Cover Page
Cover Page | Nov. 18, 2019 |
Document And Entity Information [Line Items] | |
Amendment Flag | false |
Entity Central Index Key | 0000715957 |
Document Type | 8-K |
Document Period End Date | Nov. 18, 2019 |
Entity Registrant Name | DOMINION ENERGY, INC. |
Entity Incorporation, State or Country Code | VA |
Entity File Number | 001-08489 |
Entity Tax Identification Number | 54-1229715 |
Entity Address, Address Line One | 120 Tredegar Street |
Entity Address, City or Town | Richmond |
Entity Address, State or Province | VA |
Entity Address, Postal Zip Code | 23219 |
City Area Code | 804 |
Local Phone Number | 819-2000 |
Written Communications | false |
Soliciting Material | false |
Pre-commencement Tender Offer | false |
Pre-commencement Issuer Tender Offer | false |
Entity Emerging Growth Company | false |
Common Stock | |
Document And Entity Information [Line Items] | |
Title of 12(b) Security | Common Stock, no par value |
Trading Symbol | D |
Security Exchange Name | NYSE |
2016 Series A 5.25% Enhanced Junior Subordinated Notes | |
Document And Entity Information [Line Items] | |
Title of 12(b) Security | 2016 Series A 5.25% Enhanced Junior Subordinated Notes |
Trading Symbol | DRUA |
Security Exchange Name | NYSE |
2019 Series A Corporate Units | |
Document And Entity Information [Line Items] | |
Title of 12(b) Security | 2019 Series A Corporate Units |
Trading Symbol | DCUE |
Security Exchange Name | NYSE |
Virginia Electric and Power Company | |
Document And Entity Information [Line Items] | |
Amendment Flag | false |
Entity Central Index Key | 0000103682 |
Document Type | 8-K |
Document Period End Date | Nov. 18, 2019 |
Entity Registrant Name | VIRGINIA ELECTRIC & POWER CO |
Entity Incorporation, State or Country Code | VA |
Entity File Number | 000-55337 |
Entity Tax Identification Number | 54-0418825 |
Entity Address, Address Line One | 120 Tredegar Street |
Entity Address, City or Town | Richmond |
Entity Address, State or Province | VA |
Entity Address, Postal Zip Code | 23219 |
City Area Code | 804 |
Local Phone Number | 819-2000 |
Entity Emerging Growth Company | false |
Dominion Energy Gas Holdings, LLC | |
Document And Entity Information [Line Items] | |
Amendment Flag | false |
Entity Central Index Key | 0001603291 |
Document Type | 8-K |
Document Period End Date | Nov. 18, 2019 |
Entity Registrant Name | DOMINION ENERGY GAS HOLDINGS, LLC |
Entity Incorporation, State or Country Code | VA |
Entity File Number | 001-37591 |
Entity Tax Identification Number | 46-3639580 |
Entity Address, Address Line One | 120 Tredegar Street |
Entity Address, City or Town | Richmond |
Entity Address, State or Province | VA |
Entity Address, Postal Zip Code | 23219 |
City Area Code | 804 |
Local Phone Number | 819-2000 |
Entity Emerging Growth Company | false |
Dominion Energy Gas Holdings, LLC | 2014 Series C 4.6% Senior Notes | |
Document And Entity Information [Line Items] | |
Title of 12(b) Security | 2014 Series C 4.6% Senior Notes |
No Trading Symbol Flag | true |
Security Exchange Name | NYSE |
Consolidated Statements of Inco
Consolidated Statements of Income (Unaudited) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | ||
Operating Revenue | [1] | $ 4,269 | $ 3,451 | $ 12,097 | $ 10,005 |
Operating Expenses | |||||
Electric fuel and other energy-related purchases | 774 | 761 | 2,283 | 2,128 | |
Purchased (excess) electric capacity | 11 | 50 | 74 | 87 | |
Purchased (excess) gas | 153 | 5 | 1,110 | 409 | |
Other operations and maintenance | 1,010 | 770 | 3,295 | 2,438 | |
Depreciation and amortization | 679 | 526 | 1,991 | 1,487 | |
Other taxes | 243 | 177 | 819 | 542 | |
Impairment of assets and other charges | 85 | 12 | 1,232 | 147 | |
Total operating expenses | 2,955 | 2,301 | 10,804 | 7,238 | |
Income from continuing operations | 1,314 | 1,150 | 1,293 | 2,767 | |
Other income | 173 | 373 | 653 | 658 | |
Interest and related charges | 451 | 378 | 1,372 | 1,053 | |
Income from continuing operations before income tax expense | 1,036 | 1,145 | 574 | 2,372 | |
Income tax expense | 51 | 262 | 208 | 485 | |
Net income including noncontrolling interest | 985 | 883 | 366 | 1,887 | |
Noncontrolling Interests | 10 | 29 | 17 | 81 | |
Net income | $ 975 | $ 854 | $ 349 | $ 1,806 | |
Earnings Per Common Share | |||||
Net income attributable to Dominion Energy - Basic | $ 1.19 | $ 1.31 | $ 0.42 | $ 2.77 | |
Net income attributable to Dominion Energy - Diluted | $ 1.17 | $ 1.30 | $ 0.39 | $ 2.77 | |
Virginia Electric and Power Company | |||||
Operating Revenue | [2] | $ 2,264 | $ 2,232 | $ 6,167 | $ 5,809 |
Operating Expenses | |||||
Electric fuel and other energy-related purchases | [2] | 559 | 648 | 1,691 | 1,747 |
Purchased (excess) electric capacity | (1) | 50 | 45 | 87 | |
Affiliated suppliers | 74 | 72 | 287 | 229 | |
Other | 379 | 332 | 1,010 | 1,013 | |
Depreciation and amortization | 313 | 295 | 916 | 839 | |
Other taxes | 82 | 79 | 257 | 241 | |
Impairment of assets and other charges | 38 | 781 | |||
Total operating expenses | 1,444 | 1,476 | 4,987 | 4,156 | |
Income from continuing operations | 820 | 756 | 1,180 | 1,653 | |
Other income | 15 | 25 | 68 | 49 | |
Interest and related charges | [2] | 138 | 130 | 408 | 388 |
Income from continuing operations before income tax expense | 697 | 651 | 840 | 1,314 | |
Income tax expense | 95 | 131 | 118 | 271 | |
Net income | 602 | 520 | 722 | 1,043 | |
Dominion Energy Gas Holdings, LLC | |||||
Operating Revenue | [3] | 502 | 533 | 1,598 | 1,431 |
Operating Expenses | |||||
Purchased (excess) gas | [3] | 3 | (10) | 12 | (2) |
Other energy-related purchases | 1 | 1 | 2 | 3 | |
Affiliated suppliers | 32 | 30 | 125 | 97 | |
Other | 134 | 148 | 427 | 435 | |
Depreciation and amortization | 92 | 91 | 274 | 241 | |
Other taxes | 40 | 35 | 118 | 87 | |
Impairment of assets and other charges | 1 | 13 | 127 | ||
Gains on sales of assets | (2) | (65) | (2) | (116) | |
Total operating expenses | 300 | 231 | 969 | 872 | |
Income from continuing operations | 202 | 302 | 629 | 559 | |
Earnings from equity method investees | 8 | 10 | 30 | 41 | |
Other income | 46 | 18 | 131 | 51 | |
Interest and related charges | [3] | 88 | 52 | 261 | 102 |
Net income from continuing operations | 130 | 209 | 425 | 449 | |
Net income from discontinued operations | 45 | 33 | 125 | 135 | |
Income from continuing operations before income tax expense | 168 | 278 | 529 | 549 | |
Income tax expense | 38 | 69 | 104 | 100 | |
Net income including noncontrolling interest | 175 | 242 | 550 | 584 | |
Noncontrolling Interests | 24 | 51 | 90 | 130 | |
Net income | $ 151 | $ 191 | $ 460 | $ 454 | |
[1] | See Note 10 for amounts attributable to related parties. | ||||
[2] | See Note 20 for amounts attributable to affiliates. | ||||
[3] | See Note 20 for amounts attributable to related parties. |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | ||
Net income including noncontrolling interests | $ 985 | $ 883 | $ 366 | $ 1,887 | |
Net income | 975 | 854 | 349 | 1,806 | |
Other comprehensive income (loss), net of taxes: | |||||
Net deferred gains (losses) on derivatives-hedging activities | [1] | (107) | (27) | (209) | 51 |
Changes in unrealized net gains (losses) on investment securities | [2] | 8 | (6) | 37 | (24) |
Changes in net unrecognized pension and other postretirement benefit costs | [3] | (4) | 109 | ||
Amounts reclassified to net income: | |||||
Net derivative (gains) losses-hedging activities | [4] | (6) | 30 | (58) | 71 |
Net realized (gains) losses on investment securities | [5] | (4) | 3 | (5) | 4 |
Net pension and other postretirement benefit costs | [6] | 20 | 18 | 50 | 60 |
Changes in other comprehensive income from equity method investees | [7] | (1) | (1) | 1 | |
Total other comprehensive income (loss) | (94) | 18 | (77) | 163 | |
Comprehensive income including noncontrolling interests | 891 | 901 | 289 | 2,050 | |
Comprehensive income attributable to noncontrolling interests | 10 | 29 | 17 | 82 | |
Comprehensive income | 881 | 872 | 272 | 1,968 | |
Virginia Electric and Power Company | |||||
Net income | 602 | 520 | 722 | 1,043 | |
Other comprehensive income (loss), net of taxes: | |||||
Net deferred gains (losses) on derivatives-hedging activities | [8] | (16) | 3 | (34) | 10 |
Changes in unrealized net gains (losses) on investment securities | [9] | 1 | 5 | (2) | |
Amounts reclassified to net income: | |||||
Net derivative (gains) losses-hedging activities | [10] | 1 | |||
Net realized (gains) losses on investment securities | [11] | (1) | |||
Total other comprehensive income (loss) | (15) | 3 | (29) | 8 | |
Comprehensive income | 587 | 523 | 693 | 1,051 | |
Dominion Energy Gas Holdings, LLC | |||||
Net income including noncontrolling interests | 175 | 242 | 550 | 584 | |
Net income | 151 | 191 | 460 | 454 | |
Other comprehensive income (loss), net of taxes: | |||||
Net deferred gains (losses) on derivatives-hedging activities | [12] | (36) | 4 | (87) | (2) |
Changes in net unrecognized pension and other postretirement benefit costs | [13] | (1) | 28 | ||
Amounts reclassified to net income: | |||||
Net derivative (gains) losses-hedging activities | [14] | 9 | 4 | 10 | 15 |
Net pension and other postretirement benefit costs | [15] | 1 | 2 | 4 | 4 |
Total other comprehensive income (loss) | (27) | 10 | (45) | 17 | |
Comprehensive income including noncontrolling interests | 148 | 252 | 505 | 601 | |
Comprehensive income attributable to noncontrolling interests | 24 | 51 | 89 | 131 | |
Comprehensive income | $ 124 | $ 201 | $ 416 | $ 470 | |
[1] | Net of $37 million and $9 million tax for the three months ended September 30, 2019 and 2018, respectively, and net of $69 million and $(17) million tax for the nine months ended September 30, 2019 and 2018, respectively. | ||||
[2] | Net of $(2) million and $1 million tax for the three months ended September 30, 2019 and 2018, respectively, and net of $(13) million and $7 million tax for the nine months ended September 30, 2019 and 2018, respectively. | ||||
[3] | Net of $4 million and $— million tax for the three months ended September 30, 2019 and 2018, respectively, and net of $(45) million and $— million tax for the nine months ended September 30, 2019 and 2018, respectively. | ||||
[4] | Net of $1 million and $(10) million tax for the three months ended September 30, 2019 and 2018, respectively, and net of $19 million and $(24) million tax for the nine months ended September 30, 2019 and 2018, respectively. | ||||
[5] | Net of $1 million and $— million tax for the three months ended September 30, 2019 and 2018, respectively, and net of $1 million and $(1) million tax for the nine months ended September 30, 2019 and 2018, respectively. | ||||
[6] | Net of $(6) million and $(7) million tax for the three months ended September 30, 2019 and 2018, respectively, and net of $(17) million and $(15) million tax for the nine months ended September 30, 2019 and 2018, respectively. | ||||
[7] | Net of $— million tax for both the three months ended September 30, 2019 and 2018, and net of $— million and $(1) million tax for the nine months ended September 30, 2019 and 2018, respectively. | ||||
[8] | Net of $5 million and $(1) million tax for the three months ended September 30, 2019 and 2018, respectively, and net of $11 million and $(3) million tax for the nine months ended September 30, 2019 and 2018, respectively. | ||||
[9] | Net of $(1) million and $— million tax for the three months ended September 30, 2019 and 2018, respectively, and net of $(2) million and $1 million tax for the nine months ended September 30, 2019 and 2018, respectively. | ||||
[10] | Net of $— million tax for both the three and nine months ended September 30, 2019 and 2018. | ||||
[11] | Net of $1 million and $— million tax for the three months ended September 30, 2019 and 2018, respectively, and net of $1 million and $— million tax for the nine months ended September 30, 2019 and 2018, respectively. | ||||
[12] | Net of $13 million and $(2) million tax for the three months ended September 30, 2019 and 2018, respectively, and net of $30 million and $1 million tax for the nine months ended September 30, 2019 and 2018, respectively. | ||||
[13] | Net of $— million tax for both the three months ended September 30, 2019 and 2018, and net of $(11) million and $— million tax for the nine months ended September 30, 2019 and 2018, respectively. | ||||
[14] | Net of $(3) million and $(2) million tax for the three months ended September 30, 2019 and 2018, respectively, and net of $(3) million and $(6) million tax for the nine months ended September 30, 2019 and 2018, respectively. | ||||
[15] | Net of $— million tax for both the three months ended September 30, 2019 and 2018, and net of $(1) million tax for both the nine months ended September 30, 2019 and 2018. |
Consolidated Statements of Co_2
Consolidated Statements of Comprehensive Income (Unaudited) (Parenthetical) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Net deferred gains (losses) on derivative-hedging activities, tax | $ 37 | $ 9 | $ 69 | $ (17) |
Changes in unrealized net gains (losses) on investment securities, tax | (2) | 1 | (13) | 7 |
Changes in net unrecognized pension and other postretirement benefit costs, tax | 4 | (45) | ||
Net derivative (gains) losses-hedging activities, tax | 1 | (10) | 19 | (24) |
Net realized (gains) losses on investment securities, tax | 1 | 0 | 1 | (1) |
Net pension and other postretirement benefit costs, tax | (6) | (7) | (17) | (15) |
Changes in other comprehensive income (loss) from equity method investees, tax | (1) | |||
Virginia Electric and Power Company | ||||
Net deferred gains (losses) on derivative-hedging activities, tax | 5 | (1) | 11 | (3) |
Changes in unrealized net gains (losses) on investment securities, tax | (1) | (2) | 1 | |
Net realized (gains) losses on investment securities, tax | 1 | 0 | 1 | |
Dominion Energy Gas Holdings, LLC | ||||
Net deferred gains (losses) on derivative-hedging activities, tax | 13 | (2) | 30 | 1 |
Changes in net unrecognized pension and other postretirement benefit costs, tax | (11) | |||
Net derivative (gains) losses-hedging activities, tax | $ (3) | $ (2) | $ (3) | (6) |
Net pension and other postretirement benefit costs, tax | $ (1) |
Consolidated Balance Sheets (Un
Consolidated Balance Sheets (Unaudited) - USD ($) $ in Millions | Sep. 30, 2019 | Dec. 31, 2018 | |||
Current Assets | |||||
Cash and cash equivalents | $ 378 | $ 268 | [1] | ||
Customer receivables (less allowance for doubtful accounts) | 1,972 | 1,749 | [1] | ||
Other receivables (less allowance for doubtful accounts) | [2] | 363 | 331 | [1] | |
Inventories | 1,800 | 1,418 | [1] | ||
Regulatory assets | 966 | 496 | [1] | ||
Derivative assets | 55 | 223 | [1] | ||
Prepayments | 338 | 265 | [1] | ||
Assets held for sale | 228 | ||||
Other | 169 | 411 | [1] | ||
Total current assets | 6,269 | 5,161 | [1] | ||
Investments | |||||
Nuclear decommissioning trust funds | 5,860 | 4,938 | [1] | ||
Investment in equity method affiliates | 1,528 | 1,278 | [1] | ||
Other | 369 | 344 | [1] | ||
Total investments | 7,757 | 6,560 | [1] | ||
Property, Plant and Equipment | |||||
Property, plant and equipment | 96,122 | 76,578 | [1] | ||
Accumulated depreciation, depletion and amortization | (28,144) | (22,018) | [1] | ||
Total property, plant and equipment, net | 67,978 | 54,560 | [1] | ||
Deferred Charges and Other Assets | |||||
Goodwill | 8,986 | 6,410 | [1] | ||
Intangible assets, net | 773 | 670 | [1] | ||
Regulatory assets | 7,669 | 2,676 | [1] | ||
Operating lease assets | 455 | ||||
Pension and other postretirement benefit assets | 1,610 | 1,279 | [1] | ||
Other | 862 | 598 | [1] | ||
Total deferred charges and other assets | 20,355 | 11,633 | [1] | ||
Total assets | 102,359 | 77,914 | [1] | ||
Current Liabilities | |||||
Securities due within one year | 4,824 | 3,624 | [1] | ||
Credit facility borrowings | [1] | 73 | |||
Short-term debt | 2,420 | 334 | [1] | ||
Accounts payable | 791 | 914 | [1] | ||
Accrued interest, payroll and taxes | 1,263 | 836 | [1] | ||
Regulatory liabilities | 547 | 356 | [1] | ||
Liabilities held for sale | 85 | ||||
Other | [2] | 2,261 | 1,510 | [1] | |
Total current liabilities | 12,191 | 7,647 | [1] | ||
Long-Term Debt | |||||
Long-term debt | 29,838 | 26,328 | [1] | ||
Junior subordinated notes | 3,797 | 3,430 | [1] | ||
Remarketable subordinated notes | [1] | 1,386 | |||
Total long-term debt | 33,635 | 31,144 | [1] | ||
Deferred Credits and Other Liabilities | |||||
Deferred income taxes and investment tax credits | 6,198 | 5,116 | [1] | ||
Regulatory liabilities | 10,926 | 6,840 | [1] | ||
Asset retirement obligations | 5,020 | 2,250 | [1] | ||
Operating lease liabilities | 394 | ||||
Pension and other postretirement benefit liability | 2,571 | 2,328 | [1] | ||
Other | 1,467 | 541 | [1] | ||
Total deferred credits and other liabilities | 26,576 | 17,075 | [1] | ||
Total liabilities | 72,402 | 55,866 | [1] | ||
Commitments and Contingencies (see Note 18) | |||||
Equity | |||||
Preferred stock | [3] | 1,596 | |||
Common stock - no par | [4] | 22,131 | 12,588 | [1] | |
Retained earnings | 7,336 | 9,219 | [1] | ||
Accumulated other comprehensive income (loss) | (1,777) | (1,700) | [1] | ||
Total shareholders' equity | 29,286 | 20,107 | [1] | ||
Noncontrolling interests | 671 | 1,941 | [1] | ||
Total equity | 29,957 | 22,048 | [1] | ||
Total liabilities and equity | 102,359 | 77,914 | [1] | ||
Virginia Electric and Power Company | |||||
Current Assets | |||||
Cash and cash equivalents | 29 | 29 | [5] | ||
Customer receivables (less allowance for doubtful accounts) | 1,177 | 999 | [5] | ||
Other receivables (less allowance for doubtful accounts) | 51 | 76 | [5] | ||
Affiliated receivables | 8 | 101 | [5] | ||
Inventories | 850 | 837 | [5] | ||
Regulatory assets | [6] | 469 | 424 | ||
Other | [7] | 530 | 529 | [5] | |
Total current assets | 2,645 | 2,571 | [5] | ||
Investments | |||||
Nuclear decommissioning trust funds | 2,738 | 2,369 | [5] | ||
Other | 3 | 3 | [5] | ||
Total investments | 2,741 | 2,372 | [5] | ||
Property, Plant and Equipment | |||||
Property, plant and equipment | 46,438 | 44,524 | [5] | ||
Accumulated depreciation, depletion and amortization | (14,036) | (14,003) | [5] | ||
Total property, plant and equipment, net | 32,402 | 30,521 | [5] | ||
Deferred Charges and Other Assets | |||||
Regulatory assets | 1,917 | 737 | [5] | ||
Operating lease assets | 184 | ||||
Other | [7] | 876 | 679 | [5] | |
Total deferred charges and other assets | 2,977 | 1,416 | [5] | ||
Total assets | 40,765 | 36,880 | [5] | ||
Current Liabilities | |||||
Securities due within one year | 3 | 350 | [5] | ||
Short-term debt | 685 | 314 | [5] | ||
Accounts payable | 286 | 339 | [5] | ||
Payables to affiliates | 138 | 209 | [5] | ||
Affiliated current borrowings | 9 | 224 | [5] | ||
Accrued interest, payroll and taxes | 321 | 248 | [5] | ||
Derivative liabilities | [7] | 165 | 25 | [5] | |
Regulatory liabilities | 180 | 299 | [5] | ||
Other | 867 | 807 | [5] | ||
Total current liabilities | 2,654 | 2,815 | [5] | ||
Long-Term Debt | |||||
Long-Term Debt | 11,792 | 11,321 | [5] | ||
Deferred Credits and Other Liabilities | |||||
Deferred income taxes and investment tax credits | 2,911 | 3,017 | [5] | ||
Regulatory liabilities | 4,978 | 4,647 | [5] | ||
Asset retirement obligations | 3,418 | 1,200 | [5] | ||
Operating lease liabilities | 152 | ||||
Other | [7] | 1,310 | 833 | [5] | |
Total deferred credits and other liabilities | 12,769 | 9,697 | [5] | ||
Total liabilities | 27,215 | 23,833 | [5] | ||
Commitments and Contingencies (see Note 18) | [5] | ||||
Equity | |||||
Common stock - no par | [8] | 5,738 | 5,738 | [5] | |
Other paid-in capital | 1,113 | 1,113 | [5] | ||
Retained earnings | 6,740 | 6,208 | [5] | ||
Accumulated other comprehensive income (loss) | (41) | (12) | [5] | ||
Total shareholders' equity | 13,550 | 13,047 | [5] | ||
Total liabilities and equity | 40,765 | 36,880 | [5] | ||
Dominion Energy Gas Holdings, LLC | |||||
Current Assets | |||||
Cash and cash equivalents | 64 | 99 | [9] | ||
Customer receivables (less allowance for doubtful accounts) | 145 | 187 | [9] | ||
Other receivables (less allowance for doubtful accounts) | 19 | [7] | 18 | [9],[10] | |
Affiliated receivables | 308 | 319 | [9] | ||
Affiliated notes receivable | 770 | 819 | [9] | ||
Inventories | 124 | 97 | [9] | ||
Gas imbalances | [10] | 41 | 187 | [9] | |
Regulatory assets | [11] | 10 | 8 | ||
Current assets of discontinued operations | 292 | 444 | [9] | ||
Other | 122 | 178 | [9] | ||
Total current assets | 1,885 | 2,348 | [9] | ||
Investments | |||||
Affiliated notes receivable | 1,578 | 4,317 | [9] | ||
Investment in equity method affiliates | 313 | 339 | [9] | ||
Total investments | 1,891 | 4,656 | [9] | ||
Property, Plant and Equipment | |||||
Property, plant and equipment | 15,074 | 14,700 | [9] | ||
Accumulated depreciation, depletion and amortization | (3,463) | (3,219) | [9] | ||
Total property, plant and equipment, net | 11,611 | 11,481 | [9] | ||
Deferred Charges and Other Assets | |||||
Goodwill | 1,471 | 1,471 | [9] | ||
Regulatory assets | [12] | 46 | 52 | ||
Operating lease assets | 37 | ||||
Pension and other postretirement benefit assets | [10] | 797 | 705 | [9] | |
Other | [10] | 203 | 241 | [9] | |
Total deferred charges and other assets | 2,508 | 2,417 | [9] | ||
Noncurrent assets of discontinued operations | 6,178 | 5,849 | [9] | ||
Total assets | 24,073 | 26,751 | [9] | ||
Current Liabilities | |||||
Securities due within one year | 450 | 748 | [9] | ||
Credit facility borrowings | [9] | 73 | |||
Short-term debt | 280 | 10 | [9] | ||
Accounts payable | 71 | 76 | [9] | ||
Payables to affiliates | 53 | 124 | [9] | ||
Affiliated current borrowings | 3,129 | 3,097 | [9] | ||
Regulatory liabilities | [13] | 30 | 24 | ||
Current liabilities of discontinued operations | 1,062 | 1,273 | |||
Other | [10] | 330 | 354 | [9] | |
Total current liabilities | 5,375 | 5,755 | [9] | ||
Long-Term Debt | |||||
Long-Term Debt | 4,028 | 7,022 | [9] | ||
Affiliated Long-Term Debt | 395 | ||||
Deferred Credits and Other Liabilities | |||||
Deferred income taxes and investment tax credits | 1,323 | 1,330 | [9] | ||
Regulatory liabilities | 807 | 765 | [9] | ||
Operating lease liabilities | 31 | ||||
Other | 179 | 118 | [9] | ||
Total deferred credits and other liabilities | 2,340 | 2,213 | [9] | ||
Noncurrent liabilities of discontinued operations | 3,194 | 2,896 | [9] | ||
Total liabilities | 15,332 | 17,886 | [9] | ||
Commitments and Contingencies (see Note 18) | [9] | ||||
Equity | |||||
Predecessor Equity | 2,733 | 1,804 | [9] | ||
Membership interests | 4,821 | 4,566 | [9] | ||
Accumulated other comprehensive income (loss) | (213) | (169) | [9] | ||
Total members' equity | 8,741 | 8,865 | |||
Noncontrolling interests | 1,400 | 2,664 | [9] | ||
Total equity | 8,741 | 8,865 | [9] | ||
Total liabilities and equity | 24,073 | 26,751 | [9] | ||
Parent [Member] | |||||
Equity | |||||
Total equity | 29,286 | 20,107 | |||
Parent [Member] | Dominion Energy Gas Holdings, LLC | |||||
Equity | |||||
Total members' equity | $ 7,341 | $ 6,201 | [9] | ||
[1] | Dominion Energy’s Consolidated Balance Sheet at December 31, 2018 has been derived from the audited Consolidated Balance Sheet at that date. | ||||
[2] | See Note 10 for amounts attributable to related parties. | ||||
[3] | 20 million shares authorized; 2 million shares outstanding at September 30, 2019. | ||||
[4] | 1.8 billion shares authorized and 823 million shares outstanding at September 30, 2019 and 1.0 billion shares authorized and 681 million shares outstanding at December 31, 2018. | ||||
[5] | Virginia Power’s Consolidated Balance Sheet at December 31, 2018 has been derived from the audited Consolidated Balance Sheet at that date. | ||||
[6] | Current regulatory assets are presented in other current assets in Virginia Power’s Consolidated Balance Sheets. | ||||
[7] | See Note 20 for amounts attributable to affiliates. | ||||
[8] | 500,000 shares authorized; 274,723 shares outstanding at September 30, 2019 and December 31, 2018. | ||||
[9] | Dominion Energy Gas’ Consolidated Balance Sheet at December 31, 2018 has been derived from the audited Consolidated Balance Sheet at that date. | ||||
[10] | See Note 20 for amounts attributable to related parties. | ||||
[11] | Current regulatory assets are presented in other current assets in Dominion Energy Gas’ Consolidated Balance Sheets. | ||||
[12] | Noncurrent regulatory assets are presented in other deferred charges and other assets in Dominion Energy Gas’ Consolidated Balance Sheets. | ||||
[13] | Current regulatory liabilities are presented in other current liabilities in Dominion Energy Gas’ Consolidated Balance Sheets. |
Consolidated Balance Sheets (_2
Consolidated Balance Sheets (Unaudited) (Parenthetical) - USD ($) $ in Millions | Sep. 30, 2019 | Dec. 31, 2018 | ||
Customer receivables, allowance for doubtful accounts | $ 19 | $ 14 | [1] | |
Other receivables, allowance for doubtful accounts | $ 3 | $ 4 | [1] | |
Preferred stock shares authorized | 20,000,000 | |||
Preferred stock shares outstanding | 2,000,000 | |||
Common stock, shares authorized | 1,800,000,000 | 1,000,000,000 | ||
Common stock, shares outstanding | 823,000,000 | 681,000,000 | ||
Virginia Electric and Power Company | ||||
Customer receivables, allowance for doubtful accounts | $ 9 | $ 9 | [2] | |
Other receivables, allowance for doubtful accounts | $ 2 | $ 3 | [2] | |
Common stock, shares authorized | 500,000 | 500,000 | ||
Common stock, shares outstanding | 274,723 | 274,723 | ||
Dominion Energy Gas Holdings, LLC | ||||
Customer receivables, allowance for doubtful accounts | [3] | $ 1 | $ 1 | |
[1] | Dominion Energy’s Consolidated Balance Sheet at December 31, 2018 has been derived from the audited Consolidated Balance Sheet at that date. | |||
[2] | Virginia Power’s Consolidated Balance Sheet at December 31, 2018 has been derived from the audited Consolidated Balance Sheet at that date. | |||
[3] | Dominion Energy Gas’ Consolidated Balance Sheet at December 31, 2018 has been derived from the audited Consolidated Balance Sheet at that date. |
Consolidated Statements of Equi
Consolidated Statements of Equity (Unaudited) - USD ($) shares in Millions, $ in Millions | Total | Preferred Stock | Common Stock | Retained Earnings | AOCI | Total Shareholders' Equity | Noncontrolling Interests | |
Beginning balance at Dec. 31, 2017 | $ 19,370 | $ 9,865 | $ 7,936 | $ (659) | $ 17,142 | $ 2,228 | ||
Beginning balance (in shares) at Dec. 31, 2017 | 645 | |||||||
Cumulative-effect of changes in accounting principles | 6 | $ (127) | 1,029 | (1,023) | (121) | 127 | ||
Net income including noncontrolling interests | 1,887 | 1,806 | 1,806 | 81 | ||||
Issuance of stock | 737 | $ 737 | 737 | |||||
Issuance of stock (in shares) | 10 | |||||||
Sale of Dominion Energy Midstream common units - net of offering costs | 4 | 4 | ||||||
Remeasurement of noncontrolling interest in Dominion Energy Midstream | $ 375 | 375 | (375) | |||||
Stock awards (net of change in unearned compensation) | 17 | 17 | 17 | |||||
Common stock dividends and distributions | (1,745) | (1,635) | (1,635) | (110) | ||||
Other comprehensive income (loss), net of tax | 163 | 162 | 162 | 1 | ||||
Other | (13) | (5) | (8) | (13) | ||||
Ending balance at Sep. 30, 2018 | 20,426 | $ 10,862 | 9,128 | (1,520) | 18,470 | 1,956 | ||
Ending balance (in shares) at Sep. 30, 2018 | 655 | |||||||
Beginning balance at Dec. 31, 2017 | 19,370 | $ 9,865 | 7,936 | (659) | 17,142 | 2,228 | ||
Beginning balance (in shares) at Dec. 31, 2017 | 645 | |||||||
Ending balance at Dec. 31, 2018 | 22,048 | [1] | $ 12,588 | 9,219 | (1,700) | 20,107 | 1,941 | |
Ending balance (in shares) at Dec. 31, 2018 | 681 | |||||||
Beginning balance at Jun. 30, 2018 | 20,036 | $ 10,782 | 8,820 | (1,538) | 18,064 | 1,972 | ||
Beginning balance (in shares) at Jun. 30, 2018 | 654 | |||||||
Net income including noncontrolling interests | 883 | 854 | 854 | 29 | ||||
Issuance of stock | 75 | $ 75 | 75 | |||||
Issuance of stock (in shares) | 1 | |||||||
Stock awards (net of change in unearned compensation) | 5 | $ 5 | 5 | |||||
Common stock dividends and distributions | (591) | (546) | (546) | (45) | ||||
Other comprehensive income (loss), net of tax | 18 | 18 | 18 | |||||
Ending balance at Sep. 30, 2018 | 20,426 | $ 10,862 | 9,128 | (1,520) | 18,470 | 1,956 | ||
Ending balance (in shares) at Sep. 30, 2018 | 655 | |||||||
Beginning balance at Dec. 31, 2018 | 22,048 | [1] | $ 12,588 | 9,219 | (1,700) | 20,107 | 1,941 | |
Beginning balance (in shares) at Dec. 31, 2018 | 681 | |||||||
Net income including noncontrolling interests | 366 | 349 | 349 | 17 | ||||
Issuance of stock | 3,398 | $ 1,596 | $ 1,802 | 3,398 | ||||
Issuance of stock (in shares) | 2 | 24 | ||||||
Stock purchase contract component of 2019 Equity Units | (264) | $ (264) | (264) | |||||
Acquisition of SCANA | 6,818 | $ 6,818 | 6,818 | |||||
Acquisition of SCANA (in shares) | 96 | |||||||
Acquisition of public interest in Dominion Energy Midstream | (40) | $ 1,181 | 1,181 | (1,221) | ||||
Acquisition of public interest in Dominion Energy Midstream (in shares) | 22 | |||||||
Stock awards (net of change in unearned compensation) | 19 | $ 19 | 19 | |||||
Preferred stock dividends | (8) | (8) | (8) | |||||
Common stock dividends and distributions | (2,290) | (2,224) | (2,224) | (66) | ||||
Other comprehensive income (loss), net of tax | (77) | (77) | (77) | |||||
Other | (13) | (13) | (13) | |||||
Ending balance at Sep. 30, 2019 | 29,957 | $ 1,596 | $ 22,131 | 7,336 | (1,777) | 29,286 | 671 | |
Ending balance (in shares) at Sep. 30, 2019 | 2 | 823 | ||||||
Beginning balance at Jun. 30, 2019 | 28,381 | $ 1,596 | $ 20,660 | 7,124 | (1,683) | 27,697 | 684 | |
Beginning balance (in shares) at Jun. 30, 2019 | 2 | 803 | ||||||
Net income including noncontrolling interests | 985 | 975 | 975 | 10 | ||||
Issuance of stock | 1,477 | $ 1,477 | 1,477 | |||||
Issuance of stock (in shares) | 20 | |||||||
Stock awards (net of change in unearned compensation) | 7 | $ 7 | 7 | |||||
Preferred stock dividends | (7) | (7) | (7) | |||||
Common stock dividends and distributions | (778) | (755) | (755) | (23) | ||||
Other comprehensive income (loss), net of tax | (94) | (94) | (94) | |||||
Other | (14) | (13) | (1) | (14) | ||||
Ending balance at Sep. 30, 2019 | $ 29,957 | $ 1,596 | $ 22,131 | $ 7,336 | $ (1,777) | $ 29,286 | $ 671 | |
Ending balance (in shares) at Sep. 30, 2019 | 2 | 823 | ||||||
[1] | Dominion Energy’s Consolidated Balance Sheet at December 31, 2018 has been derived from the audited Consolidated Balance Sheet at that date. |
Consolidated Statements of Eq_2
Consolidated Statements of Equity (Unaudited) (Parenthetical) - $ / shares | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Statement Of Stockholders Equity [Abstract] | ||||
Common stock dividends per share | $ 0.9175 | $ 0.8350 | $ 2.753 | $ 2.505 |
Preferred stock dividends per share | $ 4.375 | $ 5.104 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Millions | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | ||
Operating Activities | |||
Net income including noncontrolling interests | $ 366 | $ 1,887 | |
Net income | 349 | 1,806 | |
Adjustments to reconcile net income including noncontrolling interests to net cash provided by operating activities: | |||
Depreciation, depletion and amortization (including nuclear fuel) | 2,235 | 1,706 | |
Deferred income taxes and investment tax credits | 112 | 486 | |
Provision for refunds and rate credits to electric utility customers | 936 | 77 | |
Impairment of assets and other charges | 982 | 139 | |
Charge related to a voluntary retirement program | 384 | ||
Gains on sales of assets and equity method investments | (20) | (196) | |
Net gains on nuclear decommissioning trust funds and other investments | (418) | (208) | |
Charge associated with future ash pond and landfill closure costs | 81 | ||
Revision to future ash pond and landfill closure costs | (113) | ||
Other adjustments | (9) | ||
Changes in: | |||
Accounts receivable | 354 | 129 | |
Inventories | (106) | (37) | |
Deferred fuel and purchased gas costs, net | 158 | (226) | |
Prepayments | 31 | (81) | |
Accounts payable | (446) | (167) | |
Accrued interest, payroll and taxes | (123) | (14) | |
Customer deposits | (94) | 7 | |
Margin deposit assets and liabilities | 54 | (5) | |
Net realized and unrealized changes related to derivative activities | 1 | 101 | |
Pension and other postretirement benefits | (107) | (79) | |
Other operating assets and liabilities | (468) | 111 | |
Net cash provided by operating activities | 3,709 | 3,711 | |
Investing Activities | |||
Plant construction and other property additions (including nuclear fuel) | (3,407) | (3,111) | |
Cash and restricted cash acquired in the SCANA Combination | 389 | ||
Acquisition of solar development projects | (183) | (108) | |
Proceeds from sales of securities | 1,311 | 1,301 | |
Purchases of securities | (1,330) | (1,364) | |
Proceeds from sales of assets and equity method investments | 211 | 200 | |
Contributions to equity method affiliates | (187) | (282) | |
Other | 36 | (5) | |
Net cash used in investing activities | (3,160) | (3,369) | |
Financing Activities | |||
Issuance (repayment) of short-term debt, net | 1,913 | (363) | |
Issuance of short-term notes | 3,000 | 1,450 | |
Repayment of short-term notes | (1,450) | ||
Credit facility borrowings | 73 | ||
Repayment of credit facility borrowings | (113) | ||
Issuance of long-term debt | 2,298 | 4,400 | |
Repayment of long-term debt, including redemption premiums | (8,595) | (3,154) | |
Issuance of 2019 Equity Units | 1,582 | ||
Issuance of common stock | 1,802 | 737 | |
Common dividend payments | (2,224) | (1,635) | |
Other | (163) | (198) | |
Net cash used in financing activities | (500) | (140) | |
Increase (decrease) in cash, restricted cash and equivalents | 49 | 202 | |
Cash, restricted cash and equivalents at beginning of period | 391 | 185 | |
Cash, restricted cash and equivalents at end of period | 440 | 387 | |
Significant noncash investing and financing activities: | |||
Accrued capital expenditures | [1],[2],[3] | 378 | 197 |
Leases | [4] | 102 | |
Financing leases | 98 | ||
Virginia Electric and Power Company | |||
Operating Activities | |||
Net income | 722 | 1,043 | |
Adjustments to reconcile net income including noncontrolling interests to net cash provided by operating activities: | |||
Depreciation, depletion and amortization (including nuclear fuel) | 1,045 | 974 | |
Deferred income taxes and investment tax credits | (141) | 175 | |
Impairment of assets and other charges | 646 | ||
Charge related to a voluntary retirement program | 138 | ||
Charge associated with future ash pond and landfill closure costs | 81 | ||
Revision to future ash pond and landfill closure costs | (113) | ||
Provision for rate credits to customers | 77 | ||
Other adjustments | (60) | (48) | |
Changes in: | |||
Accounts receivable | (154) | (113) | |
Affiliated receivables and payables | 21 | (8) | |
Inventories | (34) | 40 | |
Deferred fuel and purchased gas costs, net | 232 | (273) | |
Prepayments | (4) | (1) | |
Accounts payable | (38) | (28) | |
Accrued interest, payroll and taxes | 73 | 50 | |
Net realized and unrealized changes related to derivative activities | 18 | 69 | |
Other operating assets and liabilities | (316) | 197 | |
Asset retirement obligations | 33 | (29) | |
Net cash provided by operating activities | 2,068 | 2,206 | |
Investing Activities | |||
Plant construction and other property additions (including nuclear fuel) | (1,816) | (1,696) | |
Purchases of nuclear fuel | (96) | (82) | |
Acquisition of solar development projects | (169) | (98) | |
Proceeds from sales of securities | 677 | 651 | |
Purchases of securities | (717) | (681) | |
Other | (18) | (47) | |
Net cash used in investing activities | (2,139) | (1,953) | |
Financing Activities | |||
Issuance (repayment) of short-term debt, net | 371 | 392 | |
Issuance (repayment) of affiliated current borrowings, net | (215) | (18) | |
Issuance of long-term debt | 698 | 700 | |
Repayment of long-term debt, including redemption premiums | (590) | (951) | |
Common dividend payments | (189) | (361) | |
Other | (5) | (7) | |
Net cash used in financing activities | 70 | (245) | |
Increase (decrease) in cash, restricted cash and equivalents | (1) | 8 | |
Cash, restricted cash and equivalents at beginning of period | 38 | 24 | |
Cash, restricted cash and equivalents at end of period | 37 | 32 | |
Significant noncash investing and financing activities: | |||
Accrued capital expenditures | 231 | 96 | |
Financing leases | [2] | 13 | |
Dominion Energy Gas Holdings, LLC | |||
Operating Activities | |||
Net income including noncontrolling interests | 550 | 584 | |
Net income | 460 | 454 | |
Adjustments to reconcile net income including noncontrolling interests to net cash provided by operating activities: | |||
Depreciation, depletion and amortization (including nuclear fuel) | 344 | 307 | |
Deferred income taxes and investment tax credits | 40 | 350 | |
Impairment of assets and other charges | 13 | 129 | |
Charge related to a voluntary retirement program | 40 | ||
Gains on sales of assets and equity method investments | (7) | (109) | |
Other adjustments | 67 | 18 | |
Changes in: | |||
Accounts receivable | 107 | 23 | |
Affiliated receivables and payables | (34) | (61) | |
Inventories | (51) | (43) | |
Prepayments | 31 | (206) | |
Accounts payable | (110) | (105) | |
Accrued interest, payroll and taxes | (45) | (29) | |
Customer deposits | (82) | 8 | |
Pension and other postretirement benefits | (105) | (106) | |
Other operating assets and liabilities | (34) | 28 | |
Net cash provided by operating activities | 724 | 788 | |
Investing Activities | |||
Plant construction and other property additions (including nuclear fuel) | (537) | (819) | |
Loan to Dominion Energy from Cove Point | (1,986) | ||
Repayment of loan by Dominion Energy to Cove Point | 2,986 | ||
Proceeds from assignments of shale development rights | 109 | ||
Other | (19) | (16) | |
Net cash used in investing activities | 2,430 | (2,712) | |
Financing Activities | |||
Issuance (repayment) of short-term debt, net | 270 | (489) | |
Issuance (repayment) of affiliated current borrowings, net | 32 | 89 | |
Issuance of affiliated long-term debt | 395 | ||
Credit facility borrowings | 73 | ||
Repayment of credit facility borrowings | (73) | ||
Issuance of long-term debt | 2,750 | ||
Repayment of long-term debt, including redemption premiums | (3,300) | (250) | |
Net proceeds from sale of Dominion Energy Midstream Common Units | 4 | ||
Contributions from Dominion Energy | 25 | ||
Dividends and distributions | (589) | (183) | |
Other | (1) | (21) | |
Net cash used in financing activities | (3,266) | 1,998 | |
Increase (decrease) in cash, restricted cash and equivalents | (112) | 74 | |
Cash, restricted cash and equivalents at beginning of period | 198 | 57 | |
Cash, restricted cash and equivalents at end of period | 86 | 131 | |
Significant noncash investing and financing activities: | |||
Accrued capital expenditures | [2] | 19 | $ 72 |
Equity contributions from Dominion Energy | [2] | 15 | |
Financing leases | [2] | $ 10 | |
[1] | See Note 17 for noncash financing activities related to the acquisition of the public interest in Dominion Energy Midstream, the remarketing of RSNs and the issuance of stock purchase contracts associated with the 2019 Equity Units. | ||
[2] | See Note 2 for noncash investing and financing activities related to the adoption of a new accounting standard for leasing arrangements. | ||
[3] | See Note 3 for noncash investing and financing activities related to the SCANA Combination. | ||
[4] | Includes $98 million of financing leases and $4 million of operating leases. |
Consolidated Statements of Ca_2
Consolidated Statements of Cash Flows (Unaudited) (Parenthetical) $ in Millions | 9 Months Ended |
Sep. 30, 2019USD ($) | |
Statement Of Cash Flows [Abstract] | |
Financing leases | $ 98 |
Operating leases | $ 4 |
Virginia Electric and Power Com
Virginia Electric and Power Company Consolidated Statements of Equity (Unaudited) - USD ($) shares in Thousands, $ in Millions | Total | Common Stock | Retained Earnings | AOCI | Virginia Electric and Power Company | Virginia Electric and Power CompanyCommon Stock | Virginia Electric and Power CompanyOther Paid-In Capital | Virginia Electric and Power CompanyRetained Earnings | Virginia Electric and Power CompanyAOCI | ||
Beginning balance at Dec. 31, 2017 | $ 12,224 | $ 5,738 | $ 1,113 | $ 5,311 | $ 62 | ||||||
Beginning balance (in shares) at Dec. 31, 2017 | 645,000 | 275 | |||||||||
Cumulative-effect of changes in accounting principles | $ 6 | $ (127) | $ 1,029 | $ (1,023) | 3 | 79 | (76) | ||||
Net income | 1,806 | 1,043 | 1,043 | ||||||||
Dividends | (361) | (361) | |||||||||
Other comprehensive income (loss), net of tax | 163 | 162 | 8 | 8 | |||||||
Other | (13) | $ (5) | (8) | ||||||||
Ending balance at Sep. 30, 2018 | 12,917 | $ 5,738 | 1,113 | 6,072 | (6) | ||||||
Ending balance (in shares) at Sep. 30, 2018 | 655,000 | 275 | |||||||||
Beginning balance at Jun. 30, 2018 | 12,497 | $ 5,738 | 1,113 | 5,655 | (9) | ||||||
Beginning balance (in shares) at Jun. 30, 2018 | 654,000 | 275 | |||||||||
Net income | 854 | 520 | 520 | ||||||||
Dividends | (104) | (104) | |||||||||
Other comprehensive income (loss), net of tax | 18 | 18 | 3 | 3 | |||||||
Other | 1 | 1 | |||||||||
Ending balance at Sep. 30, 2018 | 12,917 | $ 5,738 | 1,113 | 6,072 | (6) | ||||||
Ending balance (in shares) at Sep. 30, 2018 | 655,000 | 275 | |||||||||
Beginning balance at Dec. 31, 2018 | 20,107 | [1] | 13,047 | [2] | $ 5,738 | 1,113 | 6,208 | (12) | |||
Beginning balance (in shares) at Dec. 31, 2018 | 681,000 | 275 | |||||||||
Net income | 349 | 722 | 722 | ||||||||
Dividends | (189) | (189) | |||||||||
Other comprehensive income (loss), net of tax | (77) | (77) | (29) | (29) | |||||||
Other | (13) | $ (13) | (1) | (1) | |||||||
Ending balance at Sep. 30, 2019 | 29,286 | 13,550 | $ 5,738 | 1,113 | 6,740 | (41) | |||||
Ending balance (in shares) at Sep. 30, 2019 | 823,000 | 275 | |||||||||
Beginning balance at Jun. 30, 2019 | 12,964 | $ 5,738 | 1,113 | 6,139 | (26) | ||||||
Beginning balance (in shares) at Jun. 30, 2019 | 803,000 | 275 | |||||||||
Net income | 975 | 602 | 602 | ||||||||
Other comprehensive income (loss), net of tax | (94) | $ (94) | (15) | (15) | |||||||
Other | (14) | $ (13) | $ (1) | (1) | (1) | ||||||
Ending balance at Sep. 30, 2019 | $ 29,286 | $ 13,550 | $ 5,738 | $ 1,113 | $ 6,740 | $ (41) | |||||
Ending balance (in shares) at Sep. 30, 2019 | 823,000 | 275 | |||||||||
[1] | Dominion Energy’s Consolidated Balance Sheet at December 31, 2018 has been derived from the audited Consolidated Balance Sheet at that date. | ||||||||||
[2] | Virginia Power’s Consolidated Balance Sheet at December 31, 2018 has been derived from the audited Consolidated Balance Sheet at that date. |
Dominion Energy Gas Holdings, L
Dominion Energy Gas Holdings, LLC Consolidated Statements of Equity (Unaudited) - USD ($) $ in Millions | Total | AOCI | Parent [Member] | Noncontrolling Interest | Dominion Energy Gas Holdings, LLC | Dominion Energy Gas Holdings, LLCPredecessor Equity | Dominion Energy Gas Holdings, LLCMember Units | Dominion Energy Gas Holdings, LLCAOCI | Dominion Energy Gas Holdings, LLCParent [Member] | Dominion Energy Gas Holdings, LLCNoncontrolling Interest | |
Beginning balance at Dec. 31, 2017 | $ 8,495 | $ 1,361 | $ 4,261 | $ (98) | $ 5,524 | $ 2,971 | |||||
Cumulative-effect of changes in accounting principles | $ 6 | $ (1,023) | $ (121) | $ 127 | 3 | 29 | (26) | 3 | |||
Net income | 1,806 | 454 | 137 | 317 | 454 | 130 | |||||
Sale of Dominion Energy Midstream common units | 4 | 4 | 4 | 4 | |||||||
Remeasurement of noncontrolling interest in Dominion Energy Midstream | 375 | (375) | 375 | 375 | (375) | ||||||
Dividends and distributions | (1,745) | (1,635) | (110) | (184) | (67) | (25) | (92) | (92) | |||
Distributions to noncontrolling interest | (27) | (27) | 27 | ||||||||
Equity contributions from Dominion Energy | 40 | 40 | 40 | ||||||||
Other comprehensive income (loss), net of tax | 163 | 162 | 162 | 1 | 17 | 16 | 16 | 1 | |||
Other | (13) | (13) | |||||||||
Ending balance at Sep. 30, 2018 | 8,959 | 1,819 | 4,582 | (108) | 6,293 | 2,666 | |||||
Beginning balance at Jun. 30, 2018 | 8,761 | 1,788 | 4,446 | (118) | 6,116 | 2,645 | |||||
Net income | 854 | 191 | 55 | 136 | 191 | 51 | |||||
Dividends and distributions | (591) | (546) | (45) | (59) | (28) | (28) | (31) | ||||
Distributions to noncontrolling interest | (1) | (1) | 1 | ||||||||
Equity contributions from Dominion Energy | 5 | 5 | 5 | ||||||||
Other comprehensive income (loss), net of tax | 18 | 18 | 18 | 10 | 10 | 10 | |||||
Ending balance at Sep. 30, 2018 | 8,959 | 1,819 | 4,582 | (108) | 6,293 | 2,666 | |||||
Beginning balance at Dec. 31, 2018 | 8,865 | 1,804 | 4,566 | (169) | 6,201 | [1] | 2,664 | ||||
Net income | 349 | 460 | 205 | 255 | 460 | 90 | |||||
Acquisition of public interest in Dominion Energy Midstream | (40) | 1,181 | (1,221) | (40) | 1,181 | 1,181 | (1,221) | ||||
Dividends and distributions | (2,290) | (2,224) | (66) | (589) | (457) | (457) | (132) | ||||
Other comprehensive income (loss), net of tax | (77) | (77) | (77) | (45) | (44) | (44) | (1) | ||||
Other | (13) | (13) | |||||||||
Ending balance at Sep. 30, 2019 | 8,741 | 2,733 | 4,821 | (213) | 7,341 | 1,400 | |||||
Beginning balance at Jun. 30, 2019 | 8,829 | 2,859 | 4,729 | (186) | 7,402 | 1,427 | |||||
Net income | 975 | 151 | 59 | 92 | 151 | 24 | |||||
Dividends and distributions | (778) | (755) | $ (23) | (240) | (189) | (189) | (51) | ||||
Other comprehensive income (loss), net of tax | (94) | $ (94) | (94) | (27) | (27) | (27) | |||||
Other | $ (14) | $ (14) | 4 | 4 | 4 | ||||||
Ending balance at Sep. 30, 2019 | $ 8,741 | $ 2,733 | $ 4,821 | $ (213) | $ 7,341 | $ 1,400 | |||||
[1] | Dominion Energy Gas’ Consolidated Balance Sheet at December 31, 2018 has been derived from the audited Consolidated Balance Sheet at that date. |
Nature of Operations
Nature of Operations | Nov. 18, 2019 |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Nature of Operations | Note 1. Nature of Operations Dominion Energy, headquartered in Richmond, Virginia, is one of the nation’s largest producers and transporters of energy. Dominion Energy’s operations are conducted through various subsidiaries, including Virginia Power and Dominion Energy Gas. Virginia Power is a regulated public utility that generates, transmits and distributes electricity for sale in Virginia and northeastern North Carolina. Following the Dominion Energy Gas Restructuring, Dominion Energy Gas is a holding company that conducts business activities through regulated interstate natural gas transmission and underground storage systems primarily in the eastern and Rocky Mountain regions of the U.S., as well as the Cove Point LNG Facility and Liquefaction Facility. In addition, other Dominion Energy subsidiaries provide merchant generation, natural gas distribution services in the Rocky Mountain region of the U.S, regulated gas transportation and distribution operations in Ohio and gas gathering and processing activities primarily in West Virginia, Ohio and Pennsylvania. The SCANA Combination was completed in January 2019. See Note 3 for a description of operations acquired in the SCANA Combination and for more information on the Dominion Energy Gas Restructuring. |
Significant Accounting Policies
Significant Accounting Policies | Nov. 18, 2019 |
Accounting Policies [Abstract] | |
Significant Accounting Policies | Note 2. 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 2018, as updated in Current Report on Form 8-K, filed November 18, 2019. In the Companies’ opinion, the accompanying unaudited Consolidated Financial Statements contain all adjustments necessary to present fairly their financial position at September 30, 2019, their results of operations and changes in equity for the three and nine months ended September 30, 2019 and 2018 and their cash flows for the nine months ended September 30, 2019 and 2018. 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 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’ 2018 Consolidated Financial Statements and Notes have been reclassified to conform to the 2019 presentation for comparative purposes; however, such reclassifications did not affect the Companies’ net income, total assets, liabilities, equity or cash flows. Amounts disclosed for Dominion Energy are inclusive of Virginia Power and/or Dominion Energy Gas, where applicable. There have been no significant changes from Note 2 to the Consolidated Financial Statements in the Companies’ Annual Report on Form 10-K Cash, Restricted Cash and Equivalents The following table provides a reconciliation of the total cash, restricted cash and equivalents reported within the Companies’ Consolidated Balance Sheets to the corresponding amounts reported within the Companies’ Consolidated Statements of Cash Flows for the nine months ended September 30, 2019 and 2018: Cash, Restricted Cash and Equivalents Cash, Restricted Cash and Equivalents at September 30, 2019 September 30, 2018 December 31, 2018 December 31, 2017 (millions) Dominion Energy Cash and cash equivalents $ 378 $ 310 $ 268 $ 120 Restricted cash and equivalents (1) 62 77 123 65 Cash, restricted cash and equivalents shown in the Consolidated Statements of Cash Flows $ 440 $ 387 $ 391 $ 185 Virginia Power Cash and cash equivalents $ 29 $ 22 $ 29 $ 14 Restricted cash and equivalents (1) 8 10 9 10 Cash, restricted cash and equivalents shown in the Consolidated Statements of Cash Flows $ 37 $ 32 $ 38 $ 24 Dominion Energy Gas Cash and cash equivalents (2) $ 74 $ 85 $ 108 $ 18 Restricted cash and equivalents (1) 12 46 90 39 Cash, restricted cash and equivalents shown in the Consolidated Statements of Cash Flows $ 86 $ 131 $ 198 $ 57 (1) Restricted cash and equivalent balances are presented within other current assets in the Companies’ Consolidated Balance Sheets. (2) At September 30, 2019, September 30, 2018, December 31, 2018 and December 31, 2017, Dominion Energy Gas had $10 million, $3 million, $9 million and $3 million of cash and cash equivalents included in current assets of discontinued operations, respectively. Property, Plant and Equipment In January 2019, Virginia Power committed to a plan to retire certain automated meter reading infrastructure associated with its electric operations before the end of its useful life and replace such equipment with more current AMI technology. As a result, Virginia Power recorded a charge of $160 million ($119 million after-tax) 10-K 2018, as updated in Current Report on Form 8-K, filed November 18, 2019. In March 2019, Virginia Power committed to retire certain electric generating units before the end of their useful lives and completed the retirement of certain units at six facilities representing 1,292 MW of electric generating capacity, which had previously been placed in cold reserve. An additional unit at Possum Point power station will be retired after it meets its capacity obligation to PJM in 2021. As a result, Virginia Power recorded a charge of $369 million ($275 million after-tax) 10-K 2018, as updated in Current Report on Form 8-K, filed November 18, 2019. In May 2019, Virginia Power abandoned a coal rail project at its Mt. Storm generating facility. As a result, Virginia Power recorded a charge of $62 million ($46 million after-tax) In September 2019, Dominion Energy and Virginia Power abandoned certain property, plant and equipment before the end of its useful life. As a result, Dominion Energy recorded a charge of $26 million ($19 million after-tax) after-tax), Leases The Companies lease certain assets including vehicles, real estate, office equipment and other operational assets under both operating and finance leases. For the Companies’ operating leases, rent expense is recognized on a straight-line basis over the term of the lease agreement, subject to regulatory framework. Rent expense associated with operating leases, short-term leases and variable leases is primarily recorded in other operations and maintenance expense in the Companies’ Consolidated Statements of Income. Rent expense associated with finance leases results in the separate presentation of interest expense on the lease liability and amortization expense of the related right-of-use Certain of the Companies’ leases include one or more options to renew, with renewal terms that can extend the lease from one right-of-use The determination of the discount rate utilized has a significant impact on the calculation of the present value of the lease liability included in the Companies’ Consolidated Balance Sheets. For the Companies’ fleet of leased vehicles, the discount rate is equal to the prevailing borrowing rate earned by the lessor. For the Companies’ remaining leased assets, the discount rate implicit in the lease is generally unable to be determined from a lessee perspective. As such, the Companies use internally-developed incremental borrowing rates as a discount rate in the calculation of the present value of the lease liability. The incremental borrowing rates are determined based on an analysis of the Companies’ publicly available unsecured borrowing rates, adjusted for a collateral discount, over various lengths of time that most closely correspond to the Companies’ lease maturities. In addition, Dominion Energy acts as lessor under certain power purchase agreements in which the counterparty or counterparties purchase substantially all of the output of certain solar facilities. These leases are considered operating in nature. For such leasing arrangements, rental revenue and an associated accounts receivable are recorded when the monthly output of the solar facility is determined. Depreciation on these solar facilities is computed on a straight-line basis over an estimated useful life of 30 years. New Accounting Standards Leases In February 2016, the FASB issued revised accounting guidance for the recognition, measurement, presentation and disclosure of leasing arrangements. The update requires that a liability and corresponding right-of-use The guidance became effective for the Companies’ interim and annual reporting periods beginning January 1, 2019. The Companies adopted this revised accounting guidance using a modified retrospective approach, which requires lessees and lessors to recognize and measure leases at the date of adoption. Under this approach, the Companies utilized the transition practical expedient to maintain historical presentation for periods before January 1, 2019. The Companies also applied the other practical expedients, which required no reassessment of whether existing contracts are or contain leases, no reassessment of lease classification for existing leases and no reassessment of existing or expired land easements that were not previously accounted for as leases. In connection with the adoption of this revised accounting guidance, Dominion Energy, Virginia Power and Dominion Energy Gas recorded $504 million, $209 million and $64 million, respectively, of offsetting right-of-use right-or-use |
Acquisitions and Dispositions
Acquisitions and Dispositions | Nov. 18, 2019 |
Text Block [Abstract] | |
Acquisitions and Dispositions | Note 3. Acquisitions and Dispositions Acquisition of SCANA In January 2019, Dominion Energy issued 95.6 million shares of Dominion Energy common stock, valued at $6.8 billion, representing 0.6690 of a share of Dominion Energy common stock for each share of SCANA common stock, in connection with the completion of the SCANA Combination. SCANA, through its regulated subsidiaries, is primarily engaged in the generation, transmission and distribution of electricity in the central, southern and southwestern portions of South Carolina and in the distribution of natural gas in North Carolina and South Carolina. In addition, SCANA markets natural gas to retail customers in the southeast U.S. Following completion of the SCANA Combination, SCANA operates as a wholly-owned subsidiary of Dominion Energy. In addition, SCANA’s debt totaled $6.9 billion at closing. The SCANA Combination expanded Dominion Energy’s portfolio of regulated electric generation, transmission and distribution and regulated natural gas distribution infrastructure operations. See Note 3 to the Consolidated Financial Statements in the Companies’ Annual Report on Form 10-K 2018, as updated in Current Report on Form 8-K, filed November 18, 2019, and Notes 13, 17 and 18 for more information on the SCANA Combination, including information on assets and liabilities acquired, significant financing transactions, regulatory matters and proceedings, legal proceedings and commitments and contingencies. Merger Approval and Conditions Merger Approval The SCANA Combination required approval of SCANA’s shareholders, FERC, the North Carolina Commission, the South Carolina Commission, the Georgia Public Service Commission and the NRC and clearance from the Federal Trade Commission under the Hart-Scott-Rodino Act. All such approvals were received prior to closing of the SCANA Combination. Various parties filed petitions for rehearing or reconsideration of the SCANA Merger Approval Order. In January 2019, the South Carolina Commission issued an order (1) granting the request of various parties and finding that DESC was imprudent in its actions by not disclosing material information to the South Carolina Office of Regulatory Staff and the South Carolina Commission with regard to costs incurred subsequent to March 2015 and (2) denying the petitions for rehearing or consideration as to other issues raised in the various petitions. The deadline to appeal the SCANA Merger Approval Order and the order on rehearing expired in April 2019, and no party has sought appeal. Refunds to Customers As a condition to the SCANA Merger Approval Order, DESC will provide refunds and restitution of $2.0 billion over 20 years with capital support from Dominion Energy. In September and October 2017, DESC received proceeds totaling $1.1 billion in full satisfaction of its share of a settlement agreement among DESC, Santee Cooper and Toshiba Corporation in connection with Westinghouse and WECTEC, both wholly-owned subsidiaries of Toshiba Corporation and responsible for the engineering and construction of the NND Project, filing for bankruptcy. The purchase price allocation below includes a previously established regulatory liability at DESC totaling $1.1 billion, of which $67 million was considered current, associated with the monetization of the bankruptcy settlement with Toshiba Corporation. In accordance with the terms of the SCANA Merger Approval Order, this regulatory liability, net of amounts that may be required to satisfy any liens against NND Project property, totaling $1.0 billion will be refunded to DESC electric service customers over a 20-year Additionally, in the first quarter of 2019, DESC recorded a reduction in operating revenue and a corresponding regulatory liability of $1.0 billion, of which $137 million was considered current, representing a refund of amounts previously collected from retail electric customers of DESC for the NND Project to be credited over an estimated 11-year after-tax NND Project As a condition to the SCANA Merger Approval Order, DESC committed to excluding from rate recovery $2.4 billion of costs related to the NND Project and $180 million of costs associated with the purchase of the Columbia Energy Center power station. Regulatory assets included in SCANA’s historical balance sheet at December 31, 2018 reflected these disallowances. The remaining regulatory asset associated with the NND Project of $2.8 billion, of which $138 million was considered current, will be collected over a 20-year Other Terms and Conditions • DESC will not file an application for a general rate case with the South Carolina Commission with a requested effective date earlier than January 2021; • PSNC will not file an application for a general rate case with the North Carolina Commission with a requested effective date earlier than April 2021; • Dominion Energy has committed to increasing SCANA’s historical level of corporate contributions to charities by $1 million per year over the next five years; • Dominion Energy will maintain DESC and PSNC’s headquarters in Cayce, South Carolina and Gastonia, North Carolina, respectively; and • Dominion Energy will seek to minimize reductions in local employment by allowing some DES employees supporting shared and common services functions and activities to be located in Cayce, South Carolina where it makes economic and practical sense to do so. Purchase Price Allocation SCANA’s assets acquired and liabilities assumed have been measured at estimated fair value at closing and are included in the Southeast Energy operating segment, which was established following the closing of the SCANA Combination. The majority of the operations acquired are subject to the rate setting authority of FERC and the North and South Carolina Commissions and are therefore accounted for pursuant to ASC 980, Regulated Operations The fair value of SCANA’s assets acquired and liabilities assumed that are not subject to the rate-setting provisions discussed above and the fair values of SCANA’s investments accounted for under the equity method have been determined using the income approach and the market approach. The valuation of SCANA’s long-term debt is considered a Level 2 fair value measurement. All other valuations are considered Level 3 fair value measurements due to the use of significant judgmental and unobservable inputs, including projected timing and amount of future cash flows and discount rates reflecting risk inherent in the future market prices. The excess of the purchase price over the estimated fair values of the assets acquired and liabilities assumed is reflected as goodwill. The goodwill reflects the value associated with enhancing Dominion Energy’s portfolio of regulated operations in the growing southeast region of the U.S. The goodwill recognized is not deductible for income tax purposes, and as such, no deferred taxes have been recorded related to goodwill. The table below shows the preliminary allocation of the purchase price to the assets acquired and liabilities assumed at closing, including adjustments related to income taxes identified during 2019 as discussed in Note 5. The allocation is subject to change during the measurement period as additional information is obtained about the facts and circumstances that existed at closing. Any material adjustments to provisional amounts identified during the measurement period will be recognized and disclosed in the reporting period in which the adjustment amounts are determined. Certain tax-related Amount (millions) Total current assets (1) $ 1,782 Investments 224 Property, plant and equipment (2) 11,006 Goodwill 2,576 Regulatory assets (3) 3,940 Other deferred charges and other assets, including intangible assets 430 Total Assets 19,958 Total current liabilities 1,515 Long-term debt 6,707 Deferred income taxes 1,114 Regulatory liabilities 2,668 Other deferred credits and other liabilities (4) 1,115 Total Liabilities 13,119 Total purchase price (5) $ 6,839 (1) Includes $389 million of cash, restricted cash and equivalents, of which $115 million is considered restricted. (2) Includes $105 million of certain property, plant and equipment associated with the NND Project for which Dominion Energy committed to forgo recovery in accordance with the SCANA Merger Approval Order. As a result, Dominion Energy’s Consolidated Statement of Income for the nine months ended September 30, 2019 includes a charge of $105 million ($79 million after-tax), (3) Includes $264 million of certain income tax-related (4) Includes a $379 million pension and other postretirement benefit liability. (5) Includes stock-based compensation awards with a fair value of $21 million. See Note 3 to the Consolidated Financial Statements in the Companies’ Annual Report on Form 10-K 2018, as updated in Current Report on Form 8-K, filed November 18, 2019, for a description of assets acquired and liabilities assumed in connection with the SCANA Combination. Results of Operations and Unaudited Pro Forma Information The impact of the SCANA Combination on Dominion Energy’s operating revenue and net income attributable to Dominion Energy in the Consolidated Statements of Income was an increase of $979 million and $97 million for the three months ended September 30, 2019, respectively, and an increase of $2.1 billion and a decrease of $1.1 billion for the nine months ended September 30, 2019, respectively. Dominion Energy incurred merger and integration-related costs of $29 million and $596 million in the Consolidated Statements of Income for the three and nine months ended September 30, 2019, respectively. These amounts for the three and nine months ended September 30, 2019 include $4 million and $427 million, respectively, for a charge related to a voluntary retirement program. See Note 21 for additional information. Of the remaining merger and integration-related costs, $25 million and $160 million was recorded in other operations and maintenance expense in the Consolidated Statements of Income for the three and nine months ended September 30, 2019, respectively, and less than $1 million and $9 million was recorded in interest and related charges in the Consolidated Statements of Income for the three and nine months ended September 30, 2019, respectively. During the three and nine months ended September 30, 2018, Dominion Energy incurred merger and integration-related costs of $3 million and $17 million, respectively, recorded primarily in other operations and maintenance expense in the Consolidated Statements of Income. These costs consist of professional fees, the charitable contribution commitment described above, employee-related expenses, certain financing costs and other miscellaneous costs. The following unaudited pro forma financial information reflects the consolidated results of operations of Dominion Energy assuming the SCANA Combination had taken place on January 1, 2018. The unaudited pro forma financial information has been presented for illustrative purposes only and may change as Dominion Energy finalizes its valuation of certain assets acquired and liabilities assumed at the acquisition date. The unaudited pro forma financial information is not necessarily indicative of the consolidated results of operations that would have been achieved or the future consolidated results of operations of the combined company. Three Months Ended September 30, Nine Months Ended September 30, 2019 (1) 2018 (1) 2019 (1) 2018 (1) (millions, except EPS) Operating Revenue $ 4,269 $ 4,356 $ 13,104 $ 12,902 Net income attributable to Dominion Energy 1,029 923 1,991 2,054 Earnings Per Common Share – Basic $ 1.28 $ 1.23 $ 2.47 $ 2.74 Earnings Per Common Share – Diluted $ 1.26 $ 1.23 $ 2.44 $ 2.74 (1) Amounts include adjustments for non-recurring Expected Sale of Interest in Cove Point In October 2019, Dominion Energy signed an agreement to sell a noncontrolling interest (consisting of 25% of the limited partnership interests) in Cove Point to Brookfield for cash consideration of approximately $2.1 billion, subject to working capital adjustments, which is expected to close in December 2019. Dominion Energy Gas Restructuring The Dominion Energy Gas Restructuring is considered to be a reorganization of entities under common control. As a result, Dominion Energy Gas’ basis in DCPI and DMLPHCII, which includes the general partner of Dominion Energy Midstream, a controlling 75% interest in Cove Point, DECG, Dominion Energy Questar Pipeline, a 50% noncontrolling interest in White River Hub and a 25.93% noncontrolling interest in Iroquois, is equal to Dominion Energy’s cost basis in the assets and liabilities of such entities since the applicable inception dates of common control. In November 2019, following completion of the Dominion Energy Gas Restructuring, DCPI and DMLPHCII are wholly-owned subsidiaries of Dominion Energy Gas and therefore are consolidated by Dominion Energy Gas. The accompanying Consolidated Financial Statements and Notes of Dominion Energy Gas have been retrospectively adjusted to include the historical results and financial position of DCPI and DMLPHCII. The non-Dominion The Dominion Energy Gas Restructuring includes the disposition of East Ohio and DGP by Dominion Energy Gas effective November 2019. This restructuring represents a strategic shift in the operations of Dominion Energy Gas as Dominion Energy Gas’ operations will consist of LNG terminalling and storage and regulated gas transmission and storage operations. As a result, the accompanying Consolidated Financial Statements and Notes of Dominion Energy Gas have been retrospectively adjusted to include the historical results and financial position of East Ohio and DGP as discontinued operations until November 2019, presented within the Corporate and Other segment. As the Dominion Energy Gas Restructuring is considered to be a reorganization of entities under common control, Dominion Energy Gas will reflect the disposition as an equity transaction in November 2019. The following table represents selected information regarding the results of operations of East Ohio, which are reported as discontinued operations in Dominion Energy Gas’ Consolidated Statements of Income: Three Months Ended September 30, Nine Months Ended September 30, 2019 2018 2019 2018 (millions) Operating revenue $ 155 $ 148 $ 538 $ 527 Depreciation and amortization 23 19 66 55 Other operating expenses 90 88 364 322 Other income 20 18 55 54 Interest and related charges 11 10 30 27 Income tax expense 8 13 25 39 Net income from discontinued operations $ 43 $ 36 $ 108 $ 138 The carrying amounts of major classes of assets and liabilities relating to East Ohio, which are reported as discontinued operations in Dominion Energy Gas’ Consolidated Balance Sheets were as follows: At September 30, 2019 At December 31, 2018 (millions) Current assets of discontinued operations (1) $ 268 $ 423 Investments 2 2 Property, plant and equipment, net 3,866 3,669 Regulatory assets 675 711 Other deferred charges and other assets, including goodwill and intangible assets 1,440 1,275 Noncurrent assets of discontinued operations 5,983 5,657 Current liabilities of discontinued operations 1,055 1,262 Long-term debt 1,554 1,300 Deferred income taxes and investment tax credits 741 716 Regulatory liabilities 769 747 Other deferred credits and liabilities 110 108 Noncurrent liabilities of discontinued operations 3,174 2,871 (1) Includes cash and cash equivalents of $5 million and $9 million as of September 30, 2019 and December 31, 2018, respectively. Capital expenditures and significant noncash items relating to East Ohio included the following: Nine Months Ended September 30, 2019 2018 (millions) Capital expenditures $ 267 $ 246 Significant noncash items Charge related to a voluntary retirement program 20 — Accrued capital expenditures 10 6 The following table represents selected information regarding the results of operations of DGP, which are reported as discontinued operations in Dominion Energy Gas’ Consolidated Statements of Income: Three Months Ended September 30, Nine Months Ended September 30, 2019 2018 2019 2018 (millions) Operating revenue $ 31 $ 42 $ 110 $ 144 Depreciation and amortization 1 4 4 11 Other operating expenses 27 42 83 137 Income tax expense (benefit) 1 (1 ) 6 (1 ) Net income (loss) from discontinued operations $ 2 $ (3 ) $ 17 $ (3 ) The carrying amounts of major classes of assets and liabilities relating to DGP, which are reported as discontinued operations in Dominion Energy Gas’ Consolidated Balance Sheets were as follows: At September 30, 2019 At December 31, 2018 (millions) Current assets of discontinued operations (1) $ 24 $ 21 Noncurrent assets of discontinued operations (2) 195 192 Current liabilities of discontinued operations 7 11 Noncurrent liabilities of discontinued operations 20 25 (1) Includes cash and cash equivalents of $5 million and less than $1 million dollars as of September 30, 2019 and December 31, 2018, respectively. (2) Primarily property, plant and equipment, net. Capital expenditures and significant noncash items of DGP included the following: Nine Months Ended September 31, 2019 2018 (millions) Capital expenditures $ 10 $ 4 |
Operating Revenue
Operating Revenue | Nov. 18, 2019 |
Text Block [Abstract] | |
Operating Revenue | Note 4. Operating Revenue The Companies’ operating revenue consists of the following: Three Months Ended September 30, Nine Months Ended September 30, 2019 2018 2019 2018 (millions) Dominion Energy Regulated electric sales: Residential $ 1,440 $ 1,036 $ 3,180 $ 2,641 Commercial 962 737 2,347 1,897 Industrial 227 143 474 371 Government and other retail 244 224 658 647 Wholesale 45 30 134 95 Nonregulated electric sales 197 322 688 1,022 Regulated gas sales: Residential 121 73 900 553 Commercial 52 15 316 152 Other 23 3 86 14 Nonregulated gas sales 51 42 369 139 Regulated gas transportation and storage: FERC-regulated 248 266 772 800 State-regulated 168 138 547 472 Nonregulated gas transportation and storage 153 162 501 286 Other regulated revenues (1) 54 38 180 132 Other nonregulated revenues (1)(2) 96 133 305 410 Total operating revenue from contracts with customers 4,081 3,362 11,457 9,631 Other revenues (3) 188 89 640 374 Total operating revenue $ 4,269 $ 3,451 $ 12,097 $ 10,005 Virginia Power Regulated electric sales: Residential $ 1,085 $ 1,036 $ 2,816 $ 2,641 Commercial 732 737 2,049 1,897 Industrial 121 143 351 371 Government and other retail 224 224 625 647 Wholesale 31 30 97 95 Other regulated revenues (1) 36 30 124 95 Other nonregulated revenues (2) 21 10 54 41 Total operating revenue from contracts with customers 2,250 2,210 6,116 5,787 Other revenues (2)(3) 14 22 51 22 Total operating revenue $ 2,264 $ 2,232 $ 6,167 $ 5,809 Dominion Energy Gas Regulated gas sales - wholesale $ — $ — $ 2 $ 6 Nonregulated gas sales (2) 1 2 4 5 Regulated gas transportation and storage 306 300 952 917 Nonregulated gas transportation and storage 153 162 501 286 Management service revenue (2) 37 63 126 195 Other regulated revenues (1) 3 4 8 17 Other nonregulated revenues (1)(2) 1 1 2 2 Total operating revenue from contracts with customers 501 532 1,595 1,428 Other revenues 1 1 3 3 Total operating revenue $ 502 $ 533 $ 1,598 $ 1,431 (1) Amounts above include $36 million and $1 million for the three months ended September 30, 2019, $108 million and $3 million for the three months ended September 30, 2018, $129 million and $4 million for the nine months ended September 30, 2019 and $170 million and $8 million for the nine months ended September 30, 2018 primarily consisting of NGL sales at Dominion Energy and Dominion Energy Gas, respectively, which are considered to be goods transferred at a point in time. In addition, the amounts include $12 million and $19 million of sales of renewable energy credits at Dominion Energy for the three and nine months ended September 30, 2019, respectively, $11 million and $14 million at Virginia Power for the three and nine months ended September 30, 2019, respectively, and $10 million and $11 million at both Dominion Energy and Virginia Power for the three and nine months ended September 30, 2018, respectively, which are considered to be goods transferred at a point in time. (2) See Notes 10 and 20 for amounts attributable to related parties and affiliates. (3) Amounts above include alternative revenue of $9 million and $44 million at Dominion Energy and $9 million and $35 million at Virginia Power for the three and nine months ended September 30, 2019, respectively. The table below discloses the aggregate amount of the transaction price allocated to fixed-price performance obligations that are unsatisfied (or partially unsatisfied) at the end of the reporting period and when the Companies expect to recognize this revenue. These revenues relate to contracts containing fixed prices where the Companies will earn the associated revenue over time as they stand ready to perform services provided. This disclosure does not include revenue related to performance obligations that are part of a contract with original durations of one year or less. In addition, this disclosure does not include expected consideration related to performance obligations for which the Companies elect to recognize revenue in the amount they have a right to invoice. Revenue expected to be recognized on multi-year 2019 2020 2021 2022 2023 Thereafter Total (millions) Dominion Energy $ 431 $ 1,545 $ 1,446 $ 1,344 $ 1,199 $ 13,502 $ 19,467 Virginia Power 5 3 1 — — — 9 Dominion Energy Gas 455 1,658 1,559 1,436 1,268 13,810 20,186 Contract assets represent an entity’s right to consideration in exchange for goods and services that the entity has transferred to a customer. At September 30, 2019 and December 31, 2018, Dominion Energy’s contract asset balances were $34 million and $42 million, respectively. Dominion Energy Gas’ contract asset balances were $47 million and $58 million at September 30, 2019 and December 31, 2018, respectively. Dominion Energy and Dominion Energy Gas’ contract assets are recorded in other deferred charges and other assets in the Consolidated Balance Sheets. Contract liabilities represent an entity’s obligation to transfer goods or services to a customer for which the entity has received consideration, or the amount that is due, from the customer. At September 30, 2019 and December 31, 2018, Dominion Energy’s contract liability balances were $127 million and $106 million, respectively. At September 30, 2019 and December 31, 2018, Virginia Power’s contract liability balances were $25 million and $22 million, respectively. At September 30, 2019 and December 31, 2018, Dominion Energy Gas’ contract liability balances were $46 million and $49 million, respectively. During the nine months ended September 30, 2019, Dominion Energy, Virginia Power and Dominion Energy Gas recognized revenue of $92 million $22 million and $30 million, respectively, from the beginning contract liability balances as the Companies fulfilled their obligations to provide service to their customers. The Companies’ contract liabilities are recorded in other current liabilities and other deferred credits and other liabilities in the Consolidated Balance Sheets. |
