Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Mar. 31, 2017 | Apr. 14, 2017 | |
Entity Information [Line Items] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Mar. 31, 2017 | |
Document Fiscal Year Focus | 2,017 | |
Document Fiscal Period Focus | Q1 | |
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 | 628,985,754 | |
Virginia Electric and Power Company | ||
Entity Information [Line Items] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Mar. 31, 2017 | |
Document Fiscal Year Focus | 2,017 | |
Document Fiscal Period Focus | Q1 | |
Trading Symbol | VEL - PE | |
Entity Registrant Name | VIRGINIA ELECTRIC & POWER CO | |
Entity Central Index Key | 103,682 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Non-accelerated Filer | |
Entity Common Stock, Shares Outstanding | 274,723 | |
Dominion Gas Holdings, LLC | ||
Entity Information [Line Items] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Mar. 31, 2017 | |
Document Fiscal Year Focus | 2,017 | |
Document Fiscal Period Focus | Q1 | |
Entity Registrant Name | Dominion Gas Holdings, LLC | |
Entity Central Index Key | 1,603,291 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Non-accelerated Filer | |
Entity Common Stock, Shares Outstanding | 0 |
Consolidated Statements of Inco
Consolidated Statements of Income (Unaudited) - USD ($) $ in Millions | 3 Months Ended | ||
Mar. 31, 2017 | Mar. 31, 2016 | ||
Operating Revenue | $ 3,384 | $ 2,921 | |
Operating Expenses | |||
Electric fuel and other energy-related purchases | 575 | 634 | |
Purchased (excess) electric capacity | (17) | 68 | |
Purchased gas | 305 | 119 | |
Other operations and maintenance | 738 | 703 | |
Depreciation, depletion and amortization | 469 | 351 | |
Other taxes | 189 | 164 | |
Total operating expenses | 2,259 | 2,039 | |
Income from operations | 1,125 | 882 | |
Other income | 116 | 54 | |
Interest and related charges | 292 | 226 | |
Income from operations including noncontrolling interests before income tax expense | 949 | 710 | |
Income tax expense | 275 | 179 | |
Net Income Including Noncontrolling Interests | 674 | 531 | |
Noncontrolling Interests | 42 | 7 | |
Net Income Attributable to Dominion | $ 632 | $ 524 | |
Earnings Per Common Share | |||
Net income attributable to Dominion - Basic (in dollars per share) | $ 1.01 | $ 0.88 | |
Net income attributable to Dominion - Diluted (in dollars per share) | 1.01 | 0.88 | |
Dividends Declared Per Common Share (dollars per share) | $ 0.755 | $ 0.7000 | |
Virginia Electric and Power Company | |||
Operating Revenue | [1] | $ 1,831 | $ 1,890 |
Operating Expenses | |||
Electric fuel and other energy-related purchases | [1] | 456 | 536 |
Purchased (excess) electric capacity | (17) | 68 | |
Affiliated suppliers | 78 | 101 | |
Other | 296 | 349 | |
Depreciation, depletion and amortization | 286 | 248 | |
Other taxes | 79 | 74 | |
Total operating expenses | 1,178 | 1,376 | |
Income from operations | 653 | 514 | |
Other income | 31 | 16 | |
Interest and related charges | [1] | 120 | 114 |
Income from operations including noncontrolling interests before income tax expense | 564 | 416 | |
Income tax expense | 208 | 153 | |
Net Income Attributable to Dominion | 356 | 263 | |
Dominion Gas Holdings, LLC | |||
Operating Revenue | [2] | 490 | 431 |
Operating Expenses | |||
Purchased gas | [2] | 43 | 34 |
Other energy-related purchases | 5 | 3 | |
Affiliated suppliers | 25 | 27 | |
Other | 133 | 97 | |
Depreciation, depletion and amortization | 54 | 43 | |
Other taxes | 54 | 52 | |
Total operating expenses | 314 | 256 | |
Income from operations | 176 | 175 | |
Earnings from equity method investee | 7 | 6 | |
Other income | 5 | 0 | |
Interest and related charges | [2] | 23 | 22 |
Income from operations including noncontrolling interests before income tax expense | 165 | 159 | |
Income tax expense | 57 | 61 | |
Net Income Attributable to Dominion | $ 108 | $ 98 | |
[1] | See Note 17 for amounts attributable to affiliates. | ||
[2] | See Note 17 for amounts attributable to related parties. |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Millions | 3 Months Ended | ||
Mar. 31, 2017 | Mar. 31, 2016 | ||
Net income including noncontrolling interests | $ 674 | $ 531 | |
Net income | 632 | 524 | |
Other comprehensive income (loss), net of taxes: | |||
Net deferred gains (losses) on derivatives-hedging activities | [1] | 43 | 53 |
Changes in unrealized net gains (losses) on investment securities | [2] | 58 | 15 |
Amounts reclassified to net income: | |||
Net derivative (gains) losses-hedging activities | [3] | (23) | (63) |
Net realized gains on investment securities | [4] | (28) | (2) |
Net pension and other postretirement benefit costs | [5] | 13 | 8 |
Changes in other comprehensive income (loss) from equity method investees | [6] | 1 | 0 |
Total other comprehensive income | 64 | 11 | |
Comprehensive income including noncontrolling interests | 738 | 542 | |
Comprehensive income attributable to noncontrolling interests | 42 | 7 | |
Comprehensive income attributable to Dominion | 696 | 535 | |
Virginia Electric and Power Company | |||
Net income | 356 | 263 | |
Other comprehensive income (loss), net of taxes: | |||
Net deferred gains (losses) on derivatives-hedging activities | [7] | 0 | (9) |
Changes in unrealized net gains (losses) on investment securities | [8] | 7 | 3 |
Amounts reclassified to net income: | |||
Net realized gains on investment securities | [9] | (3) | 0 |
Total other comprehensive income | 4 | (6) | |
Comprehensive income attributable to Dominion | 360 | 257 | |
Dominion Gas Holdings, LLC | |||
Net income | 108 | 98 | |
Other comprehensive income (loss), net of taxes: | |||
Net deferred gains (losses) on derivatives-hedging activities | [10] | (9) | (6) |
Amounts reclassified to net income: | |||
Net derivative (gains) losses-hedging activities | [11] | 11 | (2) |
Net pension and other postretirement benefit costs | [12] | 0 | 0 |
Total other comprehensive income | 2 | (8) | |
Comprehensive income attributable to Dominion | $ 110 | $ 90 | |
[1] | Net of $(27) million and $(33) million tax for the three months ended March 31, 2017 and 2016, respectively | ||
[2] | Net of $(35) million and $(10) million tax for the three months ended March 31, 2017 and 2016, respectively | ||
[3] | Net of $14 million and $39 million tax for the three months ended March 31, 2017 and 2016, respectively. | ||
[4] | Net of $16 million and $1 million tax for the three months ended March 31, 2017 and 2016, respectively. | ||
[5] | Net of $(8) million and $(6) million tax for the three months ended March 31, 2017 and 2016, respectively. | ||
[6] | Net of $(1) million and $--- million tax for the three months ended March 31, 2017 and 2016, respectively. | ||
[7] | Net of $--- million and $5 million tax for the three months ended March 31, 2017 and 2016, respectively | ||
[8] | Net of $(4) million and $(1) million tax for the three months ended March 31, 2017 and 2016, respectively | ||
[9] | Net of $2 million and $--- million tax for the three months ended March 31, 2017 and 2016, respectively. | ||
[10] | Net of $7 million and $4 million tax for the three months ended March 31, 2017 and 2016, respectively | ||
[11] | Net of $(7) million and $2 million tax for the three months ended March 31, 2017 and 2016, respectively | ||
[12] | Net of $(1) million tax for both the three months ended March 31, 2017 and 2016. |
Consolidated Statements of Com4
Consolidated Statements of Comprehensive Income (Unaudited) (Parenthetical) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Net deferred gains (losses) on derivative-hedging activities, tax | $ (27) | $ (33) |
Changes in unrealized net gains (losses) on investment securities, tax | (35) | (10) |
Net derivative (gains) losses-hedging activities, tax | 14 | 39 |
Net realized gains on investment securities, tax | 16 | 1 |
Net pension and other postretirement benefit costs, tax | (8) | (6) |
Changes in other comprehensive income (loss) from equity method investees, tax | (1) | 0 |
Virginia Electric and Power Company | ||
Net deferred gains (losses) on derivative-hedging activities, tax | 0 | 5 |
Changes in unrealized net gains (losses) on investment securities, tax | (4) | (1) |
Net realized gains on investment securities, tax | 2 | 0 |
Dominion Gas Holdings, LLC | ||
Net deferred gains (losses) on derivative-hedging activities, tax | 7 | 4 |
Net derivative (gains) losses-hedging activities, tax | (7) | 2 |
Net pension and other postretirement benefit costs, tax | $ (1) | $ (1) |
Consolidated Balance Sheets (Un
Consolidated Balance Sheets (Unaudited) - USD ($) $ in Millions | Mar. 31, 2017 | Dec. 31, 2016 | ||
Current Assets | ||||
Cash and cash equivalents | $ 486 | $ 261 | [1] | |
Customer receivables (less allowance for doubtful accounts) | 1,361 | 1,523 | [1] | |
Other receivables (less allowance for doubtful accounts) | 209 | 183 | [1] | |
Inventories | 1,453 | 1,524 | [1] | |
Other | 776 | 757 | [1] | |
Total current assets | 4,285 | 4,248 | [1] | |
Investments | ||||
Nuclear decommissioning trust funds | 4,655 | 4,484 | [1] | |
Investment in equity method affiliates | 1,713 | 1,561 | [1] | |
Other | 306 | 298 | [1] | |
Total investments | 6,674 | 6,343 | [1] | |
Property, Plant and Equipment | ||||
Property, plant and equipment | 70,728 | 69,556 | [1] | |
Accumulated depreciation, depletion and amortization | (20,012) | (19,592) | [1] | |
Total property, plant and equipment, net | 50,716 | 49,964 | [1] | |
Deferred Charges and Other Assets | ||||
Goodwill | 6,399 | 6,399 | [1] | |
Regulatory assets | 2,439 | 2,473 | [1] | |
Other | 2,339 | 2,183 | [1] | |
Total deferred charges and other assets | 11,177 | 11,055 | [1] | |
Total assets | 72,852 | 71,610 | [1] | |
Current Liabilities | ||||
Securities due within one year | 2,391 | 1,709 | [1] | |
Short-term debt | 2,627 | 3,155 | [1] | |
Accounts payable | 724 | 1,000 | [1] | |
Accrued interest, payroll and taxes | 779 | 798 | [1] | |
Other | 1,321 | 1,453 | [1] | |
Total current liabilities | 7,842 | 8,115 | [1] | |
Long-Term Debt | ||||
Long-term debt | 25,742 | 24,878 | [1] | |
Junior subordinated notes | 2,980 | 2,980 | [1] | |
Remarketable subordinated notes | 2,374 | 2,373 | [1] | |
Total long-term debt | 31,096 | 30,231 | [1] | |
Deferred Credits and Other Liabilities | ||||
Deferred income taxes and investment tax credits | 8,897 | 8,602 | [1] | |
Regulatory liabilities | 2,745 | 2,622 | [1] | |
Other | 5,091 | 5,200 | [1] | |
Total deferred credits and other liabilities | 16,733 | 16,424 | [1] | |
Total liabilities | 55,671 | 54,770 | [1] | |
Commitments and Contingencies | [1] | |||
Equity | ||||
Common stock - no par | [2] | 8,629 | 8,550 | [1] |
Retained earnings | 7,023 | 6,854 | [1] | |
Accumulated other comprehensive loss | (735) | (799) | [1] | |
Total common shareholders' equity | 14,917 | 14,605 | [1] | |
Noncontrolling interests | 2,264 | 2,235 | [1] | |
Total equity | 17,181 | 16,840 | [1] | |
Total liabilities and equity | 72,852 | 71,610 | [1] | |
Virginia Electric and Power Company | ||||
Current Assets | ||||
Cash and cash equivalents | 289 | 11 | [3] | |
Customer receivables (less allowance for doubtful accounts) | 790 | 892 | [3] | |
Other receivables (less allowance for doubtful accounts) | 125 | 99 | [3] | |
Affiliated receivables | 1 | 112 | [3] | |
Inventories | 842 | 853 | [3] | |
Other | [4] | 305 | 281 | [3] |
Total current assets | 2,352 | 2,248 | [3] | |
Investments | ||||
Nuclear decommissioning trust funds | 2,186 | 2,106 | [3] | |
Other | 3 | 3 | [3] | |
Total investments | 2,189 | 2,109 | [3] | |
Property, Plant and Equipment | ||||
Property, plant and equipment | 40,514 | 40,030 | [3] | |
Accumulated depreciation, depletion and amortization | (12,699) | (12,436) | [3] | |
Total property, plant and equipment, net | 27,815 | 27,594 | [3] | |
Deferred Charges and Other Assets | ||||
Regulatory assets | 776 | 770 | [3] | |
Other | [4] | 609 | 587 | [3] |
Total deferred charges and other assets | 1,385 | 1,357 | [3] | |
Total assets | 33,741 | 33,308 | [3] | |
Current Liabilities | ||||
Securities due within one year | 928 | 678 | [3] | |
Short-term debt | 40 | 65 | [3] | |
Accounts payable | 329 | 444 | [3] | |
Accrued interest, payroll and taxes | 248 | 239 | [3] | |
Payables to affiliates | 139 | 109 | [3] | |
Affiliated current borrowings | 0 | 262 | [3] | |
Other | [4] | 634 | 725 | [3] |
Total current liabilities | 2,318 | 2,522 | [3] | |
Long-Term Debt | ||||
Total long-term debt | 10,348 | 9,852 | [3] | |
Deferred Credits and Other Liabilities | ||||
Deferred income taxes and investment tax credits | 5,165 | 5,103 | [3] | |
Asset retirement obligations | 1,267 | 1,262 | [3] | |
Regulatory liabilities | 2,064 | 1,962 | [3] | |
Other | [4] | 797 | 742 | [3] |
Total deferred credits and other liabilities | 9,293 | 9,069 | [3] | |
Total liabilities | 21,959 | 21,443 | [3] | |
Commitments and Contingencies | [3] | |||
Equity | ||||
Common stock - no par | [5] | 5,738 | 5,738 | [3] |
Other paid-in capital | 1,113 | 1,113 | [3] | |
Retained earnings | 4,881 | 4,968 | [3] | |
Accumulated other comprehensive loss | 50 | 46 | [3] | |
Total common shareholders' equity | 11,782 | 11,865 | [3] | |
Total liabilities and equity | 33,741 | 33,308 | [3] | |
Dominion Gas Holdings, LLC | ||||
Current Assets | ||||
Cash and cash equivalents | 11 | 23 | [6] | |
Customer receivables (less allowance for doubtful accounts) | 275 | 281 | [6] | |
Other receivables (less allowance for doubtful accounts) | [7] | 16 | 13 | [6] |
Affiliated receivables | 16 | 17 | [6] | |
Inventories | 76 | 70 | [6] | |
Other | [7] | 176 | 178 | [6] |
Total current assets | 570 | 582 | [6] | |
Investments | ||||
Total investments | 101 | 99 | [6] | |
Property, Plant and Equipment | ||||
Property, plant and equipment | 10,540 | 10,475 | [6] | |
Accumulated depreciation, depletion and amortization | (2,897) | (2,851) | [6] | |
Total property, plant and equipment, net | 7,643 | 7,624 | [6] | |
Deferred Charges and Other Assets | ||||
Goodwill | 542 | 542 | [6] | |
Pension and other postretirement benefit assets | [7] | 1,641 | 1,557 | [6] |
Regulatory assets | [8] | 550 | 577 | |
Other | [7] | 716 | 738 | [6] |
Total deferred charges and other assets | 2,899 | 2,837 | [6] | |
Total assets | 11,213 | 11,142 | [6] | |
Current Liabilities | ||||
Short-term debt | 399 | 460 | [6] | |
Accounts payable | 152 | 221 | [6] | |
Accrued interest, payroll and taxes | 216 | 225 | [6] | |
Payables to affiliates | 29 | 29 | [6] | |
Affiliated current borrowings | 174 | 118 | [6] | |
Other | [7] | 151 | 162 | [6] |
Total current liabilities | 1,121 | 1,215 | [6] | |
Long-Term Debt | ||||
Total long-term debt | 3,533 | 3,528 | [6] | |
Deferred Credits and Other Liabilities | ||||
Deferred income taxes and investment tax credits | 2,500 | 2,438 | [6] | |
Regulatory liabilities | [9] | 237 | 219 | |
Other | [7] | 419 | 425 | [6] |
Total deferred credits and other liabilities | 2,919 | 2,863 | [6] | |
Total liabilities | 7,573 | 7,606 | [6] | |
Commitments and Contingencies | [6] | |||
Equity | ||||
Membership interests | 3,761 | 3,659 | [6] | |
Accumulated other comprehensive loss | (121) | (123) | [6] | |
Total common shareholders' equity | 3,640 | 3,536 | [6] | |
Total liabilities and equity | $ 11,213 | $ 11,142 | [6] | |
[1] | Dominion’s Consolidated Balance Sheet at December 31, 2016 has been derived from the audited Consolidated Balance Sheet at that date. | |||
[2] | 1 billion shares authorized; 629 million shares and 628 million shares outstanding at March 31, 2017 and December 31, 2016, respectively. | |||
[3] | Virginia Power’s Consolidated Balance Sheet at December 31, 2016 has been derived from the audited Consolidated Balance Sheet at that date. | |||
[4] | See Note 17 for amounts attributable to affiliates. | |||
[5] | 500,000 shares authorized; 274,723 shares outstanding at March 31, 2017 and December 31, 2016. | |||
[6] | Dominion Gas’ Consolidated Balance Sheet at December 31, 2016 has been derived from the audited Consolidated Balance Sheet at that date. | |||
[7] | See Note 17 for amounts attributable to related parties. | |||
[8] | Noncurrent regulatory assets are presented in other deferred charges and other assets in Dominion Gas' Consolidated Balance Sheets. | |||
[9] | Noncurrent regulatory liabilities are presented in other deferred credits and other liabilities in Dominion Gas' Consolidated Balance Sheets. |
Consolidated Balance Sheets (U6
Consolidated Balance Sheets (Unaudited) (Parenthetical) - USD ($) $ in Millions | Mar. 31, 2017 | Dec. 31, 2016 | ||
Customer receivables, allowance for doubtful accounts | $ 19 | $ 18 | [1] | |
Other receivables, allowance for doubtful accounts | $ 2 | $ 2 | [1] | |
Common stock, shares authorized | 1,000,000,000 | 1,000,000,000 | [1] | |
Common stock, shares outstanding | 629,000,000 | 628,000,000 | ||
Virginia Electric and Power Company | ||||
Customer receivables, allowance for doubtful accounts | $ 10 | $ 10 | [1] | |
Other receivables, allowance for doubtful accounts | $ 1 | $ 1 | [1] | |
Common stock, shares authorized | 500,000 | 500,000 | [1] | |
Common stock, shares outstanding | 274,723 | 274,723 | [1] | |
Dominion Gas Holdings, LLC | ||||
Customer receivables, allowance for doubtful accounts | $ 1 | $ 1 | [2] | |
Other receivables, allowance for doubtful accounts | [3] | $ 1 | $ 1 | [2] |
[1] | Dominion’s Consolidated Balance Sheet at December 31, 2016 has been derived from the audited Consolidated Balance Sheet at that date. | |||
[2] | Dominion Gas’ Consolidated Balance Sheet at December 31, 2016 has been derived from the audited Consolidated Balance Sheet at that date. | |||
[3] | See Note 17 for amounts attributable to related parties. |
Consolidated Statement of Equit
Consolidated Statement of Equity (Unaudited) - USD ($) shares in Millions, $ in Millions | Total | Total Common Shareholders' Equity | Common Stock | Retained Earnings | Accumulated Other Comprehensive Loss | Noncontrolling Interests | |
Beginning Balance (in shares) at Dec. 31, 2015 | 596 | ||||||
Beginning balance at Dec. 31, 2015 | $ 13,602 | $ 12,664 | $ 6,680 | $ 6,458 | $ (474) | $ 938 | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Net income including noncontrolling interests | 531 | 524 | 524 | 7 | |||
Contributions from SunEdison and NRG to Four Brothers and Three Cedars | 94 | 0 | 94 | ||||
Sale of interest in merchant solar projects | 139 | 22 | 22 | 117 | |||
Purchase of Dominion Midstream common units | (10) | (2) | $ (2) | (8) | |||
Issuance of common stock (in shares) | 1 | ||||||
Issuance of common stock | 75 | 75 | $ 75 | ||||
Dividends and distributions | (427) | (417) | (417) | (10) | |||
Other comprehensive income, net of tax | 11 | 11 | 11 | ||||
Other | 0 | 3 | $ 3 | (3) | |||
Ending Balance (in shares) at Mar. 31, 2016 | 597 | ||||||
Ending balance at Mar. 31, 2016 | 14,015 | 12,880 | $ 6,778 | 6,565 | (463) | 1,135 | |
Beginning Balance (in shares) at Dec. 31, 2016 | 628 | ||||||
Beginning balance at Dec. 31, 2016 | 16,840 | [1] | 14,605 | $ 8,550 | 6,854 | (799) | 2,235 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Net income including noncontrolling interests | 674 | 632 | 632 | 42 | |||
Contributions from SunEdison and NRG to Four Brothers and Three Cedars | 6 | 0 | 6 | ||||
Issuance of common stock (in shares) | 1 | ||||||
Issuance of common stock | 79 | 79 | $ 79 | ||||
Dividends and distributions | (493) | (474) | (474) | (19) | |||
Other comprehensive income, net of tax | 64 | 64 | 64 | ||||
Other | 11 | 11 | 11 | ||||
Ending Balance (in shares) at Mar. 31, 2017 | 629 | ||||||
Ending balance at Mar. 31, 2017 | $ 17,181 | $ 14,917 | $ 8,629 | $ 7,023 | $ (735) | $ 2,264 | |
[1] | Dominion’s Consolidated Balance Sheet at December 31, 2016 has been derived from the audited Consolidated Balance Sheet at that date. |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Millions | 3 Months Ended | ||
Mar. 31, 2017 | Mar. 31, 2016 | ||
Operating Activities | |||
Net income including noncontrolling interests | $ 674 | $ 531 | |
Net income | 632 | 524 | |
Adjustments to reconcile net income including noncontrolling interests to net cash provided by operating activities: | |||
Depreciation and amortization (including nuclear fuel) | 548 | 424 | |
Deferred income taxes and investment tax credits | 250 | 131 | |
Proceeds from assignment of tower rental portfolio | 91 | 0 | |
Contribution to pension plan | (75) | 0 | |
Other adjustments | (84) | (26) | |
Changes in: | |||
Accounts receivable | 136 | 40 | |
Inventories | 61 | 44 | |
Deferred fuel and purchased gas costs, net | (37) | 35 | |
Prepayments | 18 | 41 | |
Accounts payable | (140) | (37) | |
Accrued interest, payroll and taxes | (19) | 68 | |
Margin deposit assets and liabilities | 8 | (21) | |
Other operating assets and liabilities | (71) | (38) | |
Net cash provided by operating activities | 1,360 | 1,192 | |
Investing Activities | |||
Plant construction and other property additions (including nuclear fuel) | (1,435) | (1,497) | |
Acquisition of solar development projects | (94) | 0 | |
Proceeds from sales of securities | 756 | 368 | |
Purchases of securities | (786) | (393) | |
Contributions to equity method affiliates | (146) | (23) | |
Other | 11 | 20 | |
Net cash used in investing activities | (1,694) | (1,525) | |
Financing Activities | |||
Issuance (repayment) of short-term debt, net | (528) | (481) | |
Repayment of short-term notes | 0 | (100) | |
Issuance of long-term debt | 1,950 | 1,250 | |
Repayment and repurchase of long-term debt | (401) | (496) | |
Proceeds from sale of interest in merchant solar projects | 0 | 117 | |
Contributions from NRG and SunEdison to Four Brothers and Three Cedars | 6 | 94 | |
Issuance of common stock | 79 | 75 | |
Common dividend payments | (474) | (417) | |
Other | (73) | (98) | |
Net cash provided by (used in) financing activities | 559 | (56) | |
Increase (decrease) in cash and cash equivalents | 225 | (389) | |
Cash and cash equivalents at beginning of period | 261 | [1] | 607 |
Cash and cash equivalents at end of period | 486 | 218 | |
Significant noncash investing and financing activities: | |||
Accrued capital expenditures | 230 | 472 | |
Virginia Electric and Power Company | |||
Operating Activities | |||
Net income | 356 | 263 | |
Adjustments to reconcile net income including noncontrolling interests to net cash provided by operating activities: | |||
Depreciation and amortization (including nuclear fuel) | 336 | 294 | |
Deferred income taxes and investment tax credits | 56 | 99 | |
Proceeds from assignment of tower rental portfolio | 91 | 0 | |
Other adjustments | (26) | (8) | |
Changes in: | |||
Accounts receivable | 76 | 38 | |
Affiliated receivables and payables | 141 | 322 | |
Inventories | 11 | 40 | |
Deferred fuel and purchased gas costs, net | (49) | 27 | |
Prepayments | (12) | 8 | |
Accounts payable | (21) | (3) | |
Accrued interest, payroll and taxes | 9 | 87 | |
Other operating assets and liabilities | 0 | 4 | |
Net cash provided by operating activities | 968 | 1,171 | |
Investing Activities | |||
Plant construction and other property additions (including nuclear fuel) | (647) | (604) | |
Purchases of nuclear fuel | (40) | (22) | |
Proceeds from sales of securities | 330 | 193 | |
Purchases of securities | (342) | (201) | |
Other | (3) | (13) | |
Net cash used in investing activities | (702) | (647) | |
Financing Activities | |||
Issuance (repayment) of short-term debt, net | (25) | (380) | |
Issuance (repayment) of affiliated current borrowings, net | (262) | (376) | |
Issuance of long-term debt | 750 | 750 | |
Repayment and repurchase of long-term debt | 0 | (452) | |
Distribution payments to parent | (445) | 0 | |
Other | (6) | (6) | |
Net cash provided by (used in) financing activities | 12 | (464) | |
Increase (decrease) in cash and cash equivalents | 278 | 60 | |
Cash and cash equivalents at beginning of period | 11 | [2] | 18 |
Cash and cash equivalents at end of period | 289 | 78 | |
Significant noncash investing and financing activities: | |||
Accrued capital expenditures | 124 | 164 | |
Dominion Gas Holdings, LLC | |||
Operating Activities | |||
Net income | 108 | 98 | |
Adjustments to reconcile net income including noncontrolling interests to net cash provided by operating activities: | |||
Depreciation and amortization | 54 | 43 | |
Deferred income taxes and investment tax credits | 59 | 58 | |
Other adjustments | (4) | (5) | |
Changes in: | |||
Accounts receivable | 3 | (18) | |
Affiliated receivables and payables | 1 | 99 | |
Inventories | (6) | (13) | |
Deferred fuel and purchased gas costs, net | 11 | 11 | |
Prepayments | 12 | 16 | |
Accounts payable | (53) | (25) | |
Accrued interest, payroll and taxes | (9) | 1 | |
Pension and other postretirement benefits | (31) | (32) | |
Other operating assets and liabilities | (3) | 0 | |
Net cash provided by operating activities | 142 | 233 | |
Investing Activities | |||
Plant construction and other property additions (including nuclear fuel) | (134) | (161) | |
Other | (8) | 3 | |
Net cash used in investing activities | (142) | (158) | |
Financing Activities | |||
Issuance (repayment) of short-term debt, net | (61) | 12 | |
Issuance (repayment) of affiliated current borrowings, net | 56 | (55) | |
Distribution payments to parent | (7) | 0 | |
Other | 0 | (1) | |
Net cash provided by (used in) financing activities | (12) | (44) | |
Increase (decrease) in cash and cash equivalents | (12) | 31 | |
Cash and cash equivalents at beginning of period | 23 | [3] | 13 |
Cash and cash equivalents at end of period | 11 | 44 | |
Significant noncash investing and financing activities: | |||
Accrued capital expenditures | $ 31 | $ 36 | |
[1] | Dominion’s Consolidated Balance Sheet at December 31, 2016 has been derived from the audited Consolidated Balance Sheet at that date. | ||
[2] | Virginia Power’s Consolidated Balance Sheet at December 31, 2016 has been derived from the audited Consolidated Balance Sheet at that date. | ||
[3] | Dominion Gas’ Consolidated Balance Sheet at December 31, 2016 has been derived from the audited Consolidated Balance Sheet at that date. |
Nature of Operations
Nature of Operations | 3 Months Ended |
Mar. 31, 2017 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Nature of Operations | Nature of Operations Dominion, headquartered in Richmond, Virginia, is one of the nation’s largest producers and transporters of energy. Dominion’s operations are conducted through various subsidiaries, including Virginia Power and Dominion Gas. Virginia Power is a regulated public utility that generates, transmits and distributes electricity for sale in Virginia and northeastern North Carolina. Dominion Gas is a holding company that conducts business activities through a regulated interstate natural gas transmission pipeline and underground storage system in the Northeast, mid-Atlantic and Midwest states, regulated gas transportation and distribution operations in Ohio, and gas gathering and processing activities primarily in West Virginia, Ohio and Pennsylvania. See Note 3 for a description of operations acquired in the Dominion Questar Combination. |
Significant Accounting Policies
Significant Accounting Policies | 3 Months Ended |
Mar. 31, 2017 | |
Accounting Policies [Abstract] | |
Significant Accounting Policies | Significant Accounting Policies As permitted by the rules and regulations of the SEC, the Companies' accompanying unaudited Consolidated Financial Statements contain certain condensed financial information and exclude certain footnote disclosures normally included in annual audited consolidated financial statements prepared in accordance with GAAP. These unaudited Consolidated Financial Statements should be read in conjunction with the Consolidated Financial Statements and Notes in the Companies' Annual Report on Form 10-K for the year ended December 31, 2016. In the Companies' opinion, the accompanying unaudited Consolidated Financial Statements contain all adjustments necessary to present fairly their financial position as of March 31, 2017, their results of operations for the three months ended March 31, 2017 and 2016, their cash flows for the three months ended March 31, 2017 and 2016 and Dominion's changes in equity for the three months ended March 31, 2017. Such adjustments are normal and recurring in nature unless otherwise noted. The Companies make certain estimates and assumptions in preparing their Consolidated Financial Statements in accordance with GAAP. These estimates and assumptions affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses for the periods presented. Actual results may differ from those estimates. The Companies' accompanying unaudited Consolidated Financial Statements include, after eliminating intercompany transactions and balances, their accounts, those of their respective majority-owned subsidiaries and non-wholly-owned entities in which they have a controlling financial interest. For certain partnership structures, income is allocated based on the liquidation value of the underlying contractual arrangements. At March 31, 2017, Dominion owns the general partner, 50.9% of the common and subordinated units and 37.5% of the convertible preferred interests in Dominion Midstream. The public’s ownership interest in Dominion Midstream is reflected as noncontrolling interest in Dominion’s Consolidated Financial Statements. Also, at March 31, 2017, Dominion owns 50% of the units in and consolidates Four Brothers and Three Cedars. NRG's ownership interest in Four Brothers and Three Cedars, as well as Terra Nova Renewable Partners' 33% interest in certain Dominion merchant solar projects, is reflected as noncontrolling interest in Dominion’s Consolidated Financial Statements. The results of operations for interim periods are not necessarily indicative of the results expected for the full year. Information for quarterly periods is affected by seasonal variations in sales, rate changes, electric fuel and other energy-related purchases, purchased gas expenses and other factors. Certain amounts in the Companies' 2016 Consolidated Financial Statements and Notes have been reclassified to conform to the 2017 presentation for comparative purposes. The reclassifications did not affect the Companies’ net income, total assets, liabilities, equity or cash flows. Amounts disclosed for Dominion are inclusive of Virginia Power and/or Dominion Gas, where applicable. With the exception of the items described below, there have been no significant changes from Note 2 to the Consolidated Financial Statements in the Companies' Annual Report on Form 10-K for the year ended December 31, 2016. Property, Plant and Equipment In the first quarter of 2017, Virginia Power revised the depreciation rates for its assets to reflect the results of a new depreciation study. This change resulted in an increase in depreciation expense of $10 million ( $6 million after-tax) for the quarter ended March 31, 2017 and is expected to increase annual depreciation by approximately $40 million ( $25 million after-tax). Additionally, Dominion revised the depreciable lives for its merchant generation assets, excluding Millstone, which resulted in a decrease in depreciation expense of $6 million ( $4 million after-tax) for the quarter ended March 31, 2017 and is expected to decrease annual depreciation by approximately $26 million ( $16 million after-tax). New Accounting Standards In March 2017, the Financial Accounting Standards Board issued revised accounting guidance for the presentation of net periodic pension and other postretirement benefit costs. The update requires that the service cost component of net periodic pension and other postretirement benefit costs be classified in the same line item as other compensation costs arising from services rendered by employees, while all other components of net periodic pension and other postretirement benefit costs would be classified outside of income from operations. In addition, only the service cost component will be eligible for capitalization during construction. The standard also recognized that in the event that a regulator continues to require capitalization of all net periodic benefit costs prospectively, the difference would result in recognition of a regulatory asset or liability. The guidance is effective for the Companies’ interim and annual reporting periods beginning January 1, 2018, although it can be early adopted, with a retrospective approach for income statement presentation and a prospective approach for capitalization. The Companies are currently evaluating the impact the adoption of the standard will have on their consolidated financial statements and disclosures. The Companies are also evaluating industry issues that could potentially create a regulatory accounting difference in the event that FERC or any of our state commissions do not adopt the change in capitalization requirements for regulatory reporting. |
Acquisitions and Dispositions
Acquisitions and Dispositions | 3 Months Ended |
Mar. 31, 2017 | |
Business Combinations, Discontinued Operations and Disposal Groups [Abstract] | |
Acquisitions and Dispositions | Acquisitions and Dispositions Dominion Acquisition of Dominion Questar In September 2016, Dominion completed the Dominion Questar Combination and Dominion Questar became a wholly-owned subsidiary of Dominion. Dominion Questar, a Rockies-based integrated natural gas company, included Questar Gas, Wexpro Company and Questar Pipeline at closing. Questar Gas has regulated gas distribution operations in Utah, southwestern Wyoming and southeastern Idaho. Wexpro Company develops and produces natural gas from reserves that are 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 to the Consolidated Financial Statements in the Companies' Annual Report on Form 10-K for the year ended December 31, 2016 for more information. See Note 3 to the Consolidated Financial Statements in the Companies' Annual Report on Form 10-K for the year ended December 31, 2016 for more information on the Dominion Questar Combination including purchase price allocation, regulatory matters, results of operations, and the contribution of Questar Pipeline to Dominion Midstream. Pro Forma Information The following unaudited pro forma financial information reflects the consolidated results of operations of Dominion assuming the Dominion Questar Combination had taken place on January 1, 2015. The unaudited pro forma financial information has been presented for illustrative purposes only and is not necessarily indicative of the consolidated results of operations that would have been achieved or the future consolidated results of operations of the combined company. Three Months Ended March 31, 2016 (1) (millions, except EPS) Operating Revenue $ 3,377 Net income attributable to Dominion 613 Earnings Per Common Share – Basic $ 1.03 Earnings Per Common Share – Diluted $ 1.03 (1) Amounts include adjustments for non-recurring costs directly related to the Dominion Questar Combination. Wholly-Owned Merchant Solar Projects 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. 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. In February 2017, Dominion closed on the acquisition for $29 million , all of which was allocated to property, plant and equipment. The project is expected to cost approximately $205 million once constructed, including the initial acquisition cost. The facility is expected to begin commercial operations during the fourth quarter of 2017 and to generate approximately 100 MW. 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. In March 2017, Dominion closed on the acquisition of one of the solar projects for $77 million , all of which was allocated to property, plant and equipment. The project is expected to cost approximately $80 million once constructed, including the initial acquisition cost. The facility is expected to begin commercial operations during the second quarter of 2017 and to generate approximately 30 MW. In April 2017, Dominion discontinued efforts on the acquisition of the additional 20 MW solar project from Solar Frontier Americas Holding LLC. Sale of Interest in Merchant Solar Projects In September 2015, Dominion signed an agreement to sell a noncontrolling interest (consisting of 33% of the equity interests) in all of its then currently wholly-owned merchant solar projects, 24 solar projects totaling approximately 425 MW, to SunEdison. In December 2015, the sale of interest in 15 of the solar projects closed for $184 million with the sale of interest in the remaining projects completed in January 2016 for $117 million . Upon closing, SunEdison sold its interest in these projects to Terra Nova Renewable Partners. Terra Nova Renewable Partners has a future option to buy all or a portion of Dominion’s remaining 67% ownership in the projects upon the occurrence of certain events, none of which had occurred as of March 31, 2017 nor are expected to occur in the remainder of 2017. Virginia Power Assignment of Tower Rental Portfolio Virginia Power rents space on certain of its electric transmission towers to various wireless carriers for communications antennas and other equipment. In March 2017, Virginia Power sold its rental portfolio to Vertical Bridge Towers II, LLC for $91 million in cash. The proceeds are subject to Virginia Power's FERC-regulated tariff, under which it is required to return half of the proceeds to customers. Virginia Power recognized $7 million in other income in March 2017 with the remaining $39 million to be recognized ratably through 2023. Dominion Gas Assignment of Shale Development Rights In November 2014, Dominion Gas closed on an agreement with a natural gas producer to convey over time approximately 24,000 acres of Marcellus Shale development rights underneath one of its natural gas storage fields. In connection with that agreement, in January 2016, Dominion Gas conveyed approximately 2,000 acres of Marcellus Shale development rights and received proceeds of $5 million and an overriding royalty interest in gas produced from the acreage. This transaction resulted in a $5 million ( $3 million after-tax) gain, included in other operations and maintenance expense in Dominion Gas' Consolidated Statements of Income. |
Operating Revenue
Operating Revenue | 3 Months Ended |
Mar. 31, 2017 | |
Regulated and Unregulated Operating Revenue [Abstract] | |
Operating Revenue | Operating Revenue The Companies’ operating revenue consists of the following: Three Months Ended March 31, 2017 2016 (millions) Dominion Electric sales: Regulated $ 1,766 $ 1,842 Nonregulated 427 389 Gas sales: Regulated 448 65 Nonregulated 144 118 Gas transportation and storage 492 415 Other 107 92 Total operating revenue $ 3,384 $ 2,921 Virginia Power Regulated electric sales $ 1,766 $ 1,842 Other 65 48 Total operating revenue $ 1,831 $ 1,890 Dominion Gas Gas sales: Regulated $ 32 $ 29 Nonregulated 2 1 Gas transportation and storage 396 351 Other 60 50 Total operating revenue $ 490 $ 431 |
Income Taxes
Income Taxes | 3 Months Ended |
Mar. 31, 2017 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes 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 Three Months Ended March 31, 2017 2016 2017 2016 2017 2016 U.S. statutory rate 35.0 % 35.0 % 35.0 % 35.0 % 35.0 % 35.0 % Increases (reductions) resulting from: State taxes, net of federal benefit 2.8 4.3 3.8 4.2 0.3 3.9 Investment tax credits (4.2 ) (10.9 ) (0.8 ) (1.3 ) — — Production tax credits (0.8 ) (0.8 ) (0.6 ) (0.6 ) — — Other, net (3.8 ) (2.4 ) (0.6 ) (0.6 ) (0.6 ) (0.1 ) Effective tax rate 29.0 % 25.2 % 36.8 % 36.7 % 34.7 % 38.8 % The effective tax rate in 2017 for Dominion and Dominion Gas reflects the completion of audits by state tax authorities that resulted in the recognition of previously unrecognized tax benefits. Otherwise, as of March 31, 2017, there have been no material changes in the Companies' unrecognized tax benefits or possible changes that could reasonably be expected to occur during the next twelve months. See Note 5 to the Consolidated Financial Statements in the Companies' Annual Report on Form 10-K for the year ended December 31, 2016 for a discussion of these unrecognized tax benefits. |
Earnings Per Share
Earnings Per Share | 3 Months Ended |
Mar. 31, 2017 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | Earnings Per Share The following table presents the calculation of Dominion’s basic and diluted EPS: Three Months Ended March 31, 2017 2016 (millions, except EPS) Net income attributable to Dominion $ 632 $ 524 Average shares of common stock outstanding – Basic 628.1 596.6 Net effect of dilutive securities (1) — 1.6 Average shares of common stock outstanding – Diluted 628.1 598.2 Earnings Per Common Share – Basic $ 1.01 $ 0.88 Earnings Per Common Share – Diluted $ 1.01 $ 0.88 (1) Dilutive securities consist primarily of the 2013 Equity Units for the three months ended March 31, 2016. See Note 17 to the Consolidated Financial Statements in the Companies' Annual Report on Form 10-K for the year ended December 31, 2016 for more information. The 2014 Equity Units are potentially dilutive securities but were excluded from the calculation of diluted EPS for the three months ended March 31, 2017 and 2016, as the dilutive stock price threshold was not met. The 2016 Equity Units are potentially dilutive securities but were excluded from the calculation of diluted EPS for the three months ended March 31, 2017, as the dilutive stock price threshold was not met. The Dominion Midstream convertible preferred units are potentially dilutive securities but had no effect on the calculation of diluted EPS for the three months ended March 31, 2017. |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Income | 3 Months Ended |
Mar. 31, 2017 | |
Equity [Abstract] | |
Accumulated Other Comprehensive Income | Accumulated Other Comprehensive Income Dominion The following table presents Dominion’s changes in AOCI by component, net of tax: Deferred Gains and Losses on Derivatives-Hedging Activities Unrealized Gains and Losses on Investment Securities Unrecognized Pension and Other Postretirement Benefit Costs Other Comprehensive Income (Loss) From Equity Method Investee Total (millions) Three Months Ended March 31, 2017 Beginning balance $ (280 ) $ 569 $ (1,082 ) $ (6 ) $ (799 ) Other comprehensive income before reclassifications: gains 43 58 — 1 102 Amounts reclassified from AOCI (1) : (gains) losses (23 ) (28 ) 13 — (38 ) Net current-period other comprehensive income 20 30 13 1 64 Ending balance $ (260 ) $ 599 $ (1,069 ) $ (5 ) $ (735 ) Three Months Ended March 31, 2016 Beginning balance $ (176 ) $ 504 $ (797 ) $ (5 ) $ (474 ) Other comprehensive income before reclassifications: gains 53 15 — — 68 Amounts reclassified from AOCI (1) : (gains) losses (63 ) (2 ) 8 — (57 ) Net current-period other comprehensive income (loss) (10 ) 13 8 — 11 Ending balance $ (186 ) $ 517 $ (789 ) $ (5 ) $ (463 ) (1) See table below for details about these reclassifications. The following table presents Dominion’s reclassifications out of AOCI by component: Details About AOCI Components Amounts Reclassified From AOCI Affected Line Item in the Consolidated Statements of Income (millions) Three Months Ended March 31, 2017 Deferred (gains) and losses on derivatives-hedging activities: Commodity contracts $ (62 ) Operating revenue (1 ) Purchased gas 1 Electric fuel and other energy-related purchases Interest rate contracts 11 Interest and related charges Foreign currency contracts 14 Other income (37 ) Tax 14 Income tax expense $ (23 ) Unrealized (gains) and losses on investment securities: Realized (gain) loss on sale of securities $ (53 ) Other income Impairment 9 Other income (44 ) Tax 16 Income tax expense $ (28 ) Unrecognized pension and other postretirement benefit costs: Prior service (credit) costs $ (4 ) Other operations and maintenance Actuarial (gains) losses 25 Other operations and maintenance 21 Tax (8 ) Income tax expense $ 13 Three Months Ended March 31, 2016 Deferred (gains) and losses on derivatives-hedging activities: Commodity contracts $ (114 ) Operating revenue 6 Purchased gas 3 Electric fuel and other energy-related purchases Interest rate contracts 3 Interest and related charges (102 ) Tax 39 Income tax expense $ (63 ) Unrealized (gains) and losses on investment securities: Realized (gain) loss on sale of securities $ (10 ) Other income Impairment 7 Other income (3 ) Tax 1 Income tax expense $ (2 ) Unrecognized pension and other postretirement benefit costs: Prior service (credit) costs $ (3 ) Other operations and maintenance Actuarial (gains) losses 17 Other operations and maintenance 14 Tax (6 ) Income tax expense $ 8 Dominion Gas The following table presents Dominion Gas’ changes in AOCI by component, net of tax: Deferred Gains and Losses on Derivatives-Hedging Activities Unrecognized Pension and Other Postretirement Benefit Costs Total (millions) Three Months Ended March 31, 2017 Beginning balance $ (24 ) $ (99 ) $ (123 ) Other comprehensive income before reclassifications: losses (9 ) — (9 ) Amounts reclassified from AOCI (1) : losses 11 — 11 Net current-period other comprehensive income 2 — 2 Ending balance $ (22 ) $ (99 ) $ (121 ) Three Months Ended March 31, 2016 Beginning balance $ (17 ) $ (82 ) $ (99 ) Other comprehensive income before reclassifications: losses (6 ) — (6 ) Amounts reclassified from AOCI (1) : gains (2 ) — (2 ) Net current-period other comprehensive loss (8 ) — (8 ) Ending balance $ (25 ) $ (82 ) $ (107 ) (1) See table below for details about these reclassifications. The following table presents Dominion Gas' reclassifications out of AOCI by component: Details About AOCI Components Amounts Reclassified From AOCI Affected Line Item in the Consolidated Statements of Income (millions) Three Months Ended March 31, 2017 Deferred (gains) and losses on derivatives-hedging activities: Commodity contracts $ 3 Operating revenue Interest rate contracts 1 Interest and related charges Foreign currency contracts 14 Other income 18 Tax (7 ) Income tax expense $ 11 Unrecognized pension and other postretirement benefit costs: Actuarial (gains) losses $ 1 Other operations and maintenance 1 Tax (1 ) Income tax expense $ — Three Months Ended March 31, 2016 Deferred (gains) and losses on derivatives-hedging activities: Commodity contracts $ (4 ) Operating revenue (4 ) Tax 2 Income tax expense $ (2 ) Unrecognized pension and other postretirement benefit costs: Actuarial (gains) losses $ 1 Other operations and maintenance 1 Tax (1 ) Income tax expense $ — |
