||||||||||||||||||
Commodity: | |||||||||||||||||||||||||
Electric fuel and other energy-related purchases | $ | (4 | ) | ||||||||||||||||||||||
Total commodity | $ | (2 | ) | $ | (4 | ) | $ | 10 | |||||||||||||||||
Interest rate(3) | (6 | ) | — | (35 | ) | ||||||||||||||||||||
Total | $ | (8 | ) | $ | (4 | ) | $ | (25 | ) | ||||||||||||||||
-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 | Amount of Gain (Loss) Recognized | ||||||||||||||||||||||||
instruments | in Income on Derivatives(1) | ||||||||||||||||||||||||
Year Ended December 31, | 2014 | 2013 | 2012 | ||||||||||||||||||||||
(millions) | |||||||||||||||||||||||||
Derivative Type and Location of Gains (Losses) | |||||||||||||||||||||||||
Commodity(2) | $ | 105 | $ | (16 | ) | $ | (50 | ) | |||||||||||||||||
Total | $ | 105 | $ | (16 | ) | $ | (50 | ) | |||||||||||||||||
-1 | Includes derivative activity amortized out of regulatory assets/liabilities. Amounts deferred into regulatory assets/liabilities have no associated effect in Virginia Power's Consolidated Statements of Income. | ||||||||||||||||||||||||
-2 | Amounts recorded in Virginia Power's Consolidated Statements of Income are classified in electric fuel and other energy-related purchases. | ||||||||||||||||||||||||
Dominion Gas | |||||||||||||||||||||||||
Balance Sheet Presentation | |||||||||||||||||||||||||
The tables below present Dominion Gas' derivative asset and liability balances by type of financial instrument, before and after the effects of offsetting: | |||||||||||||||||||||||||
31-Dec-14 | 31-Dec-13 | ||||||||||||||||||||||||
Gross Amounts of Recognized Assets | Gross Amounts Offset in the Consolidated Balance Sheet | Net Amounts of Assets Presented in the Consolidated Balance Sheet | Gross Amounts of Recognized Assets | Gross Amounts Offset in the Consolidated Balance Sheet | Net Amounts of Assets Presented in the Consolidated Balance Sheet | ||||||||||||||||||||
(millions) | |||||||||||||||||||||||||
Interest rate contracts: | |||||||||||||||||||||||||
Over-the-counter | $ | — | $ | — | $ | — | $ | 34 | $ | — | $ | 34 | |||||||||||||
Commodity contracts: | |||||||||||||||||||||||||
Over-the-counter | 2 | — | 2 | 6 | — | 6 | |||||||||||||||||||
Total derivatives, subject to a master netting or similar arrangement | $ | 2 | $ | — | $ | 2 | $ | 40 | $ | — | $ | 40 | |||||||||||||
31-Dec-14 | 31-Dec-13 | ||||||||||||||||||||||||
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) | |||||||||||||||||||||||||
Interest rate contracts: | |||||||||||||||||||||||||
Over-the-counter | $ | — | $ | — | $ | — | $ | — | $ | 34 | $ | — | $ | — | $ | 34 | |||||||||
Commodity contracts: | |||||||||||||||||||||||||
Over-the-counter | 2 | — | — | 2 | 6 | 6 | — | — | |||||||||||||||||
Total | $ | 2 | $ | — | $ | — | $ | 2 | $ | 40 | $ | 6 | $ | — | $ | 34 | |||||||||
31-Dec-14 | 31-Dec-13 | ||||||||||||||||||||||||
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) | |||||||||||||||||||||||||
Interest rate contracts: | |||||||||||||||||||||||||
Over-the-counter | $ | 9 | $ | — | $ | 9 | $ | — | $ | — | $ | — | |||||||||||||
Commodity contracts: | |||||||||||||||||||||||||
Over-the-counter | — | — | — | 25 | — | 25 | |||||||||||||||||||
Total derivatives, subject to a master netting or similar arrangement | $ | 9 | $ | — | $ | 9 | $ | 25 | $ | — | $ | 25 | |||||||||||||
31-Dec-14 | 31-Dec-13 | ||||||||||||||||||||||||
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) | |||||||||||||||||||||||||
Interest rate contracts: | |||||||||||||||||||||||||
Over-the-counter | $ | 9 | $ | — | $ | — | $ | 9 | $ | — | $ | — | $ | — | $ | — | |||||||||
Commodity contracts: | |||||||||||||||||||||||||
Over-the-counter | — | — | — | — | 25 | 6 | — | 19 | |||||||||||||||||
Total | $ | 9 | $ | — | $ | — | $ | 9 | $ | 25 | $ | 6 | $ | — | $ | 19 | |||||||||
Volumes | |||||||||||||||||||||||||
The following table presents the volume of Dominion Gas' derivative activity at December 31, 2014. 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 | ||||||||||||||||||||||||
NGLs | 32,340,000 | — | |||||||||||||||||||||||
Interest rate | $ | — | $ | 250,000,000 | |||||||||||||||||||||
Ineffectiveness and AOCI | |||||||||||||||||||||||||
For the years ended December 31, 2014, 2013 and 2012, 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 Gas' Consolidated Balance Sheet at December 31, 2014: | |||||||||||||||||||||||||
AOCI | Amounts Expected to be Reclassified to Earnings during the next 12 Months After-Tax | Maximum | |||||||||||||||||||||||
After-Tax | Term | ||||||||||||||||||||||||
(millions) | |||||||||||||||||||||||||
Commodities: | |||||||||||||||||||||||||
Natural Gas | $ | — | $ | — | 3 months | ||||||||||||||||||||
NGLs | — | — | 12 months | ||||||||||||||||||||||
Interest rate | (20 | ) | — | 360 months | |||||||||||||||||||||
Total | $ | (20 | ) | $ | — | ||||||||||||||||||||
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 and interest rates. | |||||||||||||||||||||||||
Fair Value and Gains and Losses on Derivative Instruments | |||||||||||||||||||||||||
The following tables present the fair values of Dominion Gas' derivatives and where they are presented in its Consolidated Balance Sheets: | |||||||||||||||||||||||||
Fair Value - | Fair Value - | Total | |||||||||||||||||||||||
Derivatives | Derivatives | Fair | |||||||||||||||||||||||
under | not under | Value | |||||||||||||||||||||||
Hedge | Hedge | ||||||||||||||||||||||||
Accounting | Accounting | ||||||||||||||||||||||||
(millions) | |||||||||||||||||||||||||
At December 31, 2014 | |||||||||||||||||||||||||
ASSETS | |||||||||||||||||||||||||
Current Assets | |||||||||||||||||||||||||
Commodity | $ | 2 | $ | — | $ | 2 | |||||||||||||||||||
Total current derivative assets(1) | 2 | — | 2 | ||||||||||||||||||||||
Total derivative assets | $ | 2 | $ | — | $ | 2 | |||||||||||||||||||
LIABILITIES | |||||||||||||||||||||||||
Noncurrent Liabilities | |||||||||||||||||||||||||
Interest rate | $ | 9 | $ | — | $ | 9 | |||||||||||||||||||
Total noncurrent derivative liabilities(2) | 9 | — | 9 | ||||||||||||||||||||||
Total derivative liabilities | $ | 9 | $ | — | $ | 9 | |||||||||||||||||||
At December 31, 2013 | |||||||||||||||||||||||||
ASSETS | |||||||||||||||||||||||||
Current Assets | |||||||||||||||||||||||||
Commodity | $ | 6 | $ | — | $ | 6 | |||||||||||||||||||
Interest rate | 34 | — | 34 | ||||||||||||||||||||||
Total current derivative assets(1) | 40 | — | 40 | ||||||||||||||||||||||
Total derivative assets | $ | 40 | $ | — | $ | 40 | |||||||||||||||||||
LIABILITIES | |||||||||||||||||||||||||
Current Liabilities | |||||||||||||||||||||||||
Commodity | $ | 25 | $ | — | $ | 25 | |||||||||||||||||||
Total current derivative liabilities(3) | 25 | — | 25 | ||||||||||||||||||||||
Total derivative liabilities | $ | 25 | $ | — | $ | 25 | |||||||||||||||||||
-1 | Current derivative assets are presented in other current assets in Dominion Gas' Consolidated Balance Sheets. | ||||||||||||||||||||||||
-2 | Noncurrent derivative liabilities are presented in other deferred credits and other liabilities in Dominion Gas' Consolidated Balance Sheets. | ||||||||||||||||||||||||
-3 | Current derivative liabilities are presented in other current liabilities in Dominion Gas' Consolidated Balance Sheets. | ||||||||||||||||||||||||
The following tables present the gains and losses on Dominion Gas' derivatives, as well as where the associated activity is presented in its Consolidated Balance Sheets and Statements of Income: | |||||||||||||||||||||||||
Derivatives in cash flow hedging | Amount of Gain | Amount of | |||||||||||||||||||||||
relationships | (Loss) | Gain (Loss) | |||||||||||||||||||||||
Recognized in | Reclassified | ||||||||||||||||||||||||
AOCI on | from AOCI to | ||||||||||||||||||||||||
Derivatives | Income | ||||||||||||||||||||||||
(Effective | |||||||||||||||||||||||||
Portion)(1) | |||||||||||||||||||||||||
(millions) | |||||||||||||||||||||||||
Year Ended December 31, 2014 | |||||||||||||||||||||||||
Derivative Type and Location of Gains (Losses) | |||||||||||||||||||||||||
Commodity: | |||||||||||||||||||||||||
Operating revenue | $ | 2 | |||||||||||||||||||||||
Purchased gas | (14 | ) | |||||||||||||||||||||||
Total commodity | $ | 12 | $ | (12 | ) | ||||||||||||||||||||
Interest rate(2) | (62 | ) | (1 | ) | |||||||||||||||||||||
Total | $ | (50 | ) | $ | (13 | ) | |||||||||||||||||||
Year Ended December 31, 2013 | |||||||||||||||||||||||||
Derivative Type and Location of Gains (Losses) | |||||||||||||||||||||||||
Commodity: | |||||||||||||||||||||||||
Operating revenue | $ | (2 | ) | ||||||||||||||||||||||
Purchased gas | (14 | ) | |||||||||||||||||||||||
Total commodity | $ | (2 | ) | $ | (16 | ) | |||||||||||||||||||
Interest rate(2) | 68 | — | |||||||||||||||||||||||
Total | $ | 66 | $ | (16 | ) | ||||||||||||||||||||
Year Ended December 31, 2012 | |||||||||||||||||||||||||
Derivative Type and Location of Gains (Losses) | |||||||||||||||||||||||||
Commodity: | |||||||||||||||||||||||||
Operating revenue | $ | (15 | ) | ||||||||||||||||||||||
Purchased gas | (18 | ) | |||||||||||||||||||||||
Total commodity | $ | 64 | $ | (33 | ) | ||||||||||||||||||||
Interest rate(2) | (41 | ) | — | ||||||||||||||||||||||
Total | $ | 23 | $ | (33 | ) | ||||||||||||||||||||
-1 | Amounts deferred into AOCI have no associated effect in Dominion Gas' Consolidated Statements of Income. | ||||||||||||||||||||||||
-2 | Amounts recorded in Dominion Gas' Consolidated Statements of Income are classified in interest and related charges. |
Earnings_Per_Share
Earnings Per Share | 12 Months Ended | |||||||||
Dec. 31, 2014 | ||||||||||
Earnings Per Share [Abstract] | ||||||||||
Earnings Per Share | EARNINGS PER SHARE | |||||||||
The following table presents the calculation of Dominion's basic and diluted EPS: | ||||||||||
2014 | 2013 | 2012 | ||||||||
(millions, except EPS) | ||||||||||
Net income attributable to Dominion | $ | 1,310 | $ | 1,697 | $ | 302 | ||||
Average shares of common stock outstanding-Basic | 582.7 | 578.7 | 572.9 | |||||||
Net effect of dilutive securities(1) | 1.8 | 0.8 | 1 | |||||||
Average shares of common stock outstanding-Diluted | 584.5 | 579.5 | 573.9 | |||||||
Earnings Per Common Share-Basic | $ | 2.25 | $ | 2.93 | $ | 0.53 | ||||
Earnings Per Common Share-Diluted | $ | 2.24 | $ | 2.93 | $ | 0.53 | ||||
-1 | Dilutive securities consist primarily of contingently convertible senior notes and the 2013 Equity Units for 2014 and contingently convertible senior notes for 2013 and 2012. Dominion redeemed all of its contingently convertible senior notes in 2014. See Note 17 for more information. | |||||||||
The 2014 Equity Units are potentially dilutive securities but were excluded from the calculation of diluted EPS for the year ended December 31, 2014, as the dilutive stock price threshold was not met. The 2013 Equity Units are potentially dilutive securities but were excluded from the calculation of diluted EPS for the year ended December 31, 2013. See Note 17 for more information. There were no potentially dilutive securities excluded from the calculation of diluted EPS for the year ended December 31, 2012. |
Investments
Investments | 12 Months Ended | |||||||||||||
Dec. 31, 2014 | ||||||||||||||
Investments, Debt and Equity Securities [Abstract] | ||||||||||||||
Investments | INVESTMENTS | |||||||||||||
Dominion | ||||||||||||||
Equity and Debt Securities | ||||||||||||||
Rabbi Trust Securities | ||||||||||||||
Marketable equity and debt securities and cash equivalents held in Dominion's rabbi trusts and classified as trading totaled $110 million and $107 million at December 31, 2014 and 2013, respectively. Cost-method investments held in Dominion's rabbi trusts totaled $6 million and $10 million at December 31, 2014 and 2013, respectively. | ||||||||||||||
Decommissioning Trust Securities | ||||||||||||||
Dominion holds marketable equity and debt securities (classified as available-for-sale), cash equivalents and cost method investments in nuclear decommissioning trust funds to fund future decommissioning costs for its nuclear plants. Dominion's decommissioning trust funds are summarized below: | ||||||||||||||
Amortized | Total | Total | Fair | |||||||||||
Cost | Unrealized | Unrealized | Value | |||||||||||
Gains (1) | Losses (1) | |||||||||||||
(millions) | ||||||||||||||
2014 | ||||||||||||||
Marketable equity securities: | ||||||||||||||
   U.S. large cap | $ | 1,273 | $ | 1,353 | $ | — | $ | 2,626 | ||||||
Marketable debt securities: | ||||||||||||||
Corporate debt instruments | 424 | 19 | (2 | ) | 441 | |||||||||
U.S. Treasury securities and agency debentures | 597 | 13 | (4 | ) | 606 | |||||||||
State and municipal | 332 | 23 | — | 355 | ||||||||||
Other | 66 | — | — | 66 | ||||||||||
Cost method investments | 86 | — | — | 86 | ||||||||||
Cash equivalents and other(2) | 16 | — | — | 16 | ||||||||||
Total | $ | 2,794 | $ | 1,408 | $ | (6 | ) | (3)Â | $ | 4,196 | ||||
2013 | ||||||||||||||
Marketable equity securities: | ||||||||||||||
U.S.: | ||||||||||||||
Large Cap | $ | 1,183 | $ | 1,194 | $ | — | $ | 2,377 | ||||||
Other | 49 | 23 | — | 72 | ||||||||||
Marketable debt securities: | ||||||||||||||
Corporate debt instruments | 332 | 16 | (3 | ) | 345 | |||||||||
U.S. Treasury securities and agency debentures | 589 | 8 | (10 | ) | 587 | |||||||||
State and municipal | 297 | 11 | (5 | ) | 303 | |||||||||
Other | 3 | — | — | 3 | ||||||||||
Cost method investments | 106 | — | — | 106 | ||||||||||
Cash equivalents and other(2) | 110 | — | — | 110 | ||||||||||
Total | $ | 2,669 | $ | 1,252 | $ | (18 | ) | (3)Â | $ | 3,903 | ||||
-1 | Included in AOCI and the nuclear decommissioning trust regulatory liability as discussed in Note 2. | |||||||||||||
-2 | Includes pending sales of securities of $3 million and $11 million at December 31, 2014 and 2013, respectively. | |||||||||||||
-3 | The fair value of securities in an unrealized loss position was $379 million and $604 million at December 31, 2014 and 2013, respectively. | |||||||||||||
The fair value of Dominion's marketable debt securities held in nuclear decommissioning trust funds at December 31, 2014 by contractual maturity is as follows: | ||||||||||||||
Amount | ||||||||||||||
(millions) | ||||||||||||||
Due in one year or less | $ | 169 | ||||||||||||
Due after one year through five years | 390 | |||||||||||||
Due after five years through ten years | 426 | |||||||||||||
Due after ten years | 483 | |||||||||||||
Total | $ | 1,468 | ||||||||||||
Presented below is selected information regarding Dominion's marketable equity and debt securities held in nuclear decommissioning trust funds: | ||||||||||||||
Year Ended December 31, | 2014 | 2013 | 2012 | |||||||||||
(millions) | ||||||||||||||
Proceeds from sales | $ | 1,235 | $ | 1,476 | $ | 1,356 | ||||||||
Realized gains(1) | 171 | 157 | 98 | |||||||||||
Realized losses(1) | 30 | 33 | 33 | |||||||||||
-1 | Includes realized gains and losses recorded to the nuclear decommissioning trust regulatory liability as discussed in Note 2. | |||||||||||||
Dominion recorded other-than-temporary impairment losses on investments held in nuclear decommissioning trust funds as follows: | ||||||||||||||
Year Ended December 31, | 2014 | 2013 | 2012 | |||||||||||
(millions) | ||||||||||||||
Total other-than-temporary impairment losses(1) | $ | 21 | $ | 31 | $ | 26 | ||||||||
Losses recorded to decommissioning trust regulatory liability | (5 | ) | (13 | ) | (10 | ) | ||||||||
Losses recognized in other comprehensive income (before taxes) | (3 | ) | (10 | ) | (2 | ) | ||||||||
Net impairment losses recognized in earnings | $ | 13 | $ | 8 | $ | 14 | ||||||||
-1 | Amounts include other-than-temporary impairment losses for debt securities of $3 million, $18 million and $4 million at December 31, 2014, 2013 and 2012, respectively. | |||||||||||||
Virginia Power | ||||||||||||||
Virginia Power holds marketable equity and debt securities (classified as available-for-sale), cash equivalents and cost method investments in nuclear decommissioning trust funds to fund future decommissioning costs for its nuclear plants. Virginia Power's decommissioning trust funds are summarized below: | ||||||||||||||
Amortized | Total | Total | Fair | |||||||||||
Cost | Unrealized | Unrealized | Value | |||||||||||
Gains (1) | Losses (1) | |||||||||||||
(millions) | ||||||||||||||
2014 | ||||||||||||||
Marketable equity securities: | ||||||||||||||
U.S. large cap | $ | 563 | $ | 594 | $ | — | $ | 1,157 | ||||||
Marketable debt securities: | ||||||||||||||
Corporate debt instruments | 242 | 9 | (1 | ) | 250 | |||||||||
U.S. Treasury securities and agency debentures | 197 | 3 | (2 | ) | 198 | |||||||||
State and municipal | 197 | 13 | — | 210 | ||||||||||
Other | 23 | — | — | 23 | ||||||||||
Cost method investments | 86 | — | — | 86 | ||||||||||
Cash equivalents and other(2) | 6 | — | — | 6 | ||||||||||
Total | $ | 1,314 | $ | 619 | $ | (3 | ) | (3)Â | $ | 1,930 | ||||
2013 | ||||||||||||||
Marketable equity securities: | ||||||||||||||
U.S.: | ||||||||||||||
Large Cap | $ | 506 | $ | 514 | $ | — | $ | 1,020 | ||||||
Other | 25 | 11 | — | 36 | ||||||||||
Marketable debt securities: | ||||||||||||||
Corporate debt instruments | 185 | 8 | (2 | ) | 191 | |||||||||
U.S. Treasury securities and agency debentures | 214 | 1 | (3 | ) | 212 | |||||||||
State and municipal | 163 | 4 | (4 | ) | 163 | |||||||||
Cost method investments | 106 | — | — | 106 | ||||||||||
Cash equivalents and other(2) | 37 | — | — | 37 | ||||||||||
Total | $ | 1,236 | $ | 538 | $ | (9 | ) | (3)Â | $ | 1,765 | ||||
-1 | Â Included in AOCI and the nuclear decommissioning trust regulatory liability as discussed in Note 2. | |||||||||||||
-2 | Includes pending sales of securities of $6 million at December 31, 2014 and 2013. | |||||||||||||
-3 | The fair value of securities in an unrealized loss position was $170 million and $299 million at December 31, 2014 and 2013, respectively. | |||||||||||||
The fair value of Virginia Power's marketable debt securities at December 31, 2014, by contractual maturity is as follows: | ||||||||||||||
Amount | ||||||||||||||
(millions) | ||||||||||||||
Due in one year or less | $ | 40 | ||||||||||||
Due after one year through five years | 180 | |||||||||||||
Due after five years through ten years | 242 | |||||||||||||
Due after ten years | 219 | |||||||||||||
Total | $ | 681 | ||||||||||||
Presented below is selected information regarding Virginia Power's marketable equity and debt securities. | ||||||||||||||
Year Ended December 31, | 2014 | 2013 | 2012 | |||||||||||
(millions) | ||||||||||||||
Proceeds from sales | $ | 549 | $ | 572 | $ | 626 | ||||||||
Realized gains(1) | 73 | 52 | 42 | |||||||||||
Realized losses(1) | 12 | 14 | 11 | |||||||||||
-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 as follows: | ||||||||||||||
Year Ended December 31, | 2014 | 2013 | 2012 | |||||||||||
(millions) | ||||||||||||||
Total other-than-temporary impairment losses(1) | $ | 8 | $ | 15 | $ | 11 | ||||||||
Losses recorded to decommissioning trust regulatory liability | (4 | ) | (13 | ) | (10 | ) | ||||||||
Losses recorded in other comprehensive income (before taxes) | (2 | ) | (1 | ) | — | |||||||||
Net impairment losses recognized in earnings | $ | 2 | $ | 1 | $ | 1 | ||||||||
-1 | Amounts include other-than-temporary impairment losses for debt securities of $2 million, $9 million and $2 million at December 31, 2014, 2013 and 2012, respectively. | |||||||||||||
Equity Method Investments | ||||||||||||||
Dominion and Dominion Gas | ||||||||||||||
Investments that Dominion and Dominion Gas account for under the equity method of accounting are as follows: | ||||||||||||||
Company | Ownership% | Investment Balance | Description | |||||||||||
As of December 31, | 2014 | 2013 | ||||||||||||
(millions) | ||||||||||||||
Dominion | ||||||||||||||
Blue Racer Midstream, LLC | 50 | % | $ | 671 | $ | 510 | Midstream gas and related services | |||||||
Fowler I Holdings LLC | 50 | % | 134 | 149 | Wind-powered merchant generation facility | |||||||||
NedPower Mount Storm LLC | 50 | % | 128 | 131 | Wind-powered merchant generation facility | |||||||||
Iroquois Gas Transmission System, LP | 24.72 | % | 107 | 105 | Gas transmission system | |||||||||
Other(1) | various | 41 | 21 | |||||||||||
Total | $ | 1,081 | $ | 916 | ||||||||||
Dominion Gas | ||||||||||||||
Iroquois Gas Transmission System, LP | 24.72 | % | $ | 107 | $ | 105 | Gas transmission system | |||||||
Total | $ | 107 | $ | 105 | ||||||||||
(1) Dominion has a $50 million commitment to invest in clean power and technology businesses through 2018. Includes Dominion's investment in Atlantic Coast Pipeline. See Note 15 for more information. | ||||||||||||||
Dominion's equity earnings on its investments totaled $46 million, $14 million and $25 million in 2014, 2013 and 2012, respectively. Dominion received distributions from these investments of $60 million, $33 million and $58 million in 2014, 2013, and 2012, respectively. As of December 31, 2014 and 2013, the carrying amount of Dominion's investments exceeded its share of underlying equity in net assets by approximately $126 million and $36 million, respectively. $87 million of the differences relate to basis differences from Dominion's investments in Blue Racer and wind projects, which are being amortized over the useful lives of the underlying assets. The remaining $39 million of differences reflect equity method goodwill and are not being amortized. | ||||||||||||||
Dominion Gas' equity earnings on its investment totaled $21 million, $22 million and $23 million in 2014, 2013 and 2012, respectively. Dominion Gas received distributions from its investment of $20 million, $19 million and $25 million in 2014, 2013, and 2012, respectively. As of December 31, 2014 and 2013, the carrying amount of Dominion Gas' investment exceeded its share of underlying equity in net assets by approximately $8 million. The differences reflect equity method goodwill and are not being amortized. | ||||||||||||||
Equity earnings are recorded in other income in Dominion's and Dominion Gas' Consolidated Statements of Income. | ||||||||||||||
Blue Racer | ||||||||||||||
In December 2012, Dominion 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 and Caiman, with Dominion contributing midstream assets and Caiman contributing private equity capital. | ||||||||||||||
In December 2012, East Ohio sold two pipeline systems to an affiliate who then contributed those systems to Blue Racer. East Ohio received consideration of $248 million, consisting of $61 million in cash proceeds and the extinguishment of affiliated long term debt of $187 million. The transaction resulted in a gain of approximately $176 million ($110 million after-tax) that is recognized in other operations and maintenance expense in Dominion Gas' Consolidated Statements of Income. Dominion recorded a 50% interest in Blue Racer and cash proceeds of $115 million for the contribution of the assets to the joint venture. Dominion recognized a gain of $72 million ($43 million after-tax), net of transaction fees of $9 million, which is recorded in other operations and maintenance expense in Dominion's Consolidated Statements of Income. | ||||||||||||||
In March 2013, DTI sold Line TL-404 to an affiliate, that subsequently sold line TL-404 to Blue Racer for cash proceeds of approximately $47 million. The sale resulted in a gain of approximately $25 million ($14 million after-tax) net of a $2 million write-off of goodwill, and is included in other operations and maintenance expense in both Dominion Gas' and Dominion's Consolidated Statement of Income. | ||||||||||||||
Phase 1 of Natrium was completed in the second quarter of 2013 and was contributed by Dominion to Blue Racer in the third quarter of 2013, resulting in an increased equity method investment in Blue Racer of $473 million. Also in the third quarter of 2013, DTI sold Line TPL-2A to an affiliate, that subsequently sold Line TPL-2A to Blue Racer, and sold Line TL-388 to Blue Racer and received approximately $78 million in cash proceeds. The sales resulted in an approximately $74 million ($41 million after-tax) gain which is included in other operations and maintenance expense in both Dominion Gas' and Dominion’s Consolidated Statements of Income. | ||||||||||||||
In the fourth quarter of 2013, DTI sold the Western System to an affiliate, that subsequently sold the Western System to Blue Racer for cash proceeds of approximately $30 million. The sale resulted in a gain of approximately $3 million ($2 million after-tax) for DTI and $4 million ($2 million after-tax) for Dominion and is included in other operations and maintenance expense in both Dominion Gas' and Dominion's Consolidated Statement of Income. | ||||||||||||||
Dominion NGL Pipelines, LLC was contributed in January 2014 by Dominion to Blue Racer, prior to commencement of service, resulting in an increased equity method investment of $155 million, including $6 million of goodwill allocated from Dominion's goodwill balance to its equity method investment in Blue Racer. | ||||||||||||||
In March 2014, Dominion Gas sold the Northern System to an affiliate, that subsequently sold the Northern System to Blue Racer for consideration of approximately $84 million. Dominion Gas' consideration consisted of $17 million in cash proceeds and the extinguishment of affiliated current borrowings of $67 million and Dominion's consideration consisted of cash proceeds of approximately $84 million. The sale resulted in a gain of approximately $59 million ($35 million after-tax for Dominion Gas and $34 million after-tax for Dominion) net of a $3 million write-off of goodwill, and is included in other operations and maintenance expense in both Dominion Gas' and Dominion's Consolidated Statements of Income. | ||||||||||||||
Dominion | ||||||||||||||
Atlantic Coast Pipeline | ||||||||||||||
In September 2014, Dominion, along with Duke Energy Corporation, Piedmont Natural Gas Company, Inc. and AGL Resources Inc., announced the formation of Atlantic Coast Pipeline. The members, which are subsidiaries of the above-referenced parent companies, hold the following membership interests: Dominion, 45%; Duke Energy Corporation, 40%; Piedmont Natural Gas Company, Inc., 10%; and AGL Resources Inc., 5%. Atlantic Coast Pipeline is focused on constructing an approximately 550-mile natural gas pipeline running from West Virginia through Virginia to North Carolina. Subsidiaries and affiliates of all four members plan to be customers of the pipeline under 20-year contracts, pending regulatory approvals. PSNC Energy also plans to be a customer of the pipeline under a 20-year contract, pending regulatory approvals. Atlantic Coast Pipeline is considered an equity method investment as Dominion has the ability to exercise significant influence, but not control, over the investee. See Note 15 for more information. |
Property_Plant_and_Equipment
Property, Plant and Equipment | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Property, Plant and Equipment, Net [Abstract] | |||||||||||||
Property, Plant and Equipment | PROPERTY, PLANT AND EQUIPMENT | ||||||||||||
Major classes of property, plant and equipment and their respective balances for the Companies are as follows: | |||||||||||||
At December 31, | 2014 | 2013 | |||||||||||
(millions) | |||||||||||||
Dominion | |||||||||||||
Utility: | |||||||||||||
Generation | $ | 15,193 | $ | 14,018 | |||||||||
Transmission | 9,897 | 8,686 | |||||||||||
Distribution | 12,354 | 11,714 | |||||||||||
Storage | 2,350 | 2,190 | |||||||||||
Nuclear fuel | 1,411 | 1,375 | |||||||||||
Gas gathering and processing | 791 | 787 | |||||||||||
General and other | 845 | 812 | |||||||||||
Other-including plant under construction | 3,633 | 3,261 | |||||||||||
Total utility | 46,474 | 42,843 | |||||||||||
Nonutility: | |||||||||||||
Merchant generation-nuclear | 1,267 | 1,153 | |||||||||||
Merchant generation-other | 2,023 | 1,328 | |||||||||||
Nuclear fuel | 860 | 770 | |||||||||||
Other-including plant under construction | 782 | 875 | |||||||||||
Total nonutility | 4,932 | 4,126 | |||||||||||
Total property, plant and equipment | $ | 51,406 | $ | 46,969 | |||||||||
Virginia Power | |||||||||||||
Utility: | |||||||||||||
Generation | $ | 15,193 | $ | 14,018 | |||||||||
Transmission | 5,884 | 4,959 | |||||||||||
Distribution | 9,526 | 9,103 | |||||||||||
Nuclear fuel | 1,411 | 1,375 | |||||||||||
General and other | 697 | 668 | |||||||||||
Other-including plant under construction | 2,464 | 2,719 | |||||||||||
Total utility | 35,175 | 32,842 | |||||||||||
Nonutility-other | 5 | 6 | |||||||||||
Total property, plant and equipment | $ | 35,180 | $ | 32,848 | |||||||||
Dominion Gas | |||||||||||||
Utility: | |||||||||||||
Transmission | $ | 3,690 | $ | 3,407 | |||||||||
Distribution | 2,530 | 2,333 | |||||||||||
Storage | 1,466 | 1,314 | |||||||||||
Gas gathering and processing | 786 | 783 | |||||||||||
General and other | 111 | 103 | |||||||||||
Plant under construction | 179 | 175 | |||||||||||
Total utility | 8,762 | 8,115 | |||||||||||
Nonutility: | |||||||||||||
E&P properties being amortized and other | 140 | 125 | |||||||||||
Total nonutility | 140 | 125 | |||||||||||
Total property, plant and equipment | $ | 8,902 | $ | 8,240 | |||||||||
There were no significant E&P properties under development, as defined by the SEC, excluded from Dominion Gas' amortization at December 31, 2014. As gas and oil reserves are proved through drilling or as properties are deemed to be impaired, excluded costs and any related reserves are transferred on an ongoing, well-by-well basis into the amortization calculation. | |||||||||||||
Jointly-Owned Power Stations | |||||||||||||
Dominion's and Virginia Power's proportionate share of jointly-owned power stations at December 31, 2014 is as follows: | |||||||||||||
Bath | North | Clover | Millstone | ||||||||||
County | Anna Units 1 and 2(1) | Power | Unit 3(2) | ||||||||||
Pumped | Station(1) | ||||||||||||
Storage | |||||||||||||
Station(1) | |||||||||||||
(millions, except percentages) | |||||||||||||
Ownership interest | 60 | % | 88.4 | % | 50 | % | 93.5 | % | |||||
Plant in service | $ | 1,039 | $ | 2,426 | $ | 573 | $ | 1,104 | |||||
Accumulated depreciation | (542 | ) | (1,137 | ) | (206 | ) | (290 | ) | |||||
Nuclear fuel | — | 627 | — | 480 | |||||||||
Accumulated amortization of nuclear fuel | — | (486 | ) | — | (342 | ) | |||||||
Plant under construction | 11 | 114 | 11 | 71 | |||||||||
-1 | Units jointly owned by Virginia Power. | ||||||||||||
-2 | Unit jointly owned by Dominion. | ||||||||||||
The co-owners are obligated to pay their share of all future construction expenditures and operating costs of the jointly-owned facilities in the same proportion as their respective ownership interest. Dominion and Virginia Power report their share of operating costs in the appropriate operating expense (electric fuel and other energy-related purchases, other operations and maintenance, depreciation, depletion and amortization and other taxes, etc.) in the Consolidated Statements of Income. | |||||||||||||
Assignments of Marcellus Acreage | |||||||||||||
In December 2013, DTI 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. Â The agreements provide for payments to DTI, 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, DTI received approximately $100 million in cash proceeds, resulting in an approximately $20 million ($12 million after-tax) gain, recorded to operations and maintenance expense in Dominion Gas' Consolidated Statements of Income. During the twelve months ended December 31, 2014, DTI received $16 million in additional cash proceeds resulting from post-closing adjustments. At December 31, 2014, deferred revenue totaled approximately $85 million, which is expected to be recognized over the remaining term of the agreement. | |||||||||||||
In November 2014, DTI 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 provides for payments to DTI, 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, DTI closed on the agreement and received proceeds of approximately $60 million associated with an initial conveyance of approximately 12,000 acres, resulting in an approximately $60 million ($36 million after-tax) gain, recorded to operations and maintenance expense in Dominion Gas' Consolidated Statements of Income. | |||||||||||||
In November 2014, DTI signed an agreement with a natural gas producer to convey approximately 11,000 acres of Marcellus Shale development rights underneath one of its natural gas storage fields. The agreement provides for a payment to DTI, subject to customary adjustments, of approximately $27 million, and an overriding royalty interest in gas produced from the acreage. DTI expects to close on the agreement in March 2015. |
Goodwill_and_Intangible_Assets
Goodwill and Intangible Assets | 12 Months Ended | |||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ||||||||||||||||||||
Goodwill and Intangible Assets | GOODWILL AND INTANGIBLE ASSETS | |||||||||||||||||||
Goodwill     | ||||||||||||||||||||
The changes in Dominion's and Dominion Gas' carrying amount and segment allocation of goodwill are presented below: | ||||||||||||||||||||
Dominion | Dominion | DVP | Corporate and | Total | ||||||||||||||||
Generation | Energy | Other(1) | ||||||||||||||||||
(millions) | ||||||||||||||||||||
Dominion | ||||||||||||||||||||
Balance at December 31, 2012(2) | $ | 1,503 | $ | 701 | $ | 926 | $ | — | $ | 3,130 | ||||||||||
Asset disposition adjustment | (19 | ) | (3) | (25 | ) | (4) | — | — | (44 | ) | ||||||||||
Balance at December 31, 2013(2) | $ | 1,484 | $ | 676 | $ | 926 | $ | — | $ | 3,086 | ||||||||||
Asset disposition adjustment | (32 | ) | (3) | (10 | ) | (4) | — | — | (42 | ) | ||||||||||
Balance at December 31, 2014(2) | $ | 1,452 | $ | 666 | $ | 926 | $ | — | $ | 3,044 | ||||||||||
Dominion Gas | ||||||||||||||||||||
Balance at December 31, 2012(2) | $ | — | $ | 552 | $ | — | $ | — | $ | 552 | ||||||||||
Asset disposition adjustment | — | (7 | ) | (4) | — | — | (7 | ) | ||||||||||||
Balance at December 31, 2013(2) | $ | — | $ | 545 | $ | — | $ | — | $ | 545 | ||||||||||
Asset disposition adjustment | — | (3 | ) | (4) | — | — | (3 | ) | ||||||||||||
Balance at December 31, 2014(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 for a discussion of Dominion's dispositions and related goodwill write-offs. | |||||||||||||||||||
-4 | Related to assets sold or contributed to an affiliate or Blue Racer. | |||||||||||||||||||
Other Intangible Assets | ||||||||||||||||||||
The Companies' other intangible assets are subject to amortization over their estimated useful lives. Dominion's amortization expense for intangible assets was $71 million, $72 million and $82 million for 2014, 2013 and 2012, respectively. In 2014, Dominion acquired $115 million of intangible assets, primarily representing software, with an estimated weighted-average amortization period of approximately 15 years. Amortization expense for Virginia Power's intangible assets was $24 million for 2014 and $22 million each year for 2013 and 2012. In 2014, Virginia Power acquired $45 million of intangible assets, primarily representing software, with an estimated weighted-average amortization period of 14 years. Dominion Gas' amortization expense for intangible assets was $17 million, $16 million and $15 million for 2014, 2013 and 2012, respectively. In 2014, Dominion Gas acquired $8 million of intangible assets, primarily representing software, with an estimated weighted-average amortization period of approximately 7 years. The components of intangible assets are as follows: | ||||||||||||||||||||
At December 31, | 2014 | 2013 | ||||||||||||||||||
Gross | Accumulated | Gross | Accumulated | |||||||||||||||||
Carrying | Amortization | Carrying | Amortization | |||||||||||||||||
Amount | Amount | |||||||||||||||||||
(millions) | ||||||||||||||||||||
Dominion | ||||||||||||||||||||
Software, licenses and other | $ | 877 | $ | 312 | $ | 867 | $ | 308 | ||||||||||||
Emissions allowances | 10 | 5 | 3 | 2 | ||||||||||||||||
Total | $ | 887 | $ | 317 | $ | 870 | $ | 310 | ||||||||||||
Virginia Power | ||||||||||||||||||||
Software, licenses and other | $ | 286 | $ | 81 | $ | 271 | $ | 78 | ||||||||||||
Total | $ | 286 | $ | 81 | $ | 271 | $ | 78 | ||||||||||||
Dominion Gas | ||||||||||||||||||||
Software, licenses and other | $ | 192 | $ | 113 | $ | 180 | $ | 98 | ||||||||||||
Total | $ | 192 | $ | 113 | $ | 180 | $ | 98 | ||||||||||||
Annual amortization expense for these intangible assets is estimated to be as follows: | ||||||||||||||||||||
2015 | 2016 | 2017 | 2018 | 2019 | ||||||||||||||||
(millions) | ||||||||||||||||||||
Dominion | $ | 72 | $ | 67 | $ | 58 | $ | 45 | $ | 36 | ||||||||||
Virginia Power | $ | 21 | $ | 18 | $ | 15 | $ | 12 | $ | 8 | ||||||||||
Dominion Gas | $ | 17 | $ | 16 | $ | 13 | $ | 11 | $ | 11 | ||||||||||
Regulatory_Assets_and_Liabilit
Regulatory Assets and Liabilities | 12 Months Ended | ||||||
Dec. 31, 2014 | |||||||
Regulatory Assets and Liabilities Disclosure [Abstract] | |||||||
Regulatory Assets and Liabilities | REGULATORY ASSETS AND LIABILITIES | ||||||
Regulatory assets and liabilities include the following: | |||||||
At December 31, | 2014 | 2013 | |||||
(millions) | |||||||
Dominion | |||||||
Regulatory assets: | |||||||
Deferred rate adjustment clause costs(1) | $ | 124 | $ | 89 | |||
Deferred cost of fuel used in electric generation(2) | 79 | — | |||||
Deferred nuclear refueling outage costs(3) | 44 | — | |||||
Unrecovered gas costs(4) | 36 | 50 | |||||
Other | 64 | 78 | |||||
Regulatory assets-current | 347 | 217 | |||||
Unrecognized pension and other postretirement benefit costs(5) | 1,050 | 706 | |||||
Deferred rate adjustment clause costs(1) | 250 | 287 | |||||
Income taxes recoverable through future rates(6) | 133 | 155 | |||||
Derivatives(7) | 101 | 16 | |||||
Other | 108 | 64 | |||||
Regulatory assets-non-current | 1,642 | 1,228 | |||||
Total regulatory assets | $ | 1,989 | $ | 1,445 | |||
Regulatory liabilities: | |||||||
PIPP(8) | $ | 71 | $ | 76 | |||
Other | 99 | 52 | |||||
Regulatory liabilities-current(9) | 170 | 128 | |||||
Provision for future cost of removal and AROs(10) | 1,072 | 1,028 | |||||
Nuclear decommissioning trust(11) | 815 | 693 | |||||
Deferred cost of fuel used in electric generation(2) | 6 | 90 | |||||
Other | 98 | 190 | |||||
Regulatory liabilities-non-current | 1,991 | 2,001 | |||||
Total regulatory liabilities | $ | 2,161 | $ | 2,129 | |||
Virginia Power | |||||||
Regulatory assets: | |||||||
Deferred rate adjustment clause costs(1) | $ | 117 | $ | 62 | |||
Deferred cost of fuel used in electric generation(2) | 79 | — | |||||
Deferred nuclear refueling outage costs(3) | 44 | — | |||||
Other | 58 | 66 | |||||
Regulatory assets-current | 298 | 128 | |||||
Deferred rate adjustment clause costs(1) | 179 | 227 | |||||
Derivatives(7) | 101 | 16 | |||||
Income taxes recoverable through future rates(6) | 100 | 124 | |||||
Other | 59 | 50 | |||||
Regulatory assets-non-current | 439 | 417 | |||||
Total regulatory assets | $ | 737 | $ | 545 | |||
Regulatory liabilities: | |||||||
Other | $ | 90 | $ | 41 | |||
Regulatory liabilities-current | 90 | 41 | |||||
Provision for future cost of removal(10) | 852 | 807 | |||||
Nuclear decommissioning trust(11) | 815 | 693 | |||||
Deferred cost of fuel used in electric generation(2) | 6 | 90 | |||||
Other | 10 | 7 | |||||
Regulatory liabilities-non-current | 1,683 | 1,597 | |||||
Total regulatory liabilities | $ | 1,773 | $ | 1,638 | |||
Dominion Gas | |||||||
Regulatory assets: | |||||||
Unrecovered gas costs(4) | $ | 29 | $ | 40 | |||
Deferred rate adjustment clause costs(1) | 7 | 27 | |||||
UEX Rider(12) | — | 11 | |||||
Other | 2 | 1 | |||||
Regulatory assets-current | 38 | 79 | |||||
Unrecognized pension and other postretirement benefit costs(5) | 242 | 194 | |||||
Deferred rate adjustment clause costs(1) | 71 | 59 | |||||
Income taxes recoverable through future rates(6) | 24 | 24 | |||||
Other | 42 | 8 | |||||
Regulatory assets-non-current | 379 | 285 | |||||
Total regulatory assets | $ | 417 | $ | 364 | |||
Regulatory liabilities: | |||||||
PIPP(8) | $ | 71 | $ | 76 | |||
Other | 4 | 3 | |||||
Regulatory liabilities-current | 75 | 79 | |||||
Provision for future cost of removal and AROs(10) | 172 | 177 | |||||
Unrecognized pension and other postretirement benefit costs(5) | — | 18 | |||||
Other | 20 | 8 | |||||
Regulatory liabilities-non-current | 192 | 203 | |||||
Total regulatory liabilities | $ | 267 | $ | 282 | |||
-1 | Reflects deferrals under the electric transmission FERC formula rate and the deferral of costs associated with certain current and prospective rider projects for Virginia Power. Reflects deferrals of costs associated with certain current and prospective rider projects for Dominion Gas. See Note 13 for more information. | ||||||
-2 | Primarily reflects deferred fuel expenses for the Virginia jurisdiction of Dominion's and Virginia Power’s generation operations. See Note 13 for more information. For 2014 and 2013, amount includes approximately $5 million related to DOE claims. | ||||||
-3 | 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. | ||||||
-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’s rate-regulated subsidiaries. | ||||||
-6 | 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. | ||||||
-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. | ||||||
-8 | 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 rider according to East Ohio tariff provisions. See Note 13 for more information. | ||||||
-9 | Current regulatory liabilities are presented in other current liabilities in Dominion's Consolidated Balance Sheets. | ||||||
-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 | 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. | ||||||
-12 | Represents East Ohio’s deferrals for the UEX Rider which are recovered through rates which are filed annually. Most of East Ohio’s bad debt expense is recovered either through the UEX Rider or the PIPP Rider. See Note 13 for more information. | ||||||
At December 31, 2014, approximately $218 million of Dominion's, $165 million of Virginia Power's and $45 million of Dominion Gas' regulatory assets represented past expenditures on which they do not currently earn a return. The majority of these expenditures are expected to be recovered within the next two years. |
Regulatory_Matters
Regulatory Matters | 12 Months Ended | |
Dec. 31, 2014 | ||
Regulatory Matters [Abstract] | ||
Regulatory Matters | REGULATORY MATTERS | |
Regulatory Matters Involving Potential Loss Contingencies | ||
As a result of issues generated in the ordinary course of business, the Companies are involved in various regulatory matters. Certain regulatory matters may ultimately result in a loss; however, as such matters are in an initial procedural phase, involve uncertainty as to the outcome of pending reviews or orders, and/or involve significant factual issues that need to be resolved, it is not possible for the Companies to estimate a range of possible loss. For matters for which the Companies cannot estimate a range of possible loss, a statement to this effect is made in the description of the matter. Other matters may have progressed sufficiently through the regulatory process such that the Companies are able to estimate a range of possible loss. For regulatory matters for which the Companies are able to reasonably estimate a range of possible losses, an estimated range of possible loss is provided, in excess of the accrued liability (if any) for such matters. Any estimated range is based on currently available information, involves elements of judgment and significant uncertainties and may not represent the Companies' maximum possible loss exposure. The circumstances of such regulatory matters will change from time to time and actual results may vary significantly from the current estimate. For current matters not specifically reported below, management does not anticipate that the outcome from such matters would have a material effect on the Companies' financial position, liquidity or results of operations. | ||
FERC - Electric | ||
Under the Federal Power Act, FERC regulates wholesale sales and transmission of electricity in interstate commerce by public utilities. Dominion's merchant generators sell electricity in the PJM, MISO and ISO-NE wholesale markets under Dominion's market-based sales tariffs authorized by FERC. Virginia Power purchases and, under its FERC market-based rate authority, sells electricity in the wholesale market. In addition, Virginia Power has FERC approval of a tariff to sell wholesale power at capped rates based on its embedded cost of generation. This cost-based sales tariff could be used to sell to loads within or outside Virginia Power's service territory. Any such sales would be voluntary. | ||
Rates | ||
In April 2008, FERC granted an application for Virginia Power's electric transmission operations to establish a forward-looking formula rate mechanism that updates transmission rates on an annual basis and approved an ROE of 11.4%, effective as of January 1, 2008. The formula rate is designed to recover the expected revenue requirement for each calendar year and is updated based on actual costs. The FERC-approved formula method, which is based on projected costs, allows Virginia Power to earn a current return on its growing investment in electric transmission infrastructure. | ||
In March 2010, ODEC and NCEMC filed a complaint with FERC against Virginia Power claiming that approximately $223 million in transmission costs related to specific projects were unjust, unreasonable and unduly discriminatory or preferential and should be excluded from Virginia Power's transmission formula rate. In October 2010, FERC issued an order dismissing the complaint in part and established hearings and settlement procedures on the remaining part of the complaint. In February 2012, Virginia Power submitted to FERC a settlement agreement to resolve all issues set for hearing. The settlement was accepted by FERC in May 2012 and provides for payment by Virginia Power to the transmission customer parties collectively of $250,000 per year for ten years and resolves all matters other than allocation of the incremental cost of certain underground transmission facilities. | ||
In March 2014, FERC issued an order excluding from Virginia Power's transmission rates for wholesale transmission customers located outside Virginia the incremental costs of undergrounding certain transmission line projects. FERC found it is not just and reasonable for non-Virginia wholesale transmission customers to be allocated the incremental costs of undergrounding the facilities because the projects are a direct result of Virginia legislation and Virginia Commission pilot programs intended to benefit the citizens of Virginia. The order is retroactively effective as of March 2010 and will cause the reallocation of the costs charged to wholesale transmission customers with loads outside Virginia to wholesale transmission customers with loads in Virginia. FERC determined that there was not sufficient evidence on the record to determine the magnitude of the underground increment and ordered a hearing to determine the appropriate amount of undergrounding cost to be allocated to each wholesale transmission customer in Virginia. While Virginia Power cannot predict the outcome of the hearing, it is not expected to have a material effect on results of operations. | ||
Other Regulatory Matters | ||
Electric Regulation in Virginia | ||
The Regulation Act enacted in 2007 instituted a cost-of-service rate model, ending Virginia's planned transition to retail competition for electric supply service to most classes of customers. | ||
The Regulation Act authorizes stand-alone rate adjustment clauses for recovery of costs for new generation projects, FERC-approved transmission costs, 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. | ||
2013 Biennial Review | ||
Pursuant to the Regulation Act, in March 2013, Virginia Power submitted its base rate filings and accompanying schedules in support of the Virginia Commission's 2013 biennial review of Virgina Power's rates, terms and conditions, as well as of Virginia Power's earnings for 2011 and 2012 test periods. The Virginia Power earnings test analysis reviewed by the Virginia Commission reflected an ROE of 10.30% on its generation and distribution services earnings for the combined test periods. | ||
In November 2013, the Virginia Commission issued its 2013 Biennial Review Order. After deciding eleven contested earnings test adjustments, the Virginia Commission ruled that Virginia Power earned on average an ROE of approximately 10.25% on its generation and distribution services for the combined 2011 and 2012 test periods. Because this ROE was more than 50 basis points below Virginia Power’s authorized ROE of 10.9%, the Virginia Commission authorized the deferred recovery, for earnings test purposes, of $23 million in costs related to asset impairments with early retirement decisions, severe weather events, and natural disasters to be amortized over the 2013 calendar year. The Virginia Commission did not order a base rate increase because Virginia Power had previously waived its right to any such increase, and because it determined that Virginia Power had a revenue sufficiency of approximately $280 million when projecting the annual revenues generated by base rates to the revenues required to cover costs of service and earn a fair return. As part of its revenue sufficiency determination, the Virginia Commission also made findings on eleven rate case adjustments, in addition to changes to the cost of capital and capital structure, which resulted in changes to Virginia Power’s rate year revenues and expenses, and Virginia Power’s rate base for generation and distribution, for the rate year beginning January 1, 2014. Virginia Power incurred a $55 million ($37 million after-tax) charge in connection with the 2013 Biennial Review Order. | ||
In its 2013 Biennial Review Order, the Virginia Commission also set the ROE that will be used in Virginia Power’s 2015 biennial review earnings test analysis for earnings on generation and distribution services for the combined 2013 and 2014 test periods, and that will be applied to Riders R, S, W, B, BW, C1A, and C2A. Pursuant to the Regulation Act, Virginia Power’s authorized ROE can be no lower than the average of the returns reported for the three previous years by not less than a majority of comparable utilities in the Southeastern U.S., subject to certain limitations as described in the Regulation Act. Following this statutory peer group analysis, the Virginia Commission determined that the peer group floor ROE for Virginia Power was 9.89%. It further held, declining to increase or decrease Virginia Power’s combined rate of return based on performance, that Virginia Power’s ROE for earnings test purposes in its 2015 biennial review and for rate adjustment clause purposes is 10.0%, consistent with its determination that Virginia Power’s market cost of equity is 10.0%. | ||
Virginia Fuel Expenses | ||
In May 2014, Virginia Power submitted its annual fuel factor filing to the Virginia Commission to recover an estimated $1.9 billion in Virginia jurisdictional projected fuel expenses for the rate year beginning July 1, 2014. Virginia Power also offered to defer recovery of 50% of its total estimated $268 million jurisdictional deferred fuel balance to the 2015-2016 fuel year, thereby recovering $134 million of its jurisdictional deferred fuel balance for the rate year beginning July 1, 2014. In September 2014, the Virginia Commission approved Virginia Power’s increased fuel rate, which was already in effect on an interim basis since July 1, 2014. The new rate includes approval of Virginia Power's offer to defer recovery of 50% its jurisdictional deferred fuel balance and represents an annual fuel revenue increase of approximately $300 million. | ||
Rate Adjustment Clauses | ||
Below is a discussion of significant riders associated with various Virginia Power projects: | ||
• | The Virginia Commission previously approved Rider T1. In July 2014, the Virginia Commission approved an approximately $538 million revenue requirement for the rate year beginning September 1, 2014, which represents an approximately $134 million increase over the previous year. | |
• | The Virginia Commission previously approved Rider S in conjunction with the Virginia City Hybrid Energy Center. In June 2014, Virginia Power proposed an approximately $244 million revenue requirement for the rate year beginning April 1, 2015. This case is pending. | |
• | The Virginia Commission previously approved Rider W in conjunction with Warren County. In February 2015, the Virginia Commission approved an approximately $135 million revenue requirement for the rate year beginning April 1, 2015. | |
• | The Virginia Commission previously approved Rider BW in connection with Brunswick County. In October 2014, Virginia Power proposed a total revenue requirement of approximately $111 million for the rate year beginning September 1, 2015. This case is pending. | |
• | The Virginia Commission previously approved Riders C1A and C2A in connection with cost recovery for DSM programs. In August 2014, Virginia Power proposed a total revenue requirement of approximately $47 million for the rate year beginning May 1, 2015. Virginia Power further proposed three new energy efficiency programs for Virginia Commission approval with a requested five-year cost cap of approximately $106 million for those programs. This case is pending. | |
• | The Virginia Commission previously approved Rider R in conjunction with Bear Garden. In June 2014, Virginia Power proposed an approximately $84 million revenue requirement for the rate year beginning April 1, 2015. This case is pending. | |
• | Virginia legislation which provides for the recovery of costs to move certain electric distribution lines underground became effective in July 2014. In October 2014, Virginia Power filed for approval of Rider U, which proposes a revenue requirement of approximately $28 million during the initial rate year beginning September 1, 2015. This case is pending. | |
• | The Virginia Commission previously approved Rider B in conjunction with the conversion of three power stations to biomass. In June 2014, Virginia Power proposed an approximately $13 million revenue requirement for the rate year beginning April 1, 2015. This case is pending. | |
• | In January 2015, Virginia Power applied for a CPCN to construct and operate a new 20 MW utility-scale solar facility near its existing Remington Power Station in Fauquier County, Virginia. Virginia Power also applied for approval of Rider US-1 to recover the costs of the facility. The total cost of the Remington Solar Facility is approximately $47 million (excluding financing costs). This case is pending. | |
Brunswick County | ||
In August 2013, three motions for reconsideration were filed with the Virginia Commission, asking that it reconsider its August 2013 final order approving a CPCN for construction of Brunswick County. In November 2013, the Virginia Commission denied reconsideration. Three appeals were filed with the Supreme Court of Virginia, but two were withdrawn. In September 2014, the Supreme Court of Virginia issued an opinion affirming the Virginia Commission’s decision in the remaining appeal. | ||
Electric Transmission Project | ||
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. In February 2014, the Virginia Commission granted reconsideration requested by Virginia Power and issued an Order Amending Certificate. Several appeals were filed with the Supreme Court of Virginia and oral arguments were heard in January 2015. The appeals are pending. | ||
North Anna | ||
Virginia Power is considering the construction of a third nuclear unit at a site located at North Anna. If Virginia Power decides to build a new unit, it must first receive a COL from the NRC, approval of the Virginia Commission and certain environmental permits and other approvals. In April 2013, Virginia Power decided to replace the reactor design previously selected for a potential unit with ESBWR technology. Virginia Power filed the first of its two-part amendment to the COL application with the NRC in July 2013 to reflect the ESBWR technology and filed the second part of the amendment in December 2013. The COL is expected in 2016. Virginia Power has not yet committed to building a new nuclear unit at North Anna. | ||
In June 2012, the U.S. Court of Appeals for the D.C. Circuit vacated and remanded a 2010 NRC decision and related rulemaking that generically assessed the environmental impacts of spent fuel storage after expiration of a reactor’s license until a repository became available. In August 2012, the NRC partially granted a petition filed by BREDL and other petitioners in a number of ongoing licensing proceedings, including the North Anna COL proceedings, to withhold issuance of licenses until completion of action on the remand, and held proposed contentions accompanying the petition in abeyance. In August 2014, the NRC approved a new final rule codifying the NRC’s further generic assessment of environmental impacts of continued storage of spent fuel and lifted the suspension of final licensing decisions in pending cases and dismissed pending contentions on the subject, including the proposed contention filed by BREDL. | ||
In September 2014, BREDL filed a new petition with the NRC again seeking suspension of final decision making in the COL proceeding, along with motions to reopen and file a new contention. The new filings assert that the NRC must make a safety finding on the feasibility and capacity of geologic disposal of spent fuel as a prerequisite to issuance of a license. The filings alleged that because these safety findings are no longer made as part of the NRC’s new continued storage rule, such findings must now be made in individual licensing proceedings. In January 2015, BREDL filed another petition in the COL proceeding asking the NRC to order supplementation of the final environmental impact statement for North Anna 3 to incorporate the NRC's generic assessment of the impacts of continued spent fuel storage, so that BREDL could then challenge that assessment. BREDL's September 2014 filings and January 2015 petition are substantially the same as filings made by various other intervenor groups in other licensing proceedings pending before the NRC. Resolution of these filings is not expected to affect the schedule for issuance of the COL. | ||
North Anna and Offshore Wind Legislation | ||
In April 2014, legislation was enacted in Virginia that permits Virginia Power to recover 70% of the costs previously deferred or capitalized related to the development of a third nuclear unit located at North Anna and offshore wind facilities through December 31, 2013 as part of the 2013 and 2014 base rates. Virginia Power had deferred or capitalized costs totaling approximately $577 million for these projects as of December 31, 2013, substantially all of which relate to North Anna. For the 70% portion of these previously deferred or capitalized costs allocable to customers in Virginia, Virginia Power recognized such amounts that are now recoverable in 2013 and 2014 base rates as charges against net income beginning in the second quarter of 2014 and for the remainder of the year. During 2014, Virginia Power recognized $374 million ($248 million after-tax) in charges against income representing the cumulative recovery of costs from January 2013 through December 2014, which are primarily included in other operations and maintenance expense in the Consolidated Statements of Income. The remaining deferred or capitalized costs, as well as costs incurred after December 31, 2013, continue to be eligible for inclusion in a future rate adjustment clause. | ||
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 test periods beginning January 1, 2015, and ending December 31, 2019. Virginia Power is scheduled to file its next biennial review, covering 2013 and 2014, in March 2015. The legislation allows this review to proceed for the sole purpose of determining whether any refunds are due to customers based on earnings performance during the 2013 and 2014 test periods. In addition the legislation requires the Virginia Commission to conduct proceedings in 2017 and 2019 to determine the utility's ROE for use in connection with the rate adjustment clauses and require utilities to file integrated resource plans annually rather than biennially. The legislation requires Virginia Power to write-off $85 million of prior-period deferred fuel costs during the first quarter of 2015. In addition, the legislation requires the Virginia Commission to implement a fuel rate reduction for Virginia Power as soon as practicable based on this non-recovery as well as any over-recovery for the 2014-2015 fuel year and projected fuel expense for the 2015-2016 fuel year. The legislation also deems the construction or purchase of one or more utility-scale solar facilities located in Virginia up to 500 MW in total is deemed to be in the public interest. | ||
North Carolina Regulation | ||
In December 2012, the North Carolina Commission approved a $36 million increase in Virginia Power’s annual non-fuel base revenues based on an authorized ROE of 10.2%, and a $14 million decrease in annual base fuel revenues for a combined total base revenue increase of $22 million. These rate changes became effective on January 1, 2013 and were appealed to the North Carolina Supreme Court by multiple parties. In June 2014, the Supreme Court of North Carolina issued an opinion reversing the portion of the North Carolina Commission’s December 2012 order from Virginia Power’s 2012 base rate case approving a 10.2% ROE for Virginia Power, and remanding the case to the North Carolina Commission for additional findings of fact in light of a 2013 opinion issued after the North Carolina Commission’s order. This case is pending. | ||
In December 2014, the North Carolina Commission issued an order approving an approximately $17 million increase to the fuel component of Virginia Power’s electric rates for the rate year beginning January 1, 2015. This increase includes the approval of Virginia Power’s mitigation proposal to defer recovering 50% of its estimated $17 million jurisdictional deferred fuel balance to the 2016 fuel year, without interest. | ||
Ohio Regulation | ||
PIR Program | ||
In 2008, East Ohio began PIR, aimed at replacing approximately 25% of its pipeline system. In February 2014, East Ohio filed an application requesting approval to adjust the PIR cost recovery rates for 2013 costs. The filing reflects gross plant investment for 2013 of $164 million, cumulative gross plant investment of $674 million and an estimated revenue requirement of $89 million. This application was approved by the Ohio Commission in April 2014. | ||
In February 2015, East Ohio filed an application to adjust the PIR cost recovery for 2014 costs. The filing reflects gross plant investment for 2014 of $155 million, cumulative gross plant investment of $829 million and a revenue requirement of$108 million. This case is pending. | ||
AMR Program | ||
In 2007, East Ohio began installing automated meter reading technology for its 1.2 million customers in Ohio. In May 2014, AMR cost recovery rates became effective as approved by the Ohio Commission in April 2014. The approval includes a revenue requirement of $8 million, which represents an approximately $3 million increase over the previous year. | ||
In January 2013, East Ohio filed with the Ohio Supreme Court an appeal of a rate reduction ordered by the Ohio Commission in October 2012 and a motion seeking a stay of the AMR cost recovery rate imposed. The Ohio Supreme Court granted the stay in March 2013 and East Ohio put the higher AMR cost recovery rate filed by East Ohio into effect. In July 2014, the Ohio Supreme Court ruled in East Ohio’s favor by agreeing that the rate reduction imposed by the Ohio Commission was unreasonable. | ||
In February 2015, East Ohio filed its application with the Ohio Commission to adjust its AMR cost recovery charge to recover costs for calendar year 2014 associated with AMR deployment, which was completed in 2012. The filing reflects a projected revenue requirement of approximately $8 million. This case is pending. | ||
The AMR program approved by the Ohio Commission is now complete. 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. | ||
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 payment plan amount is deferred and collected under the PIPP Rider in accordance with the rules of the Ohio Commission. In July 2014, East Ohio’s annual update of the PIPP Rider was automatically approved by the Ohio Commission after a 45-day waiting period from the date of the filing. The increased rider rate reflects the refund over the next year of an over-recovery of accumulated arrearages of approximately $82 million as of March 31, 2014, net of projected deferred program costs of approximately $96 million for the period from April 2014 through June 2015. | ||
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 July 2014, the Ohio Commission approved a decrease to East Ohio’s UEX Rider, which reflects the elimination of the over-recovered balance of accumulated bad debt expense of approximately $8 million as of March 31, 2014, and recovery of prospective bad debt expense projected to total approximately $25 million for the twelve-month period from April 2014 to March 2015. | ||
House Bill 95 | ||
Ohio enacted utility reform 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. In July 2014, the Ohio Commission approved East Ohio’s application requesting authority to implement a capital expenditure program for 2014 capital expenditures totaling $110 million. | ||
FERC Regulation | ||
DTI Fuel Settlement | ||
In mid-2013, DTI received concerns about its fuel retainage percentages and apparent over-recovery of fuel costs during certain time periods reflected in its annual fuel reports. In December 2013, DTI submitted for FERC approval a stipulation and agreement addressing, among other things, reductions in its fuel retainage percentages and a rate moratorium through 2016. In February 2014, FERC approved the stipulation and agreement. The revised fuel retainage percentages became effective January 1, 2014. DTI began assessing the reduced fuel retainage percentages on March 1, 2014, and as a result provided refunds totaling nearly $10 million. The refunds reflect, with interest, the value of the difference between the actual quantities of fuel retained for the months of January and February and the quantities that would have been retained using the reduced percentages. |
Asset_Retirement_Obligations
Asset Retirement Obligations | 12 Months Ended | |||
Dec. 31, 2014 | ||||
Asset Retirement Obligation [Abstract] | ||||
Asset Retirement Obligations | ASSET RETIREMENT OBLIGATIONS | |||
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's and Virginia Power's AROs are primarily associated with the decommissioning of their nuclear generation facilities and also include those for the future abatement of asbestos expected to be disturbed in their generation facilities. Dominion 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 retirement of Dominion's LNG facility, Dominion Gas' gas storage wells in its 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'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 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 2013 and 2014 were as follows: | ||||
Amount | ||||
(millions) | ||||
Dominion | ||||
AROs at December 31, 2012(1) | $ | 1,705 | ||
Obligations incurred during the period | 13 | |||
Obligations settled during the period | (68 | ) | ||
Revisions in estimated cash flows(2) | (129 | ) | ||
Accretion | 86 | |||
Other | (29 | ) | ||
AROs at December 31, 2013(1) | $ | 1,578 | ||
Obligations incurred during the period | 40 | |||
Obligations settled during the period | (82 | ) | ||
Revisions in estimated cash flows(3) | 102 | |||
Accretion | 81 | |||
Other | (5 | ) | ||
AROs at December 31, 2014(1) | $ | 1,714 | ||
Virginia Power | ||||
AROs at December 31, 2012 | $ | 705 | ||
Obligations incurred during the period | 2 | |||
Obligations settled during the period | (2 | ) | ||
Revisions in estimated cash flows(2) | (52 | ) | ||
Accretion | 38 | |||
Other | (2 | ) | ||
AROs at December 31, 2013 | $ | 689 | ||
Obligations incurred during the period | 28 | |||
Obligations settled during the period | (1 | ) | ||
Revisions in estimated cash flows(3) | 108 | |||
Accretion | 37 | |||
Other | (6 | ) | ||
AROs at December 31, 2014(4) | $ | 855 | ||
Dominion Gas | ||||
AROs at December 31, 2012 | $ | 133 | ||
Obligations incurred during the period | 8 | |||
Obligations settled during the period | (13 | ) | ||
Accretion | 8 | |||
Other | 1 | |||
AROs at December 31, 2013(5)(6) | $ | 137 | ||
Obligations incurred during the period | 2 | |||
Obligations settled during the period | (8 | ) | ||
Accretion | 8 | |||
Other | 8 | |||
AROs at December 31, 2014(5)(6) | $ | 147 | ||
-1 | Includes $64 million, $94 million and $81 million reported in other current liabilities at December 31, 2012, 2013, and 2014, respectively. | |||
-2 | Primarily reflects lower anticipated nuclear decommissioning costs. | |||
-3 | Relates primarily to a shift of the delayed planned date on which the DOE is expected to begin accepting spent nuclear fuel. | |||
-4 | Includes $7 million reported in other current liabilities at December 31, 2014. | |||
-5 | Includes $2 million and $7 million reported in other current liabilities at December 31, 2013 and 2014, respectively. | |||
-6 | Includes $135 million and $140 million reported in other deferred credits and other liabilities, with the remainder recorded in other current liabilities, at December 31, 2013 and 2014, respectively. | |||
Dominion and Virginia Power have established trusts dedicated to funding the future decommissioning of their nuclear plants. At December 31, 2014 and 2013, the aggregate fair value of Dominion's trusts, consisting primarily of equity and debt securities, totaled $4.2 billion and $3.9 billion, respectively. At December 31, 2014 and 2013, the aggregate fair value of Virginia Power's trusts, consisting primarily of debt and equity securities, totaled $1.9 billion and $1.8 billion, respectively. |
Variable_Interest_Entities
Variable Interest Entities | 12 Months Ended |
Dec. 31, 2014 | |
Variable Interest Entities [Abstract] | |
Variable Interest Entities | VARIABLE INTEREST ENTITIES |
The primary beneficiary of a VIE is required to consolidate the VIE and to disclose certain information about its significant variable interests in the VIE. The primary beneficiary of a VIE is the entity that has both 1) the power to direct the activities that most significantly impact the entity's economic performance and 2) the obligation to absorb losses or receive benefits from the entity that could potentially be significant to the VIE. | |
Dominion | |
Through August 2013, Dominion leased the Fairless generating facility in Pennsylvania from Juniper, the lessor, which began commercial operations in June 2004. In August 2013, the lease expired and Dominion purchased Fairless for $923 million from Juniper per the terms of the lease agreement. However, as Dominion had previously consolidated Juniper, the purchase was accounted for as an equity transaction to acquire the noncontrolling interests from Juniper for $923 million, while Dominion retained control of Fairless. The acquisition resulted in the removal of securities due within one year-VIE and noncontrolling interests from Dominion's Consolidated Balance Sheet during 2013. | |
Dominion has an initial 45% membership interest in Atlantic Coast Pipeline. See Note 9 for more details regarding the nature of this entity. Dominion concluded that Atlantic Coast Pipeline is a VIE because it has insufficient equity to finance its activities without additional subordinated financial support. Dominion has concluded that it is not the primary beneficiary of Atlantic Coast Pipeline as it does not have the power to direct the activities of Atlantic Coast Pipeline that most significantly impact its economic performance, as the power to direct is shared among multiple unrelated parties. Dominion is obligated to provide capital contributions based on its ownership percentage. Dominion's maximum exposure to loss is limited to its current and future investment. | |
Dominion Gas | |
DTI has been engaged to oversee the construction of, and to subsequently operate and maintain, the projects undertaken by Atlantic Coast Pipeline based on the overall direction and oversight of Atlantic Coast Pipeline's members. An affiliate of DTI holds a membership interest in Atlantic Coast Pipeline, therefore DTI is considered to have a variable interest in Atlantic Coast Pipeline. The members of Atlantic Coast Pipeline hold the power to direct the construction, operations and maintenance activities of the entity. DTI has concluded it is not the primary beneficiary of Atlantic Coast Pipeline as it does not have the power to direct the activities of Atlantic Coast Pipeline that most significantly impact its economic performance. DTI has no obligation to absorb any losses of the VIE. See Note 24 for information about associated related party receivable balances. | |
Virginia Power | |
Virginia Power has long-term power and capacity contracts with five non-utility generators with an aggregate summer generation capacity of approximately 870 MW. These contracts contain certain variable pricing mechanisms in the form of partial fuel reimbursement that Virginia Power considers to be variable interests. After an evaluation of the information provided by these entities, Virginia Power was unable to determine whether they were VIEs. However, the information they provided, as well as Virginia Power's knowledge of generation facilities in Virginia, enabled Virginia Power to conclude that, if they were VIEs, it would not be the primary beneficiary. This conclusion reflects Virginia Power's determination that its variable interests do not convey the power to direct the most significant activities that impact the economic performance of the entities during the remaining terms of Virginia Power's contracts and for the years the entities are expected to operate after its contractual relationships expire. The contracts expire at various dates ranging from 2015 to 2021. Virginia Power is not subject to any risk of loss from these potential VIEs other than its remaining purchase commitments which totaled $639 million as of December 31, 2014. Virginia Power paid $223 million, $217 million, and $214 million for electric capacity and $138 million, $98 million, and $83 million for electric energy to these entities for the years ended December 31, 2014, 2013 and 2012, respectively. | |
Virginia Power and Dominion Gas | |
Virginia Power and Dominion Gas purchased shared services from DRS, an affiliated VIE, of approximately $335 million and $106 million, $331 million and $115 million, and $328 million and $107 million for the years ended December 31, 2014, 2013 and 2012, respectively. Virginia Power and Dominion Gas determined that each is not the most closely associated entity with DRS and therefore neither is the primary beneficiary. DRS provides accounting, legal, finance and certain administrative and technical services to all Dominion subsidiaries, including Virginia Power and Dominion Gas. Virginia Power and Dominion Gas have no obligation to absorb more than their allocated shares of DRS costs. |
ShortTerm_Debt_And_Credit_Agre
Short-Term Debt And Credit Agreements | 12 Months Ended | |||||||||||||
Dec. 31, 2014 | ||||||||||||||
Short-term Debt, Other Disclosures [Abstract] | ||||||||||||||
Short-Term Debt And Credit Agreements | SHORT-TERM DEBT AND CREDIT AGREEMENTS | |||||||||||||
The Companies use short-term debt to fund working capital requirements and as a bridge to long-term debt financings. The levels of borrowing may vary significantly during the course of the year, depending upon the timing and amount of cash requirements not satisfied by cash from operations. In addition, Dominion utilizes cash and letters of credit to fund collateral requirements. Collateral requirements are impacted by commodity prices, hedging levels, Dominion's credit ratings and the credit quality of its counterparties. | ||||||||||||||
Dominion | ||||||||||||||
Commercial paper and letters of credit outstanding, as well as capacity available under credit facilities, were as follows: | ||||||||||||||
Facility | Outstanding | Outstanding | Facility | |||||||||||
Limit | Commercial | Letters of | Capacity | |||||||||||
Paper | Credit | Available | ||||||||||||
(millions) | ||||||||||||||
At December 31, 2014 | ||||||||||||||
Joint revolving credit facility(1) | $ | 4,000 | $ | 2,664 | $ | — | $ | 1,336 | ||||||
Joint revolving credit facility(2) | 500 | 111 | 48 | 341 | ||||||||||
Total | $ | 4,500 | $ | 2,775 | (3)Â | $ | 48 | $ | 1,677 | |||||
At December 31, 2013 | ||||||||||||||
Joint revolving credit facility(1) | $ | 3,000 | $ | 1,927 | $ | — | $ | 1,073 | ||||||
Joint revolving credit facility(2) | 500 | — | 11 | 489 | ||||||||||
Total | $ | 3,500 | $ | 1,927 | (3)Â | $ | 11 | $ | 1,562 | |||||
-1 | In May 2014, this credit facility was amended and restated. The facility limit was increased from $3 billion to $4 billion and the maturity date was extended from September 2018 to April 2019. This credit facility can be used to support bank borrowings and the issuance of commercial paper, as well as to support up to $1.5 billion of letters of credit. | |||||||||||||
-2 | In May 2014, this credit facility was amended and restated and the maturity date was extended from September 2018 to April 2019. This credit facility can be used to support bank borrowings, commercial paper and letter of credit issuances. | |||||||||||||
-3 | The weighted-average interest rates of the outstanding commercial paper supported by Dominion's credit facilities were 0.38% and 0.33% at December 31, 2014 and 2013, respectively. | |||||||||||||
Virginia Power | ||||||||||||||
Virginia Power's short-term financing is supported by two joint revolving credit facilities with Dominion and Dominion Gas. These credit facilities are being used for working capital, as support for the combined commercial paper programs of the Companies and for other general corporate purposes. | ||||||||||||||
Virginia Power's share of commercial paper and letters of credit outstanding, as well as its capacity available under its joint credit facilities with Dominion and Dominion Gas were as follows: | ||||||||||||||
Facility Sub-limit | Outstanding Commercial Paper | Outstanding Letters of Credit | Facility Sub-limit Capacity Available | |||||||||||
(millions) | ||||||||||||||
At December 31, 2014 | ||||||||||||||
Joint revolving credit facility(1) | $ | 1,250 | $ | 1,250 | $ | — | $ | — | ||||||
Joint revolving credit facility(2) | 250 | 111 | — | 139 | ||||||||||
Total | $ | 1,500 | $ | 1,361 | (3) | $ | — | $ | 139 | |||||
At December 31, 2013 | ||||||||||||||
Joint revolving credit facility(1) | $ | 1,000 | $ | 842 | $ | — | $ | 158 | ||||||
Joint revolving credit facility(2) | 250 | — | 1 | 249 | ||||||||||
Total | $ | 1,250 | $ | 842 | (3)Â | $ | 1 | $ | 407 | |||||
-1 | In May 2014, this credit facility was amended and restated and the maturity date was extended from September 2018 to April 2019. This credit facility 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. Virginia Power's current sub-limit under this credit facility can be increased or decreased multiple times per year. In July 2014, Virginia Power increased its sub-limit from $1.0 billion to $1.25 billion. In January 2015, Virginia Power increased its sub-limit on this facility from $1.25 billion to $1.5 billion. | |||||||||||||
-2 | In May 2014, this credit facility was amended and restated and the maturity date was extended from September 2018 to April 2019. This credit facility can be used to support bank borrowings, commercial paper and letter of credit issuances. Virginia Power's current sub-limit under this credit facility can be increased or decreased multiple times per year. | |||||||||||||
-3 | The weighted-average interest rates of the outstanding commercial paper supported by these credit facilities were 0.36% and 0.33% at December 31, 2014 and 2013, respectively. | |||||||||||||
In addition to the credit facility commitments mentioned above, Virginia Power also has a $120 million credit facility. In May 2014, this credit facility was amended and restated and the maturity date was extended from September 2018 to April 2019. As of December 31, 2014, this facility supports approximately $119 million of certain variable rate tax-exempt financings of Virginia Power. | ||||||||||||||
Dominion Gas | ||||||||||||||
Dominion Gas's short-term financing is supported by the two joint revolving credit facilities discussed above with Dominion and Virginia Power, to which Dominion Gas was added as a borrower in May 2014. Dominion Gas’ current sub-limit under the $4 billion credit facility is $500 million, all of which was available at December 31, 2014, and can be increased or decreased multiple times per year, up to a maximum of $1 billion. Dominion Gas’ current sub-limit under the $500 million credit facility is $0 and can also be increased or decreased multiple times per year. The maturity date for both facilities is April 2019. In December 2014, Dominion Gas entered into a commercial paper program pursuant to which it began accessing the commercial paper markets in January 2015. Dominion Gas' current sub-limit under the $4 billion credit facility of $500 million is being used to support these commercial paper issuances. |
LongTerm_Debt
Long-Term Debt | 12 Months Ended | |||||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||||
Long-term Debt, Unclassified [Abstract] | ||||||||||||||||||||||
Long-Term Debt | LONG-TERM DEBT | |||||||||||||||||||||
At December 31, | 2014 Weighted- | 2014 | 2013 | |||||||||||||||||||
average | ||||||||||||||||||||||
Coupon(1) | ||||||||||||||||||||||
(millions, except percentages) | ||||||||||||||||||||||
Dominion Gas Holdings, LLC: | ||||||||||||||||||||||
Unsecured Senior Notes: | ||||||||||||||||||||||
1.05% and 2.5%, due 2016 and 2019 | 1.82 | % | $ | 850 | $ | 400 | ||||||||||||||||
3.55% to 4.8%, due 2023 to 2044 | 4.15 | % | 1,750 | 800 | ||||||||||||||||||
Dominion Gas Holdings, LLC total principal | $ | 2,600 | $ | 1,200 | ||||||||||||||||||
Unamortized discount | (6 | ) | (2 | ) | ||||||||||||||||||
Dominion Gas Holdings, LLC total long-term debt | $ | 2,594 | $ | 1,198 | ||||||||||||||||||
Virginia Electric and Power Company: | ||||||||||||||||||||||
Unsecured Senior Notes: | ||||||||||||||||||||||
1.2% to 8.625%, due 2015 to 2019 | 5.06 | % | $ | 2,471 | $ | 2,488 | ||||||||||||||||
2.75% to 8.875%, due 2022 to 2044 | 5.07 | % | 5,592 | 4,643 | ||||||||||||||||||
Tax-Exempt Financings(2): | ||||||||||||||||||||||
Variable rates, due 2016 to 2041 | 0.93 | % | 606 | 606 | ||||||||||||||||||
0.70% to 5.6%, due 2022 to 2040 | 2.86 | % | 266 | 306 | ||||||||||||||||||
Virginia Electric and Power Company total principal | $ | 8,935 | $ | 8,043 | ||||||||||||||||||
Securities due within one year | 5.39 | % | (211 | ) | (58 | ) | ||||||||||||||||
Unamortized discount and premium, net | 2 | (11 | ) | |||||||||||||||||||
Virginia Electric and Power Company total long-term debt | $ | 8,726 | $ | 7,974 | ||||||||||||||||||
Dominion Resources, Inc.: | ||||||||||||||||||||||
Unsecured Senior Notes: | ||||||||||||||||||||||
Variable rates, due 2014 and 2015 | 0.36 | % | $ | 400 | $ | 400 | ||||||||||||||||
1.25% to 8.875%, due 2014 to 2019 | 3.17 | % | 3,150 | 4,391 | ||||||||||||||||||
2.75% to 7.0%, due 2021 to 2044(3) | 4.93 | % | 4,449 | 3,499 | ||||||||||||||||||
Unsecured Convertible Senior Notes, 2.125%, due 2023 | — | 43 | ||||||||||||||||||||
Tax-Exempt Financing, variable rate, due 2041 | 1.1 | % | 75 | 75 | ||||||||||||||||||
Unsecured Junior Subordinated Notes Payable to Affiliated Trust, 8.4%, due 2031 | 8.4 | % | 10 | 10 | ||||||||||||||||||
Enhanced Junior Subordinated Notes: | ||||||||||||||||||||||
5.75% to 8.375%, due 2054 to 2066 | 6.28 | % | 985 | 985 | ||||||||||||||||||
Variable rate, due 2066 | 2.54 | % | 380 | 380 | ||||||||||||||||||
Remarketable Subordinated Notes, 1.07% to 1.50%, due 2019 to 2021 | 1.3 | % | 2,100 | 1,100 | ||||||||||||||||||
Unsecured Debentures and Senior Notes(4): | ||||||||||||||||||||||
5.0% due 2014 | — | 600 | ||||||||||||||||||||
6.8% and 6.875%, due 2026 and 2027 | 6.81 | % | 89 | 89 | ||||||||||||||||||
Dominion Energy, Inc.: | ||||||||||||||||||||||
Tax-Exempt Financing, 2.375%, due 2033 | 2.38 | % | 27 | 27 | ||||||||||||||||||
Dominion Gas Holdings, LLC total principal (from above) | 2,600 | 1,200 | ||||||||||||||||||||
Virginia Electric and Power Company total principal (from above) | 8,935 | 8,043 | ||||||||||||||||||||
Dominion Resources, Inc. total principal | $ | 23,200 | $ | 20,842 | ||||||||||||||||||
Fair value hedge valuation(5) | 19 | 55 | ||||||||||||||||||||
Securities due within one year(6) | 3.3 | % | (1,375 | ) | (1,519 | ) | ||||||||||||||||
Unamortized discount and premium, net | (39 | ) | (48 | ) | ||||||||||||||||||
Dominion Resources, Inc. total long-term debt | $ | 21,805 | $ | 19,330 | ||||||||||||||||||
-1 | Represents weighted-average coupon rates for debt outstanding as of December 31, 2014. | |||||||||||||||||||||
-2 | These financings relate to certain pollution control equipment at Virginia Power's generating facilities. Certain variable rate tax-exempt financings are supported by a $120 million credit facility that terminates in April 2019. | |||||||||||||||||||||
-3 | At the option of holders, $510 million of Dominion's 5.25% senior notes due 2033 are subject to redemption at 100% of the principal amount plus accrued interest in August 2015. As a result, at December 31, 2014, the notes were included in Securities due within one year in the Consolidated Balance Sheets. | |||||||||||||||||||||
-4 | Represents debt assumed by Dominion from the merger of its former CNG subsidiary. | |||||||||||||||||||||
-5 | Represents the valuation of certain fair value hedges associated with Dominion's fixed rate debt. | |||||||||||||||||||||
-6 | Includes $4 million fair value hedge valuation in 2014 and $14 million of fair value hedge valuation in 2013. | |||||||||||||||||||||
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, 2014, were as follows: | ||||||||||||||||||||||
2015 | 2016 | 2017 | 2018 | 2019 | Thereafter | Total | ||||||||||||||||
(millions, except percentages) | ||||||||||||||||||||||
Dominion Gas | $ | — | $ | 400 | $ | — | $ | — | $ | 450 | $ | 1,750 | $ | 2,600 | ||||||||
Weighted-average Coupon | 1.05 | % | 2.5 | % | 4.15 | % | ||||||||||||||||
Virginia Power | $ | 211 | $ | 476 | $ | 679 | $ | 850 | $ | 350 | $ | 6,369 | $ | 8,935 | ||||||||
Weighted-average Coupon | 5.39 | % | 5.24 | % | 5.43 | % | 4.17 | % | 5 | % | 4.64 | % | ||||||||||
Dominion | ||||||||||||||||||||||
Unsecured Senior Notes(1) | $ | 861 | $ | 1,308 | $ | 1,354 | $ | 1,350 | $ | 2,000 | $ | 11,878 | $ | 18,751 | ||||||||
Tax-Exempt Financings | — | 19 | 75 | — | — | 880 | 974 | |||||||||||||||
Unsecured Junior Subordinated Notes Payable to Affiliated Trusts | — | — | — | — | — | 10 | 10 | |||||||||||||||
Enhanced Junior Subordinated Notes | — | — | — | — | — | 1,365 | 1,365 | |||||||||||||||
Remarketable Subordinated Notes | — | — | — | — | 550 | 1,550 | 2,100 | |||||||||||||||
Total | $ | 861 | $ | 1,327 | $ | 1,429 | $ | 1,350 | $ | 2,550 | $ | 15,683 | $ | 23,200 | ||||||||
Weighted-average Coupon | 2.14 | % | 2.86 | % | 3.27 | % | 4.99 | % | 3.09 | % | 4.39 | % | ||||||||||
-1 | At the option of holders, $510 million of Dominion's 5.25% senior notes due 2033 are subject to redemption at 100% of the principal amount plus accrued interest in August 2015. As a result, at December 31, 2014, the notes were included in Securities due within one year 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, 2014, there were no events of default under these covenants. | ||||||||||||||||||||||
Senior Note Redemptions | ||||||||||||||||||||||
As part of Dominion's Liability Management Exercise, in December 2014, Dominion redeemed the following outstanding series of senior notes: 2005 Series C 5.15% Senior Notes due 2015, 2004 Series A 5.20% Senior Notes due 2016, 2006 Series A 5.60% Senior Notes due 2016, 2007 Series A 6.0% Senior Notes due 2017, and 2008 Series D 8.875% Senior Notes due 2019 with an aggregate outstanding principal of approximately $1.9 billion. The aggregate redemption price paid in December 2014 was approximately $2.2 billion and represents the principal amount outstanding, accrued and unpaid interest and the applicable make-whole premium of $263 million. Total charges for the Liability Management Exercise of $284 million, including the make-whole premium, were recognized and recorded in interest expense in Dominion's Consolidated Statements of Income. Proceeds from Dominion’s issuance of senior notes in November 2014 were used to offset the payment of the redemption price. Also see Convertible Securities called for redemption below. | ||||||||||||||||||||||
Convertible Securities | ||||||||||||||||||||||
As part of Dominion's Liability Management Exercise, in November 2014, Dominion provided notice to redeem all $22 million of outstanding contingent convertible senior notes. The senior notes were eligible for conversion during any calendar quarter when the closing price of Dominion's common stock was equal to or higher than 120% of the conversion price for at least 20 out of the last 30 consecutive trading days of the preceding quarter, when the notes were called for redemption by Dominion and upon the occurrence of certain other conditions. During 2014, the senior notes were eligible for conversion. During the first, second and third quarters of 2014, approximately $21 million of the notes were converted by holders into $23 million of common stock. In lieu of redemption, holders elected to convert the remaining $22 million of notes in December 2014 into $26 million of common stock. Proceeds from Dominion's issuance of senior notes in November 2014 were used to offset the portion of the conversions paid in cash. At December 31, 2014, all of the senior notes have been converted and none remain outstanding. | ||||||||||||||||||||||
Junior Subordinated Notes Payable to Affiliated Trusts | ||||||||||||||||||||||
In previous years, Dominion established several subsidiary capital trusts, each as a finance subsidiary of Dominion, which holds 100% of the voting interests. The trusts sold capital securities representing preferred beneficial interests and 97% beneficial ownership in the assets held by the trusts. In exchange for the funds realized from the sale of the capital securities and common securities that represent the remaining 3% beneficial ownership interest in the assets held by the capital trusts, Dominion issued various junior subordinated notes. The junior subordinated notes constitute 100% of each capital trust's assets. Each trust must redeem its capital securities when their respective junior subordinated notes are repaid at maturity or if redeemed prior to maturity. | ||||||||||||||||||||||
In January 2013, Dominion repaid its $258 million 7.83% unsecured junior subordinated debentures and redeemed all 250 thousand units of the $250 million 7.83% Dominion Resources Capital Trust I capital securities due December 1, 2027. The securities were redeemed at a price of $1,019.58 per capital security plus accrued and unpaid distributions. | ||||||||||||||||||||||
Interest charges related to Dominion's junior subordinated notes payable to affiliated trusts were $1 million for the years ended December 31, 2014 and 2013 and $21 million for the year ended December 31, 2012. | ||||||||||||||||||||||
Enhanced Junior Subordinated Notes | ||||||||||||||||||||||
In June 2006 and September 2006, Dominion issued $300 million of June 2006 hybrids and $500 million of September 2006 hybrids, respectively. The June 2006 hybrids bear interest at 7.5% per year until June 30, 2016. Thereafter, they will bear interest at the three-month LIBOR plus 2.825%, reset quarterly. The September 2006 hybrids bear interest at the three-month LIBOR plus 2.3%, reset quarterly. | ||||||||||||||||||||||
In June 2009, Dominion issued $685 million of 8.375%Â June 2009 hybrids. The June 2009 hybrids were listed on the NYSE under the symbol DRU. | ||||||||||||||||||||||
In October 2014, Dominion 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 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 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 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 executed RCCs in connection with its issuance of the June 2006 hybrids, the September 2006 hybrids, and the June 2009 hybrids. Under the terms of the RCCs, Dominion covenants to and for the benefit of designated covered debtholders, as may be designated from time to time, that Dominion 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 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 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. In July 2014, Dominion amended the RCC of the June 2009 hybrids to expand the measurement period for consideration of proceeds from the sale of common stock or other equity-like issuances from 180 days to 365 days. The proceeds Dominion receives from the replacement offering, adjusted by a predetermined factor, must equal or exceed the redemption or repurchase price. | ||||||||||||||||||||||
In 2012, Dominion launched a tender offer to purchase up to $150 million of September 2006 hybrids. Dominion purchased and canceled approximately $88 million of the September 2006 hybrids primarily as a result of this tender offer, which expired in 2012. As part of Dominion's Liability Management Exercise, in October 2014, Dominion redeemed all $685 million of the June 2009 hybrids plus accrued interest with the net proceeds from the issuance of the October 2014 hybrids. The redemption and all purchases were conducted in compliance with the RCCs. | ||||||||||||||||||||||
    | ||||||||||||||||||||||
Remarketable Subordinated Notes | ||||||||||||||||||||||
In June 2013, Dominion issued $550 million of 2013 Series A 6.125% Equity Units and $550 million of 2013 Series B 6% Equity Units, initially in the form of Corporate Units. In July 2014, Dominion issued $1 billion of 2014 Series A 6.375% Equity Units, initially in the form of Corporate Units. The Corporate Units are listed on the NYSE under the symbols DCUA, DCUB and DCUC, respectively. | ||||||||||||||||||||||
Each Corporate Unit consists of a stock purchase contract and 1/20 interest in a RSN issued by Dominion. The stock purchase contracts obligate the holders to purchase shares of Dominion common stock at a future settlement date prior to the relevant RSN maturity date. The purchase price to be paid under the stock purchase contracts is $50 per Corporate Unit and the number of shares to be purchased will be determined under a formula based upon the average closing price of Dominion common stock near the settlement date. The RSNs are pledged as collateral to secure the purchase of common stock under the related stock purchase contracts. | ||||||||||||||||||||||
Dominion makes quarterly interest payments on the RSNs and quarterly contract adjustment payments on the stock purchase contracts, at the rates described below. Dominion may defer payments on the stock purchase contracts and the RSNs for one or more consecutive periods but generally not beyond the purchase contract settlement date. If payments are deferred, Dominion may not make any cash distributions related to its capital stock, including dividends, redemptions, repurchases, liquidation payments or guarantee payments. Also, during the deferral period, Dominion may not make any payments on or redeem or repurchase any debt securities that are equal in right of payment with, or subordinated to, the RSNs. | ||||||||||||||||||||||