Income Taxes
Income Taxes | Nov. 18, 2019 |
Income Tax Disclosure [Abstract] | |
Income Taxes | Note 5. 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 Energy Virginia Power Dominion Energy Gas Nine Months Ended September 30, 2019 2018 2019 2018 2019 2018 U.S. statutory rate 21.0 % 21.0 % 21.0 % 21.0 % 21.0 % 21.0 % Increases (reductions) resulting from: State taxes, net of federal benefit 0.2 3.3 4.5 4.6 3.6 3.2 Investment tax credits (5.7 ) (0.9 ) (5.3 ) (1.4 ) — — Production tax credits (1.2 ) (0.7 ) (0.8 ) (0.7 ) — — Reversal of excess deferred income taxes (6.8 ) (1.5 ) (4.1 ) (1.9 ) (0.9 ) (0.9 ) Federal legislative change — 2.0 — (0.2 ) — 2.7 State legislative change — (0.8 ) — — — (3.3 ) Write-off 33.5 — — — — — AFUDC - equity (2.0 ) (0.9 ) — (0.5 ) (0.5 ) (0.3 ) Other, net (2.7 ) (1.0 ) (1.2 ) (0.3 ) (3.5 ) (1) (4.3 ) (1) Effective tax rate 36.3 % 20.5 % 14.1 % 20.6 % 19.7 % 18.1 % (1) Includes (3.7) % and (4.4) % relating to the absence of tax on noncontrolling interest in 2019 and 2018, respectively. For the Companies’ rate-regulated entities, deferred taxes will reverse at the weighted average rate used to originate the deferred tax liability, which in some cases will be 35%. The Companies have recorded an estimate of the portion of excess deferred income tax amortization in 2019. The reversal of these excess deferred income taxes will impact the effective tax rate, and may ultimately impact rates charged to customers. As described in Note 13 to the Consolidated Financial Statements in the Companies’ Annual Report on Form 10-K 2018, as updated in Current Report on Form 8-K, filed November 18, 2019, the Companies decreased revenue and increased regulatory liabilities to offset these deferred tax impacts in accordance with applicable regulatory commission orders or formula rate mechanisms. See Note 13 for current year developments. In connection with the SCANA Combination, Dominion Energy committed to forgo, or limit, the recovery of certain income tax-related As part of the SCANA Combination, Dominion Energy acquired SCANA’s unrecognized tax benefits of $106 million. In the first quarter of 2019, Dominion Energy completed the evaluation of a state income tax position acquired in the SCANA Combination that increased unrecognized tax benefits by $51 million. In the second quarter, Dominion Energy completed the evaluation of a federal income tax position acquired in the SCANA Combination that increased unrecognized tax benefits by $18 million. In the third quarter, DESC’s unrecognized tax benefits increased by $1 million and both accrued interest and penalties increased by $7 million. In total, these adjustments resulted in an increase to goodwill of $72 million and had no impact on Dominion Energy’s income tax expense, interest expense or other income. As of September 30, 2019, there have been no other 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 2018, as updated in Current Report on Form 8-K, filed November 18, 2019, for a discussion of these unrecognized tax benefits. The 2017 Tax Reform Act limits the deductibility of interest expense to 30% of adjusted taxable income for certain businesses, with any disallowed interest carried forward indefinitely. Subject to additional guidance in yet to be finalized regulations, the Companies expect interest expense to be deductible in 2019. |
Earnings Per Share
Earnings Per Share | Nov. 18, 2019 |
Earnings Per Share [Abstract] | |
Earnings Per Share | Note 6. Earnings Per Share The following table presents the calculation of Dominion Energy’s basic and diluted EPS: Three Months Ended September 30, Nine Months Ended September 30, 2019 2018 2019 2018 (millions, except EPS) Net income attributable to Dominion Energy $ 975 $ 854 $ 349 $ 1,806 Series A Preferred Stock dividends (7 ) — (8 ) — Net income attributable to Dominion Energy - Basic 968 854 341 1,806 Dilutive effect of Series A Preferred Stock (13 ) — (26 ) — Net income attributable to Dominion Energy - Diluted 955 854 315 1,806 Average shares of common stock outstanding – Basic 813.0 653.9 802.9 652.4 Net effect of dilutive securities — 1.0 0.1 0.4 Average shares of common stock outstanding – Diluted 813.0 654.9 803.0 652.8 Earnings Per Common Share – Basic $ 1.19 $ 1.31 $ 0.42 $ 2.77 Earnings Per Common Share – Diluted $ 1.17 $ 1.30 $ 0.39 $ 2.77 The 2019 Equity Units are potentially dilutive securities. The forward stock purchase contracts included within the 2019 Equity Units were excluded from the calculation of diluted EPS for the three and nine months ended September 30, 2019, as the dilutive stock price threshold was not met. The Series A Preferred Stock included within the 2019 Equity Units is excluded from the effect of dilutive securities within diluted EPS, but a fair value adjustment is reflected within net income attributable to Dominion Energy for the calculation of diluted EPS for the three and nine months ended September 30, 2019 based upon the expectation that the conversion will be settled in cash rather than through issuance of Dominion Energy common stock. The 2016 Equity Units were potentially dilutive securities, but were excluded from the calculation of diluted EPS for the three and nine months ended September 30, 2019 and 2018, as the dilutive stock price threshold was not met. The forward sales agreements, effective April 2018, were potentially dilutive securities but had no effect on the calculation of diluted EPS for the three and nine months ended September 30, 2018. The Dominion Energy Midstream convertible preferred units were potentially dilutive securities but had no effect on the calculation of diluted EPS for the three and nine months ended September 30, 2018. In calculating diluted EPS in connection with the Dominion Energy Midstream convertible preferred units, Dominion Energy applied the if-converted |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Income | Nov. 18, 2019 |
Equity [Abstract] | |
Accumulated Other Comprehensive Income | Note 7. Accumulated Other Comprehensive Income Dominion Energy The following table presents Dominion Energy’s changes in AOCI by component, net of tax: Deferred gains and losses on derivatives- hedging activities Unrealized gains and losses on investment securities Unrecognized pension and other postretirement benefit costs Other comprehensive loss from equity method investees Total (millions) Three Months Ended September 30, 2019 Beginning balance $ (389 ) $ 30 $ (1,322 ) $ (2 ) $ (1,683 ) Other comprehensive income before reclassifications: gains (losses) (107 ) 8 (4 ) (1 ) (104 ) Amounts reclassified from AOCI: (gains) losses (1) (6 ) (4 ) 20 — 10 Net current period other comprehensive income (loss) (113 ) 4 16 (1 ) (94 ) Ending balance $ (502 ) $ 34 $ (1,306 ) $ (3 ) $ (1,777 ) Three Months Ended September 30, 2018 Beginning balance $ (248 ) $ (2 ) $ (1,286 ) $ (2 ) $ (1,538 ) Other comprehensive income before reclassifications: gains (losses) (27 ) (6 ) — — (33 ) Amounts reclassified from AOCI: (gains) losses (1) 30 3 18 — 51 Net current period other comprehensive income (loss) 3 (3 ) 18 — 18 Ending balance $ (245 ) $ (5 ) $ (1,268 ) $ (2 ) $ (1,520 ) Nine Months Ended September 30, 2019 Beginning balance $ (235 ) $ 2 $ (1,465 ) $ (2 ) $ (1,700 ) Other comprehensive income before reclassifications: gains (losses) (209 ) 37 109 (1 ) (64 ) Amounts reclassified from AOCI: (gains) losses (1) (58 ) (5 ) 50 — (13 ) Net current period other comprehensive income (loss) (267 ) 32 159 (1 ) (77 ) Ending balance $ (502 ) $ 34 $ (1,306 ) $ (3 ) $ (1,777 ) Nine Months Ended September 30, 2018 Beginning balance $ (302 ) $ 747 $ (1,101 ) $ (3 ) $ (659 ) Other comprehensive income before reclassifications: gains (losses) 51 (24 ) — 1 28 Amounts reclassified from AOCI: (gains) losses (1) 71 4 60 — 135 Net current period other comprehensive income (loss) 122 (20 ) 60 1 163 Cumulative-effect of changes in accounting principle (64 ) (732 ) (227 ) — (1,023 ) Less other comprehensive income attributable to noncontrolling interest 1 — — — 1 Ending balance $ (245 ) $ (5 ) $ (1,268 ) $ (2 ) $ (1,520 ) (1) See table below for details about these reclassifications. The following table presents Dominion Energy’s reclassifications out of AOCI by component: Details about AOCI components Amounts reclassified from AOCI Affected line item in the Consolidated Statements of Income (millions) Three Months Ended September 30, 2019 Deferred (gains) and losses on derivatives-hedging activities: Commodity contracts $ (35 ) Operating revenue 2 Purchased gas Interest rate contracts 14 Interest and related charges Foreign currency contracts 12 Other income Total (7 ) Tax 1 Income tax expense Total, net of tax $ (6 ) Unrealized (gains) and losses on investment securities: Realized (gain) loss on sale of securities $ (5 ) Other income Total (5 ) Tax 1 Income tax expense Total, net of tax $ (4 ) Unrecognized pension and other postretirement benefit costs: Amortization of prior-service costs (credits) $ (5 ) Other income Amortization of actuarial losses 31 Other income Total 26 Tax (6 ) Income tax expense Total, net of tax $ 20 Three Months Ended September 30, 2018 Deferred (gains) and losses on derivatives-hedging activities: Commodity contracts $ 26 Operating revenue Interest rate contracts 12 Interest and related charges Foreign currency contracts 2 Other income Total 40 Tax (10 ) Income tax expense Total, net of tax $ 30 Unrealized (gains) and losses on investment securities: Realized (gain) loss on sale of securities $ 3 Other income Total 3 Tax — Income tax expense Total, net of tax $ 3 Unrecognized pension and other postretirement benefit costs: Amortization of prior-service costs (credits) $ (5 ) Other income Amortization of actuarial losses 30 Other income Total 25 Tax (7 ) Income tax expense Total, net of tax $ 18 Details about AOCI components Amounts reclassified from AOCI Affected line item in the Consolidated Statements of Income (millions) Nine Months Ended September 30, 2019 Deferred (gains) and losses on derivatives-hedging activities: Commodity contracts $ (127 ) Operating revenue (1 ) Purchased gas Interest rate contracts 37 Interest and related charges Foreign currency contracts 14 Other income Total (77 ) Tax 19 Income tax expense Total, net of tax $ (58 ) Unrealized (gains) and losses on investment securities: Realized (gain) loss on sale of securities $ (6 ) Other income Total (6 ) Tax 1 Income tax expense Total, net of tax $ (5 ) Unrecognized pension and other postretirement benefit costs: Amortization of prior-service costs (credits) $ (18 ) Other income Amortization of actuarial losses 85 Other income Total 67 Tax (17 ) Income tax expense Total, net of tax $ 50 Nine Months Ended September 30, 2018 Deferred (gains) and losses on derivatives-hedging activities: Commodity contracts $ 55 Operating revenue 2 Purchased gas (8 ) Electric fuel and other energy-related purchases Interest rate contracts 36 Interest and related charges Foreign currency contracts 10 Other income Total 95 Tax (24 ) Income tax expense Total, net of tax $ 71 Unrealized (gains) and losses on investment securities: Realized (gain) loss on sale of securities $ 5 Other income Total 5 Tax (1 ) Income tax expense Total, net of tax $ 4 Unrecognized pension and other postretirement benefit costs: Amortization of prior-service costs (credits) $ (16 ) Other income Amortization of actuarial losses 91 Other income Total 75 Tax (15 ) Income tax expense Total, net of tax $ 60 Virginia Powe r The following table presents Virginia Power’s changes in AOCI by component, net of tax: Deferred gains and losses on derivatives- hedging activities Unrealized gains and losses on investment securities Total (millions) Three Months Ended September 30, 2019 Beginning balance $ (30 ) $ 4 $ (26 ) Other comprehensive income before reclassifications: gains (losses) (16 ) 1 (15 ) Amounts reclassified from AOCI: (gains) losses (1) — — — Net current period other comprehensive income (loss) (16 ) 1 (15 ) Ending balance $ (46 ) $ 5 $ (41 ) Three Months Ended September 30, 2018 Beginning balance $ (8 ) $ (1 ) $ (9 ) Other comprehensive income before reclassifications: gains (losses) 3 — 3 Amounts reclassified from AOCI: (gains) losses (1) — — — Net current period other comprehensive income (loss) 3 — 3 Ending balance $ (5 ) $ (1 ) $ (6 ) Nine Months Ended September 30, 2019 Beginning balance $ (13 ) $ 1 $ (12 ) Other comprehensive income before reclassifications: gains (losses) (34 ) 5 (29 ) Amounts reclassified from AOCI: (gains) losses (1) 1 (1 ) — Net current period other comprehensive income (loss) (33 ) 4 (29 ) Ending balance $ (46 ) $ 5 $ (41 ) Nine Months Ended September 30, 2018 Beginning balance $ (12 ) $ 74 $ 62 Other comprehensive income before reclassifications: gains (losses) 10 (2 ) 8 Amounts reclassified from AOCI: (gains) losses (1) — — — Net current period other comprehensive income (loss) 10 (2 ) 8 Cumulative-effect of changes in accounting principle (3 ) (73 ) (76 ) Ending balance $ (5 ) $ (1 ) $ (6 ) (1) Virginia Power’s reclassifications out of AOCI were immaterial for both the three and nine months ended September 30, 2019 and 2018. Dominion Energy Gas The following table presents Dominion Energy Gas’ changes in AOCI by component, net of tax: Deferred gains and losses on derivatives- hedging activities Unrecognized pension costs Total (millions) Three Months Ended September 30, 2019 Beginning balance $ (74 ) $ (112 ) $ (186 ) Other comprehensive income before reclassifications: gains (losses) (36 ) (1 ) (37 ) Amounts reclassified from AOCI: (gains) losses (1) 9 1 10 Net current period other comprehensive income (loss) (27 ) — (27 ) Ending balance $ (101 ) $ (112 ) $ (213 ) Three Months Ended September 30, 2018 Beginning balance $ (24 ) $ (94 ) $ (118 ) Other comprehensive income before reclassifications: gains (losses) 4 — 4 Amounts reclassified from AOCI: (gains) losses (1) 4 2 6 Net current period other comprehensive income (loss) 8 2 10 Ending balance $ (16 ) $ (92 ) $ (108 ) Nine Months Ended September 30, 2019 Beginning balance $ (25 ) $ (144 ) $ (169 ) Other comprehensive income before reclassifications: gains (losses) (87 ) 28 (59 ) Amounts reclassified from AOCI: (gains) losses (1) 10 4 14 Net current period other comprehensive income (loss) (77 ) 32 (45 ) Less other comprehensive income (loss) attributable to noncontrolling interest (1 ) — (1 ) Ending balance $ (101 ) $ (112 ) $ (213 ) Nine Months Ended September 30, 2018 Beginning balance $ (23 ) $ (75 ) $ (98 ) Other comprehensive income before reclassifications: gains (losses) (2 ) — (2 ) Amounts reclassified from AOCI: (gains) losses (1) 15 4 19 Net current period other comprehensive income (loss) 13 4 17 Cumulative-effect of changes in accounting principle (5 ) (21 ) (26 ) Less other comprehensive income (loss) attributable to noncontrolling interest 1 — 1 Ending balance $ (16 ) $ (92 ) $ (108 ) (1) See table below for details about these reclassifications. The following table presents Dominion Energy Gas’ reclassifications out of AOCI by component: Details about AOCI components Amounts reclassified from AOCI Affected line item in the Consolidated Statements of Income (millions) Three Months Ended September 30, 2019 Deferred (gains) and losses on derivatives-hedging activities: Commodity contracts $ (2 ) Net income from discontinued operations Interest rate contracts 2 Interest and related charges Foreign currency contracts 12 Other income Total 12 Tax (3 ) Income tax expense Total, net of tax $ 9 Unrecognized pension costs: Actuarial losses $ 1 Other income Total 1 Tax — Income tax expense Total, net of tax $ 1 Three Months Ended September 30, 2018 Deferred (gains) and losses on derivatives-hedging activities: Commodity contracts $ 3 Net income from discontinued operations Interest rate contracts 1 Interest and related charges Foreign currency contracts 2 Other income Total 6 Tax (2 ) Income tax expense Total, net of tax $ 4 Unrecognized pension costs: Actuarial losses $ 2 Other income Total 2 Tax — Income tax expense Total, net of tax $ 2 Nine Months Ended September 30, 2019 Deferred (gains) and losses on derivatives-hedging activities: Commodity contracts $ (4 ) Net income from discontinued operations Interest rate contracts 3 Interest and related charges Foreign currency contracts 14 Other income Total 13 Tax (3 ) Income tax expense Total, net of tax $ 10 Unrecognized pension costs: Actuarial losses $ 5 Other income Total 5 Tax (1 ) Income tax expense Total, net of tax $ 4 Nine Months Ended September 30, 2018 Deferred (gains) and losses on derivatives-hedging activities: Commodity contracts $ 8 Net income from discontinued operations Interest rate contracts 3 Interest and related charges Foreign currency contracts 10 Other income Total 21 Tax (6 ) Income tax expense Total, net of tax $ 15 Unrecognized pension costs: Actuarial losses $ 5 Other income Total 5 Tax (1 ) Income tax expense Total, net of tax $ 4 |
Fair Value Measurements
Fair Value Measurements | Nov. 18, 2019 |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | Note 8. 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, 2018, as updated in Current Report on Form 8-K, filed November 18, 2018. See Note 9 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 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, certain forward market prices and implied price volatilities are considered unobservable. The following table presents Dominion Energy’s quantitative information about Level 3 fair value measurements at September 30, 2019. The range and weighted average are presented in dollars for market price inputs and percentages for price volatility. Fair Value (millions) Valuation Techniques Unobservable Input Range Weighted Average (1) Assets Physical and financial forwards and futures: Natural gas (2) $ 13 Discounted cash flow Market price (per Dth) (3) (1) - 6 — FTRs 5 Discounted cash flow Market price (per MWh) (3) (2) - 8 1 Physical options: Natural gas 2 Option model Market price (per Dth) (3) 1 - 6 4 Price volatility (4) 1% - 70% 47 % Total assets $ 20 Liabilities Physical and financial forwards: Natural gas (2) $ 10 Discounted Cash Flow Market price (per Dth) (3) (2) - 7 (1 ) FTRs 5 Discounted cash flow Market price (per MWh) (3) (5) - 3 — Physical options: Natural gas 6 Option model Market price (per Dth) (3) 1 - 6 3 Price volatility (4) 1% - 71% 26 % Total liabilities $ 21 (1) Averages weighted by volume. (2) Includes basis. (3) Represents market prices beyond defined terms for Levels 1 and 2. (4) Represents volatilities unrepresented in published markets. Sensitivity of the fair value measurements to changes in the significant unobservable inputs is as follows: Significant Unobservable Inputs Position Change to Input Impact on Fair Value Measurement Market price Buy Increase (decrease) Gain (loss) Market price Sell Increase (decrease) Loss (gain) Price volatility Buy Increase (decrease) Gain (loss) Price volatility Sell Increase (decrease) Loss (gain) Recurring Fair Value Measurements Dominion Energy The following table presents Dominion Energy’s assets and liabilities that are measured at fair value on a recurring basis for each hierarchy level, including both current and noncurrent portions: Level 1 Level 2 Level 3 Total (millions) At September 30, 2019 Assets Derivatives: Commodity $ 6 $ 54 $ 20 $ 80 Interest rate — 10 — 10 Foreign currency — 3 — 3 Investments (1) Equity securities: U.S. 3,881 — — 3,881 Fixed income securities: Corporate debt instruments — 472 — 472 Government securities 474 694 — 1,168 Cash equivalents and other 26 5 — 31 Total assets $ 4,387 $ 1,238 $ 20 $ 5,645 Liabilities Derivatives: Commodity $ 14 $ 45 $ 21 $ 80 Interest rate — 850 — 850 Foreign currency — 4 — 4 Total liabilities $ 14 $ 899 $ 21 $ 934 At December 31, 2018 Assets Derivatives: Commodity $ — $ 180 $ 70 $ 250 Interest rate — 18 — 18 Foreign currency — 26 — 26 Investments (1) Equity securities: U.S. 3,277 — — 3,277 Fixed income securities: Corporate debt instruments — 431 — 431 Government securities 455 688 — 1,143 Cash equivalents and other 11 — — 11 Total assets $ 3,743 $ 1,343 $ 70 $ 5,156 Liabilities Derivatives: Commodity $ — $ 129 $ 6 $ 135 Interest rate — 142 — 142 Foreign currency — 2 — 2 Total liabilities $ — $ 273 $ 6 $ 279 (1) Includes investments held in the nuclear decommissioning and rabbi trusts. Excludes $262 million and $220 million of assets at September 30, 2019 and December 31, 2018, respectively, measured at fair value using NAV (or its equivalent) as a practical expedient which are not required to be categorized in the fair value hierarchy. The following table presents the net change in Dominion Energy’s assets and liabilities measured at fair value on a recurring basis and included in the Level 3 fair value category: Three Months Ended Nine Months Ended 2019 2018 2019 2018 (millions) Beginning balance $ 75 $ 119 $ 64 $ 150 Total realized and unrealized gains (losses): Included in earnings: Operating revenue — — 2 (2 ) Purchased gas — — 1 — Electric fuel and other energy-related purchases (5 ) (7 ) (12 ) (25 ) Included in other comprehensive income — — — 1 Included in regulatory assets/liabilities (76 ) (16 ) (51 ) (26 ) Settlements 5 (4 ) 7 (7 ) Purchases — — (10 ) — Transfers out of Level 3 — — (2 ) 1 Ending balance $ (1 ) $ 92 $ (1 ) $ 92 The amount of total gains (losses) for the period included in earnings attributable to the change in unrealized gains (losses) relating to assets/liabilities still held at the reporting date: Operating revenue $ — $ — $ 2 $ — Purchased gas — — 1 — Total $ — $ — $ 3 $ — Virginia Power The following table presents Virginia Power’s quantitative information about Level 3 fair value measurements at September 30, 2019. The range and weighted average are presented in dollars for market price inputs and percentages for price volatility. Fair Value (millions) Valuation Techniques Unobservable Input Range Weighted Average (1) Assets Physical and financial forwards and futures: Natural gas (2) $ 12 Discounted cash flow Market price (per Dth) (3) (1) - 3 — FTRs 5 Discounted cash flow Market price (per MWh) (3) (2) - 8 1 Total assets $ 17 Liabilities Physical and financial forwards: Natural gas (2) $ 10 Discounted cash flow Market price (per Dth) (3) (2) - 6 (1 ) FTRs 5 Discounted cash flow Market price (per MWh) (3) (5) - 3 — Physical options: Natural gas 1 Option model Market price (per Dth) (3) 1 - 6 3 Price volatility (4) 24% - 35 % Total liabilities $ 16 (1) Averages weighted by volume. (2) Includes basis. (3) Represents market prices beyond defined terms for Levels 1 and 2. (4) Represents volatilities unrepresented in published markets. Sensitivity of the fair value measurements to changes in the significant unobservable inputs is as follows: Significant Unobservable Inputs Position Change to Input Impact on Fair Value Measurement Market price Buy Increase (decrease) Gain (loss) Market price Sell Increase (decrease) Loss (gain) Price volatility Buy Increase (decrease) Gain (loss) Price volatility Sell Increase (decrease) Loss (gain) The following table presents Virginia Power’s assets and liabilities that are measured at fair value on a recurring basis for each hierarchy level, including both current and noncurrent portions: Level 1 Level 2 Level 3 Total (millions) At September 30, 2019 Assets Derivatives: Commodity $ — $ 3 $ 17 $ 20 Investments (1) Equity securities: U.S. 1,783 — — 1,783 Fixed income securities: Corporate debt instruments — 273 — 273 Government securities 184 337 — 521 Cash equivalents and other 6 — — 6 Total assets $ 1,973 $ 613 $ 17 $ 2,603 Liabilities Derivatives: Commodity $ — $ 17 $ 16 $ 33 Interest rate — 521 — 521 Total liabilities $ — $ 538 $ 16 $ 554 At December 31, 2018 Assets Derivatives: Commodity $ — $ 24 $ 66 $ 90 Interest rate — 3 — 3 Investments (1) Equity securities: U.S. 1,476 — — 1,476 Fixed income securities: Corporate debt instruments — 221 — 221 Government securities 164 343 — 507 Total assets $ 1,640 $ 591 $ 66 $ 2,297 Liabilities Derivatives: Commodity $ — $ 9 $ 6 $ 15 Interest rate — 88 — 88 Total liabilities $ — $ 97 $ 6 $ 103 (1) Includes investments held in the nuclear decommissioning trusts. Excludes $152 million and $160 million of assets at September 30, 2019 and December 31, 2018, 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 Nine Months Ended 2019 2018 2019 2018 (millions) Beginning balance $ 77 $ 115 $ 60 $ 147 Total realized and unrealized losses: Included in earnings: Electric fuel and other energy-related purchases (5 ) (6 ) (12 ) (25 ) Included in regulatory assets/liabilities (76 ) (19 ) (50 ) (30 ) Settlements 5 (4 ) 3 (6 ) Ending balance $ 1 $ 86 $ 1 $ 86 There were no unrealized gains or losses included in earnings in the Level 3 fair value category relating to assets/liabilities still held at the reporting date for the three and nine months ended September 30, 2019 and 2018. Dominion Energy Gas The following table presents Dominion Energy Gas’ assets and liabilities for derivatives that are measured at fair value on a recurring basis for each hierarchy level, including both current and noncurrent portions. Level 1 Level 2 Level 3 Total (millions) At September 30, 2019 Assets Commodity $ — $ 2 $ — $ 2 Foreign currency — 3 — 3 Total assets $ — $ 5 $ — $ 5 Liabilities Interest rate $ — $ 113 $ — $ 113 Foreign currency — 4 — 4 Total liabilities $ — $ 117 $ — $ 117 At December 31, 2018 Assets Commodity $ — $ 3 $ — $ 3 Interest rate — 2 — 2 Foreign currency — 26 — 26 Total assets $ — $ 31 $ — $ 31 Liabilities Interest rate $ — $ 17 $ — $ 17 Foreign currency — 2 — 2 Total liabilities $ — $ 19 $ — $ 19 The following table presents the net change in Dominion Energy Gas’ assets and liabilities for derivatives measured at fair value on a recurring basis and included in the Level 3 fair value category. There were no net changes in assets and liabilities measured at fair value on a recurring basis and included in the Level 3 fair value category for the three and nine months ended September 30, 2019 and the three months ended September 30, 2018. Nine Months Ended (millions) Beginning balance $ (2 ) Total realized and unrealized gains: Included in other comprehensive income 1 Transfers out of Level 3 1 Ending balance $ — There were no gains or losses included in earnings in the Level 3 fair value category for the nine months ended September 30, 2018. 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 nine months ended September 30, 2018. 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 and equivalents, 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: September 30, 2019 December 31, 2018 Carrying Amount Estimated Fair Value (1) Carrying Amount Estimated Fair Value (1) (millions) Dominion Energy Long-term debt, including securities due within one year (2) $ 34,662 $ 38,894 $ 29,952 $ 31,045 Credit facility borrowings — — 73 73 Junior subordinated notes (3) 3,797 3,951 3,430 3,358 Remarketable subordinated notes (3) — — 1,386 1,340 Virginia Power Long-term debt, including securities due within one year (3) $ 11,795 $ 13,732 $ 11,671 $ 12,400 Dominion Energy Gas Long-term debt, including securities due within one year (4) $ 4,478 $ 4,745 $ 7,770 $ 7,803 Affiliated long-term debt 395 395 — — Credit facility borrowings — — 73 73 (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 September 30, 2019 and December 31, 2018, includes the valuation of certain fair value hedges associated with fixed rate debt of $6 million and $(20) 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 | Nov. 18, 2019 |
Derivative Instruments And Hedging Activities Disclosure [Abstract] | |
Derivatives and Hedge Accounting Activities | Note 9. 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, 2018, as updated in Current Report on Form 8-K, filed November 18, 2019. See Note 8 for further information about fair value measurements and associated valuation methods for derivatives. Derivative assets and liabilities are presented gross on the Companies’ Consolidated Balance Sheets. Dominion Energy’s derivative contracts include both over-the-counter transactions and those that are executed on an exchange or other trading platform (exchange contracts) and centrally cleared. Virginia Power and Dominion Energy Gas’ derivative contracts include over-the-counter transactions. Over-the-counter contracts are bilateral contracts that are transacted directly with a third party. Exchange contracts utilize a financial intermediary, exchange, or clearinghouse to enter, execute, or clear the transactions. Certain over-the-counter and exchange contracts contain contractual rights of setoff through master netting arrangements, derivative clearing agreements, and contract default provisions. In addition, the contracts are subject to conditional rights of setoff through counterparty nonperformance, insolvency, or other conditions. In general, most over-the-counter transactions and all exchange contracts are subject to collateral requirements. Types of collateral for over-the-counter and exchange contracts include cash, letters of credit, and in some cases other forms of security, none of which are subject to restrictions. Cash collateral is used in the table below to offset derivative assets and liabilities. Certain accounts receivable and accounts payable recognized on the Companies’ Consolidated Balance Sheets, as well as letters of credit and other forms of security, all of which are not included in the tables below, are subject to offset under master netting or similar arrangements and would reduce the net exposure. See Note 19 for further information regarding credit-related contingent features for the Companies’ derivative instruments. Dominion Energy Balance Sheet Presentation The tables below present Dominion Energy’s derivative asset and liability balances by type of financial instrument, if the gross amounts recognized in its Consolidated Balance Sheets were netted with derivative instruments and cash collateral received or paid: September 30, 2019 December 31, 2018 Gross Amounts Not Offset in the Consolidated Balance Sheet Gross Amounts Not Offset in the Consolidated Balance Sheet Gross Assets Presented in the Consolidated Balance Sheet (1) Financial Instruments Cash Collateral Received Net Amounts Gross Assets Presented in the Consolidated Balance Sheet (1) Financial Instruments Cash Collateral Received Net Amounts (millions) Commodity contracts: Over-the-counter $ 39 $ 18 $ — $ 21 $ 175 $ 12 $ — $ 163 Exchange 37 26 — 11 68 68 — — Interest rate contracts: Over-the-counter 10 4 — 6 18 1 — 17 Foreign currency contracts: Over-the-counter 3 3 — — 26 2 — 24 Total derivatives, subject to a master netting or similar arrangement $ 89 $ 51 $ — $ 38 $ 287 $ 83 $ — $ 204 (1) Excludes $ 4 7 September 30, 2019 December 31, 2018 Gross Amounts Not Offset in the Consolidated Balance Sheet Gross Amounts Not Offset in the Consolidated Balance Sheet Gross Liabilities Presented in the Consolidated Balance Sheet (1) Financial Instruments Cash Collateral Paid Net Amounts Gross Liabilities Presented in the Consolidated Balance Sheet (1) Financial Instruments Cash Collateral Paid Net Amounts (millions) Commodity contracts: Over-the-counter $ 43 $ 18 $ 1 $ 24 $ 19 $ 12 $ — $ 7 Exchange 34 26 8 — 115 68 47 — Interest rate contracts: Over-the-counter 850 4 41 805 142 1 — 141 Foreign currency contracts: Over-the-counter 4 3 — 1 2 2 — — Total derivatives, subject to a master netting or similar arrangement $ 931 $ 51 $ 50 $ 830 $ 278 $ 83 $ 47 $ 148 (1) Excludes $ 3 1 V The following table presents the volume of Dominion Energy’s derivative activity at September 30, 2019. These volumes are based on open derivative positions and represent the combined absolute value of their long and short positions, except in the case of offsetting transactions, for which they represent the absolute value of the net volume of its long and short positions. Current Noncurrent Natural Gas (bcf): Fixed price (1) 125 63 Basis 256 541 Electricity (MWh): Fixed price 3,262,550 369,850 FTRs 74,936,524 — NGLs (Gal) 17,892,000 — Interest rate (2) $ 850,000,000 $ 5,384,447,114 Foreign currency (2)(3) $ — $ 280,000,000 (1) Includes options. (2) Maturity is determined based on final settlement period. (3) Euro equivalent volumes are € 250,000,000 AOCI The following table presents selected information related to gains (losses) on cash flow hedges included in AOCI in Dominion Energy’s Consolidated Balance Sheet at September 30, 2019: AOCI After-Tax Amounts Expected to be Reclassified to Earnings During the Next 12 Months After-Tax Maximum Term (millions) Commodities: Gas $ (6 ) $ (5 ) 27 months Electricity 9 8 15 months Other 2 2 6 months Interest rate (512 ) (49 ) 387 months Foreign currency 5 (3 ) 81 months Total $ (502 ) $ (47 ) The amounts that will be reclassified from AOCI to earnings will generally be offset by the recognition of the hedged transactions (e.g., anticipated sales) in earnings, thereby achieving the realization of prices contemplated by the underlying risk management strategies and will vary from the expected amounts presented above as a result of changes in market prices, interest rates and foreign currency exchange rates. Fair Value Hedges For derivative instruments that are designated and qualify as a fair value hedge, the gain or loss on the derivative instrument as well as the offsetting loss or gain on the hedged item attributable to the hedged risk are recognized in current earnings and presented in the same line item. Gains and losses on derivatives in fair value hedge relationships were immaterial for the three and nine months ended September 30, 2019 and 2018. The following table presents the amounts recorded on the balance sheet related to cumulative basis adjustments for fair value hedges: Carrying Amount of the Hedged Asset (1) Cumulative Amount of Fair Value Hedging (2) September 30, 2019 December 31, 2018 September 30, 2019 December 31, 2018 (millions) Long-term debt $ (1,156 ) $ (1,631 ) $ (6 ) $ 20 (1) Includes $( 396 892 (2) Includes $ 4 8 Fair Value and Gains and Losses on Derivative Instruments The following table presents the fair values of Dominion Energy’s derivatives and where they are presented in its Consolidated Balance Sheets: Fair Value – Derivatives under Hedge Accounting Fair Value – Derivatives not under Hedge Accounting Total Fair Value (millions) September 30, 2019 ASSETS Current Assets Commodity $ 18 $ 53 $ 71 Interest rate 2 — 2 Total current derivative assets (1) 20 53 73 Noncurrent Assets Commodity 2 7 9 Interest rate 8 — 8 Foreign currency 3 — 3 Total noncurrent derivative assets (2) 13 7 20 Total derivative assets $ 33 $ 60 $ 93 LIABILITIES Current Liabilities Commodity $ 9 $ 50 $ 59 Interest rate 200 2 202 Foreign currency 4 — 4 Total current derivative liabilities (3) 213 52 265 Noncurrent Liabilities Commodity 2 19 21 Interest rate 627 21 648 Total noncurrent derivative liabilities (4) 629 40 669 Total derivative liabilities $ 842 $ 92 $ 934 December 31, 2018 ASSETS Current Assets Commodity $ 55 $ 154 $ 209 Interest rate 14 — 14 Total current derivative assets (1) 69 154 223 Noncurrent Assets Commodity 6 35 41 Interest rate 4 — 4 Foreign currency 26 — 26 Total noncurrent derivative assets (2) 36 35 71 Total derivative assets $ 105 $ 189 $ 294 LIABILITIES Current Liabilities Commodity $ 17 $ 112 $ 129 Interest rate 26 — 26 Foreign currency 2 — 2 Total current derivative liabilities (3) 45 112 157 Noncurrent Liabilities Commodity 5 1 6 Interest rate 116 — 116 Total noncurrent derivative liabilities (4) 121 1 122 Total derivative liabilities $ 166 $ 113 $ 279 (1) Current derivative assets include amounts presented in assets held for sale in Dominion Energy’s Consolidated Balance Sheets. (2) Noncurrent derivative assets are presented in other deferred charges and other assets in Dominion Energy’s Consolidated Balance Sheets. (3) Current derivative liabilities include $ 242 157 (4) Noncurrent derivative liabilities are presented in other deferred credits and other liabilities in Dominion Energy’s Consolidated Balance Sheets. The following tables present the gains and losses on Dominion Energy’s derivatives, as well as where the associated activity is presented in its Consolidated Balance Sheets and Statements of Income. Derivatives in cash flow hedging relationships Amount of Gain (Loss) Recognized in AOCI on Derivatives (1) Amount of Gain (Loss) Reclassified From AOCI to Income Increase (Decrease) in Derivatives Subject to Regulatory (2) (millions) Three Months Ended September 30, 2019 Derivative type and location of gains (losses): Commodity: Operating revenue $ 35 Purchased gas (2 ) Total commodity $ (5 ) $ 33 $ — Interest rate (3) (124 ) (14 ) (190 ) Foreign currency (4) (15 ) (12 ) — Total $ (144 ) $ 7 $ (190 ) Three Months Ended September 30, 2018 Derivative type and location of gains (losses): Commodity: Operating revenue $ (26 ) Total commodity $ (58 ) $ (26 ) $ — Interest rate (3) 23 (12 ) 48 Foreign currency (4) (1 ) (2 ) — Total $ (36 ) $ (40 ) $ 48 Nine Months Ended September 30, 2019 Derivative type and location of gains (losses): Commodity: Operating revenue $ 127 Purchased gas 1 Total commodity $ 96 $ 128 $ — Interest rate (3) (350 ) (37 ) (405 ) Foreign currency (4) (24 ) (14 ) — Total $ (278 ) $ 77 $ (405 ) Nine Months Ended September 30, 2018 Derivative type and location of gains (losses): Commodity: Operating revenue $ (55 ) Purchased gas (2 ) Electric fuel and other energy-related purchases 8 Total commodity $ (1 ) $ (49 ) $ — Interest rate (3) 70 (36 ) 141 Foreign currency (4) (1 ) (10 ) — Total $ 68 $ (95 ) $ 141 (1) Amounts deferred into AOCI have no associated effect in Dominion Energy’s Consolidated Statements of Income. (2) Represents net derivative activity deferred into and amortized out of regulatory assets/liabilities. Amounts deferred into regulatory assets/liabilities have no associated effect in Dominion Energy’s Consolidated Statements of Income. (3) Amounts recorded in Dominion Energy’s Consolidated Statements of Income are classified in interest and related charges. (4) Amounts recorded in Dominion Energy’s Consolidated Statements of Income are classified in other income. Derivatives not designated as hedging instruments Amount of Gain (Loss) Recognized in Income on Derivatives (1) Three Months Ended Nine Months Ended 2019 2018 2019 2018 (millions) Derivative type and location of gains (losses): Commodity: Operating revenue $ 7 $ (5 ) $ 37 $ (8 ) Purchased gas (10 ) 1 (18 ) 5 Electric fuel and other energy-related purchases (6 ) (7 ) (18 ) (23 ) Total $ (9 ) $ (11 ) $ 1 $ (26 ) (1) Includes derivative activity amortized out of regulatory assets/liabilities. Amounts deferred into regulatory assets/liabilities have no associated effect in Dominion Energy’s Consolidated Statements of Income. Virginia Power Balance Sheet Presentation The tables below present Virginia Power’s derivative asset and liability balances by type of financial instrument, if the gross amounts recognized in its Consolidated Balance Sheets were netted with derivative instruments and cash collateral received or paid: September 30, 2019 December 31, 2018 Gross Amounts Not Offset in the Consolidated Balance Sheet Gross Amounts Not Offset in the Consolidated Balance Sheet Gross in the Consolidated Balance Sheet (1) Financial Cash Collateral Received Net Amounts Gross Assets Presented in the Consolidated Balance Sheet (1) Financial Instruments Cash Collateral Received Net Amounts (millions) Commodity contracts: Over-the-counter $ 17 $ 15 $ — $ 2 $ 64 $ 6 $ — $ 58 Interest rate contracts: Over-the-counter — — — — 3 — — 3 Total derivatives, subject to a master netting or similar arrangement $ 17 $ 15 $ — $ 2 $ 67 $ 6 $ — $ 61 (1) Excludes $3 million and $26 million of derivative assets at September 30, 2019 and December 31, 2018, respectively, which are not subject to master netting or similar arrangements. September 30, 2019 December 31, 2018 Gross Amounts Not Offset in the Consolidated Balance Sheet Gross Amounts Not Offset in the Consolidated Balance Sheet Gross Liabilities Presented in the Consolidated Balance Sheet (1) Financial Instruments Cash Collateral Paid Net Amounts Gross Liabilities Presented in the (1) Financial Instruments Cash Collateral Paid Net Amounts (millions) Commodity contracts: Over-the-counter $ 16 $ 15 $ — $ 1 $ 6 $ 6 $ — $ — Interest rate contracts: Over-the-counter 521 — — 521 88 — — 88 Total derivatives, subject to a master netting or similar arrangement $ 537 $ 15 $ — $ 522 $ 94 $ 6 $ — $ 88 (1) Excludes $17 million and $9 million of derivative liabilities at September 30, 2019 and December 31, 2018, respectively, which are not subject to master netting or similar arrangements. Volumes The following table presents the volume of Virginia Power’s derivative activity at September 30, 2019. These volumes are based on open derivative positions and represent the combined absolute value of their long and short positions, except in the case of offsetting transactions, for which they represent the absolute value of the net volume of its long and short positions. Current Noncurrent Natural Gas (bcf): Fixed price (1) 44 16 Basis 151 472 Electricity (MWh): FTRs 74,936,524 — Interest rate (2) $ 550,000,000 $ 1,200,000,000 (1) Includes options. (2) Maturity is determined based on final settlement period. AOCI The following table presents selected information related to losses on cash flow hedges included in AOCI in Virginia Power’s Consolidated Balance Sheet at September 30, 2019: AOCI After-Tax Amounts Expected to be Maximum Term (millions) Interest rate $ (46 ) $ (1 ) 387 Total $ (46 ) $ (1 ) The amounts that will be reclassified from AOCI to earnings will generally be offset by the recognition of the hedged transactions (e.g., interest payments) in earnings, thereby achieving the realization of interest rates contemplated by the underlying risk management strategies and will vary from the expected amounts presented above as a result of changes in interest rates. Fair Value and Gains and Losses on Derivative Instruments The following table presents the fair values of Virginia Power’s derivatives and where they are presented in its Consolidated Balance Sheets: Fair Value – Derivatives under Hedge Accounting Fair Value – Derivatives not under Hedge Accounting Total Fair Value (millions) September 30, 2019 ASSETS Current Assets Commodity $ — $ 19 $ 19 Total current derivative assets (1) — 19 19 Noncurrent Assets Commodity — 1 1 Total noncurrent derivative assets (2) — 1 1 Total derivative assets $ — $ 20 $ 20 LIABILITIES Current Liabilities Commodity $ — $ 16 $ 16 Interest rate 149 — 149 Total current derivative liabilities 149 16 165 Noncurrent Liabilities Commodity — 17 17 Interest rate 372 — 372 Total noncurrent derivatives liabilities (3) 372 17 389 Total derivative liabilities $ 521 $ 33 $ 554 December 31, 2018 ASSETS Current Assets Commodity $ — $ 60 $ 60 Interest rate 3 — 3 Total current derivative assets (1) 3 60 63 Noncurrent Assets Commodity — 30 30 Total noncurrent derivative assets (2) — 30 30 Total derivative assets $ 3 $ 90 $ 93 LIABILITIES Current Liabilities Commodity $ — $ 15 $ 15 Interest rate 10 — 10 Total current derivative liabilities 10 15 25 Noncurrent Liabilities Interest rate 78 — 78 Total noncurrent derivatives liabilities (3) 78 — 78 Total derivative liabilities $ 88 $ 15 $ 103 (1) Current derivative assets are presented in other current assets in Virginia Power’s Consolidated Balance Sheets. (2) Noncurrent derivative assets are presented in other deferred charges and other assets in Virginia Power’s Consolidated Balance Sheets. (3) Noncurrent derivative liabilities are presented in other deferred credits and other liabilities in Virginia Power’s Consolidated Balance Sheets. The following tables present the gains and losses on Virginia Power’s derivatives, as well as where the associated activity is presented in its Consolidated Balance Sheets and Statements of Income: Derivatives in cash flow hedging relationships Amount of Gain in AOCI on Derivatives (1) Amount of Gain (Loss) Reclassified From AOCI to Income Increase (Decrease) (2) (millions) Three Months Ended September 30, 2019 Derivative type and location of gains (losses): Interest rate (3) $ (21 ) $ — $ (190 ) Total $ (21 ) $ — $ (190 ) Three Months Ended September 30, 2018 Derivative type and location of gains (losses): Interest rate (3) $ 4 $ — $ 48 Total $ 4 $ — $ 48 Nine Months Ended September 30, 2019 Derivative type and location of gains (losses): Interest rate (3) $ (45 ) $ (1 ) $ (408 ) Total $ (45 ) $ (1 ) $ (408 ) Nine Months Ended September 30, 2018 Derivative type and location of gains (losses): Interest rate (3) $ 13 $ — $ 141 Total $ 13 $ — $ 141 (1) Amounts deferred into AOCI have no associated effect in Virginia Power’s Consolidated Statements of Income. (2) Represents net derivative activity deferred into and amortized out of regulatory assets/liabilities. Amounts deferred into regulatory assets/liabilities have no associated effect in Virginia Power’s Consolidated Statements of Income. (3) Amounts recorded in Virginia Power’s Consolidated Statements of Income are classified in interest and related charges. Derivatives not designated as hedging instruments Amount of Gain (Loss) Recognized in Income on Derivatives (1) Three Months Ended Nine Months Ended 2019 2018 2019 2018 (millions) Derivative type and location of gains (losses): Commodity (2) $ (6 ) $ (9 ) $ (18 ) $ (12 ) Total $ (6 ) $ (9 ) $ (18 ) $ (12 ) (1) Includes derivative activity amortized out of regulatory assets/liabilities. Amounts deferred into regulatory assets/liabilities have no associated effect in Virginia Power’s Consolidated Statements of Income. (2) Amounts recorded in Virginia Power’s Consolidated Statements of Income are classified in electric fuel and other energy-related purchases. Dominion Energy Gas Balance Sheet Presentation The tables below present Dominion Energy Gas’ derivative asset and liability balances by type of financial instrument, if the gross amounts recognized in its Consolidated Balance Sheets were netted with derivative instruments and cash collateral received or paid: September 30, 2019 December 31, 2018 Gross Assets Presented in the Consolidated Balance Sheet Financial Instruments Cash Collateral Received Net Amounts Gross Assets Presented in the Consolidated Balance Sheet Financial Instruments Cash Collateral Received Net Amounts (millions) Commodity contracts: Over-the-counter $ 2 $ — $ — $ 2 $ 3 $ — $ — $ 3 Interest rate contracts: Over-the-counter — — — — 2 — — 2 Foreign currency contracts: Over-the-counter 3 3 — — 26 2 — 24 Total derivatives, subject to a master netting or similar arrangement $ 5 $ 3 $ — $ 2 $ 31 $ 2 $ — $ 29 September 30, 2019 December 31, 2018 Gross Amounts Not Offset Gross Financial Cash Collateral Paid Net Amounts Gross Financial Cash Collateral Paid Net Amounts (millions) Interest rate contracts: Over-the-counter $ 113 $ — $ — $ 113 $ 17 $ — $ — $ 17 Foreign currency contracts: Over-the-counter 4 3 — 1 2 2 — — Total derivatives, subject to a master netting or similar arrangement $ 117 $ 3 $ — $ 114 $ 19 $ 2 $ — $ 17 Volumes The following table presents the volume of Dominion Energy Gas’ derivative activity at September 30, 2019. These volumes are based on open derivative positions and represent the combined absolute value of their long and short positions, except in the case of offsetting transactions, for which they represent the absolute value of the net volume of its long and short positions. Current Noncurrent NGLs (Gal) 17,892,000 — Interest rate (1) $ 300,000,000 $ 1,000,000,000 Foreign currency (1)(2) $ — $ 280,000,000 (1) Maturity is determined based on final settlement period. (2) Euro equivalent volumes are € AOCI The following table presents selected information related to gains (losses) on cash flow hedges included in AOCI in Dominion Energy Gas’ Consolidated Balance Sheet at September 30, 2019: AOCI After-Tax Amounts Expected Tax Maximum Term (millions) Commodities: NGLs $ 2 $ 2 6 months Interest rate (108 ) (7 ) 303 months Foreign currency 5 (3 ) 81 months Total $ (101 ) $ (8 ) 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 tables present the fair values of Dominion Energy Gas’ derivatives and where they are presented in its Consolidated Balance Sheets: Fair Value- Under Hedge Accounting Fair Value-Derivatives Not Under Hedge Accounting Total Fair Value (millions) September 30, 2019 ASSETS Current Assets Commodity $ 2 $ — $ 2 Total current derivative assets (1) 2 — 2 Noncurrent Assets Foreign currency 3 — 3 Total noncurrent derivative assets (2) 3 — 3 Total derivative assets $ 5 $ — $ 5 LIABILITIES Current Liabilities Interest rate $ 47 $ — $ 47 Foreign currency 4 — 4 Total current derivative liabilities (3) 51 — 51 Noncurrent Liabilities Interest rate 66 — 66 Total noncurrent derivative liabilities (4) 66 — 66 Total derivative liabilities $ 117 $ — $ 117 December 31, 2018 ASSETS Current Assets Commodity $ 3 $ — $ 3 Interest rate 2 — 2 Total current derivative assets (1) 5 — 5 Noncurrent Assets Foreign currency 26 — 26 Total noncurrent derivative assets (2) 26 — 26 Total derivative assets $ 31 $ — $ 31 LIABILITIES Current Liabilities Interest rate $ 9 $ — $ 9 Foreign currency 2 — 2 Total current derivative liabilities (3) 11 — 11 Noncurrent Liabilities Interest rate 8 — 8 Total noncurrent derivative liabilities (4) 8 — 8 Total derivative liabilities $ 19 $ — $ 19 (1) Current derivative assets include $2​​​​​​​ million in other current assets at December 31, 2018, with the remainder recorded in current assets of discontinued operations in Dominion Energy Gas’ Consolidated Balance Sheets. All current derivative assets are included in current assets of discontinued operations in Dominion Energy Gas’ Consolidated Balance Sheets at September 30, 2019. (2) Noncurrent derivatives assets are presented in other deferred charges and other assets in Dominion Energy Gas’ Consolidated Balance Sheets. (3) Current derivative liabilities are presented in other current liabilities in Dominion Energy Gas’ Consolidated Balance Sheets. (4) Noncurrent derivative liabilities are presented in other deferred credits and other liabilities in Dominion Energy Gas’ Consolidated Balance Sheets. The following table presents the gains and losses on Dominion Energy Gas’ derivatives, as well as where the associated activity is presented in its Consolidated Balance Sheets and Statements of Income: Derivatives in cash flow hedging relationships Amount of Gain Derivatives (1) Amount of Gain (Loss) Reclassified From AOCI to Income (millions) Three Months Ended September 30, 2019 Derivative Type and Location of Gains (Losses): Commodity: Net income from discontinued operations $ 2 Total commodity $ 1 $ 2 Interest rate (2) (36 ) (2 ) Foreign currency (3) (14 ) (12 ) Total $ (49 ) $ (12 ) Three Months Ended September 30, 2018 Derivative Type and Location of Gains (Losses): Commodity: Net income from discontinued operations $ (3 ) Total commodity $ (5 ) $ (3 ) Interest rate (2) 12 (1 ) Foreign currency (3) (1 ) (2 ) Total $ 6 $ (6 ) Nine Months Ended September 30, 2019 Derivative Type and Location of Gains (Losses): Commodity: Net income from discontinued operations $ 4 Total commodity $ 3 $ 4 Interest rate (2) (96 ) (3 ) Foreign currency (3) (24 ) (14 ) Total $ (117 ) $ (13 ) Nine Months Ended September 30, 2018 Derivative Type and Location of Gains (Losses): Commodity: Net income from discontinued operations $ (8 ) Total commodity $ (11 ) $ (8 ) Interest rate (2) 9 (3 ) Foreign currency (3) (1 ) (10 ) Total $ (3 ) $ (21 ) (1) Amounts deferred into AOCI have no associated effect in Dominion Energy Gas’ Consolidated Statements of Income. (2) Amounts recorded in Dominion Energy Gas’ Consolidated Statements of Income are classified in interest and related charges. (3) Amounts recorded in Dominion Energy Gas’ Consolidated Statements of Income are classified in other income. |
Investments
Investments | Nov. 18, 2019 |
Investments Debt And Equity Securities [Abstract] | |
Investments | Note 10. Investments Dominion Energy Equity and Debt Securities Rabbi Trust Securities Equity and fixed income securities and cash equivalents in Dominion Energy’s rabbi trusts and classified as trading totaled $114 million and $111 million at September 30, 2019 and December 31, 2018, respectively. Decommissioning Trust Securities Dominion Energy holds equity and fixed income securities, insurance contracts and cash equivalents in nuclear decommissioning trust funds to fund future decommissioning costs for its nuclear plants. Dominion Energy’s decommissioning trust funds are summarized below: Amortized Cost Total Unrealized Gains Total Unrealized Losses Fair Value (millions) September 30, 2019 Equity securities: (1) U.S. $ 1,787 $ 2,169 $ (30 ) $ 3,926 Fixed income securities: (2) Corporate debt instruments 442 30 — 472 Government securities 1,082 44 (4 ) 1,122 Common/collective trust funds 105 4 — 109 Insurance contracts 210 — — 210 Cash equivalents and other (3) 21 — — 21 Total $ 3,647 $ 2,247 $ (34 ) (4) $ 5,860 December 31, 2018 Equity securities: (1) U.S. $ 1,741 $ 1,640 $ (51 ) $ 3,330 Fixed income securities: (2) Corporate debt instruments 435 5 (9 ) 431 Government securities 1,092 17 (12 ) 1,097 Common/collective trust funds 76 — — 76 Cash equivalents and other 4 — — 4 Total $ 3,348 $ 1,662 $ (72 ) (4) $ 4,938 (1) Unrealized gains and losses on equity securities are included in other income and the nuclear decommissioning trust regulatory liability. (2) Unrealized gains and losses on fixed income securities are included in AOCI and the nuclear decommissioning trust regulatory liability. (3) Includes pending sales of securities of $ 3 (4) The fair value of securities in an unrealized loss position was $ 277 833 The portion of unrealized gains and losses that relates to equity securities held within Dominion Energy’s nuclear decommissioning trusts is summarized below: Three Months Ended September 30, Nine Months Ended September 30, 2019 2018 2019 2018 (millions) Net gains recognized during the period $ 40 $ 243 $ 610 $ 267 Less: Net gains recognized during the period on securities sold during the period (17 ) (7 ) (61 ) (42 ) Unrealized gains recognized during the period on securities still held at September 30, 2019 and 2018 (1) $ 23 $ 236 $ 549 $ 225 (1) Included in other income and the nuclear decommissioning trust regulatory liability. The fair value of Dominion Energy’s fixed income securities with readily determinable fair values held in nuclear decommissioning trust funds at September 30, 2019 by contractual maturity is as follows: Amount (millions) Due in one year or less $ 212 Due after one year through five years 412 Due after five years through ten years 360 Due after ten years 719 Total $ 1,703 Presented below is selected information regarding Dominion Energy’s equity and fixed income securities with readily determinable fair values held in nuclear decommissioning trust funds. Three Months Ended September 30, Nine Months Ended September 30, 2019 2018 2019 2018 (millions) Proceeds from sales $ 429 $ 457 $ 1,311 $ 1,301 Realized gains (1) 53 24 152 96 Realized losses (1) 25 18 75 60 (1) Includes realized gains and losses recorded to the nuclear decommissioning trust regulatory liability. Dominion Energy recorded other-than-temporary impairment losses on investments held in nuclear decommissioning trust funds as follows: Three Months Ended September 30, Nine Months Ended 2019 2018 2019 2018 (millions) Total other-than-temporary impairment losses $ 1 $ 8 $ 1 $ 25 Losses recognized in other comprehensive income (before taxes) (1 ) (8 ) (1 ) (25 ) Net impairment losses recognized in earnings $ — $ — $ — $ — Virginia Power Virginia Power holds equity and fixed income securities and cash equivalents in nuclear decommissioning trust funds to fund future decommissioning costs for its nuclear plants. Virginia Power’s decommissioning trust funds are summarized below: Amortized Cost Total Unrealized Gains Total Unrealized Losses Fair Value (millions) September 30, 2019 Equity securities: (1) U.S. $ 890 $ 1,013 $ (15 ) $ 1,888 Fixed income securities: (2) Corporate debt instruments 257 16 — 273 Government securities 504 17 (1 ) 520 Common/collective trust funds 46 — — 46 Cash equivalents and other (3) 11 — — 11 Total $ 1,708 $ 1,046 $ (16 ) (4) $ 2,738 December 31, 2018 Equity securities: (1) U.S. $ 858 $ 751 $ (24 ) $ 1,585 Fixed income securities: (2) Corporate debt instruments 224 2 (5 ) 221 Government securities 504 7 (5 ) 506 Common/collective trust funds 51 — — 51 Cash equivalents and other (3) 6 — — 6 Total $ 1,643 $ 760 $ (34 ) (4) $ 2,369 (1) Unrealized gains and losses on equity securities are included in other income and the nuclear decommissioning trust regulatory liability. (2) Unrealized gains and losses on fixed income securities are included in AOCI and the nuclear decommissioning trust regulatory liability. (3) Includes pending sales of securities of $ 5 6 (4) The fair value of securities in an unrealized loss position was $ 164 404 The portion of unrealized gains and losses that relates to equity securities held within Virginia Power’s nuclear decommissioning trusts is summarized below: Three Months Ended September 30, Nine Months Ended September 30, 2019 2018 2019 2018 (millions) Net gains recognized during the period $ 30 $ 106 $ 286 $ 118 Less: Net gains recognized during the period on securities sold during the period (7 ) (3 ) (15 ) (26 ) Unrealized gains recognized during the period on securities still held at September 30, 2019 and 2018 (1) $ 23 $ 103 $ 271 $ 92 (1) Included in other income and the nuclear decommissioning trust regulatory liability. The fair value of Virginia Power’s fixed income securities with readily determinable fair values held in nuclear decommissioning trust funds at September 30, 2019 by contractual maturity is as follows: Amount (millions) Due in one year or less $ 99 Due after one year through five years 183 Due after five years through ten years 180 Due after ten years 377 Total $ 839 Presented below is selected information regarding Virginia Power’s equity and fixed income securities with readily determinable fair values held in nuclear decommissioning trust funds. Three Months Ended September 30, Nine Months Ended September 30, 2019 2018 2019 2018 (millions) Proceeds from sales $ 230 $ 237 $ 677 $ 651 Realized gains (1) 21 11 46 44 Realized losses (1) 6 5 18 17 (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 recognized in earnings for Virginia Power were immaterial for the three and nine months ended September 30, 2019 and 2018. Equity Method Investments Dominion Energy Atlantic Coast Pipeline In September 2014, Dominion Energy, along with Duke and Southern Company Gas, announced the formation of Atlantic Coast Pipeline. The Atlantic Coast Pipeline partnership agreement includes provisions to allow Dominion Energy an option to purchase additional ownership interest in Atlantic Coast Pipeline to maintain a leading ownership percentage. As of September 30, 2019, the members hold the following membership interests: Dominion Energy, 48%; Duke, 47%; and Southern Company Gas, 5%. Atlantic Coast Pipeline is focused on constructing an approximately 600-mile natural gas pipeline running from West Virginia through Virginia to North Carolina. Subsidiaries and affiliates of all three 2018, as updated in Current Report on Form 8-K, filed November 18, 2019, for more information. Dominion Energy recorded contributions of $47 million and $147 million during the three months ended September 30, 2019 and 2018, respectively, and $175 million and $306 million during the nine months ended September 30, 2019 and 2018, respectively, to Atlantic Coast Pipeline. At September 30, 2019, Dominion Energy had $10 million of contributions payable to Atlantic Coast Pipeline included within other current liabilities in the Consolidated Balance Sheets. DETI provides services to Atlantic Coast Pipeline which totaled $24 million and $50 million for the three months ended September 30, 2019 and 2018, respectively, and $81 million and $156 million for the nine months ended September 30, 2019 and 2018, respectively, included in operating revenue in Dominion Energy and Dominion Energy Gas’ Consolidated Statements of Income. Amounts receivable related to these services were $9 million and $13 million at September 30, 2019 and December 31, 2018, respectively, composed entirely of accrued unbilled revenue, included in other receivables in Dominion Energy and Dominion Energy Gas’ Consolidated Balance Sheets. In October 2017, Dominion Energy entered into a guarantee agreement to support a portion of Atlantic Coast Pipeline’s obligation under its credit facility. See Note 18 for more information. Atlantic Coast Pipeline is the subject of challenges in state and federal courts and agencies, including, among others, challenges of the Atlantic Coast Pipeline Project’s biological opinion and incidental take statement, permits providing right of way crossings of certain federal lands, the U.S. Army Corps of Engineers 404 permit, the air permit for a compressor station at Buckingham, Virginia, the FERC Environmental Impact Statement order and the FERC order approving the CPCN. Each of these challenges alleges non-compliance on the part of federal and state permitting authorities and adverse ecological consequences if the Atlantic Coast Pipeline Project is permitted to proceed. Since December 2018, notable developments in these challenges include a stay in December 2018 issued by the U.S. Court of Appeals for the Fourth Circuit and the same court’s July 2019 vacatur of the biological opinion and incidental take statement (which stay and subsequent vacatur halted most project construction activity), a U.S. Court of Appeals for the Fourth Circuit decision vacating the permits to cross certain federal forests, the U.S. Court of Appeals for the Fourth Circuit’s remand to U.S. Army Corps of Engineers of Atlantic Coast Pipeline’s Huntington District 404 verification and the U.S. Court of Appeals for the Fourth Circuit’s remand to the National Park Service of Atlantic Coast Pipeline’s Blue Ridge Parkway right-of-way. Atlantic Coast Pipeline is vigorously defending these challenges and coordinating with the federal and state authorities which are the direct parties to the challenges. In June 2019, the Solicitor General of the U.S. and Atlantic Coast Pipeline filed petitions requesting that the Supreme Court of the U.S. hear the case regarding the Appalachian Trail crossing. In October 2019, the Supreme Court of the U.S. agreed to hear the case. A ruling is expected no later than June 2020. Atlantic Coast Pipeline is also evaluating possible legislative remedies to this issue. In anticipation of the U.S. Court of Appeals for the Fourth Circuit’s vacatur of the biological opinion and incidental take statement, Atlantic Coast Pipeline and the U.S. Fish and Wildlife Service commenced work in mid-May of 2019 to set the basis for a reissued biological opinion and incidental take statement. Atlantic Coast Pipeline continues coordinating and working with U.S. Fish and Wildlife Service and other parties in preparation for a reissuance of the biological opinion and incidental take statement. Given the legal challenges described above and ongoing discussions with customers, project construction is expected to be completed by the end of 2021, with full in-service in early 2022. The delays resulting from the legal challenges described above have impacted the cost and schedule for the Atlantic Coast Pipeline Project. Project cost estimates are $7.3 billion to $7.8 billion, excluding financing costs. Given the status of current discussions with U.S. Fish and Wildlife Service regarding a new biological opinion and incidental take statement, as well as discussions with contractors regarding efficiencies which may be realized going forward, these estimates are under review and subject to upward pressure. Project construction activities, schedules and costs are also subject to uncertainty due to permitting and/or work delays (including due to judicial or regulatory action), abnormal weather and other conditions that could result in cost or schedule modifications in the future, a suspension of AFUDC for Atlantic Coast Pipeline and/or impairment charges potentially material to Dominion Energy’s cash flows, financial position and/or results of operations. Blue Racer In the first quarter of 2019, Dominion Energy received $151 million of additional consideration, including applicable interest, in connection with the sale of Dominion Energy’s 50% limited partnership interest in Blue Racer in December 2018, as discussed in Note 9 to the Consolidated Financial Statements in the Companies’ Annual Report on Form 10-K for the year ended December 31, 2018, as updated in Current Report on Form 8-K, filed November 18, 2019. Other – Catalyst Old River Hydroelectric Limited Partnership In September 2018, Dominion Energy completed the sale of its 25% limited partnership interest in Catalyst Old River Hydroelectric Limited Partnership and received proceeds of $91 million. The sale resulted in a gain of $87 million ($63 million after-tax), which is included in other income in Dominion Energy’s Consolidated Statement of Income. Wrangler In September 2019, Dominion Energy entered into an agreement to form Wrangler, a partnership with Interstate Gas Supply, Inc. Wrangler will operate a nonregulated natural gas retail energy marketing business with Dominion Energy contributing its nonregulated retail energy marketing operations and Interstate Gas Supply, Inc. contributing cash. Dominion Energy expects the initial contribution, consisting of SCANA Energy Marketing, Inc., to close in the fourth quarter of 2019, subject to approval from the Georgia Public Service Commission and clearance from the Federal Trade Commission under the Hart-Scott-Rodino Act. Dominion Energy will receive approximately $250 million in cash proceeds, subject to working capital adjustments, and expects to recognize a gain of approximately $135 million ($75 million after-tax), net of an approximately $70 million write-off of goodwill. Dominion Energy will have a 20% noncontrolling ownership interest in Wrangler which will be accounted for as an equity method investment as Dominion Energy has the ability to exercise significant influence, but not control, over the investee. In the third quarter of 2019, SCANA Energy Marketing, Inc.’s assets and liabilities to be contributed were classified as held for sale on the Consolidated Balance Sheet. SCANA Energy Marketing, Inc. is included in Dominion Energy’s Southeast Energy segment and is primarily comprised of intangible assets related to acquired customer lists in the SCANA Combination, trade accounts receivable, gas inventory and trade accounts payable. Over the next three years, Dominion Energy expects to contribute its remaining nonregulated retail energy marketing operations to Wrangler under the terms of the September 2019 agreement. As a result, Dominion Energy will receive additional cash consideration which will be based upon future financial performance. When these future contributions occur, Dominion Energy expects to retain a 20% noncontrolling ownership interest in Wrangler. Dominion Energy Gas Iroquois and White River Hub Dominion Energy Gas’ equity earnings totaled $30 million and $41 million for the nine months ended September 30, 2019 and 2018, respectively. Dominion Energy Gas recorded contributions of $4 million for the nine months ended September 30, 2019. Dominion Energy Gas received distributions of $60 million and $47 million for the nine months ended September 30, 2019 and 2018, respectively. At September 30, 2019 and December 31, 2018, the carrying amount of Dominion Energy Gas’ investment of $313 million and $339 million, respectively, exceeded its share of underlying equity in net assets by $146 million. The difference reflects equity method goodwill and is not being amortized. |
Property Plant and Equipment
Property Plant and Equipment | Nov. 18, 2019 |
Property Plant And Equipment [Abstract] | |
Property Plant and Equipment | Note 11. Property, Plant and Equipment Dominion Energy and Virginia Power Acquisitions of Solar Projects The following table presents acquisitions by Virginia Power of solar projects. Virginia Power expects to claim federal investmen​​​​​​​t tax ​​​​​​​credits on the projects. Date Agreement Date Agreement Project Location Project Name Project Cost​​​​​​​ (1) Date of Commercial​​​​​​​ MW Capacity September 2017 June 2019 North Carolina Gutenberg $ 142 September 2019 80 June 2018 February 2019 Virginia Gloucester 37 April 2019 20 August 2018 March 2019 Virginia Grasshopper 130 Expected 2020​​​​​​​ 80 August 2018 May 2019 North Carolina Chestnut 130 Expected 2019 75 June 2019 June 2019 Virginia Ft. Powhatan 270 Expected 2021 150 June 2019 August 2019 Virginia Belcher 160 Expected 2020 88 August 2019 Pending Virginia Bedford 110 Expected 2021 70 October 2019 October 2019 Virginia Maplewood 190 Expected 2022 120 (1) Includes acquisition cost. Dominion Energy Acquisitions of Solar Projects The following table presents acquisitions by Dominion Energy of solar projects. Dominion Energy expects to claim federal investment tax credits on the projects. Date Agreement Date Agreement Project Location Project Name Project Cost (1) Date of Commercial MW Capacity August 2019 August 2019 Virginia Greensville $ 130 Expected 2020 80 August 2019 August 2019 Virginia Myrtle 35 Expected 2020 15 September 2019 September 2019 South Carolina Seabrook 105 Expected 2019 72 (1) Includes acquisition cost. Dominion Energy Gas Assignment of Shale Development Rights In December 2013, Dominion Energy closed on agreements with natural gas producers to convey over time approximately 100,000 acres of Marcellus In November 2014, Dominion Energy Gas closed an agreement with a natural gas producer to convey over time approximately 24,000 acres of Marcellus Shale development rights underneath one of its natural gas storage fields. In January 2018, Dominion Energy Gas and the natural gas producer closed on an amendment to the agreement, which included the conveyance of Dominion Energy Gas’ remaining 50% interest in approximately 18,000 acres and the elimination of Dominion Energy Gas’ overriding royalty interest in gas produced from all acreage. In February 2018, Dominion Energy Gas received proceeds of $28 million, resulting in an approximately $28 million ($20 million after-tax) gain recorded in gains on sales of assets in Dominion Energy Gas’ Consolidated Statements of Income. In March 2018, Dominion Energy Gas closed an agreement with a natural gas producer to convey approximately 11,000 acres of Utica and Point Pleasant Shale development rights underneath one of its natural gas storage fields. The agreement provided for a payment to Dominion Energy Gas, subject to customary adjustments, of $16 million. In March 2018, Dominion Energy Gas received cash proceeds of $16 million associated with the conveyance of the acreage, resulting in a $16 million ($12 million after-tax) gain recorded in gains on sales of assets in Dominion Energy Gas’ Consolidated Statements of Income. In June 2018, Dominion Energy Gas closed an amendment to an agreement with a natural gas producer for the elimination of Dominion Energy Gas’ overriding royalty interest in gas produced from approximately 9,000 acres of Marcellus Shale development rights underneath one of its natural gas storage fields previously conveyed in December 2013. In June 2018, Dominion Energy Gas received proceeds of $6 million associated with the transaction, resulting in a $6 million ($4 million after-tax) gain recorded in gains on sales of assets in Dominion Energy Gas’ Consolidated Statements of Income. |
Regulatory Assets and Liabiliti
Regulatory Assets and Liabilities | Nov. 18, 2019 |
Regulated Operations [Abstract] | |