Fair Value Measurements
Fair Value Measurements | 3 Months Ended |
Mar. 31, 2017 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | Fair Value Measurements The Companies' fair value measurements are made in accordance with the policies discussed in Note 6 to the Consolidated Financial Statements in the Companies' Annual Report on Form 10-K for the year ended December 31, 2016. See Note 9 in this report for further information about the Companies' derivatives and hedge accounting activities. 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, futures, and swaps contracts. An option model is used to value Level 3 physical and financial options. The discounted cash flow model for forwards, futures, and swaps 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 March 31, 2017. 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) $ 78 Discounted cash flow Market price (per Dth) (3) (2) - 7 — Credit Spreads (4) 0% - 4% 2 % FTRs 1 Discounted cash flow Market price (per MWh) (3) (3) - 3 — Physical and financial options: Natural gas 2 Option model Market price (per Dth) (3) 2 - 7 3 Price volatility (5) 18% - 48% 25 % Electricity 60 Option model Market Price (per MWh) (3) 21 - 54 33 Price volatility (5) 14% - 68% 31 % Total assets $ 141 Liabilities Physical and financial forwards and futures: Natural gas (2) $ 2 Discounted cash flow Market price (per Dth) (3) (1) - 4 3 FTRs 8 Discounted cash flow Market price (per MWh) (3) (3) - 2 — Physical and financial options: Natural gas 1 Option model Market price (per Dth) (3) 2 - 3 3 Price volatility (5) 34% - 48% 39 % Total liabilities $ 11 (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) Recurring Fair Value Measurements Dominion The following table presents Dominion’s assets and liabilities that are measured at fair value on a recurring basis for each hierarchy level, including both current and noncurrent portions: Level 1 Level 2 Level 3 Total (millions) At March 31, 2017 Assets Derivatives: Commodity $ — $ 113 $ 141 $ 254 Interest rate — 20 — 20 Investments (1) : Equity securities: U.S. 3,084 — — 3,084 Fixed income: Corporate debt instruments — 498 — 498 Government securities 423 615 — 1,038 Cash equivalents and other 6 — — 6 Total assets $ 3,513 $ 1,246 $ 141 $ 4,900 Liabilities Derivatives: Commodity $ — $ 74 $ 11 $ 85 Interest rate — 59 — 59 Foreign currency — 6 — 6 Total liabilities $ — $ 139 $ 11 $ 150 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 (1) Includes investments held in the nuclear decommissioning and rabbi trusts. Excludes $88 million and $89 million of assets at March 31, 2017 and December 31, 2016, respectively, measured at fair value using NAV (or its equivalent) as a practical expedient which are not required to be categorized in the fair value hierarchy. The following table presents the net change in Dominion's assets and liabilities measured at fair value on a recurring basis and included in the Level 3 fair value category: Three Months Ended March 31, 2017 2016 (millions) Beginning balance $ 139 $ 95 Total realized and unrealized gains (losses): Included in earnings (15 ) (7 ) Included in other comprehensive income — 3 Included in regulatory assets/liabilities (9 ) 17 Settlements 12 8 Transfers out of Level 3 3 (7 ) Ending balance $ 130 $ 109 The gains and losses included in earnings in the Level 3 fair value category were classified in electric fuel and other energy-related purchases in Dominion's Consolidated Statements of Income for the three months ended March 31, 2017 and 2016. There were no unrealized gains or losses included in earnings in the Level 3 fair value category relating to assets/liabilities still held at the reporting date for the three months ended March 31, 2017 and 2016. Virginia Power The following table presents Virginia Power's quantitative information about Level 3 fair value measurements at March 31, 2017. 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) $ 77 Discounted cash flow Market price (per Dth) (3) (2) - 7 — Credit Spreads (4) 0% - 4% 2 % FTRs 1 Discounted cash flow Market price (per MWh) (3) (3) - 2 — Physical and financial options: Natural gas 2 Option model Market price (per Dth) (3) 2 - 7 3 Price Volatility (5) 18% - 40% 25 % Electricity 60 Option model Market price (per MWh) (3) 21 - 54 33 Price Volatility (5) 14% - 68% 31 % Total assets $ 140 Liabilities Physical and financial forwards and futures: FTRs $ 8 Discounted cash flow Market price (per MWh) (3) (3) - 2 — Total liabilities $ 8 (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) Credit spread Asset Increase (decrease) Loss (gain) Price volatility Buy Increase (decrease) Gain (loss) Price volatility Sell Increase (decrease) Loss (gain) The following table presents Virginia Power’s assets and liabilities that are measured at fair value on a recurring basis for each hierarchy level, including both current and noncurrent portions: Level 1 Level 2 Level 3 Total (millions) At March 31, 2017 Assets Derivatives: Commodity $ — $ 30 $ 140 $ 170 Interest rate — 8 — 8 Investments (1) : Equity securities: U.S. 1,376 — — 1,376 Fixed income: Corporate debt instruments — 282 — 282 Government securities 133 294 — 427 Total assets $ 1,509 $ 614 $ 140 $ 2,263 Liabilities Derivatives: Commodity $ — $ 3 $ 8 $ 11 Interest rate — 22 — 22 Total liabilities $ — $ 25 $ 8 $ 33 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 (1) Includes investments held in the nuclear decommissioning trusts. Excludes $30 million and $26 million of assets at March 31, 2017 and December 31, 2016, respectively, measured at fair value using NAV (or its equivalent) as a practical expedient which are not required to be categorized in the fair value hierarchy. The following table presents the net change in Virginia Power’s assets and liabilities measured at fair value on a recurring basis and included in the Level 3 fair value category: Three Months Ended March 31, 2017 2016 (millions) Beginning balance $ 143 $ 93 Total realized and unrealized gains (losses): Included in earnings (15 ) (8 ) Included in regulatory assets/liabilities (8 ) 17 Settlements 12 8 Ending balance $ 132 $ 110 The gains and losses included in earnings in the Level 3 fair value category were classified in electric fuel and other energy-related purchases in Virginia Power's Consolidated Statements of Income for the three months ended March 31, 2017 and 2016. There were no unrealized gains or losses included in earnings in the Level 3 fair value category relating to assets/liabilities still held at the reporting date for the three months ended March 31, 2017 and 2016. Dominion Gas The following table presents Dominion Gas' liabilities for derivatives that are measured at fair value on a recurring basis for each hierarchy level, including both current and noncurrent portions. Derivative assets at March 31, 2017 and December 31, 2016 were not material. Level 1 Level 2 Level 3 Total (millions) At March 31, 2017 Liabilities Commodity $ — $ 1 $ — $ 1 Foreign currency — 6 — 6 Total liabilities $ — $ 7 $ — $ 7 At December 31, 2016 Liabilities Commodity $ — $ 3 $ 2 $ 5 Foreign currency — 6 — 6 Total liabilities $ — $ 9 $ 2 $ 11 The following table presents the net change in Dominion Gas' assets and liabilities for derivatives measured at fair value on a recurring basis and included in the Level 3 fair value category: Three Months Ended March 31, 2017 2016 (millions) Beginning balance $ (2 ) $ 6 Total realized and unrealized gains (losses): Included in other comprehensive income (loss) (1 ) 2 Transfers out of Level 3 3 (8 ) Ending balance $ — $ — There were no gains or losses included in earnings in the level 3 fair value category for the three months ended March 31, 2017 and 2016. There were no unrealized gains or losses included in earnings in the Level 3 fair value category relating to assets/liabilities still held at the reporting date for the three months ended March 31, 2017 and 2016. 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: March 31, 2017 December 31, 2016 Carrying Estimated Fair (1) Carrying Estimated Fair (1) (millions) Dominion Long-term debt, including securities due within one year (2) $ 28,133 $ 29,918 $ 26,587 $ 28,273 Junior subordinated notes (3) 2,980 2,981 2,980 2,893 Remarketable subordinated notes (3) 2,374 2,431 2,373 2,418 Virginia Power Long-term debt, including securities due within one year (3) $ 11,276 $ 12,371 $ 10,530 $ 11,584 Dominion Gas Long-term debt, including securities due within one year (4) $ 3,533 $ 3,614 $ 3,528 $ 3,603 (1) Fair value is estimated using market prices, where available, and interest rates currently available for issuance of debt with similar terms and remaining maturities. All fair value measurements are classified as Level 2. The carrying amount of debt issues with short-term maturities and variable rates refinanced at current market rates is a reasonable estimate of their fair value. (2) Carrying amount includes amounts which represent the unamortized debt issuance costs, discount or premium, and foreign currency remeasurement adjustments. At March 31, 2017 and December 31, 2016, includes the valuation of certain fair value hedges associated with fixed rate debt of $(4) million and $(1) million , respectively. (3) Carrying amount includes amounts which represent the unamortized debt issuance costs, discount or premium. (4) Carrying amount includes amounts which represent the unamortized debt issuance costs, discount or premium, and foreign currency remeasurement adjustments. |
Derivatives and Hedge Accountin
Derivatives and Hedge Accounting Activities | 3 Months Ended |
Mar. 31, 2017 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivatives and Hedge Accounting Activities | Derivatives and Hedge Accounting Activities The Companies' accounting policies, objectives and strategies for using derivative instruments are discussed in Note 2 to the Consolidated Financial Statements in the Companies' Annual Report on Form 10-K for the year ended December 31, 2016. See Note 8 in this report for further information about fair value measurements and associated valuation methods for derivatives. Derivative assets and liabilities are presented gross on the Companies' Consolidated Balance Sheets. Dominion's derivative contracts include both over-the-counter transactions and those that are executed on an exchange or other trading platform (exchange contracts) and centrally cleared. Virginia Power's and Dominion Gas' derivative contracts consist of over-the-counter transactions. Over-the-counter contracts are bilateral contracts that are transacted directly with a counterparty. Exchange contracts utilize a financial intermediary, exchange, or clearinghouse to enter, execute, or clear the transactions. Certain over-the-counter and exchange contracts contain contractual rights of setoff through master netting arrangements, derivative clearing agreements, and contract default provisions. In addition, the contracts are subject to conditional rights of setoff through counterparty nonperformance, insolvency, or other conditions. In general, most over-the-counter transactions and all exchange contracts are subject to collateral requirements. Types of collateral for over-the-counter and exchange contracts include cash, letters of credit, and in some cases other forms of security, none of which are subject to restrictions. Cash collateral is used in the table below to offset derivative assets and liabilities. Certain accounts receivable and accounts payable recognized on the Companies' Consolidated Balance Sheets, as well as letters of credit and other forms of security, all of which are not included in the tables below, are subject to offset under master netting or similar arrangements and would reduce the net exposure. Dominion Balance Sheet Presentation The tables below present Dominion's derivative asset and liability balances by type of financial instrument, before and after the effects of offsetting: March 31, 2017 December 31, 2016 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 $ 206 $ — $ 206 $ 211 $ — $ 211 Exchange 42 — 42 44 — 44 Interest rate contracts: Over-the-counter 20 — 20 17 — 17 Total derivatives, subject to a master netting or similar arrangement 268 — 268 272 — 272 Total derivatives, not subject to a master netting or similar arrangement 6 — 6 7 — 7 Total $ 274 $ — $ 274 $ 279 $ — $ 279 March 31, 2017 December 31, 2016 Gross Amounts Not Offset in the Consolidated Balance Sheet Gross Amounts Not Offset in the Consolidated Balance Sheet Net Amounts of Assets Presented in the Consolidated Balance Sheet Financial Instruments Cash Collateral Received Net Amounts Net Amounts of Assets Presented in the Consolidated Balance Sheet Financial Instruments Cash Collateral Received Net Amounts (millions) Commodity contracts: Over-the-counter $ 206 $ 6 $ — $ 200 $ 211 $ 14 $ — $ 197 Exchange 42 42 — — 44 44 — — Interest rate contracts: Over-the-counter 20 11 — 9 17 9 — 8 Total $ 268 $ 59 $ — $ 209 $ 272 $ 67 $ — $ 205 March 31, 2017 December 31, 2016 Gross Amounts of Recognized Liabilities Gross Amounts Offset in the Consolidated Balance Sheet Net Amounts of Liabilities Presented in the Consolidated Balance Sheet Gross Amounts of Recognized Liabilities Gross Amounts Offset in the Consolidated Balance Sheet Net Amounts of Liabilities Presented in the Consolidated Balance Sheet (millions) Commodity contracts: Over-the-counter $ 21 $ — $ 21 $ 23 $ — $ 23 Exchange 61 — 61 71 — 71 Interest rate contracts: Over-the-counter 59 — 59 53 — 53 Foreign currency contracts: Over-the-counter 6 — 6 6 — 6 Total derivatives, subject to a master netting or similar arrangement 147 — 147 153 — 153 Total derivatives, not subject to a master netting or similar arrangement 3 — 3 2 — 2 Total $ 150 $ — $ 150 $ 155 $ — $ 155 March 31, 2017 December 31, 2016 Gross Amounts Not Offset in the Consolidated Balance Sheet Gross Amounts Not Offset in the Consolidated Balance Sheet Net Amounts of Liabilities Presented in the Consolidated Balance Sheet Financial Instruments Cash Collateral Paid Net Amounts Net Amounts of Liabilities Presented in the Consolidated Balance Sheet Financial Instruments Cash Collateral Paid Net Amounts (millions) Commodity contracts: Over-the-counter $ 21 $ 6 $ 2 $ 13 $ 23 $ 14 $ — $ 9 Exchange 61 42 19 — 71 44 27 — Interest rate contracts: Over-the-counter 59 11 — 48 53 9 — 44 Foreign currency contracts: Over-the-counter 6 — — 6 6 — — 6 Total $ 147 $ 59 $ 21 $ 67 $ 153 $ 67 $ 27 $ 59 Volumes The following table presents the volume of Dominion’s derivative activity at March 31, 2017. These volumes are based on open derivative positions and represent the combined absolute value of its long and short positions, except in the case of offsetting transactions, for which they represent the absolute value of the net volume of its long and short positions. Current Noncurrent Natural Gas (bcf): Fixed price (1) 92 11 Basis 194 607 Electricity (MWh): Fixed price 13,457,158 1,537,046 FTRs 19,361,385 — Liquids (Gal) (2) 60,968,672 — Interest rate (3) $ 2,050,000,000 $ 4,953,640,679 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 three months ended March 31, 2017 and 2016, 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 March 31, 2017: AOCI After-Tax Amounts Expected to be Reclassified to Earnings During the Next 12 Months After-Tax Maximum Term (millions) Commodities: Gas $ 7 $ 7 33 months Electricity (4 ) (4 ) 9 months Interest rate (267 ) (6 ) 393 months Foreign currency 4 (1 ) 111 months Total $ (260 ) $ (4 ) 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 prices contemplated by the underlying risk management strategies and will vary from the expected amounts presented above as a result of changes in market prices, interest rates and foreign currency exchange rates. Fair Value and Gains and Losses on Derivative Instruments The following table presents the fair values of Dominion’s derivatives and where they are presented in its Consolidated Balance Sheets: Fair Value – Fair Value – Total Fair Value (millions) At March 31, 2017 ASSETS Current Assets Commodity $ 33 $ 107 $ 140 Interest rate 19 — 19 Total current derivative assets (1) 52 107 159 Noncurrent Assets Commodity — 114 114 Interest rate 1 — 1 Total noncurrent derivative assets (2) 1 114 115 Total derivative assets $ 53 $ 221 $ 274 LIABILITIES Current Liabilities Commodity $ 29 $ 53 $ 82 Interest rate 35 — 35 Foreign currency 1 — 1 Total current derivative liabilities (3) 65 53 118 Noncurrent Liabilities Commodity — 3 3 Interest rate 24 — 24 Foreign currency 5 — 5 Total noncurrent derivative liabilities (4) 29 3 32 Total derivative liabilities $ 94 $ 56 $ 150 At December 31, 2016 ASSETS Current Assets Commodity $ 29 $ 101 $ 130 Interest rate 10 — 10 Total current derivative assets (1) 39 101 140 Noncurrent Assets Commodity — 132 132 Interest rate 7 — 7 Total noncurrent derivative assets (2) 7 132 139 Total derivative assets $ 46 $ 233 $ 279 LIABILITIES Current Liabilities Commodity $ 51 $ 41 $ 92 Interest rate 33 — 33 Foreign currency 3 — 3 Total current derivative liabilities (3) 87 41 128 Noncurrent Liabilities Commodity 1 3 4 Interest rate 20 — 20 Foreign currency 3 — 3 Total noncurrent derivative liabilities (4) 24 3 27 Total derivative liabilities $ 111 $ 44 $ 155 (1) Current derivative assets are presented in other current assets in Dominion’s Consolidated Balance Sheets. (2) Noncurrent derivative assets are presented in other deferred charges and other assets in Dominion’s Consolidated Balance Sheets. (3) Current derivative liabilities are presented in other current liabilities in Dominion's Consolidated Balance Sheets. (4) Noncurrent derivative liabilities are presented in other deferred credits and other liabilities in Dominion’s Consolidated Balance Sheets. The following tables present the gains and losses on Dominion's derivatives, as well as where the associated activity is presented in its Consolidated Balance Sheets and Statements of Income: Derivatives in Cash Flow Hedging Relationships Amount of Gain (Loss) Recognized in AOCI on Derivatives (Effective Portion) (1) Amount of Gain Increase (Decrease) in Derivatives Subject to Regulatory Treatment (2) (millions) Three Months Ended March 31, 2017 Derivative type and location of gains (losses): Commodity: Operating revenue $ 62 Purchased gas 1 Electric fuel and other energy-related purchases (1 ) Total commodity $ 87 $ 62 $ — Interest rate (3) 1 (11 ) 8 Foreign currency (4) (18 ) (14 ) — Total $ 70 $ 37 $ 8 Three Months Ended March 31, 2016 Derivative type and location of gains (losses): Commodity: Operating revenue $ 114 Purchased gas (6 ) Electric fuel and other energy-related purchases (3 ) Total commodity $ 173 $ 105 $ — Interest rate (3) (87 ) (3 ) (133 ) Total $ 86 $ 102 $ (133 ) (1) Amounts deferred into AOCI have no associated effect in Dominion’s Consolidated Statements of Income. (2) Represents net derivative activity deferred into and amortized out of regulatory assets/liabilities. Amounts deferred into regulatory assets/liabilities have no associated effect in Dominion’s Consolidated Statements of Income. (3) Amounts recorded in Dominion’s Consolidated Statements of Income are classified in interest and related charges. (4) Amounts recorded in Dominion’s Consolidated Statements of Income are classified in other income. Amount of Gain (Loss) Recognized in Income on Derivatives (1) Three Months Ended March 31, Derivatives Not Designated as Hedging Instruments 2017 2016 (millions) Derivative type and location of gains (losses): Commodity: Operating revenue $ 4 $ 2 Purchased gas 16 — Electric fuel and other energy-related purchases (23 ) (23 ) Other operations and maintenance (1 ) — Total $ (4 ) $ (21 ) (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. 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: March 31, 2017 December 31, 2016 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 $ 143 $ — $ 143 $ 147 $ — $ 147 Interest rate contracts: Over-the-counter 8 — 8 6 — 6 Total derivatives, subject to a master netting or similar arrangement 151 — 151 153 — 153 Total derivatives, not subject to a master netting or similar arrangement 27 — 27 41 — 41 Total $ 178 $ — $ 178 $ 194 $ — $ 194 March 31, 2017 December 31, 2016 Gross Amounts Not Offset in the Consolidated Balance Sheet Gross Amounts Not Offset in the Consolidated Balance Sheet Net Amounts of Assets Presented in the Consolidated Balance Sheet Financial Instruments Cash Collateral Received Net Amounts Net Amounts of Assets Presented in the Consolidated Balance Sheet Financial Instruments Cash Collateral Received Net Amounts (millions) Commodity contracts: Over-the-counter $ 143 $ 1 $ — $ 142 $ 147 $ 2 $ — $ 145 Interest rate contracts: Over-the-counter 8 — — 8 6 — — 6 Total $ 151 $ 1 $ — $ 150 $ 153 $ 2 $ — $ 151 March 31, 2017 December 31, 2016 Gross Amounts of Recognized Liabilities Gross Amounts Offset in the Consolidated Balance Sheet Net Amounts of Liabilities Presented in the Consolidated Balance Sheet Gross Amounts of Recognized Liabilities Gross Amounts Offset in the Consolidated Balance Sheet Net Amounts of Liabilities Presented in the Consolidated Balance Sheet (millions) Commodity contracts: Over-the-counter $ 8 $ — $ 8 $ 2 $ — $ 2 Interest rate contracts: Over-the-counter 22 — 22 21 — 21 Total derivatives, subject to a master netting or similar arrangement 30 — 30 23 — 23 Total derivatives, not subject to a master netting or similar arrangement 3 — 3 8 — 8 Total $ 33 $ — $ 33 $ 31 $ — $ 31 March 31, 2017 December 31, 2016 Gross Amounts Not Offset in the Consolidated Balance Sheet Gross Amounts Not Offset in the Consolidated Balance Sheet Net Amounts of Liabilities Presented in the Consolidated Balance Sheet Financial Instruments Cash Collateral Paid Net Amounts Net Amounts of Liabilities Presented in the Consolidated Balance Sheet Financial Instruments Cash Collateral Paid Net Amounts (millions) Commodity contracts: Over-the-counter $ 8 $ 1 $ 2 $ 5 $ 2 $ 2 $ — $ — Interest rate contracts: Over-the-counter 22 — — 22 21 — — 21 Total $ 30 $ 1 $ 2 $ 27 $ 23 $ 2 $ — $ 21 Volumes The following table presents the volume of Virginia Power’s derivative activity at March 31, 2017. These volumes are based on open derivative positions and represent the combined absolute value of its long and short positions, except in the case of offsetting transactions, for which they represent the absolute value of the net volume of its long and short positions. Current Noncurrent Natural Gas (bcf): Fixed price (1) 37 8 Basis 74 565 Electricity (MWh): Fixed price (1) 1,580,034 1,537,046 FTRs 17,668,870 — Interest rate (2) $ 1,050,000,000 $ 1,150,000,000 (1) Includes options. (2) Maturity is determined based on final settlement period. Ineffectiveness and AOCI For the three months ended March 31, 2017 and 2016, 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 March 31, 2017: AOCI After-Tax Amounts Expected to be Reclassified to Earnings During the Next 12 Months After-Tax Maximum Term (millions) Interest rate $ (8 ) $ (1 ) 393 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 prices contemplated by the underlying risk management strategies and will vary from the expected amounts presented above as a result of changes in interest rates. Fair Value and Gains and Losses on Derivative Instruments The following table presents the fair values of Virginia Power’s derivatives and where they are presented in its Consolidated Balance Sheets: Fair Value – Fair Value – Total Fair Value (millions) At March 31, 2017 ASSETS Current Assets Commodity $ — $ 59 $ 59 Interest rate 8 — 8 Total current derivative assets (1) 8 59 67 Noncurrent Assets Commodity — 111 111 Total noncurrent derivative assets (2) — 111 111 Total derivative assets $ 8 $ 170 $ 178 LIABILITIES Current Liabilities Commodity $ — $ 11 $ 11 Interest rate 13 — 13 Total current derivative liabilities (3) 13 11 24 Noncurrent Liabilities Interest rate 9 — 9 Total noncurrent derivatives liabilities (4) 9 — 9 Total derivative liabilities $ 22 $ 11 $ 33 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 (2) — 128 128 Total derivative assets $ 6 $ 188 $ 194 LIABILITIES Current Liabilities Commodity $ — $ 10 $ 10 Interest rate 8 — 8 Total current derivative liabilities (3) 8 10 18 Noncurrent Liabilities Interest rate 13 — 13 Total noncurrent derivative liabilities (4) 13 — 13 Total derivative liabilities $ 21 $ 10 $ 31 (1) Current derivative assets are presented in other current assets in Virginia Power's Consolidated Balance Sheets. (2) Noncurrent derivative assets are presented in other deferred charges and other assets in Virginia Power's Consolidated Balance Sheets. (3) Current derivative liabilities are presented in other current liabilities in Virginia Power's Consolidated Balance Sheets. (4) Noncurrent derivative liabilities are presented in other deferred credits and other liabilities in Virginia Power’s Consolidated Balance Sheets. The following tables present the gains and losses on Virginia Power's derivatives, as well as where the associated activity is presented in its Consolidated Balance Sheets and Statements of Income: Derivatives in Cash Flow Hedging Relationships Amount of Gain (Loss) Recognized in AOCI on Derivatives (Effective (1) Amount of Gain Increase(Decrease) in Derivatives Subject to Regulatory Treatment (2) (millions) Three Months Ended March 31, 2017 Derivative type and location of gains (losses): Interest rate (3) $ — $ — $ 8 Total $ — $ — $ 8 Three Months Ended March 31, 2016 Derivative type and location of gains (losses): Interest rate (3) $ (14 ) $ — $ (133 ) Total $ (14 ) $ — $ (133 ) (1) Amounts deferred into AOCI have no associated effect in Virginia Power’s Consolidated Statements of Income. (2) Represents net derivative activity deferred into and amortized out of regulatory assets/liabilities. Amounts deferred into regulatory assets/liabilities have no associated effect in Virginia Power’s Consolidated Statements of Income. (3) Amounts recorded in Virginia Power’s Consolidated Statements of Income are classified in interest and related charges. Amount of Gain (Loss) Recognized in Income on Derivatives (1) Three Months Ended March 31, Derivatives Not Designated as Hedging Instruments 2017 2016 (millions) Derivative type and location of gains (losses): Commodity (2) $ (17 ) $ (20 ) Total $ (17 ) $ (20 ) (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 liability balances by type of financial instrument, before and after the effects of offsetting. Derivative assets at March 31, 2017 and December 31, 2016 were not material. March 31, 2017 December 31, 2016 Gross Amounts of Recognized Liabilities Gross Amounts Offset in the Consolidated Balance Sheet Net Amounts of Liabilities Presented in the Consolidated Balance Sheet Gross Amounts of Recognized Liabilities Gross Amounts Offset in the Consolidated Balance Sheet Net Amounts of Liabilities Presented in the Consolidated Balance Sheet (millions) Commodity contracts: Over-the-counter $ 1 $ — $ 1 $ 5 $ — $ 5 Foreign currency contracts: Over-the-counter 6 — 6 6 — 6 Total derivatives, subject to a master netting or similar arrangement $ 7 $ — $ 7 $ 11 $ — $ 11 March 31, 2017 December 31, 2016 Gross Amounts Not Offset in the Consolidated Balance Sheet Gross Amounts Not Offset in the Consolidated Balance Sheet Net Amounts of Liabilities Presented in the Consolidated Balance Sheet Financial Instruments Cash Collateral Paid Net Amounts Net Amounts of Liabilities Presented in the Consolidated Balance Sheet Financial Instruments Cash Collateral Paid Net Amounts (millions) Commodity contracts Over-the-counter $ 1 $ — $ — $ 1 $ 5 $ — $ — $ 5 Foreign currency contracts: Over-the-counter 6 — — 6 6 — — 6 Total $ 7 $ — $ — $ 7 $ 11 $ — $ — $ 11 Volumes The following table presents the volume of Dominion Gas' derivative activity at March 31, 2017. These volumes are based on open derivative positions and represent the combined absolute value of its long and short positions, except in the case of offsetting transactions, for which they represent the absolute value of the net volume of its long and short positions. Current Noncurrent Natural Gas (bcf): Fixed price 3 — Basis 6 — NGLs (Gal) 51,224,672 — Foreign currency (1) $ — $ 280,000,000 (1) Maturity is determined based on final settlement period. Euro equivalent volumes are € 250,000,000 . Ineffectiveness and AOCI For the three months ended March 31, 2017 and 2016, gains or losses on hedging instruments determined to be ineffective were not material. The following table presents selected information related to losses on cash flow hedges included in AOCI in Dominion Gas' Consolidated Balance Sheet at March 31, 2017: AOCI Amounts Expected to be Reclassified to Earnings During the Next 12 Months After-Tax Maximum Term (millions) Interest rate $ (26 ) $ (3 ) 333 months Foreign currency 4 (1 ) 111 months Total $ (22 ) $ (4 ) 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 prices contemplated by the underlying risk management strategies and will vary from the expected amounts presented above as a result of changes in interest rates 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 March 31, 2017 LIABILITIES Current Liabilities Commodity $ — $ 1 $ 1 Foreign currency 1 — 1 Total current derivative liabilities (1) 1 1 2 Noncurrent Liabilities Foreign currency 5 — 5 Total noncurrent derivative liabilities (2) 5 — 5 Total derivative liabilities $ 6 $ 1 $ 7 At December 31, 2016 LIABILITIES Current Liabilities Commodity $ 4 $ — $ 4 Foreign currency 3 — 3 Total current derivative liabilities (1) 7 — 7 Noncurrent Liabilities Commodity 1 — 1 Foreign currency 3 — 3 Total noncurrent derivative liabilities (2) 4 — 4 Total derivative liabilities $ 11 $ — $ 11 (1) Current derivative liabilities are presented in other current liabilities in Dominion Gas' Consolidated Balance Sheets. (2) Noncurrent derivative liabilities are presented in other deferred credits and other liabilities in Dominion Gas’ Consolidated Balance Sheets. The following table presents the gains and losses on Dominion Gas' derivatives, as well as where the associated activity is presented in its Consolidated Balance Sheets and Statements of Income. The gains and losses associated with derivatives not designated as hedging instruments were immaterial for the three months ended March 31, 2017 and 2016. Derivatives in Cash Flow Hedging Relationships Amount of Gain (Loss) Recognized in AOCI on Derivatives (Effective Portion) (1) Amount of Gain (Loss) Reclassified From AOCI (millions) Three Months Ended March 31, 2017 Derivative Type and Location of Gains (Losses): Commodity: Operating revenue $ (3 ) Total commodity $ 2 $ (3 ) Interest rate (2) — (1 ) Foreign currency (3) (18 ) (14 ) Total $ (16 ) $ (18 ) Three Months Ended March 31, 2016 Derivative Type and Location of Gains (Losses): Commodity: Operating revenue $ 4 Total commodity $ (1 ) $ 4 Interest rate (2) (9 ) — Total $ (10 ) $ 4 (1) Amounts deferred into AOCI have no associated effect in Dominion Gas' Consolidated Statements of Income. (2) Amounts recorded in Dominion Gas' Consolidated Statements of Income are classified in interest and related charges. (3) Amounts recorded in Dominion Gas' Consolidated Statements of Income are classified in other income. |
Investments
Investments | 3 Months Ended |
Mar. 31, 2017 | |
Investments, Debt and Equity Securities [Abstract] | |
Investments | Investments Dominion Equity and Debt Securities Rabbi Trust Securities Marketable equity and debt securities and cash equivalents held in Dominion’s rabbi trusts and classified as trading totaled $108 million and $104 million at March 31, 2017 and December 31, 2016, 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 March 31, 2017 Marketable equity securities: U.S. $ 1,543 $ 1,478 $ — $ 3,021 Fixed income: Corporate debt instruments 488 13 (3 ) 498 Government securities 977 24 (6 ) 995 Common/collective trust funds 66 — — 66 Cost method investments 69 — — 69 Cash equivalents and other (2) 6 — — 6 Total $ 3,149 $ 1,515 $ (9 ) (3) $ 4,655 At December 31, 2016 Marketable equity securities: U.S. $ 1,449 $ 1,408 $ — $ 2,857 Fixed income: Corporate debt instruments 478 13 (4 ) 487 Government securities 978 22 (8 ) 992 Common/collective trust funds 67 — — 67 Cost method investments 69 — — 69 Cash equivalents and other (2) 12 — — 12 Total $ 3,053 $ 1,443 $ (12 ) (3) $ 4,484 (1) Included in AOCI and the nuclear decommissioning trust regulatory liability. (2) Includes net pending sales of securities of $2 million and $9 million at March 31, 2017 and December 31, 2016, respectively. (3) The fair value of securities in an unrealized loss position was $461 million and $576 million at March 31, 2017 and December 31, 2016, respectively. The fair value of Dominion’s marketable debt securities held in nuclear decommissioning trust funds at March 31, 2017 by contractual maturity is as follows: Amount (millions) Due in one year or less $ 164 Due after one year through five years 434 Due after five years through ten years 385 Due after ten years 576 Total $ 1,559 Presented below is selected information regarding Dominion’s marketable equity and debt securities held in nuclear decommissioning trust funds. Three Months Ended March 31, 2017 2016 (millions) Proceeds from sales $ 756 $ 368 Realized gains (1) 94 25 Realized losses (1) 20 19 (1) Includes realized gains and losses recorded to the nuclear decommissioning trust regulatory liability. Other-than-temporary impairment losses on investments held in nuclear decommissioning trust funds for Dominion were not material for the three months ended March 31, 2017 and 2016. Virginia Power Virginia Power holds marketable equity and debt securities (classified as available-for-sale), cash equivalents and cost method investments in nuclear decommissioning trust funds to fund future decommissioning costs for its nuclear plants. Virginia Power’s decommissioning trust funds are summarized below: Amortized Total Unrealized (1) Total Unrealized (1) Fair Value (millions) At March 31, 2017 Marketable equity securities: U.S. $ 720 $ 654 $ — $ 1,374 Fixed income: Corporate debt instruments 278 6 (2 ) 282 Government securities 418 11 (2 ) 427 Common/collective trust funds 30 — — 30 Cost method investments 69 — — 69 Cash equivalents and other (2) 4 — — 4 Total $ 1,519 $ 671 $ (4 ) (3) $ 2,186 At December 31, 2016 Marketable equity securities: U.S. $ 677 $ 624 $ — $ 1,301 Fixed income: Corporate debt instruments 274 6 (4 ) 276 Government securities 420 9 (2 ) 427 Common/collective trust funds 26 — — 26 Cost method investments 69 — — 69 Cash equivalents and other (2) 7 — — 7 Total $ 1,473 $ 639 $ (6 ) (3) $ 2,106 (1) Included in AOCI and the nuclear decommissioning trust regulatory liability. (2) Includes pending sales of securities of $4 million and $7 million at March 31, 2017 and December 31, 2016, respectively. (3) The fair value of securities in an unrealized loss position was $214 million and $287 million at March 31, 2017 and December 31, 2016, respectively. The fair value of Virginia Power’s marketable debt securities held in nuclear decommissioning trust funds at March 31, 2017 by contractual maturity is as follows: Amount (millions) Due in one year or less $ 60 Due after one year through five years 188 Due after five years through ten years 205 Due after ten years 286 Total $ 739 Presented below is selected information regarding Virginia Power’s marketable equity and debt securities held in nuclear decommissioning trust funds. Three Months Ended March 31, 2017 2016 (millions) Proceeds from sales $ 330 $ 193 Realized gains (1) 45 12 Realized losses (1) 10 10 (1) Includes realized gains and losses recorded to the nuclear decommissioning trust regulatory liability. Other-than-temporary impairment losses on investments held in nuclear decommissioning trust funds for Virginia Power were not material for the three months ended March 31, 2017 and 2016. Equity Method Investments Dominion Atlantic Coast Pipeline In the first quarter of 2017, Dominion contributed $117 million to Atlantic Coast Pipeline. Dominion Gas Iroquois Dominion Gas' equity earnings totaled $7 million and $6 million for the three months ended March 31, 2017 and 2016, respectively. Dominion Gas received distributions from this investment of $6 million for both the three months ended March 31, 2017 and 2016. At March 31, 2017 and December 31, 2016, the carrying amount of Dominion Gas' investment of $99 million and $98 million , respectively, exceeded its share of underlying equity in net assets by $8 million . The difference reflects equity method goodwill and is not being amortized. |
Regulatory Assets and Liabiliti
Regulatory Assets and Liabilities | 3 Months Ended |
Mar. 31, 2017 | |
Regulatory Assets and Liabilities Disclosure [Abstract] | |
Regulatory Assets and Liabilities | Regulatory Assets and Liabilities Regulatory assets and liabilities include the following: March 31, 2017 December 31, 2016 (millions) Dominion Regulatory assets: Deferred rate adjustment clause costs (1) $ 75 $ 63 Deferred nuclear refueling outage costs (2) 53 71 Other 103 110 Regulatory assets-current (3) 231 244 Unrecognized pension and other postretirement benefit costs (4) 1,328 1,401 Deferred rate adjustment clause costs (1) 328 329 PJM transmission rates (5) 200 192 Derivatives (6) 172 174 Income taxes recoverable through future rates (7) 138 123 Utility reform legislation (8) 110 99 Other 163 155 Regulatory assets-noncurrent 2,439 2,473 Total regulatory assets $ 2,670 $ 2,717 Regulatory liabilities: Deferred cost of fuel used in electric generation (9) $ 33 $ 61 PIPP (10) 23 28 Other 105 74 Regulatory liabilities-current (11) 161 163 Provision for future cost of removal and AROs (12) 1,450 1,427 Nuclear decommissioning trust (13) 953 902 Derivatives (6) 70 69 Other 272 224 Regulatory liabilities-noncurrent 2,745 2,622 Total regulatory liabilities $ 2,906 $ 2,785 Virginia Power Regulatory assets: Deferred rate adjustment clause costs (1) $ 71 $ 51 Deferred nuclear refueling outage costs (2) 53 71 Other 66 57 Regulatory assets-current (3) 190 179 Deferred rate adjustment clause costs (1) 232 246 PJM transmission rates (5) 200 192 Derivatives (6) 137 133 Income taxes recoverable through future rates (7) 81 76 Other 126 123 Regulatory assets-noncurrent 776 770 Total regulatory assets $ 966 $ 949 Regulatory liabilities: Deferred cost of fuel used in electric generation (9) $ 33 $ 61 Other 49 54 Regulatory liabilities-current (11) 82 115 Provision for future cost of removal (12) 965 946 Nuclear decommissioning trust (13) 953 902 Derivatives (6) 70 69 Other 76 45 Regulatory liabilities-noncurrent 2,064 1,962 Total regulatory liabilities $ 2,146 $ 2,077 Dominion Gas Regulatory assets: Deferred rate adjustment clause costs (1) $ 4 $ 12 Unrecovered gas costs (14) — 12 Other 3 2 Regulatory assets-current (3) 7 26 Unrecognized pension and other postretirement benefit costs (4) 305 358 Utility reform legislation (8) 110 99 Deferred rate adjustment clause costs (1) 89 79 Income taxes recoverable through future rates (7) 25 23 Other 21 18 Regulatory assets-noncurrent (15) 550 577 Total regulatory assets $ 557 $ 603 Regulatory liabilities: PIPP (10) $ 23 $ 28 Other 23 7 Regulatory liabilities-current (11) 46 35 Provision for future cost of removal and AROs (12) 175 174 Other 62 45 Regulatory liabilities-noncurrent (16) 237 219 Total regulatory liabilities $ 283 $ 254 (1) Reflects deferrals under the electric transmission FERC formula rate and the deferral of costs associated with certain current and prospective rider projects for Virginia Power. Reflects deferrals of costs associated with certain current and prospective rider projects for Dominion Gas. See Note 12 for more information. (2) Legislation enacted in Virginia in April 2014 requires Virginia Power to defer operation and maintenance costs incurred in connection with the refueling of any nuclear-powered generating plant. These deferred costs will be amortized over the refueling cycle, not to exceed 18 months. (3) Current regulatory assets are presented in other current assets in Dominion's, Virginia Power's and Dominion Gas' Consolidated Balance Sheets. (4) 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. (5) Reflects amounts related to PJM transmission cost allocation matter. See Note 12 for more information. (6) For jurisdictions subject to cost-based rate regulation, changes in the fair value of derivative instruments result in the recognition of regulatory assets or regulatory liabilities as they are expected to be recovered from or refunded to customers. (7) 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. (8) Ohio legislation under House Bill 95, which became effective in September 2011. This law updates natural gas legislation by enabling gas companies to include more up-to-date 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. (9) Reflects deferred fuel expenses for the Virginia and North Carolina jurisdictions of Dominion's and Virginia Power's generation operations. (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. (11) Current regulatory liabilities are presented in other current liabilities in Dominion's, Virginia Power's and Dominion Gas' Consolidated Balance Sheets. (12) 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. (13) 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. (14) Reflects unrecovered gas costs at regulated gas operations, which are recovered through filings with the applicable regulatory authority. (15) Noncurrent regulatory assets are presented in other deferred charges and other assets in Dominion Gas' Consolidated Balance Sheets. (16) Noncurrent regulatory liabilities are presented in other deferred credits and other liabilities in Dominion Gas' Consolidated Balance Sheets. At March 31, 2017, $295 million of Dominion's and $230 million of Virginia Power's regulatory assets represented past expenditures on which they do not currently earn a return. With the exception of the $200 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 | 3 Months Ended |
Mar. 31, 2017 | |
Regulated Operations [Abstract] | |