Dominion has recorded the present value of the stock purchase contract payments as a liability offset by a charge to equity. Interest payments on the RSNs are recorded as interest expense and stock purchase contract payments are charged against the liability. Accretion of the stock purchase contract liability is recorded as imputed interest expense. In calculating diluted EPS, Dominion applies the treasury stock method to the Equity Units. | ||||||||||||||||||||||
Under the terms of the stock purchase contracts, assuming no anti-dilution or other adjustments, Dominion will issue between 8.4 million and 9.9 million shares of its common stock in both April 2016 and July 2016 and between 11.5 million and 14.3 million shares in July 2017. A total of 40.3 million shares of Dominion's common stock has been reserved for issuance in connection with the stock purchase contracts. | ||||||||||||||||||||||
Selected information about Dominion'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 | RSN Maturity Date | ||||||||||||||
(millions, except interest rates) | ||||||||||||||||||||||
6/7/13 | 11 | $ | 533.5 | $ | 550 | 1.07 | % | 5.055 | % | $ | 76.7 | 4/1/16 | 4/1/21 | |||||||||
6/7/13 | 11 | $ | 553.5 | $ | 550 | 1.18 | % | 4.82 | % | $ | 79.3 | 7/1/16 | 7/1/19 | |||||||||
7/1/14 | 20 | $ | 982 | $ | 1,000.00 | 1.5 | % | 4.875 | % | $ | 142.8 | 7/1/17 | 7/1/20 | |||||||||
-1 | Payments of $66 million and $17 million were made in 2014 and 2013, respectively. The stock purchase contract liability was $216 million and $139 million at December 31, 2014 and 2013, respectively. | |||||||||||||||||||||
Dominion Gas Financing | ||||||||||||||||||||||
In June 2014, Dominion Gas commenced an offer to exchange $1.2 billion principal amount of unsecured senior notes that were issued in a private placement in October 2013. The exchange offer satisfied Dominion Gas’ obligations under a registration rights agreement entered into in connection with the issuance of the Dominion Gas 2013 Senior Notes. The exchange offer did not represent a new financing transaction and there were no proceeds to Dominion Gas when the offer settled in August 2014. |
Preferred_Stock
Preferred Stock | 12 Months Ended | ||||||
Dec. 31, 2014 | |||||||
Preferred Stock, Number of Shares, Par Value and Other Disclosures [Abstract] | |||||||
Preferred Stock | PREFERRED STOCK | ||||||
Dominion is authorized to issue up to 20 million shares of preferred stock; however, none were issued and outstanding at December 31, 2014 or 2013. | |||||||
Virginia Power is authorized to issue up to 10 million shares of preferred stock, $100 liquidation preference, and had 2.59 million preferred shares issued and outstanding at December 31, 2013. | |||||||
During 2014, Virginia Power redeemed all outstanding series of its preferred stock. Upon redemption, each series was no longer outstanding for any purpose and dividends ceased to accumulate. Presented below is a summary of the preferred stock redemptions: | |||||||
Dividend | Total Shares | Redemption Price Per Share | |||||
(thousands) | |||||||
$5.00 | 107 | $ | 112.5 | (1)Â | |||
4.04 | 13 | 102.27 | (1)Â | ||||
4.2 | 15 | 102.5 | (1)Â | ||||
4.12 | 32 | 103.73 | (1)Â | ||||
4.8 | 73 | 101 | (1)Â | ||||
7.05 | 500 | 100 | (1)Â | ||||
6.98 | 600 | 100 | (1)Â | ||||
Flex Money Market Preferred 12/02, Series A | 1,250 | 100 | (2)Â | ||||
Total | 2,590 | ||||||
-1 | As part of Dominion's Liability Management Exercise, in September 2014, Virginia Power provided irrevocable notice to redeem all shares outstanding for each series of preferred stock. In October 2014, the stock was redeemed at the applicable price per share plus accumulated and unpaid dividends. | ||||||
-2 | In February 2014, Virginia Power provided irrevocable notice to redeem the stock. In March 2014, the stock was redeemed at the applicable price per share plus accumulated and unpaid dividends at a rate reset in March 2011 of 6.12%. Dividends ceased accumulating on the stock upon payment of the redemption price, thus the rate was not reset in March 2014. |
Equity
Equity | 12 Months Ended | |||||||||||||||
Dec. 31, 2014 | ||||||||||||||||
Stockholders' Equity Note [Abstract] | ||||||||||||||||
Equity | EQUITY | |||||||||||||||
Issuance of Common Stock | ||||||||||||||||
DOMINION | ||||||||||||||||
Dominion maintains Dominion Direct® and a number of employee savings plans through which contributions may be invested in Dominion's common stock. These shares may either be newly issued or purchased on the open market with proceeds contributed to these plans. In January 2014, Dominion began purchasing its common stock on the open market for these plans. In April 2014, Dominion began issuing new common shares for these direct stock purchase plans. | ||||||||||||||||
During 2014, Dominion issued approximately 3.8 million shares of common stock through various programs. Dominion received cash proceeds of $205 million from the issuance of 2.9 million of such shares through Dominion Direct and employee savings plans. | ||||||||||||||||
In December 2014, Dominion filed an SEC shelf registration for the sale of debt and equity securities including the ability to sell common stock through an at-the-market program. Also in December 2014, Dominion entered into four separate sales agency agreements to effect sales under the program and pursuant to which it may offer from time to time up to $500 million aggregate amount of its common stock. Sales of common stock can be made by means of privately negotiated transactions, as transactions on the NYSE at market prices or in such other transactions as are agreed upon by Dominion and the sales agents and in conformance with applicable securities laws. At December 31, 2014, a total of 7 million shares of Dominion's common stock was reserved for issuance in connection with this program. In 2015, Dominion provided sales instructions to one of the sales agents and has issued 2.7 million shares through at-the-market issuances and received cash proceeds of $207 million, net of fees and commissions paid of $2 million. Following these issuances, Dominion has the ability to issue up to $291 million of stock under the 2014 sales agency agreements. | ||||||||||||||||
VIRGINIA POWER | ||||||||||||||||
In 2014, 2013 and 2012, Virginia Power did not issue any shares of its common stock to Dominion. | ||||||||||||||||
DOMINION GAS | ||||||||||||||||
On September 30, 2013, Dominion contributed its wholly-owned subsidiaries DTI, East Ohio and Dominion Iroquois to Dominion Gas in exchange for 100% of its limited liability company membership interests. | ||||||||||||||||
Shares Reserved for Issuance | ||||||||||||||||
At December 31, 2014, Dominion had approximately 56 million shares reserved and available for issuance for Dominion Direct®, employee stock awards, employee savings plans, director stock compensation plans, an at-the-market program, and issuance in connection with stock purchase contracts. See Note 17 for more information. | ||||||||||||||||
Repurchase of Common Stock | ||||||||||||||||
Dominion did not repurchase any shares in 2014 or 2013 and does not plan to repurchase shares during 2015, except for shares tendered by employees to satisfy tax withholding obligations on vested restricted stock, which do not count against its stock repurchase authorization. | ||||||||||||||||
Accumulated Other Comprehensive Income (Loss) | ||||||||||||||||
Presented in the table below is a summary of AOCI by component: | ||||||||||||||||
At December 31, | 2014 | 2013 | ||||||||||||||
(millions) | ||||||||||||||||
Dominion | ||||||||||||||||
Net deferred losses on derivatives-hedging activities, net of tax of $116 and $196 | $ | (178 | ) | $ | (288 | ) | ||||||||||
Net unrealized gains on nuclear decommissioning trust funds, net of tax of $(333) and $(307) | 548 | 474 | ||||||||||||||
Net unrecognized pension and other postretirement benefit costs, net of tax of $530 and $365 | (782 | ) | (510 | ) | ||||||||||||
Other comprehensive loss from equity method investees, net of tax of $3 and $-- | (4 | ) | — | |||||||||||||
Total AOCI | $ | (416 | ) | $ | (324 | ) | ||||||||||
Virginia Power | ||||||||||||||||
Net deferred losses on derivatives-hedging activities, net of tax of $4 and $--- | $ | (7 | ) | $ | — | |||||||||||
Net unrealized gains on nuclear decommissioning trust funds, net of tax of $(35) and $(30) | 57 | 48 | ||||||||||||||
Total AOCI | $ | 50 | $ | 48 | ||||||||||||
Dominion Gas | ||||||||||||||||
Net deferred gains (losses) on derivatives-hedging activities, net of tax of $11 and $(1) | $ | (20 | ) | $ | 3 | |||||||||||
Net unrecognized pension and other postretirement benefit costs, net of tax of $46 and $43 | (66 | ) | (61 | ) | ||||||||||||
Total AOCI | $ | (86 | ) | $ | (58 | ) | ||||||||||
DOMINION | ||||||||||||||||
The following table presents Dominion’s changes in AOCI by component, net of tax: | ||||||||||||||||
Deferred gains and losses on derivatives-hedging activities | Unrealized gains and losses on investment securities | Unrecognized pension and other postretirement benefit costs | Other comprehensive loss from equity method investees | Total | ||||||||||||
(millions) | ||||||||||||||||
Year Ended December 31, 2014 | ||||||||||||||||
Beginning balance | $ | (288 | ) | $ | 474 | $ | (510 | ) | $ | — | $ | (324 | ) | |||
Other comprehensive income before reclassifications: gains (losses) | 17 | 128 | (305 | ) | (4 | ) | (164 | ) | ||||||||
Amounts reclassified from accumulated other comprehensive income: (gains) losses(1) | 93 | (54 | ) | 33 | — | 72 | ||||||||||
Net current period other comprehensive income (loss) | 110 | 74 | (272 | ) | (4 | ) | (92 | ) | ||||||||
Ending balance | $ | (178 | ) | $ | 548 | $ | (782 | ) | $ | (4 | ) | $ | (416 | ) | ||
Year Ended December 31, 2013 | ||||||||||||||||
Beginning balance | $ | (122 | ) | $ | 326 | $ | (1,081 | ) | $ | — | $ | (877 | ) | |||
Other comprehensive income before reclassifications: gains (losses) | (243 | ) | 203 | 516 | — | 476 | ||||||||||
Amounts reclassified from accumulated other comprehensive income: (gains) losses(1) | 77 | (55 | ) | 55 | — | 77 | ||||||||||
Net current period other comprehensive income (loss) | (166 | ) | 148 | 571 | — | 553 | ||||||||||
Ending balance | $ | (288 | ) | $ | 474 | $ | (510 | ) | $ | — | $ | (324 | ) | |||
(1) See table below for details about these reclassifications. | ||||||||||||||||
The following table presents Dominion’s reclassifications out of AOCI by component: | ||||||||||||||||
Details about AOCI components | Amounts reclassified from AOCI | Affected line item in the Consolidated Statements of Income | ||||||||||||||
(millions) | ||||||||||||||||
Year Ended December 31, 2014 | ||||||||||||||||
Deferred (gains) and losses on derivatives-hedging activities: | ||||||||||||||||
Commodity contracts | $ | 130 | Operating revenue | |||||||||||||
13 | Purchased gas | |||||||||||||||
(7 | ) | Electric fuel and other energy-related purchases | ||||||||||||||
Interest rate contracts | 16 | Interest and related charges | ||||||||||||||
Total | 152 | |||||||||||||||
Tax | (59 | ) | Income tax expense | |||||||||||||
Total, net of tax | $ | 93 | ||||||||||||||
Unrealized (gains) and losses on investment securities: | ||||||||||||||||
Realized (gain) loss on sale of securities | $ | (100 | ) | Other income | ||||||||||||
Impairment | 13 | Other income | ||||||||||||||
Total | (87 | ) | ||||||||||||||
Tax | 33 | Income tax expense | ||||||||||||||
Total, net of tax | $ | (54 | ) | |||||||||||||
Unrecognized pension and other postretirement benefit costs: | ||||||||||||||||
Prior-service costs (credits) | $ | (12 | ) | Other operations and maintenance | ||||||||||||
Actuarial losses | 69 | Other operations and maintenance | ||||||||||||||
Total | 57 | |||||||||||||||
Tax | (24 | ) | Income tax expense | |||||||||||||
Total, net of tax | $ | 33 | ||||||||||||||
Year Ended December 31, 2013 | ||||||||||||||||
Deferred (gains) and losses on derivatives-hedging activities: | ||||||||||||||||
Commodity contracts | $ | 58 | Operating revenue | |||||||||||||
47 | Purchased gas | |||||||||||||||
10 | Electric fuel and other energy-related purchases | |||||||||||||||
Interest rate contracts | 15 | Interest and related charges | ||||||||||||||
Total | 130 | |||||||||||||||
Tax | (53 | ) | Income tax expense | |||||||||||||
Total, net of tax | $ | 77 | ||||||||||||||
Unrealized (gains) and losses on investment securities: | ||||||||||||||||
Realized (gain) loss on sale of securities | $ | (98 | ) | Other income | ||||||||||||
Impairment | 8 | Other income | ||||||||||||||
Total | (90 | ) | ||||||||||||||
Tax | 35 | Income tax expense | ||||||||||||||
Total, net of tax | $ | (55 | ) | |||||||||||||
Unrecognized pension and other postretirement benefit costs: | ||||||||||||||||
Prior-service costs (credits) | $ | (8 | ) | Other operations and maintenance | ||||||||||||
Actuarial losses | 102 | Other operations and maintenance | ||||||||||||||
Total | 94 | |||||||||||||||
Tax | (39 | ) | Income tax expense | |||||||||||||
Total, net of tax | $ | 55 | ||||||||||||||
VIRGINIA POWER | ||||||||||||||||
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, 2014 | ||||||||||||||||
Beginning balance | $ | — | $ | 48 | $ | 48 | ||||||||||
Other comprehensive income before reclassifications: gains (losses) | (4 | ) | 15 | 11 | ||||||||||||
Amounts reclassified from accumulated other comprehensive income: (gains) losses(1) | (3 | ) | (6 | ) | (9 | ) | ||||||||||
Net current period other comprehensive income (loss) | (7 | ) | 9 | 2 | ||||||||||||
Ending balance | $ | (7 | ) | $ | 57 | $ | 50 | |||||||||
Year Ended December 31, 2013 | ||||||||||||||||
Beginning balance | $ | (6 | ) | $ | 31 | $ | 25 | |||||||||
Other comprehensive income before reclassifications: gains (losses) | 6 | 20 | 26 | |||||||||||||
Amounts reclassified from accumulated other comprehensive income: (gains) losses(1) | — | (3 | ) | (3 | ) | |||||||||||
Net current period other comprehensive income (loss) | 6 | 17 | 23 | |||||||||||||
Ending balance | $ | — | $ | 48 | $ | 48 | ||||||||||
(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, 2014 | ||||||||||||||||
(Gains) losses on cash flow hedges: | ||||||||||||||||
Commodity contracts | $ | (5 | ) | Electric fuel and other energy-related purchases | ||||||||||||
Interest rate contracts | — | Interest and related charges | ||||||||||||||
Total | (5 | ) | ||||||||||||||
Tax | 2 | Income tax expense | ||||||||||||||
Total, net of tax | $ | (3 | ) | |||||||||||||
Unrealized (gains) and losses on investment securities: | ||||||||||||||||
Realized (gain) loss on sale of securities | $ | (10 | ) | Other income | ||||||||||||
Total | (10 | ) | ||||||||||||||
Tax | 4 | Income tax expense | ||||||||||||||
Total, net of tax | $ | (6 | ) | |||||||||||||
Year Ended December 31, 2013 | ||||||||||||||||
Unrealized (gains) and losses on investment securities: | ||||||||||||||||
Realized (gain) loss on sale of securities | $ | (6 | ) | Other income | ||||||||||||
Impairment | 1 | Other income | ||||||||||||||
Total | (5 | ) | ||||||||||||||
Tax | 2 | Income tax expense | ||||||||||||||
Total, net of tax | $ | (3 | ) | |||||||||||||
DOMINION GAS | ||||||||||||||||
The following table presents Dominion Gas' changes in AOCI by component, net of tax:Â | ||||||||||||||||
Deferred gains and losses on derivatives-hedging activities | Unrecognized pension and other postretirement benefit costs | Total | ||||||||||||||
(millions) | ||||||||||||||||
Year Ended December 31, 2014 | ||||||||||||||||
Beginning balance | $ | 3 | $ | (61 | ) | $ | (58 | ) | ||||||||
Other comprehensive income before reclassifications: gains (losses) | (31 | ) | (10 | ) | (41 | ) | ||||||||||
Amounts reclassified from accumulated other comprehensive income: (gains) losses(1) | 8 | 5 | 13 | |||||||||||||
Net current period other comprehensive income (loss) | (23 | ) | (5 | ) | (28 | ) | ||||||||||
Ending balance | $ | (20 | ) | $ | (66 | ) | $ | (86 | ) | |||||||
Year Ended December 31, 2013 | ||||||||||||||||
Beginning balance | $ | (47 | ) | $ | (93 | ) | $ | (140 | ) | |||||||
Other comprehensive income before reclassifications: gains (losses) | 39 | 26 | 65 | |||||||||||||
Amounts reclassified from accumulated other comprehensive income: (gains) losses(1) | 11 | 6 | 17 | |||||||||||||
Net current period other comprehensive income (loss) | 50 | 32 | 82 | |||||||||||||
Ending balance | $ | 3 | $ | (61 | ) | $ | (58 | ) | ||||||||
(1) See table below for details about these reclassifications. | ||||||||||||||||
The following table presents Dominion Gas' reclassifications out of AOCI by component:Â | ||||||||||||||||
Details about AOCI components | Amounts reclassified from AOCI | Affected line item in the Consolidated Statements of Income | ||||||||||||||
(millions) | ||||||||||||||||
Year Ended December 31, 2014 | ||||||||||||||||
Deferred (gains) and losses on derivatives-hedging activities: | ||||||||||||||||
Commodity contracts | $ | (2 | ) | Operating revenue | ||||||||||||
14 | Purchased gas | |||||||||||||||
1 | Interest and related charges | |||||||||||||||
Total | 13 | |||||||||||||||
Tax | (5 | ) | Income tax expense | |||||||||||||
Total, net of tax | $ | 8 | ||||||||||||||
Unrecognized pension and other postretirement benefit costs: | ||||||||||||||||
Prior service costs | $ | 1 | Other operations and maintenance | |||||||||||||
Actuarial losses | 7 | Other operations and maintenance | ||||||||||||||
Total | 8 | |||||||||||||||
Tax | (3 | ) | Income tax expense | |||||||||||||
Total, net of tax | $ | 5 | ||||||||||||||
Year Ended December 31, 2013 | ||||||||||||||||
Deferred (gains) and losses on derivatives-hedging activities: | ||||||||||||||||
Commodity contracts | $ | 2 | Operating revenue | |||||||||||||
14 | Purchased gas | |||||||||||||||
Total | 16 | |||||||||||||||
Tax | (5 | ) | Income tax expense | |||||||||||||
Total, net of tax | $ | 11 | ||||||||||||||
Unrecognized pension and other postretirement benefit costs: | ||||||||||||||||
Prior service costs | $ | 1 | Other operations and maintenance | |||||||||||||
Actuarial losses | 9 | Other operations and maintenance | ||||||||||||||
Total | 10 | |||||||||||||||
Tax | (4 | ) | Income tax expense | |||||||||||||
Total, net of tax | $ | 6 | ||||||||||||||
 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 Directors Compensation Plan permits grants of restricted stock and stock options. Under provisions of these plans, employees and non-employee directors may be granted options to purchase common stock at a price not less than its fair market value at the date of grant with a maximum term of eight years. Option terms are set at the discretion of the CGN Committee of the Board of Directors or the Board of Directors itself, as provided under each plan. At December 31, 2014, approximately 31 million shares were available for future grants under these plans. | ||||||||||||||||
Dominion 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's results for the years ended December 31, 2014, 2013 and 2012 include $39 million, $31 million, and $25 million, respectively, of compensation costs and $14 million, $11 million, and $8 million, respectively of income tax benefits related to Dominion's stock-based compensation arrangements. Stock-based compensation cost is reported in other operations and maintenance expense in Dominion's Consolidated Statements of Income. Excess tax benefits are classified as a financing cash flow. During the years ended December 31, 2014, 2013, and 2012, Dominion realized less than $1 million, less than $1 million and $10 million, respectively, of excess tax benefits from the vesting of restricted stock awards and exercise of stock options. | ||||||||||||||||
Restricted Stock | ||||||||||||||||
Restricted stock grants are made to officers under Dominion's LTIP and may also be granted to certain key non-officer employees from time to time. The fair value of Dominion's restricted stock awards is equal to the closing price of Dominion's stock on the date of grant. New shares are issued for restricted stock awards on the date of grant and generally vest over a three-year service period. The following table provides a summary of restricted stock activity for the years ended December 31, 2014, 2013 and 2012: | ||||||||||||||||
Shares | Weighted | |||||||||||||||
- average | ||||||||||||||||
Grant Date | ||||||||||||||||
Fair Value | ||||||||||||||||
(thousands) | ||||||||||||||||
Nonvested at December 31, 2011 | 1,301 | $ | 37.37 | |||||||||||||
Granted | 390 | 51.14 | ||||||||||||||
Vested | (596 | ) | 33.31 | |||||||||||||
Cancelled and forfeited | (10 | ) | 42.99 | |||||||||||||
Nonvested at December 31, 2012 | 1,085 | $ | 44.46 | |||||||||||||
Granted | 312 | 54.7 | ||||||||||||||
Vested | (356 | ) | 39 | |||||||||||||
Cancelled and forfeited | (34 | ) | 51.11 | |||||||||||||
Nonvested at December 31, 2013 | 1,007 | $ | 49.35 | |||||||||||||
Granted | 354 | 67.98 | ||||||||||||||
Vested | (278 | ) | 44.5 | |||||||||||||
Cancelled and forfeited | (18 | ) | 53.61 | |||||||||||||
Nonvested at December 31, 2014 | 1,065 | $ | 56.74 | |||||||||||||
As of December 31, 2014, unrecognized compensation cost related to nonvested restricted stock awards totaled $27 million and is expected to be recognized over a weighted-average period of 1.8 years. The fair value of restricted stock awards that vested was $19 million, $20 million, and $30 million in 2014, 2013 and 2012, 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 stock and the applicable federal, state and local tax withholding rates. | ||||||||||||||||
Goal-Based Stock | ||||||||||||||||
Goal-based stock awards are granted under Dominion's LTIP to officers who have not achieved a certain targeted level of share ownership, in lieu of cash-based performance grants. Goal-based stock awards may also be made to certain key non-officer employees from time to time. Current outstanding goal-based shares include awards granted to officers in February 2013 and February 2014. | ||||||||||||||||
The issuance of awards is based on the achievement of two performance metrics during a two-year period: 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 actual number of shares issued will vary between zero and 200% of targeted shares depending on the level of performance metrics achieved. The fair value of goal-based stock is equal to the closing price of Dominion's stock on the date of grant. Goal-based stock awards granted to key non-officer employees convert to restricted stock at the end of the two-year performance period and generally vest three years from the original grant date. Awards to officers vest at the end of the two-year performance period. All goal-based stock awards are settled by issuing new shares. | ||||||||||||||||
The following table provides a summary of goal-based stock activity for the years ended December 31, 2014, 2013 and 2012: | ||||||||||||||||
Targeted | Weighted | |||||||||||||||
Number of | - average | |||||||||||||||
Shares | Grant | |||||||||||||||
Date Fair | ||||||||||||||||
Value | ||||||||||||||||
(thousands) | ||||||||||||||||
Nonvested at December 31, 2011 | 12 | $ | 39.19 | |||||||||||||
Granted | 1 | 52.48 | ||||||||||||||
Vested | (9 | ) | 37.46 | |||||||||||||
Nonvested at December 31, 2012 | 4 | $ | 45.6 | |||||||||||||
Granted | 4 | 54.17 | ||||||||||||||
Vested | (2 | ) | 43.54 | |||||||||||||
Cancelled and forfeited | (1 | ) | 43.54 | |||||||||||||
Nonvested at December 31, 2013 | 5 | $ | 53.85 | |||||||||||||
Granted | 13 | 68.83 | ||||||||||||||
Vested | (1 | ) | 52.48 | |||||||||||||
Nonvested at December 31, 2014 | 17 | $ | 65.15 | |||||||||||||
At December 31, 2014, the targeted number of shares expected to be issued under the February 2013 and February 2014 awards was approximately 17 thousand. In January 2015, the CGN Committee determined the actual performance against metrics established for the February 2013 awards with a performance period that ended December 31, 2014. Based on that determination, the total number of shares to be issued under the February 2013 goal-based stock awards was approximately 7 thousand. | ||||||||||||||||
As of December 31, 2014, unrecognized compensation cost related to nonvested goal-based stock awards was not material. | ||||||||||||||||
Cash-Based Performance Grants | ||||||||||||||||
Cash-based performance grants are made to Dominion's officers under Dominion'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 2011, a cash-based performance grant was made to officers. A portion of the grant, representing $6 million was paid in December 2012, based on the achievement of two performance metrics during 2011 and 2012: ROIC and TSR relative to that of a peer group of companies. The total amount of the award under the grant was $8 million and the remaining $2 million of the grant was paid in February 2013. | ||||||||||||||||
In February 2012, a cash-based performance grant was made to officers. A portion of the grant, representing the initial payout of $8 million was paid in December 2013, based on the achievement of two performance metrics during 2012 and 2013: 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 amount of the award under the grant was $12 million and the remaining portion of the grant was paid in January 2014. | ||||||||||||||||
In February 2013, a cash-based performance grant was made to officers. A portion of the grant, representing the initial payout of $14 million was paid in December 2014, based on the achievement of two performance metrics during 2013 and 2014: 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 expected award under the grant is $21 million and the remaining portion of the grant is expected to be paid by March 15, 2015. At December 31, 2014, a liability of $7 million had been accrued for the remaining portion of the award. | ||||||||||||||||
In February 2014, a cash-based performance grant was made to officers. Payout of the performance grant is expected to occur by March 15, 2016 based on the achievement of two performance metrics during 2014 and 2015: TSR relative to that of companies listed as members of the Philadelphia Utility Index as of the end of the performance period and ROIC. At December 31, 2014, the targeted amount of the grant was $13 million and a liability of $3 million had been accrued for this award. |
Dividend_Restrictions
Dividend Restrictions | 12 Months Ended |
Dec. 31, 2014 | |
Disclosure of Restrictions on Dividends, Loans and Advances Disclosure [Abstract] | |
Dividend Restrictions | DIVIDEND RESTRICTIONS |
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, 2014, 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, 2014, the Ohio Commission had not restricted the payment of dividends by East Ohio. | |
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, 2014. | |
See Note 17 for a description of potential restrictions on dividend payments by Dominion in connection with the deferral of interest payments on junior subordinated notes and equity units, initially in the form of corporate units. |
Employee_Benefit_Plans
Employee Benefit Plans | 12 Months Ended | ||||||||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||||||||
General Discussion of Pension and Other Postretirement Benefits [Abstract] | |||||||||||||||||||||||||||||||
Employee Benefit Plans | EMPLOYEE BENEFIT PLANS | ||||||||||||||||||||||||||||||
Dominion and Dominion Gas - Defined Benefit Plans | |||||||||||||||||||||||||||||||
Dominion provides certain retirement benefits to eligible active employees, retirees and qualifying dependents. Dominion Gas participates in a number of the Dominion-sponsored retirement plans. Under the terms of its benefit plans, Dominion 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 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's funding policy is to contribute annually an amount that is in accordance with the provisions of ERISA. The pension program also provides benefits to certain retired executives under a company-sponsored nonqualified employee benefit plan. The nonqualified plan is funded through contributions to a grantor trust. Dominion 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 Gas employees not represented by collective bargaining units are covered by the Dominion Pension Plan, a defined benefit pension plan sponsored by Dominion that provides benefits to multiple Dominion subsidiaries. Pension benefits for Dominion Gas employees represented by collective bargaining units are covered by separate pension plans for East Ohio and, for DTI, a plan that provides benefits to employees of both DTI and Hope. Employee compensation is the basis for allocating pension costs and obligations between DTI and Hope and determining East Ohio's share of total pension costs. | |||||||||||||||||||||||||||||||
Retiree healthcare and life insurance benefits for Dominion Gas employees not represented by collective bargaining units are covered by the Dominion Retiree Health and Welfare Plan, a plan sponsored by Dominion that provides certain retiree healthcare and life insurance benefits to multiple Dominion subsidiaries. Retiree healthcare and life insurance benefits for Dominion Gas employees represented by collective bargaining units are covered by separate other postretirement benefit plans for East Ohio and, for DTI, a plan that provides benefits to both DTI and Hope. Employee headcount is the basis for allocating other postretirement benefit costs and obligations between DTI 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 uses December 31 as the measurement date for all of its employee benefit plans, including those in which Dominion Gas participates. Dominion 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 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 volatility. Changes in fair value are measured as the difference between the expected and actual plan asset returns, including dividends, interest and realized and unrealized investment gains and losses. Since the market-related value recognizes changes in fair value over a four-year period, the future market-related value of pension plan assets will be impacted as previously unrecognized changes in fair value are recognized. | |||||||||||||||||||||||||||||||
Dominion's pension and other postretirement benefit plans hold investments in trusts to fund employee benefit payments. Aggregate actual returns for Dominion's pension and other postretirement plan assets were $706 million in 2014 and $959 million in 2013, versus expected returns of $610 million and $554 million, respectively. Aggregate actual returns for pension and other postretirement benefit plan assets for Dominion Gas employees represented by collective bargaining units were $157 million in 2014 and $214 million in 2013, versus expected returns of $138 million and $125 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. | |||||||||||||||||||||||||||||||
The Medicare Act introduced a federal subsidy to sponsors of retiree healthcare benefit plans that provide a prescription drug benefit that is at least actuarially equivalent to Medicare Part D. Dominion determined that the prescription drug benefit offered under its other postretirement benefit plans is at least actuarially equivalent to Medicare Part D. Dominion received a federal subsidy of $4 million and $5 million for 2014 and 2013, respectively. Dominion Gas received a federal subsidy of $1 million for each of 2014 and 2013. Effective January 1, 2013, Dominion changed its method of receiving the subsidy under Medicare Part D for retiree prescription drug coverage from the Retiree Drug Subsidy to the EGWP. This change reduced other postretirement benefit costs by approximately $20 million annually beginning in 2012. As a result of the adoption of the EGWP, Dominion will begin to receive an increased level of Medicare Part D subsidies, in the form of reduced costs rather than a direct reimbursement, over the next few years. | |||||||||||||||||||||||||||||||
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 changed its assumption for mortality rates to reflect a generational improvement scale. As a result of this change in assumption, at December 31, 2014 Dominion and Dominion Gas (for employees represented by collective bargaining units) increased their pension benefit obligations by $131 million and $10 million, respectively, and increased their accumulated postretirement benefit obligations by $32 million and $7 million, respectively. This change is expected to increase net periodic benefit cost for Dominion and Dominion Gas (for employees represented by collective bargaining units) by approximately $25 million and $3 million, respectively, for 2015. | |||||||||||||||||||||||||||||||
Dominion remeasured all of its pension and other postretirement benefit plans in the second quarter of 2013. The remeasurement resulted in a reduction in the pension benefit obligation of approximately $354 million and a reduction in the accumulated postretirement benefit obligation of approximately $78 million. For Dominion Gas employees represented by collective bargaining units, the remeasurement resulted in a reduction in the pension benefit obligation of approximately $28 million and a reduction in the accumulated postretirement benefit obligation of approximately $9 million. The impact of the remeasurement on net periodic benefit (credit) cost was recognized prospectively from the remeasurement date and reduced net periodic benefit cost for 2013 by approximately $36 million, excluding the impacts of curtailments, and for Dominion Gas employees represented by collective bargaining units by approximately $2 million. The discount rate used for the remeasurement was 4.80% for the pension plans and 4.70% for the other postretirement benefit plans. All other assumptions used for the remeasurement were consistent with the measurement as of December 31, 2012. | |||||||||||||||||||||||||||||||
In the fourth quarter of 2013, Dominion remeasured its other postretirement benefit plans as a result of a plan amendment that changed medical coverage for certain Medicare-eligible retirees effective April 2014. The remeasurement resulted in a reduction in the accumulated postretirement benefit obligation of approximately $220 million. The impact of the remeasurement on net periodic benefit (credit) cost was recognized prospectively from the remeasurement date and reduced net periodic benefit cost for 2013 by approximately $8 million. The amendment is expected to reduce net periodic benefit cost by $40 million to $60 million for each of the next five years. The discount rate used for the remeasurement was 4.80%. All other assumptions used for the remeasurement were consistent with the measurement as of December 31, 2012. | |||||||||||||||||||||||||||||||
In the third quarter of 2014, East Ohio remeasured its other postretirement benefit plan as a result of an amendment that changed medical coverage upon the attainment of age 65 for certain future retirees effective January 1, 2016. For employees represented by collective bargaining units, the remeasurement resulted in an increase in the accumulated postretirement benefit obligation of approximately $22 million. The impact of the remeasurement on net periodic benefit credit was recognized prospectively from the remeasurement date and reduced net periodic benefit credit for 2014, for employees represented by collective bargaining units, by less than $1 million. The discount rate used for the remeasurement was 4.20% and the expected long-term rate of return used was 8.50%. All other assumptions used for the remeasurement were consistent with the measurement as of December 31, 2013. | |||||||||||||||||||||||||||||||
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 and Dominion Gas (for employees represented by collective bargaining units): | |||||||||||||||||||||||||||||||
Pension Benefits | Other Postretirement | ||||||||||||||||||||||||||||||
Benefits | |||||||||||||||||||||||||||||||
Year Ended December 31, | 2014 | 2013 | 2014 | 2013 | |||||||||||||||||||||||||||
(millions, except percentages) | |||||||||||||||||||||||||||||||
DOMINION | |||||||||||||||||||||||||||||||
Changes in benefit obligation: | |||||||||||||||||||||||||||||||
Benefit obligation at beginning of year | $ | 5,625 | $ | 6,125 | $ | 1,360 | $ | 1,719 | |||||||||||||||||||||||
Service cost | 114 | 131 | 32 | 43 | |||||||||||||||||||||||||||
Interest cost | 290 | 271 | 67 | 73 | |||||||||||||||||||||||||||
Benefits paid | (236 | ) | (229 | ) | (78 | ) | (75 | ) | |||||||||||||||||||||||
Actuarial (gains) losses during the year | 887 | (650 | ) | 177 | (170 | ) | |||||||||||||||||||||||||
Plan amendments(1) | — | 1 | 9 | (220 | ) | ||||||||||||||||||||||||||
Settlements and curtailments(2) | (13 | ) | (24 | ) | — | (16 | ) | ||||||||||||||||||||||||
Special termination benefits | — | — | — | 1 | |||||||||||||||||||||||||||
Medicare Part D reimbursement | — | — | 4 | 5 | |||||||||||||||||||||||||||
Benefit obligation at end of year | $ | 6,667 | $ | 5,625 | $ | 1,571 | $ | 1,360 | |||||||||||||||||||||||
Changes in fair value of plan assets: | |||||||||||||||||||||||||||||||
Fair value of plan assets at beginning of year | $ | 6,113 | $ | 5,553 | $ | 1,315 | $ | 1,156 | |||||||||||||||||||||||
Actual return on plan assets | 601 | 781 | 105 | 178 | |||||||||||||||||||||||||||
Employer contributions | 15 | 8 | 12 | 12 | |||||||||||||||||||||||||||
Benefits paid | (236 | ) | (229 | ) | (30 | ) | (31 | ) | |||||||||||||||||||||||
Settlements(2) | (13 | ) | — | — | — | ||||||||||||||||||||||||||
Fair value of plan assets at end of year | $ | 6,480 | $ | 6,113 | $ | 1,402 | $ | 1,315 | |||||||||||||||||||||||
Funded status at end of year | $ | (187 | ) | $ | 488 | $ | (169 | ) | $ | (45 | ) | ||||||||||||||||||||
Amounts recognized in the Consolidated Balance Sheets at December 31: | |||||||||||||||||||||||||||||||
Noncurrent pension and other postretirement benefit assets | $ | 946 | $ | 913 | $ | 10 | $ | 29 | |||||||||||||||||||||||
Other current liabilities | (13 | ) | (15 | ) | (3 | ) | (3 | ) | |||||||||||||||||||||||
Noncurrent pension and other postretirement benefit liabilities | (1,120 | ) | (410 | ) | (176 | ) | (71 | ) | |||||||||||||||||||||||
Net amount recognized | $ | (187 | ) | $ | 488 | $ | (169 | ) | $ | (45 | ) | ||||||||||||||||||||
Significant assumptions used to determine benefit obligations as of December 31: | |||||||||||||||||||||||||||||||
Discount rate(3) | 4.4 | % | 5.20%/5.30% | 4.4 | % | 5.00%/5.10% | |||||||||||||||||||||||||
Weighted average rate of increase for compensation | 4.22 | % | 4.21 | % | 4.22 | % | 4.22 | % | |||||||||||||||||||||||
Expected long-term rate of return on plan assets | 8.75 | % | 8.5 | % | 8.5 | % | 7.75 | % | |||||||||||||||||||||||
DOMINION GAS | |||||||||||||||||||||||||||||||
Changes in benefit obligation: | |||||||||||||||||||||||||||||||
Benefit obligation at beginning of year | $ | 563 | $ | 607 | $ | 269 | $ | 287 | |||||||||||||||||||||||
Service cost | 12 | 13 | 6 | 7 | |||||||||||||||||||||||||||
Interest cost | 28 | 27 | 13 | 12 | |||||||||||||||||||||||||||
Benefits paid | (29 | ) | (27 | ) | (16 | ) | (17 | ) | |||||||||||||||||||||||
Actuarial (gains) losses during the year | 64 | (57 | ) | 38 | (21 | ) | |||||||||||||||||||||||||
Plan amendments | — | — | 9 | — | |||||||||||||||||||||||||||
Medicare Part D reimbursement | — | — | 1 | 1 | |||||||||||||||||||||||||||
Benefit obligation at end of year | $ | 638 | $ | 563 | $ | 320 | $ | 269 | |||||||||||||||||||||||
Changes in fair value of plan assets: | |||||||||||||||||||||||||||||||
Fair value of plan assets at beginning of year | $ | 1,403 | $ | 1,254 | $ | 273 | $ | 242 | |||||||||||||||||||||||
Actual return on plan assets | 136 | 176 | 21 | 38 | |||||||||||||||||||||||||||
Employer contributions | — | — | 10 | 10 | |||||||||||||||||||||||||||
Benefits paid | (29 | ) | (27 | ) | (16 | ) | (17 | ) | |||||||||||||||||||||||
Fair value of plan assets at end of year | $ | 1,510 | $ | 1,403 | $ | 288 | $ | 273 | |||||||||||||||||||||||
Funded status at end of year | $ | 872 | $ | 840 | $ | (32 | ) | $ | 4 | ||||||||||||||||||||||
Amounts recognized in the Consolidated Balance Sheets at December 31: | |||||||||||||||||||||||||||||||
Noncurrent pension and other postretirement benefit assets | $ | 872 | $ | 840 | $ | — | $ | 19 | |||||||||||||||||||||||
Noncurrent pension and other postretirement benefit liabilities(4) | — | — | (32 | ) | (15 | ) | |||||||||||||||||||||||||
Net amount recognized | $ | 872 | $ | 840 | $ | (32 | ) | $ | 4 | ||||||||||||||||||||||
Significant assumptions used to determine benefit obligations as of December 31: | |||||||||||||||||||||||||||||||
Discount rate | 4.4 | % | 5.2 | % | 4.4 | % | 5 | % | |||||||||||||||||||||||
Weighted average rate of increase for compensation | 3.93 | % | 3.93 | % | 3.93 | % | 3.93 | % | |||||||||||||||||||||||
Expected long-term rate of return on plan assets | 8.75 | % | 8.5 | % | 8.5 | % | 7.75 | % | |||||||||||||||||||||||
-1 | 2013 other postretirement benefits amount relates to a plan amendment that changed medical coverage for certain Medicare-eligible retirees. | ||||||||||||||||||||||||||||||
-2 | 2014 amounts relate primarily to a settlement charge for certain executives. 2013 amounts relate primarily to the decommissioning of Kewaunee. | ||||||||||||||||||||||||||||||
-3 | 2013 pension and other postretirement benefits discount rates: 5.20% and 5.00% for the gas union plans and 5.30% and 5.10% for the nonunion and other union plans, respectively. | ||||||||||||||||||||||||||||||
-4 | Reflected in other deferred credits and other liabilities in Dominion Gas' Consolidated Balance Sheets. | ||||||||||||||||||||||||||||||
The ABO for all of Dominion's defined benefit pension plans was $6.0 billion and $5.1 billion at December 31, 2014 and 2013, respectively. The ABO for the defined benefit pension plans covering Dominion Gas employees represented by collective bargaining units was $604 million and $534 million at December 31, 2014 and 2013, respectively. | |||||||||||||||||||||||||||||||
Under its funding policies, Dominion 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 determines the amount of contributions for the current year, if any, at that time. During 2014, Dominion and Dominion Gas made no contributions to the qualified defined benefit pension plans and no contributions are currently expected in 2015. 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 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 period. | |||||||||||||||||||||||||||||||
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's subsidiaries, including Dominion Gas, fund other postretirement benefit costs through VEBAs. Dominion's remaining subsidiaries do not prefund other postretirement benefit costs but instead pay claims as presented. Dominion’s contributions to VEBAs, all of which pertained to Dominion Gas employees, totaled $12 million for both 2014 and 2013, and Dominion expects to contribute approximately $12 million to the Dominion VEBAs in 2015, all of which pertains to Dominion Gas employees. | |||||||||||||||||||||||||||||||
Dominion and Dominion Gas do not expect any pension or other postretirement plan assets to be returned during 2015. | |||||||||||||||||||||||||||||||
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 and Dominion Gas (for employees represented by collective bargaining units): | |||||||||||||||||||||||||||||||
Pension Benefits | Other Postretirement | ||||||||||||||||||||||||||||||
Benefits | |||||||||||||||||||||||||||||||
As of December 31, | 2014 | 2013 | 2014 | 2013 | |||||||||||||||||||||||||||
(millions) | |||||||||||||||||||||||||||||||
DOMINION | |||||||||||||||||||||||||||||||
Benefit obligation | $ | 5,970 | $ | 4,978 | $ | 1,564 | $ | 1,233 | |||||||||||||||||||||||
Fair value of plan assets | 4,838 | 4,553 | 1,385 | 1,158 | |||||||||||||||||||||||||||
DOMINION GAS | |||||||||||||||||||||||||||||||
Benefit obligation | $ | — | $ | — | $ | 320 | $ | 147 | |||||||||||||||||||||||
Fair value of plan assets | — | — | 288 | 132 | |||||||||||||||||||||||||||
The following table provides information on the ABO and fair value of plan assets for Dominion’s pension plans with an ABO in excess of plan assets: | |||||||||||||||||||||||||||||||
As of December 31, | 2014 | 2013 | |||||||||||||||||||||||||||||
(millions) | |||||||||||||||||||||||||||||||
Accumulated benefit obligation | $ | 5,370 | $ | 114 | |||||||||||||||||||||||||||
Fair value of plan assets | 4,838 | — | |||||||||||||||||||||||||||||
The following benefit payments, which reflect expected future service, as appropriate, are expected to be paid for Dominion’s and Dominion Gas’ (for employees represented by collective bargaining units) plans: | |||||||||||||||||||||||||||||||
Estimated Future Benefit Payments | |||||||||||||||||||||||||||||||
Pension Benefits | Other Postretirement Benefits | ||||||||||||||||||||||||||||||
(millions) | |||||||||||||||||||||||||||||||
DOMINION | |||||||||||||||||||||||||||||||
2015 | $ | 272 | $ | 91 | |||||||||||||||||||||||||||
2016 | 284 | 94 | |||||||||||||||||||||||||||||
2017 | 300 | 98 | |||||||||||||||||||||||||||||
2018 | 320 | 101 | |||||||||||||||||||||||||||||
2019 | 333 | 102 | |||||||||||||||||||||||||||||
2020-2024 | 1,925 | 523 | |||||||||||||||||||||||||||||
DOMINON GAS | |||||||||||||||||||||||||||||||
2015 | $ | 34 | $ | 18 | |||||||||||||||||||||||||||
2016 | 35 | 19 | |||||||||||||||||||||||||||||
2017 | 37 | 20 | |||||||||||||||||||||||||||||
2018 | 38 | 21 | |||||||||||||||||||||||||||||
2019 | 39 | 22 | |||||||||||||||||||||||||||||
2020-2024 | 204 | 111 | |||||||||||||||||||||||||||||
Plan Assets | |||||||||||||||||||||||||||||||
Dominion'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, Dominion Gas is subject to Dominion'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's pension funds are 28% U.S. equity, 18% non-U.S. equity, 33% fixed income, 3% real estate and 18% other alternative investments. U.S. equity includes investments in large-cap, mid-cap and small-cap companies located in the United States. Non-U.S. equity includes investments in large-cap and small-cap companies located outside of the United States including both developed and emerging markets. Fixed income includes corporate debt instruments of companies from diversified industries and U.S. Treasuries. The U.S. equity, non-U.S. equity and fixed income investments are in individual securities as well as mutual funds. Real estate includes equity REITs and investments in partnerships. Other alternative investments include partnership investments in private equity, debt and hedge funds that follow several different strategies. | |||||||||||||||||||||||||||||||
Dominion 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'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'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's and Dominion Gas’ (for employees represented by collective bargaining units) pension plan assets by asset category are as follows: | |||||||||||||||||||||||||||||||
Fair Value Measurements | |||||||||||||||||||||||||||||||
Pension Plans | |||||||||||||||||||||||||||||||
At December 31, | 2014 | 2013 | |||||||||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||||||||
(millions) | |||||||||||||||||||||||||||||||
DOMINION | |||||||||||||||||||||||||||||||
Cash equivalents | $ | 13 | $ | 25 | $ | — | $ | 38 | $ | 53 | $ | 126 | $ | — | $ | 179 | |||||||||||||||
U.S. equity: | |||||||||||||||||||||||||||||||
Large Cap | 1,313 | — | — | 1,313 | 1,220 | — | — | 1,220 | |||||||||||||||||||||||
Other | 530 | — | — | 530 | 514 | — | — | 514 | |||||||||||||||||||||||
Non-U.S. equity: | |||||||||||||||||||||||||||||||
Large Cap | 234 | — | — | 234 | 308 | — | — | 308 | |||||||||||||||||||||||
Other | 403 | — | — | 403 | 391 | — | — | 391 | |||||||||||||||||||||||
Common/collective trust funds(1) | — | 1,595 | — | 1,595 | — | 1,387 | — | 1,387 | |||||||||||||||||||||||
Fixed income: | |||||||||||||||||||||||||||||||
Corporate debt instruments | 45 | 666 | — | 711 | 43 | 451 | — | 494 | |||||||||||||||||||||||
U.S. Treasury securities and agency debentures | 74 | 342 | — | 416 | 2 | 229 | — | 231 | |||||||||||||||||||||||
State and municipal | 10 | 60 | — | 70 | 69 | 107 | — | 176 | |||||||||||||||||||||||
Other securities | 6 | 80 | — | 86 | 7 | 50 | — | 57 | |||||||||||||||||||||||
Real estate: | |||||||||||||||||||||||||||||||
REITs | 40 | — | — | 40 | 32 | — | — | 32 | |||||||||||||||||||||||
Partnerships | — | — | 209 | 209 | — | — | 227 | 227 | |||||||||||||||||||||||
Other alternative investments: | |||||||||||||||||||||||||||||||
Private equity | — | — | 518 | 518 | — | — | 530 | 530 | |||||||||||||||||||||||
Debt | — | — | 144 | 144 | — | — | 180 | 180 | |||||||||||||||||||||||
Hedge funds | — | — | 162 | 162 | — | — | 187 | 187 | |||||||||||||||||||||||
Total(2) | $ | 2,668 | $ | 2,768 | $ | 1,033 | $ | 6,469 | $ | 2,639 | $ | 2,350 | $ | 1,124 | $ | 6,113 | |||||||||||||||
DOMINION GAS | |||||||||||||||||||||||||||||||
Cash equivalents | $ | 3 | $ | 6 | $ | — | $ | 9 | $ | 12 | $ | 29 | $ | — | $ | 41 | |||||||||||||||
U.S. equity: | |||||||||||||||||||||||||||||||
Large Cap | 306 | — | — | 306 | 280 | — | — | 280 | |||||||||||||||||||||||
Other | 124 | — | — | 124 | 118 | — | — | 118 | |||||||||||||||||||||||
Non-U.S. equity: | |||||||||||||||||||||||||||||||
Large Cap | 54 | — | — | 54 | 72 | — | — | 72 | |||||||||||||||||||||||
Other | 94 | — | — | 94 | 90 | — | — | 90 | |||||||||||||||||||||||
Common/collective trust funds(3) | — | 372 | — | 372 | — | 318 | — | 318 | |||||||||||||||||||||||
Fixed income: | |||||||||||||||||||||||||||||||
Corporate debt instruments | 11 | 155 | — | 166 | 10 | 103 | — | 113 | |||||||||||||||||||||||
U.S. Treasury securities and agency debentures | 17 | 80 | — | 97 | 1 | 52 | — | 53 | |||||||||||||||||||||||
State and municipal | 2 | 14 | — | 16 | 16 | 24 | — | 40 | |||||||||||||||||||||||
Other securities | 1 | 19 | — | 20 | 2 | 11 | — | 13 | |||||||||||||||||||||||
Real estate: | |||||||||||||||||||||||||||||||
REITs | 9 | — | — | 9 | 7 | — | — | 7 | |||||||||||||||||||||||
Partnerships | — | — | 48 | 48 | — | — | 52 | 52 | |||||||||||||||||||||||
Other alternative investments: | |||||||||||||||||||||||||||||||
Private equity | — | — | 121 | 121 | — | — | 122 | 122 | |||||||||||||||||||||||
Debt | — | — | 34 | 34 | — | — | 41 | 41 | |||||||||||||||||||||||
Hedge funds | — | — | 38 | 38 | — | — | 43 | 43 | |||||||||||||||||||||||
Total(4) | $ | 621 | $ | 646 | $ | 241 | $ | 1,508 | $ | 608 | $ | 537 | $ | 258 | $ | 1,403 | |||||||||||||||
-1 | Common/Collective Trust Funds include $360 million and $560 million of John Hancock insurance contracts held at December 31, 2014 and 2013, respectively. See below for a description of the individual investments included within this line item, and the nature and risk of each respective fund. | ||||||||||||||||||||||||||||||
-2 | Includes net assets related to pending sales of securities of $31 million, net accrued income of $18 million, and excludes net assets related to pending purchases of securities of $38 million at December 31, 2014. | ||||||||||||||||||||||||||||||
-3 | See below for a description of the individual investments included within this line item, and the nature and risk of each respective fund. | ||||||||||||||||||||||||||||||
-4 | Includes net assets related to pending sales of securities of $7 million, net accrued income of $4 million, and excludes net assets related to pending purchases of securities of $9 million at December 31, 2014. | ||||||||||||||||||||||||||||||
The fair values of Dominion's and Dominion Gas’ (for employees represented by collective bargaining units) other postretirement plan assets by asset category are as follows: | |||||||||||||||||||||||||||||||
Fair Value Measurements | |||||||||||||||||||||||||||||||
Other Postretirement Plans | |||||||||||||||||||||||||||||||
At December 31, | 2014 | 2013 | |||||||||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||||||||
(millions) | |||||||||||||||||||||||||||||||
DOMINION | |||||||||||||||||||||||||||||||
Cash equivalents | $ | 1 | $ | 7 | $ | — | $ | 8 | $ | 3 | $ | 14 | $ | — | $ | 17 | |||||||||||||||
U.S. equity: | |||||||||||||||||||||||||||||||
Large Cap | 514 | — | — | 514 | 472 | — | — | 472 | |||||||||||||||||||||||
Other | 28 | — | — | 28 | 26 | — | — | 26 | |||||||||||||||||||||||
Non-U.S. equity: | |||||||||||||||||||||||||||||||
Large Cap | 102 | — | — | 102 | 111 | — | — | 111 | |||||||||||||||||||||||
Other | 21 | — | — | 21 | 20 | — | — | 20 | |||||||||||||||||||||||
Common/collective trust funds(1) | — | 555 | — | 555 | — | 502 | — | 502 | |||||||||||||||||||||||
Fixed income: | |||||||||||||||||||||||||||||||
Corporate debt instruments | 3 | 35 | — | 38 | 2 | 23 | — | 25 | |||||||||||||||||||||||
U.S. Treasury securities and agency debentures | 4 | 18 | — | 22 | — | 12 | — | 12 | |||||||||||||||||||||||
State and municipal | 1 | 3 | — | 4 | 4 | 5 | — | 9 | |||||||||||||||||||||||
Other securities | — | 4 | — | 4 | — | 3 | — | 3 | |||||||||||||||||||||||
Real estate: | |||||||||||||||||||||||||||||||
REITs | 2 | — | — | 2 | 2 | — | — | 2 | |||||||||||||||||||||||
Partnerships | — | — | 19 | 19 | — | — | 19 | 19 | |||||||||||||||||||||||
Other alternative investments: | |||||||||||||||||||||||||||||||
Private equity | — | — | 58 | 58 | — | — | 60 | 60 | |||||||||||||||||||||||
Debt | — | — | 18 | 18 | — | — | 27 | 27 | |||||||||||||||||||||||
Hedge funds | — | — | 9 | 9 | — | — | 10 | 10 | |||||||||||||||||||||||
Total | $ | 676 | $ | 622 | $ | 104 | $ | 1,402 | $ | 640 | $ | 559 | $ | 116 | $ | 1,315 | |||||||||||||||
DOMINION GAS | |||||||||||||||||||||||||||||||
Cash equivalents | $ | — | $ | 2 | $ | — | $ | 2 | $ | — | $ | 3 | $ | — | $ | 3 | |||||||||||||||
U.S. equity-Large Cap | 113 | — | — | 113 | 104 | — | — | 104 | |||||||||||||||||||||||
Non-U.S. equity-Large Cap | 26 | — | — | 26 | 26 | — | — | 26 | |||||||||||||||||||||||
Common/collective trust funds(2) | — | 129 | — | 129 | — | 119 | — | 119 | |||||||||||||||||||||||
Real estate - partnerships | — | — | 2 | 2 | — | — | 2 | 2 | |||||||||||||||||||||||
Other alternative investments: | |||||||||||||||||||||||||||||||
Private equity | — | — | 12 | 12 | — | — | 12 | 12 | |||||||||||||||||||||||
Debt | — | — | 4 | 4 | — | — | 7 | 7 | |||||||||||||||||||||||
Total | $ | 139 | $ | 131 | $ | 18 | $ | 288 | $ | 130 | $ | 122 | $ | 21 | $ | 273 | |||||||||||||||
(1) Common/Collective Trust Funds include $19 million and $29 million of John Hancock insurance contracts held at December 31, 2014 and 2013, respectively. See below for a description of the individual investments included within this line item, and the nature and risk of each respective fund. | |||||||||||||||||||||||||||||||
-2 | See below for a description of the individual investments included within this line item, and the nature and risk of each respective fund. | ||||||||||||||||||||||||||||||
The following table presents the changes in pension and other postretirement plan assets that are measured at fair value and included in the Level 3 fair value category for Dominion and Dominion Gas (for employees represented by collective bargaining units): | |||||||||||||||||||||||||||||||
Fair Value Measurements using Significant Unobservable Inputs (Level 3) | |||||||||||||||||||||||||||||||
Pension Plans | Other Postretirement Plans | ||||||||||||||||||||||||||||||
Real Estate | Private Equity | Debt | Hedge Funds | Â Total | Real Estate | Private Equity | Debt | Hedge Funds | Â Total | ||||||||||||||||||||||
DOMINION | |||||||||||||||||||||||||||||||
Balance at December 31, 2011 | $ | 304 | $ | 448 | $ | 243 | $ | 290 | $ | 1,285 | $ | 24 | $ | 63 | $ | 36 | $ | 14 | $ | 137 | |||||||||||
Actual return on plan assets: | |||||||||||||||||||||||||||||||
Relating to assets still held at the reporting date | 21 | 46 | 17 | 21 | 105 | 1 | 3 | 4 | 1 | 9 | |||||||||||||||||||||
Relating to assets sold during the period | (8 | ) | (41 | ) | (11 | ) | (2 | ) | (62 | ) | — | (1 | ) | — | — | (1 | ) | ||||||||||||||
Purchases | 35 | 79 | 15 | — | 129 | 2 | 6 | 1 | — | 9 | |||||||||||||||||||||
Sales | (31 | ) | (76 | ) | (72 | ) | (88 | ) | (267 | ) | (3 | ) | (13 | ) | (10 | ) | (4 | ) | (30 | ) | |||||||||||
Balance at December 31, 2012 | $ | 321 | $ | 456 | $ | 192 | $ | 221 | $ | 1,190 | $ | 24 | $ | 58 | $ | 31 | $ | 11 | $ | 124 | |||||||||||
Actual return on plan assets: | |||||||||||||||||||||||||||||||
Relating to assets still held at the reporting date | 15 | 98 | 32 | 21 | 166 | (2 | ) | 6 | 3 | 1 | 8 | ||||||||||||||||||||
Relating to assets sold during the period | (36 | ) | (48 | ) | (34 | ) | (4 | ) | (122 | ) | 1 | 3 | — | 1 | 5 | ||||||||||||||||
Purchases | 6 | 115 | 32 | — | 153 | 1 | 7 | 2 | — | 10 | |||||||||||||||||||||
Sales | (79 | ) | (91 | ) | (42 | ) | (51 | ) | (263 | ) | (5 | ) | (14 | ) | (9 | ) | (3 | ) | (31 | ) | |||||||||||
Balance at December 31, 2013 | $ | 227 | $ | 530 | $ | 180 | $ | 187 | $ | 1,124 | $ | 19 | $ | 60 | $ | 27 | $ | 10 | $ | 116 | |||||||||||
Actual return on plan assets: | |||||||||||||||||||||||||||||||
Relating to assets still held at the reporting date | 40 | 70 | 12 | 4 | 126 | 4 | 7 | 2 | — | 13 | |||||||||||||||||||||
Relating to assets sold during the period | (18 | ) | (67 | ) | (26 | ) | (4 | ) | (115 | ) | (1 | ) | (7 | ) | (3 | ) | — | (11 | ) | ||||||||||||
Purchases | — | 135 | 10 | — | 145 | — | 13 | 1 | — | 14 | |||||||||||||||||||||
Sales | (40 | ) | (150 | ) | (32 | ) | (25 | ) | (247 | ) | (3 | ) | (15 | ) | (9 | ) | (1 | ) | (28 | ) | |||||||||||
Balance at December 31, 2014 | $ | 209 | $ | 518 | $ | 144 | $ | 162 | $ | 1,033 | $ | 19 | $ | 58 | $ | 18 | $ | 9 | $ | 104 | |||||||||||
DOMINION GAS | |||||||||||||||||||||||||||||||
Balance at December 31, 2011 | $ | 68 | $ | 99 | $ | 54 | $ | 64 | $ | 285 | $ | 3 | $ | 15 | $ | 10 | $ | — | $ | 28 | |||||||||||
Actual return on plan assets: | |||||||||||||||||||||||||||||||
Relating to assets still held at the reporting date | 6 | 12 | 4 | 4 | 26 | — | (1 | ) | (1 | ) | — | (2 | ) | ||||||||||||||||||
Relating to assets sold during the period | (2 | ) | (9 | ) | (2 | ) | — | (13 | ) | — | 2 | 1 | — | 3 | |||||||||||||||||
Purchases | 7 | 17 | 3 | — | 27 | — | 1 | — | — | 1 | |||||||||||||||||||||
Sales | (7 | ) | (16 | ) | (16 | ) | (18 | ) | (57 | ) | — | (4 | ) | (2 | ) | — | (6 | ) | |||||||||||||
Balance at December 31, 2012 | $ | 72 | $ | 103 | $ | 43 | $ | 50 | $ | 268 | $ | 3 | $ | 13 | $ | 8 | $ | — | $ | 24 | |||||||||||
Actual return on plan assets: | |||||||||||||||||||||||||||||||
Relating to assets still held at the reporting date | 4 | 24 | 7 | 5 | 40 | (1 | ) | 2 | 1 | — | 2 | ||||||||||||||||||||
Relating to assets sold during the period | (8 | ) | (10 | ) | (7 | ) | (1 | ) | (26 | ) | — | — | — | — | — | ||||||||||||||||
Purchases | 1 | 25 | 7 | — | 33 | — | 1 | — | — | 1 | |||||||||||||||||||||
Sales | (17 | ) | (20 | ) | (9 | ) | (11 | ) | (57 | ) | — | (4 | ) | (2 | ) | — | (6 | ) | |||||||||||||
Balance at December 31, 2013 | $ | 52 | $ | 122 | $ | 41 | $ | 43 | $ | 258 | $ | 2 | $ | 12 | $ | 7 | $ | — | $ | 21 | |||||||||||
Actual return on plan assets: | |||||||||||||||||||||||||||||||
Relating to assets still held at the reporting date | 9 | 17 | 4 | 1 | 31 | — | 2 | 1 | — | 3 | |||||||||||||||||||||
Relating to assets sold during the period | (4 | ) | (15 | ) | (6 | ) | (1 | ) | (26 | ) | — | (1 | ) | (1 | ) | — | (2 | ) | |||||||||||||
Purchases | — | 30 | 2 | — | 32 | — | 2 | — | — | 2 | |||||||||||||||||||||
Sales | (9 | ) | (33 | ) | (7 | ) | (5 | ) | (54 | ) | — | (3 | ) | (3 | ) | — | (6 | ) | |||||||||||||
Balance at December 31, 2014 | $ | 48 | $ | 121 | $ | 34 | $ | 38 | $ | 241 | $ | 2 | $ | 12 | $ | 4 | $ | — | $ | 18 | |||||||||||
Investments in Common/Collective Trust Funds in Dominion’s pension and other postretirement plans, including those in which Dominion Gas participates, are stated at fair value as determined by the issuer of the Common/Collective Trust Funds based on the fair value of the underlying investments. The Common/Collective Trusts do not have any unfunded commitments, and do not have any applicable liquidation periods or defined terms/periods to be held. The majority of the Common/Collective Trust Funds have limited withdrawal or redemption rights during the term of the investment. Strategies of the Common/Collective Trust Funds are as follows: | |||||||||||||||||||||||||||||||
Dominion and Dominion Gas | |||||||||||||||||||||||||||||||
• | Wells Fargo Closed End Bond Trust-The Fund invests in stocks, bonds or a combination of both. Shares of the Fund are traded on a stock exchange and are subject to market risk like stocks, bonds and mutual funds. The Fund may invest in a less liquid portfolio of stocks and bonds because the fund does not need to sell securities to meet shareholder redemptions as mutual funds in order to keep a percentage of its portfolio in cash to pay back investors who withdraw shares. | ||||||||||||||||||||||||||||||
• | JPMorgan Core Bond Trust-The Fund seeks to maximize total return by investing primarily in a diversified portfolio of intermediate- and long-term debt securities. The Fund invests primarily in investment-grade bonds; it generally maintains an average weighted maturity between four and 12 years. It may shorten its average weighted maturity if deemed appropriate for temporary defensive purposes. | ||||||||||||||||||||||||||||||
• | SSgA Russell 2000 Value Index Common Trust-The Fund measures the performance of the small-cap value segment of the U.S. equity universe. The Russell 2000 Value Index is constructed to provide a comprehensive and unbiased barometer for the small-cap value segment. The Index is completely reconstituted annually to ensure larger stocks do not distort the performance and characteristics of the true small-cap opportunity set and that the represented companies continue to reflect value characteristics. | ||||||||||||||||||||||||||||||
• | NT Common Short-Term Investment Fund-The Fund seeks to maximize current income on cash reserves to the extent consistent with principal preservation and maintenance of liquidity from a portfolio of approved money market instruments with short maturities. Liquidity is emphasized to provide for redemption of units at par on any business day. Principal preservation is a primary objective. Within quality, maturity, and sector diversification guidelines, investments are made in those securities with the most attractive yields. | ||||||||||||||||||||||||||||||
Dominion | |||||||||||||||||||||||||||||||
• | SSgA Daily MSCI Emerging Markets Index Non-Lending Fund-The Fund seeks an investment return that approximates as closely as practicable, before expenses, the performance of the MSCI Emerging Markets Index over the long term. The Fund may invest directly or indirectly in securities and other instruments, including in other pooled investment vehicles sponsored or managed by, or otherwise affiliated with the Trustee (State Street Bank and Trust Company). | ||||||||||||||||||||||||||||||
• | SSgA Daily MSCI ACWI Ex-USA Index Non-Lending Fund-The Fund seeks an investment return that approximates as closely as practicable, before expenses, the performance of the MSCI ACWI Ex-USA Index over the long term. The Fund may invest directly or indirectly in securities and other instruments, including in other pooled investment vehicles sponsored or managed by, or otherwise affiliated with the Trustee (State Street Bank and Trust Company). | ||||||||||||||||||||||||||||||
• | SSgA S&P 400 MidCap Index - The Fund seeks an investment return that approximates as closely as practicable, before expenses, the performance of its benchmark index (the Index) over the long term. The S&P MidCap 400 is comprised of approximately 400 U.S. mid-cap securities and accounts for approximately 7% coverage of the U.S. stock market capitalization. SSgA will typically attempt to invest in the equity securities comprising the Index, in approximately the same proportions as they are represented in the Index. | ||||||||||||||||||||||||||||||
• | JPMorgan Chase Bank U.S. Active Core Plus Equity Fund-The Fund seeks to outperform the S&P 500 Index (the Benchmark), gross of fees, over a market cycle. The Fund invests primarily in a portfolio of long and short positions in equity securities of large and mid capitalization U.S. companies with characteristics similar to those of the Benchmark. | ||||||||||||||||||||||||||||||
• | Mondrian International Small Cap Equity Fund-The Fund’s investment objective is long-term total return. The Fund primarily invests in equity securities of non-U.S. small capitalization companies that, in the investment manager’s opinion, are undervalued at the time of purchase based on fundamental value analysis employed by the investment manager. | ||||||||||||||||||||||||||||||
• | NT Collective Russell 2000 Growth Index - The Fund seeks an investment return that approximates the overall performance of the common stocks included in the Russell 2000 Growth Index. The Fund primarily invests in common stocks of one or more companies that are deemed to be representative of the industry diversification of the entire Russell 2000 Growth Index. | ||||||||||||||||||||||||||||||
• | NT Collective Short-Term Investment Fund - The Fund is composed of high-grade money market instruments with short-term maturities. The Fund's objective is to provide an investment vehicle for cash reserves while offering a competitive rate of return. Liquidity is emphasized to provide for redemption of units on any business day. Principal preservation is also a prime objective. Admissions and withdrawals are made daily. Interest is accrued daily and distributed monthly. | ||||||||||||||||||||||||||||||
Investments in Group Insurance Annuity Contracts with John Hancock were entered into after 1992 and are stated at fair value based on the fair value of the underlying securities as provided by the managers and include investments in U.S. government securities, corporate debt instruments, and state and municipal debt securities. | |||||||||||||||||||||||||||||||
Net Periodic Benefit (Credit) Cost | |||||||||||||||||||||||||||||||
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’s and Dominion Gas’ (for employees represented by collective bargaining units) plans are as follows: | |||||||||||||||||||||||||||||||
Pension Benefits | Other Postretirement Benefits | ||||||||||||||||||||||||||||||
Year Ended December 31, | 2014 | 2013 | 2012 | 2014 | 2013 | 2012 | |||||||||||||||||||||||||
(millions, except percentages) | |||||||||||||||||||||||||||||||
DOMINION | |||||||||||||||||||||||||||||||
Service cost | $ | 114 | $ | 131 | $ | 116 | $ | 32 | $ | 43 | $ | 44 | |||||||||||||||||||
Interest cost | 290 | 271 | 268 | 67 | 73 | 79 | |||||||||||||||||||||||||
Expected return on plan assets | (499 | ) | (462 | ) | (430 | ) | (111 | ) | (92 | ) | (79 | ) | |||||||||||||||||||
Amortization of prior service (credit) cost | 3 | 3 | 3 | (28 | ) | (15 | ) | (13 | ) | ||||||||||||||||||||||
Amortization of net actuarial loss | 111 | 165 | 132 | 2 | 7 | 6 | |||||||||||||||||||||||||
Settlements and curtailments(1) | 1 | (2 | ) | — | — | (15 | ) | (4 | ) | ||||||||||||||||||||||
Special termination benefits | — | — | — | — | 1 | — | |||||||||||||||||||||||||
Net periodic benefit (credit) cost | $ | 20 | $ | 106 | $ | 89 | $ | (38 | ) | $ | 2 | $ | 33 | ||||||||||||||||||
Changes in plan assets and benefit obligations recognized in other comprehensive income and regulatory assets and liabilities: | |||||||||||||||||||||||||||||||
Current year net actuarial (gain) loss | $ | 784 | $ | (968 | ) | $ | 786 | $ | 183 | $ | (255 | ) | $ | 139 | |||||||||||||||||
Prior service (credit) cost | — | 1 | — | 9 | (215 | ) | 1 | ||||||||||||||||||||||||
Settlements and curtailments(1) | (1 | ) | (22 | ) | — | — | (7 | ) | (2 | ) | |||||||||||||||||||||
Less amounts included in net periodic benefit cost: | |||||||||||||||||||||||||||||||
Amortization of net actuarial loss | (111 | ) | (165 | ) | (132 | ) | (2 | ) | (7 | ) | (6 | ) | |||||||||||||||||||
Amortization of prior service credit (cost) | (3 | ) | (3 | ) | (3 | ) | 28 | 15 | 13 | ||||||||||||||||||||||
Total recognized in other comprehensive income and regulatory assets and liabilities | $ | 669 | $ | (1,157 | ) | $ | 651 | $ | 218 | $ | (469 | ) | $ | 145 | |||||||||||||||||
Significant assumptions used to determine periodic cost: | |||||||||||||||||||||||||||||||
Discount rate | 5.20% - 5.30% | 4.40% - 4.80% | 5.5 | % | 4.20% - 5.10% | 4.40% - 4.80% | 5.5 | % | |||||||||||||||||||||||
Expected long-term rate of return on plan assets | 8.75 | % | 8.5 | % | 8.5 | % | 8.5 | % | 7.75 | % | 7.75 | % | |||||||||||||||||||
Weighted average rate of increase for compensation | 4.21 | % | 4.21 | % | 4.21 | % | 4.22 | % | 4.22 | % | 4.22 | % | |||||||||||||||||||
Healthcare cost trend rate(2) | 7 | % | 7 | % | 7 | % | |||||||||||||||||||||||||
Rate to which the cost trend rate is assumed to decline (the ultimate trend rate)(2) | 5 | % | 4.6 | % | 4.6 | % | |||||||||||||||||||||||||
Year that the rate reaches the ultimate trend rate(2)(3) | 2018 | 2062 | 2061 | ||||||||||||||||||||||||||||
DOMINION GAS | |||||||||||||||||||||||||||||||
Service cost | $ | 12 | $ | 13 | $ | 11 | $ | 6 | $ | 7 | $ | 7 | |||||||||||||||||||
Interest cost | 28 | 27 | 28 | 13 | 12 | 14 | |||||||||||||||||||||||||
Expected return on plan assets | (115 | ) | (106 | ) | (96 | ) | (23 | ) | (19 | ) | (16 | ) | |||||||||||||||||||
Amortization of prior service (credit) cost | 1 | 1 | 1 | (1 | ) | (3 | ) | (4 | ) | ||||||||||||||||||||||
Amortization of net actuarial loss | 19 | 26 | 26 | — | 2 | 1 | |||||||||||||||||||||||||
Net periodic benefit (credit) cost | $ | (55 | ) | $ | (39 | ) | $ | (30 | ) | $ | (5 | ) | $ | (1 | ) | $ | 2 | ||||||||||||||
Changes in plan assets and benefit obligations recognized in other comprehensive income and regulatory assets and liabilities: | |||||||||||||||||||||||||||||||
Current year net actuarial (gain) loss | $ | 43 | $ | (127 | ) | $ | 35 | $ | 40 | $ | (40 | ) | $ | 12 | |||||||||||||||||
Prior service cost | — | — | — | 10 | — | — | |||||||||||||||||||||||||
Less amounts included in net periodic benefit cost: | |||||||||||||||||||||||||||||||
Amortization of net actuarial loss | (19 | ) | (26 | ) | (26 | ) | — | (2 | ) | (1 | ) | ||||||||||||||||||||
Amortization of prior service credit (cost) | (1 | ) | (1 | ) | (1 | ) | 1 | 3 | 4 | ||||||||||||||||||||||
Total recognized in other comprehensive income and regulatory assets and liabilities | $ | 23 | $ | (154 | ) | $ | 8 | $ | 51 | $ | (39 | ) | $ | 15 | |||||||||||||||||
Significant assumptions used to determine periodic cost: | |||||||||||||||||||||||||||||||
Discount rate | 5.2 | % | 4.40% - 4.80% | 5.5 | % | 4.20% - 5.00% | 4.40% - 4.70% | 5.5 | % | ||||||||||||||||||||||
Expected long-term rate of return on plan assets | 8.75 | % | 8.5 | % | 8.5 | % | 8.5 | % | 7.75 | % | 7.75 | % | |||||||||||||||||||
Weighted average rate of increase for compensation | 3.93 | % | 3.93 | % | 3.93 | % | 3.93 | % | 3.93 | % | 3.93 | % | |||||||||||||||||||
Healthcare cost trend rate(2) | 7 | % | 7 | % | 7 | % | |||||||||||||||||||||||||
Rate to which the cost trend rate is assumed to decline (the ultimate trend rate)(2) | 5 | % | 4.6 | % | 4.6 | % | |||||||||||||||||||||||||
Year that the rate reaches the ultimate trend rate(2)(3) | 2018 | 2062 | 2061 | ||||||||||||||||||||||||||||
-1 | 2013 amounts relate primarily to the decommissioning of Kewaunee. | ||||||||||||||||||||||||||||||
-2 | Assumptions used to determine net periodic cost for the following year. | ||||||||||||||||||||||||||||||
-3 | 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’s and Dominion 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, | 2014 | 2013 | 2014 | 2013 | |||||||||||||||||||||||||||
(millions) | |||||||||||||||||||||||||||||||
DOMINION | |||||||||||||||||||||||||||||||
Net actuarial (gain) loss | $ | 2,382 | $ | 1,709 | $ | 139 | $ | (40 | ) | ||||||||||||||||||||||
Prior service (credit) cost | 7 | 10 | (233 | ) | (271 | ) | |||||||||||||||||||||||||
Total(1) | $ | 2,389 | $ | 1,719 | $ | (94 | ) | $ | (311 | ) | |||||||||||||||||||||
DOMINION GAS | |||||||||||||||||||||||||||||||
Net actuarial loss | $ | 303 | $ | 279 | $ | 43 | $ | 3 | |||||||||||||||||||||||
Prior service (credit) cost | 1 | 2 | 7 | (4 | ) | ||||||||||||||||||||||||||
Total(2) | $ | 304 | $ | 281 | $ | 50 | $ | (1 | ) | ||||||||||||||||||||||
-1 | As of December 31, 2014, of the $2.4 billion and $(94) million related to pension benefits and other postretirement benefits, $1.4 billion and $(81) million, respectively, are included in AOCI, with the remainder included in regulatory assets and liabilities. As of December 31, 2013, of the $1.7 billion and $(311) million related to pension benefits and other postretirement benefits, $1.0 billion and $(156) million, respectively, are included in AOCI, with the remainder included in regulatory assets and liabilities. | ||||||||||||||||||||||||||||||
-2 | As of December 31, 2014, of the $304 million related to pension benefits, $112 million is included in AOCI, with the remainder included in regulatory assets and liabilities; the $50 million related to other postretirement benefits is included entirely in regulatory assets and liabilities. As of December 31, 2013, of the $281 million related to pension benefits, $104 million is included in AOCI, with the remainder included in regulatory assets and liabilities; the $(1) 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’s and Dominion Gas’ (for employees represented by collective bargaining units) plans as of December 31, 2014 that are expected to be amortized as components of net periodic benefit (credit) cost in 2015: | |||||||||||||||||||||||||||||||
Pension | Other | ||||||||||||||||||||||||||||||
Benefits | Postretirement | ||||||||||||||||||||||||||||||
Benefits | |||||||||||||||||||||||||||||||
(millions) | |||||||||||||||||||||||||||||||
DOMINION | |||||||||||||||||||||||||||||||
Net actuarial loss | $ | 160 | $ | 6 | |||||||||||||||||||||||||||
Prior service (credit) cost | 2 | (27 | ) | ||||||||||||||||||||||||||||
DOMINION GAS | |||||||||||||||||||||||||||||||
Net actuarial loss | $ | 20 | $ | 2 | |||||||||||||||||||||||||||
Prior service cost | 1 | — | |||||||||||||||||||||||||||||
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 develops assumptions, which are then compared to the forecasts of an independent investment advisor (except for the expected long-term rates of return) to ensure reasonableness. An internal committee selects the final assumptions used for Dominion's pension and other postretirement plans, including those in which Dominion Gas participates, including discount rates, expected long-term rates of return, healthcare cost trend rates and mortality rates. | |||||||||||||||||||||||||||||||
Dominion 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 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; | ||||||||||||||||||||||||||||||
• | Forecasts of an independent investment advisor; | ||||||||||||||||||||||||||||||
• | 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 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 Gas participates. | |||||||||||||||||||||||||||||||
Dominion develops its mortality assumption using plan-specific studies and projects mortality improvement using scales developed by the Society of Actuaries for all its plans, including those in which Dominion Gas participates. | |||||||||||||||||||||||||||||||
Assumed healthcare cost trend rates have a significant effect on the amounts reported for Dominion's retiree healthcare plans, including those in which Dominion Gas participates. A one percentage point change in assumed healthcare cost trend rates would have had the following effects for Dominion’s and Dominion 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 | |||||||||||||||||||||||||||||||
Effect on net periodic cost for 2015 | $ | 26 | $ | (16 | ) | ||||||||||||||||||||||||||
Effect on other postretirement benefit obligation at December 31, 2014 | 186 | (152 | ) | ||||||||||||||||||||||||||||
DOMINION GAS | |||||||||||||||||||||||||||||||
Effect on net periodic cost for 2015 | $ | 5 | $ | (4 | ) | ||||||||||||||||||||||||||
Effect on other postretirement benefit obligation at December 31, 2014 | 40 | (30 | ) | ||||||||||||||||||||||||||||
Dominion Gas (Employees Not Represented by Collective Bargaining Units) and Virginia Power - Participation in Defined Benefit Plans | |||||||||||||||||||||||||||||||
Virginia Power employees and Dominion Gas employees not represented by collective bargaining units are covered by the Dominion Pension Plan described above. As participating employers, Virginia Power and Dominion Gas are subject to Dominion's funding policy, which is to contribute annually an amount that is in accordance with ERISA. During 2014, Virginia Power and Dominion Gas made no contributions to the Dominion Pension Plan, and no contributions to this plan are currently expected in 2015. Virginia Power's net periodic pension cost related to this plan was $75 million, $96 million and $72 million in 2014, 2013 and 2012, respectively. Dominion Gas' net periodic pension credit related to this plan was $(37) million, $(27) million and $(25) million in 2014, 2013 and 2012, 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 subsidiary groups and employee compensation are the basis for determining the share of total pension costs for participating Dominion subsidiaries. See Note 24 for Virginia Power and Dominion Gas amounts due to/from Dominion related to this plan. | |||||||||||||||||||||||||||||||
Retiree healthcare and life insurance benefits, for Virginia Power employees and for Dominion Gas employees not represented by collective bargaining units, are covered by the Dominion Retiree Health and Welfare Plan described above. Virginia Power's net periodic benefit (credit) cost related to this plan was $(18) million, $5 million and $13 million in 2014, 2013 and 2012, respectively. Dominion Gas' net periodic benefit (credit) cost related to this plan was $(5) million, less than $1 million and $3 million for 2014, 2013 and 2012, respectively. Net periodic benefit (credit) cost is reflected in other operations and maintenance expenses in their respective Consolidated Statements of Income. Employee headcount is the basis for determining the share of total other postretirement benefit costs for participating Dominion subsidiaries. See Note 24 for Virginia Power and Dominion Gas amounts due to/from Dominion related to this plan. | |||||||||||||||||||||||||||||||
Dominion holds investments in trusts to fund employee benefit payments for the pension and other postretirement benefit plans in which Virginia Power and Dominion Gas' employees participate. 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 that Virginia Power and Dominion Gas will provide to Dominion for their shares of employee benefit plan contributions. | |||||||||||||||||||||||||||||||
Certain regulatory authorities have held that amounts recovered in 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, Virginia Power and Dominion Gas fund other postretirement benefit costs through VEBAs. During 2014 and 2013, Virginia Power made no contributions to the VEBA and does not expect to contribute to the VEBA in 2015. Dominion Gas' contributions to VEBAs for employees not represented by collective bargaining units were $1 million and $2 million for 2014 and 2013, respectively. | |||||||||||||||||||||||||||||||
Defined Contribution Plans | |||||||||||||||||||||||||||||||
Dominion also sponsors defined contribution employee savings plans that cover substantially all employees. During 2014, 2013 and 2012, Dominion recognized $41 million, $40 million and $40 million, respectively, as employer matching contributions to these plans. Dominion Gas participates in these employee savings plans, both specific to Dominion Gas and that cover multiple Dominion subsidiaries. During 2014, 2013 and 2012, Dominion Gas recognized $7 million, $7 million and $6 million, respectively, as employer matching contributions to these plans. Virginia Power also participates in these employee savings plans. During 2014, 2013 and 2012, Virgina Power recognized $17 million, $16 million and $15 million, respectively, as employer matching contributions to these plans. |
Commitments_and_Contingencies
Commitments and Contingencies | 12 Months Ended | |||||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||||
Commitments and Contingencies Disclosure [Abstract] | ||||||||||||||||||||||
Commitments and Contingencies | COMMITMENTS AND CONTINGENCIES | |||||||||||||||||||||
As a result of issues generated in the ordinary course of business, the Companies are involved in legal proceedings before various courts and are periodically subject to governmental examinations (including by regulatory authorities), inquiries and investigations. Certain legal proceedings and governmental examinations involve demands for unspecified amounts of damages, are in an initial procedural phase, involve uncertainty as to the outcome of pending appeals or motions, or involve significant factual issues that need to be resolved, such that it is not possible for the Companies to estimate a range of possible loss. For such matters that the Companies cannot estimate, a statement to this effect is made in the description of the matter. Other matters may have progressed sufficiently through the litigation or investigative processes such that the Companies are able to estimate a range of possible loss. For legal proceedings and governmental examinations for which the Companies are able to reasonably estimate a range of possible losses, an estimated range of possible loss is provided, in excess of the accrued liability (if any) for such matters. Any accrued liability is recorded on a gross basis with a receivable also recorded for any probable insurance recoveries. Estimated ranges of loss are inclusive of legal fees and net of any anticipated insurance recoveries. Any estimated range is based on currently available information and involves elements of judgment and significant uncertainties. Any estimated range of possible loss may not represent the Companies' maximum possible loss exposure. The circumstances of such legal proceedings and governmental examinations will change from time to time and actual results may vary significantly from the current estimate. For current proceedings not specifically reported below, management does not anticipate that the liabilities, if any, arising from such proceedings would have a material effect on the financial position, liquidity or results of operations of the Companies. | ||||||||||||||||||||||
Environmental Matters | ||||||||||||||||||||||
The Companies are subject to costs resulting from a number of federal, state and local laws and regulations designed to protect human health and the environment. These laws and regulations affect future planning and existing operations. They can result in increased capital, operating and other costs as a result of compliance, remediation, containment and monitoring obligations. | ||||||||||||||||||||||
AIR | ||||||||||||||||||||||
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. | ||||||||||||||||||||||
In December 2011, the EPA issued MATS for coal and oil-fired electric utility steam generating units. The rule establishes strict emission limits for mercury, particulate matter as a surrogate for toxic metals and hydrogen chloride as a surrogate for acid gases. The rule includes a limited use provision for oil-fired units with annual capacity factors under 8% that provides an exemption from emission limits, and allows compliance with operational work practice standards. Compliance will be required by April 16, 2015, with certain limited exceptions. In June 2014, the VDEQ granted a one-year MATS compliance extension for two coal-fired units at Yorktown to defer planned retirements and allow for continued operation of the units to address reliability concerns while necessary electric transmission upgrades are being completed. During the fourth quarter of 2013, Virginia Power recorded charges totaling $26 million ($16 million after-tax) for certain exit activities associated with these coal units, including the cost of employee severance, vendor contract termination, and inventory not expected to be used or usable at other stations. | ||||||||||||||||||||||
The EPA established CAIR with the intent to require significant reductions in SO2 and NOX emissions from electric generating facilities. In July 2008, the U.S. for the D.C. Circuit issued a ruling vacating CAIR. In December 2008, the Court denied rehearing, but also issued a decision to remand CAIR to the EPA. In July 2011, the EPA issued a replacement rule for CAIR, called CSAPR, that required 28 states to reduce power plant emissions that cross state lines. CSAPR established new SO2 and NOx emissions cap and trade programs that were completely independent of the current ARP. Specifically, CSAPR required reductions in SO2 and NOx emissions from fossil fuel-fired electric generating units of 25 MW or more through annual NOx emissions caps, NOx emissions caps during the ozone season (May 1 through September 30) and annual SO2 emission caps with differing requirements for two groups of affected states. | ||||||||||||||||||||||
Following numerous petitions by industry participants for review and a successful motion for stay, in October 2014, the U.S. Court of Appeals for the D.C. Circuit ordered that the EPA's motion to lift the stay of CSAPR be granted. Further, the Court granted the EPA's request to shift the CSAPR compliance deadlines by three years, so that Phase 1 emissions budgets (which would have gone into effect in 2012 and 2013) will apply in 2015 and 2016, and Phase 2 emissions budgets will apply in 2017 and beyond. CSAPR will replace CAIR beginning in January 2015. The cost to comply is not expected to be material to the Consolidated Financial Statements. Future outcomes of any additional litigation and/or any action to issue a revised rule could affect the assessment regarding cost of compliance. | ||||||||||||||||||||||
In May 2012, the EPA issued final designations for the 75-ppb ozone air quality standard. A number of the Companies' facilities are located in areas impacted by this standard. As part of the standard, states will be required to develop and implement plans to address sources emitting pollutants which contribute to the formation of ozone. In November 2014, the EPA issued a new proposal to revise the ozone standard and expects to finalize the rule in October 2015. The EPA is not expected to complete attainment designations for a new standard until 2017 and states will have until 2020 to develop plans to address the new standard. Until the states have developed implementation plans, the Companies are unable to predict whether or to what extent the new rules will ultimately require additional controls. However, if significant expenditures are required to implement additional controls, it could adversely affect the Companies' results of operations and cash flows. | ||||||||||||||||||||||
In August 2010, the EPA issued revised National Emission Standards for Hazardous Air Pollutants for Reciprocating Internal Combustion Engines. The rule was amended in March 2011 and January 2013. The rule establishes emission standards for control of hazardous air pollutants for engines at smaller facilities, known as area sources. As a result of these regulations, Dominion Gas installed emissions controls on several compressor engines. Dominion Gas has spent approximately $2 million to date and is evaluating further expenditures. Dominion Gas is unable to estimate the additional potential impacts on results of operations, financial condition and/or cash flows related to this matter. | ||||||||||||||||||||||
In August 2012, the EPA issued the first NSPS impacting 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 volatile organic compound emissions for natural gas production wells, tanks, pneumatic controllers, and compressors in the upstream sector. Compliance with these rules is required for installations and wells constructed or reconstructed after August 23, 2011. The cost to comply with the NSPS will depend on the number of new wells and new equipment installations subject to the rule; therefore, Dominion Gas is unable to estimate the potential impacts on results of operations, financial condition and/or cash flows related to this matter. | ||||||||||||||||||||||
WATER | ||||||||||||||||||||||
The CWA, as amended, is a comprehensive program requiring a broad range of regulatory tools including a permit program to authorize and regulate discharges to surface waters with strong enforcement mechanisms. The Companies must comply with applicable aspects of the CWA programs at their operating facilities. | ||||||||||||||||||||||
In October 2014, the final regulations under Section 316(b) of the CWA that govern existing facilities and new units at existing facilities that employ a cooling water intake structure and that have flow levels exceeding a minimum threshold became effective. The rule establishes a national standard for impingement based on seven compliance options, but forgoes the creation of a single technology standard for entrainment. Instead, the EPA has delegated entrainment technology decisions to state regulators. State regulators are to make case-by-case entrainment technology determinations after an examination of five mandatory facility-specific factors, including a social cost-benefit test, and six optional facility-specific factors. The rule governs all electric generating stations with water withdrawals above two mgd, with a heightened entrainment analysis for those facilities over 125 mgd. Dominion and Virginia Power have 14 and 11 facilities, respectively, that may be subject to the final regulations. Dominion anticipates that it will have to install impingement control technologies at many of these stations that have once-through cooling systems. Dominion and Virginia Power are currently evaluating the need or potential for entrainment controls under the final rule as these decisions will be made on a case-by-case basis after a thorough review of detailed biological, technology, cost and benefit studies. While the impacts of this rule could be material to Dominion's and Virginia Power's results of operations, financial condition and/or cash flows, the existing regulatory framework in Virginia provides rate recovery mechanisms that could substantially mitigate any such impacts for Virginia Power. | ||||||||||||||||||||||
In September 2010, Millstone's NPDES permit was reissued under the CWA. The conditions of the permit require an evaluation of control technologies that could result in additional expenditures in the future. The report summarizing the results of the evaluation was submitted in August 2012 and is under review by the Connecticut Department of Energy and Environmental Protection. Dominion cannot currently predict the outcome of this review. In October 2010, the permit issuance was appealed to the state court by a private plaintiff. The permit is expected to remain in effect during the appeal. Dominion is currently unable to make an estimate of the potential financial statement impacts related to this matter. | ||||||||||||||||||||||
SOLID AND HAZARDOUS WASTE | ||||||||||||||||||||||
The CERCLA, as amended, provides for immediate response and removal actions coordinated by the EPA in the event of threatened releases of hazardous substances into the environment and authorizes the 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 cleanup, voluntarily settle with the U.S. government concerning their liability for cleanup costs, or voluntarily begin a site investigation and site remediation under state oversight. | ||||||||||||||||||||||
From time to time, Dominion, Virginia Power, or Dominion Gas may be identified as a potentially responsible party to a Superfund site. The EPA (or a state) can either allow such a party to conduct and pay for a remedial investigation, feasibility study and remedial action or conduct the remedial investigation and action itself and then seek reimbursement from the potentially responsible parties. Each party can be held jointly, severally and strictly liable for the cleanup costs. These parties can also bring contribution actions against each other and seek reimbursement from their insurance companies. As a result, Dominion, Virginia Power, or Dominion Gas may be responsible for the costs of remedial investigation and actions under the Superfund law or other laws or regulations regarding the remediation of waste. Except as noted below, the Companies do not believe this will have a material effect on results of operations, financial condition and/or cash flows. | ||||||||||||||||||||||
In September 2011, the EPA issued a UAO to Virginia Power and 22 other parties, ordering specific remedial action of certain areas at the Ward Transformer Superfund site located in Raleigh, North Carolina. Virginia Power does not believe it is a liable party under CERCLA based on its alleged connection to the site. In November 2011, Virginia Power and a number of other parties notified the EPA that they are declining to undertake the work set forth in the UAO. | ||||||||||||||||||||||
The EPA may seek to enforce a UAO in court pursuant to its enforcement authority under CERCLA, and may seek recovery of its costs in undertaking removal or remedial action. If the court determines that a respondent failed to comply with the UAO without sufficient cause, the EPA may also seek civil penalties of up to $37,500 per day for the violation and punitive damages of up to three times the costs incurred by the EPA as a result of the party's failure to comply with the UAO. Virginia Power is currently unable to make an estimate of the potential financial statement impacts related to the Ward Transformer matter. | ||||||||||||||||||||||
Dominion has determined that it is associated with 17 former manufactured gas plant sites, three of which pertain to Virginia Power and 12 of which pertain to Dominion Gas. Studies conducted by other utilities at their former manufactured gas plant sites have indicated that those sites contain coal tar and other potentially harmful materials. None of the former sites with which the Companies are associated is under investigation by any state or federal environmental agency. At one of the former sites, Dominion is conducting a state-approved post closure groundwater monitoring program and an environmental land use restriction has been recorded. Another site has been accepted into a state-based voluntary remediation program. Virginia Power is currently evaluating the nature and extent of the contamination from this site as well as potential remedial options. Preliminary costs for options under evaluation for the site range from $1 million to $22 million. Due to the uncertainty surrounding the other sites, the Companies are unable to make an estimate of the potential financial statement impacts. | ||||||||||||||||||||||
In December 2014, the EPA Administrator signed the final rule regulating the management of CCRs stored in impoundments (ash ponds) and landfills and designating those CCRs as nonhazardous wastes under Subtitle D of the RCRA. The final rule regulates CCR landfills, ash ponds that still receive and manage CCRs (existing ash ponds), and ash ponds that do not receive, but still store CCRs (inactive ash ponds). Virginia Power currently operates inactive ash ponds, existing ash ponds, and CCR landfills subject to the final rule at eight different facilities.  Virginia Power is also evaluating other features at its facilities for potential applicability under the final CCR rule. It is likely that the final rule will cause Virginia Power to retrofit or close all of its inactive and existing ash ponds over a certain period of time. After closure of these structures, Virginia Power will continue to perform required monitoring, corrective action, and post-closure care activities as necessary to comply with the final rule. While Virginia Power is still evaluating the cost of compliance, it is expected that it may have a material impact to its financial position, results of operations or cash flows. | ||||||||||||||||||||||