Regulatory Assets and Liabilities | Note 12. Regulatory Assets and Liabilities Regulatory assets and liabilities include the following: September 30, 2019 December 31, 2018 (millions) Dominion Energy Regulatory assets: Deferred cost of fuel used in electric generation (1) $ 78 $ 174 Deferred project costs and DSM programs for gas utilities (2) 29 17 Unrecovered gas costs (3) 118 14 Deferred rate adjustment clause costs for Virginia electric utility (4)(5) 226 78 Deferred nuclear refueling outage costs (6) 50 69 NND Project costs (7) 138 — PJM transmission rates (8) 69 45 Other 258 99 Regulatory assets-current 966 496 Deferred cost of fuel used in electric generation (1) — 83 Unrecognized pension and other postretirement benefit costs (9) 1,331 1,497 Deferred rate adjustment clause costs for Virginia electric utility (4)(5)(10) 88 230 Deferred project costs for gas utilities (2) 482 335 PJM transmission rates (8) 169 192 Interest rate hedges (11) 897 184 AROs and related funding (12) 330 — Cost of reacquired debt (13)(14) 283 3 NND Project costs (7) 2,537 — Ash pond and landfill closure costs (15) 1,003 27 Other 549 125 Regulatory assets-noncurrent 7,669 2,676 Total regulatory assets $ 8,635 $ 3,172 Regulatory liabilities: Provision for future cost of removal and AROs (16) $ 117 $ 117 Reserve for refunds and rate credits to electric utility customers (17) 215 71 Cost-of-service impact of 2017 Tax Reform Act (18) 2 104 Income taxes refundable through future rates (19) 82 — Monetization of guarantee settlement (20) 67 — Other 64 64 Regulatory liabilities-current 547 356 Income taxes refundable through future rates (19) 5,007 4,071 Provision for future cost of removal and AROs (16) 2,315 1,409 Nuclear decommissioning trust (21) 1,354 1,070 Monetization of guarantee settlement (20) 987 — Reserve for refunds and rate credits to electric utility customers (17) 707 — Overrecovered other postretirement benefit costs (22) 151 120 Other 405 170 Regulatory liabilities-noncurrent 10,926 6,840 Total regulatory liabilities $ 11,473 $ 7,196 (1) Reflects deferred fuel expenses for the Virginia, North Carolina and South Carolina jurisdictions of Dominion Energy’s electric generation operations. (2) Primarily reflects amounts expected to be collected from or owed to gas customers in Dominion Energy’s service territories associated with current and prospective rider projects, including CEP, PIR and pipeline integrity management. See Note 13 for more information. (3) Reflects unrecovered or overrecovered gas costs at regulated gas operations, which are recovered or refunded through filings with the applicable regulatory authority. (4) Reflects deferrals under Virginia Power’s electric transmission FERC formula rate and the deferral of costs associated with certain current and prospective rider projects, net of income taxes refundable from the 2017 Tax Reform Act for Virginia Power. See Note 13 for more information. (5) As a result of actions from the Virginia Commission in the first quarter of 2019 regarding the ratemaking treatment of excess deferred taxes from the adoption of the 2017 Tax Reform Act for all existing rate adjustment clauses, Virginia Power recorded a $29 million ($22 million after-tax) charge in operating revenue in the Consolidated Statements of Income for amounts which are probable of being returned to customers. (6) 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. (7) Reflects expenditures by DESC associated with the NND Project, which pursuant to the SCANA Merger Approval Order, will be recovered from DESC electric service customers over a 20 (8) Reflects amounts to be recovered through retail rates in Virginia for payments Virginia Power will make to PJM over a ten-year period ending 2028 under the terms of a FERC settlement agreement in May 2018 resolving a PJM cost allocation matter. (9) Represents unrecognized pension and other postretirement employee benefit costs expected to be recovered or refunded through future rates generally over the expected remaining service period of plan participants by certain of Dominion Energy’s rate-regulated subsidiaries. (10) During the first quarter of 2019, Virginia Power recorded a charge of $17 million ($13 million after-tax) to write-off the balance of a regulatory asset for which it is no longer seeking recovery. (11) Reflects interest rate hedges recoverable from or refundable to customers. Certain of these instruments are settled and any related payments are being amortized into interest expense over the life of the related debt, which has a weighted-average useful life of approximately 27 (12) Represents deferred depreciation and accretion expense related to legal obligations associated with the future retirement of generation, transmission and distribution properties. The AROs primarily relate to DESC’s electric generating facilities, including V.C. Summer nuclear power station, and are expected to be recovered over the related property lives and periods of decommissioning which may range up to approximately 106 years. (13) Costs of the reacquisition of debt are deferred and amortized as interest expense over the would-be remaining life of the reacquired debt. The reacquired debt costs had a weighted-average life of approximately 26 years as of September 30, 2019. (14) During 2019, DESC purchased certain of its first mortgage bonds as discussed in Note 17. As a result of these transactions, DESC incurred net costs, including write-offs of unamortized discount, premium and debt issuance costs, of $ 270 (15) Primarily reflects legislation enacted in Virginia in March 2019 which requires any CCR unit located at certain Virginia Power stations to be closed by removing the CCRs to an approved landfill or through recycling for beneficial reuse. Subject to approval by the Virginia Commission, amounts are expected to be collected over a period between 15 and 18 years commencing no earlier than 2021. See Note 18 for additional information. (16) Rates charged to customers by Dominion Energy’s 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. (17) Reflects amounts previously collected from retail electric customers of DESC for the NND Project to be credited over an estimated 11-year period in connection with the SCANA Merger Approval Order and Virginia legislation enacted in March 2018 that required one-time rate credits of certain amounts to utility customers in Virginia. See Notes 3 and 13 to the Consolidated Financial Statements in the Companies’ Annual Report on Form 10-K for the year ended December 31, 2018, as updated in Current Report on Form 8-K, filed on November 18, 2019, and Note 3 for more information. (18) Balance refundable to customers related to the decrease in revenue requirements for recovery of income taxes at the Companies’ regulated electric generation and electric and natural gas distribution operations. See Notes 3 and 13 to the Consolidated Financial Statements in the Companies’ Annual Report on Form 10-K for the year ended December 31, 2018, as updated in Current Report on Form 8-K, filed on November 18, 2019, and Note 13 for more information. (19) Amounts recorded to pass the effect of reduced income taxes from the 2017 Tax Reform Act to customers in future periods, which will reverse at the weighted average tax rate that was used to build the reserves over the remaining book life of the property, net of amounts to be recovered through future rates to pay income taxes that become payable when rate revenue is provided to recover AFUDC equity. (20) Reflects amounts to be refunded to DESC electric service customers over a 20-year period ending in 2039 associated with the monetization of a bankruptcy settlement agreement. See Note 3 for additional information. (21) 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, as applicable) for the future decommissioning of Dominion Energy’s utility nuclear generation stations, in excess of the related AROs. (22) Reflects a regulatory liability for the collection of postretirement benefit costs allowed in rates in excess of expense incurred. September 30, 2019 December 31, 2018 (millions) Virginia Power Regulatory assets: Deferred cost of fuel used in electric generation (1) $ 78 $ 174 Deferred rate adjustment clause costs (2)(3) 226 78 Deferred nuclear refueling outage costs (4) 50 69 PJM transmission rates (5) 69 45 Other 46 58 Regulatory assets-current (6) 469 424 Deferred rate adjustment clause costs (2)(3)(7) 88 230 PJM transmission rates (5) 169 192 Interest rate hedges (8) 555 151 Deferred cost of fuel used in electric generation (1) — 83 Ash pond and landfill closure costs (9) 1,003 27 Other 102 54 Regulatory assets-noncurrent 1,917 737 Total regulatory assets $ 2,386 $ 1,161 Regulatory liabilities: Provision for future cost of removal (10) $ 92 $ 92 Cost-of-service impact of 2017 Tax Reform Act (11) 2 95 Reserve for rate credits to electric utility customers (12) — 71 Income taxes refundable through future rates (13) 74 — Other 12 41 Regulatory liabilities-current 180 299 Income taxes refundable through future rates (13) 2,405 2,579 Nuclear decommissioning trust (14) 1,354 1,070 Provision for future cost of removal (10) 1,056 940 Other 163 58 Regulatory liabilities-noncurrent 4,978 4,647 Total regulatory liabilities $ 5,158 $ 4,946 (1) Reflects deferred fuel expenses for the Virginia and North Carolina jurisdictions of Virginia Power’s generation operations. (2) Reflects deferrals under Virginia Power’s electric transmission FERC formula rate and the deferral of costs associated with certain current and prospective rider projects, net of income taxes refundable from the 2017 Tax Reform Act for Virginia Power. See Note 13 for more information. (3) As a result of actions from the Virginia Commission in the first quarter of 2019 regarding the ratemaking treatment of excess deferred taxes from the adoption of the 2017 Tax Reform Act for all existing rate adjustment clauses, Virginia Power recorded a $29 million ($22 million after-tax) charge in operating revenue in the Consolidated Statements of Income for amounts which are probable of being returned to customers. (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) Reflects amounts to be recovered through retail rates in Virginia for payments Virginia Power will make to PJM over a ten-year period ending 2028 under the terms of a FERC settlement agreement in May 2018 resolving a PJM cost allocation matter. (6) Current regulatory assets are presented in other current assets in Virginia Power’s Consolidated Balance Sheets. (7) During the first quarter of 2019, Virginia Power recorded a charge of $17 million ($13 million after-tax) to write-off the balance of a regulatory asset for which it is no longer seeking recovery. (8) Reflects interest rate hedges recoverable from or refundable to customers. Certain of these instruments are settled and any related payments are being amortized into interest expense over the life of the related debt, which has a weighted-average useful life of approximately 24 years as of September 30, 2019. (9) Primarily reflects legislation enacted in Virginia in March 2019 which requires any CCR unit located at certain Virginia Power stations to be closed by removing the CCR to an approved landfill or through recycling for beneficial reuse. Subject to approval by the Virginia Commission, amounts are expected to be collected over a period between 15 and 18 years commencing no earlier than 2021. See Note 18 for additional information. (10) Rates charged to customers by Virginia Power’s regulated businesses include a provision for the cost of future activities to remove assets that are expected to be incurred at the time of retirement. (11) Balance refundable to customers related to the decrease in revenue requirements for recovery of income taxes at regulated electric generation and distribution operations. See Note 13 to the Consolidated Financial Statements in the Companies’ Annual Report on Form 10-K for the year ended December 31, 2018, as updated in Current Report on Form 8-K, filed November 18, 2019, and Note 13 for more information. (12) Charge associated with Virginia legislation enacted in March 2018 that required one-time rate credits of certain amounts to utility customers. See Note 13 to the Consolidated Financial Statements in the Companies’ Annual Report on Form 10-K for the year ended December 31, 2018, as updated in Current Report on Form 8-K, filed November 18, 2019, for more information. (13) Amounts recorded to pass the effect of reduced income taxes from the 2017 Tax Reform Act to customers in future periods, which will reverse at the weighted average tax rate that was used to build the reserves over the remaining book life of the property, net of amounts to be recovered through future rates to pay income taxes that become payable when rate revenue is provided to recover AFUDC equity. (14) Primarily reflects a regulatory liability representing amounts collected from Virginia jurisdictional customers and placed in external trusts (including income, losses and changes in fair value thereon) for the future decommissioning of Virginia Power’s utility nuclear generation stations, in excess of the related AROs. September 30, 2019 December 31, 2018 (millions) Dominion Energy Gas Regulatory assets: Unrecovered gas costs (1) $ 2 $ 1 Other 8 7 Regulatory assets-current (2) 10 8 Unrecognized pension and other postretirement benefit costs (3) 4 15 Interest rate hedges (4) 32 33 Other 10 4 Regulatory assets-noncurrent (5) 46 52 Total regulatory assets $ 56 $ 60 Regulatory liabilities: Provision for future cost of removal and AROs (6) $ 10 $ 9 Overrecovered gas costs (1) 7 7 Other 13 8 Regulatory liabilities-current (7) 30 24 Income taxes refundable through future rates (8) 560 530 Provision for future cost of removal and AROs (6) 110 113 Overrecovered other postretirement benefit costs (9) 125 106 Other 12 16 Regulatory liabilities-noncurrent 807 765 Total regulatory liabilities $ 837 $ 789 (1) Reflects unrecovered or overrecovered gas costs at regulated gas operations, which are recovered or refunded through filings with the applicable regulatory authority. (2) Current regulatory assets are presented in other current assets in Dominion Energy Gas’ Consolidated Balance Sheets. (3) Represents unrecognized pension and other postretirement employee benefit costs expected to be recovered or refunded through future rates generally over the expected remaining service period of plan participants by certain of Dominion Energy Gas’ rate-regulated subsidiaries. (4) Reflects interest rate hedges recoverable from or refundable to customers. Certain of these instruments are settled and any related payments are being amortized into interest expense over the life of the related debt, which has a weighted average useful life of approximately 30 years. (5) Noncurrent regulatory assets are presented in other deferred charges and other assets in Dominion Energy Gas’ Consolidated Balance Sheets. (6) Rates charged to customers by Dominion Energy Gas’ 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. (7) Current regulatory liabilities are presented in other current liabilities in Dominion Energy Gas’ Consolidated Balance Sheets. (8) Amounts recorded to pass the effect of reduced income taxes from the 2017 Tax Reform Act to customers in future periods, which will reverse at the weighted average tax rate that was used to build the reserves over the remaining book life of the property, net of amounts to be recovered through future rates to pay income taxes that become payable when rate revenue is provided to recover AFUDC equity. (9) Reflects a regulatory liability for the collection of postretirement benefit costs allowed in rates in excess of expense incurred. At September 30, 2019, Dominion Energy, Virginia Power and Dominion Energy Gas’ regulatory assets include $2.4 billion, $1.3 billion and $50 million, respectively, on which they do not expect to earn a return during the applicable recovery period. With the exception of certain items discussed above, the majority of these expenditures are expected to be recovered within the next two years. |
Regulatory Matters
Regulatory Matters | Nov. 18, 2019 |
Regulated Operations [Abstract] | |
Regulatory Matters | Note 13. 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 regulatory matters that the Companies cannot estimate, a statement to this effect is made in the description of the matter. Other matters may have progressed sufficiently through the regulatory process such that the Companies are able to estimate a range of possible loss. For regulatory matters that 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. Virginia Power purchases and, under its market based rate authority, sells electricity in the PJM wholesale market and to wholesale purchasers in Virginia and North Carolina. DESC sells electricity to wholesale purchasers in its balancing authority area under its electric cost based tariff and to wholesale purchasers outside of its balancing authority area under its market based rate authority. Dominion Energy’s merchant generators sell electricity in the PJM, CAISO and ISO-NE wholesale markets, and to wholesale purchasers in the states of Virginia, North Carolina, Indiana, Connecticut, Tennessee, Georgia, California, South Carolina and Utah, under Dominion Energy’s market-based sales tariffs authorized by FERC or pursuant to FERC authority to sell as a qualified facility. 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 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 investment in electric transmission infrastructure. In March 2010, ODEC and North Carolina Electric Membership Corporation filed a complaint with FERC against Virginia Power claiming, among other issues, that the incremental costs of undergrounding certain transmission line projects were unjust, unreasonable and unduly discriminatory or preferential and should be excluded from Virginia Power’s transmission formula rate. A settlement of the other issues raised in the complaint was approved by FERC in May 2012. In March 2014, FERC issued an order excluding from Virginia Power’s transmission rates for wholesale transmission customers located outside Virginia the incremental costs of undergrounding certain transmission line projects. FERC found it is not just and reasonable for non-Virginia 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. In October 2017, FERC issued an order determining the calculation of the incremental costs of undergrounding the transmission projects and affirming that the costs are to be recovered from the wholesale transmission customers with loads located in Virginia. FERC directed Virginia Power to rebill all wholesale transmission customers retroactively to March 2010 within 30 days of when the proceeding becomes final and no longer subject to rehearing. In November 2017, Virginia Power, North Carolina Electric Membership Corporation and the wholesale transmission customers filed petitions for rehearing. In July 2018, FERC denied the rehearing requests related to the October 2017 order determining the calculation of the undergrounding costs. Several parties have appealed FERC’s decision to the U.S. Court of Appeals for the D.C. Circuit. This matter is pending. While Virginia Power cannot predict the outcome of the matter, it is not expected to have a material effect on results of operations. In January 2019, FERC issued an order denying PJM’s request to waive certain provisions of the PJM Tariff regarding the liquidation of a portfolio of FTRs owned by GreenHat who had defaulted on its financial obligations. As a result of FERC’s order, PJM is required to use the existing tariff provisions to liquidate GreenHat’s FTR portfolio and allocate the resulting costs to PJM members. In February 2019, PJM filed a request for clarification and rehearing with FERC. Also in February 2019, Virginia Power and certain other PJM members filed a request for rehearing with FERC. In June 2019, FERC established a hearing and settlement proceedings to address the issues raised in PJM’s request for clarification and rehearing. In October 2019, PJM submitted a settlement offer to FERC which is pending approval. Based on the terms of the proposed settlement, the impact to Virginia Power is expected to be immaterial. FERC – Gas DETI In July 2017, FERC audit staff communicated to DETI that it had substantially completed an audit of DETI’s compliance with the accounting and reporting requirements of FERC’s Uniform System of Accounts and provided a description of matters and preliminary recommendations. In November 2017, the FERC audit staff issued its audit report which could have the potential to result in adjustments which could be material to Dominion Energy and Dominion Energy Gas’ results of operations. In December 2017, DETI provided its response to the audit report. DETI recognized a charge of $129 million ($94 million after-tax) recorded primarily within impairment of assets and other charges in Dominion Energy and Dominion Energy Gas’ Consolidated Statements of Income during the second quarter of 2018 for a disallowance of plant, originally established beginning in 2012, in anticipation of resolution of one matter with FERC. DETI reached resolution of certain matters with FERC in the fourth quarter of 2018. Pending final resolution of the audit process and a determination by FERC, management is unable to estimate the potential impact of the remaining finding and no amounts have been recognized. 2017 Tax Reform Act Other than the items discussed below, which are pending or have been resolved during the period, there have been no changes to the 2017 Tax Reform Act matters discussed in Notes 3 and 13 to the Consolidated Financial Statements in the Companies’ Annual Report on Form 10-K for the year ended December 31, 2018, as updated in Current Report on Form 8-K, filed November 18, 2019. In January 2019, Virginia Power filed updated testimony in response to the Virginia Commission’s September 2018 order with a proposed annual revenue reduction of approximately $171 million. Additionally, Virginia Power proposed to issue a one-time bill credit to customers within 90 days of this effective date, to true-up the difference between the final revenue reduction for the period January 1, 2018 through March 31, 2019 and the $125 million interim rate reduction implemented on July 1, 2018. In March 2019, the Virginia Commission issued an order approving an annual revenue reduction of approximately $183 million effective April 2019 and ordered Virginia Power to implement the one-time customer credit on or before July 1, 2019. In the second quarter of 2019, Virginia Power refunded to customers $132 million. In October 2018, the North Carolina Commission issued an order requesting companies file to reduce base rates expeditiously. Virginia Power made its compliance filing in October 2018 and submitted an annual base rate revenue decrease of approximately $14 million effective in early 2019. Virginia Power also proposed to issue a one-time bill credit in early 2019 for its 2018 tax savings collected provisionally from customers. The order allowed for the disposition of excess deferred income taxes to be deferred for consideration until the utilities’ next base rate case, but no longer than 3 years, and initiated a quarterly reporting requirement for such deferred amounts. In March 2019, the North Carolina Commission issued an order approving Virginia Power’s proposed annual base rate revenue decrease and one-time bill credit. In the second quarter of 2019, Virginia Power refunded to customers $13 million. In March 2019, Questar Gas filed with the Utah and Wyoming Commissions as to the impact of excess deferred income taxes resulting from the 2017 Tax Reform Act. Questar Gas proposed to return the 2018 amortization of excess deferred income taxes to customers and to incorporate the remaining excess deferred income tax impact in its next general rate cases in each jurisdiction. In May 2019, the Utah Commission issued an order approving Questar Gas’ proposal to refund the 2018 amortization of excess deferred income taxes over twelve months beginning in June 2019. The matter with the Wyoming Commission is pending. In October 2018, the Ohio Commission issued an order requiring rate-regulated utilities to file an application reflecting the impact of the 2017 Tax Reform Act on current rates by January 1, 2019. In December 2018, East Ohio filed its application proposing an approach to establishing rates and charges by and through which to return tax reform benefits to its customers. This case is pending. In March 2018, FERC announced actions to address the income tax allowance component of regulated entities’ cost-of-service rates as a result of the 2017 Tax Reform Act. FERC required all interstate natural gas pipelines to make a one-time informational filing with FERC on Form 501-G to provide financial information to allow FERC and other interested parties to analyze the impacts of the changes in tax law. The actions also included the reversal of FERC’s policy allowing master limited partnerships to recover an income tax allowance in cost-of-service rates and requiring other pass-through entities to justify the inclusion of an income tax allowance. During 2018, Dominion Energy’s FERC-regulated pipelines, including those accounted for as equity method investments, filed the Form 501-G with FERC. Dominion Energy Overthrust Pipeline, LLC, White River Hub, Dominion Energy Questar Pipeline, DETI, DECG, Cove Point and Iroquois have reached resolution through a FERC waiver or FERC terminating the 501-G proceeding, or through settlement, which did not result in a material impact to results of operations, financial condition and/or cash flows of Dominion Energy or Dominion Energy Gas. Other Regulatory Matters Other than the following matters, there have been no significant developments regarding the pending regulatory matters disclosed in Notes 3 and 13 to the Consolidated Financial Statements in the Companies’ Annual Report on Form 10-K for the year ended December 31, 2018, as updated in Current Report on Form 8-K, filed November 18, 2019, or Note 13 to the Consolidated Financial Statements in the Companies’ Quarterly Reports on Form 10-Q for the quarters ended March 31, 2019 and June 30, 2019, as updated in Current Report on Forms 8-K, filed on November 18, 2019. Virginia Regulation Grid Transformation and Security Act of 2018 In July 2018, Virginia Power filed a petition with the Virginia Commission for approval of the first three years of its ten-year plan for electric distribution grid transformation projects as authorized by the GTSA. During the first three years of the plan, Virginia Power proposed to focus on the following seven foundational components of the overall grid transformation plan: (i) smart meters; (ii) customer information platform; (iii) reliability and resilience; (iv) telecommunications infrastructure; (v) cyber and physical security; (vi) predictive analytics; and (vii) emerging technology. The total estimated capital investment during 2019-2021 was $816 million and the proposed operations and maintenance expenses were $102 million. In January 2019, the Virginia Commission issued its final order approving capital spending for the first three years of the plan totaling $68 million on cyber and physical security and related telecommunications infrastructure (Phase IA). The Virginia Commission declined to approve the remainder of the proposed components for the first three years of the plan, the proposed spending for which was not found reasonable and prudent based on the record in the proceeding. In September 2019, Virginia Power filed a revised plan which includes six components: (i) smart meters; (ii) customer information platform; (iii) grid improvement projects; (iv) telecommunications infrastructure; (v) cyber security; and (vi) a smart charging electric vehicle infrastructure pilot program (Phase IB). For Phase IB, the total proposed capital investment during 2019 – 2021 is $511 million and the proposed operations and maintenance investment is $83 million. This matter is pending. Virginia Fuel Expenses In May 2019, Virginia Power filed its annual fuel factor with the Virginia Commission to recover an estimated $1.5 billion in Virginia jurisdictional projected fuel expenses for the rate year beginning July 1, 2019 and the projected June 30, 2019 underrecovered balance of $124 million. Virginia Power’s proposed fuel rate represented a fuel revenue decrease of $192 million when applied to projected kilowatt-hour sales for the period July 1, 2019 to June 30, 2020. Subsequently in May 2019, Virginia Power revised its fuel factor filing to reduce the projected June 30, 2019 underrecovered balance to $107 million and a fuel revenue decrease of $254 million. In August 2019, the Virginia Commission approved Virginia Power’s fuel rate. Battery Storage Pilot In August 2019, Virginia Power filed an application with the Virginia Commission to participate in a pilot program for electric power storage batteries, which includes three projects for deployment of battery energy storage systems. Virginia Power also requested an amended CPCN to construct and operate a battery energy storage system at Scott Solar. The projects are estimated to cost approximately $35 million. These matters are pending. Rate Adjustment Clauses In December 2018, Virginia Power filed a petition requesting approval of Rider E and proposed a $114 million total revenue requirement for the rate year beginning November 1, 2019. In August 2019, the Virginia Commission issued an order approving in part and denying in part the petition. As a result, Virginia Power recorded a $21 million ($16 million after-tax) charge in impairment of assets and other charges in the Consolidated Statements of Income for the three and nine months ended September 30, 2019 to write-off certain disallowed environmental property, plant and equipment and regulatory assets. In August 2019, the Virginia Commission granted Virginia Power’s petition for reconsideration of the disallowed amount and stayed the order issued earlier in August 2019. In October 2019, the Virginia Commission approved Virginia Power’s request to implement a total revenue requirement of $104 million, subject to true-up, pending resolution of the petition for reconsideration. This matter is pending. The Virginia Commission previously approved Rider U in conjunction with cost recovery to move certain electric distribution facilities underground as authorized by Virginia legislation. In October 2019, The Virginia Commission approved Virginia Power’s proposed fourth phase of conversions totaling $123 million and a total $52 million revenue requirement for the rate year beginning February 1, 2020 for continuing recovery of the previously approved phase conversions and the proposed fourth phase conversions. Additional significant riders associated with various Virginia Power projects are as follows: Rider Name Application Date Approval Date Rate Year Beginning Total Revenue Increase (Decrease) Over (millions) Rider BW October 2019 Pending September 2020 $ 120 $ 1 Rider US-2 October 2019 Pending September 2020 10 (5 ) Electric Transmission Projects In November 2013, the Virginia Commission issued an order granting Virginia Power a CPCN to construct approximately 7 miles of new overhead 500 kV transmission line from the existing Surry switching station in Surry County to a new Skiffes Creek switching station in James City County, and approximately 20 miles of new 230 kV transmission line in James City County, York County, and the City of Newport News from the proposed new Skiffes Creek switching station to Virginia Power’s existing Whealton substation in the City of Hampton. In February 2019, the transmission line project was placed into service. In March 2019, the U.S. Court of Appeals for the D.C. Circuit issued an order vacating the permit from the U.S. Army Corps of Engineers issued in July 2017 and ordered the U.S. Army Corps of Engineers to do a full environmental impact study of the project. In April 2019, Virginia Power and the U.S. Army Corps of Engineers filed petitions for rehearing with the U.S. Court of Appeals for the D.C. Circuit, asking that the permit from the U.S. Army Corps of Engineers remain in effect while an environmental impact study is performed. In May 2019, the U.S. Court of Appeals for the D.C. Circuit denied the request for rehearing and ordered the U.S. District Court for the D.C. Circuit to consider and issue a ruling on whether the permit should be vacated during the U.S. Army Corps of Engineers’ preparation of an environmental impact statement. This matter is pending. Virginia Power electric transmission projects approved or applied for are as follows: Description and Location of Project Application Date Approval Date Type of Line Miles of Lines Cost Estimate (millions) Rebuild and operate the Glebe substation and relocate and operate in Arlington County, Virginia and the City of Alexandria, Virginia existing overhead line underground March 2019 September 2019 230 kV <1 $ 125 Rebuild and operate five segments between the Loudoun and Ox substations August 2019 Pending 230 kV 19 70 North Carolina Regulation North Carolina Base Rate Case In March 2019, Virginia Power filed its base rate case and schedules with the North Carolina Commission. Virginia Power proposed a non-fuel, base rate increase of $27 million effective November 1, 2019 on an interim basis subject to refund, with any permanent rates ordered by the North Carolina Commission effective January 1, 2020. The base rate increase was proposed to recover the significant investments in generation, transmission and distribution infrastructure for the benefit of North Carolina customers. Virginia Power presented an earned return of 7.52% based upon a fully-adjusted test period, compared to its authorized 9.90% return, and proposed a 10.75% ROE. In September 2019, Virginia Power revised its filing to reduce the non-fuel base rate increase to $24 million. This matter is pending. North Carolina Fuel Filing In August 2019, Virginia Power submitted its annual filing to the North Carolina Commission to adjust the fuel component of its electric rates. Virginia Power proposed a total $18 million decrease to the fuel component of its electric rates for the rate year beginning February 1, 2020. This matter is pending. South Carolina Regulation In June 2019, DESC filed with the South Carolina Commission its monitoring report for the 12-month period ended March 31, 2019 with a total revenue requirement of $437 million. This represents a $7 million overall increase to its natural gas rates under the terms of the Natural Gas Rate Stabilization Act effective for the rate year beginning November 2019. In October 2019, the South Carolina Commission approved a total revenue requirement of $436 million effective with the first billing cycle of November 2019. Ohio Regulation UEX Rider East Ohio has approval for a UEX rider through which it recovers the bad debt expense of most customers not participating in the PIPP Plus Program. The UEX rider is adjusted annually to achieve dollar for dollar recovery of East Ohio’s actual write-offs of uncollectible amounts. In July 2019, the Ohio Commission approved East Ohio’s application requesting approval of its UEX rider to reflect recovery of under-recovered accumulated bad debt expense of approximately $3 million as of March 31, 2019, and recovery of prospective net bad debt expense projected to total approximately $15 million for the twelve-month period from April 2019 to March 2020 for the rate year beginning August 1, 2019. West Virginia Regulation PREP In May 2019, Hope filed a PREP application with the West Virginia Commission requesting approval to recover PREP costs related to $29 million and $39 million of projected capital investment for 2019 and 2020, respectively. The application also includes a true-up of PREP costs related to the 2018 actual capital investment of $30 million and sets forth $10 million of annual PREP costs to be recovered in proposed rates effective November 1, 2019. In October 2019, the West Virginia Commission approved PREP rates effective November 1, 2019. Utah Regulation In April 2019, Questar Gas filed a request with the Utah Commission for pre-approval to construct an LNG storage facility with a liquefaction rate of 8.2 million cubic feet per day. In October 2019, the Utah Commission granted pre-approval to construct the LNG storage facility. FERC – Gas Cove Point In June 2015, Cove Point executed two In connection with the Eastern Market Access Project, in August 2019, Cove Point filed to update its annual electric power cost adjustment requesting FERC approval to recover $25 million, representing an increase of $1 million from the adjustment approved in March 2019. FERC approved the adjustment in August 2019. DETI In September 2019, DETI submitted its annual transportation cost rate adjustment to FERC requesting approval to recover $38 million. Also in September 2019, DETI submitted its annual electric power cost adjustment to FERC requesting approval to recover $10 million. In October 2019, FERC approved these adjustments. In January 2018, DETI filed an application to request FERC authorization to construct and operate certain facilities located in Ohio and Pennsylvania for the Sweden Valley project. In June 2019, DETI withdrew its application for the project due to certain regulatory delays. As a result of the project abandonment, during the second quarter of 2019, DETI recorded a charge of $13 million ($10 million after-tax), included in impairment of assets and other charges in Dominion Energy and Dominion Energy Gas’ Consolidated Statements of Income. |
Asset Retirement Obligations
Asset Retirement Obligations | Nov. 18, 2019 |
Asset Retirement Obligation Disclosure [Abstract] | |
Asset Retirement Obligations | Note 14. Asset Retirement Obligations AROs represent obligations that result from laws, statutes, contracts and regulations related to the eventual retirement of certain of the Companies’ long-lived assets. Dominion Energy and Virginia Power’s AROs are primarily associated with the decommissioning of their nuclear generation facilities and ash pond and landfill closures. Dominion Energy Gas’ AROs primarily include plugging and abandonment of gas and oil wells and the interim retirement of natural gas gathering, transmission, distribution and storage pipeline components. The Companies have also identified, but not recognized, AROs related to the retirement of the Cove Point LNG Facility, Dominion Energy and Dominion Energy Gas’ storage wells in their underground natural gas storage network, certain Virginia Power electric transmission and distribution assets located on property with easements, rights of way, franchises and lease agreements, Virginia Power’s hydroelectric generation facilities and the abatement of certain asbestos not expected to be disturbed in Dominion Energy and Virginia Power’s generation facilities. The Companies currently do not have sufficient information to estimate a reasonable range of expected retirement dates for any of these assets since the economic lives of these assets can be extended indefinitely through regular repair and maintenance and they currently have no plans to retire or dispose of any of these assets. As a result, a settlement date is not determinable for these assets and AROs for these assets will not be reflected in the Consolidated Financial Statements until sufficient information becomes available to determine a reasonable estimate of the fair value of the activities to be performed. The Companies continue to monitor operational and strategic developments to identify if sufficient information exists to reasonably estimate a retirement date for these assets. The changes to AROs during 2019 were as follows: Amount (millions) Dominion Energy AROs at December 31, 2018 (1) $ 2,532 Obligations incurred during the period (2) 2,404 Obligations settled during the period (100 ) AROs acquired in the SCANA Combination 577 Revisions in estimated cash flows (2) (229 ) Accretion 153 AROs at September 30, 2019 (1) $ 5,337 Virginia Power AROs at December 31, 2018 (3) $ 1,445 Obligations incurred during the period (2) 2,403 Obligations settled during the period (60 ) Revisions in estimated cash flows (2) (202 ) Accretion 94 AROs at September 30, 2019 (3) $ 3,680 Dominion Energy Gas AROs at December 31, 2018 (4) $ 88 Obligations settled during the period (2 ) Accretion 3 AROs at September 30, 2019 (4) $ 89 (1) Includes $ 282 317 (2) Primarily related to future ash pond and landfill closure costs at certain utility generation facilities. See Note 18 for further information. (3) Includes $ 245 262 (4) Includes $ 79 76 Dominion Energy and Virginia Power have established trusts dedicated to funding the future decommissioning of their nuclear plants. At September 30, 2019 and December 31, 2018, the aggregate fair value of Dominion Energy’s trusts, consisting primarily of equity and debt securities, totaled $5.9 billion and $4.9 billion, respectively. At September 30, 2019 and December 31, 2018, the aggregate fair value of Virginia Power’s trusts, consisting primarily of debt and equity securities, totaled $2.7 billion and $2.4 billion, respectively. |
Leases
Leases | Nov. 18, 2019 |
Leases [Abstract] | |
Leases | Note 15. Leases At September 30, 2019, the Companies had the following lease assets and liabilities recorded in the Consolidated Balance Sheets: September 30, 2019 (millions) Dominion Energy Lease assets: Operating lease assets $ 455 Finance lease assets (1) 159 Total lease assets $ 614 Lease liabilities: Operating lease liabilities (2) $ 58 Finance lease liabilities (3) 30 Total lease liabilities - current 88 Operating lease liabilities 394 Finance lease liabilities (4) 132 Total lease liabilities - noncurrent 526 Total lease liabilities $ 614 Virginia Power Operating lease assets $ 184 Finance lease assets (1) 15 Total lease assets $ 199 Lease liabilities: Operating lease liabilities (2) $ 30 Finance lease liabilities (3) 3 Total lease liabilities - current 33 Operating lease liabilities 152 Finance lease liabilities (4) 11 Total lease liabilities - noncurrent 163 Total lease liabilities $ 196 Dominion Energy Gas Operating lease assets $ 37 Finance lease assets (1) 4 Total lease assets (5) $ 41 Lease liabilities: Operating lease liabilities (2) $ 6 Finance lease liabilities (3) 1 Total lease liabilities - current 7 Operating lease liabilities 31 Finance lease liabilities (4) 4 Total lease liabilities - noncurrent 35 Total lease liabilities (5) $ 42 (1) Included in property, plant and equipment in the Companies’ Consolidated Balance Sheets, net of $ 39 3 million and $ 1 million of accumulated amortization at Dominion Energy, Virginia Power and Dominion Energy Gas, respectively, at September 30, 2019. (2) Included in other current liabilities in the Companies’ Consolidated Balance Sheets. (3) Included in securities due within one year in the Companies’ Consolidated Balance Sheets. (4) Included in long-term debt in the Companies’ Consolidated Balance Sheets. (5) Excludes $ 26 24 In addition to the amounts disclosed above, Dominion Energy’s Consolidated Balance Sheet at September 30, 2019 includes property, plant and equipment and accumulated depreciation of $2.8 billion and $341 million, respectively, related to facilities subject to power purchase agreements under which Dominion Energy is the lessor. For the three and nine months ended September 30, 2019, total lease cost associated with the Companies’ lessee leasing arrangements consisted of the following: Three Months Ended September 30, 2019 Nine Months Ended September 30, 2019 (millions) Dominion Energy Finance lease cost: Amortization $ 7 $ 14 Interest 1 3 Operating lease cost 20 64 Short-term lease cost 7 20 Variable lease cost 1 4 Total lease cost $ 36 $ 105 Virginia Power Operating lease cost $ 10 $ 31 Short-term lease cost 3 7 Variable lease cost 1 2 Total lease cost $ 14 $ 40 Dominion Energy Gas Operating lease cost $ 1 $ 5 Short-term lease cost 2 5 Total lease cost $ 3 $ 10 For the nine months ended September 30, 2019, cash paid for amounts included in the measurement of lease liabilities consisted of the following amounts, included in the Companies’ Consolidated Statements of Cash Flows: Nine Months Ended September 30, 2019 (millions) Dominion Energy Operating cash flows for finance leases $ 3 Operating cash flows for operating leases 89 Financing cash flows for finance leases 12 Virginia Power Operating cash flows for operating leases 40 Dominion Energy Gas Operating cash flows for operating leases 10 In addition to the amounts disclosed above, Dominion Energy’s Consolidated Statement of Income for the three and nine months ended September 30, 2019 includes $64 million and $146 million, respectively, of rental revenue included in operating revenue and $23 million and $70 million, respectively, of depreciation expense, included in depreciation, depletion and amortization, related to facilities subject to power purchase agreements under which Dominion Energy is the lessor. At September 30, 2019, the weighted average remaining lease term and weighted discount rate for the Companies’ finance and operating leases were as follows: September 30, 2019 Dominion Energy Weighted average remaining lease term - finance leases 6 years Weighted average remaining lease term - operating leases 21 years Weighted average discount rate - finance leases 4.36% Weighted average discount rate - operating leases 4.58% Virginia Power Weighted average remaining lease term - finance leases 6 years Weighted average remaining lease term - operating leases 17 years Weighted average discount rate - finance leases 4.65% Weighted average discount rate - operating leases 4.51% Dominion Energy Gas Weighted average remaining lease term - finance leases 6 years Weighted average remaining lease term - operating leases 9 years Weighted average discount rate - finance leases 4.55% Weighted average discount rate - operating leases 4.43% The Companies’ lease liabilities have the following scheduled maturities: Maturity of Lease Liabilities Dominion Energy Virginia Power Dominion Energy Gas (1) (millions) Operating Finance Operating Finance Operating Finance 2019 $ 18 $ 10 $ 8 $ 1 $ 5 $ 1 2020 68 39 33 3 13 2 2021 61 33 29 3 11 2 2022 50 31 23 3 9 2 2023 40 28 18 2 6 2 After 2023 538 49 160 4 25 3 Total undiscounted lease payments 775 190 271 16 69 12 Present value adjustment (323 ) (28 ) (89 ) (2 ) (13 ) (2 ) Present value of lease liabilities $ 452 $ 162 $ 182 $ 14 $ 56 $ 10 (1) Includes amounts reflected in discontinued operations. Corporate Office Leasing Arrangement In July 2016, Dominion Energy signed an agreement with a lessor to construct and lease a new corporate office property in Richmond, Virginia. The lessor provided equity and obtained financing commitments from debt investors, totaling $365 million, which funded total project costs. The project became substantially complete in August 2019 at which point the facility was available for Dominion Energy’s use and the five-year Upon commencement, the lease for the facility was classified as a finance lease. At the end of the initial lease term, Dominion Energy can (i) extend the term of the lease for an additional five years, subject to the approval of the participants, at current market terms, (ii) purchase the property for an amount equal to the project costs or, (iii) subject to certain terms and conditions, sell the property on behalf of the lessor to a third party using commercially reasonable efforts to obtain the highest cash purchase price for the property. If the project is sold and the proceeds from the sale are insufficient to repay the investors for the project costs, Dominion Energy may be required to make a payment to the lessor, up to 87% of project costs, for the difference between the project costs and sale proceeds. No end-of-term options were deemed reasonably certain of exercise at commencement date. At commencement, Dominion Energy recorded a right-of-use asset and offsetting lease obligation of $67 million, representing the present value of consideration over the five-year term at the rate implicit in the lease. |
Variable Interest Entities
Variable Interest Entities | Nov. 18, 2019 |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Variable Interest Entities | Note 16. 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, 2018, as updated in Current Report on Form 8-K, filed November 18, 2019. Dominion Energy At September 30, 2019 and December 31, 2018, Dominion Energy’s securities due within one year includes $31 million and $31 million, respectively, and long-term debt includes $290 million and $299 million, respectively, of debt issued by SBL Holdco, a VIE, net of issuance costs, that is nonrecourse to Dominion Energy and is secured by SBL Holdco’s interest in certain merchant solar facilities. Virginia Power Virginia Power had a long-term power and capacity contract with one Dominion Energy Gas Dominion Energy Gas purchased shared services from DECGS and DEQPS of $4 million and $8 million for the three months ended September 30, 2019, $4 million and $7 million for the three months ended September 30, 2018, $13 million and $28 million for the nine months ended September 30, 2019 and $13 million and $22 million for the nine months ended September 30, 2018, respectively. Dominion Energy Gas’ Consolidated Balance Sheets included amounts due to DECGS and DEQPS of $10 million and $6 million at September 30, 2019 and December 31, 2018, respectively. Virginia Power and Dominion Energy Gas Virginia Power and Dominion Energy Gas purchased shared services from DES, an affiliated VIE, of $83 million and $25 million for the three months ended September 30, 2019, $79 million and $26 million for the three months ended September 30, 2018, $301 million and $92 million for the nine months ended September 30, 2019 and $251 million and $80 million for the nine months ended September 30, 2018, respectively. Virginia Power’s Consolidated Balance Sheets included amounts due to DES of $50 million and $107 million at September 30, 2019 and December 31, 2018, respectively, recorded in payables to affiliates. At September 30, 2019 and December 31, 2018, Dominion Energy Gas’ Consolidated Balance Sheets included amounts due to DES of $15 million and $44 million, recorded in payables to affiliates, and $8 million and $18 million, recorded in current liabilities of discontinued operations, respectively. |
Significant Financing Transacti
Significant Financing Transactions | Nov. 18, 2019 |
Debt Disclosure [Abstract] | |
Significant Financing Transactions | Note 17. 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 Energy utilizes cash and letters of credit to fund collateral requirements. Collateral requirements are impacted by commodity prices, hedging levels, Dominion Energy’s credit ratings and the credit quality of its counterparties. Dominion Energy At September 30, 2019, Dominion Energy’s commercial paper and letters of credit outstanding, as well as its capacity available under the credit facility, were as follows: Facility Limit Outstanding Commercial Paper Outstanding Letters of Credit Facility Capacity Available (millions) Joint revolving credit facility (1) $ 6,000 $ 2,394 $ 81 $ 3,525 (1) This credit facility matures in March 2023 and can be used by the borrowers under the credit facility to support bank borrowings and the issuance of commercial paper, as well as to support up to a combined $ 2.0 In addition to the credit facility mentioned above, Dominion Energy also has a credit facility with a maturity date in June 2020 In March 2019, DESC’s existing $700 million credit facility was terminated and DESC was added as a borrower to the joint revolving credit facility discussed above with Dominion Energy, Virginia Power, Dominion Energy Gas and Questar Gas. At September 30, 2019, the sub-limit for DESC was $500 million. South Carolina Fuel Company, Inc.’s existing credit facility was terminated in February 2019. SCANA and PSNC’s existing credit facilities were terminated in March 2019. Liquidity needs for these entities may be satisfied through short-term intercompany borrowings from Dominion Energy. In addition to the credit facilities mentioned above, SBL Holdco has $30 million of credit facilities which had an original stated maturity date of December 2017 with automatic one-year In February 2019, Dominion Energy Midstream terminated its $500 million revolving credit facility subsequent to repaying the outstanding balance of $73 million, plus accrued interest. In September 2019, Dominion Energy Questar Corporation borrowed $3.0 billion under a 364-Day Term Loan Agreement that bears interest at a variable rate. The proceeds from the borrowing were used to repay the principal of Cove Point’s $3.0 billion term loan due in 2021. Dominion Energy has provided a guarantee to support Dominion Energy Questar Corporation’s obligation under the 364-Day Term Loan Agreement. Virginia Power Virginia Power’s short-term financing is supported through its access as co-borrower to the joint revolving credit facility. This credit facility can be used for working capital, as support for the combined commercial paper programs of the borrowers under the credit facility and for other general corporate purposes. At September 30, 2019, Virginia Power’s share of commercial paper and letters of credit outstanding under its joint credit facility with Dominion Energy, Dominion Energy Gas, Questar Gas and DESC was as follows: Facility Limit (1) Outstanding Commercial Paper Outstanding Letters of Credit (millions) Joint revolving credit facility (1) $ 6,000 $ 685 $ 6 (1) The full amount of the facility is available to Virginia Power, less any amounts outstanding to co-borrowers Dominion Energy, Dominion Energy Gas, Questar Gas and DESC. The sub-limit for Virginia Power is set within the facility limit but can be changed at the option of the borrowers under the credit facility multiple times per year. At September 30, 2019, the sub-limit for Virginia Power was $ 1.5 2.0 Dominion Energy Gas Dominion Energy Gas’ short-term financing is supported through its access as co-borrower to the joint revolving credit facility. This credit facility can be used for working capital, as support for the combined commercial paper programs of the borrowers under the credit facility and for other general corporate purposes. At September 30, 2019, Dominion Energy Gas’ share of commercial paper and letters of credit outstanding under its joint credit facility with Dominion Energy, Virginia Power, Questar Gas and DESC was as follows: Facility Limit (1) Outstanding Commercial Paper Outstanding Letters of Credit (millions) Joint revolving credit facility (1) $ 1,500 $ 280 $ — (1) A maximum of $ 1.5 750 1.5 In February 2019, Dominion Energy Midstream terminated its $500 million revolving credit facility subsequent to repaying the outstanding balance of $73 million, plus accrued interest. Long-term Debt Unless otherwise noted, the proceeds of long-term debt issuances were used for general corporate purposes and/or to repay short-term debt. In February 2019, Dominion Energy Midstream repaid its $300 million variable rate term loan agreement due in December 2019 at the principal outstanding plus accrued interest. In February and March 2019, DESC purchased certain of its first mortgage bonds having an aggregate purchase price of $1.2 billion pursuant to tender offers. Also in March 2019, SCANA purchased certain of its medium term notes having an aggregate purchase price of $300 million pursuant to a tender offer. Both DESC tender offers and the SCANA tender offer expired in the first quarter of 2019. In March 2019, Dominion Energy issued $400 million of 4.60% senior notes that mature in 2049. In March 2019, Dominion Energy issued an additional $200 million of its 4.25% senior notes that mature in 2028. In May 2019, Virginia Power redeemed its $40 million 5.0% Economic Development Authority of the County of Chesterfield Pollution Control Refunding Revenue Bonds, Series 2009A, due in 2023 at the principal outstanding plus accrued interest. In May 2019, GENCO redeemed its 5.49% senior secured notes due in 2024 at the remaining principal outstanding of $33 million plus accrued interest. In June 2019, the first mortgage lien on an electric generating facility that previously secured these notes was released. In May 2019, Virginia Power remarketed four series of tax-exempt bonds, with an aggregate outstanding principal of $198 million to new investors. One of the bonds will bear interest at a coupon rate of 1.8% until April 2022, after which it will bear interest at a market rate to be determined at that time. Three of the bonds will bear interest at a coupon rate of 1.9% until June 2023, after which they will bear interest at a market rate to be determined at that time. In June 2019, Dominion Energy purchased and cancelled $12 million and $13 million of its June 2006 hybrids and September 2006 hybrids, respectively. All purchases were conducted in compliance with the applicable replacement capital covenant. In July 2019, Virginia Power issued $500 million of 2.875% senior notes that mature in 2029. In August 2019, Dominion Energy issued $1.0 billion of 2.45% senior notes that mature in 2023 through a private placement. In September 2019, DESC purchased certain of its first mortgage bonds with an outstanding principal balance of $552 million pursuant to a tender offer that expired in the third quarter of 2019. In October 2019, Dominion Energy Terminal Company remarketed its $27 million Peninsula Ports Authority of Virginia Coal Terminal Revenue Refunding Bonds, Series 2003 due in 2033 resulting in a reset of the interest rate from 1.55% to 1.70% until 2022. In October 2019, Dominion Energy Gas provided notice to holders to redeem its $450 million 2014 Series A 2.50% senior notes in full in November 2019 December 2019 Remarketable Subordinated Notes In June 2019, Dominion Energy successfully remarketed its $700 million 2016 Series A-1 2.0% RSNs due 2021 and $700 million 2016 Series A-2 2.0% RSNs due 2024 pursuant to the terms of the 2016 Equity Units. In connection with the remarketing, the interest rates on the Series A-1 and Series A-2 notes were reset to 2.715% and 3.071%, respectively, payable on a semi-annual basis, and Dominion Energy ceased to have the ability to redeem the notes at its option or defer interest payments. At September 30, 2019, the securities are included in junior subordinated notes in Dominion Energy’s Consolidated Balance Sheets. Dominion Energy did not receive any proceeds from the remarketing. Remarketing proceeds belonged to the investors holding the related 2016 Equity Units and were used to purchase a portfolio of treasury securities. Upon maturity of the portfolio, the proceeds were applied on behalf of investors on the settlement date of the related stock purchase contracts to pay the purchase price to Dominion Energy for the issuance of 18.5 million shares of its common stock in August 2019. Noncontrolling Interest in Dominion Energy Midstream In June 2018, Dominion Energy, as general partner, exercised an incentive distribution right reset as defined in Dominion Energy Midstream’s partnership agreement and received 26.7 million common units representing limited partner interests in Dominion Energy Midstream. As a result of the increase in its ownership interest in Dominion Energy Midstream, Dominion Energy recorded a decrease in noncontrolling interest, and a corresponding increase in shareholders’ equity, of $375 million reflecting the change in the carrying value of the interest in the net assets of Dominion Energy Midstream held by others. In January 2019, Dominion Energy and Dominion Energy Midstream closed on an agreement and plan of merger pursuant to which Dominion Energy acquired each outstanding common unit representing limited partner interests in Dominion Energy Midstream not already owned by Dominion Energy through the issuance of 22.5 million shares of common stock valued at $1.6 billion. Under the terms of the agreement and plan of merger, each publicly held outstanding common unit representing limited partner interests in Dominion Energy Midstream was converted into the right to receive 0.2492 shares of Dominion Energy common stock. Immediately prior to the closing, each Series A Preferred Unit representing limited partner interests in Dominion Energy Midstream was converted into common units representing limited partner interests in Dominion Energy Midstream in accordance with the terms of Dominion Energy Midstream’s partnership agreement. The merger was accounted for by Dominion Energy following the guidance for a change in a parent company’s ownership interest in a consolidated subsidiary. Because Dominion Energy controls Dominion Energy Midstream both before and after the merger, the changes in Dominion Energy’s ownership interest in Dominion Energy Midstream were accounted for as an equity transaction and no gain or loss was recognized. In connection with the merger, Dominion Energy recognized $40 million of income taxes in equity primarily attributable to establishing additional regulatory liabilities related to excess deferred income taxes and changes in state income taxes. Subsequent to this activity, as a result of the Dominion Energy Gas Restructuring, Dominion Energy Gas is considered to have acquired all of the outstanding partnership interests of Dominion Energy Midstream and Dominion Energy Midstream became a wholly-owned subsidiary of Dominion Energy Gas. 2019 Corporate Units In June 2019, Dominion Energy issued $1.6 billion of 2019 Equity Units, initially in the form of 2019 Series A Corporate Units. The Corporate Units are listed on the NYSE under the symbol DCUE. The net proceeds were used for general corporate purposes and to repay short-term debt, including commercial paper. Each 2019 Series A Corporate Unit consists of a stock purchase contract and a 1/10, or 10%, undivided beneficial ownership interest in one share of Series A Preferred Stock. Beginning in June 2022, the Series A Preferred Stock is convertible at the option of the holder into Dominion Energy common stock under a formula based upon the average closing price of Dominion Energy common stock prior to the conversion date. The Series A Preferred Stock is redeemable in cash by Dominion Energy beginning September 2022 at the liquidation preference. Settlement of any conversion is payable in cash, common stock or a combination thereof, at Dominion Energy’s election. The stock purchase contracts obligate the holders to purchase shares of Dominion Energy common stock in June 2022. The purchase price to be paid under the stock purchase contracts is $100 per Corporate Unit and the number of shares to be purchased will be determined under a formula based upon the average closing price of Dominion Energy common stock near the settlement date. The Series A Preferred Stock was pledged upon issuance as collateral to secure the purchase of common stock under the related stock purchase contracts. Dominion Energy pays cumulative dividends on the Series A Preferred Stock and quarterly contract adjustment payments on the stock purchase contracts, at the rates described below. Dominion Energy may elect to pay such dividends and/or payments in cash, shares of Dominion Energy common stock or a combination of cash and shares of Dominion Energy common stock. Dominion Energy may defer the contract adjustment payments for one or more consecutive periods but generally not beyond the purchase contract settlement date. If payments are deferred, Dominion Energy may not make any distributions related to its capital stock, including dividends, redemptions, repurchases or liquidation payments. Also, during the deferral period, Dominion Energy may not make any payments on or redeem, repay or repurchase any debt securities that are equal in right of payment with, or subordinated to, the contract adjustment payments or make any payment on any guarantee of a security of a subsidiary if the guarantee ranks equal or junior to the contract adjustment payments. Unless all accumulated and unpaid dividends on the Series A Preferred Stock have been declared and paid, Dominion Energy may not make any distributions on any of its capital stock ranking equal or junior to the Series A Preferred Stock as to dividends or upon liquidation, as applicable, including dividends, redemptions, repurchases or liquidation payments. In such circumstances, Dominion Energy also may not make any contract adjustment payments or other similar types of payments, subject to certain exceptions. Dominion Energy has recorded the present value of the stock purchase contract payments as a liability offset to common stock. Stock purchase contract payments are recorded against this liability. Accretion of the stock purchase contract liability is recorded as imputed interest expense. In calculating diluted EPS, Dominion Energy applies the treasury stock method to the stock purchase contracts and the if-converted method to the Series A Preferred Stock. Under the terms of the stock purchase contracts, assuming no anti-dilution or other adjustments, the maximum number of shares of common stock Dominion Energy will issue in June 2022 is 21.8 million. Selected information about Dominion Energy’s 2019 Equity Units is presented below: Issuance Date Units Issued Total Net (1) Total Preferred Cumulative Stock Purchase Stock Purchase (2) Stock Purchase (millions except interest rates) 6/14/2019 16 $ 1,582 $ 1,610 1.75 % 5.5 % $ 250 6/1/2022 (1) Issuance costs of $ 28 14 14 (2) Payments of $ 17 233 Issuance of Common Stock See Note 3 for information on the issuance of Dominion Energy common stock in January 2019 in connection with the SCANA Combination. Also, in January 2019, Dominion Energy acquired all outstanding partnership interests of Dominion Energy Midstream not owned by Dominion Energy through the issuance of common stock as noted above. In August 2019, Dominion Energy issued 18.5 million shares to settle the stock purchase contracts entered into as part of the 2016 Equity Units and received proceeds of $1.4 billion. At-the-Market Program Dominion Energy has an at-the-market program pursuant to which it may offer common stock as discussed in Note 19 to the Consolidated Financial Statements in the Companies’ Annual Report on Form 10-K for the year ended December 31, 2018, as updated in Current Report on Form 8-K, filed November 18, 2019. In the first quarter of 2019, Dominion Energy issued 2.1 million shares and received cash proceeds of $154 million, net of fees and commissions paid of $2 million. Following these issuances, Dominion Energy has the ability to issue $645 million of securities under its existing at-the-market program. Forward Sales Agreements Dominion Energy entered in March 2018, and closed in April 2018, separate forward sale agreements with Goldman Sachs & Co. LLC and Credit Suisse Capital LLC, as forward purchasers, and an underwriting agreement with Credit Suisse Securities (USA) LLC and Goldman Sachs & Co. LLC, as representatives of the several underwriters named therein, relating to an aggregate of 20 million shares of Dominion Energy common stock. The underwriting agreement granted the underwriters a 30-day option to purchase up to an additional three |
Commitments and Contingencies
Commitments and Contingencies | Nov. 18, 2019 |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Note 18. Commitments and Contingencies As a result of issues generated in the ordinary course of business, the Companies are involved in legal proceedings before various courts and are periodically subject to governmental examinations (including by regulatory authorities), inquiries and investigations. Certain legal proceedings and governmental examinations involve demands for unspecified amounts of damages, are in an initial procedural phase, involve uncertainty as to the outcome of pending appeals or motions, or involve significant factual issues that need to be resolved, such that it is not possible for the Companies to estimate a range of possible loss. For such matters that the Companies cannot estimate, a statement to this effect is made in the description of the matter. Other matters may have progressed sufficiently through the litigation or investigative processes such that the Companies are able to estimate a range of possible loss. For legal proceedings and governmental examinations that 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 Companies’ financial position, liquidity or results of operations. 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 February 2019, the EPA published a proposed rule to reverse its previous finding that it is appropriate and necessary to regulate toxic emissions from power plants. However, the emissions standards and other requirements of the MATS rule would remain in place as the EPA is not proposing to remove coal and oil fired power plants from the list of sources that are regulated under MATS. Although litigation of the MATS rule and the outcome of the EPA’s rulemaking are still pending, the regulation remains in effect and Dominion Energy and Virginia Power are complying with the applicable requirements of the rule and do not expect any adverse impacts to their operations at this time. Ozone Standards The EPA published final non-attainment designations for the October 2015 ozone standard in June 2018. States have until August 2021 to develop plans to address the new standard. Until the states have developed implementation plans for the standard, the Companies are unable to predict whether or to what extent the new rules will ultimately require additional controls. The expenditures required to implement additional controls could have a material impact on the Companies’ results of operations and cash flows. Oil and Gas NSPS In August 2012, the EPA issued an NSPS impacting new and modified facilities in the natural gas production and gathering sectors and made revisions to the NSPS for natural gas processing and transmission facilities. These rules establish equipment performance specifications and emissions standards for control of VOC emissions for natural gas production wells, tanks, pneumatic controllers, and compressors in the upstream sector. In June 2016, the EPA issued another 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 October 2018, the EPA published a proposed rule reconsidering and amending portions of the 2016 rule, including but not limited to, the fugitive emissions requirements at well sites and compressor stations. The amended portions of the 2016 rule were effective immediately upon publication. Until the proposed rule regarding reconsideration is final, Dominion Energy and Dominion Energy Gas are implementing the 2016 regulation. Dominion Energy and Dominion Energy Gas are still evaluating whether potential impacts on results of operations, financial condition and/or cash flows related to this matter will be material. ACE Rule In July 2019, the EPA published the ACE Rule, which repeals and replaces the Clean Power Plan. The ACE Rule became effective in September 2019. The final ACE Rule applies to coal-fired steam electric generating units greater than or equal to 25 MW. The rule includes unit-specific performance standards based on the degree of emission reduction levels achievable from unit efficiency improvements to be determined by the permitting agency. The ACE Rule requires states to develop plans by July 2022 to implement these performance standards, which plans must be approved by the EPA by January 2024. While the impacts of this rule could be material to Dominion Energy and Virginia Power’s results of operations, financial condition and/or cash flows, the existing regulatory frameworks in South Carolina and Virginia provide rate recovery mechanisms that could substantially mitigate any such impacts for the regulated electric utilities. GHG Regulation Carbon Regulations In August 2016, the EPA issued a draft rule proposing to reaffirm that a source’s obligation to obtain a PSD or Title V permit for GHGs is triggered only if such permitting requirements are first triggered by non-GHG, 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 In addition, the EPA continues to evaluate its policy regarding the consideration of CO 2 State Regulations In May 2019, VDEQ issued a final rule establishing a state carbon regulation program with a 28.0 million ton initial state-wide carbon cap in 2020. The cap is reduced by approximately three 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 six seven 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. In April 2017, the EPA granted two Waste Management and Remediation 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 Energy, Virginia Power or Dominion Energy Gas may be identified as a potentially responsible party to a Superfund site. The EPA (or a state) can either allow such a party to conduct and pay for a remedial investigation, feasibility study and remedial action or conduct the remedial investigation and action itself and then seek reimbursement from the potentially responsible parties. These parties can also bring contribution actions against each other and seek reimbursement from their insurance companies. As a result, Dominion Energy, Virginia Power or Dominion Energy Gas may be responsible for the costs of remedial investigation and actions under the Superfund law or other laws or regulations regarding the remediation of waste. The Companies do not believe these matters will have a material effect on results of operations, financial condition and/or cash flows. Dominion Energy has determined that it is associated with 22 former manufactured gas plant sites, three one four one 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. SCANA Legal Proceedings The following describes certain legal proceedings involving Dominion Energy, SCANA or DESC relating to events occurring before closing of the SCANA Combination. Dominion Energy intends to vigorously contest the lawsuits, claims and assessments which have been filed or initiated against SCANA and DESC. No reference to, or disclosure of, any proceeding, item or matter described below shall be construed as an admission or indication that such proceeding, item or matter is material. For certain of these matters, and unless otherwise noted therein, Dominion Energy is unable to estimate a reasonable range of possible loss and the related financial statement impacts, but for any such matter there could be a material impact to its results of operations, financial condition and/or cash flows. For the matters for which Dominion Energy is able to reasonably estimate a probable loss, Dominion Energy’s Consolidated Balance Sheets include reserves of $386 million included primarily within other current liabilities and insurance receivables of $173 million included within other receivables at September 30, 2019. During the three and nine months ended September 30, 2019, Dominion Energy’s Consolidated Statements of Income include charges of $38 million ($28 million after-tax) and $316 million ($236 million after-tax), respectively, included within impairment of assets and other charges. Ratepayer Class Actions In May 2018, a consolidated complaint against DESC, SCANA and the State of South Carolina was filed in the State Court of Common Pleas in Hampton County, South Carolina (the DESC Ratepayer Case). In September 2018, the court certified this case as a class action. The plaintiffs allege, among other things, that DESC was negligent and unjustly enriched, breached alleged fiduciary and contractual duties and committed fraud and misrepresentation in failing to properly manage the NND Project, and that DESC committed unfair trade practices and violated state anti-trust laws. The plaintiffs sought a declaratory judgment that DESC may not charge its customers for any past or continuing costs of the NND Project, sought to have SCANA and DESC’s assets frozen and all monies recovered from Toshiba Corporation and other sources be placed in a constructive trust for the benefit of ratepayers and sought specific performance of the alleged implied contract to construct the NND Project. In December 2018, the State Court of Common Pleas in Hampton County entered an order granting preliminary approval of a class action settlement and a stay of pre-trial proceedings in the DESC Ratepayer Case. The settlement agreement, contingent upon the closing of the SCANA Combination, provided that SCANA and DESC would establish an escrow account and proceeds from the escrow account would be distributed to the class members, after payment of certain taxes, attorneys’ fees and other expenses and administrative costs. The escrow account would include (1) up to $2.0 billion, net of a credit of up to $2.0 billion in future electric bill relief, which would inure to the benefit of the escrow account in favor of class members over a period of time established by the South Carolina Commission in its order related to matters before the South Carolina Commission related to the NND Project, (2) a cash payment of $115 million and (3) the transfer of certain DESC-owned real estate or sales proceeds from the sale of such properties, which counsel for the DESC Ratepayer Class estimate to have an aggregate value between $60 million and $85 million. At the closing of the SCANA Combination, SCANA and DESC funded the cash payment portion of the escrow account. The court held a fairness hearing on the settlement in May 2019. In June 2019, the court entered an order granting final approval of the settlement, which order became effective July 2019. In July 2019, DESC transferred $117 million representing the cash payment, plus accrued interest, to the plaintiffs. In addition, property, plant and equipment with a net recorded value of $54 million is in the process of being transferred to the plaintiffs in coordination with the court-appointed real estate trustee to satisfy the settlement agreement. In September 2017, a purported class action was filed by Santee Cooper ratepayers against Santee Cooper, DESC, Palmetto Electric Cooperative, Inc. and Central Electric Power Cooperative, Inc. in the State Court of Common Pleas in Hampton County, South Carolina (the Santee Cooper Ratepayer Case). The allegations are substantially similar to those in the DESC Ratepayer Case. The plaintiffs seek a declaratory judgment that the defendants may not charge the purported class for reimbursement for past or future costs of the NND Project. In March 2018, the plaintiffs filed an amended complaint including as additional named defendants, including certain then current and former directors of Santee Cooper and SCANA. In June 2018, Santee Cooper filed a Notice of Petition for Original Jurisdiction with the Supreme Court of South Carolina which was denied. In December 2018, Santee Cooper filed its answer to the plaintiffs’ fourth amended complaint and filed cross claims against DESC. In October 2019, Santee Cooper voluntarily consented to stay its cross claims against DESC pending the outcome of the trial of the underlying case. This case is pending. In July 2019, a similar purported class action was filed by certain Santee Cooper ratepayers against DESC, SCANA, Dominion Energy and former directors and officers of SCANA in the State Court of Common Pleas in Orangeburg, South Carolina. In August 2019, DESC, SCANA and Dominion Energy were voluntarily dismissed from the case. The claims are similar to the Santee Cooper Ratepayer Case. This case is pending. RICO Class Action In January 2018, a purported class action was filed, and subsequently amended, against SCANA, DESC and certain former executive officers in the U.S. District Court for the District of South Carolina. The plaintiff alleges, among other things, that SCANA, DESC and the individual defendants participated in an unlawful racketeering enterprise in violation of RICO and conspired to violate RICO by fraudulently inflating utility bills to generate unlawful proceeds. The DESC Ratepayer Class Action settlement described previously contemplates dismissal of claims by DESC ratepayers in this case against DESC, SCANA and their officers. In August 2019, the individual defendants filed motions to dismiss. This case is pending. SCANA Shareholder Litigation In September 2017, a purported class action was filed against SCANA and certain former executive officers and directors in the U.S. District Court for the District of South Carolina. Subsequent additional purported class actions were separately filed against all or nearly all of these defendants. In January 2018, the U.S. District Court for the District of South Carolina consolidated these suits, and the plaintiffs filed a consolidated amended complaint in March 2018. The plaintiffs allege, among other things, that the defendants violated §10(b) of the Securities Exchange Act of 1934, as amended, and Rule 10b-5 promulgated thereunder, and that the individually named defendants are liable under §20(a) of the same act. In June 2018, the defendants filed motions to dismiss. In March 2019, the U.S. District Court for the District of South Carolina granted in part and denied in part the defendants’ motions to dismiss. In October 2019, the parties reached a settlement in principle pursuant to which SCANA will pay $192.5 million, up to $32.5 million of which can be satisfied through the issuance of shares of Dominion Energy common stock, subject to approval by the U.S. District Court for the District of South Carolina. In September 2017, a shareholder derivative action was filed against certain former executive officers and directors of SCANA in the State Court of Common Pleas in Richland County, South Carolina. In September 2018, this action was consolidated with another action in the Business Court Pilot Program in Richland County. The plaintiffs allege, among other things, that the defendants breached their fiduciary duties to shareholders by their gross mismanagement of the NND Project, and that the defendants were unjustly enriched by bonuses they were paid in connection with the project. The defendants have filed a motion to dismiss the consolidated action. In February 2019, one action was voluntarily dismissed. This case is pending. In November 2017, a shareholder derivative action was filed against SCANA and certain former executive officers and directors in the U.S. District Court of the District of South Carolina. Another purported shareholder derivative action was filed in the same court against nearly all of these defendants. In January 2018, the U.S. District Court for the District of South Carolina consolidated these suits, and the plaintiffs filed a consolidated amended complaint. The plaintiffs allege, among other things, that the defendants violated their fiduciary duties to shareholders by disseminating