Regulatory Matters | Regulatory Matters Regulatory Matters Involving Potential Loss Contingencies As a result of issues generated in the ordinary course of business, the Companies are involved in various regulatory matters. Certain regulatory matters may ultimately result in a loss; however, as such matters are in an initial procedural phase, involve uncertainty as to the outcome of pending reviews or orders, and/or involve significant factual issues that need to be resolved, it is not possible for the Companies to estimate a range of possible loss. For matters for which the Companies cannot estimate a range of possible loss, a statement to this effect is made in the description of the matter. Other matters may have progressed sufficiently through the regulatory process such that the Companies are able to estimate a range of possible loss. For regulatory matters for which the Companies are able to reasonably estimate a range of possible losses, an estimated range of possible loss is provided, in excess of the accrued liability (if any) for such matters. Any estimated range is based on currently available information, involves elements of judgment and significant uncertainties and may not represent the Companies’ maximum possible loss exposure. The circumstances of such regulatory matters will change from time to time and actual results may vary significantly from the current estimate. For current matters not specifically reported below, management does not anticipate that the outcome from such matters would have a material effect on the Companies’ financial position, liquidity or results of operations. FERC - Electric Under the Federal Power Act, FERC regulates wholesale sales and transmission of electricity in interstate commerce by public utilities. Dominion’s merchant generators sell electricity in the PJM, MISO, CAISO and ISO-NE wholesale markets, and to wholesale purchasers in the states of 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, Old Dominion Electric Cooperative and North Carolina Electric Membership Corporation filed a complaint with FERC against Virginia Power claiming, among other issues, that the incremental costs of undergrounding certain transmission line projects were unjust, unreasonable and unduly discriminatory or preferential and should be excluded from Virginia Power’s transmission formula rate. A settlement of the other issues raised in the complaint was approved by FERC in May 2012. In March 2014, FERC issued an order excluding from Virginia Power’s transmission rates for wholesale transmission customers located outside Virginia the incremental costs of undergrounding certain transmission line projects. FERC found it is not just and reasonable for non-Virginia wholesale transmission customers to be allocated the incremental costs of undergrounding the facilities because the projects are a direct result of Virginia legislation and Virginia Commission pilot programs intended to benefit the citizens of Virginia. The order is retroactively effective as of March 2010 and will cause the reallocation of the costs charged to wholesale transmission customers with loads outside Virginia to wholesale transmission customers with loads in Virginia. FERC determined that there was not sufficient evidence on the record to determine the magnitude of the underground increment and held a hearing to determine the appropriate amount of undergrounding cost to be allocated to each wholesale transmission customer in Virginia. While Virginia Power cannot predict the outcome of the hearing, it is not expected to have a material effect on results of operations. PJM Transmission Rates In April 2007, FERC issued an order regarding its transmission rate design for the allocation of costs among PJM transmission customers, including Virginia Power, for transmission service provided by PJM. For new PJM-planned transmission facilities that operate at or above 500 kV, FERC established a PJM regional rate design where customers pay according to each customer’s share of the region’s load. For recovery of costs of existing facilities, FERC approved the existing methodology whereby a customer pays the cost of facilities located in the same zone as the customer. A number of parties appealed the order to the 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 in excess of $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 March 31, 2017, Virginia Power has recorded a contingent liability of $208 million in other deferred credits and other liabilities, which is offset by a $200 million regulatory asset for the amount that will be recovered through retail rates in Virginia. Other Regulatory Matters Other than the following matters, there have been no significant developments regarding the pending regulatory matters disclosed in Note 13 to the Consolidated Financial Statements in the Companies’ Annual Report on Form 10-K for the year ended December 31, 2016. Virginia Regulation Regulation Act Legislation In March 2017, as required by Regulation Act legislation enacted in February 2015, Virginia Power filed an application for the Virginia Commission to determine the general ROE for Virginia Power’s non-transmission rate adjustment clauses. The application supported a 10.5% ROE for these rate adjustment clauses. This case is pending. Solar Facility Project In March 2017, Virginia Power received Virginia Commission approval for a CPCN to construct and operate the Oceana solar facility and related distribution interconnection facilities at a total estimated cost of approximately $40 million , excluding financing costs. The 18 MW facility is expected to begin operation in late 2017. 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 the facility, nor will any of its costs be recovered from jurisdictional customers. Rate Adjustment Clauses Below is a discussion of significant riders associated with various Virginia Power projects: • The Virginia Commission previously approved Rider S in conjunction with the Virginia City Hybrid Energy Center. In February 2017, the Virginia Commission approved a $243 million revenue requirement, subject to true-up, for the rate year beginning April 1, 2017. • The Virginia Commission previously approved Rider W in conjunction with Warren County. In February 2017, the Virginia Commission approved a $121 million revenue requirement, subject to true-up, for the rate year beginning April 1, 2017. • The Virginia Commission previously approved Rider R in conjunction with Bear Garden. In February 2017, the Virginia Commission approved a $72 million revenue requirement, subject to true-up, for the rate year beginning April 1, 2017. • The Virginia Commission previously approved Rider B in conjunction with the conversion of three power stations to biomass. In February 2017, the Virginia Commission approved a $27 million revenue requirement for the rate year beginning April 1, 2017. • The Virginia Commission previously approved Rider GV in conjunction with Greensville County. In February 2017, the Virginia Commission approved an $82 million revenue requirement, subject to true-up, for the rate year beginning April 1, 2017. • The Virginia Commission previously approved Riders C1A and C2A in connection with cost recovery for DSM programs. In October 2016, Virginia Power proposed a total revenue requirement of $45 million for the rate year beginning July 1, 2017. Virginia Power also proposed two new energy efficiency programs for Virginia Commission approval with a requested five -year cost cap of $178 million . 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 a new incremental $5 million cost cap. In April 2017, the Virginia Commission established a 9.4% ROE for Riders C1A and C2A effective July 1, 2017. This case is pending. • The Virginia Commission previously approved Rider BW in conjunction with Brunswick County. In October 2016, Virginia Power proposed a $134 million revenue requirement for the rate year beginning September 1, 2017, which represents a $15 million increase over the previous year. In April 2017, the Virginia Commission established a 10.4% ROE for Rider BW effective September 1, 2017. This case is pending. • The Virginia Commission previously approved Rider US-2 in conjunction with the Scott Solar, Whitehouse, and Woodland solar facilities. In October 2016, Virginia Power proposed a $10 million revenue requirement for the rate year beginning September 1, 2017, which represents a $6 million increase over the previous year. In April 2017, the Virginia Commission established a 9.4% ROE for Rider US-2 effective September 1, 2017. This case is pending. Electric Transmission Projects Virginia Power previously 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. In April 2017, the Virginia Commission granted a CPCN to construct and operate the project along an approved route subject to Virginia Power’s obtaining all necessary rights-of-way. Otherwise, Virginia Power can construct and operate the project along an approved alternative route. The total estimated cost of the project is approximately $55 million . Virginia Power previously filed an application with the Virginia Commission for a CPCN to rebuild and operate in multiple Virginia counties approximately 28 miles of the existing 500 kV transmission line between the Carson switching station and a terminus located near the Rogers Road switching station under construction in Greensville County, Virginia, along with associated work at the Carson switching station. In March 2017, the Virginia Commission granted a CPCN to construct and operate the project. The total estimated cost of the project is approximately $55 million . 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. 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 was held in March 2017 and was uncontested. A decision by the NRC whether to issue a COL is expected by the end of the second quarter of 2017. 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 gathered additional information. The section 404 permit was reinstated in April 2017. Other Virginia Legislation In February 2017, the Governor of Virginia signed legislation into law that allows utilities to file a rate adjustment clause to recover costs of pumped hydroelectricity generation and storage facilities that are located in the coalfield region of Virginia. In March 2017, the Governor of Virginia signed legislation into law that allows utilities to file a rate adjustment clause to recover, beginning in 2020, reasonably appropriate costs for extending the COLs, or the operating lives, of nuclear power generation facilities. Also in March 2017, the Governor of Virginia signed legislation into law stating that is in the public interest for utilities to replace existing overhead tap lines having nine or more total unplanned outage events-per-mile with new underground facilities, and that utilities can seek cost recovery for such new underground facilities through a rate adjustment clause. Ohio Regulation PIR Program In 2008, East Ohio began PIR, aimed at replacing approximately 25% of its pipeline system. In April 2017, the Ohio Commission approved East Ohio’s application to adjust the PIR cost recovery rates for 2016 costs. The filing reflects gross plant investment for 2016 of $188 million , cumulative gross plant investment of $1.2 billion and a revenue requirement of $157 million . AMR Program In 2007, East Ohio began installing automated meter reading technology for its 1.2 million customers in Ohio. In April 2017, the Ohio Commission approved East Ohio's application to adjust its AMR cost recovery rate for 2016 costs. The filing reflects a revenue requirement of approximately $6 million . Ohio Legislation In March 2017, the Governor of Ohio signed legislation into law that allows utilities to file an application to recover infrastructure development costs associated with economic development projects. The new cost recovery provision allows for projects totaling up to $22 million for East Ohio subject to Ohio Commission approval. |
Variable Interest Entities
Variable Interest Entities | 3 Months Ended |
Mar. 31, 2017 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Variable Interest Entities | Variable Interest Entities There have been no significant changes regarding the entities the Companies consider VIEs as described in Note 15 to the Consolidated Financial Statements in the Companies' Annual Report on Form 10-K for the year ended December 31, 2016. Dominion Dominion’s securities due within one year and long-term debt include $30 million and $365 million , respectively, of debt issued in 2016 by SBL Holdco, a VIE, net of issuance costs that is nonrecourse to Dominion and is secured by SBL Holdco’s interest in certain merchant solar facilities. Virginia Power Virginia Power has long-term power and capacity contracts with three non-utility generators with an aggregate summer generation capacity of approximately 418 MW. Virginia Power is not subject to any risk of loss from these potential VIEs other than its remaining purchase commitments which totaled $258 million as of March 31, 2017. Virginia Power paid $28 million and $37 million for electric capacity and $8 million and $7 million for electric energy to these entities in the three months ended March 31, 2017 and 2016, respectively. Virginia Power and Dominion Gas Virginia Power and Dominion Gas purchased shared services from DRS, an affiliated VIE, of $85 million and $31 million for the three months ended March 31, 2017 and $114 million and $35 million for the three months ended March 31, 2016, respectively. |
Significant Financing Transacti
Significant Financing Transactions | 3 Months Ended |
Mar. 31, 2017 | |
Debt Disclosure [Abstract] | |
Significant Financing Transactions | Significant Financing Transactions Credit Facilities and Short-term Debt The Companies use short-term debt to fund working capital requirements and as a bridge to long-term debt financings. The levels of borrowing may vary significantly during the course of the year, depending upon the timing and amount of cash requirements not satisfied by cash from operations. In addition, Dominion utilizes cash and letters of credit to fund collateral requirements. Collateral requirements are impacted by commodity prices, hedging levels, Dominion’s credit ratings and the credit quality of its counterparties. Dominion At March 31, 2017, Dominion’s commercial paper and letters of credit outstanding, as well as its capacity available under credit facilities, were as follows: Facility Outstanding Outstanding Facility (millions) Joint revolving credit facility (1) $ 5,000 $ 2,627 $ — $ 2,373 Joint revolving credit facility (1) 500 — 76 424 Total $ 5,500 $ 2,627 $ 76 $ 2,797 (1) These credit facilities mature in April 2020 and can be used by the Companies to support bank borrowings and the issuance of commercial paper, as well as to support up to a combined $2.0 billion of letters of credit. Questar Gas’ short-term financing is supported through its access as co-borrower to the two joint revolving credit facilities discussed above with Dominion, Virginia Power and Dominion Gas. At March 31, 2017 the aggregate sub-limit for Questar Gas was $250 million . 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 March 31, 2017, 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. At March 31, 2017, 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) Joint revolving credit facility (1) $ 5,000 $ 40 $ — Joint revolving credit facility (1) 500 — 1 Total $ 5,500 $ 40 $ 1 (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 the Companies multiple times per year. At March 31, 2017, the aggregate sub-limit for Virginia Power was $2.0 billion . If Virginia Power has liquidity needs in excess of its sub-limit, the sub-limit may be changed or such needs may be satisfied through short-term intercompany borrowings from Dominion. These credit facilities mature in April 2020 and can be used to support bank borrowings and the issuance of commercial paper, as well as to support up to $2.0 billion (or the sub-limit, whichever is less) of letters of credit. In addition to the credit facility commitments mentioned above, Virginia Power also has a $100 million credit facility with a maturity date of April 2020. As of March 31, 2017, 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. At March 31, 2017, 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) Joint revolving credit facility (1) $ 1,000 $ 399 $ — Joint revolving credit facility (1) 500 — — Total $ 1,500 $ 399 $ — (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. At March 31, 2017, the aggregate sub-limit for Dominion Gas was $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. These credit facilities mature in April 2020 and can be used to support bank borrowings and the issuance of commercial paper, as well as to support up to $1.5 billion (or the sub-limit, whichever is less) of letters of credit. Long-term Debt 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. In March 2017, Dominion issued through private placement $300 million of 3.496% senior notes that mature in 2024. Also in March 2017, Dominion issued an additional $100 million of its 3.90% senior notes that mature in 2025. In March 2017, Virginia Power issued $750 million of 3.50% senior notes that mature in 2027. |
Commitments and Contingencies
Commitments and Contingencies | 3 Months Ended |
Mar. 31, 2017 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies As a result of issues generated in the ordinary course of business, the Companies are involved in legal proceedings before various courts and are periodically subject to governmental examinations (including by regulatory authorities), inquiries and investigations. Certain legal proceedings and governmental examinations involve demands for unspecified amounts of damages, are in an initial procedural phase, involve uncertainty as to the outcome of pending appeals or motions, or involve significant factual issues that need to be resolved, such that it is not possible for the Companies to estimate a range of possible loss. For such matters for which the Companies cannot estimate a range of possible loss, a statement to this effect is made in the description of the matter. Other matters may have progressed sufficiently through the litigation or investigative processes such that the Companies are able to estimate a range of possible loss. For legal proceedings and governmental examinations for which the Companies are able to reasonably estimate a range of possible losses, an estimated range of possible loss is provided, in excess of the accrued liability (if any) for such matters. Any accrued liability is recorded on a gross basis with a receivable also recorded for any probable insurance recoveries. Estimated ranges of loss are inclusive of legal fees and net of any anticipated insurance recoveries. Any estimated range is based on currently available information and involves elements of judgment and significant uncertainties. Any estimated range of possible loss may not represent the Companies' maximum possible loss exposure. The circumstances of such legal proceedings and governmental examinations will change from time to time and actual results may vary significantly from the current estimate. For current proceedings not specifically reported below, management does not anticipate that the liabilities, if any, arising from such proceedings would have a material effect on the financial position, liquidity or results of operations of the Companies. Environmental Matters The Companies are subject to costs resulting from a number of federal, state and local laws and regulations designed to protect human health and the environment. These laws and regulations affect future planning and existing operations. They can result in increased capital, operating and other costs as a result of compliance, remediation, containment and monitoring obligations. Air CAA The CAA, as amended, is a comprehensive program utilizing a broad range of regulatory tools to protect and preserve the nation's air quality. At a minimum, states are required to establish regulatory programs to address all requirements of the CAA. However, states may choose to develop regulatory programs that are more restrictive. Many of the Companies' facilities are subject to the CAA's permitting and other requirements. MATS In December 2011, the EPA issued MATS for coal- and oil-fired electric utility steam generating units. The rule establishes strict emission limits for mercury, particulate matter as a surrogate for toxic metals and hydrogen chloride as a surrogate for acid gases. The rule includes a limited use provision for oil-fired units with annual capacity factors under 8% that provides an exemption from emission limits, and allows compliance with operational work practice standards. Compliance was required by April 16, 2015, with certain limited exceptions. However, in June 2014, the VDEQ granted a one -year MATS compliance extension for two coal-fired units at Yorktown power station to defer planned retirements and allow for continued operation of the units to address reliability concerns while necessary electric transmission upgrades are being completed. These coal units needed to continue operating through at least April 2017 due to delays in transmission upgrades needed to maintain electric reliability. Therefore, in October 2015, Virginia Power submitted a request to the EPA for an additional one year compliance extension under an EPA Administrative Order. The order was signed by the EPA in April 2016 allowing the Yorktown power station units to operate for up to one additional year, as required to maintain reliable power availability while transmission upgrades are being made. In June 2015, the 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. This regulation has been challenged in court. In April 2017, the EPA requested that the U.S. Court of Appeals for the D.C. Circuit delay oral arguments in the case to allow agency review of the rule. Virginia Power ceased operating the coal units at Yorktown power station in April 2017 as planned; however, this does not change 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. 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 million 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 adversely affect the Companies’ results of operations and cash flows. 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 are required to comply with this regulation. In April 2017, the EPA issued a notice that it is reviewing and, if appropriate, will issue a rulemaking to suspend, revise or rescind the June 2016 final NSPS for certain oil and gas facilities. Meanwhile the rule remains in effect. Dominion and Dominion Gas are implementing the final regulation. Dominion and Dominion Gas are still evaluating whether potential impacts on results of operations, financial condition and/or cash flows related to this matter will be material. 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, East 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. In April 2017, the EPA granted two separate petitions for reconsideration of the Effluent Limitations Guidelines final rule and stayed future compliance dates in the rule. Also in April 2017, the U.S. Court of Appeals for the Fifth Circuit granted the United States’ request for a stay of the pending consolidated litigation challenging the rule while the EPA addresses the petitions for reconsideration. 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. 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. In March 2017, the court dismissed three of eight counts in the complaint. 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, certain of 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. 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. In March 2017, Dominion was voluntarily dismissed from the case; however, DTI and Dominion Field Services, Inc. remain parties to the matter. In April 2017, the case was transferred to the Business Court Division of 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. In March 2017, the court ruled that impacted groundwater associated with the on-site coal ash storage units was migrating to adjacent surface water, which constituted an unpermitted point source discharge in violation of the CWA. The court, however, rejected Sierra Club’s claims that Virginia Power had violated specific conditions of its water discharge permit. Finding no harm to the environment, the court further declined to impose civil penalties or require excavation of the ash from the site as Sierra Club had sought. On remedy, the court ordered the parties to submit within 30 days a remedial plan (or separate plans) incorporating certain prescribed sediment, water and aquatic life monitoring. The court also ordered Virginia Power to reopen its solid waste permit application for closure of the coal ash storage units at Chesapeake power station. In April 2017, Virginia Power submitted its remedial plan to the court, which included a timetable for submitting a revised solid waste permit application to the VDEQ. The revised application will include a proposed remedial alternative to address groundwater impacts associated with coal ash storage at Chesapeake power station. Sierra Club submitted a separate remedial plan to the court. Also in April 2017, Virginia Power and Sierra Club both filed notices of appeal of the court’s March 2017 ruling to the U.S. Court of Appeals for the Fourth Circuit. In April 2015, the EPA’s final rule regulating the management of CCRs stored in impoundments (ash ponds) and landfills was published in the Federal Register. The final rule regulates CCR landfills, existing ash ponds that still receive and manage CCRs, and inactive ash ponds that do not receive, but still store CCRs. Virginia Power currently operates inactive ash ponds, existing ash ponds, and CCR landfills subject to the final rule at eight different facilities. The enactment of the final rule in April 2015 created a legal obligation for Virginia Power to retrofit or close all of its inactive and existing ash ponds over a certain period of time, as well as perform required monitoring, corrective action, and post-closure care activities as necessary. In April 2016, the EPA announced a partial settlement with certain environmental and industry organizations that had challenged the final CCR rule in the 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. Virginia Power does not believe these changes will substantially impact its closure plans for inactive ponds. 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. In April 2017, the Governor of Virginia signed legislation into law that places a moratorium on the VDEQ issuing solid waste permits for closure of ash ponds at Virginia Power’s Bremo, Chesapeake, Chesterfield and Possum Point power stations until May 2018. The law also requires Virginia Power to conduct an assessment of closure alternatives for the ash ponds at these four stations, to include an evaluation of excavation for recycling or off-site disposal, surface and groundwater conditions and safety. The assessments are due by December 1, 2017. Virginia Power is evaluating the legislation and is unable to estimate the potential financial statement impacts. The actual AROs related to the CCR rule may vary substantially from the estimates used to record the obligation. 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 December 2011, the NRC Commissioners approved the agency staff's prioritization and recommendations, and that same month an appropriations act directed the NRC to require reevaluation of external hazards (not limited to seismic and flooding hazards) as soon as possible. Based on the prioritized recommendations, in March 2012, the NRC issued orders and information requests requiring specific reviews and actions to all operating reactors, construction permit holders and combined license holders based on the lessons learned from the Fukushima Daiichi event. The orders applicable to Dominion requiring implementation of safety enhancements related to mitigation strategies to respond to extreme natural events resulting in the loss of power at plants, and enhancing spent fuel pool instrumentation have been implemented. The information requests issued by the NRC request each reactor to reevaluate the seismic and external flooding hazards at their site using present-day methods and information, conduct walkdowns of their facilities to ensure protection against the hazards in their current design basis, and to reevaluate their emergency communications systems and staffing levels. The walkdowns of each unit have been completed, audited by the NRC and found to be adequate. Reevaluation of the emergency communications systems and staffing levels was completed as part of the effort to comply with the orders. Reevaluation of the seismic and external flooding hazards is expected to cont |
Credit Risk
Credit Risk | 3 Months Ended |
Mar. 31, 2017 | |
Risks and Uncertainties [Abstract] | |
Credit Risk | Credit Risk The Companies' accounting policies for credit risk are discussed in Note 23 to the Consolidated Financial Statements in the Companies' Annual Report on Form 10-K for the year ended December 31, 2016. At March 31, 2017, Dominion's credit exposure related to energy marketing and price risk management activities totaled $89 million . Of this amount, investment grade counterparties, including those internally rated, represented 65% . No single counterparty, whether investment grade or non-investment grade, exceeded $26 million of exposure. At March 31, 2017, Virginia Power's exposure related to sales to wholesale customers totaled $28 million . Of this amount, investment grade counterparties, including those internally rated, represented 43% . No single counterparty, whether investment grade or non-investment grade, exceeded $5 million of exposure. Credit-Related Contingent Provisions The majority of Dominion's derivative instruments contain credit-related contingent provisions. These provisions require Dominion to provide collateral upon the occurrence of specific events, primarily a credit rating downgrade. If the credit-related contingent features underlying these instruments that are in a liability position and not fully collateralized with cash were fully triggered as of March 31, 2017, Dominion would not have been required to post any collateral to its counterparties and at December 31, 2016, Dominion would have been required to post an additional $3 million of collateral to its counterparties. The collateral that would be required to be posted includes the impacts of any offsetting asset positions and any amounts already posted for derivatives, non-derivative contracts and derivatives elected under the normal purchases and normal sales exception, per contractual terms. Dominion had not posted any collateral at March 31, 2017 or December 31, 2016 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 March 31, 2017 and December 31, 2016 was $4 million and $9 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 March 31, 2017 and December 31, 2016. See Note 9 for further information about derivative instruments. |
Related-Party Transactions
Related-Party Transactions | 3 Months Ended |
Mar. 31, 2017 | |
Related Party Transactions [Abstract] | |
Related-Party Transactions | Related-Party Transactions Virginia Power and Dominion Gas engage in related-party transactions primarily with other Dominion subsidiaries (affiliates). Virginia Power's and Dominion Gas' receivable and payable balances with affiliates are settled based on contractual terms or on a monthly basis, depending on the nature of the underlying transactions. Virginia Power and Dominion Gas are included in Dominion's consolidated federal income tax return and, where applicable, combined income tax returns for Dominion are filed in various states. Dominion's transactions with equity method investments are described in Note 10. A discussion of significant related-party transactions follows. Virginia Power Transactions with Affiliates Virginia Power transacts with affiliates for certain quantities of natural gas and other commodities in the ordinary course of business. Virginia Power also enters into certain commodity derivative contracts with affiliates. Virginia Power uses these contracts, which are principally comprised of commodity swaps, to manage commodity price risks associated with purchases of natural gas. As of March 31, 2017, Virginia Power’s derivative assets and liabilities with affiliates were $27 million and $3 million , respectively. As of December 31, 2016, Virginia Power’s derivative assets and liabilities with affiliates were $41 million and $8 million , respectively. See Note 9 for more information. Virginia Power participates in certain Dominion benefit plans described in Note 18. At March 31, 2017 and December 31, 2016, amounts due to Dominion associated with the Dominion Pension Plan and included in other deferred credits and other liabilities in the Consolidated Balance Sheets were $423 million and $396 million , respectively. At March 31, 2017 and December 31, 2016, Virginia Power's amounts due from Dominion associated with the Dominion Retiree Health and Welfare plan and included in other deferred charges and other assets in the Consolidated Balance Sheets were $149 million and $130 million , respectively. DRS and other affiliates provide accounting, legal, finance and certain administrative and technical services to Virginia Power. In addition, Virginia Power provides certain services to affiliates, including charges for facilities and equipment usage. 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. Presented below are Virginia Power's significant transactions with DRS and other affiliates: Three Months Ended March 31, 2017 2016 (millions) Commodity purchases from affiliates $ 212 $ 145 Services provided by affiliates (1) 112 140 Services provided to affiliates 5 5 (1) Includes capitalized expenditures of $34 million and $39 million for the three months ended March 31, 2017 and 2016, respectively. Virginia Power has borrowed funds from Dominion under short-term borrowing arrangements. Virginia Power had no short-term demand note borrowings from Dominion as of March 31, 2017. There were $262 million in short-term demand note borrowings from Dominion as of December 31, 2016. Virginia Power had no outstanding borrowings under the Dominion money pool for its nonregulated subsidiaries as of March 31, 2017 and December 31, 2016. Interest charges related to Virginia Power's borrowings from Dominion were immaterial for the three months ended March 31, 2017 and 2016. There were no issuances of Virginia Power's common stock to Dominion for the three months ended March 31, 2017 and 2016. 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 March 31, 2017 and December 31, 2016, all of Dominion Gas' commodity derivatives were with affiliates. See Notes 7 and 9 for more information. Dominion Gas participates in certain Dominion benefit plans as described in Note 18. At March 31, 2017 and December 31, 2016, amounts due from Dominion associated with the Dominion Pension Plan included in noncurrent pension and other postretirement benefit assets in the Consolidated Balance Sheets were $706 million and $697 million , respectively. At March 31, 2017 and December 31, 2016, Dominion Gas' amounts due from Dominion associated with the Dominion Retiree Health and Welfare plan included in noncurrent pension and other postretirement benefit assets in the Consolidated Balance Sheets were $3 million and $2 million , respectively. 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: Three Months Ended March 31, 2017 2016 (millions) Purchases of natural gas and transportation and storage services from affiliates $ — $ 3 Sales of natural gas and transportation and storage services to affiliates 18 17 Services provided by related parties (1) 35 39 Services provided to related parties (2) 39 27 (1) Includes capitalized expenditures of $8 million and $12 million for the three months ended March 31, 2017 and 2016, respectively. (2) Amounts primarily attributable to Atlantic Coast Pipeline. The following table presents affiliated and related-party activity reflected in Dominion Gas' Consolidated Balance Sheets: March 31, 2017 December 31, 2016 (millions) Other receivables (1) $ 11 $ 10 Imbalances receivable from affiliates (2) 2 2 Imbalances payable to affiliates (3) — 4 Affiliated notes receivable (4) 19 18 (1) Represents amounts due from Atlantic Coast Pipeline, a related-party VIE. (2) Amounts are presented in other current assets in Dominion Gas' Consolidated Balance Sheets. (3) Amounts are presented in other current liabilities in Dominion Gas' Consolidated Balance Sheets. (4) Amounts are presented in other deferred charges and other assets in Dominion Gas' Consolidated Balance Sheets. Dominion Gas' borrowings under the intercompany revolving credit agreement with Dominion were $174 million and $118 million as of March 31, 2017 and December 31, 2016, respectively. Interest charges related to Dominion Gas' total borrowings from Dominion were immaterial for the three months ended March 31, 2017 and 2016. |
Employee Benefit Plans
Employee Benefit Plans | 3 Months Ended |
Mar. 31, 2017 | |
Compensation and Retirement Disclosure [Abstract] | |
Employee Benefit Plans | Employee Benefit Plans In the first quarter of 2016, the Companies announced an organizational design initiative that reduced their total workforces during 2016. The goal of the organizational design initiative was to streamline leadership structure and push decision making lower while also improving efficiency. In the first quarter of 2016, Dominion recorded a $70 million ( $43 million after-tax) charge, including $40 million ( $25 million after-tax) at Virginia Power and $8 million ( $5 million after-tax) at Dominion Gas, primarily reflected in other operations and maintenance expense in their Consolidated Statements of Income due to severance pay and other costs related to the organizational design initiative. The terms of the severance under the organizational design initiative were consistent with the Companies’ existing severance plans. Plan Amendment and Remeasurement In the first quarter of 2017, Dominion and Dominion Gas 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 69 retirees effective July 1, 2017. The remeasurement resulted in a decrease in Dominion's and Dominion Gas' accumulated postretirement benefit obligation of $73 million and $61 million , respectively. As a result of regulatory accounting, the remeasurement will have an immaterial impact on net income for both Dominion and Dominion Gas. The discount rate used for the remeasurement was 4.30% . All other assumptions used were consistent with the measurement as of December 31, 2016. In the first quarter of 2017, Dominion recorded a $7 million ( $4 million after-tax) charge, including $6 million ( $4 million after-tax) at Dominion Gas, as a result of additional payments associated with the new collective bargaining agreement, which is reflected in other operations and maintenance expense in their Consolidated Statements of Income. Dominion The components of Dominion's provision for net periodic benefit cost (credit) were as follows: Pension Benefits Other Postretirement Benefits 2017 2016 2017 2016 (millions) Three Months Ended March 31, Service cost $ 35 $ 29 $ 7 $ 8 Interest cost 86 77 16 17 Expected return on plan assets (159 ) (139 ) (32 ) (29 ) Amortization of prior service credit — — (12 ) (7 ) Amortization of net actuarial loss 40 28 3 1 Settlements 1 — — — Net periodic benefit cost (credit) $ 3 $ (5 ) $ (18 ) $ (10 ) Employer Contributions During the three months ended March 31, 2017, Dominion made no contributions to its defined benefit pension plans or other postretirement benefit plans, except for a $75 million contribution made in January 2017 to Dominion Questar’s qualified pension plan to satisfy a regulatory condition to closing of the Dominion Questar Combination. Dominion expects to contribute approximately $12 million to its other postretirement benefit plans through VEBAs during the remainder of 2017. Dominion Gas Dominion Gas participates in certain Dominion benefit plans as described in Note 21 to the Consolidated Financial Statements in the Companies' Annual Report on Form 10-K for the year ended December 31, 2016. See Note 17 for more information. The components of Dominion Gas' provision for net periodic benefit credit for employees represented by collective bargaining units were as follows: Pension Benefits Other Postretirement Benefits 2017 2016 2017 2016 (millions) Three Months Ended March 31, Service cost $ 4 $ 3 $ 1 $ 1 Interest cost 7 8 3 3 Expected return on plan assets (35 ) (33 ) (6 ) (5 ) Amortization of net actuarial loss 4 3 1 — Net periodic benefit credit $ (20 ) $ (19 ) $ (1 ) $ (1 ) Employer Contributions During the three months ended March 31, 2017, Dominion Gas made no contributions to its defined benefit pension plans or other postretirement benefit plans. Dominion Gas expects to contribute approximately $12 million to its other postretirement benefit plans through VEBAs, for both employees represented by collective bargaining units and employees not represented by collective bargaining units, during the remainder of 2017. |
Operating Segments
Operating Segments | 3 Months Ended |
Mar. 31, 2017 | |
Segment Reporting [Abstract] | |
Operating Segments | Operating Segments The Companies are organized primarily on the basis of products and services sold in the U.S. A description of the operations included in the Companies’ primary operating segments is as follows: Primary Operating 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 X Gas distribution and storage X X Gas gathering and processing X X LNG import and storage X Nonregulated retail energy marketing X In addition to the operating segments above, the Companies also report a Corporate and Other segment. Dominion The Corporate and Other Segment of Dominion includes its corporate, service company and other functions (including unallocated debt) and the net impact of operations that are discontinued or sold. In addition, Corporate and Other includes specific items attributable to Dominion's operating segments that are not included in profit measures evaluated by executive management in assessing the segments' performance or in allocating resources. In the three months ended March 31, 2017, Dominion reported after-tax net income of $21 million for specific items in the Corporate and Other segment, all of which was attributable to its operating segments. In the three months ended March 31, 2016, Dominion reported an after-tax net expense of $48 million for specific items in the Corporate and Other segment, with $38 million of these net expenses attributable to its operating segments. The net income for specific items attributable to Dominion's operating segments in 2017 primarily related to the impact of the following item which was attributable to Dominion Generation: • A $34 million ( $21 million after-tax) net gain on investments held in nuclear decommissioning trust funds. The net expense for specific items attributable to Dominion's operating segments in 2016 primarily related to the impact of the following item: • A $66 million ( $41 million after-tax) charge related to an organizational design initiative, attributable to: • DVP ( $6 million after-tax); • Dominion Energy ( $12 million after-tax); and • Dominion Generation ( $23 million after-tax). The following table presents segment information pertaining to Dominion’s operations: DVP Dominion Dominion Corporate Adjustments/Eliminations Consolidated (millions) Three Months Ended March 31, 2017 Total revenue from external customers $ 554 $ 1,653 $ 901 $ 3 $ 273 $ 3,384 Intersegment revenue 5 3 266 152 (426 ) — Total operating revenue 559 1,656 1,167 155 (153 ) 3,384 Net income (loss) attributable to Dominion 125 261 263 (17 ) — 632 Three Months Ended March 31, 2016 Total revenue from external customers $ 556 $ 1,693 $ 485 $ 3 $ 184 $ 2,921 Intersegment revenue 5 3 178 192 (378 ) — Total operating revenue 561 1,696 663 195 (194 ) 2,921 Net income (loss) attributable to Dominion 120 245 186 (27 ) — 524 Intersegment sales and transfers for Dominion are based on contractual arrangements and may result in intersegment profit or loss that is eliminated in consolidation. Virginia Power The Corporate and Other Segment of Virginia Power primarily includes specific items attributable to its operating segments that are not included in profit measures evaluated by executive management in assessing the segments' performance or in allocating resources. In the three months ended March 31, 2017, Virginia Power reported after-tax net income of $ 2 million for specific items in the Corporate and Other segment, all of which was attributable to its operating segments. In the three months ended March 31, 2016, Virginia Power reported an after-tax net expense of $26 million for specific items in the Corporate and Other segment, with $25 million of these net expenses attributable to its operating segments. The net expense for specific items attributable to Virginia Power's operating segments in 2016 primarily related to the impact of the following item: • A $40 million ( $25 million after-tax) charge related to an organizational design initiative, attributable to: • DVP ( $6 million after-tax); and • Dominion Generation ( $19 million after-tax). The following table presents segment information pertaining to Virginia Power’s operations: DVP Dominion Corporate Consolidated (millions) Three Months Ended March 31, 2017 Operating revenue $ 557 $ 1,274 $ — $ 1,831 Net income 125 223 8 356 Three Months Ended March 31, 2016 Operating revenue $ 557 $ 1,333 $ — $ 1,890 Net income (loss) 118 166 (21 ) 263 Dominion Gas The Corporate and Other Segment of Dominion Gas primarily includes specific items attributable to Dominion Gas' operating segment that are not included in profit measures evaluated by executive management in assessing the segment's performance or in allocating resources and the effect of certain items recorded at Dominion Gas as a result of Dominion's basis in the net assets contributed. In the three months ended March 31, 2017, Dominion Gas reported no specific items in the Corporate and Other segment. In the three months ended March 31, 2016, Dominion Gas reported an after-tax net expense of $2 million for specific items in the Corporate and Other segment, all of which was attributable to its operating segment. The net expense for specific items in 2016 primarily related to an $8 million ( $5 million after-tax) charge related to an organizational design initiative. The following table presents segment information pertaining to Dominion Gas' operations: Dominion Energy Corporate and Other Consolidated Total (millions) Three Months Ended March 31, 2017 Operating revenue $ 490 $ — $ 490 Net income (loss) 109 (1 ) 108 Three Months Ended March 31, 2016 Operating revenue $ 431 $ — $ 431 Net income (loss) 103 (5 ) 98 |
Significant Accounting Polici28
Significant Accounting Policies (Policies) | 3 Months Ended |
Mar. 31, 2017 | |
Accounting Policies [Abstract] | |
Basis of Accounting | As permitted by the rules and regulations of the SEC, the Companies' accompanying unaudited Consolidated Financial Statements contain certain condensed financial information and exclude certain footnote disclosures normally included in annual audited consolidated financial statements prepared in accordance with GAAP. These unaudited Consolidated Financial Statements should be read in conjunction with the Consolidated Financial Statements and Notes in the Companies' Annual Report on Form 10-K for the year ended December 31, 2016. |
