Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2016 | Feb. 15, 2017 | Jun. 30, 2016 | |
Document Information [Line Items] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Dec. 31, 2016 | ||
Document Fiscal Year Focus | 2,016 | ||
Document Fiscal Period Focus | FY | ||
Trading Symbol | D | ||
Entity Registrant Name | DOMINION RESOURCES INC /VA/ | ||
Entity Central Index Key | 715,957 | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Common Stock, Shares Outstanding | 628,115,398 | ||
Entity Well Known Seasoned Issuer | Yes | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Entity Public Float | $ 47,900,000,000 | ||
Virginia Electric and Power Company | |||
Document Information [Line Items] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Dec. 31, 2016 | ||
Document Fiscal Year Focus | 2,016 | ||
Document Fiscal Period Focus | FY | ||
Trading Symbol | VEL - PE | ||
Entity Registrant Name | VIRGINIA ELECTRIC & POWER CO | ||
Entity Central Index Key | 103,682 | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Filer Category | Non-accelerated Filer | ||
Entity Common Stock, Shares Outstanding | 274,723 | ||
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 | Dec. 31, 2016 | ||
Document Fiscal Year Focus | 2,016 | ||
Document Fiscal Period Focus | FY | ||
Entity Registrant Name | Dominion Gas Holdings, LLC | ||
Entity Central Index Key | 1,603,291 | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Filer Category | Non-accelerated Filer | ||
Entity Common Stock, Shares Outstanding | 0 | ||
Entity Well Known Seasoned Issuer | Yes | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Entity Public Float | $ 0 |
Consolidated Statements of Inco
Consolidated Statements of Income - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | ||
Operating Revenue | $ 11,737 | $ 11,683 | $ 12,436 | |
Operating Expenses | ||||
Electric fuel and other energy-related purchases | 2,333 | 2,725 | 3,400 | |
Purchased electric capacity | 99 | 330 | 361 | |
Purchased gas | 459 | 551 | 1,355 | |
Other operations and maintenance | 3,064 | 2,595 | 2,765 | |
Depreciation, depletion and amortization | 1,559 | 1,395 | 1,292 | |
Other taxes | 596 | 551 | 542 | |
Total operating expenses | 8,110 | 8,147 | 9,715 | |
Income from operations | 3,627 | 3,536 | 2,721 | |
Earnings from equity method investee | 111 | 56 | 46 | |
Other income | 250 | 196 | 250 | |
Interest and related charges | 1,010 | 904 | 1,193 | |
Income from operations including noncontrolling interests before income taxes | 2,867 | 2,828 | 1,778 | |
Income tax expense | 655 | 905 | 452 | |
Net income including noncontrolling interests | 2,212 | 1,923 | 1,326 | |
Noncontrolling interests | 89 | 24 | 16 | |
Net income attributable to Dominion | 2,123 | 1,899 | 1,310 | |
Balance available for common stock | $ 2,212 | $ 1,923 | $ 1,326 | |
Earnings Per Common Share | ||||
Net income attributable to Dominion- Basic (in dollars per share) | $ 3.44 | $ 3.21 | $ 2.25 | |
Net income attributable to Dominion - Diluted (in dollars per share) | 3.44 | 3.20 | 2.24 | |
Dividends declared per common share | $ 2.80 | $ 2.59 | $ 2.40 | |
Virginia Electric and Power Company | ||||
Operating Revenue | [1] | $ 7,588 | $ 7,622 | $ 7,579 |
Operating Expenses | ||||
Electric fuel and other energy-related purchases | [1] | 1,973 | 2,320 | 2,406 |
Purchased electric capacity | 99 | 330 | 360 | |
Affiliated suppliers | 310 | 279 | 286 | |
Other | 1,547 | 1,355 | 1,630 | |
Depreciation, depletion and amortization | 1,025 | 953 | 915 | |
Other taxes | 284 | 264 | 258 | |
Total operating expenses | 5,238 | 5,501 | 5,855 | |
Income from operations | 2,350 | 2,121 | 1,724 | |
Other income | 56 | 68 | 93 | |
Interest and related charges | 461 | 443 | 411 | |
Income from operations including noncontrolling interests before income taxes | 1,945 | 1,746 | 1,406 | |
Income tax expense | 727 | 659 | 548 | |
Net income attributable to Dominion | 1,218 | 1,087 | 858 | |
Preferred dividends | [2] | 0 | 0 | 13 |
Balance available for common stock | 1,218 | 1,087 | 845 | |
Dominion Gas Holdings, LLC | ||||
Operating Revenue | [3] | 1,638 | 1,716 | 1,898 |
Operating Expenses | ||||
Purchased gas | [3] | 109 | 133 | 315 |
Other energy-related purchases | [3] | 12 | 21 | 40 |
Affiliated suppliers | 81 | 64 | 64 | |
Other | [3],[4] | 393 | 326 | 274 |
Depreciation, depletion and amortization | 204 | 217 | 197 | |
Other taxes | 170 | 166 | 157 | |
Total operating expenses | 969 | 927 | 1,047 | |
Income from operations | 669 | 789 | 851 | |
Earnings from equity method investee | 21 | 23 | 21 | |
Other income | 11 | 1 | 1 | |
Interest and related charges | [3] | 94 | 73 | 27 |
Income from operations including noncontrolling interests before income taxes | 607 | 740 | 846 | |
Income tax expense | 215 | 283 | 334 | |
Net income attributable to Dominion | $ 392 | $ 457 | $ 512 | |
[1] | See Note 24 for amounts attributable to affiliates. | |||
[2] | 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. | |||
[3] | See Note 24 for amounts attributable to related parties. | |||
[4] | Includes a gain on the sale of assets to a related party of $59 million in 2014. See Note 9 for more information. |
Consolidated Statements of Inc3
Consolidated Statements of Income (Parenthetical) $ in Millions | 12 Months Ended |
Dec. 31, 2014USD ($) | |
Virginia Electric and Power Company | |
Issuance expenses related to redemption of preferred stock | $ 2 |
Dominion Gas Holdings, LLC | Affiliated Entity | |
Gain on sale of assets | $ 59 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Net income including noncontrolling interests | $ 2,212 | $ 1,923 | $ 1,326 |
Net income attributable to Dominion | 2,123 | 1,899 | 1,310 |
Other comprehensive income (loss), net of taxes: | |||
Net deferred gains (losses) on derivatives-hedging activities, net of tax | 55 | 110 | 17 |
Changes in unrealized net gains (losses) on investment securities, net of tax | 93 | 6 | 128 |
Changes in net unrecognized pension and other postretirement benefit costs, net of tax | (319) | (66) | (305) |
Amounts reclassified to net income: | |||
Net derivative (gains) losses-hedging activities, net of tax | (159) | (108) | 93 |
Net realized gains on investment securities, net of tax | (28) | (50) | (54) |
Net pension and other postretirement benefit costs, net of tax | 34 | 51 | 33 |
Changes in other comprehensive loss from equity method investees, net of tax | (1) | (1) | (4) |
Other comprehensive income (loss) | (325) | (58) | (92) |
Comprehensive income including noncontrolling interests | 1,887 | 1,865 | 1,234 |
Comprehensive income attributable to noncontrolling interests | 89 | 24 | 16 |
Comprehensive income | 1,798 | 1,841 | 1,218 |
Virginia Electric and Power Company | |||
Net income attributable to Dominion | 1,218 | 1,087 | 858 |
Other comprehensive income (loss), net of taxes: | |||
Net deferred gains (losses) on derivatives-hedging activities, net of tax | (2) | (1) | (4) |
Changes in unrealized net gains (losses) on investment securities, net of tax | 11 | (4) | 15 |
Amounts reclassified to net income: | |||
Net derivative (gains) losses-hedging activities, net of tax | 1 | 1 | (3) |
Net realized gains on investment securities, net of tax | (4) | (6) | (6) |
Other comprehensive income (loss) | 6 | (10) | 2 |
Comprehensive income | 1,224 | 1,077 | 860 |
Dominion Gas Holdings, LLC | |||
Net income attributable to Dominion | 392 | 457 | 512 |
Other comprehensive income (loss), net of taxes: | |||
Net deferred gains (losses) on derivatives-hedging activities, net of tax | (16) | 6 | (31) |
Changes in net unrecognized pension and other postretirement benefit costs, net of tax | (20) | (20) | (10) |
Amounts reclassified to net income: | |||
Net derivative (gains) losses-hedging activities, net of tax | 9 | (3) | 8 |
Net pension and other postretirement benefit costs, net of tax | 3 | 4 | 5 |
Other comprehensive income (loss) | (24) | (13) | (28) |
Comprehensive income | $ 368 | $ 444 | $ 484 |
Consolidated Statements of Com5
Consolidated Statements of Comprehensive Income (Parenthetical) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Net deferred gains (losses) on derivatives-hedging activities, tax | $ (37) | $ (74) | $ (20) |
Changes in unrealized net gains (losses) on investment securities, tax | (53) | 23 | (59) |
Changes in net unrecognized pension and other postretirement benefit costs, tax | 189 | 29 | 189 |
Net derivative (gains) losses-hedging activities, tax | 100 | 68 | (59) |
Net realized (gains) losses on investment securities, tax | 15 | 29 | 33 |
Net pension and other postretirement benefit costs, tax | (22) | (35) | (24) |
Changes in other comprehensive income (loss) from equity method investees, tax | 0 | 1 | 3 |
Virginia Electric and Power Company | |||
Net deferred gains (losses) on derivatives-hedging activities, tax | 1 | 2 | 2 |
Changes in unrealized net gains (losses) on investment securities, tax | (7) | 1 | (9) |
Net derivative (gains) losses-hedging activities, tax | 0 | 0 | 2 |
Net realized (gains) losses on investment securities, tax | 2 | 4 | 4 |
Dominion Gas Holdings, LLC | |||
Net deferred gains (losses) on derivatives-hedging activities, tax | 10 | (4) | 19 |
Changes in net unrecognized pension and other postretirement benefit costs, tax | 14 | 13 | 6 |
Net derivative (gains) losses-hedging activities, tax | (6) | 3 | (5) |
Net pension and other postretirement benefit costs, tax | $ (2) | $ (3) | $ (3) |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Millions | Dec. 31, 2016 | Dec. 31, 2015 | |
Current Assets | |||
Cash and cash equivalents | $ 261 | $ 607 | |
Customer receivables | 1,523 | 1,200 | |
Other receivables | 183 | 169 | |
Inventories: | |||
Materials and supplies | 1,087 | 902 | |
Fossil fuel | 341 | 381 | |
Gas stored | 96 | 65 | |
Derivative assets | 140 | 255 | |
Prepayments | 194 | 198 | |
Regulatory assets | 244 | 351 | |
Other | 179 | 61 | |
Total current assets | 4,248 | 4,189 | |
Investments | |||
Nuclear decommissioning trust funds | 4,484 | 4,183 | |
Investment in equity method affiliates | 1,561 | 1,320 | |
Other | 298 | 271 | |
Total investments | 6,343 | 5,774 | |
Property, Plant and Equipment | |||
Property, plant and equipment | 69,556 | 57,776 | |
Accumulated depreciation, depletion and amortization | (19,592) | (16,222) | |
Total property, plant and equipment, net | 49,964 | 41,554 | |
Deferred Charges and Other Assets | |||
Goodwill | [1] | 6,399 | 3,294 |
Pension and other postretirement benefit assets | 1,078 | 943 | |
Intangible assets, net | 618 | 570 | |
Regulatory assets | 2,473 | 1,865 | |
Other | 487 | 459 | |
Total deferred charges and other assets | 11,055 | 7,131 | |
Total assets | 71,610 | 58,648 | |
Current Liabilities | |||
Securities due within one year | 1,709 | 1,825 | |
Short-term debt | 3,155 | 3,509 | |
Accounts payable | 1,000 | 726 | |
Accrued interest, payroll and taxes | 798 | 515 | |
Regulatory liabilities | 163 | 100 | |
Other | [2] | 1,290 | 1,444 |
Total current liabilities | 8,115 | 8,119 | |
Long-Term Debt | |||
Long-term debt | 24,878 | 20,048 | |
Junior subordinated notes | 2,980 | 1,340 | |
Remarketable subordinated notes | 2,373 | 2,080 | |
Total long-term debt | 30,231 | 23,468 | |
Deferred Credits and Other Liabilities | |||
Deferred income taxes and investment tax credits | 8,602 | 7,414 | |
Asset retirement obligations | 2,236 | 1,887 | |
Pension and other postretirement benefit liabilities | 2,112 | 1,199 | |
Regulatory liabilities | 2,622 | 2,285 | |
Other | 852 | 674 | |
Total deferred credits and other liabilities | 16,424 | 13,459 | |
Total liabilities | 54,770 | 45,046 | |
Commitments and Contingencies (see Note 22) | |||
Equity | |||
Common stock-no par | [3] | 8,550 | 6,680 |
Retained earnings | 6,854 | 6,458 | |
Accumulated other comprehensive loss | (799) | (474) | |
Total common shareholders' equity | 14,605 | 12,664 | |
Noncontrolling interests | 2,235 | 938 | |
Total equity | 16,840 | 13,602 | |
Total liabilities and equity | 71,610 | 58,648 | |
Virginia Electric and Power Company | |||
Current Assets | |||
Cash and cash equivalents | 11 | 18 | |
Customer receivables | 892 | 822 | |
Other receivables | 99 | 109 | |
Affiliated receivables | 112 | 296 | |
Inventories: | |||
Materials and supplies | 525 | 502 | |
Fossil fuel | 328 | 371 | |
Prepayments | [4] | 30 | 38 |
Regulatory assets | 179 | 326 | |
Other | [4] | 72 | 22 |
Total current assets | 2,248 | 2,504 | |
Investments | |||
Nuclear decommissioning trust funds | 2,106 | 1,945 | |
Other | 3 | 3 | |
Total investments | 2,109 | 1,948 | |
Property, Plant and Equipment | |||
Property, plant and equipment | 40,030 | 37,639 | |
Accumulated depreciation, depletion and amortization | (12,436) | (11,708) | |
Total property, plant and equipment, net | 27,594 | 25,931 | |
Deferred Charges and Other Assets | |||
Pension and other postretirement benefit assets | [4] | 130 | 77 |
Intangible assets, net | 225 | 213 | |
Regulatory assets | 770 | 667 | |
Derivative assets | [4] | 128 | 109 |
Other | 104 | 116 | |
Total deferred charges and other assets | 1,357 | 1,182 | |
Total assets | 33,308 | 31,565 | |
Current Liabilities | |||
Securities due within one year | 678 | 476 | |
Short-term debt | 65 | 1,656 | |
Accounts payable | 444 | 366 | |
Payables to affiliates | 109 | 73 | |
Affiliated current borrowings | 262 | 376 | |
Accrued interest, payroll and taxes | [4] | 239 | 190 |
Asset retirement obligations | 181 | 143 | |
Regulatory liabilities | 115 | 35 | |
Other | [4] | 429 | 415 |
Total current liabilities | 2,522 | 3,730 | |
Long-Term Debt | |||
Total long-term debt | 9,852 | 8,892 | |
Deferred Credits and Other Liabilities | |||
Deferred income taxes and investment tax credits | 5,103 | 4,654 | |
Asset retirement obligations | 1,262 | 1,104 | |
Pension and other postretirement benefit liabilities | [4] | 396 | 316 |
Regulatory liabilities | 1,962 | 1,929 | |
Other | 346 | 299 | |
Total deferred credits and other liabilities | 9,069 | 8,302 | |
Total liabilities | 21,443 | 20,924 | |
Commitments and Contingencies (see Note 22) | |||
Equity | |||
Common stock-no par | [5] | 5,738 | 5,738 |
Other paid-in capital | 1,113 | 1,113 | |
Retained earnings | 4,968 | 3,750 | |
Accumulated other comprehensive loss | 46 | 40 | |
Total common shareholders' equity | 11,865 | 10,641 | |
Total equity | 11,865 | 10,641 | |
Total liabilities and equity | 33,308 | 31,565 | |
Dominion Gas Holdings, LLC | |||
Current Assets | |||
Cash and cash equivalents | 23 | 13 | |
Customer receivables | [6] | 281 | 219 |
Other receivables | [6] | 13 | 7 |
Affiliated receivables | 17 | 98 | |
Inventories: | |||
Materials and supplies | 57 | 54 | |
Gas stored | 13 | 24 | |
Prepayments | [6] | 94 | 88 |
Regulatory assets | 26 | 23 | |
Gas imbalances | [6] | 37 | 17 |
Other | 21 | 23 | |
Total current assets | 582 | 566 | |
Investments | |||
Investment in equity method affiliates | 98 | 102 | |
Total investments | 99 | 104 | |
Property, Plant and Equipment | |||
Property, plant and equipment | 10,475 | 9,693 | |
Accumulated depreciation, depletion and amortization | (2,851) | (2,690) | |
Total property, plant and equipment, net | 7,624 | 7,003 | |
Deferred Charges and Other Assets | |||
Goodwill | [1] | 542 | 542 |
Pension and other postretirement benefit assets | [6] | 1,557 | 1,510 |
Intangible assets, net | 98 | 83 | |
Regulatory assets | 577 | 449 | |
Other | [6] | 63 | 51 |
Total deferred charges and other assets | 2,837 | 2,635 | |
Total assets | 11,142 | 10,308 | |
Current Liabilities | |||
Securities due within one year | 0 | 400 | |
Short-term debt | 460 | 391 | |
Accounts payable | 221 | 201 | |
Payables to affiliates | 29 | 22 | |
Affiliated current borrowings | 118 | 95 | |
Accrued interest, payroll and taxes | [6] | 225 | 183 |
Regulatory liabilities | 35 | 55 | |
Other | [6] | 127 | 128 |
Total current liabilities | 1,215 | 1,475 | |
Long-Term Debt | |||
Total long-term debt | 3,528 | 2,869 | |
Deferred Credits and Other Liabilities | |||
Deferred income taxes and investment tax credits | 2,438 | 2,214 | |
Regulatory liabilities | 219 | 201 | |
Other | [6] | 206 | 231 |
Total deferred credits and other liabilities | 2,863 | 2,646 | |
Total liabilities | 7,606 | 6,990 | |
Commitments and Contingencies (see Note 22) | |||
Equity | |||
Membership interests | 3,659 | 3,417 | |
Accumulated other comprehensive loss | (123) | (99) | |
Total common shareholders' equity | 3,536 | 3,318 | |
Total liabilities and equity | $ 11,142 | $ 10,308 | |
[1] | Goodwill amounts do not contain any accumulated impairment losses. | ||
[2] | See Note 3 for amounts attributable to related parties. | ||
[3] | 1 billion shares authorized; 628 million shares and 596 million shares outstanding at December 31, 2016 and 2015, respectively. | ||
[4] | See Note 24 for amounts attributable to affiliates. | ||
[5] | 500,000 shares authorized; 274,723 shares outstanding at December 31, 2016 and 2015. | ||
[6] | See Note 24 for amounts attributable to related parties. |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Millions | Dec. 31, 2016 | Dec. 31, 2015 | |
Customer receivables, allowance for doubtful accounts | $ 18 | $ 32 | |
Other receivables, allowance for doubtful accounts | $ 2 | $ 2 | |
Common Stock, shares authorized | 1,000,000,000 | 1,000,000,000 | |
Common stock, shares outstanding | 628,000,000 | 596,000,000 | |
Virginia Electric and Power Company | |||
Customer receivables, allowance for doubtful accounts | $ 10 | $ 27 | |
Other receivables, allowance for doubtful accounts | $ 1 | $ 1 | |
Common Stock, shares authorized | 500,000 | 500,000 | |
Common stock, shares outstanding | 274,723 | 274,723 | |
Dominion Gas Holdings, LLC | |||
Customer receivables, allowance for doubtful accounts | [1] | $ 1 | $ 1 |
Other receivables, allowance for doubtful accounts | [1] | $ 1 | $ 2 |
[1] | See Note 24 for amounts attributable to related parties. |
Consolidated Statements of Equi
Consolidated Statements of Equity - USD ($) shares in Millions, $ in Millions | Total | Common Units | Convertible Preferred Units | IPO | Total Common Shareholders' Equity | Total Common Shareholders' EquityCommon Units | Total Common Shareholders' EquityConvertible Preferred Units | Total Common Shareholders' EquityIPO | Common Stock | Retained Earnings | Accumulated Other Comprehensive Income (Loss) | Noncontrolling Interests | Noncontrolling InterestsCommon Units | Noncontrolling InterestsConvertible Preferred Units | Noncontrolling InterestsIPO | Virginia Electric and Power Company | Virginia Electric and Power CompanyCommon Stock | Virginia Electric and Power CompanyOther Paid-In Capital | Virginia Electric and Power CompanyRetained Earnings | Virginia Electric and Power CompanyAccumulated Other Comprehensive Income (Loss) | Dominion Gas Holdings, LLC | Dominion Gas Holdings, LLCMembership Interests | Dominion Gas Holdings, LLCAccumulated Other Comprehensive Income (Loss) | ||
Beginning Balance (in shares) at Dec. 31, 2013 | 581 | 275 | |||||||||||||||||||||||
Beginning Balance, value at Dec. 31, 2013 | $ 11,642 | $ 11,642 | $ 5,783 | $ 6,183 | $ (324) | $ 0 | $ 9,798 | $ 5,738 | $ 1,113 | $ 2,899 | $ 48 | ||||||||||||||
Beginning Balance, value at Dec. 31, 2013 | $ 3,427 | $ 3,485 | $ (58) | ||||||||||||||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||||||||||||||||
Net income including noncontrolling interests | 1,326 | 1,323 | 1,323 | 3 | 845 | ||||||||||||||||||||
Dominion Midstream's acquisition of interest in Iroquois and Issuance of Dominion Midstream common units, net of offering costs | $ 392 | $ 0 | $ 392 | ||||||||||||||||||||||
Net income attributable to Dominion | 1,310 | 858 | 858 | 512 | 512 | ||||||||||||||||||||
Equity contribution from parent | 1 | 1 | |||||||||||||||||||||||
Distributions | (346) | (346) | |||||||||||||||||||||||
Issuance of stock-employee and direct stock purchase plans (in shares) | 3 | ||||||||||||||||||||||||
Issuance of stock-employee and direct stock purchase plans | 205 | 205 | $ 205 | ||||||||||||||||||||||
Stock awards and stock options exercised (net of change in unearned compensation), value | 14 | 14 | $ 14 | ||||||||||||||||||||||
Other stock issuances (in shares) | [1] | 1 | |||||||||||||||||||||||
Other stock issuances, value | [1] | 14 | 14 | $ 14 | |||||||||||||||||||||
Present value of stock purchase contract payments related to RSNs | [2] | (143) | (143) | (143) | |||||||||||||||||||||
Dividends | (1,411) | (1,411) | (1,411) | [2] | (603) | (603) | |||||||||||||||||||
Other comprehensive income (loss), net of tax | (92) | (92) | (92) | 2 | 2 | (28) | (28) | ||||||||||||||||||
Other | 10 | 3 | $ 3 | 7 | |||||||||||||||||||||
Beginning Balance, value at Dec. 31, 2014 | 3,566 | 3,652 | (86) | ||||||||||||||||||||||
Ending Balance (in shares) at Dec. 31, 2014 | 585 | 275 | |||||||||||||||||||||||
Beginning Balance, value at Dec. 31, 2014 | 11,957 | 11,555 | $ 5,876 | 6,095 | (416) | 402 | 10,055 | $ 5,738 | 1,113 | 3,154 | 50 | ||||||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||||||||||||||||
Net income including noncontrolling interests | 1,923 | 1,899 | 1,899 | 24 | 1,087 | ||||||||||||||||||||
Dominion Midstream's acquisition of interest in Iroquois and Issuance of Dominion Midstream common units, net of offering costs | 216 | 0 | 216 | ||||||||||||||||||||||
Acquisition of Four Brothers and Three Cedars | 47 | 0 | 47 | ||||||||||||||||||||||
Contributions from SunEdison to Four Brothers and Three Cedars | 103 | 0 | 103 | ||||||||||||||||||||||
Sale of interest in merchant solar projects | 205 | 26 | 26 | 179 | |||||||||||||||||||||
Purchase of Dominion Midstream common units | (25) | (6) | $ (6) | (19) | |||||||||||||||||||||
Net income attributable to Dominion | 1,899 | 1,087 | 1,087 | 457 | 457 | ||||||||||||||||||||
Distributions | (692) | (692) | |||||||||||||||||||||||
Issuance of stock-employee and direct stock purchase plans (in shares) | 11 | ||||||||||||||||||||||||
Issuance of stock-employee and direct stock purchase plans | 786 | 786 | $ 786 | ||||||||||||||||||||||
Stock awards and stock options exercised (net of change in unearned compensation), value | 13 | 13 | 13 | ||||||||||||||||||||||
Dividends | (1,536) | (1,536) | (1,536) | (491) | (491) | ||||||||||||||||||||
Dominion Midstream distributions | (16) | 0 | (16) | ||||||||||||||||||||||
Other comprehensive income (loss), net of tax | (58) | (58) | (58) | (10) | (10) | (13) | (13) | ||||||||||||||||||
Other | (13) | (15) | $ (15) | 2 | |||||||||||||||||||||
Beginning Balance, value at Dec. 31, 2015 | 3,318 | 3,417 | (99) | ||||||||||||||||||||||
Ending Balance (in shares) at Dec. 31, 2015 | 596 | 275 | |||||||||||||||||||||||
Beginning Balance, value at Dec. 31, 2015 | 13,602 | 12,664 | $ 6,680 | 6,458 | (474) | 938 | 10,641 | $ 5,738 | 1,113 | 3,750 | 40 | ||||||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||||||||||||||||
Net income including noncontrolling interests | 2,212 | 2,123 | 2,123 | 89 | 1,218 | ||||||||||||||||||||
Dominion Midstream's acquisition of interest in Iroquois and Issuance of Dominion Midstream common units, net of offering costs | $ 482 | $ 490 | $ 0 | $ 0 | $ 482 | $ 490 | |||||||||||||||||||
Contributions from SunEdison to Four Brothers and Three Cedars | 189 | 0 | 189 | ||||||||||||||||||||||
Sale of interest in merchant solar projects | 139 | 22 | 22 | 117 | |||||||||||||||||||||
Purchase of Dominion Midstream common units | (17) | (3) | $ (3) | (14) | |||||||||||||||||||||
Net income attributable to Dominion | 2,123 | 1,218 | 1,218 | 392 | 392 | ||||||||||||||||||||
Distributions | (150) | (150) | |||||||||||||||||||||||
Issuance of stock-employee and direct stock purchase plans (in shares) | 32 | ||||||||||||||||||||||||
Issuance of stock-employee and direct stock purchase plans | 2,152 | 2,152 | $ 2,152 | ||||||||||||||||||||||
Stock awards and stock options exercised (net of change in unearned compensation), value | 14 | 14 | 14 | ||||||||||||||||||||||
Present value of stock purchase contract payments related to RSNs | [2] | (191) | (191) | (191) | |||||||||||||||||||||
Tax effect of Questar Pipeline contribution to Dominion Midstream | (116) | (116) | (116) | ||||||||||||||||||||||
Dividends | (1,789) | (1,727) | (1,727) | (62) | |||||||||||||||||||||
Other comprehensive income (loss), net of tax | (325) | (325) | (325) | 6 | 6 | (24) | (24) | ||||||||||||||||||
Other | (2) | (8) | $ (8) | 6 | |||||||||||||||||||||
Beginning Balance, value at Dec. 31, 2016 | $ 3,536 | $ 3,659 | $ (123) | ||||||||||||||||||||||
Ending Balance (in shares) at Dec. 31, 2016 | 628 | 275 | |||||||||||||||||||||||
Beginning Balance, value at Dec. 31, 2016 | $ 16,840 | $ 14,605 | $ 8,550 | $ 6,854 | $ (799) | $ 2,235 | $ 11,865 | $ 5,738 | $ 1,113 | $ 4,968 | $ 46 | ||||||||||||||
[1] | Contains shares issued in excess of principal amounts related to converted securities. See Note 17 for further information on convertible securities. | ||||||||||||||||||||||||
[2] | See Note 17 for further information. |
Consolidated Statements of Equ9
Consolidated Statements of Equity (Parenthetical) $ in Millions | 12 Months Ended |
Dec. 31, 2014USD ($) | |
Statement of Stockholders' Equity [Abstract] | |
Preferred dividends related to noncontrolling interest | $ 13 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Operating Activities | |||
Net income including noncontrolling interests | $ 2,212 | $ 1,923 | $ 1,326 |
Net income (loss) attributable to Dominion | 2,123 | 1,899 | 1,310 |
Adjustments to reconcile net income including noncontrolling interests to net cash provided by operating activities: | |||
Depreciation, depletion and amortization (including nuclear fuel) | 1,849 | 1,669 | 1,560 |
Deferred income taxes and investment tax credits | 725 | 854 | 449 |
Current income tax for Questar Pipeline contribution to Dominion Midstream | (212) | 0 | 0 |
Gains on the sale of assets and businesses and equity method investment in Iroquois | (50) | (123) | (220) |
Charges associated with North Anna and offshore wind legislation | 0 | 0 | 374 |
Charges associated with Liability Management Exercise | 0 | 0 | 284 |
Charges associated with future ash pond and landfill closure costs | 197 | 99 | 121 |
Other adjustments | (108) | (42) | (113) |
Changes in: | |||
Accounts receivable | (286) | 294 | 131 |
Inventories | 1 | (26) | (43) |
Deferred fuel and purchased gas costs, net | 54 | 94 | (180) |
Prepayments | 21 | (25) | 24 |
Accounts payable | 97 | (199) | (202) |
Accrued interest, payroll and taxes | 203 | (52) | (41) |
Margin deposit assets and liabilities | (66) | 237 | 361 |
Net realized and unrealized changes related to derivative activities | (335) | (176) | (38) |
Other operating assets and liabilities | (175) | (52) | (354) |
Net cash provided by operating activities | 4,127 | 4,475 | 3,439 |
Investing Activities | |||
Plant construction and other property additions (including nuclear fuel) | (6,085) | (5,575) | (5,345) |
Acquisition of Dominion Questar, net of cash acquired | (4,381) | 0 | 0 |
Acquisition of solar development projects | (40) | (418) | (206) |
Acquisition of DCG | 0 | (497) | 0 |
Proceeds from sales of securities | 1,422 | 1,340 | 1,235 |
Purchases of securities | (1,504) | (1,326) | (1,241) |
Proceeds from assignments of shale development rights | 10 | 79 | 60 |
Other | (125) | (106) | 44 |
Net cash used in investing activities | (10,703) | (6,503) | (5,181) |
Financing Activities | |||
Issuance (repayment) of short-term debt, net | (654) | 734 | 848 |
Issuance of short-term notes | 1,200 | 600 | 400 |
Repayment and repurchase of short-term notes | (1,800) | (400) | (400) |
Issuance and remarketing of long-term debt | 7,722 | 2,962 | 6,085 |
Repayment and repurchase of long-term debt, including redemption premiums | (1,610) | (892) | (3,993) |
Net proceeds from issuance of Dominion Midstream common units | 482 | 0 | 392 |
Net proceeds from issuance of Dominion Midstream convertible preferred units | 490 | 0 | 0 |
Contributions from SunEdison to Four Brothers and Three Cedars | 189 | 103 | 0 |
Proceeds from sale of interest in merchant solar projects | 117 | 184 | 0 |
Subsidiary preferred stock redemption | 0 | 0 | (259) |
Issuance of common stock | 2,152 | 786 | 205 |
Common dividend payments | (1,727) | (1,536) | (1,398) |
Subsidiary preferred dividend payments | 0 | 0 | (11) |
Other | (331) | (224) | (125) |
Net cash provided by financing activities | 6,230 | 2,317 | 1,744 |
Increase (decrease) in cash and cash equivalents | (346) | 289 | 2 |
Cash and cash equivalents at beginning of year | 607 | 318 | 316 |
Cash and cash equivalents at end of year | 261 | 607 | 318 |
Supplemental Cash Flow Information | |||
Interest and related charges, excluding capitalized amounts | 905 | 843 | 889 |
Income taxes | 145 | 75 | 72 |
Significant noncash investing activities: | |||
Accrued capital expenditures | 427 | 478 | 315 |
Dominion Midstream's acquisition of a noncontrolling partnership interest in Iroquois in exchange for issuance of Dominion Midstream common units | |||
Significant noncash investing activities: | |||
Dominion Midstream's acquisition of a noncontrolling partnership interest in Iroquois in exchange for issuance of Dominion Midstream common units | 0 | 216 | 0 |
Electric Retail Energy Marketing Business | |||
Investing Activities | |||
Proceeds from sale of business | 0 | 0 | 187 |
Blue Racer | |||
Investing Activities | |||
Proceeds from sale of business | 0 | 0 | 85 |
Virginia Electric and Power Company | |||
Operating Activities | |||
Net income (loss) attributable to Dominion | 1,218 | 1,087 | 858 |
Adjustments to reconcile net income including noncontrolling interests to net cash provided by operating activities: | |||
Depreciation and amortization | 1,025 | 953 | 915 |
Depreciation, depletion and amortization (including nuclear fuel) | 1,210 | 1,121 | 1,090 |
Deferred income taxes and investment tax credits | 469 | 251 | 396 |
Charges associated with North Anna and offshore wind legislation | 0 | 0 | 374 |
Charges associated with future ash pond and landfill closure costs | 197 | 99 | 121 |
Other adjustments | (16) | (27) | (35) |
Changes in: | |||
Accounts receivable | (65) | 128 | (27) |
Affiliated accounts receivable and payable | 220 | (314) | 23 |
Inventories | 20 | (20) | (45) |
Deferred fuel and purchased gas costs, net | 69 | 64 | (191) |
Prepayments | 8 | 214 | (220) |
Accounts payable | 25 | (75) | 5 |
Accrued interest, payroll and taxes | 49 | (9) | (19) |
Net realized and unrealized changes related to derivative activities | (153) | (67) | (37) |
Other operating assets and liabilities | 18 | 103 | (45) |
Net cash provided by operating activities | 3,269 | 2,555 | 2,248 |
Investing Activities | |||
Plant construction and other property additions (including nuclear fuel) | (2,489) | (2,474) | (2,911) |
Acquisition of solar development projects | (7) | (43) | 0 |
Purchases of nuclear fuel | (153) | (172) | (196) |
Purchases of securities | (775) | (651) | (574) |
Proceeds from sales of securities | 733 | 639 | 549 |
Other | (33) | (87) | (2) |
Net cash used in investing activities | (2,724) | (2,788) | (3,134) |
Financing Activities | |||
Issuance (repayment) of short-term debt, net | (1,591) | 295 | 519 |
Issuance (repayment) of affiliated current borrowings, net | (114) | (51) | 330 |
Issuance and remarketing of long-term debt | 1,688 | 1,112 | 950 |
Repayment and repurchase of long-term debt | (517) | (625) | (61) |
Subsidiary preferred stock redemption | 0 | 0 | (259) |
Common dividend payments | 0 | (491) | (590) |
Subsidiary preferred dividend payments | 0 | 0 | (11) |
Other | (18) | (4) | 7 |
Net cash provided by financing activities | (552) | 236 | 885 |
Increase (decrease) in cash and cash equivalents | (7) | 3 | (1) |
Cash and cash equivalents at beginning of year | 18 | 15 | 16 |
Cash and cash equivalents at end of year | 11 | 18 | 15 |
Supplemental Cash Flow Information | |||
Interest and related charges, excluding capitalized amounts | 435 | 422 | 383 |
Income taxes | 79 | 517 | 386 |
Significant noncash investing activities: | |||
Accrued capital expenditures | 256 | 169 | 181 |
Dominion Gas Holdings, LLC | |||
Operating Activities | |||
Net income (loss) attributable to Dominion | 392 | 457 | 512 |
Adjustments to reconcile net income including noncontrolling interests to net cash provided by operating activities: | |||
Depreciation and amortization | 204 | 217 | 197 |
Deferred income taxes and investment tax credits | 238 | 163 | 216 |
Gains on the sale of assets and businesses and equity method investment in Iroquois | (50) | (123) | (124) |
Other adjustments | (6) | 16 | 2 |
Changes in: | |||
Accounts receivable | (68) | 115 | (42) |
Affiliated accounts receivable and payable | 88 | (105) | (5) |
Inventories | 8 | (13) | (2) |
Prepayments | (6) | 99 | (99) |
Accounts payable | 15 | (51) | (35) |
Accrued interest, payroll and taxes | 42 | (11) | (15) |
Pension and other postretirement benefits | (141) | (119) | (112) |
Other operating assets and liabilities | (68) | (17) | (22) |
Net cash provided by operating activities | 648 | 628 | 471 |
Investing Activities | |||
Plant construction and other property additions (including nuclear fuel) | (854) | (795) | (719) |
Proceeds from sale of equity method investment in Iroquois | 7 | 0 | 0 |
Proceeds from sale of assets to affiliate | 0 | 0 | 47 |
Proceeds from assignments of shale development rights | 10 | 79 | 60 |
Other | (18) | (11) | (4) |
Net cash used in investing activities | (855) | (727) | (616) |
Financing Activities | |||
Issuance (repayment) of short-term debt, net | 69 | 391 | 0 |
Issuance (repayment) of affiliated current borrowings, net | 23 | (289) | (892) |
Issuance and remarketing of long-term debt | 680 | 700 | 1,400 |
Repayment and repurchase of long-term debt, including redemption premiums | (400) | 0 | 0 |
Distribution payments to parent | (150) | (692) | (346) |
Other | (5) | (7) | (16) |
Net cash provided by financing activities | 217 | 103 | 146 |
Increase (decrease) in cash and cash equivalents | 10 | 4 | 1 |
Cash and cash equivalents at beginning of year | 13 | 9 | 8 |
Cash and cash equivalents at end of year | 23 | 13 | 9 |
Supplemental Cash Flow Information | |||
Interest and related charges, excluding capitalized amounts | 81 | 70 | 23 |
Income taxes | (92) | 98 | 266 |
Significant noncash investing activities: | |||
Accrued capital expenditures | 59 | 57 | 35 |
Extinguishment of affiliated long-term debt in exchange for assets sold to affiliate | $ 0 | $ 0 | $ 67 |
Nature of Operations
Nature of Operations | 12 Months Ended |
Dec. 31, 2016 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Nature of Operations | N ATURE OF O PERATIONS 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. The Dominion Questar Combination was completed in September 2016. See Note 3 for a description of operations acquired in the Dominion Questar Combination. Dominion's operations also include the Cove Point LNG import, transport and storage facility in Maryland, an equity investment in Atlantic Coast Pipeline and regulated gas transportation and distribution operations in West Virginia. Dominion'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. Dominion received $392 million in net proceeds from the sale of the units, after deducting underwriting discounts, structuring fees and estimated offering expenses. At December 31, 2016, Dominion owns the general partner, 50.9% of the common and subordinated units and 37.5% of the convertible preferred interests in Dominion Midstream, which owns a preferred equity interest and the general partner interest in Cove Point, DCG, Questar Pipeline and a 25.93% noncontrolling partnership interest in Iroquois. The public's ownership interest in Dominion Midstream is reflected as noncontrolling 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). In addition, Corporate and Other includes specific items attributable to Dominion's operating segments that are not included in profit measures evaluated by executive management in assessing the segments' performance or in allocating resources. 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 in allocating resources. 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 or in allocating resources and the effect of certain items recorded at Dominion Gas as a result of Dominion's basis in the net assets contributed. See Note 25 for further discussion of the Companies' operating segments. |
Significant Accounting Policies
Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2016 | |
Accounting Policies [Abstract] | |
Significant Accounting Policies | S IGNIFICANT A CCOUNTING P OLICIES General The Companies make certain estimates and assumptions in preparing their Consolidated Financial Statements in accordance with GAAP. These estimates and assumptions affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues, expenses and cash flows for the periods presented. Actual results may differ from those estimates. The Companies' Consolidated Financial Statements include, after eliminating intercompany transactions and balances, the accounts of their respective majority-owned subsidiaries and non-wholly-owned entities in which they have a controlling financial interest. For certain partnership structures, income is allocated based on the liquidation value of the underlying contractual arrangements. NRG’s ownership interest in Four Brothers and Three Cedars, as well as Terra Nova Renewable Partners' 33% interest in certain of Dominion's merchant solar projects, is reflected as noncontrolling interest in Dominion’s Consolidated Financial Statements. See Note 3 for further information on these transactions. 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 2015 and 2014 Consolidated Financial Statements and footnotes have been reclassified to conform to the 2016 presentation for comparative purposes. The reclassifications did not affect the Companies' net income, total assets, liabilities, equity or cash flows, except for the reclassification of debt issuance costs. 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, 2016 and 2015 included $631 million and $462 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, 2016 and 2015 included $349 million and $333 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, 2016 and 2015 included $134 million and $98 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 and associated derivative activity; • 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 FERC-regulated sales of transmission and storage services. Also included are state-regulated gas distribution charges to retail distribution service customers opting for alternate suppliers and sales of gathering services; 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, sales of energy-related products and services from Dominion's retail energy marketing 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 FERC-regulated sales of transmission and storage services. Also included are state-regulated gas distribution charges to retail distribution service customers opting for alternate suppliers and sales of gathering services; • 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. 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, Questar Gas' and Hope's natural gas purchases are either subject to deferral accounting or are recovered from the customer in the same accounting period as the sale. Income Taxes A consolidated federal income tax return is filed for Dominion 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. Current income taxes are based on taxable income or loss and credits determined on a separate company basis. Under the agreements, if a subsidiary incurs a tax loss or earns a credit, recognition of current income tax benefits is limited to refunds of prior year taxes obtained by the carryback of the net operating loss or credit or to the extent the tax loss or credit is absorbed by the taxable income of other Dominion consolidated group members. Otherwise, the net operating loss or credit is carried forward and is recognized as a deferred tax asset until realized. Effective January 2016, deferred tax liabilities and assets are classified as noncurrent in the Consolidated Balance Sheets. For prior years, the Companies presented deferred taxes in either the current or noncurrent sections of the Consolidated Balance Sheets based on the classification of the related financial accounting assets or liabilities, or, for items such as operating loss carryforwards, the period in which the deferred taxes were expected to reverse. 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 2016, 2015 and 2014. At December 31, 2016, Virginia Power had an income tax-related affiliated receivable of $112 million , comprised of $122 million of federal income taxes due from Dominion net of $10 million for state income taxes due to Dominion. Dominion Gas also had an affiliated receivable of $11 million due from Dominion, representing $10 million of federal income taxes and $1 million of state income taxes. The net affiliated receivables are expected to be refunded by Dominion. In addition, Virginia Power's Consolidated Balance Sheet at December 31, 2016 included $2 million of noncurrent federal income taxes payable, $6 million of state income taxes receivable and $13 million of noncurrent state income taxes receivable. Dominion Gas’ Consolidated Balance Sheet at December 31, 2016 included $1 million of noncurrent federal income taxes payable, $1 million of state income taxes receivable and $7 million of noncurrent state income taxes payable. At December 31, 2015, Virginia Power's Consolidated Balance Sheet included a $296 million affiliated receivable, representing excess federal income tax payments expected to be refunded, $9 million of federal income taxes payable for prior years, less than $1 million of state income taxes payable, $10 million of state income taxes receivable, $14 million of noncurrent state income taxes receivable and $2 million of noncurrent state income taxes payable. In March 2016, Virginia Power received a $300 million refund of its 2015 income tax payments. At December 31, 2015, Dominion Gas' Consolidated Balance Sheet included $91 million of affiliated receivables, representing excess federal income tax payments expected to be refunded and the benefit of utilizing a subsidiary’s tax loss to offset taxable income in Dominion’s consolidated tax return, less than $1 million of state income taxes payable, $4 million of state income taxes receivable and $22 million of noncurrent state income taxes payable. In March 2016, Dominion Gas received a $92 million refund for its 2015 income tax payments and benefit of a subsidiary’s tax loss. 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, 2016 2015 (millions) Dominion $24 $27 Virginia Power 11 11 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 uses derivative instruments such as physical and financial forwards, futures, swaps, options and FTRs to manage the commodity, interest rate and foreign currency exchange rate risks of its business operations. Virginia Power uses derivative instruments such as physical and financial forwards, futures, swaps, options and FTRs to manage commodity and interest rate risks. Dominion Gas uses derivative instruments such as physical and financial forwards, futures and swaps to manage commodity, interest rate and foreign currency exchange rate risks. All derivatives, except those for which an exception applies, are required to be reported in the Consolidated Balance Sheets at fair value. Derivative contracts representing unrealized gain positions and purchased options are reported as derivative assets. Derivative contracts representing unrealized losses and options sold are reported as derivative liabilities. One of the exceptions to fair value accounting, normal purchases and normal sales, may be elected when the contract satisfies certain criteria, including a requirement that physical delivery of the underlying commodity is probable. Expenses and revenues resulting from deliveries under normal purchase contracts and normal sales contracts, respectively, are included in earnings at the time of contract performance. The Companies do not offset amounts recognized for the right to reclaim cash collateral or the obligation to return cash collateral against amounts recognized for derivative instruments executed with the same counterparty under the same master netting arrangement. Dominion had margin assets of $82 million and $16 million associated with cash collateral at December 31, 2016 and 2015, respectively. Dominion's margin liabilities associated with cash collateral at December 31, 2016 or 2015 were immaterial. Virginia Power’s and Dominion Gas’ margin assets and liabilities associated with cash collateral were immaterial at December 31, 2016 and 2015. See Note 7 for further information about derivatives. To manage price risk, the Companies hold certain derivative instruments that are not designated as hedges for accounting purposes. However, to the extent the Companies do not hold offsetting positions for such derivatives, they believe these instruments represent economic hedges that mitigate their exposure to fluctuations in commodity prices. 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, interest and related charges or other income based on the nature of the underlying risk. Changes in the fair value of derivative instruments result in the recognition of regulatory assets or regulatory liabilities for jurisdictions subject to cost-based rate regulation. Realized gains or losses on the derivative instruments are generally recognized when the related transactions impact earnings. D ERIVATIVE I NSTRUMENTS D ESIGNATED AS H EDGING I NSTRUMENTS The Companies designate a portion of their derivative instruments as either cash flow or fair value hedges for accounting purposes. For all derivatives designated as hedges, the Companies formally document the relationship between the hedging instrument and the hedged item, as well as the risk management objective and the strategy for using the hedging instrument. The Companies assess whether the hedging relationship between the derivative and the hedged item is highly effective at offsetting changes in cash flows or fair values both at the inception of the hedging relationship and on an ongoing basis. Any change in the fair value of the derivative that is not effective at offsetting changes in the cash flows or fair values of the hedged item is recognized currently in earnings. Also, the Companies may elect to exclude certain gains or losses on hedging instruments from the assessment of hedge effectiveness, such as gains or losses attributable to changes in the time value of options or changes in the difference between spot prices and forward prices, thus requiring that such changes be recorded currently in earnings. Hedge accounting is discontinued prospectively for derivatives that cease to be highly effective hedges. For derivative instruments that are accounted for as fair value hedges or cash flow hedges, the cash flows from the derivatives and from the related hedged items are classified in operating cash flows. Cash Flow Hedges -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 interest rate swaps to hedge their exposure to variable interest rates on long-term debt as well as foreign currency swaps to hedge their exposure to interest payments denominated in Euros. 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 2014. These interest rate derivatives were designated by Dominion as cash flow hedges 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 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 has 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. 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 2016, 2015 and 2014, Dominion capitalized interest costs and AFUDC to property, plant and equipment of $159 million , $100 million and $80 million , respectively. In 2016, 2015 and 2014, Virginia Power capitalized AFUDC to property, plant and equipment of $21 million , $30 million and $39 million , respectively. In 2016, 2015 and 2014, Dominion Gas capitalized AFUDC to property, plant and equipment of $8 million , $1 million and $1 million , respectively. Under Virginia law, certain Virginia jurisdictional projects qualify for current recovery of AFUDC through rate adjustment clauses. AFUDC on these projects is calculated and recorded as a regulatory asset and is not capitalized to property, plant and equipment. In 2016, 2015 and 2014, Virginia Power recorded $31 million , $19 million and $8 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, 2016 2015 2014 (percent) Dominion Generation 2.83 2.78 2.66 Transmission 2.47 2.42 2.38 Distribution 3.02 3.11 3.12 Storage 2.29 2.42 2.39 Gas gathering and processing 2.66 3.19 2.81 General and other 4.12 3.67 3.62 Virginia Power Generation 2.83 2.78 2.66 Transmission 2.36 2.33 2.34 Distribution 3.32 3.33 3.34 General and other 3.49 3.40 3.29 Dominion Gas Transmission 2.43 2.46 2.40 Distribution 2.55 2.45 2.47 Storage 2.19 2.44 2.40 Gas gathering and processing 2.58 3.20 2.82 General and other 4.54 4.72 5.77 In 2014, Virginia Power 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. Capitalized costs of development wells and leaseholds are amortized on a field -by-field basis using the unit-of-production method and the estimated proved developed or total proved gas and oil reserves, at a rate of $2.08 per mcfe in 2016. 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 44 years Merchant generation-other 15-36 years Nonutility gas gathering and processing 3-50 years General and other 5-59 years Depreciation and amortization related to Virginia Power's and Dominion Gas' nonutility property, plant and equipment and exploration and production properties was immaterial for the years ended December 31, 2016, 2015 and 2014, except for Dominion Gas’ nonutility gas gathering and processing properties which are depreciated using the straight-line method over estimated useful lives between 10 and 50 years. Nuclear fuel used in electric generation is amortized over its estimated service life on a units-of-production 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. 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, for which a legal obligation exists. These amounts are generally capitalized as costs of the related tangible long-lived assets. Since relevant market information is not available, fair value is estimated using discounted cash flow analyses. Periodically, 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. Additionally, Virginia Power reports accretion of AROs and depreciation on asset retirement costs associated with certain prospective rider projects as an adjustment to the regulatory asset for certain jurisdictions. Accretion of all other AROs and depreciation of all other asset retirement costs are reported in other operations and maintenance expense and depreciation expense, respectively, in the Consolidated Statements of Income. Debt Issuance Costs The Companies defer and amortize debt issuance costs and debt premiums or discounts over the expected lives of the respective debt issues, considering maturity dates and, if applicable, redemption rights held by others. Effective January 2016, deferred debt issuance costs were recorded as a reduction in long-term debt in the Consolidated Balance Sheets. Such costs had previously been recorded as an asset in other current assets and other deferred charges and other assets in the Consolidated Balance Sheets. Amortization of the issuance costs is reported as interest expense. Unamortized costs associated with redemptions of debt securities prior to stated maturity dates are generally recognized and recorded in interest expense immediately. As permitted by regulatory authorities, gains or losses resulting from the refinancing of debt allocable to utility operations subject to cost-based rate regulation are deferred and amortized over the lives of the new issuances. Investments M ARKETABLE E QUITY AND D EBT S ECURITIES 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-tempora |
Acquisitions and Dispositions
Acquisitions and Dispositions | 12 Months Ended |
Dec. 31, 2016 | |
Business Combinations, Discontinued Operations and Disposal Groups [Abstract] | |
Acquisitions and Dispositions | A CQUISITIONS AND D ISPOSITIONS Dominion Acquisition of Dominion Questar In September 2016, Dominion completed the Dominion Questar Combination and Dominion Questar became a wholly-owned subsidiary of Dominion. Dominion Questar, a Rockies-based integrated natural gas company, included Questar Gas, Wexpro and Questar Pipeline at closing. Questar Gas has regulated gas distribution operations in Utah, southwestern Wyoming and southeastern Idaho. Wexpro develops and produces natural gas from reserves supplied to Questar Gas under a cost-of-service framework. Questar Pipeline provides FERC-regulated interstate natural gas transportation and storage services in Utah, Wyoming and western Colorado. The Dominion Questar Combination provides Dominion with pipeline infrastructure that provides a principal source of gas supply to Western states. Dominion Questar’s regulated businesses also provide further balance between Dominion's electric and gas operations. In accordance with the terms of the Dominion Questar Combination, at closing, each share of issued and outstanding Dominion Questar common stock was converted into the right to receive $25.00 per share in cash. The total consideration was $4.4 billion based on 175.5 million shares of Dominion Questar outstanding at closing. Dominion financed the Dominion Questar Combination through the: (1) August 2016 issuance of $1.4 billion of 2016 Equity Units, (2) August 2016 issuance of $1.3 billion of senior notes, (3) September 2016 borrowing of $1.2 billion under a term loan agreement and (4) $500 million of the proceeds from the April 2016 issuance of common stock. See Notes 17 and 19 for more information. Purchase Price Allocation Dominion Questar’s assets acquired and liabilities assumed were measured at estimated fair value at the closing date and are included in the Dominion Energy operating segment. The majority of operations acquired are subject to the rate-setting authority of FERC, as well as the Utah Commission and/or the Wyoming Commission and therefore are accounted for pursuant to ASC 980, Regulated Operations . The fair values of Dominion Questar’s assets and liabilities subject to rate-setting and cost recovery provisions provide revenues derived from costs, including a return on investment of assets and liabilities included in rate base. As such, the fair values of these assets and liabilities equal their carrying values. Accordingly, neither the assets and liabilities acquired, nor the pro forma financial information, reflect any adjustments related to these amounts. The fair value of Dominion Questar’s assets acquired and liabilities assumed that are not subject to the rate-setting provisions discussed above was determined using the income approach. In addition, the fair value of Dominion Questar’s 50% interest in White River Hub, accounted for under the equity method, was determined using the market approach and income approach. The valuations are considered Level 3 fair value measurements due to the use of significant judgmental and unobservable inputs, including projected timing and amount of future cash flows and discount rates reflecting risk inherent in the future cash flows and future market prices. The excess of the purchase price over the estimated fair values of the assets acquired and liabilities assumed was recognized as goodwill at the closing date. The goodwill reflects the value associated with enhancing Dominion’s regulated portfolio of businesses, including the expected increase in demand for low-carbon, natural gas-fired generation in the Western states and the expected continued growth of rate-regulated businesses located in a defined service area with a stable regulatory environment. The goodwill recognized is not deductible for income tax purposes, and as such, no deferred taxes have been recorded related to goodwill. The table below shows the preliminary allocation of the purchase price to the assets acquired and liabilities assumed at closing. The allocation is subject to change during the remainder of the measurement period, which ends one year from the closing date, as additional information is obtained about the facts and circumstances that existed at the closing date. Any material adjustments to provisional amounts identified during the measurement period will be recognized and disclosed in the reporting period in which the adjustment amounts are determined. During the fourth quarter, certain modifications were made to preliminary valuation amounts for acquired property, plant and equipment, current liabilities, and deferred income taxes, resulting in a $6 million net decrease to goodwill, which relate primarily to the sale of Questar Fueling Company in December 2016 as further described in the Sale of Questar Fueling Company. Amount (millions) Total current assets $ 224 Investments (1) 58 Property, plant and equipment(2) 4,131 Goodwill 3,105 Total deferred charges and other assets, excluding goodwill 75 Total Assets 7,593 Total current liabilities (3) 793 Long-term debt (4) 963 Deferred income taxes 801 Regulatory liabilities 259 Asset retirement obligations 160 Other deferred credits and other liabilities 220 Total Liabilities 3,196 Total estimated purchase price $ 4,397 (1) Includes $40 million for an equity method investment in White River Hub. The fair value adjustment on the equity method investment in White River Hub is considered to be equity method goodwill and is not amortized. (2) Nonregulated property, plant and equipment, excluding land, will be depreciated over remaining useful lives primarily ranging from 9 to 18 years. (3) Includes $301 million of short-term debt, of which no amounts remain outstanding at December 31, 2016, as well as a $250 million term loan which matures in August 2017 and bears interest at a variable rate. (4) Unsecured senior and medium-term notes have maturities which range from 2017 to 2048 and bear interest at rates from 2.98% to 7.20% . Regulatory Matters The transaction required approval of Dominion Questar’s shareholders, clearance from the Federal Trade Commission under the Hart-Scott-Rodino Act and approval from both the Utah Commission and the Wyoming Commission. In February 2016, the Federal Trade Commission granted antitrust approval of the Dominion Questar Combination under the Hart-Scott-Rodino Act. In May 2016, Dominion Questar's shareholders voted to approve the Dominion Questar Combination. In August 2016 and September 2016, approvals were granted by the Utah Commission and the Wyoming Commission, respectively. Information regarding the transaction was also provided to the Idaho Public Utilities Commission, who acknowledged the Dominion Questar Combination in October 2016, and directed Dominion Questar to notify the Idaho Public Utilities Commission when it makes filings with the Utah Commission. With the approval of the Dominion Questar Combination in Utah and Wyoming, Dominion agreed to the following: • Contribution of $75 million to Dominion Questar’s qualified and non-qualified defined-benefit pension plans and its other post-employment benefit plans within six months of the closing date. This contribution was made in January 2017 • Increasing Dominion Questar's historical level of corporate contributions to charities by $1 million per year for at least five years. • Withdrawal of Questar Gas' general rate case filed in July 2016 with the Utah Commission and agreement to not file a general rate case with the Utah Commission to adjust its base distribution non-gas rates prior to July 2019, unless otherwise ordered by the Utah Commission. In addition, Questar Gas agreed not to file a general rate case with the Wyoming Commission with a requested rate effective date earlier than January 2020. Questar Gas’ ability to adjust rates through various riders is not affected. Results of Operations and Pro Forma Information The impact of the Dominion Questar Combination on Dominion’s operating revenue and net income attributable to Dominion in the Consolidated Statements of Income for the twelve months ended December 31, 2016 was an increase of $379 million and $73 million , respectively. Dominion incurred transaction and transition costs, of which $58 million was recorded in other operations and maintenance expense for the twelve months ended December 31, 2016, and $16 million was recorded in interest and related charges for the twelve months ended December 31, 2016, in Dominion’s Consolidated Statements of Income. These costs consist of the amortization of financing costs, the charitable contribution commitment described above, employee-related expenses, professional fees, and other miscellaneous costs. The following unaudited pro forma financial information reflects the consolidated results of operations of Dominion assuming the Dominion Questar Combination had taken place on January 1, 2015. The unaudited pro forma financial information has been presented for illustrative purposes only and is not necessarily indicative of the consolidated results of operations that would have been achieved or the future consolidated results of operations of the combined company. Twelve Months Ended December 31, 2016 (1) 2015 (millions, except EPS) Operating Revenue $ 12,497 $ 12,818 Net Income 2,300 2,108 Earnings Per Common Share – Basic $ 3.73 $ 3.56 Earnings Per Common Share – Diluted $ 3.73 $ 3.55 (1) Amounts include adjustments for non-recurring costs directly related to the Dominion Questar Combination. Contribution of Questar Pipeline to Dominion Midstream In October 2016, Dominion entered into the Contribution Agreement under which Dominion contributed Questar Pipeline to Dominion Midstream. Upon closing of the agreement on December 1, 2016, Dominion Midstream became the owner of all of the issued and outstanding membership interests of Questar Pipeline in exchange for consideration consisting of Dominion Midstream common and convertible preferred units with a combined value of $467 million and cash payment of $823 million , $300 million of which is considered a debt-financed distribution, for a total of $1.3 billion . In addition, under the terms of the Contribution Agreement, Dominion Midstream repurchased 6,656,839 common units from Dominion, and repaid its $301 million promissory note to Dominion in December 2016. The cash proceeds from these transactions were utilized in December 2016 to repay the $1.2 billion term loan agreement borrowed in September 2016. Since Dominion consolidates Dominion Midstream for financial reporting purposes, the transactions associated with the Contribution Agreement were eliminated upon consolidation. See Note 5 for the tax impacts of the transactions. Sale of Questar Fueling Company In December 2016, Dominion completed the sale of Questar Fueling Company. The proceeds from the sale were $28 million , net of transaction costs. No gain or loss was recorded in Dominion’s Consolidated Statements of Income, as the sale resulted in measurement period adjustments to the net assets acquired of Dominion Questar. See the Purchase Price Allocation section above for additional details on the measurement period adjustments recorded. Wholly-Owned Merchant Solar Projects Acquisitions The following table presents significant completed acquisitions of wholly-owned merchant solar projects by Dominion. Long-term power purchase, interconnection and operation and maintenance agreements have been executed for all of the projects. Dominion has claimed federal investment tax credits on the projects. These projects are included in the Dominion Generation operating segment. Completed Acquisition Date Seller Number of Projects Project Location Project Name(s) Initial Acquisition Cost (millions) (1) Project Cost (millions) (2) Date of Commercial Operations MW Capacity March 2014 Recurrent Energy Development Holdings, LLC 6 California Camelot, Kansas, Kent South, Old River One, Adams East, Columbia 2 $ 50 $ 428 Fourth quarter 2014 139 November 2014 CSI Project Holdco, LLC 1 California West Antelope 79 79 November 2014 20 December 2014 EDF Renewable Development, Inc. 1 California CID 71 71 January 2015 20 April 2015 EC&R NA Solar PV, LLC 1 California Alamo 66 66 May 2015 20 April 2015 EDF Renewable Development, Inc. 3 California Cottonwood (3) 106 106 May 2015 24 June 2015 EDF Renewable Development, Inc. 1 California Catalina 2 68 68 July 2015 18 July 2015 SunPeak Solar, LLC 1 California Imperial Valley 2 42 71 August 2015 20 November 2015 EC&R NA Solar PV, LLC 1 California Maricopa West 65 65 December 2015 20 November 2015 Community Energy, Inc. 1 Virginia Amazon Solar Farm U.S. East 34 212 October 2016 80 (1) The purchase price was primarily allocated to Property, Plant and Equipment. (2) Includes acquisition cost. (3) One of the projects, Marin Carport, began commercial operations in 2016. In addition during 2016, Dominion acquired 100% of the equity interests of seven solar projects in Virginia, North Carolina and South Carolina for an aggregate purchase price of $32 million , all of which was allocated to property, plant and equipment. The projects are expected to cost approximately $425 million in total once constructed, including initial acquisition costs, and to generate approximately 221 MW combined. One of the projects commenced commercial operations in 2016 and the remaining projects are expected to begin commercial operations in 2017. In August 2016, Dominion entered into an agreement to acquire 100% of the equity interests of two solar projects in California from Solar Frontier Americas Holding LLC for approximately $128 million in cash. The acquisition is expected to close prior to both projects commencing operations, which is expected by the end of 2017. The projects are expected to cost approximately $130 million once constructed, including the initial acquisition cost, and to generate approximately 50 MW combined. In September 2016, Dominion entered into an agreement to acquire 100% of the equity interests of a solar project in Virginia from Community Energy Solar, LLC. The acquisition is expected to close during the first quarter of 2017, prior to the project commencing operations by the end of 2017, for an amount to be determined based on the costs incurred through closing. The project is expected to cost approximatel y $210 million , including the initial acquisition cost, and to generate approximately 100 MW. In January 2017, Dominion entered into an agreement to acquire 100% of the equity interests of a solar project in North Carolina from Cypress Creek Renewables, LLC for $154 million in cash. The acquisition is expected to close during the second quarter of 2017, prior to the project commencing commercial operations, which is expected by the end of the third quarter of 2017. The project is expected to cost $160 million once constructed, including the initial acquisition cost, and to generate approximately 79 MW. Sale of Interest in Merchant Solar Projects In September 2015, Dominion signed an agreement to sell a noncontrolling interest (consisting of 33% of the equity interests) in all of its then currently wholly-owned merchant solar projects, 24 solar projects totaling 425 MW, to SunEdison, including projects discussed in the table above. In December 2015, the sale of interest in 15 of the solar projects closed for $184 million with the sale of interest in the remaining projects completed in January 2016 for $117 million . Upon closing, SunEdison sold its interest in these projects to Terra Nova Renewable Partners. Terra Nova Renewable Partners has a future option to buy all or a portion of Dominion's remaining 67% ownership in the projects upon the occurrence of certain events, none of which are expected to occur in 2017. Non-Wholly-Owned Merchant Solar Projects Acquisitions of Four Brothers and Three Cedars In June 2015, Dominion acquired 50% of the units in Four Brothers from SunEdison for $64 million of consideration, consisting of $ 2 million in cash and a $62 million payable. Dominion has no remaining obligation related to this payable as of December 31, 2016. Four Brothers operates four solar projects located in Utah, which produce and sell electricity and renewable energy credits. The facilities began commercial operations during the third quarter of 2016, generating 320 MW, at a cost of approximately $670 million . In September 2015, Dominion acquired 50% of the units in Three Cedars from SunEdison for $43 million of consideration, consisting of $6 million in cash and a $37 million payable. As of December 31, 2016, a $2 million payable is included in other current liabilities in Dominion’s Consolidated Balance Sheets. Three Cedars operates three solar projects located in Utah, which produce and sell electricity and renewable energy credits. The facilities began commercial operations during the third quarter of 2016, generating 210 MW, at a cost of approximately $450 million . The Four Brothers and Three Cedars facilities operate under long-term power purchase, interconnection and operation and maintenance agreements. Dominion will claim 99% of the federal investment tax credits on the projects. Dominion owns 50% of the voting interests in Four Brothers and Three Cedars and has a controlling financial interest over the entities through its rights to control operations. The allocation of the $64 million purchase price for Four Brothers resulted in $89 million of property, plant and equipment and $25 million of noncontrolling interest. The allocation of the $43 million purchase price for Three Cedars resulted in $65 million of property, plant and equipment and $22 million of noncontrolling interest. The noncontrolling interest for each entity was measured at fair value using the discounted cash flow method, with the primary components of the valuation being future cash flows (both incoming and outgoing) and the discount rate. Dominion determined its discount rate based on the cost of capital a utility-scale investor would expect, as well as the cost of capital an individual project developer could achieve via a combination of nonrecourse project financing and outside equity partners. The acquired assets of Four Brothers and Three Cedars are included in the Dominion Generation operating segment. Dominion has assumed the majority of the agreements to provide administrative and support services in connection with operations and maintenance of the facilities and technical management services of the solar facilities. Costs related to services to be provided under these agreements were immaterial for the years ended December 31, 2016 and 2015. Subsequent to Dominion’s acquisition of Four Brothers and Three Cedars, SunEdison made contributions to Four Brothers and Three Cedars of $292 million in aggregate through December 31, 2016, which are reflected as noncontrolling interests in the Consolidated Balance Sheets. In November 2016, NRG acquired the 50% of units in Four Brothers and Three Cedars previously held by SunEdison. Dominion Midstream Acquisition of Interest in Iroquois In September 2015, Dominion Midstream acquired from NG and NJNR a 25.93% noncontrolling partnership interest in Iroquois, which owns and operates a 416 -mile, FERC-regulated natural gas transmission pipeline in New York and Connecticut. In exchange for this partnership interest, Dominion Midstream issued 8.6 million common units representing limited partnership interests in Dominion Midstream ( 6.8 million common units to NG for its 20.4% interest and 1.8 million common units to NJNR for its 5.53% interest). The investment was recorded at $216 million based on the value of Dominion Midstream's common units at closing. These common units are reflected as noncontrolling interest in Dominion's Consolidated Financial Statements. Dominion Midstream's noncontrolling partnership interest is reflected in the Dominion Energy operating segment. In addition to this acquisition, Dominion Gas currently holds a 24.07% noncontrolling partnership interest in Iroquois. Dominion Midstream and Dominion Gas each account for their interest in Iroquois as an equity method investment. See Notes 9 and 15 for more information regarding Iroquois. Acquisition of DCG In January 2015, Dominion completed the acquisition of 100% of the equity interests of DCG from SCANA Corporation for $497 million in cash, as adjusted for working capital. DCG owns and operates nearly 1,500 miles of FERC-regulated interstate natural gas pipeline in South Carolina and southeastern Georgia. This acquisition supports Dominion’s natural gas expansion into the southeastern U.S. The allocation of the purchase price resulted in $277 million of net property, plant and equipment, $250 million of goodwill, of which approximately $225 million is expected to be deductible for income tax purposes, and $38 million of regulatory liabilities. The goodwill reflects the value associated with enhancing Dominion's regulated gas position, economic value attributable to future expansion projects as well as increased opportunities for synergies. The acquired assets of DCG are included in the Dominion Energy operating segment. On March 24, 2015, DCG converted to a limited liability company under the laws of South Carolina and changed its name from Carolina Gas Transmission Corporation to DCG. On April 1, 2015, Dominion contributed 100% of the issued and outstanding membership interests of DCG to Dominion Midstream in exchange for total consideration of $501 million , as adjusted for working capital. Total consideration to Dominion consisted of the issuance of a two -year, $301 million senior unsecured promissory note payable by Dominion Midstream at an annual interest rate of 0.6% , and 5,112,139 common units, valued at $200 million , representing limited partner interests in Dominion Midstream. The number of units was based on the volume weighted average trading price of Dominion Midstream's common units for the ten trading days prior to April 1, 2015, or $39.12 per unit. Since Dominion consolidates Dominion Midstream for financial reporting purposes, this transaction was eliminated upon consolidation and did not impact Dominion's financial position or cash flows. Sale of Electric Retail Energy Marketing Business In March 2014, Dominion completed the sale of its electric retail energy marketing business. The proceeds were $187 million , net of transaction costs. The sale resulted in a gain, subject to post-closing adjustments, of $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. Virginia Power Acquisition of Solar Project In December 2015, Virginia Power completed the acquisition of 100% of a solar development project in North Carolina from Morgans Corner for $47 million , all of which was allocated to property, plant and equipment. The project was placed into service in December 2015 with a total cost of $49 million , including the initial acquisition cost. The project generates 20 MW. The output generated by the project is used to meet a ten year non-jurisdictional supply agreement with the U.S. Navy, which has the unilateral option to extend for an additional ten years. In October 2015, the North Carolina Commission granted the transfer of the existing CPCN from Morgans Corner to Virginia Power. The acquired asset is included in the Virginia Power Generation operating segment. Dominion and Dominion Gas Blue Racer See Note 9 for a discussion of transactions related to Blue Racer. Assignments of Shale Development Rights See Note 10 for a discussion of assignments of shale development rights. |
Operating Revenue
Operating Revenue | 12 Months Ended |
Dec. 31, 2016 | |
Regulated and Unregulated Operating Revenue [Abstract] | |
Operating Revenue | O PERATING R EVENUE The Companies' operating revenue consists of the following: Year Ended December 31, 2016 2015 2014 (millions) Dominion Electric sales: Regulated $ 7,348 $ 7,482 $ 7,460 Nonregulated 1,519 1,488 1,839 Gas sales: Regulated 500 218 334 Nonregulated 354 471 751 Gas transportation and storage 1,636 1,616 1,543 Other 380 408 509 Total operating revenue $ 11,737 $ 11,683 $ 12,436 Virginia Power Regulated electric sales $ 7,348 $ 7,482 $ 7,460 Other 240 140 119 Total operating revenue $ 7,588 $ 7,622 $ 7,579 Dominion Gas Gas sales: Regulated $ 119 $ 122 $ 209 Nonregulated 13 10 26 Gas transportation and storage 1,307 1,366 1,353 NGL revenue 62 93 212 Other 137 125 98 Total operating revenue $ 1,638 $ 1,716 $ 1,898 |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2016 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | I NCOME T AXES 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 2015, U.S. federal legislation was enacted, providing an extension of the 50% bonus depreciation allowance for qualifying expenditures incurred in 2015, 2016 and 2017, and a phasing down of the allowance to 40% in 2018 and 30% in 2019 and expiration thereafter. In addition, the legislation extends the 30% investment tax credit for qualifying expenditures incurred through 2019 and provides a phase down of the credit to 26% in 2020, 22% in 2021 and 10% in 2022 and thereafter. 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, 2016 2015 2014 2016 2015 2014 2016 2015 2014 (millions) Current: Federal $ (155 ) $ (24 ) $ (11 ) $ 168 $ 316 $ 85 $ (27 ) $ 90 $ 86 State 85 75 14 90 92 67 4 30 32 Total current expense (benefit) (70 ) 51 3 258 408 152 (23 ) 120 118 Deferred: Federal Taxes before operating loss carryforwards and investment tax credits 1,050 384 956 435 154 381 239 156 192 Tax utilization (benefit) of operating loss carryforwards (161 ) 539 (352 ) (2 ) 96 — (2 ) 6 — Investment tax credits (248 ) (134 ) (152 ) (25 ) (11 ) — — — — State 50 66 (2 ) 27 13 16 1 1 24 Total deferred expense 691 855 450 435 252 397 238 163 216 Investment tax credit - gross deferral 35 — — 35 — — — — — Investment tax credit - amortization (1 ) (1 ) (1 ) (1 ) (1 ) (1 ) — — — Total income tax expense $ 655 $ 905 $ 452 $ 727 $ 659 $ 548 $ 215 $ 283 $ 334 In 2016, Dominion realized a taxable gain resulting from the contribution of Questar Pipeline to Dominion Midstream. The contribution and related transactions resulted in increases in the tax basis of Questar Pipeline’s assets and the number of Dominion Midstream’s common and convertible preferred units held by noncontrolling interests. The direct tax effects of the transactions included a provision for current income taxes ( $212 million) and an offsetting benefit for deferred income taxes ( $96 million ) and were charged to common shareholders’ equity. The federal tax liability was reduced by $129 million of tax credits generated in 2016 that otherwise would have resulted in additional credit carryforwards and a $17 million benefit provided by the domestic production activities deduction. These benefits, as indirect effects of the contribution transaction, are reflected in Dominion’s current federal income tax expense. In 2015, Dominion’s current federal income tax benefit includes the recognition of a $20 million benefit related to a carryback to be filed for nuclear decommissioning expenditures included in its 2014 net operating loss. For continuing operations including noncontrolling interests, the statutory U.S. federal income tax rate reconciles to the Companies' effective income tax rate as follows: Dominion Virginia Power Dominion Gas Year Ended December 31, 2016 2015 2014 2016 2015 2014 2016 2015 2014 U.S. statutory rate 35.0 % 35.0 % 35.0 % 35.0 % 35.0 % 35.0 % 35.0 % 35.0 % 35.0 % Increases (reductions) resulting from: State taxes, net of federal benefit 2.4 3.7 — 3.8 3.9 3.8 0.5 2.7 4.4 Investment tax credits (11.7 ) (4.7 ) (8.6 ) — (0.6 ) — — — — Production tax credits (0.8 ) (0.8 ) (1.2 ) (0.6 ) (0.6 ) (0.6 ) — — — Valuation allowances 1.2 (0.3 ) 0.7 0.1 — — — — — AFUDC - equity (0.6 ) (0.3 ) — (0.6 ) (0.6 ) — (0.2 ) 0.2 — Legislative change (0.6 ) (0.1 ) — — — — — Employee stock ownership plan deduction (0.6 ) (0.6 ) (0.9 ) — — — — — — Other, net (1.4 ) 0.1 0.4 (0.3 ) 0.6 0.8 0.1 0.3 0.1 Effective tax rate 22.9 % 32.0 % 25.4 % 37.4 % 37.7 % 39.0 % 35.4 % 38.2 % 39.5 % In 2016, Dominion's effective tax rate reflects valuation allowance on state credit not expected to be utilized by a Dominion subsidiary which files a separate state return. The Companies' deferred income taxes consist of the following: Dominion Virginia Power Dominion Gas At December 31, 2016 2015 2016 2015 2016 2015 (millions) Deferred income taxes: Total deferred income tax assets $ 1,827 $ 1,152 $ 268 $ 164 $ 126 $ 129 Total deferred income tax liabilities 10,381 8,552 5,323 4,805 2,564 2,343 Total net deferred income tax liabilities $ 8,554 $ 7,400 $ 5,055 $ 4,641 $ 2,438 $ 2,214 Total deferred income taxes: Plant and equipment, primarily depreciation method and basis differences $ 7,782 $ 6,299 $ 4,604 $ 4,133 $ 1,726 $ 1,541 Nuclear decommissioning 1,240 1,158 406 378 — — Deferred state income taxes 747 646 321 302 204 205 Federal benefit of deferred state income taxes (261 ) (226 ) (112 ) (106 ) (71 ) (72 ) Deferred fuel, purchased energy and gas costs (25 ) (1 ) (29 ) (3 ) 4 1 Pension benefits 155 291 (138 ) (99 ) 646 613 Other postretirement benefits (68 ) (15 ) 49 30 (6 ) (7 ) Loss and credit carryforwards (1,547 ) (1,004 ) (88 ) (53 ) (5 ) (4 ) Valuation allowances 135 73 3 — — — Partnership basis differences 688 367 — — 43 41 Other (292 ) (188 ) 39 59 (103 ) (104 ) Total net deferred income tax liabilities $ 8,554 $ 7,400 $ 5,055 $ 4,641 $ 2,438 $ 2,214 Deferred investment tax credits - regulated operations 48 14 48 13 — — Total deferred taxes and deferred investment tax credits $ 8,602 $ 7,414 $ 5,103 $ 4,654 $ 2,438 $ 2,214 At December 31, 2016, Dominion had the following deductible loss and credit carryforwards: Deductible amount Deferred tax asset Valuation allowance Expiration period (millions) Federal losses $ 1,060 $ 358 $ — 2031-2036 Federal investment credits — 708 — 2033-2036 Federal production credits — 102 — 2031-2036 Other federal credits — 48 — 2031-2036 State losses 1,383 102 (59 ) 2018-2034 State minimum tax credits — 135 — No expiration State investment tax credits — 94 (76 ) 2017-2027 Total $ 1,547 $ (135 ) At December 31, 2016, Virginia Power had the following deductible loss and credit carryforwards: Deductible amount Deferred tax asset Valuation allowance Expiration period (millions) Federal losses $ 12 $ 3 $ — 2031-2034 Federal investment credits — 40 — 2034-2036 Federal production and other credits — 35 — 2031-2036 State investment credits — 10 (3 ) 2018-2024 Total $ 88 $ (3 ) At December 31, 2016, Dominion Gas had the following deductible loss and credit carryforwards: Deductible amount Deferred tax asset Valuation allowance Expiration period (millions) Federal losses $ 14 $ 4 $ — 2031-2036 Other federal credits — 1 — 2032-2035 Total $ 5 $ — A reconciliation of changes in the Companies' unrecognized tax benefits follows: Dominion Virginia Power Dominion Gas 2016 2015 2014 2016 2015 2014 2016 2015 2014 (millions) Balance at January 1 $ 103 $ 145 $ 222 $ 12 $ 36 $ 39 $ 29 $ 29 $ 29 Increases-prior period positions 9 2 24 4 — 2 1 — — Decreases-prior period positions (44 ) (40 ) (26 ) (3 ) (25 ) (16 ) (19 ) — — Increases-current period positions 6 8 16 — 1 11 — — — Settlements with tax authorities (8 ) (5 ) — — — — (4 ) — — Expiration of statutes of limitations (2 ) (7 ) (91 ) — — — — — — Balance at December 31 $ 64 $ 103 $ 145 $ 13 $ 12 $ 36 $ 7 $ 29 $ 29 Certain unrecognized tax benefits, or portions thereof, if recognized, would affect the effective tax rate. Changes in these unrecognized tax benefits may result from remeasurement of amounts expected to be realized, settlements with tax authorities and expiration of statutes of limitations. For Dominion and its subsidiaries, these unrecognized tax benefits were $45 million , $69 million and $77 million at December 31, 2016, 2015 and 2014, respectively. For Dominion, the change in these unrecognized tax benefits decreased income tax expense by $18 million , $6 million and $47 million in 2016, 2015 and 2014, respectively. For Virginia Power, these unrecognized tax benefits were $9 million at December 31, 2016 and $8 million at December 31, 2015 and 2014. For Virginia Power, the change in these unrecognized tax benefits increased income tax expense by $1 million in 2016 and affected income tax expense by less than $1 million in 2015 and 2014. For Dominion Gas, these unrecognized tax benefits were $5 million at December 31, 2016 and $19 million at December 31, 2015 and 2014. For Dominion Gas, the change in these unrecognized tax benefits decreased income tax expense by $11 million in 2016 and affected income tax expense by less than $1 million in 2015 and 2014. Effective for its 2014 tax year, Dominion was accepted into the CAP. Through the CAP, Dominion has the opportunity to resolve complex tax matters with the IRS before filing its federal income tax returns, thus achieving certainty for such tax return filing positions agreed to by the IRS. The IRS has completed its audit of tax years 2013, 2014 and 2015, for which the statute of limitations has not yet expired. Although Dominion has not received a final letter indicating no changes to its taxable income for tax year 2015, no adjustments are expected. The IRS examination of tax year 2016 is ongoing. It is reasonably possible that settlement negotiations and expiration of statutes of limitations could result in a decrease in unrecognized tax benefits in 2017 by up to $25 million for Dominion, $3 million for Virginia Power and $7 million for Dominion Gas. If such changes were to occur, other than revisions of the accrual for interest on tax underpayments and overpayments, earnings could increase by up to $20 million for Dominion, $3 million for Virginia Power and $5 million for Dominion Gas. Otherwise, with regard to 2016 and prior years, Dominion, Virginia Power and Dominion Gas cannot estimate the range of reasonably possible changes to unrecognized tax benefits that may occur in 2017. 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) 2012 Connecticut 2013 Virginia (2) 2013 West Virginia (1) 2013 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 generally subject to examination. |
Fair Value Measurements
Fair Value Measurements | 12 Months Ended |
Dec. 31, 2016 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | F AIR V ALUE M EASUREMENTS Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability (exit price) in an orderly transaction between market participants at the measurement date. However, the use of a mid-market 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 applies fair value measurements to certain assets and liabilities including commodity, interest rate, and foreign currency derivative instruments, and other investments including those held in nuclear decommissioning, Dominion’s rabbi, pension and other postretirement benefit plan trusts, in accordance with the requirements discussed above. Virginia Power applies fair value measurements to certain assets and liabilities including commodity and interest rate derivative instruments and other investments including those held in the nuclear decommissioning trust, in accordance with the requirements discussed above. Dominion Gas applies fair value measurements to certain assets and liabilities including commodity, interest rate, and foreign currency 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. 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 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, the Companies may estimate fair value using a discounted cash flow approach deemed appropriate in the circumstances and applied consistently from period to period. For individual contracts, the use of different valuation models or assumptions could have a significant effect on the contract's estimated fair value. The inputs and assumptions used in measuring fair value include the following: For commodity derivative contracts: • Forward commodity prices • Transaction prices • Price volatility • Price correlation • Volumes • Commodity location • Interest rates • Credit quality of counterparties and the Companies • Credit enhancements • Time value For interest rate derivative contracts: • Interest rate curves • Credit quality of counterparties and the Companies • Notional value • Credit enhancements • Time value For foreign currency derivative contracts: • Foreign currency forward exchange rates • Interest rates • Credit quality of counterparties and the Companies • Notional value • Credit enhancements • Time value For investments: • Quoted securities prices and indices • Securities trading information including volume and restrictions • Maturity • Interest rates • Credit quality The Companies regularly evaluate and validate the inputs used to estimate fair value by a number of methods, including review and verification of models, as well as various market price verification procedures such as the use of pricing services and multiple broker quotes to support the market price of the various commodities and investments in which the Companies transact. Levels The Companies also utilize the following fair value hierarchy, which prioritizes the inputs to valuation techniques used to measure fair value into three broad levels: • Level 1-Quoted prices (unadjusted) in active markets for identical assets and liabilities that they have the ability to access at the measurement date. Instruments categorized in Level 1 primarily consist of financial instruments such as certain exchange-traded derivatives, and exchange-listed equities, U.S. and international equity securities, mutual funds and certain Treasury securities held in nuclear decommissioning trust funds for Dominion 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, foreign currency swaps and cash and cash equivalents, corporate debt instruments, government securities and other fixed income investments held in nuclear decommissioning trust funds for Dominion 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, certain natural gas and power options and other modeled commodity derivatives. The fair value hierarchy gives the highest priority to quoted prices in active markets (Level 1) and the lowest priority to unobservable data (Level 3). In some cases, the inputs used to measure fair value might fall in different levels of the fair value hierarchy. In these cases, the lowest level input that is significant to a fair value measurement in its entirety determines the applicable level in the fair value hierarchy. Assessing the significance of a particular input to the fair value measurement in its entirety requires judgment, considering factors specific to the asset or liability. Alternative investments, consisting of investments in partnerships, joint ventures and other alternative investments held in nuclear decommissioning and benefit plan trust funds, are generally valued using NAV based on the proportionate share of the fair value as determined by reference to the most recent audited fair value financial statements or fair value statements provided by the investment manager adjusted for any significant events occurring between the investment manager’s and the Companies' measurement date. Alternative investments recorded at NAV are not classified in the fair value hierarchy. For derivative contracts, the Companies recognize transfers among Level 1, Level 2 and Level 3 based on fair values as of the first day of the month in which the transfer occurs. Transfers out of Level 3 represent assets and liabilities that were previously classified as Level 3 for which the inputs became observable for classification in either Level 1 or Level 2. Because the activity and liquidity of commodity markets vary substantially between regions and time periods, the availability of observable inputs for substantially the full term and value of the Companies' over-the-counter derivative contracts is subject to change. Level 3 Valuations Fair value measurements are categorized as Level 3 when price or other inputs that are considered to be unobservable are significant to their valuations. Long-dated commodity derivatives are generally based on unobservable inputs due to the length of time to settlement and the absence of market activity and are therefore categorized as Level 3. FTRs are categorized as Level 3 fair value measurements because the only relevant pricing available comes from ISO auctions, which are generally not considered to be liquid markets. Other modeled commodity derivatives have unobservable inputs in their valuation, mostly due to non-transparent and illiquid markets. 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 quantitative information about Level 3 fair value measurements at December 31, 2016. 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) $ 70 Discounted Cash Flow Market Price (per Dth) (4) (2) - 12 — Credit Spreads (5) 1% - 4% 2 % FTRs 7 Discounted Cash Flow Market Price (per MWh) (4) (9) - 7 1 Physical and Financial Options: Natural Gas 3 Option Model Market Price (per Dth) (4) 2 - 7 3 Price Volatility (6) 18% - 50% 24 % Electricity 67 Option Model Market Price (per MWh) (4) 21 - 55 34 Price Volatility (6) 14% - 104% 31 % Total assets $ 147 Liabilities: Physical and Financial Forwards and Futures: Natural Gas (2) $ 2 Discounted Cash Flow Market Price (per Dth) (4) (2) - 4 4 Liquids (3) 3 Discounted Cash Flow Market Price (per Gal) (4) 0 - 2 1 FTRs 3 Discounted Cash Flow Market Price (per MWh) (4) (9) - 3 — Total liabilities $ 8 (1) Averages weighted by volume. (2) Includes basis. (3) Includes NGLs and oil. (4) Represents market prices beyond defined terms for Levels 1 and 2. (5) Represents credit spreads unrepresented in published markets. (6) Represents volatilities unrepresented in published markets. Sensitivity of the fair value measurements to changes in the significant unobservable inputs is as follows: Significant Unobservable Inputs Position Change to Input Impact on Fair Value Measurement Market Price Buy Increase (decrease) Gain (loss) Market Price Sell Increase (decrease) Loss (gain) Price Volatility Buy Increase (decrease) Gain (loss) Price Volatility Sell Increase (decrease) Loss (gain) 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. 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, 2016 Assets: Derivatives: Commodity $ — $ 115 $ 147 $ 262 Interest rate — 17 — 17 Investments (1) : Equity securities: U.S. 2,913 — — 2,913 Fixed Income: Corporate debt instruments — 487 — 487 Government securities 424 614 — 1,038 Cash equivalents and other 5 — — 5 Total assets $ 3,342 $ 1,233 $ 147 $ 4,722 Liabilities: Derivatives: Commodity $ — $ 88 $ 8 $ 96 Interest rate — 53 — 53 Foreign currency — 6 — 6 Total liabilities $ — $ 147 $ 8 $ 155 At December 31, 2015 Assets: Derivatives: Commodity $ 1 $ 249 $ 114 $ 364 Interest rate — 24 — 24 Investments (1) : Equity securities: U.S. 2,625 — — 2,625 Fixed Income: Corporate debt instruments — 439 — 439 Government securities 458 574 — 1,032 Cash equivalents and other 2 2 — 4 Total assets $ 3,086 $ 1,288 $ 114 $ 4,488 Liabilities: Derivatives: Commodity $ — $ 141 $ 19 $ 160 Interest rate — 183 — 183 Total liabilities $ — $ 324 $ 19 $ 343 (1) Includes investments held in the nuclear decommissioning and rabbi trusts. Excludes $89 million and $101 million of assets at December 31, 2016 and 2015, respectively, measured at fair value using NAV (or its equivalent) as a practical expedient which are not required to be categorized in the fair value hierarchy. The following table presents the net change in Dominion's assets and liabilities measured at fair value on a recurring basis and included in the Level 3 fair value category: 2016 2015 2014 (millions) Balance at January 1, $ 95 $ 107 $ (16 ) Total realized and unrealized gains (losses): Included in earnings (35 ) (5 ) 97 Included in other comprehensive income (loss) — (9 ) 7 Included in regulatory assets/liabilities (39 ) (4 ) 109 Settlements 38 9 (88 ) Purchases 87 — — Transfers out of Level 3 (7 ) (3 ) (2 ) Balance at December 31, $ 139 $ 95 $ 107 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 ) $ 2 $ 6 The following table presents Dominion's gains and losses included in earnings in the Level 3 fair value category: Operating Electric Fuel Purchased Total (millions) Year Ended December 31, 2016 Total gains (losses) included in earnings $ — $ (35 ) $ — $ (35 ) The amount of total gains (losses) for the period included in earnings attributable to the change in unrealized gains (losses) relating to assets/liabilities still held at the reporting date — (1 ) — (1 ) Year Ended December 31, 2015 Total gains (losses) included in earnings $ 6 $ (11 ) $ — $ (5 ) The amount of total gains (losses) for the period included in earnings attributable to the change in unrealized gains (losses) relating to assets/liabilities still held at the reporting date 1 1 — 2 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/liabilities still held at the reporting date 4 1 1 6 Virginia Power The following table presents Virginia Power's quantitative information about Level 3 fair value measurements at December 31, 2016. 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) $ 68 Discounted Cash Flow Market Price (per Dth) (3) (2) - 7 — Credit Spreads (4) 1% - 4% 2 % FTRs 7 Discounted Cash Flow Market Price (per MWh) (3) (9) - 7 1 Physical and Financial Options: Natural Gas 3 Option Model Market Price (per Dth) (3) 2 - 7 3 Price Volatility (5) 18% - 34% 24 % Electricity 67 Option Model Market Price (per MWh) (3) 21 - 55 34 Price Volatility (5) 14% - 104% 31 % Total assets $ 152 Liabilities: Physical and Financial Forwards and Futures: FTRs $ 2 Discounted Cash Flow Market Price (per MWh) (3) (9) - 3 — Total liabilities $ 2 (1) Averages weighted by volume. (2) Includes basis. (3) Represents market prices beyond defined terms for Levels 1 and 2. (4) Represents credit spreads unrepresented in published markets. (5) Represents volatilities unrepresented in published markets. Sensitivity of the fair value measurements to changes in the significant unobservable inputs is as follows: Significant Unobservable Inputs Position Change to Input Impact on Fair Value Measurement Market Price Buy Increase (decrease) Gain (loss) Market Price Sell Increase (decrease) Loss (gain) Price Volatility Buy Increase (decrease) Gain (loss) Price Volatility Sell Increase (decrease) Loss (gain) 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, 2016 Assets: Derivatives: Commodity $ — $ 43 $ 145 $ 188 Interest rate — 6 — 6 Investments (1) : Equity securities: U.S. 1,302 — — 1,302 Fixed Income: Corporate debt instruments — 277 — 277 Government Securities 136 291 — 427 Total assets $ 1,438 $ 617 $ 145 $ 2,200 Liabilities: Derivatives: Commodity $ — $ 8 $ 2 $ 10 Interest rate — 21 — 21 Total liabilities $ — $ 29 $ 2 $ 31 At December 31, 2015 Assets: Derivatives: Commodity $ — $ 13 $ 101 $ 114 Interest rate — 13 — 13 Investments (1) : Equity securities: U.S. 1,163 — — 1,163 Fixed Income: Corporate debt instruments — 238 — 238 Government Securities 180 254 — 434 Total assets $ 1,343 $ 518 $ 101 $ 1,962 Liabilities: Derivatives: Commodity $ — $ 19 $ 8 $ 27 Interest rate — 59 — 59 Total liabilities $ — $ 78 $ 8 $ 86 (1) Includes investments held in the nuclear decommissioning trust. Excludes $26 million and $34 million of assets at December 31, 2016 and 2015, respectively, measured at fair value using NAV (or its equivalent) as a practical expedient which are not required to be categorized in the fair value hierarchy. The following table presents the net change in Virginia Power's assets and liabilities measured at fair value on a recurring basis and included in the Level 3 fair value category: 2016 2015 2014 (millions) Balance at January 1, $ 93 $ 102 $ (7 ) Total realized and unrealized gains (losses): Included in earnings (35 ) (13 ) 96 Included in regulatory assets/liabilities (37 ) (5 ) 109 Settlements 35 13 (96 ) Purchases 87 — — Transfers out of Level 3 — (4 ) — Balance at December 31, $ 143 $ 93 $ 102 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, 2016, 2015 and 2014. 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, 2016, 2015 and 2014. Dominion Gas The following table presents Dominion Gas' quantitative information about Level 3 fair value measurements at December 31, 2016. The range and weighted average are presented in dollars for market price inputs. Fair Value (millions) Valuation Techniques Unobservable Input Range Weighted Average (1) Liabilities: Physical and Financial Forwards and Futures: NGLs $ 2 Discounted Cash Flow Market Price (per Gal) (2) 0 - 2 1 Total liabilities $ 2 (1) Averages weighted by volume. (2) Represents market prices beyond defined terms for Levels 1 and 2. Sensitivity of the fair value measurements to changes in the significant unobservable inputs is as follows: Significant Unobservable Inputs Position Change to Input Impact on Fair Value Measurement Market Price Buy Increase (decrease) Gain (loss) Market Price Sell Increase (decrease) Loss (gain) The following table presents Dominion Gas' assets and liabilities for commodity, interest rate, and foreign currency derivatives that are measured at fair value on a recurring basis for each hierarchy level, including both current and noncurrent portions: Level 1 Level 2 Level 3 Total (millions) At December 31, 2016 Liabilities: Commodity $ — $ 3 $ 2 5 Foreign currency — 6 — 6 Total liabilities $ — $ 9 $ 2 $ 11 At December 31, 2015 Assets: Commodity $ — $ 5 $ 6 $ 11 Total assets $ — $ 5 $ 6 $ 11 Liabilities: Interest rate $ — $ 14 $ — 14 Total liabilities $ — $ 14 $ — $ 14 The following table presents the net change in Dominion Gas' derivative assets and liabilities measured at fair value on a recurring basis and included in the Level 3 fair value category: 2016 2015 2014 (millions) Balance at January 1, $ 6 $ 2 $ (6 ) Total realized and unrealized gains (losses): Included in earnings — 1 2 Included in other comprehensive income (loss) — (5 ) 10 Settlements — (1 ) (4 ) Transfers out of Level 3 (8 ) 9 — Balance at December 31, $ (2 ) $ 6 $ 2 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, 2016, 2015 and 2014. 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, 2016, 2015 and 2014. Fair Value of Financial Instruments Substantially all of the Companies' financial instruments are recorded at fair value, with the exception of the instruments described below, which are reported at historical cost. Estimated fair values have been determined using available market information and valuation methodologies considered appropriate by management. The carrying amount of cash and cash equivalents, restricted cash (which is recorded in other current assets), customer and other receivables, affiliated receivables, short-term debt, affiliated current borrowings, payables to affiliates and accounts payable are representative of fair value because of the short-term nature of these instruments. For the Companies' financial instruments that are not recorded at fair value, the carrying amounts and estimated fair values are as follows: At December 31, 2016 2015 Carrying Amount Estimated Fair Value (1) Carrying Amount Estimated Fair Value (1) (millions) Dominion Long-term debt, including securities due within one year (2) $ 26,587 $ 28,273 $ 21,873 $ 23,210 Junior subordinated notes (3) 2,980 2,893 1,340 1,192 Remarketable subordinated notes (3) 2,373 2,418 2,080 2,129 Virginia Power Long-term debt, including securities due within one year (3) $ 10,530 $ 11,584 $ 9,368 $ 10,400 Dominion Gas Long-term debt, including securities due within one year (4) $ 3,528 $ 3,603 $ 3,269 $ 3,299 (1) Fair value is estimated using market prices, where available, and interest rates currently available for issuance of debt with similar terms and remaining maturities. All fair value measurements are classified as Level 2. The carrying amount of debt issues with short-term maturities and variable rates refinanced at current market rates is a reasonable estimate of their fair value. (2) Carrying amount includes amounts which represent the unamortized debt issuance costs, discount or premium, and foreign currency remeasurement adjustments. At December 31, 2016, and 2015, includes the valuation of certain fair value hedges associated with Dominion's fixed rate debt of $(1) million and $7 million , respectively. (3) Carrying amount includes amounts which represent the unamortized debt issuance costs, discount or premium. (4) Carrying amount includes amounts which represent the unamortized debt issuance costs, discount or premium, and foreign currency remeasurement adjustments. |