false and misleading information about the NND Project, failing to maintain proper internal controls, failing to properly oversee and manage SCANA and that the individual defendants were unjustly enriched in their compensation. In June 2018, the court denied the defendants’ motions to dismiss and in October 2018, the court denied SCANA’s motion to stay all proceedings pending investigation by a Special Litigation Committee, with leave to refile after the SCANA Merger Approval Order was issued. The plaintiffs have agreed to a stay of this action on the condition that defendants file a motion for judgment on the pleadings, which was filed in January 2019. In September 2019, the court granted the defendants’ motion for judgment and the complaint was dismissed. In January 2018, a purported class action was filed against SCANA, Dominion Energy and certain former executive officers and directors of SCANA in the State Court of Common Pleas in Lexington County, South Carolina (the City of Warren Lawsuit). The plaintiff alleges, among other things, that defendants violated their fiduciary duties to shareholders by executing a merger agreement that would unfairly deprive plaintiffs of the true value of their SCANA stock, and that Dominion Energy aided and abetted these actions. Among other remedies, the plaintiff seeks to enjoin and/or rescind the merger. In February 2018, Dominion Energy removed the case to the U.S. District Court for the District of South Carolina, and filed a Motion to Dismiss in March 2018. In June 2018, the case was remanded back to the State Court of Common Pleas in Lexington County. Dominion Energy appealed the decision to remand to the U.S. Court of Appeals for the Fourth Circuit, where the appeal was consolidated with a similar appeal in the Metzler Lawsuit discussed below. In June 2019, the U.S. Court of Appeals for the Fourth Circuit reversed the order remanding the case to state court. The case is pending in the U.S. District Court for the District of South Carolina. In February 2018, a purported class action was filed against Dominion Energy and certain former directors of SCANA and DESC in the State Court of Common Pleas in Richland County, South Carolina (the Metzler Lawsuit). The allegations made and the relief sought by the plaintiffs are substantially similar to that described for the City of Warren Lawsuit. In February 2018, Dominion Energy removed the case to the U.S. District Court for the District of South Carolina, and filed a Motion to Dismiss in March 2018. In August 2018, the case was remanded back to the State Court of Common Pleas in Richland County. Dominion Energy appealed the decision to remand to the U.S. Court of Appeals for the Fourth Circuit, where the appeal was consolidated with the City of Warren Lawsuit. In June 2019, the U.S. Court of Appeals for the Fourth Circuit reversed the order remanding the case to state court. The case is pending in the U.S. District Court for the District of South Carolina. In September 2019, the U.S. District Court for the District of South Carolina granted the plaintiffs’ motion to consolidate the City of Warren Lawsuit and the Metzler Lawsuit. In October 2019, the plaintiffs filed an amended complaint against certain former directors and executive officers of SCANA and DESC, which stated substantially similar allegations to those in the City of Warren Lawsuit and the Metzler Lawsuit. In May 2019, a case was filed against certain former executive officers and directors of SCANA in the State Court of Common Pleas in Richland County, South Carolina. The plaintiffs allege, among other things, that the defendants breached their fiduciary duties to shareholders by their gross mismanagement of the NND Project, were unjustly enriched by the bonuses they were paid in connection with the project and breached their fiduciary duties to secure and obtain the best price for the sale of SCANA. Also in May 2019, the case was removed to the U.S. District Court of South Carolina by the non-South Carolina defendants. In June 2019, the plaintiffs filed a motion to remand the case to state court. This case is pending. Employment Class Actions and Indemnification In August 2017, a case was filed in the U.S. District Court for the District of South Carolina on behalf of persons who were formerly employed at the NND Project. In July 2018, the court certified this case as a class action. In February 2019, certain of these plaintiffs filed an additional case, which case has been dismissed and the plaintiffs have joined the case filed August 2017. The plaintiffs allege, among other things, that SCANA, DESC, Fluor Corporation and Fluor Enterprises, Inc. violated the Worker Adjustment and Retraining Notification Act in connection with the decision to stop construction at the NND Project. The plaintiffs allege that the defendants failed to provide adequate advance written notice of their terminations of employment and are seeking damages, which could be as much as $100 million for 100% of the NND Project. In September 2018, a case was filed in the State Court of Common Pleas in Fairfield County, South Carolina by Fluor Enterprises, Inc. and Fluor Daniel Maintenance Services, Inc. against DESC and Santee Cooper. The plaintiffs make claims for indemnification, breach of contract and promissory estoppel arising from, among other things, the defendants’ alleged failure and refusal to defend and indemnify the Fluor defendants in the aforementioned case. These cases are pending. FILOT Litigation and Related Matters In November 2017, Fairfield County filed a complaint and a motion for temporary injunction against DESC in the State Court of Common Pleas in Fairfield County, South Carolina, making allegations of breach of contract, fraud, negligent misrepresentation, breach of fiduciary duty, breach of implied duty of good faith and fair dealing and unfair trade practices related to DESC’s termination of the FILOT agreement between DESC and Fairfield County related to the NND Project. The plaintiff sought a temporary and permanent injunction to prevent DESC from terminating the FILOT agreement. The plaintiff withdrew the motion for temporary injunction in December 2017. This case is pending. Governmental Proceedings and Investigations In June 2018, DESC received a notice of proposed assessment of approximately $410 million, excluding interest, from the SCDOR following its audit of DESC’s sales and use tax returns for the periods September 1, 2008 through December 31, 2017. The proposed assessment, which includes 100% of the NND Project, is based on the SCDOR’s position that DESC’s sales and use tax exemption for the NND Project does not apply because the facility will not become operational. DESC has protested the proposed assessment, which remains pending. In September and October 2017, SCANA was served with subpoenas issued by the U.S. Attorney’s Office for the District of South Carolina and the Staff of the SEC’s Division of Enforcement seeking documents related to the NND Project. In addition, the South Carolina Law Enforcement Division is conducting a criminal investigation into the handling of the NND Project by SCANA and DESC. These matters are pending. SCANA and DESC are cooperating fully with the investigations, including responding to additional subpoenas and document requests. Other Litigation In December 2018, arbitration proceedings commenced between DESC and Cameco Corporation related to a supply agreement signed in May 2008. This agreement provides the terms and conditions under which DESC agreed to purchase uranium hexafluoride from Cameco Corporation over a period from 2010 to 2020. Cameco Corporation alleges that DESC violated this agreement by failing to purchase the stated quantities of uranium hexafluoride for the 2017 and 2018 delivery years. DESC denies that it is in breach of the agreement and believes that it has reduced its purchase quantity within the terms of the agreement. This matter is pending. Abandoned NND Project DESC, for itself and as agent for Santee Cooper, entered into an engineering, construction and procurement contract with Westinghouse and WECTEC in 2008 for the design and construction of the NND Project, of which DESC’s ownership share is 55%. Various difficulties were encountered in connection with the project. The ability of Westinghouse and WECTEC to adhere to established budgets and construction schedules was affected by many variables, including unanticipated difficulties encountered in connection with project engineering and the construction of project components, constrained financial resources of the contractors, regulatory, legal, training and construction processes associated with securing approvals, permits and licenses and necessary amendments to them within projected time frames, the availability of labor and materials at estimated costs and the efficiency of project labor. There were also contractor and supplier performance issues, difficulties in timely meeting critical regulatory requirements, contract disputes, and changes in key contractors or subcontractors. These matters preceded the filing for bankruptcy protection by Westinghouse and WECTEC in March 2017, and were the subject of comprehensive analyses performed by SCANA and Santee Cooper. Based on the results of SCANA’s analysis, and in light of Santee Cooper’s decision to suspend construction on the NND Project, in July 2017, SCANA determined to stop the construction of the units and to pursue recovery of costs incurred in connection with the construction under the abandonment provisions of the Base Load Review Act or through other means. This decision by SCANA became the focus of numerous legislative, regulatory and legal proceedings. Some of these proceedings remain unresolved and are described above. In September 2017, DESC, for itself and as agent for Santee Cooper, filed with the Bankruptcy Court Proofs of Claim for unliquidated damages against each of Westinghouse and WECTEC. These Proofs of Claim were based upon the anticipatory repudiation and material breach by Westinghouse and WECTEC of the contract, and assert against Westinghouse and WECTEC any and all claims that are based thereon or that may be related thereto. DESC and Santee Cooper remain responsible for any claims that may be made by Westinghouse and WECTEC against them relating to the contract. Westinghouse’s reorganization plan was confirmed by the Bankruptcy Court and became effective in August 2018. In connection with the effectiveness of the reorganization plan, the contract associated with the NND Project was deemed rejected. DESC is contesting approximately $285 million of filed liens in Fairfield County, South Carolina. Most of these asserted liens are claims that relate to work performed by Westinghouse subcontractors before the Westinghouse bankruptcy, although some of them are claims arising from work performed after the Westinghouse bankruptcy. Westinghouse has indicated that some unsecured creditors have sought or may seek amounts beyond what Westinghouse allocated when it submitted its reorganization plan to the Bankruptcy Court. If any unsecured creditor is successful in its attempt to include its claim as part of the class of general unsecured creditors beyond the amounts in the bankruptcy reorganization plan allocated by Westinghouse, it is possible that the reorganization plan will not provide for payment in full or nearly in full to its pre-petition trade creditors. The shortfall could be significant. DESC and Santee Cooper are responsible for amounts owed to Westinghouse for valid work performed by Westinghouse subcontractors on the NND Project after the Westinghouse bankruptcy filing until termination of the interim assessment agreement. DESC does not believe that the claims asserted related to the interim assessment agreement period will exceed the amounts previously funded, whether relating to claims already paid or those remaining to be paid. DESC intends to oppose any previously unasserted claim that is asserted against it, whether directly or indirectly by a claim through the interim assessment agreement. Further, some Westinghouse subcontractors who have made claims against Westinghouse in the bankruptcy proceeding also filed against DESC and Santee Cooper in South Carolina state court for damages. Many of these claimants have also asserted construction liens against the NND Project site. |
Credit Risk
Credit Risk | Nov. 18, 2019 |
Risks and Uncertainties [Abstract] | |
Credit Risk | Note 19. 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, 2018, as updated in Current Report on Form 8-K, filed November 18, 2019. At September 30, 2019, Dominion Energy’s gross credit exposure related to energy marketing and price risk management activities totaled $149 million. Of this amount, investment grade counterparties, including those internally rated, represented 91%. No No No For the three and nine months ended September 30, 2019, the Export Customers comprised approximately 37% and 34%, respectively, of Dominion Energy Gas’ total operating revenue, with Dominion Energy Gas’ largest customer representing approximately 19% and 18% of such amounts during the periods. For the three and nine months ended September 30, 2018, the Export Customers comprised approximately 32% and 21%, respectively, of Dominion Energy Gas’ total operating revenue, with Dominion Energy Gas’ largest customer representing approximately 17% and 11% of such amounts during the periods. Credit-Related Contingent Provisions The majority of Dominion Energy’s derivative instruments contain credit-related contingent provisions. These provisions require Dominion Energy to provide collateral upon the occurrence of specific events, primarily a credit rating downgrade. If the credit-related contingent features underlying these instruments that are in a liability position and not fully collateralized with cash were fully triggered as of September 30, 2019 and December 31, 2018, Dominion Energy would have been required to post $4 million and $1 million, respectively, of additional 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 Energy had posted no collateral at September 30, 2019 or December 31, 2018 related to derivatives with credit-related contingent provisions that are in a liability position and not fully collateralized with cash. 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 was immaterial at both September 30, 2019 and December 31, 2018, which does not include the impact of any offsetting asset positions. Credit-related contingent provisions for Virginia Power and Dominion Energy Gas were immaterial as of September 30, 2019 and December 31, 2018. See Note 9 for further information about derivative instruments. |
Related-Party Transactions
Related-Party Transactions | Nov. 18, 2019 |
Related Party Transactions [Abstract] | |
Related-Party Transactions | Note 20. Related-Party Transactions Virginia Power and Dominion Energy Gas engage in related-party transactions primarily with other Dominion Energy subsidiaries (affiliates). Virginia Power’s and Dominion Energy Gas’ receivable and payable balances with affiliates are settled based on contractual terms or on a monthly basis, depending on the nature of the underlying transactions. Virginia Power and Dominion Energy Gas are included in Dominion Energy’s consolidated federal income tax return and, where applicable, combined income tax returns for Dominion Energy are filed in various states. Dominion Energy’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 forward commodity purchases, to manage commodity price risks associated with purchases of natural gas. At September 30, 2019, Virginia Power’s derivative assets and liabilities with affiliates were $3 million and $18 million, respectively. At December 31, 2018, Virginia Power’s derivative assets and liabilities with affiliates were $26 million and $10 million, respectively. See Note 9 for more information. Virginia Power participates in certain Dominion Energy benefit plans described in Note 21 to the Consolidated Financial Statements in the Companies’ Annual Report on Form 10-K for the year ended December 31, 2018, as updated in Current Report on Form 8-K, filed November 18, 2019. At September 30, 2019 and December 31, 2018, amounts due to Dominion Energy associated with the Dominion Energy Pension Plan and included in other deferred credits and other liabilities in the Consolidated Balance Sheets were $750 million and $632 million, respectively. At September 30, 2019 and December 31, 2018, Virginia Power’s amounts due from Dominion Energy associated with the Dominion Energy Retiree Health and Welfare Plan and included in other deferred charges and other assets in the Consolidated Balance Sheets were $272 million and $254 million, respectively. DES and other affiliates provide accounting, legal, finance and certain administrative and technical services to Virginia Power. In addition, Virginia Power provides certain services to affiliates, including charges for facilities and equipment usage. The financial statements for all years presented include costs for certain general, administrative and corporate expenses assigned by DES to Virginia Power on the basis of direct and allocated methods in accordance with Virginia Power’s services agreements with DES. Where costs incurred cannot be determined by specific identification, the costs are allocated based on the proportional level of effort devoted by DES resources that is attributable to the entity, determined by reference to number of employees, salaries and wages and other similar measures for the relevant DES service. Management believes the assumptions and methodologies underlying the allocation of general corporate overhead expenses are reasonable. Presented below are Virginia Power’s significant transactions with DES and other affiliates: Three Months Ended Nine Months Ended 2019 2018 2019 2018 (millions) Commodity purchases from affiliates $ 170 $ 196 $ 561 $ 733 Services provided by affiliates (1) 107 106 387 338 Services provided to affiliates 5 6 19 17 (1) Includes capitalized expenditures of $33 million and $34 million for the three months ended September 30, 2019 and 2018, respectively, and $100 million and $109 million for the nine months ended September 30, 2019 and 2018, respectively. Virginia Power has borrowed funds from Dominion Energy under short-term borrowing arrangements. There were $9 million and $224 million in short-term demand note borrowings from Dominion Energy as of September 30, 2019 and December 31, 2018, respectively. Virginia Power had no outstanding borrowings, net of repayments, under the Dominion Energy money pool for its nonregulated subsidiaries as of September 30, 2019 and December 31, 2018. Interest charges related to Virginia Power’s borrowings from Dominion Energy were immaterial for the three and nine months ended September 30, 2019 and 2018. There were no issuances of Virginia Power’s common stock to Dominion Energy for the three and nine months ended September 30, 2019 and 2018. Dominion Energy Gas Transactions with Related Parties Dominion Energy Gas transacts with affiliates for certain quantities of natural gas and other commodities at market prices in the ordinary course of business. Additionally, Dominion Energy Gas provides transportation and storage services to affiliates. Dominion Energy Gas also enters into certain other contracts with affiliates and related parties, including construction services, which are presented separately from contracts involving commodities or services. As of September 30, 2019 and December 31, 2018, all of Dominion Energy Gas’ commodity derivatives were with affiliates. See Notes 7 and 9 for more information. See Note 10 for information regarding transactions with Atlantic Coast Pipeline. Dominion Energy Gas participates in certain Dominion Energy 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, 2018, as updated in Current Report on Form 8-K, filed November 18, 2019. At September 30, 2019 and December 31, 2018, amounts due from Dominion Energy associated with the Dominion Energy Pension Plan included in noncurrent pension and other postretirement benefit assets in the Consolidated Balance Sheets were $323 million and $319 million, respectively. At September 30, 2019 and December 31, 2018, Dominion Energy Gas’ amounts due from Dominion Energy associated with the Dominion Energy Retiree Health and Welfare Plan included in noncurrent pension and other postretirement benefit assets in the Consolidated Balance Sheets were $15 million and $13 million, respectively. In addition, there are amounts due to East Ohio from Dominion Energy in relation to these plans. As a result of the Dominion Energy Gas Restructuring, at September 30, 2019 and December 31, 2018, there was $455 million and $442 million included in noncurrent assets of discontinued operations in the Consolidated Balance Sheets relating to the Dominion Energy Pension Plan, respectively. Amounts due to East Ohio from Dominion Energy associated with the Dominion Energy Retiree Health and Welfare Plan included in noncurrent assets of discontinued operations in the Consolidated Balance Sheets at both September 30, 2019 and December 31, 2018, were $4 million DES, DECGS, DEQPS and other affiliates provide accounting, legal, finance, marketing and certain operational, administrative and technical services to Dominion Energy Gas. Dominion Energy Gas provides certain services to related parties, including technical services. The financial statements for all years presented include costs for certain general, administrative and corporate expenses assigned by DES, DECGS and DEQPS to Dominion Energy Gas on the basis of direct and allocated methods in accordance with Dominion Energy Gas’ services agreements with DES, DECGS and DEQPS. Where costs incurred cannot be determined by specific identification, the costs are allocated based on the proportional level of effort devoted by DES, DECGS and DEQPS resources that are attributable to the entity, determined by reference to number of employees, salaries and wages and other similar measures for the relevant DES, DECGS and DEQPS service. Management believes the assumptions and methodologies underlying the allocation of general corporate overhead expenses are reasonable. Presented below are Dominion Energy Gas’ significant transactions with DES, DECGS, DEQPS and other affiliates and related parties: Three Months Ended Nine Months Ended 2019 2018 2019 2018 (millions) Sales of natural gas and transportation and storage services to affiliates $ 60 $ 39 $ 187 $ 124 Services provided by related parties (1) 41 40 145 128 Services provided to related parties (2) 38 65 128 197 (1) Includes capitalized expenditures of $9 million for both the three months ended September 30, 2019 and 2018 and $20 million and $27 million for the nine months ended September 30, 2019 and 2018, respectively. (2) Includes amounts attributable to Atlantic Coast Pipeline, a related-party VIE. The following table presents affiliated and related party balances reflected in Dominion Energy Gas’ Consolidated Balance Sheets: September 30, 2019 December 31, 2018 (millions) Other receivables (1) $ 9 $ 13 Imbalances receivable from affiliates 7 16 Imbalances payable to affiliates (2) 1 4 (1) Represents amounts due from Atlantic Coast Pipeline, a related-party VIE. (2) Amounts are presented in other current liabilities in Dominion Energy Gas’ Consolidated Balance Sheets. Affiliated receivables at September 30, 2019 and December 31, 2018 included $13 million and $7 million, respectively, of accrued unbilled revenue. This revenue is based on estimated amounts of services provided but not yet billed to various affiliates. Dominion Energy Gas’ borrowings under the intercompany revolving credit agreement with Dominion Energy were $160 m and $218 million as , respectively less than $1 million for the three months ended September 30, 2019 and 2018 and $2 million and less than $1 million for the nine months ended September 30, 2019 and 2018, respectively. DCPI’s borrowings under intercompany revolving credit agreements with Dominion Energy totaled $2.9 billion at both September 30, 2019 and December 31, 2018. Interest charges related to DCPI’s total borrowings from Dominion Energy and subsidiaries totaled $30 million and $88 million for the three and nine months ended September 30, 2019, respectively, and totaled $25 million and $72 million for the three and nine months ended September 30, 2018, respectively. In October 2019, DCPI repaid the outstanding balance and accrued interest utilizing funds from a capital contribution from Dominion Energy. DMLPHCII’s total borrowings under an intercompany revolving credit agreement with Dominion Energy totaled $22 million at both September 30, 2019 and December 31, 2018. Interest charges related to DMLPHCII’s total borrowings from Dominion Energy were less than $1 million for both the three months ended September 30, 2019 and 2018 and were $1 million for both the nine months ended September 30, 2019 and 2018. In October 2019, DMLPHCII repaid the outstanding balance and accrued interest utilizing funds from a capital contribution from Dominion Energy. Affiliated notes receivable from East Ohio and DGP for borrowings under intercompany revolving credit agreements with Dominion Energy Gas were $ million and $ million as of September , and December , , respectively. Interest income the promissory notes receivable was $50 million and $148 million for the three and nine months ended September 30, 2019 and $22 million and $60 million for three and nine months ended September 30, 2018, respectively. In September 2019, Dominion Energy repaid its $3.0 billion promissory note to Cove Point and the proceeds were used by Cove Point to repay the $3.0 billion term loan. Total interest income earned on the promissory note for the three and nine months ending September 30, 2019 were $ 30 88 In January 2019, Dominion Energy Midstream entered into a $400 million promissory note with Dominion Energy that matures on January 31, 2022. The interest rate is a fixed 3.5% per annum. As of September 30, 2019, $395 million of the promissory note remained outstanding. Interest charges of $4 million and $9 million were incurred for the three and nine months ended September 30, 2019, respectively. In October 2019, Dominion Energy Midstream repaid the outstanding balance and accrued interest utilizing funds from a capital contribution from Dominion Energy. For the nine months ended September 30, 2019 and 2018, Dominion Energy Gas, including entities acquired in the Dominion Energy Gas Restructuring, distributed $551 million and $143 million to Dominion Energy, respectively. |
Employee Benefit Plans
Employee Benefit Plans | Nov. 18, 2019 |
Retirement Benefits [Abstract] | |
Employee Benefit Plans | Note 21. Employee Benefit Plans Dominion Energy The components of Dominion Energy’s provision for net periodic benefit cost (credit) were as follows: Pension Benefits Other Postretirement Benefits 2019 2018 2019 2018 (millions) Three Months Ended September 30, Service cost $ 41 $ 39 $ 7 $ 7 Interest cost 97 85 17 14 Expected return on plan assets (177 ) (165 ) (37 ) (36 ) Amortization of prior service credit — — (13 ) (13 ) Amortization of net actuarial loss 42 48 2 3 Settlements (1) 2 — — — Net periodic benefit cost (credit) $ 5 $ 7 $ (24 ) $ (25 ) Nine Months Ended September 30, Service cost $ 121 $ 118 $ 20 $ 20 Interest cost 296 253 51 42 Expected return on plan assets (530 ) (498 ) (105 ) (107 ) Amortization of prior service cost (credit) 1 1 (39 ) (39 ) Amortization of net actuarial loss 124 145 9 8 Settlements and curtailment (1) 75 — 42 — Net periodic benefit cost (credit) $ 87 $ 19 $ (22 ) $ (76 ) (1) Primarily related to a voluntary retirement program. Voluntary Retirement Program In March 2019, the Companies announced a voluntary retirement program to employees that meet certain age and service requirements. The voluntary retirement program will not compromise safety or the Companies’ ability to comply with applicable laws and regulations. In the second quarter of 2019, upon the determinations made concerning the number of employees that elected to participate in the program, Dominion Energy recorded a charge of $423 million ($316 million after-tax) included within other operations and maintenance expense ($288 million), other taxes ($23 million) and other income ($112 million), Virginia Power recorded a charge of $194 million ($144 million after-tax) included within other operations and maintenance expense ($186 million) and other taxes ($8 million) and Dominion Energy Gas recorded a charge of $74 million ($58 million after-tax) included within other operations and maintenance expense ($39 million), other taxes ($2 million), other income ($1 million) and discontinued operations ($32 million) in the respective Consolidated Statements of Income. In the second quarter of 2019, Dominion Energy and Dominion Energy Gas remeasured their pension and other postretirement benefit plans as a result of the voluntary retirement program. The remeasurement resulted in an increase in the pension benefit obligation of $484 million and $32 million and an increase in the fair value of the pension plan assets of $671 million and $146 million for Dominion Energy and Dominion Energy Gas, respectively. In addition, the remeasurement resulted in an increase in the accumulated postretirement benefit obligation of $101 million and $8 million and an increase in the fair value of the other postretirement benefit plan assets of $156 million and $29 million for Dominion Energy and Dominion Energy Gas, respectively. The impact of the remeasurement on net periodic benefit cost (credit) was recognized prospectively from the remeasurement date. The remeasurement is expected to increase the net periodic benefit credit for 2019 by approximately $6 million and $4 million for Dominion Energy and Dominion Energy Gas, respectively, excluding the impacts of curtailments. The discount rate used for the remeasurement was 4.07% - 4.10% for the Dominion Energy pension plans, 4.10% for Dominion Energy Gas pension plans, 4.05% - 4.08% for the Dominion Energy other postretirement benefit plans, and 4.05% for the Dominion Energy Gas other postretirement benefit plans. All other assumptions used for the remeasurement were consistent with the measurement as of December 31, 2018. In the third quarter of 2019, Dominion Energy remeasured a pension plan as a result of a settlement from the voluntary retirement program at SCANA. The settlement and related remeasurement resulted in an increase in the pension benefit obligation of $37 million and an increase in the fair value of the pension plan assets of $51 million for Dominion Energy. The impact of the remeasurement on net periodic benefit cost (credit) was recognized prospectively from the remeasurement date. The remeasurement is expected to increase the net periodic benefit credit for 2019 by $7 million. The discount rate used for the remeasurement was 3.57%. All other assumptions used for the remeasurement were consistent with the measurement as of December 31, 2018. Employer Contributions During the nine months ended September 30, 2019, Dominion Energy made no contributions to its defined benefit pension plans or other postretirement benefit plans. Dominion Energy made a contribution of $21 million to its defined benefit pension plans in October 2019 and expects to make a $12 million contribution to its other postretirement benefit plans through VEBAs during the remainder of 2019. Dominion Energy Gas Dominion Energy Gas participates in certain Dominion Energy 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, 2018, as updated in Current Report on Form 8-K, filed November 18, 2019. See Note 20 for more information. The components of Dominion Energy Gas’ provision for net periodic benefit cost (credit) for employees represented by collective bargaining units were as follows: Pension Benefits Other Postretirement Benefits 2019 2018 2019 2018 (millions) Three Months Ended September 30, Service cost $ 4 $ 4 $ — $ 1 Interest cost 7 7 3 3 Expected return on plan assets (38 ) (36 ) (6 ) (7 ) Amortization of prior service credit — — (1 ) (1 ) Amortization of net actuarial loss 5 4 — — Net periodic benefit credit $ (22 ) $ (21 ) $ (4 ) $ (4 ) Nine Months Ended September 30, Service cost $ 12 $ 13 $ 2 $ 3 Interest cost 23 21 8 8 Expected return on plan assets (116 ) (111 ) (20 ) (21 ) Amortization of prior service credit — — (3 ) (3 ) Amortization of net actuarial loss 15 14 2 2 Curtailment (1) 1 — 1 — Net periodic benefit credit $ (65 ) $ (63 ) $ (10 ) $ (11 ) (1) Related to a voluntary retirement program. Employer Contributions During the nine months ended September 30, 2019, Dominion Energy Gas made no contributions to its defined benefit pension plans or other postretirement benefit plans. Dominion Energy Gas expects to contribute approximately $12 million to its other postretirement benefit plans through VEBAs during the remainder of 2019. |
Operating Segments
Operating Segments | Nov. 18, 2019 |
Segment Reporting [Abstract] | |
Operating Segments | Note 22. 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 Power Delivery Regulated electric distribution X X Regulated electric transmission X X Power Generation Regulated electric generation fleet X X Merchant electric generation fleet X Gas Infrastructure Gas transmission and storage X X Gas distribution and storage X Gas gathering and processing X LNG terminalling and storage X X Nonregulated retail energy marketing X Southeast Energy Regulated electric distribution X Regulated electric transmission X Regulated electric generation fleet X Gas distribution 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 Energy The Corporate and Other Segment of Dominion Energy In the nine months ended September 30, 2019, Dominion Energy reported after-tax net expenses of $2.1 billion for specific items in the Corporate and Other segment, with $2.0 billion of net expenses attributable to its operating segments. In the nine months ended September 30, 2018, Dominion Energy reported after-tax net expenses of $253 million for specific items in the Corporate and Other segment, with $188 million of net expenses attributable to its operating segments. The net expense for specific items attributable to Dominion Energy’s operating segments in 2019 primarily related to the impact of the following items: • A $1.0 billion ($760 million after-tax) charge for refunds of amounts previously collected primarily from retail electric customers of DESC for the NND Project, attributable to Southeast Energy; • $570 million ($429 million after-tax) of merger and integration-related costs associated with the SCANA Combination, including a $444 million ($332 million after-tax) charge related to a voluntary retirement program, attributable to: • Power Delivery ($77 million after-tax); • Power Generation ($110 million after-tax); • Gas Infrastructure ($82 million after-tax); and • Southeast Energy ($160 million after-tax); • A $369 million ($275 million after-tax) charge related to the early retirement of certain Virginia Power electric generation facilities, attributable to Power Generation; • $316 million ($237 million after-tax) of charges associated with litigation acquired in the SCANA Combination, attributable to Southeast Energy; • A $198 million tax charge for $264 million of income tax-related regulatory assets acquired in the SCANA Combination for which Dominion Energy committed to forgo recovery, attributable to Southeast Energy; • A $160 million ($119 million after-tax) charge related to Virginia Power’s planned early retirement of certain automated meter reading infrastructure, attributable to Power Delivery; • A $135 million ($100 million after-tax) charge related to Virginia Power’s contract termination with a non-utility generator, attributable to Power Generation; and • A $114 million ($86 million after-tax) charge for property, plant and equipment acquired in the SCANA Combination primarily for which Dominion Energy committed to forgo recovery, attributable to Southeast Energy; partially offset by • A $364 million ($272 million after-tax) net gain related to investments in nuclear decommissioning trust funds, attributable to Power Generation; and • A $113 million ($84 million after-tax) benefit from the revision of future ash pond and landfill closure costs as a result of Virginia legislation enacted in March 2019, attributable to Power Generation. The net expense for specific items attributable to Dominion Energy’s operating segments in 2018 primarily related to the impact of the following items: • A $215 million ($160 million after-tax) charge associated with Virginia legislation enacted in March 2018 that requires one-time rate credits of certain amounts to utility customers, attributable to: • Power Generation ($109 million after-tax); and • Power Delivery ($51 million after-tax); • A $156 million ($121 million after-tax) increased net investment earnings on nuclear decommissioning trust funds attributable to Power Generation; • A $124 million ($88 million after-tax) charge for disallowance of FERC-regulated plant, attributable to Gas Infrastructure; and • An $81 million ($60 million after-tax) charge associated primarily with the asset retirement obligations for ash ponds and landfills at certain utility generation facilities in connection with the enactment of Virginia legislation in April 2018 attributable to Power Generation. The following table presents segment information pertaining to Dominion Energy’s operations: Power Delivery Power Generation Gas Infrastructure Southeast Energy Corporate and Other Adjustments/ Eliminations Consolidated Total (millions) Three Months Ended September 30, 2019 Total revenue from external customers $ 678 $ 1,848 $ 788 $ 973 $ (18 ) $ — $ 4,269 Intersegment revenue 5 6 28 — 164 (203 ) — Total operating revenue 683 1,854 816 973 146 (203 ) 4,269 Net income (loss) attributable to Dominion Energy 185 490 232 147 (79 ) — 975 Three Months Ended September 30, 2018 Total revenue from external customers $ 596 $ 2,021 $ 836 $ — $ (2 ) $ 3,451 Intersegment revenue 5 3 7 160 (175 ) — Total operating revenue 601 2,024 843 160 (177 ) 3,451 Net income attributable to Dominion Energy 163 414 264 13 — 854 Nine Months Ended September 30, 2019 Total revenue from external customers $ 1,861 $ 5,191 $ 3,042 $ 3,070 $ (1,067 ) $ — $ 12,097 Intersegment revenue 17 15 83 — 611 (726 ) — Total operating revenue 1,878 5,206 3,125 3,070 (456 ) (726 ) 12,097 Net income (loss) attributable to Dominion Energy 496 1,048 838 361 (2,394 ) — 349 Nine Months Ended September 30, 2018 Total revenue from external customers $ 1,687 $ 5,516 $ 2,972 $ (210 ) $ 40 $ 10,005 Intersegment revenue 17 8 21 505 (551 ) — Total operating revenue 1,704 5,524 2,993 295 (511 ) 10,005 Net income (loss) attributable to Dominion Energy 464 1,038 840 (536 ) — 1,806 Intersegment sales and transfers for Dominion Energy are based on contractual arrangements and may result in intersegment profit or loss that is eliminated in consolidation. Virginia Power The Corporate and Other Segment of Virginia Power In the nine months ended September 30, 2019, Virginia Power reported after-tax net expenses of $673 million for specific items in the Corporate and Other segment, with $653 million of net expenses attributable to its operating segments. In the nine months ended September 30, 2018, Virginia Power reported after-tax net expenses of $229 million for specific items in the Corporate and Other segment, with $226 million of net expenses attributable to its operating segments. The net expense for specific items attributable to Virginia Power’s operating segments in 2019 primarily related to the impact of the following items: • A $369 million ($275 million after-tax) charge related to the early retirement of certain electric generation facilities, attributable to Power Generation; • A $197 million ($146 million after-tax) charge related to a voluntary retirement program, attributable to: • Power Delivery ($74 million after-tax); and • Power Generation ($72 million after-tax); • A $160 million ($119 million after-tax) charge related to the planned early retirement of certain automated meter reading infrastructure, attributable to Power Delivery; • A $135 million ($100 million after-tax) charge related to a contract termination with a non-utility generator, attributable to Power Generation; and • A $62 million ($46 million after-tax) charge related the abandonment of a project at an electric generating facility, attributable to Power Generation; partially offset by • A $113 million ($84 million after-tax) benefit from the revision of future ash pond and landfill closure costs as a result of Virginia legislation enacted in March 2019, attributable to Power Generation. The net expense for specific items attributable to Virginia Power’s operating segments in 2018 primarily related to the impact of the following items: • A $215 million ($160 million after-tax) charge associated with Virginia legislation enacted in March 2018 that requires one-time rate credits of certain amounts to utility customers, attributable to: • Power Generation ($109 million after-tax); and • Power Delivery ($51 million after-tax); and • An $81 million ($60 million after-tax) charge associated primarily with the asset retirement obligations for ash ponds and landfills at certain utility generation facilities in connection with the enactment of Virginia legislation in April 2018 attributable to Power Generation. The following table presents segment information pertaining to Virginia Power’s operations: Power Delivery Power Generation Corporate and Other Consolidated Total (millions) Three Months Ended September 30, 2019 Operating revenue $ 677 $ 1,587 $ — $ 2,264 Net income (loss) 184 444 (26 ) 602 Three Months Ended September 30, 2018 Operating revenue $ 595 $ 1,637 $ — $ 2,232 Net income 163 347 10 520 Nine Months Ended September 30, 2019 Operating revenue $ 1,860 $ 4,336 $ (29 ) $ 6,167 Net income (loss) 494 885 (657 ) 722 Nine Months Ended September 30, 2018 Operating revenue $ 1,686 $ 4,338 $ (215 ) $ 5,809 Net income (loss) 462 796 (215 ) 1,043 Dominion Energy Gas The Corporate and Other Segment of Dominion Energy Gas In the nine months ended September 30, 2019, Dominion Energy Gas reported after-tax net expense of $66 million for specific items in the Corporate and Other segment, all of which are attributable to its operating segment. In the nine months ended September 30, 2018, Dominion Energy Gas reported after-tax net expenses of $98 million for specific items in the Corporate and Other segment, with $97 million of net expenses attributable to its operating segment. The net expense for specific items in 2019 primarily related to the impact of a $42 million ($31 million after-tax) charge related to a voluntary retirement program. The net expense for specific items attributable to Dominion Energy Gas’ operating segment in 2018 primarily related to a $124 million ($88 million after-tax) charge for disallowance of FERC-regulated plant, attributable to Gas Infrastructure. The following table presents segment information pertaining to Dominion Energy Gas’ operations: Gas Infrastructure Corporate and Other Consolidated Total (millions) Three Months Ended September 30, 2019 Operating revenue $ 525 $ (23 ) $ 502 Net income from discontinued operations — 45 45 Net income 134 17 151 Three Months Ended September 30, 2018 Operating revenue $ 533 $ — $ 533 Net income from discontinued operations — 33 33 Net income attributable to Dominion Energy Gas 173 18 191 Nine Months Ended September 30, 2019 Operating revenue $ 1,621 $ (23 ) $ 1,598 Net income from discontinued operations — 125 125 Net income attributable to Dominion Energy Gas 423 37 460 Nine Months Ended September 30, 2018 Operating revenue $ 1,431 $ — $ 1,431 Net income from discontinued operations — 135 135 Net income attributable to Dominion Energy Gas 426 28 454 |
Significant Accounting Polici_2
Significant Accounting Policies (Policies) | Nov. 18, 2019 |
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 2018, as updated in Current Report on Form 8-K, filed November 18, 2019. |
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 |
Reclassifications | Certain amounts in the Companies’ 2018 Consolidated Financial Statements and Notes have been reclassified to conform to the 2019 presentation for comparative purposes; however, such reclassifications did not affect the Companies’ net income, total assets, liabilities, equity or cash flows. |
Cash, Restricted Cash and Equivalents | Cash, Restricted Cash and Equivalents The following table provides a reconciliation of the total cash, restricted cash and equivalents reported within the Companies’ Consolidated Balance Sheets to the corresponding amounts reported within the Companies’ Consolidated Statements of Cash Flows for the nine months ended September 30, 2019 and 2018: Cash, Restricted Cash and Equivalents Cash, Restricted Cash and Equivalents at September 30, 2019 September 30, 2018 December 31, 2018 December 31, 2017 (millions) Dominion Energy Cash and cash equivalents $ 378 $ 310 $ 268 $ 120 Restricted cash and equivalents (1) 62 77 123 65 Cash, restricted cash and equivalents shown in the Consolidated Statements of Cash Flows $ 440 $ 387 $ 391 $ 185 Virginia Power Cash and cash equivalents $ 29 $ 22 $ 29 $ 14 Restricted cash and equivalents (1) 8 10 9 10 Cash, restricted cash and equivalents shown in the Consolidated Statements of Cash Flows $ 37 $ 32 $ 38 $ 24 Dominion Energy Gas Cash and cash equivalents (2) $ 74 $ 85 $ 108 $ 18 Restricted cash and equivalents (1) 12 46 90 39 Cash, restricted cash and equivalents shown in the Consolidated Statements of Cash Flows $ 86 $ 131 $ 198 $ 57 (1) Restricted cash and equivalent balances are presented within other current assets in the Companies’ Consolidated Balance Sheets. (2) At September 30, 2019, September 30, 2018, December 31, 2018 and December 31, 2017, Dominion Energy Gas had $10 million, $3 million, $9 million and $3 million of cash and cash equivalents included in current assets of discontinued operations, respectively. |
Property, Plant and Equipment | Property, Plant and Equipment In January 2019, Virginia Power committed to a plan to retire certain automated meter reading infrastructure associated with its electric operations before the end of its useful life and replace such equipment with more current AMI technology. As a result, Virginia Power recorded a charge of $160 million ($119 million after-tax) 10-K 2018, as updated in Current Report on Form 8-K, filed November 18, 2019. In March 2019, Virginia Power committed to retire certain electric generating units before the end of their useful lives and completed the retirement of certain units at six facilities representing 1,292 MW of electric generating capacity, which had previously been placed in cold reserve. An additional unit at Possum Point power station will be retired after it meets its capacity obligation to PJM in 2021. As a result, Virginia Power recorded a charge of $369 million ($275 million after-tax) 10-K 2018, as updated in Current Report on Form 8-K, filed November 18, 2019. In May 2019, Virginia Power abandoned a coal rail project at its Mt. Storm generating facility. As a result, Virginia Power recorded a charge of $62 million ($46 million after-tax) In September 2019, Dominion Energy and Virginia Power abandoned certain property, plant and equipment before the end of its useful life. As a result, Dominion Energy recorded a charge of $26 million ($19 million after-tax) after-tax), |
Leases | Leases The Companies lease certain assets including vehicles, real estate, office equipment and other operational assets under both operating and finance leases. For the Companies’ operating leases, rent expense is recognized on a straight-line basis over the term of the lease agreement, subject to regulatory framework. Rent expense associated with operating leases, short-term leases and variable leases is primarily recorded in other operations and maintenance expense in the Companies’ Consolidated Statements of Income. Rent expense associated with finance leases results in the separate presentation of interest expense on the lease liability and amortization expense of the related right-of-use Certain of the Companies’ leases include one or more options to renew, with renewal terms that can extend the lease from one right-of-use The determination of the discount rate utilized has a significant impact on the calculation of the present value of the lease liability included in the Companies’ Consolidated Balance Sheets. For the Companies’ fleet of leased vehicles, the discount rate is equal to the prevailing borrowing rate earned by the lessor. For the Companies’ remaining leased assets, the discount rate implicit in the lease is generally unable to be determined from a lessee perspective. As such, the Companies use internally-developed incremental borrowing rates as a discount rate in the calculation of the present value of the lease liability. The incremental borrowing rates are determined based on an analysis of the Companies’ publicly available unsecured borrowing rates, adjusted for a collateral discount, over various lengths of time that most closely correspond to the Companies’ lease maturities. In addition, Dominion Energy acts as lessor under certain power purchase agreements in which the counterparty or counterparties purchase substantially all of the output of certain solar facilities. These leases are considered operating in nature. For such leasing arrangements, rental revenue and an associated accounts receivable are recorded when the monthly output of the solar facility is determined. Depreciation on these solar facilities is computed on a straight-line basis over an estimated useful life of 30 years. |
New Accounting Standards | New Accounting Standards Leases In February 2016, the FASB issued revised accounting guidance for the recognition, measurement, presentation and disclosure of leasing arrangements. The update requires that a liability and corresponding right-of-use The guidance became effective for the Companies’ interim and annual reporting periods beginning January 1, 2019. The Companies adopted this revised accounting guidance using a modified retrospective approach, which requires lessees and lessors to recognize and measure leases at the date of adoption. Under this approach, the Companies utilized the transition practical expedient to maintain historical presentation for periods before January 1, 2019. The Companies also applied the other practical expedients, which required no reassessment of whether existing contracts are or contain leases, no reassessment of lease classification for existing leases and no reassessment of existing or expired land easements that were not previously accounted for as leases. In connection with the adoption of this revised accounting guidance, Dominion Energy, Virginia Power and Dominion Energy Gas recorded $504 million, $209 million and $64 million, respectively, of offsetting right-of-use right-or-use |
Fair Value Measurements | 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 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, certain forward market prices and implied price volatilities are considered unobservable. |
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 regulatory matters that the Companies cannot estimate, a statement to this effect is made in the description of the matter. Other matters may have progressed sufficiently through the regulatory process such that the Companies are able to estimate a range of possible loss. For regulatory matters that 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 that the Companies cannot estimate, a statement to this effect is made in the description of the matter. Other matters may have progressed sufficiently through the litigation or investigative processes such that the Companies are able to estimate a range of possible loss. For legal proceedings and governmental examinations that 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 Companies’ financial position, liquidity or results of operations. |
Guarantees, Surety Bonds and Letters of Credit | Dominion Energy also enters into guarantee arrangements on behalf of its consolidated subsidiaries, primarily to facilitate their commercial transactions with third parties. If any of these subsidiaries fail to perform or pay under the contracts and the counterparties seek performance or payment, Dominion Energy would be obligated to satisfy such obligation. To the extent that a liability subject to a guarantee has been incurred by one of Dominion Energy’s consolidated subsidiaries, that liability is included in the Consolidated Financial Statements. Dominion Energy is not required to recognize liabilities for guarantees issued on behalf of its subsidiaries unless it becomes probable that it will have to perform under the guarantees. Terms of the guarantees typically end once obligations have been paid. Dominion Energy currently believes it is unlikely that it would be required to perform or otherwise incur any losses associated with guarantees of its subsidiaries’ obligations. |
Significant Accounting Polici_3
Significant Accounting Policies (Tables) | Nov. 18, 2019 |
Accounting Policies [Abstract] | |
Reconciliation of Total Cash, Restricted Cash and Equivalents | The following table provides a reconciliation of the total cash, restricted cash and equivalents reported within the Companies’ Consolidated Balance Sheets to the corresponding amounts reported within the Companies’ Consolidated Statements of Cash Flows for the nine months ended September 30, 2019 and 2018: Cash, Restricted Cash and Equivalents Cash, Restricted Cash and Equivalents at September 30, 2019 September 30, 2018 December 31, 2018 December 31, 2017 (millions) Dominion Energy Cash and cash equivalents $ 378 $ 310 $ 268 $ 120 Restricted cash and equivalents (1) 62 77 123 65 Cash, restricted cash and equivalents shown in the Consolidated Statements of Cash Flows $ 440 $ 387 $ 391 $ 185 Virginia Power Cash and cash equivalents $ 29 $ 22 $ 29 $ 14 Restricted cash and equivalents (1) 8 10 9 10 Cash, restricted cash and equivalents shown in the Consolidated Statements of Cash Flows $ 37 $ 32 $ 38 $ 24 Dominion Energy Gas Cash and cash equivalents (2) $ 74 $ 85 $ 108 $ 18 Restricted cash and equivalents (1) 12 46 90 39 Cash, restricted cash and equivalents shown in the Consolidated Statements of Cash Flows $ 86 $ 131 $ 198 $ 57 (1) Restricted cash and equivalent balances are presented within other current assets in the Companies’ Consolidated Balance Sheets. (2) At September 30, 2019, September 30, 2018, December 31, 2018 and December 31, 2017, Dominion Energy Gas had $10 million, $3 million, $9 million and $3 million of cash and cash equivalents included in current assets of discontinued operations, respectively. |
Acquisitions and Dispositions (
Acquisitions and Dispositions (Tables) | Nov. 18, 2019 |
Business Acquisition, Pro Forma Information | The following unaudited pro forma financial information reflects the consolidated results of operations of Dominion Energy assuming the SCANA Combination had taken place on January 1, 2018. The unaudited pro forma financial information has been presented for illustrative purposes only and may change as Dominion Energy finalizes its valuation of certain assets acquired and liabilities assumed at the acquisition date. The unaudited pro forma financial information is not necessarily indicative of the consolidated results of operations that would have been achieved or the future consolidated results of operations of the combined company. Three Months Ended September 30, Nine Months Ended September 30, 2019 (1) 2018 (1) 2019 (1) 2018 (1) (millions, except EPS) Operating Revenue $ 4,269 $ 4,356 $ 13,104 $ 12,902 Net income attributable to Dominion Energy 1,029 923 1,991 2,054 Earnings Per Common Share – Basic $ 1.28 $ 1.23 $ 2.47 $ 2.74 Earnings Per Common Share – Diluted $ 1.26 $ 1.23 $ 2.44 $ 2.74 (1) Amounts include adjustments for non-recurring |
SCANA | |
Schedule of Preliminary Allocation of Purchase Price to Assets Acquired and Liabilities Assumed | The table below shows the preliminary allocation of the purchase price to the assets acquired and liabilities assumed at closing, including adjustments related to income taxes identified during 2019 as discussed in Note 5. The allocation is subject to change during the measurement period as additional information is obtained about the facts and circumstances that existed at closing. Any material adjustments to provisional amounts identified during the measurement period will be recognized and disclosed in the reporting period in which the adjustment amounts are determined. Certain tax-related Amount (millions) Total current assets (1) $ 1,782 Investments 224 Property, plant and equipment (2) 11,006 Goodwill 2,576 Regulatory assets (3) 3,940 Other deferred charges and other assets, including intangible assets 430 Total Assets 19,958 Total current liabilities 1,515 Long-term debt 6,707 Deferred income taxes 1,114 Regulatory liabilities 2,668 Other deferred credits and other liabilities (4) 1,115 Total Liabilities 13,119 Total purchase price (5) $ 6,839 (1) Includes $389 million of cash, restricted cash and equivalents, of which $115 million is considered restricted. (2) Includes $105 million of certain property, plant and equipment associated with the NND Project for which Dominion Energy committed to forgo recovery in accordance with the SCANA Merger Approval Order. As a result, Dominion Energy’s Consolidated Statement of Income for the nine months ended September 30, 2019 includes a charge of $105 million ($79 million after-tax), (3) Includes $264 million of certain income tax-related (4) Includes a $379 million pension and other postretirement benefit liability. (5) Includes stock-based compensation awards with a fair value of $21 million. |
East Ohio [Member] | |
Schedule of Disposal Groups, Including Discontinued Operations | The following table represents selected information regarding the results of operations of East Ohio, which are reported as discontinued operations in Dominion Energy Gas’ Consolidated Statements of Income: Three Months Ended September 30, Nine Months Ended September 30, 2019 2018 2019 2018 (millions) Operating revenue $ 155 $ 148 $ 538 $ 527 Depreciation and amortization 23 19 66 55 Other operating expenses 90 88 364 322 Other income 20 18 55 54 Interest and related charges 11 10 30 27 Income tax expense 8 13 25 39 Net income from discontinued operations $ 43 $ 36 $ 108 $ 138 The carrying amounts of major classes of assets and liabilities relating to East Ohio, which are reported as discontinued operations in Dominion Energy Gas’ Consolidated Balance Sheets were as follows: At September 30, 2019 At December 31, 2018 (millions) Current assets of discontinued operations (1) $ 268 $ 423 Investments 2 2 Property, plant and equipment, net 3,866 3,669 Regulatory assets 675 711 Other deferred charges and other assets, including goodwill and intangible assets 1,440 1,275 Noncurrent assets of discontinued operations 5,983 5,657 Current liabilities of discontinued operations 1,055 1,262 Long-term debt 1,554 1,300 Deferred income taxes and investment tax credits 741 716 Regulatory liabilities 769 747 Other deferred credits and liabilities 110 108 Noncurrent liabilities of discontinued operations 3,174 2,871 (1) Includes cash and cash equivalents of $5 million and $9 million as of September 30, 2019 and December 31, 2018, respectively. |
Schedule Of Significant Non Cash And Capital Expenditure | Capital expenditures and significant noncash items relating to East Ohio included the following: Nine Months Ended September 30, 2019 2018 (millions) Capital expenditures $ 267 $ 246 Significant noncash items Charge related to a voluntary retirement program 20 — Accrued capital expenditures 10 6 |
DGP [Member] | |
Schedule of Disposal Groups, Including Discontinued Operations | The following table represents selected information regarding the results of operations of DGP, which are reported as discontinued operations in Dominion Energy Gas’ Consolidated Statements of Income: Three Months Ended September 30, Nine Months Ended September 30, 2019 2018 2019 2018 (millions) Operating revenue $ 31 $ 42 $ 110 $ 144 Depreciation and amortization 1 4 4 11 Other operating expenses 27 42 83 137 Income tax expense (benefit) 1 (1 ) 6 (1 ) Net income (loss) from discontinued operations $ 2 $ (3 ) $ 17 $ (3 ) The carrying amounts of major classes of assets and liabilities relating to DGP, which are reported as discontinued operations in Dominion Energy Gas’ Consolidated Balance Sheets were as follows: At September 30, 2019 At December 31, 2018 (millions) Current assets of discontinued operations (1) $ 24 $ 21 Noncurrent assets of discontinued operations (2) 195 192 Current liabilities of discontinued operations 7 11 Noncurrent liabilities of discontinued operations 20 25 (1) Includes cash and cash equivalents of $5 million and less than $1 million dollars as of September 30, 2019 and December 31, 2018, respectively. (2) Primarily property, plant and equipment, net. |
Schedule Of Significant Non Cash And Capital Expenditure | Capital expenditures and significant noncash items of DGP included the following: Nine Months Ended September 31, 2019 2018 (millions) Capital expenditures $ 10 $ 4 |
Operating Revenue (Tables)
Operating Revenue (Tables) | Nov. 18, 2019 |
Regulated and Unregulated Operating Revenue [Abstract] | |
Schedule of Operating Revenue | The Companies’ operating revenue consists of the following: Three Months Ended September 30, Nine Months Ended September 30, 2019 2018 2019 2018 (millions) Dominion Energy Regulated electric sales: Residential $ 1,440 $ 1,036 $ 3,180 $ 2,641 Commercial 962 737 2,347 1,897 Industrial 227 143 474 371 Government and other retail 244 224 658 647 Wholesale 45 30 134 95 Nonregulated electric sales 197 322 688 1,022 Regulated gas sales: Residential 121 73 900 553 Commercial 52 15 316 152 Other 23 3 86 14 Nonregulated gas sales 51 42 369 139 Regulated gas transportation and storage: FERC-regulated 248 266 772 800 State-regulated 168 138 547 472 Nonregulated gas transportation and storage 153 162 501 286 Other regulated revenues (1) 54 38 180 132 Other nonregulated revenues (1)(2) 96 133 305 410 Total operating revenue from contracts with customers 4,081 3,362 11,457 9,631 Other revenues (3) 188 89 640 374 Total operating revenue $ 4,269 $ 3,451 $ 12,097 $ 10,005 Virginia Power Regulated electric sales: Residential $ 1,085 $ 1,036 $ 2,816 $ 2,641 Commercial 732 737 2,049 1,897 Industrial 121 143 351 371 Government and other retail 224 224 625 647 Wholesale 31 30 97 95 Other regulated revenues (1) 36 30 124 95 Other nonregulated revenues (2) 21 10 54 41 Total operating revenue from contracts with customers 2,250 2,210 6,116 5,787 Other revenues (2)(3) 14 22 51 22 Total operating revenue $ 2,264 $ 2,232 $ 6,167 $ 5,809 Dominion Energy Gas Regulated gas sales - wholesale $ — $ — $ 2 $ 6 Nonregulated gas sales (2) 1 2 4 5 Regulated gas transportation and storage 306 300 952 917 Nonregulated gas transportation and storage 153 162 501 286 Management service revenue (2) 37 63 126 195 Other regulated revenues (1) 3 4 8 17 Other nonregulated revenues (1)(2) 1 1 2 2 Total operating revenue from contracts with customers 501 532 1,595 1,428 Other revenues 1 1 3 3 Total operating revenue $ 502 $ 533 $ 1,598 $ 1,431 (1) Amounts above include $36 million and $1 million for the three months ended September 30, 2019, $108 million and $3 million for the three months ended September 30, 2018, $129 million and $4 million for the nine months ended September 30, 2019 and $170 million and $8 million for the nine months ended September 30, 2018 primarily consisting of NGL sales at Dominion Energy and Dominion Energy Gas, respectively, which are considered to be goods transferred at a point in time. In addition, the amounts include $12 million and $19 million of sales of renewable energy credits at Dominion Energy for the three and nine months ended September 30, 2019, respectively, $11 million and $14 million at Virginia Power for the three and nine months ended September 30, 2019, respectively, and $10 million and $11 million at both Dominion Energy and Virginia Power for the three and nine months ended September 30, 2018, respectively, which are considered to be goods transferred at a point in time. (2) See Notes 10 and 20 for amounts attributable to related parties and affiliates. (3) Amounts above include alternative revenue of $9 million and $44 million at Dominion Energy and $9 million and $35 million at Virginia Power for the three and nine months ended September 30, 2019, respectively. |
Schedule of Aggregate Amount of Transaction Price Allocated To Fixed-price Performance Obligations That Unsatisfied At End of Reporting Period And Expected To be Recognized | The table below discloses the aggregate amount of the transaction price allocated to fixed-price performance obligations that are unsatisfied (or partially unsatisfied) at the end of the reporting period and when the Companies expect to recognize this revenue. These revenues relate to contracts containing fixed prices where the Companies will earn the associated revenue over time as they stand ready to perform services provided. This disclosure does not include revenue related to performance obligations that are part of a contract with original durations of one year or less. In addition, this disclosure does not include expected consideration related to performance obligations for which the Companies elect to recognize revenue in the amount they have a right to invoice. Revenue expected to be recognized on multi-year 2019 2020 2021 2022 2023 Thereafter Total (millions) Dominion Energy $ 431 $ 1,545 $ 1,446 $ 1,344 $ 1,199 $ 13,502 $ 19,467 Virginia Power 5 3 1 — — — 9 Dominion Energy Gas 455 1,658 1,559 1,436 1,268 13,810 20,186 |
Income Taxes (Tables)
Income Taxes (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
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 Energy Virginia Power Dominion Energy Gas Nine Months Ended September 30, 2019 2018 2019 2018 2019 2018 U.S. statutory rate 21.0 % 21.0 % 21.0 % 21.0 % 21.0 % 21.0 % Increases (reductions) resulting from: State taxes, net of federal benefit 0.2 3.3 4.5 4.6 3.6 3.2 Investment tax credits (5.7 ) (0.9 ) (5.3 ) (1.4 ) — — Production tax credits (1.2 ) (0.7 ) (0.8 ) (0.7 ) — — Reversal of excess deferred income taxes (6.8 ) (1.5 ) (4.1 ) (1.9 ) (0.9 ) (0.9 ) Federal legislative change — 2.0 — (0.2 ) — 2.7 State legislative change — (0.8 ) — — — (3.3 ) Write-off 33.5 — — — — — AFUDC - equity (2.0 ) (0.9 ) — (0.5 ) (0.5 ) (0.3 ) Other, net (2.7 ) (1.0 ) (1.2 ) (0.3 ) (3.5 ) (1) (4.3 ) (1) Effective tax rate 36.3 % 20.5 % 14.1 % 20.6 % 19.7 % 18.1 % (1) Includes (3.7) % and (4.4) % relating to the absence of tax on noncontrolling interest in 2019 and 2018, respectively. |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | Nov. 18, 2019 |
Earnings Per Share [Abstract] | |
Earnings Per Share Computation | The following table presents the calculation of Dominion Energy’s basic and diluted EPS: Three Months Ended September 30, Nine Months Ended September 30, 2019 2018 2019 2018 (millions, except EPS) Net income attributable to Dominion Energy $ 975 $ 854 $ 349 $ 1,806 Series A Preferred Stock dividends (7 ) — (8 ) — Net income attributable to Dominion Energy - Basic 968 854 341 1,806 Dilutive effect of Series A Preferred Stock (13 ) — (26 ) — Net income attributable to Dominion Energy - Diluted 955 854 315 1,806 Average shares of common stock outstanding – Basic 813.0 653.9 802.9 652.4 Net effect of dilutive securities — 1.0 0.1 0.4 Average shares of common stock outstanding – Diluted 813.0 654.9 803.0 652.8 Earnings Per Common Share – Basic $ 1.19 $ 1.31 $ 0.42 $ 2.77 Earnings Per Common Share – Diluted $ 1.17 $ 1.30 $ 0.39 $ 2.77 |
Accumulated Other Comprehensi_2
Accumulated Other Comprehensive Income (Tables) | Nov. 18, 2019 |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |
Schedule of Accumulated Other Comprehensive Income (Loss) | The following table presents Dominion Energy’s changes in AOCI by component, net of tax: Deferred gains and losses on derivatives- hedging activities Unrealized gains and losses on investment securities Unrecognized pension and other postretirement benefit costs Other comprehensive loss from equity method investees Total (millions) Three Months Ended September 30, 2019 Beginning balance $ (389 ) $ 30 $ (1,322 ) $ (2 ) $ (1,683 ) Other comprehensive income before reclassifications: gains (losses) (107 ) 8 (4 ) (1 ) (104 ) Amounts reclassified from AOCI: (gains) losses (1) (6 ) (4 ) 20 — 10 Net current period other comprehensive income (loss) (113 ) 4 16 (1 ) (94 ) Ending balance $ (502 ) $ 34 $ (1,306 ) $ (3 ) $ (1,777 ) Three Months Ended September 30, 2018 Beginning balance $ (248 ) $ (2 ) $ (1,286 ) $ (2 ) $ (1,538 ) Other comprehensive income before reclassifications: gains (losses) (27 ) (6 ) — — (33 ) Amounts reclassified from AOCI: (gains) losses (1) 30 3 18 — 51 Net current period other comprehensive income (loss) 3 (3 ) 18 — 18 Ending balance $ (245 ) $ (5 ) $ (1,268 ) $ (2 ) $ (1,520 ) Nine Months Ended September 30, 2019 Beginning balance $ (235 ) $ 2 $ (1,465 ) $ (2 ) $ (1,700 ) Other comprehensive income before reclassifications: gains (losses) (209 ) 37 109 (1 ) (64 ) Amounts reclassified from AOCI: (gains) losses (1) (58 ) (5 ) 50 — (13 ) Net current period other comprehensive income (loss) (267 ) 32 159 (1 ) (77 ) Ending balance $ (502 ) $ 34 $ (1,306 ) $ (3 ) $ (1,777 ) Nine Months Ended September 30, 2018 Beginning balance $ (302 ) $ 747 $ (1,101 ) $ (3 ) $ (659 ) Other comprehensive income before reclassifications: gains (losses) 51 (24 ) — 1 28 Amounts reclassified from AOCI: (gains) losses (1) 71 4 60 — 135 Net current period other comprehensive income (loss) 122 (20 ) 60 1 163 Cumulative-effect of changes in accounting principle (64 ) (732 ) (227 ) — (1,023 ) Less other comprehensive income attributable to noncontrolling interest 1 — — — 1 Ending balance $ (245 ) $ (5 ) $ (1,268 ) $ (2 ) $ (1,520 ) (1) See table below for details about these reclassifications. |
Reclassification out of Accumulated Other Comprehensive Income | The following table presents Dominion Energy’s reclassifications out of AOCI by component: Details about AOCI components Amounts reclassified from AOCI Affected line item in the Consolidated Statements of Income (millions) Three Months Ended September 30, 2019 Deferred (gains) and losses on derivatives-hedging activities: Commodity contracts $ (35 ) Operating revenue 2 Purchased gas Interest rate contracts 14 Interest and related charges Foreign currency contracts 12 Other income Total (7 ) Tax 1 Income tax expense Total, net of tax $ (6 ) Unrealized (gains) and losses on investment securities: Realized (gain) loss on sale of securities $ (5 ) Other income Total (5 ) Tax 1 Income tax expense Total, net of tax $ (4 ) Unrecognized pension and other postretirement benefit costs: Amortization of prior-service costs (credits) $ (5 ) Other income Amortization of actuarial losses 31 Other income Total 26 Tax (6 ) Income tax expense Total, net of tax $ 20 Three Months Ended September 30, 2018 Deferred (gains) and losses on derivatives-hedging activities: Commodity contracts $ 26 Operating revenue Interest rate contracts 12 Interest and related charges Foreign currency contracts 2 Other income Total 40 Tax (10 ) Income tax expense Total, net of tax $ 30 Unrealized (gains) and losses on investment securities: Realized (gain) loss on sale of securities $ 3 Other income Total 3 Tax — Income tax expense Total, net of tax $ 3 Unrecognized pension and other postretirement benefit costs: Amortization of prior-service costs (credits) $ (5 ) Other income Amortization of actuarial losses 30 Other income Total 25 Tax (7 ) Income tax expense Total, net of tax $ 18 Details about AOCI components Amounts reclassified from AOCI Affected line item in the Consolidated Statements of Income (millions) Nine Months Ended September 30, 2019 Deferred (gains) and losses on derivatives-hedging activities: Commodity contracts $ (127 ) Operating revenue (1 ) Purchased gas Interest rate contracts 37 Interest and related charges Foreign currency contracts 14 Other income Total (77 ) Tax 19 Income tax expense Total, net of tax $ (58 ) Unrealized (gains) and losses on investment securities: Realized (gain) loss on sale of securities $ (6 ) Other income Total (6 ) Tax 1 Income tax expense Total, net of tax $ (5 ) Unrecognized pension and other postretirement benefit costs: Amortization of prior-service costs (credits) $ (18 ) Other income Amortization of actuarial losses 85 Other income Total 67 Tax (17 ) Income tax expense Total, net of tax $ 50 Nine Months Ended September 30, 2018 Deferred (gains) and losses on derivatives-hedging activities: Commodity contracts $ 55 Operating revenue 2 Purchased gas (8 ) Electric fuel and other energy-related purchases Interest rate contracts 36 Interest and related charges Foreign currency contracts 10 Other income Total 95 Tax (24 ) Income tax expense Total, net of tax $ 71 Unrealized (gains) and losses on investment securities: Realized (gain) loss on sale of securities $ 5 Other income Total 5 Tax (1 ) Income tax expense Total, net of tax $ 4 Unrecognized pension and other postretirement benefit costs: Amortization of prior-service costs (credits) $ (16 ) Other income Amortization of actuarial losses 91 Other income Total 75 Tax (15 ) Income tax expense Total, net of tax $ 60 |
Virginia Electric and Power Company | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |
Schedule of Accumulated Other Comprehensive Income (Loss) | The following table presents Virginia Power’s changes in AOCI by component, net of tax: Deferred gains and losses on derivatives- hedging activities Unrealized gains and losses on investment securities Total (millions) Three Months Ended September 30, 2019 Beginning balance $ (30 ) $ 4 $ (26 ) Other comprehensive income before reclassifications: gains (losses) (16 ) 1 (15 ) Amounts reclassified from AOCI: (gains) losses (1) — — — Net current period other comprehensive income (loss) (16 ) 1 (15 ) Ending balance $ (46 ) $ 5 $ (41 ) Three Months Ended September 30, 2018 Beginning balance $ (8 ) $ (1 ) $ (9 ) Other comprehensive income before reclassifications: gains (losses) 3 — 3 Amounts reclassified from AOCI: (gains) losses (1) — — — Net current period other comprehensive income (loss) 3 — 3 Ending balance $ (5 ) $ (1 ) $ (6 ) Nine Months Ended September 30, 2019 Beginning balance $ (13 ) $ 1 $ (12 ) Other comprehensive income before reclassifications: gains (losses) (34 ) 5 (29 ) Amounts reclassified from AOCI: (gains) losses (1) 1 (1 ) — Net current period other comprehensive income (loss) (33 ) 4 (29 ) Ending balance $ (46 ) $ 5 $ (41 ) Nine Months Ended September 30, 2018 Beginning balance $ (12 ) $ 74 $ 62 Other comprehensive income before reclassifications: gains (losses) 10 (2 ) 8 Amounts reclassified from AOCI: (gains) losses (1) — — — Net current period other comprehensive income (loss) 10 (2 ) 8 Cumulative-effect of changes in accounting principle (3 ) (73 ) (76 ) Ending balance $ (5 ) $ (1 ) $ (6 ) (1) Virginia Power’s reclassifications out of AOCI were immaterial for both the three and nine months ended September 30, 2019 and 2018. |
Dominion Energy Gas Holdings, LLC | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |
Schedule of Accumulated Other Comprehensive Income (Loss) | The following table presents Dominion Energy Gas’ changes in AOCI by component, net of tax: Deferred gains and losses on derivatives- hedging activities Unrecognized pension costs Total (millions) Three Months Ended September 30, 2019 Beginning balance $ (74 ) $ (112 ) $ (186 ) Other comprehensive income before reclassifications: gains (losses) (36 ) (1 ) (37 ) Amounts reclassified from AOCI: (gains) losses (1) 9 1 10 Net current period other comprehensive income (loss) (27 ) — (27 ) Ending balance $ (101 ) $ (112 ) $ (213 ) Three Months Ended September 30, 2018 Beginning balance $ (24 ) $ (94 ) $ (118 ) Other comprehensive income before reclassifications: gains (losses) 4 — 4 Amounts reclassified from AOCI: (gains) losses (1) 4 2 6 Net current period other comprehensive income (loss) 8 2 10 Ending balance $ (16 ) $ (92 ) $ (108 ) Nine Months Ended September 30, 2019 Beginning balance $ (25 ) $ (144 ) $ (169 ) Other comprehensive income before reclassifications: gains (losses) (87 ) 28 (59 ) Amounts reclassified from AOCI: (gains) losses (1) 10 4 14 Net current period other comprehensive income (loss) (77 ) 32 (45 ) Less other comprehensive income (loss) attributable to noncontrolling interest (1 ) — (1 ) Ending balance $ (101 ) $ (112 ) $ (213 ) Nine Months Ended September 30, 2018 Beginning balance $ (23 ) $ (75 ) $ (98 ) Other comprehensive income before reclassifications: gains (losses) (2 ) — (2 ) Amounts reclassified from AOCI: (gains) losses (1) 15 4 19 Net current period other comprehensive income (loss) 13 4 17 Cumulative-effect of changes in accounting principle (5 ) (21 ) (26 ) Less other comprehensive income (loss) attributable to noncontrolling interest 1 — 1 Ending balance $ (16 ) $ (92 ) $ (108 ) (1) See table below for details about these reclassifications. |