Estimates | The Companies make certain estimates and assumptions in preparing their Consolidated Financial Statements in accordance with GAAP. These estimates and assumptions affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses for the periods presented. Actual results may differ from those estimates. |
Consolidation | The Companies' accompanying unaudited Consolidated Financial Statements include, after eliminating intercompany transactions and balances, their accounts, those of their respective majority-owned subsidiaries and non-wholly-owned entities in which they have a controlling financial interest. |
Consolidation, consolidated entities and noncontrolling interest | For certain partnership structures, income is allocated based on the liquidation value of the underlying contractual arrangements. At March 31, 2017, Dominion owns the general partner, 50.9% of the common and subordinated units and 37.5% of the convertible preferred interests in Dominion Midstream. The public’s ownership interest in Dominion Midstream is reflected as noncontrolling interest in Dominion’s Consolidated Financial Statements. Also, at March 31, 2017, Dominion owns 50% of the units in and consolidates Four Brothers and Three Cedars. NRG's ownership interest in Four Brothers and Three Cedars, as well as Terra Nova Renewable Partners' 33% interest in certain Dominion merchant solar projects, is reflected as noncontrolling interest in Dominion’s Consolidated Financial Statements. |
Reclassifications | Certain amounts in the Companies' 2016 Consolidated Financial Statements and Notes have been reclassified to conform to the 2017 presentation for comparative purposes. The reclassifications did not affect the Companies’ net income, total assets, liabilities, equity or cash flows. |
New Accounting Standards | New Accounting Standards In March 2017, the Financial Accounting Standards Board issued revised accounting guidance for the presentation of net periodic pension and other postretirement benefit costs. The update requires that the service cost component of net periodic pension and other postretirement benefit costs be classified in the same line item as other compensation costs arising from services rendered by employees, while all other components of net periodic pension and other postretirement benefit costs would be classified outside of income from operations. In addition, only the service cost component will be eligible for capitalization during construction. The standard also recognized that in the event that a regulator continues to require capitalization of all net periodic benefit costs prospectively, the difference would result in recognition of a regulatory asset or liability. The guidance is effective for the Companies’ interim and annual reporting periods beginning January 1, 2018, although it can be early adopted, with a retrospective approach for income statement presentation and a prospective approach for capitalization. The Companies are currently evaluating the impact the adoption of the standard will have on their consolidated financial statements and disclosures. The Companies are also evaluating industry issues that could potentially create a regulatory accounting difference in the event that FERC or any of our state commissions do not adopt the change in capitalization requirements for regulatory reporting. |
Fair Value Measurements | The Companies' fair value measurements are made in accordance with the policies discussed in Note 6 to the Consolidated Financial Statements in the Companies' Annual Report on Form 10-K for the year ended December 31, 2016. See Note 9 in this report for further information about the Companies' derivatives and hedge accounting activities. 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, futures, and swaps contracts. An option model is used to value Level 3 physical and financial options. The discounted cash flow model for forwards, futures, and swaps 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. |
Derivatives and Hedge Accounting Activities | The Companies' accounting policies, objectives and strategies for using derivative instruments are discussed in Note 2 to the Consolidated Financial Statements in the Companies' Annual Report on Form 10-K for the year ended December 31, 2016. See Note 8 in this report for further information about fair value measurements and associated valuation methods for derivatives. Derivative assets and liabilities are presented gross on the Companies' Consolidated Balance Sheets. Dominion's derivative contracts include both over-the-counter transactions and those that are executed on an exchange or other trading platform (exchange contracts) and centrally cleared. Virginia Power's and Dominion Gas' derivative contracts consist of over-the-counter transactions. Over-the-counter contracts are bilateral contracts that are transacted directly with a counterparty. Exchange contracts utilize a financial intermediary, exchange, or clearinghouse to enter, execute, or clear the transactions. Certain over-the-counter and exchange contracts contain contractual rights of setoff through master netting arrangements, derivative clearing agreements, and contract default provisions. In addition, the contracts are subject to conditional rights of setoff through counterparty nonperformance, insolvency, or other conditions. In general, most over-the-counter transactions and all exchange contracts are subject to collateral requirements. Types of collateral for over-the-counter and exchange contracts include cash, letters of credit, and in some cases other forms of security, none of which are subject to restrictions. Cash collateral is used in the table below to offset derivative assets and liabilities. Certain accounts receivable and accounts payable recognized on the Companies' Consolidated Balance Sheets, as well as letters of credit and other forms of security, all of which are not included in the tables below, are subject to offset under master netting or similar arrangements and would reduce the net exposure. |
Regulatory Matters Involving Potential Loss Contingencies | Regulatory Matters Involving Potential Loss Contingencies As a result of issues generated in the ordinary course of business, the Companies are involved in various regulatory matters. Certain regulatory matters may ultimately result in a loss; however, as such matters are in an initial procedural phase, involve uncertainty as to the outcome of pending reviews or orders, and/or involve significant factual issues that need to be resolved, it is not possible for the Companies to estimate a range of possible loss. For matters for which the Companies cannot estimate a range of possible loss, a statement to this effect is made in the description of the matter. Other matters may have progressed sufficiently through the regulatory process such that the Companies are able to estimate a range of possible loss. For regulatory matters for which the Companies are able to reasonably estimate a range of possible losses, an estimated range of possible loss is provided, in excess of the accrued liability (if any) for such matters. Any estimated range is based on currently available information, involves elements of judgment and significant uncertainties and may not represent the Companies’ maximum possible loss exposure. The circumstances of such regulatory matters will change from time to time and actual results may vary significantly from the current estimate. For current matters not specifically reported below, management does not anticipate that the outcome from such matters would have a material effect on the Companies’ financial position, liquidity or results of operations. |
Commitments and Contingencies | As a result of issues generated in the ordinary course of business, the Companies are involved in legal proceedings before various courts and are periodically subject to governmental examinations (including by regulatory authorities), inquiries and investigations. Certain legal proceedings and governmental examinations involve demands for unspecified amounts of damages, are in an initial procedural phase, involve uncertainty as to the outcome of pending appeals or motions, or involve significant factual issues that need to be resolved, such that it is not possible for the Companies to estimate a range of possible loss. For such matters for which the Companies cannot estimate a range of possible loss, a statement to this effect is made in the description of the matter. Other matters may have progressed sufficiently through the litigation or investigative processes such that the Companies are able to estimate a range of possible loss. For legal proceedings and governmental examinations for which the Companies are able to reasonably estimate a range of possible losses, an estimated range of possible loss is provided, in excess of the accrued liability (if any) for such matters. Any accrued liability is recorded on a gross basis with a receivable also recorded for any probable insurance recoveries. Estimated ranges of loss are inclusive of legal fees and net of any anticipated insurance recoveries. Any estimated range is based on currently available information and involves elements of judgment and significant uncertainties. Any estimated range of possible loss may not represent the Companies' maximum possible loss exposure. The circumstances of such legal proceedings and governmental examinations will change from time to time and actual results may vary significantly from the current estimate. For current proceedings not specifically reported below, management does not anticipate that the liabilities, if any, arising from such proceedings would have a material effect on the financial position, liquidity or results of operations of the Companies. |
Guarantees, Surety Bonds and Letters of Credit | Dominion also enters into guarantee arrangements on behalf of its consolidated subsidiaries, primarily to facilitate their commercial transactions with third parties. 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. |
Acquisitions and Dispositions (
Acquisitions and Dispositions (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Dominion Questar Corporation | |
Business Acquisition [Line Items] | |
Business Acquisition, Pro Forma Information | The following unaudited pro forma financial information reflects the consolidated results of operations of Dominion assuming the Dominion Questar Combination had taken place on January 1, 2015. The unaudited pro forma financial information has been presented for illustrative purposes only and is not necessarily indicative of the consolidated results of operations that would have been achieved or the future consolidated results of operations of the combined company. Three Months Ended March 31, 2016 (1) (millions, except EPS) Operating Revenue $ 3,377 Net income attributable to Dominion 613 Earnings Per Common Share – Basic $ 1.03 Earnings Per Common Share – Diluted $ 1.03 (1) Amounts include adjustments for non-recurring costs directly related to the Dominion Questar Combination. |
Operating Revenue (Tables)
Operating Revenue (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Regulated and Unregulated Operating Revenue [Abstract] | |
Operating Revenue | The Companies’ operating revenue consists of the following: Three Months Ended March 31, 2017 2016 (millions) Dominion Electric sales: Regulated $ 1,766 $ 1,842 Nonregulated 427 389 Gas sales: Regulated 448 65 Nonregulated 144 118 Gas transportation and storage 492 415 Other 107 92 Total operating revenue $ 3,384 $ 2,921 Virginia Power Regulated electric sales $ 1,766 $ 1,842 Other 65 48 Total operating revenue $ 1,831 $ 1,890 Dominion Gas Gas sales: Regulated $ 32 $ 29 Nonregulated 2 1 Gas transportation and storage 396 351 Other 60 50 Total operating revenue $ 490 $ 431 |
Income Taxes (Tables)
Income Taxes (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Income Tax Disclosure [Abstract] | |
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 Three Months Ended March 31, 2017 2016 2017 2016 2017 2016 U.S. statutory rate 35.0 % 35.0 % 35.0 % 35.0 % 35.0 % 35.0 % Increases (reductions) resulting from: State taxes, net of federal benefit 2.8 4.3 3.8 4.2 0.3 3.9 Investment tax credits (4.2 ) (10.9 ) (0.8 ) (1.3 ) — — Production tax credits (0.8 ) (0.8 ) (0.6 ) (0.6 ) — — Other, net (3.8 ) (2.4 ) (0.6 ) (0.6 ) (0.6 ) (0.1 ) Effective tax rate 29.0 % 25.2 % 36.8 % 36.7 % 34.7 % 38.8 % |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Earnings Per Share [Abstract] | |
Earnings Per Share Computation | The following table presents the calculation of Dominion’s basic and diluted EPS: Three Months Ended March 31, 2017 2016 (millions, except EPS) Net income attributable to Dominion $ 632 $ 524 Average shares of common stock outstanding – Basic 628.1 596.6 Net effect of dilutive securities (1) — 1.6 Average shares of common stock outstanding – Diluted 628.1 598.2 Earnings Per Common Share – Basic $ 1.01 $ 0.88 Earnings Per Common Share – Diluted $ 1.01 $ 0.88 (1) Dilutive securities consist primarily of the 2013 Equity Units for the three months ended March 31, 2016. See Note 17 to the Consolidated Financial Statements in the Companies' Annual Report on Form 10-K for the year ended December 31, 2016 for more information. |
Accumulated Other Comprehensi33
Accumulated Other Comprehensive Income (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |
Schedule of Accumulated Other Comprehensive Income (Loss) | The following table presents Dominion’s changes in AOCI by component, net of tax: Deferred Gains and Losses on Derivatives-Hedging Activities Unrealized Gains and Losses on Investment Securities Unrecognized Pension and Other Postretirement Benefit Costs Other Comprehensive Income (Loss) From Equity Method Investee Total (millions) Three Months Ended March 31, 2017 Beginning balance $ (280 ) $ 569 $ (1,082 ) $ (6 ) $ (799 ) Other comprehensive income before reclassifications: gains 43 58 — 1 102 Amounts reclassified from AOCI (1) : (gains) losses (23 ) (28 ) 13 — (38 ) Net current-period other comprehensive income 20 30 13 1 64 Ending balance $ (260 ) $ 599 $ (1,069 ) $ (5 ) $ (735 ) Three Months Ended March 31, 2016 Beginning balance $ (176 ) $ 504 $ (797 ) $ (5 ) $ (474 ) Other comprehensive income before reclassifications: gains 53 15 — — 68 Amounts reclassified from AOCI (1) : (gains) losses (63 ) (2 ) 8 — (57 ) Net current-period other comprehensive income (loss) (10 ) 13 8 — 11 Ending balance $ (186 ) $ 517 $ (789 ) $ (5 ) $ (463 ) (1) See table below for details about these reclassifications. |
Reclassification out of Accumulated Other Comprehensive Income | The following table presents Dominion’s reclassifications out of AOCI by component: Details About AOCI Components Amounts Reclassified From AOCI Affected Line Item in the Consolidated Statements of Income (millions) Three Months Ended March 31, 2017 Deferred (gains) and losses on derivatives-hedging activities: Commodity contracts $ (62 ) Operating revenue (1 ) Purchased gas 1 Electric fuel and other energy-related purchases Interest rate contracts 11 Interest and related charges Foreign currency contracts 14 Other income (37 ) Tax 14 Income tax expense $ (23 ) Unrealized (gains) and losses on investment securities: Realized (gain) loss on sale of securities $ (53 ) Other income Impairment 9 Other income (44 ) Tax 16 Income tax expense $ (28 ) Unrecognized pension and other postretirement benefit costs: Prior service (credit) costs $ (4 ) Other operations and maintenance Actuarial (gains) losses 25 Other operations and maintenance 21 Tax (8 ) Income tax expense $ 13 Three Months Ended March 31, 2016 Deferred (gains) and losses on derivatives-hedging activities: Commodity contracts $ (114 ) Operating revenue 6 Purchased gas 3 Electric fuel and other energy-related purchases Interest rate contracts 3 Interest and related charges (102 ) Tax 39 Income tax expense $ (63 ) Unrealized (gains) and losses on investment securities: Realized (gain) loss on sale of securities $ (10 ) Other income Impairment 7 Other income (3 ) Tax 1 Income tax expense $ (2 ) Unrecognized pension and other postretirement benefit costs: Prior service (credit) costs $ (3 ) Other operations and maintenance Actuarial (gains) losses 17 Other operations and maintenance 14 Tax (6 ) Income tax expense $ 8 |
Dominion Gas Holdings, LLC | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |
Schedule of Accumulated Other Comprehensive Income (Loss) | The following table presents Dominion Gas’ changes in AOCI by component, net of tax: Deferred Gains and Losses on Derivatives-Hedging Activities Unrecognized Pension and Other Postretirement Benefit Costs Total (millions) Three Months Ended March 31, 2017 Beginning balance $ (24 ) $ (99 ) $ (123 ) Other comprehensive income before reclassifications: losses (9 ) — (9 ) Amounts reclassified from AOCI (1) : losses 11 — 11 Net current-period other comprehensive income 2 — 2 Ending balance $ (22 ) $ (99 ) $ (121 ) Three Months Ended March 31, 2016 Beginning balance $ (17 ) $ (82 ) $ (99 ) Other comprehensive income before reclassifications: losses (6 ) — (6 ) Amounts reclassified from AOCI (1) : gains (2 ) — (2 ) Net current-period other comprehensive loss (8 ) — (8 ) Ending balance $ (25 ) $ (82 ) $ (107 ) (1) See table below for details about these reclassifications. |
Reclassification out of Accumulated Other Comprehensive Income | The following table presents Dominion Gas' reclassifications out of AOCI by component: Details About AOCI Components Amounts Reclassified From AOCI Affected Line Item in the Consolidated Statements of Income (millions) Three Months Ended March 31, 2017 Deferred (gains) and losses on derivatives-hedging activities: Commodity contracts $ 3 Operating revenue Interest rate contracts 1 Interest and related charges Foreign currency contracts 14 Other income 18 Tax (7 ) Income tax expense $ 11 Unrecognized pension and other postretirement benefit costs: Actuarial (gains) losses $ 1 Other operations and maintenance 1 Tax (1 ) Income tax expense $ — Three Months Ended March 31, 2016 Deferred (gains) and losses on derivatives-hedging activities: Commodity contracts $ (4 ) Operating revenue (4 ) Tax 2 Income tax expense $ (2 ) Unrecognized pension and other postretirement benefit costs: Actuarial (gains) losses $ 1 Other operations and maintenance 1 Tax (1 ) Income tax expense $ — |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |
Fair Value Inputs, Assets, Quantitative Information | The following table presents Dominion's quantitative information about Level 3 fair value measurements at March 31, 2017. 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) $ 78 Discounted cash flow Market price (per Dth) (3) (2) - 7 — Credit Spreads (4) 0% - 4% 2 % FTRs 1 Discounted cash flow Market price (per MWh) (3) (3) - 3 — Physical and financial options: Natural gas 2 Option model Market price (per Dth) (3) 2 - 7 3 Price volatility (5) 18% - 48% 25 % Electricity 60 Option model Market Price (per MWh) (3) 21 - 54 33 Price volatility (5) 14% - 68% 31 % Total assets $ 141 Liabilities Physical and financial forwards and futures: Natural gas (2) $ 2 Discounted cash flow Market price (per Dth) (3) (1) - 4 3 FTRs 8 Discounted cash flow Market price (per MWh) (3) (3) - 2 — Physical and financial options: Natural gas 1 Option model Market price (per Dth) (3) 2 - 3 3 Price volatility (5) 34% - 48% 39 % Total liabilities $ 11 (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 Dominion's quantitative information about Level 3 fair value measurements at March 31, 2017. 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) $ 78 Discounted cash flow Market price (per Dth) (3) (2) - 7 — Credit Spreads (4) 0% - 4% 2 % FTRs 1 Discounted cash flow Market price (per MWh) (3) (3) - 3 — Physical and financial options: Natural gas 2 Option model Market price (per Dth) (3) 2 - 7 3 Price volatility (5) 18% - 48% 25 % Electricity 60 Option model Market Price (per MWh) (3) 21 - 54 33 Price volatility (5) 14% - 68% 31 % Total assets $ 141 Liabilities Physical and financial forwards and futures: Natural gas (2) $ 2 Discounted cash flow Market price (per Dth) (3) (1) - 4 3 FTRs 8 Discounted cash flow Market price (per MWh) (3) (3) - 2 — Physical and financial options: Natural gas 1 Option model Market price (per Dth) (3) 2 - 3 3 Price volatility (5) 34% - 48% 39 % Total liabilities $ 11 (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. |
Significant Unobservable Inputs | Sensitivity of the fair value measurements to changes in the significant unobservable inputs is as follows: Significant Unobservable Inputs Position Change to Input Impact on Fair Value Measurement Market price Buy Increase (decrease) Gain (loss) Market price Sell Increase (decrease) Loss (gain) Price volatility Buy Increase (decrease) Gain (loss) Price volatility Sell Increase (decrease) Loss (gain) Credit spread Asset Increase (decrease) Loss (gain) |
Recurring Fair Value Measurements | The following table presents Dominion’s assets and liabilities that are measured at fair value on a recurring basis for each hierarchy level, including both current and noncurrent portions: Level 1 Level 2 Level 3 Total (millions) At March 31, 2017 Assets Derivatives: Commodity $ — $ 113 $ 141 $ 254 Interest rate — 20 — 20 Investments (1) : Equity securities: U.S. 3,084 — — 3,084 Fixed income: Corporate debt instruments — 498 — 498 Government securities 423 615 — 1,038 Cash equivalents and other 6 — — 6 Total assets $ 3,513 $ 1,246 $ 141 $ 4,900 Liabilities Derivatives: Commodity $ — $ 74 $ 11 $ 85 Interest rate — 59 — 59 Foreign currency — 6 — 6 Total liabilities $ — $ 139 $ 11 $ 150 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 (1) Includes investments held in the nuclear decommissioning and rabbi trusts. Excludes $88 million and $89 million of assets at March 31, 2017 and December 31, 2016, respectively, measured at fair value using NAV (or its equivalent) as a practical expedient which are not required to be categorized in the fair value hierarchy. |
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation | The following table presents the net change in Dominion's assets and liabilities measured at fair value on a recurring basis and included in the Level 3 fair value category: Three Months Ended March 31, 2017 2016 (millions) Beginning balance $ 139 $ 95 Total realized and unrealized gains (losses): Included in earnings (15 ) (7 ) Included in other comprehensive income — 3 Included in regulatory assets/liabilities (9 ) 17 Settlements 12 8 Transfers out of Level 3 3 (7 ) Ending balance $ 130 $ 109 |
Cost and Fair Value of Financial Instruments Disclosure | For the Companies' financial instruments that are not recorded at fair value, the carrying amounts and estimated fair values are as follows: March 31, 2017 December 31, 2016 Carrying Estimated Fair (1) Carrying Estimated Fair (1) (millions) Dominion Long-term debt, including securities due within one year (2) $ 28,133 $ 29,918 $ 26,587 $ 28,273 Junior subordinated notes (3) 2,980 2,981 2,980 2,893 Remarketable subordinated notes (3) 2,374 2,431 2,373 2,418 Virginia Power Long-term debt, including securities due within one year (3) $ 11,276 $ 12,371 $ 10,530 $ 11,584 Dominion Gas Long-term debt, including securities due within one year (4) $ 3,533 $ 3,614 $ 3,528 $ 3,603 (1) Fair value is estimated using market prices, where available, and interest rates currently available for issuance of debt with similar terms and remaining maturities. All fair value measurements are classified as Level 2. The carrying amount of debt issues with short-term maturities and variable rates refinanced at current market rates is a reasonable estimate of their fair value. (2) Carrying amount includes amounts which represent the unamortized debt issuance costs, discount or premium, and foreign currency remeasurement adjustments. At March 31, 2017 and December 31, 2016, includes the valuation of certain fair value hedges associated with fixed rate debt of $(4) million and $(1) million , respectively. (3) Carrying amount includes amounts which represent the unamortized debt issuance costs, discount or premium. (4) Carrying amount includes amounts which represent the unamortized debt issuance costs, discount or premium, and foreign currency remeasurement adjustments. |
Virginia Electric and Power Company | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |
Fair Value Inputs, Assets, Quantitative Information | The following table presents Virginia Power's quantitative information about Level 3 fair value measurements at March 31, 2017. 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) $ 77 Discounted cash flow Market price (per Dth) (3) (2) - 7 — Credit Spreads (4) 0% - 4% 2 % FTRs 1 Discounted cash flow Market price (per MWh) (3) (3) - 2 — Physical and financial options: Natural gas 2 Option model Market price (per Dth) (3) 2 - 7 3 Price Volatility (5) 18% - 40% 25 % Electricity 60 Option model Market price (per MWh) (3) 21 - 54 33 Price Volatility (5) 14% - 68% 31 % Total assets $ 140 Liabilities Physical and financial forwards and futures: FTRs $ 8 Discounted cash flow Market price (per MWh) (3) (3) - 2 — Total liabilities $ 8 (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 March 31, 2017. 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) $ 77 Discounted cash flow Market price (per Dth) (3) (2) - 7 — Credit Spreads (4) 0% - 4% 2 % FTRs 1 Discounted cash flow Market price (per MWh) (3) (3) - 2 — Physical and financial options: Natural gas 2 Option model Market price (per Dth) (3) 2 - 7 3 Price Volatility (5) 18% - 40% 25 % Electricity 60 Option model Market price (per MWh) (3) 21 - 54 33 Price Volatility (5) 14% - 68% 31 % Total assets $ 140 Liabilities Physical and financial forwards and futures: FTRs $ 8 Discounted cash flow Market price (per MWh) (3) (3) - 2 — Total liabilities $ 8 (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. |
Significant Unobservable Inputs | Sensitivity of the fair value measurements to changes in the significant unobservable inputs is as follows: Significant Unobservable Inputs Position Change to Input Impact on Fair Value Measurement Market price Buy Increase (decrease) Gain (loss) Market price Sell Increase (decrease) Loss (gain) Credit spread Asset Increase (decrease) Loss (gain) Price volatility Buy Increase (decrease) Gain (loss) Price volatility Sell Increase (decrease) Loss (gain) |
Recurring Fair Value Measurements | The following table presents Virginia Power’s assets and liabilities that are measured at fair value on a recurring basis for each hierarchy level, including both current and noncurrent portions: Level 1 Level 2 Level 3 Total (millions) At March 31, 2017 Assets Derivatives: Commodity $ — $ 30 $ 140 $ 170 Interest rate — 8 — 8 Investments (1) : Equity securities: U.S. 1,376 — — 1,376 Fixed income: Corporate debt instruments — 282 — 282 Government securities 133 294 — 427 Total assets $ 1,509 $ 614 $ 140 $ 2,263 Liabilities Derivatives: Commodity $ — $ 3 $ 8 $ 11 Interest rate — 22 — 22 Total liabilities $ — $ 25 $ 8 $ 33 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 (1) Includes investments held in the nuclear decommissioning trusts. Excludes $30 million and $26 million of assets at March 31, 2017 and December 31, 2016, respectively, measured at fair value using NAV (or its equivalent) as a practical expedient which are not required to be categorized in the fair value hierarchy. |
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation | The following table presents the net change in Virginia Power’s assets and liabilities measured at fair value on a recurring basis and included in the Level 3 fair value category: Three Months Ended March 31, 2017 2016 (millions) Beginning balance $ 143 $ 93 Total realized and unrealized gains (losses): Included in earnings (15 ) (8 ) Included in regulatory assets/liabilities (8 ) 17 Settlements 12 8 Ending balance $ 132 $ 110 |
Dominion Gas Holdings, LLC | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |
Recurring Fair Value Measurements | The following table presents Dominion Gas' liabilities for derivatives that are measured at fair value on a recurring basis for each hierarchy level, including both current and noncurrent portions. Derivative assets at March 31, 2017 and December 31, 2016 were not material. Level 1 Level 2 Level 3 Total (millions) At March 31, 2017 Liabilities Commodity $ — $ 1 $ — $ 1 Foreign currency — 6 — 6 Total liabilities $ — $ 7 $ — $ 7 At December 31, 2016 Liabilities Commodity $ — $ 3 $ 2 $ 5 Foreign currency — 6 — 6 Total liabilities $ — $ 9 $ 2 $ 11 |
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation | The following table presents the net change in Dominion Gas' assets and liabilities for derivatives measured at fair value on a recurring basis and included in the Level 3 fair value category: Three Months Ended March 31, 2017 2016 (millions) Beginning balance $ (2 ) $ 6 Total realized and unrealized gains (losses): Included in other comprehensive income (loss) (1 ) 2 Transfers out of Level 3 3 (8 ) Ending balance $ — $ — |
Derivatives and Hedge Account35
Derivatives and Hedge Accounting Activities (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
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: March 31, 2017 December 31, 2016 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 $ 206 $ — $ 206 $ 211 $ — $ 211 Exchange 42 — 42 44 — 44 Interest rate contracts: Over-the-counter 20 — 20 17 — 17 Total derivatives, subject to a master netting or similar arrangement 268 — 268 272 — 272 Total derivatives, not subject to a master netting or similar arrangement 6 — 6 7 — 7 Total $ 274 $ — $ 274 $ 279 $ — $ 279 March 31, 2017 December 31, 2016 Gross Amounts Not Offset in the Consolidated Balance Sheet Gross Amounts Not Offset in the Consolidated Balance Sheet Net Amounts of Assets Presented in the Consolidated Balance Sheet Financial Instruments Cash Collateral Received Net Amounts Net Amounts of Assets Presented in the Consolidated Balance Sheet Financial Instruments Cash Collateral Received Net Amounts (millions) Commodity contracts: Over-the-counter $ 206 $ 6 $ — $ 200 $ 211 $ 14 $ — $ 197 Exchange 42 42 — — 44 44 — — Interest rate contracts: Over-the-counter 20 11 — 9 17 9 — 8 Total $ 268 $ 59 $ — $ 209 $ 272 $ 67 $ — $ 205 |
Offsetting Liabilities | March 31, 2017 December 31, 2016 Gross Amounts of Recognized Liabilities Gross Amounts Offset in the Consolidated Balance Sheet Net Amounts of Liabilities Presented in the Consolidated Balance Sheet Gross Amounts of Recognized Liabilities Gross Amounts Offset in the Consolidated Balance Sheet Net Amounts of Liabilities Presented in the Consolidated Balance Sheet (millions) Commodity contracts: Over-the-counter $ 21 $ — $ 21 $ 23 $ — $ 23 Exchange 61 — 61 71 — 71 Interest rate contracts: Over-the-counter 59 — 59 53 — 53 Foreign currency contracts: Over-the-counter 6 — 6 6 — 6 Total derivatives, subject to a master netting or similar arrangement 147 — 147 153 — 153 Total derivatives, not subject to a master netting or similar arrangement 3 — 3 2 — 2 Total $ 150 $ — $ 150 $ 155 $ — $ 155 March 31, 2017 December 31, 2016 Gross Amounts Not Offset in the Consolidated Balance Sheet Gross Amounts Not Offset in the Consolidated Balance Sheet Net Amounts of Liabilities Presented in the Consolidated Balance Sheet Financial Instruments Cash Collateral Paid Net Amounts Net Amounts of Liabilities Presented in the Consolidated Balance Sheet Financial Instruments Cash Collateral Paid Net Amounts (millions) Commodity contracts: Over-the-counter $ 21 $ 6 $ 2 $ 13 $ 23 $ 14 $ — $ 9 Exchange 61 42 19 — 71 44 27 — Interest rate contracts: Over-the-counter 59 11 — 48 53 9 — 44 Foreign currency contracts: Over-the-counter 6 — — 6 6 — — 6 Total $ 147 $ 59 $ 21 $ 67 $ 153 $ 67 $ 27 $ 59 |
Schedule of Volume of Derivative Activity | The following table presents the volume of Dominion’s derivative activity at March 31, 2017. These volumes are based on open derivative positions and represent the combined absolute value of its long and short positions, except in the case of offsetting transactions, for which they represent the absolute value of the net volume of its long and short positions. Current Noncurrent Natural Gas (bcf): Fixed price (1) 92 11 Basis 194 607 Electricity (MWh): Fixed price 13,457,158 1,537,046 FTRs 19,361,385 — Liquids (Gal) (2) 60,968,672 — Interest rate (3) $ 2,050,000,000 $ 4,953,640,679 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 . |
Schedule of Cash Flow Hedges Included in Accumulated Other Comprehensive Income (Loss) | The following table presents selected information related to gains (losses) on cash flow hedges included in AOCI in Dominion’s Consolidated Balance Sheet at March 31, 2017: AOCI After-Tax Amounts Expected to be Reclassified to Earnings During the Next 12 Months After-Tax Maximum Term (millions) Commodities: Gas $ 7 $ 7 33 months Electricity (4 ) (4 ) 9 months Interest rate (267 ) (6 ) 393 months Foreign currency 4 (1 ) 111 months Total $ (260 ) $ (4 ) |
Fair Value of Derivatives | The following table presents the fair values of Dominion’s derivatives and where they are presented in its Consolidated Balance Sheets: Fair Value – Fair Value – Total Fair Value (millions) At March 31, 2017 ASSETS Current Assets Commodity $ 33 $ 107 $ 140 Interest rate 19 — 19 Total current derivative assets (1) 52 107 159 Noncurrent Assets Commodity — 114 114 Interest rate 1 — 1 Total noncurrent derivative assets (2) 1 114 115 Total derivative assets $ 53 $ 221 $ 274 LIABILITIES Current Liabilities Commodity $ 29 $ 53 $ 82 Interest rate 35 — 35 Foreign currency 1 — 1 Total current derivative liabilities (3) 65 53 118 Noncurrent Liabilities Commodity — 3 3 Interest rate 24 — 24 Foreign currency 5 — 5 Total noncurrent derivative liabilities (4) 29 3 32 Total derivative liabilities $ 94 $ 56 $ 150 At December 31, 2016 ASSETS Current Assets Commodity $ 29 $ 101 $ 130 Interest rate 10 — 10 Total current derivative assets (1) 39 101 140 Noncurrent Assets Commodity — 132 132 Interest rate 7 — 7 Total noncurrent derivative assets (2) 7 132 139 Total derivative assets $ 46 $ 233 $ 279 LIABILITIES Current Liabilities Commodity $ 51 $ 41 $ 92 Interest rate 33 — 33 Foreign currency 3 — 3 Total current derivative liabilities (3) 87 41 128 Noncurrent Liabilities Commodity 1 3 4 Interest rate 20 — 20 Foreign currency 3 — 3 Total noncurrent derivative liabilities (4) 24 3 27 Total derivative liabilities $ 111 $ 44 $ 155 (1) Current derivative assets are presented in other current assets in Dominion’s Consolidated Balance Sheets. (2) Noncurrent derivative assets are presented in other deferred charges and other assets in Dominion’s Consolidated Balance Sheets. (3) Current derivative liabilities are presented in other current liabilities in Dominion's Consolidated Balance Sheets. (4) Noncurrent derivative liabilities are presented in other deferred credits and other liabilities in Dominion’s Consolidated Balance Sheets. |
Schedule of Cash Flow Hedging Instruments, Statements of Financial Performance and Financial Position, Location | The following tables present the gains and losses on Dominion's derivatives, as well as where the associated activity is presented in its Consolidated Balance Sheets and Statements of Income: Derivatives in Cash Flow Hedging Relationships Amount of Gain (Loss) Recognized in AOCI on Derivatives (Effective Portion) (1) Amount of Gain Increase (Decrease) in Derivatives Subject to Regulatory Treatment (2) (millions) Three Months Ended March 31, 2017 Derivative type and location of gains (losses): Commodity: Operating revenue $ 62 Purchased gas 1 Electric fuel and other energy-related purchases (1 ) Total commodity $ 87 $ 62 $ — Interest rate (3) 1 (11 ) 8 Foreign currency (4) (18 ) (14 ) — Total $ 70 $ 37 $ 8 Three Months Ended March 31, 2016 Derivative type and location of gains (losses): Commodity: Operating revenue $ 114 Purchased gas (6 ) Electric fuel and other energy-related purchases (3 ) Total commodity $ 173 $ 105 $ — Interest rate (3) (87 ) (3 ) (133 ) Total $ 86 $ 102 $ (133 ) (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 Other Derivatives Not Designated as Hedging Instruments, Statements of Financial Performance | Amount of Gain (Loss) Recognized in Income on Derivatives (1) Three Months Ended March 31, Derivatives Not Designated as Hedging Instruments 2017 2016 (millions) Derivative type and location of gains (losses): Commodity: Operating revenue $ 4 $ 2 Purchased gas 16 — Electric fuel and other energy-related purchases (23 ) (23 ) Other operations and maintenance (1 ) — Total $ (4 ) $ (21 ) (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. |
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: March 31, 2017 December 31, 2016 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 $ 143 $ — $ 143 $ 147 $ — $ 147 Interest rate contracts: Over-the-counter 8 — 8 6 — 6 Total derivatives, subject to a master netting or similar arrangement 151 — 151 153 — 153 Total derivatives, not subject to a master netting or similar arrangement 27 — 27 41 — 41 Total $ 178 $ — $ 178 $ 194 $ — $ 194 March 31, 2017 December 31, 2016 Gross Amounts Not Offset in the Consolidated Balance Sheet Gross Amounts Not Offset in the Consolidated Balance Sheet Net Amounts of Assets Presented in the Consolidated Balance Sheet Financial Instruments Cash Collateral Received Net Amounts Net Amounts of Assets Presented in the Consolidated Balance Sheet Financial Instruments Cash Collateral Received Net Amounts (millions) Commodity contracts: Over-the-counter $ 143 $ 1 $ — $ 142 $ 147 $ 2 $ — $ 145 Interest rate contracts: Over-the-counter 8 — — 8 6 — — 6 Total $ 151 $ 1 $ — $ 150 $ 153 $ 2 $ — $ 151 |
Offsetting Liabilities | March 31, 2017 December 31, 2016 Gross Amounts of Recognized Liabilities Gross Amounts Offset in the Consolidated Balance Sheet Net Amounts of Liabilities Presented in the Consolidated Balance Sheet Gross Amounts of Recognized Liabilities Gross Amounts Offset in the Consolidated Balance Sheet Net Amounts of Liabilities Presented in the Consolidated Balance Sheet (millions) Commodity contracts: Over-the-counter $ 8 $ — $ 8 $ 2 $ — $ 2 Interest rate contracts: Over-the-counter 22 — 22 21 — 21 Total derivatives, subject to a master netting or similar arrangement 30 — 30 23 — 23 Total derivatives, not subject to a master netting or similar arrangement 3 — 3 8 — 8 Total $ 33 $ — $ 33 $ 31 $ — $ 31 March 31, 2017 December 31, 2016 Gross Amounts Not Offset in the Consolidated Balance Sheet Gross Amounts Not Offset in the Consolidated Balance Sheet Net Amounts of Liabilities Presented in the Consolidated Balance Sheet Financial Instruments Cash Collateral Paid Net Amounts Net Amounts of Liabilities Presented in the Consolidated Balance Sheet Financial Instruments Cash Collateral Paid Net Amounts (millions) Commodity contracts: Over-the-counter $ 8 $ 1 $ 2 $ 5 $ 2 $ 2 $ — $ — Interest rate contracts: Over-the-counter 22 — — 22 21 — — 21 Total $ 30 $ 1 $ 2 $ 27 $ 23 $ 2 $ — $ 21 |
Schedule of Volume of Derivative Activity | The following table presents the volume of Virginia Power’s derivative activity at March 31, 2017. These volumes are based on open derivative positions and represent the combined absolute value of its long and short positions, except in the case of offsetting transactions, for which they represent the absolute value of the net volume of its long and short positions. Current Noncurrent Natural Gas (bcf): Fixed price (1) 37 8 Basis 74 565 Electricity (MWh): Fixed price (1) 1,580,034 1,537,046 FTRs 17,668,870 — Interest rate (2) $ 1,050,000,000 $ 1,150,000,000 (1) Includes options. (2) Maturity is determined based on final settlement period. |
Schedule of Cash Flow Hedges Included in Accumulated Other Comprehensive Income (Loss) | The following table presents selected information related to gains (losses) on cash flow hedges included in AOCI in Virginia Power’s Consolidated Balance Sheet at March 31, 2017: AOCI After-Tax Amounts Expected to be Reclassified to Earnings During the Next 12 Months After-Tax Maximum Term (millions) Interest rate $ (8 ) $ (1 ) 393 months Total $ (8 ) $ (1 ) |
Fair Value of Derivatives | The following table presents the fair values of Virginia Power’s derivatives and where they are presented in its Consolidated Balance Sheets: Fair Value – Fair Value – Total Fair Value (millions) At March 31, 2017 ASSETS Current Assets Commodity $ — $ 59 $ 59 Interest rate 8 — 8 Total current derivative assets (1) 8 59 67 Noncurrent Assets Commodity — 111 111 Total noncurrent derivative assets (2) — 111 111 Total derivative assets $ 8 $ 170 $ 178 LIABILITIES Current Liabilities Commodity $ — $ 11 $ 11 Interest rate 13 — 13 Total current derivative liabilities (3) 13 11 24 Noncurrent Liabilities Interest rate 9 — 9 Total noncurrent derivatives liabilities (4) 9 — 9 Total derivative liabilities $ 22 $ 11 $ 33 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 (2) — 128 128 Total derivative assets $ 6 $ 188 $ 194 LIABILITIES Current Liabilities Commodity $ — $ 10 $ 10 Interest rate 8 — 8 Total current derivative liabilities (3) 8 10 18 Noncurrent Liabilities Interest rate 13 — 13 Total noncurrent derivative liabilities (4) 13 — 13 Total derivative liabilities $ 21 $ 10 $ 31 (1) Current derivative assets are presented in other current assets in Virginia Power's Consolidated Balance Sheets. (2) Noncurrent derivative assets are presented in other deferred charges and other assets in Virginia Power's Consolidated Balance Sheets. (3) Current derivative liabilities are presented in other current liabilities in Virginia Power's Consolidated Balance Sheets. (4) Noncurrent derivative liabilities are presented in other deferred credits and other liabilities in Virginia Power’s Consolidated Balance Sheets. |
Schedule of Cash Flow Hedging Instruments, Statements of Financial Performance and Financial Position, Location | The following tables present the gains and losses on Virginia Power's derivatives, as well as where the associated activity is presented in its Consolidated Balance Sheets and Statements of Income: Derivatives in Cash Flow Hedging Relationships Amount of Gain (Loss) Recognized in AOCI on Derivatives (Effective (1) Amount of Gain Increase(Decrease) in Derivatives Subject to Regulatory Treatment (2) (millions) Three Months Ended March 31, 2017 Derivative type and location of gains (losses): Interest rate (3) $ — $ — $ 8 Total $ — $ — $ 8 Three Months Ended March 31, 2016 Derivative type and location of gains (losses): Interest rate (3) $ (14 ) $ — $ (133 ) Total $ (14 ) $ — $ (133 ) (1) Amounts deferred into AOCI have no associated effect in Virginia Power’s Consolidated Statements of Income. (2) Represents net derivative activity deferred into and amortized out of regulatory assets/liabilities. Amounts deferred into regulatory assets/liabilities have no associated effect in Virginia Power’s Consolidated Statements of Income. (3) Amounts recorded in Virginia Power’s Consolidated Statements of Income are classified in interest and related charges. |
Schedule of Other Derivatives Not Designated as Hedging Instruments, Statements of Financial Performance | Amount of Gain (Loss) Recognized in Income on Derivatives (1) Three Months Ended March 31, Derivatives Not Designated as Hedging Instruments 2017 2016 (millions) Derivative type and location of gains (losses): Commodity (2) $ (17 ) $ (20 ) Total $ (17 ) $ (20 ) (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 Liabilities | The tables below present Dominion Gas' derivative liability balances by type of financial instrument, before and after the effects of offsetting. Derivative assets at March 31, 2017 and December 31, 2016 were not material. March 31, 2017 December 31, 2016 Gross Amounts of Recognized Liabilities Gross Amounts Offset in the Consolidated Balance Sheet Net Amounts of Liabilities Presented in the Consolidated Balance Sheet Gross Amounts of Recognized Liabilities Gross Amounts Offset in the Consolidated Balance Sheet Net Amounts of Liabilities Presented in the Consolidated Balance Sheet (millions) Commodity contracts: Over-the-counter $ 1 $ — $ 1 $ 5 $ — $ 5 Foreign currency contracts: Over-the-counter 6 — 6 6 — 6 Total derivatives, subject to a master netting or similar arrangement $ 7 $ — $ 7 $ 11 $ — $ 11 March 31, 2017 December 31, 2016 Gross Amounts Not Offset in the Consolidated Balance Sheet Gross Amounts Not Offset in the Consolidated Balance Sheet Net Amounts of Liabilities Presented in the Consolidated Balance Sheet Financial Instruments Cash Collateral Paid Net Amounts Net Amounts of Liabilities Presented in the Consolidated Balance Sheet Financial Instruments Cash Collateral Paid Net Amounts (millions) Commodity contracts Over-the-counter $ 1 $ — $ — $ 1 $ 5 $ — $ — $ 5 Foreign currency contracts: Over-the-counter 6 — — 6 6 — — 6 Total $ 7 $ — $ — $ 7 $ 11 $ — $ — $ 11 |