Derivatives and Hedge Accountin
Derivatives and Hedge Accounting Activities | 12 Months Ended |
Dec. 31, 2016 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivatives and Hedge Accounting Activities | D ERIVATIVES AND H EDGE A CCOUNTING A CTIVITIES The Companies are exposed to the impact of market fluctuations in the price of electricity, natural gas and other energy-related products they market and purchase, as well as interest rate and foreign currency exchange rate risks of their business operations. The Companies use derivative instruments to manage exposure to these risks, and designate certain derivative instruments as fair value or cash flow hedges for accounting purposes. As discussed in Note 2, for jurisdictions subject to cost-based rate regulation, changes in the fair value of derivatives are deferred as regulatory assets or regulatory liabilities until the related transactions impact earnings. See Note 6 for further information about fair value measurements and associated valuation methods for derivatives. Derivative assets and liabilities are presented gross on the Companies' Consolidated Balance Sheets. Dominion'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. Virginia Power's and 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: December 31, 2016 December 31, 2015 Gross Amounts of Recognized Assets Gross Amounts Offset in the Consolidated Balance Sheet Net Amounts of Assets Presented in the Consolidated Balance Sheet Gross Amounts of Recognized Assets Gross Amounts Offset in the Consolidated Balance Sheet Net Amounts of Assets Presented in the Consolidated Balance Sheet (millions) Commodity contracts: Over-the-counter $ 211 $ — $ 211 $ 217 $ — $ 217 Exchange 44 — 44 138 — 138 Interest rate contracts: Over-the-counter 17 — 17 24 — 24 Total derivatives, subject to a master netting or similar arrangement 272 — 272 379 — 379 Total derivatives, not subject to a master netting or similar arrangement 7 — 7 9 — 9 Total $ 279 $ — $ 279 $ 388 $ — $ 388 December 31, 2016 December 31, 2015 Gross Amounts Not Offset in the Consolidated Balance Sheet Gross Amounts Not Offset in the Consolidated Balance Sheet Net Amounts of Assets Presented in the Consolidated Balance Sheet Financial Instruments Cash Collateral Received Net Amounts Net Amounts of Assets Presented in the Consolidated Balance Sheet Financial Instruments Cash Collateral Received Net Amounts (millions) Commodity contracts: Over-the-counter $ 211 $ 14 $ — $ 197 $ 217 $ 37 $ — $ 180 Exchange 44 44 — — 138 82 — 56 Interest rate contracts: Over-the-counter 17 9 — 8 24 22 — 2 Total $ 272 $ 67 $ — $ 205 $ 379 $ 141 $ — $ 238 December 31, 2016 December 31, 2015 Gross Amounts of Recognized Liabilities Gross Amounts Offset in the Consolidated Balance Sheet Net Amounts of Liabilities Presented in the Consolidated Balance Sheet Gross Amounts of Recognized Liabilities Gross Amounts Offset in the Consolidated Balance Sheet Net Amounts of Liabilities Presented in the Consolidated Balance Sheet (millions) Commodity contracts: Over-the-counter $ 23 $ — $ 23 $ 70 $ — $ 70 Exchange 71 — 71 82 — 82 Interest rate contracts: Over-the-counter 53 — 53 183 — 183 Foreign currency contracts: Over-the-counter 6 — 6 — — — Total derivatives, subject to a master netting or similar arrangement 153 — 153 335 — 335 Total derivatives, not subject to a master netting or similar arrangement 2 — 2 8 — 8 Total $ 155 $ — $ 155 $ 343 $ — $ 343 December 31, 2016 December 31, 2015 Gross Amounts Not Offset in the Consolidated Balance Sheet Gross Amounts Not Offset in the Consolidated Balance Sheet Net Amounts of Liabilities Presented in the Consolidated Balance Sheet Financial Instruments Cash Collateral Paid Net Amounts Net Amounts of Liabilities Presented in the Consolidated Balance Sheet Financial Instruments Cash Collateral Paid Net Amounts (millions) Commodity contracts: Over-the-counter $ 23 $ 14 $ — $ 9 $ 70 $ 37 $ — $ 33 Exchange 71 44 27 — 82 82 — — Interest rate contracts: Over-the-counter 53 9 — 44 183 22 — 161 Foreign currency contracts: Over-the-counter 6 — — 6 — — — — Total $ 153 $ 67 $ 27 $ 59 $ 335 $ 141 $ — $ 194 Volumes The following table presents the volume of Dominion's derivative activity as of December 31, 2016. These volumes are based on open derivative positions and represent the combined absolute value of their long and short positions, except in the case of offsetting transactions, for which they represent the absolute value of the net volume of their long and short positions. Current Noncurrent Natural Gas (bcf): Fixed price (1) 91 18 Basis 223 593 Electricity (MWh): Fixed price (1) 11,880,630 1,963,426 FTRs 46,269,912 — Liquids (Gal) (2) 46,311,225 12,741,120 Interest rate (3) $ 1,800,000,000 $ 2,903,640,679 Foreign currency (3)(4) $ — $ 280,000,000 (1) Includes options. (2) Includes NGLs and oil. (3) Maturity is determined based on final settlement period. (4) Euro equivalent volumes are €250,000,000 . Ineffectiveness and AOCI For the years ended December 31, 2016, 2015 and 2014, 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, 2016: AOCI Amounts Expected to be Reclassified to Earnings during the next 12 Months After-Tax Maximum (millions) Commodities: Gas $ 10 $ 10 36 months Electricity (20 ) (20 ) 12 months Other (3 ) (3 ) 15 months Interest rate (274 ) (5 ) 375 months Foreign currency 7 (1 ) 114 months Total $ (280 ) $ (19 ) The amounts that will be reclassified from AOCI to earnings will generally be offset by the recognition of the hedged transactions (e.g., anticipated sales) in earnings, thereby achieving the realization of prices contemplated by the underlying risk management strategies and will vary from the expected amounts presented above as a result of changes in market prices, interest rates and foreign currency exchange rates. Fair Value and Gains and Losses on Derivative Instruments The following tables present the fair values of Dominion's derivatives and where they are presented in its Consolidated Balance Sheets: Fair Value - Fair Value - Total (millions) At December 31, 2016 ASSETS Current Assets Commodity $ 29 $ 101 $ 130 Interest rate 10 — 10 Total current derivative assets 39 101 140 Noncurrent Assets Commodity — 132 132 Interest rate 7 — 7 Total noncurrent derivative assets (1) 7 132 139 Total derivative assets $ 46 $ 233 $ 279 LIABILITIES Current Liabilities Commodity $ 51 $ 41 $ 92 Interest rate 33 — 33 Foreign currency 3 — 3 Total current derivative liabilities (2) 87 41 128 Noncurrent Liabilities Commodity 1 3 4 Interest rate 20 — 20 Foreign currency 3 — 3 Total noncurrent derivative liabilities (3) 24 3 27 Total derivative liabilities $ 111 $ 44 $ 155 At December 31, 2015 ASSETS Current Assets Commodity $ 101 $ 151 $ 252 Interest rate 3 — 3 Total current derivative assets 104 151 255 Noncurrent Assets Commodity 3 109 112 Interest rate 21 — 21 Total noncurrent derivative assets (1) 24 109 133 Total derivative assets $ 128 $ 260 $ 388 LIABILITIES Current Liabilities Commodity $ 32 $ 116 $ 148 Interest rate 164 — 164 Total current derivative liabilities (2) 196 116 312 Noncurrent Liabilities Commodity — 12 12 Interest rate 19 — 19 Total noncurrent derivative liabilities (3) 19 12 31 Total derivative liabilities $ 215 $ 128 $ 343 (1) Noncurrent derivative assets are presented in other deferred charges and other assets in Dominion's Consolidated Balance Sheets. (2) Current derivative liabilities are presented in other current liabilities in Dominion's Consolidated Balance Sheets. (3) 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 (1) Amount of Increase (2) (millions) Year Ended December 31, 2016 Derivative Type and Location of Gains (Losses) Commodity: Operating revenue $ 330 Purchased gas (13 ) Electric fuel and other energy-related purchases (10 ) Total commodity $ 164 $ 307 $ — Interest rate (3) (66 ) (31 ) (26 ) Foreign currency (4) (6 ) (17 ) — Total $ 92 $ 259 $ (26 ) Year Ended December 31, 2015 Derivative Type and Location of Gains (Losses) Commodity: Operating revenue $ 203 Purchased gas (15 ) Electric fuel and other energy-related purchases (1 ) Total commodity $ 230 $ 187 $ 4 Interest rate (3) (46 ) (11 ) (13 ) Total $ 184 $ 176 $ (9 ) 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 ) (1) Amounts deferred into AOCI have no associated effect in Dominion's Consolidated Statements of Income. (2) Represents net derivative activity deferred into and amortized out of regulatory assets/liabilities. Amounts deferred into regulatory assets/liabilities have no associated effect in Dominion's Consolidated Statements of Income. (3) Amounts recorded in Dominion's Consolidated Statements of Income are classified in interest and related charges. (4) Amounts recorded in Dominion's Consolidated Statements of Income are classified in other income. Derivatives not designated as hedging Amount of Gain (Loss) Recognized in Income on Derivatives (1) Year Ended December 31, 2016 2015 2014 (millions) Derivative Type and Location of Gains (Losses) Commodity: Operating revenue $ 2 $ 24 $ (310 ) Purchased gas 4 (14 ) (51 ) Electric fuel and other energy-related purchases (70 ) (14 ) 113 Other operations & maintenance 1 — — Interest rate (2) — (1 ) — Total $ (63 ) $ (5 ) $ (248 ) (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: December 31, 2016 December 31, 2015 Gross Amounts of Recognized Assets Gross Amounts Offset in the Consolidated Balance Sheet Net Amounts of Assets Presented in the Consolidated Balance Sheet Gross Amounts of Recognized Assets Gross Amounts Offset in the Consolidated Balance Sheet Net Amounts of Assets Presented in the Consolidated Balance Sheet (millions) Commodity contracts: Over-the-counter $ 147 $ — $ 147 $ 101 $ — $ 101 Interest rate contracts: Over-the-counter 6 — 6 13 — 13 Total derivatives, subject to a master netting or similar arrangement 153 — 153 114 — 114 Total derivatives, not subject to a master netting or similar arrangement 41 — 41 13 — 13 Total $ 194 $ — $ 194 $ 127 $ — $ 127 December 31, 2016 December 31, 2015 Gross Amounts Not Offset in the Consolidated Balance Sheet Gross Amounts Not Offset in the Consolidated Balance Sheet Net Amounts of Assets Presented in the Consolidated Balance Sheet Financial Instruments Cash Collateral Received Net Amounts Net Amounts of Assets Presented in the Consolidated Balance Sheet Financial Instruments Cash Collateral Received Net Amounts (millions) Commodity contracts: Over-the-counter $ 147 $ 2 $ — $ 145 $ 101 $ 3 $ — $ 98 Interest rate contracts: Over-the-counter 6 — — 6 13 10 — 3 Total $ 153 $ 2 $ — $ 151 $ 114 $ 13 $ — $ 101 December 31, 2016 December 31, 2015 Gross Amounts of Recognized Liabilities Gross Amounts Offset in the Consolidated Balance Sheet Net Amounts of Liabilities Presented in the Consolidated Balance Sheet Gross Amounts of Recognized Liabilities Gross Amounts Offset in the Consolidated Balance Sheet Net Amounts of Liabilities Presented in the Consolidated Balance Sheet (millions) Commodity contracts: Over-the-counter $ 2 $ — $ 2 $ 5 $ — $ 5 Interest rate contracts: Over-the-counter 21 — 21 59 — 59 Total derivatives, subject to a master netting or similar arrangement 23 — 23 64 — 64 Total derivatives, not subject to a master netting or similar arrangement 8 — 8 22 — 22 Total $ 31 $ — $ 31 $ 86 $ — $ 86 December 31, 2016 December 31, 2015 Gross Amounts Not Offset in the Consolidated Balance Sheet Gross Amounts Not Offset in the Consolidated Balance Sheet Net Amounts of Liabilities Presented in the Consolidated Balance Sheet Financial Instruments Cash Collateral Paid Net Amounts Net Amounts of Liabilities Presented in the Consolidated Balance Sheet Financial Instruments Cash Collateral Paid Net Amounts (millions) Commodity contracts: Over-the-counter $ 2 $ 2 $ — $ — $ 5 $ 3 $ — $ 2 Interest rate contracts: Over-the-counter 21 — — 21 59 10 — 49 Total $ 23 $ 2 $ — $ 21 $ 64 $ 13 $ — $ 51 Volumes The following table presents the volume of Virginia Power's derivative activity at December 31, 2016. These volumes are based on open derivative positions and represent the combined absolute value of their long and short positions, except in the case of offsetting transactions, for which they represent the absolute value of the net volume of their long and short positions. Current Noncurrent Natural Gas (bcf): Fixed price (1) 27 14 Basis 101 539 Electricity (MWh): Fixed price (1) 1,343,310 1,963,426 FTRs 43,853,950 — Interest rate $ 800,000,000 $ 850,000,000 (1) Includes options. Ineffectiveness and AOCI For the years ended December 31, 2016, 2015 and 2014, gains or losses on hedging instruments determined to be ineffective were not material. The following table presents selected information related to gains (losses) on cash flow hedges included in AOCI in Virginia Power's Consolidated Balance Sheet at December 31, 2016: AOCI Amounts Expected to be Reclassified to Earnings during the next 12 Months After-Tax Maximum (millions) Interest rate $ (8 ) $ (1 ) 375 months Total $ (8 ) $ (1 ) The amounts that will be reclassified from AOCI to earnings will generally be offset by the recognition of the hedged transactions (e.g., interest payments) in earnings, thereby achieving the realization of interest rates contemplated by the underlying risk management strategies and will vary from the expected amounts presented above as a result of changes in interest rates. Fair Value and Gains and Losses on Derivative Instruments The following tables present the fair values of Virginia Power's derivatives and where they are presented in its Consolidated Balance Sheets: Fair Value - Derivatives under Hedge Accounting Fair Value - Derivatives not under Hedge Accounting Total Fair Value (millions) At December 31, 2016 ASSETS Current Assets Commodity $ — $ 60 $ 60 Interest rate 6 — 6 Total current derivative assets (1) 6 60 66 Noncurrent Assets Commodity — 128 128 Total noncurrent derivative assets — 128 128 Total derivative assets $ 6 $ 188 $ 194 LIABILITIES Current Liabilities Commodity $ — $ 10 $ 10 Interest rate 8 — 8 Total current derivative liabilities (2) 8 10 18 Noncurrent Liabilities Interest rate 13 — 13 Total noncurrent derivative liabilities (3) 13 — 13 Total derivative liabilities $ 21 $ 10 $ 31 At December 31, 2015 ASSETS Current Assets Commodity $ — $ 18 $ 18 Total current derivative assets (1) — 18 18 Noncurrent Assets Commodity — 96 96 Interest rate 13 — 13 Total noncurrent derivative assets 13 96 109 Total derivative assets $ 13 $ 114 $ 127 LIABILITIES Current Liabilities Commodity $ — $ 23 $ 23 Interest rate 57 — 57 Total current derivative liabilities (2) 57 23 80 Noncurrent Liabilities Commodity — 4 4 Interest rate 2 — 2 Total noncurrent derivative liabilities (3) 2 4 6 Total derivative liabilities $ 59 $ 27 $ 86 (1) Current derivative assets are presented in other current assets in Virginia Power's Consolidated Balance Sheets. (2) Current derivative liabilities are presented in other current liabilities in Virginia Power's Consolidated Balance Sheets. (3) Noncurrent derivative liabilities are presented in other deferred credits and other liabilities in Virginia Power's Consolidated Balance Sheets. The following tables present the gains and losses on Virginia Power's derivatives, as well as where the associated activity is presented in its Consolidated Balance Sheets and Statements of Income: Derivatives in cash flow hedging relationships Amount of Gain (Loss) Recognized in AOCI on Derivatives (Effective Portion) (1) Amount of Gain (Loss) Reclassified from AOCI to Income Increase (Decrease) in Derivatives Subject to Regulatory Treatment (2) (millions) Year Ended December 31, 2016 Derivative Type and Location of Gains (Losses) Interest rate (3) $ (3 ) $ (1 ) $ (26 ) Total $ (3 ) $ (1 ) $ (26 ) Year Ended December 31, 2015 Derivative Type and Location of Gains (Losses) Commodity: Electric fuel and other energy-related purchases $ (1 ) Total commodity $ — $ (1 ) $ 4 Interest rate (3) (3 ) — (13 ) Total $ (3 ) $ (1 ) $ (9 ) 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 ) (1) Amounts deferred into AOCI have no associated effect in Virginia Power's Consolidated Statements of Income. (2) Represents net derivative activity deferred into and amortized out of regulatory assets/liabilities. Amounts deferred into regulatory assets/liabilities have no associated effect in Virginia Power's Consolidated Statements of Income. (3) Amounts recorded in Virginia Power's Consolidated Statements of Income are classified in interest and related charges. Derivatives not designated as hedging instruments Amount of Gain (Loss) Recognized in Income on Derivatives (1) Year Ended December 31, 2016 2015 2014 (millions) Derivative Type and Location of Gains (Losses) Commodity (2) $ (70 ) $ (13 ) $ 105 Total $ (70 ) $ (13 ) $ 105 (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: December 31, 2016 December 31, 2015 Gross Amounts of Recognized Assets Gross Amounts Offset in the Consolidated Balance Sheet Net Amounts of Assets Presented in the Consolidated Balance Sheet Gross Amounts of Recognized Assets Gross Amounts Offset in the Consolidated Balance Sheet Net Amounts of Assets Presented in the Consolidated Balance Sheet (millions) Commodity contracts: Over-the-counter $ — $ — $ — $ 11 $ — $ 11 Total derivatives, subject to a master netting or similar arrangement $ — $ — $ — $ 11 $ — $ 11 December 31, 2016 December 31, 2015 Gross Amounts Not Offset in the Consolidated Balance Sheet Gross Amounts Not Offset in the Consolidated Balance Sheet Net Amounts of Assets Presented in the Consolidated Balance Sheet Financial Instruments Cash Collateral Received Net Amounts Net Amounts of Assets Presented in the Consolidated Balance Sheet Financial Instruments Cash Collateral Received Net Amounts (millions) Commodity contracts: Over-the-counter $ — $ — $ — $ — $ 11 $ — $ — $ 11 Total $ — $ — $ — $ — $ 11 $ — $ — $ 11 December 31, 2016 December 31, 2015 Gross Amounts of Recognized Liabilities Gross Amounts Offset in the Consolidated Balance Sheet Net Amounts of Liabilities Presented in the Consolidated Balance Sheet Gross Amounts of Recognized Liabilities Gross Amounts Offset in the Consolidated Balance Sheet Net Amounts of Liabilities Presented in the Consolidated Balance Sheet (millions) Commodity contracts: Over-the-counter $ 5 $ — $ 5 $ — $ — $ — Interest rate contracts: Over-the-counter — — — 14 — 14 Foreign currency contracts: Over-the-counter 6 — 6 — — — Total derivatives, subject to a master netting or similar arrangement $ 11 $ — $ 11 $ 14 $ — $ 14 December 31, 2016 December 31, 2015 Gross Amounts Not Offset in the Consolidated Balance Sheet Gross Amounts Not Offset in the Consolidated Balance Sheet Net Amounts of Liabilities Presented in the Consolidated Balance Sheet Financial Instruments Cash Collateral Paid Net Amounts Net Amounts of Liabilities Presented in the Consolidated Balance Sheet Financial Instruments Cash Collateral Paid Net Amounts (millions) Commodity contracts: Over-the-counter $ 5 $ — $ — $ 5 $ — $ — $ — $ — Interest rate contracts: Over-the-counter — — — — 14 — — 14 Foreign currency contracts: Over-the-counter 6 — — 6 — — — — Total $ 11 $ — $ — $ 11 $ 14 $ — $ — $ 14 Volumes The following table presents the volume of Dominion Gas' derivative activity at December 31, 2016. These volumes are based on open derivative positions and represent the combined absolute value of their long and short positions, except in the case of offsetting transactions, for which they represent the absolute value of the net volume of their long and short positions. Current Noncurrent NGLs (Gal) 39,549,225 7,953,120 Foreign currency (1) $ — $ 280,000,000 (1) Maturity is determined based on final settlement period. Euro equivalent volumes are €250,000,000 . Ineffectiveness and AOCI For the years ended December 31, 2016, 2015 and 2014, 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, 2016: AOCI Amounts Expected to be Reclassified to Earnings during the next 12 Months After-Tax Maximum (millions) Commodities: NGLs $ (3 ) $ (3 ) 15 months Interest rate (28 ) (3 ) 336 months Foreign currency 7 (1 ) 114 months Total $ (24 ) $ (7 ) The amounts that will be reclassified from AOCI to earnings will generally be offset by the recognition of the hedged transactions (e.g., anticipated sales) in earnings, thereby achieving the realization of prices contemplated by the underlying risk management strategies and will vary from the expected amounts presented above as a result of changes in market prices, interest rates, and foreign currency exchange rates. Fair Value and Gains and Losses on Derivative Instruments The following tables present the fair values of Dominion Gas' derivatives and where they are presented in its Consolidated Balance Sheets: Fair Value - Derivatives under Hedge Accounting Fair Value - Derivatives not under Hedge Accounting Total Fair Value (millions) At December 31, 2016 LIABILITIES Current Liabilities Commodity $ 4 $ — $ 4 Foreign currency 3 — 3 Total current derivative liabilities (3) 7 — 7 Noncurrent Liabilities Commodity 1 — 1 Foreign currency 3 — 3 Total noncurrent derivative liabilities (4) 4 — 4 Total derivative liabilities $ 11 $ — $ 11 At December 31, 2015 ASSETS Current Assets Commodity $ 10 $ — $ 10 Total current derivative assets (1) 10 — 10 Noncurrent Assets Commodity 1 — 1 Total noncurrent derivative assets (2) 1 — 1 Total derivative assets $ 11 $ — $ 11 LIABILITIES Current Liabilities Interest rate $ 14 $ — $ 14 Total current derivative liabilities (3) 14 — 14 Total derivative liabilities $ 14 $ — $ 14 (1) Current derivative assets are presented in other current assets in Dominion Gas' Consolidated Balance Sheets. (2) Noncurrent derivative assets are presented in other deferred charges and other assets in Dominion Gas' Consolidated Balance Sheets. (3) Current derivative liabilities are presented in other current liabilities in Dominion Gas' Consolidated Balance Sheets. (4) Noncurrent derivative liabilities are presented in other deferred credits and other liabilities in Dominion Gas' Consolidated Balance Sheets. The following 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 relationships Amount of Gain (Loss) Recognized in AOCI on Derivatives (Effective Portion) (1) Amount of Gain (Loss) Reclassified from AOCI to Income (millions) Year Ended December 31, 2016 Derivative Type and Location of Gains (Losses) Commodity: Operating revenue $ 4 Total commodity $ (12 ) $ 4 Interest rate (2) (8 ) (2 ) Foreign currency (3) (6 ) (17 ) Total $ (26 ) $ (15 ) Year Ended December 31, 2015 Derivative Type and Location of Gains (Losses) Commodity: Operating revenue $ 6 Total commodity $ 16 $ 6 Interest rate (2) (6 ) — Total $ 10 $ 6 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 ) (1) Amounts deferred into AOCI have no associated effect in Dominion Gas' Consolidated Statements of Income. (2) Amounts recorded in Dominion Gas' Consolidated Statements of Income are classified in interest and related charges. (3) Amounts recorded in Dominion Gas' Consolidated Statements of Income are classified in other income. Derivatives not designated as hedging instruments Amount of Gain (Loss) Recognized in Income on Derivatives Year Ended December 31, 2016 2015 2014 (millions) Derivative Type and Location of Gains (Losses) Commodity Operating revenue $ 1 $ 6 $ — Total $ 1 $ 6 $ — |
Earnings Per Share
Earnings Per Share | 12 Months Ended |
Dec. 31, 2016 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | E ARNINGS P ER S HARE The following table presents the calculation of Dominion's basic and diluted EPS: 2016 2015 2014 (millions, except EPS) Net income attributable to Dominion $ 2,123 $ 1,899 $ 1,310 Average shares of common stock outstanding-Basic 616.4 592.4 582.7 Net effect of dilutive securities (1) 0.7 1.3 1.8 Average shares of common stock outstanding-Diluted 617.1 593.7 584.5 Earnings Per Common Share-Basic $ 3.44 $ 3.21 $ 2.25 Earnings Per Common Share-Diluted $ 3.44 $ 3.20 $ 2.24 (1) Dilutive securities consist primarily of the 2013 Equity Units for 2016 and 2015 and the 2013 Equity Units and contingently convertible senior notes for 2014. Dominion redeemed all of its contingently convertible senior notes in 2014. See Note 17 for more information. The 2014 Equity Units were excluded from the calculation of diluted EPS for the years ended December 31, 2016, 2015 and 2014, as the dilutive stock price threshold was not met. The 2016 Equity Units were excluded from the calculation of diluted EPS for the year ended December 31, 2016, as the dilutive stock price threshold was not met. See Note 17 for more information. The Dominion Midstream convertible preferred units are potentially dilutive securities but had no effect on the calculation of diluted EPS for the year ended December 31, 2016. See Note 19 for more information. |
Investments
Investments | 12 Months Ended |
Dec. 31, 2016 | |
Investments, Debt and Equity Securities [Abstract] | |
Investments | I NVESTMENTS 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 $104 million and $100 million at December 31, 2016 and 2015, respectively. Decommissioning Trust Securities Dominion holds marketable equity and debt securities (classified as available-for-sale), cash equivalents and cost method investments in nuclear decommissioning trust funds to fund future decommissioning costs for its nuclear plants. Dominion's decommissioning trust funds are summarized below: Amortized Cost Total Unrealized Gains (1) Total Unrealized Losses (1) Fair Value (millions) At December 31, 2016 Marketable equity securities: U.S. $ 1,449 $ 1,408 $ — $ 2,857 Fixed income: Corporate debt instruments 478 13 (4 ) 487 Government securities 978 22 (8 ) 992 Common/collective trust funds 67 — — 67 Cost method investments 69 — — 69 Cash equivalents and other (2) 12 — — 12 Total $ 3,053 $ 1,443 $ (12 ) (3) $ 4,484 At December 31, 2015 Marketable equity securities: U.S. $ 1,354 $ 1,217 $ — $ 2,571 Fixed income: Corporate debt instruments 436 11 (7 ) 440 Government securities 962 30 (4 ) 988 Common/collective trust funds 100 — — 100 Cost method investments 70 — — 70 Cash equivalents and other (2) 14 — — 14 Total $ 2,936 $ 1,258 $ (11 ) (3) $ 4,183 (1) Included in AOCI and the nuclear decommissioning trust regulatory liability as discussed in Note 2. (2) Includes pending sales of securities of $9 million and $12 million at December 31, 2016 and 2015, respectively. (3) The fair value of securities in an unrealized loss position was $576 million and $592 million at December 31, 2016 and 2015, respectively. The fair value of Dominion's marketable debt securities held in nuclear decommissioning trust funds at December 31, 2016 by contractual maturity is as follows: Amount (millions) Due in one year or less $ 192 Due after one year through five years 418 Due after five years through ten years 368 Due after ten years 568 Total $ 1,546 Presented below is selected information regarding Dominion's marketable equity and debt securities held in nuclear decommissioning trust funds: Year Ended December 31, 2016 2015 2014 (millions) Proceeds from sales $ 1,422 $ 1,340 $ 1,235 Realized gains (1) 128 219 171 Realized losses (1) 55 84 30 (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, 2016 2015 2014 (millions) Total other-than-temporary impairment losses (1) $ 51 $ 66 $ 21 Losses recorded to nuclear decommissioning trust regulatory liability (16 ) (26 ) (5 ) Losses recognized in other comprehensive income (before taxes) (12 ) (9 ) (3 ) Net impairment losses recognized in earnings $ 23 $ 31 $ 13 (1) Amounts include other-than-temporary impairment losses for debt securities of $13 million , $9 million and $3 million at December 31, 2016, 2015 and 2014, 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 Cost Total Unrealized Gains (1) Total Unrealized Losses (1) Fair Value (millions) At December 31, 2016 Marketable equity securities: U.S. $ 677 $ 624 $ — $ 1,301 Fixed income: Corporate debt instruments 274 6 (4 ) 276 Government securities 420 9 (2 ) 427 Common/collective trust funds 26 — — 26 Cost method investments 69 — — 69 Cash equivalents and other (2) 7 — — 7 Total $ 1,473 $ 639 $ (6 ) (3) $ 2,106 At December 31, 2015 Marketable equity securities: U.S. $ 633 $ 528 $ — $ 1,161 Fixed income: Corporate debt instruments 238 5 (5 ) 238 Government securities 421 15 (2 ) 434 Common/collective trust funds 34 — — 34 Cost method investments 70 — — 70 Cash equivalents and other (2) 8 — — 8 Total $ 1,404 $ 548 $ (7 ) (3) $ 1,945 (1) Included in AOCI and the nuclear decommissioning trust regulatory liability as discussed in Note 2. (2) Includes pending sales of securities of $7 million and $8 million at December 31, 2016 and 2015, respectively. (3) The fair value of securities in an unrealized loss position was $287 million and $281 million at December 31, 2016 and 2015, respectively. The fair value of Virginia Power's marketable debt securities at December 31, 2016, by contractual maturity is as follows: Amount (millions) Due in one year or less $ 55 Due after one year through five years 181 Due after five years through ten years 208 Due after ten years 285 Total $ 729 Presented below is selected information regarding Virginia Power's marketable equity and debt securities held in nuclear decommissioning trust funds. Year Ended December 31, 2016 2015 2014 (millions) Proceeds from sales $ 733 $ 639 $ 549 Realized gains (1) 63 110 73 Realized losses (1) 27 43 12 (1) Includes realized gains and losses recorded to the nuclear decommissioning trust regulatory liability as discussed in Note 2. Virginia Power recorded other-than-temporary impairment losses on investments held in nuclear decommissioning trust funds as follows: Year Ended December 31, 2016 2015 2014 (millions) Total other-than-temporary impairment losses (1) $ 26 $ 36 $ 8 Losses recorded to nuclear decommissioning trust regulatory liability (16 ) (26 ) (4 ) Losses recorded in other comprehensive income (before taxes) (7 ) (6 ) (2 ) Net impairment losses recognized in earnings $ 3 $ 4 $ 2 (1) Amounts include other-than-temporary impairment losses for debt securities of $8 million , $6 million and $2 million at December 31, 2016, 2015 and 2014, 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, 2016 2015 (millions) Dominion Blue Racer 50 % $ 677 $ 661 Midstream gas and related services Atlantic Coast Pipeline 48 % 256 59 Gas transmission system Iroquois 50 % (1) 316 324 Gas transmission system Fowler Ridge 50 % 116 125 Wind-powered merchant generation facility NedPower 50 % 112 119 Wind-powered merchant generation facility Other various 84 32 Total $ 1,561 $ 1,320 Dominion Gas Iroquois 24.07 % $ 98 $ 102 Gas transmission system Total $ 98 $ 102 (1) Comprised of Dominion Midstream's interest of 25.93% and Dominion Gas' interest of 24.07% . See Note 15 for more information. Dominion's equity earnings on its investments totaled $111 million , $56 million and $46 million in 2016, 2015 and 2014, respectively. Dominion received distributions from these investments of $104 million , $83 million and $60 million in 2016, 2015, and 2014, respectively. As of December 31, 2016 and 2015, the carrying amount of Dominion's investments exceeded its share of underlying equity in net assets by $260 million and $234 million , respectively. These differences are comprised at December 31, 2016 and 2015, of $84 million and $72 million , respectively, related 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, and $176 million and $162 million , respectively, reflecting equity method goodwill that is not being amortized. Dominion Gas' equity earnings on its investment totaled $21 million , $23 million and $21 million in 2016, 2015 and 2014, respectively. Dominion Gas received distributions from its investment of $22 million , $28 million and $20 million in 2016, 2015, and 2014, respectively. As of December 31, 2016 and 2015, the carrying amount of Dominion Gas' investment exceeded its share of underlying equity in net assets by $8 million . The difference reflects equity method goodwill and is not being amortized. In May 2016, Dominion Gas sold 0.65% of the noncontrolling partnership interest in Iroquois to TransCanada for approximately $7 million , which resulted in a $5 million ( $3 million after-tax) gain, included in other income in Dominion Gas' Consolidated Statements of Income. 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 March 2014, Dominion Gas sold the Northern System to an affiliate, that subsequently sold the Northern System to Blue Racer for consideration of $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 $84 million . The sale resulted in a gain of $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. In December 2016, Dominion Gas repurchased a portion of the Western System from Blue Racer for $10 million , which is included in property, plant and equipment in Dominion Gas’ Consolidated Balance Sheets. Dominion Atlantic Coast Pipeline In September 2014, Dominion, along with Duke and Southern Company Gas (formerly known as AGL Resources Inc.), announced the formation of Atlantic Coast Pipeline. The Atlantic Coast Pipeline partnership agreement includes provisions to allow Dominion an option to purchase additional ownership interest in Atlantic Coast Pipeline to maintain a leading ownership percentage. In October 2016, Dominion purchased an additional 3% membership interest in Atlantic Coast Pipeline from Duke for $14 million . The members, which are subsidiaries of the above-referenced parent companies, hold the following membership interests: Dominion, 48% ; Duke, 47% ; and Southern Company Gas (formerly known as AGL Resources Inc.), 5% . Atlantic Coast Pipeline is focused on constructing an approximately 600 -mile natural gas pipeline running from West Virginia through Virginia to North Carolina. Subsidiaries and affiliates of all three members plan to be customers of the pipeline under 20 -year contracts. Public Service Company of North Carolina, Inc. also plans to be a customer of the pipeline under a 20 -year contract. 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, 2016 | |
Property, Plant and Equipment, Net [Abstract] | |
Property, Plant and Equipment | P ROPERTY , P LANT AND E QUIPMENT Major classes of property, plant and equipment and their respective balances for the Companies are as follows: At December 31, 2016 2015 (millions) Dominion Utility: Generation $ 17,147 $ 15,656 Transmission 14,315 11,461 Distribution 16,381 13,128 Storage 2,814 2,460 Nuclear fuel 1,537 1,464 Gas gathering and processing 216 799 Oil and gas 1,652 — General and other 1,450 927 Plant under construction 6,254 5,550 Total utility 61,766 51,445 Nonutility: Merchant generation-nuclear 1,419 1,339 Merchant generation-other 4,149 2,683 Nuclear fuel 897 938 Gas gathering and processing 619 — Other-including plant under construction 706 1,371 Total nonutility 7,790 6,331 Total property, plant and equipment $ 69,556 $ 57,776 Virginia Power Utility: Generation $ 17,147 $ 15,656 Transmission 7,871 6,963 Distribution 10,573 10,048 Nuclear fuel 1,537 1,464 General and other 745 709 Plant under construction 2,146 2,793 Total utility 40,019 37,633 Nonutility-other 11 6 Total property, plant and equipment $ 40,030 $ 37,639 Dominion Gas Utility: Transmission $ 4,231 $ 3,804 Distribution 3,019 2,765 Storage 1,627 1,583 Gas gathering and processing 198 797 General and other 184 165 Plant under construction 448 443 Total utility 9,707 9,557 Nonutility: Gas gathering and processing $ 619 $ — Other-including plant under construction 149 136 Total nonutility 768 136 Total property, plant and equipment $ 10,475 $ 9,693 Jointly-Owned Power Stations Dominion's and Virginia Power's proportionate share of jointly-owned power stations at December 31, 2016 is as follows: Bath County Pumped Storage Station (1) North Anna Units 1 and 2 (1) Clover Power Station (1) Millstone Unit 3 (2) (millions, except percentages) Ownership interest 60 % 88.4 % 50 % 93.5 % Plant in service $ 1,052 $ 2,520 $ 586 $ 1,190 Accumulated depreciation (585 ) (1,210 ) (219 ) (349 ) Nuclear fuel — 718 — 469 Accumulated amortization of nuclear fuel — (549 ) — (366 ) Plant under construction 8 69 4 51 (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 Shale Development Rights In December 2013, Dominion Gas closed on agreements with two natural gas producers to convey over time approximately 100,000 acres of Marcellus Shale development rights underneath several of its natural gas storage fields. The agreements provide for payments to Dominion Gas, subject to customary adjustments, of approximately $200 million over a period of nine years, and an overriding royalty interest in gas produced from the acreage. In 2013, Dominion Gas received approximately $100 million in cash proceeds, resulting in a $20 million ( $12 million after-tax) gain, recorded to operations and maintenance expense in Dominion Gas' Consolidated Statements of Income. In 2014, Dominion Gas received $16 million in additional cash proceeds resulting from post-closing adjustments. In March 2015, Dominion Gas and one of the natural gas producers closed on an amendment to the agreement, which included the immediate conveyance of approximately 9,000 acres of Marcellus Shale development rights and a two -year extension of the term of the original agreement. The conveyance of development rights resulted in the recognition of $43 million ( $27 million after-tax) of previously deferred revenue to operations and maintenance expense in Dominion Gas' Consolidated Statements of Income. In April 2016, Dominion Gas and the natural gas producer closed on an amendment to the agreement, which included the immediate conveyance of a 32% partial interest in the remaining approximately 70,000 acres. This conveyance resulted in the recognition of the remaining $35 million ( $21 million after-tax) of previously deferred revenue to operations and maintenance expense in Dominion Gas’ Consolidated Statements of Income. In November 2014, Dominion Gas closed an agreement with a natural gas producer to convey over time approximately 24,000 acres of Marcellus Shale development rights underneath one of its natural gas storage fields. The agreement provides for payments to Dominion Gas, subject to customary adjustments, of approximately $120 million over a period of four years, and an overriding royalty interest in gas produced from the acreage. In November 2014, Dominion Gas closed on the agreement and received proceeds of $60 million associated with an initial conveyance of approximately 12,000 acres, resulting in a $60 million ( $36 million after-tax) gain, recorded to operations and maintenance expense in Dominion Gas' Consolidated Statements of Income. In connection with that agreement, in 2016, Dominion Gas conveyed approximately 4,000 acres of Marcellus Shale development rights and received proceeds of $10 million and an overriding royalty interest in gas produced from the acreage. These transactions resulted in a $10 million ( $6 million after-tax) gain. The gains are included in other operations and maintenance expense in Dominion Gas' Consolidated Statements of Income. In March 2015, Dominion Gas conveyed to a natural gas producer approximately 11,000 acres of Marcellus Shale development rights underneath one of its natural gas storage fields and received proceeds of $27 million and an overriding royalty interest in gas produced from the acreage. This transaction resulted in a $27 million ( $16 million after-tax) gain, included in other operations and maintenance expense in Dominion Gas' Consolidated Statements of Income. In September 2015, Dominion Gas closed on an agreement with a natural gas producer to convey approximately 16,000 acres of Utica and Point Pleasant Shale development rights underneath one of its natural gas storage fields. The agreement provided for a payment to Dominion Gas, subject to customary adjustments, of $52 million and an overriding royalty interest in gas produced from the acreage. In September 2015, Dominion Gas received proceeds of $52 million associated with the conveyance of the acreage, resulting in a $52 million ( $29 million after-tax) gain, included in other operations and maintenance expense in Dominion Gas’ Consolidated Statements of Income. |
Goodwill and Intangible Assets
Goodwill and Intangible Assets | 12 Months Ended |
Dec. 31, 2016 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Intangible Assets | G OODWILL AND I NTANGIBLE A SSETS Goodwill The changes in Dominion's and Dominion Gas' carrying amount and segment allocation of goodwill are presented below: Dominion Generation Dominion Energy DVP Corporate and Other (1) Total (millions) Dominion Balance at December 31, 2014 (2) $ 1,422 (3) $ 696 (3) $ 926 $ — $ 3,044 DCG acquisition — 250 (4) — — 250 Balance at December 31, 2015 (2) $ 1,422 $ 946 $ 926 $ — $ 3,294 Dominion Questar Combination — 3,105 (4) — — 3,105 Balance at December 31, 2016 (2) $ 1,422 $ 4,051 $ 926 $ — $ 6,399 Dominion Gas Balance at December 31, 2014 (2) $ — $ 542 $ — $ — $ 542 No events affecting goodwill — — — — — Balance at December 31, 2015 (2) $ — $ 542 $ — $ — $ 542 No events affecting goodwill — — — — — Balance at December 31, 2016 (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) Recast to reflect nonregulated retail energy marketing operations in the Dominion Energy segment. (4) See Note 3 for discussion of Dominion's acquisitions. 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 $73 million , $78 million and $71 million for 2016, 2015 and 2014, respectively. In 2016, Dominion acquired $124 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 $29 million , $25 million and $24 million for 2016, 2015 and 2014, respectively. In 2016, Virginia Power acquired $40 million of intangible assets, primarily representing software, with an estimated weighted-average amortization period of 12 years. Dominion Gas' amortization expense for intangible assets was $6 million , $18 million and $17 million for 2016, 2015 and 2014, respectively. In 2016, Dominion Gas acquired $20 million of intangible assets, primarily representing software, with an estimated weighted-average amortization period of approximately 12 years. The components of intangible assets are as follows: At December 31, 2016 2015 Gross Carrying Amount Accumulated Amortization Gross Carrying Amount Accumulated Amortization (millions) Dominion Software, licenses and other $ 955 $ 337 $ 942 $ 372 Total $ 955 $ 337 $ 942 $ 372 Virginia Power Software, licenses and other $ 326 $ 101 $ 301 $ 88 Total $ 326 $ 101 $ 301 $ 88 Dominion Gas Software, licenses and other $ 147 $ 49 $ 211 $ 128 Total $ 147 $ 49 $ 211 $ 128 Annual amortization expense for these intangible assets is estimated to be as follows: 2017 2018 2019 2020 2021 (millions) Dominion $ 78 $ 67 $ 57 $ 45 $ 32 Virginia Power $ 29 $ 25 $ 22 $ 16 $ 9 Dominion Gas $ 13 $ 11 $ 10 $ 10 $ 9 |
Regulatory Assets and Liabiliti
Regulatory Assets and Liabilities | 12 Months Ended |
Dec. 31, 2016 | |
Regulatory Assets and Liabilities Disclosure [Abstract] | |
Regulatory Assets and Liabilities | R EGULATORY A SSETS AND L IABILITIES Regulatory assets and liabilities include the following: At December 31, 2016 2015 (millions) Dominion Regulatory assets: Deferred nuclear refueling outage costs (1) $ 71 $ 75 Deferred rate adjustment clause costs (2) 63 90 Unrecovered gas costs (3) 19 12 Deferred cost of fuel used in electric generation (4) — 111 Other 91 63 Regulatory assets-current 244 351 Unrecognized pension and other postretirement benefit costs (5) 1,401 1,015 Deferred rate adjustment clause costs (2) 329 295 PJM transmission rates (6) 192 192 Derivatives (7) 174 110 Income taxes recoverable through future rates (8) 123 126 Utility reform legislation (9) 99 65 Other 155 62 Regulatory assets-non-current 2,473 1,865 Total regulatory assets $ 2,717 $ 2,216 Regulatory liabilities: Deferred cost of fuel used in electric generation (4) $ 61 $ — PIPP (10) 28 46 Other 74 54 Regulatory liabilities-current 163 100 Provision for future cost of removal and AROs (11) 1,427 1,120 Nuclear decommissioning trust (12) 902 804 Derivatives (7) 69 79 Deferred cost of fuel used in electric generation (4) 14 97 Other 210 185 Regulatory liabilities-non-current 2,622 2,285 Total regulatory liabilities $ 2,785 $ 2,385 Virginia Power Regulatory assets: Deferred nuclear refueling outage costs (1) $ 71 $ 75 Deferred rate adjustment clause costs (2) 51 80 Deferred cost of fuel used in electric generation (4) — 111 Other 57 60 Regulatory assets-current 179 326 Deferred rate adjustment clause costs (2) 246 213 PJM transmission rates (6) 192 192 Derivatives (7) 133 110 Income taxes recoverable through future rates (8) 76 97 Other 123 55 Regulatory assets-non-current 770 667 Total regulatory assets $ 949 $ 993 Regulatory liabilities: Deferred cost of fuel used in electric generation (4) $ 61 $ — Other 54 35 Regulatory liabilities-current 115 35 Provision for future cost of removal (11) 946 890 Nuclear decommissioning trust (12) 902 804 Derivatives (7) 69 79 Deferred cost of fuel used in electric generation (4) 14 97 Other 31 59 Regulatory liabilities-non-current 1,962 1,929 Total regulatory liabilities $ 2,077 $ 1,964 Dominion Gas Regulatory assets: Unrecovered gas costs (3) $ 12 $ 11 Deferred rate adjustment clause costs (2) 12 10 Other 2 2 Regulatory assets-current 26 23 Unrecognized pension and other postretirement benefit costs (5) 358 282 Utility reform legislation (9) 99 65 Deferred rate adjustment clause costs (2) 79 82 Income taxes recoverable through future rates (8) 23 20 Other 18 — Regulatory assets-non-current 577 449 Total regulatory assets $ 603 $ 472 Regulatory liabilities: PIPP (10) $ 28 $ 46 Other 7 9 Regulatory liabilities-current 35 55 Provision for future cost of removal and AROs (11) 174 170 Other 45 31 Regulatory liabilities-non-current 219 201 Total regulatory liabilities $ 254 $ 256 (1) Legislation enacted in Virginia in April 2014 requires Virginia Power to defer operation and maintenance costs incurred in connection with the refueling of any nuclear-powered generating plant. These deferred costs will be amortized over the refueling cycle, not to exceed 18 months. (2) Primarily reflects deferrals under the electric transmission FERC formula rate and the deferral of costs associated with certain current and prospective rider projects for Virginia Power and deferrals of costs associated with certain current and prospective rider projects for Dominion Gas. See Note 13 for more information. (3) Reflects unrecovered gas costs at regulated gas operations, which are recovered through filings with the applicable regulatory authority. (4) Reflects deferred fuel expenses for the Virginia and North Carolina jurisdictions of Dominion's and Virginia Power’s generation operations. See Note 13 for more information. (5) Represents unrecognized pension and other postretirement employee benefit costs expected to be recovered through future rates generally over the expected remaining service period of plan participants by certain of Dominion’s and Dominion Gas' rate-regulated subsidiaries. (6) Reflects amount related to the PJM transmission cost allocation matter. See Note 13 for more information. (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) Amounts to be recovered through future rates to pay income taxes that become payable when rate revenue is provided to recover AFUDC-equity and depreciation of property, plant and equipment for which deferred income taxes were not recognized for ratemaking purposes, including amounts attributable to tax rate changes. (9) Ohio legislation under House Bill 95, which became effective in September 2011. This law updates natural gas legislation by enabling gas companies to include more up-to-date cost levels when filing rate cases. It also allows gas companies to seek approval of capital expenditure plans under which gas companies can recognize carrying costs on associated capital investments placed in service and can defer the carrying costs plus depreciation and property tax expenses for recovery from ratepayers in the future. (10) Under PIPP, eligible customers can make reduced payments based on their ability to pay. The difference between the customer’s total bill and the PIPP plan amount is deferred and collected or returned annually under the PIPP rate adjustment clause according to East Ohio tariff provisions. See Note 13 for more information. (11) Rates charged to customers by the Companies’ regulated businesses include a provision for the cost of future activities to remove assets that are expected to be incurred at the time of retirement. (12) Primarily reflects a regulatory liability representing amounts collected from Virginia jurisdictional customers and placed in external trusts (including income, losses and changes in fair value thereon) for the future decommissioning of Virginia Power’s utility nuclear generation stations, in excess of the related AROs. At December 31, 2016, $303 million of Dominion's, $230 million of Virginia Power's and $31 million of Dominion Gas' regulatory assets represented past expenditures on which they do not currently earn a return. With the exception of the $192 million PJM transmission cost allocation matter, the majority of these expenditures are expected to be recovered within the next two years. |
Regulatory Matters
Regulatory Matters | 12 Months Ended |
Dec. 31, 2016 | |
Regulated Operations [Abstract] | |
Regulatory Matters | R EGULATORY M ATTERS Regulatory Matters Involving Potential Loss Contingencies As a result of issues generated in the ordinary course of business, the Companies are involved in various regulatory matters. Certain regulatory matters may ultimately result in a loss; however, as such matters are in an initial procedural phase, involve uncertainty as to the outcome of pending reviews or orders, and/or involve significant factual issues that need to be resolved, it is not possible for the Companies to estimate a range of possible loss. For matters for which the Companies cannot estimate a range of possible loss, a statement to this effect is made in the description of the matter. Other matters may have progressed sufficiently through the regulatory process such that the Companies are able to estimate a range of possible loss. For regulatory matters for which the Companies are able to reasonably estimate a range of possible losses, an estimated range of possible loss is provided, in excess of the accrued liability (if any) for such matters. Any estimated range is based on currently available information, involves elements of judgment and significant uncertainties and may not represent the Companies' maximum possible loss exposure. The circumstances of such regulatory matters will change from time to time and actual results may vary significantly from the current estimate. For current matters not specifically reported below, management does not anticipate that the outcome from such matters would have a material effect on the Companies' financial position, liquidity or results of operations. FERC - Electric Under the Federal Power Act, FERC regulates wholesale sales and transmission of electricity in interstate commerce by public utilities. Dominion’s merchant generators sell electricity in the PJM, MISO, CAISO and ISO-NE wholesale markets, and to wholesale purchasers in the states of Virginia, North Carolina, Indiana, Connecticut, Tennessee, Georgia, California and Utah, under Dominion’s market-based sales tariffs authorized by FERC or pursuant to FERC authority to sell as a qualified facility. 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 North Carolina Electric Membership Corporation filed a complaint with FERC against Virginia Power claiming that $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 held a hearing to determine the appropriate amount of undergrounding cost to be allocated to each wholesale transmission customer in Virginia. While Virginia Power cannot predict the outcome of the hearing, it is not expected to have a material effect on results of operations. PJM Transmission Rates In April 2007, FERC issued an order regarding its transmission rate design for the allocation of costs among PJM transmission customers, including Virginia Power, for transmission service provided by PJM. For new PJM-planned transmission facilities that operate at or above 500 kV, FERC established a PJM regional rate design where customers pay according to each customer's share of the region's load. For recovery of costs of existing facilities, FERC approved the existing methodology whereby a customer pays the cost of facilities located in the same zone as the customer. A number of parties appealed the order to the U.S. Court of Appeals for the Seventh Circuit. In August 2009, the court issued its decision affirming the FERC order with regard to the existing facilities, but remanded to FERC the issue of the cost allocation associated with the new facilities 500 kV and above for further consideration by FERC. On remand, FERC reaffirmed its earlier decision to allocate the costs of new facilities 500 kV and above according to the customer’s share of the region’s load. A number of parties filed appeals of the order to the U.S. Court of Appeals for the Seventh Circuit. In June 2014, the court again remanded the cost allocation issue to FERC. In December 2014, FERC issued an order setting an evidentiary hearing and settlement proceeding regarding the cost allocation issue. The hearing only concerns the costs of new facilities approved by PJM prior to February 1, 2013. Transmission facilities approved after February 1, 2013 are allocated on a hybrid cost allocation method approved by FERC and not subject to any court review. In June 2016, PJM, the PJM transmission owners and state commissions representing substantially all of the load in the PJM market submitted a settlement to FERC to resolve the outstanding issues regarding this matter. Under the terms of the settlement, Virginia Power would be required to pay approximately $200 million to PJM over the next 10 years.Although the settlement agreement has not been accepted by FERC, and the settlement is opposed by a small group of parties to the proceeding, Virginia Power believes it is probable it will be required to make payment as an outcome of the settlement. Accordingly, as of December 31, 2016, Virginia Power has a contingent liability of $200 million in other deferred credits and other liabilities, which is offset by a $192 million regulatory asset for the amount that will be recovered through retail rates in Virginia. The remaining $8 million was recorded in other operations and maintenance expense, during 2015, in the Consolidated Statements of Income. 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, underground distribution lines, environmental compliance, conservation and energy efficiency programs and renewable energy programs, and also contains statutory provisions directing Virginia Power to file annual fuel cost recovery cases with the Virginia Commission. As amended, it provides for enhanced returns on capital expenditures on specific newly-proposed generation projects. If the Virginia Commission's future rate decisions, including actions relating to Virginia Power's rate adjustment clause filings, differ materially from Virginia Power's expectations, it may adversely affect its results of operations, financial condition and cash flows. Regulation Act Legislation In February 2015, the Virginia Governor signed legislation into law which will keep Virginia Power’s base rates unchanged until at least December 1, 2022. In addition, no biennial reviews will be conducted by the Virginia Commission for the five successive 12-month test periods beginning January 1, 2015, and ending December 31, 2019. The legislation states that Virginia Power’s 2015 biennial review, filed in March 2015, would proceed for the sole purpose of reviewing and determining whether any refunds are due to customers based on earnings performance for generation and distribution services 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 rate adjustment clauses and requires utilities to file integrated resource plans annually rather than biennially. In November 2015, the Virginia Commission ordered testimony, briefs and a separate bifurcated hearing in Virginia Power's then-pending Rider B, R, S, and W cases on whether the Virginia Commission can adjust the ROE applicable to these rate adjustment clauses prior to 2017. In February 2016, the Virginia Commission issued final orders in these cases, stating that it could adjust the ROE and setting a base ROE of 9.6% for the projects. After separate, additional bifurcated hearings, the Virginia Commission issued final orders setting base ROEs of 9.6% in March 2016 for Rider GV, in April 2016 for Riders C1A and C2A, in June 2016 for Riders BW and US-2, and in August 2016 for Rider U. In February 2017, the Virginia Commission issued final orders setting base ROEs of 9.4% for Riders B, R, S, W, and GV effective April 1, 2017. In February 2016, certain industrial customers of APCo petitioned the Virginia Commission to issue a declaratory judgment that Virginia legislation enacted in 2015 keeping APCo's base rates unchanged until at least 2020 (and Virginia Power's base rates unchanged until at least 2022) is unconstitutional, and to require APCo to make biennial review filings in 2016 and 2018. Virginia Power intervened to support the constitutionality of this legislation. In July 2016, the Virginia Commission held in a divided opinion that this legislation is constitutional, and the industrial customers appealed this order to the Supreme Court of Virginia. In November 2016, the Supreme Court of Virginia granted the appeal as a matter of right and consolidated it for oral argument with other similar appeals from the Virginia Commission’s order. These appeals are pending. 2015 Biennial Review Pursuant to the Regulation Act, in March 2015, Virginia Power filed its base rate case and schedules for the Virginia Commission’s 2015 biennial review of Virginia Power’s rates, terms and conditions. Per legislation enacted in February 2015, this biennial review was limited to reviewing Virginia Power’s earnings on rates for generation and distribution services for the combined 2013 and 2014 test period, and determining whether credits are due to customers in the event Virginia Power’s earnings exceeded the earnings band determined in the 2013 Biennial Review Order. In November 2015, the Virginia Commission issued the 2015 Biennial Review Order. After deciding several contested regulatory earnings adjustments, the Virginia Commission ruled that Virginia Power earned on average an ROE of approximately 10.89% on its generation and distribution services for the combined 2013 and 2014 test periods. Because this ROE was more than 70 basis points above Virginia Power’s authorized ROE of 10.0% , the Virginia Commission ordered that approximately $20 million in excess earnings be credited to customer bills based on usage in 2013 and 2014 over a six -month period beginning within 60 days of the 2015 Biennial Review Order. Based upon 2015 legislation keeping Virginia Power’s base rates unchanged until at least December 1, 2022, the Virginia Commission did not order certain existing rate adjustment clauses to be combined with Virginia Power’s base rates. The Virginia Commission did not determine whether Virginia Power had a revenue deficiency or sufficiency when projecting the annual revenues generated by base rates to the revenues required to recover costs of service and earn a fair return. In December 2015, a group of large industrial customers filed notices of appeal with the Supreme Court of Virginia from both the 2015 Biennial Review Order and the Virginia Commission’s order denying their petition for rehearing or reconsideration. In April 2016, the Supreme Court of Virginia granted these appeals as a matter of right. Also in April 2016, the Attorney General filed an unopposed motion to suspend appellate briefing pending the outcome of a separate case at the Virginia Commission raising the same issues. In May 2016, the Supreme Court of Virginia denied the Attorney General’s unopposed motion to suspend briefing in the previously granted appeals from the Virginia Commission’s orders. The Supreme Court of Virginia later granted leave for the industrial customer appellants to withdraw their appeals, thus concluding this matter. Virginia Fuel Expenses In May 2016, Virginia Power submitted its annual fuel factor to the Virginia Commission to recover an estimated $1.4 billion in Virginia jurisdictional projected fuel expenses for the rate year beginning July 1, 2016. Virginia Power’s proposed fuel rate represented a fuel revenue decrease of $286 million when applied to projected kilowatt-hour sales for the period July 1, 2016 to June 30, 2017. In October 2016, the Virginia Commission approved Virginia Power's proposed fuel rate. Solar Facility Projects In February 2017, Virginia Power received approval from the Virginia Commission for a CPCN to construct and operate the Remington solar facility and related distribution interconnection facilities. The total estimated cost of the Remington solar facility is approximately $47 million , excluding financing costs . The facility is now the subject of a public-private partnership whereby the Commonwealth of Virginia, a non-jurisdictional customer, will compensate Virginia Power for the facility's net electrical energy output, and Microsoft Corporation will purchase all environmental attributes (including renewable energy certificates) generated by the facility. There is no rate adjustment clause associated with this CPCN, nor will any costs of the project be recovered from jurisdictional customers. In October 2015, Virginia Power filed an application with the Virginia Commission for CPCNs to construct and operate the Scott Solar, Whitehouse, and Woodland solar facilities and related distribution-level interconnection facilities. Virginia Power also applied for approval of Rider US-2 to recover the costs of these projects. In June 2016, the Virginia Commission granted the requested CPCNs and approved a $4 million revenue requirement, subject to true-up on a cost-of-service basis using a 9.6% ROE for Rider US-2 for the rate year beginning September 1, 2016. These projects were placed into service in December 2016, and increased Dominion’s renewable generation by a combined 56 MW at a total cost of approximately $130 million , excluding financing costs. See below for further information on Rider US-2. In August 2016, Virginia Power filed an application with the Virginia Commission for a CPCN to construct and operate the Oceana solar facility and related distribution interconnection facilities on land owned by the U.S. Navy. The facility would begin commercial operations in late 2017 and increase Dominion's renewable generation by approximately 18 MW at an estimated cost of approximately $40 million , excluding financing costs. The facility is the subject of a public-private partnership whereby the Commonwealth of Virginia, a non-jurisdictional customer, will compensate Virginia Power for the facility’s net electrical energy output. Virginia Power will retire renewable energy certificates on the Commonwealth's behalf in an amount equal to those generated by the facility. There is no rate adjustment clause associated with this CPCN filing, nor will any costs of the project be recovered from jurisdictional customers. This case is pending. Rate Adjustment Clauses Below is a discussion of significant riders associated with various Virginia Power projects: • The Virginia Commission previously approved Rider T1 concerning transmission rates. In May 2016, Virginia Power proposed a $639 million total revenue requirement for the rate year beginning September 1, 2016, which represents a $1 million increase over the revenues projected to be produced during the rate year under current rates. In July 2016, the Virginia Commission approved Virginia Power's proposed total revenue requirement. • The Virginia Commission previously approved Rider S in conjunction with the Virginia City Hybrid Energy Center. In February 2016, the Virginia Commission approved a $251 million revenue requirement, subject to true-up, for the rate year beginning April 1, 2016. It also established a 10.6% ROE for Rider S effective April 1, 2016. In June 2016, Virginia Power proposed a $254 million revenue requirement for the rate year beginning April 1, 2017, which represents a $3 million increase over the previous year. In February 2017, the Virginia Commission established a 10.4% ROE for Rider S effective April 1, 2017. This case is pending. • The Virginia Commission previously approved Rider W in conjunction with Warren County. In February 2016, the Virginia Commission approved a $118 million revenue requirement, subject to true-up, for the rate year beginning April 1, 2016. It also established a 10.6% ROE for Rider W effective April 1, 2016. In June 2016, Virginia Power proposed a $126 million revenue requirement for the rate year beginning April 1, 2017, which represents an $8 million increase over the previous year. In February 2017, the Virginia Commission established a 10.4% ROE for Rider W effective April 1, 2017. This case is pending. • The Virginia Commission previously approved Rider R in conjunction with Bear Garden. In February 2016, the Virginia Commission approved a $74 million revenue requirement, subject to true-up, for the rate year beginning April 1, 2016. It also established a 10.6% ROE for Rider R effective April 1, 2016. In June 2016, Virginia Power proposed a $75 million revenue requirement for the rate year beginning April 1, 2017, which represents a $1 million increase over the previous year. In February 2017, the Virginia Commission established a 10.4% ROE for Rider R effective April 1, 2017. This case is pending. • The Virginia Commission previously approved Rider B in conjunction with the conversion of three power stations to biomass. In February 2016, the Virginia Commission approved a $30 million revenue requirement for the rate year beginning April 1, 2016. It also established an 11.6% ROE for Rider B effective April 1, 2016. In June 2016, Virginia Power proposed a $28 million revenue requirement for the rate year beginning April 1, 2017, which represents a $2 million decrease versus the previous year. In February 2017, the Virginia Commission established an 11.4% ROE for Rider B effective April 1, 2017. This case is pending. • The Virginia Commission previously approved Rider U in conjunction with cost recovery to move certain electric distribution facilities underground as authorized by prior Virginia legislation. In August 2016, the Virginia Commission approved a net $20 million revenue requirement and a 9.6% ROE for the rate year beginning September 1, 2016, and an additional $2 million in credits to offset approved revenue requirements for Phase One for each of the 2017-2018 and 2018-2019 rate years. The order limited the total investment in Phase One of Virginia Power’s proposed program to $140 million , with $123 million recoverable through Rider U. In December 2016, Virginia Power proposed a total $31 million revenue requirement for Phase One and Phase Two costs for the rate year beginning September 1, 2017. Virginia Power’s estimated total investment in Phase Two is $110 million . This case is pending. • The Virginia Commission previously approved Riders C1A and C2A in connection with cost recovery for DSM programs. In April 2016, the Virginia Commission approved a $46 million revenue requirement, subject to true-up, for the rate year beginning May 1, 2016. It also established a 9.6% ROE for Riders C1A and C2A effective May 1, 2016. The Virginia Commission approved one new energy efficiency program at a reduced cost cap, denied a second energy efficiency program, and approved the extension of an existing peak shaving program recovered in base rates at no additional incremental cost. In October 2016, Virginia Power proposed a total revenue requirement of $45 million for the rate year beginning July 1, 2017. Virginia Power also proposed two new energy efficiency programs for Virginia Commission approval with a requested five -year cost cap of $178 million . Virginia Power further proposed to extend an existing energy efficiency program for an additional two years under current funding, and an existing peak shaving program for an additional five years with an additional $5 million cost cap. This case is pending. • The Virginia Commission previously approved Rider BW in conjunction with Brunswick County. In June 2016, the Virginia Commission approved a $119 million revenue requirement for the rate year beginning September 1, 2016. It also established a 10.6% ROE for Rider BW effective September 1, 2016. In October 2016, Virginia Power proposed a $134 million revenue requirement for the rate year beginning September 1, 2017, which represents a $15 million increase over the previous year. This case is pending. • The Virginia Commission previously approved Rider US-2 in conjunction with the Scott Solar, Whitehouse, and Woodland solar facilities. In June 2016, the Virginia Commission approved a $4 million revenue requirement for the rate year beginning September 1, 2016. It also established a 9.6% ROE for Rider US-2 effective September 1, 2016. In October 2016, Virginia Power proposed a $10 million revenue requirement for the rate year beginning September 1, 2017, which represents a $6 million increase over the previous year. This case is pending. • In July 2015, Virginia Power filed an application with the Virginia Commission for a CPCN to construct and operate Greensville County and related transmission interconnection facilities. Virginia Power also applied for approval of Rider GV to recover the costs of Greensville County. In March 2016, the Virginia Commission granted the requested CPCN and approved a $40 million revenue requirement for the rate year beginning April 1, 2016. It also established a 9.6% ROE for Rider GV effective April 1, 2016. In June 2016, Virginia Power proposed an $89 million revenue requirement for the rate year beginning April 1, 2017, which represents a $49 million increase over the previous year. In February 2017, the Virginia Commission established a 9.4% ROE for Rider GV effective April 1, 2017. This matter is pending. Electric Transmission Projects In November 2013, the Virginia Commission issued an order granting Virginia Power a CPCN to construct approximately 7 miles of new overhead 500 kV transmission line from the existing Surry switching station in Surry County to a new Skiffes Creek switching station in James City County, and approximately 20 miles of new 230 kV transmission line in James City County, York County, and the City of Newport News from the proposed new Skiffes Creek switching station to Virginia Power’s existing Whealton substation in the City of Hampton. 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. In April 2015, the Supreme Court of Virginia issued its opinion in the consolidated appeals of the Virginia Commission’s order granting a CPCN for the Skiffes Creek transmission line and related facilities. The Supreme Court of Virginia unanimously affirmed all but one of the alleged grounds for appeal. The court approved the proposed project including the proposed route for a 500 kV overhead transmission line from Surry to the Skiffes Creek switching station site. The court reversed and remanded the Virginia Commission’s determination in one set of appeals that the Skiffes Creek switching station was a transmission line for purposes of statutory exemption from local zoning ordinances. In May 2015, the Supreme Court of Virginia denied separate petitions filed by Virginia Power and the Virginia Commission to rehear its ruling regarding the Skiffes Creek switching station. Pending receipt of remaining required permits and approvals, Virginia Power expects to construct the project. Virginia Power previously filed an application with the Virginia Commission for a CPCN to construct and operate in Loudoun County, Virginia, a new approximately 230 kV Poland Road substation, and a new approximately four mile overhead 230 kV double circuit transmission line between the existing 230 kV Loudoun-Brambleton line and the Poland Road substation. In August 2016, the Virginia Commission granted a CPCN to construct and operate the project along a revised route. The total estimated cost of the project is approximately $55 million . In November 2015, Virginia Power filed an application with the Virginia Commission for a CPCN to convert an existing transmission line to 230 kV in Prince William County, Virginia, and Loudoun County, Virginia, and to construct and operate a new approximately five mile overhead 230 kV double circuit transmission line between a tap point near the Gainesville substation and a new to-be-constructed Haymarket substation. The total estimated cost of the project is approximately $55 million . This case is pending. In November 2015, Virginia Power filed an application with the Virginia Commission for a CPCN to construct and operate in multiple Virginia counties an approximately 38 mile overhead 230 kV transmission line between the Remington and Gordonsville substations, along with associated facilities. The total estimated cost of the project is approximately $105 million . This case is pending. In February 2016, the Virginia Commission issued an order granting Virginia Power a CPCN to construct and operate the Remington CT-Warrenton 230 kV double circuit transmission line, the Vint Hill-Wheeler and Wheeler-Gainesville 230 kV lines and the 230 kV Vint Hill and Wheeler switching stations along Virginia Power’s proposed route. The total estimated cost of the project is approximately $110 million . In March 2016, Virginia Power filed an application with the Virginia Commission for a CPCN to rebuild and operate in multiple Virginia counties approximately 33 miles of the existing 500 kV transmission line between the Cunningham switching station and the Dooms substation, along with associated station work. The total estimated cost of the project is approximately $60 million . This case is pending. In August 2016, Virginia Power filed an application with the Virginia Commission for a CPCN to rebuild and operate in multiple Virginia counties approximately 28 miles of the existing 500 kV transmission line between the Carson switching station and a terminus located near the Rogers Road switching station under construction in Greensville County, Virginia, along with associated work at the Carson switching station. The total estimated cost of the project is approximately $55 million . This case is pending. In January 2017, Virginia Power filed an application with the Virginia Commission for a CPCN to rebuild and rearrange its Idylwood substation in Fairfax County, Virginia. The total estimated cost of the project is approximately $110 million . This case is pending. North Anna Virginia Power is considering the construction of a third nuclear unit at a site located at North Anna nuclear power station. If Virginia Power decides to build a new unit, it must first receive a COL from the NRC, approval of the Virginia Commission and certain environmental permits and other approvals. The COL is expected in 2017. Virginia Power has not yet committed to building a new nuclear unit at North Anna nuclear power station. Requests by BREDL for a contested NRC hearing on Virginia Power’s COL application have been dismissed, and in September 2016, the U.S. Court of Appeals for the D.C. Circuit dismissed with prejudice petitions for judicial review that BREDL and other organizations had filed challenging the NRC’s reliance on a rule generically assessing the environmental impacts of continued onsite storage of spent nuclear fuel in various licensing proceedings, including Virginia Power’s COL proceeding. This dismissal followed the Court’s June 2016 decision in New York v. NRC, upholding the NRC’s continued storage rule and August 2016 denial of requests for rehearing en banc. Therefore, the contested portion of the COL proceeding is closed. The NRC is required to conduct a hearing in all COL proceedings. This mandatory NRC hearing is anticipated to occur in the first half of 2017 and will be uncontested. In August 2016, Virginia Power received a 60 -day notice of intent to sue from the Sierra Club alleging Endangered Species Act violations. The notice alleges that the U.S. Army Corps of Engineers failed to conduct adequate environmental and consultation reviews, related to a potential third nuclear unit located at North Anna, prior to issuing a CWA section 404 permit to Virginia Power in September 2011. No lawsuit has been filed and in November 2016, the Army Corps of Engineers suspended the section 404 permit while it gathers additional information. This permitting issue is not expected to affect the NRC’s issuance of the COL. Virginia Power is currently unable to make an estimate of the potential impacts to its consolidated financial statements related to this matter. North Carolina Regulation In March 2016, Virginia Power filed its base rate case and schedules with the North Carolina Commission. Virginia Power proposed a non-fuel, base rate increase of $51 million effective November 1, 2016 with an ROE of 10.5% . In October 2016, Virginia Power entered into a stipulation and settlement agreement for a non-fuel, base rate increase of $35 million with an ROE of 9.9% effective November 1, 2016, on a temporary basis subject to refund, with any permanent rates ordered by the North Carolina Commission effective January 1, 2017. In December 2016, the North Carolina Commission approved the stipulation and settlement agreement. In August 2016, Virginia Power submitted its annual filing to the North Carolina Commission to adjust the fuel component of its electric rates. Virginia Power proposed a total $36 million decrease to the fuel component of its electric rates for the rate year beginning January 1, 2017. In December 2016, the North Carolina Commission approved the requested decrease and an additional $1 million reduction to Virginia Power’s fuel rates. Ohio Regulation PIR Program In 2008, East Ohio began PIR, aimed at replacing approximately 25% of its pipeline system. In March 2015, East Ohio filed an application with the Ohio Commission requesting approval to extend the PIR program for an additional five years and to increase the annual capital investment, with corresponding increases in the annual rate-increase caps. In September 2016, the Ohio Commission approved a stipulation filed jointly by East Ohio and the Staff of the Ohio Commission to settle East Ohio’s pending ap |
Asset Retirement Obligations
Asset Retirement Obligations | 12 Months Ended |
Dec. 31, 2016 | |
Asset Retirement Obligation [Abstract] | |
Asset Retirement Obligations | A SSET R ETIREMENT O BLIGATIONS AROs represent obligations that result from laws, statutes, contracts and regulations related to the eventual retirement of certain of the Companies' long-lived assets. Dominion's and Virginia Power's AROs are primarily associated with the decommissioning of their nuclear generation facilities and ash pond and landfill closures. 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 the retirement of Dominion's LNG facility, Dominion's and Dominion Gas' storage wells in their underground natural gas storage network, certain Virginia Power electric transmission and distribution assets located on property with easements, rights of way, franchises and lease agreements, Virginia Power's hydroelectric generation facilities and the abatement of certain asbestos not expected to be disturbed in Dominion's and Virginia Power's generation facilities. The Companies currently do not have sufficient information to estimate a reasonable range of expected retirement dates for any of these assets since the economic lives of these assets can be extended indefinitely through regular repair and maintenance and they currently have no plans to retire or dispose of any of these assets. As a result, a settlement date is not determinable for these assets and AROs for these assets will not be reflected in the Consolidated Financial Statements until sufficient information becomes available to determine a reasonable estimate of the fair value of the activities to be performed. The Companies continue to monitor operational and strategic developments to identify if sufficient information exists to reasonably estimate a retirement date for these assets. The changes to AROs during 2015 and 2016 were as follows: Amount (millions) Dominion AROs at December 31, 2014 $ 1,714 Obligations incurred during the period (1) 315 Obligations settled during the period (106 ) Revisions in estimated cash flows (1) 88 Accretion 93 Other (1 ) AROs at December 31, 2015 (2) $ 2,103 Obligations incurred during the period (3) 204 Obligations settled during the period (171 ) Revisions in estimated cash flows (1) 245 Accretion 104 AROs at December 31, 2016 (2) $ 2,485 Virginia Power AROs at December 31, 2014 $ 855 Obligations incurred during the period (1) 289 Obligations settled during the period (39 ) Revisions in estimated cash flows (1) 92 Accretion 50 AROs at December 31, 2015 $ 1,247 Obligations incurred during the period 9 Obligations settled during the period (115 ) Revisions in estimated cash flows (1) 245 Accretion 57 AROs at December 31, 2016 $ 1,443 Dominion Gas AROs at December 31, 2014 $ 147 Obligations incurred during the period 5 Obligations settled during the period (6 ) Revisions in estimated cash flows (5 ) Accretion 9 Other (1 ) AROs at December 31, 2015 (4) $ 149 Obligations incurred during the period 6 Obligations settled during the period (8 ) Revisions in estimated cash flows — Accretion 9 AROs at December 31, 2016 (4) $ 156 (1) Primarily reflects future ash pond and landfill closure costs at certain utility generation facilities. See Note 22 for further information. (2) Includes $216 million and $249 million reported in other current liabilities at December 31, 2015, and 2016, respectively. (3) Primarily reflects AROs assumed in the Dominion Questar Combination. See Note 3 for further information. (4) Includes $137 million and $147 million reported in other deferred credits and other liabilities, with the remainder recorded in other current liabilities, at December 31, 2015 and 2016, respectively. Dominion and Virginia Power have established trusts dedicated to funding the future decommissioning of their nuclear plants. At December 31, 2016 and 2015, the aggregate fair value of Dominion's trusts, consisting primarily of equity and debt securities, totaled $4.5 billion and $4.2 billion , respectively. At December 31, 2016 and 2015, the aggregate fair value of Virginia Power's trusts, consisting primarily of debt and equity securities, totaled $2.1 billion and $1.9 billion , respectively. |
Variable Interest Entities
Variable Interest Entities | 12 Months Ended |
Dec. 31, 2016 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Variable Interest Entities | V ARIABLE I NTEREST E NTITIES The primary beneficiary of a VIE is required to consolidate the VIE and to disclose certain information about its significant variable interests in the VIE. The primary beneficiary of a VIE is the entity that has both 1) the power to direct the activities that most significantly impact the entity's economic performance and 2) the obligation to absorb losses or receive benefits from the entity that could potentially be significant to the VIE. Dominion At December 31, 2016, Dominion owns the general partner, 50.9% of the common and subordinated units and 37.5% of the converible preferred interests in Dominion Midstream, which owns a preferred equity interest and the general partner interest in Cove Point. Additionally, Dominion owns the manager and 67% of the membership interest in certain merchant solar facilities, as discussed in Note 2. Dominion has concluded that these entities are VIEs due to the limited partners or members lacking the characteristics of a controlling financial interest. In addition, in 2016 Dominion created a wholly owned subsidiary, SBL Holdco, as a holding company of its interest in the VIE merchant solar facilities and accordingly SBL Holdco is a VIE. Dominion is the primary beneficiary of Dominion Midstream, SBL Holdco and the merchant solar facilities, and Dominion Midstream is the primary beneficiary of Cove Point, as they have the power to direct the activities that most significantly impact their economic performance as well as the obligation to absorb losses and benefits which could be significant to them. Dominion’s securities due within one year and long-term debt include $17 million and $377 million , respectively, of debt issued in 2016 by SBL Holdco net of issuance costs that is nonrecourse to Dominion and is secured by SBL Holdco’s interest in the merchant solar facilities. Dominion owns a 48% 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 and Virginia Power Dominion's and Virginia Power’s nuclear decommissioning trust funds and Dominion’s rabbi trusts hold investments in limited partnerships or similar type entities (see Note 9 for further details). Dominion and Virginia Power concluded that these partnership investments are VIEs due to the limited partners lacking the characteristics of a controlling financial interest. Dominion and Virginia Power have concluded neither is the primary beneficiary as they do not have the power to direct the activities that most significantly impact these VIEs’ economic performance. Dominion and Virginia Power are obligated to provide capital contributions to the partnerships as required by each partnership agreement based on their ownership percentages. Dominion and Virginia Power’s maximum exposure to loss is limited to their current and future investments. Dominion and Dominion Gas Dominion previously concluded that Iroquois was a VIE because a non-affiliated Iroquois equity holder had the ability during a limited period of time to transfer its ownership interests to another Iroquois equity holder or its affiliate. At the end of the first quarter of 2016, such right no longer existed and, as a result, Dominion concluded that Iroquois is no longer a VIE. Virginia Power Virginia Power had long-term power and capacity contracts with five non-utility generators, which contain certain variable pricing mechanisms in the form of partial fuel reimbursement that Virginia Power considers to be variable interests. Contracts with two of these non-utility generators expired during 2015 leaving a remaining aggregate summer generation capacity of approximately 418 MW. 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 remaining contracts expire at various dates ranging from 2017 to 2021. Virginia Power is not subject to any risk of loss from these potential VIEs other than its remaining purchase commitments which totaled $287 million as of December 31, 2016. Virginia Power paid $144 million , $200 million , and $223 million for electric capacity and $31 million , $83 million , and $138 million for electric energy to these entities for the years ended December 31, 2016, 2015 and 2014, respectively. Dominion Gas DTI has been engaged to oversee the construction of, and to subsequently operate and maintain, the projects undertaken by Atlantic Coast Pipeline based on the overall direction and oversight of Atlantic Coast Pipeline's members. An affiliate of DTI holds a membership interest in Atlantic Coast Pipeline, therefore DTI is considered to have a variable interest in Atlantic Coast Pipeline. The members of Atlantic Coast Pipeline hold the power to direct the construction, operations and maintenance activities of the entity. DTI has concluded it is not the primary beneficiary of Atlantic Coast Pipeline as it does not have the power to direct the activities of Atlantic Coast Pipeline that most significantly impact its economic performance. DTI has no obligation to absorb any losses of the VIE. See Note 24 for information about associated related party receivable balances. Virginia Power and Dominion Gas Virginia Power and Dominion Gas purchased shared services from DRS, an affiliated VIE, of $346 million and $123 million , $318 million and $115 million , and $335 million and $106 million for the years ended December 31, 2016, 2015 and 2014, respectively. Virginia Power and Dominion Gas determined that neither is the primary beneficiary of DRS as neither has both the power to direct the activities that most significantly impact its economic performance as well as the obligation to absorb losses and benefits which could be significant to it. DRS provides accounting, legal, finance and certain administrative and technical services to all Dominion subsidiaries, including Virginia Power and Dominion Gas. Virginia Power and Dominion Gas have no obligation to absorb more than their allocated shares of DRS costs. |
Short-Term Debt and Credit Agre
Short-Term Debt and Credit Agreements | 12 Months Ended |
Dec. 31, 2016 | |
Short-term Debt, Other Disclosures [Abstract] | |
Short-Term Debt and Credit Agreements | S HORT -T ERM D EBT AND C REDIT A GREEMENTS The Companies use short-term debt to fund working capital requirements and as a bridge to long-term debt financings. The levels of borrowing may vary significantly during the course of the year, depending upon the timing and amount of cash requirements not satisfied by cash from operations. In January 2016, Dominion expanded its short-term funding resources through a $1.0 billion increase to one of its joint revolving credit facility limits. 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 Limit Outstanding Outstanding Facility (millions) At December 31, 2016 Joint revolving credit facility (1)(2) $ 5,000 $ 3,155 $ — $ 1,845 Joint revolving credit facility (1) 500 — 85 415 Total $ 5,500 $ 3,155 (3) $ 85 $ 2,260 At December 31, 2015 Joint revolving credit facility (1) $ 4,000 $ 3,353 $ — $ 647 Joint revolving credit facility (1) 500 156 59 285 Total $ 4,500 $ 3,509 (3) $ 59 $ 932 (1) In May 2016, the maturity dates for these facilities were extended from April 2019 to April 2020. These credit facilities can be used to support bank borrowings and the issuance of commercial paper, as well as to support up to a combined $2.0 billion of letters of credit. (2) In January 2016, this facility limit was increased from $4.0 billion to $5.0 billion . (3) The weighted-average interest rates of the outstanding commercial paper supported by Dominion’s credit facilities were 1.05% and 0.62% at December 31, 2016 and 2015, respectively. Dominion Questar’s revolving multi-year and 364 -day credit facilities with limits of $500 million and $250 million , respectively, were terminated in October 2016. Questar Gas’ short-term financing is supported by the two joint revolving credit facilities discussed above with Dominion, Virginia Power and Dominion Gas, to which Questar Gas was added as a borrower in November 2016, with an initial aggregate sub-limit of $250 million . In December 2016, Questar Gas entered into a commercial paper program pursuant to which it began accessing the commercial paper markets. In addition to the credit facilities mentioned above, SBL Holdco has $30 million of credit facilities which have a stated maturity date of December 2017 with automatic one -year renewals through the maturity of the SBL Holdco term loan agreement in 2023. As of December 31, 2016, no amounts were outstanding under these facilities. Virginia Power Virginia Power’s short-term financing is supported through its access as co-borrower to the two joint revolving credit facilities. These credit facilities can be used for working capital, as support for the combined commercial paper programs of the Companies and for other general corporate purposes. Virginia Power's share of commercial paper and letters of credit outstanding under its joint credit facilities with Dominion, Dominion Gas and Questar Gas were as follows: Facility Limit (1) Outstanding Commercial Paper Outstanding Letters of Credit (millions) At December 31, 2016 Joint revolving credit facility (1)(2) $ 5,000 $ 65 $ — Joint revolving credit facility (1) 500 — 1 Total $ 5,500 $ 65 (3) $ 1 At December 31, 2015 Joint revolving credit facility (1) $ 4,000 $ 1,500 $ — Joint revolving credit facility (1) 500 156 — Total $ 4,500 $ 1,656 (3) $ — (1) The full amount of the facilities is available to Virginia Power, less any amounts outstanding to co-borrowers Dominion, Dominion Gas and Questar Gas. Sub-limits for Virginia Power are set within the facility limit but can be changed at the option of Dominion, Dominion Gas and Questar Gas multiple times per year. At December 31, 2016, the sub-limit for Virginia Power was an aggregate $2.0 billion . If Virginia Power has liquidity needs in excess of its sub-limit, the sub-limit may be changed or such needs may be satisfied through short-term intercompany borrowings from Dominion. In May 2016, the maturity dates for these facilities were extended from April 2019 to April 2020. These credit facilities can be used to support bank borrowings and the issuance of commercial paper, as well as to support up to $2.0 billion (or the sub-limit, whichever is less) of letters of credit. (2) In January 2016, this facility limit was increased from $4.0 billion to $5.0 billion . (3) The weighted-average interest rates of the outstanding commercial paper supported by these credit facilities were 0.97% and 0.60% at December 31, 2016 and 2015, respectively. In addition to the credit facility commitments mentioned above, Virginia Power also has a $100 million credit facility. In May 2016, the maturity date for this credit facility was extended from April 2019 to April 2020. In October 2016, this facility was reduced from $120 million to $100 million . As of December 31, 2016, this facility supports $100 million of certain variable rate tax-exempt financings of Virginia Power. Dominion Gas Dominion Gas’ short-term financing is supported by its access as co-borrower to the two joint revolving credit facilities. These credit facilities can be used for working capital, as support for the combined commercial paper programs of the Companies and for other general corporate purposes. Dominion Gas' share of commercial paper and letters of credit outstanding under its joint credit facilities with Dominion, Virginia Power and Questar Gas were as follows: Facility Limit (1) Outstanding Commercial Paper Outstanding Letters of Credit (millions) At December 31, 2016 Joint revolving credit facility (1) $ 1,000 $ 460 $ — Joint revolving credit facility (1) 500 — — Total $ 1,500 $ 460 (2) $ — At December 31, 2015 Joint revolving credit facility (1) $ 1,000 $ 391 $ — Joint revolving credit facility (1) 500 — — Total $ 1,500 $ 391 (2) $ — (1) A maximum of a combined $1.5 billion of the facilities is available to Dominion Gas, assuming adequate capacity is available after giving effect to uses by co-borrowers Dominion, Virginia Power and Questar Gas. Sub-limits for Dominion Gas are set within the facility limit but can be changed at the option of the Companies multiple times per year. In November 2016, the aggregate sub-limit for Dominion Gas was decreased from $750 million to $500 million . If Dominion Gas has liquidity needs in excess of its sub-limit, the sub-limit may be changed or such needs may be satisfied through short-term intercompany borrowings from Dominion. In May 2016, the maturity dates for these facilities were extended from April 2019 to April 2020. These credit facilities can be used to support bank borrowings and the issuance of commercial paper, as well as to support up to $1.5 billion (or the sub-limit, whichever is less) of letters of credit. (2) The weighted-average interest rate of the outstanding commercial paper supported by these credit facilities was 1.00% and 0.63% at December 31, 2016 and 2015, respectively. |
Long-Term Debt
Long-Term Debt | 12 Months Ended |
Dec. 31, 2016 | |
Long-term Debt, Unclassified [Abstract] | |
Long-Term Debt | L ONG -T ERM D EBT At December 31, 2016 Weighted- average Coupon (1) 2016 2015 (millions, except percentages) Dominion Gas Holdings, LLC: Unsecured Senior Notes: 1.05% to 2.8%, due 2016 to 2020 2.68 % $ 1,150 $ 1,550 2.875% to 4.8%, due 2023 to 2044 (2) 3.90 % 2,413 1,750 Dominion Gas Holdings, LLC total principal $ 3,563 $ 3,300 Securities due within one year — (400 ) Unamortized discount and debt issuance costs (35 ) (31 ) Dominion Gas Holdings, LLC total long-term debt $ 3,528 $ 2,869 Virginia Electric and Power Company: Unsecured Senior Notes: 1.2% to 8.625%, due 2016 to 2019 4.93 % $ 1,804 $ 2,261 2.75% to 8.875%, due 2022 to 2046 4.59 % 7,940 6,292 Tax-Exempt Financings (3) : Variable rates, due 2016 to 2027 1.22 % 175 194 1.75% to 5.6%, due 2023 to 2041 2.25 % 678 678 Virginia Electric and Power Company total principal $ 10,597 $ 9,425 Securities due within one year 5.47 % (678 ) (476 ) Unamortized discount, premium and debt issuances costs, net (67 ) (57 ) Virginia Electric and Power Company total long-term debt $ 9,852 $ 8,892 Dominion Resources, Inc.: Unsecured Senior Notes: Variable rate, due 2016 $ — $ 600 1.25% to 6.4%, due 2016 to 2021 2.83 % 5,400 3,900 2.75% to 7.0%, due 2022 to 2044 4.68 % 4,999 4,599 Tax-Exempt Financing, variable rate, due 2041 1.41 % 75 75 Unsecured Junior Subordinated Notes: 2.962% and 4.104%, due 2019 and 2021 3.53 % 1,100 — Payable to Affiliated Trust, 8.4% due 2031 8.40 % 10 10 Enhanced Junior Subordinated Notes: 5.25% to 7.5%, due 2054 to 2076 5.48 % 1,485 971 Variable rates, due 2066 3.45 % 422 377 Remarketable Subordinated Notes, 1.07% to 2.0%, due 2019 to 2024 1.79 % 2,400 2,100 Unsecured Debentures and Senior Notes: 6.8% and 6.875%, due 2026 and 2027 (4) 6.81 % 89 89 Term Loan, variable rate, due 2017 (5) 1.85 % 250 — Unsecured Senior and Medium-Term Notes (5) : 5.31% to 6.85%, due 2017 and 2018 5.84 % 135 — 2.98% to 7.20%, due 2024 to 2051 4.57 % 500 — Term Loan, variable rate, due 2023 (6) 4.75 % 405 — Tax-Exempt Financing, 1.55%, due 2033 (7) 1.55 % 27 27 Dominion Midstream Partners, LP: Term Loan, variable rate, due 2019 2.19 % 300 — Unsecured Senior and Medium-Term Notes, 5.83% and 6.48%, due 2018 (8) 5.84 % 255 — Unsecured Senior Notes, 4.875%, due 2041 (8) 4.88 % 180 — Dominion Gas Holdings, LLC total principal (from above) 3,563 3,300 Virginia Electric and Power Company total principal (from above) 10,597 9,425 Dominion Resources, Inc. total principal $ 32,192 $ 25,473 Fair value hedge valuation (9) (1 ) 7 Securities due within one year (10) 3.13 % (1,709 ) (1,825 ) Unamortized discount, premium and debt issuance costs, net (251 ) (187 ) Dominion Resources, Inc. total long-term debt $ 30,231 $ 23,468 (1) Represents weighted-average coupon rates for debt outstanding as of December 31, 2016. (2) Beginning June 30, 2016, amount includes foreign currency remeasurement adjustments. (3) These financings relate to certain pollution control equipment at Virginia Power's generating facilities. Certain variable rate tax-exempt financings are supported by a $100 million credit facility that terminates in April 2020. (4) Represents debt assumed by Dominion from the merger of its former CNG subsidiary. (5) Represents debt obligations of Dominion Questar or Dominion Gas. See Note 3 for more information. (6) Represents debt associated with SBL Holdco. The debt is nonrecourse to Dominion and is secured by SBL Holdco's interest in certain merchant solar facilities. (7) Represents debt obligations of a DEI subsidiary. (8) Represents debt obligations of Questar Pipeline. See Note 3 for more information. (9) Represents the valuation of certain fair value hedges associated with Dominion's fixed rate debt. (10) 2015 excludes $100 million of variable rate short-term notes that were purchased and cancelled in February 2016 using proceeds from the issuance of long-term debt. The notes would have otherwise matured in May 2016. 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, 2016, were as follows: 2017 2018 2019 2020 2021 Thereafter Total (millions, except percentages) Dominion Gas $ — $ — $ 450 $ 700 $ — $ 2,413 $ 3,563 Weighted-average Coupon 2.50 % 2.80 % 3.90 % Virginia Power Unsecured Senior Notes $ 604 $ 850 $ 350 $ — $ — $ 7,940 $ 9,744 Tax-Exempt Financings 75 — — — — 778 853 Total $ 679 $ 850 $ 350 $ — $ — $ 8,718 $ 10,597 Weighted-average Coupon 5.47 % 4.17 % 5.00 % 4.37 % Dominion Term Loans $ 268 $ 20 $ 321 $ 19 $ 19 $ 308 $ 955 Unsecured Senior Notes (including Medium-Term Notes) 1,368 3,275 2,500 700 900 16,122 24,865 Tax-Exempt Financings 75 — — — — 880 955 Unsecured Junior Subordinated Notes Payable to Affiliated Trusts — — — — — 10 10 Unsecured Junior Subordinated Notes — — 550 — 550 — 1,100 Enhanced Junior Subordinated Notes — — — — — 1,907 1,907 Remarketable Subordinated Notes — — — 1,000 700 700 2,400 Total $ 1,711 $ 3,295 $ 3,371 $ 1,719 $ 2,169 $ 19,927 $ 32,192 Weighted-average Coupon 3.13 % 3.62 % 3.09 % 2.07 % 3.12 % 4.38 % The Companies short-term credit facilities and long-term debt agreements contain customary covenants and default provisions. As of December 31, 2016, there were no events of default under these covenants. In January 2017, Dominion issued $400 million of 1.875% senior notes and $400 million of 2.75% senior notes that mature in 2019 and 2022, respectively. Senior Note Redemptions As part of Dominion's Liability Management Exercise, in December 2014, Dominion redeemed five outstanding series of senior notes with an aggregate outstanding principal of $1.9 billion . The aggregate redemption price paid in December 2014 was $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 2014. However, 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. 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. Beginning June 30, 2016, the June 2006 hybrids bear interest at three-month LIBOR plus 2.825% , reset quarterly. Previously, interest was fixed at 7.5% per year. The September 2006 hybrids bear interest at the three-month LIBOR plus 2.3% , reset quarterly. In June 2009, Dominion issued $685 million of 8.375% 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. 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. In 2015, Dominion purchased and cancelled $14 million and $3 million of the June 2006 hybrids and the September 2006 hybrids, respectively. In the first quarter of 2016, Dominion purchased and cancelled $38 million and $4 million of the June 2006 hybrids and the September 2006 hybrids, respectively. In July 2016, Dominion launched a tender offer to purchase up to $200 million in aggregate of additional June 2006 hybrids and September 2006 hybrids, which expired on August 1, 2016. In connection with the tender offer, Dominion purchased and cancelled $125 million and $74 million of the June 2006 hybrids and the September 2006 hybrids, respectively. All purchases were conducted in compliance with the applicable RCC. Also in July 2016, Dominion issued $800 million of 5.25% July 2016 hybrids. The proceeds were used for general corporate purposes, including to finance the tender offer. The July 2016 hybrids are listed on the NYSE under the symbol DRUA. From time to time, Dominion may reduce its outstanding debt and level of interest expense through redemption of debt securities prior to maturity and repurchases in the open market, in privately negotiated transactions, through additional tender offers or otherwise. 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 6.0% Equity Units, initially in the form of Corporate Units. The Corporate Units were listed on the NYSE under the symbols DCUA and DCUB, respectively. Each Corporate Unit consisted of a stock purchase contract and 1/20 interest in a RSN issued by Dominion. The stock purchase contracts obligated the holders to purchase shares of Dominion common stock at a future settlement date prior to the relevant RSN maturity date. The purchase price paid under the stock purchase contracts was $50 per Corporate Unit and the number of shares purchased was determined under a formula based upon the average closing price of Dominion common stock near the settlement date. The RSNs were pledged as collateral to secure the purchase of common stock under the related stock purchase contracts. In March 2016 and May 2016, Dominion successfully remarketed the $550 million 2013 Series A 1.07% RSNs due 2021 and the $550 million 2013 Series B 1.18% RSNs due 2019, respectively, pursuant to the terms of the related 2013 Equity Units. In connection with the remarketings, the interest rate on the Series A and Series B junior subordinated notes was reset to 4.104% and 2.962% , respectively, payable on a semi-annual basis and Dominion ceased to have the ability to redeem the notes at its option or defer interest payments. At December 31, 2016, the securities are included in junior subordinated notes in Dominion’s Consolidated Balance Sheets. Dominion did not receive any proceeds from the remarketings. Remarketing proceeds belonged to the investors holding the related 2013 Equity Units and were temporarily used to purchase a portfolio of treasury securities. Upon maturity of each portfolio, the proceeds were applied on behalf of investors on the related stock purchase contract settlement date to pay the purchase price to Dominion for issuance of 8.5 million shares of its common stock on both April 1, 2016 and July 1, 2016. See Issuance of Common Stock below for a description of common stock issued by Dominion in April 2016 and July 2016 under the stock purchase contracts. In July 2014, Dominion issued $1.0 billion of 2014 Series A 6.375% Equity Units, initially in the form of Corporate Units. In August 2016, Dominion issued $1.4 billion of 2016 Series A 6.75% Equity Units, initially in the form of Corporate Units. The Corporate Units are listed on the NYSE under the symbols DCUC and DCUD, respectively. The net proceeds from the 2016 Equity Units were used to finance the Dominion Questar Combination. See Note 3 for more information. Each 2014 Series A Corporate Unit consists of a stock purchase contract and 1/20 interest in a 2014 Series A RSN issued by Dominion. Each 2016 Series A Corporate Unit consists of a stock purchase contract, a 1/40 interest in a 2016 Series A-1 RSN issued by Dominion and a 1/40 interest in a 2016 Series A-2 RSN issued by Dominion. The stock purchase contracts obligate the holders to purchase shares of Dominion common stock at a future settlement date prior to the relevant RSN maturity date. The purchase price to be paid under the stock purchase contracts is $50 per Corporate Unit and the number of shares to be purchased will be determined under a formula based upon the average closing price of Dominion common stock near the settlement date. The RSNs are pledged as collateral to secure the purchase of common stock under the related stock purchase contracts. Dominion makes quarterly interest payments on the RSNs and quarterly contract adjustment payments on the stock purchase contracts, at the rates described below. Dominion may defer payments on the stock purchase contracts and the RSNs for one or more consecutive periods but generally not beyond the purchase contract settlement date. If payments are deferred, Dominion may not make any cash distributions related to its capital stock, including dividends, redemptions, repurchases, liquidation payments or guarantee payments. Also, during the deferral period, Dominion may not make any payments on or redeem or repurchase any debt securities that are equal in right of payment with, or subordinated to, the RSNs. Dominion has recorded the present value of the stock purchase contract payments as a liability offset by a charge to equity. Interest payments on the RSNs are recorded as interest expense and stock purchase contract payments are charged against the liability. Accretion of the stock purchase contract liability is recorded as imputed interest expense. In calculating diluted EPS, Dominion applies the treasury stock method to the Equity Units. Pursuant to the terms of the 2014 Equity Units and 2016 Equity Units, Dominion expects to remarket the 2014 Series A RSNs during the second quarter of 2017 and both the 2016 Series A-1 and 2016 Series A-2 RSNs during the third quarter of 2019. Following a successful remarketing, the interest rate on the RSNs will be reset, interest will be payable on a semi-annual basis and Dominion will cease to have the ability to redeem the RSNs at its option or defer interest payments. Proceeds of each remarketing will belong to the investors in the related equity units and will be held and applied on their behalf at the settlement date of the related stock purchase contracts to pay the purchase price to Dominion for issuance of its common stock. Under the terms of the stock purchase contracts, assuming no anti-dilution or other adjustments, Dominion will issue between 11.6 million and 14.5 million shares of its common stock in July 2017 and between 15.0 million and 18.7 million shares in August 2019. A total of 40.9 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) 7/1/2014 20 $ 982.0 $ 1,000.0 1.500 % 4.875 % $ 142.8 7/1/2017 7/1/2020 8/15/2016 (2) 28 $ 1,374.8 $ 1,400.0 2.000 % (3) 4.750 % $ 190.6 8/15/2019 (1) Payments of $94 million and $101 million were made in 2016 and 2015, respectively, including payments for the remarketed 2013 Series A and B notes. The stock purchase contract liability was $212 million and $115 million at December 31, 2016 and 2015, respectively. (2) The maturity dates of the $700 million Series A-1 RSNs and $700 million Series A-2 RSNs are August 15, 2021 and August 15, 2024, respectively. (3) Annual interest rate applies to each of the Series A-1 RSNs and Series A-2 RSNs. |