Reclassification out of Accumulated Other Comprehensive Income | The following table presents Dominion Energy Gas’ reclassifications out of AOCI by component: Details about AOCI components Amounts reclassified from AOCI Affected line item in the Consolidated Statements of Income (millions) Three Months Ended September 30, 2019 Deferred (gains) and losses on derivatives-hedging activities: Commodity contracts $ (2 ) Net income from discontinued operations Interest rate contracts 2 Interest and related charges Foreign currency contracts 12 Other income Total 12 Tax (3 ) Income tax expense Total, net of tax $ 9 Unrecognized pension costs: Actuarial losses $ 1 Other income Total 1 Tax — Income tax expense Total, net of tax $ 1 Three Months Ended September 30, 2018 Deferred (gains) and losses on derivatives-hedging activities: Commodity contracts $ 3 Net income from discontinued operations Interest rate contracts 1 Interest and related charges Foreign currency contracts 2 Other income Total 6 Tax (2 ) Income tax expense Total, net of tax $ 4 Unrecognized pension costs: Actuarial losses $ 2 Other income Total 2 Tax — Income tax expense Total, net of tax $ 2 Nine Months Ended September 30, 2019 Deferred (gains) and losses on derivatives-hedging activities: Commodity contracts $ (4 ) Net income from discontinued operations Interest rate contracts 3 Interest and related charges Foreign currency contracts 14 Other income Total 13 Tax (3 ) Income tax expense Total, net of tax $ 10 Unrecognized pension costs: Actuarial losses $ 5 Other income Total 5 Tax (1 ) Income tax expense Total, net of tax $ 4 Nine Months Ended September 30, 2018 Deferred (gains) and losses on derivatives-hedging activities: Commodity contracts $ 8 Net income from discontinued operations Interest rate contracts 3 Interest and related charges Foreign currency contracts 10 Other income Total 21 Tax (6 ) Income tax expense Total, net of tax $ 15 Unrecognized pension costs: Actuarial losses $ 5 Other income Total 5 Tax (1 ) Income tax expense Total, net of tax $ 4 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | Nov. 18, 2019 |
Fair Value Inputs, Assets, Quantitative Information | The following table presents Dominion Energy’s quantitative information about Level 3 fair value measurements at September 30, 2019. The range and weighted average are presented in dollars for market price inputs and percentages for price volatility. Fair Value (millions) Valuation Techniques Unobservable Input Range Weighted Average (1) Assets Physical and financial forwards and futures: Natural gas (2) $ 13 Discounted cash flow Market price (per Dth) (3) (1) - 6 — FTRs 5 Discounted cash flow Market price (per MWh) (3) (2) - 8 1 Physical options: Natural gas 2 Option model Market price (per Dth) (3) 1 - 6 4 Price volatility (4) 1% - 70% 47 % Total assets $ 20 Liabilities Physical and financial forwards: Natural gas (2) $ 10 Discounted Cash Flow Market price (per Dth) (3) (2) - 7 (1 ) FTRs 5 Discounted cash flow Market price (per MWh) (3) (5) - 3 — Physical options: Natural gas 6 Option model Market price (per Dth) (3) 1 - 6 3 Price volatility (4) 1% - 71% 26 % Total liabilities $ 21 (1) Averages weighted by volume. (2) Includes basis. (3) Represents market prices beyond defined terms for Levels 1 and 2. (4) Represents volatilities unrepresented in published markets. |
Fair Value, Options, Qualitative Disclosures | Sensitivity of the fair value measurements to changes in the significant unobservable inputs is as follows: Significant Unobservable Inputs Position Change to Input Impact on Fair Value Measurement Market price Buy Increase (decrease) Gain (loss) Market price Sell Increase (decrease) Loss (gain) Price volatility Buy Increase (decrease) Gain (loss) Price volatility Sell Increase (decrease) Loss (gain) |
Fair Value, by Balance Sheet Grouping | The following table presents Dominion Energy’s assets and liabilities that are measured at fair value on a recurring basis for each hierarchy level, including both current and noncurrent portions: Level 1 Level 2 Level 3 Total (millions) At September 30, 2019 Assets Derivatives: Commodity $ 6 $ 54 $ 20 $ 80 Interest rate — 10 — 10 Foreign currency — 3 — 3 Investments (1) Equity securities: U.S. 3,881 — — 3,881 Fixed income securities: Corporate debt instruments — 472 — 472 Government securities 474 694 — 1,168 Cash equivalents and other 26 5 — 31 Total assets $ 4,387 $ 1,238 $ 20 $ 5,645 Liabilities Derivatives: Commodity $ 14 $ 45 $ 21 $ 80 Interest rate — 850 — 850 Foreign currency — 4 — 4 Total liabilities $ 14 $ 899 $ 21 $ 934 At December 31, 2018 Assets Derivatives: Commodity $ — $ 180 $ 70 $ 250 Interest rate — 18 — 18 Foreign currency — 26 — 26 Investments (1) Equity securities: U.S. 3,277 — — 3,277 Fixed income securities: Corporate debt instruments — 431 — 431 Government securities 455 688 — 1,143 Cash equivalents and other 11 — — 11 Total assets $ 3,743 $ 1,343 $ 70 $ 5,156 Liabilities Derivatives: Commodity $ — $ 129 $ 6 $ 135 Interest rate — 142 — 142 Foreign currency — 2 — 2 Total liabilities $ — $ 273 $ 6 $ 279 (1) Includes investments held in the nuclear decommissioning and rabbi trusts. Excludes $262 million and $220 million of assets at September 30, 2019 and December 31, 2018, respectively, measured at fair value using NAV (or its equivalent) as a practical expedient which are not required to be categorized in the fair value hierarchy. |
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation | The following table presents the net change in Dominion Energy’s assets and liabilities measured at fair value on a recurring basis and included in the Level 3 fair value category: Three Months Ended Nine Months Ended 2019 2018 2019 2018 (millions) Beginning balance $ 75 $ 119 $ 64 $ 150 Total realized and unrealized gains (losses): Included in earnings: Operating revenue — — 2 (2 ) Purchased gas — — 1 — Electric fuel and other energy-related purchases (5 ) (7 ) (12 ) (25 ) Included in other comprehensive income — — — 1 Included in regulatory assets/liabilities (76 ) (16 ) (51 ) (26 ) Settlements 5 (4 ) 7 (7 ) Purchases — — (10 ) — Transfers out of Level 3 — — (2 ) 1 Ending balance $ (1 ) $ 92 $ (1 ) $ 92 The amount of total gains (losses) for the period included in earnings attributable to the change in unrealized gains (losses) relating to assets/liabilities still held at the reporting date: Operating revenue $ — $ — $ 2 $ — Purchased gas — — 1 — Total $ — $ — $ 3 $ — |
Schedule of Carrying Values and Estimated Fair Values of Debt Instruments | For the Companies’ financial instruments that are not recorded at fair value, the carrying amounts and estimated fair values are as follows: September 30, 2019 December 31, 2018 Carrying Amount Estimated Fair Value (1) Carrying Amount Estimated Fair Value (1) (millions) Dominion Energy Long-term debt, including securities due within one year (2) $ 34,662 $ 38,894 $ 29,952 $ 31,045 Credit facility borrowings — — 73 73 Junior subordinated notes (3) 3,797 3,951 3,430 3,358 Remarketable subordinated notes (3) — — 1,386 1,340 Virginia Power Long-term debt, including securities due within one year (3) $ 11,795 $ 13,732 $ 11,671 $ 12,400 Dominion Energy Gas Long-term debt, including securities due within one year (4) $ 4,478 $ 4,745 $ 7,770 $ 7,803 Affiliated long-term debt 395 395 — — Credit facility borrowings — — 73 73 (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 September 30, 2019 and December 31, 2018, includes the valuation of certain fair value hedges associated with fixed rate debt of $6 million and $(20) million, respectively. (3) Carrying amount includes amounts which represent the unamortized debt issuance costs, discount or premium. (4) Carrying amount includes amounts which represent the unamortized debt issuance costs, discount or premium and foreign currency remeasurement adjustments. |
Virginia Electric and Power Company | |
Fair Value Inputs, Assets, Quantitative Information | The following table presents Virginia Power’s quantitative information about Level 3 fair value measurements at September 30, 2019. The range and weighted average are presented in dollars for market price inputs and percentages for price volatility. Fair Value (millions) Valuation Techniques Unobservable Input Range Weighted Average (1) Assets Physical and financial forwards and futures: Natural gas (2) $ 12 Discounted cash flow Market price (per Dth) (3) (1) - 3 — FTRs 5 Discounted cash flow Market price (per MWh) (3) (2) - 8 1 Total assets $ 17 Liabilities Physical and financial forwards: Natural gas (2) $ 10 Discounted cash flow Market price (per Dth) (3) (2) - 6 (1 ) FTRs 5 Discounted cash flow Market price (per MWh) (3) (5) - 3 — Physical options: Natural gas 1 Option model Market price (per Dth) (3) 1 - 6 3 Price volatility (4) 24% - 35 % Total liabilities $ 16 (1) Averages weighted by volume. (2) Includes basis. (3) Represents market prices beyond defined terms for Levels 1 and 2. (4) Represents volatilities unrepresented in published markets. |
Fair Value, Options, Qualitative Disclosures | Sensitivity of the fair value measurements to changes in the significant unobservable inputs is as follows: Significant Unobservable Inputs Position Change to Input Impact on Fair Value Measurement Market price Buy Increase (decrease) Gain (loss) Market price Sell Increase (decrease) Loss (gain) Price volatility Buy Increase (decrease) Gain (loss) Price volatility Sell Increase (decrease) Loss (gain) |
Fair Value, by Balance Sheet Grouping | The following table presents Virginia Power’s assets and liabilities that are measured at fair value on a recurring basis for each hierarchy level, including both current and noncurrent portions: Level 1 Level 2 Level 3 Total (millions) At September 30, 2019 Assets Derivatives: Commodity $ — $ 3 $ 17 $ 20 Investments (1) Equity securities: U.S. 1,783 — — 1,783 Fixed income securities: Corporate debt instruments — 273 — 273 Government securities 184 337 — 521 Cash equivalents and other 6 — — 6 Total assets $ 1,973 $ 613 $ 17 $ 2,603 Liabilities Derivatives: Commodity $ — $ 17 $ 16 $ 33 Interest rate — 521 — 521 Total liabilities $ — $ 538 $ 16 $ 554 At December 31, 2018 Assets Derivatives: Commodity $ — $ 24 $ 66 $ 90 Interest rate — 3 — 3 Investments (1) Equity securities: U.S. 1,476 — — 1,476 Fixed income securities: Corporate debt instruments — 221 — 221 Government securities 164 343 — 507 Total assets $ 1,640 $ 591 $ 66 $ 2,297 Liabilities Derivatives: Commodity $ — $ 9 $ 6 $ 15 Interest rate — 88 — 88 Total liabilities $ — $ 97 $ 6 $ 103 (1) Includes investments held in the nuclear decommissioning trusts. Excludes $152 million and $160 million of assets at September 30, 2019 and December 31, 2018, respectively, measured at fair value using NAV (or its equivalent) as a practical expedient which are not required to be categorized in the fair value hierarchy. |
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation | The following table presents the net change in Virginia Power’s assets and liabilities measured at fair value on a recurring basis and included in the Level 3 fair value category: Three Months Ended Nine Months Ended 2019 2018 2019 2018 (millions) Beginning balance $ 77 $ 115 $ 60 $ 147 Total realized and unrealized losses: Included in earnings: Electric fuel and other energy-related purchases (5 ) (6 ) (12 ) (25 ) Included in regulatory assets/liabilities (76 ) (19 ) (50 ) (30 ) Settlements 5 (4 ) 3 (6 ) Ending balance $ 1 $ 86 $ 1 $ 86 |
Dominion Energy Gas Holdings, LLC | |
Fair Value, by Balance Sheet Grouping | The following table presents Dominion Energy Gas’ assets and liabilities for derivatives that are measured at fair value on a recurring basis for each hierarchy level, including both current and noncurrent portions. Level 1 Level 2 Level 3 Total (millions) At September 30, 2019 Assets Commodity $ — $ 2 $ — $ 2 Foreign currency — 3 — 3 Total assets $ — $ 5 $ — $ 5 Liabilities Interest rate $ — $ 113 $ — $ 113 Foreign currency — 4 — 4 Total liabilities $ — $ 117 $ — $ 117 At December 31, 2018 Assets Commodity $ — $ 3 $ — $ 3 Interest rate — 2 — 2 Foreign currency — 26 — 26 Total assets $ — $ 31 $ — $ 31 Liabilities Interest rate $ — $ 17 $ — $ 17 Foreign currency — 2 — 2 Total liabilities $ — $ 19 $ — $ 19 |
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation | The following table presents the net change in Dominion Energy Gas’ assets and liabilities for derivatives measured at fair value on a recurring basis and included in the Level 3 fair value category. There were no net changes in assets and liabilities measured at fair value on a recurring basis and included in the Level 3 fair value category for the three and nine months ended September 30, 2019 and the three months ended September 30, 2018. Nine Months Ended (millions) Beginning balance $ (2 ) Total realized and unrealized gains: Included in other comprehensive income 1 Transfers out of Level 3 1 Ending balance $ — |
Derivatives and Hedge Account_2
Derivatives and Hedge Accounting Activities (Tables) | Nov. 18, 2019 |
Offsetting Assets | The tables below present Dominion Energy’s derivative asset and liability balances by type of financial instrument, if the gross amounts recognized in its Consolidated Balance Sheets were netted with derivative instruments and cash collateral received or paid: September 30, 2019 December 31, 2018 Gross Amounts Not Offset in the Consolidated Balance Sheet Gross Amounts Not Offset in the Consolidated Balance Sheet Gross Assets Presented in the Consolidated Balance Sheet (1) Financial Instruments Cash Collateral Received Net Amounts Gross Assets Presented in the Consolidated Balance Sheet (1) Financial Instruments Cash Collateral Received Net Amounts (millions) Commodity contracts: Over-the-counter $ 39 $ 18 $ — $ 21 $ 175 $ 12 $ — $ 163 Exchange 37 26 — 11 68 68 — — Interest rate contracts: Over-the-counter 10 4 — 6 18 1 — 17 Foreign currency contracts: Over-the-counter 3 3 — — 26 2 — 24 Total derivatives, subject to a master netting or similar arrangement $ 89 $ 51 $ — $ 38 $ 287 $ 83 $ — $ 204 (1) Excludes $ 4 7 |
Offsetting Liabilities | September 30, 2019 December 31, 2018 Gross Amounts Not Offset in the Consolidated Balance Sheet Gross Amounts Not Offset in the Consolidated Balance Sheet Gross Liabilities Presented in the Consolidated Balance Sheet (1) Financial Instruments Cash Collateral Paid Net Amounts Gross Liabilities Presented in the Consolidated Balance Sheet (1) Financial Instruments Cash Collateral Paid Net Amounts (millions) Commodity contracts: Over-the-counter $ 43 $ 18 $ 1 $ 24 $ 19 $ 12 $ — $ 7 Exchange 34 26 8 — 115 68 47 — Interest rate contracts: Over-the-counter 850 4 41 805 142 1 — 141 Foreign currency contracts: Over-the-counter 4 3 — 1 2 2 — — Total derivatives, subject to a master netting or similar arrangement $ 931 $ 51 $ 50 $ 830 $ 278 $ 83 $ 47 $ 148 (1) Excludes $ 3 1 |
Schedule of Volume of Derivative Activity | The following table presents the volume of Dominion Energy’s derivative activity at September 30, 2019. These volumes are based on open derivative positions and represent the combined absolute value of their long and short positions, except in the case of offsetting transactions, for which they represent the absolute value of the net volume of its long and short positions. Current Noncurrent Natural Gas (bcf): Fixed price (1) 125 63 Basis 256 541 Electricity (MWh): Fixed price 3,262,550 369,850 FTRs 74,936,524 — NGLs (Gal) 17,892,000 — Interest rate (2) $ 850,000,000 $ 5,384,447,114 Foreign currency (2)(3) $ — $ 280,000,000 (1) Includes options. (2) Maturity is determined based on final settlement period. (3) Euro equivalent volumes are € 250,000,000 |
Schedule of Cash Flow Hedges Included in Accumulated Other Comprehensive Income (Loss) | The following table presents selected information related to gains (losses) on cash flow hedges included in AOCI in Dominion Energy’s Consolidated Balance Sheet at September 30, 2019: AOCI After-Tax Amounts Expected to be Reclassified to Earnings During the Next 12 Months After-Tax Maximum Term (millions) Commodities: Gas $ (6 ) $ (5 ) 27 months Electricity 9 8 15 months Other 2 2 6 months Interest rate (512 ) (49 ) 387 months Foreign currency 5 (3 ) 81 months Total $ (502 ) $ (47 ) |
Schedule of Amounts Recorded on Balance Sheet Related to Cumulative Basis Adjustments for Fair Value Hedges | The following table presents the amounts recorded on the balance sheet related to cumulative basis adjustments for fair value hedges: Carrying Amount of the Hedged Asset (1) Cumulative Amount of Fair Value Hedging (2) September 30, 2019 December 31, 2018 September 30, 2019 December 31, 2018 (millions) Long-term debt $ (1,156 ) $ (1,631 ) $ (6 ) $ 20 (1) Includes $( 396 892 (2) Includes $ 4 8 |
Fair Value of Derivatives | The following table presents the fair values of Dominion Energy’s derivatives and where they are presented in its Consolidated Balance Sheets: Fair Value – Derivatives under Hedge Accounting Fair Value – Derivatives not under Hedge Accounting Total Fair Value (millions) September 30, 2019 ASSETS Current Assets Commodity $ 18 $ 53 $ 71 Interest rate 2 — 2 Total current derivative assets (1) 20 53 73 Noncurrent Assets Commodity 2 7 9 Interest rate 8 — 8 Foreign currency 3 — 3 Total noncurrent derivative assets (2) 13 7 20 Total derivative assets $ 33 $ 60 $ 93 LIABILITIES Current Liabilities Commodity $ 9 $ 50 $ 59 Interest rate 200 2 202 Foreign currency 4 — 4 Total current derivative liabilities (3) 213 52 265 Noncurrent Liabilities Commodity 2 19 21 Interest rate 627 21 648 Total noncurrent derivative liabilities (4) 629 40 669 Total derivative liabilities $ 842 $ 92 $ 934 December 31, 2018 ASSETS Current Assets Commodity $ 55 $ 154 $ 209 Interest rate 14 — 14 Total current derivative assets (1) 69 154 223 Noncurrent Assets Commodity 6 35 41 Interest rate 4 — 4 Foreign currency 26 — 26 Total noncurrent derivative assets (2) 36 35 71 Total derivative assets $ 105 $ 189 $ 294 LIABILITIES Current Liabilities Commodity $ 17 $ 112 $ 129 Interest rate 26 — 26 Foreign currency 2 — 2 Total current derivative liabilities (3) 45 112 157 Noncurrent Liabilities Commodity 5 1 6 Interest rate 116 — 116 Total noncurrent derivative liabilities (4) 121 1 122 Total derivative liabilities $ 166 $ 113 $ 279 (1) Current derivative assets include amounts presented in assets held for sale in Dominion Energy’s Consolidated Balance Sheets. (2) Noncurrent derivative assets are presented in other deferred charges and other assets in Dominion Energy’s Consolidated Balance Sheets. (3) Current derivative liabilities include $ 242 157 (4) Noncurrent derivative liabilities are presented in other deferred credits and other liabilities in Dominion Energy’s Consolidated Balance Sheets. |
Schedule of Cash Flow Hedging Instruments, Statements of Financial Performance and Financial Position, Location | The following tables present the gains and losses on Dominion Energy’s derivatives, as well as where the associated activity is presented in its Consolidated Balance Sheets and Statements of Income. Derivatives in cash flow hedging relationships Amount of Gain (Loss) Recognized in AOCI on Derivatives (1) Amount of Gain (Loss) Reclassified From AOCI to Income Increase (Decrease) in Derivatives Subject to Regulatory (2) (millions) Three Months Ended September 30, 2019 Derivative type and location of gains (losses): Commodity: Operating revenue $ 35 Purchased gas (2 ) Total commodity $ (5 ) $ 33 $ — Interest rate (3) (124 ) (14 ) (190 ) Foreign currency (4) (15 ) (12 ) — Total $ (144 ) $ 7 $ (190 ) Three Months Ended September 30, 2018 Derivative type and location of gains (losses): Commodity: Operating revenue $ (26 ) Total commodity $ (58 ) $ (26 ) $ — Interest rate (3) 23 (12 ) 48 Foreign currency (4) (1 ) (2 ) — Total $ (36 ) $ (40 ) $ 48 Nine Months Ended September 30, 2019 Derivative type and location of gains (losses): Commodity: Operating revenue $ 127 Purchased gas 1 Total commodity $ 96 $ 128 $ — Interest rate (3) (350 ) (37 ) (405 ) Foreign currency (4) (24 ) (14 ) — Total $ (278 ) $ 77 $ (405 ) Nine Months Ended September 30, 2018 Derivative type and location of gains (losses): Commodity: Operating revenue $ (55 ) Purchased gas (2 ) Electric fuel and other energy-related purchases 8 Total commodity $ (1 ) $ (49 ) $ — Interest rate (3) 70 (36 ) 141 Foreign currency (4) (1 ) (10 ) — Total $ 68 $ (95 ) $ 141 (1) Amounts deferred into AOCI have no associated effect in Dominion Energy’s Consolidated Statements of Income. (2) Represents net derivative activity deferred into and amortized out of regulatory assets/liabilities. Amounts deferred into regulatory assets/liabilities have no associated effect in Dominion Energy’s Consolidated Statements of Income. (3) Amounts recorded in Dominion Energy’s Consolidated Statements of Income are classified in interest and related charges. (4) Amounts recorded in Dominion Energy’s Consolidated Statements of Income are classified in other income. |
Schedule of Other Derivatives Not Designated as Hedging Instruments, Statements of Financial Performance | Derivatives not designated as hedging instruments Amount of Gain (Loss) Recognized in Income on Derivatives (1) Three Months Ended Nine Months Ended 2019 2018 2019 2018 (millions) Derivative type and location of gains (losses): Commodity: Operating revenue $ 7 $ (5 ) $ 37 $ (8 ) Purchased gas (10 ) 1 (18 ) 5 Electric fuel and other energy-related purchases (6 ) (7 ) (18 ) (23 ) Total $ (9 ) $ (11 ) $ 1 $ (26 ) (1) Includes derivative activity amortized out of regulatory assets/liabilities. Amounts deferred into regulatory assets/liabilities have no associated effect in Dominion Energy’s Consolidated Statements of Income. |
Virginia Electric and Power Company | |
Offsetting Assets | The tables below present Virginia Power’s derivative asset and liability balances by type of financial instrument, if the gross amounts recognized in its Consolidated Balance Sheets were netted with derivative instruments and cash collateral received or paid: September 30, 2019 December 31, 2018 Gross Amounts Not Offset in the Consolidated Balance Sheet Gross Amounts Not Offset in the Consolidated Balance Sheet Gross in the Consolidated Balance Sheet (1) Financial Cash Collateral Received Net Amounts Gross Assets Presented in the Consolidated Balance Sheet (1) Financial Instruments Cash Collateral Received Net Amounts (millions) Commodity contracts: Over-the-counter $ 17 $ 15 $ — $ 2 $ 64 $ 6 $ — $ 58 Interest rate contracts: Over-the-counter — — — — 3 — — 3 Total derivatives, subject to a master netting or similar arrangement $ 17 $ 15 $ — $ 2 $ 67 $ 6 $ — $ 61 (1) Excludes $3 million and $26 million of derivative assets at September 30, 2019 and December 31, 2018, respectively, which are not subject to master netting or similar arrangements. |
Offsetting Liabilities | September 30, 2019 December 31, 2018 Gross Amounts Not Offset in the Consolidated Balance Sheet Gross Amounts Not Offset in the Consolidated Balance Sheet Gross Liabilities Presented in the Consolidated Balance Sheet (1) Financial Instruments Cash Collateral Paid Net Amounts Gross Liabilities Presented in the (1) Financial Instruments Cash Collateral Paid Net Amounts (millions) Commodity contracts: Over-the-counter $ 16 $ 15 $ — $ 1 $ 6 $ 6 $ — $ — Interest rate contracts: Over-the-counter 521 — — 521 88 — — 88 Total derivatives, subject to a master netting or similar arrangement $ 537 $ 15 $ — $ 522 $ 94 $ 6 $ — $ 88 (1) Excludes $17 million and $9 million of derivative liabilities at September 30, 2019 and December 31, 2018, respectively, which are not subject to master netting or similar arrangements. |
Schedule of Volume of Derivative Activity | The following table presents the volume of Virginia Power’s derivative activity at September 30, 2019. These volumes are based on open derivative positions and represent the combined absolute value of their long and short positions, except in the case of offsetting transactions, for which they represent the absolute value of the net volume of its long and short positions. Current Noncurrent Natural Gas (bcf): Fixed price (1) 44 16 Basis 151 472 Electricity (MWh): FTRs 74,936,524 — Interest rate (2) $ 550,000,000 $ 1,200,000,000 (1) Includes options. (2) Maturity is determined based on final settlement period. |
Schedule of Cash Flow Hedges Included in Accumulated Other Comprehensive Income (Loss) | The following table presents selected information related to losses on cash flow hedges included in AOCI in Virginia Power’s Consolidated Balance Sheet at September 30, 2019: AOCI After-Tax Amounts Expected to be Maximum Term (millions) Interest rate $ (46 ) $ (1 ) 387 Total $ (46 ) $ (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 – Derivatives under Hedge Accounting Fair Value – Derivatives not under Hedge Accounting Total Fair Value (millions) September 30, 2019 ASSETS Current Assets Commodity $ — $ 19 $ 19 Total current derivative assets (1) — 19 19 Noncurrent Assets Commodity — 1 1 Total noncurrent derivative assets (2) — 1 1 Total derivative assets $ — $ 20 $ 20 LIABILITIES Current Liabilities Commodity $ — $ 16 $ 16 Interest rate 149 — 149 Total current derivative liabilities 149 16 165 Noncurrent Liabilities Commodity — 17 17 Interest rate 372 — 372 Total noncurrent derivatives liabilities (3) 372 17 389 Total derivative liabilities $ 521 $ 33 $ 554 December 31, 2018 ASSETS Current Assets Commodity $ — $ 60 $ 60 Interest rate 3 — 3 Total current derivative assets (1) 3 60 63 Noncurrent Assets Commodity — 30 30 Total noncurrent derivative assets (2) — 30 30 Total derivative assets $ 3 $ 90 $ 93 LIABILITIES Current Liabilities Commodity $ — $ 15 $ 15 Interest rate 10 — 10 Total current derivative liabilities 10 15 25 Noncurrent Liabilities Interest rate 78 — 78 Total noncurrent derivatives liabilities (3) 78 — 78 Total derivative liabilities $ 88 $ 15 $ 103 (1) Current derivative assets are presented in other current assets in Virginia Power’s Consolidated Balance Sheets. (2) Noncurrent derivative assets are presented in other deferred charges and other assets in Virginia Power’s Consolidated Balance Sheets. (3) Noncurrent derivative liabilities are presented in other deferred credits and other liabilities in Virginia Power’s Consolidated Balance Sheets. |
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 in AOCI on Derivatives (1) Amount of Gain (Loss) Reclassified From AOCI to Income Increase (Decrease) (2) (millions) Three Months Ended September 30, 2019 Derivative type and location of gains (losses): Interest rate (3) $ (21 ) $ — $ (190 ) Total $ (21 ) $ — $ (190 ) Three Months Ended September 30, 2018 Derivative type and location of gains (losses): Interest rate (3) $ 4 $ — $ 48 Total $ 4 $ — $ 48 Nine Months Ended September 30, 2019 Derivative type and location of gains (losses): Interest rate (3) $ (45 ) $ (1 ) $ (408 ) Total $ (45 ) $ (1 ) $ (408 ) Nine Months Ended September 30, 2018 Derivative type and location of gains (losses): Interest rate (3) $ 13 $ — $ 141 Total $ 13 $ — $ 141 (1) Amounts deferred into AOCI have no associated effect in Virginia Power’s Consolidated Statements of Income. (2) Represents net derivative activity deferred into and amortized out of regulatory assets/liabilities. Amounts deferred into regulatory assets/liabilities have no associated effect in Virginia Power’s Consolidated Statements of Income. (3) Amounts recorded in Virginia Power’s Consolidated Statements of Income are classified in interest and related charges. |
Schedule of Other Derivatives Not Designated as Hedging Instruments, Statements of Financial Performance | Derivatives not designated as hedging instruments Amount of Gain (Loss) Recognized in Income on Derivatives (1) Three Months Ended Nine Months Ended 2019 2018 2019 2018 (millions) Derivative type and location of gains (losses): Commodity (2) $ (6 ) $ (9 ) $ (18 ) $ (12 ) Total $ (6 ) $ (9 ) $ (18 ) $ (12 ) (1) Includes derivative activity amortized out of regulatory assets/liabilities. Amounts deferred into regulatory assets/liabilities have no associated effect in Virginia Power’s Consolidated Statements of Income. (2) Amounts recorded in Virginia Power’s Consolidated Statements of Income are classified in electric fuel and other energy-related purchases. |
Dominion Energy Gas Holdings, LLC | |
Offsetting Assets | The tables below present Dominion Energy Gas’ derivative asset and liability balances by type of financial instrument, if the gross amounts recognized in its Consolidated Balance Sheets were netted with derivative instruments and cash collateral received or paid: September 30, 2019 December 31, 2018 Gross Assets Presented in the Consolidated Balance Sheet Financial Instruments Cash Collateral Received Net Amounts Gross Assets Presented in the Consolidated Balance Sheet Financial Instruments Cash Collateral Received Net Amounts (millions) Commodity contracts: Over-the-counter $ 2 $ — $ — $ 2 $ 3 $ — $ — $ 3 Interest rate contracts: Over-the-counter — — — — 2 — — 2 Foreign currency contracts: Over-the-counter 3 3 — — 26 2 — 24 Total derivatives, subject to a master netting or similar arrangement $ 5 $ 3 $ — $ 2 $ 31 $ 2 $ — $ 29 |
Offsetting Liabilities | September 30, 2019 December 31, 2018 Gross Amounts Not Offset Gross Financial Cash Collateral Paid Net Amounts Gross Financial Cash Collateral Paid Net Amounts (millions) Interest rate contracts: Over-the-counter $ 113 $ — $ — $ 113 $ 17 $ — $ — $ 17 Foreign currency contracts: Over-the-counter 4 3 — 1 2 2 — — Total derivatives, subject to a master netting or similar arrangement $ 117 $ 3 $ — $ 114 $ 19 $ 2 $ — $ 17 |
Schedule of Volume of Derivative Activity | The following table presents the volume of Dominion Energy Gas’ derivative activity at September 30, 2019. These volumes are based on open derivative positions and represent the combined absolute value of their long and short positions, except in the case of offsetting transactions, for which they represent the absolute value of the net volume of its long and short positions. Current Noncurrent NGLs (Gal) 17,892,000 — Interest rate (1) $ 300,000,000 $ 1,000,000,000 Foreign currency (1)(2) $ — $ 280,000,000 (1) Maturity is determined based on final settlement period. (2) Euro equivalent volumes are € |
Schedule of Cash Flow Hedges Included in Accumulated Other Comprehensive Income (Loss) | The following table presents selected information related to gains (losses) on cash flow hedges included in AOCI in Dominion Energy Gas’ Consolidated Balance Sheet at September 30, 2019: AOCI After-Tax Amounts Expected Tax Maximum Term (millions) Commodities: NGLs $ 2 $ 2 6 months Interest rate (108 ) (7 ) 303 months Foreign currency 5 (3 ) 81 months Total $ (101 ) $ (8 ) |
Fair Value of Derivatives | The following tables present the fair values of Dominion Energy Gas’ derivatives and where they are presented in its Consolidated Balance Sheets: Fair Value- Under Hedge Accounting Fair Value-Derivatives Not Under Hedge Accounting Total Fair Value (millions) September 30, 2019 ASSETS Current Assets Commodity $ 2 $ — $ 2 Total current derivative assets (1) 2 — 2 Noncurrent Assets Foreign currency 3 — 3 Total noncurrent derivative assets (2) 3 — 3 Total derivative assets $ 5 $ — $ 5 LIABILITIES Current Liabilities Interest rate $ 47 $ — $ 47 Foreign currency 4 — 4 Total current derivative liabilities (3) 51 — 51 Noncurrent Liabilities Interest rate 66 — 66 Total noncurrent derivative liabilities (4) 66 — 66 Total derivative liabilities $ 117 $ — $ 117 December 31, 2018 ASSETS Current Assets Commodity $ 3 $ — $ 3 Interest rate 2 — 2 Total current derivative assets (1) 5 — 5 Noncurrent Assets Foreign currency 26 — 26 Total noncurrent derivative assets (2) 26 — 26 Total derivative assets $ 31 $ — $ 31 LIABILITIES Current Liabilities Interest rate $ 9 $ — $ 9 Foreign currency 2 — 2 Total current derivative liabilities (3) 11 — 11 Noncurrent Liabilities Interest rate 8 — 8 Total noncurrent derivative liabilities (4) 8 — 8 Total derivative liabilities $ 19 $ — $ 19 (1) Current derivative assets include $2​​​​​​​ million in other current assets at December 31, 2018, with the remainder recorded in current assets of discontinued operations in Dominion Energy Gas’ Consolidated Balance Sheets. All current derivative assets are included in current assets of discontinued operations in Dominion Energy Gas’ Consolidated Balance Sheets at September 30, 2019. (2) Noncurrent derivatives assets are presented in other deferred charges and other assets in Dominion Energy Gas’ Consolidated Balance Sheets. (3) Current derivative liabilities are presented in other current liabilities in Dominion Energy Gas’ Consolidated Balance Sheets. (4) Noncurrent derivative liabilities are presented in other deferred credits and other liabilities in Dominion Energy Gas’ Consolidated Balance Sheets. |
Schedule of Cash Flow Hedging Instruments, Statements of Financial Performance and Financial Position, Location | The following table presents the gains and losses on Dominion Energy Gas’ derivatives, as well as where the associated activity is presented in its Consolidated Balance Sheets and Statements of Income: Derivatives in cash flow hedging relationships Amount of Gain Derivatives (1) Amount of Gain (Loss) Reclassified From AOCI to Income (millions) Three Months Ended September 30, 2019 Derivative Type and Location of Gains (Losses): Commodity: Net income from discontinued operations $ 2 Total commodity $ 1 $ 2 Interest rate (2) (36 ) (2 ) Foreign currency (3) (14 ) (12 ) Total $ (49 ) $ (12 ) Three Months Ended September 30, 2018 Derivative Type and Location of Gains (Losses): Commodity: Net income from discontinued operations $ (3 ) Total commodity $ (5 ) $ (3 ) Interest rate (2) 12 (1 ) Foreign currency (3) (1 ) (2 ) Total $ 6 $ (6 ) Nine Months Ended September 30, 2019 Derivative Type and Location of Gains (Losses): Commodity: Net income from discontinued operations $ 4 Total commodity $ 3 $ 4 Interest rate (2) (96 ) (3 ) Foreign currency (3) (24 ) (14 ) Total $ (117 ) $ (13 ) Nine Months Ended September 30, 2018 Derivative Type and Location of Gains (Losses): Commodity: Net income from discontinued operations $ (8 ) Total commodity $ (11 ) $ (8 ) Interest rate (2) 9 (3 ) Foreign currency (3) (1 ) (10 ) Total $ (3 ) $ (21 ) (1) Amounts deferred into AOCI have no associated effect in Dominion Energy Gas’ Consolidated Statements of Income. (2) Amounts recorded in Dominion Energy Gas’ Consolidated Statements of Income are classified in interest and related charges. (3) Amounts recorded in Dominion Energy Gas’ Consolidated Statements of Income are classified in other income. |
Investments (Tables)
Investments (Tables) | Nov. 18, 2019 |
Equity and Fixed Income Securities, Insurance Contracts and Cash Equivalents in Decommissioning Trust Funds | Decommissioning Trust Securities Dominion Energy holds equity and fixed income securities, insurance contracts and cash equivalents in nuclear decommissioning trust funds to fund future decommissioning costs for its nuclear plants. Dominion Energy’s decommissioning trust funds are summarized below: Amortized Cost Total Unrealized Gains Total Unrealized Losses Fair Value (millions) September 30, 2019 Equity securities: (1) U.S. $ 1,787 $ 2,169 $ (30 ) $ 3,926 Fixed income securities: (2) Corporate debt instruments 442 30 — 472 Government securities 1,082 44 (4 ) 1,122 Common/collective trust funds 105 4 — 109 Insurance contracts 210 — — 210 Cash equivalents and other (3) 21 — — 21 Total $ 3,647 $ 2,247 $ (34 ) (4) $ 5,860 December 31, 2018 Equity securities: (1) U.S. $ 1,741 $ 1,640 $ (51 ) $ 3,330 Fixed income securities: (2) Corporate debt instruments 435 5 (9 ) 431 Government securities 1,092 17 (12 ) 1,097 Common/collective trust funds 76 — — 76 Cash equivalents and other 4 — — 4 Total $ 3,348 $ 1,662 $ (72 ) (4) $ 4,938 (1) Unrealized gains and losses on equity securities are included in other income and the nuclear decommissioning trust regulatory liability. (2) Unrealized gains and losses on fixed income securities are included in AOCI and the nuclear decommissioning trust regulatory liability. (3) Includes pending sales of securities of $ 3 (4) The fair value of securities in an unrealized loss position was $ 277 833 |
Unrealized Gain Loss on Equity | The portion of unrealized gains and losses that relates to equity securities held within Dominion Energy’s nuclear decommissioning trusts is summarized below: Three Months Ended September 30, Nine Months Ended September 30, 2019 2018 2019 2018 (millions) Net gains recognized during the period $ 40 $ 243 $ 610 $ 267 Less: Net gains recognized during the period on securities sold during the period (17 ) (7 ) (61 ) (42 ) Unrealized gains recognized during the period on securities still held at September 30, 2019 and 2018 (1) $ 23 $ 236 $ 549 $ 225 (1) Included in other income and the nuclear decommissioning trust regulatory liability. |
Investments Classified by Contractual Maturity Date | The fair value of Dominion Energy’s fixed income securities with readily determinable fair values held in nuclear decommissioning trust funds at September 30, 2019 by contractual maturity is as follows: Amount (millions) Due in one year or less $ 212 Due after one year through five years 412 Due after five years through ten years 360 Due after ten years 719 Total $ 1,703 |
Marketable Securities | Presented below is selected information regarding Dominion Energy’s equity and fixed income securities with readily determinable fair values held in nuclear decommissioning trust funds. Three Months Ended September 30, Nine Months Ended September 30, 2019 2018 2019 2018 (millions) Proceeds from sales $ 429 $ 457 $ 1,311 $ 1,301 Realized gains (1) 53 24 152 96 Realized losses (1) 25 18 75 60 (1) Includes realized gains and losses recorded to the nuclear decommissioning trust regulatory liability. |
Other-Than-Temporary Impairment Losses | Dominion Energy recorded other-than-temporary impairment losses on investments held in nuclear decommissioning trust funds as follows: Three Months Ended September 30, Nine Months Ended 2019 2018 2019 2018 (millions) Total other-than-temporary impairment losses $ 1 $ 8 $ 1 $ 25 Losses recognized in other comprehensive income (before taxes) (1 ) (8 ) (1 ) (25 ) Net impairment losses recognized in earnings $ — $ — $ — $ — |
Virginia Electric and Power Company | |
Equity and Fixed Income Securities, Insurance Contracts and Cash Equivalents in Decommissioning Trust Funds | Virginia Power’s decommissioning trust funds are summarized below: Amortized Cost Total Unrealized Gains Total Unrealized Losses Fair Value (millions) September 30, 2019 Equity securities: (1) U.S. $ 890 $ 1,013 $ (15 ) $ 1,888 Fixed income securities: (2) Corporate debt instruments 257 16 — 273 Government securities 504 17 (1 ) 520 Common/collective trust funds 46 — — 46 Cash equivalents and other (3) 11 — — 11 Total $ 1,708 $ 1,046 $ (16 ) (4) $ 2,738 December 31, 2018 Equity securities: (1) U.S. $ 858 $ 751 $ (24 ) $ 1,585 Fixed income securities: (2) Corporate debt instruments 224 2 (5 ) 221 Government securities 504 7 (5 ) 506 Common/collective trust funds 51 — — 51 Cash equivalents and other (3) 6 — — 6 Total $ 1,643 $ 760 $ (34 ) (4) $ 2,369 (1) Unrealized gains and losses on equity securities are included in other income and the nuclear decommissioning trust regulatory liability. (2) Unrealized gains and losses on fixed income securities are included in AOCI and the nuclear decommissioning trust regulatory liability. (3) Includes pending sales of securities of $ 5 6 (4) The fair value of securities in an unrealized loss position was $ 164 404 |
Unrealized Gain Loss on Equity | The portion of unrealized gains and losses that relates to equity securities held within Virginia Power’s nuclear decommissioning trusts is summarized below: Three Months Ended September 30, Nine Months Ended September 30, 2019 2018 2019 2018 (millions) Net gains recognized during the period $ 30 $ 106 $ 286 $ 118 Less: Net gains recognized during the period on securities sold during the period (7 ) (3 ) (15 ) (26 ) Unrealized gains recognized during the period on securities still held at September 30, 2019 and 2018 (1) $ 23 $ 103 $ 271 $ 92 (1) Included in other income and the nuclear decommissioning trust regulatory liability. |
Investments Classified by Contractual Maturity Date | The fair value of Virginia Power’s fixed income securities with readily determinable fair values held in nuclear decommissioning trust funds at September 30, 2019 by contractual maturity is as follows: Amount (millions) Due in one year or less $ 99 Due after one year through five years 183 Due after five years through ten years 180 Due after ten years 377 Total $ 839 |
Marketable Securities | Presented below is selected information regarding Virginia Power’s equity and fixed income securities with readily determinable fair values held in nuclear decommissioning trust funds. Three Months Ended September 30, Nine Months Ended September 30, 2019 2018 2019 2018 (millions) Proceeds from sales $ 230 $ 237 $ 677 $ 651 Realized gains (1) 21 11 46 44 Realized losses (1) 6 5 18 17 (1) Includes realized gains and losses recorded to the nuclear decommissioning trust regulatory liability. |
Property Plant and Equipment (T
Property Plant and Equipment (Tables) | Nov. 18, 2019 |
Schedule of Business Acquisitions, by Acquisition | The following table presents acquisitions by Dominion Energy of solar projects. Dominion Energy expects to claim federal investment tax credits on the projects. Date Agreement Date Agreement Project Location Project Name Project Cost (1) Date of Commercial MW Capacity August 2019 August 2019 Virginia Greensville $ 130 Expected 2020 80 August 2019 August 2019 Virginia Myrtle 35 Expected 2020 15 September 2019 September 2019 South Carolina Seabrook 105 Expected 2019 72 (1) Includes acquisition cost. |
Virginia Electric and Power Company | |
Schedule of Business Acquisitions, by Acquisition | The following table presents acquisitions by Virginia Power of solar projects. Virginia Power expects to claim federal investmen​​​​​​​t tax ​​​​​​​credits on the projects. Date Agreement Date Agreement Project Location Project Name Project Cost​​​​​​​ (1) Date of Commercial​​​​​​​ MW Capacity September 2017 June 2019 North Carolina Gutenberg $ 142 September 2019 80 June 2018 February 2019 Virginia Gloucester 37 April 2019 20 August 2018 March 2019 Virginia Grasshopper 130 Expected 2020​​​​​​​ 80 August 2018 May 2019 North Carolina Chestnut 130 Expected 2019 75 June 2019 June 2019 Virginia Ft. Powhatan 270 Expected 2021 150 June 2019 August 2019 Virginia Belcher 160 Expected 2020 88 August 2019 Pending Virginia Bedford 110 Expected 2021 70 October 2019 October 2019 Virginia Maplewood 190 Expected 2022 120 (1) Includes acquisition cost. |
Regulatory Assets and Liabili_2
Regulatory Assets and Liabilities (Tables) | Nov. 18, 2019 |
Regulated Operations [Abstract] | |
Schedule of Regulatory Assets | Regulatory assets and liabilities include the following: September 30, 2019 December 31, 2018 (millions) Dominion Energy Regulatory assets: Deferred cost of fuel used in electric generation (1) $ 78 $ 174 Deferred project costs and DSM programs for gas utilities (2) 29 17 Unrecovered gas costs (3) 118 14 Deferred rate adjustment clause costs for Virginia electric utility (4)(5) 226 78 Deferred nuclear refueling outage costs (6) 50 69 NND Project costs (7) 138 — PJM transmission rates (8) 69 45 Other 258 99 Regulatory assets-current 966 496 Deferred cost of fuel used in electric generation (1) — 83 Unrecognized pension and other postretirement benefit costs (9) 1,331 1,497 Deferred rate adjustment clause costs for Virginia electric utility (4)(5)(10) 88 230 Deferred project costs for gas utilities (2) 482 335 PJM transmission rates (8) 169 192 Interest rate hedges (11) 897 184 AROs and related funding (12) 330 — Cost of reacquired debt (13)(14) 283 3 NND Project costs (7) 2,537 — Ash pond and landfill closure costs (15) 1,003 27 Other 549 125 Regulatory assets-noncurrent 7,669 2,676 Total regulatory assets $ 8,635 $ 3,172 Regulatory liabilities: Provision for future cost of removal and AROs (16) $ 117 $ 117 Reserve for refunds and rate credits to electric utility customers (17) 215 71 Cost-of-service impact of 2017 Tax Reform Act (18) 2 104 Income taxes refundable through future rates (19) 82 — Monetization of guarantee settlement (20) 67 — Other 64 64 Regulatory liabilities-current 547 356 Income taxes refundable through future rates (19) 5,007 4,071 Provision for future cost of removal and AROs (16) 2,315 1,409 Nuclear decommissioning trust (21) 1,354 1,070 Monetization of guarantee settlement (20) 987 — Reserve for refunds and rate credits to electric utility customers (17) 707 — Overrecovered other postretirement benefit costs (22) 151 120 Other 405 170 Regulatory liabilities-noncurrent 10,926 6,840 Total regulatory liabilities $ 11,473 $ 7,196 (1) Reflects deferred fuel expenses for the Virginia, North Carolina and South Carolina jurisdictions of Dominion Energy’s electric generation operations. (2) Primarily reflects amounts expected to be collected from or owed to gas customers in Dominion Energy’s service territories associated with current and prospective rider projects, including CEP, PIR and pipeline integrity management. See Note 13 for more information. (3) Reflects unrecovered or overrecovered gas costs at regulated gas operations, which are recovered or refunded through filings with the applicable regulatory authority. (4) Reflects deferrals under Virginia Power’s electric transmission FERC formula rate and the deferral of costs associated with certain current and prospective rider projects, net of income taxes refundable from the 2017 Tax Reform Act for Virginia Power. See Note 13 for more information. (5) As a result of actions from the Virginia Commission in the first quarter of 2019 regarding the ratemaking treatment of excess deferred taxes from the adoption of the 2017 Tax Reform Act for all existing rate adjustment clauses, Virginia Power recorded a $29 million ($22 million after-tax) charge in operating revenue in the Consolidated Statements of Income for amounts which are probable of being returned to customers. (6) 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. (7) Reflects expenditures by DESC associated with the NND Project, which pursuant to the SCANA Merger Approval Order, will be recovered from DESC electric service customers over a 20 (8) Reflects amounts to be recovered through retail rates in Virginia for payments Virginia Power will make to PJM over a ten-year period ending 2028 under the terms of a FERC settlement agreement in May 2018 resolving a PJM cost allocation matter. (9) Represents unrecognized pension and other postretirement employee benefit costs expected to be recovered or refunded through future rates generally over the expected remaining service period of plan participants by certain of Dominion Energy’s rate-regulated subsidiaries. (10) During the first quarter of 2019, Virginia Power recorded a charge of $17 million ($13 million after-tax) to write-off the balance of a regulatory asset for which it is no longer seeking recovery. (11) Reflects interest rate hedges recoverable from or refundable to customers. Certain of these instruments are settled and any related payments are being amortized into interest expense over the life of the related debt, which has a weighted-average useful life of approximately 27 (12) Represents deferred depreciation and accretion expense related to legal obligations associated with the future retirement of generation, transmission and distribution properties. The AROs primarily relate to DESC’s electric generating facilities, including V.C. Summer nuclear power station, and are expected to be recovered over the related property lives and periods of decommissioning which may range up to approximately 106 years. (13) Costs of the reacquisition of debt are deferred and amortized as interest expense over the would-be remaining life of the reacquired debt. The reacquired debt costs had a weighted-average life of approximately 26 years as of September 30, 2019. (14) During 2019, DESC purchased certain of its first mortgage bonds as discussed in Note 17. As a result of these transactions, DESC incurred net costs, including write-offs of unamortized discount, premium and debt issuance costs, of $ 270 (15) Primarily reflects legislation enacted in Virginia in March 2019 which requires any CCR unit located at certain Virginia Power stations to be closed by removing the CCRs to an approved landfill or through recycling for beneficial reuse. Subject to approval by the Virginia Commission, amounts are expected to be collected over a period between 15 and 18 years commencing no earlier than 2021. See Note 18 for additional information. (16) Rates charged to customers by Dominion Energy’s 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. (17) Reflects amounts previously collected from retail electric customers of DESC for the NND Project to be credited over an estimated 11-year period in connection with the SCANA Merger Approval Order and Virginia legislation enacted in March 2018 that required one-time rate credits of certain amounts to utility customers in Virginia. See Notes 3 and 13 to the Consolidated Financial Statements in the Companies’ Annual Report on Form 10-K for the year ended December 31, 2018, as updated in Current Report on Form 8-K, filed on November 18, 2019, and Note 3 for more information. (18) Balance refundable to customers related to the decrease in revenue requirements for recovery of income taxes at the Companies’ regulated electric generation and electric and natural gas distribution operations. See Notes 3 and 13 to the Consolidated Financial Statements in the Companies’ Annual Report on Form 10-K for the year ended December 31, 2018, as updated in Current Report on Form 8-K, filed on November 18, 2019, and Note 13 for more information. (19) Amounts recorded to pass the effect of reduced income taxes from the 2017 Tax Reform Act to customers in future periods, which will reverse at the weighted average tax rate that was used to build the reserves over the remaining book life of the property, net of amounts to be recovered through future rates to pay income taxes that become payable when rate revenue is provided to recover AFUDC equity. (20) Reflects amounts to be refunded to DESC electric service customers over a 20-year period ending in 2039 associated with the monetization of a bankruptcy settlement agreement. See Note 3 for additional information. (21) 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, as applicable) for the future decommissioning of Dominion Energy’s utility nuclear generation stations, in excess of the related AROs. (22) Reflects a regulatory liability for the collection of postretirement benefit costs allowed in rates in excess of expense incurred. September 30, 2019 December 31, 2018 (millions) Virginia Power Regulatory assets: Deferred cost of fuel used in electric generation (1) $ 78 $ 174 Deferred rate adjustment clause costs (2)(3) 226 78 Deferred nuclear refueling outage costs (4) 50 69 PJM transmission rates (5) 69 45 Other 46 58 Regulatory assets-current (6) 469 424 Deferred rate adjustment clause costs (2)(3)(7) 88 230 PJM transmission rates (5) 169 192 Interest rate hedges (8) 555 151 Deferred cost of fuel used in electric generation (1) — 83 Ash pond and landfill closure costs (9) 1,003 27 Other 102 54 Regulatory assets-noncurrent 1,917 737 Total regulatory assets $ 2,386 $ 1,161 Regulatory liabilities: Provision for future cost of removal (10) $ 92 $ 92 Cost-of-service impact of 2017 Tax Reform Act (11) 2 95 Reserve for rate credits to electric utility customers (12) — 71 Income taxes refundable through future rates (13) 74 — Other 12 41 Regulatory liabilities-current 180 299 Income taxes refundable through future rates (13) 2,405 2,579 Nuclear decommissioning trust (14) 1,354 1,070 Provision for future cost of removal (10) 1,056 940 Other 163 58 Regulatory liabilities-noncurrent 4,978 4,647 Total regulatory liabilities $ 5,158 $ 4,946 (1) Reflects deferred fuel expenses for the Virginia and North Carolina jurisdictions of Virginia Power’s generation operations. (2) Reflects deferrals under Virginia Power’s electric transmission FERC formula rate and the deferral of costs associated with certain current and prospective rider projects, net of income taxes refundable from the 2017 Tax Reform Act for Virginia Power. See Note 13 for more information. (3) As a result of actions from the Virginia Commission in the first quarter of 2019 regarding the ratemaking treatment of excess deferred taxes from the adoption of the 2017 Tax Reform Act for all existing rate adjustment clauses, Virginia Power recorded a $29 million ($22 million after-tax) charge in operating revenue in the Consolidated Statements of Income for amounts which are probable of being returned to customers. (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) Reflects amounts to be recovered through retail rates in Virginia for payments Virginia Power will make to PJM over a ten-year period ending 2028 under the terms of a FERC settlement agreement in May 2018 resolving a PJM cost allocation matter. (6) Current regulatory assets are presented in other current assets in Virginia Power’s Consolidated Balance Sheets. (7) During the first quarter of 2019, Virginia Power recorded a charge of $17 million ($13 million after-tax) to write-off the balance of a regulatory asset for which it is no longer seeking recovery. (8) Reflects interest rate hedges recoverable from or refundable to customers. Certain of these instruments are settled and any related payments are being amortized into interest expense over the life of the related debt, which has a weighted-average useful life of approximately 24 years as of September 30, 2019. (9) Primarily reflects legislation enacted in Virginia in March 2019 which requires any CCR unit located at certain Virginia Power stations to be closed by removing the CCR to an approved landfill or through recycling for beneficial reuse. Subject to approval by the Virginia Commission, amounts are expected to be collected over a period between 15 and 18 years commencing no earlier than 2021. See Note 18 for additional information. (10) Rates charged to customers by Virginia Power’s regulated businesses include a provision for the cost of future activities to remove assets that are expected to be incurred at the time of retirement. (11) Balance refundable to customers related to the decrease in revenue requirements for recovery of income taxes at regulated electric generation and distribution operations. See Note 13 to the Consolidated Financial Statements in the Companies’ Annual Report on Form 10-K for the year ended December 31, 2018, as updated in Current Report on Form 8-K, filed November 18, 2019, and Note 13 for more information. (12) Charge associated with Virginia legislation enacted in March 2018 that required one-time rate credits of certain amounts to utility customers. See Note 13 to the Consolidated Financial Statements in the Companies’ Annual Report on Form 10-K for the year ended December 31, 2018, as updated in Current Report on Form 8-K, filed November 18, 2019, for more information. (13) Amounts recorded to pass the effect of reduced income taxes from the 2017 Tax Reform Act to customers in future periods, which will reverse at the weighted average tax rate that was used to build the reserves over the remaining book life of the property, net of amounts to be recovered through future rates to pay income taxes that become payable when rate revenue is provided to recover AFUDC equity. (14) Primarily reflects a regulatory liability representing amounts collected from Virginia jurisdictional customers and placed in external trusts (including income, losses and changes in fair value thereon) for the future decommissioning of Virginia Power’s utility nuclear generation stations, in excess of the related AROs. September 30, 2019 December 31, 2018 (millions) Dominion Energy Gas Regulatory assets: Unrecovered gas costs (1) $ 2 $ 1 Other 8 7 Regulatory assets-current (2) 10 8 Unrecognized pension and other postretirement benefit costs (3) 4 15 Interest rate hedges (4) 32 33 Other 10 4 Regulatory assets-noncurrent (5) 46 52 Total regulatory assets $ 56 $ 60 Regulatory liabilities: Provision for future cost of removal and AROs (6) $ 10 $ 9 Overrecovered gas costs (1) 7 7 Other 13 8 Regulatory liabilities-current (7) 30 24 Income taxes refundable through future rates (8) 560 530 Provision for future cost of removal and AROs (6) 110 113 Overrecovered other postretirement benefit costs (9) 125 106 Other 12 16 Regulatory liabilities-noncurrent 807 765 Total regulatory liabilities $ 837 $ 789 (1) Reflects unrecovered or overrecovered gas costs at regulated gas operations, which are recovered or refunded through filings with the applicable regulatory authority. (2) Current regulatory assets are presented in other current assets in Dominion Energy Gas’ Consolidated Balance Sheets. (3) Represents unrecognized pension and other postretirement employee benefit costs expected to be recovered or refunded through future rates generally over the expected remaining service period of plan participants by certain of Dominion Energy Gas’ rate-regulated subsidiaries. (4) Reflects interest rate hedges recoverable from or refundable to customers. Certain of these instruments are settled and any related payments are being amortized into interest expense over the life of the related debt, which has a weighted average useful life of approximately 30 years. (5) Noncurrent regulatory assets are presented in other deferred charges and other assets in Dominion Energy Gas’ Consolidated Balance Sheets. (6) Rates charged to customers by Dominion Energy Gas’ 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. (7) Current regulatory liabilities are presented in other current liabilities in Dominion Energy Gas’ Consolidated Balance Sheets. (8) Amounts recorded to pass the effect of reduced income taxes from the 2017 Tax Reform Act to customers in future periods, which will reverse at the weighted average tax rate that was used to build the reserves over the remaining book life of the property, net of amounts to be recovered through future rates to pay income taxes that become payable when rate revenue is provided to recover AFUDC equity. (9) Reflects a regulatory liability for the collection of postretirement benefit costs allowed in rates in excess of expense incurred. |
Schedule of Regulatory Liabilities | Regulatory assets and liabilities include the following: September 30, 2019 December 31, 2018 (millions) Dominion Energy Regulatory assets: Deferred cost of fuel used in electric generation (1) $ 78 $ 174 Deferred project costs and DSM programs for gas utilities (2) 29 17 Unrecovered gas costs (3) 118 14 Deferred rate adjustment clause costs for Virginia electric utility (4)(5) 226 78 Deferred nuclear refueling outage costs (6) 50 69 NND Project costs (7) 138 — PJM transmission rates (8) 69 45 Other 258 99 Regulatory assets-current 966 496 Deferred cost of fuel used in electric generation (1) — 83 Unrecognized pension and other postretirement benefit costs (9) 1,331 1,497 Deferred rate adjustment clause costs for Virginia electric utility (4)(5)(10) 88 230 Deferred project costs for gas utilities (2) 482 335 PJM transmission rates (8) 169 192 Interest rate hedges (11) 897 184 AROs and related funding (12) 330 — Cost of reacquired debt (13)(14) 283 3 NND Project costs (7) 2,537 — Ash pond and landfill closure costs (15) 1,003 27 Other 549 125 Regulatory assets-noncurrent 7,669 2,676 Total regulatory assets $ 8,635 $ 3,172 Regulatory liabilities: Provision for future cost of removal and AROs (16) $ 117 $ 117 Reserve for refunds and rate credits to electric utility customers (17) 215 71 Cost-of-service impact of 2017 Tax Reform Act (18) 2 104 Income taxes refundable through future rates (19) 82 — Monetization of guarantee settlement (20) 67 — Other 64 64 Regulatory liabilities-current 547 356 Income taxes refundable through future rates (19) 5,007 4,071 Provision for future cost of removal and AROs (16) 2,315 1,409 Nuclear decommissioning trust (21) 1,354 1,070 Monetization of guarantee settlement (20) 987 — Reserve for refunds and rate credits to electric utility customers (17) 707 — Overrecovered other postretirement benefit costs (22) 151 120 Other 405 170 Regulatory liabilities-noncurrent 10,926 6,840 Total regulatory liabilities $ 11,473 $ 7,196 (1) Reflects deferred fuel expenses for the Virginia, North Carolina and South Carolina jurisdictions of Dominion Energy’s electric generation operations. (2) Primarily reflects amounts expected to be collected from or owed to gas customers in Dominion Energy’s service territories associated with current and prospective rider projects, including CEP, PIR and pipeline integrity management. See Note 13 for more information. (3) Reflects unrecovered or overrecovered gas costs at regulated gas operations, which are recovered or refunded through filings with the applicable regulatory authority. (4) Reflects deferrals under Virginia Power’s electric transmission FERC formula rate and the deferral of costs associated with certain current and prospective rider projects, net of income taxes refundable from the 2017 Tax Reform Act for Virginia Power. See Note 13 for more information. (5) As a result of actions from the Virginia Commission in the first quarter of 2019 regarding the ratemaking treatment of excess deferred taxes from the adoption of the 2017 Tax Reform Act for all existing rate adjustment clauses, Virginia Power recorded a $29 million ($22 million after-tax) charge in operating revenue in the Consolidated Statements of Income for amounts which are probable of being returned to customers. (6) 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. (7) Reflects expenditures by DESC associated with the NND Project, which pursuant to the SCANA Merger Approval Order, will be recovered from DESC electric service customers over a 20 (8) Reflects amounts to be recovered through retail rates in Virginia for payments Virginia Power will make to PJM over a ten-year period ending 2028 under the terms of a FERC settlement agreement in May 2018 resolving a PJM cost allocation matter. (9) Represents unrecognized pension and other postretirement employee benefit costs expected to be recovered or refunded through future rates generally over the expected remaining service period of plan participants by certain of Dominion Energy’s rate-regulated subsidiaries. (10) During the first quarter of 2019, Virginia Power recorded a charge of $17 million ($13 million after-tax) to write-off the balance of a regulatory asset for which it is no longer seeking recovery. (11) Reflects interest rate hedges recoverable from or refundable to customers. Certain of these instruments are settled and any related payments are being amortized into interest expense over the life of the related debt, which has a weighted-average useful life of approximately 27 (12) Represents deferred depreciation and accretion expense related to legal obligations associated with the future retirement of generation, transmission and distribution properties. The AROs primarily relate to DESC’s electric generating facilities, including V.C. Summer nuclear power station, and are expected to be recovered over the related property lives and periods of decommissioning which may range up to approximately 106 years. (13) Costs of the reacquisition of debt are deferred and amortized as interest expense over the would-be remaining life of the reacquired debt. The reacquired debt costs had a weighted-average life of approximately 26 years as of September 30, 2019. (14) During 2019, DESC purchased certain of its first mortgage bonds as discussed in Note 17. As a result of these transactions, DESC incurred net costs, including write-offs of unamortized discount, premium and debt issuance costs, of $ 270 (15) Primarily reflects legislation enacted in Virginia in March 2019 which requires any CCR unit located at certain Virginia Power stations to be closed by removing the CCRs to an approved landfill or through recycling for beneficial reuse. Subject to approval by the Virginia Commission, amounts are expected to be collected over a period between 15 and 18 years commencing no earlier than 2021. See Note 18 for additional information. (16) Rates charged to customers by Dominion Energy’s 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. (17) Reflects amounts previously collected from retail electric customers of DESC for the NND Project to be credited over an estimated 11-year period in connection with the SCANA Merger Approval Order and Virginia legislation enacted in March 2018 that required one-time rate credits of certain amounts to utility customers in Virginia. See Notes 3 and 13 to the Consolidated Financial Statements in the Companies’ Annual Report on Form 10-K for the year ended December 31, 2018, as updated in Current Report on Form 8-K, filed on November 18, 2019, and Note 3 for more information. (18) Balance refundable to customers related to the decrease in revenue requirements for recovery of income taxes at the Companies’ regulated electric generation and electric and natural gas distribution operations. See Notes 3 and 13 to the Consolidated Financial Statements in the Companies’ Annual Report on Form 10-K for the year ended December 31, 2018, as updated in Current Report on Form 8-K, filed on November 18, 2019, and Note 13 for more information. (19) Amounts recorded to pass the effect of reduced income taxes from the 2017 Tax Reform Act to customers in future periods, which will reverse at the weighted average tax rate that was used to build the reserves over the remaining book life of the property, net of amounts to be recovered through future rates to pay income taxes that become payable when rate revenue is provided to recover AFUDC equity. (20) Reflects amounts to be refunded to DESC electric service customers over a 20-year period ending in 2039 associated with the monetization of a bankruptcy settlement agreement. See Note 3 for additional information. (21) 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, as applicable) for the future decommissioning of Dominion Energy’s utility nuclear generation stations, in excess of the related AROs. (22) Reflects a regulatory liability for the collection of postretirement benefit costs allowed in rates in excess of expense incurred. September 30, 2019 December 31, 2018 (millions) Virginia Power Regulatory assets: Deferred cost of fuel used in electric generation (1) $ 78 $ 174 Deferred rate adjustment clause costs (2)(3) 226 78 Deferred nuclear refueling outage costs (4) 50 69 PJM transmission rates (5) 69 45 Other 46 58 Regulatory assets-current (6) 469 424 Deferred rate adjustment clause costs (2)(3)(7) 88 230 PJM transmission rates (5) 169 192 Interest rate hedges (8) 555 151 Deferred cost of fuel used in electric generation (1) — 83 Ash pond and landfill closure costs (9) 1,003 27 Other 102 54 Regulatory assets-noncurrent 1,917 737 Total regulatory assets $ 2,386 $ 1,161 Regulatory liabilities: Provision for future cost of removal (10) $ 92 $ 92 Cost-of-service impact of 2017 Tax Reform Act (11) 2 95 Reserve for rate credits to electric utility customers (12) — 71 Income taxes refundable through future rates (13) 74 — Other 12 41 Regulatory liabilities-current 180 299 Income taxes refundable through future rates (13) 2,405 2,579 Nuclear decommissioning trust (14) 1,354 1,070 Provision for future cost of removal (10) 1,056 940 Other 163 58 Regulatory liabilities-noncurrent 4,978 4,647 Total regulatory liabilities $ 5,158 $ 4,946 (1) Reflects deferred fuel expenses for the Virginia and North Carolina jurisdictions of Virginia Power’s generation operations. (2) Reflects deferrals under Virginia Power’s electric transmission FERC formula rate and the deferral of costs associated with certain current and prospective rider projects, net of income taxes refundable from the 2017 Tax Reform Act for Virginia Power. See Note 13 for more information. (3) As a result of actions from the Virginia Commission in the first quarter of 2019 regarding the ratemaking treatment of excess deferred taxes from the adoption of the 2017 Tax Reform Act for all existing rate adjustment clauses, Virginia Power recorded a $29 million ($22 million after-tax) charge in operating revenue in the Consolidated Statements of Income for amounts which are probable of being returned to customers. (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) Reflects amounts to be recovered through retail rates in Virginia for payments Virginia Power will make to PJM over a ten-year period ending 2028 under the terms of a FERC settlement agreement in May 2018 resolving a PJM cost allocation matter. (6) Current regulatory assets are presented in other current assets in Virginia Power’s Consolidated Balance Sheets. (7) During the first quarter of 2019, Virginia Power recorded a charge of $17 million ($13 million after-tax) to write-off the balance of a regulatory asset for which it is no longer seeking recovery. (8) Reflects interest rate hedges recoverable from or refundable to customers. Certain of these instruments are settled and any related payments are being amortized into interest expense over the life of the related debt, which has a weighted-average useful life of approximately 24 years as of September 30, 2019. (9) Primarily reflects legislation enacted in Virginia in March 2019 which requires any CCR unit located at certain Virginia Power stations to be closed by removing the CCR to an approved landfill or through recycling for beneficial reuse. Subject to approval by the Virginia Commission, amounts are expected to be collected over a period between 15 and 18 years commencing no earlier than 2021. See Note 18 for additional information. (10) Rates charged to customers by Virginia Power’s regulated businesses include a provision for the cost of future activities to remove assets that are expected to be incurred at the time of retirement. (11) Balance refundable to customers related to the decrease in revenue requirements for recovery of income taxes at regulated electric generation and distribution operations. See Note 13 to the Consolidated Financial Statements in the Companies’ Annual Report on Form 10-K for the year ended December 31, 2018, as updated in Current Report on Form 8-K, filed November 18, 2019, and Note 13 for more information. (12) Charge associated with Virginia legislation enacted in March 2018 that required one-time rate credits of certain amounts to utility customers. See Note 13 to the Consolidated Financial Statements in the Companies’ Annual Report on Form 10-K for the year ended December 31, 2018, as updated in Current Report on Form 8-K, filed November 18, 2019, for more information. (13) Amounts recorded to pass the effect of reduced income taxes from the 2017 Tax Reform Act to customers in future periods, which will reverse at the weighted average tax rate that was used to build the reserves over the remaining book life of the property, net of amounts to be recovered through future rates to pay income taxes that become payable when rate revenue is provided to recover AFUDC equity. (14) Primarily reflects a regulatory liability representing amounts collected from Virginia jurisdictional customers and placed in external trusts (including income, losses and changes in fair value thereon) for the future decommissioning of Virginia Power’s utility nuclear generation stations, in excess of the related AROs. September 30, 2019 December 31, 2018 (millions) Dominion Energy Gas Regulatory assets: Unrecovered gas costs (1) $ 2 $ 1 Other 8 7 Regulatory assets-current (2) 10 8 Unrecognized pension and other postretirement benefit costs (3) 4 15 Interest rate hedges (4) 32 33 Other 10 4 Regulatory assets-noncurrent (5) 46 52 Total regulatory assets $ 56 $ 60 Regulatory liabilities: Provision for future cost of removal and AROs (6) $ 10 $ 9 Overrecovered gas costs (1) 7 7 Other 13 8 Regulatory liabilities-current (7) 30 24 Income taxes refundable through future rates (8) 560 530 Provision for future cost of removal and AROs (6) 110 113 Overrecovered other postretirement benefit costs (9) 125 106 Other 12 16 Regulatory liabilities-noncurrent 807 765 Total regulatory liabilities $ 837 $ 789 (1) Reflects unrecovered or overrecovered gas costs at regulated gas operations, which are recovered or refunded through filings with the applicable regulatory authority. (2) Current regulatory assets are presented in other current assets in Dominion Energy Gas’ Consolidated Balance Sheets. (3) Represents unrecognized pension and other postretirement employee benefit costs expected to be recovered or refunded through future rates generally over the expected remaining service period of plan participants by certain of Dominion Energy Gas’ rate-regulated subsidiaries. (4) Reflects interest rate hedges recoverable from or refundable to customers. Certain of these instruments are settled and any related payments are being amortized into interest expense over the life of the related debt, which has a weighted average useful life of approximately 30 years. (5) Noncurrent regulatory assets are presented in other deferred charges and other assets in Dominion Energy Gas’ Consolidated Balance Sheets. (6) Rates charged to customers by Dominion Energy Gas’ 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. (7) Current regulatory liabilities are presented in other current liabilities in Dominion Energy Gas’ Consolidated Balance Sheets. (8) Amounts recorded to pass the effect of reduced income taxes from the 2017 Tax Reform Act to customers in future periods, which will reverse at the weighted average tax rate that was used to build the reserves over the remaining book life of the property, net of amounts to be recovered through future rates to pay income taxes that become payable when rate revenue is provided to recover AFUDC equity. (9) Reflects a regulatory liability for the collection of postretirement benefit costs allowed in rates in excess of expense incurred. |
Regulatory Matters (Tables)
Regulatory Matters (Tables) - Virginia Electric and Power Company | Nov. 18, 2019 |
Public Utilities General Disclosures [Line Items] | |
Schedule of Additional Significant Riders Associated with Various Virginia Power Projects | Additional significant riders associated with various Virginia Power projects are as follows: Rider Name Application Date Approval Date Rate Year Beginning Total Revenue Increase (Decrease) Over (millions) Rider BW October 2019 Pending September 2020 $ 120 $ 1 Rider US-2 October 2019 Pending September 2020 10 (5 ) |
Summary of Virginia Power Electric Transmission Project Approved or Applied | Virginia Power electric transmission projects approved or applied for are as follows: Description and Location of Project Application Date Approval Date Type of Line Miles of Lines Cost Estimate (millions) Rebuild and operate the Glebe substation and relocate and operate in Arlington County, Virginia and the City of Alexandria, Virginia existing overhead line underground March 2019 September 2019 230 kV <1 $ 125 Rebuild and operate five segments between the Loudoun and Ox substations August 2019 Pending 230 kV 19 70 |
Asset Retirement Obligations (T
Asset Retirement Obligations (Tables) | Nov. 18, 2019 |
Asset Retirement Obligation Disclosure [Abstract] | |
Changes to Asset Retirement Obligations | The changes to AROs during 2019 were as follows: Amount (millions) Dominion Energy AROs at December 31, 2018 (1) $ 2,532 Obligations incurred during the period (2) 2,404 Obligations settled during the period (100 ) AROs acquired in the SCANA Combination 577 Revisions in estimated cash flows (2) (229 ) Accretion 153 AROs at September 30, 2019 (1) $ 5,337 Virginia Power AROs at December 31, 2018 (3) $ 1,445 Obligations incurred during the period (2) 2,403 Obligations settled during the period (60 ) Revisions in estimated cash flows (2) (202 ) Accretion 94 AROs at September 30, 2019 (3) $ 3,680 Dominion Energy Gas AROs at December 31, 2018 (4) $ 88 Obligations settled during the period (2 ) Accretion 3 AROs at September 30, 2019 (4) $ 89 (1) Includes $ 282 317 (2) Primarily related to future ash pond and landfill closure costs at certain utility generation facilities. See Note 18 for further information. (3) Includes $ 245 262 (4) Includes $ 79 76 |
Leases (Tables)
Leases (Tables) | Nov. 18, 2019 |
Leases [Abstract] | |
Lease Assets and Liabilities Recorded in Consolidated Balance Sheets | At September 30, 2019, the Companies had the following lease assets and liabilities recorded in the Consolidated Balance Sheets: September 30, 2019 (millions) Dominion Energy Lease assets: Operating lease assets $ 455 Finance lease assets (1) 159 Total lease assets $ 614 Lease liabilities: Operating lease liabilities (2) $ 58 Finance lease liabilities (3) 30 Total lease liabilities - current 88 Operating lease liabilities 394 Finance lease liabilities (4) 132 Total lease liabilities - noncurrent 526 Total lease liabilities $ 614 Virginia Power Operating lease assets $ 184 Finance lease assets (1) 15 Total lease assets $ 199 Lease liabilities: Operating lease liabilities (2) $ 30 Finance lease liabilities (3) 3 Total lease liabilities - current 33 Operating lease liabilities 152 Finance lease liabilities (4) 11 Total lease liabilities - noncurrent 163 Total lease liabilities $ 196 Dominion Energy Gas Operating lease assets $ 37 Finance lease assets (1) 4 Total lease assets (5) $ 41 Lease liabilities: Operating lease liabilities (2) $ 6 Finance lease liabilities (3) 1 Total lease liabilities - current 7 Operating lease liabilities 31 Finance lease liabilities (4) 4 Total lease liabilities - noncurrent 35 Total lease liabilities (5) $ 42 (1) Included in property, plant and equipment in the Companies’ Consolidated Balance Sheets, net of $ 39 3 million and $ 1 million of accumulated amortization at Dominion Energy, Virginia Power and Dominion Energy Gas, respectively, at September 30, 2019. (2) Included in other current liabilities in the Companies’ Consolidated Balance Sheets. (3) Included in securities due within one year in the Companies’ Consolidated Balance Sheets. (4) Included in long-term debt in the Companies’ Consolidated Balance Sheets. (5) Excludes $ 26 24 |