Schedule of Volume of Derivative Activity | The following table presents the volume of Dominion Gas' derivative activity at March 31, 2017. These volumes are based on open derivative positions and represent the combined absolute value of its long and short positions, except in the case of offsetting transactions, for which they represent the absolute value of the net volume of its long and short positions. Current Noncurrent Natural Gas (bcf): Fixed price 3 — Basis 6 — NGLs (Gal) 51,224,672 — Foreign currency (1) $ — $ 280,000,000 (1) Maturity is determined based on final settlement period. Euro equivalent volumes are € 250,000,000 . |
Schedule of Cash Flow Hedges Included in Accumulated Other Comprehensive Income (Loss) | The following table presents selected information related to losses on cash flow hedges included in AOCI in Dominion Gas' Consolidated Balance Sheet at March 31, 2017: AOCI Amounts Expected to be Reclassified to Earnings During the Next 12 Months After-Tax Maximum Term (millions) Interest rate $ (26 ) $ (3 ) 333 months Foreign currency 4 (1 ) 111 months Total $ (22 ) $ (4 ) |
Fair Value of Derivatives | The following tables present the fair values of Dominion Gas' derivatives and where they are presented in its Consolidated Balance Sheets: Fair Value-Derivatives Under Hedge Accounting Fair Value-Derivatives Not Under Hedge Accounting Total Fair Value (millions) At March 31, 2017 LIABILITIES Current Liabilities Commodity $ — $ 1 $ 1 Foreign currency 1 — 1 Total current derivative liabilities (1) 1 1 2 Noncurrent Liabilities Foreign currency 5 — 5 Total noncurrent derivative liabilities (2) 5 — 5 Total derivative liabilities $ 6 $ 1 $ 7 At December 31, 2016 LIABILITIES Current Liabilities Commodity $ 4 $ — $ 4 Foreign currency 3 — 3 Total current derivative liabilities (1) 7 — 7 Noncurrent Liabilities Commodity 1 — 1 Foreign currency 3 — 3 Total noncurrent derivative liabilities (2) 4 — 4 Total derivative liabilities $ 11 $ — $ 11 (1) Current derivative liabilities are presented in other current liabilities in Dominion Gas' Consolidated Balance Sheets. (2) Noncurrent derivative liabilities are presented in other deferred credits and other liabilities in Dominion Gas’ Consolidated Balance Sheets. |
Schedule of Cash Flow Hedging Instruments, Statements of Financial Performance and Financial Position, Location | The following table presents the gains and losses on Dominion Gas' derivatives, as well as where the associated activity is presented in its Consolidated Balance Sheets and Statements of Income. The gains and losses associated with derivatives not designated as hedging instruments were immaterial for the three months ended March 31, 2017 and 2016. Derivatives in Cash Flow Hedging Relationships Amount of Gain (Loss) Recognized in AOCI on Derivatives (Effective Portion) (1) Amount of Gain (Loss) Reclassified From AOCI (millions) Three Months Ended March 31, 2017 Derivative Type and Location of Gains (Losses): Commodity: Operating revenue $ (3 ) Total commodity $ 2 $ (3 ) Interest rate (2) — (1 ) Foreign currency (3) (18 ) (14 ) Total $ (16 ) $ (18 ) Three Months Ended March 31, 2016 Derivative Type and Location of Gains (Losses): Commodity: Operating revenue $ 4 Total commodity $ (1 ) $ 4 Interest rate (2) (9 ) — Total $ (10 ) $ 4 (1) Amounts deferred into AOCI have no associated effect in Dominion Gas' Consolidated Statements of Income. (2) Amounts recorded in Dominion Gas' Consolidated Statements of Income are classified in interest and related charges. (3) Amounts recorded in Dominion Gas' Consolidated Statements of Income are classified in other income. |
Investments (Tables)
Investments (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Gain (Loss) on Investments [Line Items] | |
Available-For-Sale Securities | Dominion’s decommissioning trust funds are summarized below: Amortized Cost Total Unrealized Gains (1) Total Unrealized Losses (1) Fair Value (millions) At March 31, 2017 Marketable equity securities: U.S. $ 1,543 $ 1,478 $ — $ 3,021 Fixed income: Corporate debt instruments 488 13 (3 ) 498 Government securities 977 24 (6 ) 995 Common/collective trust funds 66 — — 66 Cost method investments 69 — — 69 Cash equivalents and other (2) 6 — — 6 Total $ 3,149 $ 1,515 $ (9 ) (3) $ 4,655 At December 31, 2016 Marketable equity securities: U.S. $ 1,449 $ 1,408 $ — $ 2,857 Fixed income: Corporate debt instruments 478 13 (4 ) 487 Government securities 978 22 (8 ) 992 Common/collective trust funds 67 — — 67 Cost method investments 69 — — 69 Cash equivalents and other (2) 12 — — 12 Total $ 3,053 $ 1,443 $ (12 ) (3) $ 4,484 (1) Included in AOCI and the nuclear decommissioning trust regulatory liability. (2) Includes net pending sales of securities of $2 million and $9 million at March 31, 2017 and December 31, 2016, respectively. (3) The fair value of securities in an unrealized loss position was $461 million and $576 million at March 31, 2017 and December 31, 2016, respectively. |
Investments Classified by Contractual Maturity Date | The fair value of Dominion’s marketable debt securities held in nuclear decommissioning trust funds at March 31, 2017 by contractual maturity is as follows: Amount (millions) Due in one year or less $ 164 Due after one year through five years 434 Due after five years through ten years 385 Due after ten years 576 Total $ 1,559 |
Marketable Securities | Presented below is selected information regarding Dominion’s marketable equity and debt securities held in nuclear decommissioning trust funds. Three Months Ended March 31, 2017 2016 (millions) Proceeds from sales $ 756 $ 368 Realized gains (1) 94 25 Realized losses (1) 20 19 (1) Includes realized gains and losses recorded to the nuclear decommissioning trust regulatory liability. |
Virginia Electric and Power Company | |
Gain (Loss) on Investments [Line Items] | |
Available-For-Sale Securities | Virginia Power’s decommissioning trust funds are summarized below: Amortized Total Unrealized (1) Total Unrealized (1) Fair Value (millions) At March 31, 2017 Marketable equity securities: U.S. $ 720 $ 654 $ — $ 1,374 Fixed income: Corporate debt instruments 278 6 (2 ) 282 Government securities 418 11 (2 ) 427 Common/collective trust funds 30 — — 30 Cost method investments 69 — — 69 Cash equivalents and other (2) 4 — — 4 Total $ 1,519 $ 671 $ (4 ) (3) $ 2,186 At December 31, 2016 Marketable equity securities: U.S. $ 677 $ 624 $ — $ 1,301 Fixed income: Corporate debt instruments 274 6 (4 ) 276 Government securities 420 9 (2 ) 427 Common/collective trust funds 26 — — 26 Cost method investments 69 — — 69 Cash equivalents and other (2) 7 — — 7 Total $ 1,473 $ 639 $ (6 ) (3) $ 2,106 (1) Included in AOCI and the nuclear decommissioning trust regulatory liability. (2) Includes pending sales of securities of $4 million and $7 million at March 31, 2017 and December 31, 2016, respectively. (3) The fair value of securities in an unrealized loss position was $214 million and $287 million at March 31, 2017 and December 31, 2016, respectively. |
Investments Classified by Contractual Maturity Date | The fair value of Virginia Power’s marketable debt securities held in nuclear decommissioning trust funds at March 31, 2017 by contractual maturity is as follows: Amount (millions) Due in one year or less $ 60 Due after one year through five years 188 Due after five years through ten years 205 Due after ten years 286 Total $ 739 |
Marketable Securities | Presented below is selected information regarding Virginia Power’s marketable equity and debt securities held in nuclear decommissioning trust funds. Three Months Ended March 31, 2017 2016 (millions) Proceeds from sales $ 330 $ 193 Realized gains (1) 45 12 Realized losses (1) 10 10 (1) Includes realized gains and losses recorded to the nuclear decommissioning trust regulatory liability. |
Regulatory Assets and Liabili37
Regulatory Assets and Liabilities (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Regulatory Assets and Liabilities Disclosure [Abstract] | |
Schedule of Regulatory Assets | Regulatory assets and liabilities include the following: March 31, 2017 December 31, 2016 (millions) Dominion Regulatory assets: Deferred rate adjustment clause costs (1) $ 75 $ 63 Deferred nuclear refueling outage costs (2) 53 71 Other 103 110 Regulatory assets-current (3) 231 244 Unrecognized pension and other postretirement benefit costs (4) 1,328 1,401 Deferred rate adjustment clause costs (1) 328 329 PJM transmission rates (5) 200 192 Derivatives (6) 172 174 Income taxes recoverable through future rates (7) 138 123 Utility reform legislation (8) 110 99 Other 163 155 Regulatory assets-noncurrent 2,439 2,473 Total regulatory assets $ 2,670 $ 2,717 Regulatory liabilities: Deferred cost of fuel used in electric generation (9) $ 33 $ 61 PIPP (10) 23 28 Other 105 74 Regulatory liabilities-current (11) 161 163 Provision for future cost of removal and AROs (12) 1,450 1,427 Nuclear decommissioning trust (13) 953 902 Derivatives (6) 70 69 Other 272 224 Regulatory liabilities-noncurrent 2,745 2,622 Total regulatory liabilities $ 2,906 $ 2,785 Virginia Power Regulatory assets: Deferred rate adjustment clause costs (1) $ 71 $ 51 Deferred nuclear refueling outage costs (2) 53 71 Other 66 57 Regulatory assets-current (3) 190 179 Deferred rate adjustment clause costs (1) 232 246 PJM transmission rates (5) 200 192 Derivatives (6) 137 133 Income taxes recoverable through future rates (7) 81 76 Other 126 123 Regulatory assets-noncurrent 776 770 Total regulatory assets $ 966 $ 949 Regulatory liabilities: Deferred cost of fuel used in electric generation (9) $ 33 $ 61 Other 49 54 Regulatory liabilities-current (11) 82 115 Provision for future cost of removal (12) 965 946 Nuclear decommissioning trust (13) 953 902 Derivatives (6) 70 69 Other 76 45 Regulatory liabilities-noncurrent 2,064 1,962 Total regulatory liabilities $ 2,146 $ 2,077 Dominion Gas Regulatory assets: Deferred rate adjustment clause costs (1) $ 4 $ 12 Unrecovered gas costs (14) — 12 Other 3 2 Regulatory assets-current (3) 7 26 Unrecognized pension and other postretirement benefit costs (4) 305 358 Utility reform legislation (8) 110 99 Deferred rate adjustment clause costs (1) 89 79 Income taxes recoverable through future rates (7) 25 23 Other 21 18 Regulatory assets-noncurrent (15) 550 577 Total regulatory assets $ 557 $ 603 Regulatory liabilities: PIPP (10) $ 23 $ 28 Other 23 7 Regulatory liabilities-current (11) 46 35 Provision for future cost of removal and AROs (12) 175 174 Other 62 45 Regulatory liabilities-noncurrent (16) 237 219 Total regulatory liabilities $ 283 $ 254 (1) Reflects deferrals under the electric transmission FERC formula rate and the deferral of costs associated with certain current and prospective rider projects for Virginia Power. Reflects deferrals of costs associated with certain current and prospective rider projects for Dominion Gas. See Note 12 for more information. (2) Legislation enacted in Virginia in April 2014 requires Virginia Power to defer operation and maintenance costs incurred in connection with the refueling of any nuclear-powered generating plant. These deferred costs will be amortized over the refueling cycle, not to exceed 18 months. (3) Current regulatory assets are presented in other current assets in Dominion's, Virginia Power's and Dominion Gas' Consolidated Balance Sheets. (4) 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. (5) Reflects amounts related to PJM transmission cost allocation matter. See Note 12 for more information. (6) For jurisdictions subject to cost-based rate regulation, changes in the fair value of derivative instruments result in the recognition of regulatory assets or regulatory liabilities as they are expected to be recovered from or refunded to customers. (7) 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. (8) Ohio legislation under House Bill 95, which became effective in September 2011. This law updates natural gas legislation by enabling gas companies to include more up-to-date 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. (9) Reflects deferred fuel expenses for the Virginia and North Carolina jurisdictions of Dominion's and Virginia Power's generation operations. (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. (11) Current regulatory liabilities are presented in other current liabilities in Dominion's, Virginia Power's and Dominion Gas' Consolidated Balance Sheets. (12) 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. (13) 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. (14) Reflects unrecovered gas costs at regulated gas operations, which are recovered through filings with the applicable regulatory authority. (15) Noncurrent regulatory assets are presented in other deferred charges and other assets in Dominion Gas' Consolidated Balance Sheets. (16) Noncurrent regulatory liabilities are presented in other deferred credits and other liabilities in Dominion Gas' Consolidated Balance Sheets. |
Schedule of Regulatory Liabilities | Regulatory assets and liabilities include the following: March 31, 2017 December 31, 2016 (millions) Dominion Regulatory assets: Deferred rate adjustment clause costs (1) $ 75 $ 63 Deferred nuclear refueling outage costs (2) 53 71 Other 103 110 Regulatory assets-current (3) 231 244 Unrecognized pension and other postretirement benefit costs (4) 1,328 1,401 Deferred rate adjustment clause costs (1) 328 329 PJM transmission rates (5) 200 192 Derivatives (6) 172 174 Income taxes recoverable through future rates (7) 138 123 Utility reform legislation (8) 110 99 Other 163 155 Regulatory assets-noncurrent 2,439 2,473 Total regulatory assets $ 2,670 $ 2,717 Regulatory liabilities: Deferred cost of fuel used in electric generation (9) $ 33 $ 61 PIPP (10) 23 28 Other 105 74 Regulatory liabilities-current (11) 161 163 Provision for future cost of removal and AROs (12) 1,450 1,427 Nuclear decommissioning trust (13) 953 902 Derivatives (6) 70 69 Other 272 224 Regulatory liabilities-noncurrent 2,745 2,622 Total regulatory liabilities $ 2,906 $ 2,785 Virginia Power Regulatory assets: Deferred rate adjustment clause costs (1) $ 71 $ 51 Deferred nuclear refueling outage costs (2) 53 71 Other 66 57 Regulatory assets-current (3) 190 179 Deferred rate adjustment clause costs (1) 232 246 PJM transmission rates (5) 200 192 Derivatives (6) 137 133 Income taxes recoverable through future rates (7) 81 76 Other 126 123 Regulatory assets-noncurrent 776 770 Total regulatory assets $ 966 $ 949 Regulatory liabilities: Deferred cost of fuel used in electric generation (9) $ 33 $ 61 Other 49 54 Regulatory liabilities-current (11) 82 115 Provision for future cost of removal (12) 965 946 Nuclear decommissioning trust (13) 953 902 Derivatives (6) 70 69 Other 76 45 Regulatory liabilities-noncurrent 2,064 1,962 Total regulatory liabilities $ 2,146 $ 2,077 Dominion Gas Regulatory assets: Deferred rate adjustment clause costs (1) $ 4 $ 12 Unrecovered gas costs (14) — 12 Other 3 2 Regulatory assets-current (3) 7 26 Unrecognized pension and other postretirement benefit costs (4) 305 358 Utility reform legislation (8) 110 99 Deferred rate adjustment clause costs (1) 89 79 Income taxes recoverable through future rates (7) 25 23 Other 21 18 Regulatory assets-noncurrent (15) 550 577 Total regulatory assets $ 557 $ 603 Regulatory liabilities: PIPP (10) $ 23 $ 28 Other 23 7 Regulatory liabilities-current (11) 46 35 Provision for future cost of removal and AROs (12) 175 174 Other 62 45 Regulatory liabilities-noncurrent (16) 237 219 Total regulatory liabilities $ 283 $ 254 (1) Reflects deferrals under the electric transmission FERC formula rate and the deferral of costs associated with certain current and prospective rider projects for Virginia Power. Reflects deferrals of costs associated with certain current and prospective rider projects for Dominion Gas. See Note 12 for more information. (2) Legislation enacted in Virginia in April 2014 requires Virginia Power to defer operation and maintenance costs incurred in connection with the refueling of any nuclear-powered generating plant. These deferred costs will be amortized over the refueling cycle, not to exceed 18 months. (3) Current regulatory assets are presented in other current assets in Dominion's, Virginia Power's and Dominion Gas' Consolidated Balance Sheets. (4) 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. (5) Reflects amounts related to PJM transmission cost allocation matter. See Note 12 for more information. (6) For jurisdictions subject to cost-based rate regulation, changes in the fair value of derivative instruments result in the recognition of regulatory assets or regulatory liabilities as they are expected to be recovered from or refunded to customers. (7) 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. (8) Ohio legislation under House Bill 95, which became effective in September 2011. This law updates natural gas legislation by enabling gas companies to include more up-to-date 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. (9) Reflects deferred fuel expenses for the Virginia and North Carolina jurisdictions of Dominion's and Virginia Power's generation operations. (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. (11) Current regulatory liabilities are presented in other current liabilities in Dominion's, Virginia Power's and Dominion Gas' Consolidated Balance Sheets. (12) 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. (13) 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. (14) Reflects unrecovered gas costs at regulated gas operations, which are recovered through filings with the applicable regulatory authority. (15) Noncurrent regulatory assets are presented in other deferred charges and other assets in Dominion Gas' Consolidated Balance Sheets. (16) Noncurrent regulatory liabilities are presented in other deferred credits and other liabilities in Dominion Gas' Consolidated Balance Sheets. |
Significant Financing Transac38
Significant Financing Transactions (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Debt Instrument [Line Items] | |
Schedule of Line of Credit Facilities | At March 31, 2017, Dominion’s commercial paper and letters of credit outstanding, as well as its capacity available under credit facilities, were as follows: Facility Outstanding Outstanding Facility (millions) Joint revolving credit facility (1) $ 5,000 $ 2,627 $ — $ 2,373 Joint revolving credit facility (1) 500 — 76 424 Total $ 5,500 $ 2,627 $ 76 $ 2,797 (1) These credit facilities mature in April 2020 and can be used by the Companies to support bank borrowings and the issuance of commercial paper, as well as to support up to a combined $2.0 billion of letters of credit. |
Virginia Electric and Power Company | |
Debt Instrument [Line Items] | |
Schedule of Line of Credit Facilities | At March 31, 2017, 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) Joint revolving credit facility (1) $ 5,000 $ 40 $ — Joint revolving credit facility (1) 500 — 1 Total $ 5,500 $ 40 $ 1 (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 the Companies multiple times per year. At March 31, 2017, the aggregate sub-limit for Virginia Power was $2.0 billion . If Virginia Power has liquidity needs in excess of its sub-limit, the sub-limit may be changed or such needs may be satisfied through short-term intercompany borrowings from Dominion. These credit facilities mature in April 2020 and can be used to support bank borrowings and the issuance of commercial paper, as well as to support up to $2.0 billion (or the sub-limit, whichever is less) of letters of credit. |
Dominion Gas Holdings, LLC | |
Debt Instrument [Line Items] | |
Schedule of Line of Credit Facilities | At March 31, 2017, 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) Joint revolving credit facility (1) $ 1,000 $ 399 $ — Joint revolving credit facility (1) 500 — — Total $ 1,500 $ 399 $ — (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. At March 31, 2017, the aggregate sub-limit for Dominion Gas was $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. These credit facilities mature in April 2020 and can be used to support bank borrowings and the issuance of commercial paper, as well as to support up to $1.5 billion (or the sub-limit, whichever is less) of letters of credit. |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule Of Subsidiary Guarantees | At March 31, 2017, Dominion had issued the following subsidiary guarantees: Maximum Exposure (millions) Commodity transactions (1) $ 1,941 Nuclear obligations (2) 188 Cove Point (3) 1,900 Solar (4) 1,029 Other (5) 524 Total (6) $ 5,582 (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. (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 March 31, 2017, Dominion's maximum remaining cumulative exposure under these equity funding agreements is $26 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 a new corporate office property as discussed in Note 22 to the Consolidated Financial Statements in the Companies' Annual Report on Form 10-K for the year ended December 31, 2016. |
Related-Party Transactions (Tab
Related-Party Transactions (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Virginia Electric and Power Company | |
Related Party Transaction [Line Items] | |
Schedule of Related Party Transactions | Presented below are Virginia Power's significant transactions with DRS and other affiliates: Three Months Ended March 31, 2017 2016 (millions) Commodity purchases from affiliates $ 212 $ 145 Services provided by affiliates (1) 112 140 Services provided to affiliates 5 5 (1) Includes capitalized expenditures of $34 million and $39 million for the three months ended March 31, 2017 and 2016, respectively. |
Dominion Gas Holdings, LLC | |
Related Party Transaction [Line Items] | |
Schedule of Related Party Transactions | 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: Three Months Ended March 31, 2017 2016 (millions) Purchases of natural gas and transportation and storage services from affiliates $ — $ 3 Sales of natural gas and transportation and storage services to affiliates 18 17 Services provided by related parties (1) 35 39 Services provided to related parties (2) 39 27 (1) Includes capitalized expenditures of $8 million and $12 million for the three months ended March 31, 2017 and 2016, respectively. (2) Amounts primarily attributable to Atlantic Coast Pipeline. The following table presents affiliated and related-party activity reflected in Dominion Gas' Consolidated Balance Sheets: March 31, 2017 December 31, 2016 (millions) Other receivables (1) $ 11 $ 10 Imbalances receivable from affiliates (2) 2 2 Imbalances payable to affiliates (3) — 4 Affiliated notes receivable (4) 19 18 (1) Represents amounts due from Atlantic Coast Pipeline, a related-party VIE. (2) Amounts are presented in other current assets in Dominion Gas' Consolidated Balance Sheets. (3) Amounts are presented in other current liabilities in Dominion Gas' Consolidated Balance Sheets. (4) Amounts are presented in other deferred charges and other assets in Dominion Gas' Consolidated Balance Sheets. |
Employee Benefit Plans (Tables)
Employee Benefit Plans (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |
Net Periodic Benefit Cost | The components of Dominion's provision for net periodic benefit cost (credit) were as follows: Pension Benefits Other Postretirement Benefits 2017 2016 2017 2016 (millions) Three Months Ended March 31, Service cost $ 35 $ 29 $ 7 $ 8 Interest cost 86 77 16 17 Expected return on plan assets (159 ) (139 ) (32 ) (29 ) Amortization of prior service credit — — (12 ) (7 ) Amortization of net actuarial loss 40 28 3 1 Settlements 1 — — — Net periodic benefit cost (credit) $ 3 $ (5 ) $ (18 ) $ (10 ) |
Dominion Gas Holdings, LLC | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |
Net Periodic Benefit Cost | The components of Dominion Gas' provision for net periodic benefit credit for employees represented by collective bargaining units were as follows: Pension Benefits Other Postretirement Benefits 2017 2016 2017 2016 (millions) Three Months Ended March 31, Service cost $ 4 $ 3 $ 1 $ 1 Interest cost 7 8 3 3 Expected return on plan assets (35 ) (33 ) (6 ) (5 ) Amortization of net actuarial loss 4 3 1 — Net periodic benefit credit $ (20 ) $ (19 ) $ (1 ) $ (1 ) |
Operating Segments (Tables)
Operating Segments (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
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 X Gas distribution and storage X X Gas gathering and processing X X LNG import and storage X Nonregulated retail energy marketing X |
Schedule of Segment Reporting Information, by Segment | The following table presents segment information pertaining to Dominion’s operations: DVP Dominion Dominion Corporate Adjustments/Eliminations Consolidated (millions) Three Months Ended March 31, 2017 Total revenue from external customers $ 554 $ 1,653 $ 901 $ 3 $ 273 $ 3,384 Intersegment revenue 5 3 266 152 (426 ) — Total operating revenue 559 1,656 1,167 155 (153 ) 3,384 Net income (loss) attributable to Dominion 125 261 263 (17 ) — 632 Three Months Ended March 31, 2016 Total revenue from external customers $ 556 $ 1,693 $ 485 $ 3 $ 184 $ 2,921 Intersegment revenue 5 3 178 192 (378 ) — Total operating revenue 561 1,696 663 195 (194 ) 2,921 Net income (loss) attributable to Dominion 120 245 186 (27 ) — 524 |
Virginia Electric and Power Company | |
Segment Reporting Information [Line Items] | |
Schedule of Segment Reporting Information, by Segment | The following table presents segment information pertaining to Virginia Power’s operations: DVP Dominion Corporate Consolidated (millions) Three Months Ended March 31, 2017 Operating revenue $ 557 $ 1,274 $ — $ 1,831 Net income 125 223 8 356 Three Months Ended March 31, 2016 Operating revenue $ 557 $ 1,333 $ — $ 1,890 Net income (loss) 118 166 (21 ) 263 |
Dominion Gas Holdings, LLC | |
Segment Reporting Information [Line Items] | |
Schedule of Segment Reporting Information, by Segment | The following table presents segment information pertaining to Dominion Gas' operations: Dominion Energy Corporate and Other Consolidated Total (millions) Three Months Ended March 31, 2017 Operating revenue $ 490 $ — $ 490 Net income (loss) 109 (1 ) 108 Three Months Ended March 31, 2016 Operating revenue $ 431 $ — $ 431 Net income (loss) 103 (5 ) 98 |
Significant Accounting Polici43
Significant Accounting Policies (Narrative) (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2017 | Dec. 31, 2017 | Sep. 30, 2015 | |
Change in Estimated Useful Life | Merchant generation assets | |||
Significant Accounting Policies [Line Items] | |||
Increase (decrease) in depreciation expense | $ (6) | ||
Increase (decrease) in depreciation expense, after tax | $ (4) | ||
Change in Estimated Useful Life | Scenario, Forecast | Merchant generation assets | |||
Significant Accounting Policies [Line Items] | |||
Increase (decrease) in depreciation expense | $ (26) | ||
Increase (decrease) in depreciation expense, after tax | (16) | ||
Disposal Group, Disposed of by Sale, Not Discontinued Operations | Merchant Solar Projects | |||
Significant Accounting Policies [Line Items] | |||
Percentage of equity interest sold to noncontrolling interest owners | 33.00% | 33.00% | |
Four Brothers and Three Cedars | |||
Significant Accounting Policies [Line Items] | |||
Percentage ownership in total units | 50.00% | ||
Dominion Midstream Partners, LP | Common and Subordinated Units | |||
Significant Accounting Policies [Line Items] | |||
Ownership interest percentage of limited partner interests | 50.90% | ||
Dominion Midstream Partners, LP | Convertible Preferred Interests | |||
Significant Accounting Policies [Line Items] | |||
Ownership interest percentage of limited partner interests | 37.50% | ||
Virginia Electric and Power Company | Change in Depreciation Rates from New Depreciation Study | |||
Significant Accounting Policies [Line Items] | |||
Increase (decrease) in depreciation expense | $ 10 | ||
Increase (decrease) in depreciation expense, after tax | $ 6 | ||
Virginia Electric and Power Company | Change in Depreciation Rates from New Depreciation Study | Scenario, Forecast | |||
Significant Accounting Policies [Line Items] | |||
Increase (decrease) in depreciation expense | 40 | ||
Increase (decrease) in depreciation expense, after tax | $ 25 |
Acquisitions and Dispositions44
Acquisitions and Dispositions (Acquisition of Dominion Questar) (Narrative) (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions | Sep. 16, 2016 | Sep. 30, 2016 | Aug. 31, 2016 | Apr. 30, 2016 | Mar. 31, 2017 | Mar. 31, 2016 |
Business Acquisition [Line Items] | ||||||
Issuance of common stock | $ 79 | $ 75 | ||||
Issuance of common stock | $ 79 | $ 75 | ||||
Dominion Questar Corporation | ||||||
Business Acquisition [Line Items] | ||||||
Price per share | $ 25 | |||||
Total consideration | $ 4,400 | |||||
Number of shares of Dominion Questar outstanding at closing | 175.5 | |||||
August 2016 issuance of senior notes | $ 1,300 | |||||
Dominion Questar Corporation | Term loan agreement | ||||||
Business Acquisition [Line Items] | ||||||
Repayment of short-term notes | $ 1,200 | |||||
Dominion Questar Corporation | Underwritten Public Offering | ||||||
Business Acquisition [Line Items] | ||||||
Issuance of common stock | $ 500 | |||||
Dominion Questar Corporation | Series A RSNs | ||||||
Business Acquisition [Line Items] | ||||||
Issuance of common stock | $ 1,400 |
Acquisitions and Dispositions45
Acquisitions and Dispositions (Schedule of Unaudited Pro Forma Information) (Details) - Dominion Questar Corporation $ / shares in Units, $ in Millions | 3 Months Ended | |
Mar. 31, 2016USD ($)$ / shares | [1] | |
Business Acquisition [Line Items] | ||
Operating Revenue | $ | $ 3,377 | |
Net income attributable to Dominion | $ | $ 613 | |
Earnings Per Common Share – Basic (in dollars per share) | $ / shares | $ 1.03 | |
Earnings Per Common Share – Diluted (in dollars per share) | $ / shares | $ 1.03 | |
[1] | Amounts include adjustments for non-recurring costs directly related to the Dominion Questar Combination. |
Acquisitions and Dispositions46
Acquisitions and Dispositions (Narrative) (Details) a in Thousands, $ in Millions | 1 Months Ended | 3 Months Ended | |||||||||||||
Apr. 30, 2017MW | Mar. 31, 2017USD ($)project | Feb. 28, 2017USD ($) | Aug. 31, 2016project | Jan. 31, 2016USD ($)a | Dec. 31, 2015USD ($)project | Sep. 30, 2015projectMW | Dec. 31, 2017USD ($)MW | Sep. 30, 2017USD ($)MW | Jun. 30, 2017USD ($)MW | Mar. 31, 2017USD ($) | Mar. 31, 2016USD ($) | Jan. 31, 2017 | Sep. 30, 2016 | Nov. 30, 2014afield | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||||||
Cost of project | $ 94 | $ 0 | |||||||||||||
Merchant Solar Projects | Disposal Group, Disposed of by Sale, Not Discontinued Operations | |||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||||||
MW capacity | MW | 425 | ||||||||||||||
Percentage of equity interest sold to noncontrolling interest owners | 33.00% | 33.00% | 33.00% | ||||||||||||
Number of solar projects | project | 24 | ||||||||||||||
Total number of solar projects related to potential sale | project | 15 | ||||||||||||||
Amount of consideration | $ 117 | $ 184 | |||||||||||||
Assignment of Tower Rental Portfolio | Disposal Group, Disposed of by Sale, Not Discontinued Operations | |||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||||||
Amount of consideration | $ 91 | $ 91 | |||||||||||||
Amount recognized in other income from sale | 7 | ||||||||||||||
Amount to be recognized in other income ratably through 2023 | $ 39 | $ 39 | |||||||||||||
Dominion Gas Holdings, LLC | Marcellus Shale | Shale development rights | |||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||||||
Amount of consideration | $ 5 | ||||||||||||||
Development rights (number of acres) | a | 2 | 24 | |||||||||||||
Number of natural gas storage fields | field | 1 | ||||||||||||||
Gain on sale of assets | $ 5 | ||||||||||||||
After tax gain on sale of assets | $ 3 | ||||||||||||||
Terra Nova Renewable Partners | Call Option | Merchant Solar Projects | |||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||||||
Percentage ownership in total units | 67.00% | 67.00% | |||||||||||||
Solar Projects from Cypress Creek Renewables, LLC | |||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||||||
Percentage of equity interests acquired | 100.00% | ||||||||||||||
Solar Projects from Cypress Creek Renewables, LLC | Scenario, Forecast | |||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||||||
Total consideration | $ 154 | ||||||||||||||
Cost of project | $ 160 | ||||||||||||||
MW capacity | MW | 79 | ||||||||||||||
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% | ||||||||||||||
Total consideration | $ 29 | ||||||||||||||
Community Energy Solar, LLC | Scenario, Forecast | |||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||||||
Cost of project | $ 205 | ||||||||||||||
MW capacity | MW | 100 | ||||||||||||||
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% | ||||||||||||||
Total consideration | $ 77 | ||||||||||||||
Number of projects | project | 1 | 2 | |||||||||||||
Solar Frontier Americas Holding, LLC | Subsequent Event | |||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||||||
Additional MW capacity | MW | 20 | ||||||||||||||
Solar Frontier Americas Holding, LLC | Scenario, Forecast | |||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||||||
Cost of project | $ 80 | ||||||||||||||
MW capacity | MW | 30 |
Operating Revenue (Schedule of
Operating Revenue (Schedule of Operating Revenue) (Details) - USD ($) $ in Millions | 3 Months Ended | ||
Mar. 31, 2017 | Mar. 31, 2016 | ||
Electric sales: | |||
Regulated | $ 1,766 | $ 1,842 | |
Nonregulated | 427 | 389 | |
Gas sales: | |||
Regulated | 448 | 65 | |
Nonregulated | 144 | 118 | |
Gas transportation and storage | 492 | 415 | |
Other | 107 | 92 | |
Total operating revenue | 3,384 | 2,921 | |
Virginia Electric and Power Company | |||
Electric sales: | |||
Regulated | 1,766 | 1,842 | |
Gas sales: | |||
Other | 65 | 48 | |
Total operating revenue | [1] | 1,831 | 1,890 |
Dominion Gas Holdings, LLC | |||
Gas sales: | |||
Regulated | 32 | 29 | |
Nonregulated | 2 | 1 | |
Gas transportation and storage | 396 | 351 | |
Other | 60 | 50 | |
Total operating revenue | [2] | $ 490 | $ 431 |
[1] | See Note 17 for amounts attributable to affiliates. | ||
[2] | See Note 17 for amounts attributable to related parties. |
Income Taxes (Reconciliation of
Income Taxes (Reconciliation of Income Taxes at the U.S. Statutory Federal Rate as Compared to the Income Tax Expense Recorded in Our Consolidated Statements of Income) (Details) | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Operating Loss Carryforwards [Line Items] | ||
U.S. statutory rate | 35.00% | 35.00% |
Increases (reductions) resulting from: | ||
State taxes, net of federal benefit | 2.80% | 4.30% |
Investment tax credits | (4.20%) | (10.90%) |
Production tax credits | (0.80%) | (0.80%) |
Other, net | (3.80%) | (2.40%) |
Effective tax rate | 29.00% | 25.20% |
Virginia Electric and Power Company | ||
Operating Loss Carryforwards [Line Items] | ||
U.S. statutory rate | 35.00% | 35.00% |
Increases (reductions) resulting from: | ||
State taxes, net of federal benefit | 3.80% | 4.20% |
Investment tax credits | (0.80%) | (1.30%) |
Production tax credits | (0.60%) | (0.60%) |
Other, net | (0.60%) | (0.60%) |
Effective tax rate | 36.80% | 36.70% |
Dominion Gas Holdings, LLC | ||
Operating Loss Carryforwards [Line Items] | ||
U.S. statutory rate | 35.00% | 35.00% |
Increases (reductions) resulting from: | ||
State taxes, net of federal benefit | 0.30% | 3.90% |
Investment tax credits | (0.00%) | (0.00%) |
Production tax credits | (0.00%) | (0.00%) |
Other, net | (0.60%) | (0.10%) |
Effective tax rate | 34.70% | 38.80% |
Earnings Per Share (Calculation
Earnings Per Share (Calculation of Basic and Diluted EPS) (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions | 3 Months Ended | ||
Mar. 31, 2017 | Mar. 31, 2016 | ||
Earnings Per Share [Abstract] | |||
Net income attributable to Dominion | $ 632 | $ 524 | |
Average shares of common stock outstanding – Basic (shares) | 628.1 | 596.6 | |
Net effect of dilutive securities (shares) | [1] | 0 | 1.6 |
Average shares of common stock outstanding – Diluted (shares) | 628.1 | 598.2 | |
Earnings Per Common Share – Basic (in dollars per share) | $ 1.01 | $ 0.88 | |
Earnings Per Common Share – Diluted (in dollars per share) | $ 1.01 | $ 0.88 | |
[1] | Dilutive securities consist primarily of the 2013 Equity Units for the three months ended March 31, 2016. See Note 17 to the Consolidated Financial Statements in the Companies' Annual Report on Form 10-K for the year ended December 31, 2016 for more information. |
Accumulated Other Comprehensi50
Accumulated Other Comprehensive Income (Schedule of Changes in AOCI by Component Net of Tax) (Details) - USD ($) $ in Millions | 3 Months Ended | ||
Mar. 31, 2017 | Mar. 31, 2016 | ||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | |||
Beginning balance | [1] | $ 14,605 | |
Total other comprehensive income | 64 | $ 11 | |
Ending balance | 14,917 | ||
Dominion Gas Holdings, LLC | |||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | |||
Beginning balance | [2] | 3,536 | |
Total other comprehensive income | 2 | (8) | |
Ending balance | 3,640 | ||
Total | |||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | |||
Beginning balance | (799) | (474) | |
Other comprehensive income before reclassifications: gains | 102 | 68 | |
Amounts reclassified from AOCI: (gains) losses | [3] | (38) | (57) |
Total other comprehensive income | 64 | 11 | |
Ending balance | (735) | (463) | |
Total | Dominion Gas Holdings, LLC | |||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | |||
Beginning balance | (123) | (99) | |
Other comprehensive income before reclassifications: gains | (9) | (6) | |
Amounts reclassified from AOCI: (gains) losses | [3] | 11 | (2) |
Total other comprehensive income | 2 | (8) | |
Ending balance | (121) | (107) | |
Deferred Gains and Losses on Derivatives-Hedging Activities | |||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | |||
Beginning balance | (280) | (176) | |
Other comprehensive income before reclassifications: gains | 43 | 53 | |
Amounts reclassified from AOCI: (gains) losses | [3] | (23) | (63) |
Total other comprehensive income | 20 | (10) | |
Ending balance | (260) | (186) | |
Deferred Gains and Losses on Derivatives-Hedging Activities | Dominion Gas Holdings, LLC | |||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | |||
Beginning balance | (24) | (17) | |
Other comprehensive income before reclassifications: gains | (9) | (6) | |
Amounts reclassified from AOCI: (gains) losses | [3] | 11 | (2) |
Total other comprehensive income | 2 | (8) | |
Ending balance | (22) | (25) | |
Unrealized Gains and Losses on Investment Securities | |||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | |||
Beginning balance | 569 | 504 | |
Other comprehensive income before reclassifications: gains | 58 | 15 | |
Amounts reclassified from AOCI: (gains) losses | [3] | (28) | (2) |
Total other comprehensive income | 30 | 13 | |
Ending balance | 599 | 517 | |
Unrecognized Pension and Other Postretirement Benefit Costs | |||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | |||
Beginning balance | (1,082) | (797) | |
Other comprehensive income before reclassifications: gains | 0 | 0 | |
Amounts reclassified from AOCI: (gains) losses | [3] | 13 | 8 |
Total other comprehensive income | 13 | 8 | |
Ending balance | (1,069) | (789) | |
Unrecognized Pension and Other Postretirement Benefit Costs | Dominion Gas Holdings, LLC | |||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | |||
Beginning balance | (99) | (82) | |
Other comprehensive income before reclassifications: gains | 0 | 0 | |
Amounts reclassified from AOCI: (gains) losses | [3] | 0 | 0 |
Total other comprehensive income | 0 | 0 | |
Ending balance | (99) | (82) | |
Other Comprehensive Income (Loss) From Equity Method Investee | |||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | |||
Beginning balance | (6) | (5) | |
Other comprehensive income before reclassifications: gains | 1 | 0 | |
Amounts reclassified from AOCI: (gains) losses | [3] | 0 | 0 |
Total other comprehensive income | 1 | 0 | |
Ending balance | $ (5) | $ (5) | |
[1] | Dominion’s Consolidated Balance Sheet at December 31, 2016 has been derived from the audited Consolidated Balance Sheet at that date. | ||
[2] | Dominion Gas’ Consolidated Balance Sheet at December 31, 2016 has been derived from the audited Consolidated Balance Sheet at that date. | ||
[3] | See table below for details about these reclassifications. |
Accumulated Other Comprehensi51
Accumulated Other Comprehensive Income (Schedule of Reclassifications out of AOCI by Component Net of Tax) (Details) - USD ($) $ in Millions | 3 Months Ended | ||
Mar. 31, 2017 | Mar. 31, 2016 | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Operating revenue | $ (3,384) | $ (2,921) | |
Purchased gas | 305 | 119 | |
Electric fuel and other energy-related purchases | 575 | 634 | |
Interest and related charges | 292 | 226 | |
Other income | (116) | (54) | |
Income from operations including noncontrolling interests before income tax expense | (949) | (710) | |
Income tax expense | 275 | 179 | |
Other operations and maintenance | 738 | 703 | |
Dominion Gas Holdings, LLC | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Operating revenue | [1] | (490) | (431) |
Purchased gas | [1] | 43 | 34 |
Interest and related charges | [1] | 23 | 22 |
Other income | (5) | 0 | |
Income from operations including noncontrolling interests before income tax expense | (165) | (159) | |
Income tax expense | 57 | 61 | |
Deferred (gains) and losses on derivatives-hedging activities: | Amounts Reclassified From AOCI | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Income from operations including noncontrolling interests before income tax expense | (37) | (102) | |
Income tax expense | 14 | 39 | |
Income from continuing operations including noncontrolling interests | (23) | (63) | |
Deferred (gains) and losses on derivatives-hedging activities: | Amounts Reclassified From AOCI | Dominion Gas Holdings, LLC | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Income from operations including noncontrolling interests before income tax expense | 18 | (4) | |
Income tax expense | (7) | 2 | |
Income from continuing operations including noncontrolling interests | 11 | (2) | |
Deferred (gains) and losses on derivatives-hedging activities: | Commodity contracts | Amounts Reclassified From AOCI | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Operating revenue | (62) | (114) | |
Purchased gas | (1) | 6 | |
Electric fuel and other energy-related purchases | 1 | 3 | |
Deferred (gains) and losses on derivatives-hedging activities: | Commodity contracts | Amounts Reclassified From AOCI | Dominion Gas Holdings, LLC | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Operating revenue | 3 | (4) | |
Deferred (gains) and losses on derivatives-hedging activities: | Interest rate contracts | Amounts Reclassified From AOCI | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Interest and related charges | 11 | 3 | |
Deferred (gains) and losses on derivatives-hedging activities: | Interest rate contracts | Amounts Reclassified From AOCI | Dominion Gas Holdings, LLC | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Interest and related charges | 1 | ||
Deferred (gains) and losses on derivatives-hedging activities: | Foreign currency | Amounts Reclassified From AOCI | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Other income | 14 | ||
Deferred (gains) and losses on derivatives-hedging activities: | Foreign currency | Amounts Reclassified From AOCI | Dominion Gas Holdings, LLC | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Other income | 14 | ||
Unrealized (gains) and losses on investment securities: | Amounts Reclassified From AOCI | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Realized (gain) loss on sale of securities | (53) | (10) | |
Impairment | 9 | 7 | |
Income from operations including noncontrolling interests before income tax expense | (44) | (3) | |
Income tax expense | 16 | 1 | |
Income from continuing operations including noncontrolling interests | (28) | (2) | |
Unrecognized pension and other postretirement benefit costs: | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Unrecognized pension and other postretirement benefit costs, before tax | 21 | 14 | |
Unrecognized pension and other postretirement benefit costs, income tax expense | (8) | (6) | |
Unrecognized pension and other postretirement benefit costs, net of tax | 13 | 8 | |
Unrecognized pension and other postretirement benefit costs: | Dominion Gas Holdings, LLC | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Unrecognized pension and other postretirement benefit costs, before tax | 1 | 1 | |
Unrecognized pension and other postretirement benefit costs, income tax expense | (1) | (1) | |
Unrecognized pension and other postretirement benefit costs, net of tax | 0 | 0 | |
Prior service (credit) costs | Amounts Reclassified From AOCI | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Other operations and maintenance | (4) | (3) | |
Actuarial (gains) losses | Amounts Reclassified From AOCI | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Other operations and maintenance | 25 | 17 | |
Actuarial (gains) losses | Amounts Reclassified From AOCI | Dominion Gas Holdings, LLC | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Other operations and maintenance | $ 1 | $ 1 | |