CLIMATE CHANGE LEGISLATION AND REGULATION | ||||||||||||||||||||||
In October 2013, the U.S. Supreme Court granted petitions filed by several industry groups, states, and the U.S. Chamber of Commerce seeking review of the D.C. Circuit Court's June 2012 decision upholding the EPA’s regulation of GHG emissions from stationary sources under the CAA's permitting programs. In June 2014, the U.S. Supreme Court ruled that the EPA lacked the authority under the CAA to require PSD or Title V permits for stationary sources based solely on GHG emissions. However, the Court upheld the EPA’s ability to require BACT for GHG for sources that are otherwise subject to PSD or Title V permitting for conventional pollutants. On July 24, 2014, the EPA issued a memorandum specifying that it will no longer apply or enforce federal regulations or EPA-approved PSD state implementation plan provisions that require new and modified stationary sources to obtain a PSD permit when GHGs are the only pollutant that would be emitted at levels that exceed the permitting thresholds. In addition, the EPA stated that it will continue to use the existing thresholds to apply to sources that are otherwise subject to PSD for conventional pollutants until it completes a new rulemaking either justifying and upholding those thresholds or setting new ones. Some states have issued interim guidance that follows the EPA guidance. Due to uncertainty regarding what additional actions states may take to amend their existing regulations and what action the EPA ultimately takes to address the Court ruling under a new rulemaking, the Companies cannot predict the impact to their financial statements at this time. | ||||||||||||||||||||||
In July 2011, the EPA signed a final rule deferring the need for PSD and Title V permitting for CO2 emissions for biomass projects. This rule temporarily deferred for a period of up to three years the consideration of CO2 emissions from biomass projects when determining whether a stationary source meets the PSD and Title V applicability thresholds, including those for the application of BACT. The deferral policy expired in July 2014. In July 2013, the U.S. Court of Appeals for the D.C. Circuit vacated this rule; however, a mandate making this decision effective has not been issued. Virginia Power converted three coal-fired generating stations, Altavista, Hopewell and Southampton, to biomass during the CO2 deferral period. It is unclear how the court's decision or the EPA's final policy regarding the treatment of specific feedstock will affect biomass sources that were permitted during the deferral period; however, the expenditures to comply with any new requirements could be material to Dominion's and Virginia Power's financial statements. | ||||||||||||||||||||||
Other Legal Matters | ||||||||||||||||||||||
The Companies are defendants in a number of lawsuits and claims involving unrelated incidents of property damage and personal injury. Due to the uncertainty surrounding these matters, the Companies are unable to make an estimate of the potential financial statement impacts; however, they could have a material impact on results of operations, financial condition and/or cash flows. | ||||||||||||||||||||||
Appalachian Gateway | ||||||||||||||||||||||
Following the completion of the Appalachian Gateway Project in 2012, DTI received multiple change order requests and other claims for additional payments from a pipeline contractor for the project. In July 2013, DTI filed a complaint in U.S. District Court, Eastern District of Virginia for breach of contract, accounting and declaratory relief. The contractor filed a motion to dismiss, or in the alternative, a motion to transfer venue to Pennsylvania and/or West Virginia, where the pipelines were constructed. DTI filed an opposition to the contractor’s motion in August 2013. In November 2013, the court granted the contractor’s motion on the basis that DTI must first comply with the dispute resolution process. Pursuant to the ruling, DTI intends to mediate the matter. This case is pending. DTI has accrued a liability of approximately $6 million for this matter. Dominion Gas cannot currently estimate additional financial statement impacts, but there could be a material impact to its financial condition and/or cash flows. | ||||||||||||||||||||||
Ash Pond Closure Costs | ||||||||||||||||||||||
In September 2014, Virginia Power received a notice from the SELC on behalf of the Potomac Riverkeeper and Sierra Club alleging CWA violations at the Possum Point Power Station. The notice alleges unpermitted discharges to surface water and groundwater from Possum Point's historical and active ash storage facilities. A similar notice from the SELC on behalf of Sierra Club was subsequently received related to Chesapeake. In December 2014, Virginia Power offered to close all of its coal ash ponds and landfills at Possum Point, Chesapeake and Bremo to the SELC as settlement of the potential litigation. In January 2015, the SELC declined the offer as presented, however the issue is open to potential further negotiations. As a result of the settlement offer, Virginia Power recognized a charge of $121 million in other operations and maintenance expense in its Consolidated Statements of Income. | ||||||||||||||||||||||
Cove Point | ||||||||||||||||||||||
Dominion is constructing the Liquefaction Project at the Cove Point facility, which would enable the facility to liquefy domestically-produced natural gas and export it as LNG. In April 2013, Cove Point filed with FERC for permission to build liquefaction and other facilities related to the export of natural gas. In September 2014, FERC issued an order granting authorization for Cove Point to construct, modify and operate the Liquefaction Project. In October 2014, several parties filed a motion with FERC to stay the order and requested rehearing. The order remains in effect pending consideration of the motion by FERC. | ||||||||||||||||||||||
In April 2013, Cove Point filed an application with the Maryland Commission requesting authorization to construct a generating station in connection with the Liquefaction Project. In May 2014, the Maryland Commission granted the CPCN authorizing the construction of such generating station. The CPCN obligates Cove Point to make payments totaling approximately $48 million. These payments consist of $40 million to the Strategic Energy Investments Fund over a five-year period beginning in 2015 and $8 million to Maryland low income energy assistance programs over a twenty-year period expected to begin in 2018. In December 2014, upon receipt of applicable approvals to commence construction of the generating station, Dominion recorded the present value of the obligation as an increase to property, plant and equipment and a corresponding liability. | ||||||||||||||||||||||
In June 2014, a party filed a notice of petition for judicial review of the CPCN with the Circuit Court for Baltimore City in Maryland. In September 2014, the party filed with the Maryland Commission a motion to stay the CPCN pending judicial review of the CPCN. In December 2014, the Circuit Court issued an order affirming the Maryland Commission’s grant of the CPCN and dismissing the appeal, and the motion for stay was denied by the Maryland Commission. In January 2015, the same party filed a Notice of Appeal of the Baltimore Circuit Court’s Order affirming the Maryland Commission’s grant of the CPCN with the Court of Special Appeals for the Circuit Court of Baltimore City. This appeal is pending. | ||||||||||||||||||||||
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 INPO. Like other U.S. nuclear operators, Dominion 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 require 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. The orders require prompt implementation of the safety enhancements and completion of implementation within two refueling outages or by December 31, 2016, whichever comes first. Implementation of these enhancements is currently in progress. The information requests issued by the NRC request each reactor to reevaluate the seismic and flooding hazards at their site using present-day methods and information, conduct walkdowns of their facilities to ensure protection against the hazards in their current design basis, and to reevaluate their emergency communications systems and staffing levels. Dominion and Virginia Power do not currently expect that compliance with the NRC's March 2012 orders and information requests will materially impact their financial position, results of operations or cash flows during the approximately four-year implementation period. The NRC staff is evaluating the implementation of the longer term Tier 2 and Tier 3 recommendations. Dominion and Virginia Power are currently unable to estimate the potential financial impacts related to compliance with Tier 2 and Tier 3 recommendations. | ||||||||||||||||||||||
Nuclear Operations | ||||||||||||||||||||||
Nuclear Decommissioning - Minimum Financial Assurance | ||||||||||||||||||||||
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 2014 calculation for the NRC minimum financial assurance amount, aggregated for Dominion'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 $2.9 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 2014 NRC minimum financial assurance amounts above were calculated using preliminary December 31, 2014 U.S. Bureau of Labor Statistics indices. Dominion 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 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 6 to the Consolidated Financial Statements for additional information on Kewaunee, and Note 9 for additional information on nuclear decommissioning trust investments. | ||||||||||||||||||||||
Nuclear Insurance | ||||||||||||||||||||||
The Price-Anderson Amendments Act of 1988 provides the public up to $13.6 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 and Virginia Power have purchased $375 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. | ||||||||||||||||||||||
The current levels of nuclear property insurance coverage for Dominion's and Virginia Power's nuclear units is as follows: | ||||||||||||||||||||||
Coverage | ||||||||||||||||||||||
(billions) | ||||||||||||||||||||||
Dominion | ||||||||||||||||||||||
Millstone | $ | 1.7 | ||||||||||||||||||||
Kewaunee | 1.06 | |||||||||||||||||||||
Virginia Power(1) | ||||||||||||||||||||||
Surry | $ | 1.7 | ||||||||||||||||||||
North Anna | 1.7 | |||||||||||||||||||||
-1 | Surry and North Anna share a blanket property limit of $200 million. | |||||||||||||||||||||
 Dominion'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's and Virginia Power's maximum retrospective premium assessment for the current policy period is $72 million and $42 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 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, the Companies are subject to a retrospective premium assessment for any policy year in which losses exceed funds available to NEIL. Dominion's and Virginia Power's maximum retrospective premium assessment for the current policy period is $20 million and $9 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 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. | ||||||||||||||||||||||
Spent Nuclear Fuel | ||||||||||||||||||||||
Dominion 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's and Virginia Power's contracts with the DOE. Dominion and Virginia Power have previously received damages award payments and settlement payments related to these contracts. | ||||||||||||||||||||||
In 2012, Dominion and Virginia Power resolved additional claims for damages incurred at Millstone, Kewaunee, Surry and North Anna with the Authorized Representative of the Attorney General. Dominion and Virginia Power entered into settlement agreements that resolved claims for damages incurred through December 31, 2010, and also provided for periodic payments after that date for damages incurred through December 31, 2013. | ||||||||||||||||||||||
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. Possible extension of the Kewaunee settlement agreement is being evaluated. | ||||||||||||||||||||||
In 2014, Virginia Power and Dominion received payments of $27 million for the resolution of claims incurred at North Anna and Surry for the period January 1, 2011 through December 31, 2012 and $17 million for the resolution of claims incurred at Millstone for the period of July 1, 2012 through June 30, 2013. In 2014, Dominion also received payments totaling $7 million for the resolution of claims incurred at Kewaunee for periods from January 1, 2011 through December 31, 2013. In 2013, Dominion received payment of $5 million for resolution of claims incurred at Millstone for the period January 1, 2011 through June 30, 2012. | ||||||||||||||||||||||
Dominion 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's receivables for spent nuclear fuel-related costs totaled $69 million and $79 million at December 31, 2014 and 2013, respectively. Virginia Power's receivables for spent nuclear fuel-related costs totaled $41 million and $50 million at December 31, 2014 and 2013, respectively. | ||||||||||||||||||||||
Pursuant to a November 2013 decision of the U.S Court of Appeals for the D.C. Circuit, in January 2014 the Secretary of the DOE sent a recommendation to the U.S. Congress to adjust to zero the current fee of $1 per MWh for electricity paid by civilian nuclear power generators for disposal of spent nuclear fuel. The processes specified in the Nuclear Waste Policy Act for adjustment of the fee have been completed, and as of May 2014, Dominion and Virginia Power are no longer required to pay the waste fee. In 2014, Dominion and Virginia Power recognized fees of $16 million and $10 million, respectively. | ||||||||||||||||||||||
Dominion and Virginia Power will continue to manage their spent fuel until it is accepted by the DOE. | ||||||||||||||||||||||
Long-Term Purchase Agreements | ||||||||||||||||||||||
At December 31, 2014, Virginia Power had the following long-term commitments that are noncancelable or are cancelable only under certain conditions, and that third parties have used to secure financing for the facilities that will provide the contracted goods or services: | ||||||||||||||||||||||
2015 | 2016 | 2017 | 2018 | 2019 | Thereafter | Total | ||||||||||||||||
(millions) | ||||||||||||||||||||||
Purchased electric capacity(1) | $ | 313 | $ | 250 | $ | 158 | $ | 104 | $ | 65 | $ | 99 | $ | 989 | ||||||||
-1 | Commitments represent estimated amounts payable for capacity under power purchase contracts with qualifying facilities and independent power producers, the last of which ends in 2021. Capacity payments under the contracts are generally based on fixed dollar amounts per month, subject to escalation using broad-based economic indices. At December 31, 2014, the present value of Virginia Power's total commitment for capacity payments is $833 million. Capacity payments totaled $330 million, $345 million, and $337 million, and energy payments totaled $304 million, $236 million, and $214 million for the years ended 2014, 2013 and 2012, respectively. | |||||||||||||||||||||
Lease Commitments | ||||||||||||||||||||||
The Companies' lease various facilities, 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, 2014 are as follows: | ||||||||||||||||||||||
2015 | 2016 | 2017 | 2018 | 2019 | Thereafter | Total | ||||||||||||||||
(millions) | ||||||||||||||||||||||
Dominion | $ | 63 | $ | 57 | $ | 49 | $ | 43 | $ | 36 | $ | 79 | $ | 327 | ||||||||
Virginia Power | $ | 30 | $ | 26 | $ | 21 | $ | 18 | $ | 12 | $ | 26 | $ | 133 | ||||||||
Dominion Gas | $ | 28 | $ | 25 | $ | 23 | $ | 21 | $ | 19 | $ | 25 | $ | 141 | ||||||||
Rental expense for Dominion totaled $92 million, $101 million, and $112 million for 2014, 2013 and 2012, respectively. Rental expense for Virginia Power totaled $43 million, $42 million, and $48 million for 2014, 2013, and 2012, respectively. Rental expense for Dominion Gas totaled $35 million in 2014 and $15 million in each 2013 and 2012. The majority of rental expense is reflected in other operations and maintenance expense in the Consolidated Statements of Income. | ||||||||||||||||||||||
Guarantees, Surety Bonds and Letters of Credit | ||||||||||||||||||||||
DOMINION | ||||||||||||||||||||||
At December 31, 2014, Dominion had issued $74 million of guarantees, primarily to support equity method investees. No significant amounts related to these guarantees have been recorded. As of December 31, 2014, Dominion's exposure under these guarantees was $49 million, primarily related to certain reserve requirements associated with non-recourse financing. | ||||||||||||||||||||||
Dominion also enters into guarantee arrangements on behalf of its consolidated subsidiaries, primarily to facilitate their commercial transactions with third parties. To the extent that a liability subject to a guarantee has been incurred by one of Dominion's consolidated subsidiaries, that liability is included in the Consolidated Financial Statements. Dominion is not required to recognize liabilities for guarantees issued on behalf of its subsidiaries unless it becomes probable that it will have to perform under the guarantees. Terms of the guarantees typically end once obligations have been paid. Dominion currently believes it is unlikely that it would be required to perform or otherwise incur any losses associated with guarantees of its subsidiaries' obligations. | ||||||||||||||||||||||
At December 31, 2014, Dominion had issued the following subsidiary guarantees: | ||||||||||||||||||||||
Stated Limit | Value(1) | |||||||||||||||||||||
(millions) | ||||||||||||||||||||||
Subsidiary debt(2) | $ | 27 | $ | 27 | ||||||||||||||||||
Commodity transactions(3) | 3,151 | 919 | ||||||||||||||||||||
Nuclear obligations(4) | 215 | 76 | ||||||||||||||||||||
Cove Point(5) | 1,910 | — | ||||||||||||||||||||
Solar(6) | 531 | 396 | ||||||||||||||||||||
Other(7) | 532 | 35 | ||||||||||||||||||||
Total | $ | 6,366 | $ | 1,453 | ||||||||||||||||||
-1 | Represents the estimated portion of the guarantee's stated limit that is utilized as of December 31, 2014 based upon prevailing economic conditions and fact patterns specific to each guarantee arrangement. For those guarantees related to obligations that are recorded as liabilities by Dominion's subsidiaries, the value includes the recorded amount. | |||||||||||||||||||||
-2 | Guarantee of debt of a DEI subsidiary. In the event of default by the subsidiary, Dominion would be obligated to repay such amounts. | |||||||||||||||||||||
-3 | Guarantees related to commodity commitments of certain subsidiaries, including subsidiaries of Virginia Power, Dominion Gas and DEI. These guarantees were provided to counterparties in order to facilitate physical and financial transactions in gas, oil, electricity, pipeline capacity, transportation and related commodities and services. If any of these subsidiaries fail to perform or pay under the contracts and the counterparties seek performance or payment, Dominion would be obligated to satisfy such obligation. Dominion and its subsidiaries receive similar guarantees as collateral for credit extended to others. The value provided includes certain guarantees that do not have stated limits. | |||||||||||||||||||||
-4 | Guarantees related to certain DEI subsidiaries' potential retrospective premiums that could be assessed if there is a nuclear incident under Dominion's nuclear insurance programs and guarantees for a DEI subsidiary's and Virginia Power's commitment to buy nuclear fuel. Excludes Dominion's agreement to provide up to $150 million and $60 million to two DEI subsidiaries to pay the operating expenses of Millstone (in the event of a prolonged outage) and Kewaunee, respectively, as part of satisfying certain NRC requirements concerned with ensuring adequate funding for the operations of nuclear power stations. The agreement for Kewaunee also provides for funds through the completion of decommissioning. | |||||||||||||||||||||
-5 | Guarantees related to Cove Point, in support of terminal services, transportation and construction. Two of the guarantees have no stated limit, one guarantee has a $150 million limit, and one guarantee has a $1.75 billion aggregate limit with an annual draw limit of $175 million. | |||||||||||||||||||||
-6 | Includes guarantees to facilitate the development of solar projects including guarantees to support the issuance of full notice to proceed under EPC agreements. Includes certain guarantees that do not have stated limits. Also includes guarantees entered into by DEI on behalf of certain subsidiaries to facilitate the acquisition and development of solar projects. | |||||||||||||||||||||
-7 | Guarantees related to other miscellaneous contractual obligations such as leases, environmental obligations and construction projects. Also includes guarantees related to certain DEI subsidiaries' obligations for equity capital contributions and energy generation associated with Fowler Ridge and NedPower. As of December 31, 2014, Dominion's maximum remaining cumulative exposure under these equity funding agreements is $72 million through 2019 and its maximum annual future contributions could range from approximately $4 million to $19 million. The value provided includes certain guarantees that do not have stated limits. | |||||||||||||||||||||
Additionally, at December 31, 2014, Dominion had purchased $133 million of surety bonds, including $64 million at Virginia Power and $30 million at Dominion Gas, and authorized the issuance of letters of credit by financial institutions of $48 million to facilitate commercial transactions by its subsidiaries with third parties. Under the terms of surety bonds, the Companies are obligated to indemnify the respective surety bond company for any amounts paid. | ||||||||||||||||||||||
As of December 31, 2014, Virginia Power had issued $14 million of guarantees primarily to support tax-exempt debt issued through conduits. The related debt matures in 2031. In the event of default by a conduit, Virginia Power would be obligated to repay such amounts, which are limited to the principal and interest then outstanding. | ||||||||||||||||||||||
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, 2014, 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 | 12 Months Ended |
Dec. 31, 2014 | |
Risks and Uncertainties [Abstract] | |
Credit Risk | 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, 2014 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 | |
Dominion | |
As a diversified energy company, Dominion 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 and Midwest regions of the U.S. Dominion does not believe that this geographic concentration contributes significantly to its overall exposure to credit risk. In addition, as a result of its large and diverse customer base, Dominion is not exposed to a significant concentration of credit risk for receivables arising from electric and gas utility operations. | |
Dominion's exposure to credit risk is concentrated primarily within its energy marketing and price risk management activities, as Dominion 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- or off-balance sheet exposure, taking into account contractual netting rights. Gross credit exposure is calculated prior to the application of any collateral. At December 31, 2014, Dominion's credit exposure totaled $228 million. Of this amount, investment grade counterparties, including those internally rated, represented 86%, and no single counterparty, whether investment grade or non-investment grade, exceeded $23 million of exposure. | |
Virginia Power | |
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- or off-balance sheet exposure, taking into account contractual netting rights. Gross credit exposure is calculated prior to the application of collateral. At December 31, 2014, Virginia Power's exposure to potential concentrations of credit risk was not considered material. | |
Dominion Gas | |
Dominion 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 and Midwest regions of the U.S. Dominion Gas does not believe that this geographic concentration contributes to its overall exposure to credit risk. In addition, as a result of its large and diverse customer base, Dominion Gas is not exposed to a significant concentration of credit risk for receivables arising from gas utility operations. | |
In 2014, DTI provided service to 260 customers with approximately 94% of its storage and transportation revenue being provided through firm services. The ten largest customers provided approximately 41% of the total storage and transportation revenue and the thirty largest provided approximately 74% of the total storage and transportation revenue of approximately $718 million. Approximately 99% of the transmission capacity under contract on DTI’s pipeline is subscribed with long-term contracts (three years or greater). The remaining 1% is contracted on a year-to-year basis. Less than 1% of firm transportation capacity is currently unsubscribed. All storage services are subscribed under long-term contracts. | |
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. While individual customers of East Ohio have had increased amounts of bad debt in recent years, management believes that this concentration and 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's derivative instruments contain credit-related contingent provisions. These provisions require Dominion 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, 2014 and 2013, Dominion would have been required to post an additional $20 million and $146 million, respectively, of collateral to its counterparties. The collateral that would be required to be posted includes the impacts of any offsetting asset positions and any amounts already posted for derivatives, non-derivative contracts and derivatives elected under the normal purchases and normal sales exception, per contractual terms. Dominion had posted $1 million in collateral at December 31, 2014 and $76 million in collateral at December 31, 2013, related to derivatives with credit-related contingent provisions that are in a liability position and not fully collateralized with cash. The collateral posted includes any amounts paid related to non-derivative contracts and derivatives elected under the normal purchases and normal sales exception, per contractual terms. The aggregate fair value of all derivative instruments with credit-related contingent provisions that are in a liability position and not fully collateralized with cash as of December 31, 2014 and 2013 was $49 million and $169 million, respectively, which does not include the impact of any offsetting asset positions. Credit-related contingent provisions for Virginia Power and Dominion Gas were not material as of December 31, 2014 and 2013. See Note 7 for further information about derivative instruments. |
Related_Party_Transactions
Related Party Transactions | 12 Months Ended | |||||||||
Dec. 31, 2014 | ||||||||||
Related Party Transactions [Abstract] | ||||||||||
Related-Party Transactions | RELATED-PARTY TRANSACTIONS | |||||||||
Virginia Power and Dominion Gas engage in related party transactions primarily with other Dominion subsidiaries (affiliates). Virginia Power's and Dominion Gas' receivable and payable balances with affiliates are settled based on contractual terms or on a monthly basis, depending on the nature of the underlying transactions. Virginia Power and Dominion Gas are included in Dominion's consolidated federal income tax return. A discussion of significant related party transactions follows. | ||||||||||
Virginia Power | ||||||||||
Transactions with Affiliates | ||||||||||
Virginia Power transacts with affiliates for certain quantities of natural gas and other commodities in the ordinary course of business. Virginia Power also enters into certain commodity derivative contracts with affiliates. Virginia Power uses these contracts, which are principally comprised of commodity swaps, to manage commodity price risks associated with purchases of natural gas. See Notes 7 and 19 for more information. As of December 31, 2014 and 2013, Virginia Power's derivative assets and liabilities with affiliates were not material. | ||||||||||
Virginia Power participates in certain Dominion benefit plans as described in Note 21. At December 31, 2014 and 2013, Virginia Power's amounts due to Dominion associated with the Dominion Pension Plan and reflected in noncurrent pension and other postretirement benefit liabilities in the Consolidated Balance Sheets, were $219 million and $144 million, respectively. At December 31, 2014, Virginia Power's amounts due from Dominion associated with the Dominion Retiree Health and Welfare Plan and reflected in other deferred charges and other assets in the Consolidated Balance Sheets were $37 million and at December 31, 2013, amounts due to Dominion and reflected in noncurrent pension and other postretirement benefit liabilities were $3 million. | ||||||||||
DRS and other affiliates provide accounting, legal, finance and certain administrative and technical services to Virginia Power. In addition, Virginia Power provides certain services to affiliates, including charges for facilities and equipment usage. | ||||||||||
Presented below are significant transactions with DRS and other affiliates: Â | ||||||||||
Year Ended December 31, | 2014 | 2013 | 2012 | |||||||
(millions) | ||||||||||
Commodity purchases from affiliates | $ | 543 | $ | 417 | $ | 368 | ||||
Services provided by affiliates(1) | 432 | 415 | 399 | |||||||
Services provided to affiliates | 22 | 21 | 19 | |||||||
(1) Includes capitalized expenditures. | ||||||||||
Virginia Power has borrowed funds from Dominion under short-term borrowing arrangements. There were $427 million and $97 million in short-term demand note borrowings from Dominion as of December 31, 2014 and 2013, respectively. Virginia Power had no outstanding borrowings, net of repayments under the Dominion money pool for its nonregulated subsidiaries as of December 31, 2014 and 2013. Interest charges related to Virginia Power's borrowings from Dominion were immaterial for the years ended December 31, 2014, 2013 and 2012. | ||||||||||
There were no issuances of Virginia Power's common stock to Dominion in 2014, 2013 or 2012. | ||||||||||
Dominion Gas | ||||||||||
Transactions with Affiliates | ||||||||||
Dominion Gas transacts with affiliates for certain quantities of natural gas and other commodities at market prices in the ordinary course of business. Additionally, Dominion Gas provides transportation and storage services to affiliates. Dominion Gas also enters into certain other contracts with affiliates, which are presented separately from contracts involving commodities or services. As of December 31, 2014 and 2013, all of Dominion Gas' commodity derivatives were with affiliates. See Notes 7 and 19 for more information. See Note 9 for information regarding sales of assets to an affiliate. | ||||||||||
Dominion Gas participates in certain Dominion benefit plans as described in Note 21. At December 31, 2014 and 2013, Dominion Gas' amounts due from Dominion associated with the Dominion Pension Plan and reflected in noncurrent pension and other postretirement benefit assets in the Consolidated Balance Sheets, were $614 million and $577 million, respectively. At December 31, 2014 and 2013, Dominion Gas' liabilities to Dominion associated with the Dominion Retiree Health and Welfare Plan and reflected in other deferred credits and other liabilities in the Consolidated Balance Sheets were $7 million and $14 million, respectively. | ||||||||||
Year Ended December 31, | 2014 | 2013 | 2012 | |||||||
(millions) | ||||||||||
Purchases of natural gas and transportation and storage services from affiliates | $ | 34 | $ | 31 | $ | 14 | ||||
Sales of natural gas and transportation and storage services to affiliates | 84 | 109 | 64 | |||||||
DRS and other affiliates provide accounting, legal, finance and certain administrative and technical services to Dominion Gas. Dominion Gas provides certain services to affiliates, including technical services. The costs of these services follow: | ||||||||||
Year Ended December 31, | 2014 | 2013 | 2012 | |||||||
(millions) | ||||||||||
Services provided by affiliates(1) | $ | 106 | $ | 116 | $ | 107 | ||||
Services provided to affiliates | 17 | 4 | 3 | |||||||
(1) Includes capitalized expenditures. | ||||||||||
The following table presents affiliated and related party activity reflected in Dominion Gas' Consolidated Balance Sheets: | ||||||||||
December 31, | ||||||||||
2014 | 2013 | |||||||||
(millions) | ||||||||||
Customer receivables from related parties(1) | $ | 22 | $ | 3 | ||||||
Imbalances receivable from affiliates(2) | 3 | 6 | ||||||||
Imbalances payable to affiliates(3) | — | 1 | ||||||||
Affiliated notes receivable(4) | 9 | 5 | ||||||||
-1 | Includes $17 million due from Atlantic Coast Pipeline, an affiliated VIE. | |||||||||
-2 | Amounts are presented in other current assets in Dominion Gas' Consolidated Balance Sheets. | |||||||||
(3) Amounts are presented in other current liabilities in Dominion Gas' Consolidated Balance Sheets. | ||||||||||
(4) Amounts are presented in other deferred charges and other assets in Dominion Gas' Consolidated Balance Sheets. | ||||||||||
Dominion Gas' borrowings under the IRCA with Dominion totaled $384 million and $1.3 billion as of December 31, 2014 and 2013, respectively. Interest charges related to Dominion Gas' total borrowings from Dominion were $4 million, $35 million and $61 million for the years ended December 31, 2014, 2013 and 2012, respectively. |
Operating_Segments
Operating Segments | 12 Months Ended | ||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||
Segment Reporting Information, Revenue for Reportable Segment [Abstract] | |||||||||||||||||||
Operating Segments | OPERATING SEGMENTS | ||||||||||||||||||
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 Gas | |||||||||||||||
Segment | Power | ||||||||||||||||||
DVP | Regulated electric distribution | X | X | ||||||||||||||||
Regulated electric transmission | X | X | |||||||||||||||||
Dominion Generation | Regulated electric fleet | X | X | ||||||||||||||||
Merchant electric fleet | X | ||||||||||||||||||
Nonregulated retail energy marketing | X | ||||||||||||||||||
Dominion Energy | Gas transmission and storage(1) | X | X | ||||||||||||||||
Gas distribution and storage | X | X | |||||||||||||||||
Gas gathering and processing | X | X | |||||||||||||||||
LNG import and storage | X | ||||||||||||||||||
(1) Includes remaining producer services activities. | |||||||||||||||||||
In addition to the operating segments above, the Companies also report a Corporate and Other segment. | |||||||||||||||||||
Dominion | |||||||||||||||||||
The Corporate and Other Segment of Dominion includes its corporate, service company and other functions (including unallocated debt) and the net impact of operations that are discontinued or sold. In addition, Corporate and Other includes specific items attributable to Dominion's operating segments that are not included in profit measures evaluated by executive management in assessing the segments' performance or allocating resources among the segments. | |||||||||||||||||||
In January 2014, Dominion announced it would exit the electric retail energy marketing business. Dominion completed the sale in March 2014. As a result, the earnings impact from the electric retail energy marketing business has been included in the Corporate and Other Segment of Dominion for 2014 first quarter results of operations. | |||||||||||||||||||
In the second quarter of 2013, Dominion commenced a restructuring of its producer services business, which aggregates natural gas supply, engages in natural gas trading and marketing activities and natural gas supply management and provides price risk management services to Dominion affiliates. The restructuring, which was completed in the first quarter of 2014, resulted in the termination of natural gas trading and certain energy marketing activities. As a result, the earnings impact from natural gas trading and certain energy marketing activities has been included in the Corporate and Other Segment of Dominion for 2014. | |||||||||||||||||||
In 2014, Dominion reported after-tax net expense of $970 million in the Corporate and Other segment, with $544 million of these net expenses attributable to specific items related to its operating segments. | |||||||||||||||||||
The net expenses for specific items in 2014 primarily related to the impact of the following items: | |||||||||||||||||||
• | $374 million ($248 million after-tax) in charges associated with Virginia legislation enacted in April 2014 relating to the development of a third nuclear unit located at North Anna and offshore wind facilities, attributable to Dominion Generation; | ||||||||||||||||||
• | A $319 million ($193 million after-tax) net loss related to the producer services business discussed above, attributable to Dominion Energy; and | ||||||||||||||||||
• | A $121 million ($74 million after-tax) charge related to a settlement offer to incur future ash pond closure costs at certain utility generation facilities, attributable to Dominion Generation. | ||||||||||||||||||
In 2013, Dominion reported after-tax net expense of $452 million in the Corporate and Other segment, with $184 million of these net expenses attributable to specific items related to its operating segments. | |||||||||||||||||||
The net expenses for specific items in 2013 primarily related to the impact of the following items: | |||||||||||||||||||
• | A $135 million ($92 million after-tax) net loss from discontinued operations of Brayton Point and Kincaid, including debt extinguishment of $64 million ($38 million after-tax) related to the sale, impairment charges of $48 million ($28 million after-tax), a $17 million ($18 million after-tax) loss on the sale which includes a $16 million write-off of goodwill, and a $6 million ($8 million after-tax) loss from operations, attributable to Dominion Generation; and | ||||||||||||||||||
• | A $182 million ($109 million after-tax) net loss, including a $55 million ($33 million after-tax) impairment charge related to certain natural gas infrastructure assets and a $127 million ($76 million after-tax) loss related to the producer services business discussed above, attributable to Dominion Energy; partially offset by | ||||||||||||||||||
• | An $81 million ($49 million after-tax) net gain on investments held in nuclear decommissioning trust funds, attributable to Dominion Generation. | ||||||||||||||||||
    | |||||||||||||||||||
In 2012, Dominion reported after-tax net expense of $1.7 billion in the Corporate and Other segment, with $1.5 billion of these net expenses attributable to specific items related to its operating segments. | |||||||||||||||||||
The net expenses for specific items in 2012 primarily related to the impact of the following items: | |||||||||||||||||||
• | A $1.7 billion ($1.1 billion after-tax) net loss from discontinued operations, including impairment charges, of Brayton Point and Kincaid, which were sold in 2013, attributable to Dominion Generation; | ||||||||||||||||||
• | A $467 million ($303 million after-tax) net loss, including impairment charges, primarily resulting from management's decision to cease operations and begin decommissioning Kewaunee in 2013, attributable to Dominion Generation; | ||||||||||||||||||
• | An $87 million ($53 million after-tax) charge reflecting restoration costs associated with damage caused by severe storms, attributable to DVP; and | ||||||||||||||||||
• | A $49 million ($22 million after-tax) loss from discontinued operations of State Line and Salem Harbor which were sold in 2012, attributable to Dominion Generation. | ||||||||||||||||||
The following table presents segment information pertaining to Dominion's operations: | |||||||||||||||||||
Year Ended December 31, | DVP | Dominion | Dominion | Corporate and | Adjustments & | Consolidated | |||||||||||||
Generation | Energy | Other | Eliminations | Total | |||||||||||||||
(millions) | |||||||||||||||||||
2014 | |||||||||||||||||||
Total revenue from external customers | $ | 1,918 | $ | 7,665 | $ | 1,718 | $ | (12 | ) | $ | 1,147 | $ | 12,436 | ||||||
Intersegment revenue | 18 | 70 | 1,174 | 572 | (1,834 | ) | — | ||||||||||||
Total operating revenue | 1,936 | 7,735 | 2,892 | 560 | (687 | ) | 12,436 | ||||||||||||
Depreciation, depletion and amortization | 462 | 516 | 241 | 73 | — | 1,292 | |||||||||||||
Equity in earnings of equity method investees | — | (18 | ) | 54 | 10 | — | 46 | ||||||||||||
Interest income | — | 67 | 14 | 20 | (33 | ) | 68 | ||||||||||||
Interest and related charges | 205 | 240 | 11 | 770 | (33 | ) | 1,193 | ||||||||||||
Income taxes | 317 | 392 | 436 | (693 | ) | — | 452 | ||||||||||||
Net income (loss) attributable to Dominion | 502 | 1,101 | 677 | (970 | ) | — | 1,310 | ||||||||||||
Investment in equity method investees | — | 262 | 796 | 23 | — | 1,081 | |||||||||||||
Capital expenditures | 1,652 | 2,466 | 1,329 | 104 | — | 5,551 | |||||||||||||
Total assets (billions) | 13 | 24.2 | 12.7 | 8.7 | (4.3 | ) | 54.3 | ||||||||||||
2013 | |||||||||||||||||||
Total revenue from external customers | $ | 1,825 | $ | 8,445 | $ | 1,783 | $ | 3 | $ | 1,064 | $ | 13,120 | |||||||
Intersegment revenue | 9 | 68 | 1,063 | 609 | (1,749 | ) | — | ||||||||||||
Total operating revenue | 1,834 | 8,513 | 2,846 | 612 | (685 | ) | 13,120 | ||||||||||||
Depreciation, depletion and amortization | 427 | 518 | 228 | 35 | — | 1,208 | |||||||||||||
Equity in earnings of equity method investees | — | (14 | ) | 21 | 7 | — | 14 | ||||||||||||
Interest income | — | 66 | 12 | 42 | (66 | ) | 54 | ||||||||||||
Interest and related charges | 175 | 220 | 26 | 522 | (66 | ) | 877 | ||||||||||||
Income taxes | 287 | 483 | 409 | (287 | ) | — | 892 | ||||||||||||
Loss from discontinued operations, net of tax | — | — | — | (92 | ) | — | (92 | ) | |||||||||||
Net income (loss) attributable to Dominion | 475 | 1,031 | 643 | (452 | ) | — | 1,697 | ||||||||||||
Investment in equity method investees | — | 280 | 615 | 21 | — | 916 | |||||||||||||
Capital expenditures | 1,361 | 1,605 | 1,043 | 95 | — | 4,104 | |||||||||||||
Total assets (billions) | 11.9 | 22 | 12.1 | 8.5 | (4.4 | ) | 50.1 | ||||||||||||
2012 | |||||||||||||||||||
Total revenue from external customers | $ | 1,846 | $ | 8,170 | $ | 1,813 | $ | 155 | $ | 851 | $ | 12,835 | |||||||
Intersegment revenue | 9 | 104 | 930 | 608 | (1,651 | ) | — | ||||||||||||
Total operating revenue | 1,855 | 8,274 | 2,743 | 763 | (800 | ) | 12,835 | ||||||||||||
Depreciation, depletion and amortization | 392 | 483 | 216 | 36 | — | 1,127 | |||||||||||||
Equity in earnings of equity method investees | — | 3 | 23 | (1 | ) | — | 25 | ||||||||||||
Interest income | 1 | 65 | 30 | 71 | (106 | ) | 61 | ||||||||||||
Interest and related charges | 187 | 177 | 47 | 511 | (106 | ) | 816 | ||||||||||||
Income taxes | 278 | 576 | 352 | (395 | ) | — | 811 | ||||||||||||
Loss from discontinued operations, net of tax | — | — | — | (1,125 | ) | — | (1,125 | ) | |||||||||||
Net income (loss) attributable to Dominion | 439 | 1,021 | 551 | (1,709 | ) | — | 302 | ||||||||||||
Capital expenditures | 1,158 | 1,615 | 1,350 | 22 | — | 4,145 | |||||||||||||
Intersegment sales and transfers for Dominion are based on contractual arrangements and may result in intersegment profit or loss that is eliminated in consolidation. | |||||||||||||||||||
Virginia Power | |||||||||||||||||||
The 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 DVP and Dominion Generation segments. | |||||||||||||||||||
The Corporate and Other Segment of Virginia Power primarily includes specific items attributable to its operating segments that are not included in profit measures evaluated by executive management in assessing the segments' performance or allocating resources among the segments. | |||||||||||||||||||
In 2014, Virginia Power reported after-tax net expenses of $342 million for specific items attributable to its operating segments in the Corporate and Other segment. | |||||||||||||||||||
The net expenses for specific items in 2014 primarily related to the impact of the following: | |||||||||||||||||||
• | $374 million ($248 million after-tax) in charges associated with Virginia legislation enacted in April 2014 relating to the development of a third nuclear unit located at North Anna and offshore wind facilities, attributable to Dominion Generation; and | ||||||||||||||||||
• | A $121 million ($74 million after-tax) charge related to a settlement offer to incur future ash pond closure costs at certain utility generation facilities, attributable to Dominion Generation. | ||||||||||||||||||
In 2013, Virginia Power reported after-tax net expenses of $47 million for specific items attributable to its operating segments in the Corporate and Other segment. | |||||||||||||||||||
The net expenses for specific items in 2013 primarily related to the impact of the following: | |||||||||||||||||||
• | A $40 million ($28 million after-tax) charge in connection with the 2013 Biennial Review Order, attributable to Dominion Generation. | ||||||||||||||||||
In 2012, Virginia Power reported after-tax net expenses of $51 million for specific items attributable to its operating segments in the Corporate and Other segment. | |||||||||||||||||||
The net expenses for specific items in 2012 primarily related to the impact of the following: | |||||||||||||||||||
• | An $87 million ($53 million after-tax) charge reflecting restoration costs associated with damage caused by severe storms, attributable to DVP. | ||||||||||||||||||
The following table presents segment information pertaining to Virginia Power's operations: | |||||||||||||||||||
Year Ended December 31, | DVP | Dominion | Corporate and | Adjustments & | Consolidated | ||||||||||||||
Generation | Other | Eliminations | Total | ||||||||||||||||
(millions) | |||||||||||||||||||
2014 | |||||||||||||||||||
Operating revenue | $ | 1,928 | $ | 5,651 | $ | — | $ | — | $ | 7,579 | |||||||||
Depreciation and amortization | 462 | 416 | 37 | — | 915 | ||||||||||||||
Interest income | — | 8 | — | — | 8 | ||||||||||||||
Interest and related charges | 205 | 203 | 3 | — | 411 | ||||||||||||||
Income taxes | 317 | 416 | (185 | ) | — | 548 | |||||||||||||
Net income (loss) | 509 | 691 | (342 | ) | — | 858 | |||||||||||||
Capital expenditures | 1,651 | 1,456 | — | — | 3,107 | ||||||||||||||
Total assets (billions) | 13.2 | 16.4 | — | (0.1 | ) | 29.5 | |||||||||||||
2013 | |||||||||||||||||||
Operating revenue | $ | 1,826 | $ | 5,475 | $ | (6 | ) | $ | — | $ | 7,295 | ||||||||
Depreciation and amortization | 427 | 425 | 1 | — | 853 | ||||||||||||||
Interest income | — | 6 | — | — | 6 | ||||||||||||||
Interest and related charges | 175 | 192 | 2 | — | 369 | ||||||||||||||
Income taxes | 286 | 399 | (26 | ) | — | 659 | |||||||||||||
Net income (loss) | 483 | 702 | (47 | ) | — | 1,138 | |||||||||||||
Capital expenditures | 1,360 | 1,173 | — | — | 2,533 | ||||||||||||||
Total assets (billions) | 12 | 15.1 | — | (0.1 | ) | 27 | |||||||||||||
2012 | |||||||||||||||||||
Operating revenue | $ | 1,847 | $ | 5,379 | $ | — | $ | — | $ | 7,226 | |||||||||
Depreciation and amortization | 392 | 390 | — | — | 782 | ||||||||||||||
Interest income | 1 | 7 | — | — | 8 | ||||||||||||||
Interest and related charges | 186 | 199 | — | — | 385 | ||||||||||||||
Income taxes | 277 | 403 | (27 | ) | — | 653 | |||||||||||||
Net income (loss) | 448 | 653 | (51 | ) | — | 1,050 | |||||||||||||
Capital expenditures | 1,142 | 1,146 | — | — | 2,288 | ||||||||||||||
Dominion Gas | |||||||||||||||||||
The Corporate and Other Segment of Dominion Gas primarily includes specific items attributable to Dominion Gas' operating segment that are not included in profit measures evaluated by executive management in assessing the segment's performance and the effect of certain items recorded at Dominion Gas as a result of Dominion's basis in the net assets contributed. | |||||||||||||||||||
In 2014, Dominion Gas reported after-tax net expenses of $9 million in its Corporate and Other segment, with none of these net expenses attributable to specific items related to its operating segment. | |||||||||||||||||||
In 2013, Dominion Gas reported after-tax net expenses of $49 million in the Corporate and Other segment, with $41 million of these net expenses attributable to specific items related to its operating segment. | |||||||||||||||||||
The net expenses for specific items in 2013 primarily related to the impact of the following: | |||||||||||||||||||
• | $55 million ($33 million after-tax) of impairment charges related to certain natural gas infrastructure assets; and | ||||||||||||||||||
• | A $14 million ($8 million after-tax) charge primarily reflecting severance pay and other benefits related to workforce reductions. | ||||||||||||||||||
In 2012, Dominion Gas reported after-tax net expenses of $10 million in its Corporate and Other segment, with none of these net expenses attributable to specific items related to its operating segment. | |||||||||||||||||||
The following table presents segment information pertaining to Dominion Gas' operations: | |||||||||||||||||||
Year Ended December 31, | Dominion Energy | Corporate and | Consolidated | ||||||||||||||||
Other | Total | ||||||||||||||||||
(millions) | |||||||||||||||||||
2014 | |||||||||||||||||||
Operating revenue | $ | 1,898 | $ | — | $ | 1,898 | |||||||||||||
Depreciation and amortization | 197 | — | 197 | ||||||||||||||||
Equity in earnings of equity method investees | 21 | — | 21 | ||||||||||||||||
Interest income | 1 | — | 1 | ||||||||||||||||
Interest and related charges | 27 | — | 27 | ||||||||||||||||
Income taxes | 340 | (6 | ) | 334 | |||||||||||||||
Net income (loss) | 521 | (9 | ) | 512 | |||||||||||||||
Investment in equity method investees | 107 | — | 107 | ||||||||||||||||
Capital expenditures | 719 | — | 719 | ||||||||||||||||
Total assets (billions) | 9.2 | 0.6 | 9.8 | ||||||||||||||||
2013 | |||||||||||||||||||
Operating revenue | $ | 1,937 | $ | — | $ | 1,937 | |||||||||||||
Depreciation and amortization | 188 | — | 188 | ||||||||||||||||
Equity in earnings of equity method investees | 22 | — | 22 | ||||||||||||||||
Interest income | 2 | — | 2 | ||||||||||||||||
Interest and related charges | 28 | — | 28 | ||||||||||||||||
Income taxes | 333 | (32 | ) | 301 | |||||||||||||||
Net income (loss) | 510 | (49 | ) | 461 | |||||||||||||||
Investment in equity method investees | 105 | — | 105 | ||||||||||||||||
Capital expenditures | 650 | — | 650 | ||||||||||||||||
Total assets (billions) | 8.5 | 0.6 | 9.1 | ||||||||||||||||
2012 | |||||||||||||||||||
Operating revenue | $ | 1,677 | $ | — | $ | 1,677 | |||||||||||||
Depreciation and amortization | 176 | — | 176 | ||||||||||||||||
Equity in earnings of equity method investees | 23 | — | 23 | ||||||||||||||||
Interest income | 2 | — | 2 | ||||||||||||||||
Interest and related charges | 40 | — | 40 | ||||||||||||||||
Income taxes | 293 | (5 | ) | 288 | |||||||||||||||
Net income (loss) | 469 | (10 | ) | 459 | |||||||||||||||
Capital expenditures | 928 | — | 928 | ||||||||||||||||
Quarterly_Financial_and_Common
Quarterly Financial and Common Stock Data (Unaudited) | 12 Months Ended | |||||||||||||||
Dec. 31, 2014 | ||||||||||||||||
Selected Quarterly Financial Information [Abstract] | ||||||||||||||||
Quarterly Financial and Common Stock Data (Unaudited) | QUARTERLY FINANCIAL AND COMMON STOCK DATA (UNAUDITED) | |||||||||||||||
A summary of the Companies' quarterly results of operations for the years ended December 31, 2014 and 2013 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. | ||||||||||||||||
Dominion | ||||||||||||||||
First | Second | Third | Fourth | Year | ||||||||||||
Quarter | Quarter | Quarter | Quarter | |||||||||||||
(millions, except per share amounts) | ||||||||||||||||
2014 | ||||||||||||||||
Operating revenue | $ | 3,630 | $ | 2,813 | $ | 3,050 | $ | 2,943 | $ | 12,436 | ||||||
Income from operations | 768 | 394 | 921 | 638 | 2,721 | |||||||||||
Net income including noncontrolling interests | 385 | 161 | 531 | 249 | 1,326 | |||||||||||
Income from continuing operations(1) | 379 | 159 | 529 | 243 | 1,310 | |||||||||||
Net income attributable to Dominion | 379 | 159 | 529 | 243 | 1,310 | |||||||||||
Basic EPS: | ||||||||||||||||
Income from continuing operations(1) | 0.65 | 0.27 | 0.91 | 0.42 | 2.25 | |||||||||||
Net income attributable to Dominion | 0.65 | 0.27 | 0.91 | 0.42 | 2.25 | |||||||||||
Diluted EPS: | ||||||||||||||||
Income from continuing operations(1) | 0.65 | 0.27 | 0.9 | 0.42 | 2.24 | |||||||||||
Net income attributable to Dominion | 0.65 | 0.27 | 0.9 | 0.42 | 2.24 | |||||||||||
Dividends declared per share | 0.6 | 0.6 | 0.6 | 0.6 | 2.4 | |||||||||||
Common stock prices (intraday high-low) | $72.22Â - | $73.75Â - | $71.62 - 64.71 | $80.89Â - | $80.89Â - | |||||||||||
63.14 | 67.06 | 65.53 | 63.14 | |||||||||||||
2013 | ||||||||||||||||
Operating revenue | $ | 3,523 | $ | 2,980 | $ | 3,432 | $ | 3,185 | $ | 13,120 | ||||||
Income from operations | 930 | 548 | 1,034 | 804 | 3,316 | |||||||||||
Net income including noncontrolling interests | 502 | 208 | 575 | 435 | 1,720 | |||||||||||
Income from continuing operations(1) | 494 | 272 | 592 | 431 | 1,789 | |||||||||||
Income (loss) from discontinued operations(1) | 1 | (70 | ) | (23 | ) | — | (92 | ) | ||||||||
Net income attributable to Dominion | 495 | 202 | 569 | 431 | 1,697 | |||||||||||
Basic EPS: | ||||||||||||||||
Income from continuing operations(1) | 0.86 | 0.47 | 1.02 | 0.74 | 3.09 | |||||||||||
Income (loss) from discontinued operations(1) | — | (0.12 | ) | (0.04 | ) | — | (0.16 | ) | ||||||||
Net income attributable to Dominion | 0.86 | 0.35 | 0.98 | 0.74 | 2.93 | |||||||||||
Diluted EPS: | ||||||||||||||||
Income from continuing operations(1) | 0.86 | 0.47 | 1.02 | 0.74 | 3.09 | |||||||||||
Income (loss) from discontinued operations(1) | — | (0.12 | ) | (0.04 | ) | — | (0.16 | ) | ||||||||
Net income attributable to Dominion | 0.86 | 0.35 | 0.98 | 0.74 | 2.93 | |||||||||||
Dividends declared per share | 0.5625 | 0.5625 | 0.5625 | 0.5625 | 2.25 | |||||||||||
Common stock prices (intraday high-low) | $58.25Â - | $61.85Â - | $64.04 - 55.51 | $67.97Â - | $67.97Â - | |||||||||||
51.92 | 53.79 | 61.36 | 51.92 | |||||||||||||
-1 | Amounts attributable to Dominion's common shareholders. | |||||||||||||||
Dominion's 2014 results include the impact of the following significant items: | ||||||||||||||||
• | Fourth quarter results include $172 million in after-tax charges associated with the Liability Management Exercise in 2014 and $74 million in after-tax costs related to Virginia Power's settlement offer to incur future ash pond closure costs at certain utility generation facilities. | |||||||||||||||
• | Second quarter results include $191 million in after-tax charges associated with Virginia legislation enacted in April 2014 relating to the development of a third nuclear unit located at North Anna and offshore wind facilities. | |||||||||||||||
• | First quarter results include a $193 million after-tax reduction in revenues associated with the repositioning of Dominion's producer services business which was completed in the first quarter of 2014. | |||||||||||||||
Dominion's 2013 results include the impact of the following significant items: | ||||||||||||||||
• | Second quarter results include a $70 million after-tax net loss from discontinued operations of Brayton Point and Kincaid; and a $57 million after-tax net loss, including a $33 million after-tax impairment charge related to certain natural gas infrastructure assets and a $24 million after-tax loss related to the producer services business. | |||||||||||||||
Virginia Power | ||||||||||||||||
Virginia Power's quarterly results of operations were as follows: | ||||||||||||||||
First | Second | Third | Fourth | Year | ||||||||||||
Quarter | Quarter | Quarter | Quarter | |||||||||||||
(millions) | ||||||||||||||||
2014 | ||||||||||||||||
Operating revenue | $ | 1,983 | $ | 1,729 | $ | 2,053 | $ | 1,814 | $ | 7,579 | ||||||
Income from operations | 613 | 205 | 594 | 312 | 1,724 | |||||||||||
Net income | 324 | 69 | 314 | 151 | 858 | |||||||||||
Balance available for common stock | 318 | 67 | 312 | 148 | 845 | |||||||||||
2013 | ||||||||||||||||
Operating revenue | $ | 1,781 | $ | 1,710 | $ | 2,059 | $ | 1,745 | $ | 7,295 | ||||||
Income from operations | 530 | 463 | 679 | 408 | 2,080 | |||||||||||
Net income | 287 | 265 | 387 | 199 | 1,138 | |||||||||||
Balance available for common stock | 283 | 261 | 383 | 194 | 1,121 | |||||||||||
Virginia Power's 2014 results include the impact of the following significant items: | ||||||||||||||||
• | Fourth quarter results include $74 million in after-tax costs related to Virginia Power's settlement offer to incur future ash pond closure costs at certain utility generation facilities. | |||||||||||||||
• | Second quarter results include a $191 million after-tax charge associated with Virginia legislation enacted in April 2014 relating to the development of a third nuclear unit located at North Anna and offshore wind facilities. | |||||||||||||||
Virginia Power's 2013 results include the impact of the following significant item: | ||||||||||||||||
• | Fourth quarter results include a $28 million after-tax charge resulting from impacts of the 2013 Biennial Review Order. | |||||||||||||||
Dominion Gas | ||||||||||||||||
Dominion Gas' quarterly results of operations were as follows: | ||||||||||||||||
First | Second | Third | Fourth | Year | ||||||||||||
Quarter | Quarter | Quarter | Quarter | |||||||||||||
(millions) | ||||||||||||||||
2014 | ||||||||||||||||
Operating revenue | $ | 569 | $ | 428 | $ | 391 | $ | 510 | $ | 1,898 | ||||||
Income from operations | 265 | 154 | 177 | 255 | 851 | |||||||||||
Net income | 164 | 93 | 107 | 148 | 512 | |||||||||||
2013 | ||||||||||||||||
Operating revenue | $ | 586 | $ | 430 | $ | 388 | $ | 533 | $ | 1,937 | ||||||
Income from operations | 224 | 88 | 217 | 233 | 762 | |||||||||||
Net income | 138 | 53 | 130 | 140 | 461 | |||||||||||
Dominion Gas' 2014 results include the impact of the following significant item: | ||||||||||||||||
• | Fourth quarter results include a $36 million after-tax gain from agreements to convey Marcellus Shale development rights underneath several natural gas storage fields. | |||||||||||||||
Dominion Gas' 2013 results include the impact of the following significant item: | ||||||||||||||||
• | Second quarter results include a $33 million after-tax charge resulting from the impairment of certain natural gas infrastructure assets. |
Significant_Accounting_Policie1
Significant Accounting Policies (Policy) | 12 Months Ended | |||
Dec. 31, 2014 | ||||
Accounting Policies [Abstract] | ||||
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 and Virginia Power collect sales, consumption and consumer utility taxes and Dominion Gas collects sales taxes; however, these amounts are excluded from revenue. Dominion's customer receivables at December 31, 2014 and 2013 included $564 million and $555 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, 2014 and 2013 included $407 million and $395 million, respectively, of accrued unbilled revenue based on estimated amounts of electricity delivered but not yet billed to its customers. Dominion Gas' customer receivables at December 31, 2014 and 2013 included $127 million and $106 million, respectively, of accrued unbilled revenue based on estimated amounts of natural gas delivered but not yet billed to its customers. | ||||
The primary types of sales and service activities reported as operating revenue for Dominion are as follows: | ||||
• | Regulated electric sales consist primarily of state-regulated retail electric sales, and federally-regulated wholesale electric sales and electric transmission services; | |||
• | Nonregulated electric sales consist primarily of sales of electricity at market-based rates and contracted fixed rates, and associated derivative activity; | |||
• | Regulated gas sales consist primarily of state- and FERC-regulated natural gas sales and related distribution services; | |||
• | Nonregulated gas sales consist primarily of sales of natural gas production at market-based rates and contracted fixed prices, sales of gas purchased from third parties, gas trading and marketing revenue and associated derivative activity; | |||
• | Gas transportation and storage consists primarily of regulated sales of gathering, transmission, distribution and storage services. Also included are regulated gas distribution charges to retail distribution service customers opting for alternate suppliers; and | |||
• | Other revenue consists primarily of sales of NGL production and condensate, extracted products and associated derivative activity. Other revenue also includes miscellaneous service revenue from electric and gas distribution operations, and gas processing and handling revenue. | |||
The primary types of sales and service activities reported as operating revenue for Virginia Power are as follows: | ||||
• | Regulated electric sales consist primarily of state-regulated retail electric sales and federally-regulated wholesale electric sales and electric transmission services; and | |||
• | Other revenue consists primarily of miscellaneous service revenue from electric distribution operations and miscellaneous revenue from generation operations, including sales of capacity and other commodities. | |||
The primary types of sales and service activities reported as operating revenue for Dominion Gas are as follows: | ||||
• | Regulated gas sales consist primarily of state- and FERC-regulated natural gas sales and related distribution services; | |||
• | Nonregulated gas sales consist primarily of sales of natural gas production at market-based rates and contracted fixed prices and sales of gas purchased from third parties. Revenue from sales of gas production is recognized based on actual volumes of gas sold to purchasers and is reported net of royalties; | |||
• | Gas transportation and storage consists primarily of regulated sales of gathering, transmission, distribution and storage services. Also included are regulated gas distribution charges to retail distribution service customers opting for alternate suppliers; | |||
• | NGL revenue consists primarily of sales of NGL production and condensate, extracted products and associated derivative activity; and | |||
• | Other revenue consists primarily of miscellaneous service revenue, gas processing and handling revenue and gathering revenue. | |||
Electric Fuel Purchased Energy and Purchased Gas-Deferred Costs | Electric Fuel, Purchased Energy and Purchased Gas-Deferred Costs | |||
Where permitted by regulatory authorities, the differences between Dominion's and Virginia Power's actual electric fuel and purchased energy expenses and Dominion's and Dominion 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 Gas', Cove Point's 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 and its subsidiaries, including Virginia Power and Dominion Gas' subsidiaries. In addition, where applicable, combined income tax returns for Dominion and its subsidiaries are filed in various states; otherwise, separate state income tax returns are filed. | ||||
Although Dominion 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. Virginia Power and Dominion Gas participate in intercompany tax sharing agreements with Dominion and its subsidiaries and current income taxes are based on taxable income or loss, determined on a separate company basis. | ||||
Under the agreements, if a subsidiary incurs a net operating loss, recognition of current income tax benefits is limited to refunds of prior year taxes obtained by the carryback of the net operating loss or to the extent the net operating loss is absorbed by the taxable income of other Dominion consolidated group members. Otherwise, the net operating loss is carried forward and is recognized as a deferred tax asset until realized. | ||||
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 that all, or a portion, of a deferred tax asset will not be realized. Where the treatment of temporary differences is different for rate-regulated operations, a regulatory asset is recognized if it is probable that future revenues will be provided for the payment of deferred tax liabilities. | ||||
The Companies recognize positions taken, or expected to be taken, in income tax returns that are more-likely-than-not to be realized, assuming that the position will be examined by tax authorities with full knowledge of all relevant information. | ||||
If it is not more-likely-than-not that a tax position, or some portion thereof, will be sustained, the related tax benefits are not recognized in the financial statements. Unrecognized tax benefits may result in an increase in income taxes payable, a reduction of income tax refunds receivable or changes in deferred taxes. Also, when uncertainty about the deductibility of an amount is limited to the timing of such deductibility, the increase in income taxes payable (or reduction in tax refunds receivable) is accompanied by a decrease in deferred tax liabilities. Except when such amounts are presented net with amounts receivable from or amounts prepaid to tax authorities, noncurrent income taxes payable related to unrecognized tax benefits are classified in other deferred credits and other liabilities on the consolidated balance sheets and current payables are included in accrued interest, payroll and taxes on the consolidated balance sheets. | ||||
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's, Virginia Power's and Dominion Gas' interest and penalties were immaterial in 2014, 2013 and 2012. | ||||
At December 31, 2014, Virginia Power's Consolidated Balance Sheet included $225 million of federal and state income taxes receivable, $13 million of noncurrent state income taxes receivable and $38 million of noncurrent federal and state income taxes payable. | ||||
At December 31, 2013, Virginia Power's Consolidated Balance Sheet included $3 million of state income taxes receivable, $22 million of federal and state income taxes payable, $12 million of noncurrent state income taxes receivable and $28 million of noncurrent federal and state income taxes payable. | ||||
At December 31, 2014, Dominion Gas' Consolidated Balance Sheet included $96 million of federal and state income taxes receivable, $14 million of state income taxes payable, $7 million of noncurrent state income taxes payable and $20 million noncurrent state income taxes receivable. | ||||
At December 31, 2013, Dominion Gas' Consolidated Balance Sheet included $17 million of federal income taxes payable, $23 million of state income taxes payable, $1 million of state income taxes receivable, $7 million of noncurrent state income taxes payable and $20 million noncurrent state income taxes receivable. | ||||
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, | 2014 | 2013 | ||
(millions) | ||||
Dominion | $42 | $38 | ||
Virginia Power | 20 | 21 | ||
Dominion Gas | 9 | 7 | ||
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 and Virginia Power use derivative instruments such as futures, swaps, forwards, options and FTRs to manage the commodity, currency exchange and financial market risks of their business operations. Dominion Gas uses derivative instruments such as physical and financial forwards, futures and swaps to manage commodity price and interest 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 had margin assets of $287 million and $620 million associated with cash collateral at December 31, 2014 and 2013, respectively. Dominion had margin liabilities of $34 million and $2 million associated with cash collateral at December 31, 2014 and 2013, respectively. Virginia Power had margin assets of $6 million and $11 million associated with cash collateral at December 31, 2014 and 2013, respectively. Virginia Power did not have any margin liabilities associated with cash collateral at December 31, 2014 or 2013. Dominion Gas did not have any margin assets or liabilities related to cash collateral at December 31, 2014 or 2013. See Note 7 for further information about derivatives. | ||||
To manage price risk, Dominion and Virginia Power hold certain derivative instruments that are not designated as hedges for accounting purposes. However, to the extent Dominion and Virginia Power do not hold offsetting positions for such derivatives, they believe these instruments represent economic hedges that mitigate their exposure to fluctuations in commodity prices, interest rates and foreign exchange rates. As part of Dominion’s strategy to market energy and manage related risks, it formerly managed a portfolio of commodity-based financial derivative instruments held for trading purposes. Dominion used established policies and procedures to manage the risks associated with price fluctuations in these energy commodities and used various derivative instruments to reduce risk by creating offsetting market positions. In the second quarter of 2013, Dominion commenced a repositioning of its producer services business. The repositioning was completed in the first quarter of 2014 and resulted in the termination of natural gas trading and certain energy marketing activities. | ||||
Statement of Income Presentation: | ||||
• | Derivatives Held for Trading Purposes: All income statement activity, including amounts realized upon settlement, is presented in operating revenue on a net basis. | |||
• | Derivatives Not Held for Trading Purposes: All income statement activity, including amounts realized upon settlement, is presented in operating revenue, operating expenses or interest and related charges based on the nature of the underlying risk. | |||
In Virginia Power's generation operations, 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. | ||||
DERIVATIVE INSTRUMENTS DESIGNATED AS HEDGING INSTRUMENTS | ||||
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-A majority of the Companies' hedge strategies represents cash flow hedges of the variable price risk associated with the purchase and sale of electricity, natural gas, NGLs and other energy-related products. The Companies also use foreign currency contracts to hedge the variability in foreign exchange rates and interest rate swaps to hedge their exposure to variable interest rates on long-term debt. For transactions in which the Companies are hedging the variability of cash flows, changes in the fair value of the derivatives are reported in AOCI, to the extent they are effective at offsetting changes in the hedged item. Any derivative gains or losses reported in AOCI are reclassified to earnings when the forecasted item is included in earnings, or earlier, if it becomes probable that the forecasted transaction will not occur. For cash flow hedge transactions, hedge accounting is discontinued if the occurrence of the forecasted transaction is no longer probable. | ||||
Dominion entered into interest rate derivative instruments to hedge its forecasted interest payments related to planned debt issuances in 2013 and 2014. These interest rate derivatives were designated by Dominion as cash flow hedges in 2012 and 2013, prior to the formation of Dominion Gas. For the purposes of the Dominion Gas financial statements, the derivative balances, AOCI balance, and any income statement impact related to these interest rate derivative instruments entered into by Dominion have been, and will continue to be, included in the Dominion Gas' Consolidated Financial Statements as the forecasted interest payments related to the debt issuances will now occur at Dominion Gas. | ||||
Fair Value Hedges-Dominion also uses fair value hedges to mitigate the fixed price exposure inherent in certain firm commodity commitments and commodity inventory. In addition, Dominion and Virginia Power have designated interest rate swaps as fair value hedges on certain fixed rate long-term debt to manage interest rate exposure. For fair value hedge transactions, changes in the fair value of the derivative are generally offset currently in earnings by the recognition of changes in the hedged item's fair value. Derivative gains and losses from the hedged item are reclassified to earnings when the hedged item is included in earnings, or earlier, if the hedged item no longer qualifies for hedge accounting. Hedge accounting is discontinued if the hedged item no longer qualifies for hedge accounting. See Note 6 for further information about fair value measurements and associated valuation methods for derivatives. See Note 7 for further information on derivatives. | ||||
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 rate regulation, AFUDC and overhead costs. The cost of repairs and maintenance, including minor additions and replacements, is generally charged to expense as it is incurred. | ||||
In 2014, 2013 and 2012, Dominion capitalized interest costs and AFUDC to property, plant and equipment of $80 million, $66 million and $91 million, respectively. In 2014, 2013 and 2012, Virginia Power capitalized AFUDC to property, plant and equipment of $39 million, $33 million and $31 million, respectively. In 2014, 2013 and 2012, Dominion Gas capitalized AFUDC to property, plant and equipment of $1 million, $5 million and $23 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 2014, 2013 and 2012, Virginia Power recorded $8 million, $32 million and $37 million of AFUDC related to these projects, respectively. | ||||
For property subject to cost-of-service rate regulation, including Virginia Power electric distribution, electric transmission, and generation property, Dominion Gas natural gas distribution and transmission property, and for certain Dominion natural gas property, the undepreciated cost of such property, less salvage value, is generally charged to accumulated depreciation at retirement. Cost of removal collections from utility customers not representing AROs are recorded as regulatory liabilities. For property subject to cost-of-service rate regulation that will be abandoned significantly before the end of its useful life, the net carrying value is reclassified from plant-in-service when it becomes probable it will be abandoned. | ||||
For property that is not subject to cost-of-service rate regulation, including nonutility property, cost of removal not associated with AROs is charged to expense as incurred. The Companies also record gains and losses upon retirement based upon the difference between the proceeds received, if any, and the property's net book value at the retirement date. | ||||
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, | 2014 | 2013 | 2012 | |
(percent) | ||||
Dominion | ||||
Generation | 2.66 | 2.71 | 2.62 | |
Transmission | 2.38 | 2.36 | 2.17 | |
Distribution | 3.12 | 3.13 | 3.17 | |
Storage | 2.39 | 2.43 | 2.59 | |
Gas gathering and processing | 2.81 | 2.39 | 2.49 | |
General and other | 3.62 | 3.82 | 4.55 | |
Virginia Power | ||||
Generation | 2.66 | 2.71 | 2.62 | |
Transmission | 2.34 | 2.28 | 1.98 | |
Distribution | 3.34 | 3.33 | 3.32 | |
General and other | 3.29 | 3.51 | 4.32 | |
Dominion Gas | ||||
Transmission | 2.4 | 2.43 | 2.35 | |
Distribution | 2.47 | 2.5 | 2.66 | |
Storage | 2.4 | 2.43 | 2.58 | |
Gas gathering and processing | 2.82 | 2.39 | 2.5 | |
General and other | 5.77 | 5.93 | 6.09 | |
In 2013, Virginia Power revised its depreciation rates to reflect the results of a new depreciation study. This change resulted in an increase of $19 million ($12 million after-tax) in depreciation and amortization expense in Virginia Power's Consolidated Statements of Income. | ||||
In 2014, Virginia Power also made a one-time adjustment to depreciation expense as ordered by the Virginia Commission. This adjustment resulted in an increase of $38 million ($23 million after-tax) in depreciation and amortization expense in Virginia Power’s Consolidated Statements of Income. | ||||
In 2013, Dominion Gas revised the depreciation rates for East Ohio to reflect the results of a new depreciation study. This change resulted in a decrease of $8 million ($5 million after-tax) in depreciation and amortization expense in Dominion Gas' Consolidated Statements of Income. | ||||
Dominion'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 | 44Â years | |||
Merchant generation-other | 15-36 years | |||
General and other | 5-59 years | |||
Depreciation and amortization related to Virginia Power's and Dominion Gas' nonutility property, plant and equipment and E&P properties was immaterial for the years ended December 31, 2014, 2013 and 2012. | ||||
Nuclear fuel used in electric generation is amortized over its estimated service life on a units-of-production basis. Dominion and Virginia Power report the amortization of nuclear fuel in electric fuel and other energy-related purchases expense in their Consolidated Statements of Income and in depreciation and amortization in their Consolidated Statements of Cash Flows. | ||||
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. See Note 6 for a discussion of impairments related to certain long-lived assets and intangible assets with finite lives. | ||||
Regulatory Assets and Liabilities | Regulatory Assets and Liabilities | |||
The accounting for Dominion's and Dominion 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 rate regulation, regulatory practices that assign costs to accounting periods may differ from accounting methods generally applied by nonregulated companies. When it is probable that regulators will permit the recovery of current costs through future rates charged to customers, these costs that otherwise would be expensed by nonregulated companies are deferred as regulatory assets. Likewise, regulatory liabilities are recognized when it is probable that regulators will require customer refunds through future rates or when revenue is collected from customers for expenditures that have yet to be incurred. Generally, regulatory assets and liabilities are amortized into income over the period authorized by the regulator. | ||||
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. 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. At least annually, the Companies evaluate the key assumptions underlying their AROs including estimates of the amounts and timing of future cash flows associated with retirement activities. AROs are adjusted when significant changes in these assumptions are identified. Dominion and Dominion 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. Accretion of all other AROs and depreciation of all other asset retirement costs is reported in other operations and maintenance expense and depreciation expense 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 an asset and classified in other current assets and other deferred charges and other assets in the Consolidated Balance Sheets. 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 | |||
MARKETABLE EQUITY AND DEBT SECURITIES | ||||
Dominion accounts for and classifies investments in marketable equity and debt securities as trading or available-for-sale securities. Virginia Power classifies investments in marketable equity and debt securities as available-for-sale securities. | ||||
• | Trading securities include marketable equity and debt securities held by Dominion in rabbi trusts associated with certain deferred compensation plans. These securities are reported in other investments in the Consolidated Balance Sheets at fair value with net realized and unrealized gains and losses included in other income in the Consolidated Statements of Income. | |||
• | Available-for-sale securities include all other marketable equity and debt securities, primarily comprised of securities held in the nuclear decommissioning trusts. These investments are reported at fair value in nuclear decommissioning trust funds in the Consolidated Balance Sheets. Net realized and unrealized gains and losses (including any other-than-temporary impairments) on investments held in Virginia Power's nuclear decommissioning trusts are recorded to a regulatory liability for certain jurisdictions subject to cost-based regulation. For all other available-for-sale securities, including those held in Dominion's merchant generation nuclear decommissioning trusts, net realized gains and losses (including any other-than-temporary impairments) are included in other income and unrealized gains and losses are reported as a component of AOCI, 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. | ||||
NON-MARKETABLE INVESTMENTS | ||||
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 investments include: | ||||
• | Equity method investments when the Companies have the ability to exercise significant influence, but not control, over the investee. Dominion's investments are included in investments in equity method affiliates and Virginia Power's investments are included in other investments in their Consolidated Balance Sheets. The Companies record equity method adjustments in other income in the Consolidated Statements of Income including: their proportionate share of investee income or loss, gains or losses resulting from investee capital transactions, amortization of certain differences between the carrying value and the equity in the net assets of the investee at the date of investment and other adjustments required by the equity method. | |||
• | Cost method investments when Dominion and Virginia Power do not have the ability to exercise significant influence over the investee. Dominion's and Virginia Power's investments are included in other investments and nuclear decommissioning trust funds. | |||
OTHER-THAN-TEMPORARY IMPAIRMENT | ||||
Dominion and Virginia Power 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 or held-to-maturity, while the presentation and disclosure requirements apply to both debt and equity securities. | |||
• | Debt Securities- Using information obtained from their nuclear decommissioning trust fixed-income investment managers, Dominion and Virginia Power record in earnings any unrealized loss for a debt security when the manager intends to sell the debt security or it is more-likely-than-not that the manager will have to sell the debt security before recovery of its fair value up to its cost basis. If that is not the case, but the debt security is deemed to have experienced a credit loss, Dominion and Virginia Power record the credit loss in earnings and any remaining portion of the unrealized loss in AOCI. Credit losses are evaluated primarily by considering the credit ratings of the issuer, prior instances of non-performance by the issuer and other factors. | |||
• | Equity securities and other investments- Dominion's and Virginia Power's method of assessing other-than-temporary declines requires demonstrating the ability to hold individual securities for a period of time sufficient to allow for the anticipated recovery in their market value prior to the consideration of the other criteria mentioned above. Since Dominion and Virginia Power have limited ability to oversee the day-to-day management of nuclear decommissioning trust fund investments, they do not have the ability to ensure investments are held through an anticipated recovery period. Accordingly, they consider all equity and other securities as well as non-marketable investments held in nuclear decommissioning trusts with market values below their cost bases to be other-than-temporarily impaired. | |||
Inventories | Inventories | |||
Materials and supplies and fossil fuel inventories are valued primarily using the weighted-average cost method. Stored gas inventory for Dominion Gas used in East Ohio gas distribution operations is valued using the LIFO method. Under the LIFO method, stored gas inventory was valued at $12 million and $7 million at December 31, 2014 and December 31, 2013, respectively. Based on the average price of gas purchased during 2014 and 2013, the cost of replacing the current portion of stored gas inventory exceeded the amount stated on a LIFO basis by approximately $98 million and $77 million, respectively. Stored gas inventory for Dominion held by Hope and certain nonregulated gas operations is valued using the weighted-average cost method. | ||||
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 and Dominion 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. Imbalances due to Dominion and Dominion Gas from other parties are reported in other current assets and imbalances that Dominion and Dominion Gas owe to other parties are reported in other current liabilities in the Consolidated Balance Sheets. | ||||
Goodwill | Goodwill | |||
Dominion and Dominion 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 reduce the fair value of a reporting unit below its carrying amount. |
Significant_Accounting_Policie2
Significant Accounting Policies (Tables) | 12 Months Ended | |||
Dec. 31, 2014 | ||||
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, | 2014 | 2013 | ||
(millions) | ||||
Dominion | $42 | $38 | ||
Virginia Power | 20 | 21 | ||
Dominion Gas | 9 | 7 | ||
Schedule of Depreciation Rates | The Companies' average composite depreciation rates on utility property, plant and equipment are as follows: | |||
Year Ended December 31, | 2014 | 2013 | 2012 | |
(percent) | ||||
Dominion | ||||
Generation | 2.66 | 2.71 | 2.62 | |
Transmission | 2.38 | 2.36 | 2.17 | |
Distribution | 3.12 | 3.13 | 3.17 | |
Storage | 2.39 | 2.43 | 2.59 | |
Gas gathering and processing | 2.81 | 2.39 | 2.49 | |
General and other | 3.62 | 3.82 | 4.55 | |
Virginia Power | ||||
Generation | 2.66 | 2.71 | 2.62 | |
Transmission | 2.34 | 2.28 | 1.98 | |
Distribution | 3.34 | 3.33 | 3.32 | |
General and other | 3.29 | 3.51 | 4.32 | |
Dominion Gas | ||||
Transmission | 2.4 | 2.43 | 2.35 | |
Distribution | 2.47 | 2.5 | 2.66 | |
Storage | 2.4 | 2.43 | 2.58 | |
Gas gathering and processing | 2.82 | 2.39 | 2.5 | |
General and other | 5.77 | 5.93 | 6.09 | |
Schedule of Estimated Useful Life | Dominion'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 | 44Â years | |||
Merchant generation-other | 15-36 years | |||
General and other | 5-59 years |
Acquisitions_and_Dispositions_
Acquisitions and Dispositions (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Brayton Point and Kincaid | |||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||
Schedule of Disposal Groups, Including Discontinued Operations, Income Statement Disclosures | The following table presents selected information regarding the results of operations of Brayton Point and Kincaid, which are reported as discontinued operations in Dominion's Consolidated Statements of Income: | ||||||||
Year Ended December 31, | 2013 | 2012 | |||||||
(millions) | |||||||||
Operating revenue | $ | 304 | $ | 258 | |||||
Loss before income taxes | (135 | ) | (1)Â | (1,768 | ) | (2)Â | |||
(1) Includes $64 million of charges related to the defeasance of Brayton Point debt and the early redemption of Kincaid debt in 2013. | |||||||||
(2) Includes a long-lived asset impairment charge of $1.6 billion. | |||||||||
State Line and Salem Harbor | |||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||
Schedule of Disposal Groups, Including Discontinued Operations, Income Statement Disclosures | The following table presents selected information regarding the results of operations of Salem Harbor and State Line, which are reported as discontinued operations in Dominion's Consolidated Statements of Income: | ||||||||
Year Ended December 31, | 2012 | ||||||||
(millions) | |||||||||
Operating revenue | $ | 57 | |||||||
Loss before income taxes | (49 | ) |
Operating_Revenue_Tables
Operating Revenue (Tables) | 12 Months Ended | |||||||||
Dec. 31, 2014 | ||||||||||
Regulated and Unregulated Operating Revenue [Abstract] | ||||||||||
Operating Revenue, Table | The Companies' operating revenue consists of the following: | |||||||||
Year Ended December 31, | 2014 | 2013 | 2012 | |||||||
(millions) | ||||||||||
Dominion | ||||||||||
Electric sales: | ||||||||||
Regulated | $ | 7,460 | $ | 7,193 | $ | 7,102 | ||||
Nonregulated | 1,839 | 2,511 | 2,483 | |||||||
Gas sales: | ||||||||||
Regulated | 334 | 323 | 250 | |||||||
Nonregulated | 751 | 930 | 1,071 | |||||||
Gas transportation and storage | 1,543 | 1,535 | 1,401 | |||||||
Other | 509 | 628 | 528 | |||||||
Total operating revenue | $ | 12,436 | $ | 13,120 | $ | 12,835 | ||||
Virginia Power | ||||||||||
Regulated electric sales | $ | 7,460 | $ | 7,193 | $ | 7,102 | ||||
Other | 119 | 102 | 124 | |||||||
Total operating revenue | $ | 7,579 | $ | 7,295 | $ | 7,226 | ||||
Dominion Gas | ||||||||||
Gas sales: | ||||||||||
Regulated | $ | 209 | $ | 202 | $ | 138 | ||||
Nonregulated | 26 | 32 | 28 | |||||||
Gas transportation and storage | 1,353 | 1,338 | 1,188 | |||||||
NGL revenue | 212 | 292 | 275 | |||||||
Other | 98 | 73 | 48 | |||||||
Total operating revenue | $ | 1,898 | $ | 1,937 | $ | 1,677 | ||||
Income_Taxes_Tables
Income Taxes (Tables) | 12 Months Ended | |||||||||||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||||||||||
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 | Virginia Power | Dominion Gas | ||||||||||||||||||||||||||
Year Ended December 31, | 2014 | 2013 | 2012 | 2014 | 2013 | 2012 | 2014 | 2013 | 2012 | |||||||||||||||||||
(millions) | ||||||||||||||||||||||||||||
Current: | ||||||||||||||||||||||||||||
Federal | $ | (11 | ) | $ | 317 | $ | 43 | $ | 85 | $ | 357 | $ | 70 | $ | 86 | $ | 158 | $ | (8 | ) | ||||||||
State | 14 | 110 | 84 | 67 | 62 | 81 | 32 | 41 | 2 | |||||||||||||||||||
Total current expense (benefit) | 3 | 427 | 127 | 152 | 419 | 151 | 118 | 199 | (6 | ) | ||||||||||||||||||
Deferred: | ||||||||||||||||||||||||||||
Federal | ||||||||||||||||||||||||||||
Taxes before operating loss carryforwards and investment tax credits | 956 | 563 | 645 | 381 | 224 | 482 | 192 | 92 | 257 | |||||||||||||||||||
Tax benefit of operating loss carryforwards | (352 | ) | (18 | ) | — | — | — | — | — | — | — | |||||||||||||||||
Investment tax credits | (152 | ) | (48 | ) | — | — | — | — | — | — | — | |||||||||||||||||
State | (2 | ) | (31 | ) | 40 | 16 | 17 | 21 | 24 | 10 | 37 | |||||||||||||||||
Total deferred expense | 450 | 466 | 685 | 397 | 241 | 503 | 216 | 102 | 294 | |||||||||||||||||||
Amortization of deferred investment tax credits | (1 | ) | (1 | ) | (1 | ) | (1 | ) | (1 | ) | (1 | ) | — | — | — | |||||||||||||
Total income tax expense | $ | 452 | $ | 892 | $ | 811 | $ | 548 | $ | 659 | $ | 653 | $ | 334 | $ | 301 | $ | 288 | ||||||||||
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 | Virginia Power | Dominion Gas | ||||||||||||||||||||||||||
Year Ended December 31, | 2014 | 2013 | 2012 | 2014 | 2013 | 2012 | 2014 | 2013 | 2012 | |||||||||||||||||||
U.S. statutory rate | 35 | Â % | 35 | Â % | 35 | Â % | 35 | Â % | 35 | Â % | 35 | Â % | 35 | % | 35 | Â % | 35 | Â % | ||||||||||
Increases (reductions) resulting from: | ||||||||||||||||||||||||||||
State taxes, net of federal benefit | — | 2.1 | 4.2 | 3.8 | 3.1 | 3.9 | 4.4 | 4.3 | 3.4 | |||||||||||||||||||
Investment tax credits | (8.6 | ) | (1.8 | ) | — | — | — | — | — | — | — | |||||||||||||||||
Production tax credits | (1.2 | ) | (0.6 | ) | (0.5 | ) | (0.6 | ) | (0.2 | ) | — | — | — | — | ||||||||||||||
Valuation allowances | 0.7 | (0.1 | ) | (0.7 | ) | — | — | — | — | — | — | |||||||||||||||||
AFUDC - equity | — | (0.6 | ) | (0.9 | ) | — | (0.8 | ) | (0.9 | ) | — | (0.1 | ) | (0.6 | ) | |||||||||||||
Employee stock ownership plan deduction | (0.9 | ) | (0.6 | ) | (0.7 | ) | — | — | — | — | — | — | ||||||||||||||||
Other, net | 0.4 | (0.4 | ) | (0.6 | ) | 0.8 | (0.4 | ) | 0.3 | 0.1 | 0.3 | 0.7 | ||||||||||||||||
Effective tax rate | 25.4 | Â % | 33 | Â % | 35.8 | Â % | 39 | Â % | 36.7 | Â % | 38.3 | Â % | 39.5 | % | 39.5 | Â % | 38.5 | Â % | ||||||||||
The Companies deferred income taxes components | The Companies' deferred income taxes consist of the following: | |||||||||||||||||||||||||||
Dominion | Virginia Power | Dominion Gas | ||||||||||||||||||||||||||
At December 31, | 2014 | 2013 | 2014 | 2013 | 2014 | 2013 | ||||||||||||||||||||||
(millions) | ||||||||||||||||||||||||||||
Deferred income taxes: | ||||||||||||||||||||||||||||
Total deferred income tax assets | $ | 2,023 | $ | 2,142 | $ | 500 | $ | 462 | $ | 227 | $ | 216 | ||||||||||||||||
Total deferred income tax liabilities | 8,663 | 8,463 | 4,915 | 4,498 | 2,289 | 2,103 | ||||||||||||||||||||||
Total net deferred income tax liabilities | $ | 6,640 | $ | 6,321 | $ | 4,415 | $ | 4,036 | $ | 2,062 | $ | 1,887 | ||||||||||||||||
Total deferred income taxes: | ||||||||||||||||||||||||||||
Plant and equipment, primarily depreciation method and basis differences | $ | 5,895 | $ | 5,383 | $ | 3,965 | $ | 3,628 | $ | 1,417 | $ | 1,266 | ||||||||||||||||
Nuclear decommissioning | 1,241 | 1,136 | 474 | 441 | — | — | ||||||||||||||||||||||
Deferred state income taxes | 659 | 606 | 299 | 285 | 207 | 182 | ||||||||||||||||||||||
Federal benefit of deferred state income taxes | (231 | ) | (212 | ) | (105 | ) | (100 | ) | (72 | ) | (64 | ) | ||||||||||||||||
Deferred fuel, purchased energy and gas costs | 27 | (33 | ) | 18 | (50 | ) | 7 | 13 | ||||||||||||||||||||
Pension benefits | 272 | 435 | (77 | ) | (52 | ) | 567 | 522 | ||||||||||||||||||||
Other postretirement benefits | (17 | ) | (78 | ) | 13 | (3 | ) | (12 | ) | (13 | ) | |||||||||||||||||
Loss and credit carryforwards | (1,434 | ) | (797 | ) | (116 | ) | (106 | ) | (10 | ) | (10 | ) | ||||||||||||||||
Valuation allowances | 87 | 69 | — | — | — | — | ||||||||||||||||||||||
Partnership basis differences | 304 | 125 | — | — | 42 | 42 | ||||||||||||||||||||||
Other | (163 | ) | (313 | ) | (56 | ) | (7 | ) | (84 | ) | (51 | ) | ||||||||||||||||
Total net deferred income tax liabilities | $ | 6,640 | $ | 6,321 | $ | 4,415 | $ | 4,036 | $ | 2,062 | $ | 1,887 | ||||||||||||||||
Reconciliation of changes in the Companies unrecognized tax benefits | A reconciliation of changes in the Companies' unrecognized tax benefits follows: | |||||||||||||||||||||||||||
Dominion | Virginia Power | Dominion Gas | ||||||||||||||||||||||||||
2014 | 2013 | 2012 | 2014 | 2013 | 2012 | 2014 | 2013 | 2012 | ||||||||||||||||||||
(millions) | ||||||||||||||||||||||||||||
Balance at January 1 | $ | 222 | $ | 293 | $ | 347 | $ | 39 | $ | 57 | $ | 114 | $ | 29 | $ | 30 | $ | 30 | ||||||||||
Increases-prior period positions | 24 | 17 | 28 | 2 | 12 | 4 | — | — | — | |||||||||||||||||||
Decreases-prior period positions | (26 | ) | (99 | ) | (106 | ) | (16 | ) | (42 | ) | (80 | ) | — | (1 | ) | — | ||||||||||||
Increases-current period positions | 16 | 30 | 43 | 11 | 14 | 24 | — | — | — | |||||||||||||||||||
Decreases-current period positions | — | (5 | ) | — | — | — | — | — | — | — | ||||||||||||||||||
Settlements with tax authorities | — | (2 | ) | (4 | ) | — | (2 | ) | (4 | ) | — | — | — | |||||||||||||||
Expiration of statutes of limitations | (91 | ) | (12 | ) | (15 | ) | — | — | (1 | ) | — | — | — | |||||||||||||||
Balance at December 31 | $ | 145 | $ | 222 | $ | 293 | $ | 36 | $ | 39 | $ | 57 | $ | 29 | $ | 29 | $ | 30 | ||||||||||
Earliest tax year remaining | For each of the major states in which Dominion operates, the earliest tax year remaining open for examination is as follows: | |||||||||||||||||||||||||||
State | Earliest Open Tax Year | |||||||||||||||||||||||||||
Pennsylvania(1) | 2010 | |||||||||||||||||||||||||||
Connecticut | 2011 | |||||||||||||||||||||||||||
Virginia(2) | 2011 | |||||||||||||||||||||||||||
West Virginia(1) | 2011 | |||||||||||||||||||||||||||
New York(1) | 2007 | |||||||||||||||||||||||||||
-1 | Considered a major state for Dominion Gas' operations. | |||||||||||||||||||||||||||
-2 | Considered a major state for Virginia Power's operations. | |||||||||||||||||||||||||||