Summary of Total Lease Cost | For the three and nine months ended September 30, 2019, total lease cost associated with the Companies’ lessee leasing arrangements consisted of the following: Three Months Ended September 30, 2019 Nine Months Ended September 30, 2019 (millions) Dominion Energy Finance lease cost: Amortization $ 7 $ 14 Interest 1 3 Operating lease cost 20 64 Short-term lease cost 7 20 Variable lease cost 1 4 Total lease cost $ 36 $ 105 Virginia Power Operating lease cost $ 10 $ 31 Short-term lease cost 3 7 Variable lease cost 1 2 Total lease cost $ 14 $ 40 Dominion Energy Gas Operating lease cost $ 1 $ 5 Short-term lease cost 2 5 Total lease cost $ 3 $ 10 |
Cash Paid for Amounts Included in Measurement of Lease Liabilities | For the nine months ended September 30, 2019, cash paid for amounts included in the measurement of lease liabilities consisted of the following amounts, included in the Companies’ Consolidated Statements of Cash Flows: Nine Months Ended September 30, 2019 (millions) Dominion Energy Operating cash flows for finance leases $ 3 Operating cash flows for operating leases 89 Financing cash flows for finance leases 12 Virginia Power Operating cash flows for operating leases 40 Dominion Energy Gas Operating cash flows for operating leases 10 |
Weighted Average Remaining Lease Term and Weighted Discounted Rate for Finance and Operating Leases | At September 30, 2019, the weighted average remaining lease term and weighted discount rate for the Companies’ finance and operating leases were as follows: September 30, 2019 Dominion Energy Weighted average remaining lease term - finance leases 6 years Weighted average remaining lease term - operating leases 21 years Weighted average discount rate - finance leases 4.36% Weighted average discount rate - operating leases 4.58% Virginia Power Weighted average remaining lease term - finance leases 6 years Weighted average remaining lease term - operating leases 17 years Weighted average discount rate - finance leases 4.65% Weighted average discount rate - operating leases 4.51% Dominion Energy Gas Weighted average remaining lease term - finance leases 6 years Weighted average remaining lease term - operating leases 9 years Weighted average discount rate - finance leases 4.55% Weighted average discount rate - operating leases 4.43% |
Scheduled Maturities of Lease Liabilities | The Companies’ lease liabilities have the following scheduled maturities: Maturity of Lease Liabilities Dominion Energy Virginia Power Dominion Energy Gas (1) (millions) Operating Finance Operating Finance Operating Finance 2019 $ 18 $ 10 $ 8 $ 1 $ 5 $ 1 2020 68 39 33 3 13 2 2021 61 33 29 3 11 2 2022 50 31 23 3 9 2 2023 40 28 18 2 6 2 After 2023 538 49 160 4 25 3 Total undiscounted lease payments 775 190 271 16 69 12 Present value adjustment (323 ) (28 ) (89 ) (2 ) (13 ) (2 ) Present value of lease liabilities $ 452 $ 162 $ 182 $ 14 $ 56 $ 10 (1) Includes amounts reflected in discontinued operations. |
Significant Financing Transac_2
Significant Financing Transactions (Tables) | Nov. 18, 2019 |
Debt Instrument [Line Items] | |
Schedule of Line of Credit Facilities | At September 30, 2019, Dominion Energy’s commercial paper and letters of credit outstanding, as well as its capacity available under the credit facility, were as follows: Facility Limit Outstanding Commercial Paper Outstanding Letters of Credit Facility Capacity Available (millions) Joint revolving credit facility (1) $ 6,000 $ 2,394 $ 81 $ 3,525 (1) This credit facility matures in March 2023 and can be used by the borrowers under the credit facility to support bank borrowings and the issuance of commercial paper, as well as to support up to a combined $ 2.0 |
Schedule of Equity Units | Selected information about Dominion Energy’s 2019 Equity Units is presented below: Issuance Date Units Issued Total Net (1) Total Preferred Cumulative Stock Purchase Stock Purchase (2) Stock Purchase (millions except interest rates) 6/14/2019 16 $ 1,582 $ 1,610 1.75 % 5.5 % $ 250 6/1/2022 (1) Issuance costs of $ 28 14 14 (2) Payments of $ 17 233 |
Virginia Electric and Power Company | |
Debt Instrument [Line Items] | |
Schedule of Line of Credit Facilities | At September 30, 2019, Virginia Power’s share of commercial paper and letters of credit outstanding under its joint credit facility with Dominion Energy, Dominion Energy Gas, Questar Gas and DESC was as follows: Facility Limit (1) Outstanding Commercial Paper Outstanding Letters of Credit (millions) Joint revolving credit facility (1) $ 6,000 $ 685 $ 6 (1) The full amount of the facility is available to Virginia Power, less any amounts outstanding to co-borrowers Dominion Energy, Dominion Energy Gas, Questar Gas and DESC. The sub-limit for Virginia Power is set within the facility limit but can be changed at the option of the borrowers under the credit facility multiple times per year. At September 30, 2019, the sub-limit for Virginia Power was $ 1.5 2.0 |
Dominion Energy Gas Holdings, LLC | |
Debt Instrument [Line Items] | |
Schedule of Line of Credit Facilities | At September 30, 2019, Dominion Energy Gas’ share of commercial paper and letters of credit outstanding under its joint credit facility with Dominion Energy, Virginia Power, Questar Gas and DESC was as follows: Facility Limit (1) Outstanding Commercial Paper Outstanding Letters of Credit (millions) Joint revolving credit facility (1) $ 1,500 $ 280 $ — (1) A maximum of $ 1.5 750 1.5 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | Nov. 18, 2019 |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule Of Subsidiary Guarantees | At September 30, 2019, Dominion Energy had issued the following subsidiary guarantees: Maximum Exposure (millions) Commodity transactions (1) $ 2,517 Nuclear obligations (2) 204 Cove Point (3) 1,900 Solar (4) 652 Other (5) 390 Total (6) $ 5,663 (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 primarily related to certain DGI subsidiaries regarding all aspects of running a nuclear facility. (3) Guarantees related to Cove Point, in support of terminal services, transportation and construction. Cove Point has two guarantees that have no maximum limit and, therefore, are not included in this amount. (4) Includes guarantees to facilitate the development of solar projects. Also includes guarantees entered into by DGI on behalf of certain subsidiaries to facilitate the acquisition and development of solar projects. (5) Guarantees related to other miscellaneous contractual obligations such as leases, environmental obligations, construction projects and insurance programs. Due to the uncertainty of workers’ compensation claims, the parental guarantee has no stated limit. (6) Excludes Dominion Energy’s guarantee for the new corporate office property discussed in Note 22 to the Consolidated Financial Statements in the Companies’ Annual Report on Form 10-K for the year ended December 31, 2018 , |
Related-Party Transactions (Tab
Related-Party Transactions (Tables) | Nov. 18, 2019 |
Virginia Electric and Power Company | |
Schedule of Related Party Transactions | Presented below are Virginia Power’s significant transactions with DES and other affiliates: Three Months Ended Nine Months Ended 2019 2018 2019 2018 (millions) Commodity purchases from affiliates $ 170 $ 196 $ 561 $ 733 Services provided by affiliates (1) 107 106 387 338 Services provided to affiliates 5 6 19 17 (1) Includes capitalized expenditures of $33 million and $34 million for the three months ended September 30, 2019 and 2018, respectively, and $100 million and $109 million for the nine months ended September 30, 2019 and 2018, respectively. |
Dominion Energy Gas Holdings, LLC | |
Schedule of Related Party Transactions | Presented below are Dominion Energy Gas’ significant transactions with DES, DECGS, DEQPS and other affiliates and related parties: Three Months Ended Nine Months Ended 2019 2018 2019 2018 (millions) Sales of natural gas and transportation and storage services to affiliates $ 60 $ 39 $ 187 $ 124 Services provided by related parties (1) 41 40 145 128 Services provided to related parties (2) 38 65 128 197 (1) Includes capitalized expenditures of $9 million for both the three months ended September 30, 2019 and 2018 and $20 million and $27 million for the nine months ended September 30, 2019 and 2018, respectively. (2) Includes amounts attributable to Atlantic Coast Pipeline, a related-party VIE. |
Schedule of Related Party Transactions | The following table presents affiliated and related party balances reflected in Dominion Energy Gas’ Consolidated Balance Sheets: September 30, 2019 December 31, 2018 (millions) Other receivables (1) $ 9 $ 13 Imbalances receivable from affiliates 7 16 Imbalances payable to affiliates (2) 1 4 (1) Represents amounts due from Atlantic Coast Pipeline, a related-party VIE. (2) Amounts are presented in other current liabilities in Dominion Energy Gas’ Consolidated Balance Sheets. |
Employee Benefit Plans (Tables)
Employee Benefit Plans (Tables) | Nov. 18, 2019 |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |
Net Periodic Benefit Cost (Credit) | The components of Dominion Energy’s provision for net periodic benefit cost (credit) were as follows: Pension Benefits Other Postretirement Benefits 2019 2018 2019 2018 (millions) Three Months Ended September 30, Service cost $ 41 $ 39 $ 7 $ 7 Interest cost 97 85 17 14 Expected return on plan assets (177 ) (165 ) (37 ) (36 ) Amortization of prior service credit — — (13 ) (13 ) Amortization of net actuarial loss 42 48 2 3 Settlements (1) 2 — — — Net periodic benefit cost (credit) $ 5 $ 7 $ (24 ) $ (25 ) Nine Months Ended September 30, Service cost $ 121 $ 118 $ 20 $ 20 Interest cost 296 253 51 42 Expected return on plan assets (530 ) (498 ) (105 ) (107 ) Amortization of prior service cost (credit) 1 1 (39 ) (39 ) Amortization of net actuarial loss 124 145 9 8 Settlements and curtailment (1) 75 — 42 — Net periodic benefit cost (credit) $ 87 $ 19 $ (22 ) $ (76 ) (1) Primarily related to a voluntary retirement program. |
Dominion Energy Gas Holdings, LLC | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |
Net Periodic Benefit Cost (Credit) | The components of Dominion Energy Gas’ provision for net periodic benefit cost (credit) for employees represented by collective bargaining units were as follows: Pension Benefits Other Postretirement Benefits 2019 2018 2019 2018 (millions) Three Months Ended September 30, Service cost $ 4 $ 4 $ — $ 1 Interest cost 7 7 3 3 Expected return on plan assets (38 ) (36 ) (6 ) (7 ) Amortization of prior service credit — — (1 ) (1 ) Amortization of net actuarial loss 5 4 — — Net periodic benefit credit $ (22 ) $ (21 ) $ (4 ) $ (4 ) Nine Months Ended September 30, Service cost $ 12 $ 13 $ 2 $ 3 Interest cost 23 21 8 8 Expected return on plan assets (116 ) (111 ) (20 ) (21 ) Amortization of prior service credit — — (3 ) (3 ) Amortization of net actuarial loss 15 14 2 2 Curtailment (1) 1 — 1 — Net periodic benefit credit $ (65 ) $ (63 ) $ (10 ) $ (11 ) (1) Related to a voluntary retirement program. |
Operating Segments (Tables)
Operating Segments (Tables) | Nov. 18, 2019 |
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 Power Delivery Regulated electric distribution X X Regulated electric transmission X X Power Generation Regulated electric generation fleet X X Merchant electric generation fleet X Gas Infrastructure Gas transmission and storage X X Gas distribution and storage X Gas gathering and processing X LNG terminalling and storage X X Nonregulated retail energy marketing X Southeast Energy Regulated electric distribution X Regulated electric transmission X Regulated electric generation fleet X Gas distribution and storage X Nonregulated retail energy marketing X |
Schedule of Segment Reporting Information, by Segment | The following table presents segment information pertaining to Dominion Energy’s operations: Power Delivery Power Generation Gas Infrastructure Southeast Energy Corporate and Other Adjustments/ Eliminations Consolidated Total (millions) Three Months Ended September 30, 2019 Total revenue from external customers $ 678 $ 1,848 $ 788 $ 973 $ (18 ) $ — $ 4,269 Intersegment revenue 5 6 28 — 164 (203 ) — Total operating revenue 683 1,854 816 973 146 (203 ) 4,269 Net income (loss) attributable to Dominion Energy 185 490 232 147 (79 ) — 975 Three Months Ended September 30, 2018 Total revenue from external customers $ 596 $ 2,021 $ 836 $ — $ (2 ) $ 3,451 Intersegment revenue 5 3 7 160 (175 ) — Total operating revenue 601 2,024 843 160 (177 ) 3,451 Net income attributable to Dominion Energy 163 414 264 13 — 854 Nine Months Ended September 30, 2019 Total revenue from external customers $ 1,861 $ 5,191 $ 3,042 $ 3,070 $ (1,067 ) $ — $ 12,097 Intersegment revenue 17 15 83 — 611 (726 ) — Total operating revenue 1,878 5,206 3,125 3,070 (456 ) (726 ) 12,097 Net income (loss) attributable to Dominion Energy 496 1,048 838 361 (2,394 ) — 349 Nine Months Ended September 30, 2018 Total revenue from external customers $ 1,687 $ 5,516 $ 2,972 $ (210 ) $ 40 $ 10,005 Intersegment revenue 17 8 21 505 (551 ) — Total operating revenue 1,704 5,524 2,993 295 (511 ) 10,005 Net income (loss) attributable to Dominion Energy 464 1,038 840 (536 ) — 1,806 |
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: Power Delivery Power Generation Corporate and Other Consolidated Total (millions) Three Months Ended September 30, 2019 Operating revenue $ 677 $ 1,587 $ — $ 2,264 Net income (loss) 184 444 (26 ) 602 Three Months Ended September 30, 2018 Operating revenue $ 595 $ 1,637 $ — $ 2,232 Net income 163 347 10 520 Nine Months Ended September 30, 2019 Operating revenue $ 1,860 $ 4,336 $ (29 ) $ 6,167 Net income (loss) 494 885 (657 ) 722 Nine Months Ended September 30, 2018 Operating revenue $ 1,686 $ 4,338 $ (215 ) $ 5,809 Net income (loss) 462 796 (215 ) 1,043 |
Dominion Energy Gas Holdings, LLC | |
Segment Reporting Information [Line Items] | |
Schedule of Segment Reporting Information, by Segment | The following table presents segment information pertaining to Dominion Energy Gas’ operations: Gas Infrastructure Corporate and Other Consolidated Total (millions) Three Months Ended September 30, 2019 Operating revenue $ 525 $ (23 ) $ 502 Net income from discontinued operations — 45 45 Net income 134 17 151 Three Months Ended September 30, 2018 Operating revenue $ 533 $ — $ 533 Net income from discontinued operations — 33 33 Net income attributable to Dominion Energy Gas 173 18 191 Nine Months Ended September 30, 2019 Operating revenue $ 1,621 $ (23 ) $ 1,598 Net income from discontinued operations — 125 125 Net income attributable to Dominion Energy Gas 423 37 460 Nine Months Ended September 30, 2018 Operating revenue $ 1,431 $ — $ 1,431 Net income from discontinued operations — 135 135 Net income attributable to Dominion Energy Gas 426 28 454 |
Significant Accounting Polici_4
Significant Accounting Policies (Narrative) (Detail) $ in Millions | 1 Months Ended | 3 Months Ended | 9 Months Ended | 12 Months Ended | |||||||||
Sep. 30, 2019USD ($) | May 31, 2019USD ($) | Mar. 31, 2019USD ($)Facility | Jan. 31, 2019USD ($)MW | Sep. 30, 2019USD ($) | Sep. 30, 2018USD ($) | Sep. 30, 2019USD ($) | Sep. 30, 2018USD ($) | Dec. 31, 2018 | Jan. 01, 2019USD ($) | ||||
Significant Accounting Policies [Line Items] | |||||||||||||
Asset impairment charges | $ 85 | $ 12 | $ 1,232 | $ 147 | |||||||||
Option to extend, description, operating lease | Certain of the Companies’ leases include one or more options to renew, with renewal terms that can extend the lease from one to 70 years. | ||||||||||||
Option to extend, existence, operating lease | true | ||||||||||||
Estimated useful life of finite-lived intangible asset | 30 years | ||||||||||||
Operating lease assets | $ 455 | 455 | $ 455 | $ 504 | |||||||||
Operating lease liability | $ 452 | $ 452 | $ 452 | 504 | |||||||||
Minimum | |||||||||||||
Significant Accounting Policies [Line Items] | |||||||||||||
Lease renewal term, operating lease | 1 year | 1 year | 1 year | ||||||||||
Maximum [Member] | |||||||||||||
Significant Accounting Policies [Line Items] | |||||||||||||
Lease renewal term, operating lease | 70 years | 70 years | 70 years | ||||||||||
Virginia Electric and Power Company | |||||||||||||
Significant Accounting Policies [Line Items] | |||||||||||||
MW Capacity | MW | 1,292 | ||||||||||||
Asset impairment charges | $ 38 | $ 781 | |||||||||||
Number of facilities in cold reserve units retired | Facility | 6 | ||||||||||||
Operating lease assets | $ 184 | 184 | 184 | 209 | |||||||||
Operating lease liability | 182 | 182 | 182 | 209 | |||||||||
Virginia Electric and Power Company | Impairment of Assets and Other Charges | |||||||||||||
Significant Accounting Policies [Line Items] | |||||||||||||
Asset impairment charges | 17 | $ 62 | $ 369 | $ 160 | |||||||||
Asset impairment charges after tax | 12 | $ 46 | $ 275 | $ 119 | |||||||||
Dominion Energy | Impairment of Assets and Other Charges | |||||||||||||
Significant Accounting Policies [Line Items] | |||||||||||||
Asset impairment charges | 26 | ||||||||||||
Asset impairment charges after tax | 19 | ||||||||||||
Dominion Energy Gas Holdings, LLC | |||||||||||||
Significant Accounting Policies [Line Items] | |||||||||||||
Asset impairment charges | $ 1 | 13 | $ 127 | ||||||||||
Operating lease assets | 37 | 37 | 37 | 64 | |||||||||
Operating lease liability | $ 56 | [1] | $ 56 | [1] | $ 56 | [1] | $ 64 | ||||||
Dominion Energy Midstream Partners, LP | Common And Subordinated Units | |||||||||||||
Significant Accounting Policies [Line Items] | |||||||||||||
Ownership interest percentage of limited partner interests | 60.90% | ||||||||||||
Dominion Energy Midstream Partners, LP | Convertible Preferred Stock | |||||||||||||
Significant Accounting Policies [Line Items] | |||||||||||||
Ownership interest percentage of limited partner interests | 37.50% | ||||||||||||
Merchant Solar Projects | Terra Nova Renewable Partners | |||||||||||||
Significant Accounting Policies [Line Items] | |||||||||||||
Business Acquisition, Percentage of Voting Interests Acquired | 50.00% | 50.00% | 50.00% | ||||||||||
Percentage of equity interest sold to noncontrolling interest owners | 33.00% | 33.00% | 33.00% | ||||||||||
Merchant Solar Projects | Terra Nova Renewable Partners | Call Option | |||||||||||||
Significant Accounting Policies [Line Items] | |||||||||||||
Percentage ownership in total units | 67.00% | 67.00% | 67.00% | ||||||||||
Discontinued Operations [Member] | Dominion Energy Gas Holdings, LLC | |||||||||||||
Significant Accounting Policies [Line Items] | |||||||||||||
Operating lease assets | $ 25 | $ 25 | $ 25 | ||||||||||
Operating lease liability | $ 25 | $ 25 | $ 25 | ||||||||||
[1] | Includes amounts reflected in discontinued operations. |
Significant Accounting Polici_5
Significant Accounting Policies (Reconciliation of Total Cash, Restricted Cash and Equivalents (Detail) - USD ($) $ in Millions | Sep. 30, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Dec. 31, 2017 | ||||
Cash Cash Equivalents And Restricted Cash [Line Items] | ||||||||
Cash and cash equivalents | $ 378 | $ 268 | [1] | $ 310 | $ 120 | |||
Restricted cash and equivalents | [2] | 62 | 123 | 77 | 65 | |||
Cash, restricted cash and equivalents shown in the Consolidated Statements of Cash Flows | 440 | 391 | 387 | 185 | ||||
Virginia Electric and Power Company | ||||||||
Cash Cash Equivalents And Restricted Cash [Line Items] | ||||||||
Cash and cash equivalents | 29 | 29 | [3] | 22 | 14 | |||
Restricted cash and equivalents | [2] | 8 | 9 | 10 | 10 | |||
Cash, restricted cash and equivalents shown in the Consolidated Statements of Cash Flows | 37 | 38 | 32 | 24 | ||||
Dominion Energy Gas Holdings, LLC | ||||||||
Cash Cash Equivalents And Restricted Cash [Line Items] | ||||||||
Cash and cash equivalents | 64 | 99 | [4] | 85 | [5] | 18 | [5] | |
Restricted cash and equivalents | [2] | 12 | 90 | 46 | 39 | |||
Cash, restricted cash and equivalents shown in the Consolidated Statements of Cash Flows | $ 86 | $ 198 | $ 131 | $ 57 | ||||
[1] | Dominion Energy’s Consolidated Balance Sheet at December 31, 2018 has been derived from the audited Consolidated Balance Sheet at that date. | |||||||
[2] | Restricted cash and equivalent balances are presented within other current assets in the Companies’ Consolidated Balance Sheets. | |||||||
[3] | Virginia Power’s Consolidated Balance Sheet at December 31, 2018 has been derived from the audited Consolidated Balance Sheet at that date. | |||||||
[4] | Dominion Energy Gas’ Consolidated Balance Sheet at December 31, 2018 has been derived from the audited Consolidated Balance Sheet at that date. | |||||||
[5] | At September 30, 2019, September 30, 2018, December 31, 2018 and December 31, 2017, Dominion Energy Gas had $10 million, $3 million, $9 million and $3 million of cash and cash equivalents included in current assets of discontinued operations, respectively. |
Significant Accounting Polici_6
Significant Accounting Policies (Reconciliation of Total Cash, Restricted Cash and Equivalents (Parenthetical) (Detail) - USD ($) $ in Millions | Sep. 30, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Dec. 31, 2017 |
Dominion Energy Gas Holdings L L C [Member] | ||||
Cash Cash Equivalents And Restricted Cash [Line Items] | ||||
Cash, restricted cash and equivalents of discontinued operations | $ 10 | $ 9 | $ 3 | $ 3 |
Acquisitions and Dispositions_2
Acquisitions and Dispositions (Acquisition of SCANA) (Narrative) (Detail) - USD ($) $ in Millions | Sep. 16, 2016 | Jan. 31, 2019 | Oct. 31, 2017 | Sep. 30, 2019 | Mar. 31, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | Dec. 31, 2018 | |||
Business Acquisition And Dispositions [Line Items] | ||||||||||||
Stock issued during period for acquisition, value | $ 6,818 | |||||||||||
Regulatory Liabilities | $ 11,473 | 11,473 | $ 7,196 | |||||||||
Regulatory liabilities-current | 547 | 547 | $ 356 | [1] | ||||||||
Net income | 975 | $ 854 | 349 | $ 1,806 | ||||||||
SCANA | ||||||||||||
Business Acquisition And Dispositions [Line Items] | ||||||||||||
Stock issued during period for acquisition, shares | 95,600,000 | |||||||||||
Stock issued during period for acquisition, value | $ 6,800 | |||||||||||
Common stock agreed to be issued, percentage | 0.669% | |||||||||||
Total outstanding debt | $ 6,900 | 13,119 | 13,119 | |||||||||
Business combination, refund to customers | $ 2,000 | |||||||||||
Period to provide refund to customer | 20 years | 20 years | 11 years | |||||||||
Regulatory Liabilities | $ 1,100 | $ 1,000 | ||||||||||
Regulatory liabilities-current | 67 | 137 | ||||||||||
Refund Liability to electric service customers | 1,000 | |||||||||||
Reduction in operating revenue | $ (1,000) | |||||||||||
Net income | (756) | |||||||||||
Business combination cost related to exclusion from rate recovery | $ 2,400 | |||||||||||
Remaining regulatory asset | 2,800 | $ 3,940 | [2] | $ 3,940 | [2] | |||||||
Remaining regulatory asset current | 138 | |||||||||||
Other Commitment, Fiscal Year Maturity [Abstract] | ||||||||||||
Charitable contributions, annual committed increase for next five years | $ 1 | |||||||||||
SCANA | Minimum | ||||||||||||
Other Commitment, Fiscal Year Maturity [Abstract] | ||||||||||||
Charitable contributions, period committed for annual increase | 5 years | |||||||||||
SCANA | Toshiba Corporation | ||||||||||||
Business Acquisition And Dispositions [Line Items] | ||||||||||||
Cash consideration | $ 1,100 | |||||||||||
SCANA | Columbia Energy | ||||||||||||
Business Acquisition And Dispositions [Line Items] | ||||||||||||
Business combination cost related to exclusion from rate recovery | $ 180 | |||||||||||
[1] | Dominion Energy’s Consolidated Balance Sheet at December 31, 2018 has been derived from the audited Consolidated Balance Sheet at that date. | |||||||||||
[2] | Includes $264 million of certain income tax-related regulatory assets associated with the NND Project for which Dominion Energy committed to forgo recovery in accordance with the SCANA Merger Approval Order. See Note 5 for additional information. |
Acquisitions and Dispositions_3
Acquisitions and Dispositions (Schedule of Preliminary Allocation of Purchase Price to Assets Acquired and Liabilities Assumed) (Detail) - USD ($) $ in Millions | Sep. 30, 2019 | Jan. 31, 2019 | Dec. 31, 2018 | [1] | ||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Assets [Abstract] | ||||||
Goodwill | $ 8,986 | $ 6,410 | ||||
SCANA | ||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Assets [Abstract] | ||||||
Total current assets | [2] | 1,782 | ||||
Investments | 224 | |||||
Property, plant and equipment | [3] | 11,006 | ||||
Goodwill | 2,576 | |||||
Regulatory assets | 3,940 | [4] | $ 2,800 | |||
Other deferred charges and other assets, including intangible assets | 430 | |||||
Total Assets | 19,958 | |||||
Total current liabilities | 1,515 | |||||
Long-term debt | 6,707 | |||||
Deferred income taxes | 1,114 | |||||
Regulatory liabilities | 2,668 | |||||
Other deferred credits and other liabilities | [5] | 1,115 | ||||
Total Liabilities | 13,119 | $ 6,900 | ||||
Total purchase price | [6] | $ 6,839 | ||||
[1] | Dominion Energy’s Consolidated Balance Sheet at December 31, 2018 has been derived from the audited Consolidated Balance Sheet at that date. | |||||
[2] | Includes $389 million of cash, restricted cash and equivalents, of which $115 million is considered restricted. | |||||
[3] | Includes $105 million of certain property, plant and equipment associated with the NND Project for which Dominion Energy committed to forgo recovery in accordance with the SCANA Merger Approval Order. As a result, Dominion Energy’s Consolidated Statement of Income for the nine months ended September 30, 2019 includes a charge of $105 million ($79 million after-tax), included in impairment of assets and other charges. | |||||
[4] | Includes $264 million of certain income tax-related regulatory assets associated with the NND Project for which Dominion Energy committed to forgo recovery in accordance with the SCANA Merger Approval Order. See Note 5 for additional information. | |||||
[5] | Includes a $379 million pension and other postretirement benefit liability. | |||||
[6] | Includes stock-based compensation awards with a fair value of $21 million. |
Acquisitions and Dispositions_4
Acquisitions and Dispositions (Schedule of Preliminary Allocation of Purchase Price to Assets Acquired and Liabilities Assumed) (Parenthetical) (Detail) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | Dec. 31, 2018 | Dec. 31, 2017 | ||
Business Acquisition [Line Items] | |||||||
Cash, restricted cash and equivalents | $ 440 | $ 387 | $ 440 | $ 387 | $ 391 | $ 185 | |
Impairment of assets and other charges | 85 | $ 12 | 1,232 | $ 147 | |||
Pension and other postretirement benefit liability | 2,571 | 2,571 | $ 2,328 | [1] | |||
SCANA | |||||||
Business Acquisition [Line Items] | |||||||
Cash, restricted cash and equivalents | 389 | 389 | |||||
Restricted cash | 115 | 115 | |||||
Income tax regulatory assets | 264 | 264 | |||||
Pension and other postretirement benefit liability | $ 379 | 379 | |||||
Stock based compensation awards estimated fair value | 21 | ||||||
SCANA | Dominion Energy | |||||||
Business Acquisition [Line Items] | |||||||
Property, plant and equipment with NND project | 105 | ||||||
Impairment of assets and other charges | 105 | ||||||
Asset impairment charges, after tax | $ 79 | ||||||
[1] | Dominion Energy’s Consolidated Balance Sheet at December 31, 2018 has been derived from the audited Consolidated Balance Sheet at that date. |
Acquisitions and Dispositions_5
Acquisitions and Dispositions (Results of Operations and Pro Forma Information) (Narrative) (Detail) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Dominion Energy | ||||
Business Acquisition [Line Items] | ||||
Merger and integration related costs | $ 3 | $ 17 | ||
SCANA | ||||
Business Acquisition [Line Items] | ||||
Increase in operating revenue | $ 979 | $ 2,100 | ||
Decrease in net income | 97 | 1,100 | ||
Merger and integration related costs | 570 | |||
SCANA | Dominion Energy | ||||
Business Acquisition [Line Items] | ||||
Merger and integration related costs | 29 | 596 | ||
SCANA | Dominion Energy | Voluntary Retirement Program | ||||
Business Acquisition [Line Items] | ||||
Merger and integration related costs | 4 | 427 | ||
SCANA | Dominion Energy | Other operations and maintenance | ||||
Business Acquisition [Line Items] | ||||
Merger and integration related costs | 25 | 160 | ||
SCANA | Dominion Energy | Interest and related charges | ||||
Business Acquisition [Line Items] | ||||
Merger and integration related costs | $ 9 | |||
SCANA | Dominion Energy | Maximum | Interest and related charges | ||||
Business Acquisition [Line Items] | ||||
Merger and integration related costs | $ 1 |
Acquisitions and Dispositions_6
Acquisitions and Dispositions (Schedule of Unaudited Pro Forma Information) (Detail) - Dominion Energy Questar Corporation - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | 9 Months Ended | ||||
Sep. 30, 2019 | Sep. 30, 2018 | [1] | Sep. 30, 2019 | [1] | Sep. 30, 2018 | |
Business Acquisition [Line Items] | ||||||
Operating Revenue | $ 4,269 | $ 4,356 | $ 13,104 | $ 12,902 | ||
Net income attributable to Dominion Energy | $ 1,029 | $ 923 | $ 1,991 | $ 2,054 | ||
Earnings Per Common Share – Basic | $ 1.28 | $ 1.23 | $ 2.47 | $ 2.74 | ||
Earnings Per Common Share – Diluted | $ 1.26 | $ 1.23 | $ 2.44 | $ 2.74 | ||
[1] | Amounts include adjustments for non-recurring costs directly related to the SCANA Combination. |
Acquisitions and Dispositions_7
Acquisitions and Dispositions (Expected Sale of Interest in Cove Point) (Narrative) (Detail) - Cove Point $ in Billions | 1 Months Ended |
Oct. 31, 2019USD ($) | |
Business Acquisition And Dispositions [Line Items] | |
Ownership interest percentage of limited partner interests | 25.00% |
Cash consideration from sale of noncontrolling interest | $ 2.1 |
Acquisitions and Dispositions_8
Acquisitions and Dispositions (Dominion Energy Gas Restructuring) (Narrative) (Detail) | Sep. 30, 2019 |
Cove Point, DECG And Dominion Energy Questar Pipeline [Member] | |
Business Acquisition And Dispositions [Line Items] | |
Percentage Of Controlling Ownership | 75.00% |
White River Hub [Member] | |
Business Acquisition And Dispositions [Line Items] | |
Minority Interest Ownership Percentage By Parent | 50.00% |
Iroquois [Member] | |
Business Acquisition And Dispositions [Line Items] | |
Minority Interest Ownership Percentage By Parent | 25.93% |
Cove Point [Member] | |
Business Acquisition And Dispositions [Line Items] | |
Minority Interest Ownership Percentage By Noncontrolling Owners | 25.00% |
Acquisitions and Dispositions_9
Acquisitions and Dispositions (Schedule of Disposal Groups, Including Discontinued Operations Consolidated Statements of Income) (Detail) - Dominion Energy Gas Holdings L L C [Member] - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Business Acquisition And Dispositions [Line Items] | ||||
Net income from discontinued operations | $ 45 | $ 33 | $ 125 | $ 135 |
Discontinued Operations [Member] | East Ohio [Member] | ||||
Business Acquisition And Dispositions [Line Items] | ||||
Operating revenue | 155 | 148 | 538 | 527 |
Depreciation and amortization | 23 | 19 | 66 | 55 |
Other operating expenses | 90 | 88 | 364 | 322 |
Other income | 20 | 18 | 55 | 54 |
Interest and related charges | 11 | 10 | 30 | 27 |
Income tax expense | 8 | 13 | 25 | 39 |
Net income from discontinued operations | 43 | 36 | 108 | 138 |
Discontinued Operations [Member] | DGP [Member] | ||||
Business Acquisition And Dispositions [Line Items] | ||||
Operating revenue | 31 | 42 | 110 | 144 |
Depreciation and amortization | 1 | 4 | 4 | 11 |
Other operating expenses | 27 | 42 | 83 | 137 |
Income tax expense | 1 | (1) | 6 | (1) |
Net income from discontinued operations | $ 2 | $ (3) | $ 17 | $ (3) |
Acquisitions and Disposition_10
Acquisitions and Dispositions (Schedule of Disposal Groups, Including Discontinued Operations Consolidated Balance Sheets) (Detail) - USD ($) $ in Millions | Sep. 30, 2019 | Dec. 31, 2018 | ||
Business Acquisition And Dispositions [Line Items] | ||||
Current assets of discontinued operations | $ 228 | |||
Current liabilities of discontinued operations | 85 | |||
Dominion Energy Gas Holdings L L C [Member] | ||||
Business Acquisition And Dispositions [Line Items] | ||||
Noncurrent assets of discontinued operations | 6,178 | $ 5,849 | [1] | |
Noncurrent liabilities of discontinued operations | 3,194 | 2,896 | [1] | |
East Ohio [Member] | Dominion Energy Gas Holdings L L C [Member] | ||||
Business Acquisition And Dispositions [Line Items] | ||||
Current assets of discontinued operations | [2] | 268 | 423 | |
Investments | 2 | 2 | ||
Property, plant and equipment, net | 3,866 | 3,669 | ||
Regulatory assets | 675 | 711 | ||
Other deferred charges and other assets, including goodwill and intangible assets | 1,440 | 1,275 | ||
Noncurrent assets of discontinued operations | 5,983 | 5,657 | ||
Current liabilities of discontinued operations | 1,055 | 1,262 | ||
Long-term debt | 1,554 | 1,300 | ||
Deferred income taxes and investment tax credits | 741 | 716 | ||
Regulatory liabilities | 769 | 747 | ||
Other deferred credits and liabilities | 110 | 108 | ||
Noncurrent liabilities of discontinued operations | 3,174 | 2,871 | ||
DGP [Member] | Dominion Energy Gas Holdings L L C [Member] | ||||
Business Acquisition And Dispositions [Line Items] | ||||
Current assets of discontinued operations | [3] | 24 | 21 | |
Noncurrent assets of discontinued operations | [4] | 195 | 192 | |
Current liabilities of discontinued operations | 7 | 11 | ||
Noncurrent liabilities of discontinued operations | $ 20 | $ 25 | ||
[1] | Dominion Energy Gas’ Consolidated Balance Sheet at December 31, 2018 has been derived from the audited Consolidated Balance Sheet at that date. | |||
[2] | Includes cash and cash equivalents of $5 million and $9 million as of September 30, 2019 and December 31, 2018, respectively. | |||
[3] | Includes cash and cash equivalents of $5 million and less than $1 million dollars as of September 30, 2019 and December 31, 2018, respectively. | |||
[4] | Primarily property, plant and equipment, net. |
Acquisitions and Disposition_11
Acquisitions and Dispositions (Schedule of Disposal Groups, Including Discontinued Operations Consolidated Balance Sheets (Parenthetical) (Detail) - USD ($) $ in Millions | Sep. 30, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Dec. 31, 2017 | |||
Business Acquisition And Dispositions [Line Items] | |||||||
Cash and Cash Equivalents, at Carrying Value | $ 378 | $ 268 | [1] | $ 310 | $ 120 | ||
Dominion Energy Gas Holdings L L C [Member] | |||||||
Business Acquisition And Dispositions [Line Items] | |||||||
Cash and Cash Equivalents, at Carrying Value | 64 | 99 | [2] | $ 85 | [3] | $ 18 | [3] |
Dominion Energy Gas Holdings L L C [Member] | East Ohio [Member] | |||||||
Business Acquisition And Dispositions [Line Items] | |||||||
Cash and Cash Equivalents, at Carrying Value | 5 | 9 | |||||
Dominion Energy Gas Holdings L L C [Member] | DGP [Member] | |||||||
Business Acquisition And Dispositions [Line Items] | |||||||
Cash and Cash Equivalents, at Carrying Value | $ 5 | $ 1 | |||||
[1] | Dominion Energy’s Consolidated Balance Sheet at December 31, 2018 has been derived from the audited Consolidated Balance Sheet at that date. | ||||||
[2] | Dominion Energy Gas’ Consolidated Balance Sheet at December 31, 2018 has been derived from the audited Consolidated Balance Sheet at that date. | ||||||
[3] | At September 30, 2019, September 30, 2018, December 31, 2018 and December 31, 2017, Dominion Energy Gas had $10 million, $3 million, $9 million and $3 million of cash and cash equivalents included in current assets of discontinued operations, respectively. |
Acquisitions and Disposition_12
Acquisitions and Dispositions (Schedule Of Significant Non Cash And Capital Expenditure) (Detail) - USD ($) $ in Millions | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | ||
Significant noncash items | |||
Accrued capital expenditures | [1],[2],[3] | $ 378 | $ 197 |
Dominion Energy Gas Holdings L L C [Member] | |||
Significant noncash items | |||
Accrued capital expenditures | [2] | 19 | 72 |
Dominion Energy Gas Holdings L L C [Member] | East Ohio [Member] | |||
Business Acquisition And Dispositions [Line Items] | |||
Capital expenditures | 267 | 246 | |
Significant noncash items | |||
Charge related to a voluntary retirement program | 20 | ||
Accrued capital expenditures | 10 | 6 | |
Dominion Energy Gas Holdings L L C [Member] | DGP [Member] | |||
Business Acquisition And Dispositions [Line Items] | |||
Capital expenditures | $ 10 | $ 4 | |
[1] | See Note 17 for noncash financing activities related to the acquisition of the public interest in Dominion Energy Midstream, the remarketing of RSNs and the issuance of stock purchase contracts associated with the 2019 Equity Units. | ||
[2] | See Note 2 for noncash investing and financing activities related to the adoption of a new accounting standard for leasing arrangements. | ||
[3] | See Note 3 for noncash investing and financing activities related to the SCANA Combination. |
Operating Revenue (Schedule of
Operating Revenue (Schedule of Operating Revenue) (Detail) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | ||
Public Utilities General Disclosures [Line Items] | |||||
Operating revenue from contracts with customers | $ 4,081 | $ 3,362 | $ 11,457 | $ 9,631 | |
Other revenues | [1] | 188 | 89 | 640 | 374 |
Operating revenue | [2] | 4,269 | 3,451 | 12,097 | 10,005 |
Regulated Electric Sales | Residential | |||||
Public Utilities General Disclosures [Line Items] | |||||
Operating revenue from contracts with customers | 1,440 | 1,036 | 3,180 | 2,641 | |
Regulated Electric Sales | Commercial | |||||
Public Utilities General Disclosures [Line Items] | |||||
Operating revenue from contracts with customers | 962 | 737 | 2,347 | 1,897 | |
Regulated Electric Sales | Industrial | |||||
Public Utilities General Disclosures [Line Items] | |||||
Operating revenue from contracts with customers | 227 | 143 | 474 | 371 | |
Regulated Electric Sales | Government and Other Retail | |||||
Public Utilities General Disclosures [Line Items] | |||||
Operating revenue from contracts with customers | 244 | 224 | 658 | 647 | |
Regulated Electric Sales | Wholesale | |||||
Public Utilities General Disclosures [Line Items] | |||||
Operating revenue from contracts with customers | 45 | 30 | 134 | 95 | |
Nonregulated Electric Sales | |||||
Public Utilities General Disclosures [Line Items] | |||||
Operating revenue from contracts with customers | 197 | 322 | 688 | 1,022 | |
Regulated Gas Sales | Residential | |||||
Public Utilities General Disclosures [Line Items] | |||||
Operating revenue from contracts with customers | 121 | 73 | 900 | 553 | |
Regulated Gas Sales | Commercial | |||||
Public Utilities General Disclosures [Line Items] | |||||
Operating revenue from contracts with customers | 52 | 15 | 316 | 152 | |
Regulated Gas Sales | Other | |||||
Public Utilities General Disclosures [Line Items] | |||||
Operating revenue from contracts with customers | 23 | 3 | 86 | 14 | |
Nonregulated Gas Sales | |||||
Public Utilities General Disclosures [Line Items] | |||||
Operating revenue from contracts with customers | 51 | 42 | 369 | 139 | |
Regulated Gas Transportation and Storage | FERC-regulated | |||||
Public Utilities General Disclosures [Line Items] | |||||
Operating revenue from contracts with customers | 248 | 266 | 772 | 800 | |
Regulated Gas Transportation and Storage | State-regulated | |||||
Public Utilities General Disclosures [Line Items] | |||||
Operating revenue from contracts with customers | 168 | 138 | 547 | 472 | |
Nonregulated gas transportation and storage | |||||
Public Utilities General Disclosures [Line Items] | |||||
Operating revenue from contracts with customers | 153 | 162 | 501 | 286 | |
Other Regulated Revenues | |||||
Public Utilities General Disclosures [Line Items] | |||||
Operating revenue from contracts with customers | [3] | 54 | 38 | 180 | 132 |
Other Nonregulated Revenues | |||||
Public Utilities General Disclosures [Line Items] | |||||
Operating revenue from contracts with customers | [3],[4] | 96 | 133 | 305 | 410 |
Virginia Electric and Power Company | |||||
Public Utilities General Disclosures [Line Items] | |||||
Operating revenue from contracts with customers | 2,250 | 2,210 | 6,116 | 5,787 | |
Other revenues | [1],[4] | 14 | 22 | 51 | 22 |
Operating revenue | [5] | 2,264 | 2,232 | 6,167 | 5,809 |
Virginia Electric and Power Company | Regulated Electric Sales | Residential | |||||
Public Utilities General Disclosures [Line Items] | |||||
Operating revenue from contracts with customers | 1,085 | 1,036 | 2,816 | 2,641 | |
Virginia Electric and Power Company | Regulated Electric Sales | Commercial | |||||
Public Utilities General Disclosures [Line Items] | |||||
Operating revenue from contracts with customers | 732 | 737 | 2,049 | 1,897 | |
Virginia Electric and Power Company | Regulated Electric Sales | Industrial | |||||
Public Utilities General Disclosures [Line Items] | |||||
Operating revenue from contracts with customers | 121 | 143 | 351 | 371 | |
Virginia Electric and Power Company | Regulated Electric Sales | Government and Other Retail | |||||
Public Utilities General Disclosures [Line Items] | |||||
Operating revenue from contracts with customers | 224 | 224 | 625 | 647 | |
Virginia Electric and Power Company | Regulated Electric Sales | Wholesale | |||||
Public Utilities General Disclosures [Line Items] | |||||
Operating revenue from contracts with customers | 31 | 30 | 97 | 95 | |
Virginia Electric and Power Company | Other Regulated Revenues | |||||
Public Utilities General Disclosures [Line Items] | |||||
Operating revenue from contracts with customers | [3] | 36 | 30 | 124 | 95 |
Virginia Electric and Power Company | Other Nonregulated Revenues | |||||
Public Utilities General Disclosures [Line Items] | |||||
Operating revenue from contracts with customers | [4] | 21 | 10 | 54 | 41 |
Dominion Energy Gas Holdings, LLC | |||||
Public Utilities General Disclosures [Line Items] | |||||
Operating revenue from contracts with customers | 501 | 532 | 1,595 | 1,428 | |
Other revenues | 1 | 1 | 3 | 3 | |
Operating revenue | [6] | 502 | 533 | 1,598 | 1,431 |
Dominion Energy Gas Holdings, LLC | Regulated Gas Sales | Wholesale | |||||
Public Utilities General Disclosures [Line Items] | |||||
Operating revenue from contracts with customers | 2 | 6 | |||
Dominion Energy Gas Holdings, LLC | Nonregulated Gas Sales | |||||
Public Utilities General Disclosures [Line Items] | |||||
Operating revenue from contracts with customers | [4] | 1 | 2 | 4 | 5 |
Dominion Energy Gas Holdings, LLC | Regulated Gas Transportation and Storage | |||||
Public Utilities General Disclosures [Line Items] | |||||
Operating revenue from contracts with customers | 306 | 300 | 952 | 917 | |
Dominion Energy Gas Holdings, LLC | Nonregulated gas transportation and storage | |||||
Public Utilities General Disclosures [Line Items] | |||||
Operating revenue from contracts with customers | 153 | 162 | 501 | 286 | |
Dominion Energy Gas Holdings, LLC | Other Regulated Revenues | |||||
Public Utilities General Disclosures [Line Items] | |||||
Operating revenue from contracts with customers | [3] | 3 | 4 | 8 | 17 |
Dominion Energy Gas Holdings, LLC | Other Nonregulated Revenues | |||||
Public Utilities General Disclosures [Line Items] | |||||
Operating revenue from contracts with customers | [3],[4] | 1 | 1 | 2 | 2 |
Dominion Energy Gas Holdings, LLC | Management Service | |||||
Public Utilities General Disclosures [Line Items] | |||||
Operating revenue from contracts with customers | [4] | $ 37 | $ 63 | $ 126 | $ 195 |
[1] | Amounts above include alternative revenue of $9 million and $44 million at Dominion Energy and $9 million and $35 million at Virginia Power for the three and nine months ended September 30, 2019, respectively. | ||||
[2] | See Note 10 for amounts attributable to related parties. | ||||
[3] | Amounts above include $36 million and $1 million for the three months ended September 30, 2019, $108 million and $3 million for the three months ended September 30, 2018, $129 million and $4 million for the nine months ended September 30, 2019 and $170 million and $8 million for the nine months ended September 30, 2018 primarily consisting of NGL sales at Dominion Energy and Dominion Energy Gas, respectively, which are considered to be goods transferred at a point in time. In addition, the amounts include $12 million and $19 million of sales of renewable energy credits at Dominion Energy for the three and nine months ended September 30, 2019, respectively, $11 million and $14 million at Virginia Power for the three and nine months ended September 30, 2019, respectively, and $10 million and $11 million at both Dominion Energy and Virginia Power for the three and nine months ended September 30, 2018, respectively, which are considered to be goods transferred at a point in time. | ||||
[4] | See Notes 10 and 20 for amounts attributable to related parties and affiliates. | ||||
[5] | See Note 20 for amounts attributable to affiliates. | ||||
[6] | See Note 20 for amounts attributable to related parties. |
Operating Revenue (Schedule o_2
Operating Revenue (Schedule of Operating Revenue) (Parenthetical) (Detail) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | ||
Public Utilities General Disclosures [Line Items] | |||||
Operating revenue from contracts with customers | $ 4,081 | $ 3,362 | $ 11,457 | $ 9,631 | |
Other revenues | [1] | 188 | 89 | 640 | 374 |
NGL Midstream | |||||
Public Utilities General Disclosures [Line Items] | |||||
Operating revenue from contracts with customers | 36 | 108 | 129 | 170 | |
Alternative Revenue | |||||
Public Utilities General Disclosures [Line Items] | |||||
Other revenues | 9 | 44 | |||
Dominion Energy Gas Holdings, LLC | |||||
Public Utilities General Disclosures [Line Items] | |||||
Operating revenue from contracts with customers | 501 | 532 | 1,595 | 1,428 | |
Other revenues | 1 | 1 | 3 | 3 | |
Dominion Energy Gas Holdings, LLC | NGL Midstream | |||||
Public Utilities General Disclosures [Line Items] | |||||
Operating revenue from contracts with customers | 1 | 3 | 4 | 8 | |
Dominion Energy Gas Holdings, LLC | Renewable Energy Investment Tax Credits | |||||
Public Utilities General Disclosures [Line Items] | |||||
Operating revenue from contracts with customers | 12 | 19 | |||
Dominion Energy and Virginia Electric and Power | Renewable Energy Investment Tax Credits | |||||
Public Utilities General Disclosures [Line Items] | |||||
Operating revenue from contracts with customers | 10 | 11 | |||
Virginia Electric and Power Company | |||||
Public Utilities General Disclosures [Line Items] | |||||
Operating revenue from contracts with customers | 2,250 | 2,210 | 6,116 | 5,787 | |
Other revenues | [1],[2] | 14 | $ 22 | 51 | $ 22 |
Virginia Electric and Power Company | Renewable Energy Investment Tax Credits | |||||
Public Utilities General Disclosures [Line Items] | |||||
Operating revenue from contracts with customers | 11 | 14 | |||
Virginia Electric and Power Company | Alternative Revenue | |||||
Public Utilities General Disclosures [Line Items] | |||||
Other revenues | $ 9 | $ 35 | |||
[1] | Amounts above include alternative revenue of $9 million and $44 million at Dominion Energy and $9 million and $35 million at Virginia Power for the three and nine months ended September 30, 2019, respectively. | ||||
[2] | See Notes 10 and 20 for amounts attributable to related parties and affiliates. |
Operating Revenue (Schedule o_3
Operating Revenue (Schedule of Aggregate Amount of Transaction Price Allocated To Fixed-price Performance Obligations That Unsatisfied At End of Reporting Period And Expected To be Recognized) (Detail) $ in Millions | Sep. 30, 2019USD ($) |
Revenues From Contract With Customer [Line Items] | |
Revenue, expected to be recognized on multi-year contracts | $ 19,467 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date:: 2019-01-01 | |
Revenues From Contract With Customer [Line Items] | |
Revenue, expected to be recognized on multi-year contracts | $ 431 |
Revenue, expected to be recognized on multi-year contracts, period | 3 months |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date:: 2020-01-01 | |
Revenues From Contract With Customer [Line Items] | |
Revenue, expected to be recognized on multi-year contracts | $ 1,545 |
Revenue, expected to be recognized on multi-year contracts, period | 1 year |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date:: 2021-01-01 | |
Revenues From Contract With Customer [Line Items] | |
Revenue, expected to be recognized on multi-year contracts | $ 1,446 |
Revenue, expected to be recognized on multi-year contracts, period | 1 year |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date:: 2022-01-01 | |
Revenues From Contract With Customer [Line Items] | |
Revenue, expected to be recognized on multi-year contracts | $ 1,344 |
Revenue, expected to be recognized on multi-year contracts, period | 1 year |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date:: 2023-01-01 | |
Revenues From Contract With Customer [Line Items] | |
Revenue, expected to be recognized on multi-year contracts | $ 1,199 |
Revenue, expected to be recognized on multi-year contracts, period | 1 year |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date:: 2024-01-01 | |
Revenues From Contract With Customer [Line Items] | |
Revenue, expected to be recognized on multi-year contracts | $ 13,502 |
Revenue, expected to be recognized on multi-year contracts, period | |
Virginia Electric and Power Company | |
Revenues From Contract With Customer [Line Items] | |
Revenue, expected to be recognized on multi-year contracts | $ 9 |
Virginia Electric and Power Company | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date:: 2019-01-01 | |
Revenues From Contract With Customer [Line Items] | |
Revenue, expected to be recognized on multi-year contracts | $ 5 |
Revenue, expected to be recognized on multi-year contracts, period | 3 months |
Virginia Electric and Power Company | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date:: 2020-01-01 | |
Revenues From Contract With Customer [Line Items] | |
Revenue, expected to be recognized on multi-year contracts | $ 3 |
Revenue, expected to be recognized on multi-year contracts, period | 1 year |
Virginia Electric and Power Company | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date:: 2021-01-01 | |
Revenues From Contract With Customer [Line Items] | |
Revenue, expected to be recognized on multi-year contracts | $ 1 |
Revenue, expected to be recognized on multi-year contracts, period | 1 year |
Virginia Electric and Power Company | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date:: 2022-01-01 | |
Revenues From Contract With Customer [Line Items] | |
Revenue, expected to be recognized on multi-year contracts | $ 0 |
Revenue, expected to be recognized on multi-year contracts, period | 1 year |
Virginia Electric and Power Company | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date:: 2023-01-01 | |
Revenues From Contract With Customer [Line Items] | |
Revenue, expected to be recognized on multi-year contracts | $ 0 |
Revenue, expected to be recognized on multi-year contracts, period | 1 year |
Virginia Electric and Power Company | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date:: 2024-01-01 | |
Revenues From Contract With Customer [Line Items] | |
Revenue, expected to be recognized on multi-year contracts | $ 0 |
Revenue, expected to be recognized on multi-year contracts, period | |
Dominion Energy Gas Holdings, LLC | |
Revenues From Contract With Customer [Line Items] | |
Revenue, expected to be recognized on multi-year contracts | $ 20,186 |
Dominion Energy Gas Holdings, LLC | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date:: 2019-01-01 | |
Revenues From Contract With Customer [Line Items] | |
Revenue, expected to be recognized on multi-year contracts | $ 455 |
Revenue, expected to be recognized on multi-year contracts, period | 3 months |
Dominion Energy Gas Holdings, LLC | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date:: 2020-01-01 | |
Revenues From Contract With Customer [Line Items] | |
Revenue, expected to be recognized on multi-year contracts | $ 1,658 |
Revenue, expected to be recognized on multi-year contracts, period | 1 year |
Dominion Energy Gas Holdings, LLC | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date:: 2021-01-01 | |
Revenues From Contract With Customer [Line Items] | |
Revenue, expected to be recognized on multi-year contracts | $ 1,559 |
Revenue, expected to be recognized on multi-year contracts, period | 1 year |
Dominion Energy Gas Holdings, LLC | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date:: 2022-01-01 | |
Revenues From Contract With Customer [Line Items] | |
Revenue, expected to be recognized on multi-year contracts | $ 1,436 |
Revenue, expected to be recognized on multi-year contracts, period | 1 year |
Dominion Energy Gas Holdings, LLC | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date:: 2023-01-01 | |
Revenues From Contract With Customer [Line Items] | |
Revenue, expected to be recognized on multi-year contracts | $ 1,268 |
Revenue, expected to be recognized on multi-year contracts, period | 1 year |
Dominion Energy Gas Holdings, LLC | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date:: 2024-01-01 | |
Revenues From Contract With Customer [Line Items] | |
Revenue, expected to be recognized on multi-year contracts | $ 13,810 |
Revenue, expected to be recognized on multi-year contracts, period |
Operating Revenue (Schedule o_4
Operating Revenue (Schedule of Aggregate Amount of Transaction Price Allocated To Fixed-price Performance Obligations That Unsatisfied At End of Reporting Period And Expected To be Recognized) (Detail1) $ in Millions | Sep. 30, 2019USD ($) |
Revenues From Contract With Customer [Line Items] | |
Revenue, expected to be recognized on multi-year contracts | $ 19,467 |
Virginia Electric and Power Company | |
Revenues From Contract With Customer [Line Items] | |
Revenue, expected to be recognized on multi-year contracts | 9 |
Dominion Energy Gas Holdings, LLC | |
Revenues From Contract With Customer [Line Items] | |
Revenue, expected to be recognized on multi-year contracts | $ 20,186 |
Operating Revenue (Narrative) (
Operating Revenue (Narrative) (Detail) - USD ($) $ in Millions | 9 Months Ended | |
Sep. 30, 2019 | Dec. 31, 2018 | |
Revenues From Contract With Customer [Line Items] | ||
Contract asset balances | $ 34 | $ 42 |
Contract liability balances | 127 | 106 |
Revenue recognized from contract liability balances | 92 | |
Dominion Energy Gas Holdings, LLC | ||
Revenues From Contract With Customer [Line Items] | ||
Contract asset balances | 47 | 58 |
Contract liability balances | 46 | 49 |
Revenue recognized from contract liability balances | 30 | |
Virginia Electric and Power Company | ||
Revenues From Contract With Customer [Line Items] | ||
Contract liability balances | 25 | $ 22 |
Revenue recognized from contract liability balances | $ 22 |
Income Taxes (Reconciliation of
Income Taxes (Reconciliation of Income Taxes at the U.S. Statutory Federal Income Tax Rate) (Detail) | 9 Months Ended | 12 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Dec. 31, 2017 | ||
Effective Income Tax Computation [Line Items] | ||||
U.S. statutory rate | 21.00% | 21.00% | 35.00% | |
Increases (reductions) resulting from: | ||||
State taxes, net of federal benefit | 0.20% | 3.30% | ||
Investment tax credits | (5.70%) | (0.90%) | ||
Production tax credits | (1.20%) | (0.70%) | ||
Reversal of excess deferred income taxes | (6.80%) | (1.50%) | ||
Federal legislative change | 2.00% | |||
State legislative change | (0.80%) | |||
Write-off of regulatory assets | 33.50% | |||
AFUDC - equity | (2.00%) | (0.90%) | ||
Other, net | (2.70%) | (1.00%) | ||
Effective tax rate | 36.30% | 20.50% | ||
Virginia Electric and Power Company | ||||
Effective Income Tax Computation [Line Items] | ||||
U.S. statutory rate | 21.00% | 21.00% | ||
Increases (reductions) resulting from: | ||||
State taxes, net of federal benefit | 4.50% | 4.60% | ||
Investment tax credits | (5.30%) | (1.40%) | ||
Production tax credits | (0.80%) | (0.70%) | ||
Reversal of excess deferred income taxes | (4.10%) | (1.90%) | ||
Federal legislative change | (0.20%) | |||
AFUDC - equity | (0.50%) | |||
Other, net | (1.20%) | (0.30%) | ||
Effective tax rate | 14.10% | 20.60% | ||
Dominion Energy Gas Holdings, LLC | ||||
Effective Income Tax Computation [Line Items] | ||||
U.S. statutory rate | 21.00% | 21.00% | ||
Increases (reductions) resulting from: | ||||
State taxes, net of federal benefit | 3.60% | 3.20% | ||
Reversal of excess deferred income taxes | (0.90%) | (0.90%) | ||
Federal legislative change | 2.70% | |||
State legislative change | (3.30%) | |||
AFUDC - equity | (0.50%) | (0.30%) | ||
Other, net | [1] | (3.50%) | (4.30%) | |
Effective tax rate | 19.70% | 18.10% | ||
[1] | Includes (3.7) % and (4.4) % relating to the absence of tax on noncontrolling interest in 2019 and 2018, respectively. |
Income Taxes (Effective Income
Income Taxes (Effective Income Tax) (Parenthetical) (Detail) | 9 Months Ended | |
Sep. 30, 2019 | Sep. 30, 2018 | |
Income Tax Disclosure [Abstract] | ||
Tax Percentage on noncontrolling interest | (3.70%) | (4.40%) |
Income Taxes (Narrative) (Detai
Income Taxes (Narrative) (Detail) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | 12 Months Ended | |
Sep. 30, 2019 | Sep. 30, 2019 | Sep. 30, 2018 | Dec. 31, 2017 | |
Effective Income Tax Computation [Line Items] | ||||
Federal statutory income tax rate | 21.00% | 21.00% | 35.00% | |
Percentage of deductibility of interest expense | 30.00% | |||
SCANA | ||||
Effective Income Tax Computation [Line Items] | ||||
Deferred income tax expense | $ 198 | |||
Increase in unrecognized tax benefits | $ 18 | 51 | ||
Increase in goodwill | 72 | |||
Unrecognized Tax Benefits, | $ 106 | |||
DESC | ||||
Effective Income Tax Computation [Line Items] | ||||
Increase in unrecognized tax benefits | 1 | |||
Increase in accrued interest and penalties | $ 7 |
Earnings Per Share (Calculation
Earnings Per Share (Calculation of Basic and Diluted EPS) (Detail) - USD ($) $ / shares in Units, shares in Millions, $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Schedule Of Earnings Per Share [Line Items] | ||||
Net income | $ 975 | $ 854 | $ 349 | $ 1,806 |
Net income attributable to Dominion Energy - Basic | 968 | 854 | 341 | 1,806 |
Net income attributable to Dominion Energy - Diluted | $ 955 | $ 854 | $ 315 | $ 1,806 |
Average shares of common stock outstanding – Basic | 813 | 653.9 | 802.9 | 652.4 |
Net effect of dilutive securities | 1 | 0.1 | 0.4 | |
Average shares of common stock outstanding – Diluted | 813 | 654.9 | 803 | 652.8 |
Earnings Per Common Share – Basic | $ 1.19 | $ 1.31 | $ 0.42 | $ 2.77 |
Earnings Per Common Share – Diluted | $ 1.17 | $ 1.30 | $ 0.39 | $ 2.77 |
Series A Preferred Stock | ||||
Schedule Of Earnings Per Share [Line Items] | ||||
Series A Preferred Stock dividends | $ (7) | $ (8) | ||
Dilutive effect of Series A Preferred Stock | $ (13) | $ (26) |
Accumulated Other Comprehensi_3
Accumulated Other Comprehensive Income (Schedule of Changes in AOCI by Component Net of Tax) (Detail) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||
Beginning balance | $ 28,381 | $ 20,036 | $ 22,048 | [1] | $ 19,370 | |
Beginning balance | [1] | 20,107 | ||||
Ending balance | 29,957 | 20,426 | 29,957 | 20,426 | ||
Ending balance | 29,286 | 29,286 | ||||
Virginia Electric and Power Company | ||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||
Beginning balance | 12,964 | 12,497 | 13,047 | [2] | 12,224 | |
Ending balance | 13,550 | 12,917 | 13,550 | 12,917 | ||
Dominion Energy Gas Holdings, LLC | ||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||
Beginning balance | [3] | 8,865 | ||||
Ending balance | 8,741 | 8,741 | ||||
Deferred Gains and Losses on Derivatives-Hedging Activities | ||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||
Beginning balance | (389) | (248) | (235) | (302) | ||
Other comprehensive income before reclassifications: gains (losses) | (107) | (27) | (209) | 51 | ||
Amounts reclassified from AOCI: (gains) losses | [4] | (6) | 30 | (58) | 71 | |
Net current period other comprehensive income (loss) | (113) | 3 | (267) | 122 | ||
Ending balance | (502) | (245) | (502) | (245) | ||
Cumulative-effect of changes in accounting principle | (64) | |||||
Less other comprehensive income attributable to noncontrolling interest | 1 | |||||
Deferred Gains and Losses on Derivatives-Hedging Activities | Virginia Electric and Power Company | ||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||
Beginning balance | (30) | (8) | (13) | (12) | ||
Other comprehensive income before reclassifications: gains (losses) | (16) | 3 | (34) | 10 | ||
Amounts reclassified from AOCI: (gains) losses | [5] | 1 | ||||
Net current period other comprehensive income (loss) | (16) | 3 | (33) | 10 | ||
Ending balance | (46) | (5) | (46) | (5) | ||
Cumulative-effect of changes in accounting principle | (3) | |||||
Deferred Gains and Losses on Derivatives-Hedging Activities | Dominion Energy Gas Holdings, LLC | ||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||
Beginning balance | (74) | (24) | (25) | (23) | ||
Other comprehensive income before reclassifications: gains (losses) | (36) | 4 | (87) | (2) | ||
Amounts reclassified from AOCI: (gains) losses | [4] | 9 | 4 | 10 | 15 | |
Net current period other comprehensive income (loss) | (27) | 8 | (77) | 13 | ||
Ending balance | (101) | (16) | (101) | (16) | ||
Cumulative-effect of changes in accounting principle | (5) | |||||
Less other comprehensive income attributable to noncontrolling interest | (1) | 1 | ||||
Unrealized Gains and Losses on Investment Securities | ||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||
Beginning balance | 30 | (2) | 2 | 747 | ||
Other comprehensive income before reclassifications: gains (losses) | 8 | (6) | 37 | (24) | ||
Amounts reclassified from AOCI: (gains) losses | [4] | (4) | 3 | (5) | 4 | |
Net current period other comprehensive income (loss) | 4 | (3) | 32 | (20) | ||
Ending balance | 34 | (5) | 34 | (5) | ||
Cumulative-effect of changes in accounting principle | (732) | |||||
Unrealized Gains and Losses on Investment Securities | Virginia Electric and Power Company | ||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||
Beginning balance | 4 | (1) | 1 | 74 | ||
Other comprehensive income before reclassifications: gains (losses) | 1 | 5 | (2) | |||
Amounts reclassified from AOCI: (gains) losses | [5] | (1) | ||||
Net current period other comprehensive income (loss) | 1 | 4 | (2) | |||
Ending balance | 5 | (1) | 5 | (1) | ||
Cumulative-effect of changes in accounting principle | (73) | |||||
Unrecognized Pension and Other Postretirement Benefit Costs | ||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||
Beginning balance | (1,322) | (1,286) | (1,465) | (1,101) | ||
Other comprehensive income before reclassifications: gains (losses) | (4) | 109 | ||||
Amounts reclassified from AOCI: (gains) losses | [4] | 20 | 18 | 50 | 60 | |
Net current period other comprehensive income (loss) | 16 | 18 | 159 | 60 | ||
Ending balance | (1,306) | (1,268) | (1,306) | (1,268) | ||
Cumulative-effect of changes in accounting principle | (227) | |||||
Unrecognized Pension and Other Postretirement Benefit Costs | Dominion Energy Gas Holdings, LLC | ||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||
Beginning balance | (112) | (94) | (144) | (75) | ||
Other comprehensive income before reclassifications: gains (losses) | (1) | 28 | ||||
Amounts reclassified from AOCI: (gains) losses | [4] | 1 | 2 | 4 | 4 | |
Net current period other comprehensive income (loss) | 2 | 32 | 4 | |||
Ending balance | (112) | (92) | (112) | (92) | ||
Cumulative-effect of changes in accounting principle | (21) | |||||
Other Comprehensive Loss From Equity Method Investee | ||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||
Beginning balance | (2) | (2) | (2) | (3) | ||
Other comprehensive income before reclassifications: gains (losses) | (1) | (1) | 1 | |||
Net current period other comprehensive income (loss) | (1) | (1) | 1 | |||
Ending balance | (3) | (2) | (3) | (2) | ||
Accumulated Other Comprehensive Income (Loss) | ||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||
Beginning balance | (1,683) | (1,538) | (1,700) | (659) | ||
Other comprehensive income before reclassifications: gains (losses) | (104) | (33) | (64) | 28 | ||
Amounts reclassified from AOCI: (gains) losses | [4] | 10 | 51 | (13) | 135 | |
Net current period other comprehensive income (loss) | (94) | 18 | (77) | 163 | ||
Ending balance | (1,777) | (1,520) | (1,777) | (1,520) | ||
Cumulative-effect of changes in accounting principle | (1,023) | |||||
Less other comprehensive income attributable to noncontrolling interest | 1 | |||||
Accumulated Other Comprehensive Income (Loss) | Virginia Electric and Power Company | ||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||
Beginning balance | (26) | (9) | (12) | 62 | ||
Other comprehensive income before reclassifications: gains (losses) | (15) | 3 | (29) | 8 | ||
Net current period other comprehensive income (loss) | (15) | 3 | (29) | 8 | ||
Ending balance | (41) | (6) | (41) | (6) | ||
Cumulative-effect of changes in accounting principle | (76) | |||||
Accumulated Other Comprehensive Income (Loss) | Dominion Energy Gas Holdings, LLC | ||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||
Beginning balance | (186) | (118) | (169) | (98) | ||
Other comprehensive income before reclassifications: gains (losses) | (37) | 4 | (59) | (2) | ||
Amounts reclassified from AOCI: (gains) losses | [4] | 10 | 6 | 14 | 19 | |
Net current period other comprehensive income (loss) | (27) | 10 | (45) | 17 | ||
Ending balance | $ (213) | $ (108) | (213) | (108) | ||
Cumulative-effect of changes in accounting principle | (26) | |||||
Less other comprehensive income attributable to noncontrolling interest | $ (1) | $ 1 | ||||
[1] | Dominion Energy’s Consolidated Balance Sheet at December 31, 2018 has been derived from the audited Consolidated Balance Sheet at that date. | |||||
[2] | Virginia Power’s Consolidated Balance Sheet at December 31, 2018 has been derived from the audited Consolidated Balance Sheet at that date. | |||||
[3] | Dominion Energy Gas’ Consolidated Balance Sheet at December 31, 2018 has been derived from the audited Consolidated Balance Sheet at that date. | |||||
[4] | See table below for details about these reclassifications. | |||||
[5] | Virginia Power’s reclassifications out of AOCI were immaterial for both the three and nine months ended September 30, 2019 and 2018. |
Accumulated Other Comprehensi_4
Accumulated Other Comprehensive Income (Schedule of Reclassifications out of AOCI by Component Net of Tax) (Detail) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||
Operating revenue | [1] | $ (4,269) | $ (3,451) | $ (12,097) | $ (10,005) |
Interest and related charges | 451 | 378 | 1,372 | 1,053 | |
Other income | (173) | (373) | (653) | (658) | |
Income from operations before income tax expense | (1,036) | (1,145) | (574) | (2,372) | |
Income tax expense | 51 | 262 | 208 | 485 | |
Electric fuel and other energy-related purchases | 774 | 761 | 2,283 | 2,128 | |
Dominion Energy Gas Holdings, LLC | |||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||
Net Income from discontinued operations | 45 | 33 | 125 | 135 | |
Operating revenue | [2] | (502) | (533) | (1,598) | (1,431) |
Interest and related charges | [2] | 88 | 52 | 261 | 102 |
Other income | (46) | (18) | (131) | (51) | |
Income from operations before income tax expense | (168) | (278) | (529) | (549) | |
Income tax expense | 38 | 69 | 104 | 100 | |
Income (loss) including noncontrolling interests, net of tax | (130) | (209) | (425) | (449) | |
Accumulated Gain (Loss), Cash Flow Hedge, Including Noncontrolling Interest | Amounts Reclassified From AOCI | |||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||
Income from operations before income tax expense | (7) | 40 | 95 | ||
Income tax expense | 1 | (10) | (24) | ||
Income (loss) including noncontrolling interests, net of tax | (6) | 30 | 71 | ||
Accumulated Gain (Loss), Cash Flow Hedge, Including Noncontrolling Interest | Amounts Reclassified From AOCI | Dominion Energy Gas Holdings, LLC | |||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||
Income from operations before income tax expense | 12 | 6 | 13 | 21 | |
Income tax expense | (3) | (2) | (3) | (6) | |
Income (loss) including noncontrolling interests, net of tax | 9 | 4 | 10 | 15 | |
Accumulated Gain (Loss), Cash Flow Hedge, Including Noncontrolling Interest | Amounts Reclassified From AOCI | Commodity contracts | |||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||
Operating revenue | (35) | 26 | 55 | ||
Purchased gas | 2 | 2 | |||
Electric fuel and other energy-related purchases | (8) | ||||
Accumulated Gain (Loss), Cash Flow Hedge, Including Noncontrolling Interest | Amounts Reclassified From AOCI | Commodity contracts | Dominion Energy Gas Holdings, LLC | |||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||
Net Income from discontinued operations | (2) | 3 | (4) | 8 | |
Accumulated Gain (Loss), Cash Flow Hedge, Including Noncontrolling Interest | Amounts Reclassified From AOCI | Interest rate contracts | |||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||
Interest and related charges | 14 | 12 | 36 | ||
Accumulated Gain (Loss), Cash Flow Hedge, Including Noncontrolling Interest | Amounts Reclassified From AOCI | Interest rate contracts | Dominion Energy Gas Holdings, LLC | |||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||
Interest and related charges | 2 | 1 | 3 | 3 | |
Accumulated Gain (Loss), Cash Flow Hedge, Including Noncontrolling Interest | Amounts Reclassified From AOCI | Foreign currency | |||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||
Other income | 12 | 2 | 10 | ||
Accumulated Gain (Loss), Cash Flow Hedge, Including Noncontrolling Interest | Amounts Reclassified From AOCI | Foreign currency | Dominion Energy Gas Holdings, LLC | |||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||
Other income | 12 | 2 | 14 | 10 | |
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 | (5) | 3 | (6) | 5 | |
Income from operations before income tax expense | (5) | 3 | (6) | 5 | |
Income tax expense | 1 | 1 | (1) | ||
Income (loss) including noncontrolling interests, net of tax | (4) | 3 | (5) | 4 | |
Amortization of prior-service costs (credits) | Amounts Reclassified From AOCI | |||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||
Other income | (5) | (5) | (18) | (16) | |
Amortization of actuarial losses | Amounts Reclassified From AOCI | |||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||
Other income | 31 | 30 | 85 | 91 | |
Unrecognized pension and other postretirement benefit costs: | |||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||
Unrecognized pension and other postretirement benefit costs, before tax | 26 | 25 | 67 | 75 | |
Unrecognized pension and other postretirement benefit costs, income tax expense | (6) | (7) | (17) | (15) | |
Unrecognized pension and other postretirement benefit costs, net of tax | 20 | 18 | 50 | 60 | |
Unrecognized pension and other postretirement benefit costs: | Dominion Energy Gas Holdings, LLC | |||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||
Unrecognized pension and other postretirement benefit costs, before tax | 1 | 2 | 5 | 5 | |
Unrecognized pension and other postretirement benefit costs, income tax expense | (1) | (1) | |||
Unrecognized pension and other postretirement benefit costs, net of tax | 1 | 2 | 4 | 4 | |
Unrecognized pension and other postretirement benefit costs: | Amounts Reclassified From AOCI | |||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||
Income from operations before income tax expense | (77) | ||||
Income tax expense | 19 | ||||
Income (loss) including noncontrolling interests, net of tax | (58) | ||||
Unrecognized pension and other postretirement benefit costs: | Amounts Reclassified From AOCI | Dominion Energy Gas Holdings, LLC | |||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||
Other income | $ 1 | $ 2 | 5 | $ 5 | |
Unrecognized pension and other postretirement benefit costs: | Amounts Reclassified From AOCI | Commodity contracts | |||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||
Operating revenue | (127) | ||||
Purchased gas | (1) | ||||
Unrecognized pension and other postretirement benefit costs: | Amounts Reclassified From AOCI | Interest rate contracts | |||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||
Interest and related charges | 37 | ||||
Unrecognized pension and other postretirement benefit costs: | Amounts Reclassified From AOCI | Foreign currency | |||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||
Other income | $ 14 | ||||
[1] | See Note 10 for amounts attributable to related parties. | ||||
[2] | See Note 20 for amounts attributable to related parties. |
Fair Value Measurements (Fair V
Fair Value Measurements (Fair Value, Option, Quantitative Disclosures) (Detail) $ in Millions | 9 Months Ended | ||
Sep. 30, 2019USD ($)$ / MMBTU$ / MWh | Dec. 31, 2018USD ($) | ||
Fair Value, Option, Quantitative Disclosures [Line Items] | |||
Fair Value of Derivative Assets | $ 93 | $ 294 | |
Fair Value of Derivative Liabilities | 934 | 279 | |
Virginia Electric and Power Company | |||
Fair Value, Option, Quantitative Disclosures [Line Items] | |||
Fair Value of Derivative Assets | 20 | 93 | |
Fair Value of Derivative Liabilities | 554 | 103 | |
Fair Value, Measurements, Recurring | |||
Fair Value, Option, Quantitative Disclosures [Line Items] | |||
Total assets | 5,645 | 5,156 | |
Total liabilities | 934 | 279 | |
Fair Value, Measurements, Recurring | Virginia Electric and Power Company | |||
Fair Value, Option, Quantitative Disclosures [Line Items] | |||
Total assets | 2,603 | 2,297 | |
Total liabilities | 554 | 103 | |
Fair Value, Measurements, Recurring | Commodity | |||
Fair Value, Option, Quantitative Disclosures [Line Items] | |||
Fair Value of Derivative Assets | 80 | 250 | |
Fair Value of Derivative Liabilities | 80 | 135 | |
Fair Value, Measurements, Recurring | Commodity | Virginia Electric and Power Company | |||
Fair Value, Option, Quantitative Disclosures [Line Items] | |||
Fair Value of Derivative Assets | 20 | 90 | |
Fair Value of Derivative Liabilities | 33 | 15 | |
Fair Value, Measurements, Recurring | Level 3 | |||
Fair Value, Option, Quantitative Disclosures [Line Items] | |||
Total assets | 20 | 70 | |
Total liabilities | 21 | 6 | |
Fair Value, Measurements, Recurring | Level 3 | Virginia Electric and Power Company | |||
Fair Value, Option, Quantitative Disclosures [Line Items] | |||
Total assets | 17 | 66 | |
Total liabilities | 16 | 6 | |
Fair Value, Measurements, Recurring | Level 3 | Commodity | |||
Fair Value, Option, Quantitative Disclosures [Line Items] | |||
Fair Value of Derivative Assets | 20 | 70 | |
Fair Value of Derivative Liabilities | 21 | 6 | |
Fair Value, Measurements, Recurring | Level 3 | Commodity | Virginia Electric and Power Company | |||
Fair Value, Option, Quantitative Disclosures [Line Items] | |||
Fair Value of Derivative Assets | 17 | 66 | |
Fair Value of Derivative Liabilities | 16 | $ 6 | |
Fair Value, Measurements, Recurring | Level 3 | Discounted Cash Flow [Member] | FTRs [Member] | Commodity | |||
Fair Value, Option, Quantitative Disclosures [Line Items] | |||
Fair Value of Derivative Assets | 5 | ||
Fair Value of Derivative Liabilities | 5 | ||
Fair Value, Measurements, Recurring | Level 3 | Discounted Cash Flow [Member] | FTRs [Member] | Commodity | Virginia Electric and Power Company | |||
Fair Value, Option, Quantitative Disclosures [Line Items] | |||
Fair Value of Derivative Assets | 5 | ||
Fair Value of Derivative Liabilities | $ 5 | ||
Fair Value, Measurements, Recurring | Level 3 | Discounted Cash Flow [Member] | FTRs [Member] | Commodity | Minimum | Derivative Financial Instruments, Liabilities | Market Price [Member] | |||
Fair Value, Option, Quantitative Disclosures [Line Items] | |||
Market Price | $ / MWh | [1] | (5) | |
Fair Value, Measurements, Recurring | Level 3 | Discounted Cash Flow [Member] | FTRs [Member] | Commodity | Minimum | Derivative Financial Instruments, Liabilities | Market Price [Member] | Virginia Electric and Power Company | |||
Fair Value, Option, Quantitative Disclosures [Line Items] | |||
Market Price | $ / MWh | [1] | (5) | |
Fair Value, Measurements, Recurring | Level 3 | Discounted Cash Flow [Member] | FTRs [Member] | Commodity | Minimum | Assets | Market Price [Member] | |||
Fair Value, Option, Quantitative Disclosures [Line Items] | |||
Market Price | $ / MWh | [1] | (2) | |
Fair Value, Measurements, Recurring | Level 3 | Discounted Cash Flow [Member] | FTRs [Member] | Commodity | Minimum | Assets | Market Price [Member] | Virginia Electric and Power Company | |||
Fair Value, Option, Quantitative Disclosures [Line Items] | |||