[1] | See Note 17 for amounts attributable to related parties. |
Fair Value Measurements (Fair V
Fair Value Measurements (Fair Value, Option, Quantitative Disclosures) (Details) $ in Millions | 3 Months Ended | ||
Mar. 31, 2017USD ($)$ / MWh$ / MMBTU | Dec. 31, 2016USD ($) | ||
Fair Value, Option, Quantitative Disclosures [Line Items] | |||
Fair Value of Derivative Assets | $ 274 | $ 279 | |
Fair Value of Derivative Liabilities | 150 | 155 | |
Virginia Electric and Power Company | |||
Fair Value, Option, Quantitative Disclosures [Line Items] | |||
Fair Value of Derivative Assets | 178 | 194 | |
Fair Value of Derivative Liabilities | 33 | 31 | |
Dominion Gas Holdings, LLC | |||
Fair Value, Option, Quantitative Disclosures [Line Items] | |||
Fair Value of Derivative Liabilities | 7 | 11 | |
Level 3 | Virginia Electric and Power Company | |||
Fair Value, Option, Quantitative Disclosures [Line Items] | |||
Fair Value of Derivative Assets | 140 | ||
Fair Value, Measurements, Recurring | Physical and financial forwards and futures: | |||
Fair Value, Option, Quantitative Disclosures [Line Items] | |||
Fair Value of Derivative Assets | 254 | 262 | |
Fair Value of Derivative Liabilities | 85 | 96 | |
Fair Value, Measurements, Recurring | Virginia Electric and Power Company | Physical and financial forwards and futures: | |||
Fair Value, Option, Quantitative Disclosures [Line Items] | |||
Fair Value of Derivative Assets | 170 | 188 | |
Fair Value of Derivative Liabilities | 11 | 10 | |
Fair Value, Measurements, Recurring | Dominion Gas Holdings, LLC | Physical and financial forwards and futures: | |||
Fair Value, Option, Quantitative Disclosures [Line Items] | |||
Fair Value of Derivative Liabilities | 1 | 5 | |
Fair Value, Measurements, Recurring | Level 3 | |||
Fair Value, Option, Quantitative Disclosures [Line Items] | |||
Fair Value of Derivative Assets | 141 | ||
Fair Value of Derivative Liabilities | 11 | ||
Fair Value, Measurements, Recurring | Level 3 | Physical and financial forwards and futures: | |||
Fair Value, Option, Quantitative Disclosures [Line Items] | |||
Fair Value of Derivative Assets | 141 | 147 | |
Fair Value of Derivative Liabilities | 11 | 8 | |
Fair Value, Measurements, Recurring | Level 3 | Discounted cash flow | Natural Gas | Physical and financial forwards and futures: | |||
Fair Value, Option, Quantitative Disclosures [Line Items] | |||
Fair Value of Derivative Assets | [1] | 78 | |
Fair Value of Derivative Liabilities | [1] | $ 2 | |
Fair Value, Measurements, Recurring | Level 3 | Discounted cash flow | Natural Gas | Liabilities | Physical and financial forwards and futures: | Minimum | |||
Fair Value, Option, Quantitative Disclosures [Line Items] | |||
Market price (per Dth, per MWh) | $ / MMBTU | [2] | (1) | |
Fair Value, Measurements, Recurring | Level 3 | Discounted cash flow | Natural Gas | Liabilities | Physical and financial forwards and futures: | Maximum | |||
Fair Value, Option, Quantitative Disclosures [Line Items] | |||
Market price (per Dth, per MWh) | $ / MMBTU | [2] | 4 | |
Fair Value, Measurements, Recurring | Level 3 | Discounted cash flow | Natural Gas | Liabilities | Physical and financial forwards and futures: | Weighted Average | |||
Fair Value, Option, Quantitative Disclosures [Line Items] | |||
Market price (per Dth, per MWh) | $ / MMBTU | [2],[3] | 3 | |
Fair Value, Measurements, Recurring | Level 3 | Discounted cash flow | Natural Gas | Assets | Physical and financial forwards and futures: | Minimum | |||
Fair Value, Option, Quantitative Disclosures [Line Items] | |||
Market price (per Dth, per MWh) | $ / MMBTU | [2] | (2) | |
Credit Spreads (percentage) | [4] | 0.00% | |
Fair Value, Measurements, Recurring | Level 3 | Discounted cash flow | Natural Gas | Assets | Physical and financial forwards and futures: | Maximum | |||
Fair Value, Option, Quantitative Disclosures [Line Items] | |||
Market price (per Dth, per MWh) | $ / MMBTU | [2] | 7 | |
Credit Spreads (percentage) | [4] | 4.00% | |
Fair Value, Measurements, Recurring | Level 3 | Discounted cash flow | Natural Gas | Assets | Physical and financial forwards and futures: | Weighted Average | |||
Fair Value, Option, Quantitative Disclosures [Line Items] | |||
Market price (per Dth, per MWh) | $ / MMBTU | [2],[3] | 0 | |
Credit Spreads (percentage) | [3],[5] | 2.00% | |
Fair Value, Measurements, Recurring | Level 3 | Discounted cash flow | FTRs | Physical and financial forwards and futures: | |||
Fair Value, Option, Quantitative Disclosures [Line Items] | |||
Fair Value of Derivative Assets | $ 1 | ||
Fair Value of Derivative Liabilities | $ 8 | ||
Fair Value, Measurements, Recurring | Level 3 | Discounted cash flow | FTRs | Liabilities | Physical and financial forwards and futures: | Minimum | |||
Fair Value, Option, Quantitative Disclosures [Line Items] | |||
Market price (per Dth, per MWh) | $ / MWh | [2] | (3) | |
Fair Value, Measurements, Recurring | Level 3 | Discounted cash flow | FTRs | Liabilities | Physical and financial forwards and futures: | Maximum | |||
Fair Value, Option, Quantitative Disclosures [Line Items] | |||
Market price (per Dth, per MWh) | $ / MWh | [2] | 2 | |
Fair Value, Measurements, Recurring | Level 3 | Discounted cash flow | FTRs | Liabilities | Physical and financial forwards and futures: | Weighted Average | |||
Fair Value, Option, Quantitative Disclosures [Line Items] | |||
Market price (per Dth, per MWh) | $ / MWh | [2],[3] | 0 | |
Fair Value, Measurements, Recurring | Level 3 | Discounted cash flow | FTRs | Assets | Physical and financial forwards and futures: | Minimum | |||
Fair Value, Option, Quantitative Disclosures [Line Items] | |||
Market price (per Dth, per MWh) | $ / MWh | [2] | (3) | |
Fair Value, Measurements, Recurring | Level 3 | Discounted cash flow | FTRs | Assets | Physical and financial forwards and futures: | Maximum | |||
Fair Value, Option, Quantitative Disclosures [Line Items] | |||
Market price (per Dth, per MWh) | $ / MWh | [2] | 3 | |
Fair Value, Measurements, Recurring | Level 3 | Discounted cash flow | FTRs | Assets | Physical and financial forwards and futures: | Weighted Average | |||
Fair Value, Option, Quantitative Disclosures [Line Items] | |||
Market price (per Dth, per MWh) | $ / MWh | [2],[3] | 0 | |
Fair Value, Measurements, Recurring | Level 3 | Option model | Natural Gas | Physical and financial options: | |||
Fair Value, Option, Quantitative Disclosures [Line Items] | |||
Fair Value of Derivative Assets | $ 2 | ||
Fair Value of Derivative Liabilities | $ 1 | ||
Fair Value, Measurements, Recurring | Level 3 | Option model | Natural Gas | Liabilities | Physical and financial options: | Minimum | |||
Fair Value, Option, Quantitative Disclosures [Line Items] | |||
Market price (per Dth, per MWh) | $ / MMBTU | [2] | 2 | |
Price volatility (percentage) | [6] | 34.00% | |
Fair Value, Measurements, Recurring | Level 3 | Option model | Natural Gas | Liabilities | Physical and financial options: | Maximum | |||
Fair Value, Option, Quantitative Disclosures [Line Items] | |||
Market price (per Dth, per MWh) | $ / MMBTU | [2] | 3 | |
Price volatility (percentage) | [6] | 48.00% | |
Fair Value, Measurements, Recurring | Level 3 | Option model | Natural Gas | Liabilities | Physical and financial options: | Weighted Average | |||
Fair Value, Option, Quantitative Disclosures [Line Items] | |||
Market price (per Dth, per MWh) | $ / MMBTU | [2],[3] | 3 | |
Price volatility (percentage) | [3],[6] | 39.00% | |
Fair Value, Measurements, Recurring | Level 3 | Option model | Natural Gas | Assets | Physical and financial options: | Minimum | |||
Fair Value, Option, Quantitative Disclosures [Line Items] | |||
Market price (per Dth, per MWh) | $ / MMBTU | [2] | 2 | |
Price volatility (percentage) | [6] | 18.00% | |
Fair Value, Measurements, Recurring | Level 3 | Option model | Natural Gas | Assets | Physical and financial options: | Maximum | |||
Fair Value, Option, Quantitative Disclosures [Line Items] | |||
Market price (per Dth, per MWh) | $ / MMBTU | [2] | 7 | |
Price volatility (percentage) | [6] | 48.00% | |
Fair Value, Measurements, Recurring | Level 3 | Option model | Natural Gas | Assets | Physical and financial options: | Weighted Average | |||
Fair Value, Option, Quantitative Disclosures [Line Items] | |||
Market price (per Dth, per MWh) | $ / MMBTU | [2],[3] | 3 | |
Price volatility (percentage) | [3],[6] | 25.00% | |
Fair Value, Measurements, Recurring | Level 3 | Option model | Electricity | Electricity | |||
Fair Value, Option, Quantitative Disclosures [Line Items] | |||
Fair Value of Derivative Assets | $ 60 | ||
Fair Value, Measurements, Recurring | Level 3 | Option model | Electricity | Assets | Electricity | Minimum | |||
Fair Value, Option, Quantitative Disclosures [Line Items] | |||
Market price (per Dth, per MWh) | $ / MWh | [7] | 21 | |
Price volatility (percentage) | [8] | 14.00% | |
Fair Value, Measurements, Recurring | Level 3 | Option model | Electricity | Assets | Electricity | Maximum | |||
Fair Value, Option, Quantitative Disclosures [Line Items] | |||
Market price (per Dth, per MWh) | $ / MWh | [7] | 54 | |
Price volatility (percentage) | [8] | 68.00% | |
Fair Value, Measurements, Recurring | Level 3 | Option model | Electricity | Assets | Electricity | Weighted Average | |||
Fair Value, Option, Quantitative Disclosures [Line Items] | |||
Market price (per Dth, per MWh) | $ / MWh | [2],[3] | 33 | |
Price volatility (percentage) | [3],[6] | 31.00% | |
Fair Value, Measurements, Recurring | Level 3 | Virginia Electric and Power Company | |||
Fair Value, Option, Quantitative Disclosures [Line Items] | |||
Fair Value of Derivative Liabilities | $ 8 | ||
Fair Value, Measurements, Recurring | Level 3 | Virginia Electric and Power Company | Physical and financial forwards and futures: | |||
Fair Value, Option, Quantitative Disclosures [Line Items] | |||
Fair Value of Derivative Assets | 140 | 145 | |
Fair Value of Derivative Liabilities | 8 | 2 | |
Fair Value, Measurements, Recurring | Level 3 | Virginia Electric and Power Company | Discounted cash flow | Natural Gas | Physical and financial forwards and futures: | |||
Fair Value, Option, Quantitative Disclosures [Line Items] | |||
Fair Value of Derivative Assets | [9] | $ 77 | |
Fair Value, Measurements, Recurring | Level 3 | Virginia Electric and Power Company | Discounted cash flow | Natural Gas | Assets | Physical and financial forwards and futures: | Minimum | |||
Fair Value, Option, Quantitative Disclosures [Line Items] | |||
Market price (per Dth, per MWh) | $ / MMBTU | [7] | (2) | |
Fair Value, Measurements, Recurring | Level 3 | Virginia Electric and Power Company | Discounted cash flow | Natural Gas | Assets | Physical and financial forwards and futures: | Maximum | |||
Fair Value, Option, Quantitative Disclosures [Line Items] | |||
Market price (per Dth, per MWh) | $ / MMBTU | [7] | 7 | |
Fair Value, Measurements, Recurring | Level 3 | Virginia Electric and Power Company | Discounted cash flow | Natural Gas | Assets | Physical and financial forwards and futures: | Weighted Average | |||
Fair Value, Option, Quantitative Disclosures [Line Items] | |||
Market price (per Dth, per MWh) | $ / MMBTU | [7],[10] | 0 | |
Credit Spreads (percentage) | [4],[10] | 2.00% | |
Fair Value, Measurements, Recurring | Level 3 | Virginia Electric and Power Company | Discounted cash flow | FTRs | Physical and financial forwards and futures: | |||
Fair Value, Option, Quantitative Disclosures [Line Items] | |||
Fair Value of Derivative Assets | $ 1 | ||
Fair Value of Derivative Liabilities | $ 8 | ||
Fair Value, Measurements, Recurring | Level 3 | Virginia Electric and Power Company | Discounted cash flow | FTRs | Liabilities | Physical and financial forwards and futures: | Minimum | |||
Fair Value, Option, Quantitative Disclosures [Line Items] | |||
Market price (per Dth, per MWh) | $ / MWh | [7] | (3) | |
Fair Value, Measurements, Recurring | Level 3 | Virginia Electric and Power Company | Discounted cash flow | FTRs | Liabilities | Physical and financial forwards and futures: | Maximum | |||
Fair Value, Option, Quantitative Disclosures [Line Items] | |||
Market price (per Dth, per MWh) | $ / MWh | [7] | 2 | |
Fair Value, Measurements, Recurring | Level 3 | Virginia Electric and Power Company | Discounted cash flow | FTRs | Liabilities | Physical and financial forwards and futures: | Weighted Average | |||
Fair Value, Option, Quantitative Disclosures [Line Items] | |||
Market price (per Dth, per MWh) | $ / MWh | [7],[10] | 0 | |
Fair Value, Measurements, Recurring | Level 3 | Virginia Electric and Power Company | Discounted cash flow | FTRs | Assets | Physical and financial forwards and futures: | Minimum | |||
Fair Value, Option, Quantitative Disclosures [Line Items] | |||
Market price (per Dth, per MWh) | $ / MWh | [7] | (3) | |
Fair Value, Measurements, Recurring | Level 3 | Virginia Electric and Power Company | Discounted cash flow | FTRs | Assets | Physical and financial forwards and futures: | Maximum | |||
Fair Value, Option, Quantitative Disclosures [Line Items] | |||
Market price (per Dth, per MWh) | $ / MWh | [7] | 2 | |
Fair Value, Measurements, Recurring | Level 3 | Virginia Electric and Power Company | Discounted cash flow | FTRs | Assets | Physical and financial forwards and futures: | Weighted Average | |||
Fair Value, Option, Quantitative Disclosures [Line Items] | |||
Market price (per Dth, per MWh) | $ / MWh | [7],[10] | 0 | |
Fair Value, Measurements, Recurring | Level 3 | Virginia Electric and Power Company | Option model | Natural Gas | Physical and financial options: | |||
Fair Value, Option, Quantitative Disclosures [Line Items] | |||
Fair Value of Derivative Assets | $ 2 | ||
Fair Value, Measurements, Recurring | Level 3 | Virginia Electric and Power Company | Option model | Natural Gas | Assets | Physical and financial options: | Minimum | |||
Fair Value, Option, Quantitative Disclosures [Line Items] | |||
Market price (per Dth, per MWh) | $ / MMBTU | [7] | 2 | |
Price volatility (percentage) | [8] | 18.00% | |
Fair Value, Measurements, Recurring | Level 3 | Virginia Electric and Power Company | Option model | Natural Gas | Assets | Physical and financial options: | Maximum | |||
Fair Value, Option, Quantitative Disclosures [Line Items] | |||
Market price (per Dth, per MWh) | $ / MMBTU | [7] | 7 | |
Price volatility (percentage) | [8] | 40.00% | |
Fair Value, Measurements, Recurring | Level 3 | Virginia Electric and Power Company | Option model | Natural Gas | Assets | Physical and financial options: | Weighted Average | |||
Fair Value, Option, Quantitative Disclosures [Line Items] | |||
Market price (per Dth, per MWh) | $ / MMBTU | [7],[10] | 3 | |
Price volatility (percentage) | [8],[10] | 25.00% | |
Fair Value, Measurements, Recurring | Level 3 | Virginia Electric and Power Company | Option model | Electricity | Electricity | |||
Fair Value, Option, Quantitative Disclosures [Line Items] | |||
Fair Value of Derivative Assets | $ 60 | ||
Fair Value, Measurements, Recurring | Level 3 | Virginia Electric and Power Company | Option model | Electricity | Assets | Electricity | Weighted Average | |||
Fair Value, Option, Quantitative Disclosures [Line Items] | |||
Market price (per Dth, per MWh) | $ / MWh | [7],[10] | 33 | |
Price volatility (percentage) | [8],[10] | 31.00% | |
Fair Value, Measurements, Recurring | Level 3 | Dominion Gas Holdings, LLC | Physical and financial forwards and futures: | |||
Fair Value, Option, Quantitative Disclosures [Line Items] | |||
Fair Value of Derivative Liabilities | $ 0 | $ 2 | |
[1] | Includes basis. | ||
[2] | Represents market prices beyond defined terms for Levels 1 and 2. | ||
[3] | Averages weighted by volume. | ||
[4] | Represents credit spreads unrepresented in published markets. | ||
[5] | Represents credit spreads unrepresented in published markets. | ||
[6] | Represents volatilities unrepresented in published markets. | ||
[7] | Represents market prices beyond defined terms for Levels 1 and 2. | ||
[8] | Represents volatilities unrepresented in published markets. | ||
[9] | Includes basis. | ||
[10] | Averages weighted by volume. |
Fair Value Measurements (Assets
Fair Value Measurements (Assets and Liabilities that are Measured at Fair Value on a Recurring Basis) (Details) - USD ($) $ in Millions | Mar. 31, 2017 | Dec. 31, 2016 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative Asset | $ 274 | $ 279 | |
Derivative Liabilities | 150 | 155 | |
Assets measured at fair value using NAV | 88 | 89 | |
Fair Value, Measurements, Recurring | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Total assets | [1] | 4,900 | 4,722 |
Total liabilities | 150 | 155 | |
Fair Value, Measurements, Recurring | Commodity | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative Asset | 254 | 262 | |
Derivative Liabilities | 85 | 96 | |
Fair Value, Measurements, Recurring | Interest rate | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative Asset | 20 | 17 | |
Derivative Liabilities | 59 | 53 | |
Fair Value, Measurements, Recurring | Foreign currency | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative Liabilities | 6 | 6 | |
Fair Value, Measurements, Recurring | Equity securities: | U.S. | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investments | [1] | 3,084 | 2,913 |
Fair Value, Measurements, Recurring | Fixed income: | Corporate debt instruments | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investments | [1] | 498 | 487 |
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 | 1,038 |
Fair Value, Measurements, Recurring | Cash equivalents and other | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investments | [1] | 6 | 5 |
Fair Value, Measurements, Recurring | Level 1 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Total assets | [1] | 3,513 | 3,342 |
Total liabilities | 0 | 0 | |
Fair Value, Measurements, Recurring | Level 1 | Commodity | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative Asset | 0 | 0 | |
Derivative Liabilities | 0 | 0 | |
Fair Value, Measurements, Recurring | Level 1 | Interest rate | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative Asset | 0 | 0 | |
Derivative Liabilities | 0 | 0 | |
Fair Value, Measurements, Recurring | Level 1 | Foreign currency | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative Liabilities | 0 | 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] | 3,084 | 2,913 |
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] | 423 | 424 |
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] | 6 | 5 |
Fair Value, Measurements, Recurring | Level 2 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Total assets | [1] | 1,246 | 1,233 |
Total liabilities | 139 | 147 | |
Fair Value, Measurements, Recurring | Level 2 | Commodity | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative Asset | 113 | 115 | |
Derivative Liabilities | 74 | 88 | |
Fair Value, Measurements, Recurring | Level 2 | Interest rate | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative Asset | 20 | 17 | |
Derivative Liabilities | 59 | 53 | |
Fair Value, Measurements, Recurring | Level 2 | Foreign currency | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative Liabilities | 6 | 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] | 498 | 487 |
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] | 615 | 614 |
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 | 0 |
Fair Value, Measurements, Recurring | Level 3 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative Asset | 141 | ||
Total assets | [1] | 141 | 147 |
Derivative Liabilities | 11 | ||
Total liabilities | 11 | 8 | |
Fair Value, Measurements, Recurring | Level 3 | Commodity | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative Asset | 141 | 147 | |
Derivative Liabilities | 11 | 8 | |
Fair Value, Measurements, Recurring | Level 3 | Interest rate | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative Asset | 0 | 0 | |
Derivative Liabilities | 0 | 0 | |
Fair Value, Measurements, Recurring | Level 3 | Foreign currency | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative Liabilities | 0 | 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 Asset | 178 | 194 | |
Derivative Liabilities | 33 | 31 | |
Assets measured at fair value using NAV | 30 | 26 | |
Virginia Electric and Power Company | Level 3 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative Asset | 140 | ||
Virginia Electric and Power Company | Fair Value, Measurements, Recurring | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Total assets | [2] | 2,263 | 2,200 |
Total liabilities | 33 | 31 | |
Virginia Electric and Power Company | Fair Value, Measurements, Recurring | Commodity | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative Asset | 170 | 188 | |
Derivative Liabilities | 11 | 10 | |
Virginia Electric and Power Company | Fair Value, Measurements, Recurring | Interest rate | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative Asset | 8 | 6 | |
Derivative Liabilities | 22 | 21 | |
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] | 1,376 | 1,302 |
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] | 282 | 277 |
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 | 427 |
Virginia Electric and Power Company | Fair Value, Measurements, Recurring | Level 1 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Total assets | [2] | 1,509 | 1,438 |
Total liabilities | 0 | 0 | |
Virginia Electric and Power Company | Fair Value, Measurements, Recurring | Level 1 | Commodity | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative Asset | 0 | 0 | |
Derivative Liabilities | 0 | 0 | |
Virginia Electric and Power Company | Fair Value, Measurements, Recurring | Level 1 | Interest rate | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative Asset | 0 | 0 | |
Derivative Liabilities | 0 | 0 | |
Virginia Electric and Power Company | Fair Value, Measurements, Recurring | Level 1 | Equity securities: | U.S. | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investments | [2] | 1,376 | 1,302 |
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] | 133 | 136 |
Virginia Electric and Power Company | Fair Value, Measurements, Recurring | Level 2 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Total assets | [2] | 614 | 617 |
Total liabilities | 25 | 29 | |
Virginia Electric and Power Company | Fair Value, Measurements, Recurring | Level 2 | Commodity | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative Asset | 30 | 43 | |
Derivative Liabilities | 3 | 8 | |
Virginia Electric and Power Company | Fair Value, Measurements, Recurring | Level 2 | Interest rate | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative Asset | 8 | 6 | |
Derivative Liabilities | 22 | 21 | |
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] | 282 | 277 |
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] | 294 | 291 |
Virginia Electric and Power Company | Fair Value, Measurements, Recurring | Level 3 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Total assets | [2] | 140 | 145 |
Derivative Liabilities | 8 | ||
Total liabilities | 8 | 2 | |
Virginia Electric and Power Company | Fair Value, Measurements, Recurring | Level 3 | Commodity | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative Asset | 140 | 145 | |
Derivative Liabilities | 8 | 2 | |
Virginia Electric and Power Company | Fair Value, Measurements, Recurring | Level 3 | Interest rate | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative Asset | 0 | 0 | |
Derivative Liabilities | 0 | 0 | |
Virginia Electric and Power Company | Fair Value, Measurements, Recurring | Level 3 | Equity securities: | 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 Liabilities | 7 | 11 | |
Dominion Gas Holdings, LLC | Fair Value, Measurements, Recurring | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Total liabilities | 7 | 11 | |
Dominion Gas Holdings, LLC | Fair Value, Measurements, Recurring | Commodity | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative Liabilities | 1 | 5 | |
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 | 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 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 Liabilities | 0 | 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 | 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 liabilities | 7 | 9 | |
Dominion Gas Holdings, LLC | Fair Value, Measurements, Recurring | Level 2 | Commodity | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative Liabilities | 1 | 3 | |
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 | 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 liabilities | 0 | 2 | |
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 Liabilities | 0 | 2 | |
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 | $ 0 | |
[1] | Includes investments held in the nuclear decommissioning and rabbi trusts. Excludes $88 million and $89 million of assets at March 31, 2017 and December 31, 2016, respectively, measured at fair value using NAV (or its equivalent) as a practical expedient which are not required to be categorized in the fair value hierarchy. | ||
[2] | Includes investments held in the nuclear decommissioning trusts. Excludes $30 million and $26 million of assets at March 31, 2017 and December 31, 2016, respectively, measured at fair value using NAV (or its equivalent) as a practical expedient which are not required to be categorized in the fair value hierarchy. |
Fair Value Measurements (Net Ch
Fair Value Measurements (Net Change in the Assets and Liabilities Measured at Fair Value on a Recurring Basis and Included in the Level 3 Fair Value Category) (Details) - Commodity - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward] | ||
Beginning balance | $ 139 | $ 95 |
Total realized and unrealized gains (losses): | ||
Included in earnings | (15) | (7) |
Included in other comprehensive income | 0 | 3 |
Included in regulatory assets/liabilities | (9) | 17 |
Settlements | 12 | 8 |
Transfers out of Level 3 | 3 | (7) |
Ending balance | 130 | 109 |
Virginia Electric and Power Company | ||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward] | ||
Beginning balance | 143 | 93 |
Total realized and unrealized gains (losses): | ||
Included in earnings | (15) | (8) |
Included in regulatory assets/liabilities | (8) | 17 |
Settlements | 12 | 8 |
Ending balance | 132 | 110 |
Dominion Gas Holdings, LLC | ||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward] | ||
Beginning balance | (2) | 6 |
Total realized and unrealized gains (losses): | ||
Included in other comprehensive income | (1) | 2 |
Transfers out of Level 3 | 3 | (8) |
Ending balance | $ 0 | $ 0 |
Fair Value Measurements (Narrat
Fair Value Measurements (Narrative) (Details) - USD ($) | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Unrealized gains or losses included in earnings in Level 3 fair value category | $ 0 | $ 0 |
Virginia Electric and Power Company | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Unrealized gains or losses included in earnings in Level 3 fair value category | 0 | 0 |
Dominion Gas Holdings, LLC | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Unrealized gains or losses included in earnings in Level 3 fair value category | $ 0 | $ 0 |
Fair Value Measurements (Financ
Fair Value Measurements (Financial Instruments' Carrying Amounts and Fair Values) (Details) - USD ($) $ in Millions | Mar. 31, 2017 | Dec. 31, 2016 | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Valuation of certain fair value hedges | $ (4) | $ (1) | |
Carrying Amount | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Total long-term debt | [1] | 28,133 | 26,587 |
Junior subordinated notes | [2] | 2,980 | 2,980 |
Remarketable subordinated notes | [2] | 2,374 | 2,373 |
Estimate of Fair Value | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Total long-term debt | [1],[3] | 29,918 | 28,273 |
Junior subordinated notes | [2],[3] | 2,981 | 2,893 |
Remarketable subordinated notes | [2],[3] | 2,431 | 2,418 |
Virginia Electric and Power Company | Carrying Amount | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Total long-term debt | [2] | 11,276 | 10,530 |
Virginia Electric and Power Company | Estimate of Fair Value | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Total long-term debt | [2],[3] | 12,371 | 11,584 |
Dominion Gas Holdings, LLC | Carrying Amount | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Total long-term debt | [4] | 3,533 | 3,528 |
Dominion Gas Holdings, LLC | Estimate of Fair Value | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Total long-term debt | [3],[4] | $ 3,614 | $ 3,603 |
[1] | Carrying amount includes amounts which represent the unamortized debt issuance costs, discount or premium, and foreign currency remeasurement adjustments. At March 31, 2017 and December 31, 2016, includes the valuation of certain fair value hedges associated with fixed rate debt of $(4) million and $(1) million, respectively. | ||
[2] | Carrying amount includes amounts which represent the unamortized debt issuance costs, discount or premium. | ||
[3] | Fair value is estimated using market prices, where available, and interest rates currently available for issuance of debt with similar terms and remaining maturities. All fair value measurements are classified as Level 2. The carrying amount of debt issues with short-term maturities and variable rates refinanced at current market rates is a reasonable estimate of their fair value. | ||
[4] | Carrying amount includes amounts which represent the unamortized debt issuance costs, discount or premium, and foreign currency remeasurement adjustments. |
Derivatives and Hedge Account57
Derivatives and Hedge Accounting Activities (Schedule of Offsetting Assets) (Details) - USD ($) $ in Millions | Mar. 31, 2017 | Dec. 31, 2016 |
Offsetting Assets [Line Items] | ||
Gross Amounts of Recognized Assets | $ 268 | $ 272 |
Gross Amounts Offset in the Consolidated Balance Sheet | 0 | 0 |
Net Amounts of Assets Presented in the Consolidated Balance Sheet | 268 | 272 |
Total derivatives, not subject to a master netting or similar arrangement | 6 | 7 |
Gross Amounts of Recognized Assets, Total | 274 | 279 |
Derivative Asset | 274 | 279 |
Gross Amounts Not Offset in the Consolidated Balance Sheet, Financial Instruments | 59 | 67 |
Gross Amounts Not Offset in the Consolidated Balance Sheet, Cash Collateral Received | 0 | 0 |
Net Amounts | 209 | 205 |
Commodity | Over-the-counter | ||
Offsetting Assets [Line Items] | ||
Gross Amounts of Recognized Assets | 206 | 211 |
Gross Amounts Offset in the Consolidated Balance Sheet | 0 | 0 |
Net Amounts of Assets Presented in the Consolidated Balance Sheet | 206 | 211 |
Gross Amounts Not Offset in the Consolidated Balance Sheet, Financial Instruments | 6 | 14 |
Gross Amounts Not Offset in the Consolidated Balance Sheet, Cash Collateral Received | 0 | 0 |
Net Amounts | 200 | 197 |
Commodity | Exchange | ||
Offsetting Assets [Line Items] | ||
Gross Amounts of Recognized Assets | 42 | 44 |
Gross Amounts Offset in the Consolidated Balance Sheet | 0 | 0 |
Net Amounts of Assets Presented in the Consolidated Balance Sheet | 42 | 44 |
Gross Amounts Not Offset in the Consolidated Balance Sheet, Financial Instruments | 42 | 44 |
Gross Amounts Not Offset in the Consolidated Balance Sheet, Cash Collateral Received | 0 | 0 |
Net Amounts | 0 | 0 |
Interest rate | Over-the-counter | ||
Offsetting Assets [Line Items] | ||
Gross Amounts of Recognized Assets | 20 | 17 |
Gross Amounts Offset in the Consolidated Balance Sheet | 0 | 0 |
Net Amounts of Assets Presented in the Consolidated Balance Sheet | 20 | 17 |
Gross Amounts Not Offset in the Consolidated Balance Sheet, Financial Instruments | 11 | 9 |
Gross Amounts Not Offset in the Consolidated Balance Sheet, Cash Collateral Received | 0 | 0 |
Net Amounts | 9 | 8 |
Virginia Electric and Power Company | ||
Offsetting Assets [Line Items] | ||
Gross Amounts of Recognized Assets | 151 | 153 |
Gross Amounts Offset in the Consolidated Balance Sheet | 0 | 0 |
Net Amounts of Assets Presented in the Consolidated Balance Sheet | 151 | 153 |
Total derivatives, not subject to a master netting or similar arrangement | 27 | 41 |
Gross Amounts of Recognized Assets, Total | 178 | 194 |
Derivative Asset | 178 | 194 |
Gross Amounts Not Offset in the Consolidated Balance Sheet, Financial Instruments | 1 | 2 |
Gross Amounts Not Offset in the Consolidated Balance Sheet, Cash Collateral Received | 0 | 0 |
Net Amounts | 150 | 151 |
Virginia Electric and Power Company | Commodity | Over-the-counter | ||
Offsetting Assets [Line Items] | ||
Gross Amounts of Recognized Assets | 143 | 147 |
Gross Amounts Offset in the Consolidated Balance Sheet | 0 | 0 |
Net Amounts of Assets Presented in the Consolidated Balance Sheet | 143 | 147 |
Gross Amounts Not Offset in the Consolidated Balance Sheet, Financial Instruments | 1 | 2 |
Gross Amounts Not Offset in the Consolidated Balance Sheet, Cash Collateral Received | 0 | 0 |
Net Amounts | 142 | 145 |
Virginia Electric and Power Company | Interest rate | Over-the-counter | ||
Offsetting Assets [Line Items] | ||
Gross Amounts of Recognized Assets | 8 | 6 |
Gross Amounts Offset in the Consolidated Balance Sheet | 0 | 0 |
Net Amounts of Assets Presented in the Consolidated Balance Sheet | 8 | 6 |
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 | $ 8 | $ 6 |
Derivatives and Hedge Account58
Derivatives and Hedge Accounting Activities (Schedule of Offsetting Liabilities) (Details) - USD ($) $ in Millions | Mar. 31, 2017 | Dec. 31, 2016 |
Offsetting Liabilities [Line Items] | ||
Gross Amounts of Recognized Liabilities | $ 147 | $ 153 |
Gross Amounts Offset in the Consolidated Balance Sheet | 0 | 0 |
Net Amounts of Liabilities Presented in the Consolidated Balance Sheet | 147 | 153 |
Total derivatives, not subject to a master netting or similar arrangement | 3 | 2 |
Gross Amounts of Recognized Liabilities, Total | 150 | 155 |
Derivative Liabilities | 150 | 155 |
Gross Amounts Not Offset in the Consolidated Balance Sheet, Financial Instruments | 59 | 67 |
Gross Amounts Not Offset in the Consolidated Balance Sheet, Cash Collateral | 21 | 27 |
Net Amounts | 67 | 59 |
Commodity | Over-the-counter | ||
Offsetting Liabilities [Line Items] | ||
Gross Amounts of Recognized Liabilities | 21 | 23 |
Gross Amounts Offset in the Consolidated Balance Sheet | 0 | 0 |
Net Amounts of Liabilities Presented in the Consolidated Balance Sheet | 21 | 23 |
Gross Amounts Not Offset in the Consolidated Balance Sheet, Financial Instruments | 6 | 14 |
Gross Amounts Not Offset in the Consolidated Balance Sheet, Cash Collateral | 2 | 0 |
Net Amounts | 13 | 9 |
Commodity | Exchange | ||
Offsetting Liabilities [Line Items] | ||
Gross Amounts of Recognized Liabilities | 61 | 71 |
Gross Amounts Offset in the Consolidated Balance Sheet | 0 | 0 |
Net Amounts of Liabilities Presented in the Consolidated Balance Sheet | 61 | 71 |
Gross Amounts Not Offset in the Consolidated Balance Sheet, Financial Instruments | 42 | 44 |
Gross Amounts Not Offset in the Consolidated Balance Sheet, Cash Collateral | 19 | 27 |
Net Amounts | 0 | 0 |
Interest rate | Over-the-counter | ||
Offsetting Liabilities [Line Items] | ||
Gross Amounts of Recognized Liabilities | 59 | 53 |
Gross Amounts Offset in the Consolidated Balance Sheet | 0 | 0 |
Net Amounts of Liabilities Presented in the Consolidated Balance Sheet | 59 | 53 |
Gross Amounts Not Offset in the Consolidated Balance Sheet, Financial Instruments | 11 | 9 |
Gross Amounts Not Offset in the Consolidated Balance Sheet, Cash Collateral | 0 | 0 |
Net Amounts | 48 | 44 |
Foreign currency | Over-the-counter | ||
Offsetting Liabilities [Line Items] | ||
Gross Amounts of Recognized Liabilities | 6 | 6 |
Gross Amounts Offset in the Consolidated Balance Sheet | 0 | 0 |
Net Amounts of Liabilities Presented in the Consolidated Balance Sheet | 6 | 6 |
Gross Amounts Not Offset in the Consolidated Balance Sheet, Financial Instruments | 0 | 0 |
Gross Amounts Not Offset in the Consolidated Balance Sheet, Cash Collateral | 0 | 0 |
Net Amounts | 6 | 6 |
Virginia Electric and Power Company | ||
Offsetting Liabilities [Line Items] | ||
Gross Amounts of Recognized Liabilities | 30 | 23 |
Gross Amounts Offset in the Consolidated Balance Sheet | 0 | 0 |
Net Amounts of Liabilities Presented in the Consolidated Balance Sheet | 30 | 23 |
Total derivatives, not subject to a master netting or similar arrangement | 3 | 8 |
Gross Amounts of Recognized Liabilities, Total | 33 | 31 |
Derivative Liabilities | 33 | 31 |
Gross Amounts Not Offset in the Consolidated Balance Sheet, Financial Instruments | 1 | 2 |
Gross Amounts Not Offset in the Consolidated Balance Sheet, Cash Collateral | 2 | 0 |
Net Amounts | 27 | 21 |
Virginia Electric and Power Company | Commodity | Over-the-counter | ||
Offsetting Liabilities [Line Items] | ||
Gross Amounts of Recognized Liabilities | 8 | 2 |
Gross Amounts Offset in the Consolidated Balance Sheet | 0 | 0 |
Net Amounts of Liabilities Presented in the Consolidated Balance Sheet | 8 | 2 |
Gross Amounts Not Offset in the Consolidated Balance Sheet, Financial Instruments | 1 | 2 |
Gross Amounts Not Offset in the Consolidated Balance Sheet, Cash Collateral | 2 | 0 |
Net Amounts | 5 | 0 |
Virginia Electric and Power Company | Interest rate | Over-the-counter | ||
Offsetting Liabilities [Line Items] | ||
Gross Amounts of Recognized Liabilities | 22 | 21 |
Gross Amounts Offset in the Consolidated Balance Sheet | 0 | 0 |
Net Amounts of Liabilities Presented in the Consolidated Balance Sheet | 22 | 21 |
Gross Amounts Not Offset in the Consolidated Balance Sheet, Financial Instruments | 0 | 0 |
Gross Amounts Not Offset in the Consolidated Balance Sheet, Cash Collateral | 0 | 0 |
Net Amounts | 22 | 21 |
Dominion Gas Holdings, LLC | ||
Offsetting Liabilities [Line Items] | ||
Gross Amounts of Recognized Liabilities | 7 | 11 |
Gross Amounts Offset in the Consolidated Balance Sheet | 0 | 0 |
Net Amounts of Liabilities Presented in the Consolidated Balance Sheet | 7 | 11 |
Derivative Liabilities | 7 | 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 | 0 | 0 |
Net Amounts | 7 | 11 |
Dominion Gas Holdings, LLC | Commodity | Over-the-counter | ||
Offsetting Liabilities [Line Items] | ||
Gross Amounts of Recognized Liabilities | 1 | 5 |
Gross Amounts Offset in the Consolidated Balance Sheet | 0 | 0 |
Net Amounts of Liabilities Presented in the Consolidated Balance Sheet | 1 | 5 |
Gross Amounts Not Offset in the Consolidated Balance Sheet, Financial Instruments | 0 | 0 |
Gross Amounts Not Offset in the Consolidated Balance Sheet, Cash Collateral | 0 | 0 |
Net Amounts | 1 | 5 |
Dominion Gas Holdings, LLC | Foreign currency | Over-the-counter | ||
Offsetting Liabilities [Line Items] | ||
Gross Amounts of Recognized Liabilities | 6 | 6 |
Gross Amounts Offset in the Consolidated Balance Sheet | 0 | 0 |
Net Amounts of Liabilities Presented in the Consolidated Balance Sheet | 6 | 6 |
Gross Amounts Not Offset in the Consolidated Balance Sheet, Financial Instruments | 0 | 0 |
Gross Amounts Not Offset in the Consolidated Balance Sheet, Cash Collateral | 0 | 0 |
Net Amounts | $ 6 | $ 6 |
Derivatives and Hedge Account59
Derivatives and Hedge Accounting Activities (Volume of Derivative Activity) (Details) - 3 months ended Mar. 31, 2017 MMcf in Thousands, € in Millions | USD ($)MWhMMcfgal | EUR (€) | |
Fixed Price - Natural Gas - Current Derivative Contract | |||
Derivative [Line Items] | |||
Volume of derivative activity (bcf, Gal) | [1] | 92 | |
Fixed Price - Natural Gas - Non-current Derivative Contract | |||
Derivative [Line Items] | |||
Volume of derivative activity (bcf, Gal) | [1] | 11 | |
Basis - Natural Gas - Current Derivative Contract | |||
Derivative [Line Items] | |||
Volume of derivative activity (bcf, Gal) | 194 | ||
Basis - Natural Gas - Non-current Derivative Contract | |||
Derivative [Line Items] | |||
Volume of derivative activity (bcf, Gal) | 607 | ||
Fixed Price - Electricity - Current Derivative Contract | |||
Derivative [Line Items] | |||
Volume of electricity (MWh) | MWh | 13,457,158 | ||
Fixed Price - Electricity - Non-current Derivative Contract | |||
Derivative [Line Items] | |||
Volume of electricity (MWh) | MWh | 1,537,046 | ||
Financial Transmission Rights - Electricity- Current Derivative Contract | |||
Derivative [Line Items] | |||
Volume of electricity (MWh) | MWh | 19,361,385 | ||
Financial Transmission Rights - Electricity- Non-current Derivative Contract | |||
Derivative [Line Items] | |||
Volume of electricity (MWh) | MWh | 0 | ||
Liquids - Current Derivative Contract | |||
Derivative [Line Items] | |||
Volume of derivative activity (bcf, Gal) | gal | [2] | 60,968,672 | |
Liquids - Non-current Derivative Contract | |||
Derivative [Line Items] | |||
Volume of derivative activity (bcf, Gal) | gal | [2] | 0 | |
Foreign currency | |||
Derivative [Line Items] | |||
Interest rate (US Dollars, Euros) | € | € 250 | ||
Foreign Exchange - Current Derivative Contract | |||
Derivative [Line Items] | |||
Interest rate (US Dollars, Euros) | $ | [3],[4] | $ 0 | |
Foreign Exchange - Non- Current Derivative Contract | |||
Derivative [Line Items] | |||
Interest rate (US Dollars, Euros) | $ | [3],[4] | 280,000,000 | |
Interest Rate - Current Derivative Contract | |||
Derivative [Line Items] | |||
Interest rate (US Dollars, Euros) | $ | [4] | 2,050,000,000 | |
Interest Rate - Non-current Derivative Contract | |||
Derivative [Line Items] | |||
Interest rate (US Dollars, Euros) | $ | [4] | $ 4,953,640,679 | |
Virginia Electric and Power Company | Fixed Price - Natural Gas - Current Derivative Contract | |||
Derivative [Line Items] | |||
Volume of derivative activity (bcf, Gal) | [5] | 37 | |
Virginia Electric and Power Company | Fixed Price - Natural Gas - Non-current Derivative Contract | |||
Derivative [Line Items] | |||
Volume of derivative activity (bcf, Gal) | [5] | 8 | |
Virginia Electric and Power Company | Basis - Natural Gas - Current Derivative Contract | |||
Derivative [Line Items] | |||
Volume of derivative activity (bcf, Gal) | 74 | ||
Virginia Electric and Power Company | Basis - Natural Gas - Non-current Derivative Contract | |||
Derivative [Line Items] | |||
Volume of derivative activity (bcf, Gal) | 565 | ||
Virginia Electric and Power Company | Fixed Price - Electricity - Current Derivative Contract | |||
Derivative [Line Items] | |||
Volume of electricity (MWh) | MWh | [5] | 1,580,034 | |
Virginia Electric and Power Company | Fixed Price - Electricity - Non-current Derivative Contract | |||
Derivative [Line Items] | |||
Volume of electricity (MWh) | MWh | [5] | 1,537,046 | |
Virginia Electric and Power Company | Financial Transmission Rights - Electricity- Current Derivative Contract | |||
Derivative [Line Items] | |||
Volume of electricity (MWh) | MWh | 17,668,870 | ||
Virginia Electric and Power Company | Financial Transmission Rights - Electricity- Non-current Derivative Contract | |||
Derivative [Line Items] | |||
Volume of electricity (MWh) | MWh | 0 | ||
Virginia Electric and Power Company | Interest Rate - Current Derivative Contract | |||
Derivative [Line Items] | |||
Interest rate (US Dollars, Euros) | $ | [6] | $ 1,050,000,000 | |
Virginia Electric and Power Company | Interest Rate - Non-current Derivative Contract | |||
Derivative [Line Items] | |||
Interest rate (US Dollars, Euros) | $ | [6] | $ 1,150,000,000 | |
Dominion Gas Holdings, LLC | Fixed Price - Natural Gas - Current Derivative Contract | |||
Derivative [Line Items] | |||
Volume of derivative activity (bcf, Gal) | 3 | ||
Dominion Gas Holdings, LLC | Fixed Price - Natural Gas - Non-current Derivative Contract | |||
Derivative [Line Items] | |||
Volume of derivative activity (bcf, Gal) | 0 | ||
Dominion Gas Holdings, LLC | Basis - Natural Gas - Current Derivative Contract | |||
Derivative [Line Items] | |||
Volume of derivative activity (bcf, Gal) | 6 | ||
Dominion Gas Holdings, LLC | Basis - Natural Gas - Non-current Derivative Contract | |||
Derivative [Line Items] | |||
Volume of derivative activity (bcf, Gal) | 0 | ||
Dominion Gas Holdings, LLC | Liquids - Current Derivative Contract | |||
Derivative [Line Items] | |||
Volume of derivative activity (bcf, Gal) | gal | 51,224,672 | ||
Dominion Gas Holdings, LLC | Liquids - Non-current Derivative Contract | |||
Derivative [Line Items] | |||
Volume of derivative activity (bcf, Gal) | gal | 0 | ||
Dominion Gas Holdings, LLC | Foreign currency | |||
Derivative [Line Items] | |||
Interest rate (US Dollars, Euros) | € | € 250 | ||
Dominion Gas Holdings, LLC | Foreign Exchange - Current Derivative Contract | |||
Derivative [Line Items] | |||
Interest rate (US Dollars, Euros) | $ | [7] | $ 0 | |
Dominion Gas Holdings, LLC | Foreign Exchange - Non- Current Derivative Contract | |||
Derivative [Line Items] | |||
Interest rate (US Dollars, Euros) | $ | [7] | $ 280,000,000 | |
[1] | Includes options. | ||
[2] | Includes NGLs and oil. | ||
[3] | Euro equivalent volumes are €250,000,000. | ||
[4] | Maturity is determined based on final settlement period. | ||
[5] | Includes options. | ||
[6] | Maturity is determined based on final settlement period. | ||
[7] | Maturity is determined based on final settlement period. Euro equivalent volumes are €250,000,000. |
Derivatives and Hedge Account60
Derivatives and Hedge Accounting Activities (Selected Information Related to Gains (Losses) on Cash Flow Hedges Included in AOCI) (Details) $ in Millions | 3 Months Ended |