Schedule of Components of Income Tax Expense (Benefit) from Discontinued Operations | Details of income tax expense for Dominion's discontinued operations were as follows: | |||||||||||||||||||||||||||
Year Ended December 31, | 2013 | 2012 | ||||||||||||||||||||||||||
(millions) | ||||||||||||||||||||||||||||
Current: | ||||||||||||||||||||||||||||
   Federal | (274 | ) | (248 | ) | ||||||||||||||||||||||||
   State | (41 | ) | (6 | ) | ||||||||||||||||||||||||
      Total current benefit | (315 | ) | (254 | ) | ||||||||||||||||||||||||
Deferred: | ||||||||||||||||||||||||||||
   Federal | 232 | (368 | ) | |||||||||||||||||||||||||
   State | 40 | (70 | ) | |||||||||||||||||||||||||
      Total deferred expense (benefit) | 272 | (438 | ) | |||||||||||||||||||||||||
      Total income tax benefit | (43 | ) | (692 | ) |
Fair_Value_Measurements_Tables
Fair Value Measurements (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||||||||
Fair Value, Option, Quantitative Disclosures | The following table presents Dominion's and Dominion Gas' quantitative information about Level 3 fair value measurements at December 31, 2014. The range and weighted average are presented in dollars for market price inputs and percentages for price volatility and credit spreads. | ||||||||||||
Fair Value (millions) | Valuation Techniques | Unobservable Input | Range | Weighted Average(1) | |||||||||
Assets: | |||||||||||||
Physical and Financial Forwards and Futures: | |||||||||||||
Natural Gas(2) | $ | 74 | Discounted Cash Flow | Market Price (per Dth) | (4)Â | (2) - 11 | (1 | ) | |||||
Credit spread | (6)Â | 1% - 5% | 2 | % | |||||||||
FTRs | 44 | Discounted Cash Flow | Market Price (per MWh) | (4)Â | (1) - 21 | 3 | |||||||
NGLs(3) | 2 | Discounted Cash Flow | Market Price (per Gal) | (4)Â | 0 - 2 | 1 | |||||||
Physical and Financial Options: | |||||||||||||
Natural Gas | 5 | Option Model | Market Price (per Dth) | (4)Â | 4-Feb | 3 | |||||||
Price Volatility | (5)Â | 19% - 67% | 33 | % | |||||||||
Total assets | $ | 125 | |||||||||||
Liabilities: | |||||||||||||
Physical and Financial Forwards and Futures: | |||||||||||||
Natural Gas(2) | $ | 12 | Discounted Cash Flow | Market Price (per Dth) | (4)Â | (2) - 4 | 2 | ||||||
      FTRs | 4 | Discounted Cash Flow | Market Price (per MWh) | (4) | (21) - 21 | — | |||||||
Physical and Financial Options: | |||||||||||||
Natural Gas | 2 | Option Model | Market Price (per Dth) | (4)Â | 4-Feb | 3 | |||||||
Price Volatility | (5)Â | 19% - 67% | 33 | % | |||||||||
Total liabilities | $ | 18 | |||||||||||
-1 | Averages weighted by volume. | ||||||||||||
-2 | Includes basis. | ||||||||||||
-3 | Information represents Dominion Gas quantitative information about Level 3 fair value measurements. | ||||||||||||
-4 | Represents market prices beyond defined terms for Levels 1 and 2. | ||||||||||||
-5 | Represents volatilities unrepresented in published markets. | ||||||||||||
-6 | Represents credit spreads unrepresented in published markets. | ||||||||||||
Fair Value, Option, Qualitative Disclosures Related to Election | 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) | ||||||||||
Credit spread | Asset | Increase (decrease) | Loss (gain) | ||||||||||
Fair Value, by Balance Sheet Grouping | The following table presents Dominion's assets and liabilities that are measured at fair value on a recurring basis for each hierarchy level, including both current and noncurrent portions: | ||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||
(millions) | |||||||||||||
At December 31, 2014 | |||||||||||||
Assets: | |||||||||||||
Derivatives: | |||||||||||||
Commodity | $ | 3 | $ | 567 | $ | 125 | $ | 695 | |||||
Interest rate | — | 24 | — | 24 | |||||||||
Investments(1): | |||||||||||||
Equity securities: | |||||||||||||
U.S.: | |||||||||||||
Large Cap | 2,669 | — | — | 2,669 | |||||||||
Other | 6 | — | — | 6 | |||||||||
Non-U.S.: | |||||||||||||
Large Cap | 12 | — | — | 12 | |||||||||
Fixed Income: | |||||||||||||
Corporate debt instruments | — | 441 | — | 441 | |||||||||
U.S. Treasury securities and agency debentures | 419 | 190 | — | 609 | |||||||||
State and municipal | — | 395 | — | 395 | |||||||||
Other | — | 74 | — | 74 | |||||||||
Cash equivalents and other | 3 | 10 | — | 13 | |||||||||
Total assets | $ | 3,112 | $ | 1,701 | $ | 125 | $ | 4,938 | |||||
Liabilities: | |||||||||||||
Derivatives: | |||||||||||||
Commodity | $ | 3 | $ | 571 | $ | 18 | $ | 592 | |||||
Interest rate | — | 202 | — | 202 | |||||||||
Total liabilities | $ | 3 | $ | 773 | $ | 18 | $ | 794 | |||||
At December 31, 2013 | |||||||||||||
Assets: | |||||||||||||
Derivatives: | |||||||||||||
Commodity | $ | 3 | $ | 718 | $ | 32 | $ | 753 | |||||
Interest rate | — | 137 | — | 137 | |||||||||
Investments(1): | |||||||||||||
Equity securities: | |||||||||||||
U.S.: | |||||||||||||
Large Cap | 2,417 | — | — | 2,417 | |||||||||
Other | 79 | — | — | 79 | |||||||||
Non-U.S.: | |||||||||||||
Large Cap | 13 | — | — | 13 | |||||||||
Fixed Income: | |||||||||||||
Corporate debt instruments | — | 345 | — | 345 | |||||||||
U.S. Treasury securities and agency debentures | 415 | 175 | — | 590 | |||||||||
State and municipal | — | 343 | — | 343 | |||||||||
Other | — | 3 | — | 3 | |||||||||
Cash equivalents and other | — | 103 | — | 103 | |||||||||
Restricted cash equivalents | — | 8 | — | 8 | |||||||||
Total assets | $ | 2,927 | $ | 1,832 | $ | 32 | $ | 4,791 | |||||
Liabilities: | |||||||||||||
Derivatives: | |||||||||||||
Commodity | $ | 3 | $ | 1,051 | $ | 48 | $ | 1,102 | |||||
Total liabilities | $ | 3 | $ | 1,051 | $ | 48 | $ | 1,102 | |||||
-1 | Includes investments held in the nuclear decommissioning and rabbi trusts. | ||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation | The following table presents the net change in Dominion's assets and liabilities measured at fair value on a recurring basis and included in the Level 3 fair value category: | ||||||||||||
2014 | 2013 | 2012 | |||||||||||
(millions) | |||||||||||||
Balance at January 1, | $ | (16 | ) | $ | 25 | $ | (71 | ) | |||||
Total realized and unrealized gains (losses): | |||||||||||||
Included in earnings | 97 | (9 | ) | (15 | ) | ||||||||
Included in other comprehensive income (loss) | 7 | 1 | 101 | ||||||||||
Included in regulatory assets/liabilities | 109 | (9 | ) | 30 | |||||||||
Settlements | (88 | ) | (23 | ) | 47 | ||||||||
Transfers out of Level 3 | (2 | ) | (1 | ) | (67 | ) | |||||||
Balance at December 31, | $ | 107 | $ | (16 | ) | $ | 25 | ||||||
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 | $ | 6 | $ | — | $ | 42 | |||||||
Fair Value, Unobservable Inputs, Gain (Loss) Included In Earnings | The following table presents Dominion's gains and losses included in earnings in the Level 3 fair value category: | ||||||||||||
Operating | Electric Fuel | Purchased | Total | ||||||||||
Revenue | and Energy | Gas | |||||||||||
Purchases | |||||||||||||
(millions) | |||||||||||||
Year Ended December 31, 2014 | |||||||||||||
Total gains (losses) included in earnings | $ | 4 | $ | 97 | $ | (4 | ) | $ | 97 | ||||
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 | 4 | 1 | 1 | 6 | |||||||||
Year Ended December 31, 2013 | |||||||||||||
Total gains (losses) included in earnings | $ | 11 | $ | (19 | ) | $ | (1 | ) | $ | (9 | ) | ||
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 | 1 | — | (1 | ) | — | ||||||||
Year Ended December 31, 2012 | |||||||||||||
Total gains (losses) included in earnings | $ | 35 | $ | (50 | ) | $ | — | $ | (15 | ) | |||
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 | 42 | — | — | 42 | |||||||||
Schedule of Carrying Values and Estimated Fair Values of Debt Instruments | : | ||||||||||||
At December 31, | 2014 | 2013 | |||||||||||
Carrying | Estimated | Carrying | Estimated | ||||||||||
Amount | Fair Value(1) | Amount | Fair Value(1) | ||||||||||
(millions) | |||||||||||||
Dominion | |||||||||||||
Long-term debt, including securities due within one year(2) | $ | 19,723 | $ | 21,881 | $ | 18,396 | $ | 19,887 | |||||
Junior subordinated notes(3) | 1,374 | 1,396 | 1,373 | 1,394 | |||||||||
Remarketable subordinated notes(3) | 2,083 | 2,362 | 1,080 | 1,192 | |||||||||
Subsidiary preferred stock(4) | — | — | 257 | 261 | |||||||||
Virginia Power | |||||||||||||
Long-term debt, including securities due within one year(3) | $ | 8,937 | $ | 10,293 | $ | 8,032 | $ | 8,897 | |||||
Preferred stock(4) | — | — | 257 | 261 | |||||||||
Dominion Gas | |||||||||||||
Long-term debt(3) | $ | 2,594 | $ | 2,672 | $ | 1,198 | $ | 1,169 | |||||
-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 discount and/or premium. At December 31, 2014, and 2013, includes the valuation of certain fair value hedges associated with Dominion's fixed rate debt, of approximately $19 million and $55 million, respectively. | ||||||||||||
-3 | Carrying amount includes amounts which represent the unamortized discount and/or premium. | ||||||||||||
-4 | Includes deferred issuance expenses of $2 million at December 31, 2013 | ||||||||||||
Virginia Electric and Power Company | |||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||||||||
Fair Value, Option, Quantitative Disclosures | The following table presents Virginia Power's quantitative information about Level 3 fair value measurements at December 31, 2014. The range and weighted average are presented in dollars for market price inputs and percentages for credit spreads. | ||||||||||||
Fair Value (millions) | Valuation Techniques | Unobservable Input | Range | Weighted Average(1) | |||||||||
Assets: | |||||||||||||
Physical and Financial Forwards and Futures: | |||||||||||||
FTRs | $ | 44 | Discounted Cash Flow | Market Price (per MWh) | (3)Â | (1) - 21 | 3 | ||||||
Natural gas(2) | 62 | Discounted Cash Flow | Market Price (per Dth) | (3)Â | (2) - 7 | (1 | ) | ||||||
Credit spread | (4)Â | 1% - 5% | 2 | % | |||||||||
Total assets | $ | 106 | |||||||||||
Liabilities: | |||||||||||||
Physical and Financial Forwards and Futures: | |||||||||||||
FTRs | $ | 4 | Discounted Cash Flow | Market Price (per MWh) | (3) | (21) - 21 | — | ||||||
Total liabilities | $ | 4 | |||||||||||
-1 | Averages weighted by volume. | ||||||||||||
-2 | Includes basis. | ||||||||||||
-3 | Represents market prices beyond defined terms for Levels 1 and 2. | ||||||||||||
-4 | Represents credit spreads unrepresented in published markets. | ||||||||||||
Fair Value, Option, Qualitative Disclosures Related to Election | 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) | ||||||||||
Credit spread | Asset | 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) | |||||||||||||
At December 31, 2014 | |||||||||||||
Assets: | |||||||||||||
Derivatives: | |||||||||||||
Commodity | $ | — | $ | 7 | $ | 106 | $ | 113 | |||||
Investments(1): | |||||||||||||
Equity securities: | |||||||||||||
U.S.: | |||||||||||||
Large Cap | 1,157 | — | — | 1,157 | |||||||||
Fixed Income: | |||||||||||||
Corporate debt instruments | — | 250 | — | 250 | |||||||||
U.S. Treasury securities and agency debentures | 137 | 61 | — | 198 | |||||||||
State and municipal | — | 211 | — | 211 | |||||||||
Other | — | 23 | — | 23 | |||||||||
Total assets | $ | 1,294 | $ | 552 | $ | 106 | $ | 1,952 | |||||
Liabilities: | |||||||||||||
Derivatives: | |||||||||||||
Commodity | $ | — | $ | 11 | $ | 4 | $ | 15 | |||||
Interest rate | — | 72 | — | 72 | |||||||||
Total liabilities | $ | — | $ | 83 | $ | 4 | $ | 87 | |||||
At December 31, 2013 | |||||||||||||
Assets: | |||||||||||||
Derivatives: | |||||||||||||
Commodity | $ | — | $ | 3 | $ | 2 | $ | 5 | |||||
Interest rate | — | 48 | — | 48 | |||||||||
Investments(1): | |||||||||||||
Equity securities: | |||||||||||||
U.S.: | |||||||||||||
Large Cap | 1,021 | — | — | 1,021 | |||||||||
Other | 36 | — | — | 36 | |||||||||
Fixed Income: | |||||||||||||
Corporate debt instruments | — | 191 | — | 191 | |||||||||
U.S. Treasury securities and agency debentures | 146 | 66 | — | 212 | |||||||||
State and municipal | — | 164 | — | 164 | |||||||||
Cash equivalents and other | — | 31 | — | 31 | |||||||||
Restricted cash equivalents | — | 8 | — | 8 | |||||||||
Total assets | $ | 1,203 | $ | 511 | $ | 2 | $ | 1,716 | |||||
Liabilities: | |||||||||||||
Derivatives: | |||||||||||||
Commodity | $ | — | $ | 3 | $ | 9 | $ | 12 | |||||
Total liabilities | $ | — | $ | 3 | $ | 9 | $ | 12 | |||||
-1 | Includes investments held in the nuclear decommissioning and rabbi trusts. | ||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation | The following table presents the net change in Virginia Power's assets and liabilities measured at fair value on a recurring basis and included in the Level 3 fair value category: | ||||||||||||
2014 | 2013 | 2012 | |||||||||||
(millions) | |||||||||||||
Balance at January 1, | $ | (7 | ) | $ | 2 | $ | (28 | ) | |||||
Total realized and unrealized gains (losses): | |||||||||||||
Included in earnings | 96 | (17 | ) | (50 | ) | ||||||||
Included in regulatory assets/liabilities | 109 | (9 | ) | 30 | |||||||||
Settlements | (96 | ) | 17 | 50 | |||||||||
Balance at December 31, | $ | 102 | $ | (7 | ) | $ | 2 | ||||||
Dominion Gas Holdings, LLC | |||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||||||||
Fair Value, by Balance Sheet Grouping | The following table presents Dominion Gas' assets and liabilities for commodity and interest rate derivatives that are measured at fair value on a recurring basis for each hierarchy level, including both current and noncurrent portions: | ||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||
(millions) | |||||||||||||
At December 31, 2014 | |||||||||||||
Assets: | |||||||||||||
Commodity | $ | — | $ | — | $ | 2 | $ | 2 | |||||
Total assets | $ | — | $ | — | $ | 2 | $ | 2 | |||||
Liabilities: | |||||||||||||
Interest rate | $ | — | $ | 9 | $ | — | $ | 9 | |||||
Total liabilities | $ | — | $ | 9 | $ | — | $ | 9 | |||||
At December 31, 2013 | |||||||||||||
Assets: | |||||||||||||
Commodity | $ | — | $ | — | $ | 6 | $ | 6 | |||||
Interest rate | — | 34 | — | 34 | |||||||||
Total assets | $ | — | $ | 34 | $ | 6 | $ | 40 | |||||
Liabilities: | |||||||||||||
Commodity | $ | — | $ | 13 | $ | 12 | $ | 25 | |||||
Total liabilities | $ | — | $ | 13 | $ | 12 | $ | 25 | |||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation | The following table presents the net change in Dominion Gas' derivative assets and liabilities measured at fair value on a recurring basis and included in the Level 3 fair value category: | ||||||||||||
2014 | 2013 | 2012 | |||||||||||
(millions) | |||||||||||||
Balance at January 1, | $ | (6 | ) | $ | (12 | ) | $ | (98 | ) | ||||
Total realized and unrealized gains (losses): | |||||||||||||
Included in earnings | 2 | 1 | (15 | ) | |||||||||
Included in other comprehensive income (loss) | 10 | 3 | 86 | ||||||||||
Settlements | (4 | ) | 2 | 15 | |||||||||
Balance at December 31, | $ | 2 | $ | (6 | ) | $ | (12 | ) | |||||
Derivatives_and_Hedge_Accounti1
Derivatives and Hedge Accounting Activities (Tables) | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||
Derivative [Line Items] | |||||||||||||||||||||||||
Offsetting Assets | The tables below present Dominion's derivative asset and liability balances by type of financial instrument, before and after the effects of offsetting: | ||||||||||||||||||||||||
31-Dec-14 | 31-Dec-13 | ||||||||||||||||||||||||
Gross Amounts of Recognized Assets | Gross Amounts Offset in the Consolidated Balance Sheet | Net Amounts of Assets Presented in the Consolidated Balance Sheet | Gross Amounts of Recognized Assets | Gross Amounts Offset in the Consolidated Balance Sheet | Net Amounts of Assets Presented in the Consolidated Balance Sheet | ||||||||||||||||||||
(millions) | |||||||||||||||||||||||||
Interest rate contracts: | |||||||||||||||||||||||||
Over-the-counter | $ | 24 | $ | — | $ | 24 | $ | 137 | $ | — | $ | 137 | |||||||||||||
Commodity contracts: | |||||||||||||||||||||||||
Over-the-counter | 382 | — | 382 | 240 | — | 240 | |||||||||||||||||||
Exchange | 298 | — | 298 | 506 | — | 506 | |||||||||||||||||||
Total derivatives, subject to a master netting or similar arrangement | 704 | — | 704 | 883 | — | 883 | |||||||||||||||||||
Total derivatives, not subject to a master netting or similar arrangement | 15 | — | 15 | 7 | — | 7 | |||||||||||||||||||
Total | $ | 719 | $ | — | $ | 719 | $ | 890 | $ | — | $ | 890 | |||||||||||||
31-Dec-14 | 31-Dec-13 | ||||||||||||||||||||||||
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) | |||||||||||||||||||||||||
Interest rate contracts: | |||||||||||||||||||||||||
Over-the-counter | $ | 24 | $ | 16 | $ | — | $ | 8 | $ | 137 | $ | — | $ | — | $ | 137 | |||||||||
Commodity contracts: | |||||||||||||||||||||||||
Over-the-counter | 382 | 34 | 34 | 314 | 240 | 63 | — | 177 | |||||||||||||||||
Exchange | 298 | 298 | — | — | 506 | 505 | — | 1 | |||||||||||||||||
Total | $ | 704 | $ | 348 | $ | 34 | $ | 322 | $ | 883 | $ | 568 | $ | — | $ | 315 | |||||||||
Offsetting Liabilities | |||||||||||||||||||||||||
31-Dec-14 | 31-Dec-13 | ||||||||||||||||||||||||
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) | |||||||||||||||||||||||||
Interest rate contracts: | |||||||||||||||||||||||||
Over-the-counter | $ | 202 | $ | — | $ | 202 | $ | — | $ | — | $ | — | |||||||||||||
Commodity contracts: | |||||||||||||||||||||||||
Over-the-counter | 87 | — | 87 | 262 | — | 262 | |||||||||||||||||||
Exchange | 493 | — | 493 | 838 | — | 838 | |||||||||||||||||||
Total derivatives, subject to a master netting or similar arrangement | 782 | — | 782 | 1,100 | — | 1,100 | |||||||||||||||||||
Total derivatives, not subject to a master netting or similar arrangement | 12 | — | 12 | 2 | — | 2 | |||||||||||||||||||
Total | $ | 794 | $ | — | $ | 794 | $ | 1,102 | $ | — | $ | 1,102 | |||||||||||||
31-Dec-14 | 31-Dec-13 | ||||||||||||||||||||||||
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) | |||||||||||||||||||||||||
Interest rate contracts: | |||||||||||||||||||||||||
Over-the-counter | $ | 202 | $ | 16 | $ | — | $ | 186 | $ | — | $ | — | $ | — | $ | — | |||||||||
Commodity contracts: | |||||||||||||||||||||||||
Over-the-counter | 87 | 34 | 1 | 52 | 262 | 63 | 69 | 130 | |||||||||||||||||
Exchange | 493 | 298 | 195 | — | 838 | 505 | 333 | — | |||||||||||||||||
Total | $ | 782 | $ | 348 | $ | 196 | $ | 238 | $ | 1,100 | $ | 568 | $ | 402 | $ | 130 | |||||||||
Volumes of Derivatives | The following table presents the volume of Dominion's derivative activity as of December 31, 2014. 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) | 52 | 13 | |||||||||||||||||||||||
Basis | 227 | 575 | |||||||||||||||||||||||
Electricity (MWh): | |||||||||||||||||||||||||
Fixed price | 14,689,432 | 6,148,800 | |||||||||||||||||||||||
FTRs | 35,786,150 | — | |||||||||||||||||||||||
Capacity (MW) | 10,700 | 7,600 | |||||||||||||||||||||||
Liquids (Gals)(2) | 39,984,000 | 1,260,000 | |||||||||||||||||||||||
Interest rate | $ | 1,300,000,000 | $ | 4,450,000,000 | |||||||||||||||||||||
-1 | Includes options. | ||||||||||||||||||||||||
-2 | Includes NGLs and oil. | ||||||||||||||||||||||||
Cash Flow Hedges Included Accumulated Other Comprehensive Income (Loss) | The following table presents selected information related to gains (losses) on cash flow hedges included in AOCI in Dominion's Consolidated Balance Sheet at December 31, 2014: | ||||||||||||||||||||||||
AOCI | Amounts Expected to be Reclassified to Earnings during the next 12 Months After-Tax | Maximum | |||||||||||||||||||||||
After-Tax | Term | ||||||||||||||||||||||||
(millions) | |||||||||||||||||||||||||
Commodities: | |||||||||||||||||||||||||
Gas | $ | (8 | ) | $ | (7 | ) | 27 months | ||||||||||||||||||
Electricity | 56 | 46 | 24 months | ||||||||||||||||||||||
Other | — | — | 17 months | ||||||||||||||||||||||
Interest rate | (226 | ) | (6 | ) | 384 months | ||||||||||||||||||||
Total | $ | (178 | ) | $ | 33 | ||||||||||||||||||||
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value | The following tables present the fair values of Dominion's derivatives and where they are presented in its Consolidated Balance Sheets: | ||||||||||||||||||||||||
Fair Value - | Fair Value - | Total | |||||||||||||||||||||||
Derivatives | Derivatives | Fair | |||||||||||||||||||||||
under | not under | Value | |||||||||||||||||||||||
Hedge | Hedge | ||||||||||||||||||||||||
Accounting | Accounting | ||||||||||||||||||||||||
(millions) | |||||||||||||||||||||||||
At December 31, 2014 | |||||||||||||||||||||||||
ASSETS | |||||||||||||||||||||||||
Current Assets | |||||||||||||||||||||||||
Commodity | $ | 281 | $ | 242 | $ | 523 | |||||||||||||||||||
Interest rate | 13 | — | 13 | ||||||||||||||||||||||
Total current derivative assets | 294 | 242 | 536 | ||||||||||||||||||||||
Noncurrent Assets | |||||||||||||||||||||||||
Commodity | 71 | 101 | 172 | ||||||||||||||||||||||
Interest rate | 11 | — | 11 | ||||||||||||||||||||||
Total noncurrent derivative assets(1) | 82 | 101 | 183 | ||||||||||||||||||||||
Total derivative assets | $ | 376 | $ | 343 | $ | 719 | |||||||||||||||||||
LIABILITIES | |||||||||||||||||||||||||
Current Liabilities | |||||||||||||||||||||||||
Commodity | $ | 224 | $ | 267 | $ | 491 | |||||||||||||||||||
Interest rate | 100 | — | 100 | ||||||||||||||||||||||
Total current derivative liabilities | 324 | 267 | 591 | ||||||||||||||||||||||
Noncurrent Liabilities | |||||||||||||||||||||||||
Commodity | 55 | 46 | 101 | ||||||||||||||||||||||
Interest rate | 102 | — | 102 | ||||||||||||||||||||||
Total noncurrent derivative liabilities(2) | 157 | 46 | 203 | ||||||||||||||||||||||
Total derivative liabilities | $ | 481 | $ | 313 | $ | 794 | |||||||||||||||||||
At December 31, 2013 | |||||||||||||||||||||||||
ASSETS | |||||||||||||||||||||||||
Current Assets | |||||||||||||||||||||||||
Commodity | $ | 49 | $ | 522 | $ | 571 | |||||||||||||||||||
Interest rate | 116 | — | 116 | ||||||||||||||||||||||
Total current derivative assets | 165 | 522 | 687 | ||||||||||||||||||||||
Noncurrent Assets | |||||||||||||||||||||||||
Commodity | 28 | 154 | 182 | ||||||||||||||||||||||
Interest rate | 21 | — | 21 | ||||||||||||||||||||||
Total noncurrent derivative assets(1) | 49 | 154 | 203 | ||||||||||||||||||||||
Total derivative assets | $ | 214 | $ | 676 | $ | 890 | |||||||||||||||||||
LIABILITIES | |||||||||||||||||||||||||
Current Liabilities | |||||||||||||||||||||||||
Commodity | $ | 267 | $ | 561 | $ | 828 | |||||||||||||||||||
Total current derivative liabilities | 267 | 561 | 828 | ||||||||||||||||||||||
Noncurrent Liabilities | |||||||||||||||||||||||||
Commodity | 119 | 155 | 274 | ||||||||||||||||||||||
Total noncurrent derivative liabilities(2) | 119 | 155 | 274 | ||||||||||||||||||||||
Total derivative liabilities | $ | 386 | $ | 716 | $ | 1,102 | |||||||||||||||||||
-1 | Noncurrent derivative assets are presented in other deferred charges and other assets in Dominion's Consolidated Balance Sheets. | ||||||||||||||||||||||||
-2 | Noncurrent derivative liabilities are presented in other deferred credits and other liabilities in Dominion's Consolidated Balance Sheets. | ||||||||||||||||||||||||
Derivative Instruments Gain (Loss) by Hedging Relationship by Income Statement Location | The following tables present the gains and losses on Dominion's derivatives, as well as where the associated activity is presented in its Consolidated Balance Sheets and Statements of Income: | ||||||||||||||||||||||||
Derivatives in cash flow hedging | Amount of | Amount of | Increase | ||||||||||||||||||||||
relationships | Gain (Loss) | Gain (Loss) | (Decrease) | ||||||||||||||||||||||
Recognized | Reclassified | in | |||||||||||||||||||||||
in AOCI on | from AOCI | Derivatives | |||||||||||||||||||||||
Derivatives | to Income | Subject to | |||||||||||||||||||||||
(Effective | Regulatory | ||||||||||||||||||||||||
Portion)(1) | Treatment(2) | ||||||||||||||||||||||||
(millions) | |||||||||||||||||||||||||
Year Ended December 31, 2014 | |||||||||||||||||||||||||
Derivative Type and Location of Gains (Losses) | |||||||||||||||||||||||||
Commodity: | |||||||||||||||||||||||||
Operating revenue | $ | (130 | ) | ||||||||||||||||||||||
Purchased gas | (13 | ) | |||||||||||||||||||||||
Electric fuel and other energy-related purchases | 7 | ||||||||||||||||||||||||
Total commodity | $ | 245 | $ | (136 | ) | $ | (4 | ) | |||||||||||||||||
Interest rate(3) | (208 | ) | (16 | ) | (81 | ) | |||||||||||||||||||
Total | $ | 37 | $ | (152 | ) | $ | (85 | ) | |||||||||||||||||
Year Ended December 31, 2013 | |||||||||||||||||||||||||
Derivative Type and Location of Gains (Losses) | |||||||||||||||||||||||||
Commodity: | |||||||||||||||||||||||||
Operating revenue | $ | (58 | ) | ||||||||||||||||||||||
Purchased gas | (47 | ) | |||||||||||||||||||||||
Electric fuel and other energy-related purchases | (10 | ) | |||||||||||||||||||||||
Total commodity | $ | (481 | ) | $ | (115 | ) | $ | 5 | |||||||||||||||||
Interest rate(3) | 77 | (15 | ) | 81 | |||||||||||||||||||||
Total | $ | (404 | ) | $ | (130 | ) | $ | 86 | |||||||||||||||||
Year Ended December 31, 2012 | |||||||||||||||||||||||||
Derivative Type and Location of Gains (Losses) | |||||||||||||||||||||||||
Commodity: | |||||||||||||||||||||||||
Operating revenue | $ | 188 | |||||||||||||||||||||||
Purchased gas | (75 | ) | |||||||||||||||||||||||
Electric fuel and other energy-related purchases | (17 | ) | |||||||||||||||||||||||
Total commodity | $ | 71 | $ | 96 | $ | 10 | |||||||||||||||||||
Interest rate(3) | (84 | ) | (2 | ) | (35 | ) | |||||||||||||||||||
Total | $ | (13 | ) | $ | 94 | $ | (25 | ) | |||||||||||||||||
-1 | Amounts deferred into AOCI have no associated effect in Dominion's Consolidated Statements of Income. | ||||||||||||||||||||||||
-2 | Represents net derivative activity deferred into and amortized out of regulatory assets/liabilities. Amounts deferred into regulatory assets/liabilities have no associated effect in Dominion's Consolidated Statements of Income. | ||||||||||||||||||||||||
-3 | Amounts recorded in Dominion's Consolidated Statements of Income are classified in interest and related charges. | ||||||||||||||||||||||||
Schedule Of Derivatives Not Designated As Hedging Instruments | |||||||||||||||||||||||||
Derivatives not designated as hedging | Amount of Gain (Loss) Recognized in Income on Derivatives(1) | ||||||||||||||||||||||||
instruments | |||||||||||||||||||||||||
Year Ended December 31, | 2014 | 2013 | 2012 | ||||||||||||||||||||||
(millions) | |||||||||||||||||||||||||
Derivative Type and Location of Gains (Losses) | |||||||||||||||||||||||||
Commodity: | |||||||||||||||||||||||||
Operating revenue | $ | (310 | ) | $ | (45 | ) | $ | 168 | |||||||||||||||||
Purchased gas | (51 | ) | (9 | ) | (14 | ) | |||||||||||||||||||
Electric fuel and other energy-related purchases | 113 | (29 | ) | (40 | ) | ||||||||||||||||||||
Interest rate(2) | — | — | 17 | ||||||||||||||||||||||
Total | $ | (248 | ) | $ | (83 | ) | $ | 131 | |||||||||||||||||
-1 | Includes derivative activity amortized out of regulatory assets/liabilities. Amounts deferred into regulatory assets/liabilities have no associated effect in Dominion's Consolidated Statements of Income. | ||||||||||||||||||||||||
-2 | Amounts recorded in Dominion's Consolidated Statements of Income are classified in interest and related charges. | ||||||||||||||||||||||||
Virginia Electric and Power Company | |||||||||||||||||||||||||
Derivative [Line Items] | |||||||||||||||||||||||||
Offsetting Assets | The tables below present Virginia Power's derivative asset and liability balances by type of financial instrument, before and after the effects of offsetting: | ||||||||||||||||||||||||
31-Dec-14 | 31-Dec-13 | ||||||||||||||||||||||||
Gross Amounts of Recognized Assets | Gross Amounts Offset in the Consolidated Balance Sheet | Net Amounts of Assets Presented in the Consolidated Balance Sheet | Gross Amounts of Recognized Assets | Gross Amounts Offset in the Consolidated Balance Sheet | Net Amounts of Assets Presented in the Consolidated Balance Sheet | ||||||||||||||||||||
(millions) | |||||||||||||||||||||||||
Interest rate contracts: | |||||||||||||||||||||||||
Over-the-counter | $ | — | $ | — | $ | — | $ | 48 | $ | — | $ | 48 | |||||||||||||
Commodity contracts: | |||||||||||||||||||||||||
Over-the-counter | 106 | — | 106 | 4 | — | 4 | |||||||||||||||||||
Exchange | — | — | — | 1 | — | 1 | |||||||||||||||||||
Total derivatives, subject to a master netting or similar arrangement | 106 | — | 106 | 53 | — | 53 | |||||||||||||||||||
Total derivatives, not subject to a master netting or similar arrangement | 7 | — | 7 | — | — | — | |||||||||||||||||||
Total | $ | 113 | $ | — | $ | 113 | $ | 53 | $ | — | $ | 53 | |||||||||||||
31-Dec-14 | 31-Dec-13 | ||||||||||||||||||||||||
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) | |||||||||||||||||||||||||
Interest rate contracts: | |||||||||||||||||||||||||
Over-the-counter | $ | — | $ | — | $ | — | $ | — | $ | 48 | $ | — | $ | — | $ | 48 | |||||||||
Commodity contracts: | |||||||||||||||||||||||||
Over-the-counter | 106 | 4 | — | 102 | 4 | 4 | — | — | |||||||||||||||||
Exchange | — | — | — | — | 1 | — | — | 1 | |||||||||||||||||
Total | $ | 106 | $ | 4 | $ | — | $ | 102 | $ | 53 | $ | 4 | $ | — | $ | 49 | |||||||||
Offsetting Liabilities | |||||||||||||||||||||||||
31-Dec-14 | 31-Dec-13 | ||||||||||||||||||||||||
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) | |||||||||||||||||||||||||
Interest rate contracts: | |||||||||||||||||||||||||
Over-the-counter | $ | 72 | $ | — | $ | 72 | $ | — | $ | — | $ | — | |||||||||||||
Commodity contracts: | |||||||||||||||||||||||||
Over-the-counter | 8 | — | 8 | 12 | — | 12 | |||||||||||||||||||
Total derivatives, subject to a master netting or similar arrangement | 80 | — | 80 | 12 | — | 12 | |||||||||||||||||||
Total derivatives, not subject to a master netting or similar arrangement | 7 | — | 7 | — | — | — | |||||||||||||||||||
Total | $ | 87 | $ | — | $ | 87 | $ | 12 | $ | — | $ | 12 | |||||||||||||
31-Dec-14 | 31-Dec-13 | ||||||||||||||||||||||||
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) | |||||||||||||||||||||||||
Interest rate contracts: | |||||||||||||||||||||||||
Over-the-counter | $ | 72 | $ | — | $ | — | $ | 72 | $ | — | $ | — | $ | — | $ | — | |||||||||
Commodity contracts: | |||||||||||||||||||||||||
Over-the-counter | 8 | 4 | — | 4 | 12 | 4 | 7 | 1 | |||||||||||||||||
Total | $ | 80 | $ | 4 | $ | — | $ | 76 | $ | 12 | $ | 4 | $ | 7 | $ | 1 | |||||||||
Volumes of Derivatives | The following table presents the volume of Virginia Power's derivative activity at December 31, 2014. 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 | 7 | — | |||||||||||||||||||||||
Basis | 51 | 493 | |||||||||||||||||||||||
Electricity (MWh): | |||||||||||||||||||||||||
FTRs | 33,709,386 | — | |||||||||||||||||||||||
Capacity (MW) | 10,700 | 7,600 | |||||||||||||||||||||||
Interest rate | $ | 550,000,000 | $ | 900,000,000 | |||||||||||||||||||||
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value | The following tables present the fair values of Virginia Power's derivatives and where they are presented in its Consolidated Balance Sheets: | ||||||||||||||||||||||||
Fair Value - | Fair Value - | Total | |||||||||||||||||||||||
Derivatives | Derivatives | Fair | |||||||||||||||||||||||
under | not under | Value | |||||||||||||||||||||||
Hedge | Hedge | ||||||||||||||||||||||||
Accounting | Accounting | ||||||||||||||||||||||||
(millions) | |||||||||||||||||||||||||
At December 31, 2014 | |||||||||||||||||||||||||
ASSETS | |||||||||||||||||||||||||
Current Assets | |||||||||||||||||||||||||
Commodity | $ | — | $ | 51 | $ | 51 | |||||||||||||||||||
Total current derivative assets(1) | — | 51 | 51 | ||||||||||||||||||||||
Noncurrent Assets | |||||||||||||||||||||||||
Commodity | — | 62 | 62 | ||||||||||||||||||||||
Total noncurrent derivative assets(2) | — | 62 | 62 | ||||||||||||||||||||||
Total derivative assets | $ | — | $ | 113 | $ | 113 | |||||||||||||||||||
LIABILITIES | |||||||||||||||||||||||||
Current Liabilities | |||||||||||||||||||||||||
Commodity | $ | 3 | $ | 12 | $ | 15 | |||||||||||||||||||
Interest rate | 45 | — | 45 | ||||||||||||||||||||||
Total current derivative liabilities | 48 | 12 | 60 | ||||||||||||||||||||||
Noncurrent Liabilities | |||||||||||||||||||||||||
Interest rate | 27 | — | 27 | ||||||||||||||||||||||
Total noncurrent derivative liabilities(3) | 27 | — | 27 | ||||||||||||||||||||||
Total derivative liabilities | $ | 75 | $ | 12 | $ | 87 | |||||||||||||||||||
At December 31, 2013 | |||||||||||||||||||||||||
ASSETS | |||||||||||||||||||||||||
Current Assets | |||||||||||||||||||||||||
Commodity | $ | 2 | $ | 3 | $ | 5 | |||||||||||||||||||
Interest rate | 48 | — | 48 | ||||||||||||||||||||||
Total current derivative assets(1) | 50 | 3 | 53 | ||||||||||||||||||||||
Total derivative assets | $ | 50 | $ | 3 | $ | 53 | |||||||||||||||||||
LIABILITIES | |||||||||||||||||||||||||
Current Liabilities | |||||||||||||||||||||||||
Commodity | $ | 1 | $ | 11 | $ | 12 | |||||||||||||||||||
Total current derivative liabilities | 1 | 11 | 12 | ||||||||||||||||||||||
Total derivative liabilities | $ | 1 | $ | 11 | $ | 12 | |||||||||||||||||||
-1 | Current derivative assets are presented in other current assets in Virginia Power's Consolidated Balance Sheets. | ||||||||||||||||||||||||
-2 | Noncurrent derivative assets are presented in other deferred charges and other assets in Virginia Power's Consolidated Balance Sheets. | ||||||||||||||||||||||||
-3 | Noncurrent derivative liabilities are presented in other deferred credits and other liabilities in Virginia Power's Consolidated Balance Sheets. | ||||||||||||||||||||||||
Derivative Instruments Gain (Loss) by Hedging Relationship by Income Statement 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 | Amount of | Increase | ||||||||||||||||||||||
relationships | (Loss) | Gain (Loss) | (Decrease)Â in | ||||||||||||||||||||||
Recognized in | Reclassified | Derivatives | |||||||||||||||||||||||
AOCI on | from AOCI to | Subject to | |||||||||||||||||||||||
Derivatives | Income | Regulatory | |||||||||||||||||||||||
(Effective | Treatment(2) | ||||||||||||||||||||||||
Portion)(1) | |||||||||||||||||||||||||
(millions) | |||||||||||||||||||||||||
Year Ended December 31, 2014 | |||||||||||||||||||||||||
Derivative Type and Location of Gains (Losses) | |||||||||||||||||||||||||
Commodity: | |||||||||||||||||||||||||
Electric fuel and other energy-related purchases | $ | 5 | |||||||||||||||||||||||
Total commodity | $ | 4 | $ | 5 | $ | (4 | ) | ||||||||||||||||||
Interest rate(3) | (10 | ) | — | (81 | ) | ||||||||||||||||||||
Total | $ | (6 | ) | $ | 5 | $ | (85 | ) | |||||||||||||||||
Year Ended December 31, 2013 | |||||||||||||||||||||||||
Derivative Type and Location of Gains (Losses) | |||||||||||||||||||||||||
Commodity: | |||||||||||||||||||||||||
Electric fuel and other energy-related purchases | $ | — | |||||||||||||||||||||||
Total commodity | $ | — | $ | — | $ | 5 | |||||||||||||||||||
Interest rate(3) | 9 | — | 81 | ||||||||||||||||||||||
Total | $ | 9 | $ | — | $ | 86 | |||||||||||||||||||
Year Ended December 31, 2012 | |||||||||||||||||||||||||
Derivative Type and Location of Gains (Losses) | |||||||||||||||||||||||||
Commodity: | |||||||||||||||||||||||||
Electric fuel and other energy-related purchases | $ | (4 | ) | ||||||||||||||||||||||
Total commodity | $ | (2 | ) | $ | (4 | ) | $ | 10 | |||||||||||||||||
Interest rate(3) | (6 | ) | — | (35 | ) | ||||||||||||||||||||
Total | $ | (8 | ) | $ | (4 | ) | $ | (25 | ) | ||||||||||||||||
-1 | Amounts deferred into AOCI have no associated effect in Virginia Power's Consolidated Statements of Income. | ||||||||||||||||||||||||
-2 | Represents net derivative activity deferred into and amortized out of regulatory assets/liabilities. Amounts deferred into regulatory assets/liabilities have no associated effect in Virginia Power's Consolidated Statements of Income. | ||||||||||||||||||||||||
-3 | Amounts recorded in Virginia Power's Consolidated Statements of Income are classified in interest and related charges. | ||||||||||||||||||||||||
Schedule Of Derivatives Not Designated As Hedging Instruments | |||||||||||||||||||||||||
Derivatives not designated as hedging | Amount of Gain (Loss) Recognized | ||||||||||||||||||||||||
instruments | in Income on Derivatives(1) | ||||||||||||||||||||||||
Year Ended December 31, | 2014 | 2013 | 2012 | ||||||||||||||||||||||
(millions) | |||||||||||||||||||||||||
Derivative Type and Location of Gains (Losses) | |||||||||||||||||||||||||
Commodity(2) | $ | 105 | $ | (16 | ) | $ | (50 | ) | |||||||||||||||||
Total | $ | 105 | $ | (16 | ) | $ | (50 | ) | |||||||||||||||||
-1 | Includes derivative activity amortized out of regulatory assets/liabilities. Amounts deferred into regulatory assets/liabilities have no associated effect in Virginia Power's Consolidated Statements of Income. | ||||||||||||||||||||||||
-2 | Amounts recorded in Virginia Power's Consolidated Statements of Income are classified in electric fuel and other energy-related purchases. | ||||||||||||||||||||||||
Dominion Gas Holdings, LLC | |||||||||||||||||||||||||
Derivative [Line Items] | |||||||||||||||||||||||||
Offsetting Assets | The tables below present Dominion Gas' derivative asset and liability balances by type of financial instrument, before and after the effects of offsetting: | ||||||||||||||||||||||||
31-Dec-14 | 31-Dec-13 | ||||||||||||||||||||||||
Gross Amounts of Recognized Assets | Gross Amounts Offset in the Consolidated Balance Sheet | Net Amounts of Assets Presented in the Consolidated Balance Sheet | Gross Amounts of Recognized Assets | Gross Amounts Offset in the Consolidated Balance Sheet | Net Amounts of Assets Presented in the Consolidated Balance Sheet | ||||||||||||||||||||
(millions) | |||||||||||||||||||||||||
Interest rate contracts: | |||||||||||||||||||||||||
Over-the-counter | $ | — | $ | — | $ | — | $ | 34 | $ | — | $ | 34 | |||||||||||||
Commodity contracts: | |||||||||||||||||||||||||
Over-the-counter | 2 | — | 2 | 6 | — | 6 | |||||||||||||||||||
Total derivatives, subject to a master netting or similar arrangement | $ | 2 | $ | — | $ | 2 | $ | 40 | $ | — | $ | 40 | |||||||||||||
31-Dec-14 | 31-Dec-13 | ||||||||||||||||||||||||
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) | |||||||||||||||||||||||||
Interest rate contracts: | |||||||||||||||||||||||||
Over-the-counter | $ | — | $ | — | $ | — | $ | — | $ | 34 | $ | — | $ | — | $ | 34 | |||||||||
Commodity contracts: | |||||||||||||||||||||||||
Over-the-counter | 2 | — | — | 2 | 6 | 6 | — | — | |||||||||||||||||
Total | $ | 2 | $ | — | $ | — | $ | 2 | $ | 40 | $ | 6 | $ | — | $ | 34 | |||||||||
Offsetting Liabilities | |||||||||||||||||||||||||
31-Dec-14 | 31-Dec-13 | ||||||||||||||||||||||||
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) | |||||||||||||||||||||||||
Interest rate contracts: | |||||||||||||||||||||||||
Over-the-counter | $ | 9 | $ | — | $ | 9 | $ | — | $ | — | $ | — | |||||||||||||
Commodity contracts: | |||||||||||||||||||||||||
Over-the-counter | — | — | — | 25 | — | 25 | |||||||||||||||||||
Total derivatives, subject to a master netting or similar arrangement | $ | 9 | $ | — | $ | 9 | $ | 25 | $ | — | $ | 25 | |||||||||||||
31-Dec-14 | 31-Dec-13 | ||||||||||||||||||||||||
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) | |||||||||||||||||||||||||
Interest rate contracts: | |||||||||||||||||||||||||
Over-the-counter | $ | 9 | $ | — | $ | — | $ | 9 | $ | — | $ | — | $ | — | $ | — | |||||||||
Commodity contracts: | |||||||||||||||||||||||||
Over-the-counter | — | — | — | — | 25 | 6 | — | 19 | |||||||||||||||||
Total | $ | 9 | $ | — | $ | — | $ | 9 | $ | 25 | $ | 6 | $ | — | $ | 19 | |||||||||
Volumes of Derivatives | The following table presents the volume of Dominion Gas' derivative activity at December 31, 2014. 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 | ||||||||||||||||||||||||
NGLs | 32,340,000 | — | |||||||||||||||||||||||
Interest rate | $ | — | $ | 250,000,000 | |||||||||||||||||||||
Cash Flow Hedges Included Accumulated Other Comprehensive Income (Loss) | The following table presents selected information related to gains (losses) on cash flow hedges included in AOCI in Dominion Gas' Consolidated Balance Sheet at December 31, 2014: | ||||||||||||||||||||||||
AOCI | Amounts Expected to be Reclassified to Earnings during the next 12 Months After-Tax | Maximum | |||||||||||||||||||||||
After-Tax | Term | ||||||||||||||||||||||||
(millions) | |||||||||||||||||||||||||
Commodities: | |||||||||||||||||||||||||
Natural Gas | $ | — | $ | — | 3 months | ||||||||||||||||||||
NGLs | — | — | 12 months | ||||||||||||||||||||||
Interest rate | (20 | ) | — | 360 months | |||||||||||||||||||||
Total | $ | (20 | ) | $ | — | ||||||||||||||||||||
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value | The following tables present the fair values of Dominion Gas' derivatives and where they are presented in its Consolidated Balance Sheets: | ||||||||||||||||||||||||
Fair Value - | Fair Value - | Total | |||||||||||||||||||||||
Derivatives | Derivatives | Fair | |||||||||||||||||||||||
under | not under | Value | |||||||||||||||||||||||
Hedge | Hedge | ||||||||||||||||||||||||
Accounting | Accounting | ||||||||||||||||||||||||
(millions) | |||||||||||||||||||||||||
At December 31, 2014 | |||||||||||||||||||||||||
ASSETS | |||||||||||||||||||||||||
Current Assets | |||||||||||||||||||||||||
Commodity | $ | 2 | $ | — | $ | 2 | |||||||||||||||||||
Total current derivative assets(1) | 2 | — | 2 | ||||||||||||||||||||||
Total derivative assets | $ | 2 | $ | — | $ | 2 | |||||||||||||||||||
LIABILITIES | |||||||||||||||||||||||||
Noncurrent Liabilities | |||||||||||||||||||||||||
Interest rate | $ | 9 | $ | — | $ | 9 | |||||||||||||||||||
Total noncurrent derivative liabilities(2) | 9 | — | 9 | ||||||||||||||||||||||
Total derivative liabilities | $ | 9 | $ | — | $ | 9 | |||||||||||||||||||
At December 31, 2013 | |||||||||||||||||||||||||
ASSETS | |||||||||||||||||||||||||
Current Assets | |||||||||||||||||||||||||
Commodity | $ | 6 | $ | — | $ | 6 | |||||||||||||||||||
Interest rate | 34 | — | 34 | ||||||||||||||||||||||
Total current derivative assets(1) | 40 | — | 40 | ||||||||||||||||||||||
Total derivative assets | $ | 40 | $ | — | $ | 40 | |||||||||||||||||||
LIABILITIES | |||||||||||||||||||||||||
Current Liabilities | |||||||||||||||||||||||||
Commodity | $ | 25 | $ | — | $ | 25 | |||||||||||||||||||
Total current derivative liabilities(3) | 25 | — | 25 | ||||||||||||||||||||||
Total derivative liabilities | $ | 25 | $ | — | $ | 25 | |||||||||||||||||||
-1 | Current derivative assets are presented in other current assets in Dominion Gas' Consolidated Balance Sheets. | ||||||||||||||||||||||||
-2 | Noncurrent derivative liabilities are presented in other deferred credits and other liabilities in Dominion Gas' Consolidated Balance Sheets. | ||||||||||||||||||||||||
-3 | Current derivative liabilities are presented in other current liabilities in Dominion Gas' Consolidated Balance Sheets. | ||||||||||||||||||||||||
Derivative Instruments Gain (Loss) by Hedging Relationship by Income Statement Location | The following tables present the gains and losses on Dominion Gas' derivatives, as well as where the associated activity is presented in its Consolidated Balance Sheets and Statements of Income: | ||||||||||||||||||||||||
Derivatives in cash flow hedging | Amount of Gain | Amount of | |||||||||||||||||||||||
relationships | (Loss) | Gain (Loss) | |||||||||||||||||||||||
Recognized in | Reclassified | ||||||||||||||||||||||||
AOCI on | from AOCI to | ||||||||||||||||||||||||
Derivatives | Income | ||||||||||||||||||||||||
(Effective | |||||||||||||||||||||||||
Portion)(1) | |||||||||||||||||||||||||
(millions) | |||||||||||||||||||||||||
Year Ended December 31, 2014 | |||||||||||||||||||||||||
Derivative Type and Location of Gains (Losses) | |||||||||||||||||||||||||
Commodity: | |||||||||||||||||||||||||
Operating revenue | $ | 2 | |||||||||||||||||||||||
Purchased gas | (14 | ) | |||||||||||||||||||||||
Total commodity | $ | 12 | $ | (12 | ) | ||||||||||||||||||||
Interest rate(2) | (62 | ) | (1 | ) | |||||||||||||||||||||
Total | $ | (50 | ) | $ | (13 | ) | |||||||||||||||||||
Year Ended December 31, 2013 | |||||||||||||||||||||||||
Derivative Type and Location of Gains (Losses) | |||||||||||||||||||||||||
Commodity: | |||||||||||||||||||||||||
Operating revenue | $ | (2 | ) | ||||||||||||||||||||||
Purchased gas | (14 | ) | |||||||||||||||||||||||
Total commodity | $ | (2 | ) | $ | (16 | ) | |||||||||||||||||||
Interest rate(2) | 68 | — | |||||||||||||||||||||||
Total | $ | 66 | $ | (16 | ) | ||||||||||||||||||||
Year Ended December 31, 2012 | |||||||||||||||||||||||||
Derivative Type and Location of Gains (Losses) | |||||||||||||||||||||||||
Commodity: | |||||||||||||||||||||||||
Operating revenue | $ | (15 | ) | ||||||||||||||||||||||
Purchased gas | (18 | ) | |||||||||||||||||||||||
Total commodity | $ | 64 | $ | (33 | ) | ||||||||||||||||||||
Interest rate(2) | (41 | ) | — | ||||||||||||||||||||||
Total | $ | 23 | $ | (33 | ) | ||||||||||||||||||||
-1 | Amounts deferred into AOCI have no associated effect in Dominion Gas' Consolidated Statements of Income. | ||||||||||||||||||||||||
-2 | Amounts recorded in Dominion Gas' Consolidated Statements of Income are classified in interest and related charges. |
Earnings_Per_Share_Tables
Earnings Per Share (Tables) | 12 Months Ended | |||||||||
Dec. 31, 2014 | ||||||||||
Earnings Per Share [Abstract] | ||||||||||
Earnings Per Share Computation | The following table presents the calculation of Dominion's basic and diluted EPS: | |||||||||
2014 | 2013 | 2012 | ||||||||
(millions, except EPS) | ||||||||||
Net income attributable to Dominion | $ | 1,310 | $ | 1,697 | $ | 302 | ||||
Average shares of common stock outstanding-Basic | 582.7 | 578.7 | 572.9 | |||||||
Net effect of dilutive securities(1) | 1.8 | 0.8 | 1 | |||||||
Average shares of common stock outstanding-Diluted | 584.5 | 579.5 | 573.9 | |||||||
Earnings Per Common Share-Basic | $ | 2.25 | $ | 2.93 | $ | 0.53 | ||||
Earnings Per Common Share-Diluted | $ | 2.24 | $ | 2.93 | $ | 0.53 | ||||
-1 | Dilutive securities consist primarily of contingently convertible senior notes and the 2013 Equity Units for 2014 and contingently convertible senior notes for 2013 and 2012. Dominion redeemed all of its contingently convertible senior notes in 2014. See Note 17 for more information. |
Investments_Tables
Investments (Tables) | 12 Months Ended | |||||||||||||
Dec. 31, 2014 | ||||||||||||||
Schedule of Available-for-sale Securities [Line Items] | ||||||||||||||
Available-For-Sale Securities | Dominion's decommissioning trust funds are summarized below: | |||||||||||||
Amortized | Total | Total | Fair | |||||||||||
Cost | Unrealized | Unrealized | Value | |||||||||||
Gains (1) | Losses (1) | |||||||||||||
(millions) | ||||||||||||||
2014 | ||||||||||||||
Marketable equity securities: | ||||||||||||||
   U.S. large cap | $ | 1,273 | $ | 1,353 | $ | — | $ | 2,626 | ||||||
Marketable debt securities: | ||||||||||||||
Corporate debt instruments | 424 | 19 | (2 | ) | 441 | |||||||||
U.S. Treasury securities and agency debentures | 597 | 13 | (4 | ) | 606 | |||||||||
State and municipal | 332 | 23 | — | 355 | ||||||||||
Other | 66 | — | — | 66 | ||||||||||
Cost method investments | 86 | — | — | 86 | ||||||||||
Cash equivalents and other(2) | 16 | — | — | 16 | ||||||||||
Total | $ | 2,794 | $ | 1,408 | $ | (6 | ) | (3)Â | $ | 4,196 | ||||
2013 | ||||||||||||||
Marketable equity securities: | ||||||||||||||
U.S.: | ||||||||||||||
Large Cap | $ | 1,183 | $ | 1,194 | $ | — | $ | 2,377 | ||||||
Other | 49 | 23 | — | 72 | ||||||||||
Marketable debt securities: | ||||||||||||||
Corporate debt instruments | 332 | 16 | (3 | ) | 345 | |||||||||
U.S. Treasury securities and agency debentures | 589 | 8 | (10 | ) | 587 | |||||||||
State and municipal | 297 | 11 | (5 | ) | 303 | |||||||||
Other | 3 | — | — | 3 | ||||||||||
Cost method investments | 106 | — | — | 106 | ||||||||||
Cash equivalents and other(2) | 110 | — | — | 110 | ||||||||||
Total | $ | 2,669 | $ | 1,252 | $ | (18 | ) | (3)Â | $ | 3,903 | ||||
-1 | Included in AOCI and the nuclear decommissioning trust regulatory liability as discussed in Note 2. | |||||||||||||
-2 | Includes pending sales of securities of $3 million and $11 million at December 31, 2014 and 2013, respectively. | |||||||||||||
-3 | The fair value of securities in an unrealized loss position was $379 million and $604 million at December 31, 2014 and 2013, respectively. | |||||||||||||
Investments Classified by Contractual Maturity Date | The fair value of Dominion's marketable debt securities held in nuclear decommissioning trust funds at December 31, 2014 by contractual maturity is as follows: | |||||||||||||
Amount | ||||||||||||||
(millions) | ||||||||||||||
Due in one year or less | $ | 169 | ||||||||||||
Due after one year through five years | 390 | |||||||||||||
Due after five years through ten years | 426 | |||||||||||||
Due after ten years | 483 | |||||||||||||
Total | $ | 1,468 | ||||||||||||
Marketable Securities | Presented below is selected information regarding Dominion's marketable equity and debt securities held in nuclear decommissioning trust funds: | |||||||||||||
Year Ended December 31, | 2014 | 2013 | 2012 | |||||||||||
(millions) | ||||||||||||||
Proceeds from sales | $ | 1,235 | $ | 1,476 | $ | 1,356 | ||||||||
Realized gains(1) | 171 | 157 | 98 | |||||||||||
Realized losses(1) | 30 | 33 | 33 | |||||||||||
-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 recorded other-than-temporary impairment losses on investments held in nuclear decommissioning trust funds as follows: | |||||||||||||
Year Ended December 31, | 2014 | 2013 | 2012 | |||||||||||
(millions) | ||||||||||||||
Total other-than-temporary impairment losses(1) | $ | 21 | $ | 31 | $ | 26 | ||||||||
Losses recorded to decommissioning trust regulatory liability | (5 | ) | (13 | ) | (10 | ) | ||||||||
Losses recognized in other comprehensive income (before taxes) | (3 | ) | (10 | ) | (2 | ) | ||||||||
Net impairment losses recognized in earnings | $ | 13 | $ | 8 | $ | 14 | ||||||||
-1 | Amounts include other-than-temporary impairment losses for debt securities of $3 million, $18 million and $4 million at December 31, 2014, 2013 and 2012, respectively. | |||||||||||||
Investments Accounts Under Equity Method of Accounting | Investments that Dominion and Dominion Gas account for under the equity method of accounting are as follows: | |||||||||||||
Company | Ownership% | Investment Balance | Description | |||||||||||
As of December 31, | 2014 | 2013 | ||||||||||||
(millions) | ||||||||||||||
Dominion | ||||||||||||||
Blue Racer Midstream, LLC | 50 | % | $ | 671 | $ | 510 | Midstream gas and related services | |||||||
Fowler I Holdings LLC | 50 | % | 134 | 149 | Wind-powered merchant generation facility | |||||||||
NedPower Mount Storm LLC | 50 | % | 128 | 131 | Wind-powered merchant generation facility | |||||||||
Iroquois Gas Transmission System, LP | 24.72 | % | 107 | 105 | Gas transmission system | |||||||||
Other(1) | various | 41 | 21 | |||||||||||
Total | $ | 1,081 | $ | 916 | ||||||||||
Dominion Gas | ||||||||||||||
Iroquois Gas Transmission System, LP | 24.72 | % | $ | 107 | $ | 105 | Gas transmission system | |||||||
Total | $ | 107 | $ | 105 | ||||||||||
(1) Dominion has a $50 million commitment to invest in clean power and technology businesses through 2018. Includes Dominion's investment in Atlantic Coast Pipeline. See Note 15 for more information. | ||||||||||||||
Virginia Electric and Power Company | ||||||||||||||
Schedule of Available-for-sale Securities [Line Items] | ||||||||||||||
Available-For-Sale Securities | Virginia Power's decommissioning trust funds are summarized below: | |||||||||||||
Amortized | Total | Total | Fair | |||||||||||
Cost | Unrealized | Unrealized | Value | |||||||||||
Gains (1) | Losses (1) | |||||||||||||
(millions) | ||||||||||||||
2014 | ||||||||||||||
Marketable equity securities: | ||||||||||||||
U.S. large cap | $ | 563 | $ | 594 | $ | — | $ | 1,157 | ||||||
Marketable debt securities: | ||||||||||||||
Corporate debt instruments | 242 | 9 | (1 | ) | 250 | |||||||||
U.S. Treasury securities and agency debentures | 197 | 3 | (2 | ) | 198 | |||||||||
State and municipal | 197 | 13 | — | 210 | ||||||||||
Other | 23 | — | — | 23 | ||||||||||
Cost method investments | 86 | — | — | 86 | ||||||||||
Cash equivalents and other(2) | 6 | — | — | 6 | ||||||||||
Total | $ | 1,314 | $ | 619 | $ | (3 | ) | (3)Â | $ | 1,930 | ||||
2013 | ||||||||||||||
Marketable equity securities: | ||||||||||||||
U.S.: | ||||||||||||||
Large Cap | $ | 506 | $ | 514 | $ | — | $ | 1,020 | ||||||
Other | 25 | 11 | — | 36 | ||||||||||
Marketable debt securities: | ||||||||||||||
Corporate debt instruments | 185 | 8 | (2 | ) | 191 | |||||||||
U.S. Treasury securities and agency debentures | 214 | 1 | (3 | ) | 212 | |||||||||
State and municipal | 163 | 4 | (4 | ) | 163 | |||||||||
Cost method investments | 106 | — | — | 106 | ||||||||||
Cash equivalents and other(2) | 37 | — | — | 37 | ||||||||||
Total | $ | 1,236 | $ | 538 | $ | (9 | ) | (3)Â | $ | 1,765 | ||||
-1 | Â Included in AOCI and the nuclear decommissioning trust regulatory liability as discussed in Note 2. | |||||||||||||
-2 | Includes pending sales of securities of $6 million at December 31, 2014 and 2013. | |||||||||||||
-3 | The fair value of securities in an unrealized loss position was $170 million and $299 million at December 31, 2014 and 2013, respectively. | |||||||||||||
Investments Classified by Contractual Maturity Date | The fair value of Virginia Power's marketable debt securities at December 31, 2014, by contractual maturity is as follows: | |||||||||||||
Amount | ||||||||||||||
(millions) | ||||||||||||||
Due in one year or less | $ | 40 | ||||||||||||
Due after one year through five years | 180 | |||||||||||||
Due after five years through ten years | 242 | |||||||||||||
Due after ten years | 219 | |||||||||||||
Total | $ | 681 | ||||||||||||
Marketable Securities | Presented below is selected information regarding Virginia Power's marketable equity and debt securities. | |||||||||||||
Year Ended December 31, | 2014 | 2013 | 2012 | |||||||||||
(millions) | ||||||||||||||
Proceeds from sales | $ | 549 | $ | 572 | $ | 626 | ||||||||
Realized gains(1) | 73 | 52 | 42 | |||||||||||
Realized losses(1) | 12 | 14 | 11 | |||||||||||
-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 as follows: | |||||||||||||
Year Ended December 31, | 2014 | 2013 | 2012 | |||||||||||
(millions) | ||||||||||||||
Total other-than-temporary impairment losses(1) | $ | 8 | $ | 15 | $ | 11 | ||||||||
Losses recorded to decommissioning trust regulatory liability | (4 | ) | (13 | ) | (10 | ) | ||||||||
Losses recorded in other comprehensive income (before taxes) | (2 | ) | (1 | ) | — | |||||||||
Net impairment losses recognized in earnings | $ | 2 | $ | 1 | $ | 1 | ||||||||
-1 | Amounts include other-than-temporary impairment losses for debt securities of $2 million, $9 million and $2 million at December 31, 2014, 2013 and 2012, respectively. |
Property_Plant_and_Equipment_T
Property, Plant and Equipment (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Property, Plant and Equipment, Net [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, | 2014 | 2013 | |||||||||||
(millions) | |||||||||||||
Dominion | |||||||||||||
Utility: | |||||||||||||
Generation | $ | 15,193 | $ | 14,018 | |||||||||
Transmission | 9,897 | 8,686 | |||||||||||
Distribution | 12,354 | 11,714 | |||||||||||
Storage | 2,350 | 2,190 | |||||||||||
Nuclear fuel | 1,411 | 1,375 | |||||||||||
Gas gathering and processing | 791 | 787 | |||||||||||
General and other | 845 | 812 | |||||||||||
Other-including plant under construction | 3,633 | 3,261 | |||||||||||
Total utility | 46,474 | 42,843 | |||||||||||
Nonutility: | |||||||||||||
Merchant generation-nuclear | 1,267 | 1,153 | |||||||||||
Merchant generation-other | 2,023 | 1,328 | |||||||||||
Nuclear fuel | 860 | 770 | |||||||||||
Other-including plant under construction | 782 | 875 | |||||||||||
Total nonutility | 4,932 | 4,126 | |||||||||||
Total property, plant and equipment | $ | 51,406 | $ | 46,969 | |||||||||
Virginia Power | |||||||||||||
Utility: | |||||||||||||
Generation | $ | 15,193 | $ | 14,018 | |||||||||
Transmission | 5,884 | 4,959 | |||||||||||
Distribution | 9,526 | 9,103 | |||||||||||
Nuclear fuel | 1,411 | 1,375 | |||||||||||
General and other | 697 | 668 | |||||||||||
Other-including plant under construction | 2,464 | 2,719 | |||||||||||
Total utility | 35,175 | 32,842 | |||||||||||
Nonutility-other | 5 | 6 | |||||||||||
Total property, plant and equipment | $ | 35,180 | $ | 32,848 | |||||||||
Dominion Gas | |||||||||||||
Utility: | |||||||||||||
Transmission | $ | 3,690 | $ | 3,407 | |||||||||
Distribution | 2,530 | 2,333 | |||||||||||
Storage | 1,466 | 1,314 | |||||||||||
Gas gathering and processing | 786 | 783 | |||||||||||
General and other | 111 | 103 | |||||||||||
Plant under construction | 179 | 175 | |||||||||||
Total utility | 8,762 | 8,115 | |||||||||||
Nonutility: | |||||||||||||
E&P properties being amortized and other | 140 | 125 | |||||||||||
Total nonutility | 140 | 125 | |||||||||||
Total property, plant and equipment | $ | 8,902 | $ | 8,240 | |||||||||
Share of Jointly-Owned Power Stations | Dominion's and Virginia Power's proportionate share of jointly-owned power stations at December 31, 2014 is as follows: | ||||||||||||
Bath | North | Clover | Millstone | ||||||||||
County | Anna Units 1 and 2(1) | Power | Unit 3(2) | ||||||||||
Pumped | Station(1) | ||||||||||||
Storage | |||||||||||||
Station(1) | |||||||||||||
(millions, except percentages) | |||||||||||||
Ownership interest | 60 | % | 88.4 | % | 50 | % | 93.5 | % | |||||
Plant in service | $ | 1,039 | $ | 2,426 | $ | 573 | $ | 1,104 | |||||
Accumulated depreciation | (542 | ) | (1,137 | ) | (206 | ) | (290 | ) | |||||
Nuclear fuel | — | 627 | — | 480 | |||||||||
Accumulated amortization of nuclear fuel | — | (486 | ) | — | (342 | ) | |||||||
Plant under construction | 11 | 114 | 11 | 71 | |||||||||
-1 | Units jointly owned by Virginia Power. | ||||||||||||
-2 | Unit jointly owned by Dominion. |
Recovered_Sheet1
Goodwill And Intangible Assets (Tables) | 12 Months Ended | |||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ||||||||||||||||||||
Segment allocation of goodwill | The changes in Dominion's and Dominion Gas' carrying amount and segment allocation of goodwill are presented below: | |||||||||||||||||||
Dominion | Dominion | DVP | Corporate and | Total | ||||||||||||||||
Generation | Energy | Other(1) | ||||||||||||||||||
(millions) | ||||||||||||||||||||
Dominion | ||||||||||||||||||||
Balance at December 31, 2012(2) | $ | 1,503 | $ | 701 | $ | 926 | $ | — | $ | 3,130 | ||||||||||
Asset disposition adjustment | (19 | ) | (3) | (25 | ) | (4) | — | — | (44 | ) | ||||||||||
Balance at December 31, 2013(2) | $ | 1,484 | $ | 676 | $ | 926 | $ | — | $ | 3,086 | ||||||||||
Asset disposition adjustment | (32 | ) | (3) | (10 | ) | (4) | — | — | (42 | ) | ||||||||||
Balance at December 31, 2014(2) | $ | 1,452 | $ | 666 | $ | 926 | $ | — | $ | 3,044 | ||||||||||
Dominion Gas | ||||||||||||||||||||
Balance at December 31, 2012(2) | $ | — | $ | 552 | $ | — | $ | — | $ | 552 | ||||||||||
Asset disposition adjustment | — | (7 | ) | (4) | — | — | (7 | ) | ||||||||||||
Balance at December 31, 2013(2) | $ | — | $ | 545 | $ | — | $ | — | $ | 545 | ||||||||||
Asset disposition adjustment | — | (3 | ) | (4) | — | — | (3 | ) | ||||||||||||
Balance at December 31, 2014(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 for a discussion of Dominion's dispositions and related goodwill write-offs. | |||||||||||||||||||
-4 | Related to assets sold or contributed to an affiliate or Blue Racer. | |||||||||||||||||||
Components of intangible assets | The components of intangible assets are as follows: | |||||||||||||||||||
At December 31, | 2014 | 2013 | ||||||||||||||||||
Gross | Accumulated | Gross | Accumulated | |||||||||||||||||
Carrying | Amortization | Carrying | Amortization | |||||||||||||||||
Amount | Amount | |||||||||||||||||||
(millions) | ||||||||||||||||||||
Dominion | ||||||||||||||||||||
Software, licenses and other | $ | 877 | $ | 312 | $ | 867 | $ | 308 | ||||||||||||
Emissions allowances | 10 | 5 | 3 | 2 | ||||||||||||||||
Total | $ | 887 | $ | 317 | $ | 870 | $ | 310 | ||||||||||||
Virginia Power | ||||||||||||||||||||
Software, licenses and other | $ | 286 | $ | 81 | $ | 271 | $ | 78 | ||||||||||||
Total | $ | 286 | $ | 81 | $ | 271 | $ | 78 | ||||||||||||
Dominion Gas | ||||||||||||||||||||
Software, licenses and other | $ | 192 | $ | 113 | $ | 180 | $ | 98 | ||||||||||||
Total | $ | 192 | $ | 113 | $ | 180 | $ | 98 | ||||||||||||
Annual amortization expense of intangible assets | Annual amortization expense for these intangible assets is estimated to be as follows: | |||||||||||||||||||
2015 | 2016 | 2017 | 2018 | 2019 | ||||||||||||||||
(millions) | ||||||||||||||||||||
Dominion | $ | 72 | $ | 67 | $ | 58 | $ | 45 | $ | 36 | ||||||||||
Virginia Power | $ | 21 | $ | 18 | $ | 15 | $ | 12 | $ | 8 | ||||||||||
Dominion Gas | $ | 17 | $ | 16 | $ | 13 | $ | 11 | $ | 11 | ||||||||||
Regulatory_Assets_and_Liabilit1
Regulatory Assets and Liabilities (Tables) | 12 Months Ended | ||||||
Dec. 31, 2014 | |||||||
Regulatory Assets and Liabilities Disclosure [Abstract] | |||||||
Schedule of Regulatory Assets and Liabilities | Regulatory assets and liabilities include the following: | ||||||
At December 31, | 2014 | 2013 | |||||
(millions) | |||||||
Dominion | |||||||
Regulatory assets: | |||||||
Deferred rate adjustment clause costs(1) | $ | 124 | $ | 89 | |||
Deferred cost of fuel used in electric generation(2) | 79 | — | |||||
Deferred nuclear refueling outage costs(3) | 44 | — | |||||
Unrecovered gas costs(4) | 36 | 50 | |||||
Other | 64 | 78 | |||||
Regulatory assets-current | 347 | 217 | |||||
Unrecognized pension and other postretirement benefit costs(5) | 1,050 | 706 | |||||
Deferred rate adjustment clause costs(1) | 250 | 287 | |||||
Income taxes recoverable through future rates(6) | 133 | 155 | |||||
Derivatives(7) | 101 | 16 | |||||
Other | 108 | 64 | |||||
Regulatory assets-non-current | 1,642 | 1,228 | |||||
Total regulatory assets | $ | 1,989 | $ | 1,445 | |||
Regulatory liabilities: | |||||||
PIPP(8) | $ | 71 | $ | 76 | |||
Other | 99 | 52 | |||||
Regulatory liabilities-current(9) | 170 | 128 | |||||
Provision for future cost of removal and AROs(10) | 1,072 | 1,028 | |||||
Nuclear decommissioning trust(11) | 815 | 693 | |||||
Deferred cost of fuel used in electric generation(2) | 6 | 90 | |||||
Other | 98 | 190 | |||||
Regulatory liabilities-non-current | 1,991 | 2,001 | |||||
Total regulatory liabilities | $ | 2,161 | $ | 2,129 | |||
Virginia Power | |||||||
Regulatory assets: | |||||||
Deferred rate adjustment clause costs(1) | $ | 117 | $ | 62 | |||
Deferred cost of fuel used in electric generation(2) | 79 | — | |||||
Deferred nuclear refueling outage costs(3) | 44 | — | |||||
Other | 58 | 66 | |||||
Regulatory assets-current | 298 | 128 | |||||
Deferred rate adjustment clause costs(1) | 179 | 227 | |||||
Derivatives(7) | 101 | 16 | |||||
Income taxes recoverable through future rates(6) | 100 | 124 | |||||
Other | 59 | 50 | |||||
Regulatory assets-non-current | 439 | 417 | |||||
Total regulatory assets | $ | 737 | $ | 545 | |||
Regulatory liabilities: | |||||||
Other | $ | 90 | $ | 41 | |||
Regulatory liabilities-current | 90 | 41 | |||||
Provision for future cost of removal(10) | 852 | 807 | |||||
Nuclear decommissioning trust(11) | 815 | 693 | |||||
Deferred cost of fuel used in electric generation(2) | 6 | 90 | |||||
Other | 10 | 7 | |||||
Regulatory liabilities-non-current | 1,683 | 1,597 | |||||
Total regulatory liabilities | $ | 1,773 | $ | 1,638 | |||
Dominion Gas | |||||||
Regulatory assets: | |||||||
Unrecovered gas costs(4) | $ | 29 | $ | 40 | |||
Deferred rate adjustment clause costs(1) | 7 | 27 | |||||
UEX Rider(12) | — | 11 | |||||
Other | 2 | 1 | |||||
Regulatory assets-current | 38 | 79 | |||||
Unrecognized pension and other postretirement benefit costs(5) | 242 | 194 | |||||
Deferred rate adjustment clause costs(1) | 71 | 59 | |||||
Income taxes recoverable through future rates(6) | 24 | 24 | |||||
Other | 42 | 8 | |||||
Regulatory assets-non-current | 379 | 285 | |||||
Total regulatory assets | $ | 417 | $ | 364 | |||
Regulatory liabilities: | |||||||
PIPP(8) | $ | 71 | $ | 76 | |||
Other | 4 | 3 | |||||
Regulatory liabilities-current | 75 | 79 | |||||
Provision for future cost of removal and AROs(10) | 172 | 177 | |||||
Unrecognized pension and other postretirement benefit costs(5) | — | 18 | |||||
Other | 20 | 8 | |||||
Regulatory liabilities-non-current | 192 | 203 | |||||
Total regulatory liabilities | $ | 267 | $ | 282 | |||
-1 | Reflects deferrals under the electric transmission FERC formula rate and the deferral of costs associated with certain current and prospective rider projects for Virginia Power. Reflects deferrals of costs associated with certain current and prospective rider projects for Dominion Gas. See Note 13 for more information. | ||||||
-2 | Primarily reflects deferred fuel expenses for the Virginia jurisdiction of Dominion's and Virginia Power’s generation operations. See Note 13 for more information. For 2014 and 2013, amount includes approximately $5 million related to DOE claims. | ||||||
-3 | 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. | ||||||
-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’s rate-regulated subsidiaries. | ||||||
-6 | 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. | ||||||
-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. | ||||||
-8 | 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 rider according to East Ohio tariff provisions. See Note 13 for more information. | ||||||
-9 | Current regulatory liabilities are presented in other current liabilities in Dominion's Consolidated Balance Sheets. | ||||||
-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 | 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. | ||||||
-12 | Represents East Ohio’s deferrals for the UEX Rider which are recovered through rates which are filed annually. Most of East Ohio’s bad debt expense is recovered either through the UEX Rider or the PIPP Rider. See Note 13 for more information. |
Asset_Retirement_Obligations_T
Asset Retirement Obligations (Tables) | 12 Months Ended | |||
Dec. 31, 2014 | ||||
Asset Retirement Obligation [Abstract] | ||||
Changes to Asset Retirement Obligations | The changes to AROs during 2013 and 2014 were as follows: | |||
Amount | ||||
(millions) | ||||
Dominion | ||||
AROs at December 31, 2012(1) | $ | 1,705 | ||
Obligations incurred during the period | 13 | |||
Obligations settled during the period | (68 | ) | ||
Revisions in estimated cash flows(2) | (129 | ) | ||
Accretion | 86 | |||
Other | (29 | ) | ||
AROs at December 31, 2013(1) | $ | 1,578 | ||
Obligations incurred during the period | 40 | |||
Obligations settled during the period | (82 | ) | ||
Revisions in estimated cash flows(3) | 102 | |||
Accretion | 81 | |||
Other | (5 | ) | ||
AROs at December 31, 2014(1) | $ | 1,714 | ||
Virginia Power | ||||
AROs at December 31, 2012 | $ | 705 | ||
Obligations incurred during the period | 2 | |||
Obligations settled during the period | (2 | ) | ||
Revisions in estimated cash flows(2) | (52 | ) | ||
Accretion | 38 | |||
Other | (2 | ) | ||
AROs at December 31, 2013 | $ | 689 | ||
Obligations incurred during the period | 28 | |||
Obligations settled during the period | (1 | ) | ||
Revisions in estimated cash flows(3) | 108 | |||
Accretion | 37 | |||
Other | (6 | ) | ||
AROs at December 31, 2014(4) | $ | 855 | ||
Dominion Gas | ||||
AROs at December 31, 2012 | $ | 133 | ||
Obligations incurred during the period | 8 | |||
Obligations settled during the period | (13 | ) | ||
Accretion | 8 | |||
Other | 1 | |||
AROs at December 31, 2013(5)(6) | $ | 137 | ||
Obligations incurred during the period | 2 | |||
Obligations settled during the period | (8 | ) | ||
Accretion | 8 | |||
Other | 8 | |||
AROs at December 31, 2014(5)(6) | $ | 147 | ||
-1 | Includes $64 million, $94 million and $81 million reported in other current liabilities at December 31, 2012, 2013, and 2014, respectively. | |||
-2 | Primarily reflects lower anticipated nuclear decommissioning costs. | |||
-3 | Relates primarily to a shift of the delayed planned date on which the DOE is expected to begin accepting spent nuclear fuel. | |||
-4 | Includes $7 million reported in other current liabilities at December 31, 2014. | |||
-5 | Includes $2 million and $7 million reported in other current liabilities at December 31, 2013 and 2014, respectively. | |||
-6 | Includes $135 million and $140 million reported in other deferred credits and other liabilities, with the remainder recorded in other current liabilities, at December 31, 2013 and 2014, respectively. |
ShortTerm_Debt_And_Credit_Agre1
Short-Term Debt And Credit Agreements (Tables) | 12 Months Ended | |||||||||||||
Dec. 31, 2014 | ||||||||||||||
Short term Debt [Line Items] | ||||||||||||||
Commercial paper bank loans and letters of credit outstanding as well as capacity available under credit facilities | Commercial paper and letters of credit outstanding, as well as capacity available under credit facilities, were as follows: | |||||||||||||
Facility | Outstanding | Outstanding | Facility | |||||||||||
Limit | Commercial | Letters of | Capacity | |||||||||||
Paper | Credit | Available | ||||||||||||
(millions) | ||||||||||||||
At December 31, 2014 | ||||||||||||||
Joint revolving credit facility(1) | $ | 4,000 | $ | 2,664 | $ | — | $ | 1,336 | ||||||
Joint revolving credit facility(2) | 500 | 111 | 48 | 341 | ||||||||||
Total | $ | 4,500 | $ | 2,775 | (3)Â | $ | 48 | $ | 1,677 | |||||
At December 31, 2013 | ||||||||||||||
Joint revolving credit facility(1) | $ | 3,000 | $ | 1,927 | $ | — | $ | 1,073 | ||||||
Joint revolving credit facility(2) | 500 | — | 11 | 489 | ||||||||||
Total | $ | 3,500 | $ | 1,927 | (3)Â | $ | 11 | $ | 1,562 | |||||
-1 | In May 2014, this credit facility was amended and restated. The facility limit was increased from $3 billion to $4 billion and the maturity date was extended from September 2018 to April 2019. This credit facility can be used to support bank borrowings and the issuance of commercial paper, as well as to support up to $1.5 billion of letters of credit. | |||||||||||||
-2 | In May 2014, this credit facility was amended and restated and the maturity date was extended from September 2018 to April 2019. This credit facility can be used to support bank borrowings, commercial paper and letter of credit issuances. | |||||||||||||
-3 | The weighted-average interest rates of the outstanding commercial paper supported by Dominion's credit facilities were 0.38% and 0.33% at December 31, 2014 and 2013, respectively. | |||||||||||||
Virginia Electric and Power Company | ||||||||||||||
Short term Debt [Line Items] | ||||||||||||||
Commercial paper bank loans and letters of credit outstanding as well as capacity available under credit facilities | Virginia Power's share of commercial paper and letters of credit outstanding, as well as its capacity available under its joint credit facilities with Dominion and Dominion Gas were as follows: | |||||||||||||
Facility Sub-limit | Outstanding Commercial Paper | Outstanding Letters of Credit | Facility Sub-limit Capacity Available | |||||||||||
(millions) | ||||||||||||||
At December 31, 2014 | ||||||||||||||
Joint revolving credit facility(1) | $ | 1,250 | $ | 1,250 | $ | — | $ | — | ||||||
Joint revolving credit facility(2) | 250 | 111 | — | 139 | ||||||||||
Total | $ | 1,500 | $ | 1,361 | (3) | $ | — | $ | 139 | |||||
At December 31, 2013 | ||||||||||||||
Joint revolving credit facility(1) | $ | 1,000 | $ | 842 | $ | — | $ | 158 | ||||||
Joint revolving credit facility(2) | 250 | — | 1 | 249 | ||||||||||
Total | $ | 1,250 | $ | 842 | (3)Â | $ | 1 | $ | 407 | |||||
-1 | In May 2014, this credit facility was amended and restated and the maturity date was extended from September 2018 to April 2019. This credit facility 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. Virginia Power's current sub-limit under this credit facility can be increased or decreased multiple times per year. In July 2014, Virginia Power increased its sub-limit from $1.0 billion to $1.25 billion. In January 2015, Virginia Power increased its sub-limit on this facility from $1.25 billion to $1.5 billion. | |||||||||||||
-2 | In May 2014, this credit facility was amended and restated and the maturity date was extended from September 2018 to April 2019. This credit facility can be used to support bank borrowings, commercial paper and letter of credit issuances. Virginia Power's current sub-limit under this credit facility can be increased or decreased multiple times per year. | |||||||||||||
-3 | The weighted-average interest rates of the outstanding commercial paper supported by these credit facilities were 0.36% and 0.33% at December 31, 2014 and 2013, respectively. |
LongTerm_Debt_Tables
Long-Term Debt (Tables) | 12 Months Ended | |||||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||||
Long-term Debt, Unclassified [Abstract] | ||||||||||||||||||||||
Long term Debt | ||||||||||||||||||||||
At December 31, | 2014 Weighted- | 2014 | 2013 | |||||||||||||||||||
average | ||||||||||||||||||||||
Coupon(1) | ||||||||||||||||||||||
(millions, except percentages) | ||||||||||||||||||||||
Dominion Gas Holdings, LLC: | ||||||||||||||||||||||
Unsecured Senior Notes: | ||||||||||||||||||||||
1.05% and 2.5%, due 2016 and 2019 | 1.82 | % | $ | 850 | $ | 400 | ||||||||||||||||
3.55% to 4.8%, due 2023 to 2044 | 4.15 | % | 1,750 | 800 | ||||||||||||||||||
Dominion Gas Holdings, LLC total principal | $ | 2,600 | $ | 1,200 | ||||||||||||||||||
Unamortized discount | (6 | ) | (2 | ) | ||||||||||||||||||
Dominion Gas Holdings, LLC total long-term debt | $ | 2,594 | $ | 1,198 | ||||||||||||||||||
Virginia Electric and Power Company: | ||||||||||||||||||||||
Unsecured Senior Notes: | ||||||||||||||||||||||
1.2% to 8.625%, due 2015 to 2019 | 5.06 | % | $ | 2,471 | $ | 2,488 | ||||||||||||||||
2.75% to 8.875%, due 2022 to 2044 | 5.07 | % | 5,592 | 4,643 | ||||||||||||||||||
Tax-Exempt Financings(2): | ||||||||||||||||||||||
Variable rates, due 2016 to 2041 | 0.93 | % | 606 | 606 | ||||||||||||||||||
0.70% to 5.6%, due 2022 to 2040 | 2.86 | % | 266 | 306 | ||||||||||||||||||
Virginia Electric and Power Company total principal | $ | 8,935 | $ | 8,043 | ||||||||||||||||||
Securities due within one year | 5.39 | % | (211 | ) | (58 | ) | ||||||||||||||||
Unamortized discount and premium, net | 2 | (11 | ) | |||||||||||||||||||
Virginia Electric and Power Company total long-term debt | $ | 8,726 | $ | 7,974 | ||||||||||||||||||
Dominion Resources, Inc.: | ||||||||||||||||||||||
Unsecured Senior Notes: | ||||||||||||||||||||||
Variable rates, due 2014 and 2015 | 0.36 | % | $ | 400 | $ | 400 | ||||||||||||||||
1.25% to 8.875%, due 2014 to 2019 | 3.17 | % | 3,150 | 4,391 | ||||||||||||||||||
2.75% to 7.0%, due 2021 to 2044(3) | 4.93 | % | 4,449 | 3,499 | ||||||||||||||||||
Unsecured Convertible Senior Notes, 2.125%, due 2023 | — | 43 | ||||||||||||||||||||
Tax-Exempt Financing, variable rate, due 2041 | 1.1 | % | 75 | 75 | ||||||||||||||||||
Unsecured Junior Subordinated Notes Payable to Affiliated Trust, 8.4%, due 2031 | 8.4 | % | 10 | 10 | ||||||||||||||||||
Enhanced Junior Subordinated Notes: | ||||||||||||||||||||||
5.75% to 8.375%, due 2054 to 2066 | 6.28 | % | 985 | 985 | ||||||||||||||||||
Variable rate, due 2066 | 2.54 | % | 380 | 380 | ||||||||||||||||||
Remarketable Subordinated Notes, 1.07% to 1.50%, due 2019 to 2021 | 1.3 | % | 2,100 | 1,100 | ||||||||||||||||||
Unsecured Debentures and Senior Notes(4): | ||||||||||||||||||||||
5.0% due 2014 | — | 600 | ||||||||||||||||||||
6.8% and 6.875%, due 2026 and 2027 | 6.81 | % | 89 | 89 | ||||||||||||||||||
Dominion Energy, Inc.: | ||||||||||||||||||||||
Tax-Exempt Financing, 2.375%, due 2033 | 2.38 | % | 27 | 27 | ||||||||||||||||||
Dominion Gas Holdings, LLC total principal (from above) | 2,600 | 1,200 | ||||||||||||||||||||
Virginia Electric and Power Company total principal (from above) | 8,935 | 8,043 | ||||||||||||||||||||
Dominion Resources, Inc. total principal | $ | 23,200 | $ | 20,842 | ||||||||||||||||||
Fair value hedge valuation(5) | 19 | 55 | ||||||||||||||||||||
Securities due within one year(6) | 3.3 | % | (1,375 | ) | (1,519 | ) | ||||||||||||||||
Unamortized discount and premium, net | (39 | ) | (48 | ) | ||||||||||||||||||
Dominion Resources, Inc. total long-term debt | $ | 21,805 | $ | 19,330 | ||||||||||||||||||
-1 | Represents weighted-average coupon rates for debt outstanding as of December 31, 2014. | |||||||||||||||||||||
-2 | These financings relate to certain pollution control equipment at Virginia Power's generating facilities. Certain variable rate tax-exempt financings are supported by a $120 million credit facility that terminates in April 2019. | |||||||||||||||||||||
-3 | At the option of holders, $510 million of Dominion's 5.25% senior notes due 2033 are subject to redemption at 100% of the principal amount plus accrued interest in August 2015. As a result, at December 31, 2014, the notes were included in Securities due within one year in the Consolidated Balance Sheets. | |||||||||||||||||||||
-4 | Represents debt assumed by Dominion from the merger of its former CNG subsidiary. | |||||||||||||||||||||
-5 | Represents the valuation of certain fair value hedges associated with Dominion's fixed rate debt. | |||||||||||||||||||||
-6 | Includes $4 million fair value hedge valuation in 2014 and $14 million of fair value hedge valuation in 2013. | |||||||||||||||||||||
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, 2014, were as follows: | |||||||||||||||||||||
2015 | 2016 | 2017 | 2018 | 2019 | Thereafter | Total | ||||||||||||||||
(millions, except percentages) | ||||||||||||||||||||||
Dominion Gas | $ | — | $ | 400 | $ | — | $ | — | $ | 450 | $ | 1,750 | $ | 2,600 | ||||||||
Weighted-average Coupon | 1.05 | % | 2.5 | % | 4.15 | % | ||||||||||||||||
Virginia Power | $ | 211 | $ | 476 | $ | 679 | $ | 850 | $ | 350 | $ | 6,369 | $ | 8,935 | ||||||||
Weighted-average Coupon | 5.39 | % | 5.24 | % | 5.43 | % | 4.17 | % | 5 | % | 4.64 | % | ||||||||||
Dominion | ||||||||||||||||||||||
Unsecured Senior Notes(1) | $ | 861 | $ | 1,308 | $ | 1,354 | $ | 1,350 | $ | 2,000 | $ | 11,878 | $ | 18,751 | ||||||||
Tax-Exempt Financings | — | 19 | 75 | — | — | 880 | 974 | |||||||||||||||
Unsecured Junior Subordinated Notes Payable to Affiliated Trusts | — | — | — | — | — | 10 | 10 | |||||||||||||||
Enhanced Junior Subordinated Notes | — | — | — | — | — | 1,365 | 1,365 | |||||||||||||||
Remarketable Subordinated Notes | — | — | — | — | 550 | 1,550 | 2,100 | |||||||||||||||
Total | $ | 861 | $ | 1,327 | $ | 1,429 | $ | 1,350 | $ | 2,550 | $ | 15,683 | $ | 23,200 | ||||||||
Weighted-average Coupon | 2.14 | % | 2.86 | % | 3.27 | % | 4.99 | % | 3.09 | % | 4.39 | % | ||||||||||
-1 | At the option of holders, $510 million of Dominion's 5.25% senior notes due 2033 are subject to redemption at 100% of the principal amount plus accrued interest in August 2015. As a result, at December 31, 2014, the notes were included in Securities due within one year in the Consolidated Balance Sheets. | |||||||||||||||||||||
Schedule of Capital Units | Selected information about Dominion'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 | RSN Maturity Date | ||||||||||||||
(millions, except interest rates) | ||||||||||||||||||||||
6/7/13 | 11 | $ | 533.5 | $ | 550 | 1.07 | % | 5.055 | % | $ | 76.7 | 4/1/16 | 4/1/21 | |||||||||
6/7/13 | 11 | $ | 553.5 | $ | 550 | 1.18 | % | 4.82 | % | $ | 79.3 | 7/1/16 | 7/1/19 | |||||||||
7/1/14 | 20 | $ | 982 | $ | 1,000.00 | 1.5 | % | 4.875 | % | $ | 142.8 | 7/1/17 | 7/1/20 | |||||||||
-1 | Payments of $66 million and $17 million were made in 2014 and 2013, respectively. The stock purchase contract liability was $216 million and $139 million at December 31, 2014 and 2013, respectively. |
Preferred_Stock_Tables
Preferred Stock (Tables) | 12 Months Ended | ||||||
Dec. 31, 2014 | |||||||
Preferred Stock, Number of Shares, Par Value and Other Disclosures [Abstract] | |||||||
Schedule Of Preferred Stock | Presented below is a summary of the preferred stock redemptions: | ||||||
Dividend | Total Shares | Redemption Price Per Share | |||||
(thousands) | |||||||
$5.00 | 107 | $ | 112.5 | (1)Â | |||
4.04 | 13 | 102.27 | (1)Â | ||||
4.2 | 15 | 102.5 | (1)Â | ||||
4.12 | 32 | 103.73 | (1)Â | ||||
4.8 | 73 | 101 | (1)Â | ||||
7.05 | 500 | 100 | (1)Â | ||||
6.98 | 600 | 100 | (1)Â | ||||
Flex Money Market Preferred 12/02, Series A | 1,250 | 100 | (2)Â | ||||
Total | 2,590 | ||||||
-1 | As part of Dominion's Liability Management Exercise, in September 2014, Virginia Power provided irrevocable notice to redeem all shares outstanding for each series of preferred stock. In October 2014, the stock was redeemed at the applicable price per share plus accumulated and unpaid dividends. | ||||||
-2 | In February 2014, Virginia Power provided irrevocable notice to redeem the stock. In March 2014, the stock was redeemed at the applicable price per share plus accumulated and unpaid dividends at a rate reset in March 2011 of 6.12%. Dividends ceased accumulating on the stock upon payment of the redemption price, thus the rate was not reset in March 2014. |
Equity_Tables
Equity (Tables) | 12 Months Ended | |||||||||||||||
Dec. 31, 2014 | ||||||||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||||||||||
Accumulated other comprehensive income (loss) | Presented in the table below is a summary of AOCI by component: | |||||||||||||||
At December 31, | 2014 | 2013 | ||||||||||||||
(millions) | ||||||||||||||||
Dominion | ||||||||||||||||
Net deferred losses on derivatives-hedging activities, net of tax of $116 and $196 | $ | (178 | ) | $ | (288 | ) | ||||||||||
Net unrealized gains on nuclear decommissioning trust funds, net of tax of $(333) and $(307) | 548 | 474 | ||||||||||||||
Net unrecognized pension and other postretirement benefit costs, net of tax of $530 and $365 | (782 | ) | (510 | ) | ||||||||||||
Other comprehensive loss from equity method investees, net of tax of $3 and $-- | (4 | ) | — | |||||||||||||
Total AOCI | $ | (416 | ) | $ | (324 | ) | ||||||||||
Virginia Power | ||||||||||||||||
Net deferred losses on derivatives-hedging activities, net of tax of $4 and $--- | $ | (7 | ) | $ | — | |||||||||||
Net unrealized gains on nuclear decommissioning trust funds, net of tax of $(35) and $(30) | 57 | 48 | ||||||||||||||
Total AOCI | $ | 50 | $ | 48 | ||||||||||||
Dominion Gas | ||||||||||||||||
Net deferred gains (losses) on derivatives-hedging activities, net of tax of $11 and $(1) | $ | (20 | ) | $ | 3 | |||||||||||
Net unrecognized pension and other postretirement benefit costs, net of tax of $46 and $43 | (66 | ) | (61 | ) | ||||||||||||
Total AOCI | $ | (86 | ) | $ | (58 | ) | ||||||||||
Schedule of Accumulated Other Comprehensive Income (Loss) | The following table presents Dominion’s changes in AOCI by component, net of tax: | |||||||||||||||
Deferred gains and losses on derivatives-hedging activities | Unrealized gains and losses on investment securities | Unrecognized pension and other postretirement benefit costs | Other comprehensive loss from equity method investees | Total | ||||||||||||
(millions) | ||||||||||||||||
Year Ended December 31, 2014 | ||||||||||||||||
Beginning balance | $ | (288 | ) | $ | 474 | $ | (510 | ) | $ | — | $ | (324 | ) | |||
Other comprehensive income before reclassifications: gains (losses) | 17 | 128 | (305 | ) | (4 | ) | (164 | ) | ||||||||
Amounts reclassified from accumulated other comprehensive income: (gains) losses(1) | 93 | (54 | ) | 33 | — | 72 | ||||||||||
Net current period other comprehensive income (loss) | 110 | 74 | (272 | ) | (4 | ) | (92 | ) | ||||||||
Ending balance | $ | (178 | ) | $ | 548 | $ | (782 | ) | $ | (4 | ) | $ | (416 | ) | ||
Year Ended December 31, 2013 | ||||||||||||||||
Beginning balance | $ | (122 | ) | $ | 326 | $ | (1,081 | ) | $ | — | $ | (877 | ) | |||
Other comprehensive income before reclassifications: gains (losses) | (243 | ) | 203 | 516 | — | 476 | ||||||||||
Amounts reclassified from accumulated other comprehensive income: (gains) losses(1) | 77 | (55 | ) | 55 | — | 77 | ||||||||||
Net current period other comprehensive income (loss) | (166 | ) | 148 | 571 | — | 553 | ||||||||||
Ending balance | $ | (288 | ) | $ | 474 | $ | (510 | ) | $ | — | $ | (324 | ) | |||
(1) See table below for details about these reclassifications. | ||||||||||||||||
Reclassification out of Accumulated Other Comprehensive Income | The following table presents Dominion’s reclassifications out of AOCI by component: | |||||||||||||||
Details about AOCI components | Amounts reclassified from AOCI | Affected line item in the Consolidated Statements of Income | ||||||||||||||
(millions) | ||||||||||||||||
Year Ended December 31, 2014 | ||||||||||||||||
Deferred (gains) and losses on derivatives-hedging activities: | ||||||||||||||||
Commodity contracts | $ | 130 | Operating revenue | |||||||||||||
13 | Purchased gas | |||||||||||||||
(7 | ) | Electric fuel and other energy-related purchases | ||||||||||||||
Interest rate contracts | 16 | Interest and related charges | ||||||||||||||
Total | 152 | |||||||||||||||
Tax | (59 | ) | Income tax expense | |||||||||||||
Total, net of tax | $ | 93 | ||||||||||||||
Unrealized (gains) and losses on investment securities: | ||||||||||||||||
Realized (gain) loss on sale of securities | $ | (100 | ) | Other income | ||||||||||||
Impairment | 13 | Other income | ||||||||||||||
Total | (87 | ) | ||||||||||||||
Tax | 33 | Income tax expense | ||||||||||||||
Total, net of tax | $ | (54 | ) | |||||||||||||
Unrecognized pension and other postretirement benefit costs: | ||||||||||||||||
Prior-service costs (credits) | $ | (12 | ) | Other operations and maintenance | ||||||||||||
Actuarial losses | 69 | Other operations and maintenance | ||||||||||||||
Total | 57 | |||||||||||||||
Tax | (24 | ) | Income tax expense | |||||||||||||
Total, net of tax | $ | 33 | ||||||||||||||
Year Ended December 31, 2013 | ||||||||||||||||
Deferred (gains) and losses on derivatives-hedging activities: | ||||||||||||||||
Commodity contracts | $ | 58 | Operating revenue | |||||||||||||
47 | Purchased gas | |||||||||||||||
10 | Electric fuel and other energy-related purchases | |||||||||||||||
Interest rate contracts | 15 | Interest and related charges | ||||||||||||||
Total | 130 | |||||||||||||||
Tax | (53 | ) | Income tax expense | |||||||||||||
Total, net of tax | $ | 77 | ||||||||||||||
Unrealized (gains) and losses on investment securities: | ||||||||||||||||
Realized (gain) loss on sale of securities | $ | (98 | ) | Other income | ||||||||||||
Impairment | 8 | Other income | ||||||||||||||
Total | (90 | ) | ||||||||||||||
Tax | 35 | Income tax expense | ||||||||||||||
Total, net of tax | $ | (55 | ) | |||||||||||||
Unrecognized pension and other postretirement benefit costs: | ||||||||||||||||
Prior-service costs (credits) | $ | (8 | ) | Other operations and maintenance | ||||||||||||
Actuarial losses | 102 | Other operations and maintenance | ||||||||||||||
Total | 94 | |||||||||||||||
Tax | (39 | ) | Income tax expense | |||||||||||||
Total, net of tax | $ | 55 | ||||||||||||||
Summary of restricted stock activity | The following table provides a summary of restricted stock activity for the years ended December 31, 2014, 2013 and 2012: | |||||||||||||||
Shares | Weighted | |||||||||||||||
- average | ||||||||||||||||
Grant Date | ||||||||||||||||
Fair Value | ||||||||||||||||
(thousands) | ||||||||||||||||
Nonvested at December 31, 2011 | 1,301 | $ | 37.37 | |||||||||||||
Granted | 390 | 51.14 | ||||||||||||||
Vested | (596 | ) | 33.31 | |||||||||||||
Cancelled and forfeited | (10 | ) | 42.99 | |||||||||||||
Nonvested at December 31, 2012 | 1,085 | $ | 44.46 | |||||||||||||
Granted | 312 | 54.7 | ||||||||||||||
Vested | (356 | ) | 39 | |||||||||||||
Cancelled and forfeited | (34 | ) | 51.11 | |||||||||||||
Nonvested at December 31, 2013 | 1,007 | $ | 49.35 | |||||||||||||
Granted | 354 | 67.98 | ||||||||||||||
Vested | (278 | ) | 44.5 | |||||||||||||
Cancelled and forfeited | (18 | ) | 53.61 | |||||||||||||
Nonvested at December 31, 2014 | 1,065 | $ | 56.74 | |||||||||||||
Summary of restricted stock and goal-based stock activity | The following table provides a summary of goal-based stock activity for the years ended December 31, 2014, 2013 and 2012: | |||||||||||||||
Targeted | Weighted | |||||||||||||||
Number of | - average | |||||||||||||||
Shares | Grant | |||||||||||||||
Date Fair | ||||||||||||||||
Value | ||||||||||||||||
(thousands) | ||||||||||||||||
Nonvested at December 31, 2011 | 12 | $ | 39.19 | |||||||||||||
Granted | 1 | 52.48 | ||||||||||||||
Vested | (9 | ) | 37.46 | |||||||||||||
Nonvested at December 31, 2012 | 4 | $ | 45.6 | |||||||||||||
Granted | 4 | 54.17 | ||||||||||||||
Vested | (2 | ) | 43.54 | |||||||||||||
Cancelled and forfeited | (1 | ) | 43.54 | |||||||||||||
Nonvested at December 31, 2013 | 5 | $ | 53.85 | |||||||||||||
Granted | 13 | 68.83 | ||||||||||||||
Vested | (1 | ) | 52.48 | |||||||||||||
Nonvested at December 31, 2014 | 17 | $ | 65.15 | |||||||||||||
Virginia Electric and Power Company | ||||||||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||||||||||
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, 2014 | ||||||||||||||||
Beginning balance | $ | — | $ | 48 | $ | 48 | ||||||||||
Other comprehensive income before reclassifications: gains (losses) | (4 | ) | 15 | 11 | ||||||||||||
Amounts reclassified from accumulated other comprehensive income: (gains) losses(1) | (3 | ) | (6 | ) | (9 | ) | ||||||||||
Net current period other comprehensive income (loss) | (7 | ) | 9 | 2 | ||||||||||||
Ending balance | $ | (7 | ) | $ | 57 | $ | 50 | |||||||||
Year Ended December 31, 2013 | ||||||||||||||||
Beginning balance | $ | (6 | ) | $ | 31 | $ | 25 | |||||||||
Other comprehensive income before reclassifications: gains (losses) | 6 | 20 | 26 | |||||||||||||
Amounts reclassified from accumulated other comprehensive income: (gains) losses(1) | — | (3 | ) | (3 | ) | |||||||||||
Net current period other comprehensive income (loss) | 6 | 17 | 23 | |||||||||||||
Ending balance | $ | — | $ | 48 | $ | 48 | ||||||||||
(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, 2014 | ||||||||||||||||
(Gains) losses on cash flow hedges: | ||||||||||||||||
Commodity contracts | $ | (5 | ) | Electric fuel and other energy-related purchases | ||||||||||||
Interest rate contracts | — | Interest and related charges | ||||||||||||||
Total | (5 | ) | ||||||||||||||
Tax | 2 | Income tax expense | ||||||||||||||
Total, net of tax | $ | (3 | ) | |||||||||||||
Unrealized (gains) and losses on investment securities: | ||||||||||||||||
Realized (gain) loss on sale of securities | $ | (10 | ) | Other income | ||||||||||||
Total | (10 | ) | ||||||||||||||
Tax | 4 | Income tax expense | ||||||||||||||
Total, net of tax | $ | (6 | ) | |||||||||||||
Year Ended December 31, 2013 | ||||||||||||||||
Unrealized (gains) and losses on investment securities: | ||||||||||||||||
Realized (gain) loss on sale of securities | $ | (6 | ) | Other income | ||||||||||||
Impairment | 1 | Other income | ||||||||||||||
Total | (5 | ) | ||||||||||||||
Tax | 2 | Income tax expense | ||||||||||||||
Total, net of tax | $ | (3 | ) | |||||||||||||
Dominion Gas Holdings, LLC | ||||||||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||||||||||
Schedule of Accumulated Other Comprehensive Income (Loss) | The following table presents Dominion Gas' changes in AOCI by component, net of tax:Â | |||||||||||||||
Deferred gains and losses on derivatives-hedging activities | Unrecognized pension and other postretirement benefit costs | Total | ||||||||||||||
(millions) | ||||||||||||||||
Year Ended December 31, 2014 | ||||||||||||||||
Beginning balance | $ | 3 | $ | (61 | ) | $ | (58 | ) | ||||||||
Other comprehensive income before reclassifications: gains (losses) | (31 | ) | (10 | ) | (41 | ) | ||||||||||
Amounts reclassified from accumulated other comprehensive income: (gains) losses(1) | 8 | 5 | 13 | |||||||||||||
Net current period other comprehensive income (loss) | (23 | ) | (5 | ) | (28 | ) | ||||||||||
Ending balance | $ | (20 | ) | $ | (66 | ) | $ | (86 | ) | |||||||
Year Ended December 31, 2013 | ||||||||||||||||
Beginning balance | $ | (47 | ) | $ | (93 | ) | $ | (140 | ) | |||||||
Other comprehensive income before reclassifications: gains (losses) | 39 | 26 | 65 | |||||||||||||
Amounts reclassified from accumulated other comprehensive income: (gains) losses(1) | 11 | 6 | 17 | |||||||||||||
Net current period other comprehensive income (loss) | 50 | 32 | 82 | |||||||||||||
Ending balance | $ | 3 | $ | (61 | ) | $ | (58 | ) | ||||||||
(1) See table below for details about these reclassifications. | ||||||||||||||||
Reclassification out of Accumulated Other Comprehensive Income | The following table presents Dominion Gas' reclassifications out of AOCI by component:Â | |||||||||||||||
Details about AOCI components | Amounts reclassified from AOCI | Affected line item in the Consolidated Statements of Income | ||||||||||||||
(millions) | ||||||||||||||||
Year Ended December 31, 2014 | ||||||||||||||||
Deferred (gains) and losses on derivatives-hedging activities: | ||||||||||||||||
Commodity contracts | $ | (2 | ) | Operating revenue | ||||||||||||
14 | Purchased gas | |||||||||||||||
1 | Interest and related charges | |||||||||||||||
Total | 13 | |||||||||||||||
Tax | (5 | ) | Income tax expense | |||||||||||||
Total, net of tax | $ | 8 | ||||||||||||||
Unrecognized pension and other postretirement benefit costs: | ||||||||||||||||
Prior service costs | $ | 1 | Other operations and maintenance | |||||||||||||
Actuarial losses | 7 | Other operations and maintenance | ||||||||||||||
Total | 8 | |||||||||||||||
Tax | (3 | ) | Income tax expense | |||||||||||||
Total, net of tax | $ | 5 | ||||||||||||||
Year Ended December 31, 2013 | ||||||||||||||||
Deferred (gains) and losses on derivatives-hedging activities: | ||||||||||||||||
Commodity contracts | $ | 2 | Operating revenue | |||||||||||||
14 | Purchased gas | |||||||||||||||
Total | 16 | |||||||||||||||
Tax | (5 | ) | Income tax expense | |||||||||||||
Total, net of tax | $ | 11 | ||||||||||||||
Unrecognized pension and other postretirement benefit costs: | ||||||||||||||||
Prior service costs | $ | 1 | Other operations and maintenance | |||||||||||||
Actuarial losses | 9 | Other operations and maintenance | ||||||||||||||
Total | 10 | |||||||||||||||
Tax | (4 | ) | Income tax expense | |||||||||||||
Total, net of tax | $ | 6 | ||||||||||||||
Employee_Benefit_Plans_Tables
Employee Benefit Plans (Tables) | 12 Months Ended | ||||||||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||||||||
General Discussion of Pension and Other Postretirement 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 and Dominion Gas (for employees represented by collective bargaining units): | ||||||||||||||||||||||||||||||
Pension Benefits | Other Postretirement | ||||||||||||||||||||||||||||||
Benefits | |||||||||||||||||||||||||||||||
Year Ended December 31, | 2014 | 2013 | 2014 | 2013 | |||||||||||||||||||||||||||
(millions, except percentages) | |||||||||||||||||||||||||||||||
DOMINION | |||||||||||||||||||||||||||||||
Changes in benefit obligation: | |||||||||||||||||||||||||||||||
Benefit obligation at beginning of year | $ | 5,625 | $ | 6,125 | $ | 1,360 | $ | 1,719 | |||||||||||||||||||||||
Service cost | 114 | 131 | 32 | 43 | |||||||||||||||||||||||||||
Interest cost | 290 | 271 | 67 | 73 | |||||||||||||||||||||||||||
Benefits paid | (236 | ) | (229 | ) | (78 | ) | (75 | ) | |||||||||||||||||||||||
Actuarial (gains) losses during the year | 887 | (650 | ) | 177 | (170 | ) | |||||||||||||||||||||||||
Plan amendments(1) | — | 1 | 9 | (220 | ) | ||||||||||||||||||||||||||
Settlements and curtailments(2) | (13 | ) | (24 | ) | — | (16 | ) | ||||||||||||||||||||||||