Market Price | $ / MWh | [1] | (2) | |
Fair Value, Measurements, Recurring | Level 3 | Discounted Cash Flow [Member] | FTRs [Member] | Commodity | Maximum [Member] | Derivative Financial Instruments, Liabilities | Market Price [Member] | |||
Fair Value, Option, Quantitative Disclosures [Line Items] | |||
Market Price | $ / MWh | [1] | 3 | |
Fair Value, Measurements, Recurring | Level 3 | Discounted Cash Flow [Member] | FTRs [Member] | Commodity | Maximum [Member] | Derivative Financial Instruments, Liabilities | Market Price [Member] | Virginia Electric and Power Company | |||
Fair Value, Option, Quantitative Disclosures [Line Items] | |||
Market Price | $ / MWh | [1] | 3 | |
Fair Value, Measurements, Recurring | Level 3 | Discounted Cash Flow [Member] | FTRs [Member] | Commodity | Maximum [Member] | Assets | Market Price [Member] | |||
Fair Value, Option, Quantitative Disclosures [Line Items] | |||
Market Price | $ / MWh | [1] | 8 | |
Fair Value, Measurements, Recurring | Level 3 | Discounted Cash Flow [Member] | FTRs [Member] | Commodity | Maximum [Member] | Assets | Market Price [Member] | Virginia Electric and Power Company | |||
Fair Value, Option, Quantitative Disclosures [Line Items] | |||
Market Price | $ / MWh | [1] | 8 | |
Fair Value, Measurements, Recurring | Level 3 | Discounted Cash Flow [Member] | FTRs [Member] | Commodity | Weighted Average | Derivative Financial Instruments, Liabilities | Market Price [Member] | |||
Fair Value, Option, Quantitative Disclosures [Line Items] | |||
Market Price | $ / MWh | [1],[2] | 0 | |
Fair Value, Measurements, Recurring | Level 3 | Discounted Cash Flow [Member] | FTRs [Member] | Commodity | Weighted Average | Derivative Financial Instruments, Liabilities | Market Price [Member] | Virginia Electric and Power Company | |||
Fair Value, Option, Quantitative Disclosures [Line Items] | |||
Market Price | $ / MWh | [1],[2] | 0 | |
Fair Value, Measurements, Recurring | Level 3 | Discounted Cash Flow [Member] | FTRs [Member] | Commodity | Weighted Average | Assets | Market Price [Member] | |||
Fair Value, Option, Quantitative Disclosures [Line Items] | |||
Market Price | $ / MWh | [1],[2] | 1 | |
Fair Value, Measurements, Recurring | Level 3 | Discounted Cash Flow [Member] | FTRs [Member] | Commodity | Weighted Average | Assets | Market Price [Member] | Virginia Electric and Power Company | |||
Fair Value, Option, Quantitative Disclosures [Line Items] | |||
Market Price | $ / MWh | [1],[2] | 1 | |
Fair Value, Measurements, Recurring | Level 3 | Discounted Cash Flow [Member] | Natural Gas | Commodity | |||
Fair Value, Option, Quantitative Disclosures [Line Items] | |||
Fair Value of Derivative Assets | [3] | $ 13 | |
Fair Value of Derivative Liabilities | [3] | 10 | |
Fair Value, Measurements, Recurring | Level 3 | Discounted Cash Flow [Member] | Natural Gas | Commodity | Virginia Electric and Power Company | |||
Fair Value, Option, Quantitative Disclosures [Line Items] | |||
Fair Value of Derivative Assets | [3] | 12 | |
Fair Value of Derivative Liabilities | $ 10 | ||
Fair Value, Measurements, Recurring | Level 3 | Discounted Cash Flow [Member] | Natural Gas | Commodity | Minimum | Derivative Financial Instruments, Liabilities | Market Price [Member] | |||
Fair Value, Option, Quantitative Disclosures [Line Items] | |||
Market Price | $ / MWh | [1] | (2) | |
Fair Value, Measurements, Recurring | Level 3 | Discounted Cash Flow [Member] | Natural Gas | Commodity | Minimum | Derivative Financial Instruments, Liabilities | Market Price [Member] | Virginia Electric and Power Company | |||
Fair Value, Option, Quantitative Disclosures [Line Items] | |||
Market Price | $ / MWh | [1] | (2) | |
Fair Value, Measurements, Recurring | Level 3 | Discounted Cash Flow [Member] | Natural Gas | Commodity | Minimum | Assets | Market Price [Member] | |||
Fair Value, Option, Quantitative Disclosures [Line Items] | |||
Market Price | $ / MMBTU | [1] | (1) | |
Fair Value, Measurements, Recurring | Level 3 | Discounted Cash Flow [Member] | Natural Gas | Commodity | Minimum | Assets | Market Price [Member] | Virginia Electric and Power Company | |||
Fair Value, Option, Quantitative Disclosures [Line Items] | |||
Market Price | $ / MMBTU | [1] | (1) | |
Fair Value, Measurements, Recurring | Level 3 | Discounted Cash Flow [Member] | Natural Gas | Commodity | Maximum [Member] | Derivative Financial Instruments, Liabilities | Market Price [Member] | |||
Fair Value, Option, Quantitative Disclosures [Line Items] | |||
Market Price | $ / MWh | [1] | 7 | |
Fair Value, Measurements, Recurring | Level 3 | Discounted Cash Flow [Member] | Natural Gas | Commodity | Maximum [Member] | Derivative Financial Instruments, Liabilities | Market Price [Member] | Virginia Electric and Power Company | |||
Fair Value, Option, Quantitative Disclosures [Line Items] | |||
Market Price | $ / MWh | [1] | 6 | |
Fair Value, Measurements, Recurring | Level 3 | Discounted Cash Flow [Member] | Natural Gas | Commodity | Maximum [Member] | Assets | Market Price [Member] | |||
Fair Value, Option, Quantitative Disclosures [Line Items] | |||
Market Price | $ / MMBTU | [1] | 6 | |
Fair Value, Measurements, Recurring | Level 3 | Discounted Cash Flow [Member] | Natural Gas | Commodity | Maximum [Member] | Assets | Market Price [Member] | Virginia Electric and Power Company | |||
Fair Value, Option, Quantitative Disclosures [Line Items] | |||
Market Price | $ / MMBTU | [1] | 3 | |
Fair Value, Measurements, Recurring | Level 3 | Discounted Cash Flow [Member] | Natural Gas | Commodity | Weighted Average | Derivative Financial Instruments, Liabilities | Market Price [Member] | |||
Fair Value, Option, Quantitative Disclosures [Line Items] | |||
Market Price | $ / MWh | [1],[2] | (1) | |
Fair Value, Measurements, Recurring | Level 3 | Discounted Cash Flow [Member] | Natural Gas | Commodity | Weighted Average | Derivative Financial Instruments, Liabilities | Market Price [Member] | Virginia Electric and Power Company | |||
Fair Value, Option, Quantitative Disclosures [Line Items] | |||
Market Price | $ / MWh | [1],[2] | (1) | |
Fair Value, Measurements, Recurring | Level 3 | Discounted Cash Flow [Member] | Natural Gas | Commodity | Weighted Average | Assets | Market Price [Member] | |||
Fair Value, Option, Quantitative Disclosures [Line Items] | |||
Market Price | $ / MMBTU | [1],[2] | 0 | |
Fair Value, Measurements, Recurring | Level 3 | Discounted Cash Flow [Member] | Natural Gas | Commodity | Weighted Average | Assets | Market Price [Member] | Virginia Electric and Power Company | |||
Fair Value, Option, Quantitative Disclosures [Line Items] | |||
Market Price | $ / MMBTU | [1],[2] | 0 | |
Fair Value, Measurements, Recurring | Level 3 | Option Model [Member] | Natural Gas | Physical Options [Member] | |||
Fair Value, Option, Quantitative Disclosures [Line Items] | |||
Fair Value of Derivative Assets | $ 2 | ||
Fair Value of Derivative Liabilities | 6 | ||
Fair Value, Measurements, Recurring | Level 3 | Option Model [Member] | Natural Gas | Physical Options [Member] | Virginia Electric and Power Company | |||
Fair Value, Option, Quantitative Disclosures [Line Items] | |||
Fair Value of Derivative Liabilities | $ 1 | ||
Fair Value, Measurements, Recurring | Level 3 | Option Model [Member] | Natural Gas | Physical Options [Member] | Minimum | Derivative Financial Instruments, Liabilities | Market Price [Member] | |||
Fair Value, Option, Quantitative Disclosures [Line Items] | |||
Market Price | $ / MMBTU | [1] | 1 | |
Fair Value, Measurements, Recurring | Level 3 | Option Model [Member] | Natural Gas | Physical Options [Member] | Minimum | Derivative Financial Instruments, Liabilities | Market Price [Member] | Virginia Electric and Power Company | |||
Fair Value, Option, Quantitative Disclosures [Line Items] | |||
Market Price | $ / MMBTU | [1] | 1 | |
Fair Value, Measurements, Recurring | Level 3 | Option Model [Member] | Natural Gas | Physical Options [Member] | Minimum | Derivative Financial Instruments, Liabilities | Price Volatility [Member] | |||
Fair Value, Option, Quantitative Disclosures [Line Items] | |||
Price volatility (percentage) | [4] | 1.00% | |
Fair Value, Measurements, Recurring | Level 3 | Option Model [Member] | Natural Gas | Physical Options [Member] | Minimum | Derivative Financial Instruments, Liabilities | Price Volatility [Member] | Virginia Electric and Power Company | |||
Fair Value, Option, Quantitative Disclosures [Line Items] | |||
Price volatility (percentage) | [4] | 24.00% | |
Fair Value, Measurements, Recurring | Level 3 | Option Model [Member] | Natural Gas | Physical Options [Member] | Minimum | Assets | Market Price [Member] | |||
Fair Value, Option, Quantitative Disclosures [Line Items] | |||
Market Price | $ / MMBTU | [1] | 1 | |
Fair Value, Measurements, Recurring | Level 3 | Option Model [Member] | Natural Gas | Physical Options [Member] | Minimum | Assets | Price Volatility [Member] | |||
Fair Value, Option, Quantitative Disclosures [Line Items] | |||
Price volatility (percentage) | [4] | 1.00% | |
Fair Value, Measurements, Recurring | Level 3 | Option Model [Member] | Natural Gas | Physical Options [Member] | Maximum [Member] | Derivative Financial Instruments, Liabilities | Market Price [Member] | |||
Fair Value, Option, Quantitative Disclosures [Line Items] | |||
Market Price | $ / MMBTU | [1] | 6 | |
Fair Value, Measurements, Recurring | Level 3 | Option Model [Member] | Natural Gas | Physical Options [Member] | Maximum [Member] | Derivative Financial Instruments, Liabilities | Market Price [Member] | Virginia Electric and Power Company | |||
Fair Value, Option, Quantitative Disclosures [Line Items] | |||
Market Price | $ / MMBTU | [1] | 6 | |
Fair Value, Measurements, Recurring | Level 3 | Option Model [Member] | Natural Gas | Physical Options [Member] | Maximum [Member] | Derivative Financial Instruments, Liabilities | Price Volatility [Member] | |||
Fair Value, Option, Quantitative Disclosures [Line Items] | |||
Price volatility (percentage) | [4] | 71.00% | |
Fair Value, Measurements, Recurring | Level 3 | Option Model [Member] | Natural Gas | Physical Options [Member] | Maximum [Member] | Derivative Financial Instruments, Liabilities | Price Volatility [Member] | Virginia Electric and Power Company | |||
Fair Value, Option, Quantitative Disclosures [Line Items] | |||
Price volatility (percentage) | [4] | 52.00% | |
Fair Value, Measurements, Recurring | Level 3 | Option Model [Member] | Natural Gas | Physical Options [Member] | Maximum [Member] | Assets | Market Price [Member] | |||
Fair Value, Option, Quantitative Disclosures [Line Items] | |||
Market Price | $ / MMBTU | [1] | 6 | |
Fair Value, Measurements, Recurring | Level 3 | Option Model [Member] | Natural Gas | Physical Options [Member] | Maximum [Member] | Assets | Price Volatility [Member] | |||
Fair Value, Option, Quantitative Disclosures [Line Items] | |||
Price volatility (percentage) | [4] | 70.00% | |
Fair Value, Measurements, Recurring | Level 3 | Option Model [Member] | Natural Gas | Physical Options [Member] | Weighted Average | Derivative Financial Instruments, Liabilities | Market Price [Member] | |||
Fair Value, Option, Quantitative Disclosures [Line Items] | |||
Market Price | $ / MMBTU | [1],[2] | 3 | |
Fair Value, Measurements, Recurring | Level 3 | Option Model [Member] | Natural Gas | Physical Options [Member] | Weighted Average | Derivative Financial Instruments, Liabilities | Market Price [Member] | Virginia Electric and Power Company | |||
Fair Value, Option, Quantitative Disclosures [Line Items] | |||
Market Price | $ / MMBTU | [1],[2] | 3 | |
Fair Value, Measurements, Recurring | Level 3 | Option Model [Member] | Natural Gas | Physical Options [Member] | Weighted Average | Derivative Financial Instruments, Liabilities | Price Volatility [Member] | |||
Fair Value, Option, Quantitative Disclosures [Line Items] | |||
Price volatility (percentage) | [2],[4] | 26.00% | |
Fair Value, Measurements, Recurring | Level 3 | Option Model [Member] | Natural Gas | Physical Options [Member] | Weighted Average | Derivative Financial Instruments, Liabilities | Price Volatility [Member] | Virginia Electric and Power Company | |||
Fair Value, Option, Quantitative Disclosures [Line Items] | |||
Price volatility (percentage) | [2],[4] | 35.00% | |
Fair Value, Measurements, Recurring | Level 3 | Option Model [Member] | Natural Gas | Physical Options [Member] | Weighted Average | Assets | Market Price [Member] | |||
Fair Value, Option, Quantitative Disclosures [Line Items] | |||
Market Price | $ / MMBTU | [1],[2] | 4 | |
Fair Value, Measurements, Recurring | Level 3 | Option Model [Member] | Natural Gas | Physical Options [Member] | Weighted Average | Assets | Price Volatility [Member] | |||
Fair Value, Option, Quantitative Disclosures [Line Items] | |||
Price volatility (percentage) | [2],[4] | 47.00% | |
[1] | Represents market prices beyond defined terms for Levels 1 and 2. | ||
[2] | Averages weighted by volume. | ||
[3] | Includes basis. | ||
[4] | Represents volatilities unrepresented in published markets. |
Fair Value Measurements (Assets
Fair Value Measurements (Assets and Liabilities that are Measured at Fair Value on a Recurring Basis) (Detail) - USD ($) $ in Millions | Sep. 30, 2019 | Dec. 31, 2018 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative Asset | $ 93 | $ 294 | |
Derivative Liabilities | 934 | 279 | |
Virginia Electric and Power Company | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative Asset | 20 | 93 | |
Derivative Liabilities | 554 | 103 | |
Dominion Energy Gas Holdings, LLC | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative Asset | 5 | 31 | |
Derivative Liabilities | 117 | 19 | |
Fair Value, Measurements, Recurring | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Total assets | 5,645 | 5,156 | |
Total Liabilities | 934 | 279 | |
Fair Value, Measurements, Recurring | Virginia Electric and Power Company | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Total assets | 2,603 | 2,297 | |
Total Liabilities | 554 | 103 | |
Fair Value, Measurements, Recurring | Dominion Energy Gas Holdings, LLC | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Total assets | 5 | 31 | |
Total Liabilities | 117 | 19 | |
Fair Value, Measurements, Recurring | Equity securities: | U.S. | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investments | [1] | 3,881 | 3,277 |
Fair Value, Measurements, Recurring | Equity securities: | U.S. | Virginia Electric and Power Company | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investments | [2] | 1,783 | 1,476 |
Fair Value, Measurements, Recurring | Fixed Income | Corporate debt instruments | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investments | [1] | 472 | 431 |
Fair Value, Measurements, Recurring | Fixed Income | Corporate debt instruments | Virginia Electric and Power Company | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investments | [2] | 273 | 221 |
Fair Value, Measurements, Recurring | Fixed Income | Government Securities | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investments | [1] | 1,168 | 1,143 |
Fair Value, Measurements, Recurring | Fixed Income | Government Securities | Virginia Electric and Power Company | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investments | [2] | 521 | 507 |
Fair Value, Measurements, Recurring | Cash equivalents and other | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investments | [1] | 31 | 11 |
Fair Value, Measurements, Recurring | Cash equivalents and other | Virginia Electric and Power Company | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investments | [2] | 6 | |
Fair Value, Measurements, Recurring | Commodity | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative Asset | 80 | 250 | |
Derivative Liabilities | 80 | 135 | |
Fair Value, Measurements, Recurring | Commodity | Virginia Electric and Power Company | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative Asset | 20 | 90 | |
Derivative Liabilities | 33 | 15 | |
Fair Value, Measurements, Recurring | Commodity | Dominion Energy Gas Holdings, LLC | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative Asset | 2 | 3 | |
Fair Value, Measurements, Recurring | Interest rate | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative Asset | 10 | 18 | |
Derivative Liabilities | 850 | 142 | |
Fair Value, Measurements, Recurring | Interest rate | Virginia Electric and Power Company | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative Asset | 3 | ||
Derivative Liabilities | 521 | 88 | |
Fair Value, Measurements, Recurring | Interest rate | Dominion Energy Gas Holdings, LLC | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative Asset | 2 | ||
Derivative Liabilities | 113 | 17 | |
Fair Value, Measurements, Recurring | Foreign currency | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative Asset | 3 | 26 | |
Derivative Liabilities | 4 | 2 | |
Fair Value, Measurements, Recurring | Foreign currency | Dominion Energy Gas Holdings, LLC | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative Asset | 3 | 26 | |
Derivative Liabilities | 4 | 2 | |
Fair Value, Measurements, Recurring | Level 1 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Total assets | 4,387 | 3,743 | |
Total Liabilities | 14 | ||
Fair Value, Measurements, Recurring | Level 1 | Virginia Electric and Power Company | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Total assets | 1,973 | 1,640 | |
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] | 3,881 | 3,277 |
Fair Value, Measurements, Recurring | Level 1 | Equity securities: | U.S. | Virginia Electric and Power Company | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investments | [2] | 1,783 | 1,476 |
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] | 474 | 455 |
Fair Value, Measurements, Recurring | Level 1 | Fixed Income | Government Securities | Virginia Electric and Power Company | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investments | [2] | 184 | 164 |
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] | 26 | 11 |
Fair Value, Measurements, Recurring | Level 1 | Cash equivalents and other | Virginia Electric and Power Company | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investments | [2] | 6 | |
Fair Value, Measurements, Recurring | Level 1 | Commodity | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative Asset | 6 | ||
Derivative Liabilities | 14 | ||
Fair Value, Measurements, Recurring | Level 2 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Total assets | 1,238 | 1,343 | |
Total Liabilities | 899 | 273 | |
Fair Value, Measurements, Recurring | Level 2 | Virginia Electric and Power Company | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Total assets | 613 | 591 | |
Total Liabilities | 538 | 97 | |
Fair Value, Measurements, Recurring | Level 2 | Dominion Energy Gas Holdings, LLC | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Total assets | 5 | 31 | |
Total Liabilities | 117 | 19 | |
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] | 472 | 431 |
Fair Value, Measurements, Recurring | Level 2 | Fixed Income | Corporate debt instruments | Virginia Electric and Power Company | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investments | [2] | 273 | 221 |
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] | 694 | 688 |
Fair Value, Measurements, Recurring | Level 2 | Fixed Income | Government Securities | Virginia Electric and Power Company | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investments | [2] | 337 | 343 |
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] | 5 | |
Fair Value, Measurements, Recurring | Level 2 | Commodity | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative Asset | 54 | 180 | |
Derivative Liabilities | 45 | 129 | |
Fair Value, Measurements, Recurring | Level 2 | Commodity | Virginia Electric and Power Company | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative Asset | 3 | 24 | |
Derivative Liabilities | 17 | 9 | |
Fair Value, Measurements, Recurring | Level 2 | Commodity | Dominion Energy Gas Holdings, LLC | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative Asset | 2 | 3 | |
Fair Value, Measurements, Recurring | Level 2 | Interest rate | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative Asset | 10 | 18 | |
Derivative Liabilities | 850 | 142 | |
Fair Value, Measurements, Recurring | Level 2 | Interest rate | Virginia Electric and Power Company | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative Asset | 3 | ||
Derivative Liabilities | 521 | 88 | |
Fair Value, Measurements, Recurring | Level 2 | Interest rate | Dominion Energy Gas Holdings, LLC | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative Asset | 2 | ||
Derivative Liabilities | 113 | 17 | |
Fair Value, Measurements, Recurring | Level 2 | Foreign currency | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative Asset | 3 | 26 | |
Derivative Liabilities | 4 | 2 | |
Fair Value, Measurements, Recurring | Level 2 | Foreign currency | Dominion Energy Gas Holdings, LLC | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative Asset | 3 | 26 | |
Derivative Liabilities | 4 | 2 | |
Fair Value, Measurements, Recurring | Level 3 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Total assets | 20 | 70 | |
Total Liabilities | 21 | 6 | |
Fair Value, Measurements, Recurring | Level 3 | Virginia Electric and Power Company | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Total assets | 17 | 66 | |
Total Liabilities | 16 | 6 | |
Fair Value, Measurements, Recurring | Level 3 | Commodity | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative Asset | 20 | 70 | |
Derivative Liabilities | 21 | 6 | |
Fair Value, Measurements, Recurring | Level 3 | Commodity | Virginia Electric and Power Company | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative Asset | 17 | 66 | |
Derivative Liabilities | $ 16 | $ 6 | |
[1] | Includes investments held in the nuclear decommissioning and rabbi trusts. Excludes $262 million and $220 million of assets at September 30, 2019 and December 31, 2018, 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 $152 million and $160 million of assets at September 30, 2019 and December 31, 2018, respectively, measured at fair value using NAV (or its equivalent) as a practical expedient which are not required to be categorized in the fair value hierarchy. |
Fair Value Measurements (Asse_2
Fair Value Measurements (Assets and Liabilities that are Measured at Fair Value on a Recurring Basis) (Parenthetical) (Detail) - USD ($) $ in Millions | Sep. 30, 2019 | Dec. 31, 2018 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets measured at fair value using NAV | $ 262 | $ 220 |
Virginia Electric and Power Company | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets measured at fair value using NAV | $ 152 | $ 160 |
Fair Value Measurements (Net Ch
Fair Value Measurements (Net Change in the Assets and Liabilities Measured at Fair Value on a Recurring Basis and Included in the Level 3 Fair Value Category) (Detail) - Commodity - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward] | ||||
Beginning balance | $ 75 | $ 119 | $ 64 | $ 150 |
Total realized and unrealized gains (losses): | ||||
Included in other comprehensive income | 1 | |||
Included in regulatory assets/liabilities | (76) | (16) | (51) | (26) |
Settlements | 5 | (4) | 7 | (7) |
Purchases | (10) | |||
Transfers out of Level 3 | (2) | 1 | ||
Ending balance | (1) | 92 | (1) | 92 |
The amount of total gains (losses) for the period included in earnings attributable to the change in unrealized gains (losses) relating to assets/liabilities still held at the reporting date | 3 | |||
Virginia Electric and Power Company | ||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward] | ||||
Beginning balance | 77 | 115 | 60 | 147 |
Total realized and unrealized gains (losses): | ||||
Included in regulatory assets/liabilities | (76) | (19) | (50) | (30) |
Settlements | 5 | (4) | 3 | (6) |
Ending balance | 1 | 86 | 1 | 86 |
Dominion Energy Gas Holdings, LLC | ||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward] | ||||
Beginning balance | (2) | |||
Total realized and unrealized gains (losses): | ||||
Included in other comprehensive income | 1 | |||
Transfers out of Level 3 | 1 | |||
Ending balance | 0 | 0 | ||
Operating Revenue | ||||
Total realized and unrealized gains (losses): | ||||
Included in earnings | 2 | (2) | ||
The amount of total gains (losses) for the period included in earnings attributable to the change in unrealized gains (losses) relating to assets/liabilities still held at the reporting date | 2 | |||
Purchased Gas | ||||
Total realized and unrealized gains (losses): | ||||
Included in earnings | 1 | |||
The amount of total gains (losses) for the period included in earnings attributable to the change in unrealized gains (losses) relating to assets/liabilities still held at the reporting date | 1 | |||
Electric Fuel and Other Energy-Related Purchases | ||||
Total realized and unrealized gains (losses): | ||||
Included in earnings | (5) | (7) | (12) | (25) |
Electric Fuel and Other Energy-Related Purchases | Virginia Electric and Power Company | ||||
Total realized and unrealized gains (losses): | ||||
Included in earnings | $ (5) | $ (6) | $ (12) | $ (25) |
Fair Value Measurements (Narrat
Fair Value Measurements (Narrative) (Detail) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Virginia Electric and Power Company | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Unrealized gains or losses included in earnings in Level 3 fair value category | $ 0 | $ 0 | $ 0 | $ 0 |
Dominion Energy 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 | |||
Dominion Energy Gas Holdings, LLC | Commodity | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Net changes in assets and liabilities measured at fair value on recurring basis | $ 0 | $ 0 | $ 0 |
Fair Value Measurements (Financ
Fair Value Measurements (Financial Instruments' Carrying Amounts and Fair Values) (Detail) - USD ($) $ in Millions | Sep. 30, 2019 | Dec. 31, 2018 | |
Carrying Amount | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Long-term debt, including securities due within one year | [1] | $ 34,662 | $ 29,952 |
Credit facility borrowings | 73 | ||
Junior subordinated notes | [2] | 3,797 | 3,430 |
Remarketable subordinated notes | [2] | 1,386 | |
Estimate of Fair Value | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Long-term debt, including securities due within one year | [1],[3] | 38,894 | 31,045 |
Credit facility borrowings | [3] | 73 | |
Junior subordinated notes | [2],[3] | 3,951 | 3,358 |
Remarketable subordinated notes | [2],[3] | 1,340 | |
Virginia Electric and Power Company | Carrying Amount | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Long-term debt, including securities due within one year | [2] | 11,795 | 11,671 |
Virginia Electric and Power Company | Estimate of Fair Value | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Long-term debt, including securities due within one year | [2],[3] | 13,732 | 12,400 |
Dominion Energy Gas Holdings, LLC | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Affiliated Long-Term Debt | 395 | ||
Dominion Energy Gas Holdings, LLC | Carrying Amount | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Long-term debt, including securities due within one year | [4] | 4,478 | 7,770 |
Affiliated Long-Term Debt | 395 | ||
Credit facility borrowings | 73 | ||
Dominion Energy Gas Holdings, LLC | Estimate of Fair Value | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Long-term debt, including securities due within one year | [3],[4] | 4,745 | 7,803 |
Affiliated Long-Term Debt | $ 395 | ||
Credit facility borrowings | [3] | $ 73 | |
[1] | Carrying amount includes amounts which represent the unamortized debt issuance costs, discount or premium and foreign currency remeasurement adjustments. At September 30, 2019 and December 31, 2018, includes the valuation of certain fair value hedges associated with fixed rate debt of $6 million and $(20) million, respectively. | ||
[2] | Carrying amount includes amounts which represent the unamortized debt issuance costs, discount or premium. | ||
[3] | Fair value is estimated using market prices, where available, and interest rates currently available for issuance of debt with similar terms and remaining maturities. All fair value measurements are classified as Level 2. The carrying amount of debt issues with short-term maturities and variable rates refinanced at current market rates is a reasonable estimate of their fair value. | ||
[4] | Carrying amount includes amounts which represent the unamortized debt issuance costs, discount or premium and foreign currency remeasurement adjustments. |
Fair Value Measurements (Fina_2
Fair Value Measurements (Financial Instruments' Carrying Amounts and Fair Values) (Parenthetical) (Detail) - USD ($) $ in Millions | Sep. 30, 2019 | Dec. 31, 2018 |
Fair Value Disclosures [Abstract] | ||
Valuation of certain fair value hedges associated with fixed rate debt | $ 6 | $ (20) |
Derivatives and Hedge Account_3
Derivatives and Hedge Accounting Activities (Schedule of Offsetting Assets) (Detail) - USD ($) $ in Millions | Sep. 30, 2019 | Dec. 31, 2018 | |
Offsetting Assets [Line Items] | |||
Gross Assets Presented in the Consolidated Balance Sheet | [1] | $ 89 | $ 287 |
Gross Amounts Not Offset in the Consolidated Balance Sheet, Financial Instruments | 51 | 83 | |
Gross Amounts Not Offset in the Consolidated Balance Sheet, Cash Collateral Received | 0 | 0 | |
Net Amounts | 38 | 204 | |
Virginia Electric and Power Company | |||
Offsetting Assets [Line Items] | |||
Gross Assets Presented in the Consolidated Balance Sheet | [2] | 17 | 67 |
Gross Amounts Not Offset in the Consolidated Balance Sheet, Financial Instruments | 15 | 6 | |
Gross Amounts Not Offset in the Consolidated Balance Sheet, Cash Collateral Received | 0 | 0 | |
Net Amounts | 2 | 61 | |
Dominion Energy Gas Holdings, LLC | |||
Offsetting Assets [Line Items] | |||
Gross Assets Presented in the Consolidated Balance Sheet | 5 | 31 | |
Gross Amounts Not Offset in the Consolidated Balance Sheet, Financial Instruments | 3 | 2 | |
Gross Amounts Not Offset in the Consolidated Balance Sheet, Cash Collateral Received | 0 | 0 | |
Net Amounts | 2 | 29 | |
Commodity | Over-the-counter | |||
Offsetting Assets [Line Items] | |||
Gross Assets Presented in the Consolidated Balance Sheet | [1] | 39 | 175 |
Gross Amounts Not Offset in the Consolidated Balance Sheet, Financial Instruments | 18 | 12 | |
Gross Amounts Not Offset in the Consolidated Balance Sheet, Cash Collateral Received | 0 | 0 | |
Net Amounts | 21 | 163 | |
Commodity | Over-the-counter | Virginia Electric and Power Company | |||
Offsetting Assets [Line Items] | |||
Gross Assets Presented in the Consolidated Balance Sheet | [2] | 17 | 64 |
Gross Amounts Not Offset in the Consolidated Balance Sheet, Financial Instruments | 15 | 6 | |
Gross Amounts Not Offset in the Consolidated Balance Sheet, Cash Collateral Received | 0 | 0 | |
Net Amounts | 2 | 58 | |
Commodity | Over-the-counter | Dominion Energy Gas Holdings, LLC | |||
Offsetting Assets [Line Items] | |||
Gross Assets Presented in the Consolidated Balance Sheet | 2 | 3 | |
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 | 2 | 3 | |
Commodity | Exchange | |||
Offsetting Assets [Line Items] | |||
Gross Assets Presented in the Consolidated Balance Sheet | [1] | 37 | 68 |
Gross Amounts Not Offset in the Consolidated Balance Sheet, Financial Instruments | 26 | 68 | |
Gross Amounts Not Offset in the Consolidated Balance Sheet, Cash Collateral Received | 0 | 0 | |
Net Amounts | 11 | 0 | |
Interest rate | Over-the-counter | |||
Offsetting Assets [Line Items] | |||
Gross Assets Presented in the Consolidated Balance Sheet | [1] | 10 | 18 |
Gross Amounts Not Offset in the Consolidated Balance Sheet, Financial Instruments | 4 | 1 | |
Gross Amounts Not Offset in the Consolidated Balance Sheet, Cash Collateral Received | 0 | 0 | |
Net Amounts | 6 | 17 | |
Interest rate | Over-the-counter | Virginia Electric and Power Company | |||
Offsetting Assets [Line Items] | |||
Gross Assets Presented in the Consolidated Balance Sheet | [2] | 0 | 3 |
Gross Amounts Not Offset in the Consolidated Balance Sheet, Financial Instruments | 0 | 0 | |
Gross Amounts Not Offset in the Consolidated Balance Sheet, Cash Collateral Received | 0 | 0 | |
Net Amounts | 0 | 3 | |
Interest rate | Over-the-counter | Dominion Energy Gas Holdings, LLC | |||
Offsetting Assets [Line Items] | |||
Gross Assets Presented in the Consolidated Balance Sheet | 0 | 2 | |
Gross Amounts Not Offset in the Consolidated Balance Sheet, Financial Instruments | 0 | 0 | |
Gross Amounts Not Offset in the Consolidated Balance Sheet, Cash Collateral Received | 0 | 0 | |
Net Amounts | 0 | 2 | |
Foreign currency | Over-the-counter | |||
Offsetting Assets [Line Items] | |||
Gross Assets Presented in the Consolidated Balance Sheet | [1] | 3 | 26 |
Gross Amounts Not Offset in the Consolidated Balance Sheet, Financial Instruments | 3 | 2 | |
Gross Amounts Not Offset in the Consolidated Balance Sheet, Cash Collateral Received | 0 | 0 | |
Net Amounts | 0 | 24 | |
Foreign currency | Over-the-counter | Dominion Energy Gas Holdings, LLC | |||
Offsetting Assets [Line Items] | |||
Gross Assets Presented in the Consolidated Balance Sheet | 3 | 26 | |
Gross Amounts Not Offset in the Consolidated Balance Sheet, Financial Instruments | 3 | 2 | |
Gross Amounts Not Offset in the Consolidated Balance Sheet, Cash Collateral Received | 0 | 0 | |
Net Amounts | $ 0 | $ 24 | |
[1] | Excludes $4 million and $7 million of derivative assets at September 30, 2019 and December 31, 2018, respectively, which are not subject to master netting or similar arrangements. | ||
[2] | Excludes $3 million and $26 million of derivative assets at September 30, 2019 and December 31, 2018, respectively, which are not subject to master netting or similar arrangements. |
Derivatives and Hedge Account_4
Derivatives and Hedge Accounting Activities (Schedule of Offsetting Assets) (Parenthetical) (Detail) - USD ($) $ in Millions | Sep. 30, 2019 | Dec. 31, 2018 |
Offsetting Assets [Line Items] | ||
Derivative assets, not subject to a master netting or similar arrangement | $ 4 | $ 7 |
Virginia Electric and Power Company | ||
Offsetting Assets [Line Items] | ||
Derivative assets, not subject to a master netting or similar arrangement | $ 3 | $ 26 |
Derivatives and Hedge Account_5
Derivatives and Hedge Accounting Activities (Schedule of Offsetting Liabilities) (Detail) - USD ($) $ in Millions | Sep. 30, 2019 | Dec. 31, 2018 | |
Offsetting Liabilities [Line Items] | |||
Gross Liabilities Presented in the Consolidated Balance Sheet | [1] | $ 931 | $ 278 |
Gross Amounts Not Offset in the Consolidated Balance Sheet, Financial Instruments | 51 | 83 | |
Gross Amounts Not Offset in the Consolidated Balance Sheet, Cash Collateral | 50 | 47 | |
Net Amounts | 830 | 148 | |
Virginia Electric and Power Company | |||
Offsetting Liabilities [Line Items] | |||
Gross Liabilities Presented in the Consolidated Balance Sheet | [2] | 537 | 94 |
Gross Amounts Not Offset in the Consolidated Balance Sheet, Financial Instruments | 15 | 6 | |
Net Amounts | 522 | 88 | |
Dominion Energy Gas Holdings, LLC | |||
Offsetting Liabilities [Line Items] | |||
Gross Liabilities Presented in the Consolidated Balance Sheet | 117 | 19 | |
Gross Amounts Not Offset in the Consolidated Balance Sheet, Financial Instruments | 3 | 2 | |
Net Amounts | 114 | 17 | |
Commodity | Over-the-counter | |||
Offsetting Liabilities [Line Items] | |||
Gross Liabilities Presented in the Consolidated Balance Sheet | [1] | 43 | 19 |
Gross Amounts Not Offset in the Consolidated Balance Sheet, Financial Instruments | 18 | 12 | |
Gross Amounts Not Offset in the Consolidated Balance Sheet, Cash Collateral | 1 | ||
Net Amounts | 24 | 7 | |
Commodity | Over-the-counter | Virginia Electric and Power Company | |||
Offsetting Liabilities [Line Items] | |||
Gross Liabilities Presented in the Consolidated Balance Sheet | [2] | 16 | 6 |
Gross Amounts Not Offset in the Consolidated Balance Sheet, Financial Instruments | 15 | 6 | |
Net Amounts | 1 | ||
Commodity | Exchange | |||
Offsetting Liabilities [Line Items] | |||
Gross Liabilities Presented in the Consolidated Balance Sheet | [1] | 34 | 115 |
Gross Amounts Not Offset in the Consolidated Balance Sheet, Financial Instruments | 26 | 68 | |
Gross Amounts Not Offset in the Consolidated Balance Sheet, Cash Collateral | 8 | 47 | |
Interest rate | Over-the-counter | |||
Offsetting Liabilities [Line Items] | |||
Gross Liabilities Presented in the Consolidated Balance Sheet | [1] | 850 | 142 |
Gross Amounts Not Offset in the Consolidated Balance Sheet, Financial Instruments | 4 | 1 | |
Gross Amounts Not Offset in the Consolidated Balance Sheet, Cash Collateral | 41 | ||
Net Amounts | 805 | 141 | |
Interest rate | Over-the-counter | Virginia Electric and Power Company | |||
Offsetting Liabilities [Line Items] | |||
Gross Liabilities Presented in the Consolidated Balance Sheet | [2] | 521 | 88 |
Net Amounts | 521 | 88 | |
Interest rate | Over-the-counter | Dominion Energy Gas Holdings, LLC | |||
Offsetting Liabilities [Line Items] | |||
Gross Liabilities Presented in the Consolidated Balance Sheet | 113 | 17 | |
Net Amounts | 113 | 17 | |
Foreign currency | Over-the-counter | |||
Offsetting Liabilities [Line Items] | |||
Gross Liabilities Presented in the Consolidated Balance Sheet | [1] | 4 | 2 |
Gross Amounts Not Offset in the Consolidated Balance Sheet, Financial Instruments | 3 | 2 | |
Net Amounts | 1 | ||
Foreign currency | Over-the-counter | Dominion Energy Gas Holdings, LLC | |||
Offsetting Liabilities [Line Items] | |||
Gross Liabilities Presented in the Consolidated Balance Sheet | 4 | 2 | |
Gross Amounts Not Offset in the Consolidated Balance Sheet, Financial Instruments | 3 | $ 2 | |
Net Amounts | $ 1 | ||
[1] | Excludes $3 million and $1 million of derivative liabilities at September 30, 2019 and December 31, 2018, respectively, which are not subject to master netting or similar arrangements. | ||
[2] | Excludes $17 million and $9 million of derivative liabilities at September 30, 2019 and December 31, 2018, respectively, which are not subject to master netting or similar arrangements. |
Derivatives and Hedge Account_6
Derivatives and Hedge Accounting Activities (Schedule of Offsetting Liabilities) (Parenthetical) (Detail) - USD ($) $ in Millions | Sep. 30, 2019 | Dec. 31, 2018 |
Offsetting Liabilities [Line Items] | ||
Derivative liabilities, not subject to a master netting or similar arrangement | $ 3 | $ 1 |
Virginia Electric and Power Company | ||
Offsetting Liabilities [Line Items] | ||
Derivative liabilities, not subject to a master netting or similar arrangement | $ 17 | $ 9 |
Derivatives and Hedge Account_7
Derivatives and Hedge Accounting Activities (Volume of Derivative Activity) (Detail) | 9 Months Ended | |
Sep. 30, 2019USD ($)MWhgalBcf | ||
Fixed Price - Natural Gas - Current Derivative Contract | ||
Derivative [Line Items] | ||
Volume of derivative activity | Bcf | 125 | [1] |
Fixed Price - Natural Gas - Current Derivative Contract | Virginia Electric and Power Company | ||
Derivative [Line Items] | ||
Volume of derivative activity | Bcf | 44 | [2] |
Basis - Natural Gas - Current Derivative Contract | ||
Derivative [Line Items] | ||
Volume of derivative activity | Bcf | 256 | |
Basis - Natural Gas - Current Derivative Contract | Virginia Electric and Power Company | ||
Derivative [Line Items] | ||
Volume of derivative activity | Bcf | 151 | |
Fixed Price - Electricity - Current Derivative Contract | ||
Derivative [Line Items] | ||
Volume of electricity | MWh | 3,262,550 | |
Financial Transmission Rights - Electricity- Current Derivative Contract | ||
Derivative [Line Items] | ||
Volume of electricity | MWh | 74,936,524 | |
Financial Transmission Rights - Electricity- Current Derivative Contract | Virginia Electric and Power Company | ||
Derivative [Line Items] | ||
Volume of electricity | MWh | 74,936,524 | |
NGLs - Current Derivative Contract | ||
Derivative [Line Items] | ||
Volume of derivative activity | gal | 17,892,000 | |
NGLs - Current Derivative Contract | Dominion Energy Gas Holdings, LLC | ||
Derivative [Line Items] | ||
Volume of derivative activity | gal | 17,892,000 | |
Interest Rate - Current Derivative Contract | ||
Derivative [Line Items] | ||
Interest rate / Foreign currency (US Dollars, Euros) | $ 850,000,000 | [3] |
Interest Rate - Current Derivative Contract | Virginia Electric and Power Company | ||
Derivative [Line Items] | ||
Interest rate / Foreign currency (US Dollars, Euros) | 550,000,000 | |
Interest Rate - Current Derivative Contract | Dominion Energy Gas Holdings, LLC | ||
Derivative [Line Items] | ||
Interest rate / Foreign currency (US Dollars, Euros) | 300,000,000 | |
Foreign Exchange - Current Derivative Contract | ||
Derivative [Line Items] | ||
Interest rate / Foreign currency (US Dollars, Euros) | 0 | [3],[4] |
Foreign Exchange - Current Derivative Contract | Dominion Energy Gas Holdings, LLC | ||
Derivative [Line Items] | ||
Interest rate / Foreign currency (US Dollars, Euros) | $ 0 | [3],[4] |
Fixed Price - Natural Gas - Non-current Derivative Contract | ||
Derivative [Line Items] | ||
Volume of derivative activity | Bcf | 63 | [1] |
Fixed Price - Natural Gas - Non-current Derivative Contract | Virginia Electric and Power Company | ||
Derivative [Line Items] | ||
Volume of derivative activity | Bcf | 16 | [2] |
Basis - Natural Gas - Non-current Derivative Contract | ||
Derivative [Line Items] | ||
Volume of derivative activity | Bcf | 541 | |
Basis - Natural Gas - Non-current Derivative Contract | Virginia Electric and Power Company | ||
Derivative [Line Items] | ||
Volume of derivative activity | Bcf | 472 | |
Fixed Price - Electricity - Non-current Derivative Contract | ||
Derivative [Line Items] | ||
Volume of electricity | MWh | 369,850 | |
Financial Transmission Rights - Electricity- Non-current Derivative Contract | ||
Derivative [Line Items] | ||
Volume of electricity | MWh | 0 | |
Financial Transmission Rights - Electricity- Non-current Derivative Contract | Virginia Electric and Power Company | ||
Derivative [Line Items] | ||
Volume of electricity | MWh | 0 | |
NGLs - Non-current Derivative Contract | ||
Derivative [Line Items] | ||
Volume of derivative activity | gal | 0 | |
NGLs - Non-current Derivative Contract | Dominion Energy Gas Holdings, LLC | ||
Derivative [Line Items] | ||
Volume of derivative activity | gal | 0 | |
Interest Rate - Non-current Derivative Contract | ||
Derivative [Line Items] | ||
Interest rate / Foreign currency (US Dollars, Euros) | $ 5,384,447,114 | [3] |
Interest Rate - Non-current Derivative Contract | Virginia Electric and Power Company | ||
Derivative [Line Items] | ||
Interest rate / Foreign currency (US Dollars, Euros) | 1,200,000,000 | |
Interest Rate - Non-current Derivative Contract | Dominion Energy Gas Holdings, LLC | ||
Derivative [Line Items] | ||
Interest rate / Foreign currency (US Dollars, Euros) | 1,000,000,000 | |
Foreign Exchange - Non- Current Derivative Contract | ||
Derivative [Line Items] | ||
Interest rate / Foreign currency (US Dollars, Euros) | 280,000,000 | [3],[4] |
Foreign Exchange - Non- Current Derivative Contract | Dominion Energy Gas Holdings, LLC | ||
Derivative [Line Items] | ||
Interest rate / Foreign currency (US Dollars, Euros) | $ 280,000,000 | [3],[4] |
[1] | Includes options. | |
[2] | Includes options. | |
[3] | Maturity is determined based on final settlement period. | |
[4] | Euro equivalent volumes are €250,000,000. |
Derivatives and Hedge Account_8
Derivatives and Hedge Accounting Activities (Volume of Derivative Activity) (Parenthetical) (Detail) - Foreign currency | Sep. 30, 2019EUR (€) |
Derivative [Line Items] | |
Interest rate / Foreign currency (US Dollars, Euros) | € 250,000,000 |
Dominion Energy Gas Holdings, LLC | |
Derivative [Line Items] | |
Interest rate / Foreign currency (US Dollars, Euros) | € 250,000,000 |
Derivatives and Hedge Account_9
Derivatives and Hedge Accounting Activities (Selected Information Related to Gains (Losses) on Cash Flow Hedges Included in AOCI) (Detail) $ in Millions | 9 Months Ended |
Sep. 30, 2019USD ($) | |
Derivative Instruments Gain Loss [Line Items] | |
AOCI After-Tax | $ (502) |
Amounts Expected to be Reclassified to Earnings During the Next 12 Months After-Tax | (47) |
Virginia Electric and Power Company | |
Derivative Instruments Gain Loss [Line Items] | |
AOCI After-Tax | (46) |
Amounts Expected to be Reclassified to Earnings During the Next 12 Months After-Tax | (1) |
Dominion Energy Gas Holdings, LLC | |
Derivative Instruments Gain Loss [Line Items] | |
AOCI After-Tax | (101) |
Amounts Expected to be Reclassified to Earnings During the Next 12 Months After-Tax | (8) |
Commodity | Other Energy Contract | |
Derivative Instruments Gain Loss [Line Items] | |
AOCI After-Tax | 2 |
Commodities, Amounts Expected to be Reclassified to Earnings During the Next 12 Months After-Tax | $ 2 |
Maximum Term | 6 months |
Commodity | Natural Gas | |
Derivative Instruments Gain Loss [Line Items] | |
AOCI After-Tax | $ (6) |
Commodities, Amounts Expected to be Reclassified to Earnings During the Next 12 Months After-Tax | $ (5) |
Maximum Term | 27 months |
Commodity | Electricity | |
Derivative Instruments Gain Loss [Line Items] | |
AOCI After-Tax | $ 9 |
Commodities, Amounts Expected to be Reclassified to Earnings During the Next 12 Months After-Tax | $ 8 |
Maximum Term | 15 months |
Interest rate | |
Derivative Instruments Gain Loss [Line Items] | |
AOCI After-Tax | $ (512) |
Interest rate, Amounts Expected to be Reclassified to Earnings During the Next 12 Months After-Tax | $ (49) |
Maximum Term | 387 months |
Interest rate | Virginia Electric and Power Company | |
Derivative Instruments Gain Loss [Line Items] | |
AOCI After-Tax | $ (46) |
Interest rate, Amounts Expected to be Reclassified to Earnings During the Next 12 Months After-Tax | $ (1) |
Maximum Term | 387 months |
Interest rate | Dominion Energy Gas Holdings, LLC | |
Derivative Instruments Gain Loss [Line Items] | |
AOCI After-Tax | $ (108) |
Interest rate, Amounts Expected to be Reclassified to Earnings During the Next 12 Months After-Tax | $ (7) |
Maximum Term | 303 months |
Foreign currency | |
Derivative Instruments Gain Loss [Line Items] | |
AOCI After-Tax | $ 5 |
Foreign currency, Amounts Expected to be Reclassified to Earnings During the Next 12 Months After-Tax | $ (3) |
Maximum Term | 81 months |
Foreign currency | Dominion Energy Gas Holdings, LLC | |
Derivative Instruments Gain Loss [Line Items] | |
AOCI After-Tax | $ 5 |
Foreign currency, Amounts Expected to be Reclassified to Earnings During the Next 12 Months After-Tax | $ (3) |
Maximum Term | 81 months |
NGLs | Dominion Energy Gas Holdings, LLC | |
Derivative Instruments Gain Loss [Line Items] | |
AOCI After-Tax | $ 2 |
Commodities, Amounts Expected to be Reclassified to Earnings During the Next 12 Months After-Tax | $ 2 |
Maximum Term | 6 months |
Derivatives and Hedge Accoun_10
Derivatives and Hedge Accounting Activities (Schedule of Amounts Recorded on Balance Sheet Related to Cumulative Basis Adjustments for Fair Value Hedges) (Detail) - Designated as Hedging Instrument - Fair Value Hedging - Long-term Debt - USD ($) $ in Millions | Sep. 30, 2019 | Dec. 31, 2018 | |
Derivative Instruments And Hedging Activities Disclosures [Line Items] | |||
Carrying Amount of the Hedged Asset (Liability) | [1] | $ (1,156) | $ (1,631) |
Cumulative Amount of Fair Value Hedging Adjustments Included in the Carrying Amount of the Hedged (Liabilities) | [2] | $ (6) | |
Cumulative Amount of Fair Value Hedging Adjustments Included in the Carrying Amount of the Hedged Assets | [2] | $ 20 | |
[1] | Includes $(396) million and $(892) million related to discontinued hedging relationships at September 30, 2019 and December 31, 2018, respectively. | ||
[2] | Includes $4 million and $8 million of hedging adjustments on discontinued hedging relationships at September 30, 2019 and December 31, 2018, respectively. |
Derivatives and Hedge Accoun_11
Derivatives and Hedge Accounting Activities (Schedule of Amounts Recorded on Balance Sheet Related to Cumulative Basis Adjustments for Fair Value Hedges) (Parenthetical) (Detail) - Designated as Hedging Instrument - Fair Value Hedging - Long-term Debt - USD ($) $ in Millions | Sep. 30, 2019 | Dec. 31, 2018 |
Derivative Instruments And Hedging Activities Disclosures [Line Items] | ||
Discontinued hedging liability | $ (396) | $ (892) |
Hedging adjustments on discontinued hedging relationships | $ 4 | $ 8 |
Derivatives and Hedge Accoun_12
Derivatives and Hedge Accounting Activities (Fair Value of Derivatives) (Detail) - USD ($) $ in Millions | Sep. 30, 2019 | Dec. 31, 2018 | |
Derivatives Fair Value [Line Items] | |||
Derivative Asset | $ 93 | $ 294 | |
Derivative Liabilities | 934 | 279 | |
Virginia Electric and Power Company | |||
Derivatives Fair Value [Line Items] | |||
Derivative Asset | 20 | 93 | |
Derivative Liabilities | 554 | 103 | |
Dominion Energy Gas Holdings, LLC | |||
Derivatives Fair Value [Line Items] | |||
Derivative Asset | 5 | 31 | |
Derivative Liabilities | 117 | 19 | |
Current Assets | |||
Derivatives Fair Value [Line Items] | |||
Derivative Asset | [1] | 73 | 223 |
Current Assets | Virginia Electric and Power Company | |||
Derivatives Fair Value [Line Items] | |||
Derivative Asset | [2] | 19 | 63 |
Current Assets | Dominion Energy Gas Holdings, LLC | |||
Derivatives Fair Value [Line Items] | |||
Derivative Asset | [3] | 2 | 5 |
Current Assets | Commodity | |||
Derivatives Fair Value [Line Items] | |||
Derivative Asset | 71 | 209 | |
Current Assets | Commodity | Virginia Electric and Power Company | |||
Derivatives Fair Value [Line Items] | |||
Derivative Asset | 19 | 60 | |
Current Assets | Commodity | Dominion Energy Gas Holdings, LLC | |||
Derivatives Fair Value [Line Items] | |||
Derivative Asset | 2 | 3 | |
Current Assets | Interest rate | |||
Derivatives Fair Value [Line Items] | |||
Derivative Asset | 2 | 14 | |
Current Assets | Interest rate | Virginia Electric and Power Company | |||
Derivatives Fair Value [Line Items] | |||
Derivative Asset | 3 | ||
Current Assets | Interest rate | Dominion Energy Gas Holdings, LLC | |||
Derivatives Fair Value [Line Items] | |||
Derivative Asset | 2 | ||
Noncurrent Assets | |||
Derivatives Fair Value [Line Items] | |||
Derivative Asset | [4] | 20 | 71 |
Noncurrent Assets | Virginia Electric and Power Company | |||
Derivatives Fair Value [Line Items] | |||
Derivative Asset | [5] | 1 | 30 |
Noncurrent Assets | Dominion Energy Gas Holdings, LLC | |||
Derivatives Fair Value [Line Items] | |||
Derivative Asset | [6] | 3 | 26 |
Noncurrent Assets | Commodity | |||
Derivatives Fair Value [Line Items] | |||
Derivative Asset | 9 | 41 | |
Noncurrent Assets | Commodity | Virginia Electric and Power Company | |||
Derivatives Fair Value [Line Items] | |||
Derivative Asset | 1 | 30 | |
Noncurrent Assets | Interest rate | |||
Derivatives Fair Value [Line Items] | |||
Derivative Asset | 8 | 4 | |
Noncurrent Assets | Foreign currency | |||
Derivatives Fair Value [Line Items] | |||
Derivative Asset | 3 | 26 | |
Noncurrent Assets | Foreign currency | Dominion Energy Gas Holdings, LLC | |||
Derivatives Fair Value [Line Items] | |||
Derivative Asset | 3 | 26 | |
Current Liabilities | |||
Derivatives Fair Value [Line Items] | |||
Derivative Liabilities | [7] | 265 | 157 |
Current Liabilities | Virginia Electric and Power Company | |||
Derivatives Fair Value [Line Items] | |||
Derivative Liabilities | 165 | 25 | |
Current Liabilities | Dominion Energy Gas Holdings, LLC | |||
Derivatives Fair Value [Line Items] | |||
Derivative Liabilities | [8] | 51 | 11 |
Current Liabilities | Commodity | |||
Derivatives Fair Value [Line Items] | |||
Derivative Liabilities | 59 | 129 | |
Current Liabilities | Commodity | Virginia Electric and Power Company | |||
Derivatives Fair Value [Line Items] | |||
Derivative Liabilities | 16 | 15 | |
Current Liabilities | Interest rate | |||
Derivatives Fair Value [Line Items] | |||
Derivative Liabilities | 202 | 26 | |
Current Liabilities | Interest rate | Virginia Electric and Power Company | |||
Derivatives Fair Value [Line Items] | |||
Derivative Liabilities | 149 | 10 | |
Current Liabilities | Interest rate | Dominion Energy Gas Holdings, LLC | |||
Derivatives Fair Value [Line Items] | |||
Derivative Liabilities | 47 | 9 | |
Current Liabilities | Foreign currency | |||
Derivatives Fair Value [Line Items] | |||
Derivative Liabilities | 4 | 2 | |
Current Liabilities | Foreign currency | Dominion Energy Gas Holdings, LLC | |||
Derivatives Fair Value [Line Items] | |||
Derivative Liabilities | 4 | 2 | |
Noncurrent Liabilities | |||
Derivatives Fair Value [Line Items] | |||
Derivative Liabilities | [9] | 669 | 122 |
Noncurrent Liabilities | Virginia Electric and Power Company | |||
Derivatives Fair Value [Line Items] | |||
Derivative Liabilities | [10] | 389 | 78 |
Noncurrent Liabilities | Dominion Energy Gas Holdings, LLC | |||
Derivatives Fair Value [Line Items] | |||
Derivative Liabilities | [11] | 66 | 8 |
Noncurrent Liabilities | Commodity | |||
Derivatives Fair Value [Line Items] | |||
Derivative Liabilities | 21 | 6 | |
Noncurrent Liabilities | Commodity | Virginia Electric and Power Company | |||
Derivatives Fair Value [Line Items] | |||
Derivative Liabilities | 17 | ||
Noncurrent Liabilities | Interest rate | |||
Derivatives Fair Value [Line Items] | |||
Derivative Liabilities | 648 | 116 | |
Noncurrent Liabilities | Interest rate | Virginia Electric and Power Company | |||
Derivatives Fair Value [Line Items] | |||
Derivative Liabilities | 372 | 78 | |
Noncurrent Liabilities | Interest rate | Dominion Energy Gas Holdings, LLC | |||
Derivatives Fair Value [Line Items] | |||
Derivative Liabilities | 66 | 8 | |
Designated as Hedging Instrument | |||
Derivatives Fair Value [Line Items] | |||
Derivative Asset | 33 | 105 | |
Derivative Liabilities | 842 | 166 | |
Designated as Hedging Instrument | Virginia Electric and Power Company | |||
Derivatives Fair Value [Line Items] | |||
Derivative Asset | 3 | ||
Derivative Liabilities | 521 | 88 | |
Designated as Hedging Instrument | Dominion Energy Gas Holdings, LLC | |||
Derivatives Fair Value [Line Items] | |||
Derivative Asset | 5 | 31 | |
Derivative Liabilities | 117 | 19 | |
Designated as Hedging Instrument | Current Assets | |||
Derivatives Fair Value [Line Items] | |||
Derivative Asset | [1] | 20 | 69 |
Designated as Hedging Instrument | Current Assets | Virginia Electric and Power Company | |||
Derivatives Fair Value [Line Items] | |||
Derivative Asset | [2] | 3 | |
Designated as Hedging Instrument | Current Assets | Dominion Energy Gas Holdings, LLC | |||
Derivatives Fair Value [Line Items] | |||
Derivative Asset | [3] | 2 | 5 |
Designated as Hedging Instrument | Current Assets | Commodity | |||
Derivatives Fair Value [Line Items] | |||
Derivative Asset | 18 | 55 | |
Designated as Hedging Instrument | Current Assets | Commodity | Dominion Energy Gas Holdings, LLC | |||
Derivatives Fair Value [Line Items] | |||
Derivative Asset | 2 | 3 | |
Designated as Hedging Instrument | Current Assets | Interest rate | |||
Derivatives Fair Value [Line Items] | |||
Derivative Asset | 2 | 14 | |
Designated as Hedging Instrument | Current Assets | Interest rate | Virginia Electric and Power Company | |||
Derivatives Fair Value [Line Items] | |||
Derivative Asset | 3 | ||
Designated as Hedging Instrument | Current Assets | Interest rate | Dominion Energy Gas Holdings, LLC | |||
Derivatives Fair Value [Line Items] | |||
Derivative Asset | 2 | ||
Designated as Hedging Instrument | Noncurrent Assets | |||
Derivatives Fair Value [Line Items] | |||
Derivative Asset | [4] | 13 | 36 |
Designated as Hedging Instrument | Noncurrent Assets | Dominion Energy Gas Holdings, LLC | |||
Derivatives Fair Value [Line Items] | |||
Derivative Asset | [6] | 3 | 26 |
Designated as Hedging Instrument | Noncurrent Assets | Commodity | |||
Derivatives Fair Value [Line Items] | |||
Derivative Asset | 2 | 6 | |
Designated as Hedging Instrument | Noncurrent Assets | Interest rate | |||
Derivatives Fair Value [Line Items] | |||
Derivative Asset | 8 | 4 | |
Designated as Hedging Instrument | Noncurrent Assets | Foreign currency | |||
Derivatives Fair Value [Line Items] | |||
Derivative Asset | 3 | 26 | |
Designated as Hedging Instrument | Noncurrent Assets | Foreign currency | Dominion Energy Gas Holdings, LLC | |||
Derivatives Fair Value [Line Items] | |||
Derivative Asset | 3 | 26 | |
Designated as Hedging Instrument | Current Liabilities | |||
Derivatives Fair Value [Line Items] | |||
Derivative Liabilities | [7] | 213 | 45 |
Designated as Hedging Instrument | Current Liabilities | Virginia Electric and Power Company | |||
Derivatives Fair Value [Line Items] | |||
Derivative Liabilities | 149 | 10 | |
Designated as Hedging Instrument | Current Liabilities | Dominion Energy Gas Holdings, LLC | |||
Derivatives Fair Value [Line Items] | |||
Derivative Liabilities | [8] | 51 | 11 |
Designated as Hedging Instrument | Current Liabilities | Commodity | |||
Derivatives Fair Value [Line Items] | |||
Derivative Liabilities | 9 | 17 | |
Designated as Hedging Instrument | Current Liabilities | Interest rate | |||
Derivatives Fair Value [Line Items] | |||
Derivative Liabilities | 200 | 26 | |
Designated as Hedging Instrument | Current Liabilities | Interest rate | Virginia Electric and Power Company | |||
Derivatives Fair Value [Line Items] | |||
Derivative Liabilities | 149 | 10 | |
Designated as Hedging Instrument | Current Liabilities | Interest rate | Dominion Energy Gas Holdings, LLC | |||
Derivatives Fair Value [Line Items] | |||
Derivative Liabilities | 47 | 9 | |
Designated as Hedging Instrument | Current Liabilities | Foreign currency | |||
Derivatives Fair Value [Line Items] | |||
Derivative Liabilities | 4 | 2 | |
Designated as Hedging Instrument | Current Liabilities | Foreign currency | Dominion Energy Gas Holdings, LLC | |||
Derivatives Fair Value [Line Items] | |||
Derivative Liabilities | 4 | 2 | |
Designated as Hedging Instrument | Noncurrent Liabilities | |||
Derivatives Fair Value [Line Items] | |||
Derivative Liabilities | [9] | 629 | 121 |
Designated as Hedging Instrument | Noncurrent Liabilities | Virginia Electric and Power Company | |||
Derivatives Fair Value [Line Items] | |||
Derivative Liabilities | [10] | 372 | 78 |
Designated as Hedging Instrument | Noncurrent Liabilities | Dominion Energy Gas Holdings, LLC | |||
Derivatives Fair Value [Line Items] | |||
Derivative Liabilities | [11] | 66 | 8 |
Designated as Hedging Instrument | Noncurrent Liabilities | Commodity | |||
Derivatives Fair Value [Line Items] | |||
Derivative Liabilities | 2 | 5 | |
Designated as Hedging Instrument | Noncurrent Liabilities | Interest rate | |||
Derivatives Fair Value [Line Items] | |||
Derivative Liabilities | 627 | 116 | |
Designated as Hedging Instrument | Noncurrent Liabilities | Interest rate | Virginia Electric and Power Company | |||
Derivatives Fair Value [Line Items] | |||
Derivative Liabilities | 372 | 78 | |
Designated as Hedging Instrument | Noncurrent Liabilities | Interest rate | Dominion Energy Gas Holdings, LLC | |||
Derivatives Fair Value [Line Items] | |||
Derivative Liabilities | 66 | 8 | |
Fair Value - Derivatives not under Hedge Accounting | |||
Derivatives Fair Value [Line Items] | |||
Derivative Asset | 60 | 189 | |
Derivative Liabilities | 92 | 113 | |
Fair Value - Derivatives not under Hedge Accounting | Virginia Electric and Power Company | |||
Derivatives Fair Value [Line Items] | |||
Derivative Asset | 20 | 90 | |
Derivative Liabilities | 33 | 15 | |
Fair Value - Derivatives not under Hedge Accounting | Current Assets | |||
Derivatives Fair Value [Line Items] | |||
Derivative Asset | [1] | 53 | 154 |
Fair Value - Derivatives not under Hedge Accounting | Current Assets | Virginia Electric and Power Company | |||
Derivatives Fair Value [Line Items] | |||
Derivative Asset | [2] | 19 | 60 |
Fair Value - Derivatives not under Hedge Accounting | Current Assets | Commodity | |||
Derivatives Fair Value [Line Items] | |||
Derivative Asset | 53 | 154 | |
Fair Value - Derivatives not under Hedge Accounting | Current Assets | Commodity | Virginia Electric and Power Company | |||
Derivatives Fair Value [Line Items] | |||
Derivative Asset | 19 | 60 | |
Fair Value - Derivatives not under Hedge Accounting | Noncurrent Assets | |||
Derivatives Fair Value [Line Items] | |||
Derivative Asset | [4] | 7 | 35 |
Fair Value - Derivatives not under Hedge Accounting | Noncurrent Assets | Virginia Electric and Power Company | |||
Derivatives Fair Value [Line Items] | |||
Derivative Asset | [5] | 1 | 30 |
Fair Value - Derivatives not under Hedge Accounting | Noncurrent Assets | Commodity | |||
Derivatives Fair Value [Line Items] | |||
Derivative Asset | 7 | 35 | |
Fair Value - Derivatives not under Hedge Accounting | Noncurrent Assets | Commodity | Virginia Electric and Power Company | |||
Derivatives Fair Value [Line Items] | |||
Derivative Asset | 1 | 30 | |
Fair Value - Derivatives not under Hedge Accounting | Current Liabilities | |||
Derivatives Fair Value [Line Items] | |||
Derivative Liabilities | [7] | 52 | 112 |
Fair Value - Derivatives not under Hedge Accounting | Current Liabilities | Virginia Electric and Power Company | |||
Derivatives Fair Value [Line Items] | |||
Derivative Liabilities | 16 | 15 | |
Fair Value - Derivatives not under Hedge Accounting | Current Liabilities | Commodity | |||
Derivatives Fair Value [Line Items] | |||
Derivative Liabilities | 50 | 112 | |
Fair Value - Derivatives not under Hedge Accounting | Current Liabilities | Commodity | Virginia Electric and Power Company | |||
Derivatives Fair Value [Line Items] | |||
Derivative Liabilities | 16 | 15 | |
Fair Value - Derivatives not under Hedge Accounting | Current Liabilities | Interest rate | |||
Derivatives Fair Value [Line Items] | |||
Derivative Liabilities | 2 | ||
Fair Value - Derivatives not under Hedge Accounting | Noncurrent Liabilities | |||
Derivatives Fair Value [Line Items] | |||
Derivative Liabilities | [9] | 40 | 1 |
Fair Value - Derivatives not under Hedge Accounting | Noncurrent Liabilities | Virginia Electric and Power Company | |||
Derivatives Fair Value [Line Items] | |||
Derivative Liabilities | [10] | 17 | |
Fair Value - Derivatives not under Hedge Accounting | Noncurrent Liabilities | Commodity | |||
Derivatives Fair Value [Line Items] | |||
Derivative Liabilities | 19 | $ 1 | |
Fair Value - Derivatives not under Hedge Accounting | Noncurrent Liabilities | Commodity | Virginia Electric and Power Company | |||
Derivatives Fair Value [Line Items] | |||
Derivative Liabilities | 17 | ||
Fair Value - Derivatives not under Hedge Accounting | Noncurrent Liabilities | Interest rate | |||
Derivatives Fair Value [Line Items] | |||
Derivative Liabilities | $ 21 | ||
[1] | Current derivative assets include amounts presented in assets held for sale in Dominion Energy’s Consolidated Balance Sheets. | ||
[2] | Current derivative assets are presented in other current assets in Virginia Power’s Consolidated Balance Sheets. | ||
[3] | Current derivative assets include $2 million in other current assets at December 31, 2018, with the remainder recorded in current assets of discontinued operations in Dominion Energy Gas’ Consolidated Balance Sheets. All current derivative assets are included in current assets of discontinued operations in Dominion Energy Gas’ Consolidated Balance Sheets at September 30, 2019. | ||
[4] | Noncurrent derivative assets are presented in other deferred charges and other assets in Dominion Energy’s Consolidated Balance Sheets. | ||
[5] | Noncurrent derivative assets are presented in other deferred charges and other assets in Virginia Power’s Consolidated Balance Sheets. | ||
[6] | Noncurrent derivatives assets are presented in other deferred charges and other assets in Dominion Energy Gas’ Consolidated Balance Sheets. | ||
[7] | Current derivative liabilities include $242 million and $157 million in other current liabilities at September 30, 2019 and December 31. 2018, respectively, with the remainder recorded in liabilities held for sale in Dominion Energy’s Consolidated Balance Sheets. | ||
[8] | Current derivative liabilities are presented in other current liabilities in Dominion Energy Gas’ Consolidated Balance Sheets. | ||
[9] | Noncurrent derivative liabilities are presented in other deferred credits and other liabilities in Dominion Energy’s Consolidated Balance Sheets. | ||
[10] | Noncurrent derivative liabilities are presented in other deferred credits and other liabilities in Virginia Power’s Consolidated Balance Sheets. | ||
[11] | Noncurrent derivative liabilities are presented in other deferred credits and other liabilities in Dominion Energy Gas’ Consolidated Balance Sheets. |
Derivatives and Hedge Accoun_13
Derivatives and Hedge Accounting Activities (Fair Value of Derivatives) (Parenthetical) (Detail) - USD ($) $ in Millions | Sep. 30, 2019 | Dec. 31, 2018 | |
Derivatives Fair Value [Line Items] | |||
Current derivative asset | $ 55 | $ 223 | [1] |
Other Current Liabilities | |||
Derivatives Fair Value [Line Items] | |||
Current derivative liabilities | $ 242 | 157 | |
Dominion Energy Gas Holdings, LLC | Other Current Assets | |||
Derivatives Fair Value [Line Items] | |||
Current derivative asset | $ 2 | ||
[1] | Dominion Energy’s Consolidated Balance Sheet at December 31, 2018 has been derived from the audited Consolidated Balance Sheet at that date. |
Derivatives and Hedge Accoun_14
Derivatives and Hedge Accounting Activities (Gains and Losses on Derivatives in Cash Flow Hedging Relationships) (Detail) - Cash Flow Hedges - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | ||
Derivative Instruments Gain Loss [Line Items] | |||||
Amount of Gain (Loss) Recognized in AOCI on Derivatives | [1] | $ (144) | $ (36) | $ (278) | $ 68 |
Amount of Gain (Loss) Reclassified From AOCI to Income | 7 | (40) | 77 | (95) | |
Increase (Decrease) in Derivatives Subject to Regulatory Treatment | [2] | (190) | 48 | (405) | 141 |
Virginia Electric and Power Company | |||||
Derivative Instruments Gain Loss [Line Items] | |||||
Amount of Gain (Loss) Recognized in AOCI on Derivatives | [3] | (21) | 4 | (45) | 13 |
Amount of Gain (Loss) Reclassified From AOCI to Income | (1) | ||||
Increase (Decrease) in Derivatives Subject to Regulatory Treatment | [4] | (190) | 48 | (408) | 141 |
Dominion Energy Gas Holdings, LLC | |||||
Derivative Instruments Gain Loss [Line Items] | |||||
Amount of Gain (Loss) Recognized in AOCI on Derivatives | [5] | (49) | 6 | (117) | (3) |
Amount of Gain (Loss) Reclassified From AOCI to Income | (12) | (6) | (13) | (21) | |
Commodity | |||||
Derivative Instruments Gain Loss [Line Items] | |||||
Amount of Gain (Loss) Recognized in AOCI on Derivatives | [1] | (5) | (58) | 96 | (1) |
Amount of Gain (Loss) Reclassified From AOCI to Income | 33 | (26) | 128 | (49) | |
Commodity | Dominion Energy Gas Holdings, LLC | |||||
Derivative Instruments Gain Loss [Line Items] | |||||
Amount of Gain (Loss) Recognized in AOCI on Derivatives | [5] | 1 | (5) | 3 | (11) |
Amount of Gain (Loss) Reclassified From AOCI to Income | 2 | (3) | 4 | (8) | |
Commodity | Net income from discontinued operations | Dominion Energy Gas Holdings, LLC | |||||
Derivative Instruments Gain Loss [Line Items] | |||||
Amount of Gain (Loss) Reclassified From AOCI to Income | 2 | (3) | 4 | (8) | |
Commodity | Operating Revenue | |||||
Derivative Instruments Gain Loss [Line Items] | |||||
Amount of Gain (Loss) Reclassified From AOCI to Income | 35 | (26) | 127 | (55) | |
Commodity | Purchased Gas | |||||
Derivative Instruments Gain Loss [Line Items] | |||||
Amount of Gain (Loss) Reclassified From AOCI to Income | (2) | 1 | (2) | ||
Commodity | Electric Fuel and Other Energy-Related Purchases | |||||
Derivative Instruments Gain Loss [Line Items] | |||||
Amount of Gain (Loss) Reclassified From AOCI to Income | 8 | ||||
Interest rate | |||||
Derivative Instruments Gain Loss [Line Items] | |||||
Amount of Gain (Loss) Recognized in AOCI on Derivatives | [6] | (124) | 23 | (350) | 70 |
Amount of Gain (Loss) Reclassified From AOCI to Income | [6] | (14) | (12) | (37) | (36) |
Increase (Decrease) in Derivatives Subject to Regulatory Treatment | [6] | (190) | 48 | (405) | 141 |
Interest rate | Virginia Electric and Power Company | |||||
Derivative Instruments Gain Loss [Line Items] | |||||
Amount of Gain (Loss) Recognized in AOCI on Derivatives | [3],[7] | (21) | 4 | (45) | 13 |
Amount of Gain (Loss) Reclassified From AOCI to Income | (1) | ||||
Increase (Decrease) in Derivatives Subject to Regulatory Treatment | [4],[7] | (190) | 48 | (408) | 141 |
Interest rate | Dominion Energy Gas Holdings, LLC | |||||
Derivative Instruments Gain Loss [Line Items] | |||||
Amount of Gain (Loss) Recognized in AOCI on Derivatives | [5],[8] | (36) | 12 | (96) | 9 |
Amount of Gain (Loss) Reclassified From AOCI to Income | (2) | (1) | (3) | (3) | |
Foreign currency | |||||
Derivative Instruments Gain Loss [Line Items] | |||||
Amount of Gain (Loss) Recognized in AOCI on Derivatives | [9] | (15) | (1) | (24) | (1) |
Amount of Gain (Loss) Reclassified From AOCI to Income | [9] | (12) | (2) | (14) | (10) |
Foreign currency | Dominion Energy Gas Holdings, LLC | |||||
Derivative Instruments Gain Loss [Line Items] | |||||
Amount of Gain (Loss) Recognized in AOCI on Derivatives | [5],[10] | (14) | (1) | (24) | (1) |
Amount of Gain (Loss) Reclassified From AOCI to Income | $ (12) | $ (2) | $ (14) | $ (10) | |
[1] | Amounts deferred into AOCI have no associated effect in Dominion Energy’s Consolidated Statements of Income. | ||||
[2] | Represents net derivative activity deferred into and amortized out of regulatory assets/liabilities. Amounts deferred into regulatory assets/liabilities have no associated effect in Dominion Energy’s Consolidated Statements of Income. | ||||
[3] | Amounts deferred into AOCI have no associated effect in Virginia Power’s Consolidated Statements of Income. | ||||
[4] | Represents net derivative activity deferred into and amortized out of regulatory assets/liabilities. Amounts deferred into regulatory assets/liabilities have no associated effect in Virginia Power’s Consolidated Statements of Income. | ||||
[5] | Amounts deferred into AOCI have no associated effect in Dominion Energy Gas’ Consolidated Statements of Income. | ||||
[6] | Amounts recorded in Dominion Energy’s Consolidated Statements of Income are classified in interest and related charges. | ||||
[7] | Amounts recorded in Virginia Power’s Consolidated Statements of Income are classified in interest and related charges. | ||||
[8] | Amounts recorded in Dominion Energy Gas’ Consolidated Statements of Income are classified in interest and related charges. | ||||
[9] | Amounts recorded in Dominion Energy’s Consolidated Statements of Income are classified in other income. | ||||
[10] | Amounts recorded in Dominion Energy Gas’ Consolidated Statements of Income are classified in other income. |
Derivatives and Hedge Accoun_15
Derivatives and Hedge Accounting Activities (Schedule of Derivatives not Designated as Hedging Instruments) (Detail) - Derivatives Not Designated as Hedging Instruments - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | ||
Derivative Instruments Gain Loss [Line Items] | |||||
Amount of Gain (Loss) Recognized in Income on Derivatives | [1] | $ (9) | $ (11) | $ 1 | $ (26) |
Virginia Electric and Power Company | |||||
Derivative Instruments Gain Loss [Line Items] | |||||
Amount of Gain (Loss) Recognized in Income on Derivatives | [2] | (6) | (9) | (18) | (12) |
Commodity | Virginia Electric and Power Company | |||||
Derivative Instruments Gain Loss [Line Items] | |||||
Amount of Gain (Loss) Recognized in Income on Derivatives | [2],[3] | (6) | (9) | (18) | (12) |
Commodity | Operating Revenue | |||||
Derivative Instruments Gain Loss [Line Items] | |||||
Amount of Gain (Loss) Recognized in Income on Derivatives | [1] | 7 | (5) | 37 | (8) |
Commodity | Purchased Gas | |||||
Derivative Instruments Gain Loss [Line Items] | |||||
Amount of Gain (Loss) Recognized in Income on Derivatives | [1] | (10) | 1 | (18) | 5 |
Commodity | Electric Fuel and Other Energy-Related Purchases | |||||
Derivative Instruments Gain Loss [Line Items] | |||||
Amount of Gain (Loss) Recognized in Income on Derivatives | [1] | $ (6) | $ (7) | $ (18) | $ (23) |
[1] | Includes derivative activity amortized out of regulatory assets/liabilities. Amounts deferred into regulatory assets/liabilities have no associated effect in Dominion Energy’s Consolidated Statements of Income. | ||||
[2] | Includes derivative activity amortized out of regulatory assets/liabilities. Amounts deferred into regulatory assets/liabilities have no associated effect in Virginia Power’s Consolidated Statements of Income. | ||||
[3] | Amounts recorded in Virginia Power’s Consolidated Statements of Income are classified in electric fuel and other energy-related purchases. |
Investments (Narrative) (Detail
Investments (Narrative) (Detail) $ in Millions | 1 Months Ended | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||||||||||
Sep. 30, 2018USD ($) | Sep. 30, 2014membermi | Dec. 31, 2019USD ($) | Sep. 30, 2019USD ($) | Mar. 31, 2019USD ($) | Sep. 30, 2018USD ($) | Sep. 30, 2019USD ($) | Sep. 30, 2018USD ($) | Dec. 31, 2021USD ($) | Dec. 31, 2018USD ($) | |||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||
Contributions to equity method affiliates | $ 187 | $ 282 | ||||||||||||
Investment in equity method affiliates | $ 1,528 | 1,528 | $ 1,278 | [1] | ||||||||||
Other receivables | [2] | 363 | 363 | $ 331 | [1] | |||||||||
Blue Racer | ||||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||
Additional consideration including interest received in connection with sale | $ 151 | |||||||||||||
Ownership interest percentage of limited partner interests | 50.00% | |||||||||||||
Catalyst Old River Hydroelectric Limited Partnership | ||||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||
Ownership interest percentage of limited partner interests | 25.00% | |||||||||||||
Limited partnership interest sale transaction, proceeds received | $ 91 | |||||||||||||
Catalyst Old River Hydroelectric Limited Partnership | Other Income | ||||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||
Amount of gain from sale | 87 | |||||||||||||
Amount of after tax gain from sale | $ 63 | |||||||||||||
Scenario Forecast | Wrangler Retail Gas Holdings, LLC | ||||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||
Ownership interest percentage of limited partner interests | 20.00% | |||||||||||||
Limited partnership interest sale transaction, proceeds received | $ 250 | |||||||||||||
Amount of gain from sale | 135 | |||||||||||||
Amount of after tax gain from sale | 75 | |||||||||||||
Write-off of goodwill | $ 70 | |||||||||||||
Dominion Energy Gas Holdings, LLC | ||||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||
Investment in equity method affiliates | 313 | 313 | $ 339 | [3] | ||||||||||
Other receivables | 19 | [4] | 19 | [4] | 18 | [3],[5] | ||||||||
Equity in earnings on investments | 8 | $ 10 | 30 | 41 | ||||||||||
Dominion Energy Gas Holdings, LLC | Partnership Interest | ||||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||
Investment in equity method affiliates | 313 | 313 | 339 | |||||||||||
Equity in earnings on investments | 30 | 41 | ||||||||||||
Investment in equity method contributions made | 4 | |||||||||||||
Distributions received from investment | 60 | 47 | ||||||||||||
Carrying amount of investment that exceeded share of underlying equity | 146 | 146 | ||||||||||||
Atlantic Coast Pipeline | ||||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||
Contributions to equity method affiliates | 47 | 147 | 175 | 306 | ||||||||||
Atlantic Coast Pipeline | Minimum | Scenario Forecast | ||||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||
Project cost estimates | $ 7,300 | |||||||||||||
Atlantic Coast Pipeline | Maximum [Member] | Scenario Forecast | ||||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||
Project cost estimates | $ 7,800 | |||||||||||||
Atlantic Coast Pipeline | DETI | ||||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||
Revenue | 24 | $ 50 | 81 | $ 156 | ||||||||||
Other receivables | 9 | 9 | 13 | |||||||||||
Atlantic Coast Pipeline | Current Liabilities | ||||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||
Investment in equity method affiliates | $ 10 | $ 10 | ||||||||||||
Atlantic Coast Pipeline | Pipelines | Jointly Owned Natural Gas Pipeline | Distribution | ||||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||
Ownership interest (percentage) | 48.00% | 48.00% | ||||||||||||
Length of natural gas pipeline (in miles) | mi | 600 | |||||||||||||
Number of members | member | 3 | |||||||||||||
Duration of contract | 20 years | |||||||||||||
Atlantic Coast Pipeline | Pipelines | Jointly Owned Natural Gas Pipeline | Distribution | Duke Energy | ||||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||
Ownership interest (percentage) | 47.00% | 47.00% | ||||||||||||
Atlantic Coast Pipeline | Pipelines | Jointly Owned Natural Gas Pipeline | Distribution | Southern Company Gas [Member] | ||||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||
Ownership interest (percentage) | 5.00% | 5.00% | ||||||||||||
Trading Securities | ||||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||
Rabbi trust securities | $ 114 | $ 114 | $ 111 | |||||||||||
[1] | Dominion Energy’s Consolidated Balance Sheet at December 31, 2018 has been derived from the audited Consolidated Balance Sheet at that date. | |||||||||||||
[2] | See Note 10 for amounts attributable to related parties. | |||||||||||||