Mar. 31, 2017USD ($) | |
Derivative Instruments, Gain (Loss) [Line Items] | |
AOCI After-Tax | $ (260) |
Amounts Expected to be Reclassified to Earnings During the Next 12 Months After-Tax | (4) |
Commodity | Gas | |
Derivative Instruments, Gain (Loss) [Line Items] | |
AOCI After-Tax | 7 |
Commodities, Amounts Expected to be Reclassified to Earnings During the Next 12 Months After-Tax | $ 7 |
Maximum Term | 33 months |
Commodity | Electricity | |
Derivative Instruments, Gain (Loss) [Line Items] | |
AOCI After-Tax | $ (4) |
Commodities, Amounts Expected to be Reclassified to Earnings During the Next 12 Months After-Tax | $ (4) |
Maximum Term | 9 months |
Interest rate | |
Derivative Instruments, Gain (Loss) [Line Items] | |
AOCI After-Tax | $ (267) |
Interest rate, Amounts Expected to be Reclassified to Earnings During the Next 12 Months After-Tax | $ (6) |
Maximum Term | 393 months |
Foreign currency | |
Derivative Instruments, Gain (Loss) [Line Items] | |
AOCI After-Tax | $ 4 |
Foreign currency, Amounts Expected to be Reclassified to Earnings During the Next 12 Months After-Tax | $ (1) |
Maximum Term | 111 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) |
Interest rate, Amounts Expected to be Reclassified to Earnings During the Next 12 Months After-Tax | $ (1) |
Maximum Term | 393 months |
Dominion Gas Holdings, LLC | |
Derivative Instruments, Gain (Loss) [Line Items] | |
AOCI After-Tax | $ (22) |
Amounts Expected to be Reclassified to Earnings During the Next 12 Months After-Tax | (4) |
Dominion Gas Holdings, LLC | Interest rate | |
Derivative Instruments, Gain (Loss) [Line Items] | |
AOCI After-Tax | (26) |
Interest rate, Amounts Expected to be Reclassified to Earnings During the Next 12 Months After-Tax | $ (3) |
Maximum Term | 333 months |
Dominion Gas Holdings, LLC | Foreign currency | |
Derivative Instruments, Gain (Loss) [Line Items] | |
AOCI After-Tax | $ 4 |
Foreign currency, Amounts Expected to be Reclassified to Earnings During the Next 12 Months After-Tax | $ (1) |
Maximum Term | 111 months |
Derivatives and Hedge Account61
Derivatives and Hedge Accounting Activities (Fair Value of Derivatives) (Details) - USD ($) $ in Millions | Mar. 31, 2017 | Dec. 31, 2016 | |
Derivatives, Fair Value [Line Items] | |||
Derivative Asset | $ 274 | $ 279 | |
Derivative Liabilities | 150 | 155 | |
Current Assets | |||
Derivatives, Fair Value [Line Items] | |||
Derivative Asset | [1] | 159 | 140 |
Current Assets | Commodity | |||
Derivatives, Fair Value [Line Items] | |||
Derivative Asset | 140 | 130 | |
Current Assets | Interest rate | |||
Derivatives, Fair Value [Line Items] | |||
Derivative Asset | 19 | 10 | |
Noncurrent Assets | |||
Derivatives, Fair Value [Line Items] | |||
Derivative Asset | [2] | 115 | 139 |
Noncurrent Assets | Commodity | |||
Derivatives, Fair Value [Line Items] | |||
Derivative Asset | 114 | 132 | |
Noncurrent Assets | Interest rate | |||
Derivatives, Fair Value [Line Items] | |||
Derivative Asset | 1 | 7 | |
Current Liabilities | |||
Derivatives, Fair Value [Line Items] | |||
Derivative Liabilities | [3] | 118 | 128 |
Current Liabilities | Commodity | |||
Derivatives, Fair Value [Line Items] | |||
Derivative Liabilities | 82 | 92 | |
Current Liabilities | Interest rate | |||
Derivatives, Fair Value [Line Items] | |||
Derivative Liabilities | 35 | 33 | |
Current Liabilities | Foreign currency | |||
Derivatives, Fair Value [Line Items] | |||
Derivative Liabilities | 1 | 3 | |
Noncurrent Liabilities | |||
Derivatives, Fair Value [Line Items] | |||
Derivative Liabilities | [4] | 32 | 27 |
Noncurrent Liabilities | Commodity | |||
Derivatives, Fair Value [Line Items] | |||
Derivative Liabilities | 3 | 4 | |
Noncurrent Liabilities | Interest rate | |||
Derivatives, Fair Value [Line Items] | |||
Derivative Liabilities | 24 | 20 | |
Noncurrent Liabilities | Foreign currency | |||
Derivatives, Fair Value [Line Items] | |||
Derivative Liabilities | 5 | 3 | |
Fair Value – Derivatives under Hedge Accounting | |||
Derivatives, Fair Value [Line Items] | |||
Derivative Asset | 53 | 46 | |
Derivative Liabilities | 94 | 111 | |
Fair Value – Derivatives under Hedge Accounting | Current Assets | |||
Derivatives, Fair Value [Line Items] | |||
Derivative Asset | [1] | 52 | 39 |
Fair Value – Derivatives under Hedge Accounting | Current Assets | Commodity | |||
Derivatives, Fair Value [Line Items] | |||
Derivative Asset | 33 | 29 | |
Fair Value – Derivatives under Hedge Accounting | Current Assets | Interest rate | |||
Derivatives, Fair Value [Line Items] | |||
Derivative Asset | 19 | 10 | |
Fair Value – Derivatives under Hedge Accounting | Noncurrent Assets | |||
Derivatives, Fair Value [Line Items] | |||
Derivative Asset | [2] | 1 | 7 |
Fair Value – Derivatives under Hedge Accounting | Noncurrent Assets | Commodity | |||
Derivatives, Fair Value [Line Items] | |||
Derivative Asset | 0 | 0 | |
Fair Value – Derivatives under Hedge Accounting | Noncurrent Assets | Interest rate | |||
Derivatives, Fair Value [Line Items] | |||
Derivative Asset | 1 | 7 | |
Fair Value – Derivatives under Hedge Accounting | Current Liabilities | |||
Derivatives, Fair Value [Line Items] | |||
Derivative Liabilities | [3] | 65 | 87 |
Fair Value – Derivatives under Hedge Accounting | Current Liabilities | Commodity | |||
Derivatives, Fair Value [Line Items] | |||
Derivative Liabilities | 29 | 51 | |
Fair Value – Derivatives under Hedge Accounting | Current Liabilities | Interest rate | |||
Derivatives, Fair Value [Line Items] | |||
Derivative Liabilities | 35 | 33 | |
Fair Value – Derivatives under Hedge Accounting | Current Liabilities | Foreign currency | |||
Derivatives, Fair Value [Line Items] | |||
Derivative Liabilities | 1 | 3 | |
Fair Value – Derivatives under Hedge Accounting | Noncurrent Liabilities | |||
Derivatives, Fair Value [Line Items] | |||
Derivative Liabilities | [4] | 29 | 24 |
Fair Value – Derivatives under Hedge Accounting | Noncurrent Liabilities | Commodity | |||
Derivatives, Fair Value [Line Items] | |||
Derivative Liabilities | 0 | 1 | |
Fair Value – Derivatives under Hedge Accounting | Noncurrent Liabilities | Interest rate | |||
Derivatives, Fair Value [Line Items] | |||
Derivative Liabilities | 24 | 20 | |
Fair Value – Derivatives under Hedge Accounting | Noncurrent Liabilities | Foreign currency | |||
Derivatives, Fair Value [Line Items] | |||
Derivative Liabilities | 5 | 3 | |
Fair Value – Derivatives not under Hedge Accounting | |||
Derivatives, Fair Value [Line Items] | |||
Derivative Asset | 221 | 233 | |
Derivative Liabilities | 56 | 44 | |
Fair Value – Derivatives not under Hedge Accounting | Current Assets | |||
Derivatives, Fair Value [Line Items] | |||
Derivative Asset | [1] | 107 | 101 |
Fair Value – Derivatives not under Hedge Accounting | Current Assets | Commodity | |||
Derivatives, Fair Value [Line Items] | |||
Derivative Asset | 107 | 101 | |
Fair Value – Derivatives not under Hedge Accounting | Current Assets | Interest rate | |||
Derivatives, Fair Value [Line Items] | |||
Derivative Asset | 0 | 0 | |
Fair Value – Derivatives not under Hedge Accounting | Noncurrent Assets | |||
Derivatives, Fair Value [Line Items] | |||
Derivative Asset | [2] | 114 | 132 |
Fair Value – Derivatives not under Hedge Accounting | Noncurrent Assets | Commodity | |||
Derivatives, Fair Value [Line Items] | |||
Derivative Asset | 114 | 132 | |
Fair Value – Derivatives not under Hedge Accounting | Noncurrent Assets | Interest rate | |||
Derivatives, Fair Value [Line Items] | |||
Derivative Asset | 0 | 0 | |
Fair Value – Derivatives not under Hedge Accounting | Current Liabilities | |||
Derivatives, Fair Value [Line Items] | |||
Derivative Liabilities | [3] | 53 | 41 |
Fair Value – Derivatives not under Hedge Accounting | Current Liabilities | Commodity | |||
Derivatives, Fair Value [Line Items] | |||
Derivative Liabilities | 53 | 41 | |
Fair Value – Derivatives not under Hedge Accounting | Current Liabilities | Interest rate | |||
Derivatives, Fair Value [Line Items] | |||
Derivative Liabilities | 0 | 0 | |
Fair Value – Derivatives not under Hedge Accounting | Current Liabilities | Foreign currency | |||
Derivatives, Fair Value [Line Items] | |||
Derivative Liabilities | 0 | 0 | |
Fair Value – Derivatives not under Hedge Accounting | Noncurrent Liabilities | |||
Derivatives, Fair Value [Line Items] | |||
Derivative Liabilities | [4] | 3 | 3 |
Fair Value – Derivatives not under Hedge Accounting | Noncurrent Liabilities | Commodity | |||
Derivatives, Fair Value [Line Items] | |||
Derivative Liabilities | 3 | 3 | |
Fair Value – Derivatives not under Hedge Accounting | Noncurrent Liabilities | Interest rate | |||
Derivatives, Fair Value [Line Items] | |||
Derivative Liabilities | 0 | 0 | |
Fair Value – Derivatives not under Hedge Accounting | Noncurrent Liabilities | Foreign currency | |||
Derivatives, Fair Value [Line Items] | |||
Derivative Liabilities | 0 | 0 | |
Virginia Electric and Power Company | |||
Derivatives, Fair Value [Line Items] | |||
Derivative Asset | 178 | 194 | |
Derivative Liabilities | 33 | 31 | |
Virginia Electric and Power Company | Current Assets | |||
Derivatives, Fair Value [Line Items] | |||
Derivative Asset | [5] | 67 | 66 |
Virginia Electric and Power Company | Current Assets | Commodity | |||
Derivatives, Fair Value [Line Items] | |||
Derivative Asset | 59 | 60 | |
Virginia Electric and Power Company | Current Assets | Interest rate | |||
Derivatives, Fair Value [Line Items] | |||
Derivative Asset | 8 | 6 | |
Virginia Electric and Power Company | Noncurrent Assets | |||
Derivatives, Fair Value [Line Items] | |||
Derivative Asset | [6] | 111 | 128 |
Virginia Electric and Power Company | Noncurrent Assets | Commodity | |||
Derivatives, Fair Value [Line Items] | |||
Derivative Asset | 111 | 128 | |
Virginia Electric and Power Company | Current Liabilities | |||
Derivatives, Fair Value [Line Items] | |||
Derivative Liabilities | [7] | 24 | 18 |
Virginia Electric and Power Company | Current Liabilities | Commodity | |||
Derivatives, Fair Value [Line Items] | |||
Derivative Liabilities | 11 | 10 | |
Virginia Electric and Power Company | Current Liabilities | Interest rate | |||
Derivatives, Fair Value [Line Items] | |||
Derivative Liabilities | 13 | 8 | |
Virginia Electric and Power Company | Noncurrent Liabilities | |||
Derivatives, Fair Value [Line Items] | |||
Derivative Liabilities | [8] | 9 | 13 |
Virginia Electric and Power Company | Noncurrent Liabilities | Interest rate | |||
Derivatives, Fair Value [Line Items] | |||
Derivative Liabilities | 9 | 13 | |
Virginia Electric and Power Company | Fair Value – Derivatives under Hedge Accounting | |||
Derivatives, Fair Value [Line Items] | |||
Derivative Asset | 8 | 6 | |
Derivative Liabilities | 22 | 21 | |
Virginia Electric and Power Company | Fair Value – Derivatives under Hedge Accounting | Current Assets | |||
Derivatives, Fair Value [Line Items] | |||
Derivative Asset | [5] | 8 | 6 |
Virginia Electric and Power Company | Fair Value – Derivatives under Hedge Accounting | Current Assets | Commodity | |||
Derivatives, Fair Value [Line Items] | |||
Derivative Asset | 0 | 0 | |
Virginia Electric and Power Company | Fair Value – Derivatives under Hedge Accounting | Current Assets | Interest rate | |||
Derivatives, Fair Value [Line Items] | |||
Derivative Asset | 8 | 6 | |
Virginia Electric and Power Company | Fair Value – Derivatives under Hedge Accounting | Noncurrent Assets | |||
Derivatives, Fair Value [Line Items] | |||
Derivative Asset | [6] | 0 | 0 |
Virginia Electric and Power Company | Fair Value – Derivatives under Hedge Accounting | Noncurrent Assets | Commodity | |||
Derivatives, Fair Value [Line Items] | |||
Derivative Asset | 0 | 0 | |
Virginia Electric and Power Company | Fair Value – Derivatives under Hedge Accounting | Current Liabilities | |||
Derivatives, Fair Value [Line Items] | |||
Derivative Liabilities | [7] | 13 | 8 |
Virginia Electric and Power Company | Fair Value – Derivatives under Hedge Accounting | Current Liabilities | Commodity | |||
Derivatives, Fair Value [Line Items] | |||
Derivative Liabilities | 0 | 0 | |
Virginia Electric and Power Company | Fair Value – Derivatives under Hedge Accounting | Current Liabilities | Interest rate | |||
Derivatives, Fair Value [Line Items] | |||
Derivative Liabilities | 13 | 8 | |
Virginia Electric and Power Company | Fair Value – Derivatives under Hedge Accounting | Noncurrent Liabilities | |||
Derivatives, Fair Value [Line Items] | |||
Derivative Liabilities | [8] | 9 | 13 |
Virginia Electric and Power Company | Fair Value – Derivatives under Hedge Accounting | Noncurrent Liabilities | Interest rate | |||
Derivatives, Fair Value [Line Items] | |||
Derivative Liabilities | 9 | 13 | |
Virginia Electric and Power Company | Fair Value – Derivatives not under Hedge Accounting | |||
Derivatives, Fair Value [Line Items] | |||
Derivative Asset | 170 | 188 | |
Derivative Liabilities | 11 | 10 | |
Virginia Electric and Power Company | Fair Value – Derivatives not under Hedge Accounting | Current Assets | |||
Derivatives, Fair Value [Line Items] | |||
Derivative Asset | [5] | 59 | 60 |
Virginia Electric and Power Company | Fair Value – Derivatives not under Hedge Accounting | Current Assets | Commodity | |||
Derivatives, Fair Value [Line Items] | |||
Derivative Asset | 59 | 60 | |
Virginia Electric and Power Company | Fair Value – Derivatives not under Hedge Accounting | Current Assets | Interest rate | |||
Derivatives, Fair Value [Line Items] | |||
Derivative Asset | 0 | 0 | |
Virginia Electric and Power Company | Fair Value – Derivatives not under Hedge Accounting | Noncurrent Assets | |||
Derivatives, Fair Value [Line Items] | |||
Derivative Asset | [6] | 111 | 128 |
Virginia Electric and Power Company | Fair Value – Derivatives not under Hedge Accounting | Noncurrent Assets | Commodity | |||
Derivatives, Fair Value [Line Items] | |||
Derivative Asset | 111 | 128 | |
Virginia Electric and Power Company | Fair Value – Derivatives not under Hedge Accounting | Current Liabilities | |||
Derivatives, Fair Value [Line Items] | |||
Derivative Liabilities | [7] | 11 | 10 |
Virginia Electric and Power Company | Fair Value – Derivatives not under Hedge Accounting | Current Liabilities | Commodity | |||
Derivatives, Fair Value [Line Items] | |||
Derivative Liabilities | 11 | 10 | |
Virginia Electric and Power Company | Fair Value – Derivatives not under Hedge Accounting | Current Liabilities | Interest rate | |||
Derivatives, Fair Value [Line Items] | |||
Derivative Liabilities | 0 | 0 | |
Virginia Electric and Power Company | Fair Value – Derivatives not under Hedge Accounting | Noncurrent Liabilities | |||
Derivatives, Fair Value [Line Items] | |||
Derivative Liabilities | [8] | 0 | 0 |
Virginia Electric and Power Company | Fair Value – Derivatives not under Hedge Accounting | Noncurrent Liabilities | Interest rate | |||
Derivatives, Fair Value [Line Items] | |||
Derivative Liabilities | 0 | 0 | |
Dominion Gas Holdings, LLC | |||
Derivatives, Fair Value [Line Items] | |||
Derivative Liabilities | 7 | 11 | |
Dominion Gas Holdings, LLC | Current Liabilities | |||
Derivatives, Fair Value [Line Items] | |||
Derivative Liabilities | [9] | 2 | 7 |
Dominion Gas Holdings, LLC | Current Liabilities | Commodity | |||
Derivatives, Fair Value [Line Items] | |||
Derivative Liabilities | 1 | 4 | |
Dominion Gas Holdings, LLC | Current Liabilities | Foreign currency | |||
Derivatives, Fair Value [Line Items] | |||
Derivative Liabilities | 1 | 3 | |
Dominion Gas Holdings, LLC | Noncurrent Liabilities | |||
Derivatives, Fair Value [Line Items] | |||
Derivative Liabilities | [10] | 5 | 4 |
Dominion Gas Holdings, LLC | Noncurrent Liabilities | Commodity | |||
Derivatives, Fair Value [Line Items] | |||
Derivative Liabilities | 1 | ||
Dominion Gas Holdings, LLC | Noncurrent Liabilities | Foreign currency | |||
Derivatives, Fair Value [Line Items] | |||
Derivative Liabilities | 5 | 3 | |
Dominion Gas Holdings, LLC | Fair Value – Derivatives under Hedge Accounting | |||
Derivatives, Fair Value [Line Items] | |||
Derivative Liabilities | 6 | 11 | |
Dominion Gas Holdings, LLC | Fair Value – Derivatives under Hedge Accounting | Current Liabilities | |||
Derivatives, Fair Value [Line Items] | |||
Derivative Liabilities | [9] | 1 | 7 |
Dominion Gas Holdings, LLC | Fair Value – Derivatives under Hedge Accounting | Current Liabilities | Commodity | |||
Derivatives, Fair Value [Line Items] | |||
Derivative Liabilities | 0 | 4 | |
Dominion Gas Holdings, LLC | Fair Value – Derivatives under Hedge Accounting | Current Liabilities | Foreign currency | |||
Derivatives, Fair Value [Line Items] | |||
Derivative Liabilities | 1 | 3 | |
Dominion Gas Holdings, LLC | Fair Value – Derivatives under Hedge Accounting | Noncurrent Liabilities | |||
Derivatives, Fair Value [Line Items] | |||
Derivative Liabilities | [10] | 5 | 4 |
Dominion Gas Holdings, LLC | Fair Value – Derivatives under Hedge Accounting | Noncurrent Liabilities | Commodity | |||
Derivatives, Fair Value [Line Items] | |||
Derivative Liabilities | 1 | ||
Dominion Gas Holdings, LLC | Fair Value – Derivatives under Hedge Accounting | Noncurrent Liabilities | Foreign currency | |||
Derivatives, Fair Value [Line Items] | |||
Derivative Liabilities | 5 | 3 | |
Dominion Gas Holdings, LLC | Fair Value – Derivatives not under Hedge Accounting | |||
Derivatives, Fair Value [Line Items] | |||
Derivative Liabilities | 1 | 0 | |
Dominion Gas Holdings, LLC | Fair Value – Derivatives not under Hedge Accounting | Current Liabilities | |||
Derivatives, Fair Value [Line Items] | |||
Derivative Liabilities | [9] | 1 | 0 |
Dominion Gas Holdings, LLC | Fair Value – Derivatives not under Hedge Accounting | Current Liabilities | Commodity | |||
Derivatives, Fair Value [Line Items] | |||
Derivative Liabilities | 1 | 0 | |
Dominion Gas Holdings, LLC | Fair Value – Derivatives not under Hedge Accounting | Current Liabilities | Foreign currency | |||
Derivatives, Fair Value [Line Items] | |||
Derivative Liabilities | 0 | 0 | |
Dominion Gas Holdings, LLC | Fair Value – Derivatives not under Hedge Accounting | Noncurrent Liabilities | |||
Derivatives, Fair Value [Line Items] | |||
Derivative Liabilities | [10] | 0 | 0 |
Dominion Gas Holdings, LLC | Fair Value – Derivatives not under Hedge Accounting | Noncurrent Liabilities | Commodity | |||
Derivatives, Fair Value [Line Items] | |||
Derivative Liabilities | 0 | ||
Dominion Gas Holdings, LLC | Fair Value – Derivatives not under Hedge Accounting | Noncurrent Liabilities | Foreign currency | |||
Derivatives, Fair Value [Line Items] | |||
Derivative Liabilities | $ 0 | $ 0 | |
[1] | Current derivative assets are presented in other current assets in Dominion’s Consolidated Balance Sheets. | ||
[2] | Noncurrent derivative assets are presented in other deferred charges and other assets in Dominion’s Consolidated Balance Sheets. | ||
[3] | Current derivative liabilities are presented in other current liabilities in Dominion's Consolidated Balance Sheets. | ||
[4] | Noncurrent derivative liabilities are presented in other deferred credits and other liabilities in Dominion’s Consolidated Balance Sheets. | ||
[5] | Current derivative assets are presented in other current assets in Virginia Power's Consolidated Balance Sheets. | ||
[6] | Noncurrent derivative assets are presented in other deferred charges and other assets in Virginia Power's Consolidated Balance Sheets. | ||
[7] | Current derivative liabilities are presented in other current liabilities in Virginia Power's Consolidated Balance Sheets. | ||
[8] | Noncurrent derivative liabilities are presented in other deferred credits and other liabilities in Virginia Power’s Consolidated Balance Sheets. | ||
[9] | Current derivative 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 Account62
Derivatives and Hedge Accounting Activities (Gains and Losses on Derivatives in Cash Flow Hedging Relationships) (Details) - Cash Flow Hedges - USD ($) $ in Millions | 3 Months Ended | ||
Mar. 31, 2017 | Mar. 31, 2016 | ||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Amount of Gain (Loss) Recognized in AOCI on Derivatives (Effective Portion) | [1] | $ 70 | $ 86 |
Amount of Gain (Loss) Reclassified From AOCI to Income | 37 | 102 | |
Increase (Decrease) in Derivatives Subject to Regulatory Treatment | [2] | 8 | (133) |
Commodity | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Amount of Gain (Loss) Recognized in AOCI on Derivatives (Effective Portion) | [1] | 87 | 173 |
Amount of Gain (Loss) Reclassified From AOCI to Income | 62 | 105 | |
Increase (Decrease) in Derivatives Subject to Regulatory Treatment | [2] | 0 | 0 |
Commodity | Operating revenue | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Amount of Gain (Loss) Reclassified From AOCI to Income | 62 | 114 | |
Commodity | Purchased gas | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Amount of Gain (Loss) Reclassified From AOCI to Income | 1 | (6) | |
Commodity | Electric fuel and other energy-related purchases | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Amount of Gain (Loss) Reclassified From AOCI to Income | (1) | (3) | |
Interest rate | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Amount of Gain (Loss) Recognized in AOCI on Derivatives (Effective Portion) | [1],[3] | 1 | (87) |
Amount of Gain (Loss) Reclassified From AOCI to Income | [3] | (11) | (3) |
Increase (Decrease) in Derivatives Subject to Regulatory Treatment | [2],[3] | 8 | (133) |
Foreign currency | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Amount of Gain (Loss) Recognized in AOCI on Derivatives (Effective Portion) | [1],[4] | (18) | |
Amount of Gain (Loss) Reclassified From AOCI to Income | [4] | (14) | |
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] | 0 | (14) |
Amount of Gain (Loss) Reclassified From AOCI to Income | 0 | 0 | |
Increase (Decrease) in Derivatives Subject to Regulatory Treatment | [6] | 8 | (133) |
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] | 0 | (14) |
Amount of Gain (Loss) Reclassified From AOCI to Income | [7] | 0 | 0 |
Increase (Decrease) in Derivatives Subject to Regulatory Treatment | [6],[7] | 8 | (133) |
Dominion Gas Holdings, LLC | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Amount of Gain (Loss) Recognized in AOCI on Derivatives (Effective Portion) | [8] | (16) | (10) |
Amount of Gain (Loss) Reclassified From AOCI to Income | (18) | 4 | |
Dominion Gas Holdings, LLC | Commodity | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Amount of Gain (Loss) Recognized in AOCI on Derivatives (Effective Portion) | [8] | 2 | (1) |
Amount of Gain (Loss) Reclassified From AOCI to Income | (3) | 4 | |
Dominion Gas Holdings, LLC | Commodity | Operating revenue | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Amount of Gain (Loss) Reclassified From AOCI to Income | (3) | 4 | |
Dominion Gas Holdings, LLC | Interest rate | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Amount of Gain (Loss) Recognized in AOCI on Derivatives (Effective Portion) | [8],[9] | 0 | (9) |
Amount of Gain (Loss) Reclassified From AOCI to Income | [9] | (1) | $ 0 |
Dominion Gas Holdings, LLC | Foreign currency | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Amount of Gain (Loss) Recognized in AOCI on Derivatives (Effective Portion) | [8],[10] | (18) | |
Amount of Gain (Loss) Reclassified From AOCI to Income | [10] | $ (14) | |
[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 Account63
Derivatives and Hedge Accounting Activities (Schedule of Derivatives not Designated as Hedging Instruments) (Details) - Derivatives Not Designated as Hedging Instruments - USD ($) $ in Millions | 3 Months Ended | ||
Mar. 31, 2017 | Mar. 31, 2016 | ||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Amount of Gain (Loss) Recognized in Income on Derivatives | [1] | $ (4) | $ (21) |
Commodity | Operating revenue | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Amount of Gain (Loss) Recognized in Income on Derivatives | [1] | 4 | 2 |
Commodity | Purchased gas | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Amount of Gain (Loss) Recognized in Income on Derivatives | [1] | 16 | 0 |
Commodity | Electric fuel and other energy-related purchases | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Amount of Gain (Loss) Recognized in Income on Derivatives | [1] | (23) | (23) |
Commodity | Other operations and maintenance | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Amount of Gain (Loss) Recognized in Income on Derivatives | [1] | (1) | 0 |
Virginia Electric and Power Company | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Amount of Gain (Loss) Recognized in Income on Derivatives | [2] | (17) | (20) |
Virginia Electric and Power Company | Commodity | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Amount of Gain (Loss) Recognized in Income on Derivatives | [2],[3] | $ (17) | $ (20) |
[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] | Includes derivative activity amortized out of regulatory assets/liabilities. Amounts deferred into regulatory assets/liabilities have no associated effect in Virginia Power’s Consolidated Statements of Income. | ||
[3] | Amounts recorded in Virginia Power's Consolidated Statements of Income are classified in electric fuel and other energy-related purchases. |
Investments (Narrative) (Detail
Investments (Narrative) (Details) - USD ($) $ in Millions | 3 Months Ended | |||
Mar. 31, 2017 | Mar. 31, 2016 | Dec. 31, 2016 | ||
Gain (Loss) on Investments [Line Items] | ||||
Amount contributed to Atlantic Coast Pipeline | $ 146 | $ 23 | ||
Investment in equity method affiliates | 1,713 | $ 1,561 | [1] | |
Atlantic Coast Pipeline | ||||
Gain (Loss) on Investments [Line Items] | ||||
Amount contributed to Atlantic Coast Pipeline | 117 | |||
Dominion Gas Holdings, LLC | ||||
Gain (Loss) on Investments [Line Items] | ||||
Equity in earnings on investments | 7 | 6 | ||
Dominion Gas Holdings, LLC | Iroquois | Partnership Interest | ||||
Gain (Loss) on Investments [Line Items] | ||||
Equity in earnings on investments | 7 | 6 | ||
Distributions received from investment | 6 | $ 6 | ||
Investment in equity method affiliates | 99 | 98 | ||
Carrying amount of investment that exceeded share of underlying equity | 8 | 8 | ||
Categories of Investments, Marketable Securities, Trading Securities | ||||
Gain (Loss) on Investments [Line Items] | ||||
Rabbi trust securities | $ 108 | $ 104 | ||
[1] | Dominion’s Consolidated Balance Sheet at December 31, 2016 has been derived from the audited Consolidated Balance Sheet at that date. |
Investments (Marketable Equity
Investments (Marketable Equity and Debt Securities and Cash Equivalents (Classified as Available-for-sale) and Cost Method Investments in Decommissioning Trust Funds) (Details) - USD ($) $ in Millions | Mar. 31, 2017 | Dec. 31, 2016 | ||
Investment Holdings [Line Items] | ||||
Amortized Cost, Total | $ 3,149 | $ 3,053 | ||
Total Unrealized Gains | [1] | 1,515 | 1,443 | |
Total Unrealized Losses | [1],[2] | (9) | (12) | |
Fair Value | 4,655 | 4,484 | [3] | |
Net assets related to pending sales and purchases of securities | 2 | 9 | ||
Fair value of securities in an unrealized loss position | 461 | 576 | ||
Cost method investments | ||||
Investment Holdings [Line Items] | ||||
Amortized Cost, Other Investments | 69 | 69 | ||
Total Unrealized Gains | [1] | 0 | 0 | |
Total Unrealized Losses | [1] | 0 | 0 | |
Fair Value | 69 | 69 | ||
Cash equivalents and other | ||||
Investment Holdings [Line Items] | ||||
Amortized Cost, Other Investments | [4] | 6 | 12 | |
Total Unrealized Gains | [1],[4] | 0 | 0 | |
Total Unrealized Losses | [1],[4] | 0 | 0 | |
Fair Value | [4] | 6 | 12 | |
Corporate debt instruments | ||||
Investment Holdings [Line Items] | ||||
Amortized Cost, Marketable Securities | 488 | 478 | ||
Total Unrealized Gains | [1] | 13 | 13 | |
Total Unrealized Losses | [1] | (3) | (4) | |
Fair Value | 498 | 487 | ||
Government securities | ||||
Investment Holdings [Line Items] | ||||
Amortized Cost, Marketable Securities | 977 | 978 | ||
Total Unrealized Gains | [1] | 24 | 22 | |
Total Unrealized Losses | [1] | (6) | (8) | |
Fair Value | 995 | 992 | ||
Common/collective trust funds | ||||
Investment Holdings [Line Items] | ||||
Amortized Cost, Marketable Securities | 66 | 67 | ||
Total Unrealized Gains | [1] | 0 | 0 | |
Total Unrealized Losses | [1] | 0 | 0 | |
Fair Value | 66 | 67 | ||
Virginia Electric and Power Company | ||||
Investment Holdings [Line Items] | ||||
Amortized Cost, Total | 1,519 | 1,473 | ||
Total Unrealized Gains | [5] | 671 | 639 | |
Total Unrealized Losses | [5],[6] | (4) | (6) | |
Fair Value | 2,186 | 2,106 | [7] | |
Net assets related to pending sales and purchases of securities | 4 | 7 | ||
Fair value of securities in an unrealized loss position | 214 | 287 | ||
Virginia Electric and Power Company | Cost method investments | ||||
Investment Holdings [Line Items] | ||||
Amortized Cost, Other Investments | 69 | 69 | ||
Total Unrealized Gains | [5] | 0 | 0 | |
Total Unrealized Losses | [5] | 0 | 0 | |
Fair Value | 69 | 69 | ||
Virginia Electric and Power Company | Cash equivalents and other | ||||
Investment Holdings [Line Items] | ||||
Amortized Cost, Other Investments | [8] | 4 | 7 | |
Total Unrealized Gains | [5],[8] | 0 | 0 | |
Total Unrealized Losses | [5],[8] | 0 | 0 | |
Fair Value | [8] | 4 | 7 | |
Virginia Electric and Power Company | Corporate debt instruments | ||||
Investment Holdings [Line Items] | ||||
Amortized Cost, Marketable Securities | 278 | 274 | ||
Total Unrealized Gains | [5] | 6 | 6 | |
Total Unrealized Losses | [5] | (2) | (4) | |
Fair Value | 282 | 276 | ||
Virginia Electric and Power Company | Government securities | ||||
Investment Holdings [Line Items] | ||||
Amortized Cost, Marketable Securities | 418 | 420 | ||
Total Unrealized Gains | [5] | 11 | 9 | |
Total Unrealized Losses | [5] | (2) | (2) | |
Fair Value | 427 | 427 | ||
Virginia Electric and Power Company | Common/collective trust funds | ||||
Investment Holdings [Line Items] | ||||
Amortized Cost, Marketable Securities | 30 | 26 | ||
Total Unrealized Gains | [5] | 0 | 0 | |
Total Unrealized Losses | [5] | 0 | 0 | |
Fair Value | 30 | 26 | ||
U.S. | Equity securities | ||||
Investment Holdings [Line Items] | ||||
Amortized Cost, Marketable Securities | 1,543 | 1,449 | ||
Total Unrealized Gains | [1] | 1,478 | 1,408 | |
Total Unrealized Losses | [1] | 0 | 0 | |
Fair Value | 3,021 | 2,857 | ||
U.S. | Virginia Electric and Power Company | Equity securities | ||||
Investment Holdings [Line Items] | ||||
Amortized Cost, Marketable Securities | 720 | 677 | ||
Total Unrealized Gains | [5] | 654 | 624 | |
Total Unrealized Losses | [5] | 0 | 0 | |
Fair Value | $ 1,374 | $ 1,301 | ||
[1] | Included in AOCI and the nuclear decommissioning trust regulatory liability. | |||
[2] | The fair value of securities in an unrealized loss position was $461 million and $576 million at March 31, 2017 and December 31, 2016, respectively. | |||
[3] | Dominion’s Consolidated Balance Sheet at December 31, 2016 has been derived from the audited Consolidated Balance Sheet at that date. | |||
[4] | Includes net pending sales of securities of $2 million and $9 million at March 31, 2017 and December 31, 2016, respectively. | |||
[5] | Included in AOCI and the nuclear decommissioning trust regulatory liability. | |||
[6] | The fair value of securities in an unrealized loss position was $214 million and $287 million at March 31, 2017 and December 31, 2016, respectively. | |||
[7] | Virginia Power’s Consolidated Balance Sheet at December 31, 2016 has been derived from the audited Consolidated Balance Sheet at that date. | |||
[8] | Includes pending sales of securities of $4 million and $7 million at March 31, 2017 and December 31, 2016, respectively. |
Investments (Fair Value of our
Investments (Fair Value of our Marketable Debt Securities by Contractual Maturity) (Details) $ in Millions | Mar. 31, 2017USD ($) |
Schedule of Held-to-maturity Securities [Line Items] | |
Due in one year or less | $ 164 |
Due after one year through five years | 434 |
Due after five years through ten years | 385 |
Due after ten years | 576 |
Total | 1,559 |
Virginia Electric and Power Company | |
Schedule of Held-to-maturity Securities [Line Items] | |
Due in one year or less | 60 |
Due after one year through five years | 188 |
Due after five years through ten years | 205 |
Due after ten years | 286 |
Total | $ 739 |
Investments (Selected Informati
Investments (Selected Information Regarding Marketable Equity and Debt Securities) (Details) - USD ($) $ in Millions | 3 Months Ended | ||
Mar. 31, 2017 | Mar. 31, 2016 | ||
Available-for-sale securities: | |||
Proceeds from sales | $ 756 | $ 368 | |
Realized gains | [1] | 94 | 25 |
Realized losses | [1] | 20 | 19 |
Virginia Electric and Power Company | |||
Available-for-sale securities: | |||
Proceeds from sales | 330 | 193 | |
Realized gains | [2] | 45 | 12 |
Realized losses | [2] | $ 10 | $ 10 |
[1] | Includes realized gains and losses recorded to the nuclear decommissioning trust regulatory liability. | ||
[2] | Includes realized gains and losses recorded to the nuclear decommissioning trust regulatory liability. |
Regulatory Assets and Liabili68
Regulatory Assets and Liabilities (Schedule of Regulatory Assets) (Details) - USD ($) $ in Millions | 3 Months Ended | |||
Mar. 31, 2017 | Dec. 31, 2016 | |||
Regulatory Assets [Line Items] | ||||
Regulatory assets-current | [1] | $ 231 | $ 244 | |
Regulatory assets-noncurrent | 2,439 | 2,473 | [2] | |
Total regulatory assets | 2,670 | 2,717 | ||
Deferred rate adjustment clause costs | ||||
Regulatory Assets [Line Items] | ||||
Regulatory assets-current | [3] | 75 | 63 | |
Regulatory assets-noncurrent | [3] | 328 | 329 | |
Deferred nuclear refueling outage costs | ||||
Regulatory Assets [Line Items] | ||||
Regulatory assets-current | [4] | $ 53 | 71 | |
Deferred nuclear refueling outage costs | Maximum | ||||
Regulatory Assets [Line Items] | ||||
Amortization period for deferred costs | 18 months | |||
Unrecognized pension and other postretirement benefit costs | ||||
Regulatory Assets [Line Items] | ||||
Regulatory assets-noncurrent | [5] | $ 1,328 | 1,401 | |
PJM transmission rates | ||||
Regulatory Assets [Line Items] | ||||
Regulatory assets-noncurrent | [6] | 200 | 192 | |
Derivatives | ||||
Regulatory Assets [Line Items] | ||||
Regulatory assets-noncurrent | [7] | 172 | 174 | |
Income taxes recoverable through future rates | ||||
Regulatory Assets [Line Items] | ||||
Regulatory assets-noncurrent | [8] | 138 | 123 | |
Utility reform legislation | ||||
Regulatory Assets [Line Items] | ||||
Regulatory assets-noncurrent | [9] | 110 | 99 | |
Other | ||||
Regulatory Assets [Line Items] | ||||
Regulatory assets-current | 103 | 110 | ||
Regulatory assets-noncurrent | 163 | 155 | ||
Virginia Electric and Power Company | ||||
Regulatory Assets [Line Items] | ||||
Regulatory assets-current | [1] | 190 | 179 | |
Regulatory assets-noncurrent | 776 | 770 | [10] | |
Total regulatory assets | 966 | 949 | ||
Virginia Electric and Power Company | Deferred rate adjustment clause costs | ||||
Regulatory Assets [Line Items] | ||||
Regulatory assets-current | [3] | 71 | 51 | |
Regulatory assets-noncurrent | [3] | 232 | 246 | |
Virginia Electric and Power Company | Deferred nuclear refueling outage costs | ||||
Regulatory Assets [Line Items] | ||||
Regulatory assets-current | [4] | 53 | 71 | |
Virginia Electric and Power Company | PJM transmission rates | ||||
Regulatory Assets [Line Items] | ||||
Regulatory assets-noncurrent | [6] | 200 | 192 | |
Virginia Electric and Power Company | Derivatives | ||||
Regulatory Assets [Line Items] | ||||
Regulatory assets-noncurrent | [7] | 137 | 133 | |
Virginia Electric and Power Company | Income taxes recoverable through future rates | ||||
Regulatory Assets [Line Items] | ||||
Regulatory assets-noncurrent | [8] | 81 | 76 | |
Virginia Electric and Power Company | Other | ||||
Regulatory Assets [Line Items] | ||||
Regulatory assets-current | 66 | 57 | ||
Regulatory assets-noncurrent | 126 | 123 | ||
Dominion Gas Holdings, LLC | ||||
Regulatory Assets [Line Items] | ||||
Regulatory assets-current | [1] | 7 | 26 | |
Regulatory assets-noncurrent | [11] | 550 | 577 | |
Total regulatory assets | 557 | 603 | ||
Dominion Gas Holdings, LLC | Deferred rate adjustment clause costs | ||||
Regulatory Assets [Line Items] | ||||
Regulatory assets-current | [3] | 4 | 12 | |
Regulatory assets-noncurrent | [3] | 89 | 79 | |
Dominion Gas Holdings, LLC | Unrecovered gas costs | ||||
Regulatory Assets [Line Items] | ||||
Regulatory assets-current | [12] | 0 | 12 | |
Dominion Gas Holdings, LLC | Unrecognized pension and other postretirement benefit costs | ||||
Regulatory Assets [Line Items] | ||||
Regulatory assets-noncurrent | [5] | 305 | 358 | |
Dominion Gas Holdings, LLC | Income taxes recoverable through future rates | ||||
Regulatory Assets [Line Items] | ||||
Regulatory assets-noncurrent | [8] | 25 | 23 | |
Dominion Gas Holdings, LLC | Utility reform legislation | ||||
Regulatory Assets [Line Items] | ||||
Regulatory assets-noncurrent | [9] | 110 | 99 | |
Dominion Gas Holdings, LLC | Other | ||||
Regulatory Assets [Line Items] | ||||
Regulatory assets-current | 3 | 2 | ||
Regulatory assets-noncurrent | $ 21 | $ 18 | ||
[1] | Current regulatory assets are presented in other current assets in Dominion's, Virginia Power's and Dominion Gas' Consolidated Balance Sheets. | |||
[2] | Dominion’s Consolidated Balance Sheet at December 31, 2016 has been derived from the audited Consolidated Balance Sheet at that date. | |||
[3] | Reflects deferrals under the electric transmission FERC formula rate and the deferral of costs associated with certain current and prospective rider projects for Virginia Power. Reflects deferrals of costs associated with certain current and prospective rider projects for Dominion Gas. See Note 12 for more information. | |||
[4] | Legislation enacted in Virginia in April 2014 requires Virginia Power to defer operation and maintenance costs incurred in connection with the refueling of any nuclear-powered generating plant. These deferred costs will be amortized over the refueling cycle, not to exceed 18 months. | |||
[5] | 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 amounts related to PJM transmission cost allocation matter. See Note 12 for more information. | |||
[7] | For jurisdictions subject to cost-based rate regulation, changes in the fair value of derivative instruments result in the recognition of regulatory assets or regulatory liabilities as they are expected to be recovered from or refunded to customers. | |||
[8] | 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] | Virginia Power’s Consolidated Balance Sheet at December 31, 2016 has been derived from the audited Consolidated Balance Sheet at that date. | |||
[11] | Noncurrent regulatory assets are presented in other deferred charges and other assets in Dominion Gas' Consolidated Balance Sheets. | |||
[12] | Reflects unrecovered gas costs at regulated gas operations, which are recovered through filings with the applicable regulatory authority. |
Regulatory Assets and Liabili69
Regulatory Assets and Liabilities (Schedule of Regulatory Liabilities) (Details) - USD ($) $ in Millions | Mar. 31, 2017 | Dec. 31, 2016 | ||
Regulatory Liabilities [Line Items] | ||||
Regulatory liabilities-current | [1] | $ 161 | $ 163 | |
Regulatory liabilities-noncurrent | 2,745 | 2,622 | [2] | |
Total regulatory liabilities | 2,906 | 2,785 | ||
Deferred cost of fuel used in electric generation | ||||
Regulatory Liabilities [Line Items] | ||||
Regulatory liabilities-current | [3] | 33 | 61 | |
PIPP | ||||
Regulatory Liabilities [Line Items] | ||||
Regulatory liabilities-current | [4] | 23 | 28 | |
Provision for future cost of removal and AROs | ||||
Regulatory Liabilities [Line Items] | ||||
Regulatory liabilities-noncurrent | [5] | 1,450 | 1,427 | |
Nuclear decommissioning trust | ||||
Regulatory Liabilities [Line Items] | ||||
Regulatory liabilities-noncurrent | [6] | 953 | 902 | |
Derivatives | ||||
Regulatory Liabilities [Line Items] | ||||
Regulatory liabilities-noncurrent | [7] | 70 | 69 | |
Other | ||||
Regulatory Liabilities [Line Items] | ||||
Regulatory liabilities-current | 105 | 74 | ||
Regulatory liabilities-noncurrent | 272 | 224 | ||
Virginia Electric and Power Company | ||||
Regulatory Liabilities [Line Items] | ||||
Regulatory liabilities-current | [1] | 82 | 115 | |
Regulatory liabilities-noncurrent | 2,064 | 1,962 | [8] | |
Total regulatory liabilities | 2,146 | 2,077 | ||
Virginia Electric and Power Company | Deferred cost of fuel used in electric generation | ||||
Regulatory Liabilities [Line Items] | ||||
Regulatory liabilities-current | [3] | 33 | 61 | |
Virginia Electric and Power Company | Provision for future cost of removal | ||||
Regulatory Liabilities [Line Items] | ||||
Regulatory liabilities-noncurrent | [5] | 965 | 946 | |
Virginia Electric and Power Company | Nuclear decommissioning trust | ||||
Regulatory Liabilities [Line Items] | ||||
Regulatory liabilities-noncurrent | [6] | 953 | 902 | |
Virginia Electric and Power Company | Derivatives | ||||
Regulatory Liabilities [Line Items] | ||||
Regulatory liabilities-noncurrent | [7] | 70 | 69 | |
Virginia Electric and Power Company | Other | ||||
Regulatory Liabilities [Line Items] | ||||
Regulatory liabilities-current | 49 | 54 | ||
Regulatory liabilities-noncurrent | 76 | 45 | ||
Dominion Gas Holdings, LLC | ||||
Regulatory Liabilities [Line Items] | ||||
Regulatory liabilities-current | [1] | 46 | 35 | |
Regulatory liabilities-noncurrent | [9] | 237 | 219 | |
Total regulatory liabilities | 283 | 254 | ||
Dominion Gas Holdings, LLC | PIPP | ||||
Regulatory Liabilities [Line Items] | ||||
Regulatory liabilities-current | [4] | 23 | 28 | |
Dominion Gas Holdings, LLC | Provision for future cost of removal and AROs | ||||
Regulatory Liabilities [Line Items] | ||||
Regulatory liabilities-noncurrent | [5] | 175 | 174 | |
Dominion Gas Holdings, LLC | Other | ||||
Regulatory Liabilities [Line Items] | ||||
Regulatory liabilities-current | 23 | 7 | ||
Regulatory liabilities-noncurrent | $ 62 | $ 45 | ||
[1] | Current regulatory liabilities are presented in other current liabilities in Dominion's, Virginia Power's and Dominion Gas' Consolidated Balance Sheets. | |||
[2] | Dominion’s Consolidated Balance Sheet at December 31, 2016 has been derived from the audited Consolidated Balance Sheet at that date. | |||
[3] | Reflects deferred fuel expenses for the Virginia and North Carolina jurisdictions of Dominion's and Virginia Power's generation operations. | |||
[4] | Under PIPP, eligible customers can make reduced payments based on their ability to pay. The difference between the customer's total bill and the PIPP plan amount is deferred and collected or returned annually under the PIPP rate adjustment clause according to East Ohio tariff provisions. | |||
[5] | Rates charged to customers by the Companies' regulated businesses include a provision for the cost of future activities to remove assets that are expected to be incurred at the time of retirement. | |||
[6] | Primarily reflects a regulatory liability representing amounts collected from Virginia jurisdictional customers and placed in external trusts (including income, losses and changes in fair value thereon) for the future decommissioning of Virginia Power's utility nuclear generation stations, in excess of the related AROs. | |||
[7] | 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] | Virginia Power’s Consolidated Balance Sheet at December 31, 2016 has been derived from the audited Consolidated Balance Sheet at that date. | |||
[9] | Noncurrent regulatory liabilities are presented in other deferred credits and other liabilities in Dominion Gas' Consolidated Balance Sheets. |
Regulatory Assets and Liabili70
Regulatory Assets and Liabilities (Narrative) (Details) - USD ($) $ in Millions | 3 Months Ended | |||
Mar. 31, 2017 | Dec. 31, 2016 | |||
Public Utilities, General Disclosures [Line Items] | ||||
Regulatory assets past expenditures not earning return | $ 295 | |||
Regulatory assets | $ 2,439 | $ 2,473 | [1] | |
Period for which expenditures are expected to be recovered | 2 years | |||
PJM transmission rates | ||||
Public Utilities, General Disclosures [Line Items] | ||||
Regulatory assets | [2] | $ 200 | 192 | |
Virginia Electric and Power Company | ||||
Public Utilities, General Disclosures [Line Items] | ||||
Regulatory assets past expenditures not earning return | 230 | |||
Regulatory assets | 776 | 770 | [3] | |
Virginia Electric and Power Company | PJM transmission rates | ||||
Public Utilities, General Disclosures [Line Items] | ||||
Regulatory assets | [2] | $ 200 | $ 192 | |
[1] | Dominion’s Consolidated Balance Sheet at December 31, 2016 has been derived from the audited Consolidated Balance Sheet at that date. | |||
[2] | Reflects amounts related to PJM transmission cost allocation matter. See Note 12 for more information. | |||
[3] | Virginia Power’s Consolidated Balance Sheet at December 31, 2016 has been derived from the audited Consolidated Balance Sheet at that date. |
Regulatory Matters (Narrative)
Regulatory Matters (Narrative) (Details) customer in Millions, $ in Millions | 1 Months Ended | 3 Months Ended | 12 Months Ended | ||||||||||||||