Special termination benefits | — | — | — | 1 | |||||||||||||||||||||||||||
Medicare Part D reimbursement | — | — | 4 | 5 | |||||||||||||||||||||||||||
Benefit obligation at end of year | $ | 6,667 | $ | 5,625 | $ | 1,571 | $ | 1,360 | |||||||||||||||||||||||
Changes in fair value of plan assets: | |||||||||||||||||||||||||||||||
Fair value of plan assets at beginning of year | $ | 6,113 | $ | 5,553 | $ | 1,315 | $ | 1,156 | |||||||||||||||||||||||
Actual return on plan assets | 601 | 781 | 105 | 178 | |||||||||||||||||||||||||||
Employer contributions | 15 | 8 | 12 | 12 | |||||||||||||||||||||||||||
Benefits paid | (236 | ) | (229 | ) | (30 | ) | (31 | ) | |||||||||||||||||||||||
Settlements(2) | (13 | ) | — | — | — | ||||||||||||||||||||||||||
Fair value of plan assets at end of year | $ | 6,480 | $ | 6,113 | $ | 1,402 | $ | 1,315 | |||||||||||||||||||||||
Funded status at end of year | $ | (187 | ) | $ | 488 | $ | (169 | ) | $ | (45 | ) | ||||||||||||||||||||
Amounts recognized in the Consolidated Balance Sheets at December 31: | |||||||||||||||||||||||||||||||
Noncurrent pension and other postretirement benefit assets | $ | 946 | $ | 913 | $ | 10 | $ | 29 | |||||||||||||||||||||||
Other current liabilities | (13 | ) | (15 | ) | (3 | ) | (3 | ) | |||||||||||||||||||||||
Noncurrent pension and other postretirement benefit liabilities | (1,120 | ) | (410 | ) | (176 | ) | (71 | ) | |||||||||||||||||||||||
Net amount recognized | $ | (187 | ) | $ | 488 | $ | (169 | ) | $ | (45 | ) | ||||||||||||||||||||
Significant assumptions used to determine benefit obligations as of December 31: | |||||||||||||||||||||||||||||||
Discount rate(3) | 4.4 | % | 5.20%/5.30% | 4.4 | % | 5.00%/5.10% | |||||||||||||||||||||||||
Weighted average rate of increase for compensation | 4.22 | % | 4.21 | % | 4.22 | % | 4.22 | % | |||||||||||||||||||||||
Expected long-term rate of return on plan assets | 8.75 | % | 8.5 | % | 8.5 | % | 7.75 | % | |||||||||||||||||||||||
DOMINION GAS | |||||||||||||||||||||||||||||||
Changes in benefit obligation: | |||||||||||||||||||||||||||||||
Benefit obligation at beginning of year | $ | 563 | $ | 607 | $ | 269 | $ | 287 | |||||||||||||||||||||||
Service cost | 12 | 13 | 6 | 7 | |||||||||||||||||||||||||||
Interest cost | 28 | 27 | 13 | 12 | |||||||||||||||||||||||||||
Benefits paid | (29 | ) | (27 | ) | (16 | ) | (17 | ) | |||||||||||||||||||||||
Actuarial (gains) losses during the year | 64 | (57 | ) | 38 | (21 | ) | |||||||||||||||||||||||||
Plan amendments | — | — | 9 | — | |||||||||||||||||||||||||||
Medicare Part D reimbursement | — | — | 1 | 1 | |||||||||||||||||||||||||||
Benefit obligation at end of year | $ | 638 | $ | 563 | $ | 320 | $ | 269 | |||||||||||||||||||||||
Changes in fair value of plan assets: | |||||||||||||||||||||||||||||||
Fair value of plan assets at beginning of year | $ | 1,403 | $ | 1,254 | $ | 273 | $ | 242 | |||||||||||||||||||||||
Actual return on plan assets | 136 | 176 | 21 | 38 | |||||||||||||||||||||||||||
Employer contributions | — | — | 10 | 10 | |||||||||||||||||||||||||||
Benefits paid | (29 | ) | (27 | ) | (16 | ) | (17 | ) | |||||||||||||||||||||||
Fair value of plan assets at end of year | $ | 1,510 | $ | 1,403 | $ | 288 | $ | 273 | |||||||||||||||||||||||
Funded status at end of year | $ | 872 | $ | 840 | $ | (32 | ) | $ | 4 | ||||||||||||||||||||||
Amounts recognized in the Consolidated Balance Sheets at December 31: | |||||||||||||||||||||||||||||||
Noncurrent pension and other postretirement benefit assets | $ | 872 | $ | 840 | $ | — | $ | 19 | |||||||||||||||||||||||
Noncurrent pension and other postretirement benefit liabilities(4) | — | — | (32 | ) | (15 | ) | |||||||||||||||||||||||||
Net amount recognized | $ | 872 | $ | 840 | $ | (32 | ) | $ | 4 | ||||||||||||||||||||||
Significant assumptions used to determine benefit obligations as of December 31: | |||||||||||||||||||||||||||||||
Discount rate | 4.4 | % | 5.2 | % | 4.4 | % | 5 | % | |||||||||||||||||||||||
Weighted average rate of increase for compensation | 3.93 | % | 3.93 | % | 3.93 | % | 3.93 | % | |||||||||||||||||||||||
Expected long-term rate of return on plan assets | 8.75 | % | 8.5 | % | 8.5 | % | 7.75 | % | |||||||||||||||||||||||
-1 | 2013 other postretirement benefits amount relates to a plan amendment that changed medical coverage for certain Medicare-eligible retirees. | ||||||||||||||||||||||||||||||
-2 | 2014 amounts relate primarily to a settlement charge for certain executives. 2013 amounts relate primarily to the decommissioning of Kewaunee. | ||||||||||||||||||||||||||||||
-3 | 2013 pension and other postretirement benefits discount rates: 5.20% and 5.00% for the gas union plans and 5.30% and 5.10% for the nonunion and other union plans, respectively. | ||||||||||||||||||||||||||||||
-4 | Reflected in other deferred credits and other liabilities in Dominion 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 and Dominion Gas (for employees represented by collective bargaining units): | ||||||||||||||||||||||||||||||
Pension Benefits | Other Postretirement | ||||||||||||||||||||||||||||||
Benefits | |||||||||||||||||||||||||||||||
As of December 31, | 2014 | 2013 | 2014 | 2013 | |||||||||||||||||||||||||||
(millions) | |||||||||||||||||||||||||||||||
DOMINION | |||||||||||||||||||||||||||||||
Benefit obligation | $ | 5,970 | $ | 4,978 | $ | 1,564 | $ | 1,233 | |||||||||||||||||||||||
Fair value of plan assets | 4,838 | 4,553 | 1,385 | 1,158 | |||||||||||||||||||||||||||
DOMINION GAS | |||||||||||||||||||||||||||||||
Benefit obligation | $ | — | $ | — | $ | 320 | $ | 147 | |||||||||||||||||||||||
Fair value of plan assets | — | — | 288 | 132 | |||||||||||||||||||||||||||
Accumulated benefit obligation in excess of plan assets | The following table provides information on the ABO and fair value of plan assets for Dominion’s pension plans with an ABO in excess of plan assets: | ||||||||||||||||||||||||||||||
As of December 31, | 2014 | 2013 | |||||||||||||||||||||||||||||
(millions) | |||||||||||||||||||||||||||||||
Accumulated benefit obligation | $ | 5,370 | $ | 114 | |||||||||||||||||||||||||||
Fair value of plan assets | 4,838 | — | |||||||||||||||||||||||||||||
Benefit payments expected future service | The following benefit payments, which reflect expected future service, as appropriate, are expected to be paid for Dominion’s and Dominion Gas’ (for employees represented by collective bargaining units) plans: | ||||||||||||||||||||||||||||||
Estimated Future Benefit Payments | |||||||||||||||||||||||||||||||
Pension Benefits | Other Postretirement Benefits | ||||||||||||||||||||||||||||||
(millions) | |||||||||||||||||||||||||||||||
DOMINION | |||||||||||||||||||||||||||||||
2015 | $ | 272 | $ | 91 | |||||||||||||||||||||||||||
2016 | 284 | 94 | |||||||||||||||||||||||||||||
2017 | 300 | 98 | |||||||||||||||||||||||||||||
2018 | 320 | 101 | |||||||||||||||||||||||||||||
2019 | 333 | 102 | |||||||||||||||||||||||||||||
2020-2024 | 1,925 | 523 | |||||||||||||||||||||||||||||
DOMINON GAS | |||||||||||||||||||||||||||||||
2015 | $ | 34 | $ | 18 | |||||||||||||||||||||||||||
2016 | 35 | 19 | |||||||||||||||||||||||||||||
2017 | 37 | 20 | |||||||||||||||||||||||||||||
2018 | 38 | 21 | |||||||||||||||||||||||||||||
2019 | 39 | 22 | |||||||||||||||||||||||||||||
2020-2024 | 204 | 111 | |||||||||||||||||||||||||||||
Fair values of pension and post retirement plan assets by asset category | The fair values of Dominion's and Dominion Gas’ (for employees represented by collective bargaining units) pension plan assets by asset category are as follows: | ||||||||||||||||||||||||||||||
Fair Value Measurements | |||||||||||||||||||||||||||||||
Pension Plans | |||||||||||||||||||||||||||||||
At December 31, | 2014 | 2013 | |||||||||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||||||||
(millions) | |||||||||||||||||||||||||||||||
DOMINION | |||||||||||||||||||||||||||||||
Cash equivalents | $ | 13 | $ | 25 | $ | — | $ | 38 | $ | 53 | $ | 126 | $ | — | $ | 179 | |||||||||||||||
U.S. equity: | |||||||||||||||||||||||||||||||
Large Cap | 1,313 | — | — | 1,313 | 1,220 | — | — | 1,220 | |||||||||||||||||||||||
Other | 530 | — | — | 530 | 514 | — | — | 514 | |||||||||||||||||||||||
Non-U.S. equity: | |||||||||||||||||||||||||||||||
Large Cap | 234 | — | — | 234 | 308 | — | — | 308 | |||||||||||||||||||||||
Other | 403 | — | — | 403 | 391 | — | — | 391 | |||||||||||||||||||||||
Common/collective trust funds(1) | — | 1,595 | — | 1,595 | — | 1,387 | — | 1,387 | |||||||||||||||||||||||
Fixed income: | |||||||||||||||||||||||||||||||
Corporate debt instruments | 45 | 666 | — | 711 | 43 | 451 | — | 494 | |||||||||||||||||||||||
U.S. Treasury securities and agency debentures | 74 | 342 | — | 416 | 2 | 229 | — | 231 | |||||||||||||||||||||||
State and municipal | 10 | 60 | — | 70 | 69 | 107 | — | 176 | |||||||||||||||||||||||
Other securities | 6 | 80 | — | 86 | 7 | 50 | — | 57 | |||||||||||||||||||||||
Real estate: | |||||||||||||||||||||||||||||||
REITs | 40 | — | — | 40 | 32 | — | — | 32 | |||||||||||||||||||||||
Partnerships | — | — | 209 | 209 | — | — | 227 | 227 | |||||||||||||||||||||||
Other alternative investments: | |||||||||||||||||||||||||||||||
Private equity | — | — | 518 | 518 | — | — | 530 | 530 | |||||||||||||||||||||||
Debt | — | — | 144 | 144 | — | — | 180 | 180 | |||||||||||||||||||||||
Hedge funds | — | — | 162 | 162 | — | — | 187 | 187 | |||||||||||||||||||||||
Total(2) | $ | 2,668 | $ | 2,768 | $ | 1,033 | $ | 6,469 | $ | 2,639 | $ | 2,350 | $ | 1,124 | $ | 6,113 | |||||||||||||||
DOMINION GAS | |||||||||||||||||||||||||||||||
Cash equivalents | $ | 3 | $ | 6 | $ | — | $ | 9 | $ | 12 | $ | 29 | $ | — | $ | 41 | |||||||||||||||
U.S. equity: | |||||||||||||||||||||||||||||||
Large Cap | 306 | — | — | 306 | 280 | — | — | 280 | |||||||||||||||||||||||
Other | 124 | — | — | 124 | 118 | — | — | 118 | |||||||||||||||||||||||
Non-U.S. equity: | |||||||||||||||||||||||||||||||
Large Cap | 54 | — | — | 54 | 72 | — | — | 72 | |||||||||||||||||||||||
Other | 94 | — | — | 94 | 90 | — | — | 90 | |||||||||||||||||||||||
Common/collective trust funds(3) | — | 372 | — | 372 | — | 318 | — | 318 | |||||||||||||||||||||||
Fixed income: | |||||||||||||||||||||||||||||||
Corporate debt instruments | 11 | 155 | — | 166 | 10 | 103 | — | 113 | |||||||||||||||||||||||
U.S. Treasury securities and agency debentures | 17 | 80 | — | 97 | 1 | 52 | — | 53 | |||||||||||||||||||||||
State and municipal | 2 | 14 | — | 16 | 16 | 24 | — | 40 | |||||||||||||||||||||||
Other securities | 1 | 19 | — | 20 | 2 | 11 | — | 13 | |||||||||||||||||||||||
Real estate: | |||||||||||||||||||||||||||||||
REITs | 9 | — | — | 9 | 7 | — | — | 7 | |||||||||||||||||||||||
Partnerships | — | — | 48 | 48 | — | — | 52 | 52 | |||||||||||||||||||||||
Other alternative investments: | |||||||||||||||||||||||||||||||
Private equity | — | — | 121 | 121 | — | — | 122 | 122 | |||||||||||||||||||||||
Debt | — | — | 34 | 34 | — | — | 41 | 41 | |||||||||||||||||||||||
Hedge funds | — | — | 38 | 38 | — | — | 43 | 43 | |||||||||||||||||||||||
Total(4) | $ | 621 | $ | 646 | $ | 241 | $ | 1,508 | $ | 608 | $ | 537 | $ | 258 | $ | 1,403 | |||||||||||||||
-1 | Common/Collective Trust Funds include $360 million and $560 million of John Hancock insurance contracts held at December 31, 2014 and 2013, respectively. See below for a description of the individual investments included within this line item, and the nature and risk of each respective fund. | ||||||||||||||||||||||||||||||
-2 | Includes net assets related to pending sales of securities of $31 million, net accrued income of $18 million, and excludes net assets related to pending purchases of securities of $38 million at December 31, 2014. | ||||||||||||||||||||||||||||||
-3 | See below for a description of the individual investments included within this line item, and the nature and risk of each respective fund. | ||||||||||||||||||||||||||||||
-4 | Includes net assets related to pending sales of securities of $7 million, net accrued income of $4 million, and excludes net assets related to pending purchases of securities of $9 million at December 31, 2014. | ||||||||||||||||||||||||||||||
The fair values of Dominion's and Dominion Gas’ (for employees represented by collective bargaining units) other postretirement plan assets by asset category are as follows: | |||||||||||||||||||||||||||||||
Fair Value Measurements | |||||||||||||||||||||||||||||||
Other Postretirement Plans | |||||||||||||||||||||||||||||||
At December 31, | 2014 | 2013 | |||||||||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||||||||
(millions) | |||||||||||||||||||||||||||||||
DOMINION | |||||||||||||||||||||||||||||||
Cash equivalents | $ | 1 | $ | 7 | $ | — | $ | 8 | $ | 3 | $ | 14 | $ | — | $ | 17 | |||||||||||||||
U.S. equity: | |||||||||||||||||||||||||||||||
Large Cap | 514 | — | — | 514 | 472 | — | — | 472 | |||||||||||||||||||||||
Other | 28 | — | — | 28 | 26 | — | — | 26 | |||||||||||||||||||||||
Non-U.S. equity: | |||||||||||||||||||||||||||||||
Large Cap | 102 | — | — | 102 | 111 | — | — | 111 | |||||||||||||||||||||||
Other | 21 | — | — | 21 | 20 | — | — | 20 | |||||||||||||||||||||||
Common/collective trust funds(1) | — | 555 | — | 555 | — | 502 | — | 502 | |||||||||||||||||||||||
Fixed income: | |||||||||||||||||||||||||||||||
Corporate debt instruments | 3 | 35 | — | 38 | 2 | 23 | — | 25 | |||||||||||||||||||||||
U.S. Treasury securities and agency debentures | 4 | 18 | — | 22 | — | 12 | — | 12 | |||||||||||||||||||||||
State and municipal | 1 | 3 | — | 4 | 4 | 5 | — | 9 | |||||||||||||||||||||||
Other securities | — | 4 | — | 4 | — | 3 | — | 3 | |||||||||||||||||||||||
Real estate: | |||||||||||||||||||||||||||||||
REITs | 2 | — | — | 2 | 2 | — | — | 2 | |||||||||||||||||||||||
Partnerships | — | — | 19 | 19 | — | — | 19 | 19 | |||||||||||||||||||||||
Other alternative investments: | |||||||||||||||||||||||||||||||
Private equity | — | — | 58 | 58 | — | — | 60 | 60 | |||||||||||||||||||||||
Debt | — | — | 18 | 18 | — | — | 27 | 27 | |||||||||||||||||||||||
Hedge funds | — | — | 9 | 9 | — | — | 10 | 10 | |||||||||||||||||||||||
Total | $ | 676 | $ | 622 | $ | 104 | $ | 1,402 | $ | 640 | $ | 559 | $ | 116 | $ | 1,315 | |||||||||||||||
DOMINION GAS | |||||||||||||||||||||||||||||||
Cash equivalents | $ | — | $ | 2 | $ | — | $ | 2 | $ | — | $ | 3 | $ | — | $ | 3 | |||||||||||||||
U.S. equity-Large Cap | 113 | — | — | 113 | 104 | — | — | 104 | |||||||||||||||||||||||
Non-U.S. equity-Large Cap | 26 | — | — | 26 | 26 | — | — | 26 | |||||||||||||||||||||||
Common/collective trust funds(2) | — | 129 | — | 129 | — | 119 | — | 119 | |||||||||||||||||||||||
Real estate - partnerships | — | — | 2 | 2 | — | — | 2 | 2 | |||||||||||||||||||||||
Other alternative investments: | |||||||||||||||||||||||||||||||
Private equity | — | — | 12 | 12 | — | — | 12 | 12 | |||||||||||||||||||||||
Debt | — | — | 4 | 4 | — | — | 7 | 7 | |||||||||||||||||||||||
Total | $ | 139 | $ | 131 | $ | 18 | $ | 288 | $ | 130 | $ | 122 | $ | 21 | $ | 273 | |||||||||||||||
(1) Common/Collective Trust Funds include $19 million and $29 million of John Hancock insurance contracts held at December 31, 2014 and 2013, respectively. See below for a description of the individual investments included within this line item, and the nature and risk of each respective fund. | |||||||||||||||||||||||||||||||
-2 | See below for a description of the individual investments included within this line item, and the nature and risk of each respective fund. | ||||||||||||||||||||||||||||||
Pension plan and other postretirement plan assets that are measured at fair value and included in the Level 3 fair value category | The following table presents the changes in pension and other postretirement plan assets that are measured at fair value and included in the Level 3 fair value category for Dominion and Dominion Gas (for employees represented by collective bargaining units): | ||||||||||||||||||||||||||||||
Fair Value Measurements using Significant Unobservable Inputs (Level 3) | |||||||||||||||||||||||||||||||
Pension Plans | Other Postretirement Plans | ||||||||||||||||||||||||||||||
Real Estate | Private Equity | Debt | Hedge Funds | Â Total | Real Estate | Private Equity | Debt | Hedge Funds | Â Total | ||||||||||||||||||||||
DOMINION | |||||||||||||||||||||||||||||||
Balance at December 31, 2011 | $ | 304 | $ | 448 | $ | 243 | $ | 290 | $ | 1,285 | $ | 24 | $ | 63 | $ | 36 | $ | 14 | $ | 137 | |||||||||||
Actual return on plan assets: | |||||||||||||||||||||||||||||||
Relating to assets still held at the reporting date | 21 | 46 | 17 | 21 | 105 | 1 | 3 | 4 | 1 | 9 | |||||||||||||||||||||
Relating to assets sold during the period | (8 | ) | (41 | ) | (11 | ) | (2 | ) | (62 | ) | — | (1 | ) | — | — | (1 | ) | ||||||||||||||
Purchases | 35 | 79 | 15 | — | 129 | 2 | 6 | 1 | — | 9 | |||||||||||||||||||||
Sales | (31 | ) | (76 | ) | (72 | ) | (88 | ) | (267 | ) | (3 | ) | (13 | ) | (10 | ) | (4 | ) | (30 | ) | |||||||||||
Balance at December 31, 2012 | $ | 321 | $ | 456 | $ | 192 | $ | 221 | $ | 1,190 | $ | 24 | $ | 58 | $ | 31 | $ | 11 | $ | 124 | |||||||||||
Actual return on plan assets: | |||||||||||||||||||||||||||||||
Relating to assets still held at the reporting date | 15 | 98 | 32 | 21 | 166 | (2 | ) | 6 | 3 | 1 | 8 | ||||||||||||||||||||
Relating to assets sold during the period | (36 | ) | (48 | ) | (34 | ) | (4 | ) | (122 | ) | 1 | 3 | — | 1 | 5 | ||||||||||||||||
Purchases | 6 | 115 | 32 | — | 153 | 1 | 7 | 2 | — | 10 | |||||||||||||||||||||
Sales | (79 | ) | (91 | ) | (42 | ) | (51 | ) | (263 | ) | (5 | ) | (14 | ) | (9 | ) | (3 | ) | (31 | ) | |||||||||||
Balance at December 31, 2013 | $ | 227 | $ | 530 | $ | 180 | $ | 187 | $ | 1,124 | $ | 19 | $ | 60 | $ | 27 | $ | 10 | $ | 116 | |||||||||||
Actual return on plan assets: | |||||||||||||||||||||||||||||||
Relating to assets still held at the reporting date | 40 | 70 | 12 | 4 | 126 | 4 | 7 | 2 | — | 13 | |||||||||||||||||||||
Relating to assets sold during the period | (18 | ) | (67 | ) | (26 | ) | (4 | ) | (115 | ) | (1 | ) | (7 | ) | (3 | ) | — | (11 | ) | ||||||||||||
Purchases | — | 135 | 10 | — | 145 | — | 13 | 1 | — | 14 | |||||||||||||||||||||
Sales | (40 | ) | (150 | ) | (32 | ) | (25 | ) | (247 | ) | (3 | ) | (15 | ) | (9 | ) | (1 | ) | (28 | ) | |||||||||||
Balance at December 31, 2014 | $ | 209 | $ | 518 | $ | 144 | $ | 162 | $ | 1,033 | $ | 19 | $ | 58 | $ | 18 | $ | 9 | $ | 104 | |||||||||||
DOMINION GAS | |||||||||||||||||||||||||||||||
Balance at December 31, 2011 | $ | 68 | $ | 99 | $ | 54 | $ | 64 | $ | 285 | $ | 3 | $ | 15 | $ | 10 | $ | — | $ | 28 | |||||||||||
Actual return on plan assets: | |||||||||||||||||||||||||||||||
Relating to assets still held at the reporting date | 6 | 12 | 4 | 4 | 26 | — | (1 | ) | (1 | ) | — | (2 | ) | ||||||||||||||||||
Relating to assets sold during the period | (2 | ) | (9 | ) | (2 | ) | — | (13 | ) | — | 2 | 1 | — | 3 | |||||||||||||||||
Purchases | 7 | 17 | 3 | — | 27 | — | 1 | — | — | 1 | |||||||||||||||||||||
Sales | (7 | ) | (16 | ) | (16 | ) | (18 | ) | (57 | ) | — | (4 | ) | (2 | ) | — | (6 | ) | |||||||||||||
Balance at December 31, 2012 | $ | 72 | $ | 103 | $ | 43 | $ | 50 | $ | 268 | $ | 3 | $ | 13 | $ | 8 | $ | — | $ | 24 | |||||||||||
Actual return on plan assets: | |||||||||||||||||||||||||||||||
Relating to assets still held at the reporting date | 4 | 24 | 7 | 5 | 40 | (1 | ) | 2 | 1 | — | 2 | ||||||||||||||||||||
Relating to assets sold during the period | (8 | ) | (10 | ) | (7 | ) | (1 | ) | (26 | ) | — | — | — | — | — | ||||||||||||||||
Purchases | 1 | 25 | 7 | — | 33 | — | 1 | — | — | 1 | |||||||||||||||||||||
Sales | (17 | ) | (20 | ) | (9 | ) | (11 | ) | (57 | ) | — | (4 | ) | (2 | ) | — | (6 | ) | |||||||||||||
Balance at December 31, 2013 | $ | 52 | $ | 122 | $ | 41 | $ | 43 | $ | 258 | $ | 2 | $ | 12 | $ | 7 | $ | — | $ | 21 | |||||||||||
Actual return on plan assets: | |||||||||||||||||||||||||||||||
Relating to assets still held at the reporting date | 9 | 17 | 4 | 1 | 31 | — | 2 | 1 | — | 3 | |||||||||||||||||||||
Relating to assets sold during the period | (4 | ) | (15 | ) | (6 | ) | (1 | ) | (26 | ) | — | (1 | ) | (1 | ) | — | (2 | ) | |||||||||||||
Purchases | — | 30 | 2 | — | 32 | — | 2 | — | — | 2 | |||||||||||||||||||||
Sales | (9 | ) | (33 | ) | (7 | ) | (5 | ) | (54 | ) | — | (3 | ) | (3 | ) | — | (6 | ) | |||||||||||||
Balance at December 31, 2014 | $ | 48 | $ | 121 | $ | 34 | $ | 38 | $ | 241 | $ | 2 | $ | 12 | $ | 4 | $ | — | $ | 18 | |||||||||||
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’s and Dominion Gas’ (for employees represented by collective bargaining units) plans are as follows: | ||||||||||||||||||||||||||||||
Pension Benefits | Other Postretirement Benefits | ||||||||||||||||||||||||||||||
Year Ended December 31, | 2014 | 2013 | 2012 | 2014 | 2013 | 2012 | |||||||||||||||||||||||||
(millions, except percentages) | |||||||||||||||||||||||||||||||
DOMINION | |||||||||||||||||||||||||||||||
Service cost | $ | 114 | $ | 131 | $ | 116 | $ | 32 | $ | 43 | $ | 44 | |||||||||||||||||||
Interest cost | 290 | 271 | 268 | 67 | 73 | 79 | |||||||||||||||||||||||||
Expected return on plan assets | (499 | ) | (462 | ) | (430 | ) | (111 | ) | (92 | ) | (79 | ) | |||||||||||||||||||
Amortization of prior service (credit) cost | 3 | 3 | 3 | (28 | ) | (15 | ) | (13 | ) | ||||||||||||||||||||||
Amortization of net actuarial loss | 111 | 165 | 132 | 2 | 7 | 6 | |||||||||||||||||||||||||
Settlements and curtailments(1) | 1 | (2 | ) | — | — | (15 | ) | (4 | ) | ||||||||||||||||||||||
Special termination benefits | — | — | — | — | 1 | — | |||||||||||||||||||||||||
Net periodic benefit (credit) cost | $ | 20 | $ | 106 | $ | 89 | $ | (38 | ) | $ | 2 | $ | 33 | ||||||||||||||||||
Changes in plan assets and benefit obligations recognized in other comprehensive income and regulatory assets and liabilities: | |||||||||||||||||||||||||||||||
Current year net actuarial (gain) loss | $ | 784 | $ | (968 | ) | $ | 786 | $ | 183 | $ | (255 | ) | $ | 139 | |||||||||||||||||
Prior service (credit) cost | — | 1 | — | 9 | (215 | ) | 1 | ||||||||||||||||||||||||
Settlements and curtailments(1) | (1 | ) | (22 | ) | — | — | (7 | ) | (2 | ) | |||||||||||||||||||||
Less amounts included in net periodic benefit cost: | |||||||||||||||||||||||||||||||
Amortization of net actuarial loss | (111 | ) | (165 | ) | (132 | ) | (2 | ) | (7 | ) | (6 | ) | |||||||||||||||||||
Amortization of prior service credit (cost) | (3 | ) | (3 | ) | (3 | ) | 28 | 15 | 13 | ||||||||||||||||||||||
Total recognized in other comprehensive income and regulatory assets and liabilities | $ | 669 | $ | (1,157 | ) | $ | 651 | $ | 218 | $ | (469 | ) | $ | 145 | |||||||||||||||||
Significant assumptions used to determine periodic cost: | |||||||||||||||||||||||||||||||
Discount rate | 5.20% - 5.30% | 4.40% - 4.80% | 5.5 | % | 4.20% - 5.10% | 4.40% - 4.80% | 5.5 | % | |||||||||||||||||||||||
Expected long-term rate of return on plan assets | 8.75 | % | 8.5 | % | 8.5 | % | 8.5 | % | 7.75 | % | 7.75 | % | |||||||||||||||||||
Weighted average rate of increase for compensation | 4.21 | % | 4.21 | % | 4.21 | % | 4.22 | % | 4.22 | % | 4.22 | % | |||||||||||||||||||
Healthcare cost trend rate(2) | 7 | % | 7 | % | 7 | % | |||||||||||||||||||||||||
Rate to which the cost trend rate is assumed to decline (the ultimate trend rate)(2) | 5 | % | 4.6 | % | 4.6 | % | |||||||||||||||||||||||||
Year that the rate reaches the ultimate trend rate(2)(3) | 2018 | 2062 | 2061 | ||||||||||||||||||||||||||||
DOMINION GAS | |||||||||||||||||||||||||||||||
Service cost | $ | 12 | $ | 13 | $ | 11 | $ | 6 | $ | 7 | $ | 7 | |||||||||||||||||||
Interest cost | 28 | 27 | 28 | 13 | 12 | 14 | |||||||||||||||||||||||||
Expected return on plan assets | (115 | ) | (106 | ) | (96 | ) | (23 | ) | (19 | ) | (16 | ) | |||||||||||||||||||
Amortization of prior service (credit) cost | 1 | 1 | 1 | (1 | ) | (3 | ) | (4 | ) | ||||||||||||||||||||||
Amortization of net actuarial loss | 19 | 26 | 26 | — | 2 | 1 | |||||||||||||||||||||||||
Net periodic benefit (credit) cost | $ | (55 | ) | $ | (39 | ) | $ | (30 | ) | $ | (5 | ) | $ | (1 | ) | $ | 2 | ||||||||||||||
Changes in plan assets and benefit obligations recognized in other comprehensive income and regulatory assets and liabilities: | |||||||||||||||||||||||||||||||
Current year net actuarial (gain) loss | $ | 43 | $ | (127 | ) | $ | 35 | $ | 40 | $ | (40 | ) | $ | 12 | |||||||||||||||||
Prior service cost | — | — | — | 10 | — | — | |||||||||||||||||||||||||
Less amounts included in net periodic benefit cost: | |||||||||||||||||||||||||||||||
Amortization of net actuarial loss | (19 | ) | (26 | ) | (26 | ) | — | (2 | ) | (1 | ) | ||||||||||||||||||||
Amortization of prior service credit (cost) | (1 | ) | (1 | ) | (1 | ) | 1 | 3 | 4 | ||||||||||||||||||||||
Total recognized in other comprehensive income and regulatory assets and liabilities | $ | 23 | $ | (154 | ) | $ | 8 | $ | 51 | $ | (39 | ) | $ | 15 | |||||||||||||||||
Significant assumptions used to determine periodic cost: | |||||||||||||||||||||||||||||||
Discount rate | 5.2 | % | 4.40% - 4.80% | 5.5 | % | 4.20% - 5.00% | 4.40% - 4.70% | 5.5 | % | ||||||||||||||||||||||
Expected long-term rate of return on plan assets | 8.75 | % | 8.5 | % | 8.5 | % | 8.5 | % | 7.75 | % | 7.75 | % | |||||||||||||||||||
Weighted average rate of increase for compensation | 3.93 | % | 3.93 | % | 3.93 | % | 3.93 | % | 3.93 | % | 3.93 | % | |||||||||||||||||||
Healthcare cost trend rate(2) | 7 | % | 7 | % | 7 | % | |||||||||||||||||||||||||
Rate to which the cost trend rate is assumed to decline (the ultimate trend rate)(2) | 5 | % | 4.6 | % | 4.6 | % | |||||||||||||||||||||||||
Year that the rate reaches the ultimate trend rate(2)(3) | 2018 | 2062 | 2061 | ||||||||||||||||||||||||||||
-1 | 2013 amounts relate primarily to the decommissioning of Kewaunee. | ||||||||||||||||||||||||||||||
-2 | Assumptions used to determine net periodic cost for the following year. | ||||||||||||||||||||||||||||||
-3 | 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’s and Dominion 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, | 2014 | 2013 | 2014 | 2013 | |||||||||||||||||||||||||||
(millions) | |||||||||||||||||||||||||||||||
DOMINION | |||||||||||||||||||||||||||||||
Net actuarial (gain) loss | $ | 2,382 | $ | 1,709 | $ | 139 | $ | (40 | ) | ||||||||||||||||||||||
Prior service (credit) cost | 7 | 10 | (233 | ) | (271 | ) | |||||||||||||||||||||||||
Total(1) | $ | 2,389 | $ | 1,719 | $ | (94 | ) | $ | (311 | ) | |||||||||||||||||||||
DOMINION GAS | |||||||||||||||||||||||||||||||
Net actuarial loss | $ | 303 | $ | 279 | $ | 43 | $ | 3 | |||||||||||||||||||||||
Prior service (credit) cost | 1 | 2 | 7 | (4 | ) | ||||||||||||||||||||||||||
Total(2) | $ | 304 | $ | 281 | $ | 50 | $ | (1 | ) | ||||||||||||||||||||||
-1 | As of December 31, 2014, of the $2.4 billion and $(94) million related to pension benefits and other postretirement benefits, $1.4 billion and $(81) million, respectively, are included in AOCI, with the remainder included in regulatory assets and liabilities. As of December 31, 2013, of the $1.7 billion and $(311) million related to pension benefits and other postretirement benefits, $1.0 billion and $(156) million, respectively, are included in AOCI, with the remainder included in regulatory assets and liabilities. | ||||||||||||||||||||||||||||||
-2 | As of December 31, 2014, of the $304 million related to pension benefits, $112 million is included in AOCI, with the remainder included in regulatory assets and liabilities; the $50 million related to other postretirement benefits is included entirely in regulatory assets and liabilities. As of December 31, 2013, of the $281 million related to pension benefits, $104 million is included in AOCI, with the remainder included in regulatory assets and liabilities; the $(1) 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 2014 | The following table provides the components of AOCI and regulatory assets and liabilities for Dominion’s and Dominion Gas’ (for employees represented by collective bargaining units) plans as of December 31, 2014 that are expected to be amortized as components of net periodic benefit (credit) cost in 2015: | ||||||||||||||||||||||||||||||
Pension | Other | ||||||||||||||||||||||||||||||
Benefits | Postretirement | ||||||||||||||||||||||||||||||
Benefits | |||||||||||||||||||||||||||||||
(millions) | |||||||||||||||||||||||||||||||
DOMINION | |||||||||||||||||||||||||||||||
Net actuarial loss | $ | 160 | $ | 6 | |||||||||||||||||||||||||||
Prior service (credit) cost | 2 | (27 | ) | ||||||||||||||||||||||||||||
DOMINION GAS | |||||||||||||||||||||||||||||||
Net actuarial loss | $ | 20 | $ | 2 | |||||||||||||||||||||||||||
Prior service cost | 1 | — | |||||||||||||||||||||||||||||
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’s and Dominion 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 | |||||||||||||||||||||||||||||||
Effect on net periodic cost for 2015 | $ | 26 | $ | (16 | ) | ||||||||||||||||||||||||||
Effect on other postretirement benefit obligation at December 31, 2014 | 186 | (152 | ) | ||||||||||||||||||||||||||||
DOMINION GAS | |||||||||||||||||||||||||||||||
Effect on net periodic cost for 2015 | $ | 5 | $ | (4 | ) | ||||||||||||||||||||||||||
Effect on other postretirement benefit obligation at December 31, 2014 | 40 | (30 | ) | ||||||||||||||||||||||||||||
Commitments_and_Contingencies_
Commitments and Contingencies (Tables) | 12 Months Ended | |||||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||||
Loss Contingencies [Line Items] | ||||||||||||||||||||||
Nuclear Insurance | The current levels of nuclear property insurance coverage for Dominion's and Virginia Power's nuclear units is as follows: | |||||||||||||||||||||
Coverage | ||||||||||||||||||||||
(billions) | ||||||||||||||||||||||
Dominion | ||||||||||||||||||||||
Millstone | $ | 1.7 | ||||||||||||||||||||
Kewaunee | 1.06 | |||||||||||||||||||||
Virginia Power(1) | ||||||||||||||||||||||
Surry | $ | 1.7 | ||||||||||||||||||||
North Anna | 1.7 | |||||||||||||||||||||
-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, 2014 are as follows: | |||||||||||||||||||||
2015 | 2016 | 2017 | 2018 | 2019 | Thereafter | Total | ||||||||||||||||
(millions) | ||||||||||||||||||||||
Dominion | $ | 63 | $ | 57 | $ | 49 | $ | 43 | $ | 36 | $ | 79 | $ | 327 | ||||||||
Virginia Power | $ | 30 | $ | 26 | $ | 21 | $ | 18 | $ | 12 | $ | 26 | $ | 133 | ||||||||
Dominion Gas | $ | 28 | $ | 25 | $ | 23 | $ | 21 | $ | 19 | $ | 25 | $ | 141 | ||||||||
Subsidiary guarantees | At December 31, 2014, Dominion had issued the following subsidiary guarantees: | |||||||||||||||||||||
Stated Limit | Value(1) | |||||||||||||||||||||
(millions) | ||||||||||||||||||||||
Subsidiary debt(2) | $ | 27 | $ | 27 | ||||||||||||||||||
Commodity transactions(3) | 3,151 | 919 | ||||||||||||||||||||
Nuclear obligations(4) | 215 | 76 | ||||||||||||||||||||
Cove Point(5) | 1,910 | — | ||||||||||||||||||||
Solar(6) | 531 | 396 | ||||||||||||||||||||
Other(7) | 532 | 35 | ||||||||||||||||||||
Total | $ | 6,366 | $ | 1,453 | ||||||||||||||||||
-1 | Represents the estimated portion of the guarantee's stated limit that is utilized as of December 31, 2014 based upon prevailing economic conditions and fact patterns specific to each guarantee arrangement. For those guarantees related to obligations that are recorded as liabilities by Dominion's subsidiaries, the value includes the recorded amount. | |||||||||||||||||||||
-2 | Guarantee of debt of a DEI subsidiary. In the event of default by the subsidiary, Dominion would be obligated to repay such amounts. | |||||||||||||||||||||
-3 | Guarantees related to commodity commitments of certain subsidiaries, including subsidiaries of Virginia Power, Dominion Gas and DEI. These guarantees were provided to counterparties in order to facilitate physical and financial transactions in gas, oil, electricity, pipeline capacity, transportation and related commodities and services. If any of these subsidiaries fail to perform or pay under the contracts and the counterparties seek performance or payment, Dominion would be obligated to satisfy such obligation. Dominion and its subsidiaries receive similar guarantees as collateral for credit extended to others. The value provided includes certain guarantees that do not have stated limits. | |||||||||||||||||||||
-4 | Guarantees related to certain DEI subsidiaries' potential retrospective premiums that could be assessed if there is a nuclear incident under Dominion's nuclear insurance programs and guarantees for a DEI subsidiary's and Virginia Power's commitment to buy nuclear fuel. Excludes Dominion's agreement to provide up to $150 million and $60 million to two DEI subsidiaries to pay the operating expenses of Millstone (in the event of a prolonged outage) and Kewaunee, respectively, as part of satisfying certain NRC requirements concerned with ensuring adequate funding for the operations of nuclear power stations. The agreement for Kewaunee also provides for funds through the completion of decommissioning. | |||||||||||||||||||||
-5 | Guarantees related to Cove Point, in support of terminal services, transportation and construction. Two of the guarantees have no stated limit, one guarantee has a $150 million limit, and one guarantee has a $1.75 billion aggregate limit with an annual draw limit of $175 million. | |||||||||||||||||||||
-6 | Includes guarantees to facilitate the development of solar projects including guarantees to support the issuance of full notice to proceed under EPC agreements. Includes certain guarantees that do not have stated limits. Also includes guarantees entered into by DEI on behalf of certain subsidiaries to facilitate the acquisition and development of solar projects. | |||||||||||||||||||||
-7 | Guarantees related to other miscellaneous contractual obligations such as leases, environmental obligations and construction projects. Also includes guarantees related to certain DEI subsidiaries' obligations for equity capital contributions and energy generation associated with Fowler Ridge and NedPower. As of December 31, 2014, Dominion's maximum remaining cumulative exposure under these equity funding agreements is $72 million through 2019 and its maximum annual future contributions could range from approximately $4 million to $19 million. The value provided includes certain guarantees that do not have stated limits. | |||||||||||||||||||||
Virginia Electric and Power Company | ||||||||||||||||||||||
Loss Contingencies [Line Items] | ||||||||||||||||||||||
Long-term Purchase Commitment | At December 31, 2014, Virginia Power had the following long-term commitments that are noncancelable or are cancelable only under certain conditions, and that third parties have used to secure financing for the facilities that will provide the contracted goods or services: | |||||||||||||||||||||
2015 | 2016 | 2017 | 2018 | 2019 | Thereafter | Total | ||||||||||||||||
(millions) | ||||||||||||||||||||||
Purchased electric capacity(1) | $ | 313 | $ | 250 | $ | 158 | $ | 104 | $ | 65 | $ | 99 | $ | 989 | ||||||||
-1 | Commitments represent estimated amounts payable for capacity under power purchase contracts with qualifying facilities and independent power producers, the last of which ends in 2021. Capacity payments under the contracts are generally based on fixed dollar amounts per month, subject to escalation using broad-based economic indices. At December 31, 2014, the present value of Virginia Power's total commitment for capacity payments is $833 million. Capacity payments totaled $330 million, $345 million, and $337 million, and energy payments totaled $304 million, $236 million, and $214 million for the years ended 2014, 2013 and 2012, respectively. |
Related_Party_Transactions_Tab
Related Party Transactions (Tables) | 12 Months Ended | |||||||||
Dec. 31, 2014 | ||||||||||
Virginia Electric and Power Company | ||||||||||
Related Party Transaction [Line Items] | ||||||||||
Schedules Of Transactions With Affiliates | Presented below are significant transactions with DRS and other affiliates: Â | |||||||||
Year Ended December 31, | 2014 | 2013 | 2012 | |||||||
(millions) | ||||||||||
Commodity purchases from affiliates | $ | 543 | $ | 417 | $ | 368 | ||||
Services provided by affiliates(1) | 432 | 415 | 399 | |||||||
Services provided to affiliates | 22 | 21 | 19 | |||||||
(1) Includes capitalized expenditures. | ||||||||||
Dominion Gas Holdings, LLC | ||||||||||
Related Party Transaction [Line Items] | ||||||||||
Schedule of Related Party Transactions | Dominion Gas transacts with affiliates for certain quantities of natural gas and other commodities at market prices in the ordinary course of business. Additionally, Dominion Gas provides transportation and storage services to affiliates. Dominion Gas also enters into certain other contracts with affiliates, which are presented separately from contracts involving commodities or services. As of December 31, 2014 and 2013, all of Dominion Gas' commodity derivatives were with affiliates. See Notes 7 and 19 for more information. See Note 9 for information regarding sales of assets to an affiliate. | |||||||||
Dominion Gas participates in certain Dominion benefit plans as described in Note 21. At December 31, 2014 and 2013, Dominion Gas' amounts due from Dominion associated with the Dominion Pension Plan and reflected in noncurrent pension and other postretirement benefit assets in the Consolidated Balance Sheets, were $614 million and $577 million, respectively. At December 31, 2014 and 2013, Dominion Gas' liabilities to Dominion associated with the Dominion Retiree Health and Welfare Plan and reflected in other deferred credits and other liabilities in the Consolidated Balance Sheets were $7 million and $14 million, respectively. | ||||||||||
Year Ended December 31, | 2014 | 2013 | 2012 | |||||||
(millions) | ||||||||||
Purchases of natural gas and transportation and storage services from affiliates | $ | 34 | $ | 31 | $ | 14 | ||||
Sales of natural gas and transportation and storage services to affiliates | 84 | 109 | 64 | |||||||
DRS and other affiliates provide accounting, legal, finance and certain administrative and technical services to Dominion Gas. Dominion Gas provides certain services to affiliates, including technical services. The costs of these services follow: | ||||||||||
Year Ended December 31, | 2014 | 2013 | 2012 | |||||||
(millions) | ||||||||||
Services provided by affiliates(1) | $ | 106 | $ | 116 | $ | 107 | ||||
Services provided to affiliates | 17 | 4 | 3 | |||||||
(1) Includes capitalized expenditures. | ||||||||||
The following table presents affiliated and related party activity reflected in Dominion Gas' Consolidated Balance Sheets: | ||||||||||
December 31, | ||||||||||
2014 | 2013 | |||||||||
(millions) | ||||||||||
Customer receivables from related parties(1) | $ | 22 | $ | 3 | ||||||
Imbalances receivable from affiliates(2) | 3 | 6 | ||||||||
Imbalances payable to affiliates(3) | — | 1 | ||||||||
Affiliated notes receivable(4) | 9 | 5 | ||||||||
-1 | Includes $17 million due from Atlantic Coast Pipeline, an affiliated VIE. | |||||||||
-2 | Amounts are presented in other current assets in Dominion Gas' Consolidated Balance Sheets. | |||||||||
(3) Amounts are presented in other current liabilities in Dominion Gas' Consolidated Balance Sheets. | ||||||||||
(4) Amounts are presented in other deferred charges and other assets in Dominion Gas' Consolidated Balance Sheets. |
Operating_Segments_Tables
Operating Segments (Tables) | 12 Months Ended | ||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||||||
Segment Reporting Disclosure Other Information | A description of the operations included in the Companies' primary operating segments is as follows: | ||||||||||||||||||
Primary Operating | Description of Operations | Dominion | Virginia | Dominion Gas | |||||||||||||||
Segment | Power | ||||||||||||||||||
DVP | Regulated electric distribution | X | X | ||||||||||||||||
Regulated electric transmission | X | X | |||||||||||||||||
Dominion Generation | Regulated electric fleet | X | X | ||||||||||||||||
Merchant electric fleet | X | ||||||||||||||||||
Nonregulated retail energy marketing | X | ||||||||||||||||||
Dominion Energy | Gas transmission and storage(1) | X | X | ||||||||||||||||
Gas distribution and storage | X | X | |||||||||||||||||
Gas gathering and processing | X | X | |||||||||||||||||
LNG import and storage | X | ||||||||||||||||||
(1) Includes remaining producer services activities. | |||||||||||||||||||
Schedule of Segment Reporting Information, by Segment | The following table presents segment information pertaining to Dominion's operations: | ||||||||||||||||||
Year Ended December 31, | DVP | Dominion | Dominion | Corporate and | Adjustments & | Consolidated | |||||||||||||
Generation | Energy | Other | Eliminations | Total | |||||||||||||||
(millions) | |||||||||||||||||||
2014 | |||||||||||||||||||
Total revenue from external customers | $ | 1,918 | $ | 7,665 | $ | 1,718 | $ | (12 | ) | $ | 1,147 | $ | 12,436 | ||||||
Intersegment revenue | 18 | 70 | 1,174 | 572 | (1,834 | ) | — | ||||||||||||
Total operating revenue | 1,936 | 7,735 | 2,892 | 560 | (687 | ) | 12,436 | ||||||||||||
Depreciation, depletion and amortization | 462 | 516 | 241 | 73 | — | 1,292 | |||||||||||||
Equity in earnings of equity method investees | — | (18 | ) | 54 | 10 | — | 46 | ||||||||||||
Interest income | — | 67 | 14 | 20 | (33 | ) | 68 | ||||||||||||
Interest and related charges | 205 | 240 | 11 | 770 | (33 | ) | 1,193 | ||||||||||||
Income taxes | 317 | 392 | 436 | (693 | ) | — | 452 | ||||||||||||
Net income (loss) attributable to Dominion | 502 | 1,101 | 677 | (970 | ) | — | 1,310 | ||||||||||||
Investment in equity method investees | — | 262 | 796 | 23 | — | 1,081 | |||||||||||||
Capital expenditures | 1,652 | 2,466 | 1,329 | 104 | — | 5,551 | |||||||||||||
Total assets (billions) | 13 | 24.2 | 12.7 | 8.7 | (4.3 | ) | 54.3 | ||||||||||||
2013 | |||||||||||||||||||
Total revenue from external customers | $ | 1,825 | $ | 8,445 | $ | 1,783 | $ | 3 | $ | 1,064 | $ | 13,120 | |||||||
Intersegment revenue | 9 | 68 | 1,063 | 609 | (1,749 | ) | — | ||||||||||||
Total operating revenue | 1,834 | 8,513 | 2,846 | 612 | (685 | ) | 13,120 | ||||||||||||
Depreciation, depletion and amortization | 427 | 518 | 228 | 35 | — | 1,208 | |||||||||||||
Equity in earnings of equity method investees | — | (14 | ) | 21 | 7 | — | 14 | ||||||||||||
Interest income | — | 66 | 12 | 42 | (66 | ) | 54 | ||||||||||||
Interest and related charges | 175 | 220 | 26 | 522 | (66 | ) | 877 | ||||||||||||
Income taxes | 287 | 483 | 409 | (287 | ) | — | 892 | ||||||||||||
Loss from discontinued operations, net of tax | — | — | — | (92 | ) | — | (92 | ) | |||||||||||
Net income (loss) attributable to Dominion | 475 | 1,031 | 643 | (452 | ) | — | 1,697 | ||||||||||||
Investment in equity method investees | — | 280 | 615 | 21 | — | 916 | |||||||||||||
Capital expenditures | 1,361 | 1,605 | 1,043 | 95 | — | 4,104 | |||||||||||||
Total assets (billions) | 11.9 | 22 | 12.1 | 8.5 | (4.4 | ) | 50.1 | ||||||||||||
2012 | |||||||||||||||||||
Total revenue from external customers | $ | 1,846 | $ | 8,170 | $ | 1,813 | $ | 155 | $ | 851 | $ | 12,835 | |||||||
Intersegment revenue | 9 | 104 | 930 | 608 | (1,651 | ) | — | ||||||||||||
Total operating revenue | 1,855 | 8,274 | 2,743 | 763 | (800 | ) | 12,835 | ||||||||||||
Depreciation, depletion and amortization | 392 | 483 | 216 | 36 | — | 1,127 | |||||||||||||
Equity in earnings of equity method investees | — | 3 | 23 | (1 | ) | — | 25 | ||||||||||||
Interest income | 1 | 65 | 30 | 71 | (106 | ) | 61 | ||||||||||||
Interest and related charges | 187 | 177 | 47 | 511 | (106 | ) | 816 | ||||||||||||
Income taxes | 278 | 576 | 352 | (395 | ) | — | 811 | ||||||||||||
Loss from discontinued operations, net of tax | — | — | — | (1,125 | ) | — | (1,125 | ) | |||||||||||
Net income (loss) attributable to Dominion | 439 | 1,021 | 551 | (1,709 | ) | — | 302 | ||||||||||||
Capital expenditures | 1,158 | 1,615 | 1,350 | 22 | — | 4,145 | |||||||||||||
Virginia Electric and Power Company | |||||||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||||||
Schedule of Segment Reporting Information, by Segment | The following table presents segment information pertaining to Virginia Power's operations: | ||||||||||||||||||
Year Ended December 31, | DVP | Dominion | Corporate and | Adjustments & | Consolidated | ||||||||||||||
Generation | Other | Eliminations | Total | ||||||||||||||||
(millions) | |||||||||||||||||||
2014 | |||||||||||||||||||
Operating revenue | $ | 1,928 | $ | 5,651 | $ | — | $ | — | $ | 7,579 | |||||||||
Depreciation and amortization | 462 | 416 | 37 | — | 915 | ||||||||||||||
Interest income | — | 8 | — | — | 8 | ||||||||||||||
Interest and related charges | 205 | 203 | 3 | — | 411 | ||||||||||||||
Income taxes | 317 | 416 | (185 | ) | — | 548 | |||||||||||||
Net income (loss) | 509 | 691 | (342 | ) | — | 858 | |||||||||||||
Capital expenditures | 1,651 | 1,456 | — | — | 3,107 | ||||||||||||||
Total assets (billions) | 13.2 | 16.4 | — | (0.1 | ) | 29.5 | |||||||||||||
2013 | |||||||||||||||||||
Operating revenue | $ | 1,826 | $ | 5,475 | $ | (6 | ) | $ | — | $ | 7,295 | ||||||||
Depreciation and amortization | 427 | 425 | 1 | — | 853 | ||||||||||||||
Interest income | — | 6 | — | — | 6 | ||||||||||||||
Interest and related charges | 175 | 192 | 2 | — | 369 | ||||||||||||||
Income taxes | 286 | 399 | (26 | ) | — | 659 | |||||||||||||
Net income (loss) | 483 | 702 | (47 | ) | — | 1,138 | |||||||||||||
Capital expenditures | 1,360 | 1,173 | — | — | 2,533 | ||||||||||||||
Total assets (billions) | 12 | 15.1 | — | (0.1 | ) | 27 | |||||||||||||
2012 | |||||||||||||||||||
Operating revenue | $ | 1,847 | $ | 5,379 | $ | — | $ | — | $ | 7,226 | |||||||||
Depreciation and amortization | 392 | 390 | — | — | 782 | ||||||||||||||
Interest income | 1 | 7 | — | — | 8 | ||||||||||||||
Interest and related charges | 186 | 199 | — | — | 385 | ||||||||||||||
Income taxes | 277 | 403 | (27 | ) | — | 653 | |||||||||||||
Net income (loss) | 448 | 653 | (51 | ) | — | 1,050 | |||||||||||||
Capital expenditures | 1,142 | 1,146 | — | — | 2,288 | ||||||||||||||
Dominion Gas Holdings, LLC | |||||||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||||||
Schedule of Segment Reporting Information, by Segment | The following table presents segment information pertaining to Dominion Gas' operations: | ||||||||||||||||||
Year Ended December 31, | Dominion Energy | Corporate and | Consolidated | ||||||||||||||||
Other | Total | ||||||||||||||||||
(millions) | |||||||||||||||||||
2014 | |||||||||||||||||||
Operating revenue | $ | 1,898 | $ | — | $ | 1,898 | |||||||||||||
Depreciation and amortization | 197 | — | 197 | ||||||||||||||||
Equity in earnings of equity method investees | 21 | — | 21 | ||||||||||||||||
Interest income | 1 | — | 1 | ||||||||||||||||
Interest and related charges | 27 | — | 27 | ||||||||||||||||
Income taxes | 340 | (6 | ) | 334 | |||||||||||||||
Net income (loss) | 521 | (9 | ) | 512 | |||||||||||||||
Investment in equity method investees | 107 | — | 107 | ||||||||||||||||
Capital expenditures | 719 | — | 719 | ||||||||||||||||
Total assets (billions) | 9.2 | 0.6 | 9.8 | ||||||||||||||||
2013 | |||||||||||||||||||
Operating revenue | $ | 1,937 | $ | — | $ | 1,937 | |||||||||||||
Depreciation and amortization | 188 | — | 188 | ||||||||||||||||
Equity in earnings of equity method investees | 22 | — | 22 | ||||||||||||||||
Interest income | 2 | — | 2 | ||||||||||||||||
Interest and related charges | 28 | — | 28 | ||||||||||||||||
Income taxes | 333 | (32 | ) | 301 | |||||||||||||||
Net income (loss) | 510 | (49 | ) | 461 | |||||||||||||||
Investment in equity method investees | 105 | — | 105 | ||||||||||||||||
Capital expenditures | 650 | — | 650 | ||||||||||||||||
Total assets (billions) | 8.5 | 0.6 | 9.1 | ||||||||||||||||
2012 | |||||||||||||||||||
Operating revenue | $ | 1,677 | $ | — | $ | 1,677 | |||||||||||||
Depreciation and amortization | 176 | — | 176 | ||||||||||||||||
Equity in earnings of equity method investees | 23 | — | 23 | ||||||||||||||||
Interest income | 2 | — | 2 | ||||||||||||||||
Interest and related charges | 40 | — | 40 | ||||||||||||||||
Income taxes | 293 | (5 | ) | 288 | |||||||||||||||
Net income (loss) | 469 | (10 | ) | 459 | |||||||||||||||
Capital expenditures | 928 | — | 928 | ||||||||||||||||
Quarterly_Financial_and_Common1
Quarterly Financial and Common Stock Data (Unaudited) (Tables) | 12 Months Ended | |||||||||||||||
Dec. 31, 2014 | ||||||||||||||||
Condensed Financial Statements, Captions [Line Items] | ||||||||||||||||
Quarterly Financial and Common Stock Data | ||||||||||||||||
First | Second | Third | Fourth | Year | ||||||||||||
Quarter | Quarter | Quarter | Quarter | |||||||||||||
(millions, except per share amounts) | ||||||||||||||||
2014 | ||||||||||||||||
Operating revenue | $ | 3,630 | $ | 2,813 | $ | 3,050 | $ | 2,943 | $ | 12,436 | ||||||
Income from operations | 768 | 394 | 921 | 638 | 2,721 | |||||||||||
Net income including noncontrolling interests | 385 | 161 | 531 | 249 | 1,326 | |||||||||||
Income from continuing operations(1) | 379 | 159 | 529 | 243 | 1,310 | |||||||||||
Net income attributable to Dominion | 379 | 159 | 529 | 243 | 1,310 | |||||||||||
Basic EPS: | ||||||||||||||||
Income from continuing operations(1) | 0.65 | 0.27 | 0.91 | 0.42 | 2.25 | |||||||||||
Net income attributable to Dominion | 0.65 | 0.27 | 0.91 | 0.42 | 2.25 | |||||||||||
Diluted EPS: | ||||||||||||||||
Income from continuing operations(1) | 0.65 | 0.27 | 0.9 | 0.42 | 2.24 | |||||||||||
Net income attributable to Dominion | 0.65 | 0.27 | 0.9 | 0.42 | 2.24 | |||||||||||
Dividends declared per share | 0.6 | 0.6 | 0.6 | 0.6 | 2.4 | |||||||||||
Common stock prices (intraday high-low) | $72.22Â - | $73.75Â - | $71.62 - 64.71 | $80.89Â - | $80.89Â - | |||||||||||
63.14 | 67.06 | 65.53 | 63.14 | |||||||||||||
2013 | ||||||||||||||||
Operating revenue | $ | 3,523 | $ | 2,980 | $ | 3,432 | $ | 3,185 | $ | 13,120 | ||||||
Income from operations | 930 | 548 | 1,034 | 804 | 3,316 | |||||||||||
Net income including noncontrolling interests | 502 | 208 | 575 | 435 | 1,720 | |||||||||||
Income from continuing operations(1) | 494 | 272 | 592 | 431 | 1,789 | |||||||||||
Income (loss) from discontinued operations(1) | 1 | (70 | ) | (23 | ) | — | (92 | ) | ||||||||
Net income attributable to Dominion | 495 | 202 | 569 | 431 | 1,697 | |||||||||||
Basic EPS: | ||||||||||||||||
Income from continuing operations(1) | 0.86 | 0.47 | 1.02 | 0.74 | 3.09 | |||||||||||
Income (loss) from discontinued operations(1) | — | (0.12 | ) | (0.04 | ) | — | (0.16 | ) | ||||||||
Net income attributable to Dominion | 0.86 | 0.35 | 0.98 | 0.74 | 2.93 | |||||||||||
Diluted EPS: | ||||||||||||||||
Income from continuing operations(1) | 0.86 | 0.47 | 1.02 | 0.74 | 3.09 | |||||||||||
Income (loss) from discontinued operations(1) | — | (0.12 | ) | (0.04 | ) | — | (0.16 | ) | ||||||||
Net income attributable to Dominion | 0.86 | 0.35 | 0.98 | 0.74 | 2.93 | |||||||||||
Dividends declared per share | 0.5625 | 0.5625 | 0.5625 | 0.5625 | 2.25 | |||||||||||
Common stock prices (intraday high-low) | $58.25Â - | $61.85Â - | $64.04 - 55.51 | $67.97Â - | $67.97Â - | |||||||||||
51.92 | 53.79 | 61.36 | 51.92 | |||||||||||||
-1 | Amounts attributable to Dominion's common shareholders. | |||||||||||||||
Virginia Electric and Power Company | ||||||||||||||||
Condensed Financial Statements, Captions [Line Items] | ||||||||||||||||
Quarterly Financial and Common Stock Data | Virginia Power's quarterly results of operations were as follows: | |||||||||||||||
First | Second | Third | Fourth | Year | ||||||||||||
Quarter | Quarter | Quarter | Quarter | |||||||||||||
(millions) | ||||||||||||||||
2014 | ||||||||||||||||
Operating revenue | $ | 1,983 | $ | 1,729 | $ | 2,053 | $ | 1,814 | $ | 7,579 | ||||||
Income from operations | 613 | 205 | 594 | 312 | 1,724 | |||||||||||
Net income | 324 | 69 | 314 | 151 | 858 | |||||||||||
Balance available for common stock | 318 | 67 | 312 | 148 | 845 | |||||||||||
2013 | ||||||||||||||||
Operating revenue | $ | 1,781 | $ | 1,710 | $ | 2,059 | $ | 1,745 | $ | 7,295 | ||||||
Income from operations | 530 | 463 | 679 | 408 | 2,080 | |||||||||||
Net income | 287 | 265 | 387 | 199 | 1,138 | |||||||||||
Balance available for common stock | 283 | 261 | 383 | 194 | 1,121 | |||||||||||
Dominion Gas Holdings, LLC | ||||||||||||||||
Condensed Financial Statements, Captions [Line Items] | ||||||||||||||||
Quarterly Financial and Common Stock Data | Dominion Gas' quarterly results of operations were as follows: | |||||||||||||||
First | Second | Third | Fourth | Year | ||||||||||||
Quarter | Quarter | Quarter | Quarter | |||||||||||||
(millions) | ||||||||||||||||
2014 | ||||||||||||||||
Operating revenue | $ | 569 | $ | 428 | $ | 391 | $ | 510 | $ | 1,898 | ||||||
Income from operations | 265 | 154 | 177 | 255 | 851 | |||||||||||
Net income | 164 | 93 | 107 | 148 | 512 | |||||||||||
2013 | ||||||||||||||||
Operating revenue | $ | 586 | $ | 430 | $ | 388 | $ | 533 | $ | 1,937 | ||||||
Income from operations | 224 | 88 | 217 | 233 | 762 | |||||||||||
Net income | 138 | 53 | 130 | 140 | 461 | |||||||||||
Nature_of_Operations_Narrative
Nature of Operations (Narrative) (Details) (USD $) | 12 Months Ended | 1 Months Ended |
In Millions, except Share data, unless otherwise specified | Dec. 31, 2014 | Oct. 31, 2014 |
Segment | ||
Subsidiary, Sale of Stock [Line Items] | ||
Number of operating segments | 3 | |
Dominion Midstream Partners, LP | IPO | ||
Subsidiary, Sale of Stock [Line Items] | ||
Common units included in initial public offering | 20,125,000 | |
Price per unit for units included in initial public offering | $21 | |
Net proceeds received from sale of units | $392 | |
Percentage of limited partner interests in Dominion Midstream Partners, LP | 68.50% | |
Dominion Midstream Partners, LP | Over-Allotment Option | ||
Subsidiary, Sale of Stock [Line Items] | ||
Common units included in initial public offering | 2,625,000 | |
Virginia Electric and Power Company | ||
Subsidiary, Sale of Stock [Line Items] | ||
Number of operating segments | 2 | |
Dominion Gas Holdings, LLC | ||
Subsidiary, Sale of Stock [Line Items] | ||
Number of operating segments | 1 |
Significant_Accounting_Policie3
Significant Accounting Policies (Narrative) (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Accounting Policy [Line Items] | |||
Accrued unbilled revenue | $564 | $555 | |
Percentage of fuel currently subject to deferred fuel accounting | 84.00% | ||
Accounts payable for checks outstanding | 42 | 38 | |
Margin assets | 287 | 620 | |
Margin liabilities | 34 | 2 | |
Capitalized interest costs | 80 | 66 | 91 |
Virginia Electric and Power Company | |||
Accounting Policy [Line Items] | |||
Accrued unbilled revenue | 407 | 395 | |
Income tax receivable | 225 | ||
Noncurrent income tax payable | 38 | 28 | |
Income tax payable | 22 | ||
Accounts payable for checks outstanding | 20 | 21 | |
Margin assets | 6 | 11 | |
Capitalized interest costs | 39 | 33 | 31 |
AFUDC related to projects | 8 | 32 | 37 |
Dominion Gas Holdings, LLC | |||
Accounting Policy [Line Items] | |||
Accrued unbilled revenue | 127 | 106 | |
Accounts payable for checks outstanding | 9 | 7 | |
Capitalized interest costs | 1 | 5 | 23 |
Inventory under LIFO method | 12 | 7 | |
Amount exceeded on LIFO basis | 98 | 77 | |
State | Virginia Electric and Power Company | |||
Accounting Policy [Line Items] | |||
Income tax receivable | 3 | ||
Noncurrent income taxes receivable | 13 | 12 | |
State | Dominion Gas Holdings, LLC | |||
Accounting Policy [Line Items] | |||
Noncurrent income taxes receivable | 20 | 20 | |
Noncurrent income tax payable | 7 | 7 | |
Income taxes payable | 14 | 23 | |
Income Taxes Receivable, Current | 1 | ||
Federal | Dominion Gas Holdings, LLC | |||
Accounting Policy [Line Items] | |||
Income tax receivable | 96 | ||
Income taxes payable | $17 |
Significant_Accounting_Policie4
Significant Accounting Policies (Depreciation Rates and Estimated Useful Life) (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Virginia Electric and Power Company | |||
Public Utility, Property, Plant and Equipment [Line Items] | |||
Increase in depreciation | 38 | 19 | |
Increase in depreciation, after tax | 23 | 12 | |
Dominion Gas Holdings, LLC | |||
Public Utility, Property, Plant and Equipment [Line Items] | |||
Decrease in depreciation | 8 | ||
Decrease in depreciation, after tax | 5 | ||
Generation | |||
Public Utility, Property, Plant and Equipment [Line Items] | |||
Depreciation rates | 2.66% | 2.71% | 2.62% |
Generation | Virginia Electric and Power Company | |||
Public Utility, Property, Plant and Equipment [Line Items] | |||
Depreciation rates | 2.66% | 2.71% | 2.62% |
Transmission | |||
Public Utility, Property, Plant and Equipment [Line Items] | |||
Depreciation rates | 2.38% | 2.36% | 2.17% |
Transmission | Virginia Electric and Power Company | |||
Public Utility, Property, Plant and Equipment [Line Items] | |||
Depreciation rates | 2.34% | 2.28% | 1.98% |
Transmission | Dominion Gas Holdings, LLC | |||
Public Utility, Property, Plant and Equipment [Line Items] | |||
Depreciation rates | 2.40% | 2.43% | 2.35% |
Distribution | |||
Public Utility, Property, Plant and Equipment [Line Items] | |||
Depreciation rates | 3.12% | 3.13% | 3.17% |
Distribution | Virginia Electric and Power Company | |||
Public Utility, Property, Plant and Equipment [Line Items] | |||
Depreciation rates | 3.34% | 3.33% | 3.32% |
Distribution | Dominion Gas Holdings, LLC | |||
Public Utility, Property, Plant and Equipment [Line Items] | |||
Depreciation rates | 2.47% | 2.50% | 2.66% |
Storage | |||
Public Utility, Property, Plant and Equipment [Line Items] | |||
Depreciation rates | 2.39% | 2.43% | 2.59% |
Storage | Dominion Gas Holdings, LLC | |||
Public Utility, Property, Plant and Equipment [Line Items] | |||
Depreciation rates | 2.40% | 2.43% | 2.58% |
Gas gathering and processing | |||
Public Utility, Property, Plant and Equipment [Line Items] | |||
Depreciation rates | 2.81% | 2.39% | 2.49% |
Gas gathering and processing | Dominion Gas Holdings, LLC | |||
Public Utility, Property, Plant and Equipment [Line Items] | |||
Depreciation rates | 2.82% | 2.39% | 2.50% |
General and other | |||
Public Utility, Property, Plant and Equipment [Line Items] | |||
Depreciation rates | 3.62% | 3.82% | 4.55% |
General and other | Virginia Electric and Power Company | |||
Public Utility, Property, Plant and Equipment [Line Items] | |||
Depreciation rates | 3.29% | 3.51% | 4.32% |
General and other | Dominion Gas Holdings, LLC | |||
Public Utility, Property, Plant and Equipment [Line Items] | |||
Depreciation rates | 5.77% | 5.93% | 6.09% |
Merchant generation-nuclear | |||
Public Utility, Property, Plant and Equipment [Line Items] | |||
Estimated Useful Lives | 44 years | ||
Minimum | General and other | |||
Public Utility, Property, Plant and Equipment [Line Items] | |||
Estimated Useful Lives | 5 years | ||
Minimum | Merchant generation-other | |||
Public Utility, Property, Plant and Equipment [Line Items] | |||
Estimated Useful Lives | 15 years | ||
Maximum | General and other | |||
Public Utility, Property, Plant and Equipment [Line Items] | |||
Estimated Useful Lives | 59 years | ||
Maximum | Merchant generation-other | |||
Public Utility, Property, Plant and Equipment [Line Items] | |||
Estimated Useful Lives | 36 years |
Acquisitions_and_Dispositions_1
Acquisitions and Dispositions (Narrative) (Details) (USD $) | 12 Months Ended | 1 Months Ended | 6 Months Ended | 1 Months Ended | |||||||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Mar. 31, 2014 | Jun. 30, 2013 | Jun. 30, 2013 | Aug. 31, 2013 | Nov. 30, 2014 | Dec. 31, 2014 | Sep. 30, 2014 | Jan. 31, 2015 |
MW | MW | MW | mi | ||||||||
Project | |||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||
Proceeds from sale of electric retail energy marketing business | $187 | $0 | $0 | ||||||||
Asset disposition adjustment | 42 | 44 | |||||||||
Impairment charge | 1,600 | ||||||||||
Electric Retail Energy Marketing Business | |||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||
Proceeds from sale of electric retail energy marketing business | 187 | ||||||||||
Gain on sale | 100 | ||||||||||
After-tax gain on sale | 57 | ||||||||||
Asset disposition adjustment | 31 | ||||||||||
Illinois Gas Contracts | |||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||
Gain on sale | 29 | ||||||||||
After-tax gain on sale | 18 | ||||||||||
Asset disposition adjustment | 3 | ||||||||||
Sales price | 32 | 32 | |||||||||
Brayton Point and Kincaid | |||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||
Impairment charge | 1,600 | 48 | |||||||||
Long-lived assets impairment charges, net of tax | 28 | ||||||||||
Loss from discontinued operation | 17 | ||||||||||
Loss on discontinued operation, net of tax | 18 | ||||||||||
Loss from Discontinued Operations | Brayton Point and Kincaid | |||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||
Asset disposition adjustment | 16 | ||||||||||
Elwood | |||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||
Ownership percentage | 50.00% | ||||||||||
Proceeds from sale of equity method investment | 465 | ||||||||||
Elwood | Other Income | |||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||
Gain on sale of investment | 35 | ||||||||||
After tax gain on sale of investment | 25 | ||||||||||
Recurrent Energy Development Holdings, LLC | |||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||
Percentage of equity interests acquired | 100.00% | ||||||||||
Number of solar development projects acquired | 6 | ||||||||||
Purchase price | 50 | ||||||||||
Estimated project cost once constructed | 446 | ||||||||||
Generation capacity of solar development projects | 139 | ||||||||||
CSI Project Holdco, LLC | |||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||
Percentage of equity interests acquired | 100.00% | ||||||||||
Purchase price | 79 | ||||||||||
Estimated project cost once constructed | 80 | ||||||||||
Generation capacity of solar development projects | 20 | ||||||||||
EDF Renewable Development, Inc. | |||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||
Percentage of equity interests acquired | 100.00% | 100.00% | 100.00% | ||||||||
Number of solar development projects acquired | 2 | ||||||||||
Purchase price | 71 | 175 | |||||||||
Estimated project cost once constructed | 73 | 73 | 185 | ||||||||
Generation capacity of solar development projects | 20 | 42 | |||||||||
CGT | Subsequent Event | |||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||
Percentage of equity interests acquired | 100.00% | ||||||||||
Purchase price | $495 | ||||||||||
Length of FERC regulated interstate natural gas pipeline | 1,500 |
Acquisitions_and_Dispositions_2
Acquisitions and Dispositions (Schedule of Disposal Groups, Including Discontinued Operations, Income Statement) (Details) (USD $) | 6 Months Ended | 12 Months Ended | |||
In Millions, unless otherwise specified | Jun. 30, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | ||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||
Impairment charge | $1,600 | ||||
Brayton Point and Kincaid | |||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||
Operating revenue | 304 | 258 | |||
Loss before income taxes | -135 | [1] | -1,768 | [2] | |
Charges related to early redemption of debt | 64 | ||||
Impairment charge | 48 | 1,600 | |||
State Line and Salem Harbor | |||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||
Operating revenue | 57 | ||||
Loss before income taxes | ($49) | ||||
[1] | Includes $64 million of charges related to the defeasance of Brayton Point debt and the early redemption of Kincaid debt in 2013. | ||||
[2] | Includes a long-lived asset impairment charge of $1.6 billion. |
Operating_Revenue_Operating_Re
Operating Revenue (Operating Revenue) (Details) (USD $) | 3 Months Ended | 12 Months Ended | ||||||||||||
In Millions, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |||
Electric sales: | ||||||||||||||
Regulated | $7,460 | $7,193 | $7,102 | |||||||||||
Nonregulated | 1,839 | 2,511 | 2,483 | |||||||||||
Gas sales: | ||||||||||||||
Regulated | 334 | 323 | 250 | |||||||||||
Nonregulated | 751 | 930 | 1,071 | |||||||||||
Gas transportation and storage | 1,543 | 1,535 | 1,401 | |||||||||||
Other | 509 | 628 | 528 | |||||||||||
Total operating revenue | 2,943 | 3,050 | 2,813 | 3,630 | 3,185 | 3,432 | 2,980 | 3,523 | 12,436 | 13,120 | 12,835 | |||
Virginia Electric and Power Company | ||||||||||||||
Electric sales: | ||||||||||||||
Regulated | 7,460 | 7,193 | 7,102 | |||||||||||
Gas sales: | ||||||||||||||
Other | 119 | 102 | 124 | |||||||||||
Total operating revenue | 1,814 | 2,053 | 1,729 | 1,983 | 1,745 | 2,059 | 1,710 | 1,781 | 7,579 | [1] | 7,295 | [1] | 7,226 | [1] |
Dominion Gas Holdings, LLC | ||||||||||||||
Gas sales: | ||||||||||||||
Regulated | 209 | 202 | 138 | |||||||||||
Nonregulated | 26 | 32 | 28 | |||||||||||
Gas transportation and storage | 1,353 | 1,338 | 1,188 | |||||||||||
NGL revenue | 212 | 292 | 275 | |||||||||||
Other | 98 | 73 | 48 | |||||||||||
Total operating revenue | $510 | $391 | $428 | $569 | $533 | $388 | $430 | $586 | $1,898 | [2] | $1,937 | [2] | $1,677 | [2] |
[1] | See Note 24 for amounts attributable to affiliates. | |||||||||||||
[2] | See Note 24 for amounts attributable to related parties. |
Income_Taxes_Narrative_Details
Income Taxes (Narrative) (Details) (USD $) | 12 Months Ended | |||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2015 |
Operating Loss Carryforwards [Line Items] | ||||
Investment tax credits | ($152) | ($48) | $0 | |
Unrecognized tax benefits that would impact effective tax rate | 77 | 126 | 167 | |
Change in unrecognized tax benefits | -47 | -29 | 1 | |
Decrease in Unrecognized tax benefits due to settlement negotiations and expiration of statutes of limitations | 30 | |||
Scenario, Forecast | ||||
Operating Loss Carryforwards [Line Items] | ||||
Amount that earnings could potentially increase if changes were to occur | 10 | |||
Federal | ||||
Operating Loss Carryforwards [Line Items] | ||||
Operating loss carryforward | 2,200 | |||
Investment tax credits | 245 | |||
Tax credits | 65 | |||
Payment after conclusion of audit | 46 | |||
State | ||||
Operating Loss Carryforwards [Line Items] | ||||
Operating loss carryforward | 1,700 | |||
Carryforwards valuation allowance | 962 | |||
General Business | State | ||||
Operating Loss Carryforwards [Line Items] | ||||
Tax credits | 194 | |||
Investment Credit That Expires In 2014 | State | ||||
Operating Loss Carryforwards [Line Items] | ||||
Tax credits | 29 | |||
Virginia Electric and Power Company | ||||
Operating Loss Carryforwards [Line Items] | ||||
Noncurrent income tax payable | 38 | 28 | ||
Income tax receivable | 225 | |||
Investment tax credits | 0 | 0 | 0 | |
Unrecognized tax benefits that would impact effective tax rate | 8 | 8 | 13 | |
Change in unrecognized tax benefits | 1 | 4 | 1 | |
Decrease in Unrecognized tax benefits due to settlement negotiations and expiration of statutes of limitations | 25 | |||
Virginia Electric and Power Company | Scenario, Forecast | ||||
Operating Loss Carryforwards [Line Items] | ||||
Amount that earnings could potentially increase if changes were to occur | 7 | |||
Virginia Electric and Power Company | Federal | ||||
Operating Loss Carryforwards [Line Items] | ||||
Operating loss carryforward | 279 | |||
Tax credits | 14 | |||
Virginia Electric and Power Company | State | ||||
Operating Loss Carryforwards [Line Items] | ||||
Income tax receivable | 3 | |||
Dominion Gas Holdings, LLC | ||||
Operating Loss Carryforwards [Line Items] | ||||
Investment tax credits | 0 | 0 | 0 | |
Unrecognized tax benefits that would impact effective tax rate | 19 | 20 | ||
Change in unrecognized tax benefits | 1 | 1 | 1 | |
Dominion Gas Holdings, LLC | Federal | ||||
Operating Loss Carryforwards [Line Items] | ||||
Income tax receivable | 96 | |||
Operating loss carryforward | 25 | |||
Dominion Gas Holdings, LLC | State | ||||
Operating Loss Carryforwards [Line Items] | ||||
Noncurrent income tax payable | 7 | 7 | ||
Operating loss carryforward | $4 |
Income_Taxes_Income_Tax_Expens
Income Taxes (Income Tax Expense for Continuing Operations Including Noncontrolling Interests) (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Current: | |||
Federal | ($11) | $317 | $43 |
State | 14 | 110 | 84 |
Total current expense (benefit) | 3 | 427 | 127 |
Federal | |||
Taxes before operating loss carryforwards and investment tax credits | 956 | 563 | 645 |
Tax benefit of operating loss carryforwards | -352 | -18 | 0 |
Investment tax credits | -152 | -48 | 0 |
State | -2 | -31 | 40 |
Total deferred expense | 450 | 466 | 685 |
Amortization of deferred investment tax credits | -1 | -1 | -1 |
Total income tax expense | 452 | 892 | 811 |
Virginia Electric and Power Company | |||
Current: | |||
Federal | 85 | 357 | 70 |
State | 67 | 62 | 81 |
Total current expense (benefit) | 152 | 419 | 151 |
Federal | |||
Taxes before operating loss carryforwards and investment tax credits | 381 | 224 | 482 |
Tax benefit of operating loss carryforwards | 0 | 0 | 0 |
Investment tax credits | 0 | 0 | 0 |
State | 16 | 17 | 21 |
Total deferred expense | 397 | 241 | 503 |
Amortization of deferred investment tax credits | -1 | -1 | -1 |
Total income tax expense | 548 | 659 | 653 |
Dominion Gas Holdings, LLC | |||
Current: | |||
Federal | 86 | 158 | -8 |
State | 32 | 41 | 2 |
Total current expense (benefit) | 118 | 199 | -6 |
Federal | |||
Taxes before operating loss carryforwards and investment tax credits | 192 | 92 | 257 |
Tax benefit of operating loss carryforwards | 0 | 0 | 0 |
Investment tax credits | 0 | 0 | 0 |
State | 24 | 10 | 37 |
Total deferred expense | 216 | 102 | 294 |
Amortization of deferred investment tax credits | 0 | 0 | 0 |
Total income tax expense | $334 | $301 | $288 |
Income_Taxes_Reconciliation_of
Income Taxes (Reconciliation of Income Taxes at the U.S. Statutory Federal Rate as Compared to the Income Tax Expense Recorded in Our Consolidated Statements of Income) (Details) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
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 | 0.00% | 2.10% | 4.20% |
Investment tax credits | -8.60% | -1.80% | 0.00% |
Production tax credits | -1.20% | -0.60% | -0.50% |
Valuation allowances | 0.70% | -0.10% | -0.70% |
AFUDC - equity | 0.00% | -0.60% | -0.90% |
Employee stock ownership plan deduction | -0.90% | -0.60% | -0.70% |
Other, net | 0.40% | -0.40% | -0.60% |
Effective tax rate | 25.40% | 33.00% | 35.80% |
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 | 3.80% | 3.10% | 3.90% |
Investment tax credits | 0.00% | 0.00% | 0.00% |
Production tax credits | -0.60% | -0.20% | 0.00% |
Valuation allowances | 0.00% | 0.00% | 0.00% |
AFUDC - equity | 0.00% | -0.80% | -0.90% |
Employee stock ownership plan deduction | 0.00% | 0.00% | 0.00% |
Other, net | 0.80% | -0.40% | 0.30% |
Effective tax rate | 39.00% | 36.70% | 38.30% |
Dominion 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 | 4.40% | 4.30% | 3.40% |
Investment tax credits | 0.00% | 0.00% | 0.00% |
Production tax credits | 0.00% | 0.00% | 0.00% |
Valuation allowances | 0.00% | 0.00% | 0.00% |
AFUDC - equity | 0.00% | -0.10% | -0.60% |
Employee stock ownership plan deduction | 0.00% | 0.00% | 0.00% |
Other, net | 0.10% | 0.30% | 0.70% |
Effective tax rate | 39.50% | 39.50% | 38.50% |
Income_Taxes_The_Companies_Def
Income Taxes (The Companies Deferred Income Taxes Components) (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Income Tax Contingency [Line Items] | ||
Total deferred income tax assets | $2,023 | $2,142 |
Total deferred income tax liabilities | 8,663 | 8,463 |
Total net deferred income tax liabilities | 6,640 | 6,321 |
Total deferred income taxes: | ||
Plant and equipment, primarily depreciation method and basis differences | 5,895 | 5,383 |
Nuclear decommissioning | 1,241 | 1,136 |
Deferred state income taxes | 659 | 606 |
Federal benefit of deferred state income taxes | -231 | -212 |
Deferred fuel, purchased energy and gas costs | 27 | -33 |
Pension benefits | 272 | 435 |
Other postretirement benefits | -17 | -78 |
Loss and credit carryforwards | -1,434 | -797 |
Valuation allowances | 87 | 69 |
Partnership basis differences | 304 | 125 |
Other | -163 | -313 |
Total net deferred income tax liabilities | 6,640 | 6,321 |
Virginia Electric and Power Company | ||
Income Tax Contingency [Line Items] | ||
Total deferred income tax assets | 500 | 462 |
Total deferred income tax liabilities | 4,915 | 4,498 |
Total net deferred income tax liabilities | 4,415 | 4,036 |
Total deferred income taxes: | ||
Plant and equipment, primarily depreciation method and basis differences | 3,965 | 3,628 |
Nuclear decommissioning | 474 | 441 |
Deferred state income taxes | 299 | 285 |
Federal benefit of deferred state income taxes | -105 | -100 |
Deferred fuel, purchased energy and gas costs | 18 | -50 |
Pension benefits | -77 | -52 |
Other postretirement benefits | 13 | -3 |
Loss and credit carryforwards | -116 | -106 |
Valuation allowances | 0 | 0 |
Partnership basis differences | 0 | 0 |
Other | -56 | -7 |
Total net deferred income tax liabilities | 4,415 | 4,036 |
Dominion Gas Holdings, LLC | ||
Income Tax Contingency [Line Items] | ||
Total deferred income tax assets | 227 | 216 |
Total deferred income tax liabilities | 2,289 | 2,103 |
Total net deferred income tax liabilities | 2,062 | 1,887 |
Total deferred income taxes: | ||
Plant and equipment, primarily depreciation method and basis differences | 1,417 | 1,266 |
Nuclear decommissioning | 0 | 0 |
Deferred state income taxes | 207 | 182 |
Federal benefit of deferred state income taxes | -72 | -64 |
Deferred fuel, purchased energy and gas costs | 7 | 13 |
Pension benefits | 567 | 522 |
Other postretirement benefits | -12 | -13 |
Loss and credit carryforwards | -10 | -10 |
Valuation allowances | 0 | 0 |
Partnership basis differences | 42 | 42 |
Other | -84 | -51 |
Total net deferred income tax liabilities | $2,062 | $1,887 |
Income_Taxes_Unrecognized_Tax_
Income Taxes (Unrecognized Tax Benefits) (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] | |||
Balance at January 1 | $222 | $293 | $347 |
Increases-prior period positions | 24 | 17 | 28 |
Decreases-prior period positions | -26 | -99 | -106 |
Increases-current period positions | 16 | 30 | 43 |
Decreases-current period positions | 0 | -5 | 0 |
Settlements with tax authorities | 0 | -2 | -4 |
Expiration of statutes of limitations | -91 | -12 | -15 |
Balance at December 31 | 145 | 222 | 293 |
Virginia Electric and Power Company | |||
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] | |||
Balance at January 1 | 39 | 57 | 114 |
Increases-prior period positions | 2 | 12 | 4 |
Decreases-prior period positions | -16 | -42 | -80 |
Increases-current period positions | 11 | 14 | 24 |
Decreases-current period positions | 0 | 0 | 0 |
Settlements with tax authorities | 0 | -2 | -4 |
Expiration of statutes of limitations | 0 | 0 | -1 |
Balance at December 31 | 36 | 39 | 57 |
Dominion Gas Holdings, LLC | |||
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] | |||
Balance at January 1 | 29 | 30 | 30 |
Increases-prior period positions | 0 | 0 | 0 |
Decreases-prior period positions | 0 | -1 | 0 |
Increases-current period positions | 0 | 0 | 0 |
Decreases-current period positions | 0 | 0 | 0 |
Settlements with tax authorities | 0 | 0 | 0 |
Expiration of statutes of limitations | 0 | 0 | 0 |
Balance at December 31 | $29 | $29 | $30 |
Income_Taxes_Earliest_Tax_Year
Income Taxes (Earliest Tax Year) (Details) | 12 Months Ended | |
Dec. 31, 2014 | ||
Pennsylvania | ||
Operation In Major Geographical Areas Tax Year [Line Items] | ||
Earliest Open Tax Year | 2010 | [1] |
Connecticut | ||
Operation In Major Geographical Areas Tax Year [Line Items] | ||
Earliest Open Tax Year | 2011 | |
Virginia | ||
Operation In Major Geographical Areas Tax Year [Line Items] | ||
Earliest Open Tax Year | 2011 | [2] |
West Virginia | ||
Operation In Major Geographical Areas Tax Year [Line Items] | ||
Earliest Open Tax Year | 2011 | [1] |
New York | ||
Operation In Major Geographical Areas Tax Year [Line Items] | ||
Earliest Open Tax Year | 2007 | [1] |
[1] | Considered a major state for Dominion Gas' operations. | |
[2] | Considered a major state for Virginia Power's operations. |
Income_Taxes_Income_Taxes_Sche
Income Taxes Income Taxes (Schedule of Income Tax Expense from Discontinued Operations) (Details) (USD $) | 12 Months Ended | |
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Current: | ||
Federal | ($274) | ($248) |
State | -41 | -6 |
Total current benefit | -315 | -254 |
Deferred: | ||
Federal | 232 | -368 |
State | 40 | -70 |
Total deferred expense (benefit) | 272 | -438 |
Total income tax benefit | ($43) | ($692) |
Fair_Value_Measurements_Narrat
Fair Value Measurements (Narrative) (Details) (USD $) | 3 Months Ended | 12 Months Ended | 1 Months Ended | 3 Months Ended | 12 Months Ended | 3 Months Ended | 1 Months Ended | 3 Months Ended |
In Millions, unless otherwise specified | Jun. 30, 2013 | Dec. 31, 2012 | Jun. 30, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Sep. 30, 2012 | Jun. 30, 2012 |
Project | ||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||
Impairment charge after tax | $33 | |||||||
Impairment charge | 1,600 | |||||||
Dominion Gas Holdings, LLC | ||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||
Impairment charge | 55 | |||||||
Impairment charge after tax | 33 | |||||||
Impairment charge, net of tax | 33 | |||||||
Number of development projects canceled | 2 | |||||||
Severance costs | 14 | |||||||
Severance costs net of tax | 8 | |||||||
Kewaunee | ||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||
Number of utilities | 2 | |||||||
Elwood | ||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||
Ownership percentage | 50.00% | |||||||
Fair Value, Measurements, Nonrecurring | Dominion Gas Holdings, LLC | Other operations and maintenance expense | ||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||
Impairment charge | 6 | 9 | ||||||
Impairment charge, net of tax | 4 | 6 | ||||||
Fair Value, Measurements, Nonrecurring | Kewaunee | ||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||
Impairment charge | 378 | |||||||
Long-lived assets impairment charges, net of tax | 244 | |||||||
Inventory write-down | 33 | |||||||
Inventory write down, net of tax | 21 | |||||||
Severance costs | 24 | |||||||
Severance costs net of tax | 16 | |||||||
Fair Value, Measurements, Nonrecurring | Kewaunee | Other operations and maintenance expense | ||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||
Impairment and other charges, net of tax | 281 | |||||||
Impairment and other charges | 435 | |||||||
Fair Value, Measurements, Nonrecurring | Salem Harbor | Loss from Discontinued Operations | ||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||
After tax charge on disposal of assets | 27 | |||||||
Pretax charge on disposal of assets | 16 | |||||||
Fair Value, Measurements, Nonrecurring | Brayton Point and Kincaid | Loss from Discontinued Operations | ||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||
Impairment charge | 1,600 | |||||||
Impairment and other charges, net of tax | 1,000 | |||||||
Fair Value, Measurements, Nonrecurring | Brayton Point and Kincaid | Level 2 | ||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||
Long lived assets estimated fair value | 216 | |||||||
Gas, Transmission and Distribution Equipment | Fair Value, Measurements, Nonrecurring | Other operations and maintenance expense | ||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||
Impairment charge | 49 | |||||||
Impairment charge after tax | 29 | |||||||
Gas, Transmission and Distribution Equipment | Fair Value, Measurements, Nonrecurring | Level 3 | ||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||
Estimated fair value | $1 | 1 |
Fair_Value_Measurements_Fair_V
Fair Value Measurements (Fair Value, Option, Quantitative Disclosures) (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative assets | $719 | $890 | |
Derivative liabilities | 794 | 1,102 | |
Level 3 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative assets | 125 | ||
Derivative liabilities | 18 | ||
Level 3 | Gas | Physical and Financial Forwards and Futures: | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative assets | 74 | [1] | |
Derivative liabilities | 12 | [1] | |
Level 3 | Gas | Physical and Financial Options: | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative assets | 5 | ||
Derivative liabilities | 2 | ||
Level 3 | FTRs | Physical and Financial Forwards and Futures: | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative assets | 44 | ||
Derivative liabilities | 4 | ||
Level 3 | Liquids | Physical and Financial Forwards and Futures: | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative assets | 2 | [2] | |
Level 3 | Fair Value, Option, Quantitative Disclosures, Assets | Minimum | Gas | Physical and Financial Forwards and Futures: | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Market Price | -2 | [3] | |
Credit spread | 1.00% | [4] | |
Level 3 | Fair Value, Option, Quantitative Disclosures, Assets | Minimum | Gas | Physical and Financial Options: | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Market Price | 2 | [3] | |
Price Volatility | 19.00% | [5] | |
Level 3 | Fair Value, Option, Quantitative Disclosures, Assets | Minimum | FTRs | Physical and Financial Forwards and Futures: | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Market Price | -1 | [3] | |
Level 3 | Fair Value, Option, Quantitative Disclosures, Assets | Minimum | Liquids | Physical and Financial Forwards and Futures: | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Market Price | 0 | [3] | |
Level 3 | Fair Value, Option, Quantitative Disclosures, Assets | Weighted Average | Gas | Physical and Financial Forwards and Futures: | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Market Price | -1 | [3],[6] | |
Credit spread | 2.00% | [4],[6] | |
Level 3 | Fair Value, Option, Quantitative Disclosures, Assets | Weighted Average | Gas | Physical and Financial Options: | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Market Price | 3 | [3],[6] | |
Price Volatility | 33.00% | [5],[6] | |
Level 3 | Fair Value, Option, Quantitative Disclosures, Assets | Weighted Average | FTRs | Physical and Financial Forwards and Futures: | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Market Price | 3 | [3],[6] | |
Level 3 | Fair Value, Option, Quantitative Disclosures, Assets | Weighted Average | Liquids | Physical and Financial Forwards and Futures: | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Market Price | 1 | [3],[6] | |
Level 3 | Fair Value, Option, Quantitative Disclosures, Assets | Maximum | Gas | Physical and Financial Forwards and Futures: | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Market Price | 11 | [3] | |
Credit spread | 5.00% | [4] | |
Level 3 | Fair Value, Option, Quantitative Disclosures, Assets | Maximum | Gas | Physical and Financial Options: | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Market Price | 4 | [3] | |
Price Volatility | 67.00% | [5] | |
Level 3 | Fair Value, Option, Quantitative Disclosures, Assets | Maximum | FTRs | Physical and Financial Forwards and Futures: | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Market Price | 21 | [3] | |
Level 3 | Fair Value, Option, Quantitative Disclosures, Assets | Maximum | Liquids | Physical and Financial Forwards and Futures: | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Market Price | 2 | [3] | |
Level 3 | Fair Value, Option, Quantitative Disclosures, Liabilities | Minimum | Gas | Physical and Financial Forwards and Futures: | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Market Price | -2 | [3] | |
Level 3 | Fair Value, Option, Quantitative Disclosures, Liabilities | Minimum | Gas | Physical and Financial Options: | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Market Price | 2 | [3] | |
Price Volatility | 19.00% | [5] | |
Level 3 | Fair Value, Option, Quantitative Disclosures, Liabilities | Minimum | FTRs | Physical and Financial Forwards and Futures: | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Market Price | -21 | [3] | |
Level 3 | Fair Value, Option, Quantitative Disclosures, Liabilities | Weighted Average | Gas | Physical and Financial Forwards and Futures: | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Market Price | 2 | [3],[6] | |
Level 3 | Fair Value, Option, Quantitative Disclosures, Liabilities | Weighted Average | Gas | Physical and Financial Options: | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Market Price | 3 | [3],[6] | |
Price Volatility | 33.00% | [5],[6] | |
Level 3 | Fair Value, Option, Quantitative Disclosures, Liabilities | Weighted Average | FTRs | Physical and Financial Forwards and Futures: | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Market Price | 0 | [3],[6] | |
Level 3 | Fair Value, Option, Quantitative Disclosures, Liabilities | Maximum | Gas | Physical and Financial Forwards and Futures: | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Market Price | 4 | [3] | |
Level 3 | Fair Value, Option, Quantitative Disclosures, Liabilities | Maximum | Gas | Physical and Financial Options: | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Market Price | 4 | [3] | |
Price Volatility | 67.00% | [5] | |
Level 3 | Fair Value, Option, Quantitative Disclosures, Liabilities | Maximum | FTRs | Physical and Financial Forwards and Futures: | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Market Price | 21 | [3] | |
Virginia Electric and Power Company | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative assets | 113 | 53 | |
Derivative liabilities | 87 | 12 | |
Virginia Electric and Power Company | Level 3 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative assets | 106 | ||
Derivative liabilities | 4 | ||
Virginia Electric and Power Company | Level 3 | Gas | Physical and Financial Forwards and Futures: | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative assets | 62 | [1] | |
Virginia Electric and Power Company | Level 3 | FTRs | Physical and Financial Forwards and Futures: | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative assets | 44 | ||
Derivative liabilities | $4 | ||
Virginia Electric and Power Company | Level 3 | Fair Value, Option, Quantitative Disclosures, Assets | Minimum | Gas | Physical and Financial Forwards and Futures: | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Market Price | -2 | [2] | |
Credit spread | 1.00% | [3] | |
Virginia Electric and Power Company | Level 3 | Fair Value, Option, Quantitative Disclosures, Assets | Minimum | FTRs | Physical and Financial Forwards and Futures: | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Market Price | -1 | [2] | |
Virginia Electric and Power Company | Level 3 | Fair Value, Option, Quantitative Disclosures, Assets | Weighted Average | Gas | Physical and Financial Forwards and Futures: | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Market Price | -1 | [3],[6] | |
Credit spread | 2.00% | [4],[6] | |
Virginia Electric and Power Company | Level 3 | Fair Value, Option, Quantitative Disclosures, Assets | Weighted Average | FTRs | Physical and Financial Forwards and Futures: | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Market Price | 3 | [3],[6] | |
Virginia Electric and Power Company | Level 3 | Fair Value, Option, Quantitative Disclosures, Assets | Maximum | Gas | Physical and Financial Forwards and Futures: | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Market Price | 7 | [2] | |
Credit spread | 5.00% | [3] | |
Virginia Electric and Power Company | Level 3 | Fair Value, Option, Quantitative Disclosures, Assets | Maximum | FTRs | Physical and Financial Forwards and Futures: | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Market Price | 21 | [2] | |
Virginia Electric and Power Company | Level 3 | Fair Value, Option, Quantitative Disclosures, Liabilities | Minimum | Gas | Physical and Financial Forwards and Futures: | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Market Price | -21 | [2] | |
Virginia Electric and Power Company | Level 3 | Fair Value, Option, Quantitative Disclosures, Liabilities | Weighted Average | FTRs | Physical and Financial Forwards and Futures: | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Market Price | 0 | [3],[6] | |
Virginia Electric and Power Company | Level 3 | Fair Value, Option, Quantitative Disclosures, Liabilities | Maximum | Gas | Physical and Financial Forwards and Futures: | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Market Price | 21 | [2] | |
[1] | Includes basis. | ||
[2] | Information represents Dominion Gas quantitative information about Level 3 fair value measurements. | ||
[3] | Represents market prices beyond defined terms for Levels 1 and 2. | ||
[4] | Represents credit spreads unrepresented in published markets. | ||
[5] | Represents volatilities unrepresented in published markets. | ||
[6] | Averages weighted by volume. |
Fair_Value_Measurements_Assets
Fair Value Measurements (Assets and Liabilities that are Measured at Fair Value on a Recurring Basis) (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | ||
In Millions, unless otherwise specified | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Derivative assets | $719 | $890 | ||
Derivative liabilities | 794 | 1,102 | ||
Level 3 | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Derivative assets | 125 | |||
Derivative liabilities | 18 | |||
Fair Value, Measurements, Recurring | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Total assets | 4,938 | 4,791 | ||
Total liabilities | 794 | 1,102 | ||
Fair Value, Measurements, Recurring | Commodity | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Derivative assets | 695 | 753 | ||
Derivative liabilities | 592 | 1,102 | ||
Fair Value, Measurements, Recurring | Interest rate | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Derivative assets | 24 | 137 | ||
Derivative liabilities | 202 | |||
Fair Value, Measurements, Recurring | Equity securities: | Large Cap | U.S.: | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Investments | 2,669 | [1] | 2,417 | [1] |
Fair Value, Measurements, Recurring | Equity securities: | Large Cap | Non-U.S.: | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Investments | 12 | [1] | 13 | [1] |
Fair Value, Measurements, Recurring | Equity securities: | Other | U.S.: | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Investments | 6 | [1] | 79 | [1] |
Fair Value, Measurements, Recurring | Fixed Income: | Corporate debt instruments | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Investments | 441 | [1] | 345 | [1] |
Fair Value, Measurements, Recurring | Fixed Income: | U.S. Treasury securities and agency debentures | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Investments | 609 | [1] | 590 | [1] |
Fair Value, Measurements, Recurring | Fixed Income: | State and municipal | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Investments | 395 | [1] | 343 | [1] |
Fair Value, Measurements, Recurring | Fixed Income: | Other securities | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Investments | 74 | [1] | 3 | [1] |
Fair Value, Measurements, Recurring | Cash equivalents and other | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Investments | 13 | [1] | 103 | [1] |
Fair Value, Measurements, Recurring | Restricted cash equivalents | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Investments | 8 | [1] | ||
Fair Value, Measurements, Recurring | Level 1 | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Total assets | 3,112 | 2,927 | ||
Total liabilities | 3 | 3 | ||
Fair Value, Measurements, Recurring | Level 1 | Commodity | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Derivative assets | 3 | 3 | ||
Derivative liabilities | 3 | 3 | ||
Fair Value, Measurements, Recurring | Level 1 | Interest rate | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Derivative assets | 0 | 0 | ||
Derivative liabilities | 0 | |||
Fair Value, Measurements, Recurring | Level 1 | Equity securities: | Large Cap | U.S.: | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Investments | 2,669 | [1] | 2,417 | [1] |
Fair Value, Measurements, Recurring | Level 1 | Equity securities: | Large Cap | Non-U.S.: | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Investments | 12 | [1] | 13 | [1] |
Fair Value, Measurements, Recurring | Level 1 | Equity securities: | Other | U.S.: | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Investments | 6 | [1] | 79 | [1] |
Fair Value, Measurements, Recurring | Level 1 | Fixed Income: | Corporate debt instruments | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Investments | 0 | [1] | 0 | [1] |
Fair Value, Measurements, Recurring | Level 1 | Fixed Income: | U.S. Treasury securities and agency debentures | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Investments | 419 | [1] | 415 | [1] |
Fair Value, Measurements, Recurring | Level 1 | Fixed Income: | State and municipal | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Investments | 0 | [1] | 0 | [1] |
Fair Value, Measurements, Recurring | Level 1 | Fixed Income: | Other securities | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Investments | 0 | [1] | 0 | [1] |
Fair Value, Measurements, Recurring | Level 1 | Cash equivalents and other | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Investments | 3 | [1] | 0 | [1] |
Fair Value, Measurements, Recurring | Level 1 | Restricted cash equivalents | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Investments | 0 | [1] | ||
Fair Value, Measurements, Recurring | Level 2 | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Total assets | 1,701 | 1,832 | ||
Total liabilities | 773 | 1,051 | ||
Fair Value, Measurements, Recurring | Level 2 | Commodity | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Derivative assets | 567 | 718 | ||
Derivative liabilities | 571 | 1,051 | ||
Fair Value, Measurements, Recurring | Level 2 | Interest rate | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Derivative assets | 24 | 137 | ||
Derivative liabilities | 202 | |||
Fair Value, Measurements, Recurring | Level 2 | Equity securities: | Large Cap | U.S.: | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Investments | 0 | [1] | 0 | [1] |
Fair Value, Measurements, Recurring | Level 2 | Equity securities: | Large Cap | Non-U.S.: | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Investments | 0 | [1] | 0 | [1] |
Fair Value, Measurements, Recurring | Level 2 | Equity securities: | Other | U.S.: | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Investments | 0 | [1] | 0 | [1] |
Fair Value, Measurements, Recurring | Level 2 | Fixed Income: | Corporate debt instruments | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Investments | 441 | [1] | 345 | [1] |
Fair Value, Measurements, Recurring | Level 2 | Fixed Income: | U.S. Treasury securities and agency debentures | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Investments | 190 | [1] | 175 | [1] |
Fair Value, Measurements, Recurring | Level 2 | Fixed Income: | State and municipal | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Investments | 395 | [1] | 343 | [1] |
Fair Value, Measurements, Recurring | Level 2 | Fixed Income: | Other securities | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Investments | 74 | [1] | 3 | [1] |
Fair Value, Measurements, Recurring | Level 2 | Cash equivalents and other | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Investments | 10 | [1] | 103 | [1] |
Fair Value, Measurements, Recurring | Level 2 | Restricted cash equivalents | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Investments | 8 | [1] | ||
Fair Value, Measurements, Recurring | Level 3 | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Total assets | 125 | 32 | ||
Total liabilities | 18 | 48 | ||
Fair Value, Measurements, Recurring | Level 3 | Commodity | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Derivative assets | 125 | 32 | ||
Derivative liabilities | 18 | 48 | ||
Fair Value, Measurements, Recurring | Level 3 | Interest rate | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Derivative assets | 0 | 0 | ||