Preferred Stock
Preferred Stock | 12 Months Ended |
Dec. 31, 2016 | |
Preferred Stock, Number of Shares, Par Value and Other Disclosures [Abstract] | |
Preferred Stock | P REFERRED S TOCK Dominion is authorized to issue up to 20 million shares of preferred stock; however, none were issued and outstanding at December 31, 2016 or 2015. Virginia Power is authorized to issue up to 10 million shares of preferred stock, $100 liquidation preference. During 2014, Virginia Power redeemed 2.59 million shares, which represented all outstanding series of its preferred stock, some of which were redeemed as a part of Dominion's Liability Management Exercise in September 2014. Upon redemption, each series was no longer outstanding for any purpose and dividends ceased to accumulate. Virginia Power had no preferred stock issued and outstanding at December 31, 2016 or 2015. |
Equity
Equity | 12 Months Ended |
Dec. 31, 2016 | |
Stockholders' Equity Note [Abstract] | |
Equity | E QUITY 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 2016, Dominion received cash proceeds, net of fees and commissions, of $2.2 billion from the issuance of approximately 32 million shares of common stock through various programs resulting in approximately 628 million of shares of common stock outstanding at December 31, 2016. These proceeds include cash of $295 million received from the issuance of 4.0 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. Following issuances during the first and second quarters of 2015, Dominion has the ability to issue up to approximately $200 million of stock under the 2014 sales agency agreements; however, no additional issuances occurred under these agreements in 2016. In both April 2016 and July 2016, Dominion issued 8.5 million shares under the related stock purchase contracts entered into as part of Dominion’s 2013 Equity Units and received $1.1 billion of total proceeds. Additionally, Dominion completed a market issuance of equity in April 2016 of 10.2 million shares and received proceeds of $756 million through a registered underwritten public offering. A portion of the net proceeds was used to finance the Dominion Questar Combination. See Note 3 for more information. Virginia Power In 2016, 2015 and 2014, Virginia Power did not issue any shares of its common stock to Dominion. Shares Reserved for Issuance At December 31, 2016, Dominion had approximately 63 million shares reserved and available for issuance for Dominion Direct ® , employee stock awards, employee savings plans, director stock compensation plans 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 2016 or 2015 and does not plan to repurchase shares during 2017, except for shares tendered by employees to satisfy tax withholding obligations on vested restricted stock, which do not count against its stock repurchase authorization. Purchase of Dominion Midstream Units In September 2015, Dominion initiated a program to purchase from the market up to $50 million of common units representing limited partner interests in Dominion Midstream, which expired in September 2016. Dominion purchased approximately 658,000 common units for $17 million and 887,000 common units for $25 million for the years ended December 31, 2016 and 2015, respectively. Issuance of Dominion Midstream Units During the fourth quarter of 2016, Dominion Midstream received $482 million of proceeds from the issuance of common units and $490 million of proceeds from the issuance of convertible preferred units. The net proceeds were primarily used to finance a portion of the acquisition of Questar Pipeline from Dominion. See Note 3 for more information. The holders of the convertible preferred units are entitled to receive cumulative quarterly distributions payable in cash or additional convertible preferred units, subject to certain conditions. The units are convertible into Dominion Midstream common units on a one-for-one basis, subject to certain adjustments, (i) in whole or in part at the option of the unitholders any time after December 1, 2018 or, (ii) in whole or in part at Dominion Midstream’s option, subject to certain conditions, any time after December 1, 2019. The conversion of such units would result in a potential increase to Dominion’s net income attributable to noncontrolling interests. Accumulated Other Comprehensive Income (Loss) Presented in the table below is a summary of AOCI by component: At December 31, 2016 2015 (millions) Dominion Net deferred losses on derivatives-hedging activities, net of tax of $173 and $110 $ (280 ) $ (176 ) Net unrealized gains on nuclear decommissioning trust funds, net of tax of $(318) and $(281) 569 504 Net unrecognized pension and other postretirement benefit costs, net of tax of $691 and $525 (1,082 ) (797 ) Other comprehensive loss from equity method investees, net of tax of $4 and $4 (6 ) (5 ) Total AOCI $ (799 ) $ (474 ) Virginia Power Net deferred losses on derivatives-hedging activities, net of tax of $5 and $4 $ (8 ) $ (7 ) Net unrealized gains on nuclear decommissioning trust funds, net of tax of $(35) and $(30) 54 47 Total AOCI $ 46 $ 40 Dominion Gas Net deferred losses on derivatives-hedging activities, net of tax of $15 and $10 $ (24 ) $ (17 ) Net unrecognized pension costs, net of tax of $68 and $56 (99 ) (82 ) Total AOCI $ (123 ) $ (99 ) 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, 2016 Beginning balance $ (176 ) $ 504 $ (797 ) $ (5 ) $ (474 ) Other comprehensive income before reclassifications: gains (losses) 55 93 (319 ) (1 ) (172 ) Amounts reclassified from AOCI: (gains) losses (1) (159 ) (28 ) 34 — (153 ) Net current period other comprehensive income (loss) (104 ) 65 (285 ) (1 ) (325 ) Ending balance $ (280 ) $ 569 $ (1,082 ) $ (6 ) $ (799 ) Year Ended December 31, 2015 Beginning balance $ (178 ) $ 548 $ (782 ) $ (4 ) $ (416 ) Other comprehensive income before reclassifications: gains (losses) 110 6 (66 ) (1 ) 49 Amounts reclassified from AOCI: (gains) losses (1) (108 ) (50 ) 51 — (107 ) Net current period other comprehensive income (loss) 2 (44 ) (15 ) (1 ) (58 ) Ending balance $ (176 ) $ 504 $ (797 ) $ (5 ) $ (474 ) (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, 2016 Deferred (gains) and losses on derivatives-hedging activities: Commodity contracts $ (330 ) Operating revenue 13 Purchased gas 10 Electric fuel and other energy-related purchases Interest rate contracts 31 Interest and related charges Foreign currency contracts 17 Other Income Total (259 ) Tax 100 Income tax expense Total, net of tax $ (159 ) Unrealized (gains) and losses on investment securities: Realized (gain) loss on sale of securities $ (66 ) Other income Impairment 23 Other income Total (43 ) Tax 15 Income tax expense Total, net of tax $ (28 ) Unrecognized pension and other postretirement benefit costs: Prior-service costs (credits) $ (15 ) Other operations and maintenance Actuarial losses 71 Other operations and maintenance Total 56 Tax (22 ) Income tax expense Total, net of tax $ 34 Year Ended December 31, 2015 Deferred (gains) and losses on derivatives-hedging activities: Commodity contracts $ (203 ) Operating revenue 15 Purchased gas 1 Electric fuel and other energy-related purchases Interest rate contracts 11 Interest and related charges Total (176 ) Tax 68 Income tax expense Total, net of tax $ (108 ) Unrealized (gains) and losses on investment securities: Realized (gain) loss on sale of securities $ (110 ) Other income Impairment 31 Other income Total (79 ) Tax 29 Income tax expense Total, net of tax $ (50 ) Unrecognized pension and other postretirement benefit costs: Prior-service costs (credits) $ (12 ) Other operations and maintenance Actuarial losses 98 Other operations and maintenance Total 86 Tax (35 ) Income tax expense Total, net of tax $ 51 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, 2016 Beginning balance $ (7 ) $ 47 $ 40 Other comprehensive income before reclassifications: gains (losses) (2 ) 11 9 Amounts reclassified from AOCI: (gains) losses (1) 1 (4 ) (3 ) Net current period other comprehensive income (loss) (1 ) 7 6 Ending balance $ (8 ) $ 54 $ 46 Year Ended December 31, 2015 Beginning balance $ (7 ) $ 57 $ 50 Other comprehensive income before reclassifications: gains (losses) (1 ) (4 ) (5 ) Amounts reclassified from AOCI: (gains) losses (1) 1 (6 ) (5 ) Net current period other comprehensive income (loss) — (10 ) (10 ) Ending balance $ (7 ) $ 47 $ 40 (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, 2016 (Gains) losses on cash flow hedges: Interest rate contracts $ 1 Interest and related charges Total 1 Tax — Income tax expense Total, net of tax $ 1 Unrealized (gains) and losses on investment securities: Realized (gain) loss on sale of securities $ (9 ) Other income Impairment 3 Other income Total (6 ) Tax 2 Income tax expense Total, net of tax $ (4 ) Year Ended December 31, 2015 (Gains) losses on cash flow hedges: Commodity contracts $ 1 Electric fuel and other energy-related purchases Total 1 Tax — Income tax expense Total, net of tax $ 1 Unrealized (gains) and losses on investment securities: Realized (gain) loss on sale of securities $ (14 ) Other income Impairment 4 Other income Total (10 ) Tax 4 Income tax expense Total, net of tax $ (6 ) Dominion Gas The following table presents Dominion Gas' changes in AOCI by component, net of tax: Deferred gains and losses on derivatives-hedging activities Unrecognized pension costs Total (millions) Year Ended December 31, 2016 Beginning balance $ (17 ) $ (82 ) $ (99 ) Other comprehensive income before reclassifications: losses (16 ) (20 ) (36 ) Amounts reclassified from AOCI (1): losses 9 3 12 Net current period other comprehensive loss (7 ) (17 ) (24 ) Ending balance $ (24 ) $ (99 ) $ (123 ) Year Ended December 31, 2015 Beginning balance $ (20 ) $ (66 ) $ (86 ) Other comprehensive income before reclassifications: gains (losses) 6 (20 ) (14 ) Amounts reclassified from AOCI (1) : (gains) losses (3 ) 4 1 Net current period other comprehensive income (loss) 3 (16 ) (13 ) Ending balance $ (17 ) $ (82 ) $ (99 ) (1) See table below for details about these reclassifications. The following table presents Dominion Gas' reclassifications out of AOCI by component: Details about AOCI components Amounts reclassified from AOCI Affected line item in the Consolidated Statements of Income (millions) Year Ended December 31, 2016 Deferred (gains) and losses on derivatives-hedging activities: Commodity contracts $ (4 ) Operating revenue Interest rate contracts 2 Interest and related charges Foreign currency contracts 17 Other income Total 15 Tax (6 ) Income tax expense Total, net of tax $ 9 Unrecognized pension costs: Actuarial losses $ 5 Other operations and maintenance Total 5 Tax (2 ) Income tax expense Total, net of tax $ 3 Year Ended December 31, 2015 Deferred (gains) and losses on derivatives-hedging activities: Commodity contracts $ (6 ) Operating revenue Total (6 ) Tax 3 Income tax expense Total, net of tax $ (3 ) Unrecognized pension costs: Actuarial losses $ 7 Other operations and maintenance Total 7 Tax (3 ) Income tax expense Total, net of tax $ 4 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, 2016, approximately 24 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, 2016, 2015 and 2014 include $33 million , $39 million , and $39 million , respectively, of compensation costs and $11 million , $14 million , and $14 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. Dominion realized less than $1 million and $3 million of Excess Tax Benefits from the vesting of restricted stock awards during the year ended December 31, 2016 and 2015, respectively, and less than $1 million during the year ended December 31, 2014. 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, 2016, 2015 and 2014: Shares Weighted - average Grant Date Fair Value (thousands) Nonvested at December 31, 2013 1,007 $ 49.35 Granted 354 67.98 Vested (278 ) 44.50 Cancelled and forfeited (18 ) 53.61 Nonvested at December 31, 2014 1,065 $ 56.74 Granted 302 73.26 Vested (510 ) 50.71 Cancelled and forfeited (2 ) 62.62 Nonvested at December 31, 2015 855 $ 66.16 Granted 372 71.67 Vested (301 ) 56.83 Cancelled and forfeited (40 ) 71.75 Nonvested at December 31, 2016 886 $ 71.40 As of December 31, 2016, unrecognized compensation cost related to nonvested restricted stock awards totaled $31 million and is expected to be recognized over a weighted-average period of 1.9 years. The fair value of restricted stock awards that vested was $21 million , $37 million , and $19 million in 2016, 2015 and 2014, 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. Current outstanding goal-based shares include awards granted to officers in February 2015 and February 2016. 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 determined on the date of grant. 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, 2016, 2015 and 2014: Targeted Number of Shares Weighted - average Grant Date Fair Value (thousands) Nonvested at December 31, 2013 5 $ 53.85 Granted 13 68.83 Vested (1 ) 52.48 Nonvested at December 31, 2014 17 $ 65.15 Granted 14 72.72 Vested (7 ) 56.22 Nonvested at December 31, 2015 24 $ 72.27 Granted 12 69.93 Vested (10 ) 68.83 Cancelled and forfeited (3 ) 68.83 Nonvested at December 31, 2016 23 $ 72.99 At December 31, 2016, the targeted number of shares expected to be issued under the February 2015 and February 2016 awards was approximately 23 thousand . In January 2017, the CGN Committee determined the actual performance against metrics established for the February 2015 awards with a performance period that ended December 31, 2016. Based on that determination, the total number of shares to be issued under the February 2015 goal-based stock awards was approximately 9 thousand . As of December 31, 2016, 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 2014, a cash-based performance grant was made to officers. The performance grant was paid out in January 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. The total of the payout under the grant was $10 million . In February 2015, a cash-based performance grant was made to officers. Payout of the performance grant occurred in January 2017 based on the achievement of two performance metrics during 2015 and 2016: TSR relative to that of companies listed as members of the Philadelphia Utility Index as of the end of the performance period and ROIC. The total of the payout under the grant was $10 million . In February 2016, a cash-based performance grant was made to officers. Payout of the performance grant is expected to occur by March 15, 2018 based on the achievement of two performance metrics during 2016 and 2017: TSR relative to that of companies listed as members of the Philadelphia Utility Index as of the end of the performance period and ROIC. At December 31, 2016, the targeted amount of the grant was $14 million and a liability of $6 million had been accrued for this award. |
Dividend Restrictions
Dividend Restrictions | 12 Months Ended |
Dec. 31, 2016 | |
Disclosure of Restrictions on Dividends, Loans and Advances Disclosure [Abstract] | |
Dividend Restrictions | D IVIDEND R ESTRICTIONS The Virginia Commission may prohibit any public service company, including Virginia Power, from declaring or paying a dividend to an affiliate if found to be detrimental to the public interest. At December 31, 2016, 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, 2016, the Ohio Commission had not restricted the payment of dividends by East Ohio. The Utah Commission may prohibit any public service company, including Questar Gas, from declaring or paying a dividend to an affiliate if found to be detrimental to the public interest. At December 31, 2016, the Utah Commission had not restricted the payment of dividends by Questar Gas. Certain agreements associated with the Companies' credit facilities contain restrictions on the ratio of debt to total capitalization. These limitations did not restrict the Companies' ability to pay dividends or receive dividends from their subsidiaries at December 31, 2016. See Note 17 for a description of potential restrictions on dividend payments by Dominion in connection with the deferral of interest payments on certain junior subordinated notes and equity units, initially in the form of corporate units. |
Employee Benefit Plans
Employee Benefit Plans | 12 Months Ended |
Dec. 31, 2016 | |
General Discussion of Pension and Other Postretirement Benefits [Abstract] | |
Employee Benefit Plans | E MPLOYEE B ENEFIT P LANS 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 programs also provide benefits to certain retired executives under company-sponsored nonqualified employee benefit plans. The nonqualified plans are funded through contributions to grantor trusts. Dominion 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. Dominion's pension and other postretirement plan assets experienced aggregate actual returns of $534 million in 2016 and aggregate actual losses of $72 million in 2015, versus expected returns of $691 million and $648 million , respectively. Dominion Gas' pension and other postretirement plan assets for employees represented by collective bargaining units experienced aggregate actual returns of $130 million in 2016 and aggregate actual losses of $13 million in 2015, versus expected returns of $157 million and $150 million , respectively. Differences between actual and expected returns on plan assets are accumulated and amortized during future periods. As such, any investment-related declines in these trusts will result in future increases in the net periodic cost recognized for such employee benefit plans and will be included in the determination of the amount of cash to be contributed to the employee benefit plans. In October 2014, the Society of Actuaries published new mortality tables and mortality improvement scales. Such tables and scales are used to develop mortality assumptions for use in determining pension and other postretirement benefit liabilities and expense. Following evaluation of the new tables, Dominion changed its assumption for mortality rates to reflect a generational improvement scale. This change in assumption increased net periodic benefit cost for Dominion and Dominion Gas (for employees represented by collective bargaining units) by $25 million and $3 million , respectively, for 2015. During 2016, Dominion and Dominion Gas (for employees represented by collective bargaining units) engaged their actuary to conduct an experience study of their employees demographics over a five -year period as compared to significant assumptions that were being used to determine pension and other postretirement benefit obligations and periodic costs. These assumptions primarily included mortality, retirement rates, termination rates, and salary increase rates. The changes in assumptions implemented as a result of the experience study resulted in increases of $290 million and $38 million in the pension and other postretirement benefits obligations, respectively, at December 31, 2016 for Dominion and $24 million and $9 million in the pension and other postretirement benefits obligations, respectively, at December 31, 2016 for Dominion Gas. In addition, these changes will increase net periodic benefit costs for Dominion by $42 million for 2017. The increase in net periodic benefit costs for Dominion Gas for 2017 is immaterial. Plan Amendments and Remeasurements In the third quarter of 2016, Dominion remeasured an other postretirement benefit plan as a result of an amendment that changed post- 65 retiree medical coverage for certain current and future Local 50 retirees effective April 1, 2017. The remeasurement resulted in a decrease in Dominion's accumulated postretirement benefit obligation of $37 million . The impact of the remeasurement on net periodic benefit credit was recognized prospectively from the remeasurement date and increased the net periodic benefit credit for 2016 by $9 million . The discount rate used for the remeasurement was 3.71% and the demographic and mortality assumptions were updated using plan-specific studies and mortality improvement scales. The expected long-term rate of return used was consistent with the measurement as of December 31, 2015. 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 $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 Year Ended December 31, 2016 2015 2016 2015 (millions, except percentages) Dominion Changes in benefit obligation: Benefit obligation at beginning of year $ 6,391 $ 6,667 $ 1,430 $ 1,571 Dominion Questar Combination 817 — 85 — Service cost 118 126 31 40 Interest cost 317 287 65 67 Benefits paid (286 ) (246 ) (83 ) (79 ) Actuarial (gains) losses during the year 784 (443 ) 166 (138 ) Plan amendments (1) — — (216 ) (31 ) Settlements and curtailments (2) (9 ) — — — Benefit obligation at end of year $ 8,132 $ 6,391 $ 1,478 $ 1,430 Changes in fair value of plan assets: Fair value of plan assets at beginning of year $ 6,166 $ 6,480 $ 1,382 $ 1,402 Dominion Questar Combination 704 — 45 — Actual return (loss) on plan assets 426 (71 ) 108 (1 ) Employer contributions 15 3 12 12 Benefits paid (286 ) (246 ) (35 ) (31 ) Settlements (2) (9 ) — — — Fair value of plan assets at end of year $ 7,016 $ 6,166 $ 1,512 $ 1,382 Funded status at end of year $ (1,116 ) $ (225 ) $ 34 $ (48 ) Amounts recognized in the Consolidated Balance Sheets at December 31: Noncurrent pension and other postretirement benefit assets $ 930 $ 931 $ 148 $ 12 Other current liabilities (43 ) (14 ) (5 ) (3 ) Noncurrent pension and other postretirement benefit liabilities (2,003 ) (1,142 ) (109 ) (57 ) Net amount recognized $ (1,116 ) $ (225 ) $ 34 $ (48 ) Significant assumptions used to determine benefit obligations as of December 31: Discount rate 3.31% - 4.50% 4.96% - 4.99% 3.92% - 4.47% 4.93% - 4.94% Weighted average rate of increase for compensation 4.09 % 4.22 % 3.29 % 4.22 % Dominion Gas Changes in benefit obligation: Benefit obligation at beginning of year $ 608 $ 638 $ 292 $ 320 Service cost 13 15 5 7 Interest cost 30 27 14 14 Benefits paid (32 ) (29 ) (19 ) (18 ) Actuarial (gains) losses during the year 64 (43 ) 28 (31 ) Benefit obligation at end of year $ 683 $ 608 $ 320 $ 292 Changes in fair value of plan assets: Fair value of plan assets at beginning of year $ 1,467 $ 1,510 $ 283 $ 288 Actual return (loss) on plan assets 107 (14 ) 23 1 Employer contributions — — 12 12 Benefits paid (32 ) (29 ) (19 ) (18 ) Fair value of plan assets at end of year $ 1,542 $ 1,467 $ 299 $ 283 Funded status at end of year $ 859 $ 859 $ (21 ) $ (9 ) Amounts recognized in the Consolidated Balance Sheets at December 31: Noncurrent pension and other postretirement benefit assets $ 859 $ 859 $ — $ — Noncurrent pension and other postretirement benefit liabilities (3) — — (21 ) (9 ) Net amount recognized $ 859 $ 859 $ (21 ) $ (9 ) Significant assumptions used to determine benefit obligations as of December 31: Discount rate 4.50 % 4.99 % 4.47 % 4.93 % Weighted average rate of increase for compensation 4.11 % 3.93 % n/a 3.93 % (1) 2016 amount relates primarily to a plan amendment that changed post- 65 retiree medical coverage for certain current and future Local 50 retirees effective April 1, 2017. 2015 amount relates primarily to a plan amendment that changed retiree medical benefits for certain nonunion employees after Medicare eligibility. (2) Relates primarily to a settlement for certain executives. (3) 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 $7.3 billion and $5.8 billion at December 31, 2016 and 2015, respectively. The ABO for the defined benefit pension plans covering Dominion Gas employees represented by collective bargaining units was $640 million and $578 million at December 31, 2016 and 2015, 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 2016, Dominion and Dominion Gas made no contributions to the qualified defined benefit pension plans and no contributions are currently expected in 2017. In January 2017, Dominion made a $75 million contribution to Dominion Questar's qualified pension plan to satisfy a regulatory condition to closing of the Dominion Questar Combination. 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 2016 and 2015, and Dominion expects to contribute approximately $12 million to the Dominion VEBAs in 2017, 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 2017. 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, 2016 2015 2016 2015 (millions) Dominion Benefit obligation $ 7,386 $ 5,728 $ 470 $ 359 Fair value of plan assets 5,340 4,571 356 299 Dominion Gas Benefit obligation $ — $ — $ 320 $ 292 Fair value of plan assets — — 299 283 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, 2016 2015 (millions) Accumulated benefit obligation $ 5,987 $ 5,198 Fair value of plan assets 4,653 4,571 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 2017 $ 380 $ 92 2018 361 96 2019 373 97 2020 398 99 2021 415 100 2022-2026 2,345 490 Dominion Gas 2017 $ 33 $ 17 2018 35 18 2019 37 19 2020 38 19 2021 40 20 2022-2026 211 101 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, 35% fixed income, 3% real estate and 16% other alternative investments. U.S. equity includes investments in large-cap, mid-cap and small-cap companies located in the U.S. Non-U.S. equity includes investments in large-cap and small-cap companies located outside of the U.S. 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 real estate investment trusts 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: At December 31, 2016 2015 Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total (millions) Dominion Cash and cash equivalents $ 12 $ 2 $ — $ 14 $ 16 $ — $ — $ 16 Common and preferred stocks: U.S. 1,705 — — 1,705 1,736 — — 1,736 International 928 — — 928 786 — — 786 Insurance contracts — 334 — 334 — 330 — 330 Corporate debt instruments 35 682 — 717 44 695 — 739 Government securities 13 522 — 535 85 390 — 475 Total recorded at fair value $ 2,693 $ 1,540 $ — $ 4,233 $ 2,667 $ 1,415 $ — $ 4,082 Assets recorded at NAV (1) : Common/collective trust funds (2) 1,960 1,200 Alternative investments: Real estate funds 121 153 Private equity funds 506 465 Debt funds 153 170 Hedge funds 25 86 Total recorded at NAV $ 2,765 $ 2,074 Total investments (3) $ 6,998 $ 6,156 Dominion Gas Cash and cash equivalents $ 3 $ — $ — $ 3 $ 4 $ — $ — $ 4 Common and preferred stocks: U.S. 375 — — 375 413 — — 413 International 203 — — 203 187 — — 187 Insurance contracts — 73 — 73 — 78 — 78 Corporate debt instruments 8 150 — 158 10 165 — 175 Government securities 3 115 — 118 20 93 — 113 Total recorded at fair value $ 592 $ 338 $ — $ 930 $ 634 $ 336 $ — $ 970 Assets recorded at NAV (1) : Common/collective trust funds (4) 430 286 Alternative investments: Real estate funds 27 36 Private equity funds 111 111 Debt funds 34 40 Hedge funds 6 21 Total recorded at NAV $ 608 $ 494 Total investments (5) $ 1,538 $ 1,464 (1) These investments that are measured at fair value using the NAV per share (or its equivalent) as a practical expedient are not required to be categorized in the fair value hierarchy. (2) Also included in the common collective trust funds is the Northern Trust Collective Short-Term Investment Fund, totaling $167 million and $125 million at December 31, 2016 and 2015, respectively, which is comprised of money market instruments with short-term maturities used for temporary investment. 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. (3) Includes net assets related to pending sales of securities of $46 million , net accrued income of $19 million , and excludes net assets related to pending purchases of securities of $47 million at December 31, 2016. Includes net assets related to pending sales of securities of $112 million , net accrued income of $16 million , and excludes net assets related to pending purchases of securities of $118 million at December 31, 2015. (4) Also included in the common collective trust funds is the Northern Trust Collective Short-Term Investment Fund, totaling $37 million and $30 million at December 31, 2016 and 2015, respectively, which is comprised of money market instruments with short-term maturities used for temporary investment. 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. (5) Includes net assets related to pending sales of securities of $10 million , net accrued income of $4 million , and excludes net assets related to pending purchases of securities of $10 million at December 31, 2016. Includes net assets related to pending sales of securities of $27 million , net accrued income of $4 million , and excludes net assets related to pending purchases of securities of $28 million at December 31, 2015. 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: At December 31, 2016 2015 Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total (millions) Dominion Cash and cash equivalents $ 1 $ 1 $ — $ 2 $ 1 $ 1 $ — $ 2 Common and preferred stocks: U.S. 571 — — 571 531 — — 531 International 143 — — 143 134 — — 134 Insurance contracts — 19 — 19 — 18 — 18 Corporate debt instruments 2 40 — 42 3 38 — 41 Government securities 1 30 — 31 4 22 — 26 Total recorded at fair value $ 718 $ 90 $ — $ 808 $ 673 $ 79 $ — $ 752 Assets recorded at NAV (1) : Common/collective trust funds (2) 621 543 Alternative investments: Real estate funds 9 14 Private equity funds 59 54 Debt funds 12 14 Hedge funds 1 5 Total recorded at NAV $ 702 $ 630 Total investments (3) $ 1,510 $ 1,382 Dominion Gas Common and preferred stocks: U.S. $ 121 $ — $ — $ 121 $ 113 $ — $ — $ 113 International 24 — — 24 24 — — 24 Total recorded at fair value $ 145 $ — $ — $ 145 $ 137 $ — $ — $ 137 Assets recorded at NAV (1) : Common/collective trust funds (4) 140 132 Alternative investments: Real estate funds 1 2 Private equity funds 12 11 Debt funds 1 1 Total recorded at NAV $ 154 $ 146 Total investments $ 299 $ 283 (1) These investments that are measured at fair value using the NAV per share (or its equivalent) as a practical expedient are not required to be categorized in the fair value hierarchy. (2) Also included in the common collective trust funds is the Northern Trust Collective Short-Term Investment Fund, totaling $16 million and $9 million at December 31, 2016 and 2015, respectively, which is comprised of money market instruments with short-term maturities used for temporary investment. 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. (3) Includes net assets related to pending sales of securities of $5 million , net accrued income of $2 million , and excludes net assets related to pending purchases of securities of $5 million at December 31, 2016. (4) Also included in the common collective trust funds is the Northern Trust Collective Short-Term Investment Fund, totaling $2 million and $3 million at December 31, 2016 and 2015, respectively, which is comprised of money market instruments with short-term maturities used for temporary investment. 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. The Plan’s investments are determined based on the fair values of the investments and the underlying investments, which have been determined as follows: • Cash and Cash Equivalents —Investments are held primarily in short-term notes and treasury bills, which are valued at cost plus accrued interest. • Common and Preferred Stocks —Investments are valued at the closing price reported on the active market on which the individual securities are traded. • Insurance Contracts —Investments in Group 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, state and municipal debt securities. • Corporate Debt Instruments —Investments are valued using pricing models maximizing the use of observable inputs for similar securities. This includes basing value on yields currently available on comparable securities of issuers with similar credit ratings. When quoted prices are not available for identical or similar instruments, the instrument is valued under a discounted cash flows approach that maximizes observable inputs, such as current yields of similar instruments, but includes adjustments for certain risks that may not be observable, such as credit and liquidity risks or a broker quote, if available. • Government Securities —Investments are valued using pricing models maximizing the use of observable inputs for similar securities. • Common/Collective Trust Funds —Common/collective trust funds invest in debt and equity securities and other instruments with characteristics similar to those of the funds’ benchmarks. The primary objectives of the funds are to seek investment returns that approximate the overall performance of their benchmark indexes. These benchmarks are major equity indices, fixed income indices, and money market indices that focus on growth, income, and liquidity strategies, as applicable. Investments in common/collective trust funds are stated at the NAV as determined by the issuer of the common/collective trust funds and is based on the fair value of the underlying investments held by the fund less its liabilities. The NAV is used as a practical expedient to estimate fair value. The common/collective trust funds 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. • Alternative Investments —Investments in real estate funds, private equity funds, debt funds and hedge funds are stated at fair value based on the NAV of the Plan’s proportionate share of the partnership, joint venture or other alternative investment’s fair value as determined by reference to audited financial statements or NAV statements provided by the investment manager. The NAV is used as a practical expedient to estimate fair value. 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, 2016 2015 2014 2016 2015 2014 (millions, except percentages) Dominion Service cost $ 118 $ 126 $ 114 $ 31 $ 40 $ 32 Interest cost 317 287 290 65 67 67 Expected return on plan assets (573 ) (531 ) (499 ) (118 ) (117 ) (111 ) Amortization of prior service (credit) cost 1 2 3 (35 ) (27 ) (28 ) Amortization of net actuarial loss 111 160 111 8 6 2 Settlements and curtailments 1 — 1 — — — Net periodic benefit (credit) cost $ (25 ) $ 44 $ 20 $ (49 ) $ (31 ) $ (38 ) Changes in plan assets and benefit obligations recognized in other comprehensive income and regulatory assets and liabilities: Current year net actuarial (gain) loss $ 931 $ 159 $ 784 $ 178 $ (18 ) $ 183 Prior service (credit) cost — — — (216 ) (31 ) 9 Settlements and curtailments (1 ) — (1 ) — — — Less amounts included in net periodic benefit cost: Amortization of net actuarial loss (111 ) (160 ) (111 ) (8 ) (6 ) (2 ) Amortization of prior service credit (cost) (1 ) (2 ) (3 ) 35 27 28 Total recognized in other comprehensive income and regulatory assets and liabilities $ 818 $ (3 ) $ 669 $ (11 ) $ (28 ) $ 218 Significant assumptions used to determine periodic cost: Discount rate 2.87% - 4.99% 4.40 % 5.20% - 5.30% 3.56% - 4.94% 4.40 % 4.20% - 5.10% Expected long-term rate of return on plan assets 8.75 % 8.75 % 8.75 % 8.50 % 8.50 % 8.50 % Weighted average rate of increase for compensation 4.22 % 4.22 % 4.21 % 4.22 % 4.22 % 4.22 % Healthcare cost trend rate (1) 7.00 % 7.00 % 7.00 % Rate to which the cost trend rate is assumed to decline (the ultimate trend rate) (1) 5.00 % 5.00 % 5.00 % Year that the rate reaches the ultimate trend rate (1)(2) 2020 2019 2018 Dominion Gas Service cost $ 13 $ 15 $ 12 $ 5 $ 7 $ 6 Interest cost 30 27 28 14 14 13 Expected return on plan assets (134 ) (126 ) (115 ) (23 ) (24 ) (23 ) Amortization of prior service (credit) cost — 1 1 1 (1 ) (1 ) Amortization of net actuarial loss 13 20 19 1 2 — Net periodic benefit (credit) cost $ (78 ) $ (63 ) $ (55 ) $ (2 ) $ (2 ) $ (5 ) Changes in plan assets and benefit obligations recognized in other comprehensive income and regulatory assets and liabilities: Current year net actuarial (gain) loss $ 91 $ 97 $ 43 $ 28 $ (9 ) $ 40 Prior service cost — — — — — 10 Less amounts included in net periodic benefit cost: Amortization of net actuarial loss (13 ) (20 ) (19 ) (1 ) (2 ) — Amortization of prior service credit (cost) — (1 ) (1 ) (1 ) 1 1 Total recognized in other comprehensive income and regulatory assets and liabilities $ 78 $ 76 $ 23 $ 26 $ (10 ) $ 51 Significant assumptions used to determine periodic cost: Discount rate 4.99 % 4.40 % 5.20 % 4.93 % 4.40 % 4.20% - 5.00% Expected long-term rate of return on plan assets 8.75 % 8.75 % 8.75 % 8.50 % 8.50 % 8.50 % Weighted average rate of increase for compensation 3.93 % 3.93 % 3.93 % 3.93 % 3.93 % 3.93 % Healthcare cost trend rate (1) 7.00 % 7.00 % 7.00 % Rate to which the cost trend rate is assumed to decline (the ultimate trend rate) (1) 5.00 % 5.00 % 5.00 % Year that the rate reaches the ultimate trend rate (1)(2) 2020 2019 2018 (1) Assumptions used to determine net periodic cost for the following year. (2) The Society of Actuaries model used to determine healthcare cost trend rates was updated in 2014. The new model converges to the ultimate trend rate much more quickly than previous models. The components of AOCI and regulatory assets and liabilities for Dominion’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, 2016 2015 2016 2015 (millions) Dominion Net actuarial loss $ 3,200 $ 2,381 $ 283 $ 114 Prior service (credit) cost 4 5 (419 ) (237 ) Total (1) $ 3,204 $ 2,386 $ (136 ) $ (123 ) Dominion Gas Net actuarial loss $ 458 $ 380 $ 60 $ 33 Prior service (credit) cost — 1 7 7 Total (2) $ 458 $ 381 $ 67 $ 40 (1) As of December 31, 2016, of the $3.2 billion and $(136) million related to pension benefits and other postretirement bene |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2016 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | C OMMITMENTS AND C ONTINGENCIES As a result of issues generated in the ordinary course of business, the Companies are involved in legal proceedings before various courts and are periodically subject to governmental examinations (including by regulatory authorities), inquiries and investigations. Certain legal proceedings and governmental examinations involve demands for unspecified amounts of damages, are in an initial procedural phase, involve uncertainty as to the outcome of pending appeals or motions, or involve significant factual issues that need to be resolved, such that it is not possible for the Companies to estimate a range of possible loss. For such matters for which the Companies cannot estimate a range of possible loss, a statement to this effect is made in the description of the matter. Other matters may have progressed sufficiently through the litigation or investigative processes such that the Companies are able to estimate a range of possible loss. For legal proceedings and governmental examinations for which the Companies are able to reasonably estimate a range of possible losses, an estimated range of possible loss is provided, in excess of the accrued liability (if any) for such matters. Any accrued liability is recorded on a gross basis with a receivable also recorded for any probable insurance recoveries. Estimated ranges of loss are inclusive of legal fees and net of any anticipated insurance recoveries. Any estimated range is based on currently available information and involves elements of judgment and significant uncertainties. Any estimated range of possible loss may not represent the Companies' maximum possible loss exposure. The circumstances of such legal proceedings and governmental examinations will change from time to time and actual results may vary significantly from the current estimate. For current proceedings not specifically reported below, management does not anticipate that the liabilities, if any, arising from such proceedings would have a material effect on the financial position, liquidity or results of operations of the Companies. Environmental Matters The Companies are subject to costs resulting from a number of federal, state and local laws and regulations designed to protect human health and the environment. These laws and regulations affect future planning and existing operations. They can result in increased capital, operating and other costs as a result of compliance, remediation, containment and monitoring obligations. Air CAA The CAA, as amended, is a comprehensive program utilizing a broad range of regulatory tools to protect and preserve the nation's air quality. At a minimum, states are required to establish regulatory programs to address all requirements of the CAA. However, states may choose to develop regulatory programs that are more restrictive. Many of the Companies' facilities are subject to the CAA's permitting and other requirements. MATS In December 2011, the EPA issued MATS for coal and oil-fired electric utility steam generating units. The rule establishes strict emission limits for mercury, particulate matter as a surrogate for toxic metals and hydrogen chloride as a surrogate for acid gases. The rule includes a limited use provision for oil-fired units with annual capacity factors under 8% that provides an exemption from emission limits, and allows compliance with operational work practice standards. Compliance was required by April 16, 2015, with certain limited exceptions. However, in June 2014, the VDEQ granted a one -year MATS compliance extension for two coal-fired units at Yorktown power station to defer planned retirements and allow for continued operation of the units to address reliability concerns while necessary electric transmission upgrades are being completed. These coal units will need to continue operating until at least April 2017 due to delays in transmission upgrades needed to maintain electric reliability. Therefore, in October 2015 Virginia Power submitted a request to the EPA for an additional one year compliance extension under an EPA Administrative Order. The order was signed by the EPA in April 2016 allowing the Yorktown units to operate for up to one additional year, as required to maintain reliable power availability while transmission upgrades are being made. In June 2015, the U.S. Supreme Court issued a decision holding that the EPA failed to take cost into account when the agency first decided to regulate the emissions from coal- and oil-fired plants, and remanded the MATS rule back to the U.S. Court of Appeals for the D.C. Circuit. However, the Supreme Court did not vacate or stay the effective date and implementation of the MATS rule. In November 2015, in response to the Supreme Court decision, the EPA proposed a supplemental finding that consideration of cost does not alter the agency’s previous conclusion that it is appropriate and necessary to regulate coal- and oil-fired electric utility steam generating units under Section 112 of the CAA. In December 2015, the U.S. Court of Appeals for the D.C. Circuit issued an order remanding the MATS rulemaking proceeding back to the EPA without setting aside judgment, noting that EPA had represented it was on track to issue a final finding regarding its consideration of cost. In April 2016, the EPA issued a final supplemental finding that consideration of costs does not alter its conclusion regarding appropriateness and necessity for the regulation. These actions do not change Virginia Power’s plans to close coal units at Yorktown power station by April 2017 or the need to complete necessary electricity transmission upgrades which are expected to be in service approximately 20 months following receipt of all required permits and approvals for construction. Since the MATS rule remains in effect and Dominion is complying with the requirements of the rule, Dominion does not expect any adverse impacts to its operations at this time. CSAPR In July 2011, the EPA issued a replacement rule for CAIR, called CSAPR, that required 28 states to reduce power plant emissions that cross state lines. CSAPR established new SO 2 and NO X emissions cap and trade programs that were completely independent of the current ARP. Specifically, CSAPR required reductions in SO 2 and NO X emissions from fossil fuel-fired electric generating units of 25 MW or more through annual NO X emissions caps, NO X emissions caps during the ozone season (May 1 through September 30) and annual SO 2 emission caps with differing requirements for two groups of affected states. 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) applied in 2015 and 2016, and Phase 2 emissions budgets will apply in 2017 and beyond. CSAPR replaced CAIR beginning in January 2015. In September 2016, the EPA issued a revision to CSAPR that reduces the ozone season NO X emission budgets in 22 states beginning in 2017. The cost to comply with CSAPR, including the recent revision to the CSAPR ozone season NO X program, is not expected to be material to Dominion’s or Virginia Power’s Consolidated Financial Statements. Ozone Standards In October 2015, the EPA issued a final rule tightening the ozone standard from 75 -ppb to 70 -ppb. To comply with this standard, in April 2016 Virginia Power submitted the NO X Reasonable Available Control Technology analysis for Unit 5 at Possum Point power station. In December 2016, the VDEQ determined that NO X controls are required on Unit 5. Installation and operation of these NO X controls including an associated water treatment system will be required by mid-2019 with an expected cost in the range of $25 to $35 million . The EPA is expected to complete attainment designations for a new standard by December 2017 and states will have until 2020 or 2021 to develop plans to address the new standard. Until the states have developed implementation plans, the Companies are unable to predict whether or to what extent the new rules will ultimately require additional controls. However, if significant expenditures are required to implement additional controls, it could materially affect the Companies’ results of operations and cash flows. NO x and VOC Emissions In April 2016, the Pennsylvania Department of Environmental Protection issued final regulations, with an effective date of January 2017, to reduce NO X and VOC emissions from combustion sources. To comply with the regulations, Dominion Gas is installing emission control systems on existing engines at several compressor stations in Pennsylvania. The compliance costs associated with engineering and installation of controls and compliance demonstration with the regulation are expected to be approximately $25 million . NSPS In August 2012, the EPA issued the first NSPS impacting new and modified facilities in the natural gas production and gathering sectors and made revisions to the NSPS for natural gas processing and transmission facilities. These rules establish equipment performance specifications and emissions standards for control of VOC emissions for natural gas production wells, tanks, pneumatic controllers, and compressors in the upstream sector. In June 2016, the EPA issued a final NSPS regulation, for the oil and natural gas sector, to regulate methane and VOC emissions from new and modified facilities in transmission and storage, gathering and boosting, production and processing facilities. All projects which commenced construction after September 2015 will be required to comply with this regulation. Dominion and Dominion Gas are still evaluating whether potential impacts on results of operations, financial condition and/or cash flows related to this matter will be material. Climate Change Regulation Carbon Regulations 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 U.S. Court of Appeals for the D.C. Circuit's June 2012 decision upholding the EPA’s regulation of GHG emissions from stationary sources under the CAA's permitting programs. In June 2014, the 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. In August 2016, the EPA issued a draft rule proposing to reaffirm that a source’s obligation to obtain a PSD or Title V permit for GHGs is triggered only if such permitting requirements are first triggered by non-GHG, or conventional, pollutants that are regulated by the New Source Review program, and to set a significant emissions rate at 75,000 tons per year of CO 2 equivalent emissions under which a source would not be required to apply BACT for its GHG emissions. Until the EPA ultimately takes final action on this rulemaking, the Companies cannot predict the impact to their financial statements. In July 2011, the EPA signed a final rule deferring the need for PSD and Title V permitting for CO 2 emissions for biomass projects. This rule temporarily deferred for a period of up to three years the consideration of CO 2 emissions from biomass projects when determining whether a stationary source meets the PSD and Title V applicability thresholds, including those for the application of BACT. The deferral policy expired in July 2014. In July 2013, the 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 CO 2 deferral period. It is unclear how the court’s decision or the EPA’s final policy regarding the treatment of specific feedstock will affect biomass sources that were permitted during the deferral period; however, the expenditures to comply with any new requirements could be material to Dominion’s and Virginia Power’s financial statements. Methane Emissions In July 2015, the EPA announced the next generation of its voluntary Natural Gas STAR Program, the Natural Gas STAR Methane Challenge Program. The program covers the entire natural gas sector from production to distribution, with more emphasis on transparency and increased reporting for both annual emissions and reductions achieved through implementation measures. In March 2016, Ohio, Hope, DTI and Questar Gas (prior to the Dominion Questar Combination) joined the EPA as founding partners in the new Methane Challenge program and submitted implementation plans in September 2016. DCG joined the EPA’s voluntary Natural Gas STAR Program in July 2016 and submitted an implementation plan in September 2016. Dominion and Dominion Gas do not expect the costs related to these programs to have a material impact on their results of operations, financial condition and/or cash flows. Water The CWA, as amended, is a comprehensive program requiring a broad range of regulatory tools including a permit program to authorize and regulate discharges to surface waters with strong enforcement mechanisms. The Companies must comply with applicable aspects of the CWA programs at their operating facilities. In October 2014, the final regulations under Section 316(b) of the CWA that govern existing facilities and new units at existing facilities that employ a cooling water intake structure and that have flow levels exceeding a minimum threshold became effective. The rule establishes a national standard for impingement based on seven compliance options, but forgoes the creation of a single technology standard for entrainment. Instead, the EPA has delegated entrainment technology decisions to state regulators. State regulators are to make case-by-case entrainment technology determinations after an examination of five mandatory facility-specific factors, including a social cost-benefit test, and six optional facility-specific factors. The rule governs all electric generating stations with water withdrawals above two MGD, with a heightened entrainment analysis for those facilities over 125 MGD. Dominion and Virginia Power have 14 and 11 facilities, respectively, that may be subject to the final regulations. Dominion anticipates that it will have to install impingement control technologies at many of these stations that have once-through cooling systems. Dominion and Virginia Power are currently evaluating the need or potential for entrainment controls under the final rule as these decisions will be made on a case-by-case basis after a thorough review of detailed biological, technology, cost and benefit studies. While the impacts of this rule could be material to Dominion's and Virginia Power's results of operations, financial condition and/or cash flows, the existing regulatory framework in Virginia provides rate recovery mechanisms that could substantially mitigate any such impacts for Virginia Power. In September 2015, the EPA released a final rule to revise the Effluent Limitations Guidelines for the Steam Electric Power Generating Category. The final rule establishes updated standards for wastewater discharges that apply primarily at coal and oil steam generating stations. Affected facilities are required to convert from wet to dry or closed cycle coal ash management, improve existing wastewater treatment systems and/or install new wastewater treatment technologies in order to meet the new discharge limits. Virginia Power has eight facilities that may be subject to additional wastewater treatment requirements associated with the final rule. 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. 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. The Companies do not believe these matters will have a material effect on results of operations, financial condition and/or cash flows. In September 2011, the EPA issued a UAO to Virginia Power and 22 other parties, pursuant to CERCLA, ordering specific remedial action of certain areas at the Ward Transformer Superfund site located in Raleigh, North Carolina. In September 2016, the U.S., on behalf of the EPA, lodged a proposed Remedial Design/Remedial Action Consent Decree with the U.S. District Court for the Eastern District of North Carolina, settling claims related to the site between the EPA and a number of parties, including Virginia Power. In November 2016, the court approved and entered the final Consent Decree and closed the case. The Consent Decree identifies Virginia Power as a non-performing cash-out party to the settlement and resolves Virginia Power’s alleged liability under CERCLA with respect to the site, including liability pursuant to the UAO. Virginia Power's cash settlement for this case was less than $1 million . Dominion has determined that it is associated with 19 former manufactured gas plant sites, three of which pertain to Virginia Power and 12 of which pertain to Dominion Gas. Studies conducted by other utilities at their former manufactured gas plant sites have indicated that those sites contain coal tar and other potentially harmful materials. None of the former sites with which the Companies are associated is under investigation by any state or federal environmental agency. At one of the former sites, Dominion is conducting a state-approved post closure groundwater monitoring program and an environmental land use restriction has been recorded. Another site has been accepted into a state-based voluntary remediation program. Virginia Power is currently evaluating the nature and extent of the contamination from this site as well as potential remedial options. Preliminary costs for options under evaluation for the site range from $1 million to $22 million . Due to the uncertainty surrounding the other sites, the Companies are unable to make an estimate of the potential financial statement impacts. See below for discussion on ash pond and landfill closure costs. Other Legal Matters The Companies are defendants in a number of lawsuits and claims involving unrelated incidents of property damage and personal injury. Due to the uncertainty surrounding these matters, the Companies are unable to make an estimate of the potential financial statement impacts; however, they could have a material impact on results of operations, financial condition and/or cash flows. Appalachian Gateway Pipeline Contractor Litigation Following the completion of the Appalachian Gateway project in 2012, DTI received multiple change order requests and other claims for additional payments from a pipeline contractor for the project. In July 2013, DTI filed a complaint in U.S. District Court for the Eastern District of Virginia for breach of contract as well as accounting and declaratory relief. The contractor filed a motion to dismiss, or in the alternative, a motion to transfer venue to Pennsylvania and/or West Virginia, where the pipelines were constructed. DTI filed an opposition to the contractor’s motion in August 2013. In November 2013, the court granted the contractor’s motion on the basis that DTI must first comply with the dispute resolution process. In July 2015, the contractor filed a complaint against DTI in U.S. District Court for the Western District of Pennsylvania. In August 2015, DTI filed a motion to dismiss, or in the alternative, a motion to transfer venue to Virginia. In March 2016, the Pennsylvania court granted the motion to dismiss and transferred the case to the U.S. District Court for the Eastern District of Virginia. In April 2016, the Virginia court issued an order staying the proceedings and ordering mediation. A mediation occurred in May 2016 but was unsuccessful. In July 2016, DTI filed a motion to dismiss. This case is pending. DTI has accrued a liability of $6 million for this matter. Dominion Gas cannot currently estimate additional financial statement impacts, but there could be a material impact to its financial condition and/or cash flows. Gas Producers Litigation In connection with the Appalachian Gateway project, Dominion Field Services, Inc. entered into contracts for firm purchase rights with a group of small gas producers. In June 2016, the gas producers filed a complaint in the Circuit Court of Marshall County, West Virginia against Dominion, DTI and Dominion Field Services, Inc., among other defendants, claiming that the contracts are unenforceable and seeking compensatory and punitive damages. During the third quarter of 2016, Dominion, DTI and Dominion Field Services, Inc. were served with the complaint. Also in the third quarter of 2016, Dominion and DTI, with the consent of the other defendants, removed the case to the U.S. District Court for the Northern District of West Virginia. In October 2016, the defendants filed a motion to dismiss and the plaintiffs filed a motion to remand. In February 2017, the U.S. District Court entered an order remanding the matter to the Circuit Court of Marshall County, West Virginia. This case is pending. Dominion and Dominion Gas cannot currently estimate financial statement impacts, but there could be a material impact to their financial condition and/or cash flows. Ash Pond and Landfill Closure Costs In September 2014, Virginia Power received a notice from the Southern Environmental Law Center on behalf of the Potomac Riverkeeper and Sierra Club alleging CWA violations at Possum Point power station. The notice alleges unpermitted discharges to surface water and groundwater from Possum Point power station’s historical and active ash storage facilities. A similar notice from the Southern Environmental Law Center on behalf of the Sierra Club was subsequently received related to Chesapeake power station. In December 2014, Virginia Power offered to close all of its coal ash ponds and landfills at Possum Point power station, Chesapeake and Bremo power stations as settlement of the potential litigation. While the issue is open to potential further negotiations, the Southern Environmental Law Center declined the offer as presented in January 2015 and, in March 2015, filed a lawsuit related to its claims of the alleged CWA violations at Chesapeake power station. Virginia Power filed a motion to dismiss in April 2015, which was denied in November 2015. A trial was held in June 2016. This case is pending. As a result of the December 2014 settlement offer, Virginia Power recognized a charge of $121 million in other operations and maintenance expense in its Consolidated Statements of Income for the year ended December 31, 2014. In April 2015, the EPA’s final rule regulating the management of CCRs stored in impoundments (ash ponds) and landfills was published in the Federal Register. The final rule regulates CCR landfills, existing ash ponds that still receive and manage CCRs, and inactive ash ponds that do not receive, but still store CCRs. Virginia Power currently operates inactive ash ponds, existing ash ponds, and CCR landfills subject to the final rule at eight different facilities. The enactment of the final rule in April 2015 created a legal obligation for Virginia Power to retrofit or close all of its inactive and existing ash ponds over a certain period of time, as well as perform required monitoring, corrective action, and post-closure care activities as necessary. The CCR rule requires that groundwater impacts associated with ash ponds be remediated. It is too early in the implementation phase of the rule to determine the scope of any potential groundwater remediation, but the costs, if required, could be material. In April 2016, the EPA announced a partial settlement with certain environmental and industry organizations that had challenged the final CCR rule in the U.S. Court of Appeals for the D.C. Circuit. As part of the settlement, certain exemptions included in the final rule for inactive ponds that closed by April 2018 will be removed, resulting in inactive ponds ultimately being subject to the same requirements as existing ponds. In June 2016, the court issued an order approving the settlement, which requires the EPA to modify provisions in the final CCR rule concerning inactive ponds. In August 2016, the EPA issued a final rule, effective October 2016, extending certain compliance deadlines in the final CCR rule for inactive ponds. In February and March 2016, respectively, two parties filed administrative appeals in the Circuit Court for the City of Richmond challenging certain provisions, relating to ash pond dewatering activities, of Possum Point power station’s wastewater discharge permit issued by the VDEQ in January 2016. One of those parties withdrew its appeal in June 2016. In November 2016, the court dismissed the remaining appeal. In 2015, Virginia Power recorded a $386 million ARO related to future ash pond and landfill closure costs, which resulted in a $99 million incremental charge recorded in other operations and maintenance expense in its Consolidated Statement of Income, a $166 million increase in property, plant, and equipment associated with asset retirement costs, and a $121 million reduction in other noncurrent liabilities related to reversal of the contingent liability described above since the ARO obligation created by the final CCR rule represents similar activities. In 2016, Virginia Power recorded an increase to this ARO of $238 million , which resulted in a $197 million incremental charge recorded in other operations and maintenance expense in its Consolidated Statement of Income, a $17 million increase in property, plant, and equipment and a $24 million increase in regulatory assets. The actual AROs related to the CCR rule may vary substantially from the estimates used to record the obligation at December 31, 2016. In December 2016, the U.S. Congress passed and the President signed legislation that creates a framework for EPA- approved state CCR permit programs. Under this legislation, an approved state CCR permit program functions in lieu of the self - implementing Federal CCR rule. The legislation allows states more flexibility in developing permit programs to implement the environmental criteria in the CCR rule. It is unknown how long it will take for the EPA to develop the framework for state program approvals. The EPA has enforcement authority until these new CCR rules are in place and state programs are approved. The EPA and states with approved programs both will have authority to enforce CCR requirements under their respective rules and programs. Dominion cannot forecast potential incremental impacts or costs related to existing coal ash sites until rules implementing the 2016 CCR legislation are in place. Cove Point Dominion is constructing the Liquefaction Project at the Cove Point facility, which would enable the facility to liquefy domestically-produced natural gas and export it as LNG. In September 2014, FERC issued an order granting authorization for Cove Point to construct, modify and operate the Liquefaction Project. In October 2014, several parties filed a motion with FERC to stay the order and requested rehearing. In May 2015, FERC denied the requests for stay and rehearing. Two parties have separately filed petitions for review of the FERC order in the U.S. Court of Appeals for the D.C. Circuit, which petitions were consolidated. Separately, one party requested a stay of the FERC order until the judicial proceedings are complete, which the court denied in June 2015. In July 2016, the court denied one party’s petition for review of the FERC order authorizing the Liquefaction Project. The court also issued a decision remanding the other party’s petition for review of the FERC order to FERC for further explanation of FERC’s decision that a previous transaction with an existing import shipper was not unduly discriminatory. Cove Point believes that on remand FERC will be able to justify its decision. In September 2013, the DOE granted Non-FTA Authorization approval for the export of up to 0.77 bcfe/day of natural gas to countries that do not have an FTA for trade in natural gas. In June 2016, a party filed a petition for review of this approval in the U.S. Court of Appeals for the D.C. Circuit. This case is pending. FERC The FERC staff in the Office of Enforcement, Division of Investigations, is conducting a non-public investigation of Virginia Power's offers of combustion turbines generators into the PJM day-ahead markets from April 2010 through September 2014. The FERC staff notified Virginia Power of its preliminary findings relating to Virginia Power's alleged violation of FERC's rules in connection with these activities. Virginia Power has provided its response to the FERC staff's preliminary findings letter explaining why Virginia Power's conduct was lawful and refuting any allegation of wrongdoing. Virginia Power is cooperating fully with the investigation; however, it cannot currently predict whether or to what extent it may incur a material liability. Greensville County Virginia Power is constructing Greensville County and related transmission interconnection facilities. In July 2016, the Sierra Club filed an administrative appeal in the Circuit Court for the City of Richmond challenging certain provisions in Greensville County’s PSD air permit issued by VDEQ in June 2016. Virginia Power is currently unable to make an estimate of the potential impacts to its consolidated financial statements related to this matter. Nuclear Matters In March 2011, a magnitude 9.0 earthquake and subsequent tsunami caused significant damage at the Fukushima Daiichi nuclear power station in northeast Japan. These events have resulted in significant nuclear safety reviews required by the NRC and industry groups such as the Institute of Nuclear Power Operations. 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 Dec |
Credit Risk
Credit Risk | 12 Months Ended |
Dec. 31, 2016 | |
Risks and Uncertainties [Abstract] | |
Credit Risk | C REDIT R ISK Credit risk is the risk of financial loss if counterparties fail to perform their contractual obligations. In order to minimize overall credit risk, credit policies are maintained, including the evaluation of counterparty financial condition, collateral requirements and the use of standardized agreements that facilitate the netting of cash flows associated with a single counterparty. In addition, counterparties may make available collateral, including letters of credit or cash held as margin deposits, as a result of exceeding agreed-upon credit limits, or may be required to prepay the transaction. The Companies maintain a provision for credit losses based on factors surrounding the credit risk of their customers, historical trends and other information. Management believes, based on credit policies and the December 31, 2016 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, Midwest and Rocky Mountain 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, 2016, Dominion's credit exposure totaled $98 million . Of this amount, investment grade counterparties, including those internally rated, represented 53% , and no single counterparty, whether investment grade or non-investment grade, exceeded $9 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, 2016, Virginia Power's credit exposure totaled $42 million . Of this amount, investment grade counterparties, including those internally rated, represented 33% , and no single counterparty, whether investment grade or non-investment grade, exceeded $6 million of exposure. 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 2016, DTI provided service to 289 customers with approximately 96% of its storage and transportation revenue being provided through firm services. The ten largest customers provided approximately 40% of the total storage and transportation revenue and the thirty largest provided approximately 70% of the total storage and transportation revenue. East Ohio distributes natural gas to residential, commercial and industrial customers in Ohio using rates established by the Ohio Commission. Approximately 98% of East Ohio revenues are derived from its regulated gas distribution services. East Ohio's bad debt risk is mitigated by the regulatory framework established by the Ohio Commission. See Note 13 for further information about Ohio’s PIPP and UEX Riders that mitigate East Ohio’s overall credit risk. Credit-Related Contingent Provisions The majority of Dominion'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, 2016 and 2015, Dominion would have been required to post an additional $3 million and $12 million , respectively, of collateral to its counterparties. The collateral that would be required to be posted includes the impacts of any offsetting asset positions and any amounts already posted for derivatives, non-derivative contracts and derivatives elected under the normal purchases and normal sales exception, per contractual terms. Dominion had posted no collateral at December 31, 2016 and 2015, related to derivatives with credit-related contingent provisions that are in a liability position and not fully collateralized with cash. The collateral posted includes any amounts paid related to non-derivative contracts and derivatives elected under the normal purchases and normal sales exception, per contractual terms. The aggregate fair value of all derivative instruments with credit-related contingent provisions that are in a liability position and not fully collateralized with cash as of December 31, 2016 and 2015 was $9 million and $49 million , respectively, which does not include the impact of any offsetting asset positions. Credit-related contingent provisions for Virginia Power and Dominion Gas were not material as of December 31, 2016 and 2015. See Note 7 for further information about derivative instruments. |
Related Party Transactions
Related Party Transactions | 12 Months Ended |
Dec. 31, 2016 | |
Related Party Transactions [Abstract] | |
Related-Party Transactions | R ELATED -P ARTY T RANSACTIONS 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 and, where applicable, combined income tax returns for Dominion are filed in various states. See Note 2 for further information. Dominion's transactions with equity method investments are described in Note 9. 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, 2016, Virginia Power's derivative assets and liabilities with affiliates were $41 million and $8 million , respectively. As of December 31, 2015, Virginia Power's derivative assets and liabilities with affiliates were $13 million and $22 million , respectively. Virginia Power participates in certain Dominion benefit plans as described in Note 21. At December 31, 2016 and 2015, 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 $396 million and $316 million , respectively. At December 31, 2016 and 2015, Virginia Power's amounts due from Dominion associated with the Dominion Retiree Health and Welfare Plan and reflected in noncurrent pension and other postretirement benefit assets in the Consolidated Balance Sheets were $130 million and $77 million , respectively. The financial statements for all years presented include costs for certain general, administrative and corporate expenses assigned by DRS to Virginia Power on the basis of direct and allocated methods in accordance with Virginia Power’s services agreements with DRS. Where costs incurred cannot be determined by specific identification, the costs are allocated based on the proportional level of effort devoted by DRS resources that is attributable to the entity, determined by reference to number of employees, salaries and wages and other similar measures for the relevant DRS service. Management believes the assumptions and methodologies underlying the allocation of general corporate overhead expenses are reasonable. 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: Year Ended December 31, 2016 2015 2014 (millions) Commodity purchases from affiliates $ 571 $ 555 $ 543 Services provided by affiliates (1) 454 422 432 Services provided to affiliates 22 22 22 (1) Includes capitalized expenditures of $144 million , $143 million and $146 million for the year ended December 31, 2016, 2015, and 2014, respectively. Virginia Power has borrowed funds from Dominion under short-term borrowing arrangements. There were $262 million and $376 million in short-term demand note borrowings from Dominion as of December 31, 2016 and 2015, respectively. The weighted-average interest rate of these borrowings was 0.97% and 0.60% at December 31, 2016 and 2015, respectively. Virginia Power had no outstanding borrowings, net of repayments under the Dominion money pool for its nonregulated subsidiaries as of December 31, 2016 and 2015. Interest charges related to Virginia Power's borrowings from Dominion were immaterial for the years ended December 31, 2016, 2015 and 2014. There were no issuances of Virginia Power's common stock to Dominion in 2016, 2015 or 2014. Dominion Gas Transactions with Related Parties Dominion Gas transacts with affiliates for certain quantities of natural gas and other commodities at market prices in the ordinary course of business. Additionally, Dominion Gas provides transportation and storage services to affiliates. Dominion Gas also enters into certain other contracts with affiliates, which are presented separately from contracts involving commodities or services. As of December 31, 2016 and 2015, all of Dominion Gas' commodity derivatives were with affiliates. See Notes 7 and 19 for more information. See Note 9 for information regarding transactions with an affiliate. Dominion Gas participates in certain Dominion benefit plans as described in Note 21. At December 31, 2016 and 2015, 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 $697 million and $652 million , respectively. At December 31, 2016 and 2015, Dominion Gas’ amounts due from Dominion and liabilities due to Dominion associated with the Dominion Retiree Health and Welfare Plan were immaterial. DRS and other affiliates provide accounting, legal, finance and certain administrative and technical services to Dominion Gas. Dominion Gas provides certain services to related parties, including technical services. The financial statements for all years presented include costs for certain general, administrative and corporate expenses assigned by DRS to Dominion Gas on the basis of direct and allocated methods in accordance with Dominion Gas’ services agreements with DRS. Where costs incurred cannot be determined by specific identification, the costs are allocated based on the proportional level of effort devoted by DRS resources that is attributable to the entity, determined by reference to number of employees, salaries and wages and other similar measures for the relevant DRS service. Management believes the assumptions and methodologies underlying the allocation of general corporate overhead expenses are reasonable. The costs of these services follow: Year Ended December 31, 2016 2015 2014 (millions) Purchases of natural gas and transportation and storage services from affiliates $ 9 $ 10 $ 34 Sales of natural gas and transportation and storage services to affiliates 69 69 84 Services provided by related parties (1) 141 133 106 Services provided to related parties (2) 128 101 17 (1) Includes capitalized expenditures of $49 million , $57 million and $49 million for the year ended December 31, 2016, 2015, and 2014, respectively. (2) Amounts primarily attributable to Atlantic Coast Pipeline. The following table presents affiliated and related party balances reflected in Dominion Gas' Consolidated Balance Sheets: At December 31, 2016 2015 (millions) Other receivables (1) $ 10 $ 7 Customer receivables from related parties 1 4 Imbalances receivable from affiliates 2 1 Imbalances payable to affiliates (2) 4 — Affiliated notes receivable (3) 18 14 (1) Represents amounts due from Atlantic Coast Pipeline, a related party VIE. (2) Amounts are presented in other current liabilities in Dominion Gas' Consolidated Balance Sheets. (3) Amounts are presented in other deferred charges and other assets in Dominion Gas' Consolidated Balance Sheets. Dominion Gas' borrowings under the IRCA with Dominion totaled $118 million and $95 million as of December 31, 2016 and 2015, respectively. The weighted-average interest rate of these borrowings was 1.08% and 0.65% at December 31, 2016 and 2015, respectively. Interest charges related to Dominion Gas' total borrowings from Dominion were immaterial for the years ended December 31, 2016 and 2015 and $4 million for the year ended December 31, 2014. |
Operating Segments
Operating Segments | 12 Months Ended |
Dec. 31, 2016 | |
Segment Reporting Information, Revenue for Reportable Segment [Abstract] | |
Operating Segments | O PERATING S EGMENTS The Companies are organized primarily on the basis of products and services sold in the U.S. A description of the operations included in the Companies' primary operating segments is as follows: Primary Operating Segment Description of Operations Dominion Virginia Power Dominion Gas DVP Regulated electric distribution X X Regulated electric transmission X X Dominion Generation Regulated electric fleet X X Merchant electric fleet X Dominion Energy Gas transmission and storage X (1) X Gas distribution and storage X X Gas gathering and processing X X LNG import and storage X Nonregulated retail energy marketing X (1) Includes remaining producer services activities. In addition to the operating segments above, the Companies also report a Corporate and Other segment. Dominion The Corporate and Other Segment of Dominion includes its corporate, service company and other functions (including unallocated debt). In addition, Corporate and Other includes specific items attributable to Dominion's operating segments that are not included in profit measures evaluated by executive management in assessing the segments' performance or in allocating resources. In March 2014, Dominion exited the electric retail energy marketing business. 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 2016, Dominion reported after-tax net expenses of $484 million in the Corporate and Other segment, with $180 million of these net expenses attributable to specific items related to its operating segments. The net expenses for specific items in 2016 primarily related to the impact of the following items: • A $197 million ( $122 million after-tax) charge related to future ash pond and landfill closure costs at certain utility generation facilities, attributable to Dominion Generation; and • A $59 million ( $36 million after-tax) charge related to an organizational design initiative, attributable to: • DVP ( $5 million after-tax); • Dominion Energy ( $12 million after-tax); and • Dominion Generation ( $19 million after-tax). In 2015, Dominion reported after-tax net expenses of $391 million in the Corporate and Other segment, with $136 million of these net expenses attributable to specific items related to its operating segments. The net expenses for specific items in 2015 primarily related to the impact of the following items: • A $99 million ( $60 million after-tax) charge related to future ash pond and landfill closure costs at certain utility generation facilities, attributable to Dominion Generation; and • An $85 million ( $52 million after-tax) write-off of deferred fuel costs associated with Virginia legislation enacted in February 2015, attributable to Dominion Generation. In 2014, Dominion reported after-tax net expenses 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. The following table presents segment information pertaining to Dominion's operations: Year Ended December 31, DVP Dominion Generation Dominion Energy Corporate and Other Adjustments & Eliminations Consolidated Total (millions) 2016 Total revenue from external customers $ 2,210 $ 6,747 $ 2,069 $ (7 ) $ 718 $ 11,737 Intersegment revenue 23 10 697 609 (1,339 ) — Total operating revenue 2,233 6,757 2,766 602 (621 ) 11,737 Depreciation, depletion and amortization 537 662 330 30 — 1,559 Equity in earnings of equity method investees — (16 ) 105 22 — 111 Interest income — 74 34 36 (78 ) 66 Interest and related charges 244 290 38 516 (78 ) 1,010 Income taxes 308 279 431 (363 ) — 655 Net income (loss) attributable to Dominion 484 1,397 726 (484 ) — 2,123 Investment in equity method investees — 228 1,289 44 — 1,561 Capital expenditures 1,320 2,440 2,322 43 — 6,125 Total assets (billions) 15.6 27.1 26.0 10.2 (7.3 ) 71.6 2015 Total revenue from external customers $ 2,091 $ 7,001 $ 1,877 $ (27 ) $ 741 $ 11,683 Intersegment revenue 20 15 695 554 (1,284 ) — Total operating revenue 2,111 7,016 2,572 527 (543 ) 11,683 Depreciation, depletion and amortization 498 591 262 44 — 1,395 Equity in earnings of equity method investees — (15 ) 60 11 — 56 Interest income — 64 25 13 (44 ) 58 Interest and related charges 230 262 27 429 (44 ) 904 Income taxes 307 465 423 (290 ) — 905 Net income (loss) attributable to Dominion 490 1,120 680 (391 ) — 1,899 Investment in equity method investees — 245 1,042 33 — 1,320 Capital expenditures 1,607 2,190 2,153 43 — 5,993 Total assets (billions) 14.7 25.6 15.2 8.9 (5.8 ) 58.6 2014 Total revenue from external customers $ 1,918 $ 7,135 $ 2,446 $ (12 ) $ 949 $ 12,436 Intersegment revenue 18 34 880 572 (1,504 ) — Total operating revenue 1,936 7,169 3,326 560 (555 ) 12,436 Depreciation, depletion and amortization 462 514 243 73 — 1,292 Equity in earnings of equity method investees — (18 ) 54 10 — 46 Interest income — 58 23 20 (33 ) 68 Interest and related charges 205 240 11 770 (33 ) 1,193 Income taxes 317 365 463 (693 ) — 452 Net income (loss) attributable to Dominion 502 1,061 717 (970 ) — 1,310 Capital expenditures 1,652 2,466 1,329 104 — 5,551 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 in allocating resources. In 2016, Virginia Power reported after-tax net expenses of $173 million for specific items attributable to its operating segments in the Corporate and Other segment. The net expenses for specific items in 2016 primarily related to the impact of the following item: • A $197 million ( $121 million after-tax) charge related to future ash pond and landfill closure costs at certain utility generation facilities, attributable to Dominion Generation. In 2015, Virginia Power reported after-tax net expenses of $153 million for specific items attributable to its operating segments in the Corporate and Other segment. The net expenses for specific items in 2015 primarily related to the impact of the following items: • A $99 million ( $60 million after-tax) charge related to future ash pond and landfill closure costs at certain utility generation facilities, attributable to Dominion Generation; and • An $85 million ( $52 million after-tax) write-off of deferred fuel costs associated with Virginia legislation enacted in February 2015, attributable to Dominion Generation. 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 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; 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. The following table presents segment information pertaining to Virginia Power's operations: Year Ended December 31, DVP Dominion Generation Corporate and Other Adjustments & Eliminations Consolidated Total (millions) 2016 Operating revenue $ 2,217 $ 5,390 $ (19 ) $ — $ 7,588 Depreciation and amortization 537 488 — — 1,025 Interest income — — — — — Interest and related charges 244 219 — (2 ) 461 Income taxes 307 524 (104 ) 727 Net income (loss) 482 909 (173 ) — 1,218 Capital expenditures 1,313 1,336 — — 2,649 Total assets (billions) 15.6 17.8 — (0.1 ) 33.3 2015 Operating revenue $ 2,099 $ 5,566 $ (43 ) $ — $ 7,622 Depreciation and amortization 498 453 2 — 953 Interest income — 7 — — 7 Interest and related charges 230 210 4 (1 ) 443 Income taxes 308 437 (86 ) 659 Net income (loss) 490 750 (153 ) — 1,087 Capital expenditures 1,569 1,120 — — 2,689 Total assets (billions) 14.7 17.0 — (0.1 ) 31.6 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 Dominion Gas The Corporate and Other Segment of Dominion Gas primarily includes specific items attributable to Dominion Gas' operating segment that are not included in profit measures evaluated by executive management in assessing the segment's performance or in allocating resources and the effect of certain items recorded at Dominion Gas as a result of Dominion's basis in the net assets contributed. In 2016, Dominion Gas reported after-tax net expenses of $3 million in its Corporate and Other segment, with $7 million of these net expenses attributable to its operating segment. The net expense for specific items in 2016 primarily related to the impact of the following item: • An $8 million ( $5 million after-tax) charge related to an organizational design initiative. In 2015, Dominion Gas reported after-tax net expenses of $21 million in its Corporate and Other segment, with $13 million of these net expenses attributable to specific items related to its operating segment. The net expenses for specific items in 2015 primarily related to the impact of the following item: • $16 million ( $10 million after-tax) ceiling test impairment charge. 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. The following table presents segment information pertaining to Dominion Gas' operations: Year Ended December 31, Dominion Energy Corporate and Other Consolidated Total (millions) 2016 Operating revenue $ 1,638 $ — $ 1,638 Depreciation and amortization 214 (10 ) 204 Equity in earnings of equity method investees 21 — 21 Interest income 1 — 1 Interest and related charges 92 2 94 Income taxes 237 (22 ) 215 Net income (loss) 395 (3 ) 392 Investment in equity method investees 98 — 98 Capital expenditures 854 — 854 Total assets (billions) 10.5 0.6 11.1 2015 Operating revenue $ 1,716 $ — $ 1,716 Depreciation and amortization 213 4 217 Equity in earnings of equity method investees 23 — 23 Interest income 1 — 1 Interest and related charges 72 1 73 Income taxes 296 (13 ) 283 Net income (loss) 478 (21 ) 457 Investment in equity method investees 102 — 102 Capital expenditures 795 — 795 Total assets (billions) 9.7 0.6 10.3 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 Capital expenditures 719 — 719 |
Quarterly Financial and Common
Quarterly Financial and Common Stock Data (Unaudited) | 12 Months Ended |
Dec. 31, 2016 | |
Selected Quarterly Financial Information [Abstract] | |
Quarterly Financial and Common Stock Data (Unaudited) | Q UARTERLY F INANCIAL AND C OMMON S TOCK D ATA ( UNAUDITED ) A summary of the Companies' quarterly results of operations for the years ended December 31, 2016 and 2015 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 Quarter Second Quarter Third Quarter Fourth Quarter Year (millions, except per share amounts) 2016 Operating revenue $ 2,921 $ 2,598 $ 3,132 $ 3,086 $ 11,737 Income from operations 882 781 1,145 819 3,627 Net income including noncontrolling interests 531 462 728 491 2,212 Net income attributable to Dominion 524 452 690 457 2,123 Basic EPS: Net income attributable to Dominion 0.88 0.73 1.10 0.73 3.44 Diluted EPS: Net income attributable to Dominion 0.88 0.73 1.10 0.73 3.44 Dividends declared per share 0.7000 0.7000 0.7000 0.7000 2.8000 Common stock prices (intraday high-low) $75.18 - 66.25 $77.93 - $78.97 - $77.32 - $78.97 - 2015 Operating revenue $ 3,409 $ 2,747 $ 2,971 $ 2,556 $ 11,683 Income from operations 1,002 773 1,123 638 3,536 Net income including noncontrolling interests 540 418 599 366 1,923 Net income attributable to Dominion 536 413 593 357 1,899 Basic EPS: Net income attributable to Dominion 0.91 0.70 1.00 0.60 3.21 Diluted EPS: Net income attributable to Dominion 0.91 0.70 1.00 0.60 3.20 Dividends declared per share 0.6475 0.6475 0.6475 0.6475 2.5900 Common stock prices (intraday high-low) $79.89 - 68.25 $74.34 - $76.59 - $74.88 - $79.89 - Dominion's 2016 results include the impact of the following significant item: • Fourth quarter results include a $122 million after-tax charge related to future ash pond and landfill closure costs at certain utility generation facilities. There were no significant items impacting Dominion's 2015 quarterly results. Virginia Power Virginia Power's quarterly results of operations were as follows: First Quarter Second Quarter Third Quarter Fourth Quarter Year (millions) 2016 Operating revenue $ 1,890 $ 1,776 $ 2,211 $ 1,711 $ 7,588 Income from operations 514 553 914 369 2,350 Net income 263 280 503 172 1,218 2015 Operating revenue $ 2,137 $ 1,813 $ 2,058 $ 1,614 $ 7,622 Income from operations 525 481 741 374 2,121 Net income 269 246 385 187 1,087 Virginia Power's 2016 results include the impact of the following significant item: • Fourth quarter results include a $121 million after-tax charge related to future ash pond and landfill closure costs at certain utility generation facilities. Virginia Power's 2015 results include the impact of the following significant items: • Fourth quarter results include a $32 million after-tax charge related to incremental future ash pond and landfill closure costs at certain utility generation facilities. • Second quarter results include a $28 million after-tax charge related to incremental future ash pond and landfill closure costs at certain utility generation facilities due to the enactment of the final CCR rule in April 2015. • First quarter results include a $52 million after-tax write-off of deferred fuel costs associated with Virginia legislation enacted in February 2015. Dominion Gas Dominion Gas' quarterly results of operations were as follows: First Quarter Second Quarter Third Quarter Fourth Quarter Year (millions) 2016 Operating revenue $ 431 $ 368 $ 382 $ 457 $ 1,638 Income from operations 175 186 133 175 669 Net income 98 105 83 106 392 2015 Operating revenue $ 531 $ 395 $ 365 $ 425 $ 1,716 Income from operations 271 153 202 163 789 Net income 161 85 111 100 457 There were no significant items impacting Dominion Gas' 2016 quarterly results. Dominion Gas' 2015 results include the impact of the following significant items: • Third quarter results include a $29 million after-tax gain from an agreement to convey shale development rights underneath a natural gas storage field. • First quarter results include a $43 million after-tax gain from agreements to convey shale development rights underneath several natural gas storage fields. |
Significant Accounting Polici37
Significant Accounting Policies (Policy) | 12 Months Ended |
Dec. 31, 2016 | |
Accounting Policies [Abstract] | |
Estimates | The Companies make certain estimates and assumptions in preparing their Consolidated Financial Statements in accordance with GAAP. These estimates and assumptions affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues, expenses and cash flows for the periods presented. Actual results may differ from those estimates. |
Consolidation | The Companies' Consolidated Financial Statements include, after eliminating intercompany transactions and balances, the accounts of their respective majority-owned subsidiaries and non-wholly-owned entities in which they have a controlling financial interest. |
Consolidation, consolidated entities and noncontrolling interest | For certain partnership structures, income is allocated based on the liquidation value of the underlying contractual arrangements. NRG’s ownership interest in Four Brothers and Three Cedars, as well as Terra Nova Renewable Partners' 33% interest in certain of Dominion's merchant solar projects, is reflected as noncontrolling interest in Dominion’s Consolidated Financial Statements. |
Reclassifications | Certain amounts in the 2015 and 2014 Consolidated Financial Statements and footnotes have been reclassified to conform to the 2016 presentation for comparative purposes. The reclassifications did not affect the Companies' net income, total assets, liabilities, equity or cash flows, except for the reclassification of debt issuance costs. |
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, 2016 and 2015 included $631 million and $462 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, 2016 and 2015 included $349 million and $333 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, 2016 and 2015 included $134 million and $98 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 and associated derivative activity; • 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 FERC-regulated sales of transmission and storage services. Also included are state-regulated gas distribution charges to retail distribution service customers opting for alternate suppliers and sales of gathering services; 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, sales of energy-related products and services from Dominion's retail energy marketing 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 FERC-regulated sales of transmission and storage services. Also included are state-regulated gas distribution charges to retail distribution service customers opting for alternate suppliers and sales of gathering services; • 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. |
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, Questar Gas' and Hope's natural gas purchases are either subject to deferral accounting or are recovered from the customer in the same accounting period as the sale. |