Apr. 30, 2017USD ($) | Mar. 31, 2017USD ($) | Feb. 28, 2017USD ($) | Oct. 31, 2016USD ($)program | Aug. 31, 2016 | Jun. 30, 2016USD ($) | Aug. 31, 2009kV | Apr. 30, 2008 | Apr. 30, 2007kV | Dec. 31, 2017USD ($)MW | Mar. 31, 2017USD ($)power_stationkVmi | Mar. 31, 2016USD ($) | Dec. 31, 2008 | Dec. 31, 2007customer | Dec. 31, 2016USD ($) | |||
Public Utilities, General Disclosures [Line Items] | |||||||||||||||||
Regulatory assets-noncurrent | $ 2,439 | $ 2,439 | $ 2,473 | [1] | |||||||||||||
Acquisition of solar development projects | 94 | $ 0 | |||||||||||||||
Regulatory asset recovered through retail rates | |||||||||||||||||
Public Utilities, General Disclosures [Line Items] | |||||||||||||||||
Regulatory assets-noncurrent | [2] | 200 | 200 | 192 | |||||||||||||
Virginia Electric and Power Company | |||||||||||||||||
Public Utilities, General Disclosures [Line Items] | |||||||||||||||||
ROE (percentage) | 11.40% | ||||||||||||||||
Regulatory assets-noncurrent | 776 | 776 | 770 | [3] | |||||||||||||
Virginia Electric and Power Company | Regulatory asset recovered through retail rates | |||||||||||||||||
Public Utilities, General Disclosures [Line Items] | |||||||||||||||||
Regulatory assets-noncurrent | [2] | 200 | 200 | 192 | |||||||||||||
Virginia Electric and Power Company | Minimum | |||||||||||||||||
Public Utilities, General Disclosures [Line Items] | |||||||||||||||||
Facility operating capacity (kV) | kV | 500 | 500 | |||||||||||||||
Virginia Electric and Power Company | FERC Gas Regulation | Order Regarding Transmission Rate Design for Allocation of Costs among PJM Interconnect LLC Transmission Customers | Unfavorable Regulatory Action | Settled Litigation | |||||||||||||||||
Public Utilities, General Disclosures [Line Items] | |||||||||||||||||
Amount required to pay under settlement agreement (in excess of $200 million) | $ 200 | ||||||||||||||||
Duration of payment under settlement agreement | 10 years | ||||||||||||||||
Amount of contingent liability | 208 | 208 | |||||||||||||||
Virginia Electric and Power Company | FERC Gas Regulation | Order Regarding Transmission Rate Design for Allocation of Costs among PJM Interconnect LLC Transmission Customers | Unfavorable Regulatory Action | Settled Litigation | Regulatory asset recovered through retail rates | |||||||||||||||||
Public Utilities, General Disclosures [Line Items] | |||||||||||||||||
Regulatory assets-noncurrent | 200 | $ 200 | |||||||||||||||
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 | Transmission Line Near Gainesville Substation and Haymarket Substation | |||||||||||||||||
Public Utilities, General Disclosures [Line Items] | |||||||||||||||||
Length of kV line (miles) | mi | 5 | ||||||||||||||||
Capacity of transmission line (kV) | kV | 230 | ||||||||||||||||
Total estimated cost of project | 55 | $ 55 | |||||||||||||||
Virginia Electric and Power Company | Virginia Regulation | Transmission Line between Carson Switching Station a Terminus Near Rogers Road Switching Station | |||||||||||||||||
Public Utilities, General Disclosures [Line Items] | |||||||||||||||||
Length of kV line (miles) | mi | 28 | ||||||||||||||||
Capacity of transmission line (kV) | kV | 500 | ||||||||||||||||
Total estimated cost of project | $ 55 | $ 55 | |||||||||||||||
Virginia Electric and Power Company | Virginia Regulation | Virginia Commission 2015 Biennial Review | |||||||||||||||||
Public Utilities, General Disclosures [Line Items] | |||||||||||||||||
Proposed ROE percentage | 10.50% | ||||||||||||||||
Virginia Electric and Power Company | Virginia Regulation | Application filed with Virginia Commission to Construct and Operate the Oceana Solar Facility [Member] | Solar Development Project | Scenario, Forecast | |||||||||||||||||
Public Utilities, General Disclosures [Line Items] | |||||||||||||||||
Acquisition of solar development projects | $ 40 | ||||||||||||||||
MW facility | MW | 18 | ||||||||||||||||
Virginia Electric and Power Company | Virginia Regulation | Rider S | |||||||||||||||||
Public Utilities, General Disclosures [Line Items] | |||||||||||||||||
Approved revenue required | $ 243 | ||||||||||||||||
Virginia Electric and Power Company | Virginia Regulation | Rider W | |||||||||||||||||
Public Utilities, General Disclosures [Line Items] | |||||||||||||||||
Approved revenue required | 121 | ||||||||||||||||
Virginia Electric and Power Company | Virginia Regulation | Rider R | |||||||||||||||||
Public Utilities, General Disclosures [Line Items] | |||||||||||||||||
Approved revenue required | 72 | ||||||||||||||||
Virginia Electric and Power Company | Virginia Regulation | Rider B | |||||||||||||||||
Public Utilities, General Disclosures [Line Items] | |||||||||||||||||
Approved revenue required | 27 | ||||||||||||||||
Number of power stations | power_station | 3 | ||||||||||||||||
Virginia Electric and Power Company | Virginia Regulation | Rider GV | |||||||||||||||||
Public Utilities, General Disclosures [Line Items] | |||||||||||||||||
Approved revenue required | $ 82 | ||||||||||||||||
Virginia Electric and Power Company | Virginia Regulation | Riders C1A and C2A | |||||||||||||||||
Public Utilities, General Disclosures [Line Items] | |||||||||||||||||
Proposed revenue requirement | $ 45 | ||||||||||||||||
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 of cost cap | 5 years | ||||||||||||||||
Duration of program | 2 years | ||||||||||||||||
Virginia Electric and Power Company | Virginia Regulation | Riders C1A and C2A | Peak Shaving Program | |||||||||||||||||
Public Utilities, General Disclosures [Line Items] | |||||||||||||||||
Duration of program | 5 years | ||||||||||||||||
Virginia Electric and Power Company | Virginia Regulation | Rider BW | |||||||||||||||||
Public Utilities, General Disclosures [Line Items] | |||||||||||||||||
Proposed revenue requirement | $ 134 | ||||||||||||||||
Proposed revenue requirement increase (decrease) | 15 | ||||||||||||||||
Virginia Electric and Power Company | Virginia Regulation | Rider US-2 | |||||||||||||||||
Public Utilities, General Disclosures [Line Items] | |||||||||||||||||
Proposed revenue requirement | 10 | ||||||||||||||||
Proposed revenue requirement increase (decrease) | 6 | ||||||||||||||||
Virginia Electric and Power Company | Virginia Regulation | Maximum | Riders C1A and C2A | Energy Efficiency Program | |||||||||||||||||
Public Utilities, General Disclosures [Line Items] | |||||||||||||||||
Amount of cost recovery | 178 | ||||||||||||||||
Virginia Electric and Power Company | Virginia Regulation | Maximum | Riders C1A and C2A | Peak Shaving Program | |||||||||||||||||
Public Utilities, General Disclosures [Line Items] | |||||||||||||||||
Amount of cost recovery | $ 5 | ||||||||||||||||
Virginia Electric and Power Company | Virginia Regulation | Subsequent Event | Riders C1A and C2A | |||||||||||||||||
Public Utilities, General Disclosures [Line Items] | |||||||||||||||||
ROE (percentage) | 9.40% | ||||||||||||||||
Virginia Electric and Power Company | Virginia Regulation | Subsequent Event | Rider BW | |||||||||||||||||
Public Utilities, General Disclosures [Line Items] | |||||||||||||||||
ROE (percentage) | 10.40% | ||||||||||||||||
Virginia Electric and Power Company | Virginia Regulation | Subsequent Event | Rider US-2 | |||||||||||||||||
Public Utilities, General Disclosures [Line Items] | |||||||||||||||||
ROE (percentage) | 9.40% | ||||||||||||||||
East Ohio | Ohio Regulation | |||||||||||||||||
Public Utilities, General Disclosures [Line Items] | |||||||||||||||||
Amount of new cost recovery provision (up to $22 million) | $ 22 | $ 22 | |||||||||||||||
East Ohio | Ohio Regulation | PIR | |||||||||||||||||
Public Utilities, General Disclosures [Line Items] | |||||||||||||||||
Percentage of pipeline system | 25.00% | ||||||||||||||||
Gross plant investment | $ 188 | ||||||||||||||||
East Ohio | Ohio Regulation | AMR Program | |||||||||||||||||
Public Utilities, General Disclosures [Line Items] | |||||||||||||||||
Number of customers | customer | 1.2 | ||||||||||||||||
East Ohio | Ohio Regulation | Subsequent Event | PIR | |||||||||||||||||
Public Utilities, General Disclosures [Line Items] | |||||||||||||||||
Proposed revenue requirement | $ 157 | ||||||||||||||||
Gross plant investment | 1,200 | ||||||||||||||||
East Ohio | Ohio Regulation | Subsequent Event | AMR Program | |||||||||||||||||
Public Utilities, General Disclosures [Line Items] | |||||||||||||||||
Proposed revenue requirement | $ 6 | ||||||||||||||||
[1] | Dominion’s Consolidated Balance Sheet at December 31, 2016 has been derived from the audited Consolidated Balance Sheet at that date. | ||||||||||||||||
[2] | Reflects amounts related to PJM transmission cost allocation matter. See Note 12 for more information. | ||||||||||||||||
[3] | Virginia Power’s Consolidated Balance Sheet at December 31, 2016 has been derived from the audited Consolidated Balance Sheet at that date. |
Variable Interest Entities (Nar
Variable Interest Entities (Narrative) (Details) $ in Millions | 3 Months Ended | |||
Mar. 31, 2017USD ($)MWgenerator | Mar. 31, 2016USD ($) | Dec. 31, 2016USD ($) | ||
Variable Interest Entities [Line Items] | ||||
Securities due within one year | $ 2,391 | $ 1,709 | [1] | |
Long term debt | 31,096 | 30,231 | [1] | |
Virginia Electric and Power Company | ||||
Variable Interest Entities [Line Items] | ||||
Securities due within one year | 928 | 678 | [2] | |
Long term debt | 10,348 | 9,852 | [2] | |
Dominion Gas Holdings, LLC | ||||
Variable Interest Entities [Line Items] | ||||
Long term debt | 3,533 | $ 3,528 | [3] | |
Variable Interest Entity, Primary Beneficiary | SBL Holdco | ||||
Variable Interest Entities [Line Items] | ||||
Securities due within one year | 30 | |||
Long term debt | $ 365 | |||
Variable Interest Entity (VIE) or Potential VIE, Information Unavailability | Virginia Electric and Power Company | ||||
Variable Interest Entities [Line Items] | ||||
Long term capacity contract non utility generators (generators) | generator | 3 | |||
Aggregate generation capacity from long-term power and capacity contracts (MW) | MW | 418 | |||
Remaining purchase commitments | $ 258 | |||
Payment for electric capacity | 28 | $ 37 | ||
Payment for electric energy | 8 | 7 | ||
Variable Interest Entity, Not Primary Beneficiary | Virginia Electric and Power Company | DRS | ||||
Variable Interest Entities [Line Items] | ||||
Shared services purchased | 85 | 114 | ||
Variable Interest Entity, Not Primary Beneficiary | Dominion Gas Holdings, LLC | DRS | ||||
Variable Interest Entities [Line Items] | ||||
Shared services purchased | $ 31 | $ 35 | ||
[1] | Dominion’s Consolidated Balance Sheet at December 31, 2016 has been derived from the audited Consolidated Balance Sheet at that date. | |||
[2] | Virginia Power’s Consolidated Balance Sheet at December 31, 2016 has been derived from the audited Consolidated Balance Sheet at that date. | |||
[3] | Dominion Gas’ Consolidated Balance Sheet at December 31, 2016 has been derived from the audited Consolidated Balance Sheet at that date. |
Significant Financing Transac73
Significant Financing Transactions (Commercial Paper, Bank Loans and Letters of Credit Outstanding) (Details) | Mar. 31, 2017USD ($) | |
Line of Credit Facility [Line Items] | ||
Facility Limit | $ 5,500,000,000 | |
Outstanding Commercial Paper | 2,627,000,000 | |
Outstanding Letters of Credit | 76,000,000 | |
Facility Capacity Available | 2,797,000,000 | |
Virginia Electric and Power Company | ||
Line of Credit Facility [Line Items] | ||
Facility Limit | 5,500,000,000 | [1] |
Outstanding Commercial Paper | 40,000,000 | |
Outstanding Letters of Credit | 1,000,000 | |
Dominion Gas Holdings, LLC | ||
Line of Credit Facility [Line Items] | ||
Facility Limit | 1,500,000,000 | [2] |
Outstanding Commercial Paper | 399,000,000 | |
Outstanding Letters of Credit | 0 | |
Joint Revolving Credit Facility 5 Billion and Joint Revolving Credit Facility 500 Million | Virginia Electric and Power Company | ||
Line of Credit Facility [Line Items] | ||
Facility Limit | 2,000,000,000 | |
Joint Revolving Credit Facility 5 Billion and Joint Revolving Credit Facility 500 Million | Dominion Gas Holdings, LLC | ||
Line of Credit Facility [Line Items] | ||
Facility Limit | 1,500,000,000 | |
Joint Revolving Credit Facility 5 Billion and Joint Revolving Credit Facility 500 Million | Line of Credit | Dominion Gas Holdings, LLC | ||
Line of Credit Facility [Line Items] | ||
Facility Limit | 500,000,000 | |
Joint Revolving Credit Facility 5 Billion and Joint Revolving Credit Facility 500 Million | Letter of Credit | ||
Line of Credit Facility [Line Items] | ||
Facility Limit | 2,000,000,000 | |
Joint Revolving Credit Facility 5 Billion and Joint Revolving Credit Facility 500 Million | Letter of Credit | Virginia Electric and Power Company | ||
Line of Credit Facility [Line Items] | ||
Facility Limit | 2,000,000,000 | |
Joint Revolving Credit Facility 5 Billion and Joint Revolving Credit Facility 500 Million | Letter of Credit | Dominion Gas Holdings, LLC | ||
Line of Credit Facility [Line Items] | ||
Facility Limit | 1,500,000,000 | |
Credit Facility 4 Billion | ||
Line of Credit Facility [Line Items] | ||
Facility Limit | 5,000,000,000 | [3] |
Outstanding Commercial Paper | 2,627,000,000 | [3] |
Outstanding Letters of Credit | 0 | [3] |
Facility Capacity Available | 2,373,000,000 | [3] |
Credit Facility 4 Billion | Virginia Electric and Power Company | ||
Line of Credit Facility [Line Items] | ||
Facility Limit | 5,000,000,000 | [1] |
Outstanding Commercial Paper | 40,000,000 | [1] |
Outstanding Letters of Credit | 0 | [1] |
Credit Facility 4 Billion | Dominion Gas Holdings, LLC | ||
Line of Credit Facility [Line Items] | ||
Facility Limit | 1,000,000,000 | [2] |
Outstanding Commercial Paper | 399,000,000 | [2] |
Outstanding Letters of Credit | 0 | [2] |
Credit Facility 500 Million | ||
Line of Credit Facility [Line Items] | ||
Facility Limit | 500,000,000 | [3] |
Outstanding Commercial Paper | 0 | [3] |
Outstanding Letters of Credit | 76,000,000 | [3] |
Facility Capacity Available | 424,000,000 | [3] |
Credit Facility 500 Million | Virginia Electric and Power Company | ||
Line of Credit Facility [Line Items] | ||
Facility Limit | 500,000,000 | [1] |
Outstanding Commercial Paper | 0 | [1] |
Outstanding Letters of Credit | 1,000,000 | [1] |
Credit Facility 500 Million | Dominion Gas Holdings, LLC | ||
Line of Credit Facility [Line Items] | ||
Facility Limit | 500,000,000 | [2] |
Outstanding Commercial Paper | 0 | [2] |
Outstanding Letters of Credit | $ 0 | [2] |
[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 the Companies multiple times per year. At March 31, 2017, the aggregate sub-limit for Virginia Power was $2.0 billion. If Virginia Power has liquidity needs in excess of its sub-limit, the sub-limit may be changed or such needs may be satisfied through short-term intercompany borrowings from Dominion. These credit facilities mature in April 2020 and can be used to support bank borrowings and the issuance of commercial paper, as well as to support up to $2.0 billion (or the sub-limit, whichever is less) of letters of credit. | |
[2] | A maximum of a combined $1.5 billion of the facilities is available to Dominion Gas, assuming adequate capacity is available after giving effect to uses by co-borrowers Dominion, 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. At March 31, 2017, the aggregate sub-limit for Dominion Gas was $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. These credit facilities mature in April 2020 and can be used to support bank borrowings and the issuance of commercial paper, as well as to support up to $1.5 billion (or the sub-limit, whichever is less) of letters of credit. | |
[3] | These credit facilities mature in April 2020 and can be used by the Companies to support bank borrowings and the issuance of commercial paper, as well as to support up to a combined $2.0 billion of letters of credit. |
Significant Financing Transac74
Significant Financing Transactions (Narrative) (Details) | 3 Months Ended | ||||
Mar. 31, 2017USD ($)facility | Jan. 31, 2017USD ($) | Dec. 31, 2016USD ($) | |||
Debt Instrument [Line Items] | |||||
Facility Limit | $ 5,500,000,000 | ||||
Short-term debt | 2,627,000,000 | $ 3,155,000,000 | [1] | ||
Senior Notes, Due in 2019 | Senior Notes | |||||
Debt Instrument [Line Items] | |||||
Total Long-term Debt | $ 400,000,000 | ||||
Interest rate percentage | 1.875% | ||||
Senior Notes, Due in 2022 | Senior Notes | |||||
Debt Instrument [Line Items] | |||||
Total Long-term Debt | $ 400,000,000 | ||||
Interest rate percentage | 2.75% | ||||
Senior Notes, Due in 2024 | Senior Notes | |||||
Debt Instrument [Line Items] | |||||
Total Long-term Debt | $ 300,000,000 | ||||
Interest rate percentage | 3.496% | ||||
Senior Notes, Due in 2025 | Senior Notes | |||||
Debt Instrument [Line Items] | |||||
Total Long-term Debt | $ 100,000,000 | ||||
Interest rate percentage | 3.90% | ||||
Senior Notes, Due in 2027 | Senior Notes | |||||
Debt Instrument [Line Items] | |||||
Total Long-term Debt | $ 750,000,000 | ||||
Interest rate percentage | 3.50% | ||||
Questar Gas | Joint Revolving Credit Facility 5 Billion and Joint Revolving Credit Facility 500 Million | |||||
Debt Instrument [Line Items] | |||||
Number of joint revolving credit facilities | facility | 2 | ||||
Facility Limit | $ 250,000,000 | ||||
SBL Holdco | Credit Facilities, Maturing in December 2017 with 1 year Automatic Renewals through 2023 | |||||
Debt Instrument [Line Items] | |||||
Facility Limit | $ 30,000,000 | ||||
Automatic renewal period | 1 year | ||||
SBL Holdco | Line of Credit | Credit Facilities, Maturing in December 2017 with 1 year Automatic Renewals through 2023 | |||||
Debt Instrument [Line Items] | |||||
Short-term debt | $ 0 | ||||
Virginia Electric and Power Company | |||||
Debt Instrument [Line Items] | |||||
Number of joint revolving credit facilities | facility | 2 | ||||
Facility Limit | [2] | $ 5,500,000,000 | |||
Short-term debt | 40,000,000 | 65,000,000 | [3] | ||
Credit facility | 100,000,000 | ||||
Virginia Electric and Power Company | Joint Revolving Credit Facility 5 Billion and Joint Revolving Credit Facility 500 Million | |||||
Debt Instrument [Line Items] | |||||
Facility Limit | 2,000,000,000 | ||||
Virginia Electric and Power Company | Tax Exempt Debt | |||||
Debt Instrument [Line Items] | |||||
Variable rate tax-exempt financings | $ 100,000,000 | ||||
Dominion Gas Holdings, LLC | |||||
Debt Instrument [Line Items] | |||||
Number of joint revolving credit facilities | facility | 2 | ||||
Facility Limit | [4] | $ 1,500,000,000 | |||
Short-term debt | 399,000,000 | $ 460,000,000 | [5] | ||
Dominion Gas Holdings, LLC | Joint Revolving Credit Facility 5 Billion and Joint Revolving Credit Facility 500 Million | |||||
Debt Instrument [Line Items] | |||||
Facility Limit | 1,500,000,000 | ||||
Dominion Gas Holdings, LLC | Line of Credit | Joint Revolving Credit Facility 5 Billion and Joint Revolving Credit Facility 500 Million | |||||
Debt Instrument [Line Items] | |||||
Facility Limit | $ 500,000,000 | ||||
[1] | Dominion’s Consolidated Balance Sheet at December 31, 2016 has been derived from the audited Consolidated Balance Sheet at that date. | ||||
[2] | 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 the Companies multiple times per year. At March 31, 2017, the aggregate sub-limit for Virginia Power was $2.0 billion. If Virginia Power has liquidity needs in excess of its sub-limit, the sub-limit may be changed or such needs may be satisfied through short-term intercompany borrowings from Dominion. These credit facilities mature in April 2020 and can be used to support bank borrowings and the issuance of commercial paper, as well as to support up to $2.0 billion (or the sub-limit, whichever is less) of letters of credit. | ||||
[3] | Virginia Power’s Consolidated Balance Sheet at December 31, 2016 has been derived from the audited Consolidated Balance Sheet at that date. | ||||
[4] | 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. At March 31, 2017, the aggregate sub-limit for Dominion Gas was $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. These credit facilities mature in April 2020 and can be used to support bank borrowings and the issuance of commercial paper, as well as to support up to $1.5 billion (or the sub-limit, whichever is less) of letters of credit. | ||||
[5] | Dominion Gas’ Consolidated Balance Sheet at December 31, 2016 has been derived from the audited Consolidated Balance Sheet at that date. |
Commitments and Contingencies75
Commitments and Contingencies (Narrative) (Details) | 1 Months Ended | 3 Months Ended | ||||||||||
Apr. 30, 2017petitionstation | Mar. 31, 2017USD ($)facilitysitecount | Jul. 31, 2016party | Apr. 30, 2016 | Oct. 31, 2015 | Jun. 30, 2015party | Apr. 30, 2015facility | Oct. 31, 2014facility | Jun. 30, 2014unit | Jul. 31, 2013countunit | Jul. 31, 2011 | Mar. 31, 2017USD ($)facilitysiteparty | |
CWA | Virginia Electric and Power Company | Possum Point Power Station | ||||||||||||
Loss Contingencies [Line Items] | ||||||||||||
Period for remedial plan | 30 days | |||||||||||
Unfavorable Regulatory Action | EPA | Maximum | ||||||||||||
Loss Contingencies [Line Items] | ||||||||||||
Maximum period for consideration of CO2 emissions from biomass projects | 3 years | |||||||||||
Unfavorable Regulatory Action | EPA | Virginia Electric and Power Company | ||||||||||||
Loss Contingencies [Line Items] | ||||||||||||
Number of coal fired generating units | unit | 3 | |||||||||||
Unfavorable Regulatory Action | MATS | EPA | ||||||||||||
Loss Contingencies [Line Items] | ||||||||||||
Extension period for MATS compliance | 1 year | |||||||||||
Number of coal fired generating units | unit | 2 | |||||||||||
Requested compliance extension under EPA Administrative Order | 1 year | |||||||||||
Unfavorable Regulatory Action | MATS | EPA | Subsequent Event | ||||||||||||
Loss Contingencies [Line Items] | ||||||||||||
Period to be in service following receipt of all required permits | 20 months | |||||||||||
Unfavorable Regulatory Action | MATS | EPA | Maximum | ||||||||||||
Loss Contingencies [Line Items] | ||||||||||||
Extension period for MATS compliance | 1 year | |||||||||||
Unfavorable Regulatory Action | Ozone Standards | EPA | Minimum | ||||||||||||
Loss Contingencies [Line Items] | ||||||||||||
Estimated compliance costs | $ 25,000,000 | $ 25,000,000 | ||||||||||
Unfavorable Regulatory Action | Ozone Standards | EPA | Maximum | ||||||||||||
Loss Contingencies [Line Items] | ||||||||||||
Estimated compliance costs | $ 35,000,000 | $ 35,000,000 | ||||||||||
Unfavorable Regulatory Action | CWA | ||||||||||||
Loss Contingencies [Line Items] | ||||||||||||
Number of facilities that may be subject to final regulations | facility | 14 | |||||||||||
Unfavorable Regulatory Action | CWA | Virginia Electric and Power Company | ||||||||||||
Loss Contingencies [Line Items] | ||||||||||||
Number of facilities that may be subject to final regulations | facility | 11 | |||||||||||
Unfavorable Regulatory Action | CWA | EPA | Final Rule to Revise Effluent Limitations Guidelines for Steam Electric Power Generating Category | ||||||||||||
Loss Contingencies [Line Items] | ||||||||||||
Number of facilities that maybe subject to additional wastewater treatment requirements | facility | 8 | 8 | ||||||||||
Unfavorable Regulatory Action | CWA | EPA | Subsequent Event | Final Rule to Revise Effluent Limitations Guidelines for Steam Electric Power Generating Category | ||||||||||||
Loss Contingencies [Line Items] | ||||||||||||
Number of separate petitions for reconsideration granted | petition | 2 | |||||||||||
Unfavorable Regulatory Action | Coal Tar and Other Potentially Harmful Materials | EPA | ||||||||||||
Loss Contingencies [Line Items] | ||||||||||||
Number of former manufactured gas plant sites | site | 19 | 19 | ||||||||||
Unfavorable Regulatory Action | Coal Tar and Other Potentially Harmful Materials | EPA | Former Gas Plant Site with Post Closure Groundwater Monitoring Program | ||||||||||||
Loss Contingencies [Line Items] | ||||||||||||
Number of former sites | site | 1 | |||||||||||
Unfavorable Regulatory Action | Coal Tar and Other Potentially Harmful Materials | EPA | Dominion Gas Holdings, LLC | ||||||||||||
Loss Contingencies [Line Items] | ||||||||||||
Number of former manufactured gas plant sites | site | 12 | 12 | ||||||||||
Unfavorable Regulatory Action | Coal Tar and Other Potentially Harmful Materials | EPA | Virginia Electric and Power Company | ||||||||||||
Loss Contingencies [Line Items] | ||||||||||||
Number of former manufactured gas plant sites | site | 3 | 3 | ||||||||||
Preliminary costs for options under evaluation for site, minimum | $ 1,000,000 | $ 1,000,000 | ||||||||||
Preliminary costs for options under evaluation for site, maximum | 22,000,000 | 22,000,000 | ||||||||||
Unfavorable Regulatory Action | CCR | EPA | Virginia Electric and Power Company | Environmental Protection Agency Final Rule Regulating Management of CCRs | Facilities Subject to CCR Final Rule | ||||||||||||
Loss Contingencies [Line Items] | ||||||||||||
Number of facilities with CCR | facility | 8 | |||||||||||
Unfavorable Regulatory Action | CCR | EPA | Virginia Electric and Power Company | Subsequent Event | Environmental Protection Agency Final Rule Regulating Management of CCRs | Facilities Subject to CCR Final Rule | ||||||||||||
Loss Contingencies [Line Items] | ||||||||||||
Number of stations | station | 4 | |||||||||||
Breach of Contract Lawsuit | DTI | Pending Litigation | ||||||||||||
Loss Contingencies [Line Items] | ||||||||||||
Total number of counts in complaint | count | 8 | |||||||||||
Accrued liability for legal matter | $ 6,000,000 | $ 6,000,000 | ||||||||||
Breach of Contract Lawsuit | DTI | Judicial Ruling | ||||||||||||
Loss Contingencies [Line Items] | ||||||||||||
Number of counts dismissed | count | 3 | |||||||||||
Liquefaction Project | FERC | Cove Point | Pending Litigation | ||||||||||||
Loss Contingencies [Line Items] | ||||||||||||
Number of parties | party | 2 | |||||||||||
Liquefaction Project | FERC | Cove Point | Judicial Ruling | ||||||||||||
Loss Contingencies [Line Items] | ||||||||||||
Number of parties | party | 1 | 1 |
Commitments and Contingencies76
Commitments and Contingencies (Guarantees, Surety Bonds and Letters of Credit) (Details) $ in Millions | 3 Months Ended | |
Mar. 31, 2017USD ($) | ||
Guarantor Obligations [Line Items] | ||
Maximum Exposure | $ 5,582 | [1] |
Financial Guarantee | Equity Method Investees | ||
Guarantor Obligations [Line Items] | ||
Maximum Exposure | 48 | |
Financial Guarantee | Affiliate | ||
Guarantor Obligations [Line Items] | ||
Maximum Exposure | 26 | |
Financial Guarantee | Affiliate | Minimum | ||
Guarantor Obligations [Line Items] | ||
Maximum annual future contributions | 4 | |
Financial Guarantee | Affiliate | Maximum | ||
Guarantor Obligations [Line Items] | ||
Maximum annual future contributions | 19 | |
Commodity Transactions | ||
Guarantor Obligations [Line Items] | ||
Maximum Exposure | 1,941 | [2] |
Nuclear Obligations | ||
Guarantor Obligations [Line Items] | ||
Maximum Exposure | 188 | [3] |
Solar | ||
Guarantor Obligations [Line Items] | ||
Maximum Exposure | 1,029 | [4] |
Other | ||
Guarantor Obligations [Line Items] | ||
Maximum Exposure | 524 | [5] |
Surety Bond | ||
Guarantor Obligations [Line Items] | ||
Maximum Exposure | 138 | |
Letter of Credit | ||
Guarantor Obligations [Line Items] | ||
Maximum Exposure | 76 | |
Virginia Electric and Power Company | Surety Bond | ||
Guarantor Obligations [Line Items] | ||
Maximum Exposure | 62 | |
Dominion Gas Holdings, LLC | Surety Bond | ||
Guarantor Obligations [Line Items] | ||
Maximum Exposure | 22 | |
Cove Point | Nuclear Obligations | ||
Guarantor Obligations [Line Items] | ||
Maximum Exposure | $ 1,900 | [6] |
[1] | Excludes Dominion's guarantee for the construction of a new corporate office property as discussed in Note 22 to the Consolidated Financial Statements in the Companies' Annual Report on Form 10-K for the year ended December 31, 2016. | |
[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] | 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 March 31, 2017, Dominion's maximum remaining cumulative exposure under these equity funding agreements is $26 million through 2019 and its maximum annual future contributions could range from approximately $4 million to $19 million. | |
[6] | Guarantees related to Cove Point, in support of terminal services, transportation and construction. |
Credit Risk (Narrative) (Detail
Credit Risk (Narrative) (Details) $ in Millions | 3 Months Ended | |||
Mar. 31, 2017USD ($)counterparty | Mar. 31, 2016USD ($) | Dec. 31, 2016USD ($) | ||
Concentration Risk and Guarantor Obligations [Line Items] | ||||
Gross credit exposure | $ 89 | |||
Operating Revenue | 3,384 | $ 2,921 | ||
Additional collateral to be posted if the credit related contingent features were triggered | $ 3 | |||
Aggregate fair value of all derivative instruments with credit contingent provisions that are in a liability position | 4 | $ 9 | ||
Virginia Electric and Power Company | ||||
Concentration Risk and Guarantor Obligations [Line Items] | ||||
Operating Revenue | [1] | $ 1,831 | $ 1,890 | |
Credit Concentration Risk | ||||
Concentration Risk and Guarantor Obligations [Line Items] | ||||
Number of counterparties | counterparty | 0 | |||
Amount of exposure for single counterparty | $ 26 | |||
Credit Concentration Risk | Wholesale Customers | Sales to wholesale customers | Virginia Electric and Power Company | ||||
Concentration Risk and Guarantor Obligations [Line Items] | ||||
Number of counterparties | counterparty | 0 | |||
Operating Revenue | $ 28 | |||
Amount of exposure related to sales to wholesale customers for single counterparty | $ 5 | |||
Credit Concentration Risk | Investment Grade | ||||
Concentration Risk and Guarantor Obligations [Line Items] | ||||
Concentration risk, percentage (percentage) | 65.00% | |||
Credit Concentration Risk | Investment Grade | Virginia Electric and Power Company | ||||
Concentration Risk and Guarantor Obligations [Line Items] | ||||
Concentration risk, percentage (percentage) | 43.00% | |||
[1] | See Note 17 for amounts attributable to affiliates. |
Related-Party Transactions (Det
Related-Party Transactions (Details) - USD ($) | 3 Months Ended | |||
Mar. 31, 2017 | Mar. 31, 2016 | Dec. 31, 2016 | ||
Related Party Transaction [Line Items] | ||||
Derivative Asset | $ 274,000,000 | $ 279,000,000 | ||
Derivative Liabilities | 150,000,000 | 155,000,000 | ||
Capital expenditures | 1,435,000,000 | $ 1,497,000,000 | ||
Virginia Electric and Power Company | ||||
Related Party Transaction [Line Items] | ||||
Derivative Asset | 178,000,000 | 194,000,000 | ||
Derivative Liabilities | 33,000,000 | 31,000,000 | ||
Commodity purchases from affiliates | 212,000,000 | 145,000,000 | ||
Services provided by affiliates | [1] | 112,000,000 | 140,000,000 | |
Services provided to affiliates | 5,000,000 | 5,000,000 | ||
Capital expenditures | 647,000,000 | 604,000,000 | ||
Outstanding borrowings, net of repayments, under money pool for non-regulated subsidiaries | 0 | 0 | ||
Virginia Electric and Power Company | Affiliate | ||||
Related Party Transaction [Line Items] | ||||
Derivative Asset | 27,000,000 | 41,000,000 | ||
Derivative Liabilities | 3,000,000 | 8,000,000 | ||
Virginia Electric and Power Company | Affiliate | Services provided by affiliates | ||||
Related Party Transaction [Line Items] | ||||
Capital expenditures | 34,000,000 | 39,000,000 | ||
Virginia Electric and Power Company | Principal Owner | ||||
Related Party Transaction [Line Items] | ||||
Short term demand note | 0 | 262,000,000 | ||
Virginia Electric and Power Company | Pension Benefits | Amounts Associated with the Dominion Pension Plan | ||||
Related Party Transaction [Line Items] | ||||
Amounts due to Dominion | 423,000,000 | 396,000,000 | ||
Virginia Electric and Power Company | Dominion Retiree Health and Welfare plan | Amounts Associated with the Dominion Retiree Health and Welfare Plan | ||||
Related Party Transaction [Line Items] | ||||
Amounts due to Dominion | 149,000,000 | 130,000,000 | ||
Dominion Gas Holdings, LLC | ||||
Related Party Transaction [Line Items] | ||||
Derivative Liabilities | 7,000,000 | 11,000,000 | ||
Commodity purchases from affiliates | 0 | 3,000,000 | ||
Services provided by affiliates | [2] | 39,000,000 | 27,000,000 | |
Services provided to affiliates | 18,000,000 | 17,000,000 | ||
Capital expenditures | 134,000,000 | 161,000,000 | ||
Other receivables | [3] | 11,000,000 | 10,000,000 | |
Affiliated notes receivable | [4] | 19,000,000 | 18,000,000 | |
Dominion Gas Holdings, LLC | Revolving Credit Facility | IRCA | ||||
Related Party Transaction [Line Items] | ||||
Borrowings under IRCA | 174,000,000 | 118,000,000 | ||
Dominion Gas Holdings, LLC | Services provided by affiliates | ||||
Related Party Transaction [Line Items] | ||||
Commodity purchases from affiliates | [5] | 35,000,000 | 39,000,000 | |
Dominion Gas Holdings, LLC | Affiliate | ||||
Related Party Transaction [Line Items] | ||||
Imbalances receivable from affiliates | [6] | 2,000,000 | 2,000,000 | |
Imbalances payable to affiliates | [7] | 0 | 4,000,000 | |
Dominion Gas Holdings, LLC | Affiliate | Services provided by affiliates | ||||
Related Party Transaction [Line Items] | ||||
Capital expenditures | 8,000,000 | $ 12,000,000 | ||
Dominion Gas Holdings, LLC | Pension Benefits | Amounts Associated with the Dominion Pension Plan | ||||
Related Party Transaction [Line Items] | ||||
Amounts due from Dominion, noncurrent | 706,000,000 | 697,000,000 | ||
Dominion Gas Holdings, LLC | Dominion Retiree Health and Welfare plan | Amounts Associated with the Dominion Retiree Health and Welfare Plan | ||||
Related Party Transaction [Line Items] | ||||
Amounts due from Dominion, noncurrent | $ 3,000,000 | $ 2,000,000 | ||
[1] | Includes capitalized expenditures of $34 million and $39 million for the three months ended March 31, 2017 and 2016, 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 $8 million and $12 million for the three months ended March 31, 2017 and 2016, respectively. | |||
[6] | Amounts are presented in other current assets in Dominion Gas' Consolidated Balance Sheets. | |||
[7] | Amounts are presented in other current liabilities in Dominion Gas' Consolidated Balance Sheets. |
Employee Benefit Plans (Narrati
Employee Benefit Plans (Narrative) (Details) - USD ($) | 1 Months Ended | 3 Months Ended | |
Jan. 31, 2017 | Mar. 31, 2017 | Mar. 31, 2016 | |
Defined Benefit Plan Disclosure [Line Items] | |||
Contributions to defined benefit pension plans and OPEB plans | $ 0 | ||
Expected contribution to voluntary employees' beneficiary association | $ 12,000,000 | ||
Dominion Questar Corporation | Capital Contribution to Dominion Questar to Fund Pension Contributions | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Contribution to qualified pension plan | $ 75,000,000 | ||
Medical Coverage for Local 69 retirees | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Retirement age | 65 years | ||
Decrease in accumulated postretirement benefit obligation | $ 73,000,000 | ||
Discount rate percentage | 4.30% | ||
Charge recorded from plan amendment and remeasurement | $ 7,000,000 | ||
Charge recorded from plan amendment and remeasurement, after tax | 4,000,000 | ||
Virginia Electric and Power Company | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Contribution to qualified pension plan | 445,000,000 | $ 0 | |
Dominion Gas Holdings, LLC | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Contributions to defined benefit pension plans and OPEB plans | 0 | ||
Contribution to qualified pension plan | 7,000,000 | 0 | |
Expected contribution to voluntary employees' beneficiary association | 12,000,000 | ||
Dominion Gas Holdings, LLC | Medical Coverage for Local 69 retirees | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Decrease in accumulated postretirement benefit obligation | 61,000,000 | ||
Charge recorded from plan amendment and remeasurement | 6,000,000 | ||
Charge recorded from plan amendment and remeasurement, after tax | $ 4,000,000 | ||
Special Termination Benefits | Organizational Design Initiative | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Organizational design initiative | 70,000,000 | ||
Organizational design initiative, after tax | 43,000,000 | ||
Special Termination Benefits | Organizational Design Initiative | Virginia Electric and Power Company | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Organizational design initiative | 40,000,000 | ||
Organizational design initiative, after tax | 25,000,000 | ||
Special Termination Benefits | Organizational Design Initiative | Dominion Gas Holdings, LLC | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Organizational design initiative | 8,000,000 | ||
Organizational design initiative, after tax | $ 5,000,000 |
Employee Benefit Plans (Net Per
Employee Benefit Plans (Net Periodic Benefit Cost) (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Pension Benefits | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Service cost | $ 35 | $ 29 |
Interest cost | 86 | 77 |
Expected return on plan assets | (159) | (139) |
Amortization of prior service credit | 0 | 0 |
Amortization of net actuarial loss | 40 | 28 |
Settlements | 1 | 0 |
Net periodic benefit cost (credit) | 3 | (5) |
Pension Benefits | Dominion Gas Holdings, LLC | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Service cost | 4 | 3 |
Interest cost | 7 | 8 |
Expected return on plan assets | (35) | (33) |
Amortization of net actuarial loss | 4 | 3 |
Net periodic benefit cost (credit) | (20) | (19) |
Other Postretirement Benefits | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Service cost | 7 | 8 |
Interest cost | 16 | 17 |
Expected return on plan assets | (32) | (29) |
Amortization of prior service credit | (12) | (7) |
Amortization of net actuarial loss | 3 | 1 |
Settlements | 0 | 0 |
Net periodic benefit cost (credit) | (18) | (10) |
Other Postretirement Benefits | Dominion Gas Holdings, LLC | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Service cost | 1 | 1 |
Interest cost | 3 | 3 |
Expected return on plan assets | (6) | (5) |
Amortization of net actuarial loss | 1 | 0 |
Net periodic benefit cost (credit) | $ (1) | $ (1) |
Operating Segments (Narrative)
Operating Segments (Narrative) (Details) - Operating Segments - USD ($) | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Segment Reporting Information [Line Items] | ||
After- tax net income (expense) | $ (38,000,000) | |
Organizational Design Initiative | ||
Segment Reporting Information [Line Items] | ||
Organizational design initiative | 66,000,000 | |
Organizational design initiative, after tax | 41,000,000 | |
Corporate and Other | ||
Segment Reporting Information [Line Items] | ||
After- tax net income (expense) | $ 21,000,000 | (48,000,000) |
Dominion Generation | Organizational Design Initiative | ||
Segment Reporting Information [Line Items] | ||
Organizational design initiative, after tax | 23,000,000 | |
Dominion Generation | Decommissioning Trust Fund | ||
Segment Reporting Information [Line Items] | ||
Net gain on investments held in nuclear decommissioning trust funds | 34,000,000 | |
Net gain on investments held in nuclear decommissioning trust funds, after tax | 21,000,000 | |
DVP | Organizational Design Initiative | ||
Segment Reporting Information [Line Items] | ||
Organizational design initiative, after tax | 6,000,000 | |
Dominion Energy | Organizational Design Initiative | ||
Segment Reporting Information [Line Items] | ||
Organizational design initiative, after tax | 12,000,000 | |
Virginia Electric and Power Company | ||
Segment Reporting Information [Line Items] | ||
After- tax net income (expense) | (25,000,000) | |
Virginia Electric and Power Company | Organizational Design Initiative | ||
Segment Reporting Information [Line Items] | ||
Organizational design initiative | 40,000,000 | |
Organizational design initiative, after tax | 25,000,000 | |
Virginia Electric and Power Company | Corporate and Other | ||
Segment Reporting Information [Line Items] | ||
After- tax net income (expense) | 2,000,000 | (26,000,000) |
Virginia Electric and Power Company | Dominion Generation | Organizational Design Initiative | ||
Segment Reporting Information [Line Items] | ||
Organizational design initiative, after tax | 19,000,000 | |
Virginia Electric and Power Company | DVP | Organizational Design Initiative | ||
Segment Reporting Information [Line Items] | ||
Organizational design initiative, after tax | 6,000,000 | |
Dominion Gas Holdings, LLC | Organizational Design Initiative | ||
Segment Reporting Information [Line Items] | ||
Organizational design initiative | 8,000,000 | |
Organizational design initiative, after tax | 5,000,000 | |
Dominion Gas Holdings, LLC | Corporate and Other | ||
Segment Reporting Information [Line Items] | ||
After- tax net income (expense) | $ 0 | $ (2,000,000) |
Operating Segments (Schedule of
Operating Segments (Schedule of Segment Reporting Information, by Segment) (Details) - USD ($) $ in Millions | 3 Months Ended | ||
Mar. 31, 2017 | Mar. 31, 2016 | ||
Segment Reporting Information [Line Items] | |||
Total revenue from external customers | $ 3,384 | $ 2,921 | |
Net income (loss) attributable to Dominion | 632 | 524 | |
DVP | |||
Segment Reporting Information [Line Items] | |||
Total revenue from external customers | 559 | 561 | |
Dominion Generation | |||
Segment Reporting Information [Line Items] | |||
Total revenue from external customers | 1,656 | 1,696 | |
Dominion Energy | |||
Segment Reporting Information [Line Items] | |||
Total revenue from external customers | 1,167 | 663 | |
Corporate and Other | |||
Segment Reporting Information [Line Items] | |||
Total revenue from external customers | 155 | 195 | |
Operating Segments | DVP | |||
Segment Reporting Information [Line Items] | |||
Total revenue from external customers | 554 | 556 | |
Net income (loss) attributable to Dominion | 125 | 120 | |
Operating Segments | Dominion Generation | |||
Segment Reporting Information [Line Items] | |||
Total revenue from external customers | 1,653 | 1,693 | |
Net income (loss) attributable to Dominion | 261 | 245 | |
Operating Segments | Dominion Energy | |||
Segment Reporting Information [Line Items] | |||
Total revenue from external customers | 901 | 485 | |
Net income (loss) attributable to Dominion | 263 | 186 | |
Operating Segments | Corporate and Other | |||
Segment Reporting Information [Line Items] | |||
Total revenue from external customers | 3 | 3 | |
Net income (loss) attributable to Dominion | (17) | (27) | |
Intersegment revenue | |||
Segment Reporting Information [Line Items] | |||
Total revenue from external customers | (426) | (378) | |
Intersegment revenue | DVP | |||
Segment Reporting Information [Line Items] | |||
Total revenue from external customers | 5 | 5 | |
Intersegment revenue | Dominion Generation | |||
Segment Reporting Information [Line Items] | |||
Total revenue from external customers | 3 | 3 | |
Intersegment revenue | Dominion Energy | |||
Segment Reporting Information [Line Items] | |||
Total revenue from external customers | 266 | 178 | |
Intersegment revenue | Corporate and Other | |||
Segment Reporting Information [Line Items] | |||
Total revenue from external customers | 152 | 192 | |
Adjustments/Eliminations | |||
Segment Reporting Information [Line Items] | |||
Total revenue from external customers | 273 | 184 | |
Net income (loss) attributable to Dominion | 0 | 0 | |
Eliminations | |||
Segment Reporting Information [Line Items] | |||
Total revenue from external customers | (153) | (194) | |
Virginia Electric and Power Company | |||
Segment Reporting Information [Line Items] | |||
Total revenue from external customers | [1] | 1,831 | 1,890 |
Net income (loss) attributable to Dominion | 356 | 263 | |
Virginia Electric and Power Company | Operating Segments | DVP | |||
Segment Reporting Information [Line Items] | |||
Total revenue from external customers | 557 | 557 | |
Net income (loss) attributable to Dominion | 125 | 118 | |
Virginia Electric and Power Company | Operating Segments | Dominion Generation | |||
Segment Reporting Information [Line Items] | |||
Total revenue from external customers | 1,274 | 1,333 | |
Net income (loss) attributable to Dominion | 223 | 166 | |
Virginia Electric and Power Company | Operating Segments | Corporate and Other | |||
Segment Reporting Information [Line Items] | |||
Total revenue from external customers | 0 | 0 | |
Net income (loss) attributable to Dominion | 8 | (21) | |
Dominion Gas Holdings, LLC | |||
Segment Reporting Information [Line Items] | |||
Total revenue from external customers | [2] | 490 | 431 |
Net income (loss) attributable to Dominion | 108 | 98 | |
Dominion Gas Holdings, LLC | Operating Segments | Dominion Energy | |||
Segment Reporting Information [Line Items] | |||
Total revenue from external customers | 490 | 431 | |
Net income (loss) attributable to Dominion | 109 | 103 | |
Dominion Gas Holdings, LLC | Operating Segments | Corporate and Other | |||
Segment Reporting Information [Line Items] | |||
Total revenue from external customers | 0 | 0 | |
Net income (loss) attributable to Dominion | $ (1) | $ (5) | |
[1] | See Note 17 for amounts attributable to affiliates. | ||
[2] | See Note 17 for amounts attributable to related parties. |