Derivative liabilities | 0 | |||
Fair Value, Measurements, Recurring | Level 3 | Equity securities: | Large Cap | U.S.: | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Investments | 0 | [1] | 0 | [1] |
Fair Value, Measurements, Recurring | Level 3 | Equity securities: | Large Cap | Non-U.S.: | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Investments | 0 | [1] | 0 | [1] |
Fair Value, Measurements, Recurring | Level 3 | Equity securities: | Other | U.S.: | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Investments | 0 | [1] | 0 | [1] |
Fair Value, Measurements, Recurring | Level 3 | Fixed Income: | Corporate debt instruments | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Investments | 0 | [1] | 0 | [1] |
Fair Value, Measurements, Recurring | Level 3 | Fixed Income: | U.S. Treasury securities and agency debentures | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Investments | 0 | [1] | 0 | [1] |
Fair Value, Measurements, Recurring | Level 3 | Fixed Income: | State and municipal | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Investments | 0 | [1] | 0 | [1] |
Fair Value, Measurements, Recurring | Level 3 | Fixed Income: | Other securities | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Investments | 0 | [1] | 0 | [1] |
Fair Value, Measurements, Recurring | Level 3 | Cash equivalents and other | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Investments | 0 | [1] | 0 | [1] |
Fair Value, Measurements, Recurring | Level 3 | Restricted cash equivalents | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Investments | 0 | [1] | ||
Virginia Electric and Power Company | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Derivative assets | 113 | 53 | ||
Derivative liabilities | 87 | 12 | ||
Virginia Electric and Power Company | Level 3 | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Derivative assets | 106 | |||
Derivative liabilities | 4 | |||
Virginia Electric and Power Company | Fair Value, Measurements, Recurring | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Total assets | 1,952 | 1,716 | ||
Total liabilities | 87 | 12 | ||
Virginia Electric and Power Company | Fair Value, Measurements, Recurring | Commodity | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Derivative assets | 113 | 5 | ||
Derivative liabilities | 15 | 12 | ||
Virginia Electric and Power Company | Fair Value, Measurements, Recurring | Interest rate | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Derivative assets | 48 | |||
Derivative liabilities | 72 | |||
Virginia Electric and Power Company | Fair Value, Measurements, Recurring | Equity securities: | Large Cap | U.S.: | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Investments | 1,157 | [1] | 1,021 | [1] |
Virginia Electric and Power Company | Fair Value, Measurements, Recurring | Equity securities: | Other | U.S.: | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Investments | 36 | [1] | ||
Virginia Electric and Power Company | Fair Value, Measurements, Recurring | Fixed Income: | Corporate debt instruments | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Investments | 250 | [1] | 191 | [1] |
Virginia Electric and Power Company | Fair Value, Measurements, Recurring | Fixed Income: | U.S. Treasury securities and agency debentures | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Investments | 198 | [1] | 212 | [1] |
Virginia Electric and Power Company | Fair Value, Measurements, Recurring | Fixed Income: | State and municipal | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Investments | 211 | [1] | 164 | [1] |
Virginia Electric and Power Company | Fair Value, Measurements, Recurring | Fixed Income: | Other securities | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Investments | 23 | [1] | ||
Virginia Electric and Power Company | Fair Value, Measurements, Recurring | Cash equivalents and other | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Investments | 31 | [1] | ||
Virginia Electric and Power Company | Fair Value, Measurements, Recurring | Restricted cash equivalents | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Investments | 8 | [1] | ||
Virginia Electric and Power Company | Fair Value, Measurements, Recurring | Level 1 | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Total assets | 1,294 | 1,203 | ||
Total liabilities | 0 | 0 | ||
Virginia Electric and Power Company | Fair Value, Measurements, Recurring | Level 1 | Commodity | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Derivative assets | 0 | 0 | ||
Derivative liabilities | 0 | 0 | ||
Virginia Electric and Power Company | Fair Value, Measurements, Recurring | Level 1 | Interest rate | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Derivative assets | 0 | |||
Derivative liabilities | 0 | |||
Virginia Electric and Power Company | Fair Value, Measurements, Recurring | Level 1 | Equity securities: | Large Cap | U.S.: | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Investments | 1,157 | [1] | 1,021 | [1] |
Virginia Electric and Power Company | Fair Value, Measurements, Recurring | Level 1 | Equity securities: | Other | U.S.: | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Investments | 36 | [1] | ||
Virginia Electric and Power Company | Fair Value, Measurements, Recurring | Level 1 | Fixed Income: | Corporate debt instruments | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Investments | 0 | [1] | 0 | [1] |
Virginia Electric and Power Company | Fair Value, Measurements, Recurring | Level 1 | Fixed Income: | U.S. Treasury securities and agency debentures | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Investments | 137 | [1] | 146 | [1] |
Virginia Electric and Power Company | Fair Value, Measurements, Recurring | Level 1 | Fixed Income: | State and municipal | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Investments | 0 | [1] | 0 | [1] |
Virginia Electric and Power Company | Fair Value, Measurements, Recurring | Level 1 | Fixed Income: | Other securities | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Investments | 0 | [1] | ||
Virginia Electric and Power Company | Fair Value, Measurements, Recurring | Level 1 | Cash equivalents and other | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Investments | 0 | [1] | ||
Virginia Electric and Power Company | Fair Value, Measurements, Recurring | Level 1 | Restricted cash equivalents | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Investments | 0 | [1] | ||
Virginia Electric and Power Company | Fair Value, Measurements, Recurring | Level 2 | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Total assets | 552 | 511 | ||
Total liabilities | 83 | 3 | ||
Virginia Electric and Power Company | Fair Value, Measurements, Recurring | Level 2 | Commodity | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Derivative assets | 7 | 3 | ||
Derivative liabilities | 11 | 3 | ||
Virginia Electric and Power Company | Fair Value, Measurements, Recurring | Level 2 | Interest rate | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Derivative assets | 48 | |||
Derivative liabilities | 72 | |||
Virginia Electric and Power Company | Fair Value, Measurements, Recurring | Level 2 | Equity securities: | Large Cap | U.S.: | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Investments | 0 | [1] | 0 | [1] |
Virginia Electric and Power Company | Fair Value, Measurements, Recurring | Level 2 | Equity securities: | Other | U.S.: | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Investments | 0 | [1] | ||
Virginia Electric and Power Company | Fair Value, Measurements, Recurring | Level 2 | Fixed Income: | Corporate debt instruments | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Investments | 250 | [1] | 191 | [1] |
Virginia Electric and Power Company | Fair Value, Measurements, Recurring | Level 2 | Fixed Income: | U.S. Treasury securities and agency debentures | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Investments | 61 | [1] | 66 | [1] |
Virginia Electric and Power Company | Fair Value, Measurements, Recurring | Level 2 | Fixed Income: | State and municipal | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Investments | 211 | [1] | 164 | [1] |
Virginia Electric and Power Company | Fair Value, Measurements, Recurring | Level 2 | Fixed Income: | Other securities | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Investments | 23 | [1] | ||
Virginia Electric and Power Company | Fair Value, Measurements, Recurring | Level 2 | Cash equivalents and other | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Investments | 31 | [1] | ||
Virginia Electric and Power Company | Fair Value, Measurements, Recurring | Level 2 | Restricted cash equivalents | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Investments | 8 | [1] | ||
Virginia Electric and Power Company | Fair Value, Measurements, Recurring | Level 3 | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Total assets | 106 | 2 | ||
Total liabilities | 4 | 9 | ||
Virginia Electric and Power Company | Fair Value, Measurements, Recurring | Level 3 | Commodity | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Derivative assets | 106 | 2 | ||
Derivative liabilities | 4 | 9 | ||
Virginia Electric and Power Company | Fair Value, Measurements, Recurring | Level 3 | Interest rate | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Derivative assets | 0 | |||
Derivative liabilities | 0 | |||
Virginia Electric and Power Company | Fair Value, Measurements, Recurring | Level 3 | Equity securities: | Large Cap | U.S.: | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Investments | 0 | [1] | 0 | [1] |
Virginia Electric and Power Company | Fair Value, Measurements, Recurring | Level 3 | Equity securities: | Other | U.S.: | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Investments | 0 | [1] | ||
Virginia Electric and Power Company | Fair Value, Measurements, Recurring | Level 3 | Fixed Income: | Corporate debt instruments | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Investments | 0 | [1] | 0 | [1] |
Virginia Electric and Power Company | Fair Value, Measurements, Recurring | Level 3 | Fixed Income: | U.S. Treasury securities and agency debentures | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Investments | 0 | [1] | 0 | [1] |
Virginia Electric and Power Company | Fair Value, Measurements, Recurring | Level 3 | Fixed Income: | State and municipal | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Investments | 0 | [1] | 0 | [1] |
Virginia Electric and Power Company | Fair Value, Measurements, Recurring | Level 3 | Fixed Income: | Other securities | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Investments | 0 | [1] | ||
Virginia Electric and Power Company | Fair Value, Measurements, Recurring | Level 3 | Cash equivalents and other | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Investments | 0 | [1] | ||
Virginia Electric and Power Company | Fair Value, Measurements, Recurring | Level 3 | Restricted cash equivalents | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Investments | 0 | [1] | ||
Dominion Gas Holdings, LLC | Fair Value, Measurements, Recurring | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Total assets | 2 | 40 | ||
Total liabilities | 9 | |||
Dominion Gas Holdings, LLC | Fair Value, Measurements, Recurring | Commodity | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Derivative assets | 2 | 6 | ||
Derivative liabilities | 25 | |||
Total liabilities | 25 | |||
Dominion Gas Holdings, LLC | Fair Value, Measurements, Recurring | Interest rate | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Derivative assets | 34 | |||
Derivative liabilities | 9 | |||
Dominion Gas Holdings, LLC | Fair Value, Measurements, Recurring | Level 1 | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Total assets | 0 | 0 | ||
Total liabilities | 0 | |||
Dominion Gas Holdings, LLC | Fair Value, Measurements, Recurring | Level 1 | Commodity | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Derivative assets | 0 | 0 | ||
Derivative liabilities | 0 | |||
Total liabilities | 0 | |||
Dominion Gas Holdings, LLC | Fair Value, Measurements, Recurring | Level 1 | Interest rate | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Derivative assets | 0 | |||
Derivative liabilities | 0 | |||
Dominion Gas Holdings, LLC | Fair Value, Measurements, Recurring | Level 2 | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Total assets | 0 | 34 | ||
Total liabilities | 9 | |||
Dominion Gas Holdings, LLC | Fair Value, Measurements, Recurring | Level 2 | Commodity | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Derivative assets | 0 | 0 | ||
Derivative liabilities | 13 | |||
Total liabilities | 13 | |||
Dominion Gas Holdings, LLC | Fair Value, Measurements, Recurring | Level 2 | Interest rate | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Derivative assets | 34 | |||
Derivative liabilities | 9 | |||
Dominion Gas Holdings, LLC | Fair Value, Measurements, Recurring | Level 3 | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Total assets | 2 | 6 | ||
Total liabilities | 0 | |||
Dominion Gas Holdings, LLC | Fair Value, Measurements, Recurring | Level 3 | Commodity | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Derivative assets | 2 | 6 | ||
Derivative liabilities | 12 | |||
Total liabilities | 12 | |||
Dominion Gas Holdings, LLC | Fair Value, Measurements, Recurring | Level 3 | Interest rate | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Derivative assets | 0 | |||
Derivative liabilities | $0 | |||
[1] | Includes investments held in the nuclear decommissioning and rabbi trusts. |
Fair_Value_Measurements_Net_Ch
Fair Value Measurements (Net Change in the Assets and Liabilities Measured at Fair Value on a Recurring Basis and Included in the Level 3 Fair Value Category) (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Fair Value Assets And Liabilities Measured On Recurring Basis Unobservable Input Reconciliation Calculation [Roll Forward] | |||
Included in earnings | $97 | ($9) | ($15) |
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 | 6 | 0 | 42 |
Commodity | Level 3 | |||
Fair Value Assets And Liabilities Measured On Recurring Basis Unobservable Input Reconciliation Calculation [Roll Forward] | |||
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 | 6 | 0 | 42 |
Commodity | Level 3 | Fair Value, Measurements, Recurring | |||
Fair Value Assets And Liabilities Measured On Recurring Basis Unobservable Input Reconciliation Calculation [Roll Forward] | |||
Beginnning balance | -16 | 25 | -71 |
Included in earnings | 97 | -9 | -15 |
Included in regulatory assets/liabilities | 109 | -9 | 30 |
Included in other comprehensive income (loss) | 7 | 1 | 101 |
Settlements | -88 | -23 | 47 |
Transfers out of Level 3 | -2 | -1 | -67 |
Ending balance | 107 | -16 | 25 |
Commodity | Virginia Electric and Power Company | Level 3 | Fair Value, Measurements, Recurring | |||
Fair Value Assets And Liabilities Measured On Recurring Basis Unobservable Input Reconciliation Calculation [Roll Forward] | |||
Beginnning balance | -7 | 2 | -28 |
Included in earnings | 96 | -17 | -50 |
Included in regulatory assets/liabilities | 109 | -9 | 30 |
Settlements | -96 | 17 | 50 |
Ending balance | 102 | -7 | 2 |
Commodity | Dominion Gas Holdings, LLC | Level 3 | Fair Value, Measurements, Recurring | |||
Fair Value Assets And Liabilities Measured On Recurring Basis Unobservable Input Reconciliation Calculation [Roll Forward] | |||
Beginnning balance | -6 | -12 | -98 |
Included in earnings | 2 | 1 | -15 |
Included in other comprehensive income (loss) | 10 | 3 | 86 |
Settlements | -4 | 2 | 15 |
Ending balance | $2 | ($6) | ($12) |
Fair_Value_Measurements_Schedu
Fair Value Measurements (Schedule of Gains and Losses Included in the Level 3 Fair Value Category) (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Derivative Instruments, Gain (Loss) [Line Items] | |||
Total gains (losses) included in earnings | $97 | ($9) | ($15) |
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 | 6 | 0 | 42 |
Operating Revenue | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Total gains (losses) included in earnings | 4 | 11 | 35 |
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 | 4 | 1 | 42 |
Electric Fuel and Energy Purchases | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Total gains (losses) included in earnings | 97 | -19 | -50 |
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 | 1 | 0 | 0 |
Purchased Gas | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Total gains (losses) included in earnings | -4 | -1 | 0 |
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 | $1 | ($1) | $0 |
Fair_Value_Measurements_Financ
Fair Value Measurements (Financial Instruments' Carrying Amounts and Fair Values) (Details) (USD $) | 12 Months Ended | |||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2014 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Long-term debt, including securities due within one year | $23,200 | |||
Subsidiary preferred stock | 257 | 0 | ||
Valuation of certain fair value hedges | 55 | 19 | ||
Deferred issuance expenses | 2 | |||
Carrying Amount | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Long-term debt, including securities due within one year | 18,396 | [1] | 19,723 | [1] |
Junior subordinated notes | 1,373 | [2] | 1,374 | [2] |
Remarketable subordinated notes | 1,080 | [2] | 2,083 | [2] |
Subsidiary preferred stock | 257 | [3] | 0 | [3] |
Estimated Fair Value | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Long-term debt, including securities due within one year | 19,887 | [1],[4] | 21,881 | [1],[4] |
Junior subordinated notes | 1,394 | [2],[4] | 1,396 | [2],[4] |
Remarketable subordinated notes | 1,192 | [2],[4] | 2,362 | [2],[4] |
Subsidiary preferred stock | 261 | [3],[4] | 0 | [3],[4] |
Virginia Electric and Power Company | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Long-term debt, including securities due within one year | 8,935 | |||
Subsidiary preferred stock | 257 | 0 | ||
Virginia Electric and Power Company | Carrying Amount | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Long-term debt, including securities due within one year | 8,032 | [2] | 8,937 | [2] |
Subsidiary preferred stock | 257 | [3] | 0 | [3] |
Virginia Electric and Power Company | Estimated Fair Value | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Long-term debt, including securities due within one year | 8,897 | [2],[4] | 10,293 | [2],[4] |
Subsidiary preferred stock | 261 | [3],[4] | 0 | [3],[4] |
Dominion Gas Holdings, LLC | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Long-term debt, including securities due within one year | 2,600 | |||
Dominion Gas Holdings, LLC | Carrying Amount | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Long-term debt, including securities due within one year | 1,198 | [2] | 2,594 | [2] |
Dominion Gas Holdings, LLC | Estimated Fair Value | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Long-term debt, including securities due within one year | $1,169 | [2],[4] | $2,672 | [2],[4] |
[1] | Carrying amount includes amounts which represent the unamortized discount and/or premium. At December 31, 2014, and 2013, includes the valuation of certain fair value hedges associated with Dominion's fixed rate debt, of approximately $19 million and $55 million, respectively. | |||
[2] | Carrying amount includes amounts which represent the unamortized discount and/or premium. | |||
[3] | Includes deferred issuance expenses of $2 million at December 31, 2013. See Note 18 for information about the redemption of preferred stock in 2014. | |||
[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. |
Derivatives_and_Hedge_Accounti2
Derivatives and Hedge Accounting Activities (Schedule of Offsetting Assets) (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Offsetting Assets [Line Items] | ||
Gross Amounts of Recognized Assets | $704 | $883 |
Total derivatives, not subject to a master netting or similar arrangement | 15 | 7 |
Derivative Asset | 719 | 890 |
Gross Amounts Offset in the Consolidated Balance Sheet | 0 | 0 |
Gross Amounts Not Offset in the Consolidated Balance Sheet, Financial Instruments | 348 | 568 |
Gross Amounts Not Offset in the Consolidated Balance Sheet, Cash Collateral Received | 34 | 0 |
Net Amounts | 322 | 315 |
Interest rate | Over-the-counter | ||
Offsetting Assets [Line Items] | ||
Gross Amounts of Recognized Assets | 24 | 137 |
Gross Amounts Offset in the Consolidated Balance Sheet | 0 | 0 |
Gross Amounts Not Offset in the Consolidated Balance Sheet, Financial Instruments | 16 | 0 |
Gross Amounts Not Offset in the Consolidated Balance Sheet, Cash Collateral Received | 0 | 0 |
Net Amounts | 8 | 137 |
Commodity | Over-the-counter | ||
Offsetting Assets [Line Items] | ||
Gross Amounts of Recognized Assets | 382 | 240 |
Gross Amounts Offset in the Consolidated Balance Sheet | 0 | 0 |
Gross Amounts Not Offset in the Consolidated Balance Sheet, Financial Instruments | 34 | 63 |
Gross Amounts Not Offset in the Consolidated Balance Sheet, Cash Collateral Received | 34 | 0 |
Net Amounts | 314 | 177 |
Commodity | Exchange | ||
Offsetting Assets [Line Items] | ||
Gross Amounts of Recognized Assets | 298 | 506 |
Gross Amounts Offset in the Consolidated Balance Sheet | 0 | 0 |
Gross Amounts Not Offset in the Consolidated Balance Sheet, Financial Instruments | 298 | 505 |
Gross Amounts Not Offset in the Consolidated Balance Sheet, Cash Collateral Received | 0 | 0 |
Net Amounts | 0 | 1 |
Virginia Electric and Power Company | ||
Offsetting Assets [Line Items] | ||
Gross Amounts of Recognized Assets | 106 | 53 |
Total derivatives, not subject to a master netting or similar arrangement | 7 | 0 |
Derivative Asset | 113 | 53 |
Gross Amounts Offset in the Consolidated Balance Sheet | 0 | 0 |
Gross Amounts Not Offset in the Consolidated Balance Sheet, Financial Instruments | 4 | 4 |
Gross Amounts Not Offset in the Consolidated Balance Sheet, Cash Collateral Received | 0 | 0 |
Net Amounts | 102 | 49 |
Virginia Electric and Power Company | Interest rate | Over-the-counter | ||
Offsetting Assets [Line Items] | ||
Gross Amounts of Recognized Assets | 0 | 48 |
Gross Amounts Offset in the Consolidated Balance Sheet | 0 | 0 |
Gross Amounts Not Offset in the Consolidated Balance Sheet, Financial Instruments | 0 | 0 |
Gross Amounts Not Offset in the Consolidated Balance Sheet, Cash Collateral Received | 0 | 0 |
Net Amounts | 0 | 48 |
Virginia Electric and Power Company | Commodity | Over-the-counter | ||
Offsetting Assets [Line Items] | ||
Gross Amounts of Recognized Assets | 106 | 4 |
Gross Amounts Offset in the Consolidated Balance Sheet | 0 | 0 |
Gross Amounts Not Offset in the Consolidated Balance Sheet, Financial Instruments | 4 | 4 |
Gross Amounts Not Offset in the Consolidated Balance Sheet, Cash Collateral Received | 0 | 0 |
Net Amounts | 102 | 0 |
Virginia Electric and Power Company | Commodity | Exchange | ||
Offsetting Assets [Line Items] | ||
Gross Amounts of Recognized Assets | 0 | 1 |
Gross Amounts Offset in the Consolidated Balance Sheet | 0 | 0 |
Gross Amounts Not Offset in the Consolidated Balance Sheet, Financial Instruments | 0 | 0 |
Gross Amounts Not Offset in the Consolidated Balance Sheet, Cash Collateral Received | 0 | 0 |
Net Amounts | 0 | 1 |
Dominion Gas Holdings, LLC | ||
Offsetting Assets [Line Items] | ||
Gross Amounts of Recognized Assets | 2 | 40 |
Gross Amounts Offset in the Consolidated Balance Sheet | 0 | 0 |
Gross Amounts Not Offset in the Consolidated Balance Sheet, Financial Instruments | 0 | 6 |
Gross Amounts Not Offset in the Consolidated Balance Sheet, Cash Collateral Received | 0 | 0 |
Net Amounts | 2 | 34 |
Dominion Gas Holdings, LLC | Interest rate | Over-the-counter | ||
Offsetting Assets [Line Items] | ||
Gross Amounts of Recognized Assets | 0 | 34 |
Gross Amounts Offset in the Consolidated Balance Sheet | 0 | 0 |
Gross Amounts Not Offset in the Consolidated Balance Sheet, Financial Instruments | 0 | 0 |
Gross Amounts Not Offset in the Consolidated Balance Sheet, Cash Collateral Received | 0 | 0 |
Net Amounts | 0 | 34 |
Dominion Gas Holdings, LLC | Commodity | Over-the-counter | ||
Offsetting Assets [Line Items] | ||
Gross Amounts of Recognized Assets | 2 | 6 |
Gross Amounts Offset in the Consolidated Balance Sheet | 0 | 0 |
Gross Amounts Not Offset in the Consolidated Balance Sheet, Financial Instruments | 0 | 6 |
Gross Amounts Not Offset in the Consolidated Balance Sheet, Cash Collateral Received | 0 | 0 |
Net Amounts | $2 | $0 |
Derivatives_and_Hedge_Accounti3
Derivatives and Hedge Accounting Activities (Schedule of Offsetting Liabilities) (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Offsetting Liabilities [Line Items] | ||
Gross Amounts of Recognized Liabilities | $782 | $1,100 |
Gross Amounts Offset in the Consolidated Balance Sheet | 0 | 0 |
Total derivatives, not subject to a master netting or similar arrangement | 12 | 2 |
Derivative liabilities | 794 | 1,102 |
Gross Amounts Not Offset in the Consolidated Balance Sheet, Financial Instruments | 348 | 568 |
Gross Amounts Not Offset in the Consolidated Balance Sheet, Cash Collateral Paid | 196 | 402 |
Net Amounts | 238 | 130 |
Interest rate | Over-the-counter | ||
Offsetting Liabilities [Line Items] | ||
Gross Amounts of Recognized Liabilities | 202 | 0 |
Gross Amounts Offset in the Consolidated Balance Sheet | 0 | 0 |
Gross Amounts Not Offset in the Consolidated Balance Sheet, Financial Instruments | 16 | 0 |
Gross Amounts Not Offset in the Consolidated Balance Sheet, Cash Collateral Paid | 0 | 0 |
Net Amounts | 186 | 0 |
Commodity | Over-the-counter | ||
Offsetting Liabilities [Line Items] | ||
Gross Amounts of Recognized Liabilities | 87 | 262 |
Gross Amounts Offset in the Consolidated Balance Sheet | 0 | 0 |
Gross Amounts Not Offset in the Consolidated Balance Sheet, Financial Instruments | 34 | 63 |
Gross Amounts Not Offset in the Consolidated Balance Sheet, Cash Collateral Paid | 1 | 69 |
Net Amounts | 52 | 130 |
Commodity | Exchange | ||
Offsetting Liabilities [Line Items] | ||
Gross Amounts of Recognized Liabilities | 493 | 838 |
Gross Amounts Offset in the Consolidated Balance Sheet | 0 | 0 |
Gross Amounts Not Offset in the Consolidated Balance Sheet, Financial Instruments | 298 | 505 |
Gross Amounts Not Offset in the Consolidated Balance Sheet, Cash Collateral Paid | 195 | 333 |
Net Amounts | 0 | 0 |
Virginia Electric and Power Company | ||
Offsetting Liabilities [Line Items] | ||
Gross Amounts of Recognized Liabilities | 80 | 12 |
Gross Amounts Offset in the Consolidated Balance Sheet | 0 | 0 |
Total derivatives, not subject to a master netting or similar arrangement | 7 | 0 |
Derivative liabilities | 87 | 12 |
Gross Amounts Not Offset in the Consolidated Balance Sheet, Financial Instruments | 4 | 4 |
Gross Amounts Not Offset in the Consolidated Balance Sheet, Cash Collateral Paid | 0 | 7 |
Net Amounts | 76 | 1 |
Virginia Electric and Power Company | Interest rate | Over-the-counter | ||
Offsetting Liabilities [Line Items] | ||
Gross Amounts of Recognized Liabilities | 72 | 0 |
Gross Amounts Offset in the Consolidated Balance Sheet | 0 | 0 |
Gross Amounts Not Offset in the Consolidated Balance Sheet, Financial Instruments | 0 | 0 |
Gross Amounts Not Offset in the Consolidated Balance Sheet, Cash Collateral Paid | 0 | 0 |
Net Amounts | 72 | 0 |
Virginia Electric and Power Company | Commodity | Over-the-counter | ||
Offsetting Liabilities [Line Items] | ||
Gross Amounts of Recognized Liabilities | 8 | 12 |
Gross Amounts Offset in the Consolidated Balance Sheet | 0 | 0 |
Gross Amounts Not Offset in the Consolidated Balance Sheet, Financial Instruments | 4 | 4 |
Gross Amounts Not Offset in the Consolidated Balance Sheet, Cash Collateral Paid | 0 | 7 |
Net Amounts | 4 | 1 |
Dominion Gas Holdings, LLC | ||
Offsetting Liabilities [Line Items] | ||
Gross Amounts of Recognized Liabilities | 9 | 25 |
Gross Amounts Offset in the Consolidated Balance Sheet | 0 | 0 |
Gross Amounts Not Offset in the Consolidated Balance Sheet, Financial Instruments | 0 | 6 |
Gross Amounts Not Offset in the Consolidated Balance Sheet, Cash Collateral Paid | 0 | 0 |
Net Amounts | 9 | 19 |
Dominion Gas Holdings, LLC | Interest rate | Over-the-counter | ||
Offsetting Liabilities [Line Items] | ||
Gross Amounts of Recognized Liabilities | 9 | 0 |
Gross Amounts Offset in the Consolidated Balance Sheet | 0 | 0 |
Gross Amounts Not Offset in the Consolidated Balance Sheet, Financial Instruments | 0 | 0 |
Gross Amounts Not Offset in the Consolidated Balance Sheet, Cash Collateral Paid | 0 | 0 |
Net Amounts | 9 | 0 |
Dominion Gas Holdings, LLC | Commodity | Over-the-counter | ||
Offsetting Liabilities [Line Items] | ||
Gross Amounts of Recognized Liabilities | 0 | 25 |
Gross Amounts Offset in the Consolidated Balance Sheet | 0 | 0 |
Gross Amounts Not Offset in the Consolidated Balance Sheet, Financial Instruments | 0 | 6 |
Gross Amounts Not Offset in the Consolidated Balance Sheet, Cash Collateral Paid | 0 | 0 |
Net Amounts | $0 | $19 |
Derivatives_and_Hedge_Accounti4
Derivatives and Hedge Accounting Activities (Volume of our Derivative Activity) (Details) (USD $) | Dec. 31, 2014 | |
In Millions, unless otherwise specified | ||
Current | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Interest rate | $1,300 | |
Current | Natural Gas (bcf): | Fixed Price | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Volume of natural gas (in billion cubic feet and gallons) | 52,000,000,000 | [1] |
Current | Natural Gas (bcf): | Basis | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Volume of natural gas (in billion cubic feet and gallons) | 227,000,000,000 | |
Current | Electricity (MWh): | Fixed Price | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Volume of electricity (in Megawatt hours) | 14,689,432 | |
Current | Electricity (MWh): | FTRs | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Volume of electricity (in Megawatt hours) | 35,786,150 | |
Current | Capacity (MW) | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Capacity of Electricity (in Megawatts) | 10,700 | |
Current | Liquids (gallons) | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Volume of natural gas (in billion cubic feet and gallons) | 39,984,000 | [2] |
Noncurrent | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Interest rate | 4,450 | |
Noncurrent | Natural Gas (bcf): | Fixed Price | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Volume of natural gas (in billion cubic feet and gallons) | 13,000,000,000 | [1] |
Noncurrent | Natural Gas (bcf): | Basis | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Volume of natural gas (in billion cubic feet and gallons) | 575,000,000,000 | |
Noncurrent | Electricity (MWh): | Fixed Price | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Volume of electricity (in Megawatt hours) | 6,148,800 | |
Noncurrent | Electricity (MWh): | FTRs | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Volume of electricity (in Megawatt hours) | 0 | |
Noncurrent | Capacity (MW) | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Capacity of Electricity (in Megawatts) | 7,600 | |
Noncurrent | Liquids (gallons) | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Volume of natural gas (in billion cubic feet and gallons) | 1,260,000 | [2] |
Virginia Electric and Power Company | Current | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Interest rate | 550 | |
Virginia Electric and Power Company | Current | Natural Gas (bcf): | Fixed Price | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Volume of natural gas (in billion cubic feet and gallons) | 7,000,000,000 | |
Virginia Electric and Power Company | Current | Natural Gas (bcf): | Basis | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Volume of natural gas (in billion cubic feet and gallons) | 51,000,000,000 | |
Virginia Electric and Power Company | Current | Electricity (MWh): | FTRs | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Volume of electricity (in Megawatt hours) | 33,709,386 | |
Virginia Electric and Power Company | Current | Capacity (MW) | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Capacity of Electricity (in Megawatts) | 10,700 | |
Virginia Electric and Power Company | Noncurrent | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Interest rate | 900 | |
Virginia Electric and Power Company | Noncurrent | Natural Gas (bcf): | Fixed Price | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Volume of natural gas (in billion cubic feet and gallons) | 0 | |
Virginia Electric and Power Company | Noncurrent | Natural Gas (bcf): | Basis | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Volume of natural gas (in billion cubic feet and gallons) | 493,000,000,000 | |
Virginia Electric and Power Company | Noncurrent | Electricity (MWh): | FTRs | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Volume of electricity (in Megawatt hours) | 0 | |
Virginia Electric and Power Company | Noncurrent | Capacity (MW) | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Capacity of Electricity (in Megawatts) | 7,600 | |
Dominion Gas Holdings, LLC | Current | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Interest rate | 0 | |
Dominion Gas Holdings, LLC | Current | Capacity (MW) | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Capacity of Electricity (in Megawatts) | 32,340,000 | |
Dominion Gas Holdings, LLC | Noncurrent | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Interest rate | $250 | |
Dominion Gas Holdings, LLC | Noncurrent | Capacity (MW) | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Capacity of Electricity (in Megawatts) | 0 | |
[1] | Includes options. | |
[2] | Includes NGLs and oil. |
Derivatives_and_Hedge_Accounti5
Derivatives and Hedge Accounting Activities (Selected Information Related to Gains (Losses) on Cash Flow Hedges Included in AOCI) (Details) (USD $) | 12 Months Ended | |
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Derivative Instruments, Gain (Loss) [Line Items] | ||
AOCI After-Tax | ($178) | ($288) |
Amounts Expected to be Reclassified to Earnings during the next 12 Months After-Tax | 33 | |
Commodity | Electricity | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
AOCI After-Tax | 56 | |
Amounts Expected to be Reclassified to Earnings during the next 12 Months After-Tax | 46 | |
Maximum Term | 24 months | |
Commodity | Gas | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
AOCI After-Tax | -8 | |
Amounts Expected to be Reclassified to Earnings during the next 12 Months After-Tax | -7 | |
Maximum Term | 27 months | |
Commodity | Other | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
AOCI After-Tax | 0 | |
Amounts Expected to be Reclassified to Earnings during the next 12 Months After-Tax | 0 | |
Maximum Term | 17 months | |
Interest rate | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
AOCI After-Tax | -226 | |
Amounts Expected to be Reclassified to Earnings during the next 12 Months After-Tax | -6 | |
Maximum Term | 384 months | |
Dominion Gas Holdings, LLC | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
AOCI After-Tax | -20 | 3 |
Amounts Expected to be Reclassified to Earnings during the next 12 Months After-Tax | 0 | |
Dominion Gas Holdings, LLC | Commodity | Natural Gas | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
AOCI After-Tax | 0 | |
Amounts Expected to be Reclassified to Earnings during the next 12 Months After-Tax | 0 | |
Maximum Term | 3 months | |
Dominion Gas Holdings, LLC | Commodity | Other | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
AOCI After-Tax | 0 | |
Amounts Expected to be Reclassified to Earnings during the next 12 Months After-Tax | 0 | |
Maximum Term | 12 months | |
Dominion Gas Holdings, LLC | Interest rate | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
AOCI After-Tax | -20 | |
Amounts Expected to be Reclassified to Earnings during the next 12 Months After-Tax | $0 | |
Maximum Term | 360 months |
Derivatives_and_Hedge_Accounti6
Derivatives and Hedge Accounting Activities (Fair Values of our Derivatives) (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | ||
In Millions, unless otherwise specified | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Total Fair Value, Assets | $719 | $890 | ||
Total Fair Value, Liabilities | 794 | 1,102 | ||
Current Assets | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Total Fair Value, Assets | 536 | 687 | ||
Current Assets | Commodity | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Total Fair Value, Assets | 523 | 571 | ||
Current Assets | Interest rate | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Total Fair Value, Assets | 13 | 116 | ||
Noncurrent Assets | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Total Fair Value, Assets | 183 | [1] | 203 | [1] |
Noncurrent Assets | Commodity | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Total Fair Value, Assets | 172 | 182 | ||
Noncurrent Assets | Interest rate | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Total Fair Value, Assets | 11 | 21 | ||
Current Liabilities | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Total Fair Value, Liabilities | 591 | 828 | ||
Current Liabilities | Commodity | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Total Fair Value, Liabilities | 491 | 828 | ||
Current Liabilities | Interest rate | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Total Fair Value, Liabilities | 100 | |||
Noncurrent Liabilities | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Total Fair Value, Liabilities | 203 | [2] | 274 | [2] |
Noncurrent Liabilities | Commodity | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Total Fair Value, Liabilities | 101 | 274 | ||
Noncurrent Liabilities | Interest rate | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Total Fair Value, Liabilities | 102 | |||
Fair Value - Derivatives under Hedge Accounting | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Total Fair Value, Assets | 376 | 214 | ||
Total Fair Value, Liabilities | 481 | 386 | ||
Fair Value - Derivatives under Hedge Accounting | Current Assets | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Total Fair Value, Assets | 294 | 165 | ||
Fair Value - Derivatives under Hedge Accounting | Current Assets | Commodity | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Total Fair Value, Assets | 281 | 49 | ||
Fair Value - Derivatives under Hedge Accounting | Current Assets | Interest rate | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Total Fair Value, Assets | 13 | 116 | ||
Fair Value - Derivatives under Hedge Accounting | Noncurrent Assets | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Total Fair Value, Assets | 82 | [1] | 49 | [1] |
Fair Value - Derivatives under Hedge Accounting | Noncurrent Assets | Commodity | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Total Fair Value, Assets | 71 | 28 | ||
Fair Value - Derivatives under Hedge Accounting | Noncurrent Assets | Interest rate | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Total Fair Value, Assets | 11 | 21 | ||
Fair Value - Derivatives under Hedge Accounting | Current Liabilities | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Total Fair Value, Liabilities | 324 | 267 | ||
Fair Value - Derivatives under Hedge Accounting | Current Liabilities | Commodity | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Total Fair Value, Liabilities | 224 | 267 | ||
Fair Value - Derivatives under Hedge Accounting | Current Liabilities | Interest rate | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Total Fair Value, Liabilities | 100 | |||
Fair Value - Derivatives under Hedge Accounting | Noncurrent Liabilities | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Total Fair Value, Liabilities | 157 | [2] | 119 | [2] |
Fair Value - Derivatives under Hedge Accounting | Noncurrent Liabilities | Commodity | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Total Fair Value, Liabilities | 55 | 119 | ||
Fair Value - Derivatives under Hedge Accounting | Noncurrent Liabilities | Interest rate | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Total Fair Value, Liabilities | 102 | |||
Fair Value - Derivatives not under Hedge Accounting | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Total Fair Value, Assets | 343 | 676 | ||
Total Fair Value, Liabilities | 313 | 716 | ||
Fair Value - Derivatives not under Hedge Accounting | Current Assets | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Total Fair Value, Assets | 242 | 522 | ||
Fair Value - Derivatives not under Hedge Accounting | Current Assets | Commodity | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Total Fair Value, Assets | 242 | 522 | ||
Fair Value - Derivatives not under Hedge Accounting | Current Assets | Interest rate | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Total Fair Value, Assets | 0 | 0 | ||
Fair Value - Derivatives not under Hedge Accounting | Noncurrent Assets | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Total Fair Value, Assets | 101 | [1] | 154 | [1] |
Fair Value - Derivatives not under Hedge Accounting | Noncurrent Assets | Commodity | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Total Fair Value, Assets | 101 | 154 | ||
Fair Value - Derivatives not under Hedge Accounting | Noncurrent Assets | Interest rate | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Total Fair Value, Assets | 0 | 0 | ||
Fair Value - Derivatives not under Hedge Accounting | Current Liabilities | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Total Fair Value, Liabilities | 267 | 561 | ||
Fair Value - Derivatives not under Hedge Accounting | Current Liabilities | Commodity | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Total Fair Value, Liabilities | 267 | 561 | ||
Fair Value - Derivatives not under Hedge Accounting | Current Liabilities | Interest rate | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Total Fair Value, Liabilities | 0 | |||
Fair Value - Derivatives not under Hedge Accounting | Noncurrent Liabilities | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Total Fair Value, Liabilities | 46 | [2] | 155 | [2] |
Fair Value - Derivatives not under Hedge Accounting | Noncurrent Liabilities | Commodity | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Total Fair Value, Liabilities | 46 | 155 | ||
Fair Value - Derivatives not under Hedge Accounting | Noncurrent Liabilities | Interest rate | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Total Fair Value, Liabilities | 0 | |||
Virginia Electric and Power Company | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Total Fair Value, Assets | 113 | 53 | ||
Total Fair Value, Liabilities | 87 | 12 | ||
Virginia Electric and Power Company | Current Assets | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Total Fair Value, Assets | 51 | [3] | 53 | [3] |
Virginia Electric and Power Company | Current Assets | Commodity | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Total Fair Value, Assets | 51 | 5 | ||
Virginia Electric and Power Company | Current Assets | Interest rate | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Total Fair Value, Assets | 48 | |||
Virginia Electric and Power Company | Noncurrent Assets | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Total Fair Value, Assets | 62 | [4] | ||
Virginia Electric and Power Company | Noncurrent Assets | Commodity | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Total Fair Value, Assets | 62 | |||
Virginia Electric and Power Company | Current Liabilities | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Total Fair Value, Liabilities | 60 | 12 | ||
Virginia Electric and Power Company | Current Liabilities | Commodity | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Total Fair Value, Liabilities | 15 | 12 | ||
Virginia Electric and Power Company | Current Liabilities | Interest rate | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Total Fair Value, Liabilities | 45 | |||
Virginia Electric and Power Company | Noncurrent Liabilities | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Total Fair Value, Liabilities | 27 | [5] | ||
Virginia Electric and Power Company | Noncurrent Liabilities | Interest rate | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Total Fair Value, Liabilities | 27 | |||
Virginia Electric and Power Company | Fair Value - Derivatives under Hedge Accounting | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Total Fair Value, Assets | 0 | 50 | ||
Total Fair Value, Liabilities | 75 | 1 | ||
Virginia Electric and Power Company | Fair Value - Derivatives under Hedge Accounting | Current Assets | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Total Fair Value, Assets | 0 | [3] | 50 | [3] |
Virginia Electric and Power Company | Fair Value - Derivatives under Hedge Accounting | Current Assets | Commodity | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Total Fair Value, Assets | 0 | 2 | ||
Virginia Electric and Power Company | Fair Value - Derivatives under Hedge Accounting | Current Assets | Interest rate | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Total Fair Value, Assets | 48 | |||
Virginia Electric and Power Company | Fair Value - Derivatives under Hedge Accounting | Noncurrent Assets | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Total Fair Value, Assets | 0 | [4] | ||
Virginia Electric and Power Company | Fair Value - Derivatives under Hedge Accounting | Noncurrent Assets | Commodity | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Total Fair Value, Assets | 0 | |||
Virginia Electric and Power Company | Fair Value - Derivatives under Hedge Accounting | Current Liabilities | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Total Fair Value, Liabilities | 48 | 1 | ||
Virginia Electric and Power Company | Fair Value - Derivatives under Hedge Accounting | Current Liabilities | Commodity | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Total Fair Value, Liabilities | 3 | 1 | ||
Virginia Electric and Power Company | Fair Value - Derivatives under Hedge Accounting | Current Liabilities | Interest rate | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Total Fair Value, Liabilities | 45 | |||
Virginia Electric and Power Company | Fair Value - Derivatives under Hedge Accounting | Noncurrent Liabilities | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Total Fair Value, Liabilities | 27 | [5] | ||
Virginia Electric and Power Company | Fair Value - Derivatives under Hedge Accounting | Noncurrent Liabilities | Interest rate | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Total Fair Value, Liabilities | 27 | |||
Virginia Electric and Power Company | Fair Value - Derivatives not under Hedge Accounting | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Total Fair Value, Assets | 113 | 3 | ||
Total Fair Value, Liabilities | 12 | 11 | ||
Virginia Electric and Power Company | Fair Value - Derivatives not under Hedge Accounting | Current Assets | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Total Fair Value, Assets | 51 | [3] | 3 | [3] |
Virginia Electric and Power Company | Fair Value - Derivatives not under Hedge Accounting | Current Assets | Commodity | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Total Fair Value, Assets | 51 | 3 | ||
Virginia Electric and Power Company | Fair Value - Derivatives not under Hedge Accounting | Current Assets | Interest rate | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Total Fair Value, Assets | 0 | |||
Virginia Electric and Power Company | Fair Value - Derivatives not under Hedge Accounting | Noncurrent Assets | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Total Fair Value, Assets | 62 | [4] | ||
Virginia Electric and Power Company | Fair Value - Derivatives not under Hedge Accounting | Noncurrent Assets | Commodity | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Total Fair Value, Assets | 62 | |||
Virginia Electric and Power Company | Fair Value - Derivatives not under Hedge Accounting | Current Liabilities | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Total Fair Value, Liabilities | 12 | 11 | ||
Virginia Electric and Power Company | Fair Value - Derivatives not under Hedge Accounting | Current Liabilities | Commodity | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Total Fair Value, Liabilities | 12 | 11 | ||
Virginia Electric and Power Company | Fair Value - Derivatives not under Hedge Accounting | Current Liabilities | Interest rate | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Total Fair Value, Liabilities | 0 | |||
Virginia Electric and Power Company | Fair Value - Derivatives not under Hedge Accounting | Noncurrent Liabilities | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Total Fair Value, Liabilities | 0 | [5] | ||
Virginia Electric and Power Company | Fair Value - Derivatives not under Hedge Accounting | Noncurrent Liabilities | Interest rate | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Total Fair Value, Liabilities | 0 | |||
Dominion Gas Holdings, LLC | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Total Fair Value, Assets | 2 | 40 | ||
Total Fair Value, Liabilities | 9 | 25 | ||
Dominion Gas Holdings, LLC | Current Assets | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Total Fair Value, Assets | 2 | [6] | 40 | [6] |
Dominion Gas Holdings, LLC | Current Assets | Commodity | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Total Fair Value, Assets | 2 | 6 | ||
Dominion Gas Holdings, LLC | Current Assets | Interest rate | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Total Fair Value, Assets | 34 | |||
Dominion Gas Holdings, LLC | Current Liabilities | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Total Fair Value, Liabilities | 25 | [7] | ||
Dominion Gas Holdings, LLC | Current Liabilities | Commodity | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Total Fair Value, Liabilities | 25 | |||
Dominion Gas Holdings, LLC | Noncurrent Liabilities | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Total Fair Value, Liabilities | 9 | [8] | ||
Dominion Gas Holdings, LLC | Noncurrent Liabilities | Interest rate | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Total Fair Value, Liabilities | 9 | |||
Dominion Gas Holdings, LLC | Fair Value - Derivatives under Hedge Accounting | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Total Fair Value, Assets | 2 | 40 | ||
Total Fair Value, Liabilities | 9 | 25 | ||
Dominion Gas Holdings, LLC | Fair Value - Derivatives under Hedge Accounting | Current Assets | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Total Fair Value, Assets | 2 | [6] | 40 | [6] |
Dominion Gas Holdings, LLC | Fair Value - Derivatives under Hedge Accounting | Current Assets | Commodity | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Total Fair Value, Assets | 2 | 6 | ||
Dominion Gas Holdings, LLC | Fair Value - Derivatives under Hedge Accounting | Current Assets | Interest rate | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Total Fair Value, Assets | 34 | |||
Dominion Gas Holdings, LLC | Fair Value - Derivatives under Hedge Accounting | Current Liabilities | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Total Fair Value, Liabilities | 25 | [7] | ||
Dominion Gas Holdings, LLC | Fair Value - Derivatives under Hedge Accounting | Current Liabilities | Commodity | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Total Fair Value, Liabilities | 25 | |||
Dominion Gas Holdings, LLC | Fair Value - Derivatives under Hedge Accounting | Noncurrent Liabilities | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Total Fair Value, Liabilities | 9 | [8] | ||
Dominion Gas Holdings, LLC | Fair Value - Derivatives under Hedge Accounting | Noncurrent Liabilities | Interest rate | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Total Fair Value, Liabilities | 9 | |||
Dominion Gas Holdings, LLC | Fair Value - Derivatives not under Hedge Accounting | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Total Fair Value, Assets | 0 | 0 | ||
Total Fair Value, Liabilities | 0 | 0 | ||
Dominion Gas Holdings, LLC | Fair Value - Derivatives not under Hedge Accounting | Current Assets | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Total Fair Value, Assets | 0 | [6] | 0 | [6] |
Dominion Gas Holdings, LLC | Fair Value - Derivatives not under Hedge Accounting | Current Assets | Commodity | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Total Fair Value, Assets | 0 | 0 | ||
Dominion Gas Holdings, LLC | Fair Value - Derivatives not under Hedge Accounting | Current Assets | Interest rate | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Total Fair Value, Assets | 0 | |||
Dominion Gas Holdings, LLC | Fair Value - Derivatives not under Hedge Accounting | Current Liabilities | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Total Fair Value, Liabilities | 0 | [7] | ||
Dominion Gas Holdings, LLC | Fair Value - Derivatives not under Hedge Accounting | Current Liabilities | Commodity | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Total Fair Value, Liabilities | 0 | |||
Dominion Gas Holdings, LLC | Fair Value - Derivatives not under Hedge Accounting | Noncurrent Liabilities | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Total Fair Value, Liabilities | 0 | [8] | ||
Dominion Gas Holdings, LLC | Fair Value - Derivatives not under Hedge Accounting | Noncurrent Liabilities | Interest rate | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Total Fair Value, Liabilities | $0 | |||
[1] | Noncurrent derivative assets are presented in other deferred charges and other assets in Dominion's Consolidated Balance Sheets. | |||
[2] | Noncurrent derivative liabilities are presented in other deferred credits and other liabilities in Dominion's Consolidated Balance Sheets. | |||
[3] | Current derivative assets are presented in other current assets in Virginia Power's Consolidated Balance Sheets. | |||
[4] | Noncurrent derivative assets are presented in other deferred charges and other assets in Virginia Power's Consolidated Balance Sheets. | |||
[5] | Noncurrent derivative liabilities are presented in other deferred credits and other liabilities in Virginia Power's Consolidated Balance Sheets. | |||
[6] | Current derivative assets are presented in other current assets in Dominion Gas' Consolidated Balance Sheets. | |||
[7] | Current derivative liabilities are presented in other current liabilities in Dominion Gas' Consolidated Balance Sheets. | |||
[8] | Noncurrent derivative liabilities are presented in other deferred credits and other liabilities in Dominion Gas' Consolidated Balance Sheets. |
Derivatives_and_Hedge_Accounti7
Derivatives and Hedge Accounting Activities (Gains and Losses on our Derivatives in Cash Flow Hedging Relationships) (Details) (Cash Flow Hedges, USD $) | 12 Months Ended | |||||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |||
Derivative Instruments, Gain (Loss) [Line Items] | ||||||
Amount of Gain (Loss) Recognized in AOCI on Derivatives (Effective Portion) | $37 | [1] | ($404) | [1] | ($13) | [1] |
Amount of Gain (Loss) Reclassified from AOCI to Income | -152 | -130 | 94 | |||
Increase (Decrease) in Derivatives Subject to Regulatory Treatment | -85 | [2] | 86 | [2] | -25 | [2] |
Commodity | ||||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||||
Amount of Gain (Loss) Recognized in AOCI on Derivatives (Effective Portion) | 245 | [1] | -481 | [1] | 71 | [1] |
Amount of Gain (Loss) Reclassified from AOCI to Income | -136 | -115 | 96 | |||
Increase (Decrease) in Derivatives Subject to Regulatory Treatment | -4 | [2] | 5 | [2] | 10 | [2] |
Commodity | Operating Revenue | ||||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||||
Amount of Gain (Loss) Reclassified from AOCI to Income | -130 | -58 | 188 | |||
Commodity | Purchased gas | ||||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||||
Amount of Gain (Loss) Reclassified from AOCI to Income | -13 | -47 | -75 | |||
Commodity | Electric fuel and other energy-related purchases | ||||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||||
Amount of Gain (Loss) Reclassified from AOCI to Income | 7 | -10 | -17 | |||
Interest rate | ||||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||||
Amount of Gain (Loss) Recognized in AOCI on Derivatives (Effective Portion) | -208 | [1],[3] | 77 | [1],[3] | -84 | [1],[3] |
Amount of Gain (Loss) Reclassified from AOCI to Income | -16 | [3] | -15 | [3] | -2 | [3] |
Increase (Decrease) in Derivatives Subject to Regulatory Treatment | -81 | [2],[3] | 81 | [2],[3] | -35 | [2],[3] |
Virginia Electric and Power Company | ||||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||||
Amount of Gain (Loss) Recognized in AOCI on Derivatives (Effective Portion) | -6 | [4] | 9 | [4] | -8 | [4] |
Amount of Gain (Loss) Reclassified from AOCI to Income | 5 | 0 | -4 | |||
Increase (Decrease) in Derivatives Subject to Regulatory Treatment | -85 | [5] | 86 | [5] | -25 | [5] |
Virginia Electric and Power Company | Commodity | ||||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||||
Amount of Gain (Loss) Recognized in AOCI on Derivatives (Effective Portion) | 4 | [4] | 0 | [4] | -2 | [4] |
Amount of Gain (Loss) Reclassified from AOCI to Income | 5 | 0 | -4 | |||
Increase (Decrease) in Derivatives Subject to Regulatory Treatment | -4 | [5] | 5 | [5] | 10 | [5] |
Virginia Electric and Power Company | Commodity | Electric Fuel and Energy Purchases | ||||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||||
Amount of Gain (Loss) Reclassified from AOCI to Income | 5 | 0 | -4 | |||
Virginia Electric and Power Company | Interest rate | ||||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||||
Amount of Gain (Loss) Recognized in AOCI on Derivatives (Effective Portion) | -10 | [4],[6] | 9 | [4],[6] | -6 | [4],[6] |
Amount of Gain (Loss) Reclassified from AOCI to Income | 0 | [6] | 0 | [6] | 0 | [6] |
Increase (Decrease) in Derivatives Subject to Regulatory Treatment | -81 | [5],[6] | 81 | [5],[6] | -35 | [5],[6] |
Dominion Gas Holdings, LLC | ||||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||||
Amount of Gain (Loss) Recognized in AOCI on Derivatives (Effective Portion) | -50 | [7] | 66 | [7] | 23 | [7] |
Amount of Gain (Loss) Reclassified from AOCI to Income | -13 | -16 | -33 | |||
Dominion Gas Holdings, LLC | Commodity | ||||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||||
Amount of Gain (Loss) Recognized in AOCI on Derivatives (Effective Portion) | 12 | [7] | -2 | [7] | 64 | [7] |
Amount of Gain (Loss) Reclassified from AOCI to Income | -12 | -16 | -33 | |||
Dominion Gas Holdings, LLC | Commodity | Operating Revenue | ||||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||||
Amount of Gain (Loss) Reclassified from AOCI to Income | 2 | -2 | -15 | |||
Dominion Gas Holdings, LLC | Commodity | Purchased gas | ||||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||||
Amount of Gain (Loss) Reclassified from AOCI to Income | -14 | -14 | -18 | |||
Dominion Gas Holdings, LLC | Interest rate | ||||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||||
Amount of Gain (Loss) Recognized in AOCI on Derivatives (Effective Portion) | -62 | [7],[8] | 68 | [7],[8] | -41 | [7],[8] |
Amount of Gain (Loss) Reclassified from AOCI to Income | ($1) | [8] | $0 | [8] | $0 | [8] |
[1] | Amounts deferred into AOCI have no associated effect in Dominion's Consolidated Statements of Income. | |||||
[2] | Represents net derivative activity deferred into and amortized out of regulatory assets/liabilities. Amounts deferred into regulatory assets/liabilities have no associated effect in Dominion's Consolidated Statements of Income. | |||||
[3] | Amounts recorded in Dominion's Consolidated Statements of Income are classified in interest and related charges. | |||||
[4] | Amounts deferred into AOCI have no associated effect in Virginia Power's Consolidated Statements of Income. | |||||
[5] | 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. | |||||
[6] | Amounts recorded in Virginia Power's Consolidated Statements of Income are classified in interest and related charges. | |||||
[7] | Amounts deferred into AOCI have no associated effect in Dominion Gas' Consolidated Statements of Income. | |||||
[8] | Amounts recorded in Dominion Gas' Consolidated Statements of Income are classified in interest and related charges. |
Derivatives_and_Hedge_Accounti8
Derivatives and Hedge Accounting Activities (Gains and Losses on our Derivatives Not Designated as Hedging Instruments) (Details) (Derivatives not designated as hedging instruments, USD $) | 12 Months Ended | |||||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |||
Derivative Instruments, Gain (Loss) [Line Items] | ||||||
Amount of Gain (Loss) Recognized in Income on Derivatives | ($248) | [1] | ($83) | [1] | $131 | [1] |
Commodity | Operating Revenue | ||||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||||
Amount of Gain (Loss) Recognized in Income on Derivatives | -310 | [1] | -45 | [1] | 168 | [1] |
Commodity | Purchased gas | ||||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||||
Amount of Gain (Loss) Recognized in Income on Derivatives | -51 | [1] | -9 | [1] | -14 | [1] |
Commodity | Electric fuel and other energy-related purchases | ||||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||||
Amount of Gain (Loss) Recognized in Income on Derivatives | 113 | [1] | -29 | [1] | -40 | [1] |
Interest rate | ||||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||||
Amount of Gain (Loss) Recognized in Income on Derivatives | 0 | [1],[2] | 0 | [1],[2] | 17 | [1],[2] |
Virginia Electric and Power Company | ||||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||||
Amount of Gain (Loss) Recognized in Income on Derivatives | 105 | [3] | -16 | [3] | -50 | [3] |
Virginia Electric and Power Company | Commodity | ||||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||||
Amount of Gain (Loss) Recognized in Income on Derivatives | $105 | [3],[4] | ($16) | [3],[4] | ($50) | [3],[4] |
[1] | Includes derivative activity amortized out of regulatory assets/liabilities. Amounts deferred into regulatory assets/liabilities have no associated effect in Dominion's Consolidated Statements of Income. | |||||
[2] | Amounts recorded in Dominion's Consolidated Statements of Income are classified in interest and related charges. | |||||
[3] | Includes derivative activity amortized out of regulatory assets/liabilities. Amounts deferred into regulatory assets/liabilities have no associated effect in Virginia Power's Consolidated Statements of Income. | |||||
[4] | Amounts recorded in Virginia Power's Consolidated Statements of Income are classified in electric fuel and other energy-related purchases. |
Earnings_Per_Share_Calculation
Earnings Per Share (Calculation of our Basic and Diluted EPS) (Details) (USD $) | 3 Months Ended | 12 Months Ended | ||||||||||||
In Millions, except Share data, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |||
Earnings Per Share [Abstract] | ||||||||||||||
Net income attributable to Dominion | $243 | $529 | $159 | $379 | $431 | $569 | $202 | $495 | $1,310 | $1,697 | $302 | |||
Average shares of common stock outstanding-Basic | 582,700,000 | 578,700,000 | 572,900,000 | |||||||||||
Net effect of potentially dilutive securities | 1,800,000 | [1] | 800,000 | [1] | 1,000,000 | [1] | ||||||||
Average shares of common stock outstanding-Diluted | 584,500,000 | 579,500,000 | 573,900,000 | |||||||||||
Earnings Per Common Share-Basic (in dollars per share) | $0.42 | $0.91 | $0.27 | $0.65 | $0.74 | $0.98 | $0.35 | $0.86 | $2.25 | $2.93 | $0.53 | |||
Earnings Per Common Share-Diluted (in dollars per share) | $0.42 | $0.90 | $0.27 | $0.65 | $0.74 | $0.98 | $0.35 | $0.86 | $2.24 | $2.93 | $0.53 | |||
Potentially dilutive securities excluded from the calculation of diluted EPS | 0 | |||||||||||||
[1] | Dilutive securities consist primarily of contingently convertible senior notes and the 2013 Equity Units for 2014 and contingently convertible senior notes for 2013 and 2012. Dominion redeemed all of its contingently convertible senior notes in 2014. See Note 17 for more information. |
Investments_Narrative_Details
Investments (Narrative) (Details) (USD $) | 12 Months Ended | 1 Months Ended | 3 Months Ended | 1 Months Ended | 3 Months Ended | |||||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Jan. 31, 2014 | Dec. 31, 2012 | Sep. 30, 2013 | Mar. 31, 2014 | Mar. 31, 2013 | Sep. 30, 2014 | Dec. 31, 2013 |
mi | ||||||||||
Member | ||||||||||
Gain (Loss) on Investments [Line Items] | ||||||||||
Equity earnings on investments | $46 | $14 | $25 | |||||||
Company received distribution from Fowler Ridge in connection with non-recourse permanent financing | 60 | 33 | 58 | |||||||
Carrying amount of Company's investments exceeded its shares of underlying equity | 126 | 36 | 36 | |||||||
Capitalized interest during construction | 87 | |||||||||
Equity method investment goodwill | 39 | |||||||||
Write off of goodwill | 42 | 44 | ||||||||
Blue Racer | ||||||||||
Gain (Loss) on Investments [Line Items] | ||||||||||
Company received distribution from Fowler Ridge in connection with non-recourse permanent financing | 85 | 160 | 115 | 115 | ||||||
Ownership percentage | 50.00% | 50.00% | 50.00% | |||||||
Increase in equity method investment | 473 | |||||||||
Increase in equity method investment | 155 | |||||||||
Goodwill allocated from Dominion's Goodwill balance in its equity method investment in Blue Racer | 6 | |||||||||
Blue Racer | Pipelines | ||||||||||
Gain (Loss) on Investments [Line Items] | ||||||||||
Amount of consideration | 84 | |||||||||
Cash proceeds received from sale | 84 | 47 | ||||||||
Atlantic Coast Pipeline | Pipelines | Jointly Owned Natural Gas Pipeline | Gas Distribution | ||||||||||
Gain (Loss) on Investments [Line Items] | ||||||||||
Ownership interest (percentage) | 45.00% | |||||||||
Length of FERC regulated interstate natural gas pipeline | 550 | |||||||||
Number of members | 4 | |||||||||
Duration of contract | 20 years | |||||||||
Atlantic Coast Pipeline | Pipelines | Duke Energy Corporation | Jointly Owned Natural Gas Pipeline | Gas Distribution | ||||||||||
Gain (Loss) on Investments [Line Items] | ||||||||||
Ownership interest (percentage) | 40.00% | |||||||||
Atlantic Coast Pipeline | Pipelines | Piedmont Natural Gas Company | Jointly Owned Natural Gas Pipeline | Gas Distribution | ||||||||||
Gain (Loss) on Investments [Line Items] | ||||||||||
Ownership interest (percentage) | 10.00% | |||||||||
Atlantic Coast Pipeline | Pipelines | AGL Resources Inc | Jointly Owned Natural Gas Pipeline | Gas Distribution | ||||||||||
Gain (Loss) on Investments [Line Items] | ||||||||||
Ownership interest (percentage) | 5.00% | |||||||||
Other Income | ||||||||||
Gain (Loss) on Investments [Line Items] | ||||||||||
Equity earnings on investments | 46 | 14 | 25 | |||||||
Other operations and maintenance expense | Blue Racer | ||||||||||
Gain (Loss) on Investments [Line Items] | ||||||||||
Gain on purchase of business | 72 | |||||||||
Gain on purchase of business, net of tax | 43 | |||||||||
Transaction costs on sale | 9 | 9 | ||||||||
Other operations and maintenance expense | Blue Racer | Pipelines | ||||||||||
Gain (Loss) on Investments [Line Items] | ||||||||||
Gain from sale | 25 | 4 | ||||||||
After tax gain on sale | 34 | 14 | 2 | |||||||
Write off of goodwill | 2 | |||||||||
Dominion Gas Holdings, LLC | ||||||||||
Gain (Loss) on Investments [Line Items] | ||||||||||
Equity earnings on investments | 21 | 22 | 23 | |||||||
Company received distribution from Fowler Ridge in connection with non-recourse permanent financing | 20 | 19 | 25 | |||||||
Carrying amount of Company's investments exceeded its shares of underlying equity | 8 | 8 | 8 | |||||||
Write off of goodwill | 3 | 7 | ||||||||
Dominion Gas Holdings, LLC | Blue Racer | ||||||||||
Gain (Loss) on Investments [Line Items] | ||||||||||
Company received distribution from Fowler Ridge in connection with non-recourse permanent financing | 1 | 78 | 0 | |||||||
Extinguishment of affiliated current borrowings | 187 | |||||||||
Dominion Gas Holdings, LLC | Blue Racer | Pipelines | ||||||||||
Gain (Loss) on Investments [Line Items] | ||||||||||
Number of pipelines sold | 2 | |||||||||
Amount of consideration | 248 | 248 | ||||||||
Cash proceeds received from sale | 61 | 78 | 17 | 30 | ||||||
Extinguishment of affiliated current borrowings | 67 | |||||||||
Dominion Gas Holdings, LLC | Other Income | ||||||||||
Gain (Loss) on Investments [Line Items] | ||||||||||
Equity earnings on investments | 21 | 22 | 23 | |||||||
Dominion Gas Holdings, LLC | Other operations and maintenance expense | Blue Racer | Pipelines | ||||||||||
Gain (Loss) on Investments [Line Items] | ||||||||||
Gain from sale | 176 | 74 | 59 | 3 | ||||||
After tax gain on sale | 110 | 41 | 35 | 2 | ||||||
Write off of goodwill | 3 | |||||||||
Categories of Investments, Marketable Securities, Trading Securities | ||||||||||
Gain (Loss) on Investments [Line Items] | ||||||||||
Investments held in our rabbi trusts | 110 | 107 | 107 | |||||||
Cost method investments | ||||||||||
Gain (Loss) on Investments [Line Items] | ||||||||||
Investments held in our rabbi trusts | $6 | $10 | $10 |
Investments_Marketable_Equity_
Investments (Marketable Equity and Debt Securities and Cash Equivalents (Classified as Available-for-sale) and Cost Method Investments in Decommissioning Trust Funds) (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | ||
In Millions, unless otherwise specified | ||||
Investment Holdings [Line Items] | ||||
Total Unrealized Gains | $1,408 | [1] | $1,252 | [1] |
Total Unrealized Losses | -6 | [1],[2] | -18 | [1],[2] |
Nuclear decommissioning trust funds | 4,196 | 3,903 | ||
Total Amortized Cost | 2,794 | 2,669 | ||
Net assets related to pending sales and purchases of securities | 3 | 11 | ||
Fair value of securities in an unrealized loss position | 379 | 604 | ||
Virginia Electric and Power Company | ||||
Investment Holdings [Line Items] | ||||
Total Unrealized Gains | 619 | [1] | 538 | [1] |
Total Unrealized Losses | -3 | [1],[3] | -9 | [1],[3] |
Nuclear decommissioning trust funds | 1,930 | 1,765 | ||
Total Amortized Cost | 1,314 | 1,236 | ||
Net assets related to pending sales and purchases of securities | 6 | 6 | ||
Fair value of securities in an unrealized loss position | 170 | 299 | ||
Cost method investments | ||||
Investment Holdings [Line Items] | ||||
Other investments and securities, at cost | 86 | 106 | ||
Total Unrealized Gains | 0 | [1] | 0 | [1] |
Total Unrealized Losses | 0 | [1] | 0 | [1] |
Nuclear decommissioning trust funds | 86 | 106 | ||
Cost method investments | Virginia Electric and Power Company | ||||
Investment Holdings [Line Items] | ||||
Other investments and securities, at cost | 86 | 106 | ||
Total Unrealized Gains | 0 | [1] | 0 | [1] |
Total Unrealized Losses | 0 | [1] | 0 | [1] |
Nuclear decommissioning trust funds | 86 | 106 | ||
Cash equivalents and other | ||||
Investment Holdings [Line Items] | ||||
Other investments and securities, at cost | 16 | [4] | 110 | [4] |
Total Unrealized Gains | 0 | [1],[4] | 0 | [1],[4] |
Total Unrealized Losses | 0 | [1],[4] | 0 | [1],[4] |
Nuclear decommissioning trust funds | 16 | [4] | 110 | [4] |
Cash equivalents and other | Virginia Electric and Power Company | ||||
Investment Holdings [Line Items] | ||||
Other investments and securities, at cost | 6 | [5] | 37 | [5] |
Total Unrealized Gains | 0 | [1],[5] | 0 | [1],[5] |
Total Unrealized Losses | 0 | [1],[5] | 0 | [1],[5] |
Nuclear decommissioning trust funds | 6 | [5] | 37 | [5] |
Corporate debt instruments | ||||
Investment Holdings [Line Items] | ||||
Amortized Cost | 424 | 332 | ||
Total Unrealized Gains | 19 | [1] | 16 | [1] |
Total Unrealized Losses | -2 | [1] | -3 | [1] |
Nuclear decommissioning trust funds | 441 | 345 | ||
Corporate debt instruments | Virginia Electric and Power Company | ||||
Investment Holdings [Line Items] | ||||
Amortized Cost | 242 | 185 | ||
Total Unrealized Gains | 9 | [1] | 8 | [1] |
Total Unrealized Losses | -1 | [1] | -2 | [1] |
Nuclear decommissioning trust funds | 250 | 191 | ||
U.S. Treasury securities and agency debentures | ||||
Investment Holdings [Line Items] | ||||
Amortized Cost | 597 | 589 | ||
Total Unrealized Gains | 13 | [1] | 8 | [1] |
Total Unrealized Losses | -4 | [1] | -10 | [1] |
Nuclear decommissioning trust funds | 606 | 587 | ||
U.S. Treasury securities and agency debentures | Virginia Electric and Power Company | ||||
Investment Holdings [Line Items] | ||||
Amortized Cost | 197 | 214 | ||
Total Unrealized Gains | 3 | [1] | 1 | [1] |
Total Unrealized Losses | -2 | [1] | -3 | [1] |
Nuclear decommissioning trust funds | 198 | 212 | ||
State and municipal | ||||
Investment Holdings [Line Items] | ||||
Amortized Cost | 332 | 297 | ||
Total Unrealized Gains | 23 | [1] | 11 | [1] |
Total Unrealized Losses | 0 | [1] | -5 | [1] |
Nuclear decommissioning trust funds | 355 | 303 | ||
State and municipal | Virginia Electric and Power Company | ||||
Investment Holdings [Line Items] | ||||
Amortized Cost | 197 | 163 | ||
Total Unrealized Gains | 13 | [1] | 4 | [1] |
Total Unrealized Losses | 0 | [1] | -4 | [1] |
Nuclear decommissioning trust funds | 210 | 163 | ||
Other securities | ||||
Investment Holdings [Line Items] | ||||
Amortized Cost | 66 | 3 | ||
Total Unrealized Gains | 0 | [1] | 0 | [1] |
Total Unrealized Losses | 0 | [1] | 0 | [1] |
Nuclear decommissioning trust funds | 66 | 3 | ||
Other securities | Virginia Electric and Power Company | ||||
Investment Holdings [Line Items] | ||||
Amortized Cost | 23 | |||
Total Unrealized Gains | 0 | [1] | ||
Total Unrealized Losses | 0 | [1] | ||
Nuclear decommissioning trust funds | 23 | |||
U.S.: | Equity securities: | Large Cap | ||||
Investment Holdings [Line Items] | ||||
Amortized Cost | 1,273 | 1,183 | ||
Total Unrealized Gains | 1,353 | [1] | 1,194 | [1] |
Total Unrealized Losses | 0 | [1] | 0 | [1] |
Nuclear decommissioning trust funds | 2,626 | 2,377 | ||
U.S.: | Equity securities: | Large Cap | Virginia Electric and Power Company | ||||
Investment Holdings [Line Items] | ||||
Amortized Cost | 563 | 506 | ||
Total Unrealized Gains | 594 | [1] | 514 | [1] |
Total Unrealized Losses | 0 | [1] | 0 | [1] |
Nuclear decommissioning trust funds | 1,157 | 1,020 | ||
U.S.: | Equity securities: | Other | ||||
Investment Holdings [Line Items] | ||||
Amortized Cost | 49 | |||
Total Unrealized Gains | 23 | [1] | ||
Total Unrealized Losses | 0 | [1] | ||
Nuclear decommissioning trust funds | 72 | |||
U.S.: | Equity securities: | Other | Virginia Electric and Power Company | ||||
Investment Holdings [Line Items] | ||||
Amortized Cost | 25 | |||
Total Unrealized Gains | 11 | [1] | ||
Total Unrealized Losses | 0 | [1] | ||
Nuclear decommissioning trust funds | $36 | |||
[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 $379 million and $604 million at December 31, 2014 and 2013, respectively. | |||
[3] | The fair value of securities in an unrealized loss position was $170 million and $299 million at December 31, 2014 and 2013, respectively. | |||
[4] | Includes pending sales of securities of $3 million and $11 million at December 31, 2014 and 2013, respectively. | |||
[5] | Includes pending sales of securities of $6 million at December 31, 2014 and 2013. |
Investments_Fair_Value_of_our_
Investments (Fair Value of our Marketable Debt Securities by Contractual Maturity) (Details) (USD $) | Dec. 31, 2014 |
In Millions, unless otherwise specified | |
Schedule of Available-for-sale Securities [Line Items] | |
Due in one year or less | $169 |
Due after one year through five years | 390 |
Due after five years through ten years | 426 |
Due after ten years | 483 |
Total | 1,468 |
Virginia Electric and Power Company | |
Schedule of Available-for-sale Securities [Line Items] | |
Due in one year or less | 40 |
Due after one year through five years | 180 |
Due after five years through ten years | 242 |
Due after ten years | 219 |
Total | $681 |
Investments_Selected_Informati
Investments (Selected Information Regarding Marketable Equity and Debt Securities) (Details) (USD $) | 12 Months Ended | |||||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |||
Available-for-sale securities: | ||||||
Proceeds from sales | $1,235 | $1,476 | $1,356 | |||
Realized gains | 171 | [1] | 157 | [1] | 98 | [1] |
Realized losses | 30 | [1] | 33 | [1] | 33 | [1] |
Virginia Electric and Power Company | ||||||
Available-for-sale securities: | ||||||
Proceeds from sales | 549 | 572 | 626 | |||
Realized gains | 73 | [1] | 52 | [1] | 42 | [1] |
Realized losses | $12 | [1] | $14 | [1] | $11 | [1] |
[1] | Includes realized gains and losses recorded to the nuclear decommissioning trust regulatory liability as discussed in Note 2. |
Investments_Recorded_OtherThan
Investments (Recorded Other-Than-Temporary Impairment Losses on Investments) (Details) (USD $) | 12 Months Ended | |||||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |||
Schedule of Available-for-sale Securities [Line Items] | ||||||
Total other-than-temporary impairment losses | $21 | [1] | $31 | [1] | $26 | [1] |
Losses recorded to decommissioning trust regulatory liability | -5 | -13 | -10 | |||
Losses recognized in other comprehensive income (before taxes) | -3 | -10 | -2 | |||
Net impairment losses recognized in earnings | 13 | 8 | 14 | |||
Other-than-temporary impairment losses for debt securities | 3 | 18 | 4 | |||
Virginia Electric and Power Company | ||||||
Schedule of Available-for-sale Securities [Line Items] | ||||||
Total other-than-temporary impairment losses | 8 | [2] | 15 | [2] | 11 | [2] |
Losses recorded to decommissioning trust regulatory liability | -4 | -13 | -10 | |||
Losses recognized in other comprehensive income (before taxes) | -2 | -1 | 0 | |||
Net impairment losses recognized in earnings | 2 | 1 | 1 | |||
Other-than-temporary impairment losses for debt securities | $2 | $9 | $2 | |||
[1] | Amounts include other-than-temporary impairment losses for debt securities of $3 million, $18 million and $4 million at December 31, 2014, 2013 and 2012, respectively. | |||||
[2] | Dominion has a $50 million commitment to invest in clean power and technology businesses through 2018. Includes Dominion's investment in Atlantic Coast Pipeline. See Note 15 for more information. |
Investments_Investments_Under_
Investments (Investments Under Equity Method of Accounting) (Details) (USD $) | 12 Months Ended | ||||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | ||
Schedule of Equity Method Investments [Line Items] | |||||
Investment Balance | $1,081 | $916 | |||
Commitment to invest in clean power and technology | 50 | ||||
Blue Racer Midstream, LLC | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Ownership% | 50.00% | 50.00% | |||
Investment Balance | 671 | 510 | |||
Description | Midstream gas and related services | ||||
Fowler I Holdings LLC | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Ownership% | 50.00% | ||||
Investment Balance | 134 | 149 | |||
Description | Wind-powered merchant generation facility | ||||
NedPower Mount Storm LLC | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Ownership% | 50.00% | ||||
Investment Balance | 128 | 131 | |||
Description | Wind-powered merchant generation facility | ||||
Iroquois Gas Transmission System, LP | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Ownership% | 24.72% | ||||
Investment Balance | 107 | 105 | |||
Description | Gas transmission system | ||||
Other | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Investment Balance | 41 | [1] | 21 | [1] | |
Dominion Gas Holdings, LLC | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Investment Balance | 107 | 105 | |||
Dominion Gas Holdings, LLC | Iroquois Gas Transmission System, LP | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Ownership% | 24.72% | ||||
Investment Balance | $107 | $105 | |||
Description | Gas transmission system | ||||
[1] | Dominion has a $50 million commitment to invest in clean power and technology businesses through 2018. Includes Dominion's investment in Atlantic Coast Pipeline. See Note 15 for more information. |
Property_Plant_and_Equipment_N
Property, Plant and Equipment (Narrative) (Details) (Dominion Gas Holdings, LLC, Oil and Gas Properties, USD $) | 1 Months Ended | 12 Months Ended | |||
In Millions, unless otherwise specified | Nov. 30, 2014 | Sep. 30, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 |
Field | Field | Natural_Gas_Producer | acre | ||
acre | acre | acre | |||
Dominion Gas Holdings, LLC | Oil and Gas Properties | |||||
Property, Plant and Equipment [Line Items] | |||||
Number of natural gas producers | 2 | ||||
Acres of Marcellus Shale development rights | 11,000 | 24,000 | 100,000 | 100,000 | |
Agreed upon payments for conveyance of acres of natural gas storage fields | $27 | $120 | $200 | $200 | |
Period for payments related to conveyance of natural gas storage fields | 4 years | 9 years | |||
Cash proceeds received from sale | 60 | 16 | 100 | ||
Gain from sale | 60 | 20 | |||
After tax gain on sale | 36 | 12 | |||
Total deferred revenue | $85 | ||||
Number of natural gas storage fields | 1 | 1 | |||
Number of acres included in initial conveyance | 12,000 |
Property_Plant_and_Equipment_P
Property, Plant and Equipment (Property, Plant and Equipment) (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Utility: | ||
Generation | $15,193 | $14,018 |
Transmission | 9,897 | 8,686 |
Distribution | 12,354 | 11,714 |
Storage | 2,350 | 2,190 |
Nuclear fuel | 1,411 | 1,375 |
Gas gathering and processing | 791 | 787 |
General and other | 845 | 812 |
Other-including plant under construction | 3,633 | 3,261 |
Total utility | 46,474 | 42,843 |
Nonutility: | ||
Merchant generation-nuclear | 1,267 | 1,153 |
Merchant generation-other | 2,023 | 1,328 |
Nuclear fuel | 860 | 770 |
Other-including plant under construction | 782 | 875 |
Total nonutility | 4,932 | 4,126 |
Total property, plant and equipment | 51,406 | 46,969 |
Virginia Electric and Power Company | ||
Utility: | ||
Generation | 15,193 | 14,018 |
Transmission | 5,884 | 4,959 |
Distribution | 9,526 | 9,103 |
Nuclear fuel | 1,411 | 1,375 |
General and other | 697 | 668 |
Other-including plant under construction | 2,464 | 2,719 |
Total utility | 35,175 | 32,842 |
Nonutility: | ||
Total nonutility | 5 | 6 |
Total property, plant and equipment | 35,180 | 32,848 |
Dominion Gas Holdings, LLC | ||
Utility: | ||
Transmission | 3,690 | 3,407 |
Distribution | 2,530 | 2,333 |
Storage | 1,466 | 1,314 |
Gas gathering and processing | 786 | 783 |
General and other | 111 | 103 |
Plant under construction | 179 | 175 |
Total utility | 8,762 | 8,115 |
Nonutility: | ||
E&P properties being amortized and other | 140 | 125 |
Total nonutility | 140 | 125 |
Total property, plant and equipment | $8,902 | $8,240 |
Property_Plant_and_Equipment_S
Property, Plant and Equipment (Share of Jointly-Owned Power Stations) (Details) (USD $) | Dec. 31, 2014 | |
In Millions, unless otherwise specified | ||
Millstone Unit 3 | ||
Jointly Owned Utility Plant Interests [Line Items] | ||
Ownership interest (percentage) | 93.50% | [1] |
Plant in service | $1,104 | [1] |
Accumulated depreciation | -290 | [1] |
Nuclear fuel | 480 | [1] |
Accumulated amortization of nuclear fuel | -342 | [1] |
Plant under construction | 71 | [1] |
Virginia Electric and Power Company | Bath County Pumped Storage Station | ||
Jointly Owned Utility Plant Interests [Line Items] | ||
Ownership interest (percentage) | 60.00% | [2] |
Plant in service | 1,039 | [2] |
Accumulated depreciation | -542 | [2] |
Nuclear fuel | 0 | [2] |
Accumulated amortization of nuclear fuel | 0 | [2] |
Plant under construction | 11 | [2] |
Virginia Electric and Power Company | North Anna | ||
Jointly Owned Utility Plant Interests [Line Items] | ||
Ownership interest (percentage) | 88.40% | [2] |
Plant in service | 2,426 | [2] |
Accumulated depreciation | -1,137 | [2] |
Nuclear fuel | 627 | [2] |
Accumulated amortization of nuclear fuel | -486 | [2] |
Plant under construction | 114 | [2] |
Virginia Electric and Power Company | Clover Power Station | ||
Jointly Owned Utility Plant Interests [Line Items] | ||
Ownership interest (percentage) | 50.00% | [2] |
Plant in service | 573 | [2] |
Accumulated depreciation | -206 | [2] |
Nuclear fuel | 0 | [2] |
Accumulated amortization of nuclear fuel | 0 | [2] |
Plant under construction | $11 | [2] |
[1] | Unit jointly owned by Dominion. | |
[2] | Units jointly owned by Virginia Power. |
Goodwill_and_Intangible_Assets1
Goodwill and Intangible Assets (Narrative) (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Goodwill [Line Items] | |||
Amortization expense for intangible assets | $71 | $72 | $82 |
Acquisition of intangible assets | 115 | ||
Weighted-average amortization period (years) | 15 years | ||
Virginia Electric and Power Company | |||
Goodwill [Line Items] | |||
Amortization expense for intangible assets | 24 | 22 | 22 |
Acquisition of intangible assets | 45 | ||
Weighted-average amortization period (years) | 14 years | ||
Dominion Gas Holdings, LLC | |||
Goodwill [Line Items] | |||
Amortization expense for intangible assets | 17 | 16 | 15 |
Acquisition of intangible assets | $8 | ||
Weighted-average amortization period (years) | 7 years |
Goodwill_and_Intangible_Assets2
Goodwill and Intangible Assets (Goodwill) (Details) (USD $) | 12 Months Ended | |||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | ||
Goodwill [Roll Forward] | ||||
Goodwill, Beginning Balance | $3,086 | [1] | $3,130 | [1] |
Asset disposition adjustment | -42 | -44 | ||
Goodwill, Ending Balance | 3,044 | [1] | 3,086 | [1] |
Dominion Generation | ||||
Goodwill [Roll Forward] | ||||
Goodwill, Beginning Balance | 1,484 | [1] | 1,503 | [1] |
Asset disposition adjustment | -32 | [2] | -19 | [2] |
Goodwill, Ending Balance | 1,452 | [1] | 1,484 | [1] |
Dominion Energy | ||||
Goodwill [Roll Forward] | ||||
Goodwill, Beginning Balance | 676 | [1] | 701 | [1] |
Asset disposition adjustment | -10 | [3] | -25 | [3] |
Goodwill, Ending Balance | 666 | [1] | 676 | [1] |
DVP | ||||
Goodwill [Roll Forward] | ||||
Goodwill, Beginning Balance | 926 | [1] | 926 | [1] |
Asset disposition adjustment | 0 | 0 | ||
Goodwill, Ending Balance | 926 | [1] | 926 | [1] |
Corporate and Other | ||||
Goodwill [Roll Forward] | ||||
Goodwill, Beginning Balance | 0 | [1],[4] | 0 | [1],[4] |
Asset disposition adjustment | 0 | [4] | 0 | [4] |
Goodwill, Ending Balance | 0 | [1],[4] | 0 | [1],[4] |
Dominion Gas Holdings, LLC | ||||
Goodwill [Roll Forward] | ||||
Goodwill, Beginning Balance | 545 | [1] | 552 | [1] |
Asset disposition adjustment | -3 | -7 | ||
Goodwill, Ending Balance | 542 | [1] | 545 | [1] |
Dominion Gas Holdings, LLC | Dominion Generation | ||||
Goodwill [Roll Forward] | ||||
Goodwill, Beginning Balance | 0 | [1] | 0 | [1] |
Asset disposition adjustment | 0 | 0 | ||
Goodwill, Ending Balance | 0 | [1] | 0 | [1] |
Dominion Gas Holdings, LLC | Dominion Energy | ||||
Goodwill [Roll Forward] | ||||
Goodwill, Beginning Balance | 545 | [1] | 552 | [1] |
Asset disposition adjustment | -3 | [3] | -7 | [3] |
Goodwill, Ending Balance | 542 | [1] | 545 | [1] |
Dominion Gas Holdings, LLC | DVP | ||||
Goodwill [Roll Forward] | ||||
Goodwill, Beginning Balance | 0 | [1] | 0 | [1] |
Asset disposition adjustment | 0 | 0 | ||
Goodwill, Ending Balance | 0 | [1] | 0 | [1] |
Dominion Gas Holdings, LLC | Corporate and Other | ||||
Goodwill [Roll Forward] | ||||
Goodwill, Beginning Balance | 0 | [1],[4] | 0 | [1],[4] |
Asset disposition adjustment | 0 | [4] | 0 | [4] |
Goodwill, Ending Balance | $0 | [1],[4] | $0 | [1],[4] |
[1] | Goodwill amounts do not contain any accumulated impairment losses. | |||
[2] | See Note 3 for a discussion of Dominion's dispositions and related goodwill write-offs. | |||
[3] | Related to assets sold or contributed to an affiliate or Blue Racer. | |||
[4] | Goodwill recorded at the Corporate and Other segment is allocated to the primary operating segments for goodwill impairment testing purposes. |
Goodwill_and_Intangible_Assets3
Goodwill and Intangible Assets (Components of Intangible Assets) (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | $887 | $870 |
Accumulated Amortization | 317 | 310 |
Virginia Electric and Power Company | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 286 | 271 |
Accumulated Amortization | 81 | 78 |
Dominion Gas Holdings, LLC | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 192 | 180 |
Accumulated Amortization | 113 | 98 |
Software, licenses and other | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 877 | 867 |
Accumulated Amortization | 312 | 308 |
Software, licenses and other | Virginia Electric and Power Company | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 286 | 271 |
Accumulated Amortization | 81 | 78 |
Software, licenses and other | Dominion Gas Holdings, LLC | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 192 | 180 |
Accumulated Amortization | 113 | 98 |
Emissions allowances | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 10 | 3 |
Accumulated Amortization | $5 | $2 |
Goodwill_and_Intangible_Assets4
Goodwill and Intangible Assets (Annual Amortization Expense of Intangible Assets) (Details) (USD $) | Dec. 31, 2014 |
In Millions, unless otherwise specified | |
Finite-Lived Intangible Assets [Line Items] | |
2015 | $72 |
2016 | 67 |
2017 | 58 |
2018 | 45 |
2019 | 36 |
Virginia Electric and Power Company | |
Finite-Lived Intangible Assets [Line Items] | |
2015 | 21 |
2016 | 18 |
2017 | 15 |
2018 | 12 |
2019 | 8 |
Dominion Gas Holdings, LLC | |
Finite-Lived Intangible Assets [Line Items] | |
2015 | 17 |
2016 | 16 |
2017 | 13 |
2018 | 11 |
2019 | $11 |
Regulatory_Assets_and_Liabilit2
Regulatory Assets and Liabilities (Narrative) (Details) (USD $) | 12 Months Ended | |
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Regulatory Assets And Liabilities [Line Items] | ||
DOE Claims | $2,161 | $2,129 |
Maximum amortization period for deferred operation and maintenance costs | 18 months | |
Regulatory assets represented past expenditures not earning return | 218 | |
Period expenditures expected to be recovered (years) | 2 years | |
Virginia Electric and Power Company | ||
Regulatory Assets And Liabilities [Line Items] | ||
DOE Claims | 1,773 | 1,638 |
Regulatory assets represented past expenditures not earning return | 165 | |
Dominion Gas Holdings, LLC | ||
Regulatory Assets And Liabilities [Line Items] | ||
DOE Claims | 267 | 282 |
Regulatory assets represented past expenditures not earning return | 45 | |
DOE Claims | ||
Regulatory Assets And Liabilities [Line Items] | ||
DOE Claims | $5 | $5 |
Regulatory_Assets_and_Liabilit3
Regulatory Assets and Liabilities (Regulatory Assets and Liabilities) (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | ||
In Millions, unless otherwise specified | ||||
Regulatory Assets And Liabilities [Line Items] | ||||
Deferred rate adjustment clause costs | $124 | [1] | $89 | [1] |
Deferred cost of fuel used in electric generation | 79 | [2] | 0 | [2] |
Deferred nuclear refueling outage costs | 44 | [3] | 0 | [3] |
Unrecovered gas costs | 36 | [4] | 50 | [4] |
Other | 64 | 78 | ||
Regulatory assets-current | 347 | 217 | ||
Unrecognized pension and other postretirement benefit costs | 1,050 | [5] | 706 | [5] |
Deferred rate adjustment clause costs | 250 | [1] | 287 | [1] |
Income taxes recoverable through future rates | 133 | [5] | 155 | [5] |
Derivatives | 101 | [6] | 16 | [6] |
Other | 108 | 64 | ||
Regulatory assets-non-current | 1,642 | 1,228 | ||
Total regulatory assets | 1,989 | 1,445 | ||
PIPP, regulatory liabilities-current | 71 | [7] | 76 | [7] |
Other | 99 | 52 | ||
Regulatory liabilities-current | 170 | [8] | 128 | [8] |
Provision for future cost of removal and AROs | 1,072 | [9] | 1,028 | [9] |
Decommissioning trust | 815 | [10] | 693 | [10] |
Deferred cost of fuel used in electric generation | 6 | [2] | 90 | [2] |
Other | 98 | 190 | ||
Regulatory liabilities-non-current | 1,991 | 2,001 | ||
Total regulatory liabilities | 2,161 | 2,129 | ||
Virginia Electric and Power Company | ||||
Regulatory Assets And Liabilities [Line Items] | ||||
Deferred rate adjustment clause costs | 117 | [1] | 62 | [1] |
Deferred cost of fuel used in electric generation | 79 | [2] | 0 | [2] |
Deferred nuclear refueling outage costs | 44 | [3] | 0 | [3] |
Other | 58 | 66 | ||
Regulatory assets-current | 298 | 128 | ||
Deferred rate adjustment clause costs | 179 | [1] | 227 | [1] |
Income taxes recoverable through future rates | 100 | [11] | 124 | [11] |
Derivatives | 101 | [6] | 16 | [6] |
Other | 59 | 50 | ||
Regulatory assets-non-current | 439 | 417 | ||
Total regulatory assets | 737 | 545 | ||
Other | 90 | 41 | ||
Regulatory liabilities-current | 90 | 41 | ||
Provision for future cost of removal | 852 | [9] | 807 | [9] |
Decommissioning trust | 815 | [10] | 693 | [10] |
Deferred cost of fuel used in electric generation | 6 | [2] | 90 | [2] |
Other | 10 | 7 | ||
Regulatory liabilities-non-current | 1,683 | 1,597 | ||
Total regulatory liabilities | 1,773 | 1,638 | ||
Dominion Gas Holdings, LLC | ||||
Regulatory Assets And Liabilities [Line Items] | ||||
Deferred rate adjustment clause costs | 7 | [1] | 27 | [1] |
Unrecovered gas costs | 29 | [4] | 40 | [4] |
UEX Rider | 0 | [12] | 11 | [12] |
Other | 2 | 1 | ||
Regulatory assets-current | 38 | 79 | ||
Unrecognized pension and other postretirement benefit costs | 242 | [5] | 194 | [5] |
Deferred rate adjustment clause costs | 71 | [1] | 59 | [1] |
Income taxes recoverable through future rates | 24 | [11] | 24 | [11] |
Other | 42 | 8 | ||
Regulatory assets-non-current | 379 | 285 | ||
Total regulatory assets | 417 | 364 | ||
PIPP, regulatory liabilities-current | 71 | [7] | 76 | [7] |
Other | 4 | 3 | ||
Regulatory liabilities-current | 75 | 79 | ||
Provision for future cost of removal and AROs | 172 | [9] | 177 | [9] |
Unrecognized pension and other postretirement benefit costs | 0 | [5] | 18 | [5] |
Other | 20 | 8 | ||
Regulatory liabilities-non-current | 192 | 203 | ||
Total regulatory liabilities | $267 | $282 | ||
[1] | Reflects deferrals under the electric transmission FERC formula rate and the deferral of costs associated with certain current and prospective rider projects for Virginia Power. Reflects deferrals of costs associated with certain current and prospective rider projects for Dominion Gas. See Note 13 for more information. | |||
[2] | Primarily reflects deferred fuel expenses for the Virginia jurisdiction of Dominion's and Virginia Power’s generation operations. See Note 13 for more information. For 2014 and 2013, amount includes approximately $5 million related to DOE claims. | |||
[3] | 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. | |||
[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’s 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] | 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 rider according to East Ohio tariff provisions. See Note 13 for more information. | |||
[8] | Current regulatory liabilities are presented in other current liabilities in Dominion's Consolidated Balance Sheets. | |||
[9] | 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. | |||
[10] | 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. | |||
[11] | 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. | |||
[12] | Represents East Ohio’s deferrals for the UEX Rider which are recovered through rates which are filed annually. Most of East Ohio’s bad debt expense is recovered either through the UEX Rider or the PIPP Rider. See Note 13 for more information. |
Regulatory_Matters_Narrative_D
Regulatory Matters (Narrative) (Details) (USD $) | 3 Months Ended | 12 Months Ended | 1 Months Ended | 3 Months Ended | 1 Months Ended | 3 Months Ended | 1 Months Ended | 12 Months Ended | 1 Months Ended | 12 Months Ended | 1 Months Ended | 12 Months Ended | 1 Months Ended | ||||||||||||||||||||
Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | 31-May-12 | Mar. 31, 2010 | Dec. 31, 2014 | Sep. 30, 2014 | 31-May-14 | Nov. 30, 2013 | Aug. 31, 2013 | Apr. 30, 2014 | Jul. 31, 2013 | Jan. 31, 2015 | Mar. 31, 2015 | Jul. 31, 2014 | Jun. 30, 2014 | Oct. 31, 2014 | Aug. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2012 | Dec. 31, 2015 | Feb. 28, 2014 | Dec. 31, 2008 | Nov. 30, 2014 | Dec. 31, 2007 | Feb. 27, 2015 | Dec. 31, 2016 | |||||
notice | motion | Part | MW | Program | customer | ||||||||||||||||||||||||||||
period | |||||||||||||||||||||||||||||||||
Regulatory Matters [Line Items] | |||||||||||||||||||||||||||||||||
Jurisdictional deferred fuel balance | $79,000,000 | [1] | $0 | [1] | $79,000,000 | [1] | $79,000,000 | [1] | |||||||||||||||||||||||||