Income Taxes | Income Taxes A consolidated federal income tax return is filed for Dominion 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. Current income taxes are based on taxable income or loss and credits determined on a separate company basis. Under the agreements, if a subsidiary incurs a tax loss or earns a credit, recognition of current income tax benefits is limited to refunds of prior year taxes obtained by the carryback of the net operating loss or credit or to the extent the tax loss or credit is absorbed by the taxable income of other Dominion consolidated group members. Otherwise, the net operating loss or credit is carried forward and is recognized as a deferred tax asset until realized. Effective January 2016, deferred tax liabilities and assets are classified as noncurrent in the Consolidated Balance Sheets. For prior years, the Companies presented deferred taxes in either the current or noncurrent sections of the Consolidated Balance Sheets based on the classification of the related financial accounting assets or liabilities, or, for items such as operating loss carryforwards, the period in which the deferred taxes were expected to reverse. 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 2016, 2015 and 2014. At December 31, 2016, Virginia Power had an income tax-related affiliated receivable of $112 million , comprised of $122 million of federal income taxes due from Dominion net of $10 million for state income taxes due to Dominion. Dominion Gas also had an affiliated receivable of $11 million due from Dominion, representing $10 million of federal income taxes and $1 million of state income taxes. The net affiliated receivables are expected to be refunded by Dominion. In addition, Virginia Power's Consolidated Balance Sheet at December 31, 2016 included $2 million of noncurrent federal income taxes payable, $6 million of state income taxes receivable and $13 million of noncurrent state income taxes receivable. Dominion Gas’ Consolidated Balance Sheet at December 31, 2016 included $1 million of noncurrent federal income taxes payable, $1 million of state income taxes receivable and $7 million of noncurrent state income taxes payable. At December 31, 2015, Virginia Power's Consolidated Balance Sheet included a $296 million affiliated receivable, representing excess federal income tax payments expected to be refunded, $9 million of federal income taxes payable for prior years, less than $1 million of state income taxes payable, $10 million of state income taxes receivable, $14 million of noncurrent state income taxes receivable and $2 million of noncurrent state income taxes payable. In March 2016, Virginia Power received a $300 million refund of its 2015 income tax payments. At December 31, 2015, Dominion Gas' Consolidated Balance Sheet included $91 million of affiliated receivables, representing excess federal income tax payments expected to be refunded and the benefit of utilizing a subsidiary’s tax loss to offset taxable income in Dominion’s consolidated tax return, less than $1 million of state income taxes payable, $4 million of state income taxes receivable and $22 million of noncurrent state income taxes payable. In March 2016, Dominion Gas received a $92 million refund for its 2015 income tax payments and benefit of a subsidiary’s tax loss. 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, 2016 2015 (millions) Dominion $24 $27 Virginia Power 11 11 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 uses derivative instruments such as physical and financial forwards, futures, swaps, options and FTRs to manage the commodity, interest rate and foreign currency exchange rate risks of its business operations. Virginia Power uses derivative instruments such as physical and financial forwards, futures, swaps, options and FTRs to manage commodity and interest rate risks. Dominion Gas uses derivative instruments such as physical and financial forwards, futures and swaps to manage commodity, interest rate and foreign currency exchange rate risks. All derivatives, except those for which an exception applies, are required to be reported in the Consolidated Balance Sheets at fair value. Derivative contracts representing unrealized gain positions and purchased options are reported as derivative assets. Derivative contracts representing unrealized losses and options sold are reported as derivative liabilities. One of the exceptions to fair value accounting, normal purchases and normal sales, may be elected when the contract satisfies certain criteria, including a requirement that physical delivery of the underlying commodity is probable. Expenses and revenues resulting from deliveries under normal purchase contracts and normal sales contracts, respectively, are included in earnings at the time of contract performance. The Companies do not offset amounts recognized for the right to reclaim cash collateral or the obligation to return cash collateral against amounts recognized for derivative instruments executed with the same counterparty under the same master netting arrangement. Dominion had margin assets of $82 million and $16 million associated with cash collateral at December 31, 2016 and 2015, respectively. Dominion's margin liabilities associated with cash collateral at December 31, 2016 or 2015 were immaterial. Virginia Power’s and Dominion Gas’ margin assets and liabilities associated with cash collateral were immaterial at December 31, 2016 and 2015. See Note 7 for further information about derivatives. To manage price risk, the Companies hold certain derivative instruments that are not designated as hedges for accounting purposes. However, to the extent the Companies do not hold offsetting positions for such derivatives, they believe these instruments represent economic hedges that mitigate their exposure to fluctuations in commodity prices. 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, interest and related charges or other income based on the nature of the underlying risk. Changes in the fair value of derivative instruments result in the recognition of regulatory assets or regulatory liabilities for jurisdictions subject to cost-based rate regulation. Realized gains or losses on the derivative instruments are generally recognized when the related transactions impact earnings. D ERIVATIVE I NSTRUMENTS D ESIGNATED AS H EDGING I NSTRUMENTS The Companies designate a portion of their derivative instruments as either cash flow or fair value hedges for accounting purposes. For all derivatives designated as hedges, the Companies formally document the relationship between the hedging instrument and the hedged item, as well as the risk management objective and the strategy for using the hedging instrument. The Companies assess whether the hedging relationship between the derivative and the hedged item is highly effective at offsetting changes in cash flows or fair values both at the inception of the hedging relationship and on an ongoing basis. Any change in the fair value of the derivative that is not effective at offsetting changes in the cash flows or fair values of the hedged item is recognized currently in earnings. Also, the Companies may elect to exclude certain gains or losses on hedging instruments from the assessment of hedge effectiveness, such as gains or losses attributable to changes in the time value of options or changes in the difference between spot prices and forward prices, thus requiring that such changes be recorded currently in earnings. Hedge accounting is discontinued prospectively for derivatives that cease to be highly effective hedges. For derivative instruments that are accounted for as fair value hedges or cash flow hedges, the cash flows from the derivatives and from the related hedged items are classified in operating cash flows. Cash Flow Hedges -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 interest rate swaps to hedge their exposure to variable interest rates on long-term debt as well as foreign currency swaps to hedge their exposure to interest payments denominated in Euros. 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 2014. These interest rate derivatives were designated by Dominion as cash flow hedges 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 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 has 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. 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. The Companies are exposed to the impact of market fluctuations in the price of electricity, natural gas and other energy-related products they market and purchase, as well as interest rate and foreign currency exchange rate risks of their business operations. The Companies use derivative instruments to manage exposure to these risks, and designate certain derivative instruments as fair value or cash flow hedges for accounting purposes. As discussed in Note 2, for jurisdictions subject to cost-based rate regulation, changes in the fair value of derivatives are deferred as regulatory assets or regulatory liabilities until the related transactions impact earnings. See Note 6 for further information about fair value measurements and associated valuation methods for derivatives. Derivative assets and liabilities are presented gross on the Companies' Consolidated Balance Sheets. Dominion'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. Virginia Power's and 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. |
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 2016, 2015 and 2014, Dominion capitalized interest costs and AFUDC to property, plant and equipment of $159 million , $100 million and $80 million , respectively. In 2016, 2015 and 2014, Virginia Power capitalized AFUDC to property, plant and equipment of $21 million , $30 million and $39 million , respectively. In 2016, 2015 and 2014, Dominion Gas capitalized AFUDC to property, plant and equipment of $8 million , $1 million and $1 million , respectively. Under Virginia law, certain Virginia jurisdictional projects qualify for current recovery of AFUDC through rate adjustment clauses. AFUDC on these projects is calculated and recorded as a regulatory asset and is not capitalized to property, plant and equipment. In 2016, 2015 and 2014, Virginia Power recorded $31 million , $19 million and $8 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, 2016 2015 2014 (percent) Dominion Generation 2.83 2.78 2.66 Transmission 2.47 2.42 2.38 Distribution 3.02 3.11 3.12 Storage 2.29 2.42 2.39 Gas gathering and processing 2.66 3.19 2.81 General and other 4.12 3.67 3.62 Virginia Power Generation 2.83 2.78 2.66 Transmission 2.36 2.33 2.34 Distribution 3.32 3.33 3.34 General and other 3.49 3.40 3.29 Dominion Gas Transmission 2.43 2.46 2.40 Distribution 2.55 2.45 2.47 Storage 2.19 2.44 2.40 Gas gathering and processing 2.58 3.20 2.82 General and other 4.54 4.72 5.77 In 2014, Virginia Power 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. Capitalized costs of development wells and leaseholds are amortized on a field -by-field basis using the unit-of-production method and the estimated proved developed or total proved gas and oil reserves, at a rate of $2.08 per mcfe in 2016. 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 44 years Merchant generation-other 15-36 years Nonutility gas gathering and processing 3-50 years General and other 5-59 years Depreciation and amortization related to Virginia Power's and Dominion Gas' nonutility property, plant and equipment and exploration and production properties was immaterial for the years ended December 31, 2016, 2015 and 2014, except for Dominion Gas’ nonutility gas gathering and processing properties which are depreciated using the straight-line method over estimated useful lives between 10 and 50 years. Nuclear fuel used in electric generation is amortized over its estimated service life on a units-of-production 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. |
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, for which a legal obligation exists. These amounts are generally capitalized as costs of the related tangible long-lived assets. Since relevant market information is not available, fair value is estimated using discounted cash flow analyses. Periodically, 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. Additionally, Virginia Power reports accretion of AROs and depreciation on asset retirement costs associated with certain prospective rider projects as an adjustment to the regulatory asset for certain jurisdictions. Accretion of all other AROs and depreciation of all other asset retirement costs are reported in other operations and maintenance expense and depreciation expense, respectively, in the Consolidated Statements of Income. |
Debt Issuance Costs | Debt Issuance Costs The Companies defer and amortize debt issuance costs and debt premiums or discounts over the expected lives of the respective debt issues, considering maturity dates and, if applicable, redemption rights held by others. Effective January 2016, deferred debt issuance costs were recorded as a reduction in long-term debt in the Consolidated Balance Sheets. Such costs had previously been recorded as an asset in other current assets and other deferred charges and other assets in the Consolidated Balance Sheets. Amortization of the issuance costs is reported as interest expense. Unamortized costs associated with redemptions of debt securities prior to stated maturity dates are generally recognized and recorded in interest expense immediately. As permitted by regulatory authorities, gains or losses resulting from the refinancing of debt allocable to utility operations subject to cost-based rate regulation are deferred and amortized over the lives of the new issuances. |
Investments | Investments M ARKETABLE E QUITY AND D EBT S ECURITIES 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. N ON- M ARKETABLE I NVESTMENTS The Companies account for illiquid and privately held securities for which market prices or quotations are not readily available under either the equity or cost method. Non-marketable 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. O THER -T HAN -T EMPORARY I MPAIRMENT 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 is valued using the weighted-average cost method, except for East Ohio gas distribution operations, which are valued using the LIFO method. Under the LIFO method, current stored gas inventory was valued at $13 million and $24 million at December 31, 2016 and December 31, 2015, respectively. Based on the average price of gas purchased during 2016 and 2015, the cost of replacing the current portion of stored gas inventory exceeded the amount stated on a LIFO basis by $55 million and $109 million , respectively. |
Gas Imbalances | Gas Imbalances Natural gas imbalances occur when the physical amount of natural gas delivered from, or received by, a pipeline system or storage facility differs from the contractual amount of natural gas delivered or received. Dominion 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 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. |
New Accounting Standards | New Accounting Standards Revenue Recognition In May 2014, the FASB issued revised accounting guidance for revenue recognition from contracts with customers. The core principle of this revised accounting guidance is that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. The amendments in this update also require disclosure of the nature, amount, timing and uncertainty of revenue and cash flows arising from contracts with customers. For the Companies, the revised accounting guidance is effective for interim and annual periods beginning January 1, 2018. The Companies have completed their preliminary evaluations of the impact of this guidance and, pending evaluation of the items discussed below, expect no significant impact on their results of operations. Now that their preliminary evaluations are complete, the Companies will expand the scope of their assessment to include all contracts with customers. In addition, the Companies are considering certain issues that could potentially change the accounting for certain transactions. Among the issues being considered are accounting for contributions in aid of construction, recognition of revenue when collectability is in question, recognition of revenue in contracts with variable consideration, accounting for alternative revenue programs, and the capitalization of costs to acquire new contracts. The Companies plan on applying the standard using the modified retrospective method as opposed to the full retrospective method. Financial Instruments In January 2016, the FASB issued revised accounting guidance for the recognition, measurement, presentation and disclosure of financial instruments. Most notably the update revises the accounting for equity securities, except for those accounted for under the equity method of accounting or resulting in consolidation, by requiring equity securities to be measured at fair value with the changes in fair value recognized in net income. However, an entity may measure equity investments that do not have a readily determinable fair value at cost minus impairment, if any, plus changes from observable price changes in orderly transactions for the identical or a similar investment of the same issuer. The guidance also simplifies the impairment assessment of equity investments without readily determinable fair values, revises the presentation of financial assets and liabilities and amends certain disclosure requirements associated with the fair value of financial instruments. The guidance is effective for the Companies’ interim and annual reporting periods beginning January 1, 2018, with a cumulative-effect adjustment to the balance sheet. Amendments related to equity securities without readily determinable fair values are to be applied prospectively to such investments that exist as of the date of adoption. Net realized and unrealized gains and losses (including any other-than-temporary impairments) on equity securities subject to cost-based regulation will not be impacted by the adoption of this standard. For all other available for sale equity securities, unrealized gains and losses currently recorded through other comprehensive income will be recognized in net income upon the adoption of this standard. Leases In February 2016, the FASB issued revised accounting guidance for the recognition, measurement, presentation and disclosure of leasing arrangements. The update requires that a liability and corresponding right-of-use asset are recorded on the balance sheet for all leases, including those leases currently classified as operating leases, while also refining the definition of a lease. In addition lessees will be required to disclose key information about the amount, timing, and uncertainty of cash flows arising from leasing arrangements. Lessor accounting remains largely unchanged. The guidance is effective for the Companies’ interim and annual reporting periods beginning January 1, 2019, although it can be early adopted, with a modified retrospective approach, which requires lessees and lessors to recognize and measure leases at the beginning of the earliest period presented for leases that commenced prior to the date of adoption. The Companies are currently in the preliminary stages of evaluating the impact of this guidance on their financial position and plan to complete their initial assessment in 2017. The Companies expect to elect the practical expedients, which would require no reassessment of whether existing contracts are or contain leases as well as no reassessment of lease classification for existing leases. While the Companies cannot quantify the impact until their assessment is complete, the Companies believe the adoption could have a material impact to the Companies’ financial position. Derecognition and Partial Sales of Nonfinancial Assets In February 2017, the FASB issued revised accounting guidance clarifying the scope of asset derecognition guidance and accounting for partial sales of nonfinancial assets. The guidance is effective for Dominion’s interim and annual reporting periods beginning January 1, 2018, and Dominion may elect to apply the update under the full retrospective method or the modified retrospective method. Dominion is currently evaluating the impacts of the revised accounting guidance on its consolidated financial statements and disclosures. |
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 applies fair value measurements to certain assets and liabilities including commodity, interest rate, and foreign currency derivative instruments, and other investments including those held in nuclear decommissioning, Dominion’s rabbi, pension and other postretirement benefit plan trusts, in accordance with the requirements discussed above. Virginia Power applies fair value measurements to certain assets and liabilities including commodity and interest rate derivative instruments and other investments including those held in the nuclear decommissioning trust, in accordance with the requirements discussed above. Dominion Gas applies fair value measurements to certain assets and liabilities including commodity, interest rate, and foreign currency 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. 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 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, the Companies may estimate fair value using a discounted cash flow approach deemed appropriate in the circumstances and applied consistently from period to period. For individual contracts, the use of different valuation models or assumptions could have a significant effect on the contract's estimated fair value. The inputs and assumptions used in measuring fair value include the following: For commodity derivative contracts: • Forward commodity prices • Transaction prices • Price volatility • Price correlation • Volumes • Commodity location • Interest rates • Credit quality of counterparties and the Companies • Credit enhancements • Time value For interest rate derivative contracts: • Interest rate curves • Credit quality of counterparties and the Companies • Notional value • Credit enhancements • Time value For foreign currency derivative contracts: • Foreign currency forward exchange rates • Interest rates • Credit quality of counterparties and the Companies • Notional value • Credit enhancements • Time value For investments: • Quoted securities prices and indices • Securities trading information including volume and restrictions • Maturity • Interest rates • Credit quality The Companies regularly evaluate and validate the inputs used to estimate fair value by a number of methods, including review and verification of models, as well as various market price verification procedures such as the use of pricing services and multiple broker quotes to support the market price of the various commodities and investments in which the Companies transact. Levels The Companies also utilize the following fair value hierarchy, which prioritizes the inputs to valuation techniques used to measure fair value into three broad levels: • Level 1-Quoted prices (unadjusted) in active markets for identical assets and liabilities that they have the ability to access at the measurement date. Instruments categorized in Level 1 primarily consist of financial instruments such as certain exchange-traded derivatives, and exchange-listed equities, U.S. and international equity securities, mutual funds and certain Treasury securities held in nuclear decommissioning trust funds for Dominion 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, foreign currency swaps and cash and cash equivalents, corporate debt instruments, government securities and other fixed income investments held in nuclear decommissioning trust funds for Dominion 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, certain natural gas and power options and other modeled commodity derivatives. The fair value hierarchy gives the highest priority to quoted prices in active markets (Level 1) and the lowest priority to unobservable data (Level 3). In some cases, the inputs used to measure fair value might fall in different levels of the fair value hierarchy. In these cases, the lowest level input that is significant to a fair value measurement in its entirety determines the applicable level in the fair value hierarchy. Assessing the significance of a particular input to the fair value measurement in its entirety requires judgment, considering factors specific to the asset or liability. Alternative investments, consisting of investments in partnerships, joint ventures and other alternative investments held in nuclear decommissioning and benefit plan trust funds, are generally valued using NAV based on the proportionate share of the fair value as determined by reference to the most recent audited fair value financial statements or fair value statements provided by the investment manager adjusted for any significant events occurring between the investment manager’s and the Companies' measurement date. Alternative investments recorded at NAV are not classified in the fair value hierarchy. For derivative contracts, the Companies recognize transfers among Level 1, Level 2 and Level 3 based on fair values as of the first day of the month in which the transfer occurs. Transfers out of Level 3 represent assets and liabilities that were previously classified as Level 3 for which the inputs became observable for classification in either Level 1 or Level 2. Because the activity and liquidity of commodity markets vary substantially between regions and time periods, the availability of observable inputs for substantially the full term and value of the Companies' over-the-counter derivative contracts is subject to change. Level 3 Valuations Fair value measurements are categorized as Level 3 when price or other inputs that are considered to be unobservable are significant to their valuations. Long-dated commodity derivatives are generally based on unobservable inputs due to the length of time to settlement and the absence of market activity and are therefore categorized as Level 3. FTRs are categorized as Level 3 fair value measurements because the only relevant pricing available comes from ISO auctions, which are generally not considered to be liquid markets. Other modeled commodity derivatives have unobservable inputs in their valuation, mostly due to non-transparent and illiquid markets. 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. |
Regulatory Matters Involving Potential Loss Contingencies | Regulatory Matters Involving Potential Loss Contingencies As a result of issues generated in the ordinary course of business, the Companies are involved in various regulatory matters. Certain regulatory matters may ultimately result in a loss; however, as such matters are in an initial procedural phase, involve uncertainty as to the outcome of pending reviews or orders, and/or involve significant factual issues that need to be resolved, it is not possible for the Companies to estimate a range of possible loss. For matters for which the Companies cannot estimate a range of possible loss, a statement to this effect is made in the description of the matter. Other matters may have progressed sufficiently through the regulatory process such that the Companies are able to estimate a range of possible loss. For regulatory matters for which the Companies are able to reasonably estimate a range of possible losses, an estimated range of possible loss is provided, in excess of the accrued liability (if any) for such matters. Any estimated range is based on currently available information, involves elements of judgment and significant uncertainties and may not represent the Companies' maximum possible loss exposure. The circumstances of such regulatory matters will change from time to time and actual results may vary significantly from the current estimate. For current matters not specifically reported below, management does not anticipate that the outcome from such matters would have a material effect on the Companies' financial position, liquidity or results of operations. |
Employee Benefit Plans | 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, 35% fixed income, 3% real estate and 16% other alternative investments. U.S. equity includes investments in large-cap, mid-cap and small-cap companies located in the U.S. Non-U.S. equity includes investments in large-cap and small-cap companies located outside of the U.S. 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 real estate investment trusts 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. 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 programs also provide benefits to certain retired executives under company-sponsored nonqualified employee benefit plans. The nonqualified plans are funded through contributions to grantor trusts. Dominion 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. 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. Mortality rates are developed from actual and projected plan experience for postretirement benefit plans. Dominion’s actuary conducts an experience study periodically as part of the process to select its best estimate of mortality. Dominion considers both standard mortality tables and improvement factors as well as the plans’ actual experience when selecting a best estimate. During 2016, Dominion conducted a new experience study as scheduled and, as a result, updated its mortality assumptions 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. |
Commitments and Contingencies | As a result of issues generated in the ordinary course of business, the Companies are involved in legal proceedings before various courts and are periodically subject to governmental examinations (including by regulatory authorities), inquiries and investigations. Certain legal proceedings and governmental examinations involve demands for unspecified amounts of damages, are in an initial procedural phase, involve uncertainty as to the outcome of pending appeals or motions, or involve significant factual issues that need to be resolved, such that it is not possible for the Companies to estimate a range of possible loss. For such matters for which the Companies cannot estimate a range of possible loss, a statement to this effect is made in the description of the matter. Other matters may have progressed sufficiently through the litigation or investigative processes such that the Companies are able to estimate a range of possible loss. For legal proceedings and governmental examinations for which the Companies are able to reasonably estimate a range of possible losses, an estimated range of possible loss is provided, in excess of the accrued liability (if any) for such matters. Any accrued liability is recorded on a gross basis with a receivable also recorded for any probable insurance recoveries. Estimated ranges of loss are inclusive of legal fees and net of any anticipated insurance recoveries. Any estimated range is based on currently available information and involves elements of judgment and significant uncertainties. Any estimated range of possible loss may not represent the Companies' maximum possible loss exposure. The circumstances of such legal proceedings and governmental examinations will change from time to time and actual results may vary significantly from the current estimate. For current proceedings not specifically reported below, management does not anticipate that the liabilities, if any, arising from such proceedings would have a material effect on the financial position, liquidity or results of operations of the Companies. |
Guarantees, Surety Bonds and Letters of Credit | Dominion also enters into guarantee arrangements on behalf of its consolidated subsidiaries, primarily to facilitate their commercial transactions with third parties. 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. 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. |
Indemnifications | Indemnifications As part of commercial contract negotiations in the normal course of business, the Companies may sometimes agree to make payments to compensate or indemnify other parties for possible future unfavorable financial consequences resulting from specified events. The specified events may involve an adverse judgment in a lawsuit or the imposition of additional taxes due to a change in tax law or interpretation of the tax law. The Companies are unable to develop an estimate of the maximum potential amount of any other future payments under these contracts because events that would obligate them have not yet occurred or, if any such event has occurred, they have not been notified of its occurrence. However, at December 31, 2016, the Companies believe any other future payments, if any, that could ultimately become payable under these contract provisions, would not have a material impact on their results of operations, cash flows or financial position. |
Credit Risk | Credit risk is the risk of financial loss if counterparties fail to perform their contractual obligations. In order to minimize overall credit risk, credit policies are maintained, including the evaluation of counterparty financial condition, collateral requirements and the use of standardized agreements that facilitate the netting of cash flows associated with a single counterparty. In addition, counterparties may make available collateral, including letters of credit or cash held as margin deposits, as a result of exceeding agreed-upon credit limits, or may be required to prepay the transaction. The Companies maintain a provision for credit losses based on factors surrounding the credit risk of their customers, historical trends and other information. Management believes, based on credit policies and the December 31, 2016 provision for credit losses, that it is unlikely that a material adverse effect on financial position, results of operations or cash flows would occur as a result of counterparty nonperformance. |
Significant Accounting Polici38
Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
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, 2016 2015 (millions) Dominion $24 $27 Virginia Power 11 11 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, 2016 2015 2014 (percent) Dominion Generation 2.83 2.78 2.66 Transmission 2.47 2.42 2.38 Distribution 3.02 3.11 3.12 Storage 2.29 2.42 2.39 Gas gathering and processing 2.66 3.19 2.81 General and other 4.12 3.67 3.62 Virginia Power Generation 2.83 2.78 2.66 Transmission 2.36 2.33 2.34 Distribution 3.32 3.33 3.34 General and other 3.49 3.40 3.29 Dominion Gas Transmission 2.43 2.46 2.40 Distribution 2.55 2.45 2.47 Storage 2.19 2.44 2.40 Gas gathering and processing 2.58 3.20 2.82 General and other 4.54 4.72 5.77 |
Property, Plant and Equipment | 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 44 years Merchant generation-other 15-36 years Nonutility gas gathering and processing 3-50 years General and other 5-59 years Major classes of property, plant and equipment and their respective balances for the Companies are as follows: At December 31, 2016 2015 (millions) Dominion Utility: Generation $ 17,147 $ 15,656 Transmission 14,315 11,461 Distribution 16,381 13,128 Storage 2,814 2,460 Nuclear fuel 1,537 1,464 Gas gathering and processing 216 799 Oil and gas 1,652 — General and other 1,450 927 Plant under construction 6,254 5,550 Total utility 61,766 51,445 Nonutility: Merchant generation-nuclear 1,419 1,339 Merchant generation-other 4,149 2,683 Nuclear fuel 897 938 Gas gathering and processing 619 — Other-including plant under construction 706 1,371 Total nonutility 7,790 6,331 Total property, plant and equipment $ 69,556 $ 57,776 Virginia Power Utility: Generation $ 17,147 $ 15,656 Transmission 7,871 6,963 Distribution 10,573 10,048 Nuclear fuel 1,537 1,464 General and other 745 709 Plant under construction 2,146 2,793 Total utility 40,019 37,633 Nonutility-other 11 6 Total property, plant and equipment $ 40,030 $ 37,639 Dominion Gas Utility: Transmission $ 4,231 $ 3,804 Distribution 3,019 2,765 Storage 1,627 1,583 Gas gathering and processing 198 797 General and other 184 165 Plant under construction 448 443 Total utility 9,707 9,557 Nonutility: Gas gathering and processing $ 619 $ — Other-including plant under construction 149 136 Total nonutility 768 136 Total property, plant and equipment $ 10,475 $ 9,693 |
Acquisitions and Dispositions (
Acquisitions and Dispositions (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Business Acquisition [Line Items] | |
Schedule of Business Acquisitions, by Acquisition | The following table presents significant completed acquisitions of wholly-owned merchant solar projects by Dominion. Long-term power purchase, interconnection and operation and maintenance agreements have been executed for all of the projects. Dominion has claimed federal investment tax credits on the projects. These projects are included in the Dominion Generation operating segment. Completed Acquisition Date Seller Number of Projects Project Location Project Name(s) Initial Acquisition Cost (millions) (1) Project Cost (millions) (2) Date of Commercial Operations MW Capacity March 2014 Recurrent Energy Development Holdings, LLC 6 California Camelot, Kansas, Kent South, Old River One, Adams East, Columbia 2 $ 50 $ 428 Fourth quarter 2014 139 November 2014 CSI Project Holdco, LLC 1 California West Antelope 79 79 November 2014 20 December 2014 EDF Renewable Development, Inc. 1 California CID 71 71 January 2015 20 April 2015 EC&R NA Solar PV, LLC 1 California Alamo 66 66 May 2015 20 April 2015 EDF Renewable Development, Inc. 3 California Cottonwood (3) 106 106 May 2015 24 June 2015 EDF Renewable Development, Inc. 1 California Catalina 2 68 68 July 2015 18 July 2015 SunPeak Solar, LLC 1 California Imperial Valley 2 42 71 August 2015 20 November 2015 EC&R NA Solar PV, LLC 1 California Maricopa West 65 65 December 2015 20 November 2015 Community Energy, Inc. 1 Virginia Amazon Solar Farm U.S. East 34 212 October 2016 80 (1) The purchase price was primarily allocated to Property, Plant and Equipment. (2) Includes acquisition cost. (3) One of the projects, Marin Carport, began commercial operations in 2016. |
Dominion Questar Corporation | |
Business Acquisition [Line Items] | |
Schedule of Business Acquisitions, by Acquisition | The table below shows the preliminary allocation of the purchase price to the assets acquired and liabilities assumed at closing. The allocation is subject to change during the remainder of the measurement period, which ends one year from the closing date, as additional information is obtained about the facts and circumstances that existed at the closing date. Any material adjustments to provisional amounts identified during the measurement period will be recognized and disclosed in the reporting period in which the adjustment amounts are determined. During the fourth quarter, certain modifications were made to preliminary valuation amounts for acquired property, plant and equipment, current liabilities, and deferred income taxes, resulting in a $6 million net decrease to goodwill, which relate primarily to the sale of Questar Fueling Company in December 2016 as further described in the Sale of Questar Fueling Company. Amount (millions) Total current assets $ 224 Investments (1) 58 Property, plant and equipment(2) 4,131 Goodwill 3,105 Total deferred charges and other assets, excluding goodwill 75 Total Assets 7,593 Total current liabilities (3) 793 Long-term debt (4) 963 Deferred income taxes 801 Regulatory liabilities 259 Asset retirement obligations 160 Other deferred credits and other liabilities 220 Total Liabilities 3,196 Total estimated purchase price $ 4,397 (1) Includes $40 million for an equity method investment in White River Hub. The fair value adjustment on the equity method investment in White River Hub is considered to be equity method goodwill and is not amortized. (2) Nonregulated property, plant and equipment, excluding land, will be depreciated over remaining useful lives primarily ranging from 9 to 18 years. (3) Includes $301 million of short-term debt, of which no amounts remain outstanding at December 31, 2016, as well as a $250 million term loan which matures in August 2017 and bears interest at a variable rate. (4) Unsecured senior and medium-term notes have maturities which range from 2017 to 2048 and bear interest at rates from 2.98% to 7.20% . |
Business Acquisition, Pro Forma Information | The following unaudited pro forma financial information reflects the consolidated results of operations of Dominion assuming the Dominion Questar Combination had taken place on January 1, 2015. The unaudited pro forma financial information has been presented for illustrative purposes only and is not necessarily indicative of the consolidated results of operations that would have been achieved or the future consolidated results of operations of the combined company. Twelve Months Ended December 31, 2016 (1) 2015 (millions, except EPS) Operating Revenue $ 12,497 $ 12,818 Net Income 2,300 2,108 Earnings Per Common Share – Basic $ 3.73 $ 3.56 Earnings Per Common Share – Diluted $ 3.73 $ 3.55 (1) Amounts include adjustments for non-recurring costs directly related to the Dominion Questar Combination. |
Operating Revenue (Tables)
Operating Revenue (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Regulated and Unregulated Operating Revenue [Abstract] | |
Schedule of Operating Revenue | The Companies' operating revenue consists of the following: Year Ended December 31, 2016 2015 2014 (millions) Dominion Electric sales: Regulated $ 7,348 $ 7,482 $ 7,460 Nonregulated 1,519 1,488 1,839 Gas sales: Regulated 500 218 334 Nonregulated 354 471 751 Gas transportation and storage 1,636 1,616 1,543 Other 380 408 509 Total operating revenue $ 11,737 $ 11,683 $ 12,436 Virginia Power Regulated electric sales $ 7,348 $ 7,482 $ 7,460 Other 240 140 119 Total operating revenue $ 7,588 $ 7,622 $ 7,579 Dominion Gas Gas sales: Regulated $ 119 $ 122 $ 209 Nonregulated 13 10 26 Gas transportation and storage 1,307 1,366 1,353 NGL revenue 62 93 212 Other 137 125 98 Total operating revenue $ 1,638 $ 1,716 $ 1,898 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
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, 2016 2015 2014 2016 2015 2014 2016 2015 2014 (millions) Current: Federal $ (155 ) $ (24 ) $ (11 ) $ 168 $ 316 $ 85 $ (27 ) $ 90 $ 86 State 85 75 14 90 92 67 4 30 32 Total current expense (benefit) (70 ) 51 3 258 408 152 (23 ) 120 118 Deferred: Federal Taxes before operating loss carryforwards and investment tax credits 1,050 384 956 435 154 381 239 156 192 Tax utilization (benefit) of operating loss carryforwards (161 ) 539 (352 ) (2 ) 96 — (2 ) 6 — Investment tax credits (248 ) (134 ) (152 ) (25 ) (11 ) — — — — State 50 66 (2 ) 27 13 16 1 1 24 Total deferred expense 691 855 450 435 252 397 238 163 216 Investment tax credit - gross deferral 35 — — 35 — — — — — Investment tax credit - amortization (1 ) (1 ) (1 ) (1 ) (1 ) (1 ) — — — Total income tax expense $ 655 $ 905 $ 452 $ 727 $ 659 $ 548 $ 215 $ 283 $ 334 |
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, 2016 2015 2014 2016 2015 2014 2016 2015 2014 U.S. statutory rate 35.0 % 35.0 % 35.0 % 35.0 % 35.0 % 35.0 % 35.0 % 35.0 % 35.0 % Increases (reductions) resulting from: State taxes, net of federal benefit 2.4 3.7 — 3.8 3.9 3.8 0.5 2.7 4.4 Investment tax credits (11.7 ) (4.7 ) (8.6 ) — (0.6 ) — — — — Production tax credits (0.8 ) (0.8 ) (1.2 ) (0.6 ) (0.6 ) (0.6 ) — — — Valuation allowances 1.2 (0.3 ) 0.7 0.1 — — — — — AFUDC - equity (0.6 ) (0.3 ) — (0.6 ) (0.6 ) — (0.2 ) 0.2 — Legislative change (0.6 ) (0.1 ) — — — — — Employee stock ownership plan deduction (0.6 ) (0.6 ) (0.9 ) — — — — — — Other, net (1.4 ) 0.1 0.4 (0.3 ) 0.6 0.8 0.1 0.3 0.1 Effective tax rate 22.9 % 32.0 % 25.4 % 37.4 % 37.7 % 39.0 % 35.4 % 38.2 % 39.5 % |
Deferred income taxes components | The Companies' deferred income taxes consist of the following: Dominion Virginia Power Dominion Gas At December 31, 2016 2015 2016 2015 2016 2015 (millions) Deferred income taxes: Total deferred income tax assets $ 1,827 $ 1,152 $ 268 $ 164 $ 126 $ 129 Total deferred income tax liabilities 10,381 8,552 5,323 4,805 2,564 2,343 Total net deferred income tax liabilities $ 8,554 $ 7,400 $ 5,055 $ 4,641 $ 2,438 $ 2,214 Total deferred income taxes: Plant and equipment, primarily depreciation method and basis differences $ 7,782 $ 6,299 $ 4,604 $ 4,133 $ 1,726 $ 1,541 Nuclear decommissioning 1,240 1,158 406 378 — — Deferred state income taxes 747 646 321 302 204 205 Federal benefit of deferred state income taxes (261 ) (226 ) (112 ) (106 ) (71 ) (72 ) Deferred fuel, purchased energy and gas costs (25 ) (1 ) (29 ) (3 ) 4 1 Pension benefits 155 291 (138 ) (99 ) 646 613 Other postretirement benefits (68 ) (15 ) 49 30 (6 ) (7 ) Loss and credit carryforwards (1,547 ) (1,004 ) (88 ) (53 ) (5 ) (4 ) Valuation allowances 135 73 3 — — — Partnership basis differences 688 367 — — 43 41 Other (292 ) (188 ) 39 59 (103 ) (104 ) Total net deferred income tax liabilities $ 8,554 $ 7,400 $ 5,055 $ 4,641 $ 2,438 $ 2,214 Deferred investment tax credits - regulated operations 48 14 48 13 — — Total deferred taxes and deferred investment tax credits $ 8,602 $ 7,414 $ 5,103 $ 4,654 $ 2,438 $ 2,214 |
Summary of deductible loss and credit carryforwards | At December 31, 2016, Dominion had the following deductible loss and credit carryforwards: Deductible amount Deferred tax asset Valuation allowance Expiration period (millions) Federal losses $ 1,060 $ 358 $ — 2031-2036 Federal investment credits — 708 — 2033-2036 Federal production credits — 102 — 2031-2036 Other federal credits — 48 — 2031-2036 State losses 1,383 102 (59 ) 2018-2034 State minimum tax credits — 135 — No expiration State investment tax credits — 94 (76 ) 2017-2027 Total $ 1,547 $ (135 ) At December 31, 2016, Virginia Power had the following deductible loss and credit carryforwards: Deductible amount Deferred tax asset Valuation allowance Expiration period (millions) Federal losses $ 12 $ 3 $ — 2031-2034 Federal investment credits — 40 — 2034-2036 Federal production and other credits — 35 — 2031-2036 State investment credits — 10 (3 ) 2018-2024 Total $ 88 $ (3 ) At December 31, 2016, Dominion Gas had the following deductible loss and credit carryforwards: Deductible amount Deferred tax asset Valuation allowance Expiration period (millions) Federal losses $ 14 $ 4 $ — 2031-2036 Other federal credits — 1 — 2032-2035 Total $ 5 $ — |
Reconciliation of changes in unrecognized tax benefits | A reconciliation of changes in the Companies' unrecognized tax benefits follows: Dominion Virginia Power Dominion Gas 2016 2015 2014 2016 2015 2014 2016 2015 2014 (millions) Balance at January 1 $ 103 $ 145 $ 222 $ 12 $ 36 $ 39 $ 29 $ 29 $ 29 Increases-prior period positions 9 2 24 4 — 2 1 — — Decreases-prior period positions (44 ) (40 ) (26 ) (3 ) (25 ) (16 ) (19 ) — — Increases-current period positions 6 8 16 — 1 11 — — — Settlements with tax authorities (8 ) (5 ) — — — — (4 ) — — Expiration of statutes of limitations (2 ) (7 ) (91 ) — — — — — — Balance at December 31 $ 64 $ 103 $ 145 $ 13 $ 12 $ 36 $ 7 $ 29 $ 29 |
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) 2012 Connecticut 2013 Virginia (2) 2013 West Virginia (1) 2013 New York (1) 2007 (1) Considered a major state for Dominion Gas' operations. (2) Considered a major state for Virginia Power's operations. |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Fair Value Inputs, Assets, Quantitative Information | The following table presents Dominion's quantitative information about Level 3 fair value measurements at December 31, 2016. 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) $ 70 Discounted Cash Flow Market Price (per Dth) (4) (2) - 12 — Credit Spreads (5) 1% - 4% 2 % FTRs 7 Discounted Cash Flow Market Price (per MWh) (4) (9) - 7 1 Physical and Financial Options: Natural Gas 3 Option Model Market Price (per Dth) (4) 2 - 7 3 Price Volatility (6) 18% - 50% 24 % Electricity 67 Option Model Market Price (per MWh) (4) 21 - 55 34 Price Volatility (6) 14% - 104% 31 % Total assets $ 147 Liabilities: Physical and Financial Forwards and Futures: Natural Gas (2) $ 2 Discounted Cash Flow Market Price (per Dth) (4) (2) - 4 4 Liquids (3) 3 Discounted Cash Flow Market Price (per Gal) (4) 0 - 2 1 FTRs 3 Discounted Cash Flow Market Price (per MWh) (4) (9) - 3 — Total liabilities $ 8 (1) Averages weighted by volume. (2) Includes basis. (3) Includes NGLs and oil. (4) Represents market prices beyond defined terms for Levels 1 and 2. (5) Represents credit spreads unrepresented in published markets. (6) Represents volatilities unrepresented in published markets |
Fair Value Inputs, Liabilities, Quantitative Information | The following table presents Dominion's quantitative information about Level 3 fair value measurements at December 31, 2016. 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) $ 70 Discounted Cash Flow Market Price (per Dth) (4) (2) - 12 — Credit Spreads (5) 1% - 4% 2 % FTRs 7 Discounted Cash Flow Market Price (per MWh) (4) (9) - 7 1 Physical and Financial Options: Natural Gas 3 Option Model Market Price (per Dth) (4) 2 - 7 3 Price Volatility (6) 18% - 50% 24 % Electricity 67 Option Model Market Price (per MWh) (4) 21 - 55 34 Price Volatility (6) 14% - 104% 31 % Total assets $ 147 Liabilities: Physical and Financial Forwards and Futures: Natural Gas (2) $ 2 Discounted Cash Flow Market Price (per Dth) (4) (2) - 4 4 Liquids (3) 3 Discounted Cash Flow Market Price (per Gal) (4) 0 - 2 1 FTRs 3 Discounted Cash Flow Market Price (per MWh) (4) (9) - 3 — Total liabilities $ 8 (1) Averages weighted by volume. (2) Includes basis. (3) Includes NGLs and oil. (4) Represents market prices beyond defined terms for Levels 1 and 2. (5) Represents credit spreads unrepresented in published markets. (6) Represents volatilities unrepresented in published markets. |
Fair Value, Option, Qualitative Disclosures | Sensitivity of the fair value measurements to changes in the significant unobservable inputs is as follows: Significant Unobservable Inputs Position Change to Input Impact on Fair Value Measurement Market Price Buy Increase (decrease) Gain (loss) Market Price Sell Increase (decrease) Loss (gain) Price Volatility Buy Increase (decrease) Gain (loss) Price Volatility Sell Increase (decrease) Loss (gain) 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, 2016 Assets: Derivatives: Commodity $ — $ 115 $ 147 $ 262 Interest rate — 17 — 17 Investments (1) : Equity securities: U.S. 2,913 — — 2,913 Fixed Income: Corporate debt instruments — 487 — 487 Government securities 424 614 — 1,038 Cash equivalents and other 5 — — 5 Total assets $ 3,342 $ 1,233 $ 147 $ 4,722 Liabilities: Derivatives: Commodity $ — $ 88 $ 8 $ 96 Interest rate — 53 — 53 Foreign currency — 6 — 6 Total liabilities $ — $ 147 $ 8 $ 155 At December 31, 2015 Assets: Derivatives: Commodity $ 1 $ 249 $ 114 $ 364 Interest rate — 24 — 24 Investments (1) : Equity securities: U.S. 2,625 — — 2,625 Fixed Income: Corporate debt instruments — 439 — 439 Government securities 458 574 — 1,032 Cash equivalents and other 2 2 — 4 Total assets $ 3,086 $ 1,288 $ 114 $ 4,488 Liabilities: Derivatives: Commodity $ — $ 141 $ 19 $ 160 Interest rate — 183 — 183 Total liabilities $ — $ 324 $ 19 $ 343 (1) Includes investments held in the nuclear decommissioning and rabbi trusts. Excludes $89 million and $101 million of assets at December 31, 2016 and 2015, respectively, measured at fair value using NAV (or its equivalent) as a practical expedient which are not required to be categorized in the fair value hierarchy. |
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation | The following table presents the net change in Dominion's assets and liabilities measured at fair value on a recurring basis and included in the Level 3 fair value category: 2016 2015 2014 (millions) Balance at January 1, $ 95 $ 107 $ (16 ) Total realized and unrealized gains (losses): Included in earnings (35 ) (5 ) 97 Included in other comprehensive income (loss) — (9 ) 7 Included in regulatory assets/liabilities (39 ) (4 ) 109 Settlements 38 9 (88 ) Purchases 87 — — Transfers out of Level 3 (7 ) (3 ) (2 ) Balance at December 31, $ 139 $ 95 $ 107 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 ) $ 2 $ 6 |
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 (millions) Year Ended December 31, 2016 Total gains (losses) included in earnings $ — $ (35 ) $ — $ (35 ) The amount of total gains (losses) for the period included in earnings attributable to the change in unrealized gains (losses) relating to assets/liabilities still held at the reporting date — (1 ) — (1 ) Year Ended December 31, 2015 Total gains (losses) included in earnings $ 6 $ (11 ) $ — $ (5 ) The amount of total gains (losses) for the period included in earnings attributable to the change in unrealized gains (losses) relating to assets/liabilities still held at the reporting date 1 1 — 2 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/liabilities still held at the reporting date 4 1 1 6 |
Schedule of Carrying Values and Estimated Fair Values of Debt Instruments | For the Companies' financial instruments that are not recorded at fair value, the carrying amounts and estimated fair values are as follows: At December 31, 2016 2015 Carrying Amount Estimated Fair Value (1) Carrying Amount Estimated Fair Value (1) (millions) Dominion Long-term debt, including securities due within one year (2) $ 26,587 $ 28,273 $ 21,873 $ 23,210 Junior subordinated notes (3) 2,980 2,893 1,340 1,192 Remarketable subordinated notes (3) 2,373 2,418 2,080 2,129 Virginia Power Long-term debt, including securities due within one year (3) $ 10,530 $ 11,584 $ 9,368 $ 10,400 Dominion Gas Long-term debt, including securities due within one year (4) $ 3,528 $ 3,603 $ 3,269 $ 3,299 (1) Fair value is estimated using market prices, where available, and interest rates currently available for issuance of debt with similar terms and remaining maturities. All fair value measurements are classified as Level 2. The carrying amount of debt issues with short-term maturities and variable rates refinanced at current market rates is a reasonable estimate of their fair value. (2) Carrying amount includes amounts which represent the unamortized debt issuance costs, discount or premium, and foreign currency remeasurement adjustments. At December 31, 2016, and 2015, includes the valuation of certain fair value hedges associated with Dominion's fixed rate debt of $(1) million and $7 million , respectively. (3) Carrying amount includes amounts which represent the unamortized debt issuance costs, discount or premium. (4) Carrying amount includes amounts which represent the unamortized debt issuance costs, discount or premium, and foreign currency remeasurement adjustments. |
Virginia Electric and Power Company | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Fair Value Inputs, Assets, Quantitative Information | The following table presents Virginia Power's quantitative information about Level 3 fair value measurements at December 31, 2016. 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) $ 68 Discounted Cash Flow Market Price (per Dth) (3) (2) - 7 — Credit Spreads (4) 1% - 4% 2 % FTRs 7 Discounted Cash Flow Market Price (per MWh) (3) (9) - 7 1 Physical and Financial Options: Natural Gas 3 Option Model Market Price (per Dth) (3) 2 - 7 3 Price Volatility (5) 18% - 34% 24 % Electricity 67 Option Model Market Price (per MWh) (3) 21 - 55 34 Price Volatility (5) 14% - 104% 31 % Total assets $ 152 Liabilities: Physical and Financial Forwards and Futures: FTRs $ 2 Discounted Cash Flow Market Price (per MWh) (3) (9) - 3 — Total liabilities $ 2 (1) Averages weighted by volume. (2) Includes basis. (3) Represents market prices beyond defined terms for Levels 1 and 2. (4) Represents credit spreads unrepresented in published markets. (5) Represents volatilities unrepresented in published markets. |
Fair Value Inputs, Liabilities, Quantitative Information | The following table presents Virginia Power's quantitative information about Level 3 fair value measurements at December 31, 2016. 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) $ 68 Discounted Cash Flow Market Price (per Dth) (3) (2) - 7 — Credit Spreads (4) 1% - 4% 2 % FTRs 7 Discounted Cash Flow Market Price (per MWh) (3) (9) - 7 1 Physical and Financial Options: Natural Gas 3 Option Model Market Price (per Dth) (3) 2 - 7 3 Price Volatility (5) 18% - 34% 24 % Electricity 67 Option Model Market Price (per MWh) (3) 21 - 55 34 Price Volatility (5) 14% - 104% 31 % Total assets $ 152 Liabilities: Physical and Financial Forwards and Futures: FTRs $ 2 Discounted Cash Flow Market Price (per MWh) (3) (9) - 3 — Total liabilities $ 2 (1) Averages weighted by volume. (2) Includes basis. (3) Represents market prices beyond defined terms for Levels 1 and 2. (4) Represents credit spreads unrepresented in published markets. (5) Represents volatilities unrepresented in published markets. |
Fair Value, Option, Qualitative Disclosures | Sensitivity of the fair value measurements to changes in the significant unobservable inputs is as follows: Significant Unobservable Inputs Position Change to Input Impact on Fair Value Measurement Market Price Buy Increase (decrease) Gain (loss) Market Price Sell Increase (decrease) Loss (gain) Price Volatility Buy Increase (decrease) Gain (loss) Price Volatility Sell Increase (decrease) Loss (gain) 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, 2016 Assets: Derivatives: Commodity $ — $ 43 $ 145 $ 188 Interest rate — 6 — 6 Investments (1) : Equity securities: U.S. 1,302 — — 1,302 Fixed Income: Corporate debt instruments — 277 — 277 Government Securities 136 291 — 427 Total assets $ 1,438 $ 617 $ 145 $ 2,200 Liabilities: Derivatives: Commodity $ — $ 8 $ 2 $ 10 Interest rate — 21 — 21 Total liabilities $ — $ 29 $ 2 $ 31 At December 31, 2015 Assets: Derivatives: Commodity $ — $ 13 $ 101 $ 114 Interest rate — 13 — 13 Investments (1) : Equity securities: U.S. 1,163 — — 1,163 Fixed Income: Corporate debt instruments — 238 — 238 Government Securities 180 254 — 434 Total assets $ 1,343 $ 518 $ 101 $ 1,962 Liabilities: Derivatives: Commodity $ — $ 19 $ 8 $ 27 Interest rate — 59 — 59 Total liabilities $ — $ 78 $ 8 $ 86 (1) Includes investments held in the nuclear decommissioning trust. Excludes $26 million and $34 million of assets at December 31, 2016 and 2015, respectively, measured at fair value using NAV (or its equivalent) as a practical expedient which are not required to be categorized in the fair value hierarchy. |
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation | The following table presents the net change in Virginia Power's assets and liabilities measured at fair value on a recurring basis and included in the Level 3 fair value category: 2016 2015 2014 (millions) Balance at January 1, $ 93 $ 102 $ (7 ) Total realized and unrealized gains (losses): Included in earnings (35 ) (13 ) 96 Included in regulatory assets/liabilities (37 ) (5 ) 109 Settlements 35 13 (96 ) Purchases 87 — — Transfers out of Level 3 — (4 ) — Balance at December 31, $ 143 $ 93 $ 102 |
Dominion Gas Holdings, LLC | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Fair Value Inputs, Assets, Quantitative Information | The following table presents Dominion Gas' quantitative information about Level 3 fair value measurements at December 31, 2016. The range and weighted average are presented in dollars for market price inputs. Fair Value (millions) Valuation Techniques Unobservable Input Range Weighted Average (1) Liabilities: Physical and Financial Forwards and Futures: NGLs $ 2 Discounted Cash Flow Market Price (per Gal) (2) 0 - 2 1 Total liabilities $ 2 (1) Averages weighted by volume. (2) Represents market prices beyond defined terms for Levels 1 and 2. |
Fair Value Inputs, Liabilities, Quantitative Information | The following table presents Dominion Gas' quantitative information about Level 3 fair value measurements at December 31, 2016. The range and weighted average are presented in dollars for market price inputs. Fair Value (millions) Valuation Techniques Unobservable Input Range Weighted Average (1) Liabilities: Physical and Financial Forwards and Futures: NGLs $ 2 Discounted Cash Flow Market Price (per Gal) (2) 0 - 2 1 Total liabilities $ 2 (1) Averages weighted by volume. (2) Represents market prices beyond defined terms for Levels 1 and 2. |
Fair Value, Option, Qualitative Disclosures | Sensitivity of the fair value measurements to changes in the significant unobservable inputs is as follows: Significant Unobservable Inputs Position Change to Input Impact on Fair Value Measurement Market Price Buy Increase (decrease) Gain (loss) Market Price Sell Increase (decrease) Loss (gain) |
Fair Value, by Balance Sheet Grouping | The following table presents Dominion Gas' assets and liabilities for commodity, interest rate, and foreign currency derivatives that are measured at fair value on a recurring basis for each hierarchy level, including both current and noncurrent portions: Level 1 Level 2 Level 3 Total (millions) At December 31, 2016 Liabilities: Commodity $ — $ 3 $ 2 5 Foreign currency — 6 — 6 Total liabilities $ — $ 9 $ 2 $ 11 At December 31, 2015 Assets: Commodity $ — $ 5 $ 6 $ 11 Total assets $ — $ 5 $ 6 $ 11 Liabilities: Interest rate $ — $ 14 $ — 14 Total liabilities $ — $ 14 $ — $ 14 |
Fair Value, Net Derivative Asset (Liability) 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: 2016 2015 2014 (millions) Balance at January 1, $ 6 $ 2 $ (6 ) Total realized and unrealized gains (losses): Included in earnings — 1 2 Included in other comprehensive income (loss) — (5 ) 10 Settlements — (1 ) (4 ) Transfers out of Level 3 (8 ) 9 — Balance at December 31, $ (2 ) $ 6 $ 2 |
Derivatives and Hedge Account43
Derivatives and Hedge Accounting Activities (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Derivative [Line Items] | |
Offsetting Assets | The tables below present Dominion's derivative asset and liability balances by type of financial instrument, before and after the effects of offsetting: December 31, 2016 December 31, 2015 Gross Amounts of Recognized Assets Gross Amounts Offset in the Consolidated Balance Sheet Net Amounts of Assets Presented in the Consolidated Balance Sheet Gross Amounts of Recognized Assets Gross Amounts Offset in the Consolidated Balance Sheet Net Amounts of Assets Presented in the Consolidated Balance Sheet (millions) Commodity contracts: Over-the-counter $ 211 $ — $ 211 $ 217 $ — $ 217 Exchange 44 — 44 138 — 138 Interest rate contracts: Over-the-counter 17 — 17 24 — 24 Total derivatives, subject to a master netting or similar arrangement 272 — 272 379 — 379 Total derivatives, not subject to a master netting or similar arrangement 7 — 7 9 — 9 Total $ 279 $ — $ 279 $ 388 $ — $ 388 December 31, 2016 December 31, 2015 Gross Amounts Not Offset in the Consolidated Balance Sheet Gross Amounts Not Offset in the Consolidated Balance Sheet Net Amounts of Assets Presented in the Consolidated Balance Sheet Financial Instruments Cash Collateral Received Net Amounts Net Amounts of Assets Presented in the Consolidated Balance Sheet Financial Instruments Cash Collateral Received Net Amounts (millions) Commodity contracts: Over-the-counter $ 211 $ 14 $ — $ 197 $ 217 $ 37 $ — $ 180 Exchange 44 44 — — 138 82 — 56 Interest rate contracts: Over-the-counter 17 9 — 8 24 22 — 2 Total $ 272 $ 67 $ — $ 205 $ 379 $ 141 $ — $ 238 |
Offsetting Liabilities | December 31, 2016 December 31, 2015 Gross Amounts of Recognized Liabilities Gross Amounts Offset in the Consolidated Balance Sheet Net Amounts of Liabilities Presented in the Consolidated Balance Sheet Gross Amounts of Recognized Liabilities Gross Amounts Offset in the Consolidated Balance Sheet Net Amounts of Liabilities Presented in the Consolidated Balance Sheet (millions) Commodity contracts: Over-the-counter $ 23 $ — $ 23 $ 70 $ — $ 70 Exchange 71 — 71 82 — 82 Interest rate contracts: Over-the-counter 53 — 53 183 — 183 Foreign currency contracts: Over-the-counter 6 — 6 — — — Total derivatives, subject to a master netting or similar arrangement 153 — 153 335 — 335 Total derivatives, not subject to a master netting or similar arrangement 2 — 2 8 — 8 Total $ 155 $ — $ 155 $ 343 $ — $ 343 December 31, 2016 December 31, 2015 Gross Amounts Not Offset in the Consolidated Balance Sheet Gross Amounts Not Offset in the Consolidated Balance Sheet Net Amounts of Liabilities Presented in the Consolidated Balance Sheet Financial Instruments Cash Collateral Paid Net Amounts Net Amounts of Liabilities Presented in the Consolidated Balance Sheet Financial Instruments Cash Collateral Paid Net Amounts (millions) Commodity contracts: Over-the-counter $ 23 $ 14 $ — $ 9 $ 70 $ 37 $ — $ 33 Exchange 71 44 27 — 82 82 — — Interest rate contracts: Over-the-counter 53 9 — 44 183 22 — 161 Foreign currency contracts: Over-the-counter 6 — — 6 — — — — Total $ 153 $ 67 $ 27 $ 59 $ 335 $ 141 $ — $ 194 |
Volumes of Derivatives | The following table presents the volume of Dominion's derivative activity as of December 31, 2016. These volumes are based on open derivative positions and represent the combined absolute value of their long and short positions, except in the case of offsetting transactions, for which they represent the absolute value of the net volume of their long and short positions. Current Noncurrent Natural Gas (bcf): Fixed price (1) 91 18 Basis 223 593 Electricity (MWh): Fixed price (1) 11,880,630 1,963,426 FTRs 46,269,912 — Liquids (Gal) (2) 46,311,225 12,741,120 Interest rate (3) $ 1,800,000,000 $ 2,903,640,679 Foreign currency (3)(4) $ — $ 280,000,000 (1) Includes options. (2) Includes NGLs and oil. (3) Maturity is determined based on final settlement period. (4) Euro equivalent volumes are €250,000,000 . |
Cash Flow Hedges Included Accumulated Other Comprehensive Income (Loss) | The following table presents selected information related to gains (losses) on cash flow hedges included in AOCI in Dominion's Consolidated Balance Sheet at December 31, 2016: AOCI Amounts Expected to be Reclassified to Earnings during the next 12 Months After-Tax Maximum (millions) Commodities: Gas $ 10 $ 10 36 months Electricity (20 ) (20 ) 12 months Other (3 ) (3 ) 15 months Interest rate (274 ) (5 ) 375 months Foreign currency 7 (1 ) 114 months Total $ (280 ) $ (19 ) |
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 (millions) At December 31, 2016 ASSETS Current Assets Commodity $ 29 $ 101 $ 130 Interest rate 10 — 10 Total current derivative assets 39 101 140 Noncurrent Assets Commodity — 132 132 Interest rate 7 — 7 Total noncurrent derivative assets (1) 7 132 139 Total derivative assets $ 46 $ 233 $ 279 LIABILITIES Current Liabilities Commodity $ 51 $ 41 $ 92 Interest rate 33 — 33 Foreign currency 3 — 3 Total current derivative liabilities (2) 87 41 128 Noncurrent Liabilities Commodity 1 3 4 Interest rate 20 — 20 Foreign currency 3 — 3 Total noncurrent derivative liabilities (3) 24 3 27 Total derivative liabilities $ 111 $ 44 $ 155 At December 31, 2015 ASSETS Current Assets Commodity $ 101 $ 151 $ 252 Interest rate 3 — 3 Total current derivative assets 104 151 255 Noncurrent Assets Commodity 3 109 112 Interest rate 21 — 21 Total noncurrent derivative assets (1) 24 109 133 Total derivative assets $ 128 $ 260 $ 388 LIABILITIES Current Liabilities Commodity $ 32 $ 116 $ 148 Interest rate 164 — 164 Total current derivative liabilities (2) 196 116 312 Noncurrent Liabilities Commodity — 12 12 Interest rate 19 — 19 Total noncurrent derivative liabilities (3) 19 12 31 Total derivative liabilities $ 215 $ 128 $ 343 (1) Noncurrent derivative assets are presented in other deferred charges and other assets in Dominion's Consolidated Balance Sheets. (2) Current derivative liabilities are presented in other current liabilities in Dominion's Consolidated Balance Sheets. (3) Noncurrent derivative liabilities are presented in other deferred credits and other liabilities in Dominion's Consolidated Balance Sheets. |
Derivative Instruments, Gain (Loss) | 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 (1) Amount of Increase (2) (millions) Year Ended December 31, 2016 Derivative Type and Location of Gains (Losses) Commodity: Operating revenue $ 330 Purchased gas (13 ) Electric fuel and other energy-related purchases (10 ) Total commodity $ 164 $ 307 $ — Interest rate (3) (66 ) (31 ) (26 ) Foreign currency (4) (6 ) (17 ) — Total $ 92 $ 259 $ (26 ) Year Ended December 31, 2015 Derivative Type and Location of Gains (Losses) Commodity: Operating revenue $ 203 Purchased gas (15 ) Electric fuel and other energy-related purchases (1 ) Total commodity $ 230 $ 187 $ 4 Interest rate (3) (46 ) (11 ) (13 ) Total $ 184 $ 176 $ (9 ) 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 ) (1) Amounts deferred into AOCI have no associated effect in Dominion's Consolidated Statements of Income. (2) Represents net derivative activity deferred into and amortized out of regulatory assets/liabilities. Amounts deferred into regulatory assets/liabilities have no associated effect in Dominion's Consolidated Statements of Income. (3) Amounts recorded in Dominion's Consolidated Statements of Income are classified in interest and related charges. (4) Amounts recorded in Dominion's Consolidated Statements of Income are classified in other income. |
Schedule Of Derivatives Not Designated As Hedging Instruments | Derivatives not designated as hedging Amount of Gain (Loss) Recognized in Income on Derivatives (1) Year Ended December 31, 2016 2015 2014 (millions) Derivative Type and Location of Gains (Losses) Commodity: Operating revenue $ 2 $ 24 $ (310 ) Purchased gas 4 (14 ) (51 ) Electric fuel and other energy-related purchases (70 ) (14 ) 113 Other operations & maintenance 1 — — Interest rate (2) — (1 ) — Total $ (63 ) $ (5 ) $ (248 ) (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: December 31, 2016 December 31, 2015 Gross Amounts of Recognized Assets Gross Amounts Offset in the Consolidated Balance Sheet Net Amounts of Assets Presented in the Consolidated Balance Sheet Gross Amounts of Recognized Assets Gross Amounts Offset in the Consolidated Balance Sheet Net Amounts of Assets Presented in the Consolidated Balance Sheet (millions) Commodity contracts: Over-the-counter $ 147 $ — $ 147 $ 101 $ — $ 101 Interest rate contracts: Over-the-counter 6 — 6 13 — 13 Total derivatives, subject to a master netting or similar arrangement 153 — 153 114 — 114 Total derivatives, not subject to a master netting or similar arrangement 41 — 41 13 — 13 Total $ 194 $ — $ 194 $ 127 $ — $ 127 December 31, 2016 December 31, 2015 Gross Amounts Not Offset in the Consolidated Balance Sheet Gross Amounts Not Offset in the Consolidated Balance Sheet Net Amounts of Assets Presented in the Consolidated Balance Sheet Financial Instruments Cash Collateral Received Net Amounts Net Amounts of Assets Presented in the Consolidated Balance Sheet Financial Instruments Cash Collateral Received Net Amounts (millions) Commodity contracts: Over-the-counter $ 147 $ 2 $ — $ 145 $ 101 $ 3 $ — $ 98 Interest rate contracts: Over-the-counter 6 — — 6 13 10 — 3 Total $ 153 $ 2 $ — $ 151 $ 114 $ 13 $ — $ 101 |
Offsetting Liabilities | December 31, 2016 December 31, 2015 Gross Amounts of Recognized Liabilities Gross Amounts Offset in the Consolidated Balance Sheet Net Amounts of Liabilities Presented in the Consolidated Balance Sheet Gross Amounts of Recognized Liabilities Gross Amounts Offset in the Consolidated Balance Sheet Net Amounts of Liabilities Presented in the Consolidated Balance Sheet (millions) Commodity contracts: Over-the-counter $ 2 $ — $ 2 $ 5 $ — $ 5 Interest rate contracts: Over-the-counter 21 — 21 59 — 59 Total derivatives, subject to a master netting or similar arrangement 23 — 23 64 — 64 Total derivatives, not subject to a master netting or similar arrangement 8 — 8 22 — 22 Total $ 31 $ — $ 31 $ 86 $ — $ 86 December 31, 2016 December 31, 2015 Gross Amounts Not Offset in the Consolidated Balance Sheet Gross Amounts Not Offset in the Consolidated Balance Sheet Net Amounts of Liabilities Presented in the Consolidated Balance Sheet Financial Instruments Cash Collateral Paid Net Amounts Net Amounts of Liabilities Presented in the Consolidated Balance Sheet Financial Instruments Cash Collateral Paid Net Amounts (millions) Commodity contracts: Over-the-counter $ 2 $ 2 $ — $ — $ 5 $ 3 $ — $ 2 Interest rate contracts: Over-the-counter 21 — — 21 59 10 — 49 Total $ 23 $ 2 $ — $ 21 $ 64 $ 13 $ — $ 51 |
Volumes of Derivatives | The following table presents the volume of Virginia Power's derivative activity at December 31, 2016. These volumes are based on open derivative positions and represent the combined absolute value of their long and short positions, except in the case of offsetting transactions, for which they represent the absolute value of the net volume of their long and short positions. Current Noncurrent Natural Gas (bcf): Fixed price (1) 27 14 Basis 101 539 Electricity (MWh): Fixed price (1) 1,343,310 1,963,426 FTRs 43,853,950 — Interest rate $ 800,000,000 $ 850,000,000 (1) Includes options. |
Cash Flow Hedges Included Accumulated Other Comprehensive Income (Loss) | The following table presents selected information related to gains (losses) on cash flow hedges included in AOCI in Virginia Power's Consolidated Balance Sheet at December 31, 2016: AOCI Amounts Expected to be Reclassified to Earnings during the next 12 Months After-Tax Maximum (millions) Interest rate $ (8 ) $ (1 ) 375 months Total $ (8 ) $ (1 ) |
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 - Derivatives under Hedge Accounting Fair Value - Derivatives not under Hedge Accounting Total Fair Value (millions) At December 31, 2016 ASSETS Current Assets Commodity $ — $ 60 $ 60 Interest rate 6 — 6 Total current derivative assets (1) 6 60 66 Noncurrent Assets Commodity — 128 128 Total noncurrent derivative assets — 128 128 Total derivative assets $ 6 $ 188 $ 194 LIABILITIES Current Liabilities Commodity $ — $ 10 $ 10 Interest rate 8 — 8 Total current derivative liabilities (2) 8 10 18 Noncurrent Liabilities Interest rate 13 — 13 Total noncurrent derivative liabilities (3) 13 — 13 Total derivative liabilities $ 21 $ 10 $ 31 At December 31, 2015 ASSETS Current Assets Commodity $ — $ 18 $ 18 Total current derivative assets (1) — 18 18 Noncurrent Assets Commodity — 96 96 Interest rate 13 — 13 Total noncurrent derivative assets 13 96 109 Total derivative assets $ 13 $ 114 $ 127 LIABILITIES Current Liabilities Commodity $ — $ 23 $ 23 Interest rate 57 — 57 Total current derivative liabilities (2) 57 23 80 Noncurrent Liabilities Commodity — 4 4 Interest rate 2 — 2 Total noncurrent derivative liabilities (3) 2 4 6 Total derivative liabilities $ 59 $ 27 $ 86 (1) Current derivative assets are presented in other current assets in Virginia Power's Consolidated Balance Sheets. (2) Current derivative liabilities are presented in other current liabilities in Virginia Power's Consolidated Balance Sheets. (3) Noncurrent derivative liabilities are presented in other deferred credits and other liabilities in Virginia Power's Consolidated Balance Sheets. |
Derivative Instruments, Gain (Loss) | The following tables present the gains and losses on Virginia Power's derivatives, as well as where the associated activity is presented in its Consolidated Balance Sheets and Statements of Income: Derivatives in cash flow hedging relationships Amount of Gain (Loss) Recognized in AOCI on Derivatives (Effective Portion) (1) Amount of Gain (Loss) Reclassified from AOCI to Income Increase (Decrease) in Derivatives Subject to Regulatory Treatment (2) (millions) Year Ended December 31, 2016 Derivative Type and Location of Gains (Losses) Interest rate (3) $ (3 ) $ (1 ) $ (26 ) Total $ (3 ) $ (1 ) $ (26 ) Year Ended December 31, 2015 Derivative Type and Location of Gains (Losses) Commodity: Electric fuel and other energy-related purchases $ (1 ) Total commodity $ — $ (1 ) $ 4 Interest rate (3) (3 ) — (13 ) Total $ (3 ) $ (1 ) $ (9 ) 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 ) (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 instruments Amount of Gain (Loss) Recognized in Income on Derivatives (1) Year Ended December 31, 2016 2015 2014 (millions) Derivative Type and Location of Gains (Losses) Commodity (2) $ (70 ) $ (13 ) $ 105 Total $ (70 ) $ (13 ) $ 105 (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: December 31, 2016 December 31, 2015 Gross Amounts of Recognized Assets Gross Amounts Offset in the Consolidated Balance Sheet Net Amounts of Assets Presented in the Consolidated Balance Sheet Gross Amounts of Recognized Assets Gross Amounts Offset in the Consolidated Balance Sheet Net Amounts of Assets Presented in the Consolidated Balance Sheet (millions) Commodity contracts: Over-the-counter $ — $ — $ — $ 11 $ — $ 11 Total derivatives, subject to a master netting or similar arrangement $ — $ — $ — $ 11 $ — $ 11 December 31, 2016 December 31, 2015 Gross Amounts Not Offset in the Consolidated Balance Sheet Gross Amounts Not Offset in the Consolidated Balance Sheet Net Amounts of Assets Presented in the Consolidated Balance Sheet Financial Instruments Cash Collateral Received Net Amounts Net Amounts of Assets Presented in the Consolidated Balance Sheet Financial Instruments Cash Collateral Received Net Amounts (millions) Commodity contracts: Over-the-counter $ — $ — $ — $ — $ 11 $ — $ — $ 11 Total $ — $ — $ — $ — $ 11 $ — $ — $ 11 |
Offsetting Liabilities | December 31, 2016 December 31, 2015 Gross Amounts of Recognized Liabilities Gross Amounts Offset in the Consolidated Balance Sheet Net Amounts of Liabilities Presented in the Consolidated Balance Sheet Gross Amounts of Recognized Liabilities Gross Amounts Offset in the Consolidated Balance Sheet Net Amounts of Liabilities Presented in the Consolidated Balance Sheet (millions) Commodity contracts: Over-the-counter $ 5 $ — $ 5 $ — $ — $ — Interest rate contracts: Over-the-counter — — — 14 — 14 Foreign currency contracts: Over-the-counter 6 — 6 — — — Total derivatives, subject to a master netting or similar arrangement $ 11 $ — $ 11 $ 14 $ — $ 14 December 31, 2016 December 31, 2015 Gross Amounts Not Offset in the Consolidated Balance Sheet Gross Amounts Not Offset in the Consolidated Balance Sheet Net Amounts of Liabilities Presented in the Consolidated Balance Sheet Financial Instruments Cash Collateral Paid Net Amounts Net Amounts of Liabilities Presented in the Consolidated Balance Sheet Financial Instruments Cash Collateral Paid Net Amounts (millions) Commodity contracts: Over-the-counter $ 5 $ — $ — $ 5 $ — $ — $ — $ — Interest rate contracts: Over-the-counter — — — — 14 — — 14 Foreign currency contracts: Over-the-counter 6 — — 6 — — — — Total $ 11 $ — $ — $ 11 $ 14 $ — $ — $ 14 |
Volumes of Derivatives | The following table presents the volume of Dominion Gas' derivative activity at December 31, 2016. These volumes are based on open derivative positions and represent the combined absolute value of their long and short positions, except in the case of offsetting transactions, for which they represent the absolute value of the net volume of their long and short positions. Current Noncurrent NGLs (Gal) 39,549,225 7,953,120 Foreign currency (1) $ — $ 280,000,000 (1) Maturity is determined based on final settlement period. Euro equivalent volumes are €250,000,000 . |
Cash Flow Hedges Included Accumulated Other Comprehensive Income (Loss) | The following table presents selected information related to gains (losses) on cash flow hedges included in AOCI in Dominion Gas' Consolidated Balance Sheet at December 31, 2016: AOCI Amounts Expected to be Reclassified to Earnings during the next 12 Months After-Tax Maximum (millions) Commodities: NGLs $ (3 ) $ (3 ) 15 months Interest rate (28 ) (3 ) 336 months Foreign currency 7 (1 ) 114 months Total $ (24 ) $ (7 ) |
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 - Derivatives under Hedge Accounting Fair Value - Derivatives not under Hedge Accounting Total Fair Value (millions) At December 31, 2016 LIABILITIES Current Liabilities Commodity $ 4 $ — $ 4 Foreign currency 3 — 3 Total current derivative liabilities (3) 7 — 7 Noncurrent Liabilities Commodity 1 — 1 Foreign currency 3 — 3 Total noncurrent derivative liabilities (4) 4 — 4 Total derivative liabilities $ 11 $ — $ 11 At December 31, 2015 ASSETS Current Assets Commodity $ 10 $ — $ 10 Total current derivative assets (1) 10 — 10 Noncurrent Assets Commodity 1 — 1 Total noncurrent derivative assets (2) 1 — 1 Total derivative assets $ 11 $ — $ 11 LIABILITIES Current Liabilities Interest rate $ 14 $ — $ 14 Total current derivative liabilities (3) 14 — 14 Total derivative liabilities $ 14 $ — $ 14 (1) Current derivative assets are presented in other current assets in Dominion Gas' Consolidated Balance Sheets. (2) Noncurrent derivative assets are presented in other deferred charges and other assets in Dominion Gas' Consolidated Balance Sheets. (3) Current derivative liabilities are presented in other current liabilities in Dominion Gas' Consolidated Balance Sheets. (4) Noncurrent derivative liabilities are presented in other deferred credits and other liabilities in Dominion Gas' Consolidated Balance Sheets. |
Derivative Instruments, Gain (Loss) | 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 relationships Amount of Gain (Loss) Recognized in AOCI on Derivatives (Effective Portion) (1) Amount of Gain (Loss) Reclassified from AOCI to Income (millions) Year Ended December 31, 2016 Derivative Type and Location of Gains (Losses) Commodity: Operating revenue $ 4 Total commodity $ (12 ) $ 4 Interest rate (2) (8 ) (2 ) Foreign currency (3) (6 ) (17 ) Total $ (26 ) $ (15 ) Year Ended December 31, 2015 Derivative Type and Location of Gains (Losses) Commodity: Operating revenue $ 6 Total commodity $ 16 $ 6 Interest rate (2) (6 ) — Total $ 10 $ 6 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 ) (1) Amounts deferred into AOCI have no associated effect in Dominion Gas' Consolidated Statements of Income. (2) Amounts recorded in Dominion Gas' Consolidated Statements of Income are classified in interest and related charges. (3) Amounts recorded in Dominion Gas' Consolidated Statements of Income are classified in other income. |
Schedule Of Derivatives Not Designated As Hedging Instruments | Derivatives not designated as hedging instruments Amount of Gain (Loss) Recognized in Income on Derivatives Year Ended December 31, 2016 2015 2014 (millions) Derivative Type and Location of Gains (Losses) Commodity Operating revenue $ 1 $ 6 $ — Total $ 1 $ 6 $ — |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Earnings Per Share [Abstract] | |
Earnings Per Share Computation | The following table presents the calculation of Dominion's basic and diluted EPS: 2016 2015 2014 (millions, except EPS) Net income attributable to Dominion $ 2,123 $ 1,899 $ 1,310 Average shares of common stock outstanding-Basic 616.4 592.4 582.7 Net effect of dilutive securities (1) 0.7 1.3 1.8 Average shares of common stock outstanding-Diluted 617.1 593.7 584.5 Earnings Per Common Share-Basic $ 3.44 $ 3.21 $ 2.25 Earnings Per Common Share-Diluted $ 3.44 $ 3.20 $ 2.24 (1) Dilutive securities consist primarily of the 2013 Equity Units for 2016 and 2015 and the 2013 Equity Units and contingently convertible senior notes for 2014. 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, 2016 | |
Schedule of Available-for-sale Securities [Line Items] | |
Available-For-Sale Securities | Dominion's decommissioning trust funds are summarized below: Amortized Cost Total Unrealized Gains (1) Total Unrealized Losses (1) Fair Value (millions) At December 31, 2016 Marketable equity securities: U.S. $ 1,449 $ 1,408 $ — $ 2,857 Fixed income: Corporate debt instruments 478 13 (4 ) 487 Government securities 978 22 (8 ) 992 Common/collective trust funds 67 — — 67 Cost method investments 69 — — 69 Cash equivalents and other (2) 12 — — 12 Total $ 3,053 $ 1,443 $ (12 ) (3) $ 4,484 At December 31, 2015 Marketable equity securities: U.S. $ 1,354 $ 1,217 $ — $ 2,571 Fixed income: Corporate debt instruments 436 11 (7 ) 440 Government securities 962 30 (4 ) 988 Common/collective trust funds 100 — — 100 Cost method investments 70 — — 70 Cash equivalents and other (2) 14 — — 14 Total $ 2,936 $ 1,258 $ (11 ) (3) $ 4,183 (1) Included in AOCI and the nuclear decommissioning trust regulatory liability as discussed in Note 2. (2) Includes pending sales of securities of $9 million and $12 million at December 31, 2016 and 2015, respectively. (3) The fair value of securities in an unrealized loss position was $576 million and $592 million at December 31, 2016 and 2015, 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, 2016 by contractual maturity is as follows: Amount (millions) Due in one year or less $ 192 Due after one year through five years 418 Due after five years through ten years 368 Due after ten years 568 Total $ 1,546 |
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, 2016 2015 2014 (millions) Proceeds from sales $ 1,422 $ 1,340 $ 1,235 Realized gains (1) 128 219 171 Realized losses (1) 55 84 30 (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, 2016 2015 2014 (millions) Total other-than-temporary impairment losses (1) $ 51 $ 66 $ 21 Losses recorded to nuclear decommissioning trust regulatory liability (16 ) (26 ) (5 ) Losses recognized in other comprehensive income (before taxes) (12 ) (9 ) (3 ) Net impairment losses recognized in earnings $ 23 $ 31 $ 13 (1) Amounts include other-than-temporary impairment losses for debt securities of $13 million , $9 million and $3 million at December 31, 2016, 2015 and 2014, 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, 2016 2015 (millions) Dominion Blue Racer 50 % $ 677 $ 661 Midstream gas and related services Atlantic Coast Pipeline 48 % 256 59 Gas transmission system Iroquois 50 % (1) 316 324 Gas transmission system Fowler Ridge 50 % 116 125 Wind-powered merchant generation facility NedPower 50 % 112 119 Wind-powered merchant generation facility Other various 84 32 Total $ 1,561 $ 1,320 Dominion Gas Iroquois 24.07 % $ 98 $ 102 Gas transmission system Total $ 98 $ 102 (1) Comprised of Dominion Midstream's interest of 25.93% and Dominion Gas' interest of 24.07% . 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 Cost Total Unrealized Gains (1) Total Unrealized Losses (1) Fair Value (millions) At December 31, 2016 Marketable equity securities: U.S. $ 677 $ 624 $ — $ 1,301 Fixed income: Corporate debt instruments 274 6 (4 ) 276 Government securities 420 9 (2 ) 427 Common/collective trust funds 26 — — 26 Cost method investments 69 — — 69 Cash equivalents and other (2) 7 — — 7 Total $ 1,473 $ 639 $ (6 ) (3) $ 2,106 At December 31, 2015 Marketable equity securities: U.S. $ 633 $ 528 $ — $ 1,161 Fixed income: Corporate debt instruments 238 5 (5 ) 238 Government securities 421 15 (2 ) 434 Common/collective trust funds 34 — — 34 Cost method investments 70 — — 70 Cash equivalents and other (2) 8 — — 8 Total $ 1,404 $ 548 $ (7 ) (3) $ 1,945 (1) Included in AOCI and the nuclear decommissioning trust regulatory liability as discussed in Note 2. (2) Includes pending sales of securities of $7 million and $8 million at December 31, 2016 and 2015, respectively. (3) The fair value of securities in an unrealized loss position was $287 million and $281 million at December 31, 2016 and 2015, respectively. |
Investments Classified by Contractual Maturity Date | The fair value of Virginia Power's marketable debt securities at December 31, 2016, by contractual maturity is as follows: Amount (millions) Due in one year or less $ 55 Due after one year through five years 181 Due after five years through ten years 208 Due after ten years 285 Total $ 729 |
Marketable Securities | Presented below is selected information regarding Virginia Power's marketable equity and debt securities held in nuclear decommissioning trust funds. Year Ended December 31, 2016 2015 2014 (millions) Proceeds from sales $ 733 $ 639 $ 549 Realized gains (1) 63 110 73 Realized losses (1) 27 43 12 (1) Includes realized gains and losses recorded to the nuclear decommissioning trust regulatory liability as discussed in Note 2. |
Other Than Temporary Impairment Losses On Investment Securities | Virginia Power recorded other-than-temporary impairment losses on investments held in nuclear decommissioning trust funds as follows: Year Ended December 31, 2016 2015 2014 (millions) Total other-than-temporary impairment losses (1) $ 26 $ 36 $ 8 Losses recorded to nuclear decommissioning trust regulatory liability (16 ) (26 ) (4 ) Losses recorded in other comprehensive income (before taxes) (7 ) (6 ) (2 ) Net impairment losses recognized in earnings $ 3 $ 4 $ 2 (1) Amounts include other-than-temporary impairment losses for debt securities of $8 million , $6 million and $2 million at December 31, 2016, 2015 and 2014, respectively. |
Property, Plant and Equipment (
Property, Plant and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Property, Plant and Equipment, Net [Abstract] | |
Property, Plant and Equipment | 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 44 years Merchant generation-other 15-36 years Nonutility gas gathering and processing 3-50 years General and other 5-59 years Major classes of property, plant and equipment and their respective balances for the Companies are as follows: At December 31, 2016 2015 (millions) Dominion Utility: Generation $ 17,147 $ 15,656 Transmission 14,315 11,461 Distribution 16,381 13,128 Storage 2,814 2,460 Nuclear fuel 1,537 1,464 Gas gathering and processing 216 799 Oil and gas 1,652 — General and other 1,450 927 Plant under construction 6,254 5,550 Total utility 61,766 51,445 Nonutility: Merchant generation-nuclear 1,419 1,339 Merchant generation-other 4,149 2,683 Nuclear fuel 897 938 Gas gathering and processing 619 — Other-including plant under construction 706 1,371 Total nonutility 7,790 6,331 Total property, plant and equipment $ 69,556 $ 57,776 Virginia Power Utility: Generation $ 17,147 $ 15,656 Transmission 7,871 6,963 Distribution 10,573 10,048 Nuclear fuel 1,537 1,464 General and other 745 709 Plant under construction 2,146 2,793 Total utility 40,019 37,633 Nonutility-other 11 6 Total property, plant and equipment $ 40,030 $ 37,639 Dominion Gas Utility: Transmission $ 4,231 $ 3,804 Distribution 3,019 2,765 Storage 1,627 1,583 Gas gathering and processing 198 797 General and other 184 165 Plant under construction 448 443 Total utility 9,707 9,557 Nonutility: Gas gathering and processing $ 619 $ — Other-including plant under construction 149 136 Total nonutility 768 136 Total property, plant and equipment $ 10,475 $ 9,693 |
Share of Jointly-Owned Power Stations | Dominion's and Virginia Power's proportionate share of jointly-owned power stations at December 31, 2016 is as follows: Bath County Pumped Storage Station (1) North Anna Units 1 and 2 (1) Clover Power Station (1) Millstone Unit 3 (2) (millions, except percentages) Ownership interest 60 % 88.4 % 50 % 93.5 % Plant in service $ 1,052 $ 2,520 $ 586 $ 1,190 Accumulated depreciation (585 ) (1,210 ) (219 ) (349 ) Nuclear fuel — 718 — 469 Accumulated amortization of nuclear fuel — (549 ) — (366 ) Plant under construction 8 69 4 51 (1) Units jointly owned by Virginia Power. (2) Unit jointly owned by Dominion. |
Goodwill And Intangible Assets
Goodwill And Intangible Assets (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
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 Generation Dominion Energy DVP Corporate and Other (1) Total (millions) Dominion Balance at December 31, 2014 (2) $ 1,422 (3) $ 696 (3) $ 926 $ — $ 3,044 DCG acquisition — 250 (4) — — 250 Balance at December 31, 2015 (2) $ 1,422 $ 946 $ 926 $ — $ 3,294 Dominion Questar Combination — 3,105 (4) — — 3,105 Balance at December 31, 2016 (2) $ 1,422 $ 4,051 $ 926 $ — $ 6,399 Dominion Gas Balance at December 31, 2014 (2) $ — $ 542 $ — $ — $ 542 No events affecting goodwill — — — — — Balance at December 31, 2015 (2) $ — $ 542 $ — $ — $ 542 No events affecting goodwill — — — — — Balance at December 31, 2016 (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) Recast to reflect nonregulated retail energy marketing operations in the Dominion Energy segment. (4) See Note 3 for discussion of Dominion's acquisitions. |
Components of intangible assets | The components of intangible assets are as follows: At December 31, 2016 2015 Gross Carrying Amount Accumulated Amortization Gross Carrying Amount Accumulated Amortization (millions) Dominion Software, licenses and other $ 955 $ 337 $ 942 $ 372 Total $ 955 $ 337 $ 942 $ 372 Virginia Power Software, licenses and other $ 326 $ 101 $ 301 $ 88 Total $ 326 $ 101 $ 301 $ 88 Dominion Gas Software, licenses and other $ 147 $ 49 $ 211 $ 128 Total $ 147 $ 49 $ 211 $ 128 |
Annual amortization expense of intangible assets | Annual amortization expense for these intangible assets is estimated to be as follows: 2017 2018 2019 2020 2021 (millions) Dominion $ 78 $ 67 $ 57 $ 45 $ 32 Virginia Power $ 29 $ 25 $ 22 $ 16 $ 9 Dominion Gas $ 13 $ 11 $ 10 $ 10 $ 9 |
Regulatory Assets and Liabili48
Regulatory Assets and Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Regulatory Assets and Liabilities Disclosure [Abstract] | |
Schedule of Regulatory Assets | Regulatory assets and liabilities include the following: At December 31, 2016 2015 (millions) Dominion Regulatory assets: Deferred nuclear refueling outage costs (1) $ 71 $ 75 Deferred rate adjustment clause costs (2) 63 90 Unrecovered gas costs (3) 19 12 Deferred cost of fuel used in electric generation (4) — 111 Other 91 63 Regulatory assets-current 244 351 Unrecognized pension and other postretirement benefit costs (5) 1,401 1,015 Deferred rate adjustment clause costs (2) 329 295 PJM transmission rates (6) 192 192 Derivatives (7) 174 110 Income taxes recoverable through future rates (8) 123 126 Utility reform legislation (9) 99 65 Other 155 62 Regulatory assets-non-current 2,473 1,865 Total regulatory assets $ 2,717 $ 2,216 Regulatory liabilities: Deferred cost of fuel used in electric generation (4) $ 61 $ — PIPP (10) 28 46 Other 74 54 Regulatory liabilities-current 163 100 Provision for future cost of removal and AROs (11) 1,427 1,120 Nuclear decommissioning trust (12) 902 804 Derivatives (7) 69 79 Deferred cost of fuel used in electric generation (4) 14 97 Other 210 185 Regulatory liabilities-non-current 2,622 2,285 Total regulatory liabilities $ 2,785 $ 2,385 Virginia Power Regulatory assets: Deferred nuclear refueling outage costs (1) $ 71 $ 75 Deferred rate adjustment clause costs (2) 51 80 Deferred cost of fuel used in electric generation (4) — 111 Other 57 60 Regulatory assets-current 179 326 Deferred rate adjustment clause costs (2) 246 213 PJM transmission rates (6) 192 192 Derivatives (7) 133 110 Income taxes recoverable through future rates (8) 76 97 Other 123 55 Regulatory assets-non-current 770 667 Total regulatory assets $ 949 $ 993 Regulatory liabilities: Deferred cost of fuel used in electric generation (4) $ 61 $ — Other 54 35 Regulatory liabilities-current 115 35 Provision for future cost of removal (11) 946 890 Nuclear decommissioning trust (12) 902 804 Derivatives (7) 69 79 Deferred cost of fuel used in electric generation (4) 14 97 Other 31 59 Regulatory liabilities-non-current 1,962 1,929 Total regulatory liabilities $ 2,077 $ 1,964 Dominion Gas Regulatory assets: Unrecovered gas costs (3) $ 12 $ 11 Deferred rate adjustment clause costs (2) 12 10 Other 2 2 Regulatory assets-current 26 23 Unrecognized pension and other postretirement benefit costs (5) 358 282 Utility reform legislation (9) 99 65 Deferred rate adjustment clause costs (2) 79 82 Income taxes recoverable through future rates (8) 23 20 Other 18 — Regulatory assets-non-current 577 449 Total regulatory assets $ 603 $ 472 Regulatory liabilities: PIPP (10) $ 28 $ 46 Other 7 9 Regulatory liabilities-current 35 55 Provision for future cost of removal and AROs (11) 174 170 Other 45 31 Regulatory liabilities-non-current 219 201 Total regulatory liabilities $ 254 $ 256 (1) Legislation enacted in Virginia in April 2014 requires Virginia Power to defer operation and maintenance costs incurred in connection with the refueling of any nuclear-powered generating plant. These deferred costs will be amortized over the refueling cycle, not to exceed 18 months. (2) Primarily reflects deferrals under the electric transmission FERC formula rate and the deferral of costs associated with certain current and prospective rider projects for Virginia Power and deferrals of costs associated with certain current and prospective rider projects for Dominion Gas. See Note 13 for more information. (3) Reflects unrecovered gas costs at regulated gas operations, which are recovered through filings with the applicable regulatory authority. (4) Reflects deferred fuel expenses for the Virginia and North Carolina jurisdictions of Dominion's and Virginia Power’s generation operations. See Note 13 for more information. (5) Represents unrecognized pension and other postretirement employee benefit costs expected to be recovered through future rates generally over the expected remaining service period of plan participants by certain of Dominion’s and Dominion Gas' rate-regulated subsidiaries. (6) Reflects amount related to the PJM transmission cost allocation matter. See Note 13 for more information. (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) Amounts to be recovered through future rates to pay income taxes that become payable when rate revenue is provided to recover AFUDC-equity and depreciation of property, plant and equipment for which deferred income taxes were not recognized for ratemaking purposes, including amounts attributable to tax rate changes. (9) Ohio legislation under House Bill 95, which became effective in September 2011. This law updates natural gas legislation by enabling gas companies to include more up-to-date cost levels when filing rate cases. It also allows gas companies to seek approval of capital expenditure plans under which gas companies can recognize carrying costs on associated capital investments placed in service and can defer the carrying costs plus depreciation and property tax expenses for recovery from ratepayers in the future. (10) Under PIPP, eligible customers can make reduced payments based on their ability to pay. The difference between the customer’s total bill and the PIPP plan amount is deferred and collected or returned annually under the PIPP rate adjustment clause according to East Ohio tariff provisions. See Note 13 for more information. (11) Rates charged to customers by the Companies’ regulated businesses include a provision for the cost of future activities to remove assets that are expected to be incurred at the time of retirement. (12) Primarily reflects a regulatory liability representing amounts collected from Virginia jurisdictional customers and placed in external trusts (including income, losses and changes in fair value thereon) for the future decommissioning of Virginia Power’s utility nuclear generation stations, in excess of the related AROs. |
Schedule of Regulatory Liabilities | Regulatory assets and liabilities include the following: At December 31, 2016 2015 (millions) Dominion Regulatory assets: Deferred nuclear refueling outage costs (1) $ 71 $ 75 Deferred rate adjustment clause costs (2) 63 90 Unrecovered gas costs (3) 19 12 Deferred cost of fuel used in electric generation (4) — 111 Other 91 63 Regulatory assets-current 244 351 Unrecognized pension and other postretirement benefit costs (5) 1,401 1,015 Deferred rate adjustment clause costs (2) 329 295 PJM transmission rates (6) 192 192 Derivatives (7) 174 110 Income taxes recoverable through future rates (8) 123 126 Utility reform legislation (9) 99 65 Other 155 62 Regulatory assets-non-current 2,473 1,865 Total regulatory assets $ 2,717 $ 2,216 Regulatory liabilities: Deferred cost of fuel used in electric generation (4) $ 61 $ — PIPP (10) 28 46 Other 74 54 Regulatory liabilities-current 163 100 Provision for future cost of removal and AROs (11) 1,427 1,120 Nuclear decommissioning trust (12) 902 804 Derivatives (7) 69 79 Deferred cost of fuel used in electric generation (4) 14 97 Other 210 185 Regulatory liabilities-non-current 2,622 2,285 Total regulatory liabilities $ 2,785 $ 2,385 Virginia Power Regulatory assets: Deferred nuclear refueling outage costs (1) $ 71 $ 75 Deferred rate adjustment clause costs (2) 51 80 Deferred cost of fuel used in electric generation (4) — 111 Other 57 60 Regulatory assets-current 179 326 Deferred rate adjustment clause costs (2) 246 213 PJM transmission rates (6) 192 192 Derivatives (7) 133 110 Income taxes recoverable through future rates (8) 76 97 Other 123 55 Regulatory assets-non-current 770 667 Total regulatory assets $ 949 $ 993 Regulatory liabilities: Deferred cost of fuel used in electric generation (4) $ 61 $ — Other 54 35 Regulatory liabilities-current 115 35 Provision for future cost of removal (11) 946 890 Nuclear decommissioning trust (12) 902 804 Derivatives (7) 69 79 Deferred cost of fuel used in electric generation (4) 14 97 Other 31 59 Regulatory liabilities-non-current 1,962 1,929 Total regulatory liabilities $ 2,077 $ 1,964 Dominion Gas Regulatory assets: Unrecovered gas costs (3) $ 12 $ 11 Deferred rate adjustment clause costs (2) 12 10 Other 2 2 Regulatory assets-current 26 23 Unrecognized pension and other postretirement benefit costs (5) 358 282 Utility reform legislation (9) 99 65 Deferred rate adjustment clause costs (2) 79 82 Income taxes recoverable through future rates (8) 23 20 Other 18 — Regulatory assets-non-current 577 449 Total regulatory assets $ 603 $ 472 Regulatory liabilities: PIPP (10) $ 28 $ 46 Other 7 9 Regulatory liabilities-current 35 55 Provision for future cost of removal and AROs (11) 174 170 Other 45 31 Regulatory liabilities-non-current 219 201 Total regulatory liabilities $ 254 $ 256 (1) Legislation enacted in Virginia in April 2014 requires Virginia Power to defer operation and maintenance costs incurred in connection with the refueling of any nuclear-powered generating plant. These deferred costs will be amortized over the refueling cycle, not to exceed 18 months. (2) Primarily reflects deferrals under the electric transmission FERC formula rate and the deferral of costs associated with certain current and prospective rider projects for Virginia Power and deferrals of costs associated with certain current and prospective rider projects for Dominion Gas. See Note 13 for more information. (3) Reflects unrecovered gas costs at regulated gas operations, which are recovered through filings with the applicable regulatory authority. (4) Reflects deferred fuel expenses for the Virginia and North Carolina jurisdictions of Dominion's and Virginia Power’s generation operations. See Note 13 for more information. (5) Represents unrecognized pension and other postretirement employee benefit costs expected to be recovered through future rates generally over the expected remaining service period of plan participants by certain of Dominion’s and Dominion Gas' rate-regulated subsidiaries. (6) Reflects amount related to the PJM transmission cost allocation matter. See Note 13 for more information. (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) Amounts to be recovered through future rates to pay income taxes that become payable when rate revenue is provided to recover AFUDC-equity and depreciation of property, plant and equipment for which deferred income taxes were not recognized for ratemaking purposes, including amounts attributable to tax rate changes. (9) Ohio legislation under House Bill 95, which became effective in September 2011. This law updates natural gas legislation by enabling gas companies to include more up-to-date cost levels when filing rate cases. It also allows gas companies to seek approval of capital expenditure plans under which gas companies can recognize carrying costs on associated capital investments placed in service and can defer the carrying costs plus depreciation and property tax expenses for recovery from ratepayers in the future. (10) Under PIPP, eligible customers can make reduced payments based on their ability to pay. The difference between the customer’s total bill and the PIPP plan amount is deferred and collected or returned annually under the PIPP rate adjustment clause according to East Ohio tariff provisions. See Note 13 for more information. (11) Rates charged to customers by the Companies’ regulated businesses include a provision for the cost of future activities to remove assets that are expected to be incurred at the time of retirement. (12) Primarily reflects a regulatory liability representing amounts collected from Virginia jurisdictional customers and placed in external trusts (including income, losses and changes in fair value thereon) for the future decommissioning of Virginia Power’s utility nuclear generation stations, in excess of the related AROs. |
Asset Retirement Obligations (T
Asset Retirement Obligations (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Asset Retirement Obligation [Abstract] | |
Changes to Asset Retirement Obligations | The changes to AROs during 2015 and 2016 were as follows: Amount (millions) Dominion AROs at December 31, 2014 $ 1,714 Obligations incurred during the period (1) 315 Obligations settled during the period (106 ) Revisions in estimated cash flows (1) 88 Accretion 93 Other (1 ) AROs at December 31, 2015 (2) $ 2,103 Obligations incurred during the period (3) 204 Obligations settled during the period (171 ) Revisions in estimated cash flows (1) 245 Accretion 104 AROs at December 31, 2016 (2) $ 2,485 Virginia Power AROs at December 31, 2014 $ 855 Obligations incurred during the period (1) 289 Obligations settled during the period (39 ) Revisions in estimated cash flows (1) 92 Accretion 50 AROs at December 31, 2015 $ 1,247 Obligations incurred during the period 9 Obligations settled during the period (115 ) Revisions in estimated cash flows (1) 245 Accretion 57 AROs at December 31, 2016 $ 1,443 Dominion Gas AROs at December 31, 2014 $ 147 Obligations incurred during the period 5 Obligations settled during the period (6 ) Revisions in estimated cash flows (5 ) Accretion 9 Other (1 ) AROs at December 31, 2015 (4) $ 149 Obligations incurred during the period 6 Obligations settled during the period (8 ) Revisions in estimated cash flows — Accretion 9 AROs at December 31, 2016 (4) $ 156 (1) Primarily reflects future ash pond and landfill closure costs at certain utility generation facilities. See Note 22 for further information. (2) Includes $216 million and $249 million reported in other current liabilities at December 31, 2015, and 2016, respectively. (3) Primarily reflects AROs assumed in the Dominion Questar Combination. See Note 3 for further information. (4) Includes $137 million and $147 million reported in other deferred credits and other liabilities, with the remainder recorded in other current liabilities, at December 31, 2015 and 2016, respectively. |
Short-Term Debt and Credit Ag50
Short-Term Debt and Credit Agreements (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
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 Limit Outstanding Outstanding Facility (millions) At December 31, 2016 Joint revolving credit facility (1)(2) $ 5,000 $ 3,155 $ — $ 1,845 Joint revolving credit facility (1) 500 — 85 415 Total $ 5,500 $ 3,155 (3) $ 85 $ 2,260 At December 31, 2015 Joint revolving credit facility (1) $ 4,000 $ 3,353 $ — $ 647 Joint revolving credit facility (1) 500 156 59 285 Total $ 4,500 $ 3,509 (3) $ 59 $ 932 (1) In May 2016, the maturity dates for these facilities were extended from April 2019 to April 2020. These credit facilities can be used to support bank borrowings and the issuance of commercial paper, as well as to support up to a combined $2.0 billion of letters of credit. (2) In January 2016, this facility limit was increased from $4.0 billion to $5.0 billion . (3) The weighted-average interest rates of the outstanding commercial paper supported by Dominion’s credit facilities were 1.05% and 0.62% at December 31, 2016 and 2015, 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 under its joint credit facilities with Dominion, Dominion Gas and Questar Gas were as follows: Facility Limit (1) Outstanding Commercial Paper Outstanding Letters of Credit (millions) At December 31, 2016 Joint revolving credit facility (1)(2) $ 5,000 $ 65 $ — Joint revolving credit facility (1) 500 — 1 Total $ 5,500 $ 65 (3) $ 1 At December 31, 2015 Joint revolving credit facility (1) $ 4,000 $ 1,500 $ — Joint revolving credit facility (1) 500 156 — Total $ 4,500 $ 1,656 (3) $ — (1) The full amount of the facilities is available to Virginia Power, less any amounts outstanding to co-borrowers Dominion, Dominion Gas and Questar Gas. Sub-limits for Virginia Power are set within the facility limit but can be changed at the option of Dominion, Dominion Gas and Questar Gas multiple times per year. At December 31, 2016, the sub-limit for Virginia Power was an aggregate $2.0 billion . If Virginia Power has liquidity needs in excess of its sub-limit, the sub-limit may be changed or such needs may be satisfied through short-term intercompany borrowings from Dominion. In May 2016, the maturity dates for these facilities were extended from April 2019 to April 2020. These credit facilities can be used to support bank borrowings and the issuance of commercial paper, as well as to support up to $2.0 billion (or the sub-limit, whichever is less) of letters of credit. (2) In January 2016, this facility limit was increased from $4.0 billion to $5.0 billion . (3) The weighted-average interest rates of the outstanding commercial paper supported by these credit facilities were 0.97% and 0.60% at December 31, 2016 and 2015, respectively. |
Dominion Gas Holdings, LLC | |
Short term Debt [Line Items] | |
Commercial paper bank loans and letters of credit outstanding as well as capacity available under credit facilities | Dominion Gas' share of commercial paper and letters of credit outstanding under its joint credit facilities with Dominion, Virginia Power and Questar Gas were as follows: Facility Limit (1) Outstanding Commercial Paper Outstanding Letters of Credit (millions) At December 31, 2016 Joint revolving credit facility (1) $ 1,000 $ 460 $ — Joint revolving credit facility (1) 500 — — Total $ 1,500 $ 460 (2) $ — At December 31, 2015 Joint revolving credit facility (1) $ 1,000 $ 391 $ — Joint revolving credit facility (1) 500 — — Total $ 1,500 $ 391 (2) $ — (1) A maximum of a combined $1.5 billion of the facilities is available to Dominion Gas, assuming adequate capacity is available after giving effect to uses by co-borrowers Dominion, Virginia Power and Questar Gas. Sub-limits for Dominion Gas are set within the facility limit but can be changed at the option of the Companies multiple times per year. In November 2016, the aggregate sub-limit for Dominion Gas was decreased from $750 million to $500 million . If Dominion Gas has liquidity needs in excess of its sub-limit, the sub-limit may be changed or such needs may be satisfied through short-term intercompany borrowings from Dominion. In May 2016, the maturity dates for these facilities were extended from April 2019 to April 2020. These credit facilities can be used to support bank borrowings and the issuance of commercial paper, as well as to support up to $1.5 billion (or the sub-limit, whichever is less) of letters of credit. (2) The weighted-average interest rate of the outstanding commercial paper supported by these credit facilities was 1.00% and 0.63% at December 31, 2016 and 2015, respectively. |
Long-Term Debt (Tables)
Long-Term Debt (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Long-term Debt, Unclassified [Abstract] | |
Long term Debt | At December 31, 2016 Weighted- average Coupon (1) 2016 2015 (millions, except percentages) Dominion Gas Holdings, LLC: Unsecured Senior Notes: 1.05% to 2.8%, due 2016 to 2020 2.68 % $ 1,150 $ 1,550 2.875% to 4.8%, due 2023 to 2044 (2) 3.90 % 2,413 1,750 Dominion Gas Holdings, LLC total principal $ 3,563 $ 3,300 Securities due within one year — (400 ) Unamortized discount and debt issuance costs (35 ) (31 ) Dominion Gas Holdings, LLC total long-term debt $ 3,528 $ 2,869 Virginia Electric and Power Company: Unsecured Senior Notes: 1.2% to 8.625%, due 2016 to 2019 4.93 % $ 1,804 $ 2,261 2.75% to 8.875%, due 2022 to 2046 4.59 % 7,940 6,292 Tax-Exempt Financings (3) : Variable rates, due 2016 to 2027 1.22 % 175 194 1.75% to 5.6%, due 2023 to 2041 2.25 % 678 678 Virginia Electric and Power Company total principal $ 10,597 $ 9,425 Securities due within one year 5.47 % (678 ) (476 ) Unamortized discount, premium and debt issuances costs, net (67 ) (57 ) Virginia Electric and Power Company total long-term debt $ 9,852 $ 8,892 Dominion Resources, Inc.: Unsecured Senior Notes: Variable rate, due 2016 $ — $ 600 1.25% to 6.4%, due 2016 to 2021 2.83 % 5,400 3,900 2.75% to 7.0%, due 2022 to 2044 4.68 % 4,999 4,599 Tax-Exempt Financing, variable rate, due 2041 1.41 % 75 75 Unsecured Junior Subordinated Notes: 2.962% and 4.104%, due 2019 and 2021 3.53 % 1,100 — Payable to Affiliated Trust, 8.4% due 2031 8.40 % 10 10 Enhanced Junior Subordinated Notes: 5.25% to 7.5%, due 2054 to 2076 5.48 % 1,485 971 Variable rates, due 2066 3.45 % 422 377 Remarketable Subordinated Notes, 1.07% to 2.0%, due 2019 to 2024 1.79 % 2,400 2,100 Unsecured Debentures and Senior Notes: 6.8% and 6.875%, due 2026 and 2027 (4) 6.81 % 89 89 Term Loan, variable rate, due 2017 (5) 1.85 % 250 — Unsecured Senior and Medium-Term Notes (5) : 5.31% to 6.85%, due 2017 and 2018 5.84 % 135 — 2.98% to 7.20%, due 2024 to 2051 4.57 % 500 — Term Loan, variable rate, due 2023 (6) 4.75 % 405 — Tax-Exempt Financing, 1.55%, due 2033 (7) 1.55 % 27 27 Dominion Midstream Partners, LP: Term Loan, variable rate, due 2019 2.19 % 300 — Unsecured Senior and Medium-Term Notes, 5.83% and 6.48%, due 2018 (8) 5.84 % 255 — Unsecured Senior Notes, 4.875%, due 2041 (8) 4.88 % 180 — Dominion Gas Holdings, LLC total principal (from above) 3,563 3,300 Virginia Electric and Power Company total principal (from above) 10,597 9,425 Dominion Resources, Inc. total principal $ 32,192 $ 25,473 Fair value hedge valuation (9) (1 ) 7 Securities due within one year (10) 3.13 % (1,709 ) (1,825 ) Unamortized discount, premium and debt issuance costs, net (251 ) (187 ) Dominion Resources, Inc. total long-term debt $ 30,231 $ 23,468 (1) Represents weighted-average coupon rates for debt outstanding as of December 31, 2016. (2) Beginning June 30, 2016, amount includes foreign currency remeasurement adjustments. (3) These financings relate to certain pollution control equipment at Virginia Power's generating facilities. Certain variable rate tax-exempt financings are supported by a $100 million credit facility that terminates in April 2020. (4) Represents debt assumed by Dominion from the merger of its former CNG subsidiary. (5) Represents debt obligations of Dominion Questar or Dominion Gas. See Note 3 for more information. (6) Represents debt associated with SBL Holdco. The debt is nonrecourse to Dominion and is secured by SBL Holdco's interest in certain merchant solar facilities. (7) Represents debt obligations of a DEI subsidiary. (8) Represents debt obligations of Questar Pipeline. See Note 3 for more information. (9) Represents the valuation of certain fair value hedges associated with Dominion's fixed rate debt. (10) 2015 excludes $100 million of variable rate short-term notes that were purchased and cancelled in February 2016 using proceeds from the issuance of long-term debt. The notes would have otherwise matured in May 2016 |
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, 2016, were as follows: 2017 2018 2019 2020 2021 Thereafter Total (millions, except percentages) Dominion Gas $ — $ — $ 450 $ 700 $ — $ 2,413 $ 3,563 Weighted-average Coupon 2.50 % 2.80 % 3.90 % Virginia Power Unsecured Senior Notes $ 604 $ 850 $ 350 $ — $ — $ 7,940 $ 9,744 Tax-Exempt Financings 75 — — — — 778 853 Total $ 679 $ 850 $ 350 $ — $ — $ 8,718 $ 10,597 Weighted-average Coupon 5.47 % 4.17 % 5.00 % 4.37 % Dominion Term Loans $ 268 $ 20 $ 321 $ 19 $ 19 $ 308 $ 955 Unsecured Senior Notes (including Medium-Term Notes) 1,368 3,275 2,500 700 900 16,122 24,865 Tax-Exempt Financings 75 — — — — 880 955 Unsecured Junior Subordinated Notes Payable to Affiliated Trusts — — — — — 10 10 Unsecured Junior Subordinated Notes — — 550 — 550 — 1,100 Enhanced Junior Subordinated Notes — — — — — 1,907 1,907 Remarketable Subordinated Notes — — — 1,000 700 700 2,400 Total $ 1,711 $ 3,295 $ 3,371 $ 1,719 $ 2,169 $ 19,927 $ 32,192 Weighted-average Coupon 3.13 % 3.62 % 3.09 % 2.07 % 3.12 % 4.38 % |
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) 7/1/2014 20 $ 982.0 $ 1,000.0 1.500 % 4.875 % $ 142.8 7/1/2017 7/1/2020 8/15/2016 (2) 28 $ 1,374.8 $ 1,400.0 2.000 % (3) 4.750 % $ 190.6 8/15/2019 (1) Payments of $94 million and $101 million were made in 2016 and 2015, respectively, including payments for the remarketed 2013 Series A and B notes. The stock purchase contract liability was $212 million and $115 million at December 31, 2016 and 2015, respectively. (2) The maturity dates of the $700 million Series A-1 RSNs and $700 million Series A-2 RSNs are August 15, 2021 and August 15, 2024, respectively. (3) Annual interest rate applies to each of the Series A-1 RSNs and Series A-2 RSNs. |
Equity (Tables)
Equity (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |
Schedule of Accumulated Other Comprehensive Income (Loss) | Presented in the table below is a summary of AOCI by component: At December 31, 2016 2015 (millions) Dominion Net deferred losses on derivatives-hedging activities, net of tax of $173 and $110 $ (280 ) $ (176 ) Net unrealized gains on nuclear decommissioning trust funds, net of tax of $(318) and $(281) 569 504 Net unrecognized pension and other postretirement benefit costs, net of tax of $691 and $525 (1,082 ) (797 ) Other comprehensive loss from equity method investees, net of tax of $4 and $4 (6 ) (5 ) Total AOCI $ (799 ) $ (474 ) Virginia Power Net deferred losses on derivatives-hedging activities, net of tax of $5 and $4 $ (8 ) $ (7 ) Net unrealized gains on nuclear decommissioning trust funds, net of tax of $(35) and $(30) 54 47 Total AOCI $ 46 $ 40 Dominion Gas Net deferred losses on derivatives-hedging activities, net of tax of $15 and $10 $ (24 ) $ (17 ) Net unrecognized pension costs, net of tax of $68 and $56 (99 ) (82 ) Total AOCI $ (123 ) $ (99 ) 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, 2016 Beginning balance $ (176 ) $ 504 $ (797 ) $ (5 ) $ (474 ) Other comprehensive income before reclassifications: gains (losses) 55 93 (319 ) (1 ) (172 ) Amounts reclassified from AOCI: (gains) losses (1) (159 ) (28 ) 34 — (153 ) Net current period other comprehensive income (loss) (104 ) 65 (285 ) (1 ) (325 ) Ending balance $ (280 ) $ 569 $ (1,082 ) $ (6 ) $ (799 ) Year Ended December 31, 2015 Beginning balance $ (178 ) $ 548 $ (782 ) $ (4 ) $ (416 ) Other comprehensive income before reclassifications: gains (losses) 110 6 (66 ) (1 ) 49 Amounts reclassified from AOCI: (gains) losses (1) (108 ) (50 ) 51 — (107 ) Net current period other comprehensive income (loss) 2 (44 ) (15 ) (1 ) (58 ) Ending balance $ (176 ) $ 504 $ (797 ) $ (5 ) $ (474 ) (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, 2016 Deferred (gains) and losses on derivatives-hedging activities: Commodity contracts $ (330 ) Operating revenue 13 Purchased gas 10 Electric fuel and other energy-related purchases Interest rate contracts 31 Interest and related charges Foreign currency contracts 17 Other Income Total (259 ) Tax 100 Income tax expense Total, net of tax $ (159 ) Unrealized (gains) and losses on investment securities: Realized (gain) loss on sale of securities $ (66 ) Other income Impairment 23 Other income Total (43 ) Tax 15 Income tax expense Total, net of tax $ (28 ) Unrecognized pension and other postretirement benefit costs: Prior-service costs (credits) $ (15 ) Other operations and maintenance Actuarial losses 71 Other operations and maintenance Total 56 Tax (22 ) Income tax expense Total, net of tax $ 34 Year Ended December 31, 2015 Deferred (gains) and losses on derivatives-hedging activities: Commodity contracts $ (203 ) Operating revenue 15 Purchased gas 1 Electric fuel and other energy-related purchases Interest rate contracts 11 Interest and related charges Total (176 ) Tax 68 Income tax expense Total, net of tax $ (108 ) Unrealized (gains) and losses on investment securities: Realized (gain) loss on sale of securities $ (110 ) Other income Impairment 31 Other income Total (79 ) Tax 29 Income tax expense Total, net of tax $ (50 ) Unrecognized pension and other postretirement benefit costs: Prior-service costs (credits) $ (12 ) Other operations and maintenance Actuarial losses 98 Other operations and maintenance Total 86 Tax (35 ) Income tax expense Total, net of tax $ 51 |
Summary of restricted stock activity | The following table provides a summary of restricted stock activity for the years ended December 31, 2016, 2015 and 2014: Shares Weighted - average Grant Date Fair Value (thousands) Nonvested at December 31, 2013 1,007 $ 49.35 Granted 354 67.98 Vested (278 ) 44.50 Cancelled and forfeited (18 ) 53.61 Nonvested at December 31, 2014 1,065 $ 56.74 Granted 302 73.26 Vested (510 ) 50.71 Cancelled and forfeited (2 ) 62.62 Nonvested at December 31, 2015 855 $ 66.16 Granted 372 71.67 Vested (301 ) 56.83 Cancelled and forfeited (40 ) 71.75 Nonvested at December 31, 2016 886 $ 71.40 |
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, 2016, 2015 and 2014: Targeted Number of Shares Weighted - average Grant Date Fair Value (thousands) Nonvested at December 31, 2013 5 $ 53.85 Granted 13 68.83 Vested (1 ) 52.48 Nonvested at December 31, 2014 17 $ 65.15 Granted 14 72.72 Vested (7 ) 56.22 Nonvested at December 31, 2015 24 $ 72.27 Granted 12 69.93 Vested (10 ) 68.83 Cancelled and forfeited (3 ) 68.83 Nonvested at December 31, 2016 23 $ 72.99 |
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, 2016 Beginning balance $ (7 ) $ 47 $ 40 Other comprehensive income before reclassifications: gains (losses) (2 ) 11 9 Amounts reclassified from AOCI: (gains) losses (1) 1 (4 ) (3 ) Net current period other comprehensive income (loss) (1 ) 7 6 Ending balance $ (8 ) $ 54 $ 46 Year Ended December 31, 2015 Beginning balance $ (7 ) $ 57 $ 50 Other comprehensive income before reclassifications: gains (losses) (1 ) (4 ) (5 ) Amounts reclassified from AOCI: (gains) losses (1) 1 (6 ) (5 ) Net current period other comprehensive income (loss) — (10 ) (10 ) Ending balance $ (7 ) $ 47 $ 40 (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, 2016 (Gains) losses on cash flow hedges: Interest rate contracts $ 1 Interest and related charges Total 1 Tax — Income tax expense Total, net of tax $ 1 Unrealized (gains) and losses on investment securities: Realized (gain) loss on sale of securities $ (9 ) Other income Impairment 3 Other income Total (6 ) Tax 2 Income tax expense Total, net of tax $ (4 ) Year Ended December 31, 2015 (Gains) losses on cash flow hedges: Commodity contracts $ 1 Electric fuel and other energy-related purchases Total 1 Tax — Income tax expense Total, net of tax $ 1 Unrealized (gains) and losses on investment securities: Realized (gain) loss on sale of securities $ (14 ) Other income Impairment 4 Other income Total (10 ) Tax 4 Income tax expense Total, net of tax $ (6 ) |
Dominion Gas Holdings, LLC | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |
Schedule of Accumulated Other Comprehensive Income (Loss) | The following table presents Dominion Gas' changes in AOCI by component, net of tax: Deferred gains and losses on derivatives-hedging activities Unrecognized pension costs Total (millions) Year Ended December 31, 2016 Beginning balance $ (17 ) $ (82 ) $ (99 ) Other comprehensive income before reclassifications: losses (16 ) (20 ) (36 ) Amounts reclassified from AOCI (1): losses 9 3 12 Net current period other comprehensive loss (7 ) (17 ) (24 ) Ending balance $ (24 ) $ (99 ) $ (123 ) Year Ended December 31, 2015 Beginning balance $ (20 ) $ (66 ) $ (86 ) Other comprehensive income before reclassifications: gains (losses) 6 (20 ) (14 ) Amounts reclassified from AOCI (1) : (gains) losses (3 ) 4 1 Net current period other comprehensive income (loss) 3 (16 ) (13 ) Ending balance $ (17 ) $ (82 ) $ (99 ) (1) See table below for details about these reclassifications. |
Reclassification out of Accumulated Other Comprehensive Income | The following table presents Dominion Gas' reclassifications out of AOCI by component: Details about AOCI components Amounts reclassified from AOCI Affected line item in the Consolidated Statements of Income (millions) Year Ended December 31, 2016 Deferred (gains) and losses on derivatives-hedging activities: Commodity contracts $ (4 ) Operating revenue Interest rate contracts 2 Interest and related charges Foreign currency contracts 17 Other income Total 15 Tax (6 ) Income tax expense Total, net of tax $ 9 Unrecognized pension costs: Actuarial losses $ 5 Other operations and maintenance Total 5 Tax (2 ) Income tax expense Total, net of tax $ 3 Year Ended December 31, 2015 Deferred (gains) and losses on derivatives-hedging activities: Commodity contracts $ (6 ) Operating revenue Total (6 ) Tax 3 Income tax expense Total, net of tax $ (3 ) Unrecognized pension costs: Actuarial losses $ 7 Other operations and maintenance Total 7 Tax (3 ) Income tax expense Total, net of tax $ 4 |
Employee Benefit Plans (Tables)
Employee Benefit Plans (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
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 Year Ended December 31, 2016 2015 2016 2015 (millions, except percentages) Dominion Changes in benefit obligation: Benefit obligation at beginning of year $ 6,391 $ 6,667 $ 1,430 $ 1,571 Dominion Questar Combination 817 — 85 — Service cost 118 126 31 40 Interest cost 317 287 65 67 Benefits paid (286 ) (246 ) (83 ) (79 ) Actuarial (gains) losses during the year 784 (443 ) 166 (138 ) Plan amendments (1) — — (216 ) (31 ) Settlements and curtailments (2) (9 ) — — — Benefit obligation at end of year $ 8,132 $ 6,391 $ 1,478 $ 1,430 Changes in fair value of plan assets: Fair value of plan assets at beginning of year $ 6,166 $ 6,480 $ 1,382 $ 1,402 Dominion Questar Combination 704 — 45 — Actual return (loss) on plan assets 426 (71 ) 108 (1 ) Employer contributions 15 3 12 12 Benefits paid (286 ) (246 ) (35 ) (31 ) Settlements (2) (9 ) — — — Fair value of plan assets at end of year $ 7,016 $ 6,166 $ 1,512 $ 1,382 Funded status at end of year $ (1,116 ) $ (225 ) $ 34 $ (48 ) Amounts recognized in the Consolidated Balance Sheets at December 31: Noncurrent pension and other postretirement benefit assets $ 930 $ 931 $ 148 $ 12 Other current liabilities (43 ) (14 ) (5 ) (3 ) Noncurrent pension and other postretirement benefit liabilities (2,003 ) (1,142 ) (109 ) (57 ) Net amount recognized $ (1,116 ) $ (225 ) $ 34 $ (48 ) Significant assumptions used to determine benefit obligations as of December 31: Discount rate 3.31% - 4.50% 4.96% - 4.99% 3.92% - 4.47% 4.93% - 4.94% Weighted average rate of increase for compensation 4.09 % 4.22 % 3.29 % 4.22 % Dominion Gas Changes in benefit obligation: Benefit obligation at beginning of year $ 608 $ 638 $ 292 $ 320 Service cost 13 15 5 7 Interest cost 30 27 14 14 Benefits paid (32 ) (29 ) (19 ) (18 ) Actuarial (gains) losses during the year 64 (43 ) 28 (31 ) Benefit obligation at end of year $ 683 $ 608 $ 320 $ 292 Changes in fair value of plan assets: Fair value of plan assets at beginning of year $ 1,467 $ 1,510 $ 283 $ 288 Actual return (loss) on plan assets 107 (14 ) 23 1 Employer contributions — — 12 12 Benefits paid (32 ) (29 ) (19 ) (18 ) Fair value of plan assets at end of year $ 1,542 $ 1,467 $ 299 $ 283 Funded status at end of year $ 859 $ 859 $ (21 ) $ (9 ) Amounts recognized in the Consolidated Balance Sheets at December 31: Noncurrent pension and other postretirement benefit assets $ 859 $ 859 $ — $ — Noncurrent pension and other postretirement benefit liabilities (3) — — (21 ) (9 ) Net amount recognized $ 859 $ 859 $ (21 ) $ (9 ) Significant assumptions used to determine benefit obligations as of December 31: Discount rate 4.50 % 4.99 % 4.47 % 4.93 % Weighted average rate of increase for compensation 4.11 % 3.93 % n/a 3.93 % (1) 2016 amount relates primarily to a plan amendment that changed post- 65 retiree medical coverage for certain current and future Local 50 retirees effective April 1, 2017. 2015 amount relates primarily to a plan amendment that changed retiree medical benefits for certain nonunion employees after Medicare eligibility. (2) Relates primarily to a settlement for certain executives. (3) 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, 2016 2015 2016 2015 (millions) Dominion Benefit obligation $ 7,386 $ 5,728 $ 470 $ 359 Fair value of plan assets 5,340 4,571 356 299 Dominion Gas Benefit obligation $ — $ — $ 320 $ 292 Fair value of plan assets — — 299 283 |
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, 2016 2015 (millions) Accumulated benefit obligation $ 5,987 $ 5,198 Fair value of plan assets 4,653 4,571 |
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 2017 $ 380 $ 92 2018 361 96 2019 373 97 2020 398 99 2021 415 100 2022-2026 2,345 490 Dominion Gas 2017 $ 33 $ 17 2018 35 18 2019 37 19 2020 38 19 2021 40 20 2022-2026 211 101 |
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: At December 31, 2016 2015 Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total (millions) Dominion Cash and cash equivalents $ 12 $ 2 $ — $ 14 $ 16 $ — $ — $ 16 Common and preferred stocks: U.S. 1,705 — — 1,705 1,736 — — 1,736 International 928 — — 928 786 — — 786 Insurance contracts — 334 — 334 — 330 — 330 Corporate debt instruments 35 682 — 717 44 695 — 739 Government securities 13 522 — 535 85 390 — 475 Total recorded at fair value $ 2,693 $ 1,540 $ — $ 4,233 $ 2,667 $ 1,415 $ — $ 4,082 Assets recorded at NAV (1) : Common/collective trust funds (2) 1,960 1,200 Alternative investments: Real estate funds 121 153 Private equity funds 506 465 Debt funds 153 170 Hedge funds 25 86 Total recorded at NAV $ 2,765 $ 2,074 Total investments (3) $ 6,998 $ 6,156 Dominion Gas Cash and cash equivalents $ 3 $ — $ — $ 3 $ 4 $ — $ — $ 4 Common and preferred stocks: U.S. 375 — — 375 413 — — 413 International 203 — — 203 187 — — 187 Insurance contracts — 73 — 73 — 78 — 78 Corporate debt instruments 8 150 — 158 10 165 — 175 Government securities 3 115 — 118 20 93 — 113 Total recorded at fair value $ 592 $ 338 $ — $ 930 $ 634 $ 336 $ — $ 970 Assets recorded at NAV (1) : Common/collective trust funds (4) 430 286 Alternative investments: Real estate funds 27 36 Private equity funds 111 111 Debt funds 34 40 Hedge funds 6 21 Total recorded at NAV $ 608 $ 494 Total investments (5) $ 1,538 $ 1,464 (1) These investments that are measured at fair value using the NAV per share (or its equivalent) as a practical expedient are not required to be categorized in the fair value hierarchy. (2) Also included in the common collective trust funds is the Northern Trust Collective Short-Term Investment Fund, totaling $167 million and $125 million at December 31, 2016 and 2015, respectively, which is comprised of money market instruments with short-term maturities used for temporary investment. 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. (3) Includes net assets related to pending sales of securities of $46 million , net accrued income of $19 million , and excludes net assets related to pending purchases of securities of $47 million at December 31, 2016. Includes net assets related to pending sales of securities of $112 million , net accrued income of $16 million , and excludes net assets related to pending purchases of securities of $118 million at December 31, 2015. (4) Also included in the common collective trust funds is the Northern Trust Collective Short-Term Investment Fund, totaling $37 million and $30 million at December 31, 2016 and 2015, respectively, which is comprised of money market instruments with short-term maturities used for temporary investment. 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. (5) Includes net assets related to pending sales of securities of $10 million , net accrued income of $4 million , and excludes net assets related to pending purchases of securities of $10 million at December 31, 2016. Includes net assets related to pending sales of securities of $27 million , net accrued income of $4 million , and excludes net assets related to pending purchases of securities of $28 million at December 31, 2015. 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: At December 31, 2016 2015 Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total (millions) Dominion Cash and cash equivalents $ 1 $ 1 $ — $ 2 $ 1 $ 1 $ — $ 2 Common and preferred stocks: U.S. 571 — — 571 531 — — 531 International 143 — — 143 134 — — 134 Insurance contracts — 19 — 19 — 18 — 18 Corporate debt instruments 2 40 — 42 3 38 — 41 Government securities 1 30 — 31 4 22 — 26 Total recorded at fair value $ 718 $ 90 $ — $ 808 $ 673 $ 79 $ — $ 752 Assets recorded at NAV (1) : Common/collective trust funds (2) 621 543 Alternative investments: Real estate funds 9 14 Private equity funds 59 54 Debt funds 12 14 Hedge funds 1 5 Total recorded at NAV $ 702 $ 630 Total investments (3) $ 1,510 $ 1,382 Dominion Gas Common and preferred stocks: U.S. $ 121 $ — $ — $ 121 $ 113 $ — $ — $ 113 International 24 — — 24 24 — — 24 Total recorded at fair value $ 145 $ — $ — $ 145 $ 137 $ — $ — $ 137 Assets recorded at NAV (1) : Common/collective trust funds (4) 140 132 Alternative investments: Real estate funds 1 2 Private equity funds 12 11 Debt funds 1 1 Total recorded at NAV $ 154 $ 146 Total investments $ 299 $ 283 (1) These investments that are measured at fair value using the NAV per share (or its equivalent) as a practical expedient are not required to be categorized in the fair value hierarchy. (2) Also included in the common collective trust funds is the Northern Trust Collective Short-Term Investment Fund, totaling $16 million and $9 million at December 31, 2016 and 2015, respectively, which is comprised of money market instruments with short-term maturities used for temporary investment. 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. (3) Includes net assets related to pending sales of securities of $5 million , net accrued income of $2 million , and excludes net assets related to pending purchases of securities of $5 million at December 31, 2016. (4) Also included in the common collective trust funds is the Northern Trust Collective Short-Term Investment Fund, totaling $2 million and $3 million at December 31, 2016 and 2015, respectively, which is comprised of money market instruments with short-term maturities used for temporary investment. 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. |
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, 2016 2015 2014 2016 2015 2014 (millions, except percentages) Dominion Service cost $ 118 $ 126 $ 114 $ 31 $ 40 $ 32 Interest cost 317 287 290 65 67 67 Expected return on plan assets (573 ) (531 ) (499 ) (118 ) (117 ) (111 ) Amortization of prior service (credit) cost 1 2 3 (35 ) (27 ) (28 ) Amortization of net actuarial loss 111 160 111 8 6 2 Settlements and curtailments 1 — 1 — — — Net periodic benefit (credit) cost $ (25 ) $ 44 $ 20 $ (49 ) $ (31 ) $ (38 ) Changes in plan assets and benefit obligations recognized in other comprehensive income and regulatory assets and liabilities: Current year net actuarial (gain) loss $ 931 $ 159 $ 784 $ 178 $ (18 ) $ 183 Prior service (credit) cost — — — (216 ) (31 ) 9 Settlements and curtailments (1 ) — (1 ) — — — Less amounts included in net periodic benefit cost: Amortization of net actuarial loss (111 ) (160 ) (111 ) (8 ) (6 ) (2 ) Amortization of prior service credit (cost) (1 ) (2 ) (3 ) 35 27 28 Total recognized in other comprehensive income and regulatory assets and liabilities $ 818 $ (3 ) $ 669 $ (11 ) $ (28 ) $ 218 Significant assumptions used to determine periodic cost: Discount rate 2.87% - 4.99% 4.40 % 5.20% - 5.30% 3.56% - 4.94% 4.40 % 4.20% - 5.10% Expected long-term rate of return on plan assets 8.75 % 8.75 % 8.75 % 8.50 % 8.50 % 8.50 % Weighted average rate of increase for compensation 4.22 % 4.22 % 4.21 % 4.22 % 4.22 % 4.22 % Healthcare cost trend rate (1) 7.00 % 7.00 % 7.00 % Rate to which the cost trend rate is assumed to decline (the ultimate trend rate) (1) 5.00 % 5.00 % 5.00 % Year that the rate reaches the ultimate trend rate (1)(2) 2020 2019 2018 Dominion Gas Service cost $ 13 $ 15 $ 12 $ 5 $ 7 $ 6 Interest cost 30 27 28 14 14 13 Expected return on plan assets (134 ) (126 ) (115 ) (23 ) (24 ) (23 ) Amortization of prior service (credit) cost — 1 1 1 (1 ) (1 ) Amortization of net actuarial loss 13 20 19 1 2 — Net periodic benefit (credit) cost $ (78 ) $ (63 ) $ (55 ) $ (2 ) $ (2 ) $ (5 ) Changes in plan assets and benefit obligations recognized in other comprehensive income and regulatory assets and liabilities: Current year net actuarial (gain) loss $ 91 $ 97 $ 43 $ 28 $ (9 ) $ 40 Prior service cost — — — — — 10 Less amounts included in net periodic benefit cost: Amortization of net actuarial loss (13 ) (20 ) (19 ) (1 ) (2 ) — Amortization of prior service credit (cost) — (1 ) (1 ) (1 ) 1 1 Total recognized in other comprehensive income and regulatory assets and liabilities $ 78 $ 76 $ 23 $ 26 $ (10 ) $ 51 Significant assumptions used to determine periodic cost: Discount rate 4.99 % 4.40 % 5.20 % 4.93 % 4.40 % 4.20% - 5.00% Expected long-term rate of return on plan assets 8.75 % 8.75 % 8.75 % 8.50 % 8.50 % 8.50 % Weighted average rate of increase for compensation 3.93 % 3.93 % 3.93 % 3.93 % 3.93 % 3.93 % Healthcare cost trend rate (1) 7.00 % 7.00 % 7.00 % Rate to which the cost trend rate is assumed to decline (the ultimate trend rate) (1) 5.00 % 5.00 % 5.00 % Year that the rate reaches the ultimate trend rate (1)(2) 2020 2019 2018 (1) Assumptions used to determine net periodic cost for the following year. (2) The Society of Actuaries model used to determine healthcare cost trend rates was updated in 2014. The new model converges to the ultimate trend rate much more quickly than previous models. |
Components of AOCI and regulatory assets and liabilities that have not been recognized as components of periodic benefit (credit) cost | The components of AOCI and regulatory assets and liabilities for Dominion’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, 2016 2015 2016 2015 (millions) Dominion Net actuarial loss $ 3,200 $ 2,381 $ 283 $ 114 Prior service (credit) cost 4 5 (419 ) (237 ) Total (1) $ 3,204 $ 2,386 $ (136 ) $ (123 ) Dominion Gas Net actuarial loss $ 458 $ 380 $ 60 $ 33 Prior service (credit) cost — 1 7 7 Total (2) $ 458 $ 381 $ 67 $ 40 (1) As of December 31, 2016, of the $3.2 billion and $(136) million related to pension benefits and other postretirement benefits, $1.9 billion and $(103) million , respectively, are included in AOCI, with the remainder included in regulatory assets and liabilities. As of December 31, 2015, of the $2.4 billion and $(123) million related to pension benefits and other postretirement benefits, $1.4 billion and $(90) million , respectively, are included in AOCI, with the remainder included in regulatory assets and liabilities. (2) As of December 31, 2016, of the $458 million related to pension benefits, $167 million is included in AOCI, with the remainder included in regulatory assets and liabilities; the $67 million related to other postretirement benefits is included entirely in regulatory assets and liabilities. As of December 31, 2015, of the $381 million related to pension benefits, $138 million is included in AOCI, with the remainder included in regulatory assets and liabilities; the $40 million related to other postretirement benefits is included entirely in regulatory assets and liabilities. |
Components of AOCI and regulatory assets and liabilities that are expected to be amortized as components of periodic benefit cost in 2017 | The following table provides the components of AOCI and regulatory assets and liabilities for Dominion’s and Dominion Gas’ (for employees represented by collective bargaining units) plans as of December 31, 2016 that are expected to be amortized as components of net periodic benefit (credit) cost in 2017: Pension Benefits Other Postretirement Benefits (millions) Dominion Net actuarial loss $ 161 $ 13 Prior service (credit) cost 1 (47 ) Dominion Gas Net actuarial loss $ 16 $ 2 Prior service (credit) 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 2017 $ 23 $ (18 ) Effect on other postretirement benefit obligation at December 31, 2016 152 (127 ) Dominion Gas Effect on net periodic cost for 2017 $ 5 $ (4 ) Effect on other postretirement benefit obligation at December 31, 2016 41 (34 ) |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
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 $ 1.70 Kewaunee 1.06 Virginia Power (1) Surry $ 1.70 North Anna 1.70 (1) Surry and North Anna share a blanket property limit of $200 million . |
Lease Commitments | Future minimum lease payments under noncancelable operating and capital leases that have initial or remaining lease terms in excess of one year as of December 31, 2016 are as follows: 2017 2018 2019 2020 2021 Thereafter Total (millions) Dominion $ 72 $ 69 $ 58 $ 39 $ 32 $ 238 $ 508 Virginia Power $ 33 $ 30 $ 24 $ 20 $ 16 $ 32 $ 155 Dominion Gas $ 27 $ 26 $ 21 $ 8 $ 5 $ 18 $ 105 |
Subsidiary guarantees | At December 31, 2016, Dominion had issued the following subsidiary guarantees: Maximum Exposure (millions) Commodity transactions (1) $ 2,074 Nuclear obligations (2) 169 Cove Point (3) 1,900 Solar (4) 1,130 Other (5) 545 Total (6) $ 5,818 (1) Guarantees related to commodity commitments of certain subsidiaries. These guarantees were provided to counterparties in order to facilitate physical and financial transaction related commodities and services. (2) Guarantees related to certain DEI subsidiaries' regarding all aspects of running a nuclear facility. (3) Guarantees related to Cove Point, in support of terminal services, transportation and construction. Cove Point has two guarantees that have no maximum limit and, therefore, are not included in this amount. (4) Includes guarantees to facilitate the development of solar projects. Also includes guarantees entered into by DEI on behalf of certain subsidiaries to facilitate the acquisition and development of solar projects. (5) Guarantees related to other miscellaneous contractual obligations such as leases, environmental obligations, construction projects and insurance programs. Due to the uncertainty of worker’s compensation claims, the parental guarantee has no stated limit. Also included are guarantees related to certain DEI subsidiaries' obligations for equity capital contributions and energy generation associated with Fowler Ridge and NedPower. As of December 31, 2016, Dominion's maximum remaining cumulative exposure under these equity funding agreements is $36 million through 2019 and its maximum annual future contributions could range from approximately $4 million to $19 million . (6) Excludes Dominion's guarantee for the construction of the new corporate office property discussed further within Lease Commitments above. |
Virginia Electric and Power Company | |
Loss Contingencies [Line Items] | |
Long-term Purchase Commitment | At December 31, 2016, 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: 2017 2018 2019 2020 2021 Thereafter Total (millions) Purchased electric capacity (1) $ 149 $ 93 $ 60 $ 52 $ 46 $ — $ 400 (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, 2016, the present value of Virginia Power's total commitment for capacity payments is $347 million . Capacity payments totaled $248 million , $305 million , and $330 million , and energy payments totaled $126 million , $198 million , and $304 million for the years ended 2016, 2015 and 2014, respectively. |
Related Party Transactions (Tab
Related Party Transactions (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
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: Year Ended December 31, 2016 2015 2014 (millions) Commodity purchases from affiliates $ 571 $ 555 $ 543 Services provided by affiliates (1) 454 422 432 Services provided to affiliates 22 22 22 (1) Includes capitalized expenditures of $144 million , $143 million and $146 million for the year ended December 31, 2016, 2015, and 2014, respectively. |
Dominion Gas Holdings, LLC | |
Related Party Transaction [Line Items] | |
Schedule of Related Party Transactions | DRS and other affiliates provide accounting, legal, finance and certain administrative and technical services to Dominion Gas. Dominion Gas provides certain services to related parties, including technical services. The financial statements for all years presented include costs for certain general, administrative and corporate expenses assigned by DRS to Dominion Gas on the basis of direct and allocated methods in accordance with Dominion Gas’ services agreements with DRS. Where costs incurred cannot be determined by specific identification, the costs are allocated based on the proportional level of effort devoted by DRS resources that is attributable to the entity, determined by reference to number of employees, salaries and wages and other similar measures for the relevant DRS service. Management believes the assumptions and methodologies underlying the allocation of general corporate overhead expenses are reasonable. The costs of these services follow: Year Ended December 31, 2016 2015 2014 (millions) Purchases of natural gas and transportation and storage services from affiliates $ 9 $ 10 $ 34 Sales of natural gas and transportation and storage services to affiliates 69 69 84 Services provided by related parties (1) 141 133 106 Services provided to related parties (2) 128 101 17 (1) Includes capitalized expenditures of $49 million , $57 million and $49 million for the year ended December 31, 2016, 2015, and 2014, respectively. (2) Amounts primarily attributable to Atlantic Coast Pipeline. The following table presents affiliated and related party balances reflected in Dominion Gas' Consolidated Balance Sheets: At December 31, 2016 2015 (millions) Other receivables (1) $ 10 $ 7 Customer receivables from related parties 1 4 Imbalances receivable from affiliates 2 1 Imbalances payable to affiliates (2) 4 — Affiliated notes receivable (3) 18 14 (1) Represents amounts due from Atlantic Coast Pipeline, a related party VIE. (2) Amounts are presented in other current liabilities in Dominion Gas' Consolidated Balance Sheets. (3) 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, 2016 | |
Segment Reporting Information [Line Items] | |
Segment Reporting Disclosure Other Information | A description of the operations included in the Companies' primary operating segments is as follows: Primary Operating Segment Description of Operations Dominion Virginia Power Dominion Gas DVP Regulated electric distribution X X Regulated electric transmission X X Dominion Generation Regulated electric fleet X X Merchant electric fleet X Dominion Energy Gas transmission and storage X (1) X Gas distribution and storage X X Gas gathering and processing X X LNG import and storage X Nonregulated retail energy marketing X (1) Includes remaining producer services activities. |
Schedule of Segment Reporting Information, by Segment | The following table presents segment information pertaining to Dominion's operations: Year Ended December 31, DVP Dominion Generation Dominion Energy Corporate and Other Adjustments & Eliminations Consolidated Total (millions) 2016 Total revenue from external customers $ 2,210 $ 6,747 $ 2,069 $ (7 ) $ 718 $ 11,737 Intersegment revenue 23 10 697 609 (1,339 ) — Total operating revenue 2,233 6,757 2,766 602 (621 ) 11,737 Depreciation, depletion and amortization 537 662 330 30 — 1,559 Equity in earnings of equity method investees — (16 ) 105 22 — 111 Interest income — 74 34 36 (78 ) 66 Interest and related charges 244 290 38 516 (78 ) 1,010 Income taxes 308 279 431 (363 ) — 655 Net income (loss) attributable to Dominion 484 1,397 726 (484 ) — 2,123 Investment in equity method investees — 228 1,289 44 — 1,561 Capital expenditures 1,320 2,440 2,322 43 — 6,125 Total assets (billions) 15.6 27.1 26.0 10.2 (7.3 ) 71.6 2015 Total revenue from external customers $ 2,091 $ 7,001 $ 1,877 $ (27 ) $ 741 $ 11,683 Intersegment revenue 20 15 695 554 (1,284 ) — Total operating revenue 2,111 7,016 2,572 527 (543 ) 11,683 Depreciation, depletion and amortization 498 591 262 44 — 1,395 Equity in earnings of equity method investees — (15 ) 60 11 — 56 Interest income — 64 25 13 (44 ) 58 Interest and related charges 230 262 27 429 (44 ) 904 Income taxes 307 465 423 (290 ) — 905 Net income (loss) attributable to Dominion 490 1,120 680 (391 ) — 1,899 Investment in equity method investees — 245 1,042 33 — 1,320 Capital expenditures 1,607 2,190 2,153 43 — 5,993 Total assets (billions) 14.7 25.6 15.2 8.9 (5.8 ) 58.6 2014 Total revenue from external customers $ 1,918 $ 7,135 $ 2,446 $ (12 ) $ 949 $ 12,436 Intersegment revenue 18 34 880 572 (1,504 ) — Total operating revenue 1,936 7,169 3,326 560 (555 ) 12,436 Depreciation, depletion and amortization 462 514 243 73 — 1,292 Equity in earnings of equity method investees — (18 ) 54 10 — 46 Interest income — 58 23 20 (33 ) 68 Interest and related charges 205 240 11 770 (33 ) 1,193 Income taxes 317 365 463 (693 ) — 452 Net income (loss) attributable to Dominion 502 1,061 717 (970 ) — 1,310 Capital expenditures 1,652 2,466 1,329 104 — 5,551 |
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 Generation Corporate and Other Adjustments & Eliminations Consolidated Total (millions) 2016 Operating revenue $ 2,217 $ 5,390 $ (19 ) $ — $ 7,588 Depreciation and amortization 537 488 — — 1,025 Interest income — — — — — Interest and related charges 244 219 — (2 ) 461 Income taxes 307 524 (104 ) 727 Net income (loss) 482 909 (173 ) — 1,218 Capital expenditures 1,313 1,336 — — 2,649 Total assets (billions) 15.6 17.8 — (0.1 ) 33.3 2015 Operating revenue $ 2,099 $ 5,566 $ (43 ) $ — $ 7,622 Depreciation and amortization 498 453 2 — 953 Interest income — 7 — — 7 Interest and related charges 230 210 4 (1 ) 443 Income taxes 308 437 (86 ) 659 Net income (loss) 490 750 (153 ) — 1,087 Capital expenditures 1,569 1,120 — — 2,689 Total assets (billions) 14.7 17.0 — (0.1 ) 31.6 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 |
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 Other Consolidated Total (millions) 2016 Operating revenue $ 1,638 $ — $ 1,638 Depreciation and amortization 214 (10 ) 204 Equity in earnings of equity method investees 21 — 21 Interest income 1 — 1 Interest and related charges 92 2 94 Income taxes 237 (22 ) 215 Net income (loss) 395 (3 ) 392 Investment in equity method investees 98 — 98 Capital expenditures 854 — 854 Total assets (billions) 10.5 0.6 11.1 2015 Operating revenue $ 1,716 $ — $ 1,716 Depreciation and amortization 213 4 217 Equity in earnings of equity method investees 23 — 23 Interest income 1 — 1 Interest and related charges 72 1 73 Income taxes 296 (13 ) 283 Net income (loss) 478 (21 ) 457 Investment in equity method investees 102 — 102 Capital expenditures 795 — 795 Total assets (billions) 9.7 0.6 10.3 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 Capital expenditures 719 — 719 |
Quarterly Financial and Commo57
Quarterly Financial and Common Stock Data (Unaudited) (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Condensed Financial Statements, Captions [Line Items] | |
Quarterly Financial and Common Stock Data | A summary of the Companies' quarterly results of operations for the years ended December 31, 2016 and 2015 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 Quarter Second Quarter Third Quarter Fourth Quarter Year (millions, except per share amounts) 2016 Operating revenue $ 2,921 $ 2,598 $ 3,132 $ 3,086 $ 11,737 Income from operations 882 781 1,145 819 3,627 Net income including noncontrolling interests 531 462 728 491 2,212 Net income attributable to Dominion 524 452 690 457 2,123 Basic EPS: Net income attributable to Dominion 0.88 0.73 1.10 0.73 3.44 Diluted EPS: Net income attributable to Dominion 0.88 0.73 1.10 0.73 3.44 Dividends declared per share 0.7000 0.7000 0.7000 0.7000 2.8000 Common stock prices (intraday high-low) $75.18 - 66.25 $77.93 - $78.97 - $77.32 - $78.97 - 2015 Operating revenue $ 3,409 $ 2,747 $ 2,971 $ 2,556 $ 11,683 Income from operations 1,002 773 1,123 638 3,536 Net income including noncontrolling interests 540 418 599 366 1,923 Net income attributable to Dominion 536 413 593 357 1,899 Basic EPS: Net income attributable to Dominion 0.91 0.70 1.00 0.60 3.21 Diluted EPS: Net income attributable to Dominion 0.91 0.70 1.00 0.60 3.20 Dividends declared per share 0.6475 0.6475 0.6475 0.6475 2.5900 Common stock prices (intraday high-low) $79.89 - 68.25 $74.34 - $76.59 - $74.88 - $79.89 - |
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 Quarter Second Quarter Third Quarter Fourth Quarter Year (millions) 2016 Operating revenue $ 1,890 $ 1,776 $ 2,211 $ 1,711 $ 7,588 Income from operations 514 553 914 369 2,350 Net income 263 280 503 172 1,218 2015 Operating revenue $ 2,137 $ 1,813 $ 2,058 $ 1,614 $ 7,622 Income from operations 525 481 741 374 2,121 Net income 269 246 385 187 1,087 |
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 Quarter Second Quarter Third Quarter Fourth Quarter Year (millions) 2016 Operating revenue $ 431 $ 368 $ 382 $ 457 $ 1,638 Income from operations 175 186 133 175 669 Net income 98 105 83 106 392 2015 Operating revenue $ 531 $ 395 $ 365 $ 425 $ 1,716 Income from operations 271 153 202 163 789 Net income 161 85 111 100 457 |
Nature of Operations (Narrative
Nature of Operations (Narrative) (Details) $ / shares in Units, $ in Millions | Dec. 31, 2016 | Sep. 30, 2015shares | Oct. 31, 2014USD ($)shares | Dec. 31, 2016segment | Oct. 20, 2014$ / shares |
Subsidiary, Sale of Stock [Line Items] | |||||
Number of operating segments | 3 | ||||
Dominion Midstream Partners, LP | Limited Partner | |||||
Subsidiary, Sale of Stock [Line Items] | |||||
Percentage of limited partner interests in Dominion Midstream Partners, LP | 50.90% | ||||
Dominion Midstream Partners, LP | Preferred Partner | |||||
Subsidiary, Sale of Stock [Line Items] | |||||
Percentage of limited partner interests in Dominion Midstream Partners, LP | 37.50% | ||||
Dominion Midstream Partners, LP | IPO | |||||
Subsidiary, Sale of Stock [Line Items] | |||||
Net proceeds received from sale of units | $ | $ 392 | ||||
Dominion Midstream Partners, LP | Iroquois | Partnership Interest | |||||
Subsidiary, Sale of Stock [Line Items] | |||||
Common units included in initial public offering | shares | 8,600,000 | ||||
Noncontrolling partnership percentage interest | 25.93% | 25.93% | |||
Dominion Midstream Partners, LP | IPO | |||||
Subsidiary, Sale of Stock [Line Items] | |||||
Common units included in initial public offering | shares | 20,125,000 | ||||
Price per unit for units included in initial public offering | $ / shares | $ 21 | ||||
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 Polici59
Significant Accounting Policies (Narrative) (Details) - USD ($) $ in Millions | 1 Months Ended | 12 Months Ended | |||
Mar. 31, 2016 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2015 | |
Accounting Policy [Line Items] | |||||
Accrued unbilled revenue | $ 631 | $ 462 | |||
Percentage of fuel currently subject to deferred fuel accounting | 84.00% | ||||
Accounts payable for checks outstanding | $ 24 | 27 | |||
Margin deposit assets | 82 | 16 | |||
Capitalized interest costs and AFUDC | 159 | 100 | $ 80 | ||
Virginia Electric and Power Company | |||||
Accounting Policy [Line Items] | |||||
Accrued unbilled revenue | 349 | 333 | |||
Refund received of income tax payments | $ 300 | ||||
Accounts payable for checks outstanding | 11 | 11 | |||
Capitalized interest costs | 21 | 30 | 39 | ||
AFUDC related to projects | 31 | 19 | 8 | ||
Dominion Gas Holdings, LLC | |||||
Accounting Policy [Line Items] | |||||
Accrued unbilled revenue | 134 | 98 | |||
Refund received of income tax payments | $ 92 | ||||
Accounts payable for checks outstanding | 9 | 7 | |||
Capitalized interest costs | 8 | 1 | $ 1 | ||
Inventory under LIFO method | 13 | 24 | |||
Amount exceeded on LIFO basis | 55 | 109 | |||
Federal | Virginia Electric and Power Company | |||||
Accounting Policy [Line Items] | |||||
Affiliated payables for estimated income taxes owed | 9 | ||||
Noncurrent income tax payable | 2 | ||||
Federal | Dominion Gas Holdings, LLC | |||||
Accounting Policy [Line Items] | |||||
Noncurrent income tax payable | 1 | ||||
State | Virginia Electric and Power Company | |||||
Accounting Policy [Line Items] | |||||
Income tax receivable | 6 | 10 | |||
Affiliated payables for estimated income taxes owed | 1 | ||||
Noncurrent income tax payable | 2 | ||||
Noncurrent income taxes receivable | 13 | 14 | |||
State | Dominion Gas Holdings, LLC | |||||
Accounting Policy [Line Items] | |||||
Income tax receivable | 1 | 4 | |||
Affiliated payables for estimated income taxes owed | 1 | ||||
Noncurrent income tax payable | 7 | 22 | |||
Affiliated Entity | Virginia Electric and Power Company | |||||
Accounting Policy [Line Items] | |||||
Income tax receivable | 112 | ||||
Affiliated Entity | Dominion Gas Holdings, LLC | |||||
Accounting Policy [Line Items] | |||||
Income tax receivable | 11 | 91 | |||
Affiliated Entity | Federal | Virginia Electric and Power Company | |||||
Accounting Policy [Line Items] | |||||
Income tax receivable | 122 | $ 296 | |||
Affiliated Entity | Federal | Dominion Gas Holdings, LLC | |||||
Accounting Policy [Line Items] | |||||
Income tax receivable | 10 | ||||
Affiliated Entity | State | Virginia Electric and Power Company | |||||
Accounting Policy [Line Items] | |||||
Affiliated payables for estimated income taxes owed | 10 | ||||
Affiliated Entity | State | Dominion Gas Holdings, LLC | |||||
Accounting Policy [Line Items] | |||||
Income tax receivable | $ 1 | ||||
Merchant Solar Projects | Disposal Group, Disposed of by Sale, Not Discontinued Operations | |||||
Accounting Policy [Line Items] | |||||
SunEdison's ownership percentage interest in merchant solar projects | 33.00% | 33.00% |
Significant Accounting Polici60
Significant Accounting Policies (Depreciation Rates and Estimated Useful Life) (Details) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016$ / Mcfe | Dec. 31, 2015 | Dec. 31, 2014USD ($) | |
Merchant generation-nuclear | |||
Public Utility, Property, Plant and Equipment [Line Items] | |||
Estimated Useful Lives | 44 years | ||
Cost of Service Gas and Oil Properties | |||
Public Utility, Property, Plant and Equipment [Line Items] | |||
Cost of service gas and oil properties rate (per Mcfe) | $ / Mcfe | 2.08 | ||
Virginia Electric and Power Company | |||
Public Utility, Property, Plant and Equipment [Line Items] | |||
Increase in depreciation | $ 38 | ||
Increase in depreciation, after tax | $ 23 | ||
Generation | |||
Public Utility, Property, Plant and Equipment [Line Items] | |||
Average composite depreciation rates on utility property, plant and equipment (percentage) | 2.83% | 2.78% | 2.66% |
Generation | Virginia Electric and Power Company | |||
Public Utility, Property, Plant and Equipment [Line Items] | |||
Average composite depreciation rates on utility property, plant and equipment (percentage) | 2.83% | 2.78% | 2.66% |
Transmission | |||
Public Utility, Property, Plant and Equipment [Line Items] | |||
Average composite depreciation rates on utility property, plant and equipment (percentage) | 2.47% | 2.42% | 2.38% |
Transmission | Virginia Electric and Power Company | |||
Public Utility, Property, Plant and Equipment [Line Items] | |||
Average composite depreciation rates on utility property, plant and equipment (percentage) | 2.36% | 2.33% | 2.34% |
Transmission | Dominion Gas Holdings, LLC | |||
Public Utility, Property, Plant and Equipment [Line Items] | |||
Average composite depreciation rates on utility property, plant and equipment (percentage) | 2.43% | 2.46% | 2.40% |
Distribution | |||
Public Utility, Property, Plant and Equipment [Line Items] | |||
Average composite depreciation rates on utility property, plant and equipment (percentage) | 3.02% | 3.11% | 3.12% |
Distribution | Virginia Electric and Power Company | |||
Public Utility, Property, Plant and Equipment [Line Items] | |||
Average composite depreciation rates on utility property, plant and equipment (percentage) | 3.32% | 3.33% | 3.34% |
Storage | |||
Public Utility, Property, Plant and Equipment [Line Items] | |||
Average composite depreciation rates on utility property, plant and equipment (percentage) | 2.29% | 2.42% | 2.39% |
Storage | Dominion Gas Holdings, LLC | |||
Public Utility, Property, Plant and Equipment [Line Items] | |||
Average composite depreciation rates on utility property, plant and equipment (percentage) | 2.19% | 2.44% | 2.40% |
Gas gathering and processing | |||
Public Utility, Property, Plant and Equipment [Line Items] | |||
Average composite depreciation rates on utility property, plant and equipment (percentage) | 2.66% | 3.19% | 2.81% |
Gas gathering and processing | Dominion Gas Holdings, LLC | |||
Public Utility, Property, Plant and Equipment [Line Items] | |||
Average composite depreciation rates on utility property, plant and equipment (percentage) | 2.58% | 3.20% | 2.82% |
Distribution | Dominion Gas Holdings, LLC | |||
Public Utility, Property, Plant and Equipment [Line Items] | |||
Average composite depreciation rates on utility property, plant and equipment (percentage) | 2.55% | 2.45% | 2.47% |
General and other | |||
Public Utility, Property, Plant and Equipment [Line Items] | |||
Average composite depreciation rates on utility property, plant and equipment (percentage) | 4.12% | 3.67% | 3.62% |
General and other | Virginia Electric and Power Company | |||
Public Utility, Property, Plant and Equipment [Line Items] | |||
Average composite depreciation rates on utility property, plant and equipment (percentage) | 3.49% | 3.40% | 3.29% |
General and other | Dominion Gas Holdings, LLC | |||
Public Utility, Property, Plant and Equipment [Line Items] | |||
Average composite depreciation rates on utility property, plant and equipment (percentage) | 4.54% | 4.72% | 5.77% |
Minimum | Merchant generation-other | |||
Public Utility, Property, Plant and Equipment [Line Items] | |||
Estimated Useful Lives | 15 years | ||
Minimum | Gas gathering and processing | |||
Public Utility, Property, Plant and Equipment [Line Items] | |||
Estimated Useful Lives | 3 years | ||
Minimum | General and other | |||
Public Utility, Property, Plant and Equipment [Line Items] | |||
Estimated Useful Lives | 5 years | ||
Minimum | Dominion Gas Holdings, LLC | Gas gathering and processing | |||
Public Utility, Property, Plant and Equipment [Line Items] | |||
Estimated Useful Lives | 10 years | ||
Maximum | Merchant generation-other | |||
Public Utility, Property, Plant and Equipment [Line Items] | |||
Estimated Useful Lives | 36 years | ||
Maximum | Gas gathering and processing | |||
Public Utility, Property, Plant and Equipment [Line Items] | |||
Estimated Useful Lives | 50 years | ||
Maximum | General and other | |||
Public Utility, Property, Plant and Equipment [Line Items] | |||
Estimated Useful Lives | 59 years | ||
Maximum | Dominion Gas Holdings, LLC | Gas gathering and processing | |||
Public Utility, Property, Plant and Equipment [Line Items] | |||
Estimated Useful Lives | 50 years |
Acquisitions and Dispositions61
Acquisitions and Dispositions (Acquisition of Dominion Questar) (Narrative) (Details) - USD ($) | Dec. 01, 2016 | Sep. 16, 2016 | Dec. 31, 2016 | Sep. 30, 2016 | Aug. 31, 2016 | Apr. 30, 2016 | Jul. 31, 2014 | Jun. 30, 2013 | Dec. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 |
Business Acquisition [Line Items] | |||||||||||||
Proceeds from issuance of short term notes | $ 1,200,000,000 | $ 600,000,000 | $ 400,000,000 | ||||||||||
Proceeds from issuance of common stock | 2,152,000,000 | 786,000,000 | 205,000,000 | ||||||||||
Other Commitment, Fiscal Year Maturity [Abstract] | |||||||||||||
Repayment of short-term notes | 1,800,000,000 | $ 400,000,000 | $ 400,000,000 | ||||||||||
Questar Pipeline, LLC | Dominion Midstream Partners, LP | Subsidiary of Common Parent | Disposal Group, Disposed of by Sale, Not Discontinued Operations | |||||||||||||
Other Commitment, Fiscal Year Maturity [Abstract] | |||||||||||||
Cash consideration | $ 823,000,000 | ||||||||||||
Debt financed distribution | 300,000,000 | ||||||||||||
Amount of consideration | 1,300,000,000 | ||||||||||||
Questar Pipeline, LLC | Dominion Midstream Partners, LP | Subsidiary of Common Parent | Partnership Interest | Disposal Group, Disposed of by Sale, Not Discontinued Operations | |||||||||||||
Other Commitment, Fiscal Year Maturity [Abstract] | |||||||||||||
Combined value of common and convertible preferred units | $ 467,000,000 | ||||||||||||
Questar Pipeline, LLC | Dominion Midstream Partners, LP | Limited Partner | Common Units | Disposal Group, Disposed of by Sale, Not Discontinued Operations | |||||||||||||
Other Commitment, Fiscal Year Maturity [Abstract] | |||||||||||||
Number of common units to be purchased | 6,656,839 | ||||||||||||
Questar Fueling Company | Disposal Group, Disposed of by Sale, Not Discontinued Operations | |||||||||||||
Other Commitment, Fiscal Year Maturity [Abstract] | |||||||||||||
Cash consideration | $ 28,000,000 | ||||||||||||
Senior Unsecured Promissory Note Payable | Questar Pipeline, LLC | Dominion Midstream Partners, LP | Limited Partner | Disposal Group, Disposed of by Sale, Not Discontinued Operations | Promissory note | |||||||||||||
Other Commitment, Fiscal Year Maturity [Abstract] | |||||||||||||
Repayments of promissory note | $ 301,000,000 | ||||||||||||
Private Placement Term Loan Agreement Maturing in September 2017 | Term loan agreement | Questar Pipeline, LLC | Disposal Group, Disposed of by Sale, Not Discontinued Operations | Scenario, Forecast | |||||||||||||
Other Commitment, Fiscal Year Maturity [Abstract] | |||||||||||||
Repayment of short-term notes | $ 1,200,000,000 | ||||||||||||
Underwritten Public Offering | |||||||||||||
Business Acquisition [Line Items] | |||||||||||||
Proceeds from issuance of common stock | $ 756,000,000 | ||||||||||||
Capital Unit, Class A | |||||||||||||
Business Acquisition [Line Items] | |||||||||||||
Issuance of common stock | $ 1,400,000,000 | $ 1,000,000,000 | $ 550,000,000 | ||||||||||
Dominion Questar Corporation | |||||||||||||
Business Acquisition [Line Items] | |||||||||||||
Price per share | $ 25 | ||||||||||||
Total consideration | $ 4,400,000,000 | ||||||||||||
Shares of Dominion Questar outstanding at closing | 175,500,000 | ||||||||||||
Proceeds from issuance of senior notes | 1,300,000,000 | ||||||||||||
Contributions to fund Dominion Questar's qualified and non-qualified defined benefit pension plans | $ 75,000,000 | ||||||||||||
Period after the closing date | 6 months | ||||||||||||
Other Commitment, Fiscal Year Maturity [Abstract] | |||||||||||||
Increase in net income | $ 379,000,000 | ||||||||||||
Increase in operating revenue | 73,000,000 | ||||||||||||
Dominion Questar Corporation | Other operations and maintenance expense | |||||||||||||
Other Commitment, Fiscal Year Maturity [Abstract] | |||||||||||||
Transaction and transition costs incurred | 58,000,000 | ||||||||||||
Dominion Questar Corporation | Interest and related charges | |||||||||||||
Other Commitment, Fiscal Year Maturity [Abstract] | |||||||||||||
Transaction and transition costs incurred | $ 16,000,000 | ||||||||||||
Dominion Questar Corporation | Commitment for Charitable Contributions | |||||||||||||
Other Commitment, Fiscal Year Maturity [Abstract] | |||||||||||||
Charitable contributions, next twelve months | $ 1,000,000 | ||||||||||||
Charitable contributions, second year | 1,000,000 | ||||||||||||
Charitable contributions, third year | 1,000,000 | ||||||||||||
Charitable contributions, fourth year | 1,000,000 | ||||||||||||
Charitable contributions, fifth year | $ 1,000,000 | ||||||||||||
Dominion Questar Corporation | Commitment for Charitable Contributions | Minimum | |||||||||||||
Other Commitment, Fiscal Year Maturity [Abstract] | |||||||||||||
Period for charitable contributions | 5 years | ||||||||||||
Dominion Questar Corporation | White River Hub, LLC | |||||||||||||
Business Acquisition [Line Items] | |||||||||||||
Ownership percentage | 50.00% | ||||||||||||
Dominion Questar Corporation | Term loan agreement | |||||||||||||
Business Acquisition [Line Items] | |||||||||||||
Proceeds from issuance of short term notes | $ 1,200,000,000 | ||||||||||||
Dominion Questar Corporation | Underwritten Public Offering | |||||||||||||
Business Acquisition [Line Items] | |||||||||||||
Proceeds from issuance of common stock | $ 500,000,000 | ||||||||||||
Dominion Questar Corporation | Capital Unit, Class A | |||||||||||||
Business Acquisition [Line Items] | |||||||||||||
Issuance of common stock | $ 1,400,000,000 |
Acquisitions and Dispositions62
Acquisitions and Dispositions (Schedule of Preliminary Allocation of Purchase Price to Assets Acquired and Liabilities Assumed) (Details) - USD ($) $ in Millions | Sep. 16, 2016 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Assets [Abstract] | |||||
Goodwill | [1] | $ 6,399 | $ 3,294 | $ 3,044 | |
Dominion Questar Corporation | |||||
Business Acquisition [Line Items] | |||||
Decrease to goodwill related modifications to preliminary valuation amounts | $ 6 | ||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Assets [Abstract] | |||||
Total current assets | $ 224 | ||||
Investments | [2] | 58 | |||
Property, plant and equipment | [3] | 4,131 | |||
Goodwill | 3,105 | ||||
Total deferred charges and other assets, excluding goodwill | 75 | ||||
Total Assets | 7,593 | ||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Liabilities [Abstract] | |||||
Total current liabilities | [4] | 793 | |||
Long-term debt | [5] | 963 | |||
Deferred income taxes | 801 | ||||
Regulatory liabilities | 259 | ||||
Asset retirement obligations | 160 | ||||
Other deferred credits and other liabilities | 220 | ||||
Total Liabilities | 3,196 | ||||
Total estimated purchase price | 4,397 | ||||
Short-term debt | 301 | ||||
Dominion Questar Corporation | Short Term Note, Variable Rate, Maturing in February 2017 | |||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Liabilities [Abstract] | |||||
Short-term note outstanding | $ 250 | ||||
Dominion Questar Corporation | Minimum | |||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Liabilities [Abstract] | |||||
Estimated Useful Lives | 9 years | ||||
Dominion Questar Corporation | Minimum | Unsecured Senior Notes, Maturities Range from 2017 to 2048 | Unsecured Senior Notes | |||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Liabilities [Abstract] | |||||
Interest rate (percentage) | 2.98% | ||||
Dominion Questar Corporation | Maximum | |||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Liabilities [Abstract] | |||||
Estimated Useful Lives | 18 years | ||||
Dominion Questar Corporation | Maximum | Unsecured Senior Notes, Maturities Range from 2017 to 2048 | Unsecured Senior Notes | |||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Liabilities [Abstract] | |||||
Interest rate (percentage) | 7.20% | ||||
Dominion Questar Corporation | White River Hub, LLC | |||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Liabilities [Abstract] | |||||
Equity method investment | $ 40 | ||||
[1] | Goodwill amounts do not contain any accumulated impairment losses. | ||||
[2] | Includes $40 million for an equity method investment in White River Hub. The fair value adjustment on the equity method investment in White River Hub is considered to be equity method goodwill and is not amortized. | ||||
[3] | Nonregulated property, plant and equipment, excluding land, will be depreciated over remaining useful lives primarily ranging from 9 to 18 years. | ||||
[4] | Includes $301 million of short-term debt, of which no amounts remain outstanding at December 31, 2016, as well as a $250 million term loan which matures in August 2017 and bears interest at a variable rate. | ||||
[5] | Unsecured senior and medium-term notes have maturities which range from 2017 to 2048 and bear interest at rates from 2.98% to 7.20%. |
Acquisitions and Dispositions63
Acquisitions and Dispositions (Schedule of Unaudited Pro Forma Information) (Details) - Dominion Questar Corporation - USD ($) $ / shares in Units, $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | [1] | Dec. 31, 2015 | |
Business Acquisition [Line Items] | |||
Operating Revenue | $ 12,497 | $ 12,818 | |
Net Income | $ 2,300 | $ 2,108 | |
Earnings Per Common Share – Basic | $ 3.73 | $ 3.56 | |
Earnings Per Common Share – Diluted | $ 3.73 | $ 3.55 | |
[1] | Amounts include adjustments for non-recurring costs directly related to the Dominion Questar Combination. |
Acquisitions and Dispositions64
Acquisitions and Dispositions (Narrative) (Details) $ / shares in Units, $ in Millions | Apr. 01, 2015USD ($)$ / sharesshares | Jan. 31, 2017USD ($)MW | Sep. 30, 2016MW | Aug. 31, 2016USD ($)projectMW | May 31, 2016USD ($) | Dec. 31, 2015USD ($)projectMW | Sep. 30, 2015USD ($)projectmiMWshares | Jun. 30, 2015USD ($)projectMW | Jan. 31, 2015USD ($)mi | Mar. 31, 2014USD ($) | Dec. 31, 2017USD ($) | Sep. 30, 2017USD ($) | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($)projectMW | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | Dec. 31, 2016USD ($) | Nov. 30, 2016 | Jan. 31, 2016USD ($) | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||||||||||||
Project Cost | $ 40 | $ 418 | $ 206 | |||||||||||||||||
Contributions from SunEdison to Four Brothers and Three Cedars | 189 | 103 | ||||||||||||||||||
Goodwill | [1] | $ 3,294 | $ 6,399 | 3,294 | 3,044 | $ 6,399 | ||||||||||||||
Iroquois | ||||||||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||||||||||||
Ownership percentage | [2] | 50.00% | 50.00% | |||||||||||||||||
Merchant Solar Projects | Terra Nova Renewable Partners | Call Option | ||||||||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||||||||||||
Remaining ownership interest percentage | 67.00% | 67.00% | ||||||||||||||||||
Merchant Solar Projects | Disposal Group, Disposed of by Sale, Not Discontinued Operations | ||||||||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||||||||||||
MW Capacity | MW | 425 | |||||||||||||||||||
SunEdison's ownership percentage interest in merchant solar projects | 33.00% | 33.00% | 33.00% | |||||||||||||||||
Number of currently wholly-owned merchant solar projects | project | 24 | |||||||||||||||||||
Number of solar projects sold under agreement | project | 15 | |||||||||||||||||||
Sales price | $ 184 | 184 | $ 117 | |||||||||||||||||
Electric Retail Energy Marketing Business | Disposal Group, Disposed of by Sale, Not Discontinued Operations | ||||||||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||||||||||||
Cash consideration | $ 187 | |||||||||||||||||||
Gain on sale | 100 | |||||||||||||||||||
After-tax gain on sale | 57 | |||||||||||||||||||
Asset disposition adjustment | $ 31 | |||||||||||||||||||
Partnership Interest | National Grid | Iroquois | ||||||||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||||||||||||
Ownership interest percentage | 20.40% | |||||||||||||||||||
Partnership Interest | NJNR Pipeline Company | Iroquois | ||||||||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||||||||||||
Ownership interest percentage | 5.53% | |||||||||||||||||||
Affiliated Entity | DCG | Disposal Group, Disposed of by Sale, Not Discontinued Operations | Dominion Midstream Partners, LP | ||||||||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||||||||||||
Sales price | $ 501 | |||||||||||||||||||
Ownership interest percentage | 100.00% | |||||||||||||||||||
Affiliated Entity | DCG | Disposal Group, Disposed of by Sale, Not Discontinued Operations | Dominion Midstream Partners, LP | Unsecured Promissory Note Receivable | Notes Receivable | ||||||||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||||||||||||
Term of senior unsecured promissory note payable | 2 years | |||||||||||||||||||
Senior unsecured promissory note payable by Dominion Midstream | $ 301 | |||||||||||||||||||
Interest rate (percentage) | 0.60% | |||||||||||||||||||
Affiliated Entity | Partnership Interest | DCG | Disposal Group, Disposed of by Sale, Not Discontinued Operations | Dominion Midstream Partners, LP | ||||||||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||||||||||||
Number of common units issued | shares | 5,112,139 | |||||||||||||||||||
Value of common units at closing | $ 200 | |||||||||||||||||||
Number of trading days | 10 days | |||||||||||||||||||
Price per unit | $ / shares | $ 39.12 | |||||||||||||||||||
Dominion Midstream Partners, LP | Iroquois | ||||||||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||||||||||||
Ownership percentage | [2] | 25.93% | 25.93% | |||||||||||||||||
Dominion Midstream Partners, LP | Partnership Interest | Iroquois | ||||||||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||||||||||||
SunEdison's ownership percentage interest in merchant solar projects | 25.93% | 25.93% | ||||||||||||||||||
Ownership percentage | 25.93% | |||||||||||||||||||
Length of FERC regulated interstate natural gas pipeline (in miles) (nearly 1,500 miles) | mi | 416 | |||||||||||||||||||
Number of common units issued | shares | 8,600,000 | |||||||||||||||||||
Value of common units at closing | $ 216 | |||||||||||||||||||
Dominion Midstream Partners, LP | Partnership Interest | National Grid | Iroquois | ||||||||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||||||||||||
Number of common units issued | shares | 6,800,000 | |||||||||||||||||||
Dominion Midstream Partners, LP | Partnership Interest | NJNR Pipeline Company | Iroquois | ||||||||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||||||||||||
Number of common units issued | shares | 1,800,000 | |||||||||||||||||||
Dominion Gas Holdings, LLC | ||||||||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||||||||||||
Goodwill | [1] | $ 542 | $ 542 | 542 | 542 | $ 542 | ||||||||||||||
Dominion Gas Holdings, LLC | Iroquois | ||||||||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||||||||||||
Ownership percentage | [2] | 24.07% | 24.07% | |||||||||||||||||
Dominion Gas Holdings, LLC | Partnership Interest | Iroquois | ||||||||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||||||||||||
Ownership percentage | 24.07% | 24.07% | ||||||||||||||||||
Value of common units at closing | $ 7 | |||||||||||||||||||
Virginia Electric and Power Company | ||||||||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||||||||||||
Project Cost | $ 7 | $ 43 | $ 0 | |||||||||||||||||
Individually Insignificant Solar Projects | ||||||||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||||||||||||
Percentage of equity interests acquired | 100.00% | 100.00% | ||||||||||||||||||
Number of Projects | project | 7 | |||||||||||||||||||
Purchase price | $ 32 | |||||||||||||||||||
MW Capacity | MW | 221 | |||||||||||||||||||
Number of projects that commenced operations | project | [3] | 1 | ||||||||||||||||||
Individually Insignificant Solar Projects | Scenario, Forecast | ||||||||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||||||||||||
Project Cost | $ 425 | |||||||||||||||||||
Solar Projects from Solar Frontier Americas Holding, LLC | ||||||||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||||||||||||
Percentage of equity interests acquired | 100.00% | |||||||||||||||||||
Number of Projects | project | 2 | |||||||||||||||||||
Purchase price | $ 128 | |||||||||||||||||||
MW Capacity | MW | 50 | |||||||||||||||||||
Solar Projects from Solar Frontier Americas Holding, LLC | Scenario, Forecast | ||||||||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||||||||||||
Project Cost | $ 130 | |||||||||||||||||||
Solar Projects from Community Energy Solar, LLC | ||||||||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||||||||||||
Percentage of equity interests acquired | 100.00% | |||||||||||||||||||
MW Capacity | MW | 100 | |||||||||||||||||||
Solar Projects from Community Energy Solar, LLC | Scenario, Forecast | ||||||||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||||||||||||
Project Cost | $ 210 | |||||||||||||||||||
Solar Projects from Cypress Creek Renewables, LLC | 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 | $ 154 | |||||||||||||||||||
MW Capacity | MW | 79 | |||||||||||||||||||
Solar Projects from Cypress Creek Renewables, LLC | Scenario, Forecast | Subsequent Event | ||||||||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||||||||||||
Project Cost | $ 160 | |||||||||||||||||||
Four Brothers Solar, LLC and Three Cedars | ||||||||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||||||||||||
Remaining ownership interest percentage | 50.00% | 50.00% | ||||||||||||||||||
Four Brothers Solar, LLC and Three Cedars | Investment Credits | Federal | ||||||||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||||||||||||
Percentage of expected federal investment tax credits on projects to be claimed | 99.00% | 99.00% | ||||||||||||||||||
Four Brothers Solar, LLC and Three Cedars | SunEdison | ||||||||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||||||||||||
Contributions from SunEdison to Four Brothers and Three Cedars | $ 292 | |||||||||||||||||||
Four Brothers Solar, LLC and Three Cedars | NRG Energy, Inc | ||||||||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||||||||||||
Percentage of equity interests acquired | 50.00% | |||||||||||||||||||
Four Brothers Solar, LLC | ||||||||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||||||||||||
Percentage of equity interests acquired | 50.00% | |||||||||||||||||||
Number of Projects | project | 4 | |||||||||||||||||||
Purchase price | $ 64 | |||||||||||||||||||
Project Cost | $ 670 | |||||||||||||||||||
MW Capacity | MW | 320 | |||||||||||||||||||
Acquisition price payable | $ 62 | |||||||||||||||||||
Acquisition price in cash | 2 | |||||||||||||||||||
Purchase price | 64 | |||||||||||||||||||
Net property plant and equipment acquired | 89 | |||||||||||||||||||
Amount of noncontrolling interest | $ 25 | |||||||||||||||||||
Three Cedars | ||||||||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||||||||||||
Percentage of equity interests acquired | 50.00% | |||||||||||||||||||
Number of Projects | project | 3 | |||||||||||||||||||
Purchase price | $ 43 | |||||||||||||||||||
Project Cost | 450 | |||||||||||||||||||
MW Capacity | MW | 210 | |||||||||||||||||||
Acquisition price payable | $ 37 | |||||||||||||||||||
Acquisition price in cash | 6 | |||||||||||||||||||
Purchase price | 43 | |||||||||||||||||||
Net property plant and equipment acquired | 65 | |||||||||||||||||||
Amount of noncontrolling interest | $ 22 | |||||||||||||||||||
Three Cedars | Current Liabilities | ||||||||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||||||||||||
Payable included in other current liabilities | $ 2 | $ 2 | ||||||||||||||||||
DCG | ||||||||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||||||||||||
Percentage of equity interests acquired | 100.00% | |||||||||||||||||||
Purchase price | $ 497 | |||||||||||||||||||
Net property plant and equipment acquired | $ 277 | |||||||||||||||||||
Length of FERC regulated interstate natural gas pipeline (in miles) (nearly 1,500 miles) | mi | 1,500 | |||||||||||||||||||
Goodwill | $ 250 | |||||||||||||||||||
Amount expected to be deductible for tax purposes | 225 | |||||||||||||||||||
Amount of regulatory liabilities | $ 38 | |||||||||||||||||||
Morgans Corner Solar Energy, LLC | Virginia Electric and Power Company | ||||||||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||||||||||||
Percentage of equity interests acquired | 100.00% | 100.00% | ||||||||||||||||||
Purchase price | $ 47 | |||||||||||||||||||
MW Capacity | MW | 20 | |||||||||||||||||||
Morgans Corner Solar Energy, LLC | Virginia Electric and Power Company | Solar Development Project | ||||||||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||||||||||||
Total cost of project placed into service | $ 49 | $ 49 | ||||||||||||||||||
Morgans Corner Solar Energy, LLC | Virginia Electric and Power Company | Supply Agreement with US Navy | ||||||||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||||||||||||
Duration of supply agreement | 10 years | |||||||||||||||||||
[1] | Goodwill amounts do not contain any accumulated impairment losses. | |||||||||||||||||||
[2] | Comprised of Dominion Midstream's interest of 25.93% and Dominion Gas' interest of 24.07%. See Note 15 for more information. | |||||||||||||||||||
[3] | One of the projects, Marin Carport, began commercial operations in 2016. |
Acquisitions and Dispositions65
Acquisitions and Dispositions (Schedule of Acquisitions of Solar Projects) (Details) $ in Millions | 1 Months Ended | 3 Months Ended | 12 Months Ended | ||||||||||||||||
Oct. 31, 2016USD ($) | Dec. 31, 2015USD ($) | Nov. 30, 2015USD ($)projectMW | Aug. 31, 2015USD ($) | Jul. 31, 2015USD ($)projectMW | Jun. 30, 2015USD ($)projectMW | May 31, 2015USD ($) | Apr. 30, 2015USD ($)projectMW | Jan. 31, 2015USD ($) | Dec. 31, 2014USD ($)projectMW | Nov. 30, 2014USD ($)projectMW | Mar. 31, 2014USD ($)projectMW | Dec. 31, 2014USD ($) | Dec. 31, 2016USD ($)project | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | ||||
Business Acquisition [Line Items] | |||||||||||||||||||
Project Cost | $ 40 | $ 418 | $ 206 | ||||||||||||||||
Recurrent Energy Development Holdings, LLC | |||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||
Number of Projects | project | 6 | ||||||||||||||||||
Initial Acquisition Cost (millions) | [1] | $ 50 | |||||||||||||||||
Project Cost | [2] | $ 428 | |||||||||||||||||
MW Capacity | MW | 139 | ||||||||||||||||||
CSI Project Holdco, LLC | |||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||
Number of Projects | project | 1 | ||||||||||||||||||
Initial Acquisition Cost (millions) | [1] | $ 79 | |||||||||||||||||
Project Cost | [2] | $ 79 | |||||||||||||||||
MW Capacity | MW | 20 | ||||||||||||||||||
EDF Renewable Development, Inc. | |||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||
Number of Projects | project | 1 | 3 | [3] | 1 | |||||||||||||||
Initial Acquisition Cost (millions) | [1] | $ 68 | $ 106 | [3] | $ 71 | ||||||||||||||
Project Cost | [2] | $ 68 | $ 106 | [3] | $ 71 | ||||||||||||||
MW Capacity | MW | 18 | 24 | [3] | 20 | |||||||||||||||
Number of projects that commenced operations | project | [3] | 1 | |||||||||||||||||
EC&R NA Solar PV, LLC | |||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||
Number of Projects | project | 1 | 1 | |||||||||||||||||
Initial Acquisition Cost (millions) | [1] | $ 65 | $ 66 | ||||||||||||||||
Project Cost | [2] | $ 65 | $ 66 | ||||||||||||||||
MW Capacity | MW | 20 | 20 | |||||||||||||||||
SunPeak Solar, LLC | |||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||
Number of Projects | project | 1 | ||||||||||||||||||
Initial Acquisition Cost (millions) | [1] | $ 42 | |||||||||||||||||
Project Cost | [2] | $ 71 | |||||||||||||||||
MW Capacity | MW | 20 | ||||||||||||||||||
Community Energy, Inc. | |||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||
Number of Projects | project | 1 | ||||||||||||||||||
Initial Acquisition Cost (millions) | [1] | $ 34 | |||||||||||||||||
Project Cost | [2] | $ 212 | |||||||||||||||||
MW Capacity | MW | 80 | ||||||||||||||||||
[1] | The purchase price was primarily allocated to Property, Plant and Equipment. | ||||||||||||||||||
[2] | Includes acquisition cost. | ||||||||||||||||||
[3] | One of the projects, Marin Carport, began commercial operations in 2016. |
Operating Revenue (Operating Re
Operating Revenue (Operating Revenue) (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | ||||||||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | ||||
Electric sales: | ||||||||||||||
Regulated | $ 7,348 | $ 7,482 | $ 7,460 | |||||||||||
Nonregulated | 1,519 | 1,488 | 1,839 | |||||||||||
Gas sales: | ||||||||||||||
Regulated | 500 | 218 | 334 | |||||||||||
Nonregulated | 354 | 471 | 751 | |||||||||||
Gas transportation and storage | 1,636 | 1,616 | 1,543 | |||||||||||
Other | 380 | 408 | 509 | |||||||||||
Total operating revenue | $ 3,086 | $ 3,132 | $ 2,598 | $ 2,921 | $ 2,556 | $ 2,971 | $ 2,747 | $ 3,409 | 11,737 | 11,683 | 12,436 | |||
Virginia Electric and Power Company | ||||||||||||||
Electric sales: | ||||||||||||||
Regulated | 7,348 | 7,482 | 7,460 | |||||||||||
Gas sales: | ||||||||||||||
Other | 240 | 140 | 119 | |||||||||||
Total operating revenue | 1,711 | 2,211 | 1,776 | 1,890 | 1,614 | 2,058 | 1,813 | 2,137 | 7,588 | [1] | 7,622 | [1] | 7,579 | [1] |
Dominion Gas Holdings, LLC | ||||||||||||||
Gas sales: | ||||||||||||||
Regulated | 119 | 122 | 209 | |||||||||||
Nonregulated | 13 | 10 | 26 | |||||||||||
Gas transportation and storage | 1,307 | 1,366 | 1,353 | |||||||||||
NGL revenue | 62 | 93 | 212 | |||||||||||
Other | 137 | 125 | 98 | |||||||||||
Total operating revenue | $ 457 | $ 382 | $ 368 | $ 431 | $ 425 | $ 365 | $ 395 | $ 531 | $ 1,638 | [2] | $ 1,716 | [2] | $ 1,898 | [2] |
[1] | See Note 24 for amounts attributable to affiliates. | |||||||||||||
[2] | See Note 24 for amounts attributable to related parties. |
Income Taxes (Narrative) (Detai
Income Taxes (Narrative) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Operating Loss Carryforwards [Line Items] | |||
Provision for current income taxes | $ (70) | $ 51 | $ 3 |
Deferred income taxes charged to common shareholders' equity | 96 | ||
Unrecognized tax benefits that would impact effective tax rate | 45 | 69 | 77 |
Increase (decrease) in unrecognized tax benefits (less than $1 million) | (18) | (6) | (47) |
Maximum | |||
Operating Loss Carryforwards [Line Items] | |||
Decrease in Unrecognized tax benefits due to settlement negotiations and expiration of statutes of limitations | 25 | ||
Amount that earnings could potentially increase if changes were to occur | 20 | ||
Federal | |||
Operating Loss Carryforwards [Line Items] | |||
Federal tax credits | 129 | ||
Realizable domestic production activities deduction | 17 | ||
Federal | IRS | |||
Operating Loss Carryforwards [Line Items] | |||
Benefit related to carryback recognized | 20 | ||
Virginia Electric and Power Company | |||
Operating Loss Carryforwards [Line Items] | |||
Provision for current income taxes | 258 | 408 | 152 |
Unrecognized tax benefits that would impact effective tax rate | 9 | 8 | 8 |
Increase (decrease) in unrecognized tax benefits (less than $1 million) | 1 | 1 | |
Virginia Electric and Power Company | Maximum | |||
Operating Loss Carryforwards [Line Items] | |||
Decrease in Unrecognized tax benefits due to settlement negotiations and expiration of statutes of limitations | 3 | ||
Amount that earnings could potentially increase if changes were to occur | 3 | ||
Dominion Gas Holdings, LLC | |||
Operating Loss Carryforwards [Line Items] | |||
Provision for current income taxes | (23) | 120 | 118 |
Unrecognized tax benefits that would impact effective tax rate | 5 | 19 | 19 |
Increase (decrease) in unrecognized tax benefits (less than $1 million) | (11) | $ 1 | $ 1 |
Dominion Gas Holdings, LLC | Maximum | |||
Operating Loss Carryforwards [Line Items] | |||
Decrease in Unrecognized tax benefits due to settlement negotiations and expiration of statutes of limitations | 7 | ||
Amount that earnings could potentially increase if changes were to occur | 5 | ||
Dominion Midstream Partners, LP | Questar Pipeline, LLC | Disposal Group, Disposed of by Sale, Not Discontinued Operations | Federal | |||
Operating Loss Carryforwards [Line Items] | |||
Provision for current income taxes | $ 212 |
Income Taxes (Income Tax Expens
Income Taxes (Income Tax Expense for Continuing Operations Including Noncontrolling Interests) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Current: | |||
Federal | $ (155) | $ (24) | $ (11) |
State | 85 | 75 | 14 |
Total current expense (benefit) | (70) | 51 | 3 |
Federal | |||
Taxes before operating loss carryforwards and investment tax credits | 1,050 | 384 | 956 |
Tax utilization (benefit) of operating loss carryforwards | (161) | 539 | (352) |
Investment tax credits | (248) | (134) | (152) |
State | 50 | 66 | (2) |
Total deferred expense | 691 | 855 | 450 |
Investment tax credit - gross deferral | 35 | 0 | 0 |
Investment tax credit - amortization | (1) | (1) | (1) |
Total income tax expense | 655 | 905 | 452 |
Virginia Electric and Power Company | |||
Current: | |||
Federal | 168 | 316 | 85 |
State | 90 | 92 | 67 |
Total current expense (benefit) | 258 | 408 | 152 |
Federal | |||
Taxes before operating loss carryforwards and investment tax credits | 435 | 154 | 381 |
Tax utilization (benefit) of operating loss carryforwards | (2) | 96 | 0 |
Investment tax credits | (25) | (11) | 0 |
State | 27 | 13 | 16 |
Total deferred expense | 435 | 252 | 397 |
Investment tax credit - gross deferral | 35 | 0 | 0 |
Investment tax credit - amortization | (1) | (1) | (1) |
Total income tax expense | 727 | 659 | 548 |
Dominion Gas Holdings, LLC | |||
Current: | |||
Federal | (27) | 90 | 86 |
State | 4 | 30 | 32 |
Total current expense (benefit) | (23) | 120 | 118 |
Federal | |||
Taxes before operating loss carryforwards and investment tax credits | 239 | 156 | 192 |
Tax utilization (benefit) of operating loss carryforwards | (2) | 6 | 0 |
Investment tax credits | 0 | 0 | 0 |
State | 1 | 1 | 24 |
Total deferred expense | 238 | 163 | 216 |
Investment tax credit - gross deferral | 0 | 0 | 0 |
Investment tax credit - amortization | 0 | 0 | 0 |
Total income tax expense | $ 215 | $ 283 | $ 334 |
Income Taxes (Reconciliation of
Income Taxes (Reconciliation of Income Taxes at the U.S. Statutory Federal Income Tax Rate) (Details) | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Income Tax Contingency [Line Items] | |||
U.S. statutory rate (percentage) | 35.00% | 35.00% | 35.00% |
Increases (reductions) resulting from: | |||
State taxes, net of federal benefit (percentage) | 2.40% | 3.70% | 0.00% |
Investment tax credits (percentage) | (11.70%) | (4.70%) | (8.60%) |
Production tax credits (percentage) | (0.80%) | (0.80%) | (1.20%) |
Valuation allowances (percentage) | 1.20% | (0.30%) | 0.70% |
AFUDC - equity (percentage) | (0.60%) | (0.30%) | 0.00% |
Legislative change (percentage) | (0.60%) | (0.10%) | 0.00% |
Employee stock ownership plan deduction (percentage) | (0.60%) | (0.60%) | (0.90%) |
Other, net (percentage) | (1.40%) | 0.10% | 0.40% |
Effective tax rate (percentage) | 22.90% | 32.00% | 25.40% |
Virginia Electric and Power Company | |||
Income Tax Contingency [Line Items] | |||
U.S. statutory rate (percentage) | 35.00% | 35.00% | 35.00% |
Increases (reductions) resulting from: | |||
State taxes, net of federal benefit (percentage) | 3.80% | 3.90% | 3.80% |
Investment tax credits (percentage) | (0.00%) | (0.60%) | (0.00%) |
Production tax credits (percentage) | (0.60%) | (0.60%) | (0.60%) |
Valuation allowances (percentage) | 0.10% | 0.00% | 0.00% |
AFUDC - equity (percentage) | (0.60%) | (0.60%) | 0.00% |
Legislative change (percentage) | 0.00% | 0.00% | 0.00% |
Employee stock ownership plan deduction (percentage) | (0.00%) | (0.00%) | (0.00%) |
Other, net (percentage) | (0.30%) | 0.60% | 0.80% |
Effective tax rate (percentage) | 37.40% | 37.70% | 39.00% |
Dominion Gas Holdings, LLC | |||
Income Tax Contingency [Line Items] | |||
U.S. statutory rate (percentage) | 35.00% | 35.00% | 35.00% |
Increases (reductions) resulting from: | |||
State taxes, net of federal benefit (percentage) | 0.50% | 2.70% | 4.40% |
Investment tax credits (percentage) | (0.00%) | (0.00%) | (0.00%) |
Production tax credits (percentage) | (0.00%) | (0.00%) | (0.00%) |
Valuation allowances (percentage) | 0.00% | 0.00% | 0.00% |
AFUDC - equity (percentage) | (0.20%) | 0.20% | 0.00% |
Legislative change (percentage) | 0.00% | ||
Employee stock ownership plan deduction (percentage) | (0.00%) | (0.00%) | (0.00%) |
Other, net (percentage) | 0.10% | 0.30% | 0.10% |
Effective tax rate (percentage) | 35.40% | 38.20% | 39.50% |
Income Taxes (Schedule of Defer
Income Taxes (Schedule of Deferred Income Taxes) (Details) - USD ($) $ in Millions | Dec. 31, 2016 | Dec. 31, 2015 |
Income Tax Contingency [Line Items] | ||
Total deferred income tax assets | $ 1,827 | $ 1,152 |
Total deferred income tax liabilities | 10,381 | 8,552 |
Total net deferred income tax liabilities | 8,554 | 7,400 |
Total deferred income taxes: | ||
Plant and equipment, primarily depreciation method and basis differences | 7,782 | 6,299 |
Nuclear decommissioning | 1,240 | 1,158 |
Deferred state income taxes | 747 | 646 |
Federal benefit of deferred state income taxes | (261) | (226) |
Deferred fuel, purchased energy and gas costs | (25) | (1) |
Pension benefits | 155 | 291 |
Other postretirement benefits | (68) | (15) |
Loss and credit carryforwards | (1,547) | (1,004) |
Valuation allowances | 135 | 73 |
Partnership basis differences | 688 | 367 |
Other | (292) | (188) |
Total net deferred income tax liabilities | 8,554 | 7,400 |
Deferred investment tax credits - regulated operations | 48 | 14 |
Total deferred taxes and deferred investment tax credits | 8,602 | 7,414 |
Virginia Electric and Power Company | ||
Income Tax Contingency [Line Items] | ||
Total deferred income tax assets | 268 | 164 |
Total deferred income tax liabilities | 5,323 | 4,805 |
Total net deferred income tax liabilities | 5,055 | 4,641 |
Total deferred income taxes: | ||
Plant and equipment, primarily depreciation method and basis differences | 4,604 | 4,133 |
Nuclear decommissioning | 406 | 378 |
Deferred state income taxes | 321 | 302 |
Federal benefit of deferred state income taxes | (112) | (106) |
Deferred fuel, purchased energy and gas costs | (29) | (3) |
Pension benefits | (138) | (99) |
Other postretirement benefits | 49 | 30 |
Loss and credit carryforwards | (88) | (53) |
Valuation allowances | 3 | 0 |
Partnership basis differences | 0 | 0 |
Other | 39 | 59 |
Total net deferred income tax liabilities | 5,055 | 4,641 |
Deferred investment tax credits - regulated operations | 48 | 13 |
Total deferred taxes and deferred investment tax credits | 5,103 | 4,654 |
Dominion Gas Holdings, LLC | ||
Income Tax Contingency [Line Items] | ||
Total deferred income tax assets | 126 | 129 |
Total deferred income tax liabilities | 2,564 | 2,343 |
Total net deferred income tax liabilities | 2,438 | 2,214 |
Total deferred income taxes: | ||
Plant and equipment, primarily depreciation method and basis differences | 1,726 | 1,541 |
Nuclear decommissioning | 0 | 0 |
Deferred state income taxes | 204 | 205 |
Federal benefit of deferred state income taxes | (71) | (72) |
Deferred fuel, purchased energy and gas costs | 4 | 1 |
Pension benefits | 646 | 613 |
Other postretirement benefits | (6) | (7) |
Loss and credit carryforwards | (5) | (4) |
Valuation allowances | 0 | 0 |
Partnership basis differences | 43 | 41 |
Other | (103) | (104) |
Total net deferred income tax liabilities | 2,438 | 2,214 |
Deferred investment tax credits - regulated operations | 0 | 0 |
Total deferred taxes and deferred investment tax credits | $ 2,438 | $ 2,214 |
Income Taxes (Schedule of Deduc
Income Taxes (Schedule of Deductible Loss and Credit Carryforwards (Details) - USD ($) $ in Millions | Dec. 31, 2016 | Dec. 31, 2015 |
Operating Loss Carryforwards [Line Items] | ||
Deferred tax asset | $ 1,547 | $ 1,004 |
Valuation allowance | (135) | |
Virginia Electric and Power Company | ||
Operating Loss Carryforwards [Line Items] | ||
Deferred tax asset | 88 | 53 |
Valuation allowance | (3) | |
Dominion Gas Holdings, LLC | ||
Operating Loss Carryforwards [Line Items] | ||
Deferred tax asset | 5 | $ 4 |
Valuation allowance | 0 | |
Federal | ||
Operating Loss Carryforwards [Line Items] | ||
Losses, Deductible amount | 1,060 | |
Losses, Deferred tax asset | 358 | |
Losses, Valuation allowance | 0 | |
Tax credits, Deductible amount | 0 | |
Tax credits, Deferred tax asset | 48 | |
Tax Credits, Valuation allowance | 0 | |
Federal | Virginia Electric and Power Company | ||
Operating Loss Carryforwards [Line Items] | ||
Losses, Deductible amount | 12 | |
Losses, Deferred tax asset | 3 | |
Losses, Valuation allowance | 0 | |
Federal | Dominion Gas Holdings, LLC | ||
Operating Loss Carryforwards [Line Items] | ||
Losses, Deductible amount | 14 | |
Losses, Deferred tax asset | 4 | |
Losses, Valuation allowance | 0 | |
Tax credits, Deductible amount | 0 | |
Tax credits, Deferred tax asset | 1 | |
Tax Credits, Valuation allowance | 0 | |
Federal | Investment Credits | ||
Operating Loss Carryforwards [Line Items] | ||
Tax credits, Deductible amount | 0 | |
Tax credits, Deferred tax asset | 708 | |
Tax Credits, Valuation allowance | 0 | |
Federal | Investment Credits | Virginia Electric and Power Company | ||
Operating Loss Carryforwards [Line Items] | ||
Tax credits, Deductible amount | 0 | |
Tax credits, Deferred tax asset | 40 | |
Tax Credits, Valuation allowance | 0 | |
Federal | Federal production credits | ||
Operating Loss Carryforwards [Line Items] | ||
Tax credits, Deductible amount | 0 | |
Tax credits, Deferred tax asset | 102 | |
Tax Credits, Valuation allowance | 0 | |
Federal | Federal production credits | Virginia Electric and Power Company | ||
Operating Loss Carryforwards [Line Items] | ||
Tax credits, Deductible amount | 0 | |
Tax credits, Deferred tax asset | 35 | |
Tax Credits, Valuation allowance | 0 | |
State | ||
Operating Loss Carryforwards [Line Items] | ||
Losses, Deductible amount | 1,383 | |
Losses, Deferred tax asset | 102 | |
Losses, Valuation allowance | (59) | |
Tax credits, Deductible amount | 0 | |
State minimum tax credits | 135 | |
Tax Credits, Valuation allowance | 0 | |
State | Investment Credits | ||
Operating Loss Carryforwards [Line Items] | ||
Tax credits, Deductible amount | 0 | |
Tax credits, Deferred tax asset | 94 | |
Tax Credits, Valuation allowance | (76) | |
State | Investment Credits | Virginia Electric and Power Company | ||
Operating Loss Carryforwards [Line Items] | ||
Tax credits, Deductible amount | 0 | |
Tax credits, Deferred tax asset | 10 | |
Tax Credits, Valuation allowance | $ (3) |
Income Taxes (Unrecognized Tax
Income Taxes (Unrecognized Tax Benefits) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] | |||
Balance at January 1 | $ 103 | $ 145 | $ 222 |
Increases-prior period positions | 9 | 2 | 24 |
Decreases-prior period positions | (44) | (40) | (26) |
Increases-current period positions | 6 | 8 | 16 |
Settlements with tax authorities | (8) | (5) | 0 |
Expiration of statutes of limitations | (2) | (7) | (91) |
Balance at December 31 | 64 | 103 | 145 |
Virginia Electric and Power Company | |||
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] | |||
Balance at January 1 | 12 | 36 | 39 |
Increases-prior period positions | 4 | 0 | 2 |
Decreases-prior period positions | (3) | (25) | (16) |
Increases-current period positions | 0 | 1 | 11 |
Settlements with tax authorities | 0 | 0 | 0 |
Expiration of statutes of limitations | 0 | 0 | 0 |
Balance at December 31 | 13 | 12 | 36 |
Dominion Gas Holdings, LLC | |||
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] | |||
Balance at January 1 | 29 | 29 | 29 |
Increases-prior period positions | 1 | 0 | 0 |
Decreases-prior period positions | (19) | 0 | 0 |
Increases-current period positions | 0 | 0 | 0 |
Settlements with tax authorities | (4) | 0 | 0 |
Expiration of statutes of limitations | 0 | 0 | 0 |
Balance at December 31 | $ 7 | $ 29 | $ 29 |
Income Taxes (Earliest Tax Year
Income Taxes (Earliest Tax Year) (Details) | 12 Months Ended | |
Dec. 31, 2016 | ||
Pennsylvania | ||
Operation In Major Geographical Areas Tax Year [Line Items] | ||
Earliest Open Tax Year | 2,012 | [1] |
Connecticut | ||
Operation In Major Geographical Areas Tax Year [Line Items] | ||
Earliest Open Tax Year | 2,013 | |
Virginia | ||
Operation In Major Geographical Areas Tax Year [Line Items] | ||
Earliest Open Tax Year | 2,013 | [2] |
West Virginia | ||
Operation In Major Geographical Areas Tax Year [Line Items] | ||
Earliest Open Tax Year | 2,013 | [1] |
New York | ||
Operation In Major Geographical Areas Tax Year [Line Items] | ||
Earliest Open Tax Year | 2,007 | [1] |
[1] | Considered a major state for Dominion Gas' operations. | |
[2] | Considered a major state for Virginia Power's operations. |
Fair Value Measurements (Fair V
Fair Value Measurements (Fair Value Quantitative Disclosures) (Details) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016USD ($)$ / gal$ / MWh$ / MMBTU | Dec. 31, 2015USD ($) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative assets | $ 279 | $ 388 | |
Derivative liabilities | 155 | 343 | |
Virginia Electric and Power Company | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative assets | 194 | 127 | |
Derivative liabilities | 31 | 86 | |
Dominion Gas Holdings, LLC | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative assets | 11 | ||
Derivative liabilities | 11 | 14 | |
Level 3 | Virginia Electric and Power Company | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative assets | 152 | ||
Derivative liabilities | 2 | ||
Level 3 | Dominion Gas Holdings, LLC | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative liabilities | 2 | ||
Fair Value, Measurements, Recurring | Commodity | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative assets | 262 | 364 | |
Derivative liabilities | 96 | 160 | |
Fair Value, Measurements, Recurring | Virginia Electric and Power Company | Commodity | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative assets | 188 | 114 | |
Derivative liabilities | 10 | 27 | |
Fair Value, Measurements, Recurring | Dominion Gas Holdings, LLC | Commodity | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative assets | 11 | ||
Derivative liabilities | 5 | ||
Fair Value, Measurements, Recurring | Level 3 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative assets | 147 | ||
Derivative liabilities | 8 | ||
Fair Value, Measurements, Recurring | Level 3 | Commodity | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative assets | 147 | 114 | |
Derivative liabilities | 8 | 19 | |
Fair Value, Measurements, Recurring | Level 3 | Discounted Cash Flow | Commodity | Natural Gas | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative assets | [1] | 70 | |
Derivative liabilities | [1] | 2 | |
Fair Value, Measurements, Recurring | Level 3 | Discounted Cash Flow | Commodity | NGL's | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative liabilities | [2] | 3 | |
Fair Value, Measurements, Recurring | Level 3 | Discounted Cash Flow | Commodity | FTRs | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative assets | 7 | ||
Derivative liabilities | 3 | ||
Fair Value, Measurements, Recurring | Level 3 | Option Model | Physical and Financial Options: | Natural Gas | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative assets | 3 | ||
Fair Value, Measurements, Recurring | Level 3 | Option Model | Electricity | Electricity | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative assets | $ 67 | ||
Fair Value, Measurements, Recurring | Level 3 | Liabilities: | Minimum | Discounted Cash Flow | Commodity | Natural Gas | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Market Price (per Dth, per Gal, per MWh) | $ / MMBTU | [3] | (2) | |
Fair Value, Measurements, Recurring | Level 3 | Liabilities: | Minimum | Discounted Cash Flow | Commodity | NGL's | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Market Price (per Dth, per Gal, per MWh) | $ / gal | [3] | 0 | |
Fair Value, Measurements, Recurring | Level 3 | Liabilities: | Minimum | Discounted Cash Flow | Commodity | FTRs | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Market Price (per Dth, per Gal, per MWh) | $ / MWh | [3] | (9) | |
Fair Value, Measurements, Recurring | Level 3 | Liabilities: | Maximum | Discounted Cash Flow | Commodity | Natural Gas | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Market Price (per Dth, per Gal, per MWh) | $ / MMBTU | [3] | 4 | |
Fair Value, Measurements, Recurring | Level 3 | Liabilities: | Maximum | Discounted Cash Flow | Commodity | NGL's | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Market Price (per Dth, per Gal, per MWh) | $ / gal | [3] | 2 | |
Fair Value, Measurements, Recurring | Level 3 | Liabilities: | Maximum | Discounted Cash Flow | Commodity | FTRs | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Market Price (per Dth, per Gal, per MWh) | $ / MWh | [3] | 3 | |
Fair Value, Measurements, Recurring | Level 3 | Liabilities: | Weighted Average | Discounted Cash Flow | Commodity | Natural Gas | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Market Price (per Dth, per Gal, per MWh) | $ / MMBTU | [3],[4] | 4 | |
Fair Value, Measurements, Recurring | Level 3 | Liabilities: | Weighted Average | Discounted Cash Flow | Commodity | NGL's | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Market Price (per Dth, per Gal, per MWh) | $ / gal | [3],[4] | 1 | |
Fair Value, Measurements, Recurring | Level 3 | Liabilities: | Weighted Average | Discounted Cash Flow | Commodity | FTRs | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Market Price (per Dth, per Gal, per MWh) | $ / MWh | [3],[4] | 0 | |
Fair Value, Measurements, Recurring | Level 3 | Assets: | Minimum | Discounted Cash Flow | Commodity | Natural Gas | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Market Price (per Dth, per Gal, per MWh) | $ / MMBTU | [3] | (2) | |
Credit Spreads (percentage) | [5] | 1.00% | |
Fair Value, Measurements, Recurring | Level 3 | Assets: | Minimum | Discounted Cash Flow | Commodity | FTRs | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Market Price (per Dth, per Gal, per MWh) | $ / MWh | [3] | (9) | |
Fair Value, Measurements, Recurring | Level 3 | Assets: | Minimum | Option Model | Physical and Financial Options: | Natural Gas | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Market Price (per Dth, per Gal, per MWh) | $ / MMBTU | [3] | 2 | |
Price Volatility (percentage) | [6] | 18.00% | |
Fair Value, Measurements, Recurring | Level 3 | Assets: | Minimum | Option Model | Electricity | Electricity | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Market Price (per Dth, per Gal, per MWh) | $ / MWh | [3] | 21 | |
Price Volatility (percentage) | [6] | 14.00% | |
Fair Value, Measurements, Recurring | Level 3 | Assets: | Maximum | Discounted Cash Flow | Commodity | Natural Gas | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Market Price (per Dth, per Gal, per MWh) | $ / MMBTU | [3] | 12 | |
Credit Spreads (percentage) | [5] | 4.00% | |
Fair Value, Measurements, Recurring | Level 3 | Assets: | Maximum | Discounted Cash Flow | Commodity | FTRs | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Market Price (per Dth, per Gal, per MWh) | $ / MWh | [3] | 7 | |
Fair Value, Measurements, Recurring | Level 3 | Assets: | Maximum | Option Model | Physical and Financial Options: | Natural Gas | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Market Price (per Dth, per Gal, per MWh) | $ / MMBTU | [3] | 7 | |
Price Volatility (percentage) | [6] | 50.00% | |
Fair Value, Measurements, Recurring | Level 3 | Assets: | Maximum | Option Model | Electricity | Electricity | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Market Price (per Dth, per Gal, per MWh) | $ / MWh | [3] | 55 | |
Price Volatility (percentage) | [6] | 104.00% | |
Fair Value, Measurements, Recurring | Level 3 | Assets: | Weighted Average | Discounted Cash Flow | Commodity | Natural Gas | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Market Price (per Dth, per Gal, per MWh) | $ / MMBTU | [3],[4] | 0 | |
Credit Spreads (percentage) | [4],[5] | 2.00% | |
Fair Value, Measurements, Recurring | Level 3 | Assets: | Weighted Average | Discounted Cash Flow | Commodity | FTRs | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Market Price (per Dth, per Gal, per MWh) | $ / MWh | [3],[4] | 1 | |
Fair Value, Measurements, Recurring | Level 3 | Assets: | Weighted Average | Option Model | Physical and Financial Options: | Natural Gas | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Market Price (per Dth, per Gal, per MWh) | $ / MMBTU | [3],[4] | 3 | |
Price Volatility (percentage) | [4],[6] | 24.00% | |
Fair Value, Measurements, Recurring | Level 3 | Assets: | Weighted Average | Option Model | Electricity | Electricity | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Market Price (per Dth, per Gal, per MWh) | $ / MWh | [3],[4] | 34 | |
Price Volatility (percentage) | [4],[6] | 31.00% | |
Fair Value, Measurements, Recurring | Level 3 | Virginia Electric and Power Company | Commodity | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative assets | $ 145 | 101 | |
Derivative liabilities | 2 | 8 | |
Fair Value, Measurements, Recurring | Level 3 | Virginia Electric and Power Company | Discounted Cash Flow | Commodity | Natural Gas | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative assets | [7] | 68 | |