Plant construction and other property additions (including nuclear fuel) | 5,345,000,000 | 4,065,000,000 | 4,145,000,000 | ||||||||||||||||||||||||||||||
Charge recognized | 374,000,000 | 0 | 0 | ||||||||||||||||||||||||||||||
Charge recognized for cumulative recovery of costs, after tax | 191,000,000 | 193,000,000 | |||||||||||||||||||||||||||||||
Virginia Electric and Power Company | |||||||||||||||||||||||||||||||||
Regulatory Matters [Line Items] | |||||||||||||||||||||||||||||||||
Approved ROE | 11.40% | ||||||||||||||||||||||||||||||||
Costs claimed to be unjust and excluded from transmission formula rate | 223,000,000 | ||||||||||||||||||||||||||||||||
Potential settlement required annual payment for 10 years | 250,000 | ||||||||||||||||||||||||||||||||
Settlement payment duration | 10 years | ||||||||||||||||||||||||||||||||
Restoration costs net of tax | 28,000,000 | ||||||||||||||||||||||||||||||||
Jurisdictional deferred fuel balance | 79,000,000 | [1] | 0 | [1] | 79,000,000 | [1] | 79,000,000 | [1] | |||||||||||||||||||||||||
Plant construction and other property additions (including nuclear fuel) | 2,911,000,000 | 2,394,000,000 | 2,082,000,000 | ||||||||||||||||||||||||||||||
Charge recognized | 374,000,000 | 0 | 0 | ||||||||||||||||||||||||||||||
Charge recognized for cumulative recovery of costs, after tax | 191,000,000 | ||||||||||||||||||||||||||||||||
Virginia Electric and Power Company | Virginia Regulation | |||||||||||||||||||||||||||||||||
Regulatory Matters [Line Items] | |||||||||||||||||||||||||||||||||
Approved ROE | 10.00% | 10.90% | |||||||||||||||||||||||||||||||
Earned ROE percentage | 10.30% | 10.25% | |||||||||||||||||||||||||||||||
Basis points below authorized ROE | 0.50% | ||||||||||||||||||||||||||||||||
Amount of deferred recovery costs authorized | 23,000,000 | ||||||||||||||||||||||||||||||||
Amount of revenue sufficiency | 280,000,000 | ||||||||||||||||||||||||||||||||
Charge related to Biennial Review Order | 55,000,000 | ||||||||||||||||||||||||||||||||
Restoration costs net of tax | 37,000,000 | ||||||||||||||||||||||||||||||||
Peer group floor ROE, percentage | 9.89% | ||||||||||||||||||||||||||||||||
Market cost of equity, percentage | 10.00% | ||||||||||||||||||||||||||||||||
Requested recovery amount for jurisdictional projected fuel expenses | 1,900,000,000 | ||||||||||||||||||||||||||||||||
Percentage recovery of total estimated jurisdictional deferred fuel balance | 50.00% | ||||||||||||||||||||||||||||||||
Jurisdictional deferred fuel balance | 268,000,000 | ||||||||||||||||||||||||||||||||
Jurisdictional fuel balance recovered | 134,000,000 | ||||||||||||||||||||||||||||||||
Percentage of deferred fuel balance | 50.00% | ||||||||||||||||||||||||||||||||
Revenue increase (decrease) | 300,000,000 | ||||||||||||||||||||||||||||||||
Number of motions filed for reconsideration | 3 | ||||||||||||||||||||||||||||||||
Number of appeals filed with Supreme Court | 3 | ||||||||||||||||||||||||||||||||
Number of notices withdrawn | 2 | ||||||||||||||||||||||||||||||||
Virginia Electric and Power Company | Virginia Regulation | Surry Switching Station Transmission Line | |||||||||||||||||||||||||||||||||
Regulatory Matters [Line Items] | |||||||||||||||||||||||||||||||||
KV Line | 500 | ||||||||||||||||||||||||||||||||
Virginia Electric and Power Company | Virginia Regulation | Surry Switching Station Transmission Line | Minimum | |||||||||||||||||||||||||||||||||
Regulatory Matters [Line Items] | |||||||||||||||||||||||||||||||||
Length of Transmission line | 7 | ||||||||||||||||||||||||||||||||
Virginia Electric and Power Company | Virginia Regulation | Transmission Line from Skiffes Creek Switching Station to Wheaton Substation | |||||||||||||||||||||||||||||||||
Regulatory Matters [Line Items] | |||||||||||||||||||||||||||||||||
Length of Transmission line | 20 | ||||||||||||||||||||||||||||||||
KV Line | 230 | ||||||||||||||||||||||||||||||||
Virginia Electric and Power Company | Virginia Regulation | North Anna | |||||||||||||||||||||||||||||||||
Regulatory Matters [Line Items] | |||||||||||||||||||||||||||||||||
Number of parts of amendment to COL application | 2 | ||||||||||||||||||||||||||||||||
Projected amount of capitalized costs recovered, percentage | 70.00% | 70.00% | |||||||||||||||||||||||||||||||
Plant construction and other property additions (including nuclear fuel) | 577,000,000 | ||||||||||||||||||||||||||||||||
Virginia Electric and Power Company | Virginia Regulation | Legislation enacted | North Anna | Other operations and maintenance expense | |||||||||||||||||||||||||||||||||
Regulatory Matters [Line Items] | |||||||||||||||||||||||||||||||||
Charge recognized | 374,000,000 | ||||||||||||||||||||||||||||||||
Charge recognized for cumulative recovery of costs, after tax | 248,000,000 | ||||||||||||||||||||||||||||||||
Virginia Electric and Power Company | Virginia Regulation | Subsequent Event | |||||||||||||||||||||||||||||||||
Regulatory Matters [Line Items] | |||||||||||||||||||||||||||||||||
Generation capacity of solar development projects | 20 | ||||||||||||||||||||||||||||||||
Estimated project cost once constructed | 47,000,000 | ||||||||||||||||||||||||||||||||
Number of test periods | 5 | ||||||||||||||||||||||||||||||||
Virginia Electric and Power Company | Virginia Regulation | Subsequent Event | Maximum | |||||||||||||||||||||||||||||||||
Regulatory Matters [Line Items] | |||||||||||||||||||||||||||||||||
Generation capacity of solar development projects | 500 | ||||||||||||||||||||||||||||||||
Virginia Electric and Power Company | Virginia Regulation | Subsequent Event | Scenario, Forecast | Deferred Fuel Costs | |||||||||||||||||||||||||||||||||
Regulatory Matters [Line Items] | |||||||||||||||||||||||||||||||||
Write off of prior period deferred fuel costs | 85,000,000 | ||||||||||||||||||||||||||||||||
Virginia Electric and Power Company | Virginia Regulation | Rider T1 | |||||||||||||||||||||||||||||||||
Regulatory Matters [Line Items] | |||||||||||||||||||||||||||||||||
Revenue increase (decrease) | 134,000,000 | ||||||||||||||||||||||||||||||||
Approved revenue requirement | 538,000,000 | ||||||||||||||||||||||||||||||||
Virginia Electric and Power Company | Virginia Regulation | Rider S | |||||||||||||||||||||||||||||||||
Regulatory Matters [Line Items] | |||||||||||||||||||||||||||||||||
Proposed revenue requirement | 244,000,000 | ||||||||||||||||||||||||||||||||
Virginia Electric and Power Company | Virginia Regulation | Rider W | |||||||||||||||||||||||||||||||||
Regulatory Matters [Line Items] | |||||||||||||||||||||||||||||||||
Proposed revenue requirement | 135,000,000 | ||||||||||||||||||||||||||||||||
Virginia Electric and Power Company | Virginia Regulation | Rider BW | |||||||||||||||||||||||||||||||||
Regulatory Matters [Line Items] | |||||||||||||||||||||||||||||||||
Proposed revenue requirement | 111,000,000 | ||||||||||||||||||||||||||||||||
Virginia Electric and Power Company | Virginia Regulation | Riders C1A and C2A | |||||||||||||||||||||||||||||||||
Regulatory Matters [Line Items] | |||||||||||||||||||||||||||||||||
Proposed revenue requirement | 47,000,000 | ||||||||||||||||||||||||||||||||
Number of new energy efficiency programs | 3 | ||||||||||||||||||||||||||||||||
Period for cost cap | 5 years | ||||||||||||||||||||||||||||||||
Cost cap amount | 106,000,000 | ||||||||||||||||||||||||||||||||
Virginia Electric and Power Company | Virginia Regulation | Rider R | |||||||||||||||||||||||||||||||||
Regulatory Matters [Line Items] | |||||||||||||||||||||||||||||||||
Proposed revenue requirement | 84,000,000 | ||||||||||||||||||||||||||||||||
Virginia Electric and Power Company | Virginia Regulation | Rider U | |||||||||||||||||||||||||||||||||
Regulatory Matters [Line Items] | |||||||||||||||||||||||||||||||||
Proposed revenue requirement | 28,000,000 | ||||||||||||||||||||||||||||||||
Virginia Electric and Power Company | Virginia Regulation | Rider B | |||||||||||||||||||||||||||||||||
Regulatory Matters [Line Items] | |||||||||||||||||||||||||||||||||
Proposed revenue requirement | 13,000,000 | ||||||||||||||||||||||||||||||||
Virginia Electric and Power Company | North Carolina Regulation | |||||||||||||||||||||||||||||||||
Regulatory Matters [Line Items] | |||||||||||||||||||||||||||||||||
Approved ROE | 10.20% | 10.20% | |||||||||||||||||||||||||||||||
Revenue increase (decrease) | 36,000,000 | ||||||||||||||||||||||||||||||||
Increase (decrease) in annual base fuel revenues | 17,000,000 | -14,000,000 | |||||||||||||||||||||||||||||||
Total base revenues | 22,000,000 | ||||||||||||||||||||||||||||||||
Virginia Electric and Power Company | North Carolina Regulation | Scenario, Forecast | |||||||||||||||||||||||||||||||||
Regulatory Matters [Line Items] | |||||||||||||||||||||||||||||||||
Percentage of deferred fuel balance | 50.00% | ||||||||||||||||||||||||||||||||
Virginia Electric and Power Company | North Carolina Regulation | Scenario, Forecast | Maximum | |||||||||||||||||||||||||||||||||
Regulatory Matters [Line Items] | |||||||||||||||||||||||||||||||||
Cost cap amount | 17,000,000 | ||||||||||||||||||||||||||||||||
East Ohio | Ohio Regulation | |||||||||||||||||||||||||||||||||
Regulatory Matters [Line Items] | |||||||||||||||||||||||||||||||||
Plant construction and other property additions (including nuclear fuel) | 110,000,000 | ||||||||||||||||||||||||||||||||
East Ohio | Ohio Regulation | PIR Program | |||||||||||||||||||||||||||||||||
Regulatory Matters [Line Items] | |||||||||||||||||||||||||||||||||
Percentage replacement of pipeline system | 25.00% | ||||||||||||||||||||||||||||||||
Total plant investment | 164,000,000 | ||||||||||||||||||||||||||||||||
Cumulative gross plant investment | 674,000,000 | ||||||||||||||||||||||||||||||||
Approved revenue requirement | 89,000,000 | ||||||||||||||||||||||||||||||||
East Ohio | Ohio Regulation | AMR Program | |||||||||||||||||||||||||||||||||
Regulatory Matters [Line Items] | |||||||||||||||||||||||||||||||||
Revenue increase (decrease) | 3,000,000 | ||||||||||||||||||||||||||||||||
Approved revenue requirement | 8,000,000 | ||||||||||||||||||||||||||||||||
Proposed revenue requirement | 8,000,000 | ||||||||||||||||||||||||||||||||
Number of customers with automated meter reading technology | 1,200,000 | ||||||||||||||||||||||||||||||||
East Ohio | Ohio Regulation | PIPP Plus Program | |||||||||||||||||||||||||||||||||
Regulatory Matters [Line Items] | |||||||||||||||||||||||||||||||||
Refund of overrecovery of accumulated arrearages | 82,000,000 | ||||||||||||||||||||||||||||||||
Recovery of projected deferred program costs | 96,000,000 | ||||||||||||||||||||||||||||||||
East Ohio | Ohio Regulation | UEX Rider | |||||||||||||||||||||||||||||||||
Regulatory Matters [Line Items] | |||||||||||||||||||||||||||||||||
Elimination of over-recovered balance of accumulated bad debt expense | 8,000,000 | ||||||||||||||||||||||||||||||||
Prospective bad debt expense recovered | 25,000,000 | ||||||||||||||||||||||||||||||||
East Ohio | Ohio Regulation | Subsequent Event | PIR Program | |||||||||||||||||||||||||||||||||
Regulatory Matters [Line Items] | |||||||||||||||||||||||||||||||||
Total plant investment | 155,000,000 | ||||||||||||||||||||||||||||||||
Cumulative gross plant investment | 829,000,000 | ||||||||||||||||||||||||||||||||
Approved revenue requirement | 108,000,000 | ||||||||||||||||||||||||||||||||
DTI | |||||||||||||||||||||||||||||||||
Regulatory Matters [Line Items] | |||||||||||||||||||||||||||||||||
Amount of refunds provided | $10,000,000 | ||||||||||||||||||||||||||||||||
[1] | Primarily reflects deferred fuel expenses for the Virginia jurisdiction of Dominion's and Virginia Power’s generation operations. See Note 13 for more information. For 2014 and 2013, amount includes approximately $5 million related to DOE claims. |
Asset_Retirement_Obligations_N
Asset Retirement Obligations (Narrative) (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
Asset Retirement Obligations [Line Items] | ||
Fair value, primarily of equity and debt securities | $4,200,000,000 | $3,900,000,000 |
Nuclear decommissioning trust funds | 4,196,000,000 | 3,903,000,000 |
Virginia Electric and Power Company | ||
Asset Retirement Obligations [Line Items] | ||
Nuclear decommissioning trust funds | $1,930,000,000 | $1,765,000,000 |
Asset_Retirement_Obligations_C
Asset Retirement Obligations (Changes to AROs) (Details) (USD $) | 12 Months Ended | ||||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | ||
Asset Retirement Obligation, Roll Forward Analysis [Roll Forward] | |||||
AROs, Beginning balance | $1,578 | [1] | $1,705 | [1] | |
Obligations incurred during the period | 40 | 13 | |||
Obligations settled during the period | -82 | -68 | |||
Revisions in estimated cash flows | 102 | [2] | -129 | [3] | |
Accretion | 81 | 86 | |||
Other | -5 | -29 | |||
AROs , Ending balance | 1,714 | [1] | 1,578 | [1] | |
Other current liabilities | 81 | 94 | 64 | ||
Virginia Electric and Power Company | |||||
Asset Retirement Obligation, Roll Forward Analysis [Roll Forward] | |||||
AROs, Beginning balance | 689 | 705 | |||
Obligations incurred during the period | 28 | 2 | |||
Obligations settled during the period | -1 | -2 | |||
Revisions in estimated cash flows | 108 | [2] | -52 | [3] | |
Accretion | 37 | 38 | |||
Other | -6 | -2 | |||
AROs , Ending balance | 855 | [4] | 689 | ||
Virginia Electric and Power Company | Other Current Liabilities | |||||
Asset Retirement Obligation, Roll Forward Analysis [Roll Forward] | |||||
Asset retirement obligation | 7 | ||||
Dominion Gas Holdings, LLC | |||||
Asset Retirement Obligation, Roll Forward Analysis [Roll Forward] | |||||
AROs, Beginning balance | 137 | [5],[6] | 133 | ||
Obligations incurred during the period | 2 | 8 | |||
Obligations settled during the period | -8 | -13 | |||
Accretion | 8 | 8 | |||
Other | 8 | 1 | |||
AROs , Ending balance | 147 | [5],[6] | 137 | [5],[6] | |
Dominion Gas Holdings, LLC | Other Current Liabilities | |||||
Asset Retirement Obligation, Roll Forward Analysis [Roll Forward] | |||||
Asset retirement obligation | 7 | 2 | |||
Dominion Gas Holdings, LLC | Other Deferred Credits and Other Liabilities | |||||
Asset Retirement Obligation, Roll Forward Analysis [Roll Forward] | |||||
Asset retirement obligation | $140 | $135 | |||
[1] | Includes $64 million, $94 million and $81 million reported in other current liabilities at December 31, 2012, 2013, and 2014, respectively. | ||||
[2] | Relates primarily to a shift of the delayed planned date on which the DOE is expected to begin accepting spent nuclear fuel. | ||||
[3] | Primarily reflects lower anticipated nuclear decommissioning costs. | ||||
[4] | Includes $7 million reported in other current liabilities at December 31, 2014. | ||||
[5] | Includes $2 million and $7 million reported in other current liabilities at December 31, 2013 and 2014, respectively. | ||||
[6] | Includes $135 million and $140 million reported in other deferred credits and other liabilities, with the remainder recorded in other current liabilities, at December 31, 2013 and 2014, respectively. |
Variable_Interest_Entities_Nar
Variable Interest Entities (Narrative) (Details) (USD $) | 12 Months Ended | 1 Months Ended | |||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Aug. 31, 2013 | Sep. 30, 2014 |
Variable Interest Entity [Line Items] | |||||
Acquisition of Juniper noncontrolling interest in Fairless | $0 | $923 | $0 | ||
Virginia Electric and Power Company | |||||
Variable Interest Entity [Line Items] | |||||
Number of non utility generators | 5 | ||||
Aggregate generation capacity from long-term power and capacity contracts (MW) | 870 | ||||
Remaining purchase commitments | 639 | ||||
Payment for electric capacity | 223 | 217 | 214 | ||
Payment for electric energy | 138 | 98 | 83 | ||
Shared services purchased | 335 | 331 | 328 | ||
Dominion Gas Holdings, LLC | |||||
Variable Interest Entity [Line Items] | |||||
Shared services purchased | 106 | 115 | 107 | ||
Juniper | |||||
Variable Interest Entity [Line Items] | |||||
Acquisition of Juniper noncontrolling interest in Fairless | $923 | ||||
Variable Interest Entity, Not Primary Beneficiary | Gas Distribution | Atlantic Coast Pipeline | Pipelines | Jointly Owned Natural Gas Pipeline | |||||
Variable Interest Entity [Line Items] | |||||
Initial membership interest percentage | 45.00% |
ShortTerm_Debt_And_Credit_Agre2
Short-Term Debt And Credit Agreements (Commercial Paper, Bank Loans, and Letters of Credit Outstanding, as well as Capacity Available Under Credit Facilities (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | 31-May-14 | 1-May-14 | Jul. 31, 2014 | Jul. 01, 2014 | Jan. 31, 2015 | ||
Facility | |||||||||
Short term Debt [Line Items] | |||||||||
Facility Limit | $4,500,000,000 | $3,500,000,000 | |||||||
Outstanding Commercial Paper | 2,775,000,000 | [1] | 1,927,000,000 | [1] | |||||
Outstanding Letters of Credit | 48,000,000 | 11,000,000 | |||||||
Facility Capacity Available | 1,677,000,000 | 1,562,000,000 | |||||||
Weighted-average interest rates of the outstanding commercial paper | 0.38% | 0.33% | |||||||
Number of joint revolving credit facilities | 2 | ||||||||
Virginia Electric and Power Company | |||||||||
Short term Debt [Line Items] | |||||||||
Facility Limit | 1,500,000,000 | 1,250,000,000 | |||||||
Outstanding Commercial Paper | 1,361,000,000 | [2] | 842,000,000 | [2] | |||||
Outstanding Letters of Credit | 0 | 1,000,000 | |||||||
Facility Capacity Available | 139,000,000 | 407,000,000 | |||||||
Weighted-average interest rates of the outstanding commercial paper | 0.36% | 0.33% | |||||||
Credit facility | 120,000,000 | ||||||||
Credit Facility 4 Billion | |||||||||
Short term Debt [Line Items] | |||||||||
Facility Limit | 4,000,000,000 | [3] | 3,000,000,000 | [3] | 4,000,000,000 | 3,000,000,000 | |||
Outstanding Commercial Paper | 2,664,000,000 | [3] | 1,927,000,000 | [3] | |||||
Outstanding Letters of Credit | 0 | [3] | 0 | [3] | |||||
Facility Capacity Available | 1,336,000,000 | [3] | 1,073,000,000 | [3] | |||||
Credit facility, to support letters of credit | 1,500,000,000 | ||||||||
Credit Facility 4 Billion | Virginia Electric and Power Company | |||||||||
Short term Debt [Line Items] | |||||||||
Facility Limit | 1,250,000,000 | [4] | 1,000,000,000 | [4] | 1,250,000,000 | 1,000,000,000 | |||
Outstanding Commercial Paper | 1,250,000,000 | [4] | 842,000,000 | [4] | |||||
Outstanding Letters of Credit | 0 | [4] | 0 | [4] | |||||
Facility Capacity Available | 0 | [4] | 158,000,000 | [4] | |||||
Credit facility, to support letters of credit | 1,500,000,000 | ||||||||
Credit Facility 4 Billion | Virginia Electric and Power Company | Subsequent Event | |||||||||
Short term Debt [Line Items] | |||||||||
Facility Limit | 1,500,000,000 | ||||||||
Credit Facility 4 Billion | Dominion Gas Holdings, LLC | |||||||||
Short term Debt [Line Items] | |||||||||
Facility Limit | 1,000,000,000 | ||||||||
Credit facility, to support letters of credit | 500,000,000 | ||||||||
Credit Facility 500 million | |||||||||
Short term Debt [Line Items] | |||||||||
Facility Limit | 500,000,000 | [5] | 500,000,000 | [5] | |||||
Outstanding Commercial Paper | 111,000,000 | [5] | 0 | [5] | |||||
Outstanding Letters of Credit | 48,000,000 | [5] | 11,000,000 | [5] | |||||
Facility Capacity Available | 341,000,000 | [5] | 489,000,000 | [5] | |||||
Credit Facility 500 million | Virginia Electric and Power Company | |||||||||
Short term Debt [Line Items] | |||||||||
Facility Limit | 250,000,000 | [6] | 250,000,000 | [6] | |||||
Outstanding Commercial Paper | 111,000,000 | [6] | 0 | [6] | |||||
Outstanding Letters of Credit | 0 | [6] | 1,000,000 | [6] | |||||
Facility Capacity Available | 139,000,000 | [6] | 249,000,000 | [6] | |||||
Credit Facility 500 million | Dominion Gas Holdings, LLC | |||||||||
Short term Debt [Line Items] | |||||||||
Credit facility, to support letters of credit | 0 | ||||||||
Tax-Exempt Financings | Virginia Electric and Power Company | |||||||||
Short term Debt [Line Items] | |||||||||
Variable rate tax-exempt financings | $119,000,000 | ||||||||
[1] | The weighted-average interest rates of the outstanding commercial paper supported by Dominion's credit facilities were 0.38% and 0.33% at December 31, 2014 and 2013, respectively. | ||||||||
[2] | The weighted-average interest rates of the outstanding commercial paper supported by these credit facilities were 0.36% and 0.33% at December 31, 2014 and 2013, respectively. | ||||||||
[3] | In May 2014, this credit facility was amended and restated. The facility limit was increased from $3 billion to $4 billion and the maturity date was extended from September 2018 to April 2019. This credit facility can be used to support bank borrowings and the issuance of commercial paper, as well as to support up to $1.5 billion of letters of credit. | ||||||||
[4] | In May 2014, this credit facility was amended and restated and the maturity date was extended from September 2018 to April 2019. This credit facility 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. Virginia Power's current sub-limit under this credit facility can be increased or decreased multiple times per year. In July 2014, Virginia Power increased its sub-limit from $1.0 billion to $1.25 billion. In January 2015, Virginia Power increased its sub-limit on this facility from $1.25 billion to $1.5 billion | ||||||||
[5] | In May 2014, this credit facility was amended and restated and the maturity date was extended from September 2018 to April 2019. This credit facility can be used to support bank borrowings, commercial paper and letter of credit issuances. | ||||||||
[6] | In May 2014, this credit facility was amended and restated and the maturity date was extended from September 2018 to April 2019. This credit facility can be used to support bank borrowings, commercial paper and letter of credit issuances. Virginia Power's current sub-limit under this credit facility can be increased or decreased multiple times per year. |
LongTerm_Debt_Narrative_Detail
Long-Term Debt (Narrative) (Details) (USD $) | 1 Months Ended | 12 Months Ended | 1 Months Ended | 0 Months Ended | 1 Months Ended | ||||||||||||||||
Jan. 31, 2013 | Sep. 30, 2011 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Jul. 31, 2017 | Jul. 31, 2016 | Apr. 30, 2016 | Jul. 31, 2014 | Jun. 30, 2013 | Feb. 28, 2012 | Dec. 31, 2014 | Nov. 30, 2014 | Oct. 01, 2024 | Jun. 30, 2014 | Jul. 01, 2014 | Jul. 01, 2006 | Jun. 30, 2006 | Sep. 30, 2006 | Oct. 31, 2014 | Jun. 30, 2009 | |
Debt Instrument [Line Items] | |||||||||||||||||||||
Aggregate outstanding principal amount | $23,200,000,000 | $23,200,000,000 | |||||||||||||||||||
Make-whole premium amount | 284,000,000 | 0 | 0 | ||||||||||||||||||
Shares issued in excess of principal amounts related to converted securities | 28,000,000 | ||||||||||||||||||||
Noncontrolling interest, ownership percentage by parent | 100.00% | 100.00% | |||||||||||||||||||
Beneficial ownership percentage | 97.00% | ||||||||||||||||||||
Beneficial ownership interest | 3.00% | ||||||||||||||||||||
Percentage in capital trust assets | 100.00% | ||||||||||||||||||||
Redemption of units of Dominion Resources Capital Trust I capital securities | 250,000 | ||||||||||||||||||||
Dominion Resources Capital Trust I capital securities | 250,000,000 | ||||||||||||||||||||
Rate of Dominion Resources Capital Trust I capital securities | 7.83% | ||||||||||||||||||||
Redemption price per capital security | $1,019.58 | ||||||||||||||||||||
Deferral | 10 years | ||||||||||||||||||||
Period for consideration of proceeds (days) | 180 days | 365 days | |||||||||||||||||||
Interest in RSN issued by Dominion (percentage) | 5.00% | 5.00% | |||||||||||||||||||
Shares reserved and available for issuance | 7,000,000 | 7,000,000 | |||||||||||||||||||
Dominion Gas Holdings, LLC | |||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||
Aggregate outstanding principal amount | 2,600,000,000 | 2,600,000,000 | |||||||||||||||||||
Scenario, Forecast | Minimum | |||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||
Shares to be issued under purchase contracts | 11,500,000 | 8,400,000 | 8,400,000 | ||||||||||||||||||
Scenario, Forecast | Maximum | |||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||
Shares to be issued under purchase contracts | 14,300,000 | 9,900,000 | 9,900,000 | ||||||||||||||||||
Common Stock | |||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||
Purchase price to be paid under stock purchase contracts | $50 | $50 | |||||||||||||||||||
Shares reserved and available for issuance | 40,300,000 | 40,300,000 | |||||||||||||||||||
Capital Unit, Class A | |||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||
Issuance of Dominion Midstream common units, net of offering costs | 1,000,000,000 | 550,000,000 | |||||||||||||||||||
Payment rate on Equity Units | 6.13% | 6.38% | |||||||||||||||||||
Capital Unit, Class B | |||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||
Issuance of Dominion Midstream common units, net of offering costs | 550,000,000 | ||||||||||||||||||||
Payment rate on Equity Units | 6.00% | ||||||||||||||||||||
June 2006 hybrids | |||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||
Interest rate (percentage) | 2.83% | 7.50% | |||||||||||||||||||
Junior subordinated notes | 300,000,000 | ||||||||||||||||||||
September 2006 hybrids | |||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||
Interest rate (percentage) | 2.30% | ||||||||||||||||||||
Junior subordinated notes | 500,000,000 | ||||||||||||||||||||
Tender offer to purchase additional hybrids | 150,000,000 | ||||||||||||||||||||
Purchased and cancelled of junior subordinated notes | 88,000,000 | ||||||||||||||||||||
June 2009 hybrids | |||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||
Interest rate (percentage) | 8.38% | ||||||||||||||||||||
Aggregate redemption price paid | 685,000,000 | ||||||||||||||||||||
Junior subordinated notes | 685,000,000 | ||||||||||||||||||||
7.83% Debentures due 12/1/2027 | |||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||
Interest rate (percentage) | 7.83% | ||||||||||||||||||||
Junior subordinated notes | 258,000,000 | ||||||||||||||||||||
Convertible Debt | |||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||
Outstanding contingent convertible senior notes | 0 | 0 | 22,000,000 | ||||||||||||||||||
Average trading price principal amount of the senior notes | 120.00% | ||||||||||||||||||||
Minimum consecutive trading days | 20 days | ||||||||||||||||||||
Maximum consecutive trading days | 30 days | ||||||||||||||||||||
Amount of notes converted by holders | 21,000,000 | ||||||||||||||||||||
Shares issued in excess of principal amounts related to converted securities | 23,000,000 | 26,000,000 | |||||||||||||||||||
Unsecured Junior Subordinated Notes Payable to Affiliated Trusts | |||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||
Aggregate outstanding principal amount | 10,000,000 | 10,000,000 | |||||||||||||||||||
Interest charges | 1,000,000 | 1,000,000 | 21,000,000 | ||||||||||||||||||
Unsecured Junior Subordinated Notes Payable to Affiliated Trusts | Enhanced Junior Subordinated Notes, 5.75% | |||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||
Interest rate (percentage) | 5.75% | ||||||||||||||||||||
Principal amount of notes | 685,000,000 | ||||||||||||||||||||
Unsecured Junior Subordinated Notes Payable to Affiliated Trusts | LIBOR | Scenario, Forecast | Enhanced Junior Subordinated Notes, 5.75% | |||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||
Spread on variable rate | 3.06% | ||||||||||||||||||||
Senior Notes | |||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||
Aggregate outstanding principal amount | 1,900,000,000 | 1,900,000,000 | |||||||||||||||||||
Aggregate redemption price paid | 2,200,000,000 | 2,200,000,000 | |||||||||||||||||||
Make-whole premium amount | 263,000,000 | ||||||||||||||||||||
Interest charges | 284,000,000 | ||||||||||||||||||||
Senior Notes | Dominion Gas Holdings, LLC | |||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||
Principal amount offered in exchange | $1,200,000,000 | ||||||||||||||||||||
Senior Notes | Series C 2005 Senior Notes Due 2015 | |||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||
Interest rate (percentage) | 5.15% | 5.15% | |||||||||||||||||||
Senior Notes | Series A 2004 Senior Notes Due 2016 | |||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||
Interest rate (percentage) | 5.20% | 5.20% | |||||||||||||||||||
Senior Notes | Series A 2006 Senior Notes Due 2016 | |||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||
Interest rate (percentage) | 5.60% | 5.60% | |||||||||||||||||||
Senior Notes | Series A 2007 Senior Notes Due 2017 | |||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||
Interest rate (percentage) | 6.00% | 6.00% | |||||||||||||||||||
Senior Notes | Series D 2008 Senior Notes Due 2019 | |||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||
Interest rate (percentage) | 8.88% | 8.88% |
LongTerm_Debt_Total_Long_Term_
Long-Term Debt (Total Long Term Debt) (Details) (USD $) | 12 Months Ended | ||||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |||
Debt Instrument [Line Items] | |||||
2013 Weighted- average Coupon | 3.30% | [1],[2] | |||
Total principal, including VIE | $23,200,000,000 | $20,842,000,000 | |||
Securities due within one year, including VIE | -1,375,000,000 | [2] | -1,519,000,000 | [2] | |
Unamortized discount and premium, net | -39,000,000 | -48,000,000 | |||
Total long term debt, including VIE | 21,805,000,000 | 19,330,000,000 | |||
Fair value hedge valuation | 19,000,000 | [3] | 55,000,000 | [3] | |
Unamortized premium and discount | 4,000,000 | 14,000,000 | |||
5.25% Senior Notes Due 2033 | |||||
Debt Instrument [Line Items] | |||||
Senior notes | 510,000,000 | ||||
RSN Annual Interest Rate | 5.25% | ||||
Long term debt maturity date | 2033 | ||||
Redemption percentage of principal and accrued interest | 100.00% | ||||
Senior Notes | Variable rates, due 2014 and 2015 | |||||
Debt Instrument [Line Items] | |||||
2013 Weighted- average Coupon | 0.36% | [1] | |||
Total principal, including VIE | 400,000,000 | 400,000,000 | |||
Senior Notes | 1.25% to 8.875%, due 2014 to 2019 | |||||
Debt Instrument [Line Items] | |||||
Interest rate, minimum | 1.25% | ||||
Interest rate, maximum | 8.88% | ||||
2013 Weighted- average Coupon | 3.17% | [1] | |||
Total principal, including VIE | 3,150,000,000 | 4,391,000,000 | |||
Senior Notes | 2.75% to 7.0%, due 2022 to 2044 | |||||
Debt Instrument [Line Items] | |||||
Interest rate, minimum | 2.75% | ||||
Interest rate, maximum | 7.00% | ||||
2013 Weighted- average Coupon | 4.93% | [1],[4] | |||
Total principal, including VIE | 4,449,000,000 | [4] | 3,499,000,000 | [4] | |
Senior Notes | Unsecured Convertible Senior Notes, 2.125%, due 2023 | |||||
Debt Instrument [Line Items] | |||||
Total principal, including VIE | 0 | 43,000,000 | |||
RSN Annual Interest Rate | 2.13% | ||||
Senior Notes | 5.0% due 2014 | |||||
Debt Instrument [Line Items] | |||||
Total principal, including VIE | 0 | [5] | 600,000,000 | [5] | |
RSN Annual Interest Rate | 5.00% | ||||
Senior Notes | 6.8% and 6.875%, due 2026 and 2027 | |||||
Debt Instrument [Line Items] | |||||
Interest rate, minimum | 6.80% | ||||
Interest rate, maximum | 6.88% | ||||
2013 Weighted- average Coupon | 6.81% | [1],[5] | |||
Total principal, including VIE | 89,000,000 | [5] | 89,000,000 | [5] | |
Tax-Exempt Financings | Tax-Exempt Financing, 2.375%, due 2033 | |||||
Debt Instrument [Line Items] | |||||
2013 Weighted- average Coupon | 2.38% | [1] | |||
Total principal, including VIE | 27,000,000 | 27,000,000 | |||
RSN Annual Interest Rate | 2.38% | ||||
Tax-Exempt Financings | Variable rate, due 2041 | |||||
Debt Instrument [Line Items] | |||||
2013 Weighted- average Coupon | 1.10% | [1] | |||
Total principal, including VIE | 75,000,000 | 75,000,000 | |||
Junior Subordinated Notes | Unsecured Junior Subordinated Notes Payable to Affiliated Trust, 8.4%, due 2031 | |||||
Debt Instrument [Line Items] | |||||
2013 Weighted- average Coupon | 8.40% | [1] | |||
Total principal, including VIE | 10,000,000 | 10,000,000 | |||
RSN Annual Interest Rate | 8.40% | ||||
Junior Subordinated Notes | 5.75% to 8.375%, due 2054 to 2066 | |||||
Debt Instrument [Line Items] | |||||
Interest rate, minimum | 5.75% | ||||
Interest rate, maximum | 8.38% | ||||
2013 Weighted- average Coupon | 6.28% | [1] | |||
Total principal, including VIE | 985,000,000 | 985,000,000 | |||
Junior Subordinated Notes | Enhanced Junior Subordinated Notes, variable rate, due 2066 | |||||
Debt Instrument [Line Items] | |||||
2013 Weighted- average Coupon | 2.54% | [1] | |||
Total principal, including VIE | 380,000,000 | 380,000,000 | |||
Remarketable Subordinated Notes | Remarketable Subordinated Notes, 1.07% to 1.50%, due 2019 to 2021 | |||||
Debt Instrument [Line Items] | |||||
Interest rate, minimum | 1.07% | ||||
Interest rate, maximum | 1.50% | ||||
2013 Weighted- average Coupon | 1.30% | [1] | |||
Total principal, including VIE | 2,100,000,000 | 1,100,000,000 | |||
Dominion Gas Holdings, LLC | |||||
Debt Instrument [Line Items] | |||||
Total principal, including VIE | 2,600,000,000 | 1,200,000,000 | |||
Unamortized discount and premium, net | -6,000,000 | -2,000,000 | |||
Total long term debt, including VIE | 2,594,000,000 | 1,198,000,000 | |||
Dominion Gas Holdings, LLC | Senior Notes | 1.05% and 2.5%, due 2016 and 2019 | |||||
Debt Instrument [Line Items] | |||||
Interest rate, minimum | 1.05% | ||||
Interest rate, maximum | 2.50% | ||||
2013 Weighted- average Coupon | 1.82% | [1] | |||
Total principal, including VIE | 850,000,000 | 400,000,000 | |||
Dominion Gas Holdings, LLC | Senior Notes | 3.55% to 4.8%, due 2023 to 2044 | |||||
Debt Instrument [Line Items] | |||||
Interest rate, minimum | 3.55% | ||||
Interest rate, maximum | 4.80% | ||||
2013 Weighted- average Coupon | 4.15% | [1] | |||
Total principal, including VIE | 1,750,000,000 | 800,000,000 | |||
Virginia Electric and Power Company | |||||
Debt Instrument [Line Items] | |||||
2013 Weighted- average Coupon | 5.39% | [1] | |||
Total principal, including VIE | 8,935,000,000 | 8,043,000,000 | |||
Securities due within one year, including VIE | -211,000,000 | -58,000,000 | |||
Unamortized discount and premium, net | 2,000,000 | -11,000,000 | |||
Total long term debt, including VIE | 8,726,000,000 | 7,974,000,000 | |||
Virginia Electric and Power Company | Line of Credit | |||||
Debt Instrument [Line Items] | |||||
Credit facility, to support letters of credit | 120,000,000 | ||||
Virginia Electric and Power Company | Senior Notes | 1.2% to 8.625%, due 2015 to 2019 | |||||
Debt Instrument [Line Items] | |||||
Interest rate, minimum | 1.20% | ||||
Interest rate, maximum | 8.63% | ||||
2013 Weighted- average Coupon | 5.06% | [1] | |||
Total principal, including VIE | 2,471,000,000 | 2,488,000,000 | |||
Virginia Electric and Power Company | Senior Notes | 2.75% to 8.875%, due 2022 to 2044 | |||||
Debt Instrument [Line Items] | |||||
Interest rate, minimum | 2.75% | ||||
Interest rate, maximum | 8.88% | ||||
2013 Weighted- average Coupon | 5.07% | [1] | |||
Total principal, including VIE | 5,592,000,000 | 4,643,000,000 | |||
Virginia Electric and Power Company | Tax-Exempt Financings | Variable rates, due 2016 to 2041 | |||||
Debt Instrument [Line Items] | |||||
2013 Weighted- average Coupon | 0.93% | [1],[6] | |||
Total principal, including VIE | 606,000,000 | [6] | 606,000,000 | [6] | |
Virginia Electric and Power Company | Tax-Exempt Financings | 0.70% to 5.6%, due 2022 to 2040 | |||||
Debt Instrument [Line Items] | |||||
Interest rate, minimum | 0.70% | ||||
Interest rate, maximum | 5.60% | ||||
2013 Weighted- average Coupon | 2.86% | [1],[6] | |||
Total principal, including VIE | $266,000,000 | [6] | $306,000,000 | [6] | |
[1] | Represents weighted-average coupon rates for debt outstanding as of December 31, 2014. | ||||
[2] | Includes $4 million fair value hedge valuation in 2014 and $14 million of fair value hedge valuation in 2013. | ||||
[3] | Represents the valuation of certain fair value hedges associated with Dominion's fixed rate debt. | ||||
[4] | At the option of holders, $510 million of Dominion's 5.25% senior notes due 2033 are subject to redemption at 100% of the principal amount plus accrued interest in August 2015. As a result, at December 31, 2014, the notes were included in Securities due within one year in the Consolidated Balance Sheets. | ||||
[5] | Represents debt assumed by Dominion from the merger of its former CNG subsidiary. | ||||
[6] | These financings relate to certain pollution control equipment at Virginia Power's generating facilities. Certain variable rate tax-exempt financings are supported by a $120 million credit facility that terminates in April 2019. |
LongTerm_Debt_Based_on_Stated_
Long-Term Debt (Based on Stated Maturity Dates Rather than Early Redemption Dates that Could be Elected by Instrument Holders) (Details) (USD $) | 12 Months Ended | |
Dec. 31, 2014 | ||
Debt Instrument [Line Items] | ||
2014 | $861,000,000 | |
2015 | 1,327,000,000 | |
2016 | 1,429,000,000 | |
2017 | 1,350,000,000 | |
2018 | 2,550,000,000 | |
Thereafter | 15,683,000,000 | |
Total | 23,200,000,000 | |
5.25% Senior Notes Due 2033 | ||
Debt Instrument [Line Items] | ||
Senior notes | 510,000,000 | |
Interest rate (percentage) | 5.25% | |
Redemption percentage of principal and accrued interest | 100.00% | |
Dominion Gas Holdings, LLC | ||
Debt Instrument [Line Items] | ||
2014 | 0 | |
2015 | 400,000,000 | |
2016 | 0 | |
2017 | 0 | |
2018 | 450,000,000 | |
Thereafter | 1,750,000,000 | |
Total | 2,600,000,000 | |
Virginia Electric and Power Company | ||
Debt Instrument [Line Items] | ||
2014 | 211,000,000 | |
2015 | 476,000,000 | |
2016 | 679,000,000 | |
2017 | 850,000,000 | |
2018 | 350,000,000 | |
Thereafter | 6,369,000,000 | |
Total | 8,935,000,000 | |
2015 | ||
Debt Instrument [Line Items] | ||
Weighted-average Coupon | 2.14% | |
2015 | Virginia Electric and Power Company | ||
Debt Instrument [Line Items] | ||
Weighted-average Coupon | 5.39% | |
2016 | ||
Debt Instrument [Line Items] | ||
Weighted-average Coupon | 2.86% | |
2016 | Dominion Gas Holdings, LLC | ||
Debt Instrument [Line Items] | ||
Weighted-average Coupon | 1.05% | |
2016 | Virginia Electric and Power Company | ||
Debt Instrument [Line Items] | ||
Weighted-average Coupon | 5.24% | |
2017 | ||
Debt Instrument [Line Items] | ||
Weighted-average Coupon | 3.27% | |
2017 | Virginia Electric and Power Company | ||
Debt Instrument [Line Items] | ||
Weighted-average Coupon | 5.43% | |
2018 | ||
Debt Instrument [Line Items] | ||
Weighted-average Coupon | 4.99% | |
2018 | Virginia Electric and Power Company | ||
Debt Instrument [Line Items] | ||
Weighted-average Coupon | 4.17% | |
2019 | ||
Debt Instrument [Line Items] | ||
Weighted-average Coupon | 3.09% | |
2019 | Dominion Gas Holdings, LLC | ||
Debt Instrument [Line Items] | ||
Weighted-average Coupon | 2.50% | |
2019 | Virginia Electric and Power Company | ||
Debt Instrument [Line Items] | ||
Weighted-average Coupon | 5.00% | |
Thereafter | ||
Debt Instrument [Line Items] | ||
Weighted-average Coupon | 4.39% | |
Thereafter | Dominion Gas Holdings, LLC | ||
Debt Instrument [Line Items] | ||
Weighted-average Coupon | 4.15% | |
Thereafter | Virginia Electric and Power Company | ||
Debt Instrument [Line Items] | ||
Weighted-average Coupon | 4.64% | |
Unsecured Senior Notes(1) | ||
Debt Instrument [Line Items] | ||
2014 | 861,000,000 | [1] |
2015 | 1,308,000,000 | [1] |
2016 | 1,354,000,000 | [1] |
2017 | 1,350,000,000 | [1] |
2018 | 2,000,000,000 | [1] |
Thereafter | 11,878,000,000 | [1] |
Total | 18,751,000,000 | [1] |
Tax-Exempt Financings | ||
Debt Instrument [Line Items] | ||
2014 | 0 | |
2015 | 19,000,000 | |
2016 | 75,000,000 | |
2017 | 0 | |
2018 | 0 | |
Thereafter | 880,000,000 | |
Total | 974,000,000 | |
Unsecured Junior Subordinated Notes Payable to Affiliated Trusts | ||
Debt Instrument [Line Items] | ||
2014 | 0 | |
2015 | 0 | |
2016 | 0 | |
2017 | 0 | |
2018 | 0 | |
Thereafter | 10,000,000 | |
Total | 10,000,000 | |
Enhanced Junior Subordinated Notes | ||
Debt Instrument [Line Items] | ||
2014 | 0 | |
2015 | 0 | |
2016 | 0 | |
2017 | 0 | |
2018 | 0 | |
Thereafter | 1,365,000,000 | |
Total | 1,365,000,000 | |
Remarketable Subordinated Notes | ||
Debt Instrument [Line Items] | ||
2014 | 0 | |
2015 | 0 | |
2016 | 0 | |
2017 | 0 | |
2018 | 550,000,000 | |
Thereafter | 1,550,000,000 | |
Total | $2,100,000,000 | |
[1] | At the option of holders, $510 million of Dominion's 5.25% senior notes due 2033 are subject to redemption at 100% of the principal amount plus accrued interest in August 2015. As a result, at December 31, 2014, the notes were included in Securities due within one year in the Consolidated Balance Sheets. |
LongTerm_Debt_Long_Term_Debt_S
Long-Term Debt Long Term Debt (Schedule of Equity Units) (Details) (USD $) | 12 Months Ended | 0 Months Ended | ||||||
Share data in Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Jul. 01, 2014 | Jun. 07, 2013 | ||||
Capital Unit [Line Items] | ||||||||
Stock Purchase Contract Liability | $216,000,000 | [1] | $139,000,000 | [1] | ||||
Total payments | 66,000,000 | 17,000,000 | ||||||
Capital Unit, Class A | ||||||||
Capital Unit [Line Items] | ||||||||
Units Issued | 20 | 11 | ||||||
Total Net Proceeds | 982,000,000 | 533,500,000 | ||||||
Stock Purchase Contract Annual Rate | 4.88% | 5.06% | ||||||
Stock Purchase Contract Liability | 142,800,000 | [1] | 76,700,000 | [1] | ||||
Capital Unit, Class A | Remarketable Subordinated Notes | ||||||||
Capital Unit [Line Items] | ||||||||
Total Long-term Debt | 1,000,000,000 | 550,000,000 | ||||||
RSN Annual Interest Rate | 1.50% | 1.07% | ||||||
Capital Unit, Class B | ||||||||
Capital Unit [Line Items] | ||||||||
Units Issued | 11 | |||||||
Total Net Proceeds | 553,500,000 | |||||||
Stock Purchase Contract Annual Rate | 4.82% | |||||||
Stock Purchase Contract Liability | 79,300,000 | [1] | ||||||
Capital Unit, Class B | Remarketable Subordinated Notes | ||||||||
Capital Unit [Line Items] | ||||||||
Total Long-term Debt | $550,000,000 | |||||||
RSN Annual Interest Rate | 1.18% | |||||||
[1] | Payments of $66 million and $17 million were made in 2014 and 2013, respectively. The stock purchase contract liability was $216 million and $139 million at December 31, 2014 and 2013, respectively. |
Preferred_Stock_Narrative_Deta
Preferred Stock (Narrative) (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
Class of Stock [Line Items] | ||
Preferred stock shares authorized | 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 | |
Preferred stock shares issued | 2,590,000 | 2,590,000 |
Preferred stock shares outstanding | 2,590,000 | 2,590,000 |
Amount each share is entitled to receive | 100 |
Preferred_Stock_Preferred_Stoc
Preferred Stock Preferred Stock (Schedule of Preferred Stock) (Details) (Virginia Electric and Power Company, USD $) | 12 Months Ended | |
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2014 | |
Class of Stock [Line Items] | ||
Total Shares | 2,590 | |
Redemption Price Per Share | $100 | |
Dividend rate (percentage) | 6.12% | |
$5.00 | ||
Class of Stock [Line Items] | ||
Dividend | $5 | |
Total Shares | 107 | |
Redemption Price Per Share | $112.50 | [1] |
$4.04 | ||
Class of Stock [Line Items] | ||
Dividend | $4.04 | |
Total Shares | 13 | |
Redemption Price Per Share | $102.27 | [1] |
$4.20 | ||
Class of Stock [Line Items] | ||
Dividend | $4.20 | |
Total Shares | 15 | |
Redemption Price Per Share | $102.50 | [1] |
$4.12 | ||
Class of Stock [Line Items] | ||
Dividend | $4.12 | |
Total Shares | 32 | |
Redemption Price Per Share | $103.73 | [1] |
$4.80 | ||
Class of Stock [Line Items] | ||
Dividend | $4.80 | |
Total Shares | 73 | |
Redemption Price Per Share | $101 | [1] |
$7.05 | ||
Class of Stock [Line Items] | ||
Dividend | $7.05 | |
Total Shares | 500 | |
Redemption Price Per Share | $100 | [1] |
$6.98 | ||
Class of Stock [Line Items] | ||
Dividend | $6.98 | |
Total Shares | 600 | |
Redemption Price Per Share | $100 | [1] |
Flex Money Market Preferred 12/02, Series A | ||
Class of Stock [Line Items] | ||
Total Shares | 1,250 | |
Redemption Price Per Share | $100 | [2] |
[1] | As part of Dominion's Liability Management Exercise, in September 2014, Virginia Power provided irrevocable notice to redeem all shares outstanding for each series of preferred stock. In October 2014, the stock was redeemed at the applicable price per share plus accumulated and unpaid dividends. | |
[2] | In February 2014, Virginia Power provided irrevocable notice to redeem the stock. In March 2014, the stock was redeemed at the applicable price per share plus accumulated and unpaid dividends at a rate reset in March 2011 of 6.12%. Dividends ceased accumulating on the stock upon payment of the redemption price, thus the rate was not reset in March 2014. |
Equity_Narrative_Details
Equity (Narrative) (Details) (USD $) | 1 Months Ended | 12 Months Ended | 1 Months Ended | 2 Months Ended | 1 Months Ended | 0 Months Ended | ||||||
Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2007 | Feb. 28, 2013 | Feb. 28, 2011 | Jan. 31, 2014 | Dec. 31, 2013 | Feb. 27, 2015 | Jan. 31, 2015 | Sep. 30, 2013 | |
Agreement | agent | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||
Cash proceeds | $205,000,000 | $278,000,000 | $265,000,000 | |||||||||
Number of sales agency agreements | 4 | |||||||||||
Expected issuance of common stock in 2012 through employee savings plans, direct stock purchase and dividend reinvestment plans, and other employee and director benefit plans | 500,000,000 | |||||||||||
Net fees and commissions paid | 2,000,000 | |||||||||||
Shares reserved and available for issuance | 7,000,000 | 7,000,000 | ||||||||||
Compensation cost related to stock-based compensation | 39,000,000 | 31,000,000 | 25,000,000 | |||||||||
Tax benefit from stock awards and stock options exercised | 14,000,000 | 11,000,000 | 8,000,000 | |||||||||
Tax benefits from the vesting of restricted stock awards | 1,000,000 | 1,000,000 | 10,000,000 | |||||||||
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 | 56,000,000 | 56,000,000 | ||||||||||
Stock-Based Awards | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||
Maximum term of stock based awards | 8 years | |||||||||||
Shares were available for future grants | 31,000,000 | 31,000,000 | ||||||||||
Restricted Stock | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||
Vesting period | 3 years | |||||||||||
Unrecognized compensation cost related to nonvested awards | 27,000,000 | 27,000,000 | ||||||||||
Expected weighted-average period recognized for the unrecognized compensation cost | 1 year 9 months 6 days | |||||||||||
Fair value of restricted stock awards that vested | 19,000,000 | 20,000,000 | 30,000,000 | |||||||||
Goal-Based Stock | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||
Vesting period | 3 years | |||||||||||
Number of performance metrics | 2 | |||||||||||
Performance metrics period | 2 years | |||||||||||
Shares issued minimum percentage | 0.00% | |||||||||||
Shares issued maximum percentage | 200.00% | |||||||||||
Targeted shares expected to be issued | 17,000 | 17,000 | ||||||||||
Cash-Based Performance Grant | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||
Cash-based performance grants minimum | 0.00% | |||||||||||
Cash-based performance grants maximum | 200.00% | |||||||||||
February 2011 Awards | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||
Number of performance metrics | 2 | |||||||||||
Cash based performance grant actual payout | 2,000,000 | 6,000,000 | ||||||||||
Cash-based performance grants | 8,000,000 | |||||||||||
February 2012 Awards | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||
Number of performance metrics | 2 | |||||||||||
Cash based performance grant actual payout | 14,000,000 | 12,000,000 | 8,000,000 | |||||||||
Cash based performance grants, total expected award | 21,000,000 | |||||||||||
Cash based performance grant liability accrued | 7,000,000 | |||||||||||
February 2013 Awards | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||
Number of performance metrics | 2 | |||||||||||
Cash-based performance grants | 13,000,000 | |||||||||||
Cash based performance grant liability accrued | 3,000,000 | |||||||||||
Subsequent Event | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||
Cash proceeds | 207,000,000 | |||||||||||
Number of sales agents | 1 | |||||||||||
Stock issued by sales agents | 2,700,000 | |||||||||||
Net fees and commissions paid | 2,000,000 | |||||||||||
Shares reserved and available for issuance | 291,000,000 | |||||||||||
Subsequent Event | Goal-Based Stock | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||
Number of shares converted to one class to another | 7,000 | |||||||||||
Dominion Gas Holdings, LLC | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||
Percentage of limited liability membership interests | 100.00% | |||||||||||
Various Programs | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||
Common stock shares issued | 3,800,000 | 3,800,000 | ||||||||||
Dominion Direct, employee savings plans | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||
Common stock shares issued | 2,900,000 | 2,900,000 | ||||||||||
Cash proceeds | $205,000,000 |
Equity_Accumulated_Other_Compr
Equity (Accumulated Other Comprehensive Income (Loss)) (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Net unrealized losses on derivatives-hedging activities, net of tax | ($178) | ($288) | |
Net unrealized gains on nuclear decommissioning trust funds, net of tax | 548 | 474 | |
Net unrecognized pension and other postretirement benefit costs, net of tax | -782 | -510 | |
Other comprehensive loss from equity method investees, net of tax | -4 | 0 | |
Total AOCI | -416 | -324 | -877 |
Net unrealized gains on derivatives-hedging activities, tax | 116 | 196 | |
Net unrealized gains on nuclear decommissioning trust funds, tax | -333 | -307 | |
Net unrecognized pension and other postretirement benefit costs, tax | 530 | 365 | |
Other comprehensive loss from equity method investees, tax | 3 | 0 | |
Virginia Electric and Power Company | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Net unrealized losses on derivatives-hedging activities, net of tax | -7 | 0 | |
Net unrealized gains on nuclear decommissioning trust funds, net of tax | 57 | 48 | |
Total AOCI | 50 | 48 | 25 |
Net unrealized gains on derivatives-hedging activities, tax | 4 | 0 | |
Net unrecognized pension and other postretirement benefit costs, tax | -35 | -30 | |
Dominion Gas Holdings, LLC | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Net unrealized losses on derivatives-hedging activities, net of tax | -20 | 3 | |
Net unrealized gains on nuclear decommissioning trust funds, net of tax | -66 | -61 | |
Total AOCI | -86 | -58 | -140 |
Net unrealized gains on derivatives-hedging activities, tax | 11 | -1 | |
Net unrecognized pension and other postretirement benefit costs, tax | $46 | $43 |
Equity_Schedule_of_Components_
Equity (Schedule of Components of Accumulated Other Comprehensive Income) (Details) (USD $) | 12 Months Ended | ||||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | ||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | |||||
Beginning balance | ($324) | ($877) | |||
Other comprehensive income before reclassifications: gains (losses) | -164 | 476 | |||
Amounts reclassified from accumulated other comprehensive income: (gains) losses | 72 | [1] | 77 | [1] | |
Other comprehensive income (loss) | -92 | 553 | -267 | ||
Ending balance | -416 | -324 | -877 | ||
Deferred gains and losses on derivatives-hedging activities | |||||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | |||||
Beginning balance | -288 | -122 | |||
Other comprehensive income before reclassifications: gains (losses) | 17 | -243 | |||
Amounts reclassified from accumulated other comprehensive income: (gains) losses | 93 | [1] | 77 | [1] | |
Other comprehensive income (loss) | 110 | -166 | |||
Ending balance | -178 | -288 | |||
Unrealized gains and losses on investment securities | |||||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | |||||
Beginning balance | 474 | 326 | |||
Other comprehensive income before reclassifications: gains (losses) | 128 | 203 | |||
Amounts reclassified from accumulated other comprehensive income: (gains) losses | -54 | [1] | -55 | [1] | |
Other comprehensive income (loss) | 74 | 148 | |||
Ending balance | 548 | 474 | |||
Unrecognized pension and other postretirement benefit costs | |||||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | |||||
Beginning balance | -510 | -1,081 | |||
Other comprehensive income before reclassifications: gains (losses) | -305 | 516 | |||
Amounts reclassified from accumulated other comprehensive income: (gains) losses | 33 | [1] | 55 | [1] | |
Other comprehensive income (loss) | -272 | 571 | |||
Ending balance | -782 | -510 | |||
Other comprehensive loss from equity method investees | |||||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | |||||
Beginning balance | 0 | 0 | |||
Other comprehensive income before reclassifications: gains (losses) | -4 | 0 | |||
Amounts reclassified from accumulated other comprehensive income: (gains) losses | 0 | [1] | 0 | [1] | |
Other comprehensive income (loss) | -4 | 0 | |||
Ending balance | -4 | 0 | |||
Virginia Electric and Power Company | |||||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | |||||
Beginning balance | 48 | 25 | |||
Other comprehensive income before reclassifications: gains (losses) | 11 | 26 | |||
Amounts reclassified from accumulated other comprehensive income: (gains) losses | -9 | [1] | -3 | [1] | |
Other comprehensive income (loss) | 2 | 23 | 6 | ||
Ending balance | 50 | 48 | 25 | ||
Virginia Electric and Power Company | Deferred gains and losses on derivatives-hedging activities | |||||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | |||||
Beginning balance | 0 | -6 | |||
Other comprehensive income before reclassifications: gains (losses) | -4 | 6 | |||
Amounts reclassified from accumulated other comprehensive income: (gains) losses | -3 | [1] | 0 | [1] | |
Other comprehensive income (loss) | -7 | 6 | |||
Ending balance | -7 | 0 | |||
Virginia Electric and Power Company | Unrealized gains and losses on investment securities | |||||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | |||||
Beginning balance | 48 | 31 | |||
Other comprehensive income before reclassifications: gains (losses) | 15 | 20 | |||
Amounts reclassified from accumulated other comprehensive income: (gains) losses | -6 | [1] | -3 | [1] | |
Other comprehensive income (loss) | 9 | 17 | |||
Ending balance | 57 | 48 | |||
Dominion Gas Holdings, LLC | |||||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | |||||
Beginning balance | -58 | -140 | |||
Other comprehensive income before reclassifications: gains (losses) | -41 | 65 | |||
Amounts reclassified from accumulated other comprehensive income: (gains) losses | 13 | [1] | 17 | [1] | |
Other comprehensive income (loss) | -28 | 82 | 31 | ||
Ending balance | -86 | -58 | -140 | ||
Dominion Gas Holdings, LLC | Deferred gains and losses on derivatives-hedging activities | |||||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | |||||
Beginning balance | 3 | -47 | |||
Other comprehensive income before reclassifications: gains (losses) | -31 | 39 | |||
Amounts reclassified from accumulated other comprehensive income: (gains) losses | 8 | [1] | 11 | [1] | |
Other comprehensive income (loss) | -23 | 50 | |||
Ending balance | -20 | 3 | |||
Dominion Gas Holdings, LLC | Unrealized gains and losses on investment securities | |||||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | |||||
Beginning balance | -61 | -93 | |||
Other comprehensive income before reclassifications: gains (losses) | -10 | 26 | |||
Amounts reclassified from accumulated other comprehensive income: (gains) losses | 5 | [1] | 6 | [1] | |
Other comprehensive income (loss) | -5 | 32 | |||
Ending balance | ($66) | ($61) | |||
[1] | See table below for details about these reclassifications. |
Equity_Schedule_of_Reclassific
Equity (Schedule of Reclassifications out of Accumulated Other Comprehensive Income) (Details) (USD $) | 3 Months Ended | 12 Months Ended | ||||||||||||
In Millions, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||||||||||||
Operating Revenue | $2,943 | $3,050 | $2,813 | $3,630 | $3,185 | $3,432 | $2,980 | $3,523 | $12,436 | $13,120 | $12,835 | |||
Purchased gas | 1,355 | 1,331 | 1,177 | |||||||||||
Electric fuel and other energy-related purchases | 3,400 | 3,885 | 3,645 | |||||||||||
Interest and related charges | 1,193 | 877 | 816 | |||||||||||
Income from continuing operations including noncontrolling interests before income taxes | 1,778 | 2,704 | 2,265 | |||||||||||
Income tax expense | -452 | -892 | -811 | |||||||||||
Income from continuing operations including noncontrolling interests | 1,326 | 1,812 | 1,454 | |||||||||||
Other income | 250 | 265 | 223 | |||||||||||
Impairment | 13 | 8 | 14 | |||||||||||
Deferred gains and losses on derivatives-hedging activities | Reclassification out of Accumulated Other Comprehensive Income | ||||||||||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||||||||||||
Income from continuing operations including noncontrolling interests before income taxes | 152 | 130 | ||||||||||||
Income tax expense | -59 | -53 | ||||||||||||
Income from continuing operations including noncontrolling interests | 93 | 77 | ||||||||||||
Unrealized gains and losses on investment securities | Reclassification out of Accumulated Other Comprehensive Income | ||||||||||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||||||||||||
Income from continuing operations including noncontrolling interests before income taxes | -87 | -90 | ||||||||||||
Income tax expense | 33 | 35 | ||||||||||||
Income from continuing operations including noncontrolling interests | -54 | -55 | ||||||||||||
Other income | -100 | -98 | ||||||||||||
Impairment | 13 | 8 | ||||||||||||
Unrecognized pension and other postretirement benefit costs | Reclassification out of Accumulated Other Comprehensive Income | ||||||||||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||||||||||||
Income from continuing operations including noncontrolling interests before income taxes | 57 | 94 | ||||||||||||
Income tax expense | -24 | -39 | ||||||||||||
Income from continuing operations including noncontrolling interests | 33 | 55 | ||||||||||||
Prior-service costs (credits) | -12 | -8 | ||||||||||||
Actuarial losses | 69 | 102 | ||||||||||||
Commodity | Deferred gains and losses on derivatives-hedging activities | Reclassification out of Accumulated Other Comprehensive Income | ||||||||||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||||||||||||
Operating Revenue | 130 | 58 | ||||||||||||
Purchased gas | 13 | 47 | ||||||||||||
Electric fuel and other energy-related purchases | -7 | 10 | ||||||||||||
Interest rate | Deferred gains and losses on derivatives-hedging activities | Reclassification out of Accumulated Other Comprehensive Income | ||||||||||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||||||||||||
Interest and related charges | 16 | 15 | ||||||||||||
Dominion Gas Holdings, LLC | ||||||||||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||||||||||||
Operating Revenue | 510 | 391 | 428 | 569 | 533 | 388 | 430 | 586 | 1,898 | [1] | 1,937 | [1] | 1,677 | [1] |
Purchased gas | 315 | [1] | 323 | [1] | 235 | [1] | ||||||||
Interest and related charges | 27 | [1] | 28 | [1] | 40 | [1] | ||||||||
Income from continuing operations including noncontrolling interests before income taxes | 846 | 762 | 747 | |||||||||||
Income tax expense | -334 | -301 | -288 | |||||||||||
Other income | 22 | 28 | 37 | |||||||||||
Dominion Gas Holdings, LLC | Deferred gains and losses on derivatives-hedging activities | Reclassification out of Accumulated Other Comprehensive Income | ||||||||||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||||||||||||
Income from continuing operations including noncontrolling interests before income taxes | 13 | 16 | ||||||||||||
Income tax expense | -5 | -5 | ||||||||||||
Income from continuing operations including noncontrolling interests | 8 | 11 | ||||||||||||
Dominion Gas Holdings, LLC | Unrecognized pension and other postretirement benefit costs | Reclassification out of Accumulated Other Comprehensive Income | ||||||||||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||||||||||||
Income from continuing operations including noncontrolling interests before income taxes | 8 | 10 | ||||||||||||
Income tax expense | -3 | -4 | ||||||||||||
Income from continuing operations including noncontrolling interests | 5 | 6 | ||||||||||||
Prior-service costs (credits) | 1 | 1 | ||||||||||||
Actuarial losses | 7 | 9 | ||||||||||||
Dominion Gas Holdings, LLC | Commodity | Deferred gains and losses on derivatives-hedging activities | Reclassification out of Accumulated Other Comprehensive Income | ||||||||||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||||||||||||
Operating Revenue | -2 | 2 | ||||||||||||
Purchased gas | 14 | 14 | ||||||||||||
Dominion Gas Holdings, LLC | Interest rate | Deferred gains and losses on derivatives-hedging activities | Reclassification out of Accumulated Other Comprehensive Income | ||||||||||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||||||||||||
Interest and related charges | 1 | |||||||||||||
Virginia Electric and Power Company | ||||||||||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||||||||||||
Operating Revenue | 1,814 | 2,053 | 1,729 | 1,983 | 1,745 | 2,059 | 1,710 | 1,781 | 7,579 | [2] | 7,295 | [2] | 7,226 | [2] |
Electric fuel and other energy-related purchases | 2,406 | [2] | 2,304 | [2] | 2,368 | [2] | ||||||||
Interest and related charges | 411 | 369 | 385 | |||||||||||
Income from continuing operations including noncontrolling interests before income taxes | 1,406 | 1,797 | 1,703 | |||||||||||
Income tax expense | -548 | -659 | -653 | |||||||||||
Other income | 93 | 86 | 96 | |||||||||||
Impairment | 2 | 1 | 1 | |||||||||||
Virginia Electric and Power Company | Deferred gains and losses on derivatives-hedging activities | Reclassification out of Accumulated Other Comprehensive Income | ||||||||||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||||||||||||
Income from continuing operations including noncontrolling interests before income taxes | -5 | |||||||||||||
Income tax expense | 2 | |||||||||||||
Income from continuing operations including noncontrolling interests | -3 | |||||||||||||
Virginia Electric and Power Company | Unrealized gains and losses on investment securities | Reclassification out of Accumulated Other Comprehensive Income | ||||||||||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||||||||||||
Income from continuing operations including noncontrolling interests before income taxes | -10 | -5 | ||||||||||||
Income tax expense | 4 | 2 | ||||||||||||
Income from continuing operations including noncontrolling interests | -6 | -3 | ||||||||||||
Other income | -10 | -6 | ||||||||||||
Impairment | 1 | |||||||||||||
Virginia Electric and Power Company | Commodity | Deferred gains and losses on derivatives-hedging activities | Reclassification out of Accumulated Other Comprehensive Income | ||||||||||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||||||||||||
Electric fuel and other energy-related purchases | -5 | |||||||||||||
Virginia Electric and Power Company | Interest rate | Deferred gains and losses on derivatives-hedging activities | Reclassification out of Accumulated Other Comprehensive Income | ||||||||||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||||||||||||
Interest and related charges | $0 | |||||||||||||
[1] | See Note 24 for amounts attributable to related parties. | |||||||||||||
[2] | See Note 24 for amounts attributable to affiliates. |
Equity_Summary_of_Restricted_S
Equity (Summary of Restricted Stock and Goal-Based Stock Activity) (Details) (USD $) | 12 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Restricted Stock | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | |||
Nonvested beginning, Shares | 1,007 | 1,085 | 1,301 |
Granted, Shares | 354 | 312 | 390 |
Vested, Shares | -278 | -356 | -596 |
Cancelled and forfeited, Shares | -18 | -34 | -10 |
Nonvested ending, Shares | 1,065 | 1,007 | 1,085 |
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 | $49.35 | $44.46 | $37.37 |
Granted, Weighted Average Grant Date Fair Value | $67.98 | $54.70 | $51.14 |
Vested, Weighted Average Grant Date Fair Value | $44.50 | $39 | $33.31 |
Cancelled and forfeited, Weighted Average Grant Date Fair Value | $53.61 | $51.11 | $42.99 |
Nonvested ending, Weighted Average Grant Date Fair Value | $56.74 | $49.35 | $44.46 |
Goal-Based Stock | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | |||
Nonvested beginning, Shares | 5 | 4 | 12 |
Granted, Shares | 13 | 4 | 1 |
Vested, Shares | -1 | -2 | -9 |
Cancelled and forfeited, Shares | -1 | ||
Nonvested ending, Shares | 17 | 5 | 4 |
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 | $53.85 | $45.60 | $39.19 |
Granted, Weighted Average Grant Date Fair Value | $68.83 | $54.17 | $52.48 |
Vested, Weighted Average Grant Date Fair Value | $52.48 | $43.54 | $37.46 |
Cancelled and forfeited, Weighted Average Grant Date Fair Value | $43.54 | ||
Nonvested ending, Weighted Average Grant Date Fair Value | $65.15 | $53.85 | $45.60 |
Employee_Benefit_Plans_Narrati
Employee Benefit Plans (Narrative) (Details) (USD $) | 3 Months Ended | 12 Months Ended | 3 Months Ended | |||||||
In Millions, unless otherwise specified | Dec. 31, 2013 | Jun. 30, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2014 | ||||
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items] | ||||||||||
Actual return on plan assets | $706 | $959 | ||||||||
Expected return on pension and other postretirement plan assets | 610 | 554 | ||||||||
Federal subsidy received | 4 | 5 | ||||||||
Decrease in other postretirement benefit obligations due to federal subsidy | 20 | |||||||||
Net actuarial loss | 25 | |||||||||
Reduction in net periodic benefit cost for next year | 8 | 36 | ||||||||
Reduction in accumulated postretirement benefit obligation | 220 | 220 | ||||||||
Period for reduction in net periodic benefit cost | 5 years | |||||||||
Accumulated benefit obligation | 5,100 | 6,000 | 5,100 | |||||||
Estimated reduction in net cumulative required contributions | 200 | |||||||||
Cumulative required contribution period (years) | 10 years | |||||||||
Expected contribution to voluntary employees beneficiary association | 12 | |||||||||
Percentage coverage of US stock market | 7.00% | |||||||||
Employer contributions | 41 | 40 | 40 | |||||||
U.S. equity: | ||||||||||
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items] | ||||||||||
Defined benefit plan, actual plan asset allocations | 28.00% | |||||||||
Non-U.S. equity: | ||||||||||
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items] | ||||||||||
Defined benefit plan, actual plan asset allocations | 18.00% | |||||||||
Fixed Income | ||||||||||
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items] | ||||||||||
Defined benefit plan, actual plan asset allocations | 33.00% | |||||||||
Real estate: | ||||||||||
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items] | ||||||||||
Defined benefit plan, actual plan asset allocations | 3.00% | |||||||||
Other alternative investments | ||||||||||
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items] | ||||||||||
Defined benefit plan, actual plan asset allocations | 18.00% | |||||||||
Minimum | ||||||||||
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items] | ||||||||||
Expected reduction in net periodic benefit cost | 40 | |||||||||
Investment grade bonds average weighted maturity period | 4 years | |||||||||
Maximum | ||||||||||
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items] | ||||||||||
Expected reduction in net periodic benefit cost | 60 | |||||||||
Investment grade bonds average weighted maturity period | 12 years | |||||||||
Virginia Electric and Power Company | ||||||||||
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items] | ||||||||||
Employer contributions | 17 | 16 | 15 | |||||||
Virginia Electric and Power Company | Other operations and maintenance expense | ||||||||||
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items] | ||||||||||
Net periodic benefit cost | 75 | 96 | 72 | |||||||
Virginia Electric and Power Company | Dominion Retiree Health And Welfare Plan | Other operations and maintenance expense | ||||||||||
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items] | ||||||||||
Net periodic benefit cost | -18 | 5 | 13 | |||||||
Dominion Gas Holdings, LLC | ||||||||||
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items] | ||||||||||
Actual return on plan assets | 157 | 214 | ||||||||
Expected return on pension and other postretirement plan assets | 138 | 125 | ||||||||
Federal subsidy received | 1 | |||||||||
Net actuarial loss | 3 | |||||||||
Reduction in net periodic benefit cost for next year | 2 | |||||||||
Accumulated benefit obligation | 534 | 604 | 534 | |||||||
Employer contributions | 7 | 7 | 6 | |||||||
Dominion Gas Holdings, LLC | Dominion Retiree Health And Welfare Plan | Multiemployer Plans, Postretirement Benefit | ||||||||||
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items] | ||||||||||
Amount of contributions to VEBAs | 1 | 2 | ||||||||
Dominion Gas Holdings, LLC | Dominion Retiree Health And Welfare Plan | Multiemployer Plans, Postretirement Benefit | Other operations and maintenance expense | ||||||||||
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items] | ||||||||||
Net periodic benefit cost | -5 | 1 | 3 | |||||||
Pension Benefits | ||||||||||
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items] | ||||||||||
Actual return on plan assets | 601 | 781 | ||||||||
Expected return on pension and other postretirement plan assets | 499 | 462 | 430 | |||||||
Actuarial (gains) losses during the year | 131 | |||||||||
Net actuarial loss | 160 | |||||||||
Medicare Part D reimbursement | 354 | |||||||||
Discount rate | 4.80% | 5.30% | ||||||||
Reduction in accumulated postretirement benefit obligation | -22 | [1] | -1 | [1] | -22 | [1] | 0 | [1] | ||
Discount rate | 5.50% | |||||||||
Expected long-term rate of return on plan assets | 8.75% | 8.50% | 8.50% | |||||||
Net periodic benefit cost | 20 | 106 | 89 | |||||||
Employer contributions | 15 | 8 | ||||||||
Pension Benefits | Minimum | ||||||||||
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items] | ||||||||||
Discount rate | 5.20% | [2] | 4.40% | [2] | 5.20% | [2] | ||||
Discount rate | 5.20% | 4.40% | ||||||||
Pension Benefits | Maximum | ||||||||||
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items] | ||||||||||
Discount rate | 5.30% | [2] | 5.30% | [2] | ||||||
Discount rate | 5.30% | 4.80% | ||||||||
Pension Benefits | Dominion Gas Holdings, LLC | ||||||||||
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items] | ||||||||||
Actual return on plan assets | 136 | 176 | ||||||||
Expected return on pension and other postretirement plan assets | 115 | 106 | 96 | |||||||
Actuarial (gains) losses during the year | 10 | |||||||||
Net actuarial loss | 20 | |||||||||
Medicare Part D reimbursement | 28 | |||||||||
Discount rate | 5.20% | 4.40% | 5.20% | |||||||
Discount rate | 5.20% | 5.50% | ||||||||
Expected long-term rate of return on plan assets | 8.75% | 8.50% | 8.50% | |||||||
Net periodic benefit cost | -55 | -39 | -30 | |||||||
Employer contributions | 0 | 0 | ||||||||
Pension Benefits | Dominion Gas Holdings, LLC | Other operations and maintenance expense | ||||||||||
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items] | ||||||||||
Net periodic benefit cost | -37 | -27 | -25 | |||||||
Pension Benefits | Dominion Gas Holdings, LLC | Minimum | ||||||||||
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items] | ||||||||||
Discount rate | 4.40% | |||||||||
Pension Benefits | Dominion Gas Holdings, LLC | Maximum | ||||||||||
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items] | ||||||||||
Discount rate | 4.80% | |||||||||
Other Postretirement Benefits | ||||||||||
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items] | ||||||||||
Actual return on plan assets | 105 | 178 | ||||||||
Expected return on pension and other postretirement plan assets | 111 | 92 | 79 | |||||||
Actuarial (gains) losses during the year | 32 | |||||||||
Net actuarial loss | 6 | |||||||||
Medicare Part D reimbursement | 78 | |||||||||
Discount rate | 4.80% | 4.70% | 5.10% | 4.80% | ||||||
Reduction in accumulated postretirement benefit obligation | -7 | [1] | 0 | [1] | -7 | [1] | -2 | [1] | ||
Discount rate | 5.50% | |||||||||
Expected long-term rate of return on plan assets | 8.50% | 7.75% | 7.75% | |||||||
Net periodic benefit cost | -38 | 2 | 33 | |||||||
Employer contributions | 12 | 12 | ||||||||
Other Postretirement Benefits | Minimum | ||||||||||
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items] | ||||||||||
Discount rate | 5.00% | [2] | 4.40% | [2] | 5.00% | [2] | ||||
Discount rate | 4.20% | 4.40% | ||||||||
Expected long-term rate of return on plan assets | 7.75% | |||||||||
Other Postretirement Benefits | Maximum | ||||||||||
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items] | ||||||||||
Discount rate | 5.10% | [2] | 5.10% | [2] | ||||||
Discount rate | 5.10% | 4.80% | ||||||||
Expected long-term rate of return on plan assets | 8.50% | |||||||||
Other Postretirement Benefits | Dominion Gas Holdings, LLC | ||||||||||
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items] | ||||||||||
Actual return on plan assets | 21 | 38 | ||||||||
Expected return on pension and other postretirement plan assets | 23 | 19 | 16 | |||||||
Actuarial (gains) losses during the year | 7 | |||||||||
Net actuarial loss | 2 | |||||||||
Medicare Part D reimbursement | 9 | |||||||||
Discount rate | 5.00% | 4.40% | 5.00% | |||||||
Discount rate | 5.50% | |||||||||
Expected long-term rate of return on plan assets | 8.50% | 7.75% | 7.75% | |||||||
Net periodic benefit cost | -5 | -1 | 2 | |||||||
Employer contributions | 10 | 10 | ||||||||
Other Postretirement Benefits | Dominion Gas Holdings, LLC | Minimum | ||||||||||
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items] | ||||||||||
Discount rate | 4.20% | 4.40% | ||||||||
Other Postretirement Benefits | Dominion Gas Holdings, LLC | Maximum | ||||||||||
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items] | ||||||||||
Discount rate | 5.00% | 4.70% | ||||||||
Other Postretirement Benefits | East Ohio | ||||||||||
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items] | ||||||||||
Retirement age | 65 years | |||||||||
Increase in accumulated postretirement benefit obligation due to amendment | 22 | |||||||||
Reduction in net periodic benefit credit due to amendment | $1 | |||||||||
Discount rate | 4.20% | |||||||||
Expected long-term rate of return on plan assets | 8.50% | |||||||||
[1] | 2013 amounts relate primarily to the decommissioning of Kewaunee. | |||||||||
[2] | 2013 pension and other postretirement benefits discount rates: 5.20% and 5.00% for the gas union plans and 5.30% and 5.10% for the nonunion and other union plans, respectively. |
Employee_Benefit_Plans_Pension
Employee Benefit Plans (Pension Plan and Other Postretirement Benefit Plan Obligations and Plan Assets and Includes a Statement of the Plans Funded Status) (Details) (USD $) | 12 Months Ended | |||||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Jun. 30, 2013 | ||
Changes in fair value of plan assets: | ||||||
Actual return on plan assets | $706 | $959 | ||||
Employer contributions | 41 | 40 | 40 | |||
Dominion Gas Holdings, LLC | ||||||
Changes in fair value of plan assets: | ||||||
Actual return on plan assets | 157 | 214 | ||||
Employer contributions | 7 | 7 | 6 | |||
Pension Benefits | ||||||
Changes in benefit obligation: | ||||||
Benefit obligation at beginning of year | 5,625 | 6,125 | ||||
Service cost | 114 | 131 | 116 | |||
Interest cost | 290 | 271 | 268 | |||
Benefits paid | -236 | -229 | ||||
Actuarial (gains) losses during the year | 887 | -650 | ||||
Plan amendments | 0 | [1] | 1 | [1] | ||
Settlements and curtailments | -13 | [2] | -24 | [2] | ||
Special termination benefits | 0 | 0 | 0 | |||
Medicare Part D reimbursement | 0 | 0 | ||||
Benefit obligation at end of year | 6,667 | 5,625 | 6,125 | |||
Changes in fair value of plan assets: | ||||||
Fair value of plan assets at beginning of year | 6,113 | 5,553 | ||||
Actual return on plan assets | 601 | 781 | ||||
Employer contributions | 15 | 8 | ||||
Benefits paid | -236 | -229 | ||||
Settlements | -13 | [2] | 0 | [2] | ||
Fair value of plan assets at end of year | 6,480 | 6,113 | 5,553 | |||
Funded status at end of year | -187 | 488 | ||||
Noncurrent pension and other postretirement benefit assets | 946 | 913 | ||||
Other current liabilities | -13 | -15 | ||||
Noncurrent pension and other postretirement benefit liabilities | -1,120 | -410 | ||||
Net amount recognized | -187 | 488 | ||||
Discount rate | 5.30% | 4.80% | ||||
Weighted average rate of increase for compensation | 4.22% | 4.21% | ||||
Expected long-term rate of return on plan assets | 8.75% | 8.50% | 8.50% | |||
Pension Benefits | Gas Union Plans | ||||||
Changes in fair value of plan assets: | ||||||
Discount rate | 5.20% | |||||
Pension Benefits | Minimum | ||||||
Changes in fair value of plan assets: | ||||||
Discount rate | 4.40% | [3] | 5.20% | [3] | ||
Pension Benefits | Maximum | ||||||
Changes in fair value of plan assets: | ||||||
Discount rate | 5.30% | [3] | ||||
Pension Benefits | Dominion Gas Holdings, LLC | ||||||
Changes in benefit obligation: | ||||||
Benefit obligation at beginning of year | 563 | 607 | ||||
Service cost | 12 | 13 | 11 | |||
Interest cost | 28 | 27 | 28 | |||
Benefits paid | -29 | -27 | ||||
Actuarial (gains) losses during the year | 64 | -57 | ||||
Plan amendments | 0 | 0 | ||||
Medicare Part D reimbursement | 0 | 0 | ||||
Benefit obligation at end of year | 638 | 563 | 607 | |||
Changes in fair value of plan assets: | ||||||
Fair value of plan assets at beginning of year | 1,403 | 1,254 | ||||
Actual return on plan assets | 136 | 176 | ||||
Employer contributions | 0 | 0 | ||||
Benefits paid | -29 | -27 | ||||
Fair value of plan assets at end of year | 1,510 | 1,403 | 1,254 | |||
Funded status at end of year | 872 | 840 | ||||
Noncurrent pension and other postretirement benefit assets | 872 | 840 | ||||
Noncurrent pension and other postretirement benefit liabilities | 0 | [4] | 0 | [4] | ||
Net amount recognized | 872 | 840 | ||||
Discount rate | 4.40% | 5.20% | ||||
Weighted average rate of increase for compensation | 3.93% | 3.93% | ||||
Expected long-term rate of return on plan assets | 8.75% | 8.50% | 8.50% | |||
Other Postretirement Benefits | ||||||
Changes in benefit obligation: | ||||||
Benefit obligation at beginning of year | 1,360 | 1,719 | ||||
Service cost | 32 | 43 | 44 | |||
Interest cost | 67 | 73 | 79 | |||
Benefits paid | -78 | -75 | ||||
Actuarial (gains) losses during the year | 177 | -170 | ||||
Plan amendments | 9 | [1] | -220 | [1] | ||
Settlements and curtailments | 0 | [2] | -16 | [2] | ||
Special termination benefits | 0 | 1 | 0 | |||
Medicare Part D reimbursement | 4 | 5 | ||||
Benefit obligation at end of year | 1,571 | 1,360 | 1,719 | |||
Changes in fair value of plan assets: | ||||||
Fair value of plan assets at beginning of year | 1,315 | 1,156 | ||||
Actual return on plan assets | 105 | 178 | ||||
Employer contributions | 12 | 12 | ||||
Benefits paid | -30 | -31 | ||||
Settlements | 0 | [2] | 0 | [2] | ||
Fair value of plan assets at end of year | 1,402 | 1,315 | 1,156 | |||
Funded status at end of year | -169 | -45 | ||||
Noncurrent pension and other postretirement benefit assets | 10 | 29 | ||||
Other current liabilities | -3 | -3 | ||||
Noncurrent pension and other postretirement benefit liabilities | -176 | -71 | ||||
Net amount recognized | -169 | -45 | ||||
Discount rate | 5.10% | 4.80% | 4.70% | |||
Weighted average rate of increase for compensation | 4.22% | 4.22% | ||||
Expected long-term rate of return on plan assets | 8.50% | 7.75% | 7.75% | |||
Other Postretirement Benefits | Gas Union Plans | ||||||
Changes in fair value of plan assets: | ||||||
Discount rate | 5.00% | |||||
Other Postretirement Benefits | Minimum | ||||||
Changes in fair value of plan assets: | ||||||
Discount rate | 4.40% | [3] | 5.00% | [3] | ||
Expected long-term rate of return on plan assets | 7.75% | |||||
Other Postretirement Benefits | Maximum | ||||||
Changes in fair value of plan assets: | ||||||
Discount rate | 5.10% | [3] | ||||
Expected long-term rate of return on plan assets | 8.50% | |||||
Other Postretirement Benefits | Dominion Gas Holdings, LLC | ||||||
Changes in benefit obligation: | ||||||
Benefit obligation at beginning of year | 269 | 287 | ||||
Service cost | 6 | 7 | 7 | |||
Interest cost | 13 | 12 | 14 | |||
Benefits paid | -16 | -17 | ||||
Actuarial (gains) losses during the year | 38 | -21 | ||||
Plan amendments | 9 | 0 | ||||
Medicare Part D reimbursement | 1 | 1 | ||||
Benefit obligation at end of year | 320 | 269 | 287 | |||
Changes in fair value of plan assets: | ||||||
Fair value of plan assets at beginning of year | 273 | 242 | ||||
Actual return on plan assets | 21 | 38 | ||||
Employer contributions | 10 | 10 | ||||
Benefits paid | -16 | -17 | ||||
Fair value of plan assets at end of year | 288 | 273 | 242 | |||
Funded status at end of year | -32 | 4 | ||||
Noncurrent pension and other postretirement benefit assets | 0 | 19 | ||||
Noncurrent pension and other postretirement benefit liabilities | -32 | [4] | -15 | [4] | ||
Net amount recognized | ($32) | $4 | ||||
Discount rate | 4.40% | 5.00% | ||||
Weighted average rate of increase for compensation | 3.93% | 3.93% | ||||
Expected long-term rate of return on plan assets | 8.50% | 7.75% | 7.75% | |||
[1] | 2013 other postretirement benefits amount relates to a plan amendment that changed medical coverage for certain Medicare-eligible retirees. | |||||
[2] | 2014 amounts relate primarily to a settlement charge for certain executives. 2013 amounts relate primarily to the decommissioning of Kewaunee. | |||||
[3] | 2013 pension and other postretirement benefits discount rates: 5.20% and 5.00% for the gas union plans and 5.30% and 5.10% for the nonunion and other union plans, respectively. | |||||
[4] | Reflected in other deferred credits and other liabilities in Dominion Gas' Consolidated Balance Sheets. |
Employee_Benefit_Plans_Benefit
Employee Benefit Plans (Benefit Obligation in Excess of Plan Assets) (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Pension Benefits | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Benefit obligation | $5,970 | $4,978 |
Fair value of plan assets | 4,838 | 4,553 |
Pension Benefits | Dominion Gas Holdings, LLC | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Benefit obligation | 0 | 0 |
Fair value of plan assets | 0 | 0 |
Other Postretirement Plans | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Benefit obligation | 1,564 | 1,233 |
Fair value of plan assets | 1,385 | 1,158 |
Other Postretirement Plans | Dominion Gas Holdings, LLC | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Benefit obligation | 320 | 147 |
Fair value of plan assets | $288 | $132 |
Employee_Benefit_Plans_Accumul
Employee Benefit Plans (Accumulated Benefit Obligation in Excess of Plan Assets) (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
General Discussion of Pension and Other Postretirement Benefits [Abstract] | ||
Accumulated benefit obligation | $5,370 | $114 |
Fair value of plan assets | $4,838 | $0 |
Employee_Benefit_Plans_Benefit1
Employee Benefit Plans (Benefit Payments Expected Future Service) (Details) (USD $) | Dec. 31, 2014 |
In Millions, unless otherwise specified | |
Pension Benefits | |
Defined Benefit Plan Disclosure [Line Items] | |
2015 | $272 |
2016 | 284 |
2017 | 300 |
2018 | 320 |
2019 | 333 |
2020-2024 | 1,925 |
Pension Benefits | Dominion Gas Holdings, LLC | |
Defined Benefit Plan Disclosure [Line Items] | |
2015 | 34 |
2016 | 35 |
2017 | 37 |
2018 | 38 |
2019 | 39 |
2020-2024 | 204 |
Other Postretirement Plans | |
Defined Benefit Plan Disclosure [Line Items] | |
2015 | 91 |
2016 | 94 |
2017 | 98 |
2018 | 101 |
2019 | 102 |
2020-2024 | 523 |
Other Postretirement Plans | Dominion Gas Holdings, LLC | |
Defined Benefit Plan Disclosure [Line Items] | |
2015 | 18 |
2016 | 19 |
2017 | 20 |
2018 | 21 |
2019 | 22 |
2020-2024 | $111 |
Employee_Benefit_Plans_Fair_va
Employee Benefit Plans (Fair values of pension and post retirement plan assets by asset category) (Details) (USD $) | 12 Months Ended | |||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | ||
Pension Benefits | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Pension plan assets by asset category | $6,469 | [1] | $6,113 | [1] |
Pending sales of securities | 31 | |||
Net accrued income | 18 | |||
Pending purchases of securities | 38 | |||
Pension Benefits | Cash equivalents and other | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Pension plan assets by asset category | 38 | 179 | ||
Pension Benefits | U.S. equity: | Large Cap | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Pension plan assets by asset category | 1,313 | 1,220 | ||
Pension Benefits | U.S. equity: | Other | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Pension plan assets by asset category | 530 | 514 | ||
Pension Benefits | Non-U.S. equity: | Large Cap | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Pension plan assets by asset category | 234 | 308 | ||
Pension Benefits | Non-U.S. equity: | Other | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Pension plan assets by asset category | 403 | 391 | ||
Pension Benefits | Common/collective trust funds | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Pension plan assets by asset category | 1,595 | [2] | 1,387 | [2] |
Pension Benefits | Fixed Income: | Corporate debt instruments | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Pension plan assets by asset category | 711 | 494 | ||
Pension Benefits | Fixed Income: | U.S. Treasury securities and agency debentures | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Pension plan assets by asset category | 416 | 231 | ||
Pension Benefits | Fixed Income: | State and municipal | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Pension plan assets by asset category | 70 | 176 | ||
Pension Benefits | Fixed Income: | Other securities | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Pension plan assets by asset category | 86 | 57 | ||
Pension Benefits | Real estate: | REITs | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Pension plan assets by asset category | 40 | 32 | ||
Pension Benefits | Real estate: | Partnerships | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Pension plan assets by asset category | 209 | 227 | ||
Pension Benefits | Other alternative investments: | Private equity | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Pension plan assets by asset category | 518 | 530 | ||
Pension Benefits | Other alternative investments: | Debt | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Pension plan assets by asset category | 144 | 180 | ||
Pension Benefits | Other alternative investments: | Hedge funds | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Pension plan assets by asset category | 162 | 187 | ||
Pension Benefits | Level 1 | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Pension plan assets by asset category | 2,668 | [1] | 2,639 | [1] |
Pension Benefits | Level 1 | Cash equivalents and other | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Pension plan assets by asset category | 13 | 53 | ||
Pension Benefits | Level 1 | U.S. equity: | Large Cap | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Pension plan assets by asset category | 1,313 | 1,220 | ||
Pension Benefits | Level 1 | U.S. equity: | Other | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Pension plan assets by asset category | 530 | 514 | ||
Pension Benefits | Level 1 | Non-U.S. equity: | Large Cap | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Pension plan assets by asset category | 234 | 308 | ||
Pension Benefits | Level 1 | Non-U.S. equity: | Other | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Pension plan assets by asset category | 403 | 391 | ||
Pension Benefits | Level 1 | Common/collective trust funds | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Pension plan assets by asset category | 0 | [2] | 0 | [2] |
John Hancock insurance contracts held | 360 | 560 | ||
Pension Benefits | Level 1 | Fixed Income: | Corporate debt instruments | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Pension plan assets by asset category | 45 | 43 | ||
Pension Benefits | Level 1 | Fixed Income: | U.S. Treasury securities and agency debentures | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Pension plan assets by asset category | 74 | 2 | ||
Pension Benefits | Level 1 | Fixed Income: | State and municipal | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Pension plan assets by asset category | 10 | 69 | ||
Pension Benefits | Level 1 | Fixed Income: | Other securities | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Pension plan assets by asset category | 6 | 7 | ||
Pension Benefits | Level 1 | Real estate: | REITs | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Pension plan assets by asset category | 40 | 32 | ||
Pension Benefits | Level 1 | Real estate: | Partnerships | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Pension plan assets by asset category | 0 | 0 | ||
Pension Benefits | Level 1 | Other alternative investments: | Private equity | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Pension plan assets by asset category | 0 | 0 | ||
Pension Benefits | Level 1 | Other alternative investments: | Debt | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Pension plan assets by asset category | 0 | 0 | ||
Pension Benefits | Level 1 | Other alternative investments: | Hedge funds | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Pension plan assets by asset category | 0 | 0 | ||
Pension Benefits | Level 2 | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Pension plan assets by asset category | 2,768 | [1] | 2,350 | [1] |
Pension Benefits | Level 2 | Cash equivalents and other | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Pension plan assets by asset category | 25 | 126 | ||
Pension Benefits | Level 2 | U.S. equity: | Large Cap | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Pension plan assets by asset category | 0 | 0 | ||
Pension Benefits | Level 2 | U.S. equity: | Other | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Pension plan assets by asset category | 0 | 0 | ||
Pension Benefits | Level 2 | Non-U.S. equity: | Large Cap | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Pension plan assets by asset category | 0 | 0 | ||
Pension Benefits | Level 2 | Non-U.S. equity: | Other | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Pension plan assets by asset category | 0 | 0 | ||
Pension Benefits | Level 2 | Common/collective trust funds | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Pension plan assets by asset category | 1,595 | [2] | 1,387 | [2] |
Pension Benefits | Level 2 | Fixed Income: | Corporate debt instruments | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Pension plan assets by asset category | 666 | 451 | ||
Pension Benefits | Level 2 | Fixed Income: | U.S. Treasury securities and agency debentures | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Pension plan assets by asset category | 342 | 229 | ||
Pension Benefits | Level 2 | Fixed Income: | State and municipal | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Pension plan assets by asset category | 60 | 107 | ||
Pension Benefits | Level 2 | Fixed Income: | Other securities | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Pension plan assets by asset category | 80 | 50 | ||
Pension Benefits | Level 2 | Real estate: | REITs | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Pension plan assets by asset category | 0 | 0 | ||
Pension Benefits | Level 2 | Real estate: | Partnerships | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Pension plan assets by asset category | 0 | 0 | ||
Pension Benefits | Level 2 | Other alternative investments: | Private equity | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Pension plan assets by asset category | 0 | 0 | ||
Pension Benefits | Level 2 | Other alternative investments: | Debt | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Pension plan assets by asset category | 0 | 0 | ||
Pension Benefits | Level 2 | Other alternative investments: | Hedge funds | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Pension plan assets by asset category | 0 | 0 | ||
Pension Benefits | Level 3 | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Pension plan assets by asset category | 1,033 | [1] | 1,124 | [1] |
Pension Benefits | Level 3 | Cash equivalents and other | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Pension plan assets by asset category | 0 | 0 | ||
Pension Benefits | Level 3 | U.S. equity: | Large Cap | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Pension plan assets by asset category | 0 | 0 | ||
Pension Benefits | Level 3 | U.S. equity: | Other | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Pension plan assets by asset category | 0 | 0 | ||
Pension Benefits | Level 3 | Non-U.S. equity: | Large Cap | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Pension plan assets by asset category | 0 | 0 | ||
Pension Benefits | Level 3 | Non-U.S. equity: | Other | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Pension plan assets by asset category | 0 | 0 | ||
Pension Benefits | Level 3 | Common/collective trust funds | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Pension plan assets by asset category | 0 | [2] | 0 | [2] |
Pension Benefits | Level 3 | Fixed Income: | Corporate debt instruments | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Pension plan assets by asset category | 0 | 0 | ||
Pension Benefits | Level 3 | Fixed Income: | U.S. Treasury securities and agency debentures | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Pension plan assets by asset category | 0 | 0 | ||
Pension Benefits | Level 3 | Fixed Income: | State and municipal | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Pension plan assets by asset category | 0 | 0 | ||
Pension Benefits | Level 3 | Fixed Income: | Other securities | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Pension plan assets by asset category | 0 | 0 | ||
Pension Benefits | Level 3 | Real estate: | REITs | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Pension plan assets by asset category | 0 | 0 | ||
Pension Benefits | Level 3 | Real estate: | Partnerships | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Pension plan assets by asset category | 209 | 227 | ||
Pension Benefits | Level 3 | Other alternative investments: | Private equity | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Pension plan assets by asset category | 518 | 530 | ||
Pension Benefits | Level 3 | Other alternative investments: | Debt | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Pension plan assets by asset category | 144 | 180 | ||
Pension Benefits | Level 3 | Other alternative investments: | Hedge funds | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Pension plan assets by asset category | 162 | 187 | ||
Pension Benefits | Dominion Gas Holdings, LLC | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Pension plan assets by asset category | 1,508 | [3] | 1,403 | [3] |
Pending sales of securities | 7 | |||
Net accrued income | 4 | |||
Pending purchases of securities | 9 | |||
Pension Benefits | Dominion Gas Holdings, LLC | Cash equivalents and other | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Pension plan assets by asset category | 9 | 41 | ||
Pension Benefits | Dominion Gas Holdings, LLC | U.S. equity: | Large Cap | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Pension plan assets by asset category | 306 | 280 | ||