Fair Value, Measurements, Recurring | Level 3 | Virginia Electric and Power Company | Discounted Cash Flow | Commodity | FTRs | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative assets | 7 | ||
Derivative liabilities | 2 | ||
Fair Value, Measurements, Recurring | Level 3 | Virginia Electric and Power Company | Option Model | Physical and Financial Options: | Natural Gas | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative assets | 3 | ||
Fair Value, Measurements, Recurring | Level 3 | Virginia Electric and Power Company | Option Model | Electricity | Electricity | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative assets | $ 67 | ||
Fair Value, Measurements, Recurring | Level 3 | Virginia Electric and Power Company | Liabilities: | Minimum | Discounted Cash Flow | Commodity | FTRs | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Market Price (per Dth, per Gal, per MWh) | $ / MWh | [8] | (9) | |
Fair Value, Measurements, Recurring | Level 3 | Virginia Electric and Power Company | Liabilities: | Maximum | Discounted Cash Flow | Commodity | FTRs | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Market Price (per Dth, per Gal, per MWh) | $ / MWh | [8] | 3 | |
Fair Value, Measurements, Recurring | Level 3 | Virginia Electric and Power Company | Liabilities: | Weighted Average | Discounted Cash Flow | Commodity | FTRs | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Market Price (per Dth, per Gal, per MWh) | $ / MWh | [8],[9] | 0 | |
Fair Value, Measurements, Recurring | Level 3 | Virginia Electric and Power Company | Assets: | Minimum | Discounted Cash Flow | Commodity | Natural Gas | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Market Price (per Dth, per Gal, per MWh) | $ / MMBTU | [8] | (2) | |
Credit Spreads (percentage) | [5] | 1.00% | |
Fair Value, Measurements, Recurring | Level 3 | Virginia Electric and Power Company | Assets: | Minimum | Discounted Cash Flow | Commodity | FTRs | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Market Price (per Dth, per Gal, per MWh) | $ / MWh | [8] | (9) | |
Fair Value, Measurements, Recurring | Level 3 | Virginia Electric and Power Company | Assets: | Minimum | Option Model | Physical and Financial Options: | Natural Gas | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Market Price (per Dth, per Gal, per MWh) | $ / MMBTU | [8] | 2 | |
Price Volatility (percentage) | [10] | 18.00% | |
Fair Value, Measurements, Recurring | Level 3 | Virginia Electric and Power Company | Assets: | Minimum | Option Model | Electricity | Electricity | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Market Price (per Dth, per Gal, per MWh) | $ / MWh | [8] | 21 | |
Price Volatility (percentage) | [10] | 14.00% | |
Fair Value, Measurements, Recurring | Level 3 | Virginia Electric and Power Company | Assets: | Maximum | Discounted Cash Flow | Commodity | Natural Gas | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Market Price (per Dth, per Gal, per MWh) | $ / MMBTU | [8] | 7 | |
Credit Spreads (percentage) | [5] | 4.00% | |
Fair Value, Measurements, Recurring | Level 3 | Virginia Electric and Power Company | Assets: | Maximum | Discounted Cash Flow | Commodity | FTRs | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Market Price (per Dth, per Gal, per MWh) | $ / MWh | [8] | 7 | |
Fair Value, Measurements, Recurring | Level 3 | Virginia Electric and Power Company | Assets: | Maximum | Option Model | Physical and Financial Options: | Natural Gas | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Market Price (per Dth, per Gal, per MWh) | $ / MMBTU | [8] | 7 | |
Price Volatility (percentage) | [10] | 34.00% | |
Fair Value, Measurements, Recurring | Level 3 | Virginia Electric and Power Company | Assets: | Maximum | Option Model | Electricity | Electricity | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Market Price (per Dth, per Gal, per MWh) | $ / MWh | [8] | 55 | |
Price Volatility (percentage) | [10] | 104.00% | |
Fair Value, Measurements, Recurring | Level 3 | Virginia Electric and Power Company | Assets: | Weighted Average | Discounted Cash Flow | Commodity | Natural Gas | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Market Price (per Dth, per Gal, per MWh) | $ / MMBTU | [8],[9] | 0 | |
Credit Spreads (percentage) | [9],[11] | 2.00% | |
Fair Value, Measurements, Recurring | Level 3 | Virginia Electric and Power Company | Assets: | Weighted Average | Discounted Cash Flow | Commodity | FTRs | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Market Price (per Dth, per Gal, per MWh) | $ / MWh | [8],[9] | 1 | |
Fair Value, Measurements, Recurring | Level 3 | Virginia Electric and Power Company | Assets: | Weighted Average | Option Model | Physical and Financial Options: | Natural Gas | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Market Price (per Dth, per Gal, per MWh) | $ / MMBTU | [8],[9] | 3 | |
Price Volatility (percentage) | [9],[10] | 24.00% | |
Fair Value, Measurements, Recurring | Level 3 | Virginia Electric and Power Company | Assets: | Weighted Average | Option Model | Electricity | Electricity | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Market Price (per Dth, per Gal, per MWh) | $ / MWh | [8],[9] | 34 | |
Price Volatility (percentage) | [9],[10] | 31.00% | |
Fair Value, Measurements, Recurring | Level 3 | Dominion Gas Holdings, LLC | Commodity | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative assets | $ 6 | ||
Derivative liabilities | $ 2 | ||
Fair Value, Measurements, Recurring | Level 3 | Dominion Gas Holdings, LLC | Discounted Cash Flow | Commodity | NGL's | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative liabilities | $ 2 | ||
Fair Value, Measurements, Recurring | Level 3 | Dominion Gas Holdings, LLC | Liabilities: | Minimum | Discounted Cash Flow | Commodity | NGL's | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Market Price (per Dth, per Gal, per MWh) | $ / gal | [12] | 0 | |
Fair Value, Measurements, Recurring | Level 3 | Dominion Gas Holdings, LLC | Liabilities: | Maximum | Discounted Cash Flow | Commodity | NGL's | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Market Price (per Dth, per Gal, per MWh) | $ / gal | [12] | 2 | |
Fair Value, Measurements, Recurring | Level 3 | Dominion Gas Holdings, LLC | Liabilities: | Weighted Average | Discounted Cash Flow | Commodity | NGL's | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Market Price (per Dth, per Gal, per MWh) | $ / gal | [13] | 1 | |
[1] | Includes basis. | ||
[2] | Includes NGLs and oil. | ||
[3] | Represents market prices beyond defined terms for Levels 1 and 2. | ||
[4] | Averages weighted by volume. | ||
[5] | Represents credit spreads unrepresented in published markets. | ||
[6] | Represents volatilities unrepresented in published markets. | ||
[7] | Includes basis. | ||
[8] | Represents market prices beyond defined terms for Levels 1 and 2. | ||
[9] | Averages weighted by volume. | ||
[10] | Represents volatilities unrepresented in published markets. | ||
[11] | Represents credit spreads unrepresented in published markets. | ||
[12] | Represents market prices beyond defined terms for Levels 1 and 2. | ||
[13] | Averages weighted by volume. |
Fair Value Measurements (Narrat
Fair Value Measurements (Narrative) (Details) - Dominion Gas Holdings, LLC - Fair Value, Measurements, Nonrecurring - Other operations and maintenance expense $ in Millions | 3 Months Ended |
Dec. 31, 2014USD ($) | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Impairment charge | $ 9 |
Impairment charge, net of tax | $ 6 |
Fair Value Measurements (Assets
Fair Value Measurements (Assets and Liabilities that are Measured at Fair Value on a Recurring Basis) (Details) - USD ($) $ in Millions | Dec. 31, 2016 | Dec. 31, 2015 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative assets | $ 279 | $ 388 | |
Derivative liabilities | 155 | 343 | |
Assets measured at fair value using NAV | 89 | 101 | |
Fair Value, Measurements, Recurring | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Total assets | 4,722 | 4,488 | |
Total liabilities | 155 | 343 | |
Fair Value, Measurements, Recurring | Commodity | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative assets | 262 | 364 | |
Derivative liabilities | 96 | 160 | |
Fair Value, Measurements, Recurring | Interest rate | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative assets | 17 | 24 | |
Derivative liabilities | 53 | 183 | |
Fair Value, Measurements, Recurring | Foreign currency | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative liabilities | 6 | ||
Fair Value, Measurements, Recurring | Equity securities: | U.S. | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investments | [1] | 2,913 | 2,625 |
Fair Value, Measurements, Recurring | Fixed Income: | Corporate debt instruments | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investments | [1] | 487 | 439 |
Fair Value, Measurements, Recurring | Fixed Income: | Government securities | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investments | [1] | 1,038 | 1,032 |
Fair Value, Measurements, Recurring | Cash equivalents and other | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investments | [1] | 5 | 4 |
Fair Value, Measurements, Recurring | Level 1 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Total assets | 3,342 | 3,086 | |
Total liabilities | 0 | 0 | |
Fair Value, Measurements, Recurring | Level 1 | Commodity | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative assets | 0 | 1 | |
Derivative liabilities | 0 | 0 | |
Fair Value, Measurements, Recurring | Level 1 | Interest rate | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative assets | 0 | 0 | |
Derivative liabilities | 0 | 0 | |
Fair Value, Measurements, Recurring | Level 1 | Foreign currency | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative liabilities | 0 | ||
Fair Value, Measurements, Recurring | Level 1 | Equity securities: | U.S. | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investments | [1] | 2,913 | 2,625 |
Fair Value, Measurements, Recurring | Level 1 | Fixed Income: | Corporate debt instruments | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investments | [1] | 0 | 0 |
Fair Value, Measurements, Recurring | Level 1 | Fixed Income: | Government securities | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investments | [1] | 424 | 458 |
Fair Value, Measurements, Recurring | Level 1 | Cash equivalents and other | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investments | [1] | 5 | 2 |
Fair Value, Measurements, Recurring | Level 2 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Total assets | 1,233 | 1,288 | |
Total liabilities | 147 | 324 | |
Fair Value, Measurements, Recurring | Level 2 | Commodity | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative assets | 115 | 249 | |
Derivative liabilities | 88 | 141 | |
Fair Value, Measurements, Recurring | Level 2 | Interest rate | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative assets | 17 | 24 | |
Derivative liabilities | 53 | 183 | |
Fair Value, Measurements, Recurring | Level 2 | Foreign currency | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative liabilities | 6 | ||
Fair Value, Measurements, Recurring | Level 2 | Equity securities: | U.S. | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investments | [1] | 0 | 0 |
Fair Value, Measurements, Recurring | Level 2 | Fixed Income: | Corporate debt instruments | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investments | [1] | 487 | 439 |
Fair Value, Measurements, Recurring | Level 2 | Fixed Income: | Government securities | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investments | [1] | 614 | 574 |
Fair Value, Measurements, Recurring | Level 2 | Cash equivalents and other | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investments | [1] | 0 | 2 |
Fair Value, Measurements, Recurring | Level 3 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative assets | 147 | ||
Total assets | 147 | 114 | |
Derivative liabilities | 8 | ||
Total liabilities | 8 | 19 | |
Fair Value, Measurements, Recurring | Level 3 | Commodity | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative assets | 147 | 114 | |
Derivative liabilities | 8 | 19 | |
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 | 0 | |
Fair Value, Measurements, Recurring | Level 3 | Foreign currency | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative liabilities | 0 | ||
Fair Value, Measurements, Recurring | Level 3 | Equity securities: | U.S. | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investments | [1] | 0 | 0 |
Fair Value, Measurements, Recurring | Level 3 | Fixed Income: | Corporate debt instruments | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investments | [1] | 0 | 0 |
Fair Value, Measurements, Recurring | Level 3 | Fixed Income: | Government securities | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investments | [1] | 0 | 0 |
Fair Value, Measurements, Recurring | Level 3 | Cash equivalents and other | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investments | [1] | 0 | 0 |
Virginia Electric and Power Company | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative assets | 194 | 127 | |
Derivative liabilities | 31 | 86 | |
Assets measured at fair value using NAV | 26 | 34 | |
Virginia Electric and Power Company | Level 3 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative assets | 152 | ||
Derivative liabilities | 2 | ||
Virginia Electric and Power Company | Fair Value, Measurements, Recurring | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Total assets | 2,200 | 1,962 | |
Total liabilities | 31 | 86 | |
Virginia Electric and Power Company | Fair Value, Measurements, Recurring | Commodity | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative assets | 188 | 114 | |
Derivative liabilities | 10 | 27 | |
Virginia Electric and Power Company | Fair Value, Measurements, Recurring | Interest rate | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative assets | 6 | 13 | |
Derivative liabilities | 21 | 59 | |
Virginia Electric and Power Company | Fair Value, Measurements, Recurring | Equity securities: | U.S. | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investments | [2] | 1,302 | 1,163 |
Virginia Electric and Power Company | Fair Value, Measurements, Recurring | Fixed Income: | Corporate debt instruments | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investments | [2] | 277 | 238 |
Virginia Electric and Power Company | Fair Value, Measurements, Recurring | Fixed Income: | Government securities | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investments | [2] | 427 | 434 |
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 | 1,438 | 1,343 | |
Total liabilities | 0 | 0 | |
Virginia Electric and Power Company | Fair Value, Measurements, Recurring | Level 1 | Commodity | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative 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 | 0 | |
Derivative liabilities | 0 | 0 | |
Virginia Electric and Power Company | Fair Value, Measurements, Recurring | Level 1 | Equity securities: | U.S. | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investments | [2] | 1,302 | 1,163 |
Virginia Electric and Power Company | Fair Value, Measurements, Recurring | Level 1 | Fixed Income: | Corporate debt instruments | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investments | [2] | 0 | 0 |
Virginia Electric and Power Company | Fair Value, Measurements, Recurring | Level 1 | Fixed Income: | Government securities | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investments | [2] | 136 | 180 |
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 | 617 | 518 | |
Total liabilities | 29 | 78 | |
Virginia Electric and Power Company | Fair Value, Measurements, Recurring | Level 2 | Commodity | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative assets | 43 | 13 | |
Derivative liabilities | 8 | 19 | |
Virginia Electric and Power Company | Fair Value, Measurements, Recurring | Level 2 | Interest rate | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative assets | 6 | 13 | |
Derivative liabilities | 21 | 59 | |
Virginia Electric and Power Company | Fair Value, Measurements, Recurring | Level 2 | Equity securities: | U.S. | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investments | [2] | 0 | 0 |
Virginia Electric and Power Company | Fair Value, Measurements, Recurring | Level 2 | Fixed Income: | Corporate debt instruments | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investments | [2] | 277 | 238 |
Virginia Electric and Power Company | Fair Value, Measurements, Recurring | Level 2 | Fixed Income: | Government securities | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investments | [2] | 291 | 254 |
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 | 145 | 101 | |
Total liabilities | 2 | 8 | |
Virginia Electric and Power Company | Fair Value, Measurements, Recurring | Level 3 | Commodity | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative assets | 145 | 101 | |
Derivative liabilities | 2 | 8 | |
Virginia Electric and Power Company | Fair Value, Measurements, Recurring | Level 3 | Interest rate | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative assets | 0 | 0 | |
Derivative liabilities | 0 | 0 | |
Virginia Electric and Power Company | Fair Value, Measurements, Recurring | Level 3 | Equity securities: | U.S. | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investments | [2] | 0 | 0 |
Virginia Electric and Power Company | Fair Value, Measurements, Recurring | Level 3 | Fixed Income: | Corporate debt instruments | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investments | [2] | 0 | 0 |
Virginia Electric and Power Company | Fair Value, Measurements, Recurring | Level 3 | Fixed Income: | Government securities | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investments | [2] | 0 | 0 |
Dominion Gas Holdings, LLC | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative assets | 11 | ||
Derivative liabilities | 11 | 14 | |
Dominion Gas Holdings, LLC | Level 3 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative liabilities | 2 | ||
Dominion Gas Holdings, LLC | Fair Value, Measurements, Recurring | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Total assets | 11 | ||
Total liabilities | 11 | 14 | |
Dominion Gas Holdings, LLC | Fair Value, Measurements, Recurring | Commodity | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative assets | 11 | ||
Derivative liabilities | 5 | ||
Dominion Gas Holdings, LLC | Fair Value, Measurements, Recurring | Interest rate | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative liabilities | 14 | ||
Dominion Gas Holdings, LLC | Fair Value, Measurements, Recurring | Foreign currency | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative liabilities | 6 | ||
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 | ||
Total liabilities | 0 | 0 | |
Dominion Gas Holdings, LLC | Fair Value, Measurements, Recurring | Level 1 | Commodity | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative assets | 0 | ||
Derivative liabilities | 0 | ||
Dominion Gas Holdings, LLC | Fair Value, Measurements, Recurring | Level 1 | Interest rate | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative liabilities | 0 | ||
Dominion Gas Holdings, LLC | Fair Value, Measurements, Recurring | Level 1 | Foreign currency | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative 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 | 5 | ||
Total liabilities | 9 | 14 | |
Dominion Gas Holdings, LLC | Fair Value, Measurements, Recurring | Level 2 | Commodity | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative assets | 5 | ||
Derivative liabilities | 3 | ||
Dominion Gas Holdings, LLC | Fair Value, Measurements, Recurring | Level 2 | Interest rate | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative liabilities | 14 | ||
Dominion Gas Holdings, LLC | Fair Value, Measurements, Recurring | Level 2 | Foreign currency | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative liabilities | 6 | ||
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 | 6 | ||
Total liabilities | 2 | 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 | 6 | ||
Derivative liabilities | 2 | ||
Dominion Gas Holdings, LLC | Fair Value, Measurements, Recurring | Level 3 | Interest rate | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative liabilities | $ 0 | ||
Dominion Gas Holdings, LLC | Fair Value, Measurements, Recurring | Level 3 | Foreign currency | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative liabilities | $ 0 | ||
[1] | Includes investments held in the nuclear decommissioning and rabbi trusts. Excludes $89 million and $101 million of assets at December 31, 2016 and 2015, respectively, measured at fair value using NAV (or its equivalent) as a practical expedient which are not required to be categorized in the fair value hierarchy. | ||
[2] | Includes investments held in the nuclear decommissioning trust. Excludes $26 million and $34 million of assets at December 31, 2016 and 2015, respectively, measured at fair value using NAV (or its equivalent) as a practical expedient which are not required to be categorized in the fair value hierarchy. |
Fair Value Measurements (Net Ch
Fair Value Measurements (Net Change in the Assets and Liabilities Measured at Fair Value on a Recurring Basis and Included in the Level 3 Fair Value Category) (Details) - Commodity - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward] | |||
Beginnning balance | $ 95 | $ 107 | $ (16) |
Included in earnings | (35) | (5) | 97 |
Included in other comprehensive income (loss) | 0 | (9) | 7 |
Included in regulatory assets/liabilities | (39) | (4) | 109 |
Settlements | 38 | 9 | (88) |
Purchases | 87 | 0 | 0 |
Transfers out of Level 3 | (7) | (3) | (2) |
Ending balance | 139 | 95 | 107 |
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) | 2 | 6 |
Virginia Electric and Power Company | |||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward] | |||
Beginnning balance | 93 | 102 | (7) |
Included in earnings | (35) | (13) | 96 |
Included in regulatory assets/liabilities | (37) | (5) | 109 |
Settlements | 35 | 13 | (96) |
Purchases | 87 | 0 | 0 |
Transfers out of Level 3 | 0 | (4) | 0 |
Ending balance | 143 | 93 | 102 |
Dominion Gas Holdings, LLC | |||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward] | |||
Beginnning balance | 6 | 2 | (6) |
Included in earnings | 0 | 1 | 2 |
Included in other comprehensive income (loss) | 0 | (5) | 10 |
Settlements | 0 | (1) | (4) |
Transfers out of Level 3 | (8) | 9 | 0 |
Ending balance | $ (2) | $ 6 | $ 2 |
Fair Value Measurements (Schedu
Fair Value Measurements (Schedule of Gains and Losses Included in the Level 3 Fair Value Category) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Derivative Instruments, Gain (Loss) [Line Items] | |||
Total gains (losses) included in earnings | $ (35) | $ (5) | $ 97 |
The amount of total gains (losses) for the period included in earnings attributable to the change in unrealized gains (losses) relating to assets/liabilities still held at the reporting date | (1) | 2 | 6 |
Operating Revenue | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Total gains (losses) included in earnings | 0 | 6 | 4 |
The amount of total gains (losses) for the period included in earnings attributable to the change in unrealized gains (losses) relating to assets/liabilities still held at the reporting date | 0 | 1 | 4 |
Electric Fuel and Other Energy-Related Purchases | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Total gains (losses) included in earnings | (35) | (11) | 97 |
The amount of total gains (losses) for the period included in earnings attributable to the change in unrealized gains (losses) relating to assets/liabilities still held at the reporting date | (1) | 1 | 1 |
Purchased Gas | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Total gains (losses) included in earnings | 0 | 0 | (4) |
The amount of total gains (losses) for the period included in earnings attributable to the change in unrealized gains (losses) relating to assets/liabilities still held at the reporting date | $ 0 | $ 0 | $ 1 |
Fair Value Measurements (Financ
Fair Value Measurements (Financial Instruments Carrying Amounts and Fair Values) (Details) - USD ($) $ in Millions | Dec. 31, 2016 | Dec. 31, 2015 | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Valuation of certain fair value hedges | $ (1) | $ 7 | |
Carrying Amount | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Long-term debt, including securities due within one year | [1] | 26,587 | 21,873 |
Junior subordinated notes | [2] | 2,980 | 1,340 |
Remarketable subordinated notes | [2] | 2,373 | 2,080 |
Estimated Fair Value | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Long-term debt, including securities due within one year | [1],[3] | 28,273 | 23,210 |
Junior subordinated notes | [2],[3] | 2,893 | 1,192 |
Remarketable subordinated notes | [2],[3] | 2,418 | 2,129 |
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 | [2] | 10,530 | 9,368 |
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 | [2],[3] | 11,584 | 10,400 |
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 | [4] | 3,528 | 3,269 |
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 | [3],[4] | $ 3,603 | $ 3,299 |
[1] | Carrying amount includes amounts which represent the unamortized debt issuance costs, discount or premium, and foreign currency remeasurement adjustments. At December 31, 2016, and 2015, includes the valuation of certain fair value hedges associated with Dominion's fixed rate debt of $(1) million and $7 million, respectively. | ||
[2] | Carrying amount includes amounts which represent the unamortized debt issuance costs, discount or premium. | ||
[3] | Fair value is estimated using market prices, where available, and interest rates currently available for issuance of debt with similar terms and remaining maturities. All fair value measurements are classified as Level 2. The carrying amount of debt issues with short-term maturities and variable rates refinanced at current market rates is a reasonable estimate of their fair value. | ||
[4] | Carrying amount includes amounts which represent the unamortized debt issuance costs, discount or premium, and foreign currency remeasurement adjustments. |
Derivatives and Hedge Account80
Derivatives and Hedge Accounting Activities (Schedule of Offsetting Assets) (Details) - USD ($) $ in Millions | Dec. 31, 2016 | Dec. 31, 2015 |
Offsetting Assets [Line Items] | ||
Gross Amounts of Recognized Assets | $ 272 | $ 379 |
Gross Amounts Offset in the Consolidated Balance Sheet | 0 | 0 |
Net Amounts of Assets Presented in the Consolidated Balance Sheet | 272 | 379 |
Total derivatives, not subject to a master netting or similar arrangement | 7 | 9 |
Gross Amounts of Recognized Assets, Total | 279 | 388 |
Derivative Asset | 279 | 388 |
Gross Amounts Not Offset in the Consolidated Balance Sheet, Financial Instruments | 67 | 141 |
Gross Amounts Not Offset in the Consolidated Balance Sheet, Cash Collateral Received | 0 | 0 |
Net Amounts | 205 | 238 |
Commodity | Over-the-counter | ||
Offsetting Assets [Line Items] | ||
Gross Amounts of Recognized Assets | 211 | 217 |
Gross Amounts Offset in the Consolidated Balance Sheet | 0 | 0 |
Net Amounts of Assets Presented in the Consolidated Balance Sheet | 211 | 217 |
Gross Amounts Not Offset in the Consolidated Balance Sheet, Financial Instruments | 14 | 37 |
Gross Amounts Not Offset in the Consolidated Balance Sheet, Cash Collateral Received | 0 | 0 |
Net Amounts | 197 | 180 |
Commodity | Exchange | ||
Offsetting Assets [Line Items] | ||
Gross Amounts of Recognized Assets | 44 | 138 |
Gross Amounts Offset in the Consolidated Balance Sheet | 0 | 0 |
Net Amounts of Assets Presented in the Consolidated Balance Sheet | 44 | 138 |
Gross Amounts Not Offset in the Consolidated Balance Sheet, Financial Instruments | 44 | 82 |
Gross Amounts Not Offset in the Consolidated Balance Sheet, Cash Collateral Received | 0 | 0 |
Net Amounts | 0 | 56 |
Interest rate | Over-the-counter | ||
Offsetting Assets [Line Items] | ||
Gross Amounts of Recognized Assets | 17 | 24 |
Gross Amounts Offset in the Consolidated Balance Sheet | 0 | 0 |
Net Amounts of Assets Presented in the Consolidated Balance Sheet | 17 | 24 |
Gross Amounts Not Offset in the Consolidated Balance Sheet, Financial Instruments | 9 | 22 |
Gross Amounts Not Offset in the Consolidated Balance Sheet, Cash Collateral Received | 0 | 0 |
Net Amounts | 8 | 2 |
Virginia Electric and Power Company | ||
Offsetting Assets [Line Items] | ||
Gross Amounts of Recognized Assets | 153 | 114 |
Gross Amounts Offset in the Consolidated Balance Sheet | 0 | 0 |
Net Amounts of Assets Presented in the Consolidated Balance Sheet | 153 | 114 |
Total derivatives, not subject to a master netting or similar arrangement | 41 | 13 |
Gross Amounts of Recognized Assets, Total | 194 | 127 |
Derivative Asset | 194 | 127 |
Gross Amounts Not Offset in the Consolidated Balance Sheet, Financial Instruments | 2 | 13 |
Gross Amounts Not Offset in the Consolidated Balance Sheet, Cash Collateral Received | 0 | 0 |
Net Amounts | 151 | 101 |
Virginia Electric and Power Company | Commodity | Over-the-counter | ||
Offsetting Assets [Line Items] | ||
Gross Amounts of Recognized Assets | 147 | 101 |
Gross Amounts Offset in the Consolidated Balance Sheet | 0 | 0 |
Net Amounts of Assets Presented in the Consolidated Balance Sheet | 147 | 101 |
Gross Amounts Not Offset in the Consolidated Balance Sheet, Financial Instruments | 2 | 3 |
Gross Amounts Not Offset in the Consolidated Balance Sheet, Cash Collateral Received | 0 | 0 |
Net Amounts | 145 | 98 |
Virginia Electric and Power Company | Interest rate | Over-the-counter | ||
Offsetting Assets [Line Items] | ||
Gross Amounts of Recognized Assets | 6 | 13 |
Gross Amounts Offset in the Consolidated Balance Sheet | 0 | 0 |
Net Amounts of Assets Presented in the Consolidated Balance Sheet | 6 | 13 |
Gross Amounts Not Offset in the Consolidated Balance Sheet, Financial Instruments | 0 | 10 |
Gross Amounts Not Offset in the Consolidated Balance Sheet, Cash Collateral Received | 0 | 0 |
Net Amounts | 6 | 3 |
Dominion Gas Holdings, LLC | ||
Offsetting Assets [Line Items] | ||
Gross Amounts of Recognized Assets | 0 | 11 |
Gross Amounts Offset in the Consolidated Balance Sheet | 0 | 0 |
Net Amounts of Assets Presented in the Consolidated Balance Sheet | 0 | 11 |
Derivative Asset | 11 | |
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 | 11 |
Dominion Gas Holdings, LLC | Commodity | Over-the-counter | ||
Offsetting Assets [Line Items] | ||
Gross Amounts of Recognized Assets | 0 | 11 |
Gross Amounts Offset in the Consolidated Balance Sheet | 0 | 0 |
Net Amounts of Assets Presented in the Consolidated Balance Sheet | 0 | 11 |
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 | $ 11 |
Derivatives and Hedge Account81
Derivatives and Hedge Accounting Activities (Schedule of Offsetting Liabilities) (Details) - USD ($) $ in Millions | Dec. 31, 2016 | Dec. 31, 2015 |
Offsetting Liabilities [Line Items] | ||
Gross Amounts of Recognized Liabilities | $ 153 | $ 335 |
Gross Amounts Offset in the Consolidated Balance Sheet | 0 | 0 |
Net Amounts of Liabilities Presented in the Consolidated Balance Sheet | 153 | 335 |
Total derivatives, not subject to a master netting or similar arrangement | 2 | 8 |
Gross Amounts of Recognized Liabilities, Total | 155 | 343 |
Derivative liabilities | 155 | 343 |
Gross Amounts Not Offset in the Consolidated Balance Sheet, Financial Instruments | 67 | 141 |
Gross Amounts Not Offset in the Consolidated Balance Sheet, Cash Collateral Paid | 27 | 0 |
Net Amounts | 59 | 194 |
Commodity | Over-the-counter | ||
Offsetting Liabilities [Line Items] | ||
Gross Amounts of Recognized Liabilities | 23 | 70 |
Gross Amounts Offset in the Consolidated Balance Sheet | 0 | 0 |
Net Amounts of Liabilities Presented in the Consolidated Balance Sheet | 23 | 70 |
Gross Amounts Not Offset in the Consolidated Balance Sheet, Financial Instruments | 14 | 37 |
Gross Amounts Not Offset in the Consolidated Balance Sheet, Cash Collateral Paid | 0 | 0 |
Net Amounts | 9 | 33 |
Commodity | Exchange | ||
Offsetting Liabilities [Line Items] | ||
Gross Amounts of Recognized Liabilities | 71 | 82 |
Gross Amounts Offset in the Consolidated Balance Sheet | 0 | 0 |
Net Amounts of Liabilities Presented in the Consolidated Balance Sheet | 71 | 82 |
Gross Amounts Not Offset in the Consolidated Balance Sheet, Financial Instruments | 44 | 82 |
Gross Amounts Not Offset in the Consolidated Balance Sheet, Cash Collateral Paid | 27 | 0 |
Net Amounts | 0 | 0 |
Interest rate | Over-the-counter | ||
Offsetting Liabilities [Line Items] | ||
Gross Amounts of Recognized Liabilities | 53 | 183 |
Gross Amounts Offset in the Consolidated Balance Sheet | 0 | 0 |
Net Amounts of Liabilities Presented in the Consolidated Balance Sheet | 53 | 183 |
Gross Amounts Not Offset in the Consolidated Balance Sheet, Financial Instruments | 9 | 22 |
Gross Amounts Not Offset in the Consolidated Balance Sheet, Cash Collateral Paid | 0 | 0 |
Net Amounts | 44 | 161 |
Foreign currency | Over-the-counter | ||
Offsetting Liabilities [Line Items] | ||
Gross Amounts of Recognized Liabilities | 6 | 0 |
Gross Amounts Offset in the Consolidated Balance Sheet | 0 | 0 |
Net Amounts of Liabilities Presented in the Consolidated Balance Sheet | 6 | 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 | 6 | 0 |
Virginia Electric and Power Company | ||
Offsetting Liabilities [Line Items] | ||
Gross Amounts of Recognized Liabilities | 23 | 64 |
Gross Amounts Offset in the Consolidated Balance Sheet | 0 | 0 |
Net Amounts of Liabilities Presented in the Consolidated Balance Sheet | 23 | 64 |
Total derivatives, not subject to a master netting or similar arrangement | 8 | 22 |
Gross Amounts of Recognized Liabilities, Total | 31 | 86 |
Derivative liabilities | 31 | 86 |
Gross Amounts Not Offset in the Consolidated Balance Sheet, Financial Instruments | 2 | 13 |
Gross Amounts Not Offset in the Consolidated Balance Sheet, Cash Collateral Paid | 0 | 0 |
Net Amounts | 21 | 51 |
Virginia Electric and Power Company | Commodity | Over-the-counter | ||
Offsetting Liabilities [Line Items] | ||
Gross Amounts of Recognized Liabilities | 2 | 5 |
Gross Amounts Offset in the Consolidated Balance Sheet | 0 | 0 |
Net Amounts of Liabilities Presented in the Consolidated Balance Sheet | 2 | 5 |
Gross Amounts Not Offset in the Consolidated Balance Sheet, Financial Instruments | 2 | 3 |
Gross Amounts Not Offset in the Consolidated Balance Sheet, Cash Collateral Paid | 0 | 0 |
Net Amounts | 0 | 2 |
Virginia Electric and Power Company | Interest rate | Over-the-counter | ||
Offsetting Liabilities [Line Items] | ||
Gross Amounts of Recognized Liabilities | 21 | 59 |
Gross Amounts Offset in the Consolidated Balance Sheet | 0 | 0 |
Net Amounts of Liabilities Presented in the Consolidated Balance Sheet | 21 | 59 |
Gross Amounts Not Offset in the Consolidated Balance Sheet, Financial Instruments | 0 | 10 |
Gross Amounts Not Offset in the Consolidated Balance Sheet, Cash Collateral Paid | 0 | 0 |
Net Amounts | 21 | 49 |
Dominion Gas Holdings, LLC | ||
Offsetting Liabilities [Line Items] | ||
Gross Amounts of Recognized Liabilities | 11 | 14 |
Gross Amounts Offset in the Consolidated Balance Sheet | 0 | 0 |
Net Amounts of Liabilities Presented in the Consolidated Balance Sheet | 11 | 14 |
Derivative liabilities | 11 | 14 |
Gross Amounts Not Offset in the Consolidated Balance Sheet, Financial Instruments | 0 | 0 |
Gross Amounts Not Offset in the Consolidated Balance Sheet, Cash Collateral Paid | 0 | 0 |
Net Amounts | 11 | 14 |
Dominion Gas Holdings, LLC | Commodity | Over-the-counter | ||
Offsetting Liabilities [Line Items] | ||
Gross Amounts of Recognized Liabilities | 5 | 0 |
Gross Amounts Offset in the Consolidated Balance Sheet | 0 | 0 |
Net Amounts of Liabilities Presented in the Consolidated Balance Sheet | 5 | 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 | 5 | 0 |
Dominion Gas Holdings, LLC | Interest rate | Over-the-counter | ||
Offsetting Liabilities [Line Items] | ||
Gross Amounts of Recognized Liabilities | 0 | 14 |
Gross Amounts Offset in the Consolidated Balance Sheet | 0 | 0 |
Net Amounts of Liabilities Presented in the Consolidated Balance Sheet | 0 | 14 |
Gross Amounts Not Offset in the Consolidated Balance Sheet, Financial Instruments | 0 | 0 |
Gross Amounts Not Offset in the Consolidated Balance Sheet, Cash Collateral Paid | 0 | 0 |
Net Amounts | 0 | 14 |
Dominion Gas Holdings, LLC | Foreign currency | Over-the-counter | ||
Offsetting Liabilities [Line Items] | ||
Gross Amounts of Recognized Liabilities | 6 | 0 |
Gross Amounts Offset in the Consolidated Balance Sheet | 0 | 0 |
Net Amounts of Liabilities Presented in the Consolidated Balance Sheet | 6 | 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 | $ 6 | $ 0 |
Derivatives and Hedge Account82
Derivatives and Hedge Accounting Activities (Volume of our Derivative Activity) (Details) - 12 months ended Dec. 31, 2016 MMcf in Thousands, € in Millions | USD ($)MWhMMcfgal | EUR (€) | |
Fixed Price - Natural Gas - Current Derivative Contract | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Volume of derivative activity (bcf, Gal) | MMcf | [1] | 91 | |
Fixed Price - Natural Gas - Non-current Derivative Contract | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Volume of derivative activity (bcf, Gal) | MMcf | [1] | 18 | |
Basis - Natural Gas - Current Derivative Contract | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Volume of derivative activity (bcf, Gal) | MMcf | 223 | ||
Basis - Natural Gas - Non-current Derivative Contract | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Volume of derivative activity (bcf, Gal) | MMcf | 593 | ||
Fixed Price - Electricity - Current Derivative Contract | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Volume of electricity (MWh) | MWh | [1] | 11,880,630 | |
Fixed Price - Electricity - Non-current Derivative Contract | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Volume of electricity (MWh) | MWh | [1] | 1,963,426 | |
Financial Transmission Rights - Electricity- Current Derivative Contract | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Volume of electricity (MWh) | MWh | 46,269,912 | ||
Financial Transmission Rights - Electricity- Non-current Derivative Contract | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Volume of electricity (MWh) | MWh | 0 | ||
Liquids - Current Derivative Contract | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Volume of derivative activity (bcf, Gal) | gal | [2] | 46,311,225 | |
Liquids - Non-current Derivative Contract | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Volume of derivative activity (bcf, Gal) | gal | [2] | 12,741,120 | |
Interest Rate - Current Derivative Contract | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Interest rate and Foreign currency (US Dollars, Euros) | $ | [3] | $ 1,800,000,000 | |
Interest Rate - Non-current Derivative Contract | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Interest rate and Foreign currency (US Dollars, Euros) | $ | [3] | 2,903,640,679 | |
Foreign currency | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Interest rate and Foreign currency (US Dollars, Euros) | € | € 250 | ||
Foreign Exchange - Current Derivative Contract | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Interest rate and Foreign currency (US Dollars, Euros) | $ | [3],[4] | 0 | |
Foreign Exchange - Non- Current Derivative Contract | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Interest rate and Foreign currency (US Dollars, Euros) | $ | [3],[4] | $ 280,000,000 | |
Virginia Electric and Power Company | Fixed Price - Natural Gas - Current Derivative Contract | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Volume of derivative activity (bcf, Gal) | MMcf | [5] | 27 | |
Virginia Electric and Power Company | Fixed Price - Natural Gas - Non-current Derivative Contract | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Volume of derivative activity (bcf, Gal) | MMcf | [5] | 14 | |
Virginia Electric and Power Company | Basis - Natural Gas - Current Derivative Contract | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Volume of derivative activity (bcf, Gal) | MMcf | 101 | ||
Virginia Electric and Power Company | Basis - Natural Gas - Non-current Derivative Contract | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Volume of derivative activity (bcf, Gal) | MMcf | 539 | ||
Virginia Electric and Power Company | Fixed Price - Electricity - Current Derivative Contract | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Volume of electricity (MWh) | MWh | [5] | 1,343,310 | |
Virginia Electric and Power Company | Fixed Price - Electricity - Non-current Derivative Contract | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Volume of electricity (MWh) | MWh | [5] | 1,963,426 | |
Virginia Electric and Power Company | Financial Transmission Rights - Electricity- Current Derivative Contract | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Volume of electricity (MWh) | MWh | 43,853,950 | ||
Virginia Electric and Power Company | Financial Transmission Rights - Electricity- Non-current Derivative Contract | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Volume of electricity (MWh) | MWh | 0 | ||
Virginia Electric and Power Company | Interest Rate - Current Derivative Contract | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Interest rate and Foreign currency (US Dollars, Euros) | $ | $ 800,000,000 | ||
Virginia Electric and Power Company | Interest Rate - Non-current Derivative Contract | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Interest rate and Foreign currency (US Dollars, Euros) | $ | $ 850,000,000 | ||
Dominion Gas Holdings, LLC | Liquids - Current Derivative Contract | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Volume of derivative activity (bcf, Gal) | gal | 39,549,225 | ||
Dominion Gas Holdings, LLC | Liquids - Non-current Derivative Contract | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Volume of derivative activity (bcf, Gal) | gal | 7,953,120 | ||
Dominion Gas Holdings, LLC | Foreign currency | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Interest rate and Foreign currency (US Dollars, Euros) | € | € 250 | ||
Dominion Gas Holdings, LLC | Foreign Exchange - Current Derivative Contract | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Interest rate and Foreign currency (US Dollars, Euros) | $ | [6] | $ 0 | |
Dominion Gas Holdings, LLC | Foreign Exchange - Non- Current Derivative Contract | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Interest rate and Foreign currency (US Dollars, Euros) | $ | [6] | $ 280,000,000 | |
[1] | Includes options. | ||
[2] | Includes NGLs and oil. | ||
[3] | Maturity is determined based on final settlement period. | ||
[4] | Euro equivalent volumes are €250,000,000. | ||
[5] | Includes options. | ||
[6] | Maturity is determined based on final settlement period. Euro equivalent volumes are €250,000,000 |
Derivatives and Hedge Account83
Derivatives and Hedge Accounting Activities (Selected Information Related to Gains (Losses) on Cash Flow Hedges Included in AOCI) (Details) $ in Millions | 12 Months Ended |
Dec. 31, 2016USD ($) | |
Derivative Instruments, Gain (Loss) [Line Items] | |
AOCI After-Tax | $ (280) |
Amounts Expected to be Reclassified to Earnings during the next 12 Months After-Tax | (19) |
Commodity | Gas | |
Derivative Instruments, Gain (Loss) [Line Items] | |
AOCI After-Tax | 10 |
Amounts Expected to be Reclassified to Earnings during the next 12 Months After-Tax | $ 10 |
Maximum Term | 36 months |
Commodity | Electricity | |
Derivative Instruments, Gain (Loss) [Line Items] | |
AOCI After-Tax | $ (20) |
Amounts Expected to be Reclassified to Earnings during the next 12 Months After-Tax | $ (20) |
Maximum Term | 12 months |
Commodity | Other | |
Derivative Instruments, Gain (Loss) [Line Items] | |
AOCI After-Tax | $ (3) |
Amounts Expected to be Reclassified to Earnings during the next 12 Months After-Tax | $ (3) |
Maximum Term | 15 months |
Interest rate | |
Derivative Instruments, Gain (Loss) [Line Items] | |
AOCI After-Tax | $ (274) |
Amounts Expected to be Reclassified to Earnings during the next 12 Months After-Tax | $ (5) |
Maximum Term | 375 months |
Foreign currency | |
Derivative Instruments, Gain (Loss) [Line Items] | |
AOCI After-Tax | $ 7 |
Amounts Expected to be Reclassified to Earnings during the next 12 Months After-Tax | $ (1) |
Maximum Term | 114 months |
Virginia Electric and Power Company | |
Derivative Instruments, Gain (Loss) [Line Items] | |
AOCI After-Tax | $ (8) |
Amounts Expected to be Reclassified to Earnings during the next 12 Months After-Tax | (1) |
Virginia Electric and Power Company | Interest rate | |
Derivative Instruments, Gain (Loss) [Line Items] | |
AOCI After-Tax | (8) |
Amounts Expected to be Reclassified to Earnings during the next 12 Months After-Tax | $ (1) |
Maximum Term | 375 months |
Dominion Gas Holdings, LLC | |
Derivative Instruments, Gain (Loss) [Line Items] | |
AOCI After-Tax | $ (24) |
Amounts Expected to be Reclassified to Earnings during the next 12 Months After-Tax | (7) |
Dominion Gas Holdings, LLC | Commodity | NGLs | |
Derivative Instruments, Gain (Loss) [Line Items] | |
AOCI After-Tax | (3) |
Amounts Expected to be Reclassified to Earnings during the next 12 Months After-Tax | $ (3) |
Maximum Term | 15 months |
Dominion Gas Holdings, LLC | Interest rate | |
Derivative Instruments, Gain (Loss) [Line Items] | |
AOCI After-Tax | $ (28) |
Amounts Expected to be Reclassified to Earnings during the next 12 Months After-Tax | $ (3) |
Maximum Term | 336 months |
Dominion Gas Holdings, LLC | Foreign currency | |
Derivative Instruments, Gain (Loss) [Line Items] | |
AOCI After-Tax | $ 7 |
Amounts Expected to be Reclassified to Earnings during the next 12 Months After-Tax | $ (1) |
Maximum Term | 114 months |
Derivatives and Hedge Account84
Derivatives and Hedge Accounting Activities (Fair Values of our Derivatives) (Details) - USD ($) $ in Millions | Dec. 31, 2016 | Dec. 31, 2015 | |
Derivative Instruments, Gain (Loss) [Line Items] | |||
Derivative assets | $ 279 | $ 388 | |
Derivative liabilities | 155 | 343 | |
Current Assets | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Derivative assets | 140 | 255 | |
Current Assets | Commodity | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Derivative assets | 130 | 252 | |
Current Assets | Interest rate | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Derivative assets | 10 | 3 | |
Noncurrent Assets | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Derivative assets | [1] | 139 | 133 |
Noncurrent Assets | Commodity | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Derivative assets | 132 | 112 | |
Noncurrent Assets | Interest rate | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Derivative assets | 7 | 21 | |
Current Liabilities | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Derivative liabilities | [2] | 128 | 312 |
Current Liabilities | Commodity | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Derivative liabilities | 92 | 148 | |
Current Liabilities | Interest rate | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Derivative liabilities | 33 | 164 | |
Current Liabilities | Foreign currency | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Derivative liabilities | 3 | ||
Noncurrent Liabilities | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Derivative liabilities | [3] | 27 | 31 |
Noncurrent Liabilities | Commodity | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Derivative liabilities | 4 | 12 | |
Noncurrent Liabilities | Interest rate | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Derivative liabilities | 20 | 19 | |
Noncurrent Liabilities | Foreign currency | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Derivative liabilities | 3 | ||
Fair Value - Derivatives under Hedge Accounting | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Derivative assets | 46 | 128 | |
Derivative liabilities | 111 | 215 | |
Fair Value - Derivatives under Hedge Accounting | Current Assets | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Derivative assets | 39 | 104 | |
Fair Value - Derivatives under Hedge Accounting | Current Assets | Commodity | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Derivative assets | 29 | 101 | |
Fair Value - Derivatives under Hedge Accounting | Current Assets | Interest rate | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Derivative assets | 10 | 3 | |
Fair Value - Derivatives under Hedge Accounting | Noncurrent Assets | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Derivative assets | [1] | 7 | 24 |
Fair Value - Derivatives under Hedge Accounting | Noncurrent Assets | Commodity | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Derivative assets | 0 | 3 | |
Fair Value - Derivatives under Hedge Accounting | Noncurrent Assets | Interest rate | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Derivative assets | 7 | 21 | |
Fair Value - Derivatives under Hedge Accounting | Current Liabilities | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Derivative liabilities | [2] | 87 | 196 |
Fair Value - Derivatives under Hedge Accounting | Current Liabilities | Commodity | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Derivative liabilities | 51 | 32 | |
Fair Value - Derivatives under Hedge Accounting | Current Liabilities | Interest rate | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Derivative liabilities | 33 | 164 | |
Fair Value - Derivatives under Hedge Accounting | Current Liabilities | Foreign currency | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Derivative liabilities | 3 | ||
Fair Value - Derivatives under Hedge Accounting | Noncurrent Liabilities | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Derivative liabilities | [3] | 24 | 19 |
Fair Value - Derivatives under Hedge Accounting | Noncurrent Liabilities | Commodity | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Derivative liabilities | 1 | 0 | |
Fair Value - Derivatives under Hedge Accounting | Noncurrent Liabilities | Interest rate | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Derivative liabilities | 20 | 19 | |
Fair Value - Derivatives under Hedge Accounting | Noncurrent Liabilities | Foreign currency | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Derivative liabilities | 3 | ||
Fair Value - Derivatives not under Hedge Accounting | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Derivative assets | 233 | 260 | |
Derivative liabilities | 44 | 128 | |
Fair Value - Derivatives not under Hedge Accounting | Current Assets | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Derivative assets | 101 | 151 | |
Fair Value - Derivatives not under Hedge Accounting | Current Assets | Commodity | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Derivative assets | 101 | 151 | |
Fair Value - Derivatives not under Hedge Accounting | Current Assets | Interest rate | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Derivative assets | 0 | 0 | |
Fair Value - Derivatives not under Hedge Accounting | Noncurrent Assets | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Derivative assets | [1] | 132 | 109 |
Fair Value - Derivatives not under Hedge Accounting | Noncurrent Assets | Commodity | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Derivative assets | 132 | 109 | |
Fair Value - Derivatives not under Hedge Accounting | Noncurrent Assets | Interest rate | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Derivative assets | 0 | 0 | |
Fair Value - Derivatives not under Hedge Accounting | Current Liabilities | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Derivative liabilities | [2] | 41 | 116 |
Fair Value - Derivatives not under Hedge Accounting | Current Liabilities | Commodity | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Derivative liabilities | 41 | 116 | |
Fair Value - Derivatives not under Hedge Accounting | Current Liabilities | Interest rate | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Derivative liabilities | 0 | 0 | |
Fair Value - Derivatives not under Hedge Accounting | Current Liabilities | Foreign currency | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Derivative liabilities | 0 | ||
Fair Value - Derivatives not under Hedge Accounting | Noncurrent Liabilities | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Derivative liabilities | [3] | 3 | 12 |
Fair Value - Derivatives not under Hedge Accounting | Noncurrent Liabilities | Commodity | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Derivative liabilities | 3 | 12 | |
Fair Value - Derivatives not under Hedge Accounting | Noncurrent Liabilities | Interest rate | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Derivative liabilities | 0 | 0 | |
Fair Value - Derivatives not under Hedge Accounting | Noncurrent Liabilities | Foreign currency | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Derivative liabilities | 0 | ||
Virginia Electric and Power Company | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Derivative assets | 194 | 127 | |
Derivative liabilities | 31 | 86 | |
Virginia Electric and Power Company | Current Assets | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Derivative assets | [4] | 66 | 18 |
Virginia Electric and Power Company | Current Assets | Commodity | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Derivative assets | 60 | 18 | |
Virginia Electric and Power Company | Current Assets | Interest rate | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Derivative assets | 6 | ||
Virginia Electric and Power Company | Noncurrent Assets | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Derivative assets | 128 | 109 | |
Virginia Electric and Power Company | Noncurrent Assets | Commodity | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Derivative assets | 128 | 96 | |
Virginia Electric and Power Company | Noncurrent Assets | Interest rate | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Derivative assets | 13 | ||
Virginia Electric and Power Company | Current Liabilities | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Derivative liabilities | [5] | 18 | 80 |
Virginia Electric and Power Company | Current Liabilities | Commodity | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Derivative liabilities | 10 | 23 | |
Virginia Electric and Power Company | Current Liabilities | Interest rate | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Derivative liabilities | 8 | 57 | |
Virginia Electric and Power Company | Noncurrent Liabilities | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Derivative liabilities | [6] | 13 | 6 |
Virginia Electric and Power Company | Noncurrent Liabilities | Commodity | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Derivative liabilities | 4 | ||
Virginia Electric and Power Company | Noncurrent Liabilities | Interest rate | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Derivative liabilities | 13 | 2 | |
Virginia Electric and Power Company | Fair Value - Derivatives under Hedge Accounting | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Derivative assets | 6 | 13 | |
Derivative liabilities | 21 | 59 | |
Virginia Electric and Power Company | Fair Value - Derivatives under Hedge Accounting | Current Assets | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Derivative assets | [4] | 6 | 0 |
Virginia Electric and Power Company | Fair Value - Derivatives under Hedge Accounting | Current Assets | Commodity | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Derivative assets | 0 | 0 | |
Virginia Electric and Power Company | Fair Value - Derivatives under Hedge Accounting | Current Assets | Interest rate | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Derivative assets | 6 | ||
Virginia Electric and Power Company | Fair Value - Derivatives under Hedge Accounting | Noncurrent Assets | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Derivative assets | 0 | 13 | |
Virginia Electric and Power Company | Fair Value - Derivatives under Hedge Accounting | Noncurrent Assets | Commodity | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Derivative assets | 0 | 0 | |
Virginia Electric and Power Company | Fair Value - Derivatives under Hedge Accounting | Noncurrent Assets | Interest rate | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Derivative assets | 13 | ||
Virginia Electric and Power Company | Fair Value - Derivatives under Hedge Accounting | Current Liabilities | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Derivative liabilities | [5] | 8 | 57 |
Virginia Electric and Power Company | Fair Value - Derivatives under Hedge Accounting | Current Liabilities | Commodity | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Derivative liabilities | 0 | 0 | |
Virginia Electric and Power Company | Fair Value - Derivatives under Hedge Accounting | Current Liabilities | Interest rate | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Derivative liabilities | 8 | 57 | |
Virginia Electric and Power Company | Fair Value - Derivatives under Hedge Accounting | Noncurrent Liabilities | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Derivative liabilities | [6] | 13 | 2 |
Virginia Electric and Power Company | Fair Value - Derivatives under Hedge Accounting | Noncurrent Liabilities | Commodity | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Derivative liabilities | 0 | ||
Virginia Electric and Power Company | Fair Value - Derivatives under Hedge Accounting | Noncurrent Liabilities | Interest rate | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Derivative liabilities | 13 | 2 | |
Virginia Electric and Power Company | Fair Value - Derivatives not under Hedge Accounting | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Derivative assets | 188 | 114 | |
Derivative liabilities | 10 | 27 | |
Virginia Electric and Power Company | Fair Value - Derivatives not under Hedge Accounting | Current Assets | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Derivative assets | [4] | 60 | 18 |
Virginia Electric and Power Company | Fair Value - Derivatives not under Hedge Accounting | Current Assets | Commodity | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Derivative assets | 60 | 18 | |
Virginia Electric and Power Company | Fair Value - Derivatives not under Hedge Accounting | Current Assets | Interest rate | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Derivative assets | 0 | ||
Virginia Electric and Power Company | Fair Value - Derivatives not under Hedge Accounting | Noncurrent Assets | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Derivative assets | 128 | 96 | |
Virginia Electric and Power Company | Fair Value - Derivatives not under Hedge Accounting | Noncurrent Assets | Commodity | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Derivative assets | 128 | 96 | |
Virginia Electric and Power Company | Fair Value - Derivatives not under Hedge Accounting | Noncurrent Assets | Interest rate | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Derivative assets | 0 | ||
Virginia Electric and Power Company | Fair Value - Derivatives not under Hedge Accounting | Current Liabilities | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Derivative liabilities | [5] | 10 | 23 |
Virginia Electric and Power Company | Fair Value - Derivatives not under Hedge Accounting | Current Liabilities | Commodity | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Derivative liabilities | 10 | 23 | |
Virginia Electric and Power Company | Fair Value - Derivatives not under Hedge Accounting | Current Liabilities | Interest rate | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Derivative liabilities | 0 | ||
Virginia Electric and Power Company | Fair Value - Derivatives not under Hedge Accounting | Noncurrent Liabilities | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Derivative liabilities | [6] | 0 | 4 |
Virginia Electric and Power Company | Fair Value - Derivatives not under Hedge Accounting | Noncurrent Liabilities | Commodity | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Derivative liabilities | 4 | ||
Virginia Electric and Power Company | Fair Value - Derivatives not under Hedge Accounting | Noncurrent Liabilities | Interest rate | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Derivative liabilities | 0 | 0 | |
Dominion Gas Holdings, LLC | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Derivative assets | 11 | ||
Derivative liabilities | 11 | 14 | |
Dominion Gas Holdings, LLC | Current Assets | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Derivative assets | [7] | 10 | |
Dominion Gas Holdings, LLC | Current Assets | Commodity | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Derivative assets | 10 | ||
Dominion Gas Holdings, LLC | Noncurrent Assets | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Derivative assets | [8] | 1 | |
Dominion Gas Holdings, LLC | Noncurrent Assets | Commodity | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Derivative assets | 1 | ||
Dominion Gas Holdings, LLC | Current Liabilities | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Derivative liabilities | [9] | 7 | 14 |
Dominion Gas Holdings, LLC | Current Liabilities | Commodity | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Derivative liabilities | 4 | ||
Dominion Gas Holdings, LLC | Current Liabilities | Interest rate | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Derivative liabilities | 14 | ||
Dominion Gas Holdings, LLC | Current Liabilities | Foreign currency | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Derivative liabilities | 3 | ||
Dominion Gas Holdings, LLC | Noncurrent Liabilities | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Derivative liabilities | [10] | 4 | |
Dominion Gas Holdings, LLC | Noncurrent Liabilities | Commodity | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Derivative liabilities | 1 | ||
Dominion Gas Holdings, LLC | Noncurrent Liabilities | Foreign currency | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Derivative liabilities | 3 | ||
Dominion Gas Holdings, LLC | Fair Value - Derivatives under Hedge Accounting | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Derivative assets | 11 | ||
Derivative liabilities | 11 | 14 | |
Dominion Gas Holdings, LLC | Fair Value - Derivatives under Hedge Accounting | Current Assets | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Derivative assets | [7] | 10 | |
Dominion Gas Holdings, LLC | Fair Value - Derivatives under Hedge Accounting | Current Assets | Commodity | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Derivative assets | 10 | ||
Dominion Gas Holdings, LLC | Fair Value - Derivatives under Hedge Accounting | Noncurrent Assets | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Derivative assets | [8] | 1 | |
Dominion Gas Holdings, LLC | Fair Value - Derivatives under Hedge Accounting | Noncurrent Assets | Commodity | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Derivative assets | 1 | ||
Dominion Gas Holdings, LLC | Fair Value - Derivatives under Hedge Accounting | Current Liabilities | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Derivative liabilities | [9] | 7 | 14 |
Dominion Gas Holdings, LLC | Fair Value - Derivatives under Hedge Accounting | Current Liabilities | Commodity | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Derivative liabilities | 4 | ||
Dominion Gas Holdings, LLC | Fair Value - Derivatives under Hedge Accounting | Current Liabilities | Interest rate | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Derivative liabilities | 14 | ||
Dominion Gas Holdings, LLC | Fair Value - Derivatives under Hedge Accounting | Current Liabilities | Foreign currency | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Derivative liabilities | 3 | ||
Dominion Gas Holdings, LLC | Fair Value - Derivatives under Hedge Accounting | Noncurrent Liabilities | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Derivative liabilities | [10] | 4 | |
Dominion Gas Holdings, LLC | Fair Value - Derivatives under Hedge Accounting | Noncurrent Liabilities | Commodity | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Derivative liabilities | 1 | ||
Dominion Gas Holdings, LLC | Fair Value - Derivatives under Hedge Accounting | Noncurrent Liabilities | Foreign currency | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Derivative liabilities | 3 | ||
Dominion Gas Holdings, LLC | Fair Value - Derivatives not under Hedge Accounting | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Derivative assets | 0 | ||
Derivative liabilities | 0 | 0 | |
Dominion Gas Holdings, LLC | Fair Value - Derivatives not under Hedge Accounting | Current Assets | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Derivative assets | [7] | 0 | |
Dominion Gas Holdings, LLC | Fair Value - Derivatives not under Hedge Accounting | Current Assets | Commodity | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Derivative assets | 0 | ||
Dominion Gas Holdings, LLC | Fair Value - Derivatives not under Hedge Accounting | Noncurrent Assets | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Derivative assets | [8] | 0 | |
Dominion Gas Holdings, LLC | Fair Value - Derivatives not under Hedge Accounting | Noncurrent Assets | Commodity | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Derivative assets | 0 | ||
Dominion Gas Holdings, LLC | Fair Value - Derivatives not under Hedge Accounting | Current Liabilities | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Derivative liabilities | [9] | 0 | 0 |
Dominion Gas Holdings, LLC | Fair Value - Derivatives not under Hedge Accounting | Current Liabilities | Commodity | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Derivative liabilities | 0 | ||
Dominion Gas Holdings, LLC | Fair Value - Derivatives not under Hedge Accounting | Current Liabilities | Interest rate | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Derivative liabilities | $ 0 | ||
Dominion Gas Holdings, LLC | Fair Value - Derivatives not under Hedge Accounting | Current Liabilities | Foreign currency | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Derivative liabilities | 0 | ||
Dominion Gas Holdings, LLC | Fair Value - Derivatives not under Hedge Accounting | Noncurrent Liabilities | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Derivative liabilities | [10] | 0 | |
Dominion Gas Holdings, LLC | Fair Value - Derivatives not under Hedge Accounting | Noncurrent Liabilities | Commodity | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Derivative liabilities | 0 | ||
Dominion Gas Holdings, LLC | Fair Value - Derivatives not under Hedge Accounting | Noncurrent Liabilities | Foreign currency | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Derivative liabilities | $ 0 | ||
[1] | Noncurrent derivative assets are presented in other deferred charges and other assets in Dominion's Consolidated Balance Sheets. | ||
[2] | Current derivative liabilities are presented in other current liabilities in Dominion's Consolidated Balance Sheets. | ||
[3] | Noncurrent derivative liabilities are presented in other deferred credits and other liabilities in Dominion's Consolidated Balance Sheets. | ||
[4] | Current derivative assets are presented in other current assets in Virginia Power's Consolidated Balance Sheets. | ||
[5] | Current derivative liabilities are presented in other current liabilities in Virginia Power's Consolidated Balance Sheets. | ||
[6] | Noncurrent derivative liabilities are presented in other deferred credits and other liabilities in Virginia Power's Consolidated Balance Sheets. | ||
[7] | Current derivative assets are presented in other current assets in Dominion Gas' Consolidated Balance Sheets. | ||
[8] | Noncurrent derivative assets are presented in other deferred charges and other assets in Dominion Gas' Consolidated Balance Sheets. | ||
[9] | Current derivative liabilities are presented in other current liabilities in Dominion Gas' Consolidated Balance Sheets. | ||
[10] | Noncurrent derivative liabilities are presented in other deferred credits and other liabilities in Dominion Gas' Consolidated Balance Sheets. |
Derivatives and Hedge Account85
Derivatives and Hedge Accounting Activities (Gains and Losses on our Derivatives in Cash Flow Hedging Relationships) (Details) - Cash Flow Hedges - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Amount of Gain (Loss) Recognized in AOCI on Derivatives (Effective Portion) | [1] | $ 92 | $ 184 | $ 37 |
Amount of Gain (Loss) Reclassified from AOCI to Income | 259 | 176 | (152) | |
Increase (Decrease) in Derivatives Subject to Regulatory Treatment | [2] | (26) | (9) | (85) |
Commodity | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Amount of Gain (Loss) Recognized in AOCI on Derivatives (Effective Portion) | [1] | 164 | 230 | 245 |
Amount of Gain (Loss) Reclassified from AOCI to Income | 307 | 187 | (136) | |
Increase (Decrease) in Derivatives Subject to Regulatory Treatment | [2] | 0 | 4 | (4) |
Commodity | Operating Revenue | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Amount of Gain (Loss) Reclassified from AOCI to Income | 330 | 203 | (130) | |
Commodity | Purchased gas | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Amount of Gain (Loss) Reclassified from AOCI to Income | (13) | (15) | (13) | |
Commodity | Electric Fuel and Other Energy-Related Purchases | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Amount of Gain (Loss) Reclassified from AOCI to Income | (10) | (1) | 7 | |
Interest rate | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Amount of Gain (Loss) Recognized in AOCI on Derivatives (Effective Portion) | [1],[3] | (66) | (46) | (208) |
Amount of Gain (Loss) Reclassified from AOCI to Income | [3] | (31) | (11) | (16) |
Increase (Decrease) in Derivatives Subject to Regulatory Treatment | [2],[3] | (26) | (13) | (81) |
Foreign currency | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Amount of Gain (Loss) Recognized in AOCI on Derivatives (Effective Portion) | [1],[4] | (6) | ||
Amount of Gain (Loss) Reclassified from AOCI to Income | [4] | (17) | ||
Increase (Decrease) in Derivatives Subject to Regulatory Treatment | [2],[4] | 0 | ||
Virginia Electric and Power Company | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Amount of Gain (Loss) Recognized in AOCI on Derivatives (Effective Portion) | [5] | (3) | (3) | (6) |
Amount of Gain (Loss) Reclassified from AOCI to Income | (1) | (1) | 5 | |
Increase (Decrease) in Derivatives Subject to Regulatory Treatment | [6] | (26) | (9) | (85) |
Virginia Electric and Power Company | Commodity | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Amount of Gain (Loss) Recognized in AOCI on Derivatives (Effective Portion) | [5] | 0 | 4 | |
Amount of Gain (Loss) Reclassified from AOCI to Income | (1) | 5 | ||
Increase (Decrease) in Derivatives Subject to Regulatory Treatment | [6] | 4 | (4) | |
Virginia Electric and Power Company | Commodity | Electric Fuel and Other Energy-Related Purchases | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Amount of Gain (Loss) Reclassified from AOCI to Income | (1) | 5 | ||
Virginia Electric and Power Company | Interest rate | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Amount of Gain (Loss) Recognized in AOCI on Derivatives (Effective Portion) | [5],[7] | (3) | (3) | (10) |
Amount of Gain (Loss) Reclassified from AOCI to Income | [7] | (1) | 0 | 0 |
Increase (Decrease) in Derivatives Subject to Regulatory Treatment | [6],[7] | (26) | (13) | (81) |
Dominion Gas Holdings, LLC | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Amount of Gain (Loss) Recognized in AOCI on Derivatives (Effective Portion) | [8] | (26) | 10 | (50) |
Amount of Gain (Loss) Reclassified from AOCI to Income | (15) | 6 | (13) | |
Dominion Gas Holdings, LLC | Commodity | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Amount of Gain (Loss) Recognized in AOCI on Derivatives (Effective Portion) | [8] | (12) | 16 | 12 |
Amount of Gain (Loss) Reclassified from AOCI to Income | 4 | 6 | (12) | |
Dominion Gas Holdings, LLC | Commodity | Operating Revenue | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Amount of Gain (Loss) Reclassified from AOCI to Income | 4 | 6 | 2 | |
Dominion Gas Holdings, LLC | Commodity | Purchased gas | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Amount of Gain (Loss) Reclassified from AOCI to Income | (14) | |||
Dominion Gas Holdings, LLC | Interest rate | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Amount of Gain (Loss) Recognized in AOCI on Derivatives (Effective Portion) | [8],[9] | (8) | (6) | (62) |
Amount of Gain (Loss) Reclassified from AOCI to Income | [9] | (2) | $ 0 | $ (1) |
Dominion Gas Holdings, LLC | Foreign currency | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Amount of Gain (Loss) Recognized in AOCI on Derivatives (Effective Portion) | [8],[10] | (6) | ||
Amount of Gain (Loss) Reclassified from AOCI to Income | [10] | $ (17) | ||
[1] | Amounts deferred into AOCI have no associated effect in Dominion's Consolidated Statements of Income. | |||
[2] | Represents net derivative activity deferred into and amortized out of regulatory assets/liabilities. Amounts deferred into regulatory assets/liabilities have no associated effect in Dominion's Consolidated Statements of Income. | |||
[3] | Amounts recorded in Dominion's Consolidated Statements of Income are classified in interest and related charges. | |||
[4] | Amounts recorded in Dominion's Consolidated Statements of Income are classified in other income. | |||
[5] | Amounts deferred into AOCI have no associated effect in Virginia Power's Consolidated Statements of Income. | |||
[6] | Represents net derivative activity deferred into and amortized out of regulatory assets/liabilities. Amounts deferred into regulatory assets/liabilities have no associated effect in Virginia Power's Consolidated Statements of Income. | |||
[7] | Amounts recorded in Virginia Power's Consolidated Statements of Income are classified in interest and related charges. | |||
[8] | Amounts deferred into AOCI have no associated effect in Dominion Gas' Consolidated Statements of Income. | |||
[9] | Amounts recorded in Dominion Gas' Consolidated Statements of Income are classified in interest and related charges. | |||
[10] | Amounts recorded in Dominion Gas' Consolidated Statements of Income are classified in other income. |
Derivatives and Hedge Account86
Derivatives and Hedge Accounting Activities (Gains and Losses on our Derivatives Not Designated as Hedging Instruments) (Details) - Derivatives not designated as hedging instruments - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Amount of Gain (Loss) Recognized in Income on Derivatives | [1] | $ (63) | $ (5) | $ (248) |
Commodity | Operating Revenue | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Amount of Gain (Loss) Recognized in Income on Derivatives | [1] | 2 | 24 | (310) |
Commodity | Purchased gas | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Amount of Gain (Loss) Recognized in Income on Derivatives | [1] | 4 | (14) | (51) |
Commodity | Electric Fuel and Other Energy-Related Purchases | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Amount of Gain (Loss) Recognized in Income on Derivatives | [1] | (70) | (14) | 113 |
Commodity | Other operations and maintenance expense | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Amount of Gain (Loss) Recognized in Income on Derivatives | [1] | 1 | 0 | 0 |
Interest rate | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Amount of Gain (Loss) Recognized in Income on Derivatives | [1],[2] | 0 | (1) | 0 |
Virginia Electric and Power Company | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Amount of Gain (Loss) Recognized in Income on Derivatives | [3] | (70) | (13) | 105 |
Virginia Electric and Power Company | Commodity | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Amount of Gain (Loss) Recognized in Income on Derivatives | [3],[4] | (70) | (13) | 105 |
Dominion Gas Holdings, LLC | Commodity | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Amount of Gain (Loss) Recognized in Income on Derivatives | 1 | 6 | 0 | |
Dominion Gas Holdings, LLC | Commodity | Operating Revenue | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Amount of Gain (Loss) Recognized in Income on Derivatives | $ 1 | $ 6 | $ 0 | |
[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] | (2)Amounts recorded in Virginia Power's Consolidated Statements of Income are classified in electric fuel and other energy-related purcha |
Earnings Per Share (Calculation
Earnings Per Share (Calculation of our Basic and Diluted EPS) (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions | 3 Months Ended | 12 Months Ended | ||||||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | ||
Earnings Per Share [Abstract] | ||||||||||||
Net income attributable to Dominion | $ 457 | $ 690 | $ 452 | $ 524 | $ 357 | $ 593 | $ 413 | $ 536 | $ 2,123 | $ 1,899 | $ 1,310 | |
Average shares of common stock outstanding-Basic | 616.4 | 592.4 | 582.7 | |||||||||
Net effect of potentially dilutive securities (in shares) | [1] | 0.7 | 1.3 | 1.8 | ||||||||
Average shares of common stock outstanding-Diluted | 617.1 | 593.7 | 584.5 | |||||||||
Earnings Per Common Share-Basic (in dollars per share) | $ 0.73 | $ 1.10 | $ 0.73 | $ 0.88 | $ 0.60 | $ 1 | $ 0.70 | $ 0.91 | $ 3.44 | $ 3.21 | $ 2.25 | |
Earnings Per Common Share-Diluted (in dollars per share) | $ 0.73 | $ 1.10 | $ 0.73 | $ 0.88 | $ 0.60 | $ 1 | $ 0.70 | $ 0.91 | $ 3.44 | $ 3.20 | $ 2.24 | |
[1] | Dilutive securities consist primarily of the 2013 Equity Units for 2016 and 2015 and the 2013 Equity Units and contingently convertible senior notes for 2014. Dominion redeemed all of its contingently convertible senior notes in 2014. See Note 17 for more information. |
Investments (Narrative) (Detail
Investments (Narrative) (Details) $ in Millions | 1 Months Ended | 12 Months Ended | ||||||
Dec. 31, 2016USD ($) | Oct. 31, 2016USD ($) | May 31, 2016USD ($) | Sep. 30, 2014membermi | Mar. 31, 2014USD ($) | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | |
Gain (Loss) on Investments [Line Items] | ||||||||
Equity earnings on investments | $ 111 | $ 56 | $ 46 | |||||
Company received distribution from Fowler Ridge in connection with non-recourse permanent financing | 104 | 83 | 60 | |||||
Carrying amount of Company's investments exceeded its shares of underlying equity | $ 260 | 260 | 234 | |||||
Equity method investment goodwill | 176 | 176 | 162 | |||||
Oil and Gas Properties | Blue Racer | ||||||||
Gain (Loss) on Investments [Line Items] | ||||||||
Amount paid to repurchase portion of Western System from Blue Racer | 10 | |||||||
Finite Lived Equity Method Investment Basis Difference | ||||||||
Gain (Loss) on Investments [Line Items] | ||||||||
Carrying amount of Company's investments exceeded its shares of underlying equity | $ 84 | $ 84 | 72 | |||||
Blue Racer | ||||||||
Gain (Loss) on Investments [Line Items] | ||||||||
Amount of consideration | $ 84 | |||||||
Proceeds from Blue Racer | 84 | |||||||
Atlantic Coast Pipeline | ||||||||
Gain (Loss) on Investments [Line Items] | ||||||||
Additional membership percentage interest purchased | 3.00% | |||||||
Purchase price for additional membership interests | $ 14 | |||||||
Atlantic Coast Pipeline | Pipelines | Jointly Owned Natural Gas Pipeline | Distribution | ||||||||
Gain (Loss) on Investments [Line Items] | ||||||||
Ownership interest (percentage) | 48.00% | 48.00% | ||||||
Length of natural gas pipeline (in miles) | mi | 600 | |||||||
Number of members | member | 3 | |||||||
Duration of contract | 20 years | |||||||
Atlantic Coast Pipeline | Pipelines | Duke Energy | Jointly Owned Natural Gas Pipeline | Distribution | ||||||||
Gain (Loss) on Investments [Line Items] | ||||||||
Ownership interest (percentage) | 47.00% | 47.00% | ||||||
Atlantic Coast Pipeline | Pipelines | Southern Company Gas | Jointly Owned Natural Gas Pipeline | Distribution | ||||||||
Gain (Loss) on Investments [Line Items] | ||||||||
Ownership interest (percentage) | 5.00% | 5.00% | ||||||
Other operations and maintenance expense | Blue Racer | ||||||||
Gain (Loss) on Investments [Line Items] | ||||||||
After tax gain on sale | 34 | |||||||
Dominion Gas Holdings, LLC | ||||||||
Gain (Loss) on Investments [Line Items] | ||||||||
Equity earnings on investments | $ 21 | 23 | 21 | |||||
Company received distribution from Fowler Ridge in connection with non-recourse permanent financing | 22 | 28 | $ 20 | |||||
Carrying amount of Company's investments exceeded its shares of underlying equity | $ 8 | 8 | 8 | |||||
Dominion Gas Holdings, LLC | Iroquois | Partnership Interest | ||||||||
Gain (Loss) on Investments [Line Items] | ||||||||
Percentage of non-controlling partnership interest sold | 0.65% | |||||||
Sales price of non-controlling partnership interest | $ 7 | |||||||
Amount of gain from sale | 5 | |||||||
Amount of after tax gain from sale | $ 3 | |||||||
Dominion Gas Holdings, LLC | Blue Racer | ||||||||
Gain (Loss) on Investments [Line Items] | ||||||||
Proceeds from Blue Racer | 17 | |||||||
Extinguishment of affiliated current borrowings | 67 | |||||||
Dominion Gas Holdings, LLC | Other operations and maintenance expense | Blue Racer | ||||||||
Gain (Loss) on Investments [Line Items] | ||||||||
Gain from sale | 59 | |||||||
After tax gain on sale | 35 | |||||||
Write off of goodwill | $ 3 | |||||||
Categories of Investments, Marketable Securities, Trading Securities | ||||||||
Gain (Loss) on Investments [Line Items] | ||||||||
Investments held in our rabbi trusts | $ 104 | $ 104 | $ 100 |
Investments (Marketable Equity
Investments (Marketable Equity and Debt Securities and Cash Equivalents (Classified as Available-for-sale) and Cost Method Investments in Decommissioning Trust Funds) (Details) - USD ($) $ in Millions | Dec. 31, 2016 | Dec. 31, 2015 | |
Investment Holdings [Line Items] | |||
Total Unrealized Gains | [1] | $ 1,443 | $ 1,258 |
Total Unrealized Losses | [1],[2] | (12) | (11) |
Nuclear decommissioning trust funds | 4,484 | 4,183 | |
Total Amortized Cost | 3,053 | 2,936 | |
Net assets related to pending sales and purchases of securities | 9 | 12 | |
Fair value of securities in an unrealized loss position | 576 | 592 | |
Virginia Electric and Power Company | |||
Investment Holdings [Line Items] | |||
Other investments and securities, at cost | 1,473 | 1,404 | |
Total Unrealized Gains | [3] | 639 | 548 |
Total Unrealized Losses | [3],[4] | (6) | (7) |
Nuclear decommissioning trust funds | 2,106 | 1,945 | |
Net assets related to pending sales and purchases of securities | 7 | 8 | |
Fair value of securities in an unrealized loss position | 287 | 281 | |
Cost method investments | |||
Investment Holdings [Line Items] | |||
Other investments and securities, at cost | 69 | 70 | |
Total Unrealized Gains | [1] | 0 | 0 |
Total Unrealized Losses | [1] | 0 | 0 |
Nuclear decommissioning trust funds | 69 | 70 | |
Cost method investments | Virginia Electric and Power Company | |||
Investment Holdings [Line Items] | |||
Other investments and securities, at cost | 69 | 70 | |
Total Unrealized Gains | [3] | 0 | 0 |
Total Unrealized Losses | [3] | 0 | 0 |
Nuclear decommissioning trust funds | 69 | 70 | |
Cash equivalents and other | |||
Investment Holdings [Line Items] | |||
Other investments and securities, at cost | [5] | 12 | 14 |
Total Unrealized Gains | [1],[5] | 0 | 0 |
Total Unrealized Losses | [1],[5] | 0 | 0 |
Nuclear decommissioning trust funds | [5] | 12 | 14 |
Cash equivalents and other | Virginia Electric and Power Company | |||
Investment Holdings [Line Items] | |||
Amortized Cost | [6] | 7 | 8 |
Total Unrealized Gains | [3],[6] | 0 | 0 |
Total Unrealized Losses | [3],[6] | 0 | 0 |
Nuclear decommissioning trust funds | [6] | 7 | 8 |
Corporate debt instruments | |||
Investment Holdings [Line Items] | |||
Amortized Cost | 478 | 436 | |
Total Unrealized Gains | [1] | 13 | 11 |
Total Unrealized Losses | [1] | (4) | (7) |
Nuclear decommissioning trust funds | 487 | 440 | |
Corporate debt instruments | Virginia Electric and Power Company | |||
Investment Holdings [Line Items] | |||
Amortized Cost | 274 | 238 | |
Total Unrealized Gains | [3] | 6 | 5 |
Total Unrealized Losses | [3] | (4) | (5) |
Nuclear decommissioning trust funds | 276 | 238 | |
Government securities | |||
Investment Holdings [Line Items] | |||
Amortized Cost | 978 | 962 | |
Total Unrealized Gains | [1] | 22 | 30 |
Total Unrealized Losses | [1] | (8) | (4) |
Nuclear decommissioning trust funds | 992 | 988 | |
Government securities | Virginia Electric and Power Company | |||
Investment Holdings [Line Items] | |||
Amortized Cost | 420 | 421 | |
Total Unrealized Gains | [3] | 9 | 15 |
Total Unrealized Losses | [3] | (2) | (2) |
Nuclear decommissioning trust funds | 427 | 434 | |
Common/collective trust funds | |||
Investment Holdings [Line Items] | |||
Amortized Cost | 67 | 100 | |
Total Unrealized Gains | [1] | 0 | 0 |
Total Unrealized Losses | [1] | 0 | 0 |
Nuclear decommissioning trust funds | 67 | 100 | |
Common/collective trust funds | Virginia Electric and Power Company | |||
Investment Holdings [Line Items] | |||
Amortized Cost | 26 | 34 | |
Total Unrealized Gains | [3] | 0 | 0 |
Total Unrealized Losses | [3] | 0 | 0 |
Nuclear decommissioning trust funds | 26 | 34 | |
U.S. | Equity securities: | |||
Investment Holdings [Line Items] | |||
Amortized Cost | 1,449 | 1,354 | |
Total Unrealized Gains | [1] | 1,408 | 1,217 |
Total Unrealized Losses | [1] | 0 | 0 |
Nuclear decommissioning trust funds | 2,857 | 2,571 | |
U.S. | Equity securities: | Virginia Electric and Power Company | |||
Investment Holdings [Line Items] | |||
Amortized Cost | 677 | 633 | |
Total Unrealized Gains | [3] | 624 | 528 |
Total Unrealized Losses | [3] | 0 | 0 |
Nuclear decommissioning trust funds | $ 1,301 | $ 1,161 | |
[1] | Included in AOCI and the nuclear decommissioning trust regulatory liability as discussed in Note 2. | ||
[2] | fair value of securities in an unrealized loss position was $576 million and $592 million at December 31, 2016 and 2015, respectively. | ||
[3] | Included in AOCI and the nuclear decommissioning trust regulatory liability as discussed in Note 2. | ||
[4] | The fair value of securities in an unrealized loss position was $287 million and $281 million at December 31, 2016 and 2015, respectively. | ||
[5] | Includes pending sales of securities of $9 million and $12 million at December 31, 2016 and 2015, respectively. | ||
[6] | Includes pending sales of securities of $7 million and $8 million at December 31, 2016 and 2015, respectively. |
Investments (Fair Value of our
Investments (Fair Value of our Marketable Debt Securities by Contractual Maturity) (Details) $ in Millions | Dec. 31, 2016USD ($) |
Schedule of Available-for-sale Securities [Line Items] | |
Due in one year or less | $ 192 |
Due after one year through five years | 418 |
Due after five years through ten years | 368 |
Due after ten years | 568 |
Total | 1,546 |
Virginia Electric and Power Company | |
Schedule of Available-for-sale Securities [Line Items] | |
Due in one year or less | 55 |
Due after one year through five years | 181 |
Due after five years through ten years | 208 |
Due after ten years | 285 |
Total | $ 729 |
Investments (Selected Informati
Investments (Selected Information Regarding Marketable Equity and Debt Securities) (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | ||
Available-for-sale securities: | ||||
Proceeds from sales | $ 1,422 | $ 1,340 | $ 1,235 | |
Realized gains | [1] | 128 | 219 | 171 |
Realized losses | [1] | 55 | 84 | 30 |
Virginia Electric and Power Company | ||||
Available-for-sale securities: | ||||
Proceeds from sales | 733 | 639 | 549 | |
Realized gains | [2] | 63 | 110 | 73 |
Realized losses | [2] | $ 27 | $ 43 | $ 12 |
[1] | Includes realized gains and losses recorded to the nuclear decommissioning trust regulatory liability as discussed in Note 2. | |||
[2] | Includes realized gains and losses recorded to the nuclear decommissioning trust regulatory liability as discussed in Note 2. |
Investments (Recorded Other-Tha
Investments (Recorded Other-Than-Temporary Impairment Losses on Investments) (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | ||
Schedule of Available-for-sale Securities [Line Items] | ||||
Total other-than-temporary impairment losses | [1] | $ 51 | $ 66 | $ 21 |
Losses recorded to nuclear decommissioning trust regulatory liability | (16) | (26) | (5) | |
Losses recognized in other comprehensive income (before taxes) | (12) | (9) | (3) | |
Net impairment losses recognized in earnings | 23 | 31 | 13 | |
Other-than-temporary impairment losses for debt securities | 13 | 9 | 3 | |
Virginia Electric and Power Company | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Total other-than-temporary impairment losses | [2] | 26 | 36 | 8 |
Losses recorded to nuclear decommissioning trust regulatory liability | (16) | (26) | (4) | |
Losses recognized in other comprehensive income (before taxes) | (7) | (6) | (2) | |
Net impairment losses recognized in earnings | 3 | 4 | 2 | |
Other-than-temporary impairment losses for debt securities | $ 8 | $ 6 | $ 2 | |
[1] | Amounts include other-than-temporary impairment losses for debt securities of $13 million, $9 million and $3 million at December 31, 2016, 2015 and 2014, respectively. | |||
[2] | Comprised of Dominion Midstream's interest of 25.93% and Dominion Gas' interest of 24.07%. See Note 15 for more information. |
Investments (Investments Under
Investments (Investments Under Equity Method of Accounting) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | ||
Schedule of Equity Method Investments [Line Items] | |||
Investment Balance | $ 1,561 | $ 1,320 | |
Blue Racer | |||
Schedule of Equity Method Investments [Line Items] | |||
Ownership% | 50.00% | ||
Investment Balance | $ 677 | 661 | |
Description | Midstream gas and related services | ||
Atlantic Coast Pipeline | |||
Schedule of Equity Method Investments [Line Items] | |||
Ownership% | 48.00% | ||
Investment Balance | $ 256 | 59 | |
Description | Gas transmission system | ||
Iroquois | |||
Schedule of Equity Method Investments [Line Items] | |||
Ownership% | [1] | 50.00% | |
Investment Balance | $ 316 | 324 | |
Description | Gas transmission system | ||
Fowler Ridge | |||
Schedule of Equity Method Investments [Line Items] | |||
Ownership% | 50.00% | ||
Investment Balance | $ 116 | 125 | |
Description | Wind-powered merchant generation facility | ||
NedPower | |||
Schedule of Equity Method Investments [Line Items] | |||
Ownership% | 50.00% | ||
Investment Balance | $ 112 | 119 | |
Description | Wind-powered merchant generation facility | ||
Other | |||
Schedule of Equity Method Investments [Line Items] | |||
Investment Balance | $ 84 | 32 | |
Dominion Gas Holdings, LLC | |||
Schedule of Equity Method Investments [Line Items] | |||
Investment Balance | $ 98 | 102 | |
Dominion Gas Holdings, LLC | Iroquois | |||
Schedule of Equity Method Investments [Line Items] | |||
Ownership% | [1] | 24.07% | |
Investment Balance | $ 98 | $ 102 | |
Description | Gas transmission system | ||
Dominion Midstream Partners, LP | Iroquois | |||
Schedule of Equity Method Investments [Line Items] | |||
Ownership% | [1] | 25.93% | |
[1] | Comprised of Dominion Midstream's interest of 25.93% and Dominion Gas' interest of 24.07%. See Note 15 for more information. |
Property, Plant and Equipment94
Property, Plant and Equipment (Property, Plant and Equipment) (Details) - USD ($) $ in Millions | Dec. 31, 2016 | Dec. 31, 2015 |
Utility: | ||
Generation | $ 17,147 | $ 15,656 |
Transmission | 14,315 | 11,461 |
Distribution | 16,381 | 13,128 |
Storage | 2,814 | 2,460 |
Nuclear fuel | 1,537 | 1,464 |
Gas gathering and processing | 216 | 799 |
Oil and gas | 1,652 | 0 |
General and other | 1,450 | 927 |
Plant under construction | 6,254 | 5,550 |
Total utility | 61,766 | 51,445 |
Nonutility: | ||
Merchant generation-nuclear | 1,419 | 1,339 |
Merchant generation-other | 4,149 | 2,683 |
Nuclear fuel | 897 | 938 |
Other-including plant under construction | 706 | 1,371 |
Total nonutility | 7,790 | 6,331 |
Total property, plant and equipment | 69,556 | 57,776 |
Gas gathering and processing | ||
Nonutility: | ||
Total property, plant and equipment | 619 | 0 |
Virginia Electric and Power Company | ||
Utility: | ||
Generation | 17,147 | 15,656 |
Transmission | 7,871 | 6,963 |
Distribution | 10,573 | 10,048 |
Nuclear fuel | 1,537 | 1,464 |
General and other | 745 | 709 |
Plant under construction | 2,146 | 2,793 |
Total utility | 40,019 | 37,633 |
Nonutility: | ||
Total nonutility | 11 | 6 |
Total property, plant and equipment | 40,030 | 37,639 |
Dominion Gas Holdings, LLC | ||
Utility: | ||
Transmission | 4,231 | 3,804 |
Distribution | 3,019 | 2,765 |
Storage | 1,627 | 1,583 |
Gas gathering and processing | 198 | 797 |
General and other | 184 | 165 |
Plant under construction | 448 | 443 |
Total utility | 9,707 | 9,557 |
Nonutility: | ||
Other-including plant under construction | 149 | 136 |
Total nonutility | 768 | 136 |
Total property, plant and equipment | 10,475 | 9,693 |
Dominion Gas Holdings, LLC | Gas gathering and processing | ||
Nonutility: | ||
Total property, plant and equipment | $ 619 | $ 0 |
Property, Plant and Equipment95
Property, Plant and Equipment (Narrative) (Details) - Dominion Gas Holdings, LLC - Oil and Gas Properties a in Thousands, $ in Millions | 1 Months Ended | 3 Months Ended | 12 Months Ended | |||||||
Apr. 30, 2016USD ($)a | Sep. 30, 2015USD ($)afield | Mar. 31, 2015USD ($)anatural_gas_producerfield | Nov. 30, 2014USD ($)afield | Dec. 31, 2013USD ($)anatural_gas_producer | Sep. 30, 2015USD ($)afield | Mar. 31, 2015USD ($)afield | Dec. 31, 2016USD ($)a | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($)a | |
Property, Plant and Equipment [Line Items] | ||||||||||
After tax gain on sale | $ 29 | $ 43 | ||||||||
Marcellus Shale | ||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||
Number of natural gas producers | natural_gas_producer | 2 | |||||||||
Development rights (in acres) | a | 11 | 24 | 100 | 11 | 4 | 100 | ||||
Amount of consideration | $ 120 | $ 200 | $ 10 | $ 200 | ||||||
Period for payments related to conveyance of natural gas storage fields | 4 years | 9 years | ||||||||
Proceeds from assignment of Shale Development Rights | $ 27 | $ 60 | $ 16 | 100 | ||||||
Number of natural gas storage fields | field | 1 | 1 | 1 | |||||||
Number of acres included in initial conveyance | a | 12 | |||||||||
Marcellus Shale | Amended Agreement to Extend Conveyance of Development Rights | ||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||
Number of natural gas producers | natural_gas_producer | 1 | |||||||||
Development rights (in acres) | a | 70 | 9 | 9 | |||||||
Period for payments related to conveyance of natural gas storage fields | 2 years | |||||||||
Partial interest percentage conveyed | 32.00% | |||||||||
Marcellus Shale | Other operations and maintenance expense | ||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||
Gain from sale | $ 27 | $ 60 | 10 | 20 | ||||||
After tax gain on sale | 16 | $ 36 | $ 6 | $ 12 | ||||||
Marcellus Shale | Other operations and maintenance expense | Amended Agreement to Extend Conveyance of Development Rights | ||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||
Revenue recognized | $ 35 | 43 | ||||||||
Revenue recognized net of tax | $ 21 | $ 27 | ||||||||
Utica and Point Pleasant Shale | ||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||
Development rights (in acres) | a | 16 | 16 | ||||||||
Amount of consideration | $ 52 | $ 52 | ||||||||
Proceeds from assignment of Shale Development Rights | $ 52 | |||||||||
Number of natural gas storage fields | field | 1 | 1 | ||||||||
Utica and Point Pleasant Shale | Other operations and maintenance expense | ||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||
Gain from sale | $ 52 | |||||||||
After tax gain on sale | $ 29 |
Property, Plant and Equipment96
Property, Plant and Equipment (Share of Jointly-Owned Power Stations) (Details) $ in Millions | Dec. 31, 2016USD ($) | |
Millstone Unit 3 | ||
Jointly Owned Utility Plant Interests [Line Items] | ||
Ownership interest (percentage) | 93.50% | [1] |
Plant in service | $ 1,190 | [1] |
Accumulated depreciation | (349) | [1] |
Nuclear fuel | 469 | [1] |
Accumulated amortization of nuclear fuel | (366) | [1] |
Plant under construction | $ 51 | [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 | $ 1,052 | [2] |
Accumulated depreciation | (585) | [2] |
Nuclear fuel | 0 | [2] |
Accumulated amortization of nuclear fuel | 0 | [2] |
Plant under construction | $ 8 | [2] |
Virginia Electric and Power Company | North Anna | ||
Jointly Owned Utility Plant Interests [Line Items] | ||
Ownership interest (percentage) | 88.40% | [2] |
Plant in service | $ 2,520 | [2] |
Accumulated depreciation | (1,210) | [2] |
Nuclear fuel | 718 | [2] |
Accumulated amortization of nuclear fuel | (549) | [2] |
Plant under construction | $ 69 | [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 | $ 586 | [2] |
Accumulated depreciation | (219) | [2] |
Nuclear fuel | 0 | [2] |
Accumulated amortization of nuclear fuel | 0 | [2] |
Plant under construction | $ 4 | [2] |
[1] | Unit jointly owned by Dominion. | |
[2] | Units jointly owned by Virginia Power. |
Goodwill and Intangible Asset97
Goodwill and Intangible Assets (Goodwill) (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2016 | Dec. 31, 2015 | |||
Goodwill [Roll Forward] | ||||
Goodwill, Beginning Balance | [1] | $ 3,294 | $ 3,044 | |
Goodwill, Ending Balance | [1] | 6,399 | 3,294 | |
DCG | ||||
Goodwill [Roll Forward] | ||||
Acquisition | 250 | |||
Dominion Questar Corporation | ||||
Goodwill [Roll Forward] | ||||
Acquisition | 3,105 | |||
Operating Segments | Dominion Generation | ||||
Goodwill [Roll Forward] | ||||
Goodwill, Beginning Balance | [1] | 1,422 | 1,422 | [2] |
Goodwill, Ending Balance | [1] | 1,422 | 1,422 | |
Operating Segments | Dominion Generation | DCG | ||||
Goodwill [Roll Forward] | ||||
Acquisition | 0 | |||
Operating Segments | Dominion Generation | Dominion Questar Corporation | ||||
Goodwill [Roll Forward] | ||||
Acquisition | 0 | |||
Operating Segments | Dominion Energy | ||||
Goodwill [Roll Forward] | ||||
Goodwill, Beginning Balance | [1] | 946 | 696 | [2] |
Goodwill, Ending Balance | [1] | 4,051 | 946 | |
Operating Segments | Dominion Energy | DCG | ||||
Goodwill [Roll Forward] | ||||
Acquisition | [3] | 250 | ||
Operating Segments | Dominion Energy | Dominion Questar Corporation | ||||
Goodwill [Roll Forward] | ||||
Acquisition | [3] | 3,105 | ||
Operating Segments | DVP | ||||
Goodwill [Roll Forward] | ||||
Goodwill, Beginning Balance | [1] | 926 | 926 | |
Goodwill, Ending Balance | [1] | 926 | 926 | |
Operating Segments | DVP | DCG | ||||
Goodwill [Roll Forward] | ||||
Acquisition | 0 | |||
Operating Segments | DVP | Dominion Questar Corporation | ||||
Goodwill [Roll Forward] | ||||
Acquisition | 0 | |||
Operating Segments | Corporate and Other | ||||
Goodwill [Roll Forward] | ||||
Goodwill, Beginning Balance | [1],[4] | 0 | 0 | |
Goodwill, Ending Balance | [1],[4] | 0 | 0 | |
Operating Segments | Corporate and Other | DCG | ||||
Goodwill [Roll Forward] | ||||
Acquisition | [4] | 0 | ||
Operating Segments | Corporate and Other | Dominion Questar Corporation | ||||
Goodwill [Roll Forward] | ||||
Acquisition | [4] | 0 | ||
Dominion Gas Holdings, LLC | ||||
Goodwill [Roll Forward] | ||||
Goodwill, Beginning Balance | [1] | 542 | 542 | |
No events affecting goodwill | 0 | 0 | ||
Goodwill, Ending Balance | [1] | 542 | 542 | |
Dominion Gas Holdings, LLC | Operating Segments | Dominion Generation | ||||
Goodwill [Roll Forward] | ||||
Goodwill, Beginning Balance | [1] | 0 | 0 | |
No events affecting goodwill | 0 | 0 | ||
Goodwill, Ending Balance | [1] | 0 | 0 | |
Dominion Gas Holdings, LLC | Operating Segments | Dominion Energy | ||||
Goodwill [Roll Forward] | ||||
Goodwill, Beginning Balance | [1] | 542 | 542 | |
No events affecting goodwill | 0 | 0 | ||
Goodwill, Ending Balance | [1] | 542 | 542 | |
Dominion Gas Holdings, LLC | Operating Segments | DVP | ||||
Goodwill [Roll Forward] | ||||
Goodwill, Beginning Balance | [1] | 0 | 0 | |
No events affecting goodwill | 0 | 0 | ||
Goodwill, Ending Balance | [1] | 0 | 0 | |
Dominion Gas Holdings, LLC | Operating Segments | Corporate and Other | ||||
Goodwill [Roll Forward] | ||||
Goodwill, Beginning Balance | [1],[4] | 0 | 0 | |
No events affecting goodwill | [4] | 0 | 0 | |
Goodwill, Ending Balance | [1],[4] | $ 0 | $ 0 | |
[1] | Goodwill amounts do not contain any accumulated impairment losses. | |||
[2] | Recast to reflect nonregulated retail energy marketing operations in the Dominion Energy segment. | |||
[3] | See Note 3 for discussion of Dominion's acquisitions. | |||
[4] | Goodwill recorded at the Corporate and Other segment is allocated to the primary operating segments for goodwill impairment testing purposes. |
Goodwill and Intangible Asset98
Goodwill and Intangible Assets (Narrative) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Goodwill [Line Items] | |||
Amortization expense for intangible assets | $ 73 | $ 78 | $ 71 |
Acquisition of intangible assets | $ 124 | ||
Weighted-average amortization period (years) | 15 years | ||
Virginia Electric and Power Company | |||
Goodwill [Line Items] | |||
Amortization expense for intangible assets | $ 29 | 25 | 24 |
Acquisition of intangible assets | $ 40 | ||
Weighted-average amortization period (years) | 12 years | ||
Dominion Gas Holdings, LLC | |||
Goodwill [Line Items] | |||
Amortization expense for intangible assets | $ 6 | $ 18 | $ 17 |
Acquisition of intangible assets | $ 20 | ||
Weighted-average amortization period (years) | 12 years |
Goodwill and Intangible Asset99
Goodwill and Intangible Assets (Components of Intangible Assets) (Details) - USD ($) $ in Millions | Dec. 31, 2016 | Dec. 31, 2015 |
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | $ 955 | $ 942 |
Accumulated Amortization | 337 | 372 |
Virginia Electric and Power Company | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 326 | 301 |
Accumulated Amortization | 101 | 88 |
Dominion Gas Holdings, LLC | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 147 | 211 |
Accumulated Amortization | 49 | 128 |
Software, licenses and other | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 955 | 942 |
Accumulated Amortization | 337 | 372 |
Software, licenses and other | Virginia Electric and Power Company | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 326 | 301 |
Accumulated Amortization | 101 | 88 |
Software, licenses and other | Dominion Gas Holdings, LLC | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 147 | 211 |
Accumulated Amortization | $ 49 | $ 128 |
Goodwill and Intangible Asse100
Goodwill and Intangible Assets (Annual Amortization Expense of Intangible Assets) (Details) $ in Millions | Dec. 31, 2016USD ($) |
Finite-Lived Intangible Assets [Line Items] | |
2,017 | $ 78 |
2,018 | 67 |
2,019 | 57 |
2,020 | 45 |
2,021 | 32 |
Virginia Electric and Power Company | |
Finite-Lived Intangible Assets [Line Items] | |
2,017 | 29 |
2,018 | 25 |
2,019 | 22 |
2,020 | 16 |
2,021 | 9 |
Dominion Gas Holdings, LLC | |
Finite-Lived Intangible Assets [Line Items] | |
2,017 | 13 |
2,018 | 11 |
2,019 | 10 |
2,020 | 10 |
2,021 | $ 9 |
Regulatory Assets and Liabil101
Regulatory Assets and Liabilities (Regulatory Assets) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | ||
Regulatory Assets [Line Items] | |||
Regulatory assets-current | $ 244 | $ 351 | |
Regulatory assets-non-current | 2,473 | 1,865 | |
Total regulatory assets | 2,717 | 2,216 | |
Regulatory assets represented past expenditures not earning return | $ 303 | ||
Period expenditures expected to be recovered (years) | 2 years | ||
Maximum | |||
Regulatory Assets [Line Items] | |||
Maximum amortization period for deferred operation and maintenance costs | 18 months | ||
Virginia Electric and Power Company | |||
Regulatory Assets [Line Items] | |||
Regulatory assets-current | $ 179 | 326 | |
Regulatory assets-non-current | 770 | 667 | |
Total regulatory assets | 949 | 993 | |
Regulatory assets represented past expenditures not earning return | 230 | ||
Dominion Gas Holdings, LLC | |||
Regulatory Assets [Line Items] | |||
Regulatory assets-current | 26 | 23 | |
Regulatory assets-non-current | 577 | 449 | |
Total regulatory assets | 603 | 472 | |
Regulatory assets represented past expenditures not earning return | 31 | ||
Deferred nuclear refueling outage costs | |||
Regulatory Assets [Line Items] | |||
Regulatory assets-current | [1] | 71 | 75 |
Deferred nuclear refueling outage costs | Virginia Electric and Power Company | |||
Regulatory Assets [Line Items] | |||
Regulatory assets-current | [1] | 71 | 75 |
Deferred rate adjustment clause costs | |||
Regulatory Assets [Line Items] | |||
Regulatory assets-current | [2] | 63 | 90 |
Regulatory assets-non-current | [2] | 329 | 295 |
Deferred rate adjustment clause costs | Virginia Electric and Power Company | |||
Regulatory Assets [Line Items] | |||
Regulatory assets-current | [2] | 51 | 80 |
Regulatory assets-non-current | [2] | 246 | 213 |
Deferred rate adjustment clause costs | Dominion Gas Holdings, LLC | |||
Regulatory Assets [Line Items] | |||
Regulatory assets-current | [2] | 12 | 10 |
Regulatory assets-non-current | [2] | 79 | 82 |
Unrecovered gas costs | |||
Regulatory Assets [Line Items] | |||
Regulatory assets-current | [3] | 19 | 12 |
Unrecovered gas costs | Dominion Gas Holdings, LLC | |||
Regulatory Assets [Line Items] | |||
Regulatory assets-current | [3] | 12 | 11 |
Deferred cost of fuel used in electric generation | |||
Regulatory Assets [Line Items] | |||
Regulatory assets-current | [4] | 0 | 111 |
Deferred cost of fuel used in electric generation | Virginia Electric and Power Company | |||
Regulatory Assets [Line Items] | |||
Regulatory assets-current | [4] | 0 | 111 |
Unrecognized pension and other postretirement benefit costs | |||
Regulatory Assets [Line Items] | |||
Regulatory assets-non-current | [5] | 1,401 | 1,015 |
Unrecognized pension and other postretirement benefit costs | Dominion Gas Holdings, LLC | |||
Regulatory Assets [Line Items] | |||
Regulatory assets-non-current | [5] | 358 | 282 |
PJM transmission rates | |||
Regulatory Assets [Line Items] | |||
Regulatory assets-non-current | [6] | 192 | 192 |
PJM transmission rates | Virginia Electric and Power Company | |||
Regulatory Assets [Line Items] | |||
Regulatory assets-non-current | [6] | 192 | 192 |
Derivatives | |||
Regulatory Assets [Line Items] | |||
Regulatory assets-non-current | [7] | 174 | 110 |
Derivatives | Virginia Electric and Power Company | |||
Regulatory Assets [Line Items] | |||
Regulatory assets-non-current | [7] | 133 | 110 |
Income taxes recoverable through future rates | |||
Regulatory Assets [Line Items] | |||
Regulatory assets-non-current | [8] | 123 | 126 |
Income taxes recoverable through future rates | Virginia Electric and Power Company | |||
Regulatory Assets [Line Items] | |||
Regulatory assets-non-current | [8] | 76 | 97 |
Income taxes recoverable through future rates | Dominion Gas Holdings, LLC | |||
Regulatory Assets [Line Items] | |||
Regulatory assets-non-current | [8] | 23 | 20 |
Utility reform legislation | |||
Regulatory Assets [Line Items] | |||
Regulatory assets-non-current | [9] | 99 | 65 |
Utility reform legislation | Dominion Gas Holdings, LLC | |||
Regulatory Assets [Line Items] | |||
Regulatory assets-non-current | [9] | 99 | 65 |
Other | |||
Regulatory Assets [Line Items] | |||
Regulatory assets-current | 91 | 63 | |
Regulatory assets-non-current | 155 | 62 | |
Other | Virginia Electric and Power Company | |||
Regulatory Assets [Line Items] | |||
Regulatory assets-current | 57 | 60 | |
Regulatory assets-non-current | 123 | 55 | |
Other | Dominion Gas Holdings, LLC | |||
Regulatory Assets [Line Items] | |||
Regulatory assets-current | 2 | 2 | |
Regulatory assets-non-current | $ 18 | $ 0 | |
[1] | Legislation enacted in Virginia in April 2014 requires Virginia Power to defer operation and maintenance costs incurred in connection with the refueling of any nuclear-powered generating plant. These deferred costs will be amortized over the refueling cycle, not to exceed 18 months. | ||
[2] | Primarily reflects deferrals under the electric transmission FERC formula rate and the deferral of costs associated with certain current and prospective rider projects for Virginia Power and deferrals of costs associated with certain current and prospective rider projects for Dominion Gas. See Note 13 for more information. | ||
[3] | Reflects unrecovered gas costs at regulated gas operations, which are recovered through filings with the applicable regulatory authority. | ||
[4] | Reflects deferred fuel expenses for the Virginia and North Carolina jurisdictions of Dominion's and Virginia Power’s generation operations. See Note 13 for more information. | ||
[5] | Represents unrecognized pension and other postretirement employee benefit costs expected to be recovered through future rates generally over the expected remaining service period of plan participants by certain of Dominion’s and Dominion Gas' rate-regulated subsidiaries. | ||
[6] | Reflects amount related to the PJM transmission cost allocation matter. See Note 13 for more information. | ||
[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] | Amounts to be recovered through future rates to pay income taxes that become payable when rate revenue is provided to recover AFUDC-equity and depreciation of property, plant and equipment for which deferred income taxes were not recognized for ratemaking purposes, including amounts attributable to tax rate changes. | ||
[9] | Ohio legislation under House Bill 95, which became effective in September 2011. This law updates natural gas legislation by enabling gas companies to include more up-to-date cost levels when filing rate cases. It also allows gas companies to seek approval of capital expenditure plans under which gas companies can recognize carrying costs on associated capital investments placed in service and can defer the carrying costs plus depreciation and property tax expenses for recovery from ratepayers in the future. |
Regulatory Assets and Liabil102
Regulatory Assets and Liabilities (Regulatory Liabilities) (Details) - USD ($) $ in Millions | Dec. 31, 2016 | Dec. 31, 2015 | |
Regulatory Liabilities [Line Items] | |||
Regulatory liabilities-current | $ 163 | $ 100 | |
Regulatory liabilities-non-current | 2,622 | 2,285 | |
Total regulatory liabilities | 2,785 | 2,385 | |
Virginia Electric and Power Company | |||
Regulatory Liabilities [Line Items] | |||
Regulatory liabilities-current | 115 | 35 | |
Regulatory liabilities-non-current | 1,962 | 1,929 | |
Total regulatory liabilities | 2,077 | 1,964 | |
Dominion Gas Holdings, LLC | |||
Regulatory Liabilities [Line Items] | |||
Regulatory liabilities-current | 35 | 55 | |
Regulatory liabilities-non-current | 219 | 201 | |
Total regulatory liabilities | 254 | 256 | |
Deferred cost of fuel used in electric generation | |||
Regulatory Liabilities [Line Items] | |||
Regulatory liabilities-current | [1] | 61 | 0 |
Regulatory liabilities-non-current | [1] | 14 | 97 |
Deferred cost of fuel used in electric generation | Virginia Electric and Power Company | |||
Regulatory Liabilities [Line Items] | |||
Regulatory liabilities-current | [1] | 61 | 0 |
Regulatory liabilities-non-current | [1] | 14 | 97 |
PIPP | |||
Regulatory Liabilities [Line Items] | |||
Regulatory liabilities-current | [2] | 28 | 46 |
PIPP | Dominion Gas Holdings, LLC | |||
Regulatory Liabilities [Line Items] | |||
Regulatory liabilities-current | [2] | 28 | 46 |
Provision for future cost of removal and AROs | |||
Regulatory Liabilities [Line Items] | |||
Regulatory liabilities-non-current | [3] | 1,427 | 1,120 |
Provision for future cost of removal and AROs | Dominion Gas Holdings, LLC | |||
Regulatory Liabilities [Line Items] | |||
Regulatory liabilities-non-current | [3] | 174 | 170 |
Nuclear decommissioning trust | |||
Regulatory Liabilities [Line Items] | |||
Regulatory liabilities-non-current | [4] | 902 | 804 |
Nuclear decommissioning trust | Virginia Electric and Power Company | |||
Regulatory Liabilities [Line Items] | |||
Regulatory liabilities-non-current | [4] | 902 | 804 |
Derivatives | |||
Regulatory Liabilities [Line Items] | |||
Regulatory liabilities-non-current | [5] | 69 | 79 |
Derivatives | Virginia Electric and Power Company | |||
Regulatory Liabilities [Line Items] | |||
Regulatory liabilities-non-current | [5] | 69 | 79 |
Provision for future cost of removal | Virginia Electric and Power Company | |||
Regulatory Liabilities [Line Items] | |||
Regulatory liabilities-non-current | [3] | 946 | 890 |
Other | |||
Regulatory Liabilities [Line Items] | |||
Regulatory liabilities-current | 74 | 54 | |
Regulatory liabilities-non-current | 210 | 185 | |
Other | Virginia Electric and Power Company | |||
Regulatory Liabilities [Line Items] | |||
Regulatory liabilities-current | 54 | 35 | |
Regulatory liabilities-non-current | 31 | 59 | |
Other | Dominion Gas Holdings, LLC | |||
Regulatory Liabilities [Line Items] | |||
Regulatory liabilities-current | 7 | 9 | |
Regulatory liabilities-non-current | $ 45 | $ 31 | |
[1] | Reflects deferred fuel expenses for the Virginia and North Carolina jurisdictions of Dominion's and Virginia Power’s generation operations. See Note 13 for more information. | ||
[2] | Under PIPP, eligible customers can make reduced payments based on their ability to pay. The difference between the customer’s total bill and the PIPP plan amount is deferred and collected or returned annually under the PIPP rate adjustment clause according to East Ohio tariff provisions. See Note 13 for more information. | ||
[3] | 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. | ||
[4] | Primarily reflects a regulatory liability representing amounts collected from Virginia jurisdictional customers and placed in external trusts (including income, losses and changes in fair value thereon) for the future decommissioning of Virginia Power’s utility nuclear generation stations, in excess of the related AROs. | ||
[5] | As discussed under Derivative Instruments in Note 2, for jurisdictions subject to cost-based rate regulation, changes in the fair value of derivative instruments result in the recognition of regulatory assets or regulatory liabilities as they are expected to be recovered from or refunded to customers. |
Regulatory Matters (Narrative)
Regulatory Matters (Narrative) (Details) customer in Millions | 1 Months Ended | 3 Months Ended | 12 Months Ended | 108 Months Ended | ||||||||||||||||||||||||||
Feb. 28, 2017USD ($) | Dec. 31, 2016USD ($)RateMW | Nov. 30, 2016USD ($) | Oct. 31, 2016USD ($)program | Sep. 30, 2016USD ($) | Aug. 31, 2016USD ($)kVmi | Jul. 31, 2016USD ($) | Jun. 30, 2016USD ($) | May 31, 2016USD ($) | Apr. 30, 2016USD ($)program | Mar. 31, 2016USD ($)kVmi | Feb. 29, 2016USD ($)kV | Nov. 30, 2015USD ($)kVmi | Apr. 30, 2015kV | Mar. 31, 2015USD ($) | Feb. 28, 2015test_period | Nov. 30, 2013kVmi | May 31, 2012USD ($) | Mar. 31, 2010USD ($) | Aug. 31, 2009kV | Apr. 30, 2007kV | Dec. 31, 2017USD ($)MW | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($)power_station | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | Dec. 31, 2008 | Dec. 31, 2007customer | Dec. 31, 2016USD ($) | Jan. 31, 2017USD ($) | |
Public Utilities, General Disclosures [Line Items] | ||||||||||||||||||||||||||||||
Regulatory asset | $ 2,717,000,000 | $ 2,717,000,000 | $ 2,216,000,000 | $ 2,717,000,000 | ||||||||||||||||||||||||||
Charge recognized | 0 | 0 | $ 374,000,000 | |||||||||||||||||||||||||||
Total amount of credit to customers | 2,785,000,000 | 2,785,000,000 | 2,385,000,000 | $ 2,785,000,000 | ||||||||||||||||||||||||||
Project Cost | 40,000,000 | 418,000,000 | 206,000,000 | |||||||||||||||||||||||||||
Virginia Electric and Power Company | ||||||||||||||||||||||||||||||
Public Utilities, General Disclosures [Line Items] | ||||||||||||||||||||||||||||||
Approved ROE percentage | 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 | |||||||||||||||||||||||||||||
Regulatory asset | 949,000,000 | 949,000,000 | 993,000,000 | $ 949,000,000 | ||||||||||||||||||||||||||
Charge recognized | 0 | 0 | 374,000,000 | |||||||||||||||||||||||||||
Total amount of credit to customers | $ 2,077,000,000 | 2,077,000,000 | 1,964,000,000 | 2,077,000,000 | ||||||||||||||||||||||||||
Project Cost | 7,000,000 | 43,000,000 | $ 0 | |||||||||||||||||||||||||||
Virginia Electric and Power Company | Minimum | ||||||||||||||||||||||||||||||
Public Utilities, General Disclosures [Line Items] | ||||||||||||||||||||||||||||||
Facility operating capacity (kV) | kV | 500 | 500 | ||||||||||||||||||||||||||||
Virginia Electric and Power Company | Virginia Regulation | Solar Development Project | Subsequent Event | ||||||||||||||||||||||||||||||
Public Utilities, General Disclosures [Line Items] | ||||||||||||||||||||||||||||||
Total estimate cost | $ 47,000,000 | |||||||||||||||||||||||||||||
Virginia Electric and Power Company | Virginia Regulation | North Anna | Intent to Sue Notification Received from Sierra Club Alleging Endangered Species Act Violations | ||||||||||||||||||||||||||||||
Public Utilities, General Disclosures [Line Items] | ||||||||||||||||||||||||||||||
Period of notice of intent to sue | 60 days | |||||||||||||||||||||||||||||
Virginia Electric and Power Company | Virginia Regulation | Phase One of Cost Recovery to Move Electric Distribution Facilities Underground | ||||||||||||||||||||||||||||||
Public Utilities, General Disclosures [Line Items] | ||||||||||||||||||||||||||||||
Estimated cost of project | $ 140,000,000 | |||||||||||||||||||||||||||||
Virginia Electric and Power Company | Virginia Regulation | Surry Switching Station Transmission Line | ||||||||||||||||||||||||||||||
Public Utilities, General Disclosures [Line Items] | ||||||||||||||||||||||||||||||
Length of transmission line (in miles) | mi | 7 | |||||||||||||||||||||||||||||
KV Line (in kv) | kV | 500 | |||||||||||||||||||||||||||||
Virginia Electric and Power Company | Virginia Regulation | Transmission Line from Skiffes Creek Switching Station to Wheaton Substation | ||||||||||||||||||||||||||||||
Public Utilities, General Disclosures [Line Items] | ||||||||||||||||||||||||||||||
Length of transmission line (in miles) | mi | 20 | |||||||||||||||||||||||||||||
KV Line (in kv) | kV | 230 | |||||||||||||||||||||||||||||
Virginia Electric and Power Company | Virginia Regulation | Surry to Skiffes Creek Transmission Line | ||||||||||||||||||||||||||||||
Public Utilities, General Disclosures [Line Items] | ||||||||||||||||||||||||||||||
KV Line (in kv) | kV | 500 | |||||||||||||||||||||||||||||
Virginia Electric and Power Company | Virginia Regulation | Poland Road Substation | ||||||||||||||||||||||||||||||
Public Utilities, General Disclosures [Line Items] | ||||||||||||||||||||||||||||||
KV Line (in kv) | kV | 230 | |||||||||||||||||||||||||||||
Virginia Electric and Power Company | Virginia Regulation | Double Circuit Transmission Line between Loudoun-Brambleton Line and Poland Road Substation | ||||||||||||||||||||||||||||||
Public Utilities, General Disclosures [Line Items] | ||||||||||||||||||||||||||||||
Length of transmission line (in miles) | mi | 4 | |||||||||||||||||||||||||||||
KV Line (in kv) | kV | 230 | |||||||||||||||||||||||||||||
Virginia Electric and Power Company | Virginia Regulation | Loudoun- Brambleton Line to Poland Road Substation | ||||||||||||||||||||||||||||||
Public Utilities, General Disclosures [Line Items] | ||||||||||||||||||||||||||||||
Total estimate cost | $ 55,000,000 | |||||||||||||||||||||||||||||
Virginia Electric and Power Company | Virginia Regulation | Loudoun- Brambleton Line | ||||||||||||||||||||||||||||||
Public Utilities, General Disclosures [Line Items] | ||||||||||||||||||||||||||||||
KV Line (in kv) | kV | 230 | |||||||||||||||||||||||||||||
Virginia Electric and Power Company | Virginia Regulation | Transmission Line Near Gainesville Substation and Haymarket Substation | ||||||||||||||||||||||||||||||
Public Utilities, General Disclosures [Line Items] | ||||||||||||||||||||||||||||||
Total estimate cost | $ 55,000,000 | |||||||||||||||||||||||||||||
Length of transmission line (in miles) | mi | 5 | |||||||||||||||||||||||||||||
KV Line (in kv) | kV | 230 | |||||||||||||||||||||||||||||
Virginia Electric and Power Company | Virginia Regulation | Transmission Line between Remington and Gordonsville Substations | ||||||||||||||||||||||||||||||
Public Utilities, General Disclosures [Line Items] | ||||||||||||||||||||||||||||||
Total estimate cost | $ 105,000,000 | |||||||||||||||||||||||||||||
Length of transmission line (in miles) | mi | 38 | |||||||||||||||||||||||||||||
KV Line (in kv) | kV | 230 | |||||||||||||||||||||||||||||
Virginia Electric and Power Company | Virginia Regulation | Remington CT-Warrenton, Vint Hill-Wheeler, and Wheeler Gainesville Transmission Lines, and Vint Hill and Wheeler Switching Stations | ||||||||||||||||||||||||||||||
Public Utilities, General Disclosures [Line Items] | ||||||||||||||||||||||||||||||
Total estimate cost | $ 110,000,000 | |||||||||||||||||||||||||||||
Virginia Electric and Power Company | Virginia Regulation | Remington CT Warrenton Double Circuit Transmission Line | ||||||||||||||||||||||||||||||
Public Utilities, General Disclosures [Line Items] | ||||||||||||||||||||||||||||||
KV Line (in kv) | kV | 230 | |||||||||||||||||||||||||||||
Virginia Electric and Power Company | Virginia Regulation | Vint Hill-Wheeler and Wheeler Gainesville Lines | ||||||||||||||||||||||||||||||
Public Utilities, General Disclosures [Line Items] | ||||||||||||||||||||||||||||||
KV Line (in kv) | kV | 230 | |||||||||||||||||||||||||||||
Virginia Electric and Power Company | Virginia Regulation | Vint Hill and Wheeler Switching Stations | ||||||||||||||||||||||||||||||
Public Utilities, General Disclosures [Line Items] | ||||||||||||||||||||||||||||||
KV Line (in kv) | kV | 230 | |||||||||||||||||||||||||||||
Virginia Electric and Power Company | Virginia Regulation | Transmission Line between Cunningham switching station and Dooms substation | ||||||||||||||||||||||||||||||
Public Utilities, General Disclosures [Line Items] | ||||||||||||||||||||||||||||||
Total estimate cost | $ 60,000,000 | |||||||||||||||||||||||||||||
Length of transmission line (in miles) | mi | 33 | |||||||||||||||||||||||||||||
KV Line (in kv) | kV | 500 | |||||||||||||||||||||||||||||
Virginia Electric and Power Company | Virginia Regulation | Transmission Line between Carson switching station a terminus near Rogers Road Switching Station | ||||||||||||||||||||||||||||||
Public Utilities, General Disclosures [Line Items] | ||||||||||||||||||||||||||||||
Total estimate cost | $ 55,000,000 | |||||||||||||||||||||||||||||
Length of transmission line (in miles) | mi | 28 | |||||||||||||||||||||||||||||
KV Line (in kv) | kV | 500 | |||||||||||||||||||||||||||||
Virginia Electric and Power Company | Virginia Regulation | Idylwood substation | Subsequent Event | ||||||||||||||||||||||||||||||
Public Utilities, General Disclosures [Line Items] | ||||||||||||||||||||||||||||||
Total estimate cost | $ 110,000,000 | |||||||||||||||||||||||||||||
Virginia Electric and Power Company | Virginia Regulation | February 2015 Regulation Act Legislation | ||||||||||||||||||||||||||||||
Public Utilities, General Disclosures [Line Items] | ||||||||||||||||||||||||||||||
Number of test periods | test_period | 5 | |||||||||||||||||||||||||||||
Virginia Electric and Power Company | Virginia Regulation | February 2015 Regulation Act Legislation | Minimum | ||||||||||||||||||||||||||||||
Public Utilities, General Disclosures [Line Items] | ||||||||||||||||||||||||||||||
Approved ROE percentage | 9.60% | |||||||||||||||||||||||||||||
Virginia Electric and Power Company | Virginia Regulation | Rider GV | ||||||||||||||||||||||||||||||
Public Utilities, General Disclosures [Line Items] | ||||||||||||||||||||||||||||||
Approved ROE percentage | 9.60% | |||||||||||||||||||||||||||||
Proposed revenue requirement | $ 89,000,000 | |||||||||||||||||||||||||||||
Increase (decrease) in revenue requirement | $ 49,000,000 | |||||||||||||||||||||||||||||
Approved revenue requirement | $ 40,000,000 | |||||||||||||||||||||||||||||
Virginia Electric and Power Company | Virginia Regulation | Rider GV | Subsequent Event | ||||||||||||||||||||||||||||||
Public Utilities, General Disclosures [Line Items] | ||||||||||||||||||||||||||||||
Approved ROE percentage | 9.40% | |||||||||||||||||||||||||||||
Virginia Electric and Power Company | Virginia Regulation | Rider GV | Minimum | ||||||||||||||||||||||||||||||
Public Utilities, General Disclosures [Line Items] | ||||||||||||||||||||||||||||||
Approved ROE percentage | 9.60% | |||||||||||||||||||||||||||||
Virginia Electric and Power Company | Virginia Regulation | Rider GV | Minimum | Subsequent Event | ||||||||||||||||||||||||||||||
Public Utilities, General Disclosures [Line Items] | ||||||||||||||||||||||||||||||
Approved ROE percentage | 9.40% | |||||||||||||||||||||||||||||
Virginia Electric and Power Company | Virginia Regulation | Riders C1A and C2A | ||||||||||||||||||||||||||||||
Public Utilities, General Disclosures [Line Items] | ||||||||||||||||||||||||||||||
Approved ROE percentage | 9.60% | |||||||||||||||||||||||||||||
Proposed revenue requirement | $ 45,000,000 | |||||||||||||||||||||||||||||
Approved revenue requirement | $ 46,000,000 | |||||||||||||||||||||||||||||
Number of new energy efficiency programs | program | 1 | |||||||||||||||||||||||||||||
Virginia Electric and Power Company | Virginia Regulation | Riders C1A and C2A | Minimum | ||||||||||||||||||||||||||||||
Public Utilities, General Disclosures [Line Items] | ||||||||||||||||||||||||||||||
Approved ROE percentage | 9.60% | |||||||||||||||||||||||||||||
Virginia Electric and Power Company | Virginia Regulation | Riders C1A and C2A | Energy Efficiency Program | ||||||||||||||||||||||||||||||
Public Utilities, General Disclosures [Line Items] | ||||||||||||||||||||||||||||||
Number of new energy efficiency programs | program | 2 | |||||||||||||||||||||||||||||
Period for cost cap | 5 years | |||||||||||||||||||||||||||||
Extension period for cost cap | 2 years | |||||||||||||||||||||||||||||
Virginia Electric and Power Company | Virginia Regulation | Riders C1A and C2A | Energy Efficiency Program | Maximum | ||||||||||||||||||||||||||||||
Public Utilities, General Disclosures [Line Items] | ||||||||||||||||||||||||||||||
Deferred fuel balance | $ 178,000,000 | |||||||||||||||||||||||||||||
Virginia Electric and Power Company | Virginia Regulation | Riders C1A and C2A | Peak Shaving Program | ||||||||||||||||||||||||||||||
Public Utilities, General Disclosures [Line Items] | ||||||||||||||||||||||||||||||
Extension period for cost cap | 5 years | |||||||||||||||||||||||||||||
Virginia Electric and Power Company | Virginia Regulation | Riders C1A and C2A | Peak Shaving Program | Maximum | ||||||||||||||||||||||||||||||
Public Utilities, General Disclosures [Line Items] | ||||||||||||||||||||||||||||||
Deferred fuel balance | $ 5,000,000 | |||||||||||||||||||||||||||||
Virginia Electric and Power Company | Virginia Regulation | Rider BW | ||||||||||||||||||||||||||||||
Public Utilities, General Disclosures [Line Items] | ||||||||||||||||||||||||||||||
Approved ROE percentage | 10.60% | |||||||||||||||||||||||||||||
Proposed revenue requirement | 134,000,000 | |||||||||||||||||||||||||||||
Increase (decrease) in revenue requirement | 15,000,000 | |||||||||||||||||||||||||||||
Approved revenue requirement | $ 119,000,000 | |||||||||||||||||||||||||||||
Virginia Electric and Power Company | Virginia Regulation | Rider BW | Minimum | ||||||||||||||||||||||||||||||
Public Utilities, General Disclosures [Line Items] | ||||||||||||||||||||||||||||||
Approved ROE percentage | 9.60% | |||||||||||||||||||||||||||||
Virginia Electric and Power Company | Virginia Regulation | Rider US-2 | ||||||||||||||||||||||||||||||
Public Utilities, General Disclosures [Line Items] | ||||||||||||||||||||||||||||||
Approved ROE percentage | 9.60% | |||||||||||||||||||||||||||||
Proposed revenue requirement | 10,000,000 | |||||||||||||||||||||||||||||
Increase (decrease) in revenue requirement | $ 6,000,000 | |||||||||||||||||||||||||||||
Approved revenue requirement | $ 4,000,000 | |||||||||||||||||||||||||||||
Virginia Electric and Power Company | Virginia Regulation | Rider US-2 | Minimum | ||||||||||||||||||||||||||||||
Public Utilities, General Disclosures [Line Items] | ||||||||||||||||||||||||||||||
Approved ROE percentage | 9.60% | |||||||||||||||||||||||||||||
Virginia Electric and Power Company | Virginia Regulation | Rider US-2 | Solar Development Project | ||||||||||||||||||||||||||||||
Public Utilities, General Disclosures [Line Items] | ||||||||||||||||||||||||||||||
Approved ROE percentage | 9.60% | |||||||||||||||||||||||||||||
Capacity of solar facility (in MW) | MW | 56 | |||||||||||||||||||||||||||||
Approved revenue requirement | $ 4,000,000 | |||||||||||||||||||||||||||||
Project Cost | $ 130,000,000 | |||||||||||||||||||||||||||||
Virginia Electric and Power Company | Virginia Regulation | Rider U | ||||||||||||||||||||||||||||||
Public Utilities, General Disclosures [Line Items] | ||||||||||||||||||||||||||||||
Approved ROE percentage | 9.60% | |||||||||||||||||||||||||||||
Proposed revenue requirement | 31,000,000 | |||||||||||||||||||||||||||||
Approved revenue requirement | $ 20,000,000 | |||||||||||||||||||||||||||||
Virginia Electric and Power Company | Virginia Regulation | Rider U | Minimum | ||||||||||||||||||||||||||||||
Public Utilities, General Disclosures [Line Items] | ||||||||||||||||||||||||||||||
Approved ROE percentage | 9.60% | |||||||||||||||||||||||||||||
Virginia Electric and Power Company | Virginia Regulation | Rider U | Phase One of Cost Recovery to Move Electric Distribution Facilities Underground | ||||||||||||||||||||||||||||||
Public Utilities, General Disclosures [Line Items] | ||||||||||||||||||||||||||||||
Deferred fuel balance | $ 123,000,000 | |||||||||||||||||||||||||||||
Virginia Electric and Power Company | Virginia Regulation | Rider U | Rider U- Phase Two Project | ||||||||||||||||||||||||||||||
Public Utilities, General Disclosures [Line Items] | ||||||||||||||||||||||||||||||
Estimated cost of project | 110,000,000 | $ 110,000,000 | 110,000,000 | |||||||||||||||||||||||||||
Virginia Electric and Power Company | Virginia Regulation | Rider U, 2017-2018 Rate Year | ||||||||||||||||||||||||||||||
Public Utilities, General Disclosures [Line Items] | ||||||||||||||||||||||||||||||
Projected capital investment | 2,000,000 | |||||||||||||||||||||||||||||
Virginia Electric and Power Company | Virginia Regulation | Rider U, 2018-2019 Rate Year | ||||||||||||||||||||||||||||||
Public Utilities, General Disclosures [Line Items] | ||||||||||||||||||||||||||||||
Projected capital investment | 2,000,000 | |||||||||||||||||||||||||||||
Virginia Electric and Power Company | Virginia Regulation | Rider B | ||||||||||||||||||||||||||||||
Public Utilities, General Disclosures [Line Items] | ||||||||||||||||||||||||||||||
Approved ROE percentage | 11.60% | |||||||||||||||||||||||||||||
Proposed revenue requirement | 28,000,000 | |||||||||||||||||||||||||||||
Increase (decrease) in revenue requirement | (2,000,000) | |||||||||||||||||||||||||||||
Approved revenue requirement | $ 30,000,000 | |||||||||||||||||||||||||||||
Number of power stations converted to biomass | power_station | 3 | |||||||||||||||||||||||||||||
Virginia Electric and Power Company | Virginia Regulation | Rider B | Subsequent Event | ||||||||||||||||||||||||||||||
Public Utilities, General Disclosures [Line Items] | ||||||||||||||||||||||||||||||
Approved ROE percentage | 11.40% | |||||||||||||||||||||||||||||
Virginia Electric and Power Company | Virginia Regulation | Rider B | Minimum | Subsequent Event | ||||||||||||||||||||||||||||||
Public Utilities, General Disclosures [Line Items] | ||||||||||||||||||||||||||||||
Approved ROE percentage | 9.40% | |||||||||||||||||||||||||||||
Virginia Electric and Power Company | Virginia Regulation | Rider R | ||||||||||||||||||||||||||||||
Public Utilities, General Disclosures [Line Items] | ||||||||||||||||||||||||||||||
Approved ROE percentage | 10.60% | |||||||||||||||||||||||||||||
Proposed revenue requirement | 75,000,000 | |||||||||||||||||||||||||||||
Increase (decrease) in revenue requirement | 1,000,000 | |||||||||||||||||||||||||||||
Approved revenue requirement | $ 74,000,000 | |||||||||||||||||||||||||||||
Virginia Electric and Power Company | Virginia Regulation | Rider R | Subsequent Event | ||||||||||||||||||||||||||||||
Public Utilities, General Disclosures [Line Items] | ||||||||||||||||||||||||||||||
Approved ROE percentage | 10.40% | |||||||||||||||||||||||||||||
Virginia Electric and Power Company | Virginia Regulation | Rider R | Minimum | Subsequent Event | ||||||||||||||||||||||||||||||
Public Utilities, General Disclosures [Line Items] | ||||||||||||||||||||||||||||||
Approved ROE percentage | 9.40% | |||||||||||||||||||||||||||||
Virginia Electric and Power Company | Virginia Regulation | Rider S | ||||||||||||||||||||||||||||||
Public Utilities, General Disclosures [Line Items] | ||||||||||||||||||||||||||||||
Approved ROE percentage | 10.60% | |||||||||||||||||||||||||||||
Proposed revenue requirement | 254,000,000 | |||||||||||||||||||||||||||||
Increase (decrease) in revenue requirement | 3,000,000 | |||||||||||||||||||||||||||||
Approved revenue requirement | $ 251,000,000 | |||||||||||||||||||||||||||||
Virginia Electric and Power Company | Virginia Regulation | Rider S | Subsequent Event | ||||||||||||||||||||||||||||||
Public Utilities, General Disclosures [Line Items] | ||||||||||||||||||||||||||||||
Approved ROE percentage | 10.40% | |||||||||||||||||||||||||||||
Virginia Electric and Power Company | Virginia Regulation | Rider S | Minimum | Subsequent Event | ||||||||||||||||||||||||||||||
Public Utilities, General Disclosures [Line Items] | ||||||||||||||||||||||||||||||
Approved ROE percentage | 9.40% | |||||||||||||||||||||||||||||
Virginia Electric and Power Company | Virginia Regulation | Rider W | ||||||||||||||||||||||||||||||
Public Utilities, General Disclosures [Line Items] | ||||||||||||||||||||||||||||||
Approved ROE percentage | 10.60% | |||||||||||||||||||||||||||||
Proposed revenue requirement | 126,000,000 | |||||||||||||||||||||||||||||
Increase (decrease) in revenue requirement | 8,000,000 | |||||||||||||||||||||||||||||
Approved revenue requirement | $ 118,000,000 | |||||||||||||||||||||||||||||
Virginia Electric and Power Company | Virginia Regulation | Rider W | Subsequent Event | ||||||||||||||||||||||||||||||
Public Utilities, General Disclosures [Line Items] | ||||||||||||||||||||||||||||||
Approved ROE percentage | 10.40% | |||||||||||||||||||||||||||||
Virginia Electric and Power Company | Virginia Regulation | Rider W | Minimum | Subsequent Event | ||||||||||||||||||||||||||||||
Public Utilities, General Disclosures [Line Items] | ||||||||||||||||||||||||||||||
Approved ROE percentage | 9.40% | |||||||||||||||||||||||||||||
Virginia Electric and Power Company | Virginia Regulation | Virginia Commission 2015 Biennial Review | ||||||||||||||||||||||||||||||
Public Utilities, General Disclosures [Line Items] | ||||||||||||||||||||||||||||||
Approved ROE percentage | 10.00% | |||||||||||||||||||||||||||||
Earned ROE percentage | 10.89% | |||||||||||||||||||||||||||||
ROE above authorized ROE (basis points) | 0.70% | |||||||||||||||||||||||||||||
Duration excess earnings will be credited to customers | 6 months | |||||||||||||||||||||||||||||
Period after Biennial Review Order | 60 days | |||||||||||||||||||||||||||||
Virginia Electric and Power Company | Virginia Regulation | Virginia Commission 2015 Biennial Review | Revenue Subject to Refund | ||||||||||||||||||||||||||||||
Public Utilities, General Disclosures [Line Items] | ||||||||||||||||||||||||||||||
Total amount of credit to customers | $ 20,000,000 | |||||||||||||||||||||||||||||
Virginia Electric and Power Company | Virginia Regulation | Annual Fuel Factor Submitted to the Virginia Commission | ||||||||||||||||||||||||||||||
Public Utilities, General Disclosures [Line Items] | ||||||||||||||||||||||||||||||
Proposed revenue requirement | $ 1,400,000,000 | |||||||||||||||||||||||||||||
Increase (decrease) in revenue requirement | (286,000,000) | |||||||||||||||||||||||||||||
Virginia Electric and Power Company | Virginia Regulation | Application filed with Virginia Commission to Construct and Operate the Oceana Solar Facility | Solar Development Project | Scenario, Forecast | ||||||||||||||||||||||||||||||
Public Utilities, General Disclosures [Line Items] | ||||||||||||||||||||||||||||||
Capacity of solar facility (in MW) | MW | 18 | |||||||||||||||||||||||||||||
Project Cost | $ 40,000,000 | |||||||||||||||||||||||||||||
Virginia Electric and Power Company | Virginia Regulation | Rider T1 | ||||||||||||||||||||||||||||||
Public Utilities, General Disclosures [Line Items] | ||||||||||||||||||||||||||||||
Proposed revenue requirement | 639,000,000 | |||||||||||||||||||||||||||||
Increase (decrease) in revenue requirement | 1,000,000 | |||||||||||||||||||||||||||||
Virginia Electric and Power Company | North Carolina Regulation | Annual Non- Fuel Base Revenues | ||||||||||||||||||||||||||||||
Public Utilities, General Disclosures [Line Items] | ||||||||||||||||||||||||||||||
Increase (decrease) in revenue requirement | $ 51,000,000 | |||||||||||||||||||||||||||||
Proposed ROE percentage | 9.90% | 10.50% | ||||||||||||||||||||||||||||
Amount of base rate increase | $ 35,000,000 | |||||||||||||||||||||||||||||
Virginia Electric and Power Company | North Carolina Regulation | Annual Base Fuel Revenues | ||||||||||||||||||||||||||||||
Public Utilities, General Disclosures [Line Items] | ||||||||||||||||||||||||||||||
Increase (decrease) in revenue requirement | (36,000,000) | |||||||||||||||||||||||||||||
Additional reduction approved in annual filing | 1,000,000 | |||||||||||||||||||||||||||||
Virginia Electric and Power Company | FERC | Settled Litigation | Order Regarding Transmission Rate Design for Allocation of Costs among PJM Interconnect LLC Transmission Customers | Legislation enacted | ||||||||||||||||||||||||||||||
Public Utilities, General Disclosures [Line Items] | ||||||||||||||||||||||||||||||
Settlement amount | $ 200,000,000 | |||||||||||||||||||||||||||||
Settlement payment period | 10 years | |||||||||||||||||||||||||||||
Virginia Electric and Power Company | FERC | Settled Litigation | Order Regarding Transmission Rate Design for Allocation of Costs among PJM Interconnect LLC Transmission Customers | Legislation enacted | Regulatory Asset for contingent liability | ||||||||||||||||||||||||||||||
Public Utilities, General Disclosures [Line Items] | ||||||||||||||||||||||||||||||
Regulatory asset | 192,000,000 | $ 192,000,000 | 192,000,000 | |||||||||||||||||||||||||||
Virginia Electric and Power Company | FERC | Settled Litigation | Order Regarding Transmission Rate Design for Allocation of Costs among PJM Interconnect LLC Transmission Customers | Legislation enacted | Other operations and maintenance expense | ||||||||||||||||||||||||||||||
Public Utilities, General Disclosures [Line Items] | ||||||||||||||||||||||||||||||
Charge recognized | 8,000,000 | |||||||||||||||||||||||||||||
Virginia Electric and Power Company | FERC | Settled Litigation | Order Regarding Transmission Rate Design for Allocation of Costs among PJM Interconnect LLC Transmission Customers | Legislation enacted | Other Deferred Credits and Other Liabilities | ||||||||||||||||||||||||||||||
Public Utilities, General Disclosures [Line Items] | ||||||||||||||||||||||||||||||
Amount of accrued liability | $ 200,000,000 | 200,000,000 | $ 200,000,000 | |||||||||||||||||||||||||||
East Ohio | Ohio Regulation | PIR Program | ||||||||||||||||||||||||||||||
Public Utilities, General Disclosures [Line Items] | ||||||||||||||||||||||||||||||
Proposed revenue requirement | 131,000,000 | |||||||||||||||||||||||||||||
Estimated cost of project | $ 200,000,000 | |||||||||||||||||||||||||||||
Percentage replacement of pipeline system | 25.00% | |||||||||||||||||||||||||||||
Period for capital investment | 5 years | |||||||||||||||||||||||||||||
Total estimated cost | 1,000,000,000 | $ 171,000,000 | ||||||||||||||||||||||||||||
Annual percentage increase in capital investment | 3.00% | |||||||||||||||||||||||||||||
East Ohio | Ohio Regulation | AMR Program | ||||||||||||||||||||||||||||||
Public Utilities, General Disclosures [Line Items] | ||||||||||||||||||||||||||||||
Proposed revenue requirement | $ 7,000,000 | |||||||||||||||||||||||||||||
Number of customers with automated meter reading technology | customer | 1.2 | |||||||||||||||||||||||||||||
East Ohio | Ohio Regulation | PIPP Plus Program | ||||||||||||||||||||||||||||||
Public Utilities, General Disclosures [Line Items] | ||||||||||||||||||||||||||||||
Refund of overrecovery of accumulated arrearages | $ 32,000,000 | |||||||||||||||||||||||||||||
Recovery of projected deferred program costs | $ 28,000,000 | |||||||||||||||||||||||||||||
East Ohio | Ohio Regulation | UEX Rider | ||||||||||||||||||||||||||||||
Public Utilities, General Disclosures [Line Items] | ||||||||||||||||||||||||||||||
Elimination of over-recovered balance of accumulated bad debt expense | 8,000,000 | |||||||||||||||||||||||||||||
Prospective bad debt expense recovered | $ 19,000,000 | |||||||||||||||||||||||||||||
East Ohio | Ohio Regulation | PSMP | ||||||||||||||||||||||||||||||
Public Utilities, General Disclosures [Line Items] | ||||||||||||||||||||||||||||||
Estimated cost of project | $ 15,000,000 | |||||||||||||||||||||||||||||
Hope Gas Inc | West Virginia Regulation | PREP | ||||||||||||||||||||||||||||||
Public Utilities, General Disclosures [Line Items] | ||||||||||||||||||||||||||||||
Projected capital investment | $ 20,000,000 | |||||||||||||||||||||||||||||
Estimated cost of project | $ 152,000,000 | |||||||||||||||||||||||||||||
Deferred fuel balance | $ 2,000,000 | |||||||||||||||||||||||||||||
Period for capital investment | 5 years | |||||||||||||||||||||||||||||
Hope Gas Inc | West Virginia Regulation | PREP | Scenario, Forecast | ||||||||||||||||||||||||||||||
Public Utilities, General Disclosures [Line Items] | ||||||||||||||||||||||||||||||
Projected capital investment | $ 27,000,000 | |||||||||||||||||||||||||||||
Cove Point | FERC | ||||||||||||||||||||||||||||||
Public Utilities, General Disclosures [Line Items] | ||||||||||||||||||||||||||||||
Proposed revenue requirement | $ 140,000,000 | |||||||||||||||||||||||||||||
Number of proposed rates that were suspended | Rate | 5 |
Asset Retirement Obligations (N
Asset Retirement Obligations (Narrative) (Details) - USD ($) $ in Millions | Dec. 31, 2016 | Dec. 31, 2015 |
Asset Retirement Obligations [Line Items] | ||
Nuclear decommissioning trust funds | $ 4,484 | $ 4,183 |
Virginia Electric and Power Company | ||
Asset Retirement Obligations [Line Items] | ||
Nuclear decommissioning trust funds | $ 2,106 | $ 1,945 |
Asset Retirement Obligations (C
Asset Retirement Obligations (Changes to AROs) (Details) - USD ($) $ in Millions | 12 Months Ended | ||||
Dec. 31, 2016 | Dec. 31, 2015 | ||||
Asset Retirement Obligation, Roll Forward Analysis [Roll Forward] | |||||
AROs, Beginning balance | $ 2,103 | [1] | $ 1,714 | ||
Obligations incurred during the period | 204 | [2] | 315 | [3] | |
Obligations settled during the period | (171) | (106) | |||
Revisions in estimated cash flows | [3] | 245 | 88 | ||
Accretion | 104 | 93 | |||
Other | (1) | ||||
AROs , Ending balance | [1] | 2,485 | 2,103 | ||
Asset retirement obligations, non current | 2,236 | 1,887 | |||
Current Liabilities | |||||
Asset Retirement Obligation, Roll Forward Analysis [Roll Forward] | |||||
Asset retirement obligation, current | 249 | 216 | |||
Virginia Electric and Power Company | |||||
Asset Retirement Obligation, Roll Forward Analysis [Roll Forward] | |||||
AROs, Beginning balance | 1,247 | 855 | |||
Obligations incurred during the period | 9 | 289 | [3] | ||
Obligations settled during the period | (115) | (39) | |||
Revisions in estimated cash flows | [3] | 245 | 92 | ||
Accretion | 57 | 50 | |||
AROs , Ending balance | 1,443 | 1,247 | |||
Asset retirement obligation, current | 181 | 143 | |||
Asset retirement obligations, non current | 1,262 | 1,104 | |||
Dominion Gas Holdings, LLC | |||||
Asset Retirement Obligation, Roll Forward Analysis [Roll Forward] | |||||
AROs, Beginning balance | 149 | [4] | 147 | ||
Obligations incurred during the period | 6 | 5 | |||
Obligations settled during the period | (8) | (6) | |||
Revisions in estimated cash flows | 0 | (5) | |||
Accretion | 9 | 9 | |||
Other | (1) | ||||
AROs , Ending balance | [4] | 156 | 149 | ||
Dominion Gas Holdings, LLC | Other Deferred Credits and Other Liabilities | |||||
Asset Retirement Obligation, Roll Forward Analysis [Roll Forward] | |||||
Asset retirement obligations, non current | $ 147 | $ 137 | |||
[1] | Includes $216 million and $249 million reported in other current liabilities at December 31, 2015, and 2016, respectively. | ||||
[2] | Primarily reflects AROs assumed in the Dominion Questar Combination. See Note 3 for further information. | ||||
[3] | Primarily reflects future ash pond and landfill closure costs at certain utility generation facilities. See Note 22 for further information. | ||||
[4] | Includes $137 million and $147 million reported in other deferred credits and other liabilities, with the remainder recorded in other current liabilities, at December 31, 2015 and 2016, respectively. |
Variable Interest Entities (Nar
Variable Interest Entities (Narrative) (Details) $ in Millions | 9 Months Ended | 12 Months Ended | ||
Sep. 30, 2016 | Dec. 31, 2016USD ($)generatorMW | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | |
Variable Interest Entity [Line Items] | ||||
Securities due within one year | $ 1,709 | $ 1,825 | ||
Amount of long term debt | 30,231 | 23,468 | ||
Virginia Electric and Power Company | ||||
Variable Interest Entity [Line Items] | ||||
Securities due within one year | 678 | 476 | ||
Amount of long term debt | 9,852 | 8,892 | ||
Dominion Gas Holdings, LLC | ||||
Variable Interest Entity [Line Items] | ||||
Securities due within one year | 0 | 400 | ||
Amount of long term debt | 3,528 | 2,869 | ||
Variable Interest Entity, Primary Beneficiary | SBL Holdco | ||||
Variable Interest Entity [Line Items] | ||||
Securities due within one year | 17 | |||
Amount of long term debt | $ 377 | |||
Variable Interest Entity, Primary Beneficiary | Partnership Interest | Limited Partner | Dominion Midstream Partners, LP | ||||
Variable Interest Entity [Line Items] | ||||
Percentage of limited partner interests in Dominion Midstream Partners, LP | 50.90% | |||
Variable Interest Entity, Primary Beneficiary | Partnership Interest | Preferred Partner | Dominion Midstream Partners, LP | ||||
Variable Interest Entity [Line Items] | ||||
Percentage of limited partner interests in Dominion Midstream Partners, LP | 37.50% | |||
Variable Interest Entity, Primary Beneficiary | Merchant Solar Projects | Partnership Interest | ||||
Variable Interest Entity [Line Items] | ||||
Initial membership interest percentage | 67.00% | |||
Variable Interest Entity, Not Primary Beneficiary | Virginia Electric and Power Company | DRS | ||||
Variable Interest Entity [Line Items] | ||||
Shared services purchased | $ 346 | 318 | $ 335 | |
Variable Interest Entity, Not Primary Beneficiary | Dominion Gas Holdings, LLC | DRS | ||||
Variable Interest Entity [Line Items] | ||||
Shared services purchased | $ 123 | 115 | 106 | |
Variable Interest Entity, Not Primary Beneficiary | Distribution | Atlantic Coast Pipeline | Pipelines | Jointly Owned Natural Gas Pipeline | ||||
Variable Interest Entity [Line Items] | ||||
Initial membership interest percentage | 48.00% | |||
Potential VIE | Virginia Electric and Power Company | ||||
Variable Interest Entity [Line Items] | ||||
Number of non utility generators | generator | 5 | |||
Number of expired non-utility generators | generator | 2 | |||
Aggregate generation capacity from long-term power and capacity contracts (MW) | MW | 418 | |||
Remaining purchase commitments | $ 287 | |||
Payment for electric capacity | 144 | 200 | 223 | |
Payment for electric energy | $ 31 | $ 83 | $ 138 |
Short-Term Debt and Credit A107
Short-Term Debt and Credit Agreements (Commercial Paper, Bank Loans, and Letters of Credit Outstanding, as well as Capacity Available Under Credit Facilities (Details) | 1 Months Ended | 12 Months Ended | ||||||
Jan. 31, 2016USD ($) | Dec. 31, 2016USD ($)facility | Nov. 30, 2016USD ($)facility | Oct. 31, 2016USD ($) | Oct. 01, 2016USD ($) | Dec. 31, 2015USD ($) | |||
Short term Debt [Line Items] | ||||||||
Facility Limit | [1] | $ 5,500,000,000 | $ 4,500,000,000 | |||||
Outstanding Commercial Paper | [2] | 3,155,000,000 | 3,509,000,000 | |||||
Outstanding Letters of Credit | 85,000,000 | 59,000,000 | ||||||
Facility Capacity Available | $ 2,260,000,000 | 932,000,000 | ||||||
Weighted-average percentage interest rates | [3],[4] | 3.13% | ||||||
Amounts outstanding under facilities | $ 3,155,000,000 | 3,509,000,000 | ||||||
Virginia Electric and Power Company | ||||||||
Short term Debt [Line Items] | ||||||||
Facility Limit | [5] | 5,500,000,000 | 4,500,000,000 | |||||
Outstanding Commercial Paper | [6] | 65,000,000 | 1,656,000,000 | |||||
Outstanding Letters of Credit | $ 1,000,000 | 0 | ||||||
Weighted-average percentage interest rates | [4] | 5.47% | ||||||
Number of joint revolving credit facilities | facility | 2 | |||||||
Amounts outstanding under facilities | $ 65,000,000 | 1,656,000,000 | ||||||
Credit facility | 100,000,000 | $ 100,000,000 | $ 120,000,000 | |||||
Dominion Gas Holdings, LLC | ||||||||
Short term Debt [Line Items] | ||||||||
Facility Limit | [7] | 1,500,000,000 | 1,500,000,000 | |||||
Outstanding Commercial Paper | [8] | 460,000,000 | 391,000,000 | |||||
Outstanding Letters of Credit | $ 0 | 0 | ||||||
Number of joint revolving credit facilities | facility | 2 | |||||||
Amounts outstanding under facilities | $ 460,000,000 | 391,000,000 | ||||||
Revolving Credit Facility | ||||||||
Short term Debt [Line Items] | ||||||||
Increase in revolving credit facility limits | $ 1,000,000,000 | |||||||
Line of Credit | Virginia Electric and Power Company | ||||||||
Short term Debt [Line Items] | ||||||||
Credit facility, to support letters of credit | 100,000,000 | |||||||
Joint Revolving Credit Facility 5 Billion and Joint Revolving Credit Facility 500 Million | Dominion Questar Corporation | ||||||||
Short term Debt [Line Items] | ||||||||
Number of joint revolving credit facilities | facility | 2 | |||||||
Joint Revolving Credit Facility 5 Billion and Joint Revolving Credit Facility 500 Million | Virginia Electric and Power Company | ||||||||
Short term Debt [Line Items] | ||||||||
Credit facility, to support letters of credit | 2,000,000,000 | |||||||
Joint Revolving Credit Facility 5 Billion and Joint Revolving Credit Facility 500 Million | Dominion Gas Holdings, LLC | ||||||||
Short term Debt [Line Items] | ||||||||
Facility Limit | $ 1,500,000,000 | |||||||
Credit facility, to support letters of credit | 750,000,000 | |||||||
Joint Revolving Credit Facility 5 Billion and Joint Revolving Credit Facility 500 Million | Questar Gas | ||||||||
Short term Debt [Line Items] | ||||||||
Facility Limit | $ 250,000,000 | |||||||
Joint Revolving Credit Facility 5 Billion and Joint Revolving Credit Facility 500 Million | Letter of Credit | ||||||||
Short term Debt [Line Items] | ||||||||
Credit facility, to support letters of credit | 2,000,000,000 | |||||||
Joint Revolving Credit Facility 5 Billion and Joint Revolving Credit Facility 500 Million | Letter of Credit | Virginia Electric and Power Company | ||||||||
Short term Debt [Line Items] | ||||||||
Facility Limit | 2,000,000,000 | |||||||
Joint Revolving Credit Facility 5 Billion and Joint Revolving Credit Facility 500 Million | Letter of Credit | Dominion Gas Holdings, LLC | ||||||||
Short term Debt [Line Items] | ||||||||
Facility Limit | 1,500,000,000 | |||||||
Joint Revolving Credit Facility 5 Billion and Joint Revolving Credit Facility 500 Million | Line of Credit | Virginia Electric and Power Company | ||||||||
Short term Debt [Line Items] | ||||||||
Facility Limit | 5,000,000,000 | $ 4,000,000,000 | ||||||
Joint Revolving Credit Facility 5 Billion and Joint Revolving Credit Facility 500 Million | Line of Credit | Dominion Gas Holdings, LLC | ||||||||
Short term Debt [Line Items] | ||||||||
Credit facility, to support letters of credit | $ 500,000,000 | |||||||
Joint Revolving Credit Facility 5 Billion and Joint Revolving Credit Facility 500 Million | Commercial Paper | ||||||||
Short term Debt [Line Items] | ||||||||
Weighted-average percentage interest rates | 1.05% | 0.62% | ||||||
Joint Revolving Credit Facility 5 Billion and Joint Revolving Credit Facility 500 Million | Commercial Paper | Virginia Electric and Power Company | ||||||||
Short term Debt [Line Items] | ||||||||
Weighted-average percentage interest rates | 0.97% | 0.60% | ||||||
Joint Revolving Credit Facility 5 Billion and Joint Revolving Credit Facility 500 Million | Commercial Paper | Dominion Gas Holdings, LLC | ||||||||
Short term Debt [Line Items] | ||||||||
Weighted-average percentage interest rates | 1.00% | 0.63% | ||||||
Credit Facility 5 Billion | ||||||||
Short term Debt [Line Items] | ||||||||
Facility Limit | [1],[9] | $ 5,000,000,000 | $ 5,000,000,000 | $ 4,000,000,000 | ||||
Outstanding Commercial Paper | [1] | 3,155,000,000 | [9] | 3,353,000,000 | ||||
Outstanding Letters of Credit | [1] | 0 | [9] | 0 | ||||
Facility Capacity Available | [1] | 1,845,000,000 | [9] | 647,000,000 | ||||
Credit Facility 5 Billion | Virginia Electric and Power Company | ||||||||
Short term Debt [Line Items] | ||||||||
Facility Limit | [5] | 5,000,000,000 | [10] | 4,000,000,000 | ||||
Outstanding Commercial Paper | [5] | 65,000,000 | [10] | 1,500,000,000 | ||||
Outstanding Letters of Credit | [5] | 0 | [10] | 0 | ||||
Credit Facility 5 Billion | Dominion Gas Holdings, LLC | ||||||||
Short term Debt [Line Items] | ||||||||
Facility Limit | [7] | 1,000,000,000 | 1,000,000,000 | |||||
Outstanding Commercial Paper | [7] | 460,000,000 | 391,000,000 | |||||
Outstanding Letters of Credit | [7] | 0 | 0 | |||||
Credit Facility 500 million | ||||||||
Short term Debt [Line Items] | ||||||||
Facility Limit | [1] | 500,000,000 | 500,000,000 | |||||
Outstanding Commercial Paper | [1] | 0 | 156,000,000 | |||||
Outstanding Letters of Credit | [1] | 85,000,000 | 59,000,000 | |||||
Facility Capacity Available | [1] | 415,000,000 | 285,000,000 | |||||
Credit Facility 500 million | Virginia Electric and Power Company | ||||||||
Short term Debt [Line Items] | ||||||||
Facility Limit | [5] | 500,000,000 | 500,000,000 | |||||
Outstanding Commercial Paper | [5] | 0 | 156,000,000 | |||||
Outstanding Letters of Credit | [5] | 1,000,000 | 0 | |||||
Credit Facility 500 million | Dominion Gas Holdings, LLC | ||||||||
Short term Debt [Line Items] | ||||||||
Facility Limit | [7] | 500,000,000 | 500,000,000 | |||||
Outstanding Commercial Paper | [7] | 0 | 0 | |||||
Outstanding Letters of Credit | [7] | 0 | $ 0 | |||||
Credit Facilities, Maturing in December 2017 with 1 year Automatic Renewals through 2023 | SBL Holdco | ||||||||
Short term Debt [Line Items] | ||||||||
Facility Limit | $ 30,000,000 | |||||||
Duration of credit facilities | 1 year | |||||||
Credit Facilities, Maturing in December 2017 with 1 year Automatic Renewals through 2023 | Line of Credit | SBL Holdco | ||||||||
Short term Debt [Line Items] | ||||||||
Amounts outstanding under facilities | $ 0 | |||||||
Tax-Exempt Financings | Virginia Electric and Power Company | ||||||||
Short term Debt [Line Items] | ||||||||
Variable rate tax-exempt financings | $ 100,000,000 | |||||||
Revolving 364-day Credit Facility | Dominion Questar Corporation | ||||||||
Short term Debt [Line Items] | ||||||||
Facility Limit | 250,000,000 | |||||||
Duration of credit facilities | 364 days | |||||||
Revolving Multi-year Credit Facility | Dominion Questar Corporation | ||||||||
Short term Debt [Line Items] | ||||||||
Facility Limit | $ 500,000,000 | |||||||
[1] | In May 2016, the maturity dates for these facilities were extended from April 2019 to April 2020. These credit facilities can be used to support bank borrowings and the issuance of commercial paper, as well as to support up to a combined $2.0 billion of letters of credit. | |||||||
[2] | The weighted-average interest rates of the outstanding commercial paper supported by Dominion’s credit facilities were 1.05% and 0.62% at December 31, 2016 and 2015, respectively. | |||||||
[3] | 2015 excludes $100 million of variable rate short-term notes that were purchased and cancelled in February 2016 using proceeds from the issuance of long-term debt. The notes would have otherwise matured in May 2016. | |||||||
[4] | Represents weighted-average coupon rates for debt outstanding as of December 31, 2016. | |||||||
[5] | The full amount of the facilities is available to Virginia Power, less any amounts outstanding to co-borrowers Dominion, Dominion Gas and Questar Gas. Sub-limits for Virginia Power are set within the facility limit but can be changed at the option of Dominion, Dominion Gas and Questar Gas multiple times per year. At December 31, 2016, the sub-limit for Virginia Power was an aggregate $2.0 billion. If Virginia Power has liquidity needs in excess of its sub-limit, the sub-limit may be changed or such needs may be satisfied through short-term intercompany borrowings from Dominion. In May 2016, the maturity dates for these facilities were extended from April 2019 to April 2020. These credit facilities can be used to support bank borrowings and the issuance of commercial paper, as well as to support up to $2.0 billion (or the sub-limit, whichever is less) of letters of credit. | |||||||
[6] | The weighted-average interest rates of the outstanding commercial paper supported by these credit facilities were 0.97% and 0.60% at December 31, 2016 and 2015, respectively. | |||||||
[7] | A maximum of a combined $1.5 billion of the facilities is available to Dominion Gas, assuming adequate capacity is available after giving effect to uses by co-borrowers Dominion, Virginia Power and Questar Gas. Sub-limits for Dominion Gas are set within the facility limit but can be changed at the option of the Companies multiple times per year. In November 2016, the aggregate sub-limit for Dominion Gas was decreased from $750 million to $500 million. If Dominion Gas has liquidity needs in excess of its sub-limit, the sub-limit may be changed or such needs may be satisfied through short-term intercompany borrowings from Dominion. In May 2016, the maturity dates for these facilities were extended from April 2019 to April 2020. These credit facilities can be used to support bank borrowings and the issuance of commercial paper, as well as to support up to $1.5 billion (or the sub-limit, whichever is less) of letters of credit. | |||||||
[8] | The weighted-average interest rate of the outstanding commercial paper supported by these credit facilities was 1.00% and 0.63% at December 31, 2016 and 2015, respectively. | |||||||
[9] | In January 2016, this facility limit was increased from $4.0 billion to $5.0 billion. | |||||||
[10] | In January 2016, this facility limit was increased from $4.0 billion to $5.0 billion. |
Long-Term Debt (Total Long Term
Long-Term Debt (Total Long Term Debt) (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | ||
Debt Instrument [Line Items] | |||
2016 Weighted- average Coupon (percentage) | [1],[2] | 3.13% | |
Total principal | $ 32,192,000,000 | $ 25,473,000,000 | |
Securities due within one year | [1] | (1,709,000,000) | (1,825,000,000) |
Unamortized discount and debt issuance costs | (251,000,000) | (187,000,000) | |
Total long term debt | 30,231,000,000 | 23,468,000,000 | |
Fair value hedge valuation, liability | [3] | (1,000,000) | |
Fair value hedge valuation, asset | [3] | 7,000,000 | |
Variable Rate Short Term Notes Maturing in May 2016 | Promissory note | |||
Debt Instrument [Line Items] | |||
Principal amount of notes | 100,000,000 | ||
Senior Notes | Variable rate, due 2016 | |||
Debt Instrument [Line Items] | |||
Total principal | $ 0 | 600,000,000 | |
Senior Notes | 1.25% to 6.4%, due 2016 to 2021 | |||
Debt Instrument [Line Items] | |||
Interest rate, minimum (percentage) | 1.25% | ||
Interest rate, maximum (percentage) | 6.40% | ||
2016 Weighted- average Coupon (percentage) | [2] | 2.83% | |
Total principal | $ 5,400,000,000 | 3,900,000,000 | |
Senior Notes | 2.75% to 7.0%, due 2022 to 2044 | |||
Debt Instrument [Line Items] | |||
Interest rate, minimum (percentage) | 2.75% | ||
Interest rate, maximum (percentage) | 7.00% | ||
2016 Weighted- average Coupon (percentage) | [2] | 4.68% | |
Total principal | $ 4,999,000,000 | 4,599,000,000 | |
Senior Notes | 6.8% and 6.875%, due 2026 and 2027(4) | |||
Debt Instrument [Line Items] | |||
Interest rate, minimum (percentage) | 6.80% | ||
Interest rate, maximum (percentage) | 6.875% | ||
2016 Weighted- average Coupon (percentage) | [2],[4] | 6.81% | |
Total principal | [4] | $ 89,000,000 | 89,000,000 |
Senior Notes | 5.31% to 6.85%, due 2017 and 2018 | |||
Debt Instrument [Line Items] | |||
Interest rate, minimum (percentage) | 5.31% | ||
Interest rate, maximum (percentage) | 6.85% | ||
2016 Weighted- average Coupon (percentage) | [2],[5] | 5.84% | |
Total principal | [5] | $ 135,000,000 | 0 |
Senior Notes | 2.98% to 7.20%, due 2024 to 2051 | |||
Debt Instrument [Line Items] | |||
Interest rate, minimum (percentage) | 2.98% | ||
Interest rate, maximum (percentage) | 7.20% | ||
2016 Weighted- average Coupon (percentage) | [2],[5] | 4.57% | |
Total principal | [5] | $ 500,000,000 | 0 |
Junior Subordinated Notes | 2.962% and 4.104%, due 2019 and 2021 | |||
Debt Instrument [Line Items] | |||
Interest rate, minimum (percentage) | 2.962% | ||
Interest rate, maximum (percentage) | 4.104% | ||
2016 Weighted- average Coupon (percentage) | [2] | 3.53% | |
Total principal | $ 1,100,000,000 | 0 | |
Junior Subordinated Notes | Payable to Affiliated Trust, 8.4% due 2031 | |||
Debt Instrument [Line Items] | |||
2016 Weighted- average Coupon (percentage) | [2] | 8.40% | |
Interest rate (percentage) | 8.40% | ||
Total principal | $ 10,000,000 | 10,000,000 | |
Junior Subordinated Notes | 5.25% to 7.5%, due 2054 to 2076 | |||
Debt Instrument [Line Items] | |||
Interest rate, minimum (percentage) | 5.25% | ||
Interest rate, maximum (percentage) | 7.50% | ||
2016 Weighted- average Coupon (percentage) | [2] | 5.48% | |
Total principal | $ 1,485,000,000 | 971,000,000 | |
Junior Subordinated Notes | Variable rates, due 2066 | |||
Debt Instrument [Line Items] | |||
2016 Weighted- average Coupon (percentage) | [2] | 3.45% | |
Total principal | $ 422,000,000 | 377,000,000 | |
Term Loans | Tax-Exempt Financing, variable rate, due 2041 | |||
Debt Instrument [Line Items] | |||
2016 Weighted- average Coupon (percentage) | [2] | 1.41% | |
Total principal | $ 75,000,000 | 75,000,000 | |
Term Loans | Term loan, variable rate, due 2017 | |||
Debt Instrument [Line Items] | |||
2016 Weighted- average Coupon (percentage) | [2],[4],[5] | 1.85% | |
Total principal | [4],[5] | $ 250,000,000 | 0 |
Term Loans | Term Loan, variable rate, due 2023 | |||
Debt Instrument [Line Items] | |||
2016 Weighted- average Coupon (percentage) | [2],[6] | 4.75% | |
Total principal | [6] | $ 405,000,000 | 0 |
Term Loans | Tax-Exempt Financing, 1.55%, due 2033 | |||
Debt Instrument [Line Items] | |||
2016 Weighted- average Coupon (percentage) | [2],[7] | 1.55% | |
Interest rate (percentage) | 1.55% | ||
Total principal | [7] | $ 27,000,000 | 27,000,000 |
Remarketable Subordinated Notes | Remarketable Subordinated Notes, 1.07% to 2.0%, due 2019 to 2024 | |||
Debt Instrument [Line Items] | |||
Interest rate, minimum (percentage) | 1.07% | ||
Interest rate, maximum (percentage) | 2.00% | ||
2016 Weighted- average Coupon (percentage) | [2] | 1.79% | |
Total principal | $ 2,400,000,000 | 2,100,000,000 | |
Dominion Gas Holdings, LLC | |||
Debt Instrument [Line Items] | |||
Total principal | 3,563,000,000 | 3,300,000,000 | |
Securities due within one year | 0 | (400,000,000) | |
Unamortized discount and debt issuance costs | (35,000,000) | (31,000,000) | |
Total long term debt | $ 3,528,000,000 | 2,869,000,000 | |
Dominion Gas Holdings, LLC | Senior Notes | 1.05% to 2.8%, due 2016 to 2020 | |||
Debt Instrument [Line Items] | |||
Interest rate, minimum (percentage) | 1.05% | ||
Interest rate, maximum (percentage) | 2.80% | ||
2016 Weighted- average Coupon (percentage) | [2] | 2.68% | |
Total principal | $ 1,150,000,000 | 1,550,000,000 | |
Dominion Gas Holdings, LLC | Senior Notes | 2.875% to 4.8%, due 2023 to 2044 | |||
Debt Instrument [Line Items] | |||
Interest rate, minimum (percentage) | 2.875% | ||
Interest rate, maximum (percentage) | 4.80% | ||
2016 Weighted- average Coupon (percentage) | [2],[8] | 3.90% | |
Total principal | [8] | $ 2,413,000,000 | 1,750,000,000 |
Virginia Electric and Power Company | |||
Debt Instrument [Line Items] | |||
2016 Weighted- average Coupon (percentage) | [2] | 5.47% | |
Total principal | $ 10,597,000,000 | 9,425,000,000 | |
Securities due within one year | (678,000,000) | (476,000,000) | |
Unamortized discount and debt issuance costs | (67,000,000) | (57,000,000) | |
Total long term debt | 9,852,000,000 | 8,892,000,000 | |
Virginia Electric and Power Company | Line of Credit | |||
Debt Instrument [Line Items] | |||
Credit facility, to support letters of credit | $ 100,000,000 | ||
Virginia Electric and Power Company | Senior Notes | 1.2% to 8.625%, due 2016 to 2019 | |||
Debt Instrument [Line Items] | |||
Interest rate, minimum (percentage) | 1.20% | ||
Interest rate, maximum (percentage) | 8.625% | ||
2016 Weighted- average Coupon (percentage) | [2] | 4.93% | |
Total principal | $ 1,804,000,000 | 2,261,000,000 | |
Virginia Electric and Power Company | Senior Notes | 2.75% to 8.875%, due 2022 to 2046 | |||
Debt Instrument [Line Items] | |||
Interest rate, minimum (percentage) | 2.75% | ||
Interest rate, maximum (percentage) | 8.875% | ||
2016 Weighted- average Coupon (percentage) | [2] | 4.59% | |
Total principal | $ 7,940,000,000 | 6,292,000,000 | |
Virginia Electric and Power Company | Term Loans | Variable rates, due 2016 to 2027 | |||
Debt Instrument [Line Items] | |||
2016 Weighted- average Coupon (percentage) | [2],[9] | 1.22% | |
Total principal | [9] | $ 175,000,000 | 194,000,000 |
Virginia Electric and Power Company | Term Loans | 1.75% to 5.6%, due 2023 to 2041 | |||
Debt Instrument [Line Items] | |||
Interest rate, minimum (percentage) | 1.75% | ||
Interest rate, maximum (percentage) | 5.60% | ||
2016 Weighted- average Coupon (percentage) | [2],[9] | 2.25% | |
Total principal | [9] | $ 678,000,000 | 678,000,000 |
Dominion Midstream Partners, LP | Senior Notes | Unsecured Senior and Medium Term Notes, 5.83% and 6.48%, due 2018 | |||
Debt Instrument [Line Items] | |||
Interest rate, minimum (percentage) | 5.83% | ||
Interest rate, maximum (percentage) | 6.48% | ||
2016 Weighted- average Coupon (percentage) | [2],[10] | 5.84% | |
Total principal | [10] | $ 255,000,000 | 0 |
Dominion Midstream Partners, LP | Senior Notes | Unsecured Senior Note, 4.875%, due 2041 | |||
Debt Instrument [Line Items] | |||
2016 Weighted- average Coupon (percentage) | [2],[10] | 4.88% | |
Interest rate (percentage) | 4.875% | ||
Total principal | [10] | $ 180,000,000 | 0 |
Dominion Midstream Partners, LP | Term Loans | Term Loan, variable rate, due 2019 | |||
Debt Instrument [Line Items] | |||
2016 Weighted- average Coupon (percentage) | [2] | 2.19% | |
Total principal | $ 300,000,000 | $ 0 | |
[1] | 2015 excludes $100 million of variable rate short-term notes that were purchased and cancelled in February 2016 using proceeds from the issuance of long-term debt. The notes would have otherwise matured in May 2016. | ||
[2] | Represents weighted-average coupon rates for debt outstanding as of December 31, 2016. | ||
[3] | Represents the valuation of certain fair value hedges associated with Dominion's fixed rate debt. | ||
[4] | Represents debt assumed by Dominion from the merger of its former CNG subsidiary. | ||
[5] | Represents debt obligations of Dominion Questar or Dominion Gas. See Note 3 for more information. | ||
[6] | Represents debt associated with SBL Holdco. The debt is nonrecourse to Dominion and is secured by SBL Holdco's interest in certain merchant solar facilities. | ||
[7] | Represents debt obligations of a DEI subsidiary. | ||
[8] | Beginning June 30, 2016, amount includes foreign currency remeasurement adjustments. | ||
[9] | These financings relate to certain pollution control equipment at Virginia Power's generating facilities. Certain variable rate tax-exempt financings are supported by a $100 million credit facility that terminates in April 2020. | ||
[10] | Represents debt obligations of Questar Pipeline. See Note 3 for more information. |
Long-Term Debt (Based on Stated
Long-Term Debt (Based on Stated Maturity Dates Rather than Early Redemption Dates that Could be Elected by Instrument Holders) (Details) $ in Millions | Dec. 31, 2016USD ($) |
Debt Instrument [Line Items] | |
2,017 | $ 1,711 |
2,018 | 3,295 |
2,019 | 3,371 |
2,020 | 1,719 |
2,021 | 2,169 |
Thereafter | 19,927 |
Total | $ 32,192 |
Weighted- average Coupon, 2017 (percentage) | 3.13% |
Weighted- average Coupon, 2018 (percentage) | 3.62% |
Weighted- average Coupon, 2019 (percentage) | 3.09% |
Weighted- average Coupon, 2020 (percentage) | 2.07% |
Weighted- average Coupon, 2021 (percentage) | 3.12% |
Weighted- average Coupon, Thereafter (percentage) | 4.38% |
Dominion Gas Holdings, LLC | |
Debt Instrument [Line Items] | |
2,017 | $ 0 |
2,018 | 0 |
2,019 | 450 |
2,020 | 700 |
2,021 | 0 |
Thereafter | 2,413 |
Total | $ 3,563 |
Weighted- average Coupon, 2017 (percentage) | |
Weighted- average Coupon, 2018 (percentage) | |
Weighted- average Coupon, 2019 (percentage) | 2.50% |
Weighted- average Coupon, 2020 (percentage) | 2.80% |
Weighted- average Coupon, 2021 (percentage) | |
Weighted- average Coupon, Thereafter (percentage) | 3.90% |
Virginia Electric and Power Company | |
Debt Instrument [Line Items] | |
2,017 | $ 679 |
2,018 | 850 |
2,019 | 350 |
2,020 | 0 |
2,021 | 0 |
Thereafter | 8,718 |
Total | $ 10,597 |
Weighted- average Coupon, 2017 (percentage) | 5.47% |
Weighted- average Coupon, 2018 (percentage) | 4.17% |
Weighted- average Coupon, 2019 (percentage) | 5.00% |
Weighted- average Coupon, 2020 (percentage) | |
Weighted- average Coupon, 2021 (percentage) | |
Weighted- average Coupon, Thereafter (percentage) | 4.37% |
Term Loans | |
Debt Instrument [Line Items] | |
2,017 | $ 268 |
2,018 | 20 |
2,019 | 321 |
2,020 | 19 |
2,021 | 19 |
Thereafter | 308 |
Total | 955 |
Unsecured Senior Notes | |
Debt Instrument [Line Items] | |
2,017 | 1,368 |
2,018 | 3,275 |
2,019 | 2,500 |
2,020 | 700 |
2,021 | 900 |
Thereafter | 16,122 |
Total | 24,865 |
Unsecured Senior Notes | Virginia Electric and Power Company | |
Debt Instrument [Line Items] | |
2,017 | 604 |
2,018 | 850 |
2,019 | 350 |
2,020 | 0 |
2,021 | 0 |
Thereafter | 7,940 |
Total | 9,744 |
Tax-Exempt Financings | |
Debt Instrument [Line Items] | |
2,017 | 75 |
2,018 | 0 |
2,019 | 0 |
2,020 | 0 |
2,021 | 0 |
Thereafter | 880 |
Total | 955 |
Tax-Exempt Financings | Virginia Electric and Power Company | |
Debt Instrument [Line Items] | |
2,017 | 75 |
2,018 | 0 |
2,019 | 0 |
2,020 | 0 |
2,021 | 0 |
Thereafter | 778 |
Total | 853 |
Unsecured Junior Subordinated Notes Payable to Affiliated Trusts | |
Debt Instrument [Line Items] | |
2,017 | 0 |
2,018 | 0 |
2,019 | 0 |
2,020 | 0 |
2,021 | 0 |
Thereafter | 10 |
Total | 10 |
Unsecured Junior Subordinated Notes | |
Debt Instrument [Line Items] | |
2,017 | 0 |
2,018 | 0 |
2,019 | 550 |
2,020 | 0 |
2,021 | 550 |
Thereafter | 0 |
Total | 1,100 |
Unsecured Junior Subordinated Notes | |
Debt Instrument [Line Items] | |
2,017 | 0 |
2,018 | 0 |
2,019 | 0 |
2,020 | 0 |
2,021 | 0 |
Thereafter | 1,907 |
Total | 1,907 |
Remarketable Subordinated Notes | |
Debt Instrument [Line Items] | |
2,017 | 0 |
2,018 | 0 |
2,019 | 0 |
2,020 | 1,000 |
2,021 | 700 |
Thereafter | 700 |
Total | $ 2,400 |
Long-Term Debt (Narrative) (Det
Long-Term Debt (Narrative) (Details) | Oct. 01, 2024 | Aug. 15, 2016USD ($)shares | Jul. 01, 2016shares | Jun. 30, 2016 | Apr. 01, 2016shares | Jul. 01, 2014USD ($)shares | Jul. 31, 2017shares | Aug. 31, 2016USD ($) | Jul. 31, 2016USD ($)shares | Apr. 30, 2016shares | Dec. 31, 2014USD ($) | Oct. 31, 2014USD ($) | Jul. 31, 2014USD ($) | Jun. 30, 2013USD ($) | Sep. 30, 2011 | Dec. 31, 2016USD ($)senior_note$ / sharesshares | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | Jan. 31, 2017USD ($) | Jun. 29, 2016 | May 31, 2016USD ($) | Mar. 31, 2016USD ($) | Nov. 30, 2014USD ($) | Jun. 30, 2009USD ($) | Sep. 30, 2006USD ($) | Jun. 30, 2006USD ($) | |
Debt Instrument [Line Items] | |||||||||||||||||||||||||||
Aggregate outstanding principal amount | $ 32,192,000,000 | ||||||||||||||||||||||||||
Make-whole premium amount | $ 0 | $ 0 | $ 284,000,000 | ||||||||||||||||||||||||
Period of deferral | 10 years | ||||||||||||||||||||||||||
Period for consideration of proceeds (days) | 180 days | 365 days | |||||||||||||||||||||||||
Interest in RSN issued by Dominion (percentage) | 5.00% | ||||||||||||||||||||||||||
Minimum | |||||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||||
Shares to be issued under purchase contracts | shares | 11,600,000 | ||||||||||||||||||||||||||
Maximum | |||||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||||
Shares to be issued under purchase contracts | shares | 14,500,000 | ||||||||||||||||||||||||||
Scenario, Forecast | Minimum | |||||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||||
Shares to be issued under purchase contracts | shares | 15,000,000 | ||||||||||||||||||||||||||
Scenario, Forecast | Maximum | |||||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||||
Shares to be issued under purchase contracts | shares | 18,700,000 | ||||||||||||||||||||||||||
Common Stock | |||||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||||
Purchase price to be paid under stock purchase contracts (in dollars per unit) | $ / shares | $ 50 | ||||||||||||||||||||||||||
Shares reserved and available for issuance | shares | 40,900,000 | ||||||||||||||||||||||||||
Capital Unit, Class A | |||||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||||
Issuance of Dominion Midstream common units, net of offering costs | $ 1,400,000,000 | $ 1,000,000,000 | $ 550,000,000 | ||||||||||||||||||||||||
Payment percentage rate on Equity Units | 6.375% | 6.75% | 6.125% | ||||||||||||||||||||||||
Purchase price to be paid under stock purchase contracts (in dollars per unit) | $ / shares | $ 50 | ||||||||||||||||||||||||||
Number of shares issued | shares | 28,000,000 | [1] | 20,000,000 | ||||||||||||||||||||||||
Capital Unit, Class B | |||||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||||
Issuance of Dominion Midstream common units, net of offering costs | $ 550,000,000 | ||||||||||||||||||||||||||
Payment percentage rate on Equity Units | 6.00% | ||||||||||||||||||||||||||
Remarketable Subordinated Notes | Capital Unit, Class A | |||||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||||
Principal amount of notes | $ 1,400,000,000 | [1] | $ 1,000,000,000 | $ 550,000,000 | |||||||||||||||||||||||
Interest rate (percentage) | 2.00% | [1],[2] | 1.50% | 1.07% | |||||||||||||||||||||||
Number of shares issued | shares | 8,500,000 | 8,500,000 | 8,500,000 | 8,500,000 | |||||||||||||||||||||||
Remarketable Subordinated Notes | Capital Unit, Class B | |||||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||||
Principal amount of notes | $ 550,000,000 | ||||||||||||||||||||||||||
Interest rate (percentage) | 1.18% | ||||||||||||||||||||||||||
Remarketable Subordinated Notes, 2014 Series A, due July 1, 2020 | |||||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||||
Interest in RSN issued by Dominion (percentage) | 5.00% | ||||||||||||||||||||||||||
Remarketable Subordinated Notes, 2016 Series A-1, due August 15, 2021 | |||||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||||
Interest in RSN issued by Dominion (percentage) | 2.50% | ||||||||||||||||||||||||||
Remarketable Subordinated Notes, 2016 Series A-1, due August 15, 2021 | Capital Unit, Class A | |||||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||||
Principal amount of notes | $ 700,000,000 | ||||||||||||||||||||||||||
Remarketable Subordinated Notes, 2016 Series A-2, due August 15, 2024 | |||||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||||
Interest in RSN issued by Dominion (percentage) | 2.50% | ||||||||||||||||||||||||||
Remarketable Subordinated Notes, 2016 Series A-2, due August 15, 2024 | Capital Unit, Class A | |||||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||||
Principal amount of notes | $ 700,000,000 | ||||||||||||||||||||||||||
June 2006 hybrids | |||||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||||
Interest rate (percentage) | 7.50% | ||||||||||||||||||||||||||
Aggregate redemption price paid | 14,000,000 | $ 38,000,000 | |||||||||||||||||||||||||
Junior subordinated notes | $ 300,000,000 | ||||||||||||||||||||||||||
June 2006 hybrids | LIBOR | |||||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||||
Spread on variable percentage rate | 2.825% | ||||||||||||||||||||||||||
September 2006 hybrids | |||||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||||
Interest rate (percentage) | 2.30% | ||||||||||||||||||||||||||
Aggregate redemption price paid | $ 3,000,000 | $ 4,000,000 | |||||||||||||||||||||||||
Junior subordinated notes | $ 500,000,000 | ||||||||||||||||||||||||||
June 2009 hybrids | |||||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||||
Interest rate (percentage) | 8.375% | ||||||||||||||||||||||||||
Aggregate redemption price paid | $ 685,000,000 | ||||||||||||||||||||||||||
Junior subordinated notes | $ 685,000,000 | ||||||||||||||||||||||||||
Senior Notes | |||||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||||
Number of outstanding series of senior notes | senior_note | 5 | ||||||||||||||||||||||||||
Aggregate outstanding principal amount | $ 1,900,000,000 | ||||||||||||||||||||||||||
Aggregate redemption price paid | 2,200,000,000 | ||||||||||||||||||||||||||
Make-whole premium amount | $ 263,000,000 | ||||||||||||||||||||||||||
Interest charges | 284,000,000 | ||||||||||||||||||||||||||
Senior Notes | Senior Notes, Due in 2019 | Subsequent Event | |||||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||||
Principal amount of notes | $ 400,000,000 | ||||||||||||||||||||||||||
Interest rate (percentage) | 1.875% | ||||||||||||||||||||||||||
Senior Notes | Senior Notes, Due in 2022 | Subsequent Event | |||||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||||
Principal amount of notes | $ 400,000,000 | ||||||||||||||||||||||||||
Interest rate (percentage) | 2.75% | ||||||||||||||||||||||||||
Convertible Debt | |||||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||||
Outstanding contingent convertible senior notes | $ 22,000,000 | ||||||||||||||||||||||||||
Shares issued in excess of principal amounts related to converted securities | $ 26,000,000 | ||||||||||||||||||||||||||
Unsecured Junior Subordinated Notes | |||||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||||
Aggregate outstanding principal amount | $ 1,100,000,000 | ||||||||||||||||||||||||||
Unsecured Junior Subordinated Notes | Enhanced Junior Subordinated Notes, 5.75% | |||||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||||
Principal amount of notes | $ 685,000,000 | ||||||||||||||||||||||||||
Interest rate (percentage) | 5.75% | ||||||||||||||||||||||||||
Unsecured Junior Subordinated Notes | Enhanced Junior Subordinated Notes, 5.75% | LIBOR | Scenario, Forecast | |||||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||||
Spread on variable percentage rate | 3.057% | ||||||||||||||||||||||||||
Unsecured Junior Subordinated Notes | June 2006 and September 2006 hybrids | Maximum | |||||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||||
Amount purchased and cancelled | $ 200,000,000 | ||||||||||||||||||||||||||
Unsecured Junior Subordinated Notes | June 2006 hybrids | |||||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||||
Amount purchased and cancelled | 125,000,000 | ||||||||||||||||||||||||||
Unsecured Junior Subordinated Notes | September 2006 hybrids | |||||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||||
Amount purchased and cancelled | 74,000,000 | ||||||||||||||||||||||||||
Unsecured Junior Subordinated Notes | July 2016 Hybrids | |||||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||||
Principal amount of notes | $ 800,000,000 | ||||||||||||||||||||||||||
Interest rate (percentage) | 5.25% | ||||||||||||||||||||||||||
Unsecured Junior Subordinated Notes | Series A Junior Subordinated Notes | |||||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||||
Interest rate (percentage) | 4.104% | ||||||||||||||||||||||||||
Unsecured Junior Subordinated Notes | Series B Junior Subordinated Notes | |||||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||||
Interest rate (percentage) | 2.962% | ||||||||||||||||||||||||||
[1] | The maturity dates of the $700 million Series A-1 RSNs and $700 million Series A-2 RSNs are August 15, 2021 and August 15, 2024, respectively. | ||||||||||||||||||||||||||
[2] | Annual interest rate applies to each of the Series A-1 RSNs and Series A-2 RSNs. |
Long-Term Debt Long Term Debt (
Long-Term Debt Long Term Debt (Schedule of Equity Units) (Details) - USD ($) | Aug. 15, 2016 | Jul. 01, 2016 | Apr. 01, 2016 | Jul. 01, 2014 | Jul. 31, 2016 | Apr. 30, 2016 | Dec. 31, 2016 | Dec. 31, 2015 | Mar. 31, 2016 | ||
Capital Unit [Line Items] | |||||||||||
Stock Purchase Contract Liability | [1] | $ 212,000,000 | $ 115,000,000 | ||||||||
Total payments | $ 94,000,000 | $ 101,000,000 | |||||||||
Capital Unit, Class A | |||||||||||
Capital Unit [Line Items] | |||||||||||
Units Issued | 28,000,000 | [2] | 20,000,000 | ||||||||
Total Net Proceeds | $ 1,374,800,000 | [2] | $ 982,000,000 | ||||||||
Stock Purchase Contract Annual Rate (percentage) | 4.75% | [2] | 4.875% | ||||||||
Stock Purchase Contract Liability | [1] | $ 190,600,000 | [2] | $ 142,800,000 | |||||||
Capital Unit, Class A | Remarketable Subordinated Notes | |||||||||||
Capital Unit [Line Items] | |||||||||||
Units Issued | 8,500,000 | 8,500,000 | 8,500,000 | 8,500,000 | |||||||
Total Long-term Debt | $ 1,400,000,000 | [2] | $ 1,000,000,000 | $ 550,000,000 | |||||||
RSN Annual Interest Rate | 2.00% | [2],[3] | 1.50% | 1.07% | |||||||
Capital Unit, Class A | Remarketable Subordinated Notes, 2016 Series A-1, due August 15, 2021 | |||||||||||
Capital Unit [Line Items] | |||||||||||
Total Long-term Debt | $ 700,000,000 | ||||||||||
Capital Unit, Class A | Remarketable Subordinated Notes, 2016 Series A-2, due August 15, 2024 | |||||||||||
Capital Unit [Line Items] | |||||||||||
Total Long-term Debt | $ 700,000,000 | ||||||||||
[1] | Payments of $94 million and $101 million were made in 2016 and 2015, respectively, including payments for the remarketed 2013 Series A and B notes. The stock purchase contract liability was $212 million and $115 million at December 31, 2016 and 2015, respectively. | ||||||||||
[2] | The maturity dates of the $700 million Series A-1 RSNs and $700 million Series A-2 RSNs are August 15, 2021 and August 15, 2024, respectively. | ||||||||||
[3] | Annual interest rate applies to each of the Series A-1 RSNs and Series A-2 RSNs. |
Preferred Stock (Narrative) (De
Preferred Stock (Narrative) (Details) - $ / shares | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2016 | Dec. 31, 2015 | |
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 | 0 | 0 | |
Preferred stock shares outstanding | 0 | 0 | |
Liquidation preference (in dollars per share) | $ 100 | ||
Virginia Electric and Power Company | Redeemable Preferred Stock | |||
Class of Stock [Line Items] | |||
Number of shares redeemed | 2,590,000 |
Equity (Narrative) (Details)
Equity (Narrative) (Details) | Aug. 15, 2016shares | [1] | Jul. 01, 2016shares | Apr. 01, 2016shares | Jul. 01, 2014shares | Jan. 31, 2017USD ($)shares | Jul. 31, 2016shares | Apr. 30, 2016USD ($)shares | Dec. 31, 2014USD ($)agreement | Dec. 31, 2016USD ($)shares | Dec. 31, 2017performance_metric | Dec. 31, 2016USD ($)performance_metricshares | Dec. 31, 2015USD ($)performance_metricshares | Dec. 31, 2014USD ($) | Dec. 31, 2007 | Jan. 31, 2016USD ($) | Sep. 30, 2015USD ($) |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||||
Proceeds from issuance of common stock | $ 2,152,000,000 | $ 786,000,000 | $ 205,000,000 | ||||||||||||||
Common stock, shares outstanding | shares | 628,000,000 | 628,000,000 | 596,000,000 | ||||||||||||||
Net proceeds from issuance of Dominion Midstream common units | $ 482,000,000 | $ 0 | 392,000,000 | ||||||||||||||
Net proceeds from issuance of Dominion Midstream convertible preferred units | 490,000,000 | 0 | 0 | ||||||||||||||
Compensation cost related to stock-based compensation | 33,000,000 | 39,000,000 | 39,000,000 | ||||||||||||||
Tax benefit from stock awards and stock options exercised | 11,000,000 | 14,000,000 | 14,000,000 | ||||||||||||||
Tax benefits from the vesting of restricted stock awards (less than $1 million) | $ 1,000,000 | $ 3,000,000 | 1,000,000 | ||||||||||||||
Cash-Based Performance Grant | Officer | |||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||||
Cash-based performance grants minimum percentage | 0.00% | ||||||||||||||||
Cash-based performance grants maximum percentage | 200.00% | ||||||||||||||||
February 2014 Awards | Officer | |||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||||
Expected award under grant | $ 10,000,000 | ||||||||||||||||
Number of performance metrics achieved | performance_metric | 2 | ||||||||||||||||
February 2015 Cash Based Performance Grant | Officer | |||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||||
Number of performance metrics achieved | performance_metric | 2 | ||||||||||||||||
February 2015 Cash Based Performance Grant | Officer | Subsequent Event | |||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||||
Expected award under grant | $ 10,000,000 | ||||||||||||||||
February 2016 Cash Based Performance Grant | Officer | |||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||||
Targeted amount of the grant | $ 14,000,000 | $ 14,000,000 | |||||||||||||||
Liability accrued for award | $ 6,000,000 | $ 6,000,000 | |||||||||||||||
February 2016 Cash Based Performance Grant | Officer | Scenario, Forecast | |||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||||
Number of performance metrics achieved | performance_metric | 2 | ||||||||||||||||
Dominion Direct, Employee Stock Awards, Employee Savings Plans, Director Stock Compensation Plans, and Contingent Convertible Senior Notes | |||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||||
Shares reserved and available for issuance | shares | 63,000,000 | 63,000,000 | |||||||||||||||
Stock-Based Awards | |||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||||
Shares were available for future grants | shares | 24,000,000 | 24,000,000 | |||||||||||||||
Restricted Stock | |||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||||
Vesting period | 3 years | ||||||||||||||||
Unrecognized compensation cost related to nonvested awards | $ 31,000,000 | $ 31,000,000 | |||||||||||||||
Fair value of restricted stock awards that vested | $ 21,000,000 | $ 37,000,000 | $ 19,000,000 | ||||||||||||||
Goal-Based Stock | |||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||||
Number of performance metrics | performance_metric | 2 | ||||||||||||||||
Performance metrics period | 2 years | ||||||||||||||||
Shares issued minimum percentage | 0.00% | ||||||||||||||||
Shares issued maximum percentage | 200.00% | ||||||||||||||||
Targeted shares expected to be issued | shares | 23,000 | 23,000 | |||||||||||||||
Goal-Based Stock | Subsequent Event | |||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||||
Number of shares converted to one class to another | shares | 9,000 | ||||||||||||||||
Dominion Midstream Limited Partner Common Unit Purchase Program | Limited partner interest in Dominion Midstream | Dominion Midstream Partners, LP | |||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||||
Authorized purchase amount | $ 50,000,000 | ||||||||||||||||
Number of common units purchased | shares | 658,000 | 887,000 | |||||||||||||||
Value of common units purchased | $ 17,000,000 | $ 25,000,000 | |||||||||||||||
Maximum | Stock-Based Awards | |||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||||
Maximum term of stock based awards | 8 years | ||||||||||||||||
Weighted Average | Restricted Stock | |||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||||
Expected weighted-average period recognized for the unrecognized compensation cost | 1 year 10 months 24 days | ||||||||||||||||
Capital Unit, Class A | |||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||||
Number of shares issued | shares | 28,000,000 | 20,000,000 | |||||||||||||||
Capital Unit, Class A | Remarketable Subordinated Notes | |||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||||
Proceeds from issuance of common stock | $ 1,100,000,000 | ||||||||||||||||
Number of shares issued | shares | 8,500,000 | 8,500,000 | 8,500,000 | 8,500,000 | |||||||||||||
Various Programs | |||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||||
Proceeds from issuance of common stock | $ 2,200,000,000 | ||||||||||||||||
Number of shares issued | shares | 32,000,000 | ||||||||||||||||
Common stock, shares outstanding | shares | 628,000,000 | 628,000,000 | |||||||||||||||
Employee Stock | |||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||||
Cash proceeds received from issuance of shares through Dominion Direct and employee savings plans | $ 295,000,000 | ||||||||||||||||
Number of shares issued through Dominion Direct and employee savings plans | shares | 4,000,000 | ||||||||||||||||
Shelf Registration for Sale of Common Stock through At-the-market Program | |||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||||
Number of sales agency agreements | agreement | 4 | ||||||||||||||||
Shelf Registration for Sale of Common Stock through At-the-market Program | Maximum | |||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||||
Aggregate amount of common stock in which Dominion may offer under sales agency agreements | $ 500,000,000 | ||||||||||||||||
Common stock reserved for issuance in connection with stock purchase contracts | $ 200,000,000 | $ 200,000,000 | |||||||||||||||
Underwritten Public Offering | |||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||||
Proceeds from issuance of common stock | $ 756,000,000 | ||||||||||||||||
Number of shares issued in offering | shares | 10,200,000 | ||||||||||||||||
Dominion Midstream Partners, LP | Limited partner interest in Dominion Midstream | |||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||||
Net proceeds from issuance of Dominion Midstream common units | $ 482,000,000 | ||||||||||||||||
Conversion basis | 1 | 1 | |||||||||||||||
Dominion Midstream Partners, LP | Limited partner interest in Dominion Midstream | Convertible Preferred Units | |||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||||
Net proceeds from issuance of Dominion Midstream convertible preferred units | $ 490,000,000 | ||||||||||||||||
[1] | The maturity dates of the $700 million Series A-1 RSNs and $700 million Series A-2 RSNs are August 15, 2021 and August 15, 2024, respectively. |
Equity (Accumulated Other Compr
Equity (Accumulated Other Comprehensive Income (Loss)) (Details) - USD ($) $ in Millions | Dec. 31, 2016 | Dec. 31, 2015 |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Total AOCI | $ (799) | $ (474) |
Virginia Electric and Power Company | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Total AOCI | 46 | 40 |
Dominion Gas Holdings, LLC | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Total AOCI | (123) | (99) |
Deferred gains and losses on derivatives-hedging activities | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Total AOCI | (280) | (176) |
Amount of tax | 173 | 110 |
Deferred gains and losses on derivatives-hedging activities | Virginia Electric and Power Company | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Total AOCI | (8) | (7) |
Amount of tax | 5 | 4 |
Deferred gains and losses on derivatives-hedging activities | Dominion Gas Holdings, LLC | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Total AOCI | (24) | (17) |
Amount of tax | 15 | 10 |
Unrealized gains and losses on investment securities | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Total AOCI | 569 | 504 |
Amount of tax | (318) | (281) |
Unrealized gains and losses on investment securities | Virginia Electric and Power Company | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Total AOCI | 54 | 47 |
Amount of tax | (35) | (30) |
Unrecognized pension and other postretirement benefit costs | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Total AOCI | (1,082) | (797) |
Amount of tax | 691 | 525 |
Unrecognized pension and other postretirement benefit costs | Dominion Gas Holdings, LLC | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Total AOCI | (99) | (82) |
Amount of tax | 68 | 56 |
Other comprehensive loss from equity method investees | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Total AOCI | (6) | (5) |
Amount of tax | $ 4 | $ 4 |
Equity (Schedule of Components
Equity (Schedule of Components of Accumulated Other Comprehensive Income) (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | ||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ||||
Beginning balance | $ 12,664 | |||
Other comprehensive income (loss) | (325) | $ (58) | $ (92) | |
Ending balance | 14,605 | 12,664 | ||
Accumulated Other Comprehensive Income (Loss) | ||||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ||||
Beginning balance | (474) | (416) | ||
Other comprehensive income before reclassifications: gains (losses) | (172) | 49 | ||
Amounts reclassified from accumulated other comprehensive income: (gains) losses | [1] | (153) | (107) | |
Other comprehensive income (loss) | (325) | (58) | (92) | |
Ending balance | (799) | (474) | (416) | |
Deferred gains and losses on derivatives-hedging activities | ||||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ||||
Beginning balance | (176) | (178) | ||
Other comprehensive income before reclassifications: gains (losses) | 55 | 110 | ||
Amounts reclassified from accumulated other comprehensive income: (gains) losses | [1] | (159) | (108) | |
Other comprehensive income (loss) | (104) | 2 | ||
Ending balance | (280) | (176) | (178) | |
Unrealized gains and losses on investment securities | ||||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ||||
Beginning balance | 504 | 548 | ||
Other comprehensive income before reclassifications: gains (losses) | 93 | 6 | ||
Amounts reclassified from accumulated other comprehensive income: (gains) losses | [1] | (28) | (50) | |
Other comprehensive income (loss) | 65 | (44) | ||
Ending balance | 569 | 504 | 548 | |
Unrecognized pension and other postretirement benefit costs | ||||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ||||
Beginning balance | (797) | (782) | ||
Other comprehensive income before reclassifications: gains (losses) | (319) | (66) | ||
Amounts reclassified from accumulated other comprehensive income: (gains) losses | [1] | 34 | 51 | |
Other comprehensive income (loss) | (285) | (15) | ||
Ending balance | (1,082) | (797) | (782) | |
Other comprehensive loss from equity method investees | ||||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ||||
Beginning balance | (5) | (4) | ||
Other comprehensive income before reclassifications: gains (losses) | (1) | (1) | ||
Amounts reclassified from accumulated other comprehensive income: (gains) losses | [1] | 0 | 0 | |
Other comprehensive income (loss) | (1) | (1) | ||
Ending balance | (6) | (5) | (4) | |
Virginia Electric and Power Company | ||||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ||||
Beginning balance | 10,641 | |||
Other comprehensive income (loss) | 6 | (10) | 2 | |
Ending balance | 11,865 | 10,641 | ||
Virginia Electric and Power Company | Accumulated Other Comprehensive Income (Loss) | ||||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ||||
Beginning balance | 40 | 50 | ||
Other comprehensive income before reclassifications: gains (losses) | 9 | (5) | ||
Amounts reclassified from accumulated other comprehensive income: (gains) losses | [2] | (3) | (5) | |
Other comprehensive income (loss) | 6 | (10) | 2 | |
Ending balance | 46 | 40 | 50 | |
Virginia Electric and Power Company | Deferred gains and losses on derivatives-hedging activities | ||||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ||||
Beginning balance | (7) | (7) | ||
Other comprehensive income before reclassifications: gains (losses) | (2) | (1) | ||
Amounts reclassified from accumulated other comprehensive income: (gains) losses | [2] | 1 | 1 | |
Other comprehensive income (loss) | (1) | 0 | ||
Ending balance | (8) | (7) | (7) | |
Virginia Electric and Power Company | Unrealized gains and losses on investment securities | ||||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ||||
Beginning balance | 47 | 57 | ||
Other comprehensive income before reclassifications: gains (losses) | 11 | (4) | ||
Amounts reclassified from accumulated other comprehensive income: (gains) losses | [2] | (4) | (6) | |
Other comprehensive income (loss) | 7 | (10) | ||
Ending balance | 54 | 47 | 57 | |
Dominion Gas Holdings, LLC | ||||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ||||
Beginning balance | 3,318 | |||
Other comprehensive income (loss) | (24) | (13) | (28) | |
Ending balance | 3,536 | 3,318 | ||
Dominion Gas Holdings, LLC | Accumulated Other Comprehensive Income (Loss) | ||||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ||||
Beginning balance | (99) | (86) | ||
Other comprehensive income before reclassifications: gains (losses) | (36) | (14) | ||
Amounts reclassified from accumulated other comprehensive income: (gains) losses | [3] | 12 | 1 | |
Other comprehensive income (loss) | (24) | (13) | (28) | |
Ending balance | (123) | (99) | (86) | |
Dominion Gas Holdings, LLC | Deferred gains and losses on derivatives-hedging activities | ||||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ||||
Beginning balance | (17) | (20) | ||
Other comprehensive income before reclassifications: gains (losses) | (16) | 6 | ||
Amounts reclassified from accumulated other comprehensive income: (gains) losses | [3] | 9 | (3) | |
Other comprehensive income (loss) | (7) | 3 | ||
Ending balance | (24) | (17) | (20) | |
Dominion Gas Holdings, LLC | Unrecognized pension and other postretirement benefit costs | ||||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ||||
Beginning balance | (82) | (66) | ||
Other comprehensive income before reclassifications: gains (losses) | (20) | (20) | ||
Amounts reclassified from accumulated other comprehensive income: (gains) losses | [3] | 3 | 4 | |
Other comprehensive income (loss) | (17) | (16) | ||
Ending balance | $ (99) | $ (82) | $ (66) | |
[1] | See table below for details about these reclassifications. | |||
[2] | See table below for details about these reclassifications. | |||
[3] | See table below for details about these reclassifications. |
Equity (Schedule of Reclassific
Equity (Schedule of Reclassifications out of Accumulated Other Comprehensive Income) (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||||||||||||||
Operating Revenue | $ (3,086) | $ (3,132) | $ (2,598) | $ (2,921) | $ (2,556) | $ (2,971) | $ (2,747) | $ (3,409) | $ (11,737) | $ (11,683) | $ (12,436) | ||||
Purchased gas | 459 | 551 | 1,355 | ||||||||||||
Electric fuel and other energy-related purchases | 2,333 | 2,725 | 3,400 | ||||||||||||
Interest and related charges | 1,010 | 904 | 1,193 | ||||||||||||
Other Income | (250) | (196) | (250) | ||||||||||||
Impairment | 23 | 31 | 13 | ||||||||||||
Income from continuing operations including noncontrolling interests before income taxes | (2,867) | (2,828) | (1,778) | ||||||||||||
Income tax expense | 655 | 905 | 452 | ||||||||||||
Other operations and maintenance | 3,064 | 2,595 | 2,765 | ||||||||||||
Dominion Gas Holdings, LLC | |||||||||||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||||||||||||||
Operating Revenue | (457) | (382) | (368) | (431) | (425) | (365) | (395) | (531) | (1,638) | [1] | (1,716) | [1] | (1,898) | [1] | |
Purchased gas | [1] | 109 | 133 | 315 | |||||||||||
Interest and related charges | [1] | 94 | 73 | 27 | |||||||||||
Other Income | (11) | (1) | (1) | ||||||||||||
Income from continuing operations including noncontrolling interests before income taxes | (607) | (740) | (846) | ||||||||||||
Income tax expense | 215 | 283 | 334 | ||||||||||||
Virginia Electric and Power Company | |||||||||||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||||||||||||||
Operating Revenue | $ (1,711) | $ (2,211) | $ (1,776) | $ (1,890) | $ (1,614) | $ (2,058) | $ (1,813) | $ (2,137) | (7,588) | [2] | (7,622) | [2] | (7,579) | [2] | |
Electric fuel and other energy-related purchases | [2] | 1,973 | 2,320 | 2,406 | |||||||||||
Interest and related charges | 461 | 443 | 411 | ||||||||||||
Other Income | (56) | (68) | (93) | ||||||||||||
Impairment | 3 | 4 | 2 | ||||||||||||
Income from continuing operations including noncontrolling interests before income taxes | (1,945) | (1,746) | (1,406) | ||||||||||||
Income tax expense | 727 | 659 | $ 548 | ||||||||||||
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 | (259) | (176) | |||||||||||||
Income tax expense | 100 | 68 | |||||||||||||
Income from continuing operations including noncontrolling interests | (159) | (108) | |||||||||||||
Deferred (gains) and losses on derivatives-hedging activities: | Reclassification out of Accumulated Other Comprehensive Income | Dominion Gas Holdings, LLC | |||||||||||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||||||||||||||
Income from continuing operations including noncontrolling interests before income taxes | 15 | (6) | |||||||||||||
Income tax expense | (6) | 3 | |||||||||||||
Income from continuing operations including noncontrolling interests | 9 | (3) | |||||||||||||
Deferred (gains) and losses on derivatives-hedging activities: | Reclassification out of Accumulated Other Comprehensive Income | Virginia Electric and Power Company | |||||||||||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||||||||||||||
Income from continuing operations including noncontrolling interests before income taxes | 1 | 1 | |||||||||||||
Income tax expense | 0 | 0 | |||||||||||||
Income from continuing operations including noncontrolling interests | 1 | 1 | |||||||||||||
Deferred (gains) and losses on derivatives-hedging activities: | Commodity | Reclassification out of Accumulated Other Comprehensive Income | |||||||||||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||||||||||||||
Operating Revenue | (330) | (203) | |||||||||||||
Purchased gas | 13 | 15 | |||||||||||||
Electric fuel and other energy-related purchases | 10 | 1 | |||||||||||||
Deferred (gains) and losses on derivatives-hedging activities: | Commodity | Reclassification out of Accumulated Other Comprehensive Income | Dominion Gas Holdings, LLC | |||||||||||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||||||||||||||
Operating Revenue | (4) | (6) | |||||||||||||
Deferred (gains) and losses on derivatives-hedging activities: | Commodity | Reclassification out of Accumulated Other Comprehensive Income | Virginia Electric and Power Company | |||||||||||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||||||||||||||
Electric fuel and other energy-related purchases | 1 | ||||||||||||||
Deferred (gains) and losses on derivatives-hedging activities: | Interest rate | Reclassification out of Accumulated Other Comprehensive Income | |||||||||||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||||||||||||||
Interest and related charges | 31 | 11 | |||||||||||||
Deferred (gains) and losses on derivatives-hedging activities: | Interest rate | Reclassification out of Accumulated Other Comprehensive Income | Dominion Gas Holdings, LLC | |||||||||||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||||||||||||||
Interest and related charges | 2 | ||||||||||||||
Deferred (gains) and losses on derivatives-hedging activities: | Interest rate | Reclassification out of Accumulated Other Comprehensive Income | Virginia Electric and Power Company | |||||||||||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||||||||||||||
Interest and related charges | 1 | ||||||||||||||
Deferred (gains) and losses on derivatives-hedging activities: | Foreign currency | Reclassification out of Accumulated Other Comprehensive Income | |||||||||||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||||||||||||||
Other Income | 17 | ||||||||||||||
Deferred (gains) and losses on derivatives-hedging activities: | Foreign currency | Reclassification out of Accumulated Other Comprehensive Income | Dominion Gas Holdings, LLC | |||||||||||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||||||||||||||
Other Income | 17 | ||||||||||||||
Unrealized (gains) and losses on investment securities: | Reclassification out of Accumulated Other Comprehensive Income | |||||||||||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||||||||||||||
Realized (gain) loss on sale of securities | (66) | (110) | |||||||||||||
Impairment | 23 | 31 | |||||||||||||
Income from continuing operations including noncontrolling interests before income taxes | (43) | (79) | |||||||||||||
Income tax expense | 15 | 29 | |||||||||||||
Income from continuing operations including noncontrolling interests | (28) | (50) | |||||||||||||
Unrealized (gains) and losses on investment securities: | Reclassification out of Accumulated Other Comprehensive Income | Virginia Electric and Power Company | |||||||||||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||||||||||||||
Realized (gain) loss on sale of securities | (9) | (14) | |||||||||||||
Impairment | 3 | 4 | |||||||||||||
Income from continuing operations including noncontrolling interests before income taxes | (6) | (10) | |||||||||||||
Income tax expense | 2 | 4 | |||||||||||||
Income from continuing operations including noncontrolling interests | (4) | (6) | |||||||||||||
Unrecognized pension and other postretirement benefit costs: | |||||||||||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||||||||||||||
Unrecognized pension and other postretirement benefit costs, before tax | 56 | 86 | |||||||||||||
Unrecognized pension and other postretirement benefit costs, income tax expense | (22) | (35) | |||||||||||||
Unrecognized pension and other postretirement benefit costs, net of tax | 34 | 51 | |||||||||||||
Unrecognized pension and other postretirement benefit costs: | Dominion Gas Holdings, LLC | |||||||||||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||||||||||||||
Unrecognized pension and other postretirement benefit costs, before tax | 5 | 7 | |||||||||||||
Unrecognized pension and other postretirement benefit costs, income tax expense | (2) | (3) | |||||||||||||
Unrecognized pension and other postretirement benefit costs, net of tax | 3 | 4 | |||||||||||||
Prior-service costs (credits) | Reclassification out of Accumulated Other Comprehensive Income | |||||||||||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||||||||||||||
Other operations and maintenance | (15) | (12) | |||||||||||||
Actuarial losses | Reclassification out of Accumulated Other Comprehensive Income | |||||||||||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||||||||||||||
Other operations and maintenance | 71 | 98 | |||||||||||||
Actuarial losses | Reclassification out of Accumulated Other Comprehensive Income | Dominion Gas Holdings, LLC | |||||||||||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||||||||||||||
Other operations and maintenance | $ 5 | $ 7 | |||||||||||||