Pension Benefits | Dominion Gas Holdings, LLC | U.S. equity: | Other | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Pension plan assets by asset category | 124 | 118 | ||
Pension Benefits | Dominion Gas Holdings, LLC | Non-U.S. equity: | Large Cap | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Pension plan assets by asset category | 54 | 72 | ||
Pension Benefits | Dominion Gas Holdings, LLC | Non-U.S. equity: | Other | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Pension plan assets by asset category | 94 | 90 | ||
Pension Benefits | Dominion Gas Holdings, LLC | Common/collective trust funds | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Pension plan assets by asset category | 372 | [4] | 318 | [4] |
Pension Benefits | Dominion Gas Holdings, LLC | Fixed Income: | Corporate debt instruments | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Pension plan assets by asset category | 166 | 113 | ||
Pension Benefits | Dominion Gas Holdings, LLC | Fixed Income: | U.S. Treasury securities and agency debentures | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Pension plan assets by asset category | 97 | 53 | ||
Pension Benefits | Dominion Gas Holdings, LLC | Fixed Income: | State and municipal | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Pension plan assets by asset category | 16 | 40 | ||
Pension Benefits | Dominion Gas Holdings, LLC | Fixed Income: | Other securities | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Pension plan assets by asset category | 20 | 13 | ||
Pension Benefits | Dominion Gas Holdings, LLC | Real estate: | REITs | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Pension plan assets by asset category | 9 | 7 | ||
Pension Benefits | Dominion Gas Holdings, LLC | Real estate: | Partnerships | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Pension plan assets by asset category | 48 | 52 | ||
Pension Benefits | Dominion Gas Holdings, LLC | Other alternative investments: | Private equity | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Pension plan assets by asset category | 121 | 122 | ||
Pension Benefits | Dominion Gas Holdings, LLC | Other alternative investments: | Debt | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Pension plan assets by asset category | 34 | 41 | ||
Pension Benefits | Dominion Gas Holdings, LLC | Other alternative investments: | Hedge funds | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Pension plan assets by asset category | 38 | 43 | ||
Pension Benefits | Dominion Gas Holdings, LLC | Level 1 | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Pension plan assets by asset category | 621 | [3] | 608 | [3] |
Pension Benefits | Dominion Gas Holdings, LLC | Level 1 | Cash equivalents and other | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Pension plan assets by asset category | 3 | 12 | ||
Pension Benefits | Dominion Gas Holdings, LLC | Level 1 | U.S. equity: | Large Cap | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Pension plan assets by asset category | 306 | 280 | ||
Pension Benefits | Dominion Gas Holdings, LLC | Level 1 | U.S. equity: | Other | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Pension plan assets by asset category | 124 | 118 | ||
Pension Benefits | Dominion Gas Holdings, LLC | Level 1 | Non-U.S. equity: | Large Cap | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Pension plan assets by asset category | 54 | 72 | ||
Pension Benefits | Dominion Gas Holdings, LLC | Level 1 | Non-U.S. equity: | Other | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Pension plan assets by asset category | 94 | 90 | ||
Pension Benefits | Dominion Gas Holdings, LLC | Level 1 | Common/collective trust funds | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Pension plan assets by asset category | 0 | [4] | 0 | [4] |
Pension Benefits | Dominion Gas Holdings, LLC | Level 1 | Fixed Income: | Corporate debt instruments | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Pension plan assets by asset category | 11 | 10 | ||
Pension Benefits | Dominion Gas Holdings, LLC | Level 1 | Fixed Income: | U.S. Treasury securities and agency debentures | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Pension plan assets by asset category | 17 | 1 | ||
Pension Benefits | Dominion Gas Holdings, LLC | Level 1 | Fixed Income: | State and municipal | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Pension plan assets by asset category | 2 | 16 | ||
Pension Benefits | Dominion Gas Holdings, LLC | Level 1 | Fixed Income: | Other securities | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Pension plan assets by asset category | 1 | 2 | ||
Pension Benefits | Dominion Gas Holdings, LLC | Level 1 | Real estate: | REITs | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Pension plan assets by asset category | 9 | 7 | ||
Pension Benefits | Dominion Gas Holdings, LLC | Level 1 | Real estate: | Partnerships | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Pension plan assets by asset category | 0 | 0 | ||
Pension Benefits | Dominion Gas Holdings, LLC | Level 1 | Other alternative investments: | Private equity | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Pension plan assets by asset category | 0 | 0 | ||
Pension Benefits | Dominion Gas Holdings, LLC | Level 1 | Other alternative investments: | Debt | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Pension plan assets by asset category | 0 | 0 | ||
Pension Benefits | Dominion Gas Holdings, LLC | Level 1 | Other alternative investments: | Hedge funds | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Pension plan assets by asset category | 0 | 0 | ||
Pension Benefits | Dominion Gas Holdings, LLC | Level 2 | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Pension plan assets by asset category | 646 | [3] | 537 | [3] |
Pension Benefits | Dominion Gas Holdings, LLC | Level 2 | Cash equivalents and other | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Pension plan assets by asset category | 6 | 29 | ||
Pension Benefits | Dominion Gas Holdings, LLC | Level 2 | U.S. equity: | Large Cap | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Pension plan assets by asset category | 0 | 0 | ||
Pension Benefits | Dominion Gas Holdings, LLC | Level 2 | U.S. equity: | Other | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Pension plan assets by asset category | 0 | 0 | ||
Pension Benefits | Dominion Gas Holdings, LLC | Level 2 | Non-U.S. equity: | Large Cap | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Pension plan assets by asset category | 0 | 0 | ||
Pension Benefits | Dominion Gas Holdings, LLC | Level 2 | Non-U.S. equity: | Other | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Pension plan assets by asset category | 0 | 0 | ||
Pension Benefits | Dominion Gas Holdings, LLC | Level 2 | Common/collective trust funds | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Pension plan assets by asset category | 372 | [4] | 318 | [4] |
Pension Benefits | Dominion Gas Holdings, LLC | Level 2 | Fixed Income: | Corporate debt instruments | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Pension plan assets by asset category | 155 | 103 | ||
Pension Benefits | Dominion Gas Holdings, LLC | Level 2 | Fixed Income: | U.S. Treasury securities and agency debentures | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Pension plan assets by asset category | 80 | 52 | ||
Pension Benefits | Dominion Gas Holdings, LLC | Level 2 | Fixed Income: | State and municipal | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Pension plan assets by asset category | 14 | 24 | ||
Pension Benefits | Dominion Gas Holdings, LLC | Level 2 | Fixed Income: | Other securities | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Pension plan assets by asset category | 19 | 11 | ||
Pension Benefits | Dominion Gas Holdings, LLC | Level 2 | Real estate: | REITs | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Pension plan assets by asset category | 0 | 0 | ||
Pension Benefits | Dominion Gas Holdings, LLC | Level 2 | Real estate: | Partnerships | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Pension plan assets by asset category | 0 | 0 | ||
Pension Benefits | Dominion Gas Holdings, LLC | Level 2 | Other alternative investments: | Private equity | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Pension plan assets by asset category | 0 | 0 | ||
Pension Benefits | Dominion Gas Holdings, LLC | Level 2 | Other alternative investments: | Debt | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Pension plan assets by asset category | 0 | 0 | ||
Pension Benefits | Dominion Gas Holdings, LLC | Level 2 | Other alternative investments: | Hedge funds | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Pension plan assets by asset category | 0 | 0 | ||
Pension Benefits | Dominion Gas Holdings, LLC | Level 3 | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Pension plan assets by asset category | 241 | [3] | 258 | [3] |
Pension Benefits | Dominion Gas Holdings, LLC | Level 3 | Cash equivalents and other | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Pension plan assets by asset category | 0 | 0 | ||
Pension Benefits | Dominion Gas Holdings, LLC | Level 3 | U.S. equity: | Large Cap | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Pension plan assets by asset category | 0 | 0 | ||
Pension Benefits | Dominion Gas Holdings, LLC | Level 3 | U.S. equity: | Other | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Pension plan assets by asset category | 0 | 0 | ||
Pension Benefits | Dominion Gas Holdings, LLC | Level 3 | Non-U.S. equity: | Large Cap | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Pension plan assets by asset category | 0 | 0 | ||
Pension Benefits | Dominion Gas Holdings, LLC | Level 3 | Non-U.S. equity: | Other | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Pension plan assets by asset category | 0 | 0 | ||
Pension Benefits | Dominion Gas Holdings, LLC | Level 3 | Common/collective trust funds | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Pension plan assets by asset category | 0 | [4] | 0 | [4] |
Pension Benefits | Dominion Gas Holdings, LLC | Level 3 | Fixed Income: | Corporate debt instruments | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Pension plan assets by asset category | 0 | 0 | ||
Pension Benefits | Dominion Gas Holdings, LLC | Level 3 | Fixed Income: | U.S. Treasury securities and agency debentures | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Pension plan assets by asset category | 0 | 0 | ||
Pension Benefits | Dominion Gas Holdings, LLC | Level 3 | Fixed Income: | State and municipal | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Pension plan assets by asset category | 0 | 0 | ||
Pension Benefits | Dominion Gas Holdings, LLC | Level 3 | Fixed Income: | Other securities | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Pension plan assets by asset category | 0 | 0 | ||
Pension Benefits | Dominion Gas Holdings, LLC | Level 3 | Real estate: | REITs | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Pension plan assets by asset category | 0 | 0 | ||
Pension Benefits | Dominion Gas Holdings, LLC | Level 3 | Real estate: | Partnerships | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Pension plan assets by asset category | 48 | 52 | ||
Pension Benefits | Dominion Gas Holdings, LLC | Level 3 | Other alternative investments: | Private equity | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Pension plan assets by asset category | 121 | 122 | ||
Pension Benefits | Dominion Gas Holdings, LLC | Level 3 | Other alternative investments: | Debt | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Pension plan assets by asset category | 34 | 41 | ||
Pension Benefits | Dominion Gas Holdings, LLC | Level 3 | Other alternative investments: | Hedge funds | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Pension plan assets by asset category | 38 | 43 | ||
Other Postretirement Plans | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Pension plan assets by asset category | 1,402 | 1,315 | ||
Other Postretirement Plans | Cash equivalents and other | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Pension plan assets by asset category | 8 | 17 | ||
Other Postretirement Plans | U.S. equity: | Large Cap | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Pension plan assets by asset category | 514 | 472 | ||
Other Postretirement Plans | U.S. equity: | Other | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Pension plan assets by asset category | 28 | 26 | ||
Other Postretirement Plans | Non-U.S. equity: | Large Cap | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Pension plan assets by asset category | 102 | 111 | ||
Other Postretirement Plans | Non-U.S. equity: | Other | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Pension plan assets by asset category | 21 | 20 | ||
Other Postretirement Plans | Common/collective trust funds | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Pension plan assets by asset category | 555 | [5] | 502 | [5] |
Other Postretirement Plans | Fixed Income: | Corporate debt instruments | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Pension plan assets by asset category | 38 | 25 | ||
Other Postretirement Plans | Fixed Income: | U.S. Treasury securities and agency debentures | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Pension plan assets by asset category | 22 | 12 | ||
Other Postretirement Plans | Fixed Income: | State and municipal | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Pension plan assets by asset category | 4 | 9 | ||
Other Postretirement Plans | Fixed Income: | Other securities | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Pension plan assets by asset category | 4 | 3 | ||
Other Postretirement Plans | Real estate: | REITs | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Pension plan assets by asset category | 2 | 2 | ||
Other Postretirement Plans | Real estate: | Partnerships | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Pension plan assets by asset category | 19 | 19 | ||
Other Postretirement Plans | Other alternative investments: | Private equity | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Pension plan assets by asset category | 58 | 60 | ||
Other Postretirement Plans | Other alternative investments: | Debt | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Pension plan assets by asset category | 18 | 27 | ||
Other Postretirement Plans | Other alternative investments: | Hedge funds | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Pension plan assets by asset category | 9 | 10 | ||
Other Postretirement Plans | Level 1 | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Pension plan assets by asset category | 676 | 640 | ||
Other Postretirement Plans | Level 1 | Cash equivalents and other | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Pension plan assets by asset category | 1 | 3 | ||
Other Postretirement Plans | Level 1 | U.S. equity: | Large Cap | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Pension plan assets by asset category | 514 | 472 | ||
Other Postretirement Plans | Level 1 | U.S. equity: | Other | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Pension plan assets by asset category | 28 | 26 | ||
Other Postretirement Plans | Level 1 | Non-U.S. equity: | Large Cap | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Pension plan assets by asset category | 102 | 111 | ||
Other Postretirement Plans | Level 1 | Non-U.S. equity: | Other | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Pension plan assets by asset category | 21 | 20 | ||
Other Postretirement Plans | Level 1 | Common/collective trust funds | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Pension plan assets by asset category | 0 | [5] | 0 | [5] |
John Hancock insurance contracts held | 19 | 29 | ||
Other Postretirement Plans | Level 1 | Fixed Income: | Corporate debt instruments | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Pension plan assets by asset category | 3 | 2 | ||
Other Postretirement Plans | Level 1 | Fixed Income: | U.S. Treasury securities and agency debentures | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Pension plan assets by asset category | 4 | 0 | ||
Other Postretirement Plans | Level 1 | Fixed Income: | State and municipal | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Pension plan assets by asset category | 1 | 4 | ||
Other Postretirement Plans | Level 1 | Fixed Income: | Other securities | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Pension plan assets by asset category | 0 | 0 | ||
Other Postretirement Plans | Level 1 | Real estate: | REITs | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Pension plan assets by asset category | 2 | 2 | ||
Other Postretirement Plans | Level 1 | Real estate: | Partnerships | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Pension plan assets by asset category | 0 | 0 | ||
Other Postretirement Plans | Level 1 | Other alternative investments: | Private equity | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Pension plan assets by asset category | 0 | 0 | ||
Other Postretirement Plans | Level 1 | Other alternative investments: | Debt | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Pension plan assets by asset category | 0 | 0 | ||
Other Postretirement Plans | Level 1 | Other alternative investments: | Hedge funds | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Pension plan assets by asset category | 0 | 0 | ||
Other Postretirement Plans | Level 2 | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Pension plan assets by asset category | 622 | 559 | ||
Other Postretirement Plans | Level 2 | Cash equivalents and other | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Pension plan assets by asset category | 7 | 14 | ||
Other Postretirement Plans | Level 2 | U.S. equity: | Large Cap | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Pension plan assets by asset category | 0 | 0 | ||
Other Postretirement Plans | Level 2 | U.S. equity: | Other | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Pension plan assets by asset category | 0 | 0 | ||
Other Postretirement Plans | Level 2 | Non-U.S. equity: | Large Cap | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Pension plan assets by asset category | 0 | 0 | ||
Other Postretirement Plans | Level 2 | Non-U.S. equity: | Other | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Pension plan assets by asset category | 0 | 0 | ||
Other Postretirement Plans | Level 2 | Common/collective trust funds | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Pension plan assets by asset category | 555 | [5] | 502 | [5] |
Other Postretirement Plans | Level 2 | Fixed Income: | Corporate debt instruments | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Pension plan assets by asset category | 35 | 23 | ||
Other Postretirement Plans | Level 2 | Fixed Income: | U.S. Treasury securities and agency debentures | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Pension plan assets by asset category | 18 | 12 | ||
Other Postretirement Plans | Level 2 | Fixed Income: | State and municipal | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Pension plan assets by asset category | 3 | 5 | ||
Other Postretirement Plans | Level 2 | Fixed Income: | Other securities | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Pension plan assets by asset category | 4 | 3 | ||
Other Postretirement Plans | Level 2 | Real estate: | REITs | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Pension plan assets by asset category | 0 | 0 | ||
Other Postretirement Plans | Level 2 | Real estate: | Partnerships | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Pension plan assets by asset category | 0 | 0 | ||
Other Postretirement Plans | Level 2 | Other alternative investments: | Private equity | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Pension plan assets by asset category | 0 | 0 | ||
Other Postretirement Plans | Level 2 | Other alternative investments: | Debt | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Pension plan assets by asset category | 0 | 0 | ||
Other Postretirement Plans | Level 2 | Other alternative investments: | Hedge funds | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Pension plan assets by asset category | 0 | 0 | ||
Other Postretirement Plans | Level 3 | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Pension plan assets by asset category | 104 | 116 | ||
Other Postretirement Plans | Level 3 | Cash equivalents and other | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Pension plan assets by asset category | 0 | 0 | ||
Other Postretirement Plans | Level 3 | U.S. equity: | Large Cap | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Pension plan assets by asset category | 0 | 0 | ||
Other Postretirement Plans | Level 3 | U.S. equity: | Other | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Pension plan assets by asset category | 0 | 0 | ||
Other Postretirement Plans | Level 3 | Non-U.S. equity: | Large Cap | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Pension plan assets by asset category | 0 | 0 | ||
Other Postretirement Plans | Level 3 | Non-U.S. equity: | Other | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Pension plan assets by asset category | 0 | 0 | ||
Other Postretirement Plans | Level 3 | Common/collective trust funds | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Pension plan assets by asset category | 0 | [5] | 0 | [5] |
Other Postretirement Plans | Level 3 | Fixed Income: | Corporate debt instruments | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Pension plan assets by asset category | 0 | 0 | ||
Other Postretirement Plans | Level 3 | Fixed Income: | U.S. Treasury securities and agency debentures | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Pension plan assets by asset category | 0 | 0 | ||
Other Postretirement Plans | Level 3 | Fixed Income: | State and municipal | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Pension plan assets by asset category | 0 | 0 | ||
Other Postretirement Plans | Level 3 | Fixed Income: | Other securities | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Pension plan assets by asset category | 0 | 0 | ||
Other Postretirement Plans | Level 3 | Real estate: | REITs | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Pension plan assets by asset category | 0 | 0 | ||
Other Postretirement Plans | Level 3 | Real estate: | Partnerships | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Pension plan assets by asset category | 19 | 19 | ||
Other Postretirement Plans | Level 3 | Other alternative investments: | Private equity | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Pension plan assets by asset category | 58 | 60 | ||
Other Postretirement Plans | Level 3 | Other alternative investments: | Debt | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Pension plan assets by asset category | 18 | 27 | ||
Other Postretirement Plans | Level 3 | Other alternative investments: | Hedge funds | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Pension plan assets by asset category | 9 | 10 | ||
Other Postretirement Plans | Dominion Gas Holdings, LLC | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Pension plan assets by asset category | 288 | 273 | ||
Other Postretirement Plans | Dominion Gas Holdings, LLC | Cash equivalents and other | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Pension plan assets by asset category | 2 | 3 | ||
Other Postretirement Plans | Dominion Gas Holdings, LLC | U.S. equity: | Large Cap | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Pension plan assets by asset category | 113 | 104 | ||
Other Postretirement Plans | Dominion Gas Holdings, LLC | Non-U.S. equity: | Large Cap | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Pension plan assets by asset category | 26 | 26 | ||
Other Postretirement Plans | Dominion Gas Holdings, LLC | Common/collective trust funds | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Pension plan assets by asset category | 129 | [4] | 119 | [4] |
Other Postretirement Plans | Dominion Gas Holdings, LLC | Real estate: | Partnerships | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Pension plan assets by asset category | 2 | 2 | ||
Other Postretirement Plans | Dominion Gas Holdings, LLC | Other alternative investments: | Private equity | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Pension plan assets by asset category | 12 | 12 | ||
Other Postretirement Plans | Dominion Gas Holdings, LLC | Other alternative investments: | Debt | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Pension plan assets by asset category | 4 | 7 | ||
Other Postretirement Plans | Dominion Gas Holdings, LLC | Level 1 | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Pension plan assets by asset category | 139 | 130 | ||
Other Postretirement Plans | Dominion Gas Holdings, LLC | Level 1 | Cash equivalents and other | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Pension plan assets by asset category | 0 | 0 | ||
Other Postretirement Plans | Dominion Gas Holdings, LLC | Level 1 | U.S. equity: | Large Cap | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Pension plan assets by asset category | 113 | 104 | ||
Other Postretirement Plans | Dominion Gas Holdings, LLC | Level 1 | Non-U.S. equity: | Large Cap | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Pension plan assets by asset category | 26 | 26 | ||
Other Postretirement Plans | Dominion Gas Holdings, LLC | Level 1 | Common/collective trust funds | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Pension plan assets by asset category | 0 | [4] | 0 | [4] |
Other Postretirement Plans | Dominion Gas Holdings, LLC | Level 1 | Real estate: | Partnerships | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Pension plan assets by asset category | 0 | 0 | ||
Other Postretirement Plans | Dominion Gas Holdings, LLC | Level 1 | Other alternative investments: | Private equity | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Pension plan assets by asset category | 0 | 0 | ||
Other Postretirement Plans | Dominion Gas Holdings, LLC | Level 1 | Other alternative investments: | Debt | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Pension plan assets by asset category | 0 | 0 | ||
Other Postretirement Plans | Dominion Gas Holdings, LLC | Level 2 | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Pension plan assets by asset category | 131 | 122 | ||
Other Postretirement Plans | Dominion Gas Holdings, LLC | Level 2 | Cash equivalents and other | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Pension plan assets by asset category | 2 | 3 | ||
Other Postretirement Plans | Dominion Gas Holdings, LLC | Level 2 | U.S. equity: | Large Cap | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Pension plan assets by asset category | 0 | 0 | ||
Other Postretirement Plans | Dominion Gas Holdings, LLC | Level 2 | Non-U.S. equity: | Large Cap | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Pension plan assets by asset category | 0 | 0 | ||
Other Postretirement Plans | Dominion Gas Holdings, LLC | Level 2 | Common/collective trust funds | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Pension plan assets by asset category | 129 | [4] | 119 | [4] |
Other Postretirement Plans | Dominion Gas Holdings, LLC | Level 2 | Real estate: | Partnerships | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Pension plan assets by asset category | 0 | 0 | ||
Other Postretirement Plans | Dominion Gas Holdings, LLC | Level 2 | Other alternative investments: | Private equity | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Pension plan assets by asset category | 0 | 0 | ||
Other Postretirement Plans | Dominion Gas Holdings, LLC | Level 2 | Other alternative investments: | Debt | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Pension plan assets by asset category | 0 | 0 | ||
Other Postretirement Plans | Dominion Gas Holdings, LLC | Level 3 | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Pension plan assets by asset category | 18 | 21 | ||
Other Postretirement Plans | Dominion Gas Holdings, LLC | Level 3 | Cash equivalents and other | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Pension plan assets by asset category | 0 | 0 | ||
Other Postretirement Plans | Dominion Gas Holdings, LLC | Level 3 | U.S. equity: | Large Cap | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Pension plan assets by asset category | 0 | 0 | ||
Other Postretirement Plans | Dominion Gas Holdings, LLC | Level 3 | Non-U.S. equity: | Large Cap | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Pension plan assets by asset category | 0 | 0 | ||
Other Postretirement Plans | Dominion Gas Holdings, LLC | Level 3 | Common/collective trust funds | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Pension plan assets by asset category | 0 | [4] | 0 | [4] |
Other Postretirement Plans | Dominion Gas Holdings, LLC | Level 3 | Real estate: | Partnerships | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Pension plan assets by asset category | 2 | 2 | ||
Other Postretirement Plans | Dominion Gas Holdings, LLC | Level 3 | Other alternative investments: | Private equity | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Pension plan assets by asset category | 12 | 12 | ||
Other Postretirement Plans | Dominion Gas Holdings, LLC | Level 3 | Other alternative investments: | Debt | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Pension plan assets by asset category | $4 | $7 | ||
[1] | Includes net assets related to pending sales of securities of $31 million, net accrued income of $18 million, and excludes net assets related to pending purchases of securities of $38 million at December 31, 2014. | |||
[2] | Common/Collective Trust Funds include $360 million and $560 million of John Hancock insurance contracts held at December 31, 2014 and 2013, respectively. See below for a description of the individual investments included within this line item, and the nature and risk of each respective fund. | |||
[3] | Includes net assets related to pending sales of securities of $7 million, net accrued income of $4 million, and excludes net assets related to pending purchases of securities of $9 million at December 31, 2014. | |||
[4] | See below for a description of the individual investments included within this line item, and the nature and risk of each respective fund. | |||
[5] | Common/Collective Trust Funds include $19 million and $29 million of John Hancock insurance contracts held at December 31, 2014 and 2013, respectively. See below for a description of the individual investments included within this line item, and the nature and risk of each respective fund. |
Employee_Benefit_Plans_Pension1
Employee Benefit Plans (Pension plan and other postretirement plan assets that are measured at fair value and included in the Level 3 fair value category) (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Pension Benefits | |||
Actual return on plan assets: | |||
Fair value of plan assets at end of year | $6,480 | $6,113 | $5,553 |
Pension Benefits | Level 3 | |||
Changes in fair value of plan assets: | |||
Fair value of plan assets at beginning of year | 1,124 | 1,190 | 1,285 |
Actual return on plan assets: | |||
Relating to assets still held at the reporting date | 126 | 166 | 105 |
Relating to assets sold during the period | -115 | -122 | -62 |
Purchases | 145 | 153 | 129 |
Sales | -247 | -263 | -267 |
Fair value of plan assets at end of year | 1,033 | 1,124 | 1,190 |
Pension Benefits | Level 3 | Real estate: | |||
Changes in fair value of plan assets: | |||
Fair value of plan assets at beginning of year | 227 | 321 | 304 |
Actual return on plan assets: | |||
Relating to assets still held at the reporting date | 40 | 15 | 21 |
Relating to assets sold during the period | -18 | -36 | -8 |
Purchases | 0 | 6 | 35 |
Sales | -40 | -79 | -31 |
Fair value of plan assets at end of year | 209 | 227 | 321 |
Pension Benefits | Level 3 | Private equity | |||
Changes in fair value of plan assets: | |||
Fair value of plan assets at beginning of year | 530 | 456 | 448 |
Actual return on plan assets: | |||
Relating to assets still held at the reporting date | 70 | 98 | 46 |
Relating to assets sold during the period | -67 | -48 | -41 |
Purchases | 135 | 115 | 79 |
Sales | -150 | -91 | -76 |
Fair value of plan assets at end of year | 518 | 530 | 456 |
Pension Benefits | Level 3 | Debt | |||
Changes in fair value of plan assets: | |||
Fair value of plan assets at beginning of year | 180 | 192 | 243 |
Actual return on plan assets: | |||
Relating to assets still held at the reporting date | 12 | 32 | 17 |
Relating to assets sold during the period | -26 | -34 | -11 |
Purchases | 10 | 32 | 15 |
Sales | -32 | -42 | -72 |
Fair value of plan assets at end of year | 144 | 180 | 192 |
Pension Benefits | Level 3 | Hedge funds | |||
Changes in fair value of plan assets: | |||
Fair value of plan assets at beginning of year | 187 | 221 | 290 |
Actual return on plan assets: | |||
Relating to assets still held at the reporting date | 4 | 21 | 21 |
Relating to assets sold during the period | -4 | -4 | -2 |
Purchases | 0 | 0 | 0 |
Sales | -25 | -51 | -88 |
Fair value of plan assets at end of year | 162 | 187 | 221 |
Pension Benefits | Dominion Gas Holdings, LLC | |||
Actual return on plan assets: | |||
Fair value of plan assets at end of year | 1,510 | 1,403 | 1,254 |
Pension Benefits | Dominion Gas Holdings, LLC | Level 3 | |||
Changes in fair value of plan assets: | |||
Fair value of plan assets at beginning of year | 258 | 268 | 285 |
Actual return on plan assets: | |||
Relating to assets still held at the reporting date | 31 | 40 | 26 |
Relating to assets sold during the period | -26 | -26 | -13 |
Purchases | 32 | 33 | 27 |
Sales | -54 | -57 | -57 |
Fair value of plan assets at end of year | 241 | 258 | 268 |
Pension Benefits | Dominion Gas Holdings, LLC | Level 3 | Real estate: | |||
Changes in fair value of plan assets: | |||
Fair value of plan assets at beginning of year | 52 | 72 | 68 |
Actual return on plan assets: | |||
Relating to assets still held at the reporting date | 9 | 4 | 6 |
Relating to assets sold during the period | -4 | -8 | -2 |
Purchases | 0 | 1 | 7 |
Sales | -9 | -17 | -7 |
Fair value of plan assets at end of year | 48 | 52 | 72 |
Pension Benefits | Dominion Gas Holdings, LLC | Level 3 | Private equity | |||
Changes in fair value of plan assets: | |||
Fair value of plan assets at beginning of year | 122 | 103 | 99 |
Actual return on plan assets: | |||
Relating to assets still held at the reporting date | 17 | 24 | 12 |
Relating to assets sold during the period | -15 | -10 | -9 |
Purchases | 30 | 25 | 17 |
Sales | -33 | -20 | -16 |
Fair value of plan assets at end of year | 121 | 122 | 103 |
Pension Benefits | Dominion Gas Holdings, LLC | Level 3 | Debt | |||
Changes in fair value of plan assets: | |||
Fair value of plan assets at beginning of year | 41 | 43 | 54 |
Actual return on plan assets: | |||
Relating to assets still held at the reporting date | 4 | 7 | 4 |
Relating to assets sold during the period | -6 | -7 | -2 |
Purchases | 2 | 7 | 3 |
Sales | -7 | -9 | -16 |
Fair value of plan assets at end of year | 34 | 41 | 43 |
Pension Benefits | Dominion Gas Holdings, LLC | Level 3 | Hedge funds | |||
Changes in fair value of plan assets: | |||
Fair value of plan assets at beginning of year | 43 | 50 | 64 |
Actual return on plan assets: | |||
Relating to assets still held at the reporting date | 1 | 5 | 4 |
Relating to assets sold during the period | -1 | -1 | 0 |
Purchases | 0 | 0 | 0 |
Sales | -5 | -11 | -18 |
Fair value of plan assets at end of year | 38 | 43 | 50 |
Other Postretirement Plans | |||
Actual return on plan assets: | |||
Fair value of plan assets at end of year | 1,402 | 1,315 | 1,156 |
Other Postretirement Plans | Level 3 | |||
Changes in fair value of plan assets: | |||
Fair value of plan assets at beginning of year | 116 | 124 | 137 |
Actual return on plan assets: | |||
Relating to assets still held at the reporting date | 13 | 8 | 9 |
Relating to assets sold during the period | -11 | 5 | -1 |
Purchases | 14 | 10 | 9 |
Sales | -28 | -31 | -30 |
Fair value of plan assets at end of year | 104 | 116 | 124 |
Other Postretirement Plans | Level 3 | Real estate: | |||
Changes in fair value of plan assets: | |||
Fair value of plan assets at beginning of year | 19 | 24 | 24 |
Actual return on plan assets: | |||
Relating to assets still held at the reporting date | 4 | -2 | 1 |
Relating to assets sold during the period | -1 | 1 | 0 |
Purchases | 0 | 1 | 2 |
Sales | -3 | -5 | -3 |
Fair value of plan assets at end of year | 19 | 19 | 24 |
Other Postretirement Plans | Level 3 | Private equity | |||
Changes in fair value of plan assets: | |||
Fair value of plan assets at beginning of year | 60 | 58 | 63 |
Actual return on plan assets: | |||
Relating to assets still held at the reporting date | 7 | 6 | 3 |
Relating to assets sold during the period | -7 | 3 | -1 |
Purchases | 13 | 7 | 6 |
Sales | -15 | -14 | -13 |
Fair value of plan assets at end of year | 58 | 60 | 58 |
Other Postretirement Plans | Level 3 | Debt | |||
Changes in fair value of plan assets: | |||
Fair value of plan assets at beginning of year | 27 | 31 | 36 |
Actual return on plan assets: | |||
Relating to assets still held at the reporting date | 2 | 3 | 4 |
Relating to assets sold during the period | -3 | 0 | 0 |
Purchases | 1 | 2 | 1 |
Sales | -9 | -9 | -10 |
Fair value of plan assets at end of year | 18 | 27 | 31 |
Other Postretirement Plans | Level 3 | Hedge funds | |||
Changes in fair value of plan assets: | |||
Fair value of plan assets at beginning of year | 10 | 11 | 14 |
Actual return on plan assets: | |||
Relating to assets still held at the reporting date | 0 | 1 | 1 |
Relating to assets sold during the period | 0 | 1 | 0 |
Purchases | 0 | 0 | 0 |
Sales | -1 | -3 | -4 |
Fair value of plan assets at end of year | 9 | 10 | 11 |
Other Postretirement Plans | Dominion Gas Holdings, LLC | |||
Actual return on plan assets: | |||
Fair value of plan assets at end of year | 288 | 273 | 242 |
Other Postretirement Plans | Dominion Gas Holdings, LLC | Level 3 | |||
Changes in fair value of plan assets: | |||
Fair value of plan assets at beginning of year | 21 | 24 | 28 |
Actual return on plan assets: | |||
Relating to assets still held at the reporting date | 3 | 2 | -2 |
Relating to assets sold during the period | -2 | 0 | 3 |
Purchases | 2 | 1 | 1 |
Sales | -6 | -6 | -6 |
Fair value of plan assets at end of year | 18 | 21 | 24 |
Other Postretirement Plans | Dominion Gas Holdings, LLC | Level 3 | Real estate: | |||
Changes in fair value of plan assets: | |||
Fair value of plan assets at beginning of year | 2 | 3 | 3 |
Actual return on plan assets: | |||
Relating to assets still held at the reporting date | 0 | -1 | 0 |
Relating to assets sold during the period | 0 | 0 | 0 |
Purchases | 0 | 0 | 0 |
Sales | 0 | 0 | 0 |
Fair value of plan assets at end of year | 2 | 2 | 3 |
Other Postretirement Plans | Dominion Gas Holdings, LLC | Level 3 | Private equity | |||
Changes in fair value of plan assets: | |||
Fair value of plan assets at beginning of year | 12 | 13 | 15 |
Actual return on plan assets: | |||
Relating to assets still held at the reporting date | 2 | 2 | -1 |
Relating to assets sold during the period | -1 | 0 | 2 |
Purchases | 2 | 1 | 1 |
Sales | -3 | -4 | -4 |
Fair value of plan assets at end of year | 12 | 12 | 13 |
Other Postretirement Plans | Dominion Gas Holdings, LLC | Level 3 | Debt | |||
Changes in fair value of plan assets: | |||
Fair value of plan assets at beginning of year | 7 | 8 | 10 |
Actual return on plan assets: | |||
Relating to assets still held at the reporting date | 1 | 1 | -1 |
Relating to assets sold during the period | -1 | 0 | 1 |
Purchases | 0 | 0 | 0 |
Sales | -3 | -2 | -2 |
Fair value of plan assets at end of year | 4 | 7 | 8 |
Other Postretirement Plans | Dominion Gas Holdings, LLC | Level 3 | Hedge funds | |||
Changes in fair value of plan assets: | |||
Fair value of plan assets at beginning of year | 0 | 0 | 0 |
Actual return on plan assets: | |||
Relating to assets still held at the reporting date | 0 | 0 | 0 |
Relating to assets sold during the period | 0 | 0 | 0 |
Purchases | 0 | 0 | 0 |
Sales | 0 | 0 | 0 |
Fair value of plan assets at end of year | $0 | $0 | $0 |
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) (Details) (USD $) | 12 Months Ended | |||||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Expected return on plan assets | ($610) | ($554) | ||||
Changes in plan assets and benefit obligations recognized in other comprehensive income and regulatory assets and liabilities: | ||||||
Settlements and curtailments | 220 | |||||
Dominion Gas Holdings, LLC | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Expected return on plan assets | -138 | -125 | ||||
Pension Benefits | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Service cost | 114 | 131 | 116 | |||
Interest cost | 290 | 271 | 268 | |||
Expected return on plan assets | -499 | -462 | -430 | |||
Amortization of prior service (credit) cost | -3 | -3 | -3 | |||
Amortization of net actuarial loss | 111 | 165 | 132 | |||
Settlements and curtailments | 1 | [1] | -2 | [1] | 0 | [1] |
Special termination benefits | 0 | 0 | 0 | |||
Net periodic benefit (credit) cost | 20 | 106 | 89 | |||
Changes in plan assets and benefit obligations recognized in other comprehensive income and regulatory assets and liabilities: | ||||||
Current year net actuarial (gain) loss | 784 | -968 | 786 | |||
Prior service (credit) cost | 0 | 1 | 0 | |||
Settlements and curtailments | -1 | [1] | -22 | [1] | 0 | [1] |
Total recognized in other comprehensive income and regulatory assets and liabilities | 669 | -1,157 | 651 | |||
Significant assumptions used to determine periodic cost: | ||||||
Discount rate | 5.50% | |||||
Expected long-term rate of return on plan assets | 8.75% | 8.50% | 8.50% | |||
Weighted average rate of increase for compensation | 4.21% | 4.21% | 4.21% | |||
Pension Benefits | Minimum | ||||||
Significant assumptions used to determine periodic cost: | ||||||
Discount rate | 5.20% | 4.40% | ||||
Pension Benefits | Maximum | ||||||
Significant assumptions used to determine periodic cost: | ||||||
Discount rate | 5.30% | 4.80% | ||||
Pension Benefits | Dominion Gas Holdings, LLC | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Service cost | 12 | 13 | 11 | |||
Interest cost | 28 | 27 | 28 | |||
Expected return on plan assets | -115 | -106 | -96 | |||
Amortization of prior service (credit) cost | -1 | -1 | -1 | |||
Amortization of net actuarial loss | 19 | 26 | 26 | |||
Net periodic benefit (credit) cost | -55 | -39 | -30 | |||
Changes in plan assets and benefit obligations recognized in other comprehensive income and regulatory assets and liabilities: | ||||||
Current year net actuarial (gain) loss | 43 | -127 | 35 | |||
Prior service (credit) cost | 0 | 0 | 0 | |||
Total recognized in other comprehensive income and regulatory assets and liabilities | 23 | -154 | 8 | |||
Significant assumptions used to determine periodic cost: | ||||||
Discount rate | 5.20% | 5.50% | ||||
Expected long-term rate of return on plan assets | 8.75% | 8.50% | 8.50% | |||
Weighted average rate of increase for compensation | 3.93% | 3.93% | 3.93% | |||
Pension Benefits | Dominion Gas Holdings, LLC | Minimum | ||||||
Significant assumptions used to determine periodic cost: | ||||||
Discount rate | 4.40% | |||||
Pension Benefits | Dominion Gas Holdings, LLC | Maximum | ||||||
Significant assumptions used to determine periodic cost: | ||||||
Discount rate | 4.80% | |||||
Other Postretirement Plans | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Service cost | 32 | 43 | 44 | |||
Interest cost | 67 | 73 | 79 | |||
Expected return on plan assets | -111 | -92 | -79 | |||
Amortization of prior service (credit) cost | 28 | 15 | 13 | |||
Amortization of net actuarial loss | 2 | 7 | 6 | |||
Settlements and curtailments | 0 | [1] | -15 | [1] | -4 | [1] |
Special termination benefits | 0 | 1 | 0 | |||
Net periodic benefit (credit) cost | -38 | 2 | 33 | |||
Changes in plan assets and benefit obligations recognized in other comprehensive income and regulatory assets and liabilities: | ||||||
Current year net actuarial (gain) loss | 183 | -255 | 139 | |||
Prior service (credit) cost | 9 | -215 | 1 | |||
Settlements and curtailments | 0 | [1] | -7 | [1] | -2 | [1] |
Total recognized in other comprehensive income and regulatory assets and liabilities | 218 | -469 | 145 | |||
Significant assumptions used to determine periodic cost: | ||||||
Discount rate | 5.50% | |||||
Expected long-term rate of return on plan assets | 8.50% | 7.75% | 7.75% | |||
Weighted average rate of increase for compensation | 4.22% | 4.22% | 4.22% | |||
Healthcare cost trend rate | 7.00% | [2] | 7.00% | [2] | 7.00% | [2] |
Rate to which the cost trend rate is assumed to decline (the ultimate trend rate) | 5.00% | [2] | 4.60% | [2] | 4.60% | [2] |
Year that the rate reaches the ultimate trend rate | 2018 | [2],[3] | 2062 | [2],[3] | 2061 | [2],[3] |
Other Postretirement Plans | Minimum | ||||||
Significant assumptions used to determine periodic cost: | ||||||
Discount rate | 4.20% | 4.40% | ||||
Expected long-term rate of return on plan assets | 7.75% | |||||
Other Postretirement Plans | Maximum | ||||||
Significant assumptions used to determine periodic cost: | ||||||
Discount rate | 5.10% | 4.80% | ||||
Expected long-term rate of return on plan assets | 8.50% | |||||
Other Postretirement Plans | Dominion Gas Holdings, LLC | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Service cost | 6 | 7 | 7 | |||
Interest cost | 13 | 12 | 14 | |||
Expected return on plan assets | -23 | -19 | -16 | |||
Amortization of prior service (credit) cost | 1 | 3 | 4 | |||
Amortization of net actuarial loss | 0 | 2 | 1 | |||
Net periodic benefit (credit) cost | -5 | -1 | 2 | |||
Changes in plan assets and benefit obligations recognized in other comprehensive income and regulatory assets and liabilities: | ||||||
Current year net actuarial (gain) loss | 40 | -40 | 12 | |||
Prior service (credit) cost | 10 | 0 | 0 | |||
Total recognized in other comprehensive income and regulatory assets and liabilities | $51 | ($39) | $15 | |||
Significant assumptions used to determine periodic cost: | ||||||
Discount rate | 5.50% | |||||
Expected long-term rate of return on plan assets | 8.50% | 7.75% | 7.75% | |||
Weighted average rate of increase for compensation | 3.93% | 3.93% | 3.93% | |||
Healthcare cost trend rate | 7.00% | [2] | 7.00% | [2] | 7.00% | [2] |
Rate to which the cost trend rate is assumed to decline (the ultimate trend rate) | 5.00% | [2] | 4.60% | [2] | 4.60% | [2] |
Year that the rate reaches the ultimate trend rate | 2018 | [2],[3] | 2062 | [2],[3] | 2061 | [2],[3] |
Other Postretirement Plans | Dominion Gas Holdings, LLC | Minimum | ||||||
Significant assumptions used to determine periodic cost: | ||||||
Discount rate | 4.20% | 4.40% | ||||
Other Postretirement Plans | Dominion Gas Holdings, LLC | Maximum | ||||||
Significant assumptions used to determine periodic cost: | ||||||
Discount rate | 5.00% | 4.70% | ||||
[1] | 2013 amounts relate primarily to the decommissioning of Kewaunee. | |||||
[2] | Assumptions used to determine net periodic cost for the following year. | |||||
[3] | 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) (Details) (USD $) | 12 Months Ended | ||||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | ||
Defined Benefit Plan Disclosure [Line Items] | |||||
Net actuarial (gain) loss | ($416) | ($324) | ($877) | ||
Dominion Gas Holdings, LLC | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Net actuarial (gain) loss | -86 | -58 | -140 | ||
Pension Benefits | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Net actuarial (gain) loss | 2,382 | 1,709 | |||
Prior service (credit) cost | 7 | 10 | |||
Total | 2,389 | [1] | 1,719 | [1] | |
Related expenses | 2,400 | 1,700 | |||
Amount included in AOCI | 1,400 | 1,000 | |||
Pension Benefits | Dominion Gas Holdings, LLC | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Net actuarial (gain) loss | 303 | 279 | |||
Prior service (credit) cost | 1 | 2 | |||
Total | 304 | [1] | 281 | [1] | |
Related expenses | 304 | 281 | |||
Amount included in AOCI | 112 | 104 | |||
Other Postretirement Plans | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Net actuarial (gain) loss | 139 | -40 | |||
Prior service (credit) cost | -233 | -271 | |||
Total | -94 | [1] | -311 | [1] | |
Related expenses | -94 | -311 | |||
Amount included in AOCI | -81 | -156 | |||
Other Postretirement Plans | Dominion Gas Holdings, LLC | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Net actuarial (gain) loss | 43 | 3 | |||
Prior service (credit) cost | 7 | -4 | |||
Total | 50 | [1] | -1 | [1] | |
Amount included in AOCI | $50 | ($1) | |||
[1] | As of December 31, 2014, of the $2.4 billion and $(94) million related to pension benefits and other postretirement benefits, $1.4 billion and $(81) million, respectively, are included in AOCI, with the remainder included in regulatory assets and liabilities. As of December 31, 2013, of the $1.7 billion and $(311) million related to pension benefits and other postretirement benefits, $1.0 billion and $(156) million, respectively, are included in AOCI, with the remainder included in regulatory assets and liabilities. |
Employee_Benefit_Plans_Compone
Employee Benefit Plans (Components of AOCI and Regulatory Assets and Liabilities) (Details) (USD $) | 12 Months Ended |
In Millions, unless otherwise specified | Dec. 31, 2014 |
Defined Benefit Plan Disclosure [Line Items] | |
Net actuarial loss | $25 |
Dominion Gas Holdings, LLC | |
Defined Benefit Plan Disclosure [Line Items] | |
Net actuarial loss | 3 |
Pension Benefits | |
Defined Benefit Plan Disclosure [Line Items] | |
Net actuarial loss | 160 |
Prior service (credit) cost | 2 |
Pension Benefits | Dominion Gas Holdings, LLC | |
Defined Benefit Plan Disclosure [Line Items] | |
Net actuarial loss | 20 |
Prior service (credit) cost | 1 |
Other Postretirement Plans | |
Defined Benefit Plan Disclosure [Line Items] | |
Net actuarial loss | 6 |
Prior service (credit) cost | -27 |
Other Postretirement Plans | Dominion Gas Holdings, LLC | |
Defined Benefit Plan Disclosure [Line Items] | |
Net actuarial loss | 2 |
Prior service (credit) cost | $0 |
Employee_Benefit_Plans_Effect_
Employee Benefit Plans (Effect of One Percentage Point Change on Benefit Plans) (Details) (Other Postretirement Plans, USD $) | 12 Months Ended |
In Millions, unless otherwise specified | Dec. 31, 2014 |
Defined Benefit Plan Disclosure [Line Items] | |
Effect of one percentage point increase on total of service and interest cost components | $26 |
Effect of one percentage point increase on other postretirement benefit obligation | 186 |
Effect of one percentage point decrease on total of service and interest cost components | -16 |
Effect of one percentage point decrease on other postretirement benefit obligation | -152 |
Dominion Gas Holdings, LLC | |
Defined Benefit Plan Disclosure [Line Items] | |
Effect of one percentage point increase on total of service and interest cost components | 5 |
Effect of one percentage point increase on other postretirement benefit obligation | 40 |
Effect of one percentage point decrease on total of service and interest cost components | -4 |
Effect of one percentage point decrease on other postretirement benefit obligation | ($30) |
Commitments_and_Contingencies_1
Commitments and Contingencies (Environmental Matters and Other Legal Matters) (Narrative) (Details) (USD $) | 1 Months Ended | 12 Months Ended | 1 Months Ended | 50 Months Ended | 1 Months Ended | 3 Months Ended | ||||||
Jun. 30, 2014 | Jul. 31, 2013 | Sep. 30, 2011 | Jul. 31, 2011 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | 31-May-14 | Dec. 31, 2014 | Sep. 30, 2014 | Oct. 31, 2014 | Dec. 31, 2013 | |
Unit | Unit | Party | Facility | Facility | ||||||||
Site | ||||||||||||
Loss Contingencies [Line Items] | ||||||||||||
Compliance extension period | 1 year | |||||||||||
Number of coal fired generating units | 2 | 3 | ||||||||||
Amount spent for emissions controls | $5,345,000,000 | $4,065,000,000 | $4,145,000,000 | |||||||||
Number of parties ordered specific remedial action | 22 | |||||||||||
Maximum civil penalties per day | 37,500 | |||||||||||
Number of former manufactured gas plant sites | 17 | 17 | ||||||||||
Number of facilities with CCR | 8 | |||||||||||
Period for consideration of CO2 emissions for biomass projects | 3 years | |||||||||||
Charges associated with proposed settlement for ash pond closure costs | 121,000,000 | 0 | 0 | |||||||||
Required payments | 50,000,000 | 50,000,000 | ||||||||||
Obligated Payments to Maryland Strategic Energy Investments Fund and Low Income Energy Assistance Programs | ||||||||||||
Loss Contingencies [Line Items] | ||||||||||||
Required payments | 48,000,000 | |||||||||||
Obligated Payments to Maryland Strategic Energy Investments Fund | ||||||||||||
Loss Contingencies [Line Items] | ||||||||||||
Required payments | 40,000,000 | |||||||||||
Period of required payments | 5 years | |||||||||||
Low Income Energy Assistance Programs | ||||||||||||
Loss Contingencies [Line Items] | ||||||||||||
Required payments | 8,000,000 | |||||||||||
Period of required payments | 20 years | |||||||||||
Possum Point Power Station | ||||||||||||
Loss Contingencies [Line Items] | ||||||||||||
Charges associated with proposed settlement for ash pond closure costs | 121,000,000 | |||||||||||
Clean Air Act | ||||||||||||
Loss Contingencies [Line Items] | ||||||||||||
Number of states under EPA Replacement Rule | 28 | |||||||||||
Emissions of fossil fuel fired electric generating units | 25 | |||||||||||
Number of groups of affected states | 2 | |||||||||||
Amount spent for emissions controls | 2,000,000 | |||||||||||
Clean Water Act | ||||||||||||
Loss Contingencies [Line Items] | ||||||||||||
Number of facilities | 14 | |||||||||||
Remedial options | ||||||||||||
Loss Contingencies [Line Items] | ||||||||||||
Estimates for compliance, minimum | 1,000,000 | 1,000,000 | ||||||||||
Estimates for compliance, maximum | 22,000,000 | 22,000,000 | ||||||||||
Breach of Contract Lawsuit | Pending Litigation | ||||||||||||
Loss Contingencies [Line Items] | ||||||||||||
Amount of accrued liability | 6,000,000 | |||||||||||
Dominion Gas Holdings, LLC | ||||||||||||
Loss Contingencies [Line Items] | ||||||||||||
Amount spent for emissions controls | 719,000,000 | 650,000,000 | 928,000,000 | |||||||||
Number of former manufactured gas plant sites | 12 | 12 | ||||||||||
Virginia Electric and Power Company | ||||||||||||
Loss Contingencies [Line Items] | ||||||||||||
Charge reflecting plant balances that are not expected to be recovered | 26,000,000 | |||||||||||
Charge reflecting plant balances not expected to be recovered, after tax | 16,000,000 | |||||||||||
Amount spent for emissions controls | 2,911,000,000 | 2,394,000,000 | 2,082,000,000 | |||||||||
Number of former manufactured gas plant sites | 3 | 3 | ||||||||||
Charges associated with proposed settlement for ash pond closure costs | $121,000,000 | $0 | $0 | |||||||||
Virginia Electric and Power Company | Clean Water Act | ||||||||||||
Loss Contingencies [Line Items] | ||||||||||||
Number of facilities | 11 |
Commitments_and_Contingencies_2
Commitments and Contingencies (Nuclear Operations) (Narrative) (Details) (USD $) | 1 Months Ended | 12 Months Ended | |
Nov. 30, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | |
Loss Contingencies [Line Items] | |||
Amount of coverage purchased from commercial insurance pools | $375,000,000 | ||
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 | ||
Coverage that exceeds NRC minimum requirement | 1,060,000,000 | ||
Maximum assessment for premiums on insurance policy | 72,000,000 | ||
Maximum assessment for insurance policy | 20,000,000 | ||
Current fee per kWh for electricity paid by civilian nuclear power generators | 1 | ||
Waste fee recognized | 16,000,000 | ||
Spent Nuclear Fuel | |||
Loss Contingencies [Line Items] | |||
Receivables | 69,000,000 | 79,000,000 | |
Millstone Unit 1 | |||
Loss Contingencies [Line Items] | |||
Minimum financial assurance | 2,900,000,000 | ||
Millstone | |||
Loss Contingencies [Line Items] | |||
Settlement amount | 17,000,000 | ||
Surry and North Anna | |||
Loss Contingencies [Line Items] | |||
Settlement amount | 27,000,000 | ||
Kewaunee | |||
Loss Contingencies [Line Items] | |||
Settlement amount | 7,000,000 | 5,000,000 | |
Nuclear Plant | |||
Loss Contingencies [Line Items] | |||
Liability protection under Price-Anderson Act | 13,600,000,000 | ||
Virginia Electric and Power Company | |||
Loss Contingencies [Line Items] | |||
Maximum assessment for premiums on insurance policy | 42,000,000 | ||
Maximum assessment for insurance policy | 9,000,000 | ||
Waste fee recognized | 10,000,000 | ||
Virginia Electric and Power Company | Spent Nuclear Fuel | |||
Loss Contingencies [Line Items] | |||
Receivables | 41,000,000 | 50,000,000 | |
Virginia Electric and Power Company | Kewaunee | |||
Loss Contingencies [Line Items] | |||
Minimum financial assurance | $1,800,000,000 |
Commitments_and_Contingencies_3
Commitments and Contingencies (Nuclear Insurance) (Details) (USD $) | Dec. 31, 2014 | |
Millstone | ||
Guarantor Obligations [Line Items] | ||
Property insurance coverage | $1,700,000 | |
Kewaunee | ||
Guarantor Obligations [Line Items] | ||
Property insurance coverage | 1,060,000 | |
Surry | Virginia Electric and Power Company | ||
Guarantor Obligations [Line Items] | ||
Property insurance coverage | 1,700,000 | [1] |
North Anna | Virginia Electric and Power Company | ||
Guarantor Obligations [Line Items] | ||
Property insurance coverage | 1,700,000 | [1] |
Surry and North Anna | ||
Guarantor Obligations [Line Items] | ||
Coverage amount | $200,000,000 | |
[1] | Surry and North Anna share a blanket property limit of $200 million. |
Commitment_and_Contingencies_S
Commitment and Contingencies (Schedule of Long Term Purchase Commitments) (Details) (Virginia Electric and Power Company, USD $) | 12 Months Ended | |||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Long-term Purchase Commitment [Line Items] | ||||
Present value of total commitment for capacity payments | $833 | |||
Purchased electric capacity | ||||
Long-term Purchase Commitment [Line Items] | ||||
2015 | 313 | [1] | ||
2016 | 250 | [1] | ||
2017 | 158 | [1] | ||
2018 | 104 | [1] | ||
2019 | 65 | [1] | ||
Thereafter | 99 | [1] | ||
Total | 989 | [1] | ||
Payments | 330 | 345 | 337 | |
Energy payments | ||||
Long-term Purchase Commitment [Line Items] | ||||
Payments | $304 | $236 | $214 | |
[1] | Commitments represent estimated amounts payable for capacity under power purchase contracts with qualifying facilities and independent power producers, the last of which ends in 2021. Capacity payments under the contracts are generally based on fixed dollar amounts per month, subject to escalation using broad-based economic indices. At December 31, 2014, the present value of Virginia Power's total commitment for capacity payments is $833 million. Capacity payments totaled $330 million, $345 million, and $337 million, and energy payments totaled $304 million, $236 million, and $214 million for the years ended 2014, 2013 and 2012, respectively. |
Commitments_and_Contingencies_4
Commitments and Contingencies (Lease Commitments) (Details) (USD $) | Dec. 31, 2014 |
In Millions, unless otherwise specified | |
Loss Contingencies [Line Items] | |
2015 | $63 |
2016 | 57 |
2017 | 49 |
2018 | 43 |
2019 | 36 |
Thereafter | 79 |
Total | 327 |
Virginia Electric and Power Company | |
Loss Contingencies [Line Items] | |
2015 | 30 |
2016 | 26 |
2017 | 21 |
2018 | 18 |
2019 | 12 |
Thereafter | 26 |
Total | 133 |
Dominion Gas Holdings, LLC | |
Loss Contingencies [Line Items] | |
2015 | 28 |
2016 | 25 |
2017 | 23 |
2018 | 21 |
2019 | 19 |
Thereafter | 25 |
Total | $141 |
Commitments_and_Contingencies_5
Commitments and Contingencies (Lease Commitments) (Narrative) (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Loss Contingencies [Line Items] | |||
Rental expense | $92 | $101 | $112 |
Virginia Electric and Power Company | |||
Loss Contingencies [Line Items] | |||
Rental expense | 43 | 42 | 48 |
Dominion Gas Holdings, LLC | |||
Loss Contingencies [Line Items] | |||
Rental expense | $35 | $15 | $15 |
Commitments_and_Contingencies_6
Commitments and Contingencies (Guarantees, Surety Bonds and Letters of Credit) (Narrative) (Details) (USD $) | Dec. 31, 2014 |
In Millions, unless otherwise specified | |
Guarantor Obligations [Line Items] | |
Exposure under guarantees | $6,366 |
Minimum | |
Guarantor Obligations [Line Items] | |
Annual future contributions | 4 |
Maximum | |
Guarantor Obligations [Line Items] | |
Annual future contributions | 19 |
Third Party and Equity Method Investee | |
Guarantor Obligations [Line Items] | |
Estimate of possible loss | 74 |
Exposure under guarantees | 49 |
Third Party and Equity Method Investee | Through 2019 | |
Guarantor Obligations [Line Items] | |
Exposure under guarantees | $72 |
Commitments_and_Contingencies_7
Commitments and Contingencies (Subsidiary Guarantees) (Details) (USD $) | 12 Months Ended | |
Dec. 31, 2014 | ||
guarantee | ||
Guarantor Obligations [Line Items] | ||
Stated Limit | $6,366,000,000 | |
Value | 1,453,000,000 | [1] |
Number of DEI subsidiaries | 2 | |
Purchased surety bonds | 133,000,000 | |
Authorized issuance of standby letters of credit | 48,000,000 | |
Debt | ||
Guarantor Obligations [Line Items] | ||
Stated Limit | 27,000,000 | [2] |
Value | 27,000,000 | [1],[2] |
Commodity transactions | ||
Guarantor Obligations [Line Items] | ||
Stated Limit | 3,151,000,000 | [3] |
Value | 919,000,000 | [1],[3] |
Nuclear obligations | ||
Guarantor Obligations [Line Items] | ||
Stated Limit | 215,000,000 | [4] |
Value | 76,000,000 | [1],[4] |
Solar | ||
Guarantor Obligations [Line Items] | ||
Stated Limit | 531,000,000 | [5] |
Value | 396,000,000 | [1],[5] |
Other | ||
Guarantor Obligations [Line Items] | ||
Stated Limit | 532,000,000 | [6] |
Value | 35,000,000 | [1],[6] |
Virginia Electric and Power Company | ||
Guarantor Obligations [Line Items] | ||
Purchased surety bonds | 64,000,000 | |
Virginia Electric and Power Company | Debt | ||
Guarantor Obligations [Line Items] | ||
Stated Limit | 14,000,000 | |
Dominion Gas Holdings, LLC | ||
Guarantor Obligations [Line Items] | ||
Purchased surety bonds | 30,000,000 | |
Cove Point | ||
Guarantor Obligations [Line Items] | ||
Stated Limit | 150,000,000 | |
Number of guarantees with no stated limit | 2 | |
Number of guarantees | 1 | |
Aggregate limit for guarantees | 1,750,000,000 | |
Annual draw limit | 175,000,000 | |
Cove Point | Nuclear obligations | ||
Guarantor Obligations [Line Items] | ||
Stated Limit | 1,910,000,000 | [7] |
Value | 0 | [1],[7] |
Millstone | Nuclear obligations | ||
Guarantor Obligations [Line Items] | ||
Stated Limit | 150,000,000 | |
Kewaunee | Nuclear obligations | ||
Guarantor Obligations [Line Items] | ||
Stated Limit | $60,000,000 | |
[1] | Represents the estimated portion of the guarantee's stated limit that is utilized as of December 31, 2014 based upon prevailing economic conditions and fact patterns specific to each guarantee arrangement. For those guarantees related to obligations that are recorded as liabilities by Dominion's subsidiaries, the value includes the recorded amount. | |
[2] | Guarantee of debt of a DEI subsidiary. In the event of default by the subsidiary, Dominion would be obligated to repay such amounts. | |
[3] | Guarantees related to commodity commitments of certain subsidiaries, including subsidiaries of Virginia Power, Dominion Gas and DEI. These guarantees were provided to counterparties in order to facilitate physical and financial transactions in gas, oil, electricity, pipeline capacity, transportation and related commodities and services. If any of these subsidiaries fail to perform or pay under the contracts and the counterparties seek performance or payment, Dominion would be obligated to satisfy such obligation. Dominion and its subsidiaries receive similar guarantees as collateral for credit extended to others. The value provided includes certain guarantees that do not have stated limits. | |
[4] | Guarantees related to certain DEI subsidiaries' potential retrospective premiums that could be assessed if there is a nuclear incident under Dominion's nuclear insurance programs and guarantees for a DEI subsidiary's and Virginia Power's commitment to buy nuclear fuel. Excludes Dominion's agreement to provide up to $150 million and $60 million to two DEI subsidiaries to pay the operating expenses of Millstone (in the event of a prolonged outage) and Kewaunee, respectively, as part of satisfying certain NRC requirements concerned with ensuring adequate funding for the operations of nuclear power stations. The agreement for Kewaunee also provides for funds through the completion of decommissioning. | |
[5] | Includes guarantees to facilitate the development of solar projects including guarantees to support the issuance of full notice to proceed under EPC agreements. Includes certain guarantees that do not have stated limits. Also includes guarantees entered into by DEI on behalf of certain subsidiaries to facilitate the acquisition and development of solar projects. | |
[6] | Guarantees related to other miscellaneous contractual obligations such as leases, environmental obligations and construction projects. Also includes guarantees related to certain DEI subsidiaries' obligations for equity capital contributions and energy generation associated with Fowler Ridge and NedPower. As of December 31, 2014, Dominion's maximum remaining cumulative exposure under these equity funding agreements is $72 million through 2019 and its maximum annual future contributions could range from approximately $4 million to $19 million. The value provided includes certain guarantees that do not have stated limits. | |
[7] | Guarantees related to Cove Point, in support of terminal services, transportation and construction. Two of the guarantees have no stated limit, one guarantee has a $150 million limit, and one guarantee has a $1.75 billion aggregate limit with an annual draw limit of $175 million. |
Credit_Risk_Narrative_Details
Credit Risk (Narrative) (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Concentration Risk [Line Items] | |||
Gross credit exposure | $228 | ||
Gas transportation and storage | 1,543 | 1,535 | 1,401 |
Additional collateral to be posted if the credit-related contingent features were triggered | 20 | 146 | |
Collateral already posted | 1 | 76 | |
Fair value of all derivative instruments not fully collateralized | 49 | 169 | |
Investment Grade Counterparties | Investment Grade | |||
Concentration Risk [Line Items] | |||
Concentration of credit risk | 86.00% | ||
CounterpartyA | |||
Concentration Risk [Line Items] | |||
Amount of exposure | 23 | ||
Customer Concentration Risk | DTI | Sales Revenue, Net | |||
Concentration Risk [Line Items] | |||
Concentration of credit risk | 94.00% | ||
Number of customers | 260 | ||
Customer Concentration Risk | East Ohio | Sales Revenue, Net | |||
Concentration Risk [Line Items] | |||
Concentration of credit risk | 98.00% | ||
Customer Concentration Risk | Ten Largest Customers | DTI | Sales Revenue, Net | |||
Concentration Risk [Line Items] | |||
Concentration of credit risk | 41.00% | ||
Number of customers | 10 | ||
Customer Concentration Risk | Thirty Largest Customers | DTI | Sales Revenue, Net | |||
Concentration Risk [Line Items] | |||
Concentration of credit risk | 74.00% | ||
Number of customers | 30 | ||
Gas transportation and storage | $718 | ||
Customer Concentration Risk | Long Term Capacity Contracts | DTI | Sales Revenue, Net | |||
Concentration Risk [Line Items] | |||
Concentration of credit risk | 99.00% | ||
Term of long term contract | 3 years | ||
Customer Concentration Risk | Annual Capacity Contracts | DTI | Sales Revenue, Net | |||
Concentration Risk [Line Items] | |||
Concentration of credit risk | 1.00% | ||
Customer Concentration Risk | Unsubscribed Firm Transportation Capacity | DTI | Sales Revenue, Net | |||
Concentration Risk [Line Items] | |||
Concentration of credit risk | 1.00% |
Related_Party_Transactions_Det
Related Party Transactions (Details) (USD $) | 12 Months Ended | |||||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |||
Virginia Electric and Power Company | ||||||
Related Party Transaction [Line Items] | ||||||
Commodity purchases from affiliates | $543 | $417 | $368 | |||
Services provided by affiliates | 432 | [1] | 415 | [1] | 399 | [1] |
Services provided to affiliates | 22 | 21 | 19 | |||
Virginia Electric and Power Company | Noncurrent Pension and Other Postretirement Benefit Liabilities | ||||||
Related Party Transaction [Line Items] | ||||||
Amounts due to affiliate associated with benefit plan | 219 | 144 | ||||
Virginia Electric and Power Company | Other Deferred Charges and Other Assets | ||||||
Related Party Transaction [Line Items] | ||||||
Amounts due from affiliate associated with benefit plan | 37 | 3 | ||||
Virginia Electric and Power Company | Dominion | ||||||
Related Party Transaction [Line Items] | ||||||
Short term demand note borrowings | 427 | 97 | ||||
Dominion Gas Holdings, LLC | ||||||
Related Party Transaction [Line Items] | ||||||
Amounts due to affiliate associated with benefit plan | 0 | [2] | 1 | [2] | ||
Amounts due from affiliate associated with benefit plan | 3 | [3] | 6 | [3] | ||
Services provided to affiliates | 84 | 109 | 64 | |||
Purchases of natural gas and transportation and storage services from affiliates | 34 | 31 | 14 | |||
Customer receivables from related parties | 22 | [4] | 3 | [4] | ||
Affiliated notes receivable | 9 | [5] | 5 | [5] | ||
Dominion Gas Holdings, LLC | Revolving Credit Facility | IRCA | ||||||
Related Party Transaction [Line Items] | ||||||
Borrowings under IRCA | 384 | 1,300 | ||||
Interest charges | 4 | 35 | 61 | |||
Dominion Gas Holdings, LLC | Atlantic Coast Pipeline | ||||||
Related Party Transaction [Line Items] | ||||||
Customer receivables from related parties | 17 | |||||
Dominion Gas Holdings, LLC | Services provided by affiliates | ||||||
Related Party Transaction [Line Items] | ||||||
Purchases of natural gas and transportation and storage services from affiliates | 106 | 116 | 107 | |||
Dominion Gas Holdings, LLC | Services provided by Dominion Gas to affiliates | ||||||
Related Party Transaction [Line Items] | ||||||
Services provided by affiliates | 17 | 4 | 3 | |||
Dominion Gas Holdings, LLC | Noncurrent Pension and Other Postretirement Benefit Assets | ||||||
Related Party Transaction [Line Items] | ||||||
Amounts due from Dominion | 614 | 577 | ||||
Dominion Gas Holdings, LLC | Other Deferred Credits and Other Liabilities | ||||||
Related Party Transaction [Line Items] | ||||||
Amounts due to affiliate associated with benefit plan | $7 | $14 | ||||
[1] | Includes capitalized expenditures. | |||||
[2] | Amounts are presented in other current liabilities in Dominion Gas' Consolidated Balance Sheets. | |||||
[3] | Amounts are presented in other current assets in Dominion Gas' Consolidated Balance Sheets. | |||||
[4] | Includes $17 million due from Atlantic Coast Pipeline, an affiliated VIE. | |||||
[5] | Amounts are presented in other deferred charges and other assets in Dominion Gas' Consolidated Balance Sheets. |
Operating_Segments_Narrative_D
Operating Segments (Narrative) (Details) (USD $) | 3 Months Ended | 12 Months Ended | 3 Months Ended | |||||||
In Millions, unless otherwise specified | Jun. 30, 2014 | Mar. 31, 2014 | Jun. 30, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2014 | |||
Segment Reporting Information [Line Items] | ||||||||||
Total operating expenses | $9,715 | $9,804 | $9,977 | |||||||
Charge recognized | 374 | 0 | 0 | |||||||
Charge recognized, net of tax | 191 | 193 | ||||||||
Charges associated with proposed settlement for ash pond closure costs | 121 | 0 | 0 | |||||||
Income (loss) from discontinued operations | 0 | [1] | 92 | [1] | 1,125 | [1] | ||||
Impairment charge | 1,600 | |||||||||
Asset disposition adjustment | 42 | 44 | ||||||||
Impairment charge after tax | 33 | |||||||||
Loss from producer services business after tax | 24 | |||||||||
Loss from discontinued operations, net of tax | 0 | 92 | 1,125 | |||||||
Corporate and Other | ||||||||||
Segment Reporting Information [Line Items] | ||||||||||
Total operating expenses | 970 | 452 | 1,700 | |||||||
Net expenses attributable to other operating segments | 544 | 184 | 1,500 | |||||||
Income (loss) from discontinued operations | 92 | 1,125 | ||||||||
Asset disposition adjustment | 0 | [2] | 0 | [2] | ||||||
Dominion Generation | ||||||||||
Segment Reporting Information [Line Items] | ||||||||||
Charges associated with proposed settlement for ash pond closure costs | 121 | |||||||||
Charge related to settlement offer, net of tax | 74 | |||||||||
Income (loss) from discontinued operations | 0 | 0 | ||||||||
Asset disposition adjustment | 32 | [3] | 19 | [3] | ||||||
Net gain on investments | 81 | |||||||||
Net gain on investments after tax | 49 | |||||||||
Dominion Generation | Brayton Point Kincaid And Elwood Power Stations | ||||||||||
Segment Reporting Information [Line Items] | ||||||||||
Loss before income taxes | 1,700 | |||||||||
Loss from discontinued operations, net of tax | 1,100 | |||||||||
Dominion Generation | Legislation enacted | ||||||||||
Segment Reporting Information [Line Items] | ||||||||||
Charge recognized | 374 | |||||||||
Charge recognized, net of tax | 248 | |||||||||
Dominion Energy | ||||||||||
Segment Reporting Information [Line Items] | ||||||||||
Income (loss) from discontinued operations | 0 | 0 | ||||||||
Asset disposition adjustment | 10 | [4] | 25 | [4] | ||||||
Loss from operations | 182 | |||||||||
Loss from operations after tax | 109 | |||||||||
Impairment charge | 55 | |||||||||
Impairment charge after tax | 33 | |||||||||
Loss from producer services business | 127 | |||||||||
Loss from producer services business after tax | 76 | |||||||||
Dominion Energy | Legislation enacted | ||||||||||
Segment Reporting Information [Line Items] | ||||||||||
Charge recognized | 319 | |||||||||
Charge recognized, net of tax | 193 | |||||||||
DVP | ||||||||||
Segment Reporting Information [Line Items] | ||||||||||
Income (loss) from discontinued operations | 0 | 0 | ||||||||
Asset disposition adjustment | 0 | 0 | ||||||||
Charge related to Biennial Review Order | 87 | |||||||||
Restoration costs net of tax | 53 | |||||||||
Brayton Point and Kincaid | ||||||||||
Segment Reporting Information [Line Items] | ||||||||||
Loss before income taxes | 70 | |||||||||
Loss from operations after tax | 57 | |||||||||
Brayton Point and Kincaid | Dominion Generation | ||||||||||
Segment Reporting Information [Line Items] | ||||||||||
Loss before income taxes | 135 | |||||||||
Income (loss) from discontinued operations | 92 | |||||||||
Amount of debt extinguishment | 64 | |||||||||
Amount of debt extinguishment after tax | 38 | |||||||||
Impairment charge | 48 | |||||||||
Long-lived assets impairment charges, net of tax | 28 | |||||||||
Loss from discontinued operation | 17 | |||||||||
Loss on discontinued operation, net of tax | 18 | |||||||||
Asset disposition adjustment | 16 | |||||||||
Loss from operations | 6 | |||||||||
Loss from operations after tax | 8 | |||||||||
Kewaunee | Dominion Generation | ||||||||||
Segment Reporting Information [Line Items] | ||||||||||
Loss before income taxes | 467 | |||||||||
Loss from discontinued operations, net of tax | 303 | |||||||||
State Line and Salem Harbor | Dominion Generation | ||||||||||
Segment Reporting Information [Line Items] | ||||||||||
Loss before income taxes | 49 | |||||||||
Loss from discontinued operations, net of tax | 22 | |||||||||
Virginia Electric and Power Company | ||||||||||
Segment Reporting Information [Line Items] | ||||||||||
Total operating expenses | 5,855 | 5,215 | 5,234 | |||||||
Charge recognized | 374 | 0 | 0 | |||||||
Charge recognized, net of tax | 191 | |||||||||
Charges associated with proposed settlement for ash pond closure costs | 121 | 0 | 0 | |||||||
Charge related to settlement offer, net of tax | 74 | |||||||||
Restoration costs net of tax | 28 | |||||||||
Virginia Electric and Power Company | Corporate and Other | ||||||||||
Segment Reporting Information [Line Items] | ||||||||||
Total operating expenses | 342 | 47 | 51 | |||||||
Virginia Electric and Power Company | Dominion Generation | ||||||||||
Segment Reporting Information [Line Items] | ||||||||||
Charges associated with proposed settlement for ash pond closure costs | 121 | |||||||||
Charge related to settlement offer, net of tax | 74 | |||||||||
Charge related to Biennial Review Order | 40 | |||||||||
Restoration costs net of tax | 28 | |||||||||
Virginia Electric and Power Company | Dominion Generation | Legislation enacted | ||||||||||
Segment Reporting Information [Line Items] | ||||||||||
Charge recognized | 374 | |||||||||
Charge recognized, net of tax | 248 | |||||||||
Virginia Electric and Power Company | DVP | ||||||||||
Segment Reporting Information [Line Items] | ||||||||||
Charge related to Biennial Review Order | 87 | |||||||||
Restoration costs net of tax | 53 | |||||||||
Dominion Gas Holdings, LLC | ||||||||||
Segment Reporting Information [Line Items] | ||||||||||
Total operating expenses | 1,047 | 1,175 | 927 | |||||||
Net expenses attributable to other operating segments | 41 | |||||||||
Asset disposition adjustment | 3 | 7 | ||||||||
Impairment charge | 55 | |||||||||
Impairment charge after tax | 33 | |||||||||
Severance costs | 14 | |||||||||
Severance costs net of tax | 8 | |||||||||
Dominion Gas Holdings, LLC | Corporate and Other | ||||||||||
Segment Reporting Information [Line Items] | ||||||||||
Net expenses attributable to other operating segments | 9 | 49 | 10 | |||||||
Asset disposition adjustment | 0 | [2] | 0 | [2] | ||||||
Dominion Gas Holdings, LLC | Dominion Generation | ||||||||||
Segment Reporting Information [Line Items] | ||||||||||
Asset disposition adjustment | 0 | 0 | ||||||||
Dominion Gas Holdings, LLC | Dominion Energy | ||||||||||
Segment Reporting Information [Line Items] | ||||||||||
Asset disposition adjustment | 3 | [4] | 7 | [4] | ||||||
Dominion Gas Holdings, LLC | DVP | ||||||||||
Segment Reporting Information [Line Items] | ||||||||||
Asset disposition adjustment | $0 | $0 | ||||||||
[1] | Includes income tax benefit of $43 million and $692 million in 2013 and 2012, respectively. For 2012, includes impairment charges of $1.6 billion related to Brayton Point and Kincaid. See Note 6 for additional information. | |||||||||
[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 for a discussion of Dominion's dispositions and related goodwill write-offs. | |||||||||
[4] | Related to assets sold or contributed to an affiliate or Blue Racer. |
Operating_Segment_Schedule_of_
Operating Segment (Schedule of Segment Reporting Information, by Segment) (Details) (USD $) | 3 Months Ended | 12 Months Ended | ||||||||||||
In Millions, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |||
Segment Reporting Information [Line Items] | ||||||||||||||
Operating Revenue | $2,943 | $3,050 | $2,813 | $3,630 | $3,185 | $3,432 | $2,980 | $3,523 | $12,436 | $13,120 | $12,835 | |||
Total operating revenue | 12,436 | 13,120 | 12,835 | |||||||||||
Depreciation, depletion and amortization | 1,292 | 1,208 | 1,127 | |||||||||||
Equity in earnings of equity method investees | 46 | 14 | 25 | |||||||||||
Interest income | 68 | 54 | 61 | |||||||||||
Interest and related charges | 1,193 | 877 | 816 | |||||||||||
Income tax expense | 452 | 892 | 811 | |||||||||||
Loss from discontinued operations, net of tax | 0 | [1] | -92 | [1] | -1,125 | [1] | ||||||||
Net income (loss) attributable to Dominion | 243 | 529 | 159 | 379 | 431 | 569 | 202 | 495 | 1,310 | 1,697 | 302 | |||
Investment in equity method affiliates | 1,081 | 916 | 1,081 | 916 | ||||||||||
Capital expenditures | 5,551 | 4,104 | 4,145 | |||||||||||
Total assets | 54,327 | 50,096 | 54,327 | 50,096 | ||||||||||
Intersegment revenue | ||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||
Operating Revenue | 0 | 0 | 0 | |||||||||||
DVP | ||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||
Operating Revenue | 1,918 | 1,825 | 1,846 | |||||||||||
Total operating revenue | 1,936 | 1,834 | 1,855 | |||||||||||
Depreciation, depletion and amortization | 462 | 427 | 392 | |||||||||||
Equity in earnings of equity method investees | 0 | 0 | 0 | |||||||||||
Interest income | 0 | 0 | 1 | |||||||||||
Interest and related charges | 205 | 175 | 187 | |||||||||||
Income tax expense | 317 | 287 | 278 | |||||||||||
Loss from discontinued operations, net of tax | 0 | 0 | ||||||||||||
Net income (loss) attributable to Dominion | 502 | 475 | 439 | |||||||||||
Investment in equity method affiliates | 0 | 0 | 0 | 0 | ||||||||||
Capital expenditures | 1,652 | 1,361 | 1,158 | |||||||||||
Total assets | 13,000 | 11,900 | 13,000 | 11,900 | ||||||||||
DVP | Intersegment revenue | ||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||
Operating Revenue | 18 | 9 | 9 | |||||||||||
Dominion Generation | ||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||
Operating Revenue | 7,665 | 8,445 | 8,170 | |||||||||||
Total operating revenue | 7,735 | 8,513 | 8,274 | |||||||||||
Depreciation, depletion and amortization | 516 | 518 | 483 | |||||||||||
Equity in earnings of equity method investees | -18 | -14 | 3 | |||||||||||
Interest income | 67 | 66 | 65 | |||||||||||
Interest and related charges | 240 | 220 | 177 | |||||||||||
Income tax expense | 392 | 483 | 576 | |||||||||||
Loss from discontinued operations, net of tax | 0 | 0 | ||||||||||||
Net income (loss) attributable to Dominion | 1,101 | 1,031 | 1,021 | |||||||||||
Investment in equity method affiliates | 262 | 280 | 262 | 280 | ||||||||||
Capital expenditures | 2,466 | 1,605 | 1,615 | |||||||||||
Total assets | 24,200 | 22,000 | 24,200 | 22,000 | ||||||||||
Dominion Generation | Intersegment revenue | ||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||
Operating Revenue | 70 | 68 | 104 | |||||||||||
Dominion Energy | ||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||
Operating Revenue | 1,718 | 1,783 | 1,813 | |||||||||||
Total operating revenue | 2,892 | 2,846 | 2,743 | |||||||||||
Depreciation, depletion and amortization | 241 | 228 | 216 | |||||||||||
Equity in earnings of equity method investees | 54 | 21 | 23 | |||||||||||
Interest income | 14 | 12 | 30 | |||||||||||
Interest and related charges | 11 | 26 | 47 | |||||||||||
Income tax expense | 436 | 409 | 352 | |||||||||||
Loss from discontinued operations, net of tax | 0 | 0 | ||||||||||||
Net income (loss) attributable to Dominion | 677 | 643 | 551 | |||||||||||
Investment in equity method affiliates | 796 | 615 | 796 | 615 | ||||||||||
Capital expenditures | 1,329 | 1,043 | 1,350 | |||||||||||
Total assets | 12,700 | 12,100 | 12,700 | 12,100 | ||||||||||
Dominion Energy | Intersegment revenue | ||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||
Operating Revenue | 1,174 | 1,063 | 930 | |||||||||||
Corporate and Other | ||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||
Operating Revenue | -12 | 3 | 155 | |||||||||||
Total operating revenue | 560 | 612 | 763 | |||||||||||
Depreciation, depletion and amortization | 73 | 35 | 36 | |||||||||||
Equity in earnings of equity method investees | 10 | 7 | -1 | |||||||||||
Interest income | 20 | 42 | 71 | |||||||||||
Interest and related charges | 770 | 522 | 511 | |||||||||||
Income tax expense | -693 | -287 | -395 | |||||||||||
Loss from discontinued operations, net of tax | -92 | -1,125 | ||||||||||||
Net income (loss) attributable to Dominion | -970 | -452 | -1,709 | |||||||||||
Investment in equity method affiliates | 23 | 21 | 23 | 21 | ||||||||||
Capital expenditures | 104 | 95 | 22 | |||||||||||
Total assets | 8,700 | 8,500 | 8,700 | 8,500 | ||||||||||
Corporate and Other | Intersegment revenue | ||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||
Operating Revenue | 572 | 609 | 608 | |||||||||||
Adjustments & Eliminations | ||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||
Operating Revenue | 1,147 | 1,064 | 851 | |||||||||||
Total operating revenue | -687 | -685 | -800 | |||||||||||
Depreciation, depletion and amortization | 0 | 0 | 0 | |||||||||||
Equity in earnings of equity method investees | 0 | 0 | 0 | |||||||||||
Interest income | -33 | -66 | -106 | |||||||||||
Interest and related charges | -33 | -66 | -106 | |||||||||||
Income tax expense | 0 | 0 | 0 | |||||||||||
Loss from discontinued operations, net of tax | 0 | 0 | ||||||||||||
Net income (loss) attributable to Dominion | 0 | 0 | 0 | |||||||||||
Investment in equity method affiliates | 0 | 0 | 0 | 0 | ||||||||||
Capital expenditures | 0 | 0 | 0 | |||||||||||
Total assets | -4,300 | -4,400 | -4,300 | -4,400 | ||||||||||
Adjustments & Eliminations | Intersegment revenue | ||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||
Operating Revenue | -1,834 | -1,749 | -1,651 | |||||||||||
Virginia Electric and Power Company | ||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||
Operating Revenue | 1,814 | 2,053 | 1,729 | 1,983 | 1,745 | 2,059 | 1,710 | 1,781 | 7,579 | [2] | 7,295 | [2] | 7,226 | [2] |
Total operating revenue | 7,579 | 7,295 | 7,226 | |||||||||||
Depreciation, depletion and amortization | 915 | 853 | 782 | |||||||||||
Interest income | 8 | 6 | 8 | |||||||||||
Interest and related charges | 411 | 369 | 385 | |||||||||||
Income tax expense | 548 | 659 | 653 | |||||||||||
Net income (loss) attributable to Dominion | 151 | 314 | 69 | 324 | 199 | 387 | 265 | 287 | 858 | 1,138 | 1,050 | |||
Capital expenditures | 3,107 | 2,533 | 2,288 | |||||||||||
Total assets | 29,509 | 26,961 | 29,509 | 26,961 | ||||||||||
Virginia Electric and Power Company | DVP | ||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||
Total operating revenue | 1,928 | 1,826 | 1,847 | |||||||||||
Depreciation, depletion and amortization | 462 | 427 | 392 | |||||||||||
Interest income | 0 | 0 | 1 | |||||||||||
Interest and related charges | 205 | 175 | 186 | |||||||||||
Income tax expense | 317 | 286 | 277 | |||||||||||
Net income (loss) attributable to Dominion | 509 | 483 | 448 | |||||||||||
Capital expenditures | 1,651 | 1,360 | 1,142 | |||||||||||
Total assets | 13,200 | 12,000 | 13,200 | 12,000 | ||||||||||
Virginia Electric and Power Company | Dominion Generation | ||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||
Total operating revenue | 5,651 | 5,475 | 5,379 | |||||||||||
Depreciation, depletion and amortization | 416 | 425 | 390 | |||||||||||
Interest income | 8 | 6 | 7 | |||||||||||
Interest and related charges | 203 | 192 | 199 | |||||||||||
Income tax expense | 416 | 399 | 403 | |||||||||||
Net income (loss) attributable to Dominion | 691 | 702 | 653 | |||||||||||
Capital expenditures | 1,456 | 1,173 | 1,146 | |||||||||||
Total assets | 16,400 | 15,100 | 16,400 | 15,100 | ||||||||||
Virginia Electric and Power Company | Corporate and Other | ||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||
Total operating revenue | 0 | -6 | 0 | |||||||||||
Depreciation, depletion and amortization | 37 | 1 | 0 | |||||||||||
Interest income | 0 | 0 | 0 | |||||||||||
Interest and related charges | 3 | 2 | 0 | |||||||||||
Income tax expense | -185 | -26 | -27 | |||||||||||
Net income (loss) attributable to Dominion | -342 | -47 | -51 | |||||||||||
Capital expenditures | 0 | 0 | 0 | |||||||||||
Total assets | 0 | 0 | 0 | 0 | ||||||||||
Virginia Electric and Power Company | Adjustments & Eliminations | ||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||
Total operating revenue | 0 | 0 | 0 | |||||||||||
Depreciation, depletion and amortization | 0 | 0 | 0 | |||||||||||
Interest income | 0 | 0 | 0 | |||||||||||
Interest and related charges | 0 | 0 | 0 | |||||||||||
Income tax expense | 0 | 0 | 0 | |||||||||||
Net income (loss) attributable to Dominion | 0 | 0 | 0 | |||||||||||
Capital expenditures | 0 | 0 | 0 | |||||||||||
Total assets | -100 | -100 | -100 | -100 | ||||||||||
Dominion Gas Holdings, LLC | ||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||
Operating Revenue | 510 | 391 | 428 | 569 | 533 | 388 | 430 | 586 | 1,898 | [3] | 1,937 | [3] | 1,677 | [3] |
Total operating revenue | 1,898 | 1,937 | 1,677 | |||||||||||
Depreciation, depletion and amortization | 197 | 188 | 176 | |||||||||||
Equity in earnings of equity method investees | 21 | 22 | 23 | |||||||||||
Interest income | 1 | 2 | 2 | |||||||||||
Interest and related charges | 27 | 28 | 40 | |||||||||||
Income tax expense | 334 | 301 | 288 | |||||||||||
Net income (loss) attributable to Dominion | 148 | 107 | 93 | 164 | 140 | 130 | 53 | 138 | 512 | 461 | 459 | |||
Investment in equity method affiliates | 107 | 105 | 107 | 105 | ||||||||||
Capital expenditures | 719 | 650 | 928 | |||||||||||
Total assets | 9,848 | 9,142 | 9,848 | 9,142 | ||||||||||
Dominion Gas Holdings, LLC | Dominion Energy | ||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||
Total operating revenue | 1,898 | 1,937 | 1,677 | |||||||||||
Depreciation, depletion and amortization | 197 | 188 | 176 | |||||||||||
Equity in earnings of equity method investees | 21 | 22 | 23 | |||||||||||
Interest income | 1 | 2 | 2 | |||||||||||
Interest and related charges | 27 | 28 | 40 | |||||||||||
Income tax expense | 340 | 333 | 293 | |||||||||||
Net income (loss) attributable to Dominion | 521 | 510 | 469 | |||||||||||
Investment in equity method affiliates | 107 | 105 | 107 | 105 | ||||||||||
Capital expenditures | 719 | 650 | 928 | |||||||||||
Total assets | 9,200 | 8,500 | 9,200 | 8,500 | ||||||||||
Dominion Gas Holdings, LLC | Corporate and Other | ||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||
Total operating revenue | 0 | 0 | 0 | |||||||||||
Depreciation, depletion and amortization | 0 | 0 | 0 | |||||||||||
Equity in earnings of equity method investees | 0 | 0 | 0 | |||||||||||
Interest income | 0 | 0 | 0 | |||||||||||
Interest and related charges | 0 | 0 | 0 | |||||||||||
Income tax expense | -6 | -32 | -5 | |||||||||||
Net income (loss) attributable to Dominion | -9 | -49 | -10 | |||||||||||
Investment in equity method affiliates | 0 | 0 | 0 | 0 | ||||||||||
Capital expenditures | 0 | 0 | 0 | |||||||||||
Total assets | $600 | $600 | $600 | $600 | ||||||||||
[1] | Includes income tax benefit of $43 million and $692 million in 2013 and 2012, respectively. For 2012, includes impairment charges of $1.6 billion related to Brayton Point and Kincaid. See Note 6 for additional information. | |||||||||||||
[2] | See Note 24 for amounts attributable to affiliates. | |||||||||||||
[3] | See Note 24 for amounts attributable to related parties. |
Quarterly_Financial_and_Common2
Quarterly Financial and Common Stock Data (Unaudited) (Narrative) (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||
In Millions, unless otherwise specified | Dec. 31, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Jun. 30, 2013 | Dec. 31, 2013 |
Condensed Financial Statements, Captions [Line Items] | |||||
After tax charges associated with liability management exercise | $172 | ||||
Charge recognized, net of tax | 191 | 193 | |||
Impairment charge after tax | 33 | ||||
Loss from producer services business after tax | 24 | ||||
Brayton Point and Kincaid | |||||
Condensed Financial Statements, Captions [Line Items] | |||||
Loss before income taxes | -70 | ||||
Loss from operations after tax | 57 | ||||
Virginia Electric and Power Company | |||||
Condensed Financial Statements, Captions [Line Items] | |||||
Charge related to settlement offer, net of tax | 74 | ||||
Charge recognized, net of tax | 191 | ||||
Restoration costs net of tax | 28 | ||||
Dominion Gas Holdings, LLC | |||||
Condensed Financial Statements, Captions [Line Items] | |||||
Impairment charge after tax | 33 | ||||
After tax gain from agreement to convey development rights | 36 | ||||
Impairment charge, net of tax | $33 |
Quarterly_Financial_and_Common3
Quarterly Financial and Common Stock Data (Unaudited) (Quarterly Financial and Common Stock Data) (Details) (USD $) | 3 Months Ended | 12 Months Ended | ||||||||||||||||||||
In Millions, except Per Share data, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |||||||||||
Condensed Financial Statements, Captions [Line Items] | ||||||||||||||||||||||
Operating Revenue | $2,943 | $3,050 | $2,813 | $3,630 | $3,185 | $3,432 | $2,980 | $3,523 | $12,436 | $13,120 | $12,835 | |||||||||||
Income from operations | 638 | 921 | 394 | 768 | 804 | 1,034 | 548 | 930 | 2,721 | 3,316 | 2,858 | |||||||||||
Net income including noncontrolling interests | 249 | 531 | 161 | 385 | 435 | 575 | 208 | 502 | 1,326 | 1,720 | 329 | |||||||||||
Income from continuing operations | 243 | [1] | 529 | [1] | 159 | [1] | 379 | [1] | 431 | [1] | 592 | [1] | 272 | [1] | 494 | [1] | 1,310 | [1] | 1,789 | [1] | 1,427 | |
Income (loss) from discontinued operations | 0 | [1] | -23 | [1] | -70 | [1] | 1 | [1] | -92 | [1] | ||||||||||||
Net income (loss) attributable to Dominion | 243 | 529 | 159 | 379 | 431 | 569 | 202 | 495 | 1,310 | 1,697 | 302 | |||||||||||
Income from continuing operations - basic (in dollars per share) | $0.42 | [1] | $0.91 | [1] | $0.27 | [1] | $0.65 | [1] | $0.74 | [1] | $1.02 | [1] | $0.47 | [1] | $0.86 | [1] | $2.25 | [1] | $3.09 | [1] | $2.49 | |
Income (loss) from discontinued operations - basic (in dollars per share) | $0 | [1] | ($0.04) | [1] | ($0.12) | [1] | $0 | [1] | $0 | ($0.16) | [1] | ($1.96) | ||||||||||
Net income attributable to Dominion (in dollars per share) | $0.42 | $0.91 | $0.27 | $0.65 | $0.74 | $0.98 | $0.35 | $0.86 | $2.25 | $2.93 | $0.53 | |||||||||||
Income from continuing operations - diluted (in dollars per share) | $0.42 | [1] | $0.90 | [1] | $0.27 | [1] | $0.65 | [1] | $0.74 | [1] | $1.02 | [1] | $0.47 | [1] | $0.86 | [1] | $2.24 | [1] | $3.09 | [1] | $2.49 | |
Income (loss) from discontinued operations - diluted (in dollars per share) | $0 | [1] | ($0.04) | [1] | ($0.12) | [1] | $0 | [1] | $0 | ($0.16) | [1] | ($1.96) | ||||||||||
Net income attributable to Dominion - diluted (in dollars per share) | $0.42 | $0.90 | $0.27 | $0.65 | $0.74 | $0.98 | $0.35 | $0.86 | $2.24 | $2.93 | $0.53 | |||||||||||
Dividends declared per common share | $0.60 | $0.60 | $0.60 | $0.60 | $0.56 | $0.56 | $0.56 | $0.56 | $2.40 | $2.25 | $2.11 | |||||||||||
Virginia Electric and Power Company | ||||||||||||||||||||||
Condensed Financial Statements, Captions [Line Items] | ||||||||||||||||||||||
Operating Revenue | 1,814 | 2,053 | 1,729 | 1,983 | 1,745 | 2,059 | 1,710 | 1,781 | 7,579 | [2] | 7,295 | [2] | 7,226 | [2] | ||||||||
Income from operations | 312 | 594 | 205 | 613 | 408 | 679 | 463 | 530 | 1,724 | 2,080 | 1,992 | |||||||||||
Net income (loss) attributable to Dominion | 151 | 314 | 69 | 324 | 199 | 387 | 265 | 287 | 858 | 1,138 | 1,050 | |||||||||||
Balance available for common stock | 148 | 312 | 67 | 318 | 194 | 383 | 261 | 283 | 845 | 1,121 | 1,034 | |||||||||||
Dominion Gas Holdings, LLC | ||||||||||||||||||||||
Condensed Financial Statements, Captions [Line Items] | ||||||||||||||||||||||
Operating Revenue | 510 | 391 | 428 | 569 | 533 | 388 | 430 | 586 | 1,898 | [3] | 1,937 | [3] | 1,677 | [3] | ||||||||
Income from operations | 255 | 177 | 154 | 265 | 233 | 217 | 88 | 224 | 851 | 762 | 750 | |||||||||||
Net income (loss) attributable to Dominion | $148 | $107 | $93 | $164 | $140 | $130 | $53 | $138 | $512 | $461 | $459 | |||||||||||
Maximum | ||||||||||||||||||||||
Condensed Financial Statements, Captions [Line Items] | ||||||||||||||||||||||
Share Price | $80.89 | $71.62 | $73.75 | $72.22 | $67.97 | $64.04 | $61.85 | $58.25 | $80.89 | $67.97 | ||||||||||||
Common stock market value (high) | $80.89 | $67.97 | ||||||||||||||||||||
Minimum | ||||||||||||||||||||||
Condensed Financial Statements, Captions [Line Items] | ||||||||||||||||||||||
Share Price | $65.53 | $64.71 | $67.06 | $63.14 | $61.36 | $55.51 | $53.79 | $51.92 | $65.53 | $61.36 | ||||||||||||
Common stock market value (low) | $63.14 | $51.97 | ||||||||||||||||||||
[1] | Amounts attributable to Dominion's common shareholders. | |||||||||||||||||||||
[2] | See Note 24 for amounts attributable to affiliates. | |||||||||||||||||||||
[3] | See Note 24 for amounts attributable to related parties. |