[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) - $ / shares shares in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Restricted Stock | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | |||
Nonvested beginning (in shares) | 855 | 1,065 | 1,007 |
Granted (in shares) | 372 | 302 | 354 |
Vested (in shares) | (301) | (510) | (278) |
Cancelled and forfeited (in shares) | (40) | (2) | (18) |
Nonvested ending (in shares) | 886 | 855 | 1,065 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Roll Forward] | |||
Nonvested beginning, Weighted Average Grant Date Fair Value (in dollars per share) | $ 66.16 | $ 56.74 | $ 49.35 |
Granted, Weighted Average Grant Date Fair Value (in dollars per share) | 71.67 | 73.26 | 67.98 |
Vested, Weighted Average Grant Date Fair Value (in dollars per share) | 56.83 | 50.71 | 44.50 |
Cancelled and forfeited, Weighted Average Grant Date Fair Value (in dollars per share) | 71.75 | 62.62 | 53.61 |
Nonvested ending, Weighted Average Grant Date Fair Value (in dollars per share) | $ 71.40 | $ 66.16 | $ 56.74 |
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 (in shares) | 24 | 17 | 5 |
Granted (in shares) | 12 | 14 | 13 |
Vested (in shares) | (10) | (7) | (1) |
Cancelled and forfeited (in shares) | (3) | ||
Nonvested ending (in shares) | 23 | 24 | 17 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Roll Forward] | |||
Nonvested beginning, Weighted Average Grant Date Fair Value (in dollars per share) | $ 72.27 | $ 65.15 | $ 53.85 |
Granted, Weighted Average Grant Date Fair Value (in dollars per share) | 69.93 | 72.72 | 68.83 |
Vested, Weighted Average Grant Date Fair Value (in dollars per share) | 68.83 | 56.22 | 52.48 |
Cancelled and forfeited, Weighted Average Grant Date Fair Value (in dollars per share) | 68.83 | ||
Nonvested ending, Weighted Average Grant Date Fair Value (in dollars per share) | $ 72.99 | $ 72.27 | $ 65.15 |
Employee Benefit Plans (Narrati
Employee Benefit Plans (Narrative) (Details) - USD ($) $ in Millions | 1 Months Ended | 3 Months Ended | 12 Months Ended | |||
Jan. 31, 2017 | Sep. 30, 2016 | Sep. 30, 2014 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items] | ||||||
Actual return (loss) on plan assets | $ 534 | $ (72) | ||||
Expected return on pension and other postretirement plan assets | 691 | 648 | ||||
Net actuarial loss | 25 | |||||
Accumulated benefit obligation | 7,300 | 5,800 | ||||
Estimated reduction in net cumulative required contributions | $ 200 | |||||
Cumulative required contribution period (years) | 10 years | |||||
Expected contribution to voluntary employees beneficiary association | $ 12 | |||||
Amounts recognized in employer matching contributions | 44 | 43 | $ 41 | |||
Organizational Design Initiative | Special Termination Benefits | ||||||
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items] | ||||||
Organizational design initiative charges | 65 | |||||
Organizational design initiative charges, after tax | $ 40 | |||||
Common and preferred stocks | ||||||
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items] | ||||||
Defined benefit plan, actual plan asset allocation percentages | 28.00% | |||||
Government securities | ||||||
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items] | ||||||
Defined benefit plan, actual plan asset allocation percentages | 18.00% | |||||
Fixed Income | ||||||
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items] | ||||||
Defined benefit plan, actual plan asset allocation percentages | 35.00% | |||||
Real estate funds | ||||||
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items] | ||||||
Defined benefit plan, actual plan asset allocation percentages | 3.00% | |||||
Other alternative investments | ||||||
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items] | ||||||
Defined benefit plan, actual plan asset allocation percentages | 16.00% | |||||
Capital Contribution to Dominion Questar to Fund Pension Contributions | Dominion Questar Corporation | Subsequent Event | ||||||
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items] | ||||||
Capital contribution to Dominion Questar | $ 75 | |||||
Collective Bargaining Agreement | ||||||
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items] | ||||||
Period for experience study of employee demographics | 5 years | |||||
Increase in net periodic benefit costs for 2017 | $ 42 | |||||
Dominion Gas Holdings, LLC | ||||||
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items] | ||||||
Actual return (loss) on plan assets | 130 | (13) | ||||
Expected return on pension and other postretirement plan assets | 157 | 150 | ||||
Net actuarial loss | 3 | |||||
Accumulated benefit obligation | 640 | 578 | ||||
Amounts recognized in employer matching contributions | 7 | 7 | 7 | |||
Dominion Gas Holdings, LLC | Organizational Design Initiative | Special Termination Benefits | ||||||
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items] | ||||||
Organizational design initiative charges | 8 | |||||
Organizational design initiative charges, after tax | 5 | |||||
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 | (4) | (5) | (5) | |||
Virginia Electric and Power Company | ||||||
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items] | ||||||
Amounts recognized in employer matching contributions | 19 | 18 | 17 | |||
Virginia Electric and Power Company | Organizational Design Initiative | Special Termination Benefits | ||||||
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items] | ||||||
Organizational design initiative charges | 33 | |||||
Organizational design initiative charges, after tax | 20 | |||||
Virginia Electric and Power Company | Other operations and maintenance expense | ||||||
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items] | ||||||
Net periodic benefit cost | 79 | 97 | 75 | |||
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 | (29) | (16) | (18) | |||
Pension Benefits | ||||||
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items] | ||||||
Actual return (loss) on plan assets | 426 | (71) | ||||
Expected return on pension and other postretirement plan assets | 573 | 531 | $ 499 | |||
Net actuarial loss | (161) | |||||
Actuarial (gains) losses during the year | $ 784 | $ (443) | ||||
Discount rate (percentage) | 4.40% | |||||
Expected long-term rate of return on plan assets (percentage) | 8.75% | 8.75% | 8.75% | |||
Net periodic benefit cost | $ (25) | $ 44 | $ 20 | |||
Pension Benefits | Collective Bargaining Agreement | ||||||
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items] | ||||||
Actuarial (gains) losses during the year | 290 | |||||
Pension Benefits | Dominion Gas Holdings, LLC | ||||||
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items] | ||||||
Actual return (loss) on plan assets | 107 | (14) | ||||
Expected return on pension and other postretirement plan assets | 134 | 126 | $ 115 | |||
Net actuarial loss | (16) | |||||
Actuarial (gains) losses during the year | $ 64 | $ (43) | ||||
Discount percentage rate used for remeasurement | 4.50% | 4.99% | ||||
Discount rate (percentage) | 4.99% | 4.40% | 5.20% | |||
Expected long-term rate of return on plan assets (percentage) | 8.75% | 8.75% | 8.75% | |||
Net periodic benefit cost | $ (78) | $ (63) | $ (55) | |||
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 | (45) | (38) | (37) | |||
Pension Benefits | Dominion Gas Holdings, LLC | Collective Bargaining Agreement | ||||||
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items] | ||||||
Actuarial (gains) losses during the year | 24 | |||||
Other Postretirement Benefits | ||||||
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items] | ||||||
Actual return (loss) on plan assets | 108 | (1) | ||||
Expected return on pension and other postretirement plan assets | 118 | 117 | $ 111 | |||
Net actuarial loss | (13) | |||||
Actuarial (gains) losses during the year | $ 166 | $ (138) | ||||
Discount rate (percentage) | 4.40% | |||||
Expected long-term rate of return on plan assets (percentage) | 8.50% | 8.50% | 8.50% | |||
Net periodic benefit cost | $ (49) | $ (31) | $ (38) | |||
Other Postretirement Benefits | Collective Bargaining Agreement | ||||||
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items] | ||||||
Actuarial (gains) losses during the year | 38 | |||||
Other Postretirement Benefits | Dominion Gas Holdings, LLC | ||||||
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items] | ||||||
Actual return (loss) on plan assets | 23 | 1 | ||||
Expected return on pension and other postretirement plan assets | 23 | 24 | $ 23 | |||
Net actuarial loss | (2) | |||||
Actuarial (gains) losses during the year | $ 28 | $ (31) | ||||
Discount percentage rate used for remeasurement | 4.47% | 4.93% | ||||
Discount rate (percentage) | 4.93% | 4.40% | ||||
Expected long-term rate of return on plan assets (percentage) | 8.50% | 8.50% | 8.50% | |||
Net periodic benefit cost | $ (2) | $ (2) | $ (5) | |||
Other Postretirement Benefits | Dominion Gas Holdings, LLC | Collective Bargaining Agreement | ||||||
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items] | ||||||
Actuarial (gains) losses during the year | $ 9 | |||||
Other Postretirement Benefits | East Ohio | ||||||
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items] | ||||||
Retirement age | 65 years | |||||
Increase (decrease) in accumulated postretirement benefit obligation due to amendment | $ 22 | |||||
Increase (reduction) in net periodic benefit credit due to amendment (less than $1 million) | $ (1) | |||||
Discount rate (percentage) | 4.20% | |||||
Expected long-term rate of return on plan assets (percentage) | 8.50% | |||||
Retiree medical coverage | ||||||
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items] | ||||||
Retirement age | 65 years | |||||
Increase (decrease) in accumulated postretirement benefit obligation due to amendment | $ (37) | |||||
Increase (reduction) in net periodic benefit credit due to amendment (less than $1 million) | $ 9 | |||||
Discount percentage rate used for remeasurement | 3.71% |
Employee Benefit Plans (Summary
Employee Benefit Plans (Summary of Changes in Pension and Other Postretirement Benefit Plans) (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||
Sep. 30, 2016 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | ||
Changes in fair value of plan assets: | |||||
Actual return (loss) on plan assets | $ 534 | $ (72) | |||
Dominion Gas Holdings, LLC | |||||
Changes in fair value of plan assets: | |||||
Actual return (loss) on plan assets | 130 | (13) | |||
Pension Benefits | |||||
Changes in benefit obligation: | |||||
Benefit obligation at beginning of year | 6,391 | 6,667 | |||
Dominion Questar Combination | 817 | 0 | |||
Service cost | 118 | 126 | $ 114 | ||
Interest cost | 317 | 287 | 290 | ||
Benefits paid | (286) | (246) | |||
Actuarial (gains) losses during the year | 784 | (443) | |||
Plan amendments | [1] | 0 | 0 | ||
Settlements and curtailments | [2] | (9) | 0 | ||
Benefit obligation at end of year | 8,132 | 6,391 | 6,667 | ||
Changes in fair value of plan assets: | |||||
Fair value of plan assets at beginning of year | 6,166 | 6,480 | |||
Dominion Questar Combination | 704 | 0 | |||
Actual return (loss) on plan assets | 426 | (71) | |||
Employer contributions | 15 | 3 | |||
Benefits paid | (286) | (246) | |||
Settlements | [2] | (9) | 0 | ||
Fair value of plan assets at end of year | 7,016 | 6,166 | 6,480 | ||
Funded status at end of year | (1,116) | (225) | |||
Noncurrent pension and other postretirement benefit assets | 930 | 931 | |||
Other current liabilities | (43) | (14) | |||
Noncurrent pension and other postretirement benefit liabilities | (2,003) | (1,142) | |||
Net amount recognized | $ (1,116) | $ (225) | |||
Weighted average rate of increase for compensation (percentage) | 4.09% | 4.22% | |||
Pension Benefits | Minimum | |||||
Changes in fair value of plan assets: | |||||
Discount percentage rate | 3.31% | 4.96% | |||
Pension Benefits | Maximum | |||||
Changes in fair value of plan assets: | |||||
Discount percentage rate | 4.50% | 4.99% | |||
Pension Benefits | Dominion Gas Holdings, LLC | |||||
Changes in benefit obligation: | |||||
Benefit obligation at beginning of year | $ 608 | $ 638 | |||
Service cost | 13 | 15 | 12 | ||
Interest cost | 30 | 27 | 28 | ||
Benefits paid | (32) | (29) | |||
Actuarial (gains) losses during the year | 64 | (43) | |||
Benefit obligation at end of year | 683 | 608 | 638 | ||
Changes in fair value of plan assets: | |||||
Fair value of plan assets at beginning of year | 1,467 | 1,510 | |||
Actual return (loss) on plan assets | 107 | (14) | |||
Employer contributions | 0 | 0 | |||
Benefits paid | (32) | (29) | |||
Fair value of plan assets at end of year | 1,542 | 1,467 | 1,510 | ||
Funded status at end of year | 859 | 859 | |||
Noncurrent pension and other postretirement benefit assets | 859 | 859 | |||
Noncurrent pension and other postretirement benefit liabilities | [3] | 0 | 0 | ||
Net amount recognized | $ 859 | $ 859 | |||
Discount percentage rate | 4.50% | 4.99% | |||
Weighted average rate of increase for compensation (percentage) | 4.11% | 3.93% | |||
Other Postretirement Benefits | |||||
Changes in benefit obligation: | |||||
Benefit obligation at beginning of year | $ 1,430 | $ 1,571 | |||
Dominion Questar Combination | 85 | 0 | |||
Service cost | 31 | 40 | 32 | ||
Interest cost | 65 | 67 | 67 | ||
Benefits paid | (83) | (79) | |||
Actuarial (gains) losses during the year | 166 | (138) | |||
Plan amendments | [1] | (216) | (31) | ||
Settlements and curtailments | [2] | 0 | 0 | ||
Benefit obligation at end of year | 1,478 | 1,430 | 1,571 | ||
Changes in fair value of plan assets: | |||||
Fair value of plan assets at beginning of year | 1,382 | 1,402 | |||
Dominion Questar Combination | 45 | 0 | |||
Actual return (loss) on plan assets | 108 | (1) | |||
Employer contributions | 12 | 12 | |||
Benefits paid | (35) | (31) | |||
Settlements | [2] | 0 | 0 | ||
Fair value of plan assets at end of year | 1,512 | 1,382 | 1,402 | ||
Funded status at end of year | 34 | (48) | |||
Noncurrent pension and other postretirement benefit assets | 148 | 12 | |||
Other current liabilities | (5) | (3) | |||
Noncurrent pension and other postretirement benefit liabilities | (109) | (57) | |||
Net amount recognized | $ 34 | $ (48) | |||
Weighted average rate of increase for compensation (percentage) | 3.29% | 4.22% | |||
Other Postretirement Benefits | Minimum | |||||
Changes in fair value of plan assets: | |||||
Discount percentage rate | 3.92% | 4.93% | |||
Other Postretirement Benefits | Maximum | |||||
Changes in fair value of plan assets: | |||||
Discount percentage rate | 4.47% | 4.94% | |||
Other Postretirement Benefits | Dominion Gas Holdings, LLC | |||||
Changes in benefit obligation: | |||||
Benefit obligation at beginning of year | $ 292 | $ 320 | |||
Service cost | 5 | 7 | 6 | ||
Interest cost | 14 | 14 | 13 | ||
Benefits paid | (19) | (18) | |||
Actuarial (gains) losses during the year | 28 | (31) | |||
Benefit obligation at end of year | 320 | 292 | 320 | ||
Changes in fair value of plan assets: | |||||
Fair value of plan assets at beginning of year | 283 | 288 | |||
Actual return (loss) on plan assets | 23 | 1 | |||
Employer contributions | 12 | 12 | |||
Benefits paid | (19) | (18) | |||
Fair value of plan assets at end of year | 299 | 283 | $ 288 | ||
Funded status at end of year | (21) | (9) | |||
Noncurrent pension and other postretirement benefit assets | 0 | 0 | |||
Noncurrent pension and other postretirement benefit liabilities | [3] | (21) | (9) | ||
Net amount recognized | $ (21) | $ (9) | |||
Discount percentage rate | 4.47% | 4.93% | |||
Weighted average rate of increase for compensation (percentage) | 3.93% | ||||
Retiree medical coverage | |||||
Changes in fair value of plan assets: | |||||
Discount percentage rate | 3.71% | ||||
Retirement age | 65 years | ||||
[1] | 2016 amount relates primarily to a plan amendment that changed post-65 retiree medical coverage for certain current and future Local 50 retirees effective April 1, 2017. 2015 amount relates primarily to a plan amendment that changed retiree medical benefits for certain nonunion employees after Medicare eligibility. | ||||
[2] | Relates primarily to a settlement for certain executives. | ||||
[3] | 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 ($) $ in Millions | Dec. 31, 2016 | Dec. 31, 2015 |
Pension Benefits | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Benefit obligation | $ 7,386 | $ 5,728 |
Fair value of plan assets | 5,340 | 4,571 |
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 | 470 | 359 |
Fair value of plan assets | 356 | 299 |
Other Postretirement Plans | Dominion Gas Holdings, LLC | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Benefit obligation | 320 | 292 |
Fair value of plan assets | $ 299 | $ 283 |
Employee Benefit Plans (Accumul
Employee Benefit Plans (Accumulated Benefit Obligation in Excess of Plan Assets) (Details) - USD ($) $ in Millions | Dec. 31, 2016 | Dec. 31, 2015 |
General Discussion of Pension and Other Postretirement Benefits [Abstract] | ||
Accumulated benefit obligation | $ 5,987 | $ 5,198 |
Fair value of plan assets | $ 4,653 | $ 4,571 |
Employee Benefit Plans (Bene122
Employee Benefit Plans (Benefit Payments Expected Future Service) (Details) $ in Millions | Dec. 31, 2016USD ($) |
Pension Benefits | |
Defined Benefit Plan Disclosure [Line Items] | |
2,017 | $ 380 |
2,018 | 361 |
2,019 | 373 |
2,020 | 398 |
2,021 | 415 |
2022-2026 | 2,345 |
Pension Benefits | Dominion Gas Holdings, LLC | |
Defined Benefit Plan Disclosure [Line Items] | |
2,017 | 33 |
2,018 | 35 |
2,019 | 37 |
2,020 | 38 |
2,021 | 40 |
2022-2026 | 211 |
Other Postretirement Plans | |
Defined Benefit Plan Disclosure [Line Items] | |
2,017 | 92 |
2,018 | 96 |
2,019 | 97 |
2,020 | 99 |
2,021 | 100 |
2022-2026 | 490 |
Other Postretirement Plans | Dominion Gas Holdings, LLC | |
Defined Benefit Plan Disclosure [Line Items] | |
2,017 | 17 |
2,018 | 18 |
2,019 | 19 |
2,020 | 19 |
2,021 | 20 |
2022-2026 | $ 101 |
Employee Benefit Plans (Fair va
Employee Benefit Plans (Fair values of pension and post retirement plan assets by asset category) (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | ||
Pension Benefits | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total recorded at fair value | $ 7,016 | $ 6,166 | $ 6,480 | |
Pension Benefits | Dominion Gas Holdings, LLC | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total recorded at fair value | 1,542 | 1,467 | 1,510 | |
Other Postretirement Plans | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total recorded at fair value | 1,512 | 1,382 | 1,402 | |
Other Postretirement Plans | Dominion Gas Holdings, LLC | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total recorded at fair value | 299 | 283 | $ 288 | |
Collective Bargaining Agreement | Pension Benefits | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total recorded at fair value | 4,233 | 4,082 | ||
Total recorded at NAV | [1] | 2,765 | 2,074 | |
Pension plan assets by asset category | [2] | 6,998 | 6,156 | |
Pending sales of securities | 46 | 112 | ||
Net accrued income | 19 | 16 | ||
Pending purchases of securities | 47 | 118 | ||
Collective Bargaining Agreement | Pension Benefits | Cash equivalents and other | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total recorded at fair value | 14 | 16 | ||
Collective Bargaining Agreement | Pension Benefits | Common and preferred stocks | U.S. | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total recorded at fair value | 1,705 | 1,736 | ||
Collective Bargaining Agreement | Pension Benefits | Common and preferred stocks | International | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total recorded at fair value | 928 | 786 | ||
Collective Bargaining Agreement | Pension Benefits | Insurance contracts | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total recorded at fair value | 334 | 330 | ||
Collective Bargaining Agreement | Pension Benefits | Corporate debt instruments | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total recorded at fair value | 717 | 739 | ||
Collective Bargaining Agreement | Pension Benefits | Government securities | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total recorded at fair value | 535 | 475 | ||
Collective Bargaining Agreement | Pension Benefits | Common/collective trust funds | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total recorded at NAV | [1],[3] | 1,960 | 1,200 | |
Collective Bargaining Agreement | Pension Benefits | Common/collective trust funds | Northern Trust Collective Short Term Investment Fund | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total recorded at NAV | 167 | 125 | ||
Collective Bargaining Agreement | Pension Benefits | Real estate funds | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total recorded at NAV | [1] | 121 | 153 | |
Collective Bargaining Agreement | Pension Benefits | Private equity funds | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total recorded at NAV | [3] | 506 | 465 | |
Collective Bargaining Agreement | Pension Benefits | Debt funds | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total recorded at NAV | [3] | 153 | 170 | |
Collective Bargaining Agreement | Pension Benefits | Hedge funds | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total recorded at NAV | [1] | 25 | 86 | |
Collective Bargaining Agreement | Pension Benefits | Level 1 | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total recorded at fair value | 2,693 | 2,667 | ||
Collective Bargaining Agreement | Pension Benefits | Level 1 | Cash equivalents and other | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total recorded at fair value | 12 | 16 | ||
Collective Bargaining Agreement | Pension Benefits | Level 1 | Common and preferred stocks | U.S. | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total recorded at fair value | 1,705 | 1,736 | ||
Collective Bargaining Agreement | Pension Benefits | Level 1 | Common and preferred stocks | International | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total recorded at fair value | 928 | 786 | ||
Collective Bargaining Agreement | Pension Benefits | Level 1 | Insurance contracts | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total recorded at fair value | 0 | 0 | ||
Collective Bargaining Agreement | Pension Benefits | Level 1 | Corporate debt instruments | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total recorded at fair value | 35 | 44 | ||
Collective Bargaining Agreement | Pension Benefits | Level 1 | Government securities | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total recorded at fair value | 13 | 85 | ||
Collective Bargaining Agreement | Pension Benefits | Level 2 | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total recorded at fair value | 1,540 | 1,415 | ||
Collective Bargaining Agreement | Pension Benefits | Level 2 | Cash equivalents and other | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total recorded at fair value | 2 | 0 | ||
Collective Bargaining Agreement | Pension Benefits | Level 2 | Common and preferred stocks | U.S. | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total recorded at fair value | 0 | 0 | ||
Collective Bargaining Agreement | Pension Benefits | Level 2 | Common and preferred stocks | International | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total recorded at fair value | 0 | 0 | ||
Collective Bargaining Agreement | Pension Benefits | Level 2 | Insurance contracts | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total recorded at fair value | 334 | 330 | ||
Collective Bargaining Agreement | Pension Benefits | Level 2 | Corporate debt instruments | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total recorded at fair value | 682 | 695 | ||
Collective Bargaining Agreement | Pension Benefits | Level 2 | Government securities | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total recorded at fair value | 522 | 390 | ||
Collective Bargaining Agreement | Pension Benefits | Level 3 | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total recorded at fair value | 0 | 0 | ||
Collective Bargaining Agreement | Pension Benefits | Level 3 | Cash equivalents and other | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total recorded at fair value | 0 | 0 | ||
Collective Bargaining Agreement | Pension Benefits | Level 3 | Common and preferred stocks | U.S. | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total recorded at fair value | 0 | 0 | ||
Collective Bargaining Agreement | Pension Benefits | Level 3 | Common and preferred stocks | International | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total recorded at fair value | 0 | 0 | ||
Collective Bargaining Agreement | Pension Benefits | Level 3 | Insurance contracts | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total recorded at fair value | 0 | 0 | ||
Collective Bargaining Agreement | Pension Benefits | Level 3 | Corporate debt instruments | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total recorded at fair value | 0 | 0 | ||
Collective Bargaining Agreement | Pension Benefits | Level 3 | Government securities | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total recorded at fair value | 0 | 0 | ||
Collective Bargaining Agreement | Pension Benefits | Dominion Gas Holdings, LLC | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total recorded at fair value | 930 | 970 | ||
Total recorded at NAV | [1] | 608 | 494 | |
Pension plan assets by asset category | [4] | 1,538 | 1,464 | |
Pending sales of securities | 10 | 27 | ||
Net accrued income | 4 | |||
Pending purchases of securities | 10 | 28 | ||
Collective Bargaining Agreement | Pension Benefits | Dominion Gas Holdings, LLC | Cash equivalents and other | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total recorded at fair value | 3 | 4 | ||
Collective Bargaining Agreement | Pension Benefits | Dominion Gas Holdings, LLC | Common and preferred stocks | U.S. | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total recorded at fair value | 375 | 413 | ||
Collective Bargaining Agreement | Pension Benefits | Dominion Gas Holdings, LLC | Common and preferred stocks | International | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total recorded at fair value | 203 | 187 | ||
Collective Bargaining Agreement | Pension Benefits | Dominion Gas Holdings, LLC | Insurance contracts | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total recorded at fair value | 73 | 78 | ||
Collective Bargaining Agreement | Pension Benefits | Dominion Gas Holdings, LLC | Corporate debt instruments | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total recorded at fair value | 158 | 175 | ||
Collective Bargaining Agreement | Pension Benefits | Dominion Gas Holdings, LLC | Government securities | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total recorded at fair value | 118 | 113 | ||
Collective Bargaining Agreement | Pension Benefits | Dominion Gas Holdings, LLC | Common/collective trust funds | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total recorded at NAV | [1],[5] | 430 | 286 | |
Collective Bargaining Agreement | Pension Benefits | Dominion Gas Holdings, LLC | Common/collective trust funds | Northern Trust Collective Short Term Investment Fund | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total recorded at NAV | 37 | 30 | ||
Collective Bargaining Agreement | Pension Benefits | Dominion Gas Holdings, LLC | Real estate funds | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total recorded at NAV | [1] | 27 | 36 | |
Collective Bargaining Agreement | Pension Benefits | Dominion Gas Holdings, LLC | Private equity funds | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total recorded at NAV | [3] | 111 | 111 | |
Collective Bargaining Agreement | Pension Benefits | Dominion Gas Holdings, LLC | Debt funds | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total recorded at NAV | [3] | 34 | 40 | |
Collective Bargaining Agreement | Pension Benefits | Dominion Gas Holdings, LLC | Hedge funds | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total recorded at NAV | [1] | 6 | 21 | |
Collective Bargaining Agreement | Pension Benefits | Dominion Gas Holdings, LLC | Level 1 | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total recorded at fair value | 592 | 634 | ||
Collective Bargaining Agreement | Pension Benefits | Dominion Gas Holdings, LLC | Level 1 | Cash equivalents and other | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total recorded at fair value | 3 | 4 | ||
Collective Bargaining Agreement | Pension Benefits | Dominion Gas Holdings, LLC | Level 1 | Common and preferred stocks | U.S. | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total recorded at fair value | 375 | 413 | ||
Collective Bargaining Agreement | Pension Benefits | Dominion Gas Holdings, LLC | Level 1 | Common and preferred stocks | International | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total recorded at fair value | 203 | 187 | ||
Collective Bargaining Agreement | Pension Benefits | Dominion Gas Holdings, LLC | Level 1 | Insurance contracts | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total recorded at fair value | 0 | 0 | ||
Collective Bargaining Agreement | Pension Benefits | Dominion Gas Holdings, LLC | Level 1 | Corporate debt instruments | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total recorded at fair value | 8 | 10 | ||
Collective Bargaining Agreement | Pension Benefits | Dominion Gas Holdings, LLC | Level 1 | Government securities | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total recorded at fair value | 3 | 20 | ||
Collective Bargaining Agreement | Pension Benefits | Dominion Gas Holdings, LLC | Level 2 | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total recorded at fair value | 338 | 336 | ||
Collective Bargaining Agreement | Pension Benefits | Dominion Gas Holdings, LLC | Level 2 | Cash equivalents and other | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total recorded at fair value | 0 | 0 | ||
Collective Bargaining Agreement | Pension Benefits | Dominion Gas Holdings, LLC | Level 2 | Common and preferred stocks | U.S. | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total recorded at fair value | 0 | 0 | ||
Collective Bargaining Agreement | Pension Benefits | Dominion Gas Holdings, LLC | Level 2 | Common and preferred stocks | International | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total recorded at fair value | 0 | 0 | ||
Collective Bargaining Agreement | Pension Benefits | Dominion Gas Holdings, LLC | Level 2 | Insurance contracts | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total recorded at fair value | 73 | 78 | ||
Collective Bargaining Agreement | Pension Benefits | Dominion Gas Holdings, LLC | Level 2 | Corporate debt instruments | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total recorded at fair value | 150 | 165 | ||
Collective Bargaining Agreement | Pension Benefits | Dominion Gas Holdings, LLC | Level 2 | Government securities | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total recorded at fair value | 115 | 93 | ||
Collective Bargaining Agreement | Pension Benefits | Dominion Gas Holdings, LLC | Level 3 | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total recorded at fair value | 0 | 0 | ||
Collective Bargaining Agreement | Pension Benefits | Dominion Gas Holdings, LLC | Level 3 | Cash equivalents and other | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total recorded at fair value | 0 | 0 | ||
Collective Bargaining Agreement | Pension Benefits | Dominion Gas Holdings, LLC | Level 3 | Common and preferred stocks | U.S. | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total recorded at fair value | 0 | 0 | ||
Collective Bargaining Agreement | Pension Benefits | Dominion Gas Holdings, LLC | Level 3 | Common and preferred stocks | International | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total recorded at fair value | 0 | 0 | ||
Collective Bargaining Agreement | Pension Benefits | Dominion Gas Holdings, LLC | Level 3 | Insurance contracts | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total recorded at fair value | 0 | 0 | ||
Collective Bargaining Agreement | Pension Benefits | Dominion Gas Holdings, LLC | Level 3 | Corporate debt instruments | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total recorded at fair value | 0 | 0 | ||
Collective Bargaining Agreement | Pension Benefits | Dominion Gas Holdings, LLC | Level 3 | Government securities | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total recorded at fair value | 0 | 0 | ||
Collective Bargaining Agreement | Other Postretirement Plans | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total recorded at fair value | 808 | 752 | ||
Total recorded at NAV | [6] | 702 | 630 | |
Pension plan assets by asset category | [7] | 1,510 | 1,382 | |
Pending sales of securities | 5 | |||
Net accrued income | 2 | |||
Pending purchases of securities | 5 | |||
Collective Bargaining Agreement | Other Postretirement Plans | Cash equivalents and other | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total recorded at fair value | 2 | 2 | ||
Collective Bargaining Agreement | Other Postretirement Plans | Common and preferred stocks | U.S. | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total recorded at fair value | 571 | 531 | ||
Collective Bargaining Agreement | Other Postretirement Plans | Common and preferred stocks | International | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total recorded at fair value | 143 | 134 | ||
Collective Bargaining Agreement | Other Postretirement Plans | Insurance contracts | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total recorded at fair value | 19 | 18 | ||
Collective Bargaining Agreement | Other Postretirement Plans | Corporate debt instruments | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total recorded at fair value | 42 | 41 | ||
Collective Bargaining Agreement | Other Postretirement Plans | Government securities | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total recorded at fair value | 31 | 26 | ||
Collective Bargaining Agreement | Other Postretirement Plans | Common/collective trust funds | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total recorded at NAV | [6],[8] | 621 | 543 | |
Collective Bargaining Agreement | Other Postretirement Plans | Common/collective trust funds | Northern Trust Collective Short Term Investment Fund | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total recorded at NAV | 16 | 9 | ||
Collective Bargaining Agreement | Other Postretirement Plans | Real estate funds | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total recorded at NAV | [6] | 9 | 14 | |
Collective Bargaining Agreement | Other Postretirement Plans | Private equity funds | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total recorded at NAV | [6] | 59 | 54 | |
Collective Bargaining Agreement | Other Postretirement Plans | Debt funds | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total recorded at NAV | [6] | 12 | 14 | |
Collective Bargaining Agreement | Other Postretirement Plans | Hedge funds | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total recorded at NAV | [6] | 1 | 5 | |
Collective Bargaining Agreement | Other Postretirement Plans | Level 1 | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total recorded at fair value | 718 | 673 | ||
Collective Bargaining Agreement | Other Postretirement Plans | Level 1 | Cash equivalents and other | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total recorded at fair value | 1 | 1 | ||
Collective Bargaining Agreement | Other Postretirement Plans | Level 1 | Common and preferred stocks | U.S. | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total recorded at fair value | 571 | 531 | ||
Collective Bargaining Agreement | Other Postretirement Plans | Level 1 | Common and preferred stocks | International | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total recorded at fair value | 143 | 134 | ||
Collective Bargaining Agreement | Other Postretirement Plans | Level 1 | Insurance contracts | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total recorded at fair value | 0 | 0 | ||
Collective Bargaining Agreement | Other Postretirement Plans | Level 1 | Corporate debt instruments | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total recorded at fair value | 2 | 3 | ||
Collective Bargaining Agreement | Other Postretirement Plans | Level 1 | Government securities | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total recorded at fair value | 1 | 4 | ||
Collective Bargaining Agreement | Other Postretirement Plans | Level 2 | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total recorded at fair value | 90 | 79 | ||
Collective Bargaining Agreement | Other Postretirement Plans | Level 2 | Cash equivalents and other | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total recorded at fair value | 1 | 1 | ||
Collective Bargaining Agreement | Other Postretirement Plans | Level 2 | Common and preferred stocks | U.S. | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total recorded at fair value | 0 | |||
Collective Bargaining Agreement | Other Postretirement Plans | Level 2 | Common and preferred stocks | International | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total recorded at fair value | 0 | |||
Collective Bargaining Agreement | Other Postretirement Plans | Level 2 | Insurance contracts | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total recorded at fair value | 19 | 18 | ||
Collective Bargaining Agreement | Other Postretirement Plans | Level 2 | Corporate debt instruments | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total recorded at fair value | 40 | 38 | ||
Collective Bargaining Agreement | Other Postretirement Plans | Level 2 | Government securities | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total recorded at fair value | 30 | 22 | ||
Collective Bargaining Agreement | Other Postretirement Plans | Level 3 | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total recorded at fair value | 0 | 0 | ||
Collective Bargaining Agreement | Other Postretirement Plans | Level 3 | Cash equivalents and other | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total recorded at fair value | 0 | 0 | ||
Collective Bargaining Agreement | Other Postretirement Plans | Level 3 | Common and preferred stocks | U.S. | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total recorded at fair value | 0 | |||
Collective Bargaining Agreement | Other Postretirement Plans | Level 3 | Common and preferred stocks | International | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total recorded at fair value | 0 | |||
Collective Bargaining Agreement | Other Postretirement Plans | Level 3 | Insurance contracts | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total recorded at fair value | 0 | 0 | ||
Collective Bargaining Agreement | Other Postretirement Plans | Level 3 | Corporate debt instruments | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total recorded at fair value | 0 | 0 | ||
Collective Bargaining Agreement | Other Postretirement Plans | Level 3 | Government securities | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total recorded at fair value | 0 | 0 | ||
Collective Bargaining Agreement | Other Postretirement Plans | Dominion Gas Holdings, LLC | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total recorded at fair value | 145 | 137 | ||
Total recorded at NAV | [9] | 154 | 146 | |
Pension plan assets by asset category | 299 | 283 | ||
Collective Bargaining Agreement | Other Postretirement Plans | Dominion Gas Holdings, LLC | Common and preferred stocks | U.S. | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total recorded at fair value | 121 | 113 | ||
Collective Bargaining Agreement | Other Postretirement Plans | Dominion Gas Holdings, LLC | Common and preferred stocks | International | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total recorded at fair value | 24 | 24 | ||
Collective Bargaining Agreement | Other Postretirement Plans | Dominion Gas Holdings, LLC | Common/collective trust funds | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total recorded at NAV | [7],[9] | 140 | 132 | |
Collective Bargaining Agreement | Other Postretirement Plans | Dominion Gas Holdings, LLC | Common/collective trust funds | Northern Trust Collective Short Term Investment Fund | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total recorded at NAV | 2 | 3 | ||
Collective Bargaining Agreement | Other Postretirement Plans | Dominion Gas Holdings, LLC | Real estate funds | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total recorded at NAV | [9] | 1 | 2 | |
Collective Bargaining Agreement | Other Postretirement Plans | Dominion Gas Holdings, LLC | Private equity funds | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total recorded at NAV | [9] | 12 | 11 | |
Collective Bargaining Agreement | Other Postretirement Plans | Dominion Gas Holdings, LLC | Debt funds | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total recorded at NAV | [9] | 1 | 1 | |
Collective Bargaining Agreement | Other Postretirement Plans | Dominion Gas Holdings, LLC | Level 1 | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total recorded at fair value | 145 | 137 | ||
Collective Bargaining Agreement | Other Postretirement Plans | Dominion Gas Holdings, LLC | Level 1 | Common and preferred stocks | U.S. | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total recorded at fair value | 121 | 113 | ||
Collective Bargaining Agreement | Other Postretirement Plans | Dominion Gas Holdings, LLC | Level 1 | Common and preferred stocks | International | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total recorded at fair value | 24 | 24 | ||
Collective Bargaining Agreement | Other Postretirement Plans | Dominion Gas Holdings, LLC | Level 2 | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total recorded at fair value | 0 | 0 | ||
Collective Bargaining Agreement | Other Postretirement Plans | Dominion Gas Holdings, LLC | Level 2 | Common and preferred stocks | U.S. | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total recorded at fair value | 0 | 0 | ||
Collective Bargaining Agreement | Other Postretirement Plans | Dominion Gas Holdings, LLC | Level 2 | Common and preferred stocks | International | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total recorded at fair value | 0 | 0 | ||
Collective Bargaining Agreement | Other Postretirement Plans | Dominion Gas Holdings, LLC | Level 3 | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total recorded at fair value | 0 | 0 | ||
Collective Bargaining Agreement | Other Postretirement Plans | Dominion Gas Holdings, LLC | Level 3 | Common and preferred stocks | U.S. | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total recorded at fair value | 0 | 0 | ||
Collective Bargaining Agreement | Other Postretirement Plans | Dominion Gas Holdings, LLC | Level 3 | Common and preferred stocks | International | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total recorded at fair value | $ 0 | $ 0 | ||
[1] | These investments that are measured at fair value using the NAV per share (or its equivalent) as a practical expedient are not required to be categorized in the fair value hierarchy. | |||
[2] | Includes net assets related to pending sales of securities of $46 million, net accrued income of $19 million, and excludes net assets related to pending purchases of securities of $47 million at December 31, 2016. Includes net assets related to pending sales of securities of $112 million, net accrued income of $16 million, and excludes net assets related to pending purchases of securities of $118 million at December 31, 2015. | |||
[3] | Also included in the common collective trust funds is the Northern Trust Collective Short-Term Investment Fund, totaling $167 million and $125 million at December 31, 2016 and 2015, respectively, which is comprised of money market instruments with short-term maturities used for temporary investment. 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. | |||
[4] | Includes net assets related to pending sales of securities of $10 million, net accrued income of $4 million, and excludes net assets related to pending purchases of securities of $10 million at December 31, 2016. Includes net assets related to pending sales of securities of $27 million, net accrued income of $4 million, and excludes net assets related to pending purchases of securities of $28 million at December 31, 2015. | |||
[5] | Also included in the common collective trust funds is the Northern Trust Collective Short-Term Investment Fund, totaling $37 million and $30 million at December 31, 2016 and 2015, respectively, which is comprised of money market instruments with short-term maturities used for temporary investment. 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. | |||
[6] | Also included in the common collective trust funds is the Northern Trust Collective Short-Term Investment Fund, totaling $16 million and $9 million at December 31, 2016 and 2015, respectively, which is comprised of money market instruments with short-term maturities used for temporary investment. 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. | |||
[7] | Includes net assets related to pending sales of securities of $5 million, net accrued income of $2 million, and excludes net assets related to pending purchases of securities of $5 million at December 31, 2016. | |||
[8] | These investments that are measured at fair value using the NAV per share (or its equivalent) as a practical expedient are not required to be categorized in the fair value hierarchy. | |||
[9] | Also included in the common collective trust funds is the Northern Trust Collective Short-Term Investment Fund, totaling $2 million and $3 million at December 31, 2016 and 2015, respectively, which is comprised of money market instruments with short-term maturities used for temporary investment. Liquidity is emphasized to provide for redemption of units on any business day. Principal preservation is also a prime objective. Admissions and withdrawals are made daily. Interest is accrued daily and distributed monthly. |
Employee Benefit Plans (Net Per
Employee Benefit Plans (Net Periodic Benefit (Credit) Cost and Amounts Recognized in Other Comprehensive Income and Regulatory Assets and Liabilities) (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | ||
Defined Benefit Plan Disclosure [Line Items] | ||||
Expected return on plan assets | $ (691) | $ (648) | ||
Dominion Gas Holdings, LLC | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Expected return on plan assets | (157) | (150) | ||
Pension Benefits | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Service cost | 118 | 126 | $ 114 | |
Interest cost | 317 | 287 | 290 | |
Expected return on plan assets | (573) | (531) | (499) | |
Amortization of prior service (credit) cost | 1 | 2 | 3 | |
Amortization of net actuarial loss | 111 | 160 | 111 | |
Settlements and curtailments | 1 | 0 | 1 | |
Net periodic benefit (credit) cost | (25) | 44 | 20 | |
Changes in plan assets and benefit obligations recognized in other comprehensive income and regulatory assets and liabilities: | ||||
Current year net actuarial (gain) loss | 931 | 159 | 784 | |
Prior service (credit) cost | 0 | 0 | 0 | |
Settlements and curtailments | (1) | 0 | (1) | |
Amortization of net actuarial loss | (111) | (160) | (111) | |
Amortization of prior service credit (cost) | (1) | (2) | (3) | |
Total recognized in other comprehensive income and regulatory assets and liabilities | $ 818 | $ (3) | $ 669 | |
Significant assumptions used to determine periodic cost: | ||||
Discount rate (percentage) | 4.40% | |||
Expected long-term rate of return on plan assets (percentage) | 8.75% | 8.75% | 8.75% | |
Weighted average rate of increase for compensation (percentage) | 4.22% | 4.22% | 4.21% | |
Pension Benefits | Minimum | ||||
Significant assumptions used to determine periodic cost: | ||||
Discount rate (percentage) | 2.87% | 5.20% | ||
Pension Benefits | Maximum | ||||
Significant assumptions used to determine periodic cost: | ||||
Discount rate (percentage) | 4.99% | 5.30% | ||
Pension Benefits | Dominion Gas Holdings, LLC | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Service cost | $ 13 | $ 15 | $ 12 | |
Interest cost | 30 | 27 | 28 | |
Expected return on plan assets | (134) | (126) | (115) | |
Amortization of prior service (credit) cost | 0 | 1 | 1 | |
Amortization of net actuarial loss | 13 | 20 | 19 | |
Net periodic benefit (credit) cost | (78) | (63) | (55) | |
Changes in plan assets and benefit obligations recognized in other comprehensive income and regulatory assets and liabilities: | ||||
Current year net actuarial (gain) loss | 91 | 97 | 43 | |
Prior service (credit) cost | 0 | 0 | 0 | |
Amortization of net actuarial loss | (13) | (20) | (19) | |
Amortization of prior service credit (cost) | 0 | (1) | (1) | |
Total recognized in other comprehensive income and regulatory assets and liabilities | $ 78 | $ 76 | $ 23 | |
Significant assumptions used to determine periodic cost: | ||||
Discount rate (percentage) | 4.99% | 4.40% | 5.20% | |
Expected long-term rate of return on plan assets (percentage) | 8.75% | 8.75% | 8.75% | |
Weighted average rate of increase for compensation (percentage) | 3.93% | 3.93% | 3.93% | |
Other Postretirement Plans | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Service cost | $ 31 | $ 40 | $ 32 | |
Interest cost | 65 | 67 | 67 | |
Expected return on plan assets | (118) | (117) | (111) | |
Amortization of prior service (credit) cost | (35) | (27) | (28) | |
Amortization of net actuarial loss | 8 | 6 | 2 | |
Settlements and curtailments | 0 | 0 | 0 | |
Net periodic benefit (credit) cost | (49) | (31) | (38) | |
Changes in plan assets and benefit obligations recognized in other comprehensive income and regulatory assets and liabilities: | ||||
Current year net actuarial (gain) loss | 178 | (18) | 183 | |
Prior service (credit) cost | (216) | (31) | 9 | |
Settlements and curtailments | 0 | 0 | 0 | |
Amortization of net actuarial loss | (8) | (6) | (2) | |
Amortization of prior service credit (cost) | 35 | 27 | 28 | |
Total recognized in other comprehensive income and regulatory assets and liabilities | $ (11) | $ (28) | $ 218 | |
Significant assumptions used to determine periodic cost: | ||||
Discount rate (percentage) | 4.40% | |||
Expected long-term rate of return on plan assets (percentage) | 8.50% | 8.50% | 8.50% | |
Weighted average rate of increase for compensation (percentage) | 4.22% | 4.22% | 4.22% | |
Healthcare cost trend rate (percentage) | [1] | 7.00% | 7.00% | 7.00% |
Rate to which the cost trend rate is assumed to decline (the ultimate trend rate) (percentage) | [1] | 5.00% | 5.00% | 5.00% |
Year that the rate reaches the ultimate trend rate (percentage) | [1],[2] | 2,020 | 2,019 | 2,018 |
Other Postretirement Plans | Minimum | ||||
Significant assumptions used to determine periodic cost: | ||||
Discount rate (percentage) | 3.56% | 4.20% | ||
Other Postretirement Plans | Maximum | ||||
Significant assumptions used to determine periodic cost: | ||||
Discount rate (percentage) | 4.94% | 5.10% | ||
Other Postretirement Plans | Dominion Gas Holdings, LLC | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Service cost | $ 5 | $ 7 | $ 6 | |
Interest cost | 14 | 14 | 13 | |
Expected return on plan assets | (23) | (24) | (23) | |
Amortization of prior service (credit) cost | 1 | (1) | (1) | |
Amortization of net actuarial loss | 1 | 2 | 0 | |
Net periodic benefit (credit) cost | (2) | (2) | (5) | |
Changes in plan assets and benefit obligations recognized in other comprehensive income and regulatory assets and liabilities: | ||||
Current year net actuarial (gain) loss | 28 | (9) | 40 | |
Prior service (credit) cost | 0 | 0 | 10 | |
Amortization of net actuarial loss | (1) | (2) | 0 | |
Amortization of prior service credit (cost) | (1) | 1 | 1 | |
Total recognized in other comprehensive income and regulatory assets and liabilities | $ 26 | $ (10) | $ 51 | |
Significant assumptions used to determine periodic cost: | ||||
Discount rate (percentage) | 4.93% | 4.40% | ||
Expected long-term rate of return on plan assets (percentage) | 8.50% | 8.50% | 8.50% | |
Weighted average rate of increase for compensation (percentage) | 3.93% | 3.93% | 3.93% | |
Healthcare cost trend rate (percentage) | [1] | 7.00% | 7.00% | 7.00% |
Rate to which the cost trend rate is assumed to decline (the ultimate trend rate) (percentage) | [1] | 5.00% | 5.00% | 5.00% |
Year that the rate reaches the ultimate trend rate (percentage) | [1],[2] | 2,020 | 2,019 | 2,018 |
Other Postretirement Plans | Dominion Gas Holdings, LLC | Minimum | ||||
Significant assumptions used to determine periodic cost: | ||||
Discount rate (percentage) | 4.20% | |||
Other Postretirement Plans | Dominion Gas Holdings, LLC | Maximum | ||||
Significant assumptions used to determine periodic cost: | ||||
Discount rate (percentage) | 5.00% | |||
[1] | Assumptions used to determine net periodic cost for the following year. | |||
[2] | The Society of Actuaries model used to determine healthcare cost trend rates was updated in 2014. The new model converges to the ultimate trend rate much more quickly than previous models. |
Employee Benefit Plans (AOCI an
Employee Benefit Plans (AOCI and regulatory assets and liabilities that have not been recognized as components of periodic benefit (credit) cost) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | ||
Defined Benefit Plan Disclosure [Line Items] | |||
Net actuarial loss | $ (799) | $ (474) | |
Dominion Gas Holdings, LLC | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Net actuarial loss | (123) | (99) | |
Pension Benefits | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Net actuarial loss | 3,200 | 2,381 | |
Prior service (credit) cost | 4 | 5 | |
Total | [1] | 3,204 | 2,386 |
Amount included in AOCI | 1,900 | 1,400 | |
Pension Benefits | Dominion Gas Holdings, LLC | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Net actuarial loss | 458 | 380 | |
Prior service (credit) cost | 0 | 1 | |
Total | [2] | 458 | 381 |
Amount included in AOCI | 167 | 138 | |
Other Postretirement Plans | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Net actuarial loss | 283 | 114 | |
Prior service (credit) cost | (419) | (237) | |
Total | [1] | (136) | (123) |
Amount included in AOCI | (103) | (90) | |
Other Postretirement Plans | Dominion Gas Holdings, LLC | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Net actuarial loss | 60 | 33 | |
Prior service (credit) cost | 7 | 7 | |
Total | [2] | $ 67 | $ 40 |
[1] | As of December 31, 2016, of the $3.2 billion and $(136) million related to pension benefits and other postretirement benefits, $1.9 billion and $(103) million, respectively, are included in AOCI, with the remainder included in regulatory assets and liabilities. As of December 31, 2015, of the $2.4 billion and $(123) million related to pension benefits and other postretirement benefits, $1.4 billion and $(90) million, respectively, are included in AOCI, with the remainder included in regulatory assets and liabilities. | ||
[2] | As of December 31, 2016, of the $458 million related to pension benefits, $167 million is included in AOCI, with the remainder included in regulatory assets and liabilities; the $67 million related to other postretirement benefits is included entirely in regulatory assets and liabilities. As of December 31, 2015, of the $381 million related to pension benefits, $138 million is included in AOCI, with the remainder included in regulatory assets and liabilities; the $40 million related to other postretirement benefits is included entirely in regulatory assets and liabilities. |
Employee Benefit Plans (Compone
Employee Benefit Plans (Components of AOCI and Regulatory Assets and Liabilities) (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
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 | $ 161 | |
Prior service (credit) cost | 1 | |
Pension Benefits | Dominion Gas Holdings, LLC | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Net actuarial loss | 16 | |
Prior service (credit) cost | 0 | |
Other Postretirement Plans | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Net actuarial loss | 13 | |
Prior service (credit) cost | (47) | |
Other Postretirement Plans | Dominion Gas Holdings, LLC | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Net actuarial loss | 2 | |
Prior service (credit) cost | $ 1 |
Employee Benefit Plans (Effect
Employee Benefit Plans (Effect of One Percentage Point Change on Benefit Plans) (Details) - Other Postretirement Plans $ in Millions | 12 Months Ended |
Dec. 31, 2016USD ($) | |
Defined Benefit Plan Disclosure [Line Items] | |
Effect of one percentage point increase on total of service and interest cost components | $ 23 |
Effect of one percentage point increase on other postretirement benefit obligation | 152 |
Effect of one percentage point decrease on total of service and interest cost components | (18) |
Effect of one percentage point decrease on other postretirement benefit obligation | (127) |
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 | 41 |
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 | $ (34) |
Commitments and Contingencie128
Commitments and Contingencies (Environmental Matters and Other Legal Matters) (Narrative) (Details) | 1 Months Ended | 3 Months Ended | 12 Months Ended | ||||||||||||||||
Apr. 30, 2017 | Nov. 30, 2016USD ($) | Jul. 31, 2016party | Jun. 30, 2016party | Apr. 30, 2016USD ($) | Oct. 31, 2015 | Jun. 30, 2015party | Apr. 30, 2015facility | Oct. 31, 2014facility | Jun. 30, 2014unit | Jul. 31, 2013unit | Sep. 30, 2011party | Jul. 31, 2011stategroupMW | Mar. 31, 2016party | Dec. 31, 2016USD ($)facilitypartysite | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | |||
Loss Contingencies [Line Items] | |||||||||||||||||||
Charges associated with future ash pond and landfill closure costs | $ 197,000,000 | $ 99,000,000 | $ 121,000,000 | ||||||||||||||||
ARO recorded related to future ash pond and landfill closure costs | 204,000,000 | [1] | 315,000,000 | [2] | |||||||||||||||
Legislation enacted | EPA | Maximum | |||||||||||||||||||
Loss Contingencies [Line Items] | |||||||||||||||||||
Period for consideration of CO2 emissions for biomass projects | 3 years | ||||||||||||||||||
Virginia Electric and Power Company | |||||||||||||||||||
Loss Contingencies [Line Items] | |||||||||||||||||||
Charges associated with future ash pond and landfill closure costs | 197,000,000 | 99,000,000 | 121,000,000 | ||||||||||||||||
ARO recorded related to future ash pond and landfill closure costs | 9,000,000 | 289,000,000 | [2] | ||||||||||||||||
Virginia Electric and Power Company | Legislation enacted | EPA | |||||||||||||||||||
Loss Contingencies [Line Items] | |||||||||||||||||||
Number of coal fired generating units | unit | 3 | ||||||||||||||||||
DTI | Breach of Contract Lawsuit | Pending Litigation | |||||||||||||||||||
Loss Contingencies [Line Items] | |||||||||||||||||||
Amount of accrued liability | $ 6,000,000 | ||||||||||||||||||
Cove Point | Liquefaction Project | FERC | Pending Litigation | |||||||||||||||||||
Loss Contingencies [Line Items] | |||||||||||||||||||
Number of parties | party | 2 | ||||||||||||||||||
Cove Point | Liquefaction Project | FERC | Judicial Ruling | |||||||||||||||||||
Loss Contingencies [Line Items] | |||||||||||||||||||
Number of parties | party | 1 | 1 | |||||||||||||||||
Dominion Gas Holdings, LLC | |||||||||||||||||||
Loss Contingencies [Line Items] | |||||||||||||||||||
ARO recorded related to future ash pond and landfill closure costs | $ 6,000,000 | 5,000,000 | |||||||||||||||||
MATS | Legislation enacted | EPA | |||||||||||||||||||
Loss Contingencies [Line Items] | |||||||||||||||||||
Compliance extension period | 1 year | ||||||||||||||||||
Number of coal fired generating units | unit | 2 | ||||||||||||||||||
Compliance extension period | 1 year | ||||||||||||||||||
MATS | Legislation enacted | EPA | Maximum | |||||||||||||||||||
Loss Contingencies [Line Items] | |||||||||||||||||||
Compliance extension period | 1 year | ||||||||||||||||||
MATS | Legislation enacted | EPA | Scenario, Forecast | |||||||||||||||||||
Loss Contingencies [Line Items] | |||||||||||||||||||
Period to be in service following receipt of all required permits | 20 months | ||||||||||||||||||
CSAPR | Legislation enacted | EPA | |||||||||||||||||||
Loss Contingencies [Line Items] | |||||||||||||||||||
Number of states under EPA Replacement Rule | state | 28 | ||||||||||||||||||
Number of groups of affected states | group | 2 | ||||||||||||||||||
CSAPR | Legislation enacted | EPA | Minimum | |||||||||||||||||||
Loss Contingencies [Line Items] | |||||||||||||||||||
Emissions of fossil fuel fired electric generating units | MW | 25 | ||||||||||||||||||
Ozone Standards | Legislation enacted | EPA | Minimum | |||||||||||||||||||
Loss Contingencies [Line Items] | |||||||||||||||||||
Estimated compliance costs | 25,000,000 | ||||||||||||||||||
Ozone Standards | Legislation enacted | EPA | Maximum | |||||||||||||||||||
Loss Contingencies [Line Items] | |||||||||||||||||||
Estimated compliance costs | $ 35,000,000 | ||||||||||||||||||
NOx and VOC Emissions | Dominion Gas Holdings, LLC | Legislation enacted | Pennsylvania Department of Environmental Protection | |||||||||||||||||||
Loss Contingencies [Line Items] | |||||||||||||||||||
Estimated compliance costs | $ 25,000,000 | ||||||||||||||||||
CERCLA | Legislation enacted | EPA | |||||||||||||||||||
Loss Contingencies [Line Items] | |||||||||||||||||||
Number of parties ordered specific remedial action | party | 22 | ||||||||||||||||||
CERCLA | Virginia Electric and Power Company | Legislation enacted | EPA | |||||||||||||||||||
Loss Contingencies [Line Items] | |||||||||||||||||||
Cash settlement amount (less than $1 million) | $ 1,000,000 | ||||||||||||||||||
Coal Tar and Other Potentially Harmful Materials | Legislation enacted | EPA | |||||||||||||||||||
Loss Contingencies [Line Items] | |||||||||||||||||||
Number of former manufactured gas plant sites | site | 19 | ||||||||||||||||||
Coal Tar and Other Potentially Harmful Materials | Legislation enacted | EPA | Former Gas Plant Site with Post Closure Groundwater Monitoring Program | |||||||||||||||||||
Loss Contingencies [Line Items] | |||||||||||||||||||
Number sites | site | 1 | ||||||||||||||||||
Coal Tar and Other Potentially Harmful Materials | Virginia Electric and Power Company | Legislation enacted | EPA | |||||||||||||||||||
Loss Contingencies [Line Items] | |||||||||||||||||||
Number of former manufactured gas plant sites | site | 3 | ||||||||||||||||||
Estimates for compliance, minimum | $ 1,000,000 | ||||||||||||||||||
Estimates for compliance, maximum | $ 22,000,000 | ||||||||||||||||||
Coal Tar and Other Potentially Harmful Materials | Dominion Gas Holdings, LLC | Legislation enacted | EPA | |||||||||||||||||||
Loss Contingencies [Line Items] | |||||||||||||||||||
Number of former manufactured gas plant sites | site | 12 | ||||||||||||||||||
Clean Water Act | Legislation enacted | |||||||||||||||||||
Loss Contingencies [Line Items] | |||||||||||||||||||
Number of facilities | facility | 14 | ||||||||||||||||||
Clean Water Act | Legislation enacted | EPA | Final Rule to Revise Effluent Limitations Guidelines for Steam Electric Power Generating Category | |||||||||||||||||||
Loss Contingencies [Line Items] | |||||||||||||||||||
Number of facilities subject to ruling | facility | 8 | ||||||||||||||||||
Clean Water Act | Virginia Electric and Power Company | Possum Point Power Station | Other operations and maintenance expense | |||||||||||||||||||
Loss Contingencies [Line Items] | |||||||||||||||||||
Charges associated with future ash pond and landfill closure costs | $ 121,000,000 | ||||||||||||||||||
Clean Water Act | Virginia Electric and Power Company | Legislation enacted | |||||||||||||||||||
Loss Contingencies [Line Items] | |||||||||||||||||||
Number of facilities | facility | 11 | ||||||||||||||||||
CCR | Virginia Electric and Power Company | Legislation enacted | EPA | Environmental Protection Agency Final Rule Regulating Management of Coal Combustion Residual | Facilities Subject to Coal Combustion Residual Final Rule | |||||||||||||||||||
Loss Contingencies [Line Items] | |||||||||||||||||||
Number of facilities with CCR | facility | 8 | ||||||||||||||||||
ARO recorded related to future ash pond and landfill closure costs | $ 238,000,000 | 386,000,000 | |||||||||||||||||
CCR | Virginia Electric and Power Company | Legislation enacted | EPA | Environmental Protection Agency Final Rule Regulating Management of Coal Combustion Residual | Facilities Subject to Coal Combustion Residual Final Rule | Other operations and maintenance expense | |||||||||||||||||||
Loss Contingencies [Line Items] | |||||||||||||||||||
Incremental charge | 197,000,000 | 99,000,000 | |||||||||||||||||
CCR | Virginia Electric and Power Company | Legislation enacted | EPA | Environmental Protection Agency Final Rule Regulating Management of Coal Combustion Residual | Facilities Subject to Coal Combustion Residual Final Rule | Other Noncurrent Liabilities | |||||||||||||||||||
Loss Contingencies [Line Items] | |||||||||||||||||||
Reversal of contingent liability | 121,000,000 | ||||||||||||||||||
CCR | Virginia Electric and Power Company | Legislation enacted | EPA | Environmental Protection Agency Final Rule Regulating Management of Coal Combustion Residual | Facilities Subject to Coal Combustion Residual Final Rule | Remediation Property for Sale, Abandonment or Disposal | |||||||||||||||||||
Loss Contingencies [Line Items] | |||||||||||||||||||
Increase in property plant and equipment associated with asset retirement costs | 17,000,000 | $ 166,000,000 | |||||||||||||||||
CCR | Virginia Electric and Power Company | Legislation enacted | EPA | Environmental Protection Agency Final Rule Regulating Management of Coal Combustion Residual | Facilities Subject to Coal Combustion Residual Final Rule | Remediation Property for Sale, Abandonment or Disposal | Asset Retirement Obligation Costs | |||||||||||||||||||
Loss Contingencies [Line Items] | |||||||||||||||||||
Increase in regulatory assets associated with asset retirement costs | $ 24,000,000 | ||||||||||||||||||
CCR | Virginia Electric and Power Company | Legislation enacted | EPA | Administrative Appeals in Circuit Court for City of Richmond | Environmental Protection Agency Final Rule Regulating Management of Coal Combustion Residual | Pending Litigation | Facilities Subject to Coal Combustion Residual Final Rule | |||||||||||||||||||
Loss Contingencies [Line Items] | |||||||||||||||||||
Number of parties | party | 2 | ||||||||||||||||||
CCR | Virginia Electric and Power Company | Legislation enacted | EPA | Administrative Appeals in Circuit Court for City of Richmond | Environmental Protection Agency Final Rule Regulating Management of Coal Combustion Residual | Settled Litigation | Facilities Subject to Coal Combustion Residual Final Rule | |||||||||||||||||||
Loss Contingencies [Line Items] | |||||||||||||||||||
Number of parties | party | 1 | ||||||||||||||||||
[1] | Primarily reflects AROs assumed in the Dominion Questar Combination. See Note 3 for further information. | ||||||||||||||||||
[2] | Primarily reflects future ash pond and landfill closure costs at certain utility generation facilities. See Note 22 for further information. |
Commitments and Contingencie129
Commitments and Contingencies (Nuclear Operations) (Narrative) (Details) $ in Millions | 1 Months Ended | 12 Months Ended | ||
Nov. 30, 2013$ / MWh | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | |
Loss Contingencies [Line Items] | ||||
Amount of coverage purchased from commercial insurance pools | $ 375 | |||
Maximum assessment for premiums on insurance policy | 87 | |||
Maximum assessment for insurance policy | 23 | |||
Current fee per MWh for electricity paid by civilian nuclear power generators | $ / MWh | 1 | |||
Waste fee recognized | $ 16 | |||
Maximum | ||||
Loss Contingencies [Line Items] | ||||
Amount that could be assessed for each licensed reactor | 127 | |||
Amount that could be assessed for each licensed reactor per reactor | 19 | |||
Spent Nuclear Fuel | ||||
Loss Contingencies [Line Items] | ||||
Receivables | 56 | $ 87 | ||
Millstone Unit 1 | ||||
Loss Contingencies [Line Items] | ||||
Minimum financial assurance | 2,900 | |||
Surry and North Anna | ||||
Loss Contingencies [Line Items] | ||||
Settlement amount | 30 | 8 | 27 | |
Millstone | ||||
Loss Contingencies [Line Items] | ||||
Settlement amount | 22 | 17 | 17 | |
Kewaunee | ||||
Loss Contingencies [Line Items] | ||||
Settlement amount | 7 | |||
Virginia Electric and Power Company | ||||
Loss Contingencies [Line Items] | ||||
Maximum assessment for premiums on insurance policy | 49 | |||
Maximum assessment for insurance policy | 10 | |||
Waste fee recognized | $ 10 | |||
Virginia Electric and Power Company | Spent Nuclear Fuel | ||||
Loss Contingencies [Line Items] | ||||
Receivables | $ 37 | 54 | ||
Virginia Electric and Power Company | Kewaunee | ||||
Loss Contingencies [Line Items] | ||||
Minimum financial assurance | $ 1,800 |
Commitments and Contingencie130
Commitments and Contingencies (Nuclear Insurance) (Details) | Dec. 31, 2016USD ($) | |
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 $200 million. |
Commitment and Contingencies (S
Commitment and Contingencies (Schedule of Long Term Purchase Commitments) (Details) - Virginia Electric and Power Company - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | ||
Long-term Purchase Commitment [Line Items] | ||||
Present value of total commitment for capacity payments | $ 347 | |||
Purchased electric capacity | ||||
Long-term Purchase Commitment [Line Items] | ||||
2,017 | [1] | 149 | ||
2,018 | [1] | 93 | ||
2,019 | [1] | 60 | ||
2,020 | [1] | 52 | ||
2,021 | [1] | 46 | ||
Thereafter | [1] | 0 | ||
Total | [1] | 400 | ||
Payments | 248 | $ 305 | $ 330 | |
Energy payments | ||||
Long-term Purchase Commitment [Line Items] | ||||
Payments | $ 126 | $ 198 | $ 304 | |
[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, 2016, the present value of Virginia Power's total commitment for capacity payments is $347 million. Capacity payments totaled $248 million, $305 million, and $330 million, and energy payments totaled $126 million, $198 million, and $304 million for the years ended 2016, 2015 and 2014, respectively. |
Commitments and Contingencie132
Commitments and Contingencies (Lease Commitments) (Details) $ in Millions | 12 Months Ended |
Dec. 31, 2016USD ($) | |
Loss Contingencies [Line Items] | |
2,017 | $ 72 |
2,018 | 69 |
2,019 | 58 |
2,020 | 39 |
2,021 | 32 |
Thereafter | 238 |
Total | 508 |
Virginia Electric and Power Company | |
Loss Contingencies [Line Items] | |
2,017 | 33 |
2,018 | 30 |
2,019 | 24 |
2,020 | 20 |
2,021 | 16 |
Thereafter | 32 |
Total | 155 |
Dominion Gas Holdings, LLC | |
Loss Contingencies [Line Items] | |
2,017 | 27 |
2,018 | 26 |
2,019 | 21 |
2,020 | 8 |
2,021 | 5 |
Thereafter | 18 |
Total | 105 |
Dominion Questar Corporation | Corporate office | |
Loss Contingencies [Line Items] | |
Amount included in property plant and equipment | 30 |
Amount included in other deferred credits and other liabilities | 35 |
Amount recorded in depreciation, depletion and amortization (less than $1 million) | $ 1 |
Commitments and Contingencie133
Commitments and Contingencies (Lease Commitments) (Narrative) (Details) - USD ($) $ in Millions | 1 Months Ended | 12 Months Ended | ||
Jul. 31, 2016 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Loss Contingencies [Line Items] | ||||
Rental expense | $ 104 | $ 99 | $ 92 | |
Corporate Office Property | Agreement with Lessor to Construct and Lease Corporate Office Property | ||||
Loss Contingencies [Line Items] | ||||
Requested cash draws from lessor to fund project costs | 46 | |||
Required percentage payment of funded amount under certain events of default | 89.90% | |||
Required percentage payment for specific full recourse events | 100.00% | |||
Lease term | 5 years | |||
Extension term of lease | 5 years | |||
Required percentage payment to lessor for difference between project costs and sales proceeds | 87.00% | |||
Virginia Electric and Power Company | ||||
Loss Contingencies [Line Items] | ||||
Rental expense | 52 | 51 | 43 | |
Dominion Gas Holdings, LLC | ||||
Loss Contingencies [Line Items] | ||||
Rental expense | $ 37 | $ 37 | $ 35 | |
Lessor | Corporate Office Property | Agreement with Lessor to Construct and Lease Corporate Office Property | ||||
Loss Contingencies [Line Items] | ||||
Amount of financing commitments to fund estimated project costs | $ 365 |
Commitments and Contingencie134
Commitments and Contingencies (Guarantees, Surety Bonds and Letters of Credit) (Narrative) (Details) $ in Millions | Dec. 31, 2016USD ($) | |
Guarantor Obligations [Line Items] | ||
Purchased surety bonds | $ 149 | |
Authorized issuance of standby letters of credit | 85 | |
Exposure under guarantees | 5,818 | [1] |
Virginia Electric and Power Company | ||
Guarantor Obligations [Line Items] | ||
Purchased surety bonds | 71 | |
Virginia Electric and Power Company | Debt | ||
Guarantor Obligations [Line Items] | ||
Exposure under guarantees | 14 | |
Dominion Gas Holdings, LLC | ||
Guarantor Obligations [Line Items] | ||
Purchased surety bonds | 22 | |
Third Party and Equity Method Investee | ||
Guarantor Obligations [Line Items] | ||
Estimate of possible loss | $ 48 | |
[1] | Excludes Dominion's guarantee for the construction of the new corporate office property discussed further within Lease Commitments above. |
Commitments and Contingencie135
Commitments and Contingencies (Subsidiary Guarantees) (Details) $ in Millions | 12 Months Ended | |
Dec. 31, 2016USD ($) | ||
Guarantor Obligations [Line Items] | ||
Maximum Exposure | $ 5,818 | [1] |
Commodity transactions | ||
Guarantor Obligations [Line Items] | ||
Maximum Exposure | 2,074 | [2] |
Nuclear obligations | ||
Guarantor Obligations [Line Items] | ||
Maximum Exposure | 169 | [3] |
Nuclear obligations | Cove Point | ||
Guarantor Obligations [Line Items] | ||
Maximum Exposure | 1,900 | [4] |
Solar | ||
Guarantor Obligations [Line Items] | ||
Maximum Exposure | 1,130 | [5] |
Other | ||
Guarantor Obligations [Line Items] | ||
Maximum Exposure | 545 | [6] |
Equity Funding Agreements | Affiliated Entity | ||
Guarantor Obligations [Line Items] | ||
Maximum Exposure | 36 | |
Equity Funding Agreements | Minimum | Affiliated Entity | ||
Guarantor Obligations [Line Items] | ||
Maximum annual future contributions | 4 | |
Equity Funding Agreements | Maximum | Affiliated Entity | ||
Guarantor Obligations [Line Items] | ||
Maximum annual future contributions | $ 19 | |
[1] | Excludes Dominion's guarantee for the construction of the new corporate office property discussed further within Lease Commitments above. | |
[2] | Guarantees related to commodity commitments of certain subsidiaries. These guarantees were provided to counterparties in order to facilitate physical and financial transaction related commodities and services. | |
[3] | Guarantees related to certain DEI subsidiaries' regarding all aspects of running a nuclear facility. | |
[4] | Guarantees related to Cove Point, in support of terminal services, transportation and construction. Cove Point has two guarantees that have no maximum limit and, therefore, are not included in this amount. | |
[5] | Includes guarantees to facilitate the development of solar projects. 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, construction projects and insurance programs. Due to the uncertainty of worker’s compensation claims, the parental guarantee has no stated limit. Also included are guarantees related to certain DEI subsidiaries' obligations for equity capital contributions and energy generation associated with Fowler Ridge and NedPower. As of December 31, 2016, Dominion's maximum remaining cumulative exposure under these equity funding agreements is $36 million through 2019 and its maximum annual future contributions could range from approximately $4 million to $19 million. |
Credit Risk (Narrative) (Detail
Credit Risk (Narrative) (Details) | 12 Months Ended | |||
Dec. 31, 2016USD ($)customercounterparty | Sep. 30, 2016counterparty | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | |
Concentration Risk [Line Items] | ||||
Gross credit exposure | $ 98,000,000 | |||
Additional collateral to be posted if the credit-related contingent features were triggered | $ 3,000,000 | $ 12,000,000 | ||
Amount of collateral posted | 0 | 0 | ||
Aggregate fair value of derivative instruments in a liability position and not fully collateralized with cash | 9,000,000 | $ 49,000,000 | ||
Virginia Electric and Power Company | ||||
Concentration Risk [Line Items] | ||||
Gross credit exposure | 42,000,000 | |||
Investment Grade Counterparties | ||||
Concentration Risk [Line Items] | ||||
Number of counterparties | counterparty | 0 | |||
Amount of exposure | $ 9,000,000 | |||
Investment Grade Counterparties | Virginia Electric and Power Company | ||||
Concentration Risk [Line Items] | ||||
Number of counterparties | counterparty | 0 | |||
Amount of exposure | $ 6,000,000 | |||
Investment Grade Counterparties | Investment Grade | ||||
Concentration Risk [Line Items] | ||||
Concentration of credit risk (percentage) | 53.00% | |||
Investment Grade Counterparties | Investment Grade | Virginia Electric and Power Company | ||||
Concentration Risk [Line Items] | ||||
Concentration of credit risk (percentage) | 33.00% | |||
Customer Concentration Risk | Sales Revenue, Net | DTI | ||||
Concentration Risk [Line Items] | ||||
Concentration of credit risk (percentage) | 96.00% | |||
Number of customers | customer | 289 | |||
Customer Concentration Risk | Sales Revenue, Net | DTI | Ten Largest Customers | ||||
Concentration Risk [Line Items] | ||||
Concentration of credit risk (percentage) | 40.00% | |||
Number of customers | customer | 10 | |||
Customer Concentration Risk | Sales Revenue, Net | DTI | Thirty Largest Customers | ||||
Concentration Risk [Line Items] | ||||
Concentration of credit risk (percentage) | 70.00% | |||
Number of customers | customer | 30 | |||
Customer Concentration Risk | Sales Revenue, Net | East Ohio | ||||
Concentration Risk [Line Items] | ||||
Concentration of credit risk (percentage) | 98.00% |
Related Party Transactions (Det
Related Party Transactions (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | ||
Related Party Transaction [Line Items] | ||||
Derivative assets | $ 279 | $ 388 | ||
Derivative liabilities | 155 | 343 | ||
Capital expenditures | 6,085 | 5,575 | $ 5,345 | |
Virginia Electric and Power Company | ||||
Related Party Transaction [Line Items] | ||||
Derivative assets | 194 | 127 | ||
Derivative liabilities | 31 | 86 | ||
Commodity purchases from affiliates | 571 | 555 | 543 | |
Services provided by affiliates | [1] | 454 | 422 | 432 |
Services provided to affiliates | 22 | 22 | 22 | |
Capital expenditures | 2,489 | 2,474 | 2,911 | |
Virginia Electric and Power Company | Noncurrent Pension and Other Postretirement Benefit Liabilities | ||||
Related Party Transaction [Line Items] | ||||
Amounts due to affiliate | 396 | 316 | ||
Virginia Electric and Power Company | Noncurrent Pension and Other Postretirement Benefit Assets | ||||
Related Party Transaction [Line Items] | ||||
Amounts due from affiliate | 130 | 77 | ||
Virginia Electric and Power Company | Affiliated Entity | ||||
Related Party Transaction [Line Items] | ||||
Derivative assets | 41 | 13 | ||
Derivative liabilities | 8 | 22 | ||
Virginia Electric and Power Company | Affiliated Entity | Services provided by affiliates | ||||
Related Party Transaction [Line Items] | ||||
Capital expenditures | 144 | 143 | 146 | |
Virginia Electric and Power Company | Dominion | ||||
Related Party Transaction [Line Items] | ||||
Short term demand note borrowings | $ 262 | $ 376 | ||
Weighted- average interest rate percentage | 0.97% | 0.60% | ||
Dominion Gas Holdings, LLC | ||||
Related Party Transaction [Line Items] | ||||
Derivative assets | $ 11 | |||
Derivative liabilities | $ 11 | 14 | ||
Amounts due from affiliate | 1 | 4 | ||
Services provided by affiliates | [2] | 128 | 101 | 17 |
Services provided to affiliates | 69 | 69 | 84 | |
Capital expenditures | 854 | 795 | 719 | |
Purchases of natural gas and transportation and storage services from affiliates | 9 | 10 | 34 | |
Customer receivables from related parties | [3] | 10 | 7 | |
Affiliated notes receivable | [4] | $ 18 | $ 14 | |
Dominion Gas Holdings, LLC | Revolving Credit Facility | IRCA | ||||
Related Party Transaction [Line Items] | ||||
Weighted- average interest rate percentage | 1.08% | 0.65% | ||
Borrowings under IRCA | $ 118 | $ 95 | ||
Interest charges | 4 | |||
Dominion Gas Holdings, LLC | Services provided by affiliates | ||||
Related Party Transaction [Line Items] | ||||
Purchases of natural gas and transportation and storage services from affiliates | [5] | 141 | 133 | 106 |
Dominion Gas Holdings, LLC | Noncurrent Pension and Other Postretirement Benefit Assets | ||||
Related Party Transaction [Line Items] | ||||
Amounts due from Dominion | 697 | 652 | ||
Dominion Gas Holdings, LLC | Affiliated Entity | ||||
Related Party Transaction [Line Items] | ||||
Imbalances receivable from affiliates | 2 | 1 | ||
Imbalances payable to affiliates | [6] | 4 | 0 | |
Dominion Gas Holdings, LLC | Affiliated Entity | Services provided by affiliates | ||||
Related Party Transaction [Line Items] | ||||
Capital expenditures | $ 49 | $ 57 | $ 49 | |
[1] | Includes capitalized expenditures of $144 million, $143 million and $146 million for the year ended December 31, 2016, 2015, and 2014, respectively. | |||
[2] | Amounts primarily attributable to Atlantic Coast Pipeline. | |||
[3] | Represents amounts due from Atlantic Coast Pipeline, a related party VIE. | |||
[4] | Amounts are presented in other deferred charges and other assets in Dominion Gas' Consolidated Balance Sheets. | |||
[5] | Includes capitalized expenditures of $49 million, $57 million and $49 million for the year ended December 31, 2016, 2015, and 2014, respectively. | |||
[6] | Amounts are presented in other current liabilities in Dominion Gas' Consolidated Balance Sheets. |
Operating Segments (Narrative)
Operating Segments (Narrative) (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||
Dec. 31, 2016 | Dec. 31, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Segment Reporting Information [Line Items] | |||||||
After-tax net expenses | $ 8,110 | $ 8,147 | $ 9,715 | ||||
Charges associated with future ash pond and landfill closure costs | 197 | 99 | 121 | ||||
Charge recognized | 0 | 0 | 374 | ||||
Facilities Subject to Coal Combustion Residual Final Rule | |||||||
Segment Reporting Information [Line Items] | |||||||
Charge related to future ash pond and landfill closure costs | $ 122 | ||||||
Virginia Electric and Power Company | |||||||
Segment Reporting Information [Line Items] | |||||||
After-tax net expenses | 5,238 | 5,501 | 5,855 | ||||
Charges associated with future ash pond and landfill closure costs | 197 | 99 | 121 | ||||
Charge recognized | 0 | 0 | 374 | ||||
Virginia Electric and Power Company | Virginia Regulation | Deferred Fuel Costs | |||||||
Segment Reporting Information [Line Items] | |||||||
Write off of deferred fuel cost, net of tax | $ 52 | ||||||
Virginia Electric and Power Company | Facilities Subject to Coal Combustion Residual Final Rule | |||||||
Segment Reporting Information [Line Items] | |||||||
Charge related to future ash pond and landfill closure costs | $ 121 | $ 32 | $ 28 | ||||
Dominion Gas Holdings, LLC | |||||||
Segment Reporting Information [Line Items] | |||||||
After-tax net expenses | 969 | 927 | 1,047 | ||||
Operating Segments | Organizational Design Initiative | |||||||
Segment Reporting Information [Line Items] | |||||||
Organizational design initiative charges | 59 | ||||||
Organizational design initiative charges, after tax | 36 | ||||||
Operating Segments | Corporate and Other | |||||||
Segment Reporting Information [Line Items] | |||||||
After-tax net expenses | 484 | 391 | 970 | ||||
Net expenses attributable to other operating segments | 180 | 136 | 544 | ||||
Operating Segments | Dominion Generation | |||||||
Segment Reporting Information [Line Items] | |||||||
Charges associated with future ash pond and landfill closure costs | 121 | ||||||
Charge related to future ash pond and landfill closure costs | 74 | ||||||
Operating Segments | Dominion Generation | Legislation enacted | |||||||
Segment Reporting Information [Line Items] | |||||||
Charge recognized | 374 | ||||||
Charge recognized, net of tax | 248 | ||||||
Operating Segments | Dominion Generation | Virginia Regulation | Deferred Fuel Costs | |||||||
Segment Reporting Information [Line Items] | |||||||
Write offs of deferred fuel costs | 85 | ||||||
Write off of deferred fuel cost, net of tax | 52 | ||||||
Operating Segments | Dominion Generation | Organizational Design Initiative | |||||||
Segment Reporting Information [Line Items] | |||||||
Organizational design initiative charges, after tax | 19 | ||||||
Operating Segments | Dominion Generation | Facilities Subject to Coal Combustion Residual Final Rule | |||||||
Segment Reporting Information [Line Items] | |||||||
Charges associated with future ash pond and landfill closure costs | 197 | 99 | |||||
Charge related to future ash pond and landfill closure costs | 122 | 60 | |||||
Operating Segments | DVP | Organizational Design Initiative | |||||||
Segment Reporting Information [Line Items] | |||||||
Organizational design initiative charges, after tax | 5 | ||||||
Operating Segments | Dominion Energy | Legislation enacted | |||||||
Segment Reporting Information [Line Items] | |||||||
Charge recognized | 319 | ||||||
Charge recognized, net of tax | 193 | ||||||
Operating Segments | Dominion Energy | Organizational Design Initiative | |||||||
Segment Reporting Information [Line Items] | |||||||
Organizational design initiative charges, after tax | 12 | ||||||
Operating Segments | Virginia Electric and Power Company | Corporate and Other | |||||||
Segment Reporting Information [Line Items] | |||||||
After-tax net expenses | 173 | 153 | 342 | ||||
Operating Segments | Virginia Electric and Power Company | Dominion Generation | |||||||
Segment Reporting Information [Line Items] | |||||||
Charges associated with future ash pond and landfill closure costs | 121 | ||||||
Charge related to future ash pond and landfill closure costs | 74 | ||||||
Operating Segments | Virginia Electric and Power Company | Dominion Generation | Legislation enacted | |||||||
Segment Reporting Information [Line Items] | |||||||
Charge recognized | 374 | ||||||
Charge recognized, net of tax | 248 | ||||||
Operating Segments | Virginia Electric and Power Company | Dominion Generation | Virginia Regulation | Deferred Fuel Costs | |||||||
Segment Reporting Information [Line Items] | |||||||
Write offs of deferred fuel costs | 85 | ||||||
Write off of deferred fuel cost, net of tax | 52 | ||||||
Operating Segments | Virginia Electric and Power Company | Dominion Generation | Facilities Subject to Coal Combustion Residual Final Rule | |||||||
Segment Reporting Information [Line Items] | |||||||
Charges associated with future ash pond and landfill closure costs | 197 | 99 | |||||
Charge related to future ash pond and landfill closure costs | 121 | 60 | |||||
Operating Segments | Dominion Gas Holdings, LLC | |||||||
Segment Reporting Information [Line Items] | |||||||
Net expenses attributable to other operating segments | 7 | 13 | |||||
Ceiling test impairment charge | 16 | ||||||
Ceiling test impairment charge, net of tax | 10 | ||||||
Operating Segments | Dominion Gas Holdings, LLC | Organizational Design Initiative | |||||||
Segment Reporting Information [Line Items] | |||||||
Organizational design initiative charges | 8 | ||||||
Organizational design initiative charges, after tax | 5 | ||||||
Operating Segments | Dominion Gas Holdings, LLC | Corporate and Other | |||||||
Segment Reporting Information [Line Items] | |||||||
Net expenses attributable to other operating segments | $ 3 | $ 21 | $ 9 |
Operating Segment (Schedule of
Operating Segment (Schedule of Segment Reporting Information, by Segment) (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | ||||||||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | ||||
Segment Reporting Information [Line Items] | ||||||||||||||
Operating Revenue | $ 3,086 | $ 3,132 | $ 2,598 | $ 2,921 | $ 2,556 | $ 2,971 | $ 2,747 | $ 3,409 | $ 11,737 | $ 11,683 | $ 12,436 | |||
Equity in earnings of equity method investees | 111 | 56 | 46 | |||||||||||
Income tax expense | 655 | 905 | 452 | |||||||||||
Net income (loss) attributable to Dominion | 457 | 690 | 452 | 524 | 357 | 593 | 413 | 536 | 2,123 | 1,899 | 1,310 | |||
Capital expenditures | 6,085 | 5,575 | 5,345 | |||||||||||
Investment in equity method affiliates | 1,561 | 1,320 | 1,561 | 1,320 | ||||||||||
Total assets | 71,610 | 58,648 | 71,610 | 58,648 | ||||||||||
Operating Segments | ||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||
Operating Revenue | 11,737 | 11,683 | 12,436 | |||||||||||
Depreciation, depletion and amortization | 1,559 | 1,395 | 1,292 | |||||||||||
Equity in earnings of equity method investees | 111 | 56 | 46 | |||||||||||
Interest income | 66 | 58 | 68 | |||||||||||
Interest and related charges | 1,010 | 904 | 1,193 | |||||||||||
Income tax expense | 655 | 905 | 452 | |||||||||||
Net income (loss) attributable to Dominion | 2,123 | 1,899 | 1,310 | |||||||||||
Capital expenditures | 6,125 | 5,993 | 5,551 | |||||||||||
Investment in equity method affiliates | 1,561 | 1,320 | 1,561 | 1,320 | ||||||||||
Intersegment revenue | ||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||
Operating Revenue | (1,339) | (1,284) | (1,504) | |||||||||||
Adjustments & Eliminations | ||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||
Operating Revenue | 718 | 741 | 949 | |||||||||||
Depreciation, depletion and amortization | 0 | 0 | 0 | |||||||||||
Equity in earnings of equity method investees | 0 | 0 | 0 | |||||||||||
Interest income | (78) | (44) | (33) | |||||||||||
Interest and related charges | (78) | (44) | (33) | |||||||||||
Income tax expense | 0 | 0 | 0 | |||||||||||
Net income (loss) attributable to Dominion | 0 | 0 | 0 | |||||||||||
Capital expenditures | 0 | 0 | 0 | |||||||||||
Investment in equity method affiliates | 0 | 0 | 0 | 0 | ||||||||||
Total assets | (7,300) | (5,800) | (7,300) | (5,800) | ||||||||||
Segment Reconciling Items and Intersegment Eliminations | ||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||
Operating Revenue | (621) | (543) | (555) | |||||||||||
DVP | ||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||
Operating Revenue | 2,233 | 2,111 | 1,936 | |||||||||||
DVP | Operating Segments | ||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||
Operating Revenue | 2,210 | 2,091 | 1,918 | |||||||||||
Depreciation, depletion and amortization | 537 | 498 | 462 | |||||||||||
Equity in earnings of equity method investees | 0 | 0 | 0 | |||||||||||
Interest income | 0 | 0 | 0 | |||||||||||
Interest and related charges | 244 | 230 | 205 | |||||||||||
Income tax expense | 308 | 307 | 317 | |||||||||||
Net income (loss) attributable to Dominion | 484 | 490 | 502 | |||||||||||
Capital expenditures | 1,320 | 1,607 | 1,652 | |||||||||||
Investment in equity method affiliates | 0 | 0 | 0 | 0 | ||||||||||
Total assets | 15,600 | 14,700 | 15,600 | 14,700 | ||||||||||
DVP | Intersegment revenue | ||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||
Operating Revenue | 23 | 20 | 18 | |||||||||||
Dominion Generation | ||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||
Operating Revenue | 6,757 | 7,016 | 7,169 | |||||||||||
Dominion Generation | Operating Segments | ||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||
Operating Revenue | 6,747 | 7,001 | 7,135 | |||||||||||
Depreciation, depletion and amortization | 662 | 591 | 514 | |||||||||||
Equity in earnings of equity method investees | (16) | (15) | (18) | |||||||||||
Interest income | 74 | 64 | 58 | |||||||||||
Interest and related charges | 290 | 262 | 240 | |||||||||||
Income tax expense | 279 | 465 | 365 | |||||||||||
Net income (loss) attributable to Dominion | 1,397 | 1,120 | 1,061 | |||||||||||
Capital expenditures | 2,440 | 2,190 | 2,466 | |||||||||||
Investment in equity method affiliates | 228 | 245 | 228 | 245 | ||||||||||
Total assets | 27,100 | 25,600 | 27,100 | 25,600 | ||||||||||
Dominion Generation | Intersegment revenue | ||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||
Operating Revenue | 10 | 15 | 34 | |||||||||||
Dominion Energy | ||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||
Operating Revenue | 2,766 | 2,572 | 3,326 | |||||||||||
Dominion Energy | Operating Segments | ||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||
Operating Revenue | 2,069 | 1,877 | 2,446 | |||||||||||
Depreciation, depletion and amortization | 330 | 262 | 243 | |||||||||||
Equity in earnings of equity method investees | 105 | 60 | 54 | |||||||||||
Interest income | 34 | 25 | 23 | |||||||||||
Interest and related charges | 38 | 27 | 11 | |||||||||||
Income tax expense | 431 | 423 | 463 | |||||||||||
Net income (loss) attributable to Dominion | 726 | 680 | 717 | |||||||||||
Capital expenditures | 2,322 | 2,153 | 1,329 | |||||||||||
Investment in equity method affiliates | 1,289 | 1,042 | 1,289 | 1,042 | ||||||||||
Total assets | 26,000 | 15,200 | 26,000 | 15,200 | ||||||||||
Dominion Energy | Intersegment revenue | ||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||
Operating Revenue | 697 | 695 | 880 | |||||||||||
Corporate and Other | ||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||
Operating Revenue | 602 | 527 | 560 | |||||||||||
Corporate and Other | Operating Segments | ||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||
Operating Revenue | (7) | (27) | (12) | |||||||||||
Depreciation, depletion and amortization | 30 | 44 | 73 | |||||||||||
Equity in earnings of equity method investees | 22 | 11 | 10 | |||||||||||
Interest income | 36 | 13 | 20 | |||||||||||
Interest and related charges | 516 | 429 | 770 | |||||||||||
Income tax expense | (363) | (290) | (693) | |||||||||||
Net income (loss) attributable to Dominion | (484) | (391) | (970) | |||||||||||
Capital expenditures | 43 | 43 | 104 | |||||||||||
Investment in equity method affiliates | 44 | 33 | 44 | 33 | ||||||||||
Total assets | 10,200 | 8,900 | 10,200 | 8,900 | ||||||||||
Corporate and Other | Intersegment revenue | ||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||
Operating Revenue | 609 | 554 | 572 | |||||||||||
Virginia Electric and Power Company | ||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||
Operating Revenue | 1,711 | 2,211 | 1,776 | 1,890 | 1,614 | 2,058 | 1,813 | 2,137 | 7,588 | [1] | 7,622 | [1] | 7,579 | [1] |
Depreciation, depletion and amortization | 1,025 | 953 | 915 | |||||||||||
Interest income | 0 | 7 | 8 | |||||||||||
Interest and related charges | 461 | 443 | 411 | |||||||||||
Income tax expense | 727 | 659 | 548 | |||||||||||
Net income (loss) attributable to Dominion | 172 | 503 | 280 | 263 | 187 | 385 | 246 | 269 | 1,218 | 1,087 | 858 | |||
Capital expenditures | 2,489 | 2,474 | 2,911 | |||||||||||
Capital expenditures | 2,649 | 2,689 | 3,107 | |||||||||||
Total assets | 33,308 | 31,565 | 33,308 | 31,565 | ||||||||||
Virginia Electric and Power Company | Adjustments & Eliminations | ||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||
Operating Revenue | 0 | 0 | 0 | |||||||||||
Depreciation, depletion and amortization | 0 | 0 | 0 | |||||||||||
Interest income | 0 | 0 | 0 | |||||||||||
Interest and related charges | (2) | (1) | 0 | |||||||||||
Income tax expense | 0 | |||||||||||||
Net income (loss) attributable to Dominion | 0 | 0 | 0 | |||||||||||
Capital expenditures | 0 | 0 | 0 | |||||||||||
Total assets | (100) | (100) | (100) | (100) | ||||||||||
Virginia Electric and Power Company | DVP | Operating Segments | ||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||
Operating Revenue | 2,217 | 2,099 | 1,928 | |||||||||||
Depreciation, depletion and amortization | 537 | 498 | 462 | |||||||||||
Interest income | 0 | 0 | 0 | |||||||||||
Interest and related charges | 244 | 230 | 205 | |||||||||||
Income tax expense | 307 | 308 | 317 | |||||||||||
Net income (loss) attributable to Dominion | 482 | 490 | 509 | |||||||||||
Capital expenditures | 1,313 | 1,569 | 1,651 | |||||||||||
Total assets | 15,600 | 14,700 | 15,600 | 14,700 | ||||||||||
Virginia Electric and Power Company | Dominion Generation | Operating Segments | ||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||
Operating Revenue | 5,390 | 5,566 | 5,651 | |||||||||||
Depreciation, depletion and amortization | 488 | 453 | 416 | |||||||||||
Interest income | 0 | 7 | 8 | |||||||||||
Interest and related charges | 219 | 210 | 203 | |||||||||||
Income tax expense | 524 | 437 | 416 | |||||||||||
Net income (loss) attributable to Dominion | 909 | 750 | 691 | |||||||||||
Capital expenditures | 1,336 | 1,120 | 1,456 | |||||||||||
Total assets | 17,800 | 17,000 | 17,800 | 17,000 | ||||||||||
Virginia Electric and Power Company | Corporate and Other | Operating Segments | ||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||
Operating Revenue | (19) | (43) | 0 | |||||||||||
Depreciation, depletion and amortization | 0 | 2 | 37 | |||||||||||
Interest income | 0 | 0 | 0 | |||||||||||
Interest and related charges | 0 | 4 | 3 | |||||||||||
Income tax expense | (104) | (86) | (185) | |||||||||||
Net income (loss) attributable to Dominion | (173) | (153) | (342) | |||||||||||
Capital expenditures | 0 | 0 | 0 | |||||||||||
Total assets | 0 | 0 | 0 | 0 | ||||||||||
Dominion Gas Holdings, LLC | ||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||
Operating Revenue | 457 | 382 | 368 | 431 | 425 | 365 | 395 | 531 | 1,638 | [2] | 1,716 | [2] | 1,898 | [2] |
Depreciation, depletion and amortization | 204 | 217 | 197 | |||||||||||
Equity in earnings of equity method investees | 21 | 23 | 21 | |||||||||||
Interest income | 1 | 1 | 1 | |||||||||||
Interest and related charges | 94 | 73 | 27 | |||||||||||
Income tax expense | 215 | 283 | 334 | |||||||||||
Net income (loss) attributable to Dominion | 106 | $ 83 | $ 105 | $ 98 | 100 | $ 111 | $ 85 | $ 161 | 392 | 457 | 512 | |||
Capital expenditures | 854 | 795 | 719 | |||||||||||
Investment in equity method affiliates | 98 | 102 | 98 | 102 | ||||||||||
Total assets | 11,142 | 10,308 | 11,142 | 10,308 | ||||||||||
Dominion Gas Holdings, LLC | Dominion Energy | Operating Segments | ||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||
Operating Revenue | 1,638 | 1,716 | 1,898 | |||||||||||
Depreciation, depletion and amortization | 214 | 213 | 197 | |||||||||||
Equity in earnings of equity method investees | 21 | 23 | 21 | |||||||||||
Interest income | 1 | 1 | 1 | |||||||||||
Interest and related charges | 92 | 72 | 27 | |||||||||||
Income tax expense | 237 | 296 | 340 | |||||||||||
Net income (loss) attributable to Dominion | 395 | 478 | 521 | |||||||||||
Capital expenditures | 854 | 795 | 719 | |||||||||||
Investment in equity method affiliates | 98 | 102 | 98 | 102 | ||||||||||
Total assets | 10,500 | 9,700 | 10,500 | 9,700 | ||||||||||
Dominion Gas Holdings, LLC | Corporate and Other | Operating Segments | ||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||
Operating Revenue | 0 | 0 | 0 | |||||||||||
Depreciation, depletion and amortization | (10) | 4 | 0 | |||||||||||
Equity in earnings of equity method investees | 0 | 0 | 0 | |||||||||||
Interest income | 0 | 0 | 0 | |||||||||||
Interest and related charges | 2 | 1 | 0 | |||||||||||
Income tax expense | (22) | (13) | (6) | |||||||||||
Net income (loss) attributable to Dominion | (3) | (21) | (9) | |||||||||||
Capital expenditures | 0 | 0 | $ 0 | |||||||||||
Investment in equity method affiliates | 0 | 0 | 0 | 0 | ||||||||||
Total assets | $ 600 | $ 600 | $ 600 | $ 600 | ||||||||||
[1] | See Note 24 for amounts attributable to affiliates. | |||||||||||||
[2] | See Note 24 for amounts attributable to related parties. |
Quarterly Financial and Comm140
Quarterly Financial and Common Stock Data (Unaudited) (Narrative) (Details) - USD ($) $ in Millions | 3 Months Ended | ||||
Dec. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | |
Facilities Subject to Coal Combustion Residual Final Rule | |||||
Condensed Financial Statements, Captions [Line Items] | |||||
Charge related to future ash pond and landfill closure costs | $ 122 | ||||
Virginia Electric and Power Company | Deferred Fuel Costs | Virginia Regulation | |||||
Condensed Financial Statements, Captions [Line Items] | |||||
Write off of deferred fuel cost, net of tax | $ 52 | ||||
Virginia Electric and Power Company | Facilities Subject to Coal Combustion Residual Final Rule | |||||
Condensed Financial Statements, Captions [Line Items] | |||||
Charge related to future ash pond and landfill closure costs | $ 121 | $ 32 | $ 28 | ||
Dominion Gas Holdings, LLC | Oil and Gas Properties | |||||
Condensed Financial Statements, Captions [Line Items] | |||||
After tax gain on sale | $ 29 | $ 43 |
Quarterly Financial and Comm141
Quarterly Financial and Common Stock Data (Unaudited) (Quarterly Financial and Common Stock Data) (Details) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | 12 Months Ended | ||||||||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | ||||
Condensed Financial Statements, Captions [Line Items] | ||||||||||||||
Operating Revenue | $ 3,086 | $ 3,132 | $ 2,598 | $ 2,921 | $ 2,556 | $ 2,971 | $ 2,747 | $ 3,409 | $ 11,737 | $ 11,683 | $ 12,436 | |||
Income from operations | 819 | 1,145 | 781 | 882 | 638 | 1,123 | 773 | 1,002 | 3,627 | 3,536 | 2,721 | |||
Net income including noncontrolling interests | 491 | 728 | 462 | 531 | 366 | 599 | 418 | 540 | 2,212 | 1,923 | 1,326 | |||
Net income (loss) attributable to Dominion | $ 457 | $ 690 | $ 452 | $ 524 | $ 357 | $ 593 | $ 413 | $ 536 | $ 2,123 | $ 1,899 | $ 1,310 | |||
Net income attributable to Dominion- Basic (in dollars per share) | $ 0.73 | $ 1.10 | $ 0.73 | $ 0.88 | $ 0.60 | $ 1 | $ 0.70 | $ 0.91 | $ 3.44 | $ 3.21 | $ 2.25 | |||
Net income attributable to Dominion - Diluted (in dollars per share) | 0.73 | 1.10 | 0.73 | 0.88 | 0.60 | 1 | 0.70 | 0.91 | 3.44 | 3.20 | 2.24 | |||
Dividends declared per common share | $ 0.7 | $ 0.7 | $ 0.7 | $ 0.70 | $ 0.6475 | $ 0.6475 | $ 0.6475 | $ 0.6475 | $ 2.80 | $ 2.59 | $ 2.40 | |||
Virginia Electric and Power Company | ||||||||||||||
Condensed Financial Statements, Captions [Line Items] | ||||||||||||||
Operating Revenue | $ 1,711 | $ 2,211 | $ 1,776 | $ 1,890 | $ 1,614 | $ 2,058 | $ 1,813 | $ 2,137 | $ 7,588 | [1] | $ 7,622 | [1] | $ 7,579 | [1] |
Income from operations | 369 | 914 | 553 | 514 | 374 | 741 | 481 | 525 | 2,350 | 2,121 | 1,724 | |||
Net income (loss) attributable to Dominion | 172 | 503 | 280 | 263 | 187 | 385 | 246 | 269 | 1,218 | 1,087 | 858 | |||
Dominion Gas Holdings, LLC | ||||||||||||||
Condensed Financial Statements, Captions [Line Items] | ||||||||||||||
Operating Revenue | 457 | 382 | 368 | 431 | 425 | 365 | 395 | 531 | 1,638 | [2] | 1,716 | [2] | 1,898 | [2] |
Income from operations | 175 | 133 | 186 | 175 | 163 | 202 | 153 | 271 | 669 | 789 | 851 | |||
Net income (loss) attributable to Dominion | $ 106 | $ 83 | $ 105 | $ 98 | $ 100 | $ 111 | $ 85 | $ 161 | $ 392 | $ 457 | $ 512 | |||
Maximum | ||||||||||||||
Condensed Financial Statements, Captions [Line Items] | ||||||||||||||
Share Price (in dollars per share) | $ 77.32 | $ 78.97 | $ 77.93 | $ 75.18 | $ 74.88 | $ 76.59 | $ 74.34 | $ 79.89 | $ 77.32 | $ 74.88 | ||||
Common stock market value (high) (in dollars per share) | 78.97 | 79.89 | ||||||||||||
Minimum | ||||||||||||||
Condensed Financial Statements, Captions [Line Items] | ||||||||||||||
Share Price (in dollars per share) | $ 69.51 | $ 72.49 | $ 68.71 | $ 66.25 | $ 64.54 | $ 66.65 | $ 66.52 | $ 68.25 | 69.51 | 64.54 | ||||
Common stock market value (low) (in dollars per share) | $ 66.25 | $ 64.54 | ||||||||||||
[1] | See Note 24 for amounts attributable to affiliates. | |||||||||||||
[2] | See Note 24 for amounts attributable to related parties. |