[3] | Dominion Energy Gas’ Consolidated Balance Sheet at December 31, 2018 has been derived from the audited Consolidated Balance Sheet at that date. | |||||||||||||
[4] | See Note 20 for amounts attributable to affiliates. | |||||||||||||
[5] | See Note 20 for amounts attributable to related parties. |
Investments (Equity and Fixed I
Investments (Equity and Fixed Income Securities, Insurance Contracts and Cash Equivalents in Decommissioning Trust Funds) (Detail) - USD ($) $ in Millions | 9 Months Ended | 12 Months Ended | ||||
Sep. 30, 2019 | Dec. 31, 2018 | Jul. 31, 2019 | ||||
Investment Holdings [Line Items] | ||||||
Fixed income securities Fair Value | $ 1,703 | |||||
Amortized Cost, Total | 3,647 | $ 3,348 | ||||
Total Unrealized Gains | 2,247 | 1,662 | ||||
Total Unrealized Losses | [1] | (34) | (72) | |||
Fair Value, Total | 5,860 | 4,938 | [2] | |||
Fair value of securities in an unrealized loss position | 277 | 833 | ||||
Net assets related to pending sales and purchases of securities | 5 | 6 | $ 3 | |||
Virginia Electric and Power Company | ||||||
Investment Holdings [Line Items] | ||||||
Fixed income securities Fair Value | 839 | |||||
Amortized Cost, Total | 1,708 | 1,643 | ||||
Total Unrealized Gains | 1,046 | 760 | ||||
Total Unrealized Losses | (16) | (34) | ||||
Fair Value, Total | 2,738 | 2,369 | [3] | |||
Fair value of securities in an unrealized loss position | 164 | 404 | ||||
Common/collective trust funds | Fixed Income | ||||||
Investment Holdings [Line Items] | ||||||
Fixed income securities Amortized Cost, Total | [4] | 105 | 76 | |||
Fixed income securities Total Unrealized Gains | [4] | 4 | ||||
Fixed income securities Fair Value | [4] | 109 | 76 | |||
Common/collective trust funds | Fixed Income | Virginia Electric and Power Company | ||||||
Investment Holdings [Line Items] | ||||||
Fixed income securities Amortized Cost, Total | [4] | 46 | 51 | |||
Fixed income securities Fair Value | [4] | 46 | 51 | |||
Equity securities: | U.S. | ||||||
Investment Holdings [Line Items] | ||||||
Equity securities Amortized Cost | [5] | 1,787 | 1,741 | |||
Equity securities Total Unrealized Gains | [5] | 2,169 | 1,640 | |||
Equity securities Total Unrealized Losses | [5] | (30) | (51) | |||
Equity securities Fair Value | [5] | 3,926 | 3,330 | |||
Equity securities: | U.S. | Virginia Electric and Power Company | ||||||
Investment Holdings [Line Items] | ||||||
Equity securities Amortized Cost | [5] | 890 | 858 | |||
Equity securities Total Unrealized Gains | [5] | 1,013 | 751 | |||
Equity securities Total Unrealized Losses | [5] | (15) | (24) | |||
Equity securities Fair Value | [5] | 1,888 | 1,585 | |||
Corporate debt instruments | Fixed Income | ||||||
Investment Holdings [Line Items] | ||||||
Fixed income securities Amortized Cost, Total | [4] | 442 | 435 | |||
Fixed income securities Total Unrealized Gains | [4] | 30 | 5 | |||
Fixed income securities Total Unrealized Losses | [4] | (9) | ||||
Fixed income securities Fair Value | [4] | 472 | 431 | |||
Corporate debt instruments | Fixed Income | Virginia Electric and Power Company | ||||||
Investment Holdings [Line Items] | ||||||
Fixed income securities Amortized Cost, Total | [4] | 257 | 224 | |||
Fixed income securities Total Unrealized Gains | [4] | 16 | 2 | |||
Fixed income securities Total Unrealized Losses | [4] | (5) | ||||
Fixed income securities Fair Value | [4] | 273 | 221 | |||
Government Securities | Fixed Income | ||||||
Investment Holdings [Line Items] | ||||||
Fixed income securities Amortized Cost, Total | [4] | 1,082 | 1,092 | |||
Fixed income securities Total Unrealized Gains | [4] | 44 | 17 | |||
Fixed income securities Total Unrealized Losses | [4] | (4) | (12) | |||
Fixed income securities Fair Value | [4] | 1,122 | 1,097 | |||
Government Securities | Fixed Income | Virginia Electric and Power Company | ||||||
Investment Holdings [Line Items] | ||||||
Fixed income securities Amortized Cost, Total | [4] | 504 | 504 | |||
Fixed income securities Total Unrealized Gains | [4] | 17 | 7 | |||
Fixed income securities Total Unrealized Losses | [4] | (1) | (5) | |||
Fixed income securities Fair Value | [4] | 520 | 506 | |||
Insurance Contracts | ||||||
Investment Holdings [Line Items] | ||||||
Fixed income securities Amortized Cost, Total | [4] | 210 | ||||
Fixed income securities Fair Value | [4] | 210 | ||||
Cash Equivalents and Other | ||||||
Investment Holdings [Line Items] | ||||||
Cash equivalents and other Amortized Cost | 21 | [6] | 4 | |||
Cash equivalents and other Fair Value | 21 | [6] | 4 | |||
Cash Equivalents and Other | Virginia Electric and Power Company | ||||||
Investment Holdings [Line Items] | ||||||
Cash equivalents and other Amortized Cost | [7] | 11 | 6 | |||
Cash equivalents and other Fair Value | [7] | $ 11 | $ 6 | |||
[1] | The fair value of securities in an unrealized loss position was $277 million and $833 million at September 30, 2019 and December 31, 2018, respectively. | |||||
[2] | Dominion Energy’s Consolidated Balance Sheet at December 31, 2018 has been derived from the audited Consolidated Balance Sheet at that date. | |||||
[3] | Virginia Power’s Consolidated Balance Sheet at December 31, 2018 has been derived from the audited Consolidated Balance Sheet at that date. | |||||
[4] | Unrealized gains and losses on fixed income securities are included in AOCI and the nuclear decommissioning trust regulatory liability. | |||||
[5] | Unrealized gains and losses on equity securities are included in other income and the nuclear decommissioning trust regulatory liability. | |||||
[6] | Includes pending sales of securities of $3 million at September 30, 2019. | |||||
[7] | Includes pending sales of securities of $5 million and $6 million at September 30, 2019 and December 31, 2018, respectively. |
Investments (Portion of Unreali
Investments (Portion of Unrealized Gains and Losses Relates to Equity Securities) (Detail) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | ||
Investment Holdings [Line Items] | |||||
Net gains recognized during the period | $ 40 | $ 243 | $ 610 | $ 267 | |
Less: Net gains recognized during the period on securities sold during the period | (17) | (7) | (61) | (42) | |
Unrealized gains recognized during the period on securities still held at September 30, 2019 and 2018 | [1] | 23 | 236 | 549 | 225 |
Virginia Electric and Power Company | |||||
Investment Holdings [Line Items] | |||||
Net gains recognized during the period | 30 | 106 | 286 | 118 | |
Less: Net gains recognized during the period on securities sold during the period | (7) | (3) | (15) | (26) | |
Unrealized gains recognized during the period on securities still held at September 30, 2019 and 2018 | [1] | $ 23 | $ 103 | $ 271 | $ 92 |
[1] | Included in other income and the nuclear decommissioning trust regulatory liability. |
Investments (Fair Value of Fixe
Investments (Fair Value of Fixed Income Securities by Contractual Maturity) (Detail) $ in Millions | Sep. 30, 2019USD ($) |
Schedule of Held-to-maturity Securities [Line Items] | |
Due in one year or less | $ 212 |
Due after one year through five years | 412 |
Due after five years through ten years | 360 |
Due after ten years | 719 |
Total | 1,703 |
Virginia Electric and Power Company | |
Schedule of Held-to-maturity Securities [Line Items] | |
Due in one year or less | 99 |
Due after one year through five years | 183 |
Due after five years through ten years | 180 |
Due after ten years | 377 |
Total | $ 839 |
Investments (Selected Informati
Investments (Selected Information Regarding Equity and Fixed Income Securities) (Detail) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | ||
Schedule of Available-for-sale Securities [Line Items] | |||||
Proceeds from sales | $ 429 | $ 457 | $ 1,311 | $ 1,301 | |
Realized gains | [1] | 53 | 24 | 152 | 96 |
Realized losses | [1] | 25 | 18 | 75 | 60 |
Virginia Electric and Power Company | |||||
Schedule of Available-for-sale Securities [Line Items] | |||||
Proceeds from sales | 230 | 237 | 677 | 651 | |
Realized gains | [1] | 21 | 11 | 46 | 44 |
Realized losses | [1] | $ 6 | $ 5 | $ 18 | $ 17 |
[1] | Includes realized gains and losses recorded to the nuclear decommissioning trust regulatory liability. |
Investments (Recorded Other-Tha
Investments (Recorded Other-Than-Temporary Impairment Losses on Investments) (Detail) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Investments Debt And Equity Securities [Abstract] | ||||
Total other-than-temporary impairment losses | $ 1 | $ 8 | $ 1 | $ 25 |
Losses recognized in other comprehensive income (before taxes) | $ (1) | $ (8) | $ (1) | $ (25) |
Schedule of Acquisitions of Sol
Schedule of Acquisitions of Solar Projects (Detail) $ in Millions | 1 Months Ended | 9 Months Ended | ||
Jan. 31, 2019MW | Sep. 30, 2019USD ($)MW | Sep. 30, 2018USD ($) | ||
Property Plant And Equipment [Line Items] | ||||
Project Cost | $ 183 | $ 108 | ||
Acquisition of Solar Project Greensville in Virginia | ||||
Property Plant And Equipment [Line Items] | ||||
Date Agreement Entered | 2019-08 | |||
Date Agreement Closed | 2019-08 | |||
Project Cost | [1] | $ 130 | ||
Date of Commercial Operations | Expected 2020 | |||
MW Capacity | MW | 80 | |||
Acquisition of Solar Project Myrtle in Virginia | ||||
Property Plant And Equipment [Line Items] | ||||
Date Agreement Entered | 2019-08 | |||
Date Agreement Closed | 2019-08 | |||
Project Cost | [1] | $ 35 | ||
Date of Commercial Operations | Expected 2020 | |||
MW Capacity | MW | 15 | |||
Acquisition of Solar Project Seabrook in South Carolina | ||||
Property Plant And Equipment [Line Items] | ||||
Date Agreement Entered | 2019-09 | |||
Date Agreement Closed | 2019-09 | |||
Project Cost | [1] | $ 105 | ||
Date of Commercial Operations | Expected 2019 | |||
MW Capacity | MW | 72 | |||
Virginia Electric and Power Company | ||||
Property Plant And Equipment [Line Items] | ||||
Project Cost | $ 169 | $ 98 | ||
MW Capacity | MW | 1,292 | |||
Virginia Electric and Power Company | Acquisition of Solar Project Gutenberg in North Carolina | ||||
Property Plant And Equipment [Line Items] | ||||
Date Agreement Entered | 2017-09 | |||
Date Agreement Closed | 2019-06 | |||
Project Cost | [1] | $ 142 | ||
Date of Commercial Operations | September 2019 | |||
MW Capacity | MW | 80 | |||
Virginia Electric and Power Company | Acquisition of Solar Project Gloucester in Virginia | ||||
Property Plant And Equipment [Line Items] | ||||
Date Agreement Entered | 2018-06 | |||
Date Agreement Closed | 2019-02 | |||
Project Cost | [1] | $ 37 | ||
Date of Commercial Operations | April 2019 | |||
MW Capacity | MW | 20 | |||
Virginia Electric and Power Company | Acquisition of Solar Project Grasshopper in Virginia | ||||
Property Plant And Equipment [Line Items] | ||||
Date Agreement Entered | 2018-08 | |||
Date Agreement Closed | 2019-03 | |||
Project Cost | [1] | $ 130 | ||
Date of Commercial Operations | Expected 2020 | |||
MW Capacity | MW | 80 | |||
Virginia Electric and Power Company | Acquisition of Solar Project Chestnut in North Carolina | ||||
Property Plant And Equipment [Line Items] | ||||
Date Agreement Entered | 2018-08 | |||
Date Agreement Closed | 2019-05 | |||
Project Cost | [1] | $ 130 | ||
Date of Commercial Operations | Expected 2019 | |||
MW Capacity | MW | 75 | |||
Virginia Electric and Power Company | Acquisition of Solar Project Ft. Powhatan in Virginia | ||||
Property Plant And Equipment [Line Items] | ||||
Date Agreement Entered | 2019-06 | |||
Date Agreement Closed | 2019-06 | |||
Project Cost | [1] | $ 270 | ||
Date of Commercial Operations | Expected 2021 | |||
MW Capacity | MW | 150 | |||
Virginia Electric and Power Company | Acquisition of Solar Project Belcher in Virginia | ||||
Property Plant And Equipment [Line Items] | ||||
Date Agreement Entered | 2019-06 | |||
Date Agreement Closed | 2019-08 | |||
Project Cost | [1] | $ 160 | ||
Date of Commercial Operations | Expected 2020 | |||
MW Capacity | MW | 88 | |||
Virginia Electric and Power Company | Acquisition of Solar Project Bedford in Virginia | ||||
Property Plant And Equipment [Line Items] | ||||
Date Agreement Entered | 2019-08 | |||
Date Agreement Closed | Pending | |||
Project Cost | [1] | $ 110 | ||
Date of Commercial Operations | Expected 2021 | |||
MW Capacity | MW | 70 | |||
Virginia Electric and Power Company | Acquisition of Solar Project Maplewood in Virginia | ||||
Property Plant And Equipment [Line Items] | ||||
Date Agreement Entered | 2019-10 | |||
Date Agreement Closed | 2019-10 | |||
Project Cost | [1] | $ 190 | ||
Date of Commercial Operations | Expected 2022 | |||
MW Capacity | MW | 120 | |||
[1] | Includes acquisition cost. |
Property Plant and Equipment (N
Property Plant and Equipment (Narrative) (Detail) - Dominion Energy Gas Holdings, LLC - Oil and Gas Properties $ in Millions | 1 Months Ended | 3 Months Ended | |||||||
Sep. 30, 2018USD ($) | Jun. 30, 2018USD ($)afield | Mar. 31, 2018USD ($)afield | Feb. 28, 2018USD ($) | Jan. 31, 2018a | Aug. 31, 2017USD ($)a | Dec. 31, 2013USD ($)a | Dec. 31, 2017USD ($) | Nov. 30, 2014afield | |
Marcellus Shale | |||||||||
Property Plant And Equipment [Line Items] | |||||||||
Development rights (number of acres) | a | 9,000 | 18,000 | 100,000 | 24,000 | |||||
Amount of consideration | $ 6 | $ 28 | |||||||
Period for payments related to conveyance of natural gas storage fields | 9 years | ||||||||
Gas and oil area developed net remaining interest conveyed percentage | 50.00% | ||||||||
Gain on sale | 6 | ||||||||
After tax gain on sale | $ 4 | ||||||||
Number of natural gas storage fields | field | 1 | 1 | |||||||
Marcellus Shale | Other operations and maintenance | |||||||||
Property Plant And Equipment [Line Items] | |||||||||
Gain on sale | 28 | ||||||||
After tax gain on sale | $ 20 | ||||||||
Marcellus Shale | Maximum [Member] | |||||||||
Property Plant And Equipment [Line Items] | |||||||||
Amount of consideration | $ 200 | ||||||||
Marcellus Shale | Amended Agreement to Extend Conveyance of Development Rights | |||||||||
Property Plant And Equipment [Line Items] | |||||||||
Development rights (number of acres) | a | 70,000 | ||||||||
Gas and oil area developed net remaining interest conveyed percentage | 68.00% | ||||||||
Total consideration | $ 65 | $ 130 | $ 65 | ||||||
Marcellus Shale | Final Conveyance | Amended Agreement to Extend Conveyance of Development Rights | |||||||||
Property Plant And Equipment [Line Items] | |||||||||
Gain on sale | 65 | ||||||||
After tax gain on sale | $ 47 | ||||||||
Utica and Point Pleasant Shale | |||||||||
Property Plant And Equipment [Line Items] | |||||||||
Development rights (number of acres) | a | 11,000 | ||||||||
Amount of consideration | $ 16 | ||||||||
Gain on sale | 16 | ||||||||
After tax gain on sale | $ 12 | ||||||||
Number of natural gas storage fields | field | 1 | ||||||||
Proceeds from assignment of Shale Development Rights | $ 16 |
Regulatory Assets and Liabili_3
Regulatory Assets and Liabilities (Schedule of Regulatory Assets) (Detail) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Mar. 31, 2019 | Sep. 30, 2019 | Dec. 31, 2018 | |||
Regulatory Assets [Line Items] | |||||
Regulatory assets-current | $ 966 | $ 496 | [1] | ||
Regulatory assets-noncurrent | 7,669 | 2,676 | [1] | ||
Total regulatory assets | $ 8,635 | 3,172 | |||
Weighted Average | |||||
Regulatory Assets [Line Items] | |||||
Weighted average useful life | 27 years | ||||
SCANA | |||||
Regulatory Assets [Line Items] | |||||
Electric service customers over period | 20 years | ||||
DESC | |||||
Regulatory Assets [Line Items] | |||||
Debt issuance costs | $ 270 | ||||
Virginia Electric and Power Company | |||||
Regulatory Assets [Line Items] | |||||
Regulatory assets-current | [2] | $ 469 | 424 | ||
Regulatory assets-noncurrent | 1,917 | 737 | [3] | ||
Total regulatory assets | 2,386 | 1,161 | |||
Excess deferred taxes adjusted in charge of operating revenue | 29 | ||||
Excess deferred taxes adjusted in charge of operating revenue net of tax | 22 | ||||
Write off of regulatory asset | 17 | 17 | |||
Write off of regulatory asset, after tax | $ 13 | $ 13 | |||
Virginia Electric and Power Company | Weighted Average | |||||
Regulatory Assets [Line Items] | |||||
Weighted average useful life | 24 years | ||||
Dominion Energy Gas Holdings, LLC | |||||
Regulatory Assets [Line Items] | |||||
Regulatory assets-current | [4] | $ 10 | 8 | ||
Regulatory assets-noncurrent | [5] | 46 | 52 | ||
Total regulatory assets | 56 | 60 | |||
Regulatory assets not expect to earn return | |||||
Regulatory Assets [Line Items] | |||||
Regulatory assets-current | [6] | 78 | 174 | ||
Regulatory assets-noncurrent | [6] | 83 | |||
Regulatory assets not expect to earn return | Virginia Electric and Power Company | |||||
Regulatory Assets [Line Items] | |||||
Regulatory assets-current | [7] | 78 | 174 | ||
Regulatory assets-noncurrent | [7] | 83 | |||
Deferred project costs and DSM programs for gas utilities | |||||
Regulatory Assets [Line Items] | |||||
Regulatory assets-current | [8] | 29 | 17 | ||
Unrecovered gas costs | |||||
Regulatory Assets [Line Items] | |||||
Regulatory assets-current | [9] | 118 | 14 | ||
Unrecovered gas costs | Dominion Energy Gas Holdings, LLC | |||||
Regulatory Assets [Line Items] | |||||
Regulatory assets-current | [9] | 2 | 1 | ||
Deferred rate adjustment clause costs for Virginia electric utility | |||||
Regulatory Assets [Line Items] | |||||
Regulatory assets-current | [10],[11] | 226 | 78 | ||
Regulatory assets-noncurrent | [10],[11],[12] | 88 | 230 | ||
Deferred nuclear refueling outage costs | |||||
Regulatory Assets [Line Items] | |||||
Regulatory assets-current | [13] | 50 | 69 | ||
Deferred nuclear refueling outage costs | Virginia Electric and Power Company | |||||
Regulatory Assets [Line Items] | |||||
Regulatory assets-current | [13] | 50 | 69 | ||
PJM transmission rates | |||||
Regulatory Assets [Line Items] | |||||
Regulatory assets-current | [14] | 69 | 45 | ||
Regulatory assets-noncurrent | [14] | 169 | 192 | ||
PJM transmission rates | Virginia Electric and Power Company | |||||
Regulatory Assets [Line Items] | |||||
Regulatory assets-current | [14] | 69 | 45 | ||
Regulatory assets-noncurrent | [14] | 169 | 192 | ||
Other | |||||
Regulatory Assets [Line Items] | |||||
Regulatory assets-current | 258 | 99 | |||
Regulatory assets-noncurrent | 549 | 125 | |||
Other | Virginia Electric and Power Company | |||||
Regulatory Assets [Line Items] | |||||
Regulatory assets-current | 46 | 58 | |||
Regulatory assets-noncurrent | 102 | 54 | |||
Other | Dominion Energy Gas Holdings, LLC | |||||
Regulatory Assets [Line Items] | |||||
Regulatory assets-current | 8 | 7 | |||
Regulatory assets-noncurrent | 10 | 4 | |||
NND Project Costs | |||||
Regulatory Assets [Line Items] | |||||
Regulatory assets-current | [15] | 138 | |||
Regulatory assets-noncurrent | [15] | 2,537 | |||
Unrecognized pension and other postretirement benefit costs | |||||
Regulatory Assets [Line Items] | |||||
Regulatory assets-noncurrent | [16] | 1,331 | 1,497 | ||
Unrecognized pension and other postretirement benefit costs | Dominion Energy Gas Holdings, LLC | |||||
Regulatory Assets [Line Items] | |||||
Regulatory assets-noncurrent | [17] | 4 | 15 | ||
Deferred project costs for gas utilities | |||||
Regulatory Assets [Line Items] | |||||
Regulatory assets-noncurrent | [8] | 482 | 335 | ||
Interest rate hedges | |||||
Regulatory Assets [Line Items] | |||||
Regulatory assets-noncurrent | [18] | 897 | 184 | ||
Interest rate hedges | Virginia Electric and Power Company | |||||
Regulatory Assets [Line Items] | |||||
Regulatory assets-noncurrent | [19] | 555 | 151 | ||
Interest rate hedges | Dominion Energy Gas Holdings, LLC | |||||
Regulatory Assets [Line Items] | |||||
Regulatory assets-noncurrent | [20] | 32 | 33 | ||
AROs and related funding | |||||
Regulatory Assets [Line Items] | |||||
Regulatory assets-noncurrent | [21] | $ 330 | |||
Amortization period for deferred costs | 106 years | ||||
Cost of reacquired debt | |||||
Regulatory Assets [Line Items] | |||||
Regulatory assets-noncurrent | [22],[23] | $ 283 | 3 | ||
Ash pond and landfill closure costs | |||||
Regulatory Assets [Line Items] | |||||
Regulatory assets-noncurrent | [24] | $ 1,003 | 27 | ||
Regulatory assets expected collection period commencing year | 2021 | ||||
Ash pond and landfill closure costs | Maximum [Member] | |||||
Regulatory Assets [Line Items] | |||||
Regulatory assets amounts expected collection period | 18 years | ||||
Ash pond and landfill closure costs | Minimum | |||||
Regulatory Assets [Line Items] | |||||
Regulatory assets amounts expected collection period | 15 years | ||||
Ash pond and landfill closure costs | Virginia Electric and Power Company | |||||
Regulatory Assets [Line Items] | |||||
Regulatory assets-noncurrent | [25] | $ 1,003 | 27 | ||
Regulatory assets expected collection period commencing year | 2021 | ||||
Ash pond and landfill closure costs | Virginia Electric and Power Company | Maximum [Member] | |||||
Regulatory Assets [Line Items] | |||||
Regulatory assets amounts expected collection period | 18 years | ||||
Ash pond and landfill closure costs | Virginia Electric and Power Company | Minimum | |||||
Regulatory Assets [Line Items] | |||||
Regulatory assets amounts expected collection period | 15 years | ||||
Deferred Project Costs | Maximum [Member] | |||||
Regulatory Assets [Line Items] | |||||
Amortization period for deferred costs | 18 months | ||||
Deferred Project Costs | Virginia Electric and Power Company | Maximum [Member] | |||||
Regulatory Assets [Line Items] | |||||
Amortization period for deferred costs | 18 months | ||||
Cost of reacquired debt | |||||
Regulatory Assets [Line Items] | |||||
Amortization period for deferred costs | 26 years | ||||
Deferred rate adjustment clause costs | Virginia Electric and Power Company | |||||
Regulatory Assets [Line Items] | |||||
Regulatory assets-current | [10],[11] | $ 226 | 78 | ||
Regulatory assets-noncurrent | [10],[11],[12] | $ 88 | $ 230 | ||
[1] | Dominion Energy’s Consolidated Balance Sheet at December 31, 2018 has been derived from the audited Consolidated Balance Sheet at that date. | ||||
[2] | Current regulatory assets are presented in other current assets in Virginia Power’s Consolidated Balance Sheets. | ||||
[3] | Virginia Power’s Consolidated Balance Sheet at December 31, 2018 has been derived from the audited Consolidated Balance Sheet at that date. | ||||
[4] | Current regulatory assets are presented in other current assets in Dominion Energy Gas’ Consolidated Balance Sheets. | ||||
[5] | Noncurrent regulatory assets are presented in other deferred charges and other assets in Dominion Energy Gas’ Consolidated Balance Sheets. | ||||
[6] | Reflects deferred fuel expenses for the Virginia, North Carolina and South Carolina jurisdictions of Dominion Energy’s electric generation operations. | ||||
[7] | Reflects deferred fuel expenses for the Virginia and North Carolina jurisdictions of Virginia Power’s generation operations. | ||||
[8] | Primarily reflects amounts expected to be collected from or owed to gas customers in Dominion Energy’s service territories associated with current and prospective rider projects, including CEP, PIR and pipeline integrity management. See Note 13 for more information. | ||||
[9] | Reflects unrecovered or overrecovered gas costs at regulated gas operations, which are recovered or refunded through filings with the applicable regulatory authority. | ||||
[10] | As a result of actions from the Virginia Commission in the first quarter of 2019 regarding the ratemaking treatment of excess deferred taxes from the adoption of the 2017 Tax Reform Act for all existing rate adjustment clauses, Virginia Power recorded a $29 million ($22 million after-tax) charge in operating revenue in the Consolidated Statements of Income for amounts which are probable of being returned to customers. | ||||
[11] | Reflects deferrals under Virginia Power’s electric transmission FERC formula rate and the deferral of costs associated with certain current and prospective rider projects, net of income taxes refundable from the 2017 Tax Reform Act for Virginia Power. See Note 13 for more information. | ||||
[12] | During the first quarter of 2019, Virginia Power recorded a charge of $17 million ($13 million after-tax) to write-off the balance of a regulatory asset for which it is no longer seeking recovery. | ||||
[13] | 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. | ||||
[14] | Reflects amounts to be recovered through retail rates in Virginia for payments Virginia Power will make to PJM over a ten-year period ending 2028 under the terms of a FERC settlement agreement in May 2018 resolving a PJM cost allocation matter. | ||||
[15] | Reflects expenditures by DESC associated with the NND Project, which pursuant to the SCANA Merger Approval Order, will be recovered from DESC electric service customers over a 20-year period ending in 2039. See Note 3 for more information. | ||||
[16] | Represents unrecognized pension and other postretirement employee benefit costs expected to be recovered or refunded through future rates generally over the expected remaining service period of plan participants by certain of Dominion Energy’s rate-regulated subsidiaries. | ||||
[17] | Represents unrecognized pension and other postretirement employee benefit costs expected to be recovered or refunded through future rates generally over the expected remaining service period of plan participants by certain of Dominion Energy Gas’ rate-regulated subsidiaries. | ||||
[18] | Reflects interest rate hedges recoverable from or refundable to customers. Certain of these instruments are settled and any related payments are being amortized into interest expense over the life of the related debt, which has a weighted-average useful life of approximately 27 years as of September 30, 2019. | ||||
[19] | Reflects interest rate hedges recoverable from or refundable to customers. Certain of these instruments are settled and any related payments are being amortized into interest expense over the life of the related debt, which has a weighted-average useful life of approximately 24 years as of September 30, 2019. | ||||
[20] | Reflects interest rate hedges recoverable from or refundable to customers. Certain of these instruments are settled and any related payments are being amortized into interest expense over the life of the related debt, which has a weighted average useful life of approximately 30 years. | ||||
[21] | Represents deferred depreciation and accretion expense related to legal obligations associated with the future retirement of generation, transmission and distribution properties. The AROs primarily relate to DESC’s electric generating facilities, including V.C. Summer nuclear power station, and are expected to be recovered over the related property lives and periods of decommissioning which may range up to approximately 106 years. | ||||
[22] | Costs of the reacquisition of debt are deferred and amortized as interest expense over the would-be remaining life of the reacquired debt. The reacquired debt costs had a weighted-average life of approximately 26 years as of September 30, 2019. | ||||
[23] | During 2019, DESC purchased certain of its first mortgage bonds as discussed in Note 17. As a result of these transactions, DESC incurred net costs, including write-offs of unamortized discount, premium and debt issuance costs, of $270 million. | ||||
[24] | Primarily reflects legislation enacted in Virginia in March 2019 which requires any CCR unit located at certain Virginia Power stations to be closed by removing the CCRs to an approved landfill or through recycling for beneficial reuse. Subject to approval by the Virginia Commission, amounts are expected to be collected over a period between 15 and 18 years commencing no earlier than 2021. See Note 18 for additional information. | ||||
[25] | Primarily reflects legislation enacted in Virginia in March 2019 which requires any CCR unit located at certain Virginia Power stations to be closed by removing the CCR to an approved landfill or through recycling for beneficial reuse. Subject to approval by the Virginia Commission, amounts are expected to be collected over a period between 15 and 18 years commencing no earlier than 2021. See Note 18 for additional information. |
Regulatory Assets and Liabili_4
Regulatory Assets and Liabilities (Schedule of Regulatory Liabilities) (Detail) - USD ($) $ in Millions | Sep. 30, 2019 | Dec. 31, 2018 | ||
Regulatory Liabilities [Line Items] | ||||
Regulatory liabilities-current | $ 547 | $ 356 | [1] | |
Regulatory liabilities-noncurrent | 10,926 | 6,840 | [1] | |
Total regulatory liabilities | 11,473 | 7,196 | ||
Virginia Electric and Power Company | ||||
Regulatory Liabilities [Line Items] | ||||
Regulatory liabilities-current | 180 | 299 | [2] | |
Regulatory liabilities-noncurrent | 4,978 | 4,647 | [2] | |
Total regulatory liabilities | 5,158 | 4,946 | ||
Dominion Energy Gas Holdings, LLC | ||||
Regulatory Liabilities [Line Items] | ||||
Regulatory liabilities-current | [3] | 30 | 24 | |
Regulatory liabilities-noncurrent | 807 | 765 | [4] | |
Total regulatory liabilities | 837 | 789 | ||
Overrecovered Gas Costs [Member] | Dominion Energy Gas Holdings, LLC | ||||
Regulatory Liabilities [Line Items] | ||||
Regulatory liabilities-current | [5] | 7 | 7 | |
Provision for future cost of removal and AROs | ||||
Regulatory Liabilities [Line Items] | ||||
Regulatory liabilities-current | [6] | 117 | 117 | |
Regulatory liabilities-noncurrent | [6] | 2,315 | 1,409 | |
Provision for future cost of removal and AROs | Virginia Electric and Power Company | ||||
Regulatory Liabilities [Line Items] | ||||
Regulatory liabilities-current | [7] | 92 | 92 | |
Provision for future cost of removal and AROs | Dominion Energy Gas Holdings, LLC | ||||
Regulatory Liabilities [Line Items] | ||||
Regulatory liabilities-current | [8] | 10 | 9 | |
Regulatory liabilities-noncurrent | [8] | 110 | 113 | |
Reserve for refunds and rate credits to electric utility customers | ||||
Regulatory Liabilities [Line Items] | ||||
Regulatory liabilities-current | [9] | 215 | 71 | |
Regulatory liabilities-noncurrent | [10] | 707 | ||
Reserve for refunds and rate credits to electric utility customers | Virginia Electric and Power Company | ||||
Regulatory Liabilities [Line Items] | ||||
Regulatory liabilities-current | [11] | 71 | ||
Cost-of-service impact of 2017 Tax Reform Act | ||||
Regulatory Liabilities [Line Items] | ||||
Regulatory liabilities-current | [12] | 2 | 104 | |
Cost-of-service impact of 2017 Tax Reform Act | Virginia Electric and Power Company | ||||
Regulatory Liabilities [Line Items] | ||||
Regulatory liabilities-current | [13] | 2 | 95 | |
Income taxes refundable through future rates | ||||
Regulatory Liabilities [Line Items] | ||||
Regulatory liabilities-current | [14] | 82 | ||
Regulatory liabilities-noncurrent | [14] | 5,007 | 4,071 | |
Income taxes refundable through future rates | Virginia Electric and Power Company | ||||
Regulatory Liabilities [Line Items] | ||||
Regulatory liabilities-current | [14] | 74 | ||
Regulatory liabilities-noncurrent | [14] | 2,405 | 2,579 | |
Income taxes refundable through future rates | Dominion Energy Gas Holdings, LLC | ||||
Regulatory Liabilities [Line Items] | ||||
Regulatory liabilities-noncurrent | [14] | 560 | 530 | |
Monetization of guarantee settlement | ||||
Regulatory Liabilities [Line Items] | ||||
Regulatory liabilities-current | [15] | 67 | ||
Regulatory liabilities-noncurrent | [15] | 987 | ||
Other | ||||
Regulatory Liabilities [Line Items] | ||||
Regulatory liabilities-current | 64 | 64 | ||
Regulatory liabilities-noncurrent | 405 | 170 | ||
Other | Virginia Electric and Power Company | ||||
Regulatory Liabilities [Line Items] | ||||
Regulatory liabilities-current | 12 | 41 | ||
Regulatory liabilities-noncurrent | 163 | 58 | ||
Other | Dominion Energy Gas Holdings, LLC | ||||
Regulatory Liabilities [Line Items] | ||||
Regulatory liabilities-current | 13 | 8 | ||
Regulatory liabilities-noncurrent | 12 | 16 | ||
Nuclear decommissioning trust | ||||
Regulatory Liabilities [Line Items] | ||||
Regulatory liabilities-noncurrent | [16] | 1,354 | 1,070 | |
Nuclear decommissioning trust | Virginia Electric and Power Company | ||||
Regulatory Liabilities [Line Items] | ||||
Regulatory liabilities-noncurrent | [17] | 1,354 | 1,070 | |
Overrecovered Other Postretirement Benefit Costs | ||||
Regulatory Liabilities [Line Items] | ||||
Regulatory liabilities-noncurrent | [18] | 151 | 120 | |
Overrecovered Other Postretirement Benefit Costs | Dominion Energy Gas Holdings, LLC | ||||
Regulatory Liabilities [Line Items] | ||||
Regulatory liabilities-noncurrent | [18] | 125 | 106 | |
Provision For Future Cost Of Removal | Virginia Electric and Power Company | ||||
Regulatory Liabilities [Line Items] | ||||
Regulatory liabilities-noncurrent | [7] | $ 1,056 | $ 940 | |
[1] | Dominion Energy’s Consolidated Balance Sheet at December 31, 2018 has been derived from the audited Consolidated Balance Sheet at that date. | |||
[2] | Virginia Power’s Consolidated Balance Sheet at December 31, 2018 has been derived from the audited Consolidated Balance Sheet at that date. | |||
[3] | Current regulatory liabilities are presented in other current liabilities in Dominion Energy Gas’ Consolidated Balance Sheets. | |||
[4] | Dominion Energy Gas’ Consolidated Balance Sheet at December 31, 2018 has been derived from the audited Consolidated Balance Sheet at that date. | |||
[5] | Reflects unrecovered or overrecovered gas costs at regulated gas operations, which are recovered or refunded through filings with the applicable regulatory authority. | |||
[6] | Rates charged to customers by Dominion Energy’s 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. | |||
[7] | Rates charged to customers by Virginia Power’s 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. | |||
[8] | Rates charged to customers by Dominion Energy Gas’ 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. | |||
[9] | Reflects amounts previously collected from retail electric customers of DESC for the NND Project to be credited over an estimated 11-year period in connection with the SCANA Merger Approval Order and Virginia legislation enacted in March 2018 that required one-time rate credits of certain amounts to utility customers in Virginia. See Notes 3 and 13 to the Consolidated Financial Statements in the Companies’ Annual Report on Form 10-K for the year ended December 31, 2018, as updated in Current Report on Form 8-K, filed on November 18, 2019, and Note 3 for more information. | |||
[10] | Reflects amounts previously collected from retail electric customers of DESC for the NND Project to be credited over an estimated 11-year period in connection with the SCANA Merger Approval Order and Virginia legislation enacted in March 2018 that required one-time rate credits of certain amounts to utility customers in Virginia. See Notes 3 and 13 to the Consolidated Financial Statements in the Companies’ Annual Report on Form 10-K for the year ended December 31, 2018 and Note 3 for more information. | |||
[11] | Charge associated with Virginia legislation enacted in March 2018 that required one-time rate credits of certain amounts to utility customers. See Note 13 to the Consolidated Financial Statements in the Companies’ Annual Report on Form 10-K for the year ended December 31, 2018, as updated in Current Report on Form 8-K, filed November 18, 2019, for more information. | |||
[12] | Balance refundable to customers related to the decrease in revenue requirements for recovery of income taxes at the Companies’ regulated electric generation and electric and natural gas distribution operations. See Notes 3 and 13 to the Consolidated Financial Statements in the Companies’ Annual Report on Form 10-K for the year ended December 31, 2018, as updated in Current Report on Form 8-K, filed on November 18, 2019, and Note 13 for more information. | |||
[13] | Balance refundable to customers related to the decrease in revenue requirements for recovery of income taxes at regulated electric generation and distribution operations. See Note 13 to the Consolidated Financial Statements in the Companies’ Annual Report on Form 10-K for the year ended December 31, 2018, as updated in Current Report on Form 8-K, filed November 18, 2019, and Note 13 for more information. | |||
[14] | Amounts recorded to pass the effect of reduced income taxes from the 2017 Tax Reform Act to customers in future periods, which will reverse at the weighted average tax rate that was used to build the reserves over the remaining book life of the property, net of amounts to be recovered through future rates to pay income taxes that become payable when rate revenue is provided to recover AFUDC equity. | |||
[15] | Reflects amounts to be refunded to DESC electric service customers over a 20-year period ending in 2039 associated with the monetization of a bankruptcy settlement agreement. See Note 3 for additional information. | |||
[16] | 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, as applicable) for the future decommissioning of Dominion Energy’s utility nuclear generation stations, in excess of the related AROs. | |||
[17] | 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. | |||
[18] | Reflects a regulatory liability for the collection of postretirement benefit costs allowed in rates in excess of expense incurred. |
Regulatory Assets and Liabili_5
Regulatory Assets and Liabilities (Narrative) (Detail) $ in Millions | 9 Months Ended |
Sep. 30, 2019USD ($) | |
Public Utilities General Disclosures [Line Items] | |
Regulatory assets not expect to earn return | $ 2,400 |
Period for which expenditures are expected to be recovered | 2 years |
Virginia Electric and Power Company | |
Public Utilities General Disclosures [Line Items] | |
Regulatory assets not expect to earn return | $ 1,300 |
Dominion Energy Gas Holdings, LLC | |
Public Utilities General Disclosures [Line Items] | |
Regulatory assets not expect to earn return | $ 50 |
Regulatory Matters (Narrative)
Regulatory Matters (Narrative) (Detail) ft³ in Millions, $ in Millions | Nov. 01, 2019USD ($) | Jun. 01, 2019USD ($) | Oct. 31, 2019USD ($) | Sep. 30, 2019USD ($) | Aug. 31, 2019USD ($) | Jun. 30, 2019USD ($) | May 31, 2019USD ($) | Apr. 30, 2019ft³ | Mar. 31, 2019USD ($) | Jan. 31, 2019USD ($) | Dec. 31, 2018USD ($) | Oct. 31, 2018USD ($) | Jul. 31, 2018USD ($) | Jun. 30, 2015USD ($)Building | Nov. 30, 2013kVmi | Sep. 30, 2019USD ($) | Jun. 30, 2019USD ($) | Sep. 30, 2018USD ($) | Jun. 30, 2018USD ($) | Sep. 30, 2019USD ($) | Sep. 30, 2018USD ($) | Dec. 31, 2020USD ($) | Mar. 31, 2020USD ($) | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) |
Public Utilities General Disclosures [Line Items] | |||||||||||||||||||||||||
Impairment of assets and other charges | $ 85 | $ 12 | $ 1,232 | $ 147 | |||||||||||||||||||||
Dominion Energy Gas Holdings, LLC | |||||||||||||||||||||||||
Public Utilities General Disclosures [Line Items] | |||||||||||||||||||||||||
Impairment of assets and other charges | $ 1 | 13 | $ 127 | ||||||||||||||||||||||
Virginia Electric and Power Company | |||||||||||||||||||||||||
Public Utilities General Disclosures [Line Items] | |||||||||||||||||||||||||
Submitted and approved decrease in base rate revenue | $ 14 | ||||||||||||||||||||||||
Regulatory liabilities one time bill credit reduction amount | $ 13 | ||||||||||||||||||||||||
Impairment of assets and other charges | 38 | 781 | |||||||||||||||||||||||
Virginia Electric and Power Company | Virginia Regulation | |||||||||||||||||||||||||
Public Utilities General Disclosures [Line Items] | |||||||||||||||||||||||||
Proposed annual revenue reduction amount | $ 171 | ||||||||||||||||||||||||
Interim rate reduction amount | $ 125 | ||||||||||||||||||||||||
Annual revenue reduction amount | $ 183 | ||||||||||||||||||||||||
Estimated annual revenue reduction on one-time customer credit | 132 | ||||||||||||||||||||||||
Proposed revenue requirement | $ 1,500 | ||||||||||||||||||||||||
Proposed revenue requirement recovered balance | $ 107 | 124 | |||||||||||||||||||||||
Increase (decrease) in revenue requirement | $ (254) | $ (192) | |||||||||||||||||||||||
Virginia Electric and Power Company | Virginia Regulation | Rider E | |||||||||||||||||||||||||
Public Utilities General Disclosures [Line Items] | |||||||||||||||||||||||||
Impairment of assets and other charges | 21 | 21 | |||||||||||||||||||||||
Asset impairment after tax charge | $ 16 | 16 | 16 | ||||||||||||||||||||||
Total revenue requirement | $ 104 | $ 114 | |||||||||||||||||||||||
Virginia Electric and Power Company | Virginia Regulation | Rider U | |||||||||||||||||||||||||
Public Utilities General Disclosures [Line Items] | |||||||||||||||||||||||||
Total revenue requirement | 52 | ||||||||||||||||||||||||
Virginia Electric and Power Company | Virginia Regulation | Rider U | Fourth Phase | |||||||||||||||||||||||||
Public Utilities General Disclosures [Line Items] | |||||||||||||||||||||||||
Projected capital investment | 123 | ||||||||||||||||||||||||
Virginia Electric and Power Company | Virginia Regulation | Battery Storage Pilot | |||||||||||||||||||||||||
Public Utilities General Disclosures [Line Items] | |||||||||||||||||||||||||
Estimated cost of project | $ 35 | ||||||||||||||||||||||||
Virginia Electric and Power Company | Virginia Regulation | GTSA | |||||||||||||||||||||||||
Public Utilities General Disclosures [Line Items] | |||||||||||||||||||||||||
Estimated cost of project | 816 | $ 68 | $ 816 | 816 | |||||||||||||||||||||
Operations and maintenance expenses | 83 | $ 102 | |||||||||||||||||||||||
Proposed cost of project | 511 | ||||||||||||||||||||||||
Virginia Electric and Power Company | Virginia Regulation | Surry Switching Station Transmission Line | |||||||||||||||||||||||||
Public Utilities General Disclosures [Line Items] | |||||||||||||||||||||||||
Length of transmission line (miles) | mi | 7 | ||||||||||||||||||||||||
Capacity of transmission line (kV) | kV | 500 | ||||||||||||||||||||||||
Virginia Electric and Power Company | Virginia Regulation | Transmission Line from Skiffes Creek Switching Station to Wheaton Substation | |||||||||||||||||||||||||
Public Utilities General Disclosures [Line Items] | |||||||||||||||||||||||||
Length of transmission line (miles) | mi | 20 | ||||||||||||||||||||||||
Capacity of transmission line (kV) | kV | 230 | ||||||||||||||||||||||||
Virginia Electric and Power Company | North Carolina Regulation | |||||||||||||||||||||||||
Public Utilities General Disclosures [Line Items] | |||||||||||||||||||||||||
Increase (decrease) in revenue requirement | (18) | ||||||||||||||||||||||||
Percentage of earned return | 7.52% | ||||||||||||||||||||||||
Authorized return percentage | 9.90% | ||||||||||||||||||||||||
Return of equity percentage | 10.75% | ||||||||||||||||||||||||
Virginia Electric and Power Company | North Carolina Regulation | Annual Base Fuel Revenues | |||||||||||||||||||||||||
Public Utilities General Disclosures [Line Items] | |||||||||||||||||||||||||
Increase (decrease) in revenue requirement | $ 27 | 24 | |||||||||||||||||||||||
Dominion Energy South Carolina Inc | South Carolina Regulation | |||||||||||||||||||||||||
Public Utilities General Disclosures [Line Items] | |||||||||||||||||||||||||
Increase (decrease) in revenue requirement | $ 7 | ||||||||||||||||||||||||
Total revenue requirement | 437 | ||||||||||||||||||||||||
Approved revenue required | $ 436 | ||||||||||||||||||||||||
East Ohio | Ohio Regulation | UEX Rider | |||||||||||||||||||||||||
Public Utilities General Disclosures [Line Items] | |||||||||||||||||||||||||
Elimination of over-recovered balance of accumulated bad debt expense | $ 3 | ||||||||||||||||||||||||
East Ohio | Ohio Regulation | Scenario Forecast | UEX Rider | |||||||||||||||||||||||||
Public Utilities General Disclosures [Line Items] | |||||||||||||||||||||||||
Recovery of prospective net bad debt expense | $ 15 | ||||||||||||||||||||||||
Hope Gas, Inc. | West Virginia Regulation | PREP | |||||||||||||||||||||||||
Public Utilities General Disclosures [Line Items] | |||||||||||||||||||||||||
Amount of cost recovery | $ 10 | ||||||||||||||||||||||||
Hope Gas, Inc. | West Virginia Regulation | Scenario Forecast | PREP | |||||||||||||||||||||||||
Public Utilities General Disclosures [Line Items] | |||||||||||||||||||||||||
Projected capital investment | $ 39 | $ 29 | |||||||||||||||||||||||
Cove Point | West Virginia Regulation | PREP | |||||||||||||||||||||||||
Public Utilities General Disclosures [Line Items] | |||||||||||||||||||||||||
Amount of cost recovery | $ 30 | ||||||||||||||||||||||||
Cove Point | Federal Energy Regulatory Commission | |||||||||||||||||||||||||
Public Utilities General Disclosures [Line Items] | |||||||||||||||||||||||||
Increase (decrease) in revenue requirement | 1 | ||||||||||||||||||||||||
Impairment of assets and other charges | 37 | ||||||||||||||||||||||||
Asset impairment after tax charge | 28 | $ 28 | |||||||||||||||||||||||
Public utilities expected cost to acquire productive assets | $ 150 | ||||||||||||||||||||||||
Public utilities number of binding precedent agreements for project facilities | Building | 2 | ||||||||||||||||||||||||
Estimated Cost of project | $ 45 | ||||||||||||||||||||||||
Annual transportation cost rate adjustment, approval amount requested to recover amount | $ 25 | ||||||||||||||||||||||||
Questar Gas | Utah Regulation | |||||||||||||||||||||||||
Public Utilities General Disclosures [Line Items] | |||||||||||||||||||||||||
LNG storage facility, liquefaction rate per day | ft³ | 8.2 | ||||||||||||||||||||||||
DETI | Dominion Energy Gas Holdings, LLC | |||||||||||||||||||||||||
Public Utilities General Disclosures [Line Items] | |||||||||||||||||||||||||
Disallowance of costs of property, plant and equipment | $ 129 | ||||||||||||||||||||||||
Disallowance of costs of property, plant and equipment, net of tax | $ 94 | ||||||||||||||||||||||||
DETI | Dominion Energy Gas Holdings, LLC | Federal Energy Regulatory Commission | Supply Header Project | |||||||||||||||||||||||||
Public Utilities General Disclosures [Line Items] | |||||||||||||||||||||||||
Impairment of assets and other charges | 13 | ||||||||||||||||||||||||
Asset impairment after tax charge | $ 10 | $ 10 | |||||||||||||||||||||||
DETI | Dominion Energy Gas Holdings, LLC | Federal Energy Regulatory Commission | Supply Header Project | Atlantic Coast Pipeline | |||||||||||||||||||||||||
Public Utilities General Disclosures [Line Items] | |||||||||||||||||||||||||
Annual transportation cost rate adjustment, approval amount requested to recover amount | 38 | ||||||||||||||||||||||||
Annual electric power cost rate adjustment, approval amount requested to recover amount | $ 10 |
Regulatory Matters - Summary of
Regulatory Matters - Summary of Additional Significant Riders Associated with Various Virginia Power Projects (Detail) - Virginia Electric and Power Company $ in Millions | 9 Months Ended |
Sep. 30, 2019USD ($) | |
Rider BW | |
Public Utilities General Disclosures [Line Items] | |
Application Date | 2019-10 |
Approval Date | Pending |
Rate Year Beginning | 2020-09 |
Total Revenue Requirement (millions) | $ 120 |
Increase (decrease) in revenue requirement | $ 1 |
Rider US-2 | |
Public Utilities General Disclosures [Line Items] | |
Application Date | 2019-10 |
Approval Date | Pending |
Rate Year Beginning | 2020-09 |
Total Revenue Requirement (millions) | $ 10 |
Increase (decrease) in revenue requirement | $ (5) |
Regulatory Matters - Summary _2
Regulatory Matters - Summary of Virginia Power Electric Transmission Project Applied (Detail) - Virginia Electric and Power Company - Virginia Regulation $ in Millions | 9 Months Ended |
Sep. 30, 2019USD ($)kVmi | |
Rebuild and Operate Glebe Substation and Relocate and Operate in Arlington County, Virginia and City of Alexandria, Virginia Existing Overhead Line Underground | |
Public Utilities General Disclosures [Line Items] | |
Application Date | 2019-03 |
Approval Date | 2019-09 |
Type of Line | kV | 230 |
Cost Estimate (millions) | $ | $ 125 |
Rebuild and Operate Glebe Substation and Relocate and Operate in Arlington County, Virginia and City of Alexandria, Virginia Existing Overhead Line Underground | Maximum [Member] | |
Public Utilities General Disclosures [Line Items] | |
Miles of Lines | mi | 1 |
Rebuild and Operate Five Segments Between the Loudoun and Ox Substations | |
Public Utilities General Disclosures [Line Items] | |
Application Date | 2019-08 |
Approval Date | Pending |
Type of Line | kV | 230 |
Miles of Lines | mi | 19 |
Cost Estimate (millions) | $ | $ 70 |
Asset Retirement Obligations (C
Asset Retirement Obligations (Changes to AROs) (Detail) $ in Millions | 9 Months Ended | |
Sep. 30, 2019USD ($) | ||
Asset Retirement Obligations [Line Items] | ||
AROs, Beginning balance | $ 2,532 | [1] |
Obligations incurred during the period | 2,404 | [2] |
Obligations settled during the period | (100) | |
AROs acquired in the SCANA Combination | 577 | |
Revisions in estimated cash flows | (229) | [2] |
Accretion | 153 | |
AROs, Ending balance | 5,337 | [1] |
Virginia Electric and Power Company | ||
Asset Retirement Obligations [Line Items] | ||
AROs, Beginning balance | 1,445 | [3] |
Obligations incurred during the period | 2,403 | [2] |
Obligations settled during the period | (60) | |
Revisions in estimated cash flows | (202) | [2] |
Accretion | 94 | |
AROs, Ending balance | 3,680 | [3] |
Dominion Energy Gas Holdings, LLC | ||
Asset Retirement Obligations [Line Items] | ||
AROs, Beginning balance | 88 | [4] |
Obligations settled during the period | (2) | |
Accretion | 3 | |
AROs, Ending balance | $ 89 | [4] |
[1] | Includes $282 million and $317 million reported in other current liabilities at December 31, 2018 and September 30, 2019, respectively. | |
[2] | Primarily related to future ash pond and landfill closure costs at certain utility generation facilities. See Note 18 for further information. | |
[3] | Includes $245 million and $262 million reported in other current liabilities at December 31, 2018 and September 30, 2019, respectively. | |
[4] | Includes $79 million and $76 million reported in other deferred credits and other liabilities, with the remainder recorded in other current liabilities, at December 31, 2018 and September 30, 2019, respectively. |
Asset Retirement Obligations _2
Asset Retirement Obligations (Changes to AROs) (Parenthetical) (Detail) - USD ($) $ in Millions | Sep. 30, 2019 | Dec. 31, 2018 | |
Asset Retirement Obligations [Line Items] | |||
Asset retirement obligations, non current | $ 5,020 | $ 2,250 | [1] |
Virginia Electric and Power Company | |||
Asset Retirement Obligations [Line Items] | |||
Asset retirement obligations, non current | 3,418 | 1,200 | [2] |
Current Liabilities | |||
Asset Retirement Obligations [Line Items] | |||
Asset retirement obligations | 317 | 282 | |
Current Liabilities | Virginia Electric and Power Company | |||
Asset Retirement Obligations [Line Items] | |||
Asset retirement obligations | 262 | 245 | |
Other Deferred Credits And Other Liabilities | Dominion Energy Gas Holdings, LLC | |||
Asset Retirement Obligations [Line Items] | |||
Asset retirement obligations, non current | $ 76 | $ 79 | |
[1] | Dominion Energy’s Consolidated Balance Sheet at December 31, 2018 has been derived from the audited Consolidated Balance Sheet at that date. | ||
[2] | Virginia Power’s Consolidated Balance Sheet at December 31, 2018 has been derived from the audited Consolidated Balance Sheet at that date. |
Asset Retirement Obligations (N
Asset Retirement Obligations (Narrative) (Detail) - USD ($) $ in Millions | Sep. 30, 2019 | Dec. 31, 2018 | |
Asset Retirement Obligations [Line Items] | |||
Nuclear decommissioning trust funds | $ 5,860 | $ 4,938 | [1] |
Virginia Electric and Power Company | |||
Asset Retirement Obligations [Line Items] | |||
Nuclear decommissioning trust funds | $ 2,738 | $ 2,369 | [2] |
[1] | Dominion Energy’s Consolidated Balance Sheet at December 31, 2018 has been derived from the audited Consolidated Balance Sheet at that date. | ||
[2] | Virginia Power’s Consolidated Balance Sheet at December 31, 2018 has been derived from the audited Consolidated Balance Sheet at that date. |
Leases (Lease Assets and Liabil
Leases (Lease Assets and Liabilities Recorded in Consolidated Balance Sheets) (Detail) - USD ($) $ in Millions | Sep. 30, 2019 | Jan. 01, 2019 | Jul. 31, 2016 | ||
Lessee Lease Disclosure [Line Items] | |||||
Operating lease assets | $ 455 | $ 504 | |||
Finance lease assets | 159 | [1] | $ 67 | ||
Total lease assets | 614 | ||||
Operating lease liabilities - current | [2] | 58 | |||
Finance lease liabilities - current | [3] | 30 | |||
Total lease liabilities - current | 88 | ||||
Operating lease liabilities - noncurrent | 394 | ||||
Finance lease liabilities - noncurrent | [4] | 132 | |||
Total lease liabilities - noncurrent | 526 | ||||
Total lease liabilities | 614 | ||||
Virginia Electric and Power Company | |||||
Lessee Lease Disclosure [Line Items] | |||||
Operating lease assets | 184 | 209 | |||
Finance lease assets | [1] | 15 | |||
Total lease assets | 199 | ||||
Operating lease liabilities - current | [2] | 30 | |||
Finance lease liabilities - current | [3] | 3 | |||
Total lease liabilities - current | 33 | ||||
Operating lease liabilities - noncurrent | 152 | ||||
Finance lease liabilities - noncurrent | [4] | 11 | |||
Total lease liabilities - noncurrent | 163 | ||||
Total lease liabilities | 196 | ||||
Dominion Energy Gas Holdings, LLC | |||||
Lessee Lease Disclosure [Line Items] | |||||
Operating lease assets | 37 | $ 64 | |||
Finance lease assets | [1] | 4 | |||
Total lease assets | [5] | 41 | |||
Operating lease liabilities - current | [2] | 6 | |||
Finance lease liabilities - current | [3] | 1 | |||
Total lease liabilities - current | 7 | ||||
Operating lease liabilities - noncurrent | 31 | ||||
Finance lease liabilities - noncurrent | [4] | 4 | |||
Total lease liabilities - noncurrent | 35 | ||||
Total lease liabilities | [5] | $ 42 | |||
[1] | Included in property, plant and equipment in the Companies’ Consolidated Balance Sheets, net of $39 million, $3 million and $1 million of accumulated amortization at Dominion Energy, Virginia Power and Dominion Energy Gas, respectively, at September 30, 2019. | ||||
[2] | Included in other current liabilities in the Companies’ Consolidated Balance Sheets. | ||||
[3] | Included in securities due within one year in the Companies’ Consolidated Balance Sheets. | ||||
[4] | Included in long-term debt in the Companies’ Consolidated Balance Sheets. | ||||
[5] | Excludes $26 million of lease assets recorded in assets of discontinued operations and $24 million for lease liabilities recorded in liabilities of discontinued operations. |
Leases (Lease Assets and Liab_2
Leases (Lease Assets and Liabilities Recorded in Consolidated Balance Sheets) (Parenthetical) (Detail) - USD ($) $ in Millions | Sep. 30, 2019 | Jan. 01, 2019 | |
Lessee Lease Disclosure [Line Items] | |||
Finance lease assets, accumulated amortization | $ 39 | ||
Lease Right Of Use Assets | 455 | $ 504 | |
Lease Liabilities | 452 | 504 | |
Discontinued Operations [Member] | |||
Lessee Lease Disclosure [Line Items] | |||
Lease Right Of Use Assets | 26 | ||
Lease Liabilities | 24 | ||
Virginia Electric and Power Company | |||
Lessee Lease Disclosure [Line Items] | |||
Finance lease assets, accumulated amortization | 3 | ||
Lease Right Of Use Assets | 184 | 209 | |
Lease Liabilities | 182 | 209 | |
Dominion Energy Gas Holdings, LLC | |||
Lessee Lease Disclosure [Line Items] | |||
Finance lease assets, accumulated amortization | 1 | ||
Lease Right Of Use Assets | 37 | 64 | |
Lease Liabilities | $ 56 | [1] | $ 64 |
[1] | Includes amounts reflected in discontinued operations. |
Leases (Narrative) (Detail)
Leases (Narrative) (Detail) - USD ($) $ in Millions | Jul. 31, 2016 | Sep. 30, 2019 | Sep. 30, 2019 | Dec. 31, 2018 | [1] | ||
Leases Disclosure [Line Items] | |||||||
Property, plant and equipment, net | $ 67,978 | $ 67,978 | $ 54,560 | ||||
Accumulated depreciation, depletion and amortization | 28,144 | 28,144 | $ 22,018 | ||||
Lease, term of commenced | 5 years | ||||||
Right-of-use asset | $ 67 | 159 | [2] | 159 | [2] | ||
Offsetting lease obligation | $ 67 | 162 | 162 | ||||
Corporate office | Agreement with Lessor to Construct and Lease Corporate Office Property | |||||||
Leases Disclosure [Line Items] | |||||||
Extension term of lease | 5 years | ||||||
Required percentage payment to lessor for difference between project costs and sales proceeds | 87.00% | ||||||
Lessor | Corporate office | Agreement with Lessor to Construct and Lease Corporate Office Property | |||||||
Leases Disclosure [Line Items] | |||||||
Amount of financing commitments to fund estimated project costs | $ 365 | ||||||
Power Purchase Arrangements | |||||||
Leases Disclosure [Line Items] | |||||||
Property, plant and equipment, net | 2,800 | 2,800 | |||||
Accumulated depreciation, depletion and amortization | 341 | 341 | |||||
Rental revenue | 64 | 146 | |||||
Depreciation expense | $ 23 | $ 70 | |||||
[1] | Dominion Energy’s Consolidated Balance Sheet at December 31, 2018 has been derived from the audited Consolidated Balance Sheet at that date. | ||||||
[2] | Included in property, plant and equipment in the Companies’ Consolidated Balance Sheets, net of $39 million, $3 million and $1 million of accumulated amortization at Dominion Energy, Virginia Power and Dominion Energy Gas, respectively, at September 30, 2019. |
Leases (Summary of Total Lease
Leases (Summary of Total Lease Cost) (Detail) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended |
Sep. 30, 2019 | Sep. 30, 2019 | |
Finance lease cost: | ||
Finance lease cost, Amortization | $ 7 | $ 14 |
Finance lease cost, Interest | 1 | 3 |
Operating lease cost | 20 | 64 |
Short-term lease cost | 7 | 20 |
Variable lease cost | 1 | 4 |
Total lease cost | 36 | 105 |
Virginia Electric and Power Company | ||
Finance lease cost: | ||
Operating lease cost | 10 | 31 |
Short-term lease cost | 3 | 7 |
Variable lease cost | 1 | 2 |
Total lease cost | 14 | 40 |
Dominion Energy Gas Holdings, LLC | ||
Finance lease cost: | ||
Operating lease cost | 1 | 5 |
Short-term lease cost | 2 | 5 |
Total lease cost | $ 3 | $ 10 |
Leases (Cash Paid for Amounts I
Leases (Cash Paid for Amounts Included in Measurement of Lease Liabilities) (Detail) $ in Millions | 9 Months Ended |
Sep. 30, 2019USD ($) | |
Lessee Lease Disclosure [Line Items] | |
Operating cash flows for finance leases | $ 3 |
Operating cash flows for operating leases | 89 |
Financing cash flows for finance leases | 12 |
Virginia Electric and Power Company | |
Lessee Lease Disclosure [Line Items] | |
Operating cash flows for operating leases | 40 |
Dominion Energy Gas Holdings, LLC | |
Lessee Lease Disclosure [Line Items] | |
Operating cash flows for operating leases | $ 10 |
Leases (Weighted Average Remain
Leases (Weighted Average Remaining Lease Term and Weighted Discounted Rate for Finance and Operating Leases) (Detail) | Sep. 30, 2019 |
Lessee Lease Disclosure [Line Items] | |
Weighted average remaining lease term - finance leases | 6 years |
Weighted average remaining lease term - operating leases | 21 years |
Weighted average discount rate - finance leases | 4.36% |
Weighted average discount rate - operating leases | 4.58% |
Virginia Electric and Power Company | |
Lessee Lease Disclosure [Line Items] | |
Weighted average remaining lease term - finance leases | 6 years |
Weighted average remaining lease term - operating leases | 17 years |
Weighted average discount rate - finance leases | 4.65% |
Weighted average discount rate - operating leases | 4.51% |
Dominion Energy Gas Holdings, LLC | |
Lessee Lease Disclosure [Line Items] | |
Weighted average remaining lease term - finance leases | 6 years |
Weighted average remaining lease term - operating leases | 9 years |
Weighted average discount rate - finance leases | 4.55% |
Weighted average discount rate - operating leases | 4.43% |
Leases (Scheduled Maturities of
Leases (Scheduled Maturities of Lease Liabilities) (Detail) - USD ($) $ in Millions | Sep. 30, 2019 | Jan. 01, 2019 | Jul. 31, 2016 | ||
Maturity of Operating Lease Liabilities | |||||
Maturity of Lease Liabilities, Operating, 2019 | $ 18 | ||||
Maturity of Lease Liabilities, Operating, 2020 | 68 | ||||
Maturity of Lease Liabilities, Operating, 2021 | 61 | ||||
Maturity of Lease Liabilities, Operating, 2022 | 50 | ||||
Maturity of Lease Liabilities, Operating, 2023 | 40 | ||||
Maturity of Lease Liabilities, Operating, After 2023 | 538 | ||||
Maturity of Lease Liabilities, Operating, Total undiscounted lease payments | 775 | ||||
Present value adjustment, Operating | (323) | ||||
Present value of lease liabilities, Operating | 452 | $ 504 | |||
Maturity of Finance Lease Liabilities | |||||
Maturity of Lease Liabilities, Finance, 2019 | 10 | ||||
Maturity of Lease Liabilities, Finance, 2020 | 39 | ||||
Maturity of Lease Liabilities, Finance, 2021 | 33 | ||||
Maturity of Lease Liabilities, Finance, 2022 | 31 | ||||
Maturity of Lease Liabilities, Finance, 2023 | 28 | ||||
Maturity of Lease Liabilities, Finance, After 2023 | 49 | ||||
Maturity of Lease Liabilities, Finance, Total undiscounted lease payments | 190 | ||||
Present value adjustment, Finance | (28) | ||||
Present value of lease liabilities, Finance | 162 | $ 67 | |||
Virginia Electric and Power Company | |||||
Maturity of Operating Lease Liabilities | |||||
Maturity of Lease Liabilities, Operating, 2019 | 8 | ||||
Maturity of Lease Liabilities, Operating, 2020 | 33 | ||||
Maturity of Lease Liabilities, Operating, 2021 | 29 | ||||
Maturity of Lease Liabilities, Operating, 2022 | 23 | ||||
Maturity of Lease Liabilities, Operating, 2023 | 18 | ||||
Maturity of Lease Liabilities, Operating, After 2023 | 160 | ||||
Maturity of Lease Liabilities, Operating, Total undiscounted lease payments | 271 | ||||
Present value adjustment, Operating | (89) | ||||
Present value of lease liabilities, Operating | 182 | 209 | |||
Maturity of Finance Lease Liabilities | |||||
Maturity of Lease Liabilities, Finance, 2019 | 1 | ||||
Maturity of Lease Liabilities, Finance, 2020 | 3 | ||||
Maturity of Lease Liabilities, Finance, 2021 | 3 | ||||
Maturity of Lease Liabilities, Finance, 2022 | 3 | ||||
Maturity of Lease Liabilities, Finance, 2023 | 2 | ||||
Maturity of Lease Liabilities, Finance, After 2023 | 4 | ||||
Maturity of Lease Liabilities, Finance, Total undiscounted lease payments | 16 | ||||
Present value adjustment, Finance | (2) | ||||
Present value of lease liabilities, Finance | 14 | ||||
Dominion Energy Gas Holdings, LLC | |||||
Maturity of Operating Lease Liabilities | |||||
Maturity of Lease Liabilities, Operating, 2019 | [1] | 5 | |||
Maturity of Lease Liabilities, Operating, 2020 | [1] | 13 | |||
Maturity of Lease Liabilities, Operating, 2021 | [1] | 11 | |||
Maturity of Lease Liabilities, Operating, 2022 | [1] | 9 | |||
Maturity of Lease Liabilities, Operating, 2023 | [1] | 6 | |||
Maturity of Lease Liabilities, Operating, After 2023 | [1] | 25 | |||
Maturity of Lease Liabilities, Operating, Total undiscounted lease payments | [1] | 69 | |||
Present value adjustment, Operating | [1] | (13) | |||
Present value of lease liabilities, Operating | 56 | [1] | $ 64 | ||
Maturity of Finance Lease Liabilities | |||||
Maturity of Lease Liabilities, Finance, 2019 | [1] | 1 | |||
Maturity of Lease Liabilities, Finance, 2020 | [1] | 2 | |||
Maturity of Lease Liabilities, Finance, 2021 | [1] | 2 | |||
Maturity of Lease Liabilities, Finance, 2022 | [1] | 2 | |||
Maturity of Lease Liabilities, Finance, 2023 | [1] | 2 | |||
Maturity of Lease Liabilities, Finance, After 2023 | [1] | 3 | |||
Maturity of Lease Liabilities, Finance, Total undiscounted lease payments | [1] | 12 | |||
Present value adjustment, Finance | [1] | (2) | |||
Present value of lease liabilities, Finance | [1] | $ 10 | |||
[1] | Includes amounts reflected in discontinued operations. |
Variable Interest Entities (Nar
Variable Interest Entities (Narrative) (Detail) $ in Millions | 1 Months Ended | 3 Months Ended | 9 Months Ended | |||||
May 31, 2019USD ($) | Sep. 30, 2019USD ($) | Jun. 30, 2019USD ($) | Sep. 30, 2018USD ($) | Sep. 30, 2019USD ($)MWGenerator | Sep. 30, 2018USD ($) | Dec. 31, 2018USD ($) | ||
Virginia Electric and Power Company | ||||||||
Variable Interest Entity [Line Items] | ||||||||
Securities due within one year | $ 3 | $ 3 | $ 350 | [1] | ||||
Long term debt | 11,792 | 11,792 | 11,321 | [1] | ||||
Payables to affiliates | 138 | 138 | 209 | [1] | ||||
Dominion Energy Gas Holdings, LLC | ||||||||
Variable Interest Entity [Line Items] | ||||||||
Securities due within one year | 450 | 450 | 748 | [2] | ||||
Long term debt | 4,028 | 4,028 | 7,022 | [2] | ||||
Payables to affiliates | 53 | 53 | 124 | [2] | ||||
Variable Interest Entity, Primary Beneficiary | SBL Holdco | ||||||||
Variable Interest Entity [Line Items] | ||||||||
Securities due within one year | 31 | 31 | 31 | |||||
Long term debt | 290 | $ 290 | 299 | |||||
Variable Interest Entity (VIE) or Potential VIE, Information Unavailability | Virginia Electric and Power Company | ||||||||
Variable Interest Entity [Line Items] | ||||||||
Long term capacity contract non utility generators (generators) | Generator | 1 | |||||||
Aggregate generation capacity from long-term power and capacity contracts (MW) | MW | 218 | |||||||
Payment for contract termination | $ 135 | $ 135 | ||||||
Payment for contract termination after tax | $ 100 | |||||||
Payment for electric capacity | $ 13 | $ 13 | $ 38 | |||||
Payment for electric energy | 4 | 1 | 14 | |||||
Variable Interest Entity, Not Primary Beneficiary | Virginia Electric and Power Company | DES | ||||||||
Variable Interest Entity [Line Items] | ||||||||
Shared services purchased | 83 | 79 | 301 | 251 | ||||
Payables to affiliates | 50 | 50 | 107 | |||||
Variable Interest Entity, Not Primary Beneficiary | Dominion Energy Gas Holdings, LLC | ||||||||
Variable Interest Entity [Line Items] | ||||||||
Payables to affiliates | 8 | 8 | 18 | |||||
Variable Interest Entity, Not Primary Beneficiary | Dominion Energy Gas Holdings, LLC | DEQPS | ||||||||
Variable Interest Entity [Line Items] | ||||||||
Shared services purchased | 8 | 7 | 28 | 22 | ||||
Payables to affiliates | 10 | 10 | 6 | |||||
Variable Interest Entity, Not Primary Beneficiary | Dominion Energy Gas Holdings, LLC | DECGS | ||||||||
Variable Interest Entity [Line Items] | ||||||||
Shared services purchased | 4 | 4 | 13 | 13 | ||||
Payables to affiliates | 10 | 10 | 6 | |||||
Variable Interest Entity, Not Primary Beneficiary | Dominion Energy Gas Holdings, LLC | DES | ||||||||
Variable Interest Entity [Line Items] | ||||||||
Shared services purchased | 25 | $ 26 | 92 | $ 80 | ||||
Payables to affiliates | $ 15 | $ 15 | $ 44 | |||||
[1] | Virginia Power’s Consolidated Balance Sheet at December 31, 2018 has been derived from the audited Consolidated Balance Sheet at that date. | |||||||
[2] | Dominion Energy Gas’ Consolidated Balance Sheet at December 31, 2018 has been derived from the audited Consolidated Balance Sheet at that date. |
Significant Financing Transac_3
Significant Financing Transactions (Commercial Paper, Bank Loans and Letters of Credit Outstanding) (Detail) | Sep. 30, 2019USD ($) | |
Line of Credit Facility [Line Items] | ||
Facility Limit | $ 6,000,000,000 | [1] |
Outstanding Commercial Paper | 2,394,000,000 | [1] |
Outstanding Letters of Credit | 81,000,000 | [1] |
Facility Capacity Available | 3,525,000,000 | [1] |
Virginia Electric and Power Company | ||
Line of Credit Facility [Line Items] | ||
Facility Limit | 6,000,000,000 | [2] |
Outstanding Commercial Paper | 685,000,000 | [2] |
Outstanding Letters of Credit | 6,000,000 | [2] |
Dominion Energy Gas Holdings, LLC | ||
Line of Credit Facility [Line Items] | ||
Facility Limit | 1,500,000,000 | [3] |
Outstanding Commercial Paper | 280,000,000 | [3] |
Outstanding Letters of Credit | $ 0 | [3] |
[1] | This credit facility matures in March 2023 and can be used by the borrowers under the credit facility to support bank borrowings and the issuance of commercial paper, as well as to support up to a combined $2.0 billion of letters of credit. | |
[2] | The full amount of the facility is available to Virginia Power, less any amounts outstanding to co-borrowers Dominion Energy, Dominion Energy Gas, Questar Gas and DESC. The sub-limit for Virginia Power is set within the facility limit but can be changed at the option of the borrowers under the credit facility multiple times per year. At September 30, 2019, the sub-limit for Virginia Power was $1.5 billion. If Virginia Power has liquidity needs in excess of its sub-limit, the sub-limit may be changed or such needs may be satisfied through short-term intercompany borrowings from Dominion Energy. This credit facility matures in March 2023 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] | A maximum of $1.5 billion of the facility is available to Dominion Energy Gas, assuming adequate capacity is available after giving effect to uses by co-borrowers Dominion Energy, Virginia Power, Questar Gas and DESC. The sub-limit for Dominion Energy Gas is set within the facility limit but can be changed at the option of the borrowers under the credit facility multiple times per year. At September 30, 2019, the sub-limit for Dominion Energy Gas was $750 million. If Dominion Energy Gas has liquidity needs in excess of its sub-limit, the sub-limit may be changed or such needs may be satisfied through short-term intercompany borrowings from Dominion Energy. This credit facility matures in March 2023 and can be used to support bank borrowings and the issuance of commercial paper, as well as to support up to $1.5 billion (or the sub-limit, whichever is less) of letters of credit. |
Significant Financing Transac_4
Significant Financing Transactions (Commercial Paper, Bank Loans and Letters of Credit Outstanding) (Parenthetical) (Detail) | Sep. 30, 2019USD ($) | |
Line of Credit Facility [Line Items] | ||
Facility Limit | $ 6,000,000,000 | [1] |
Virginia Electric and Power Company | ||
Line of Credit Facility [Line Items] | ||
Facility Limit | 6,000,000,000 | [2] |
Dominion Energy Gas Holdings, LLC | ||
Line of Credit Facility [Line Items] | ||
Facility Limit | 1,500,000,000 | [3] |
Letter of Credit | ||
Line of Credit Facility [Line Items] | ||
Facility Limit | 2,000,000,000 | |
Letter of Credit | Virginia Electric and Power Company | ||
Line of Credit Facility [Line Items] | ||
Facility Limit | 2,000,000,000 | |
Letter of Credit | Dominion Energy Gas Holdings, LLC | ||
Line of Credit Facility [Line Items] | ||
Facility Limit | 1,500,000,000 | |
Line of Credit | Virginia Electric and Power Company | ||
Line of Credit Facility [Line Items] | ||
Facility Limit | 1,500,000,000 | |
Line of Credit | Dominion Energy Gas Holdings, LLC | ||
Line of Credit Facility [Line Items] | ||
Facility Limit | $ 750,000,000 | |
[1] | This credit facility matures in March 2023 and can be used by the borrowers under the credit facility to support bank borrowings and the issuance of commercial paper, as well as to support up to a combined $2.0 billion of letters of credit. | |
[2] | The full amount of the facility is available to Virginia Power, less any amounts outstanding to co-borrowers Dominion Energy, Dominion Energy Gas, Questar Gas and DESC. The sub-limit for Virginia Power is set within the facility limit but can be changed at the option of the borrowers under the credit facility multiple times per year. At September 30, 2019, the sub-limit for Virginia Power was $1.5 billion. If Virginia Power has liquidity needs in excess of its sub-limit, the sub-limit may be changed or such needs may be satisfied through short-term intercompany borrowings from Dominion Energy. This credit facility matures in March 2023 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] | A maximum of $1.5 billion of the facility is available to Dominion Energy Gas, assuming adequate capacity is available after giving effect to uses by co-borrowers Dominion Energy, Virginia Power, Questar Gas and DESC. The sub-limit for Dominion Energy Gas is set within the facility limit but can be changed at the option of the borrowers under the credit facility multiple times per year. At September 30, 2019, the sub-limit for Dominion Energy Gas was $750 million. If Dominion Energy Gas has liquidity needs in excess of its sub-limit, the sub-limit may be changed or such needs may be satisfied through short-term intercompany borrowings from Dominion Energy. This credit facility matures in March 2023 and can be used to support bank borrowings and the issuance of commercial paper, as well as to support up to $1.5 billion (or the sub-limit, whichever is less) of letters of credit. |
Significant Financing Transac_5
Significant Financing Transactions (Narrative) (Detail) | Jun. 14, 2019USD ($)$ / sharesshares | Jun. 30, 2022shares | Oct. 31, 2019USD ($) | Sep. 30, 2019USD ($) | Aug. 31, 2019USD ($)shares | Jul. 31, 2019USD ($) | May 31, 2019USD ($)Bond | Mar. 31, 2019USD ($) | Feb. 28, 2019USD ($) | Jan. 31, 2019USD ($)shares | Jun. 30, 2018USD ($)shares | Apr. 30, 2018shares | Apr. 30, 2018shares | Sep. 30, 2019USD ($)shares | Mar. 31, 2019USD ($) | Sep. 30, 2018USD ($)shares | Sep. 30, 2019USD ($)shares | Sep. 30, 2018USD ($)shares | Dec. 31, 2018USD ($)shares | Jun. 30, 2019USD ($) | ||
Debt Instrument [Line Items] | ||||||||||||||||||||||
Facility Limit | [1] | $ 6,000,000,000 | $ 6,000,000,000 | $ 6,000,000,000 | ||||||||||||||||||
Short-term debt | 2,420,000,000 | 2,420,000,000 | 2,420,000,000 | $ 334,000,000 | [2] | |||||||||||||||||
Repayment of long-term debt | $ 8,595,000,000 | $ 3,154,000,000 | ||||||||||||||||||||
Tender offer expiration description | Both DESC tender offers and the SCANA tender offer expired in the first quarter of 2019 | |||||||||||||||||||||
Issuance of common stock (in shares) | shares | 18,500,000 | |||||||||||||||||||||
Number of shares received | shares | 26,700,000 | |||||||||||||||||||||
Increase (decrease) Non-controlling interest | $ 375,000,000 | |||||||||||||||||||||
Shares of common stock issued in acquisition, value | $ 6,818,000,000 | |||||||||||||||||||||
Amount of income taxes recognized in equity primarily attributable to establishing additional regulatory liabilities | (40,000,000) | |||||||||||||||||||||
Cash proceeds received from common stock | $ 1,400,000,000 | 1,802,000,000 | 737,000,000 | |||||||||||||||||||
Issuance costs | $ 28,000,000 | |||||||||||||||||||||
Issuance of common stock value | $ 1,477,000,000 | $ 75,000,000 | $ 3,398,000,000 | $ 737,000,000 | ||||||||||||||||||
Common Stock | ||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||
Issuance of common stock (in shares) | shares | 20,000,000 | 1,000,000 | 24,000,000 | 10,000,000 | ||||||||||||||||||
Shares of common stock issued in acquisition | shares | 96,000,000 | |||||||||||||||||||||
Shares of common stock issued in acquisition, value | $ 6,818,000,000 | |||||||||||||||||||||
Amount of income taxes recognized in equity primarily attributable to establishing additional regulatory liabilities | 1,181,000,000 | |||||||||||||||||||||
Issuance costs | 14,000,000 | |||||||||||||||||||||
Issuance of common stock value | $ 1,477,000,000 | $ 75,000,000 | $ 1,802,000,000 | $ 737,000,000 | ||||||||||||||||||
Common Stock | Forward Sale Agreements | ||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||
Cash proceeds received from common stock | $ 1,400,000,000 | |||||||||||||||||||||
Issuance of shares of common stock under forward equity sale agreement | shares | 20,000,000 | |||||||||||||||||||||
2019 Corporate Units | ||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||
Total Long-term Debt | $ 1,600,000,000 | |||||||||||||||||||||
Issuance of common stock (in shares) | shares | 16,000,000 | |||||||||||||||||||||
Percentage of interest in undivided beneficial ownership | 10.00% | |||||||||||||||||||||
2019 Corporate Units | Scenario Forecast | Maximum | ||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||
Shares to be issued under purchase contracts | shares | 21,800,000 | |||||||||||||||||||||
2019 Corporate Units | Common Stock | ||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||
Purchase price to be paid under stock purchase contracts | $ / shares | $ 100 | |||||||||||||||||||||
Shelf Registration For Sale Of Common Stock Through At Market Program | ||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||
Issuance of common stock (in shares) | shares | 2,100,000 | |||||||||||||||||||||
Cash proceeds received from common stock | $ 154,000,000 | |||||||||||||||||||||
Issuance costs | 2,000,000 | |||||||||||||||||||||
Issuance of common stock value | 645,000,000 | |||||||||||||||||||||
Underwriters Option to Purchase | Common Stock | Forward Sale Agreements | ||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||
Issuance of common stock (in shares) | shares | 22,100,000 | |||||||||||||||||||||
Period to purchase common stock under option | 30 days | |||||||||||||||||||||
Issuance of shares of common stock under option to purchase | shares | 2,100,000 | |||||||||||||||||||||
Underwriters Option to Purchase | Common Stock | Maximum | Forward Sale Agreements | ||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||
Issuance of shares of common stock under option to purchase | shares | 3,000,000 | |||||||||||||||||||||
June 2006 Hybrids | ||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||
Debt, amount redeemed | $ 12,000,000 | |||||||||||||||||||||
September 2006 Hybrids | ||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||
Debt, amount redeemed | 13,000,000 | |||||||||||||||||||||
Dominion Energy Midstream Partners, LP | ||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||
Repayment of long-term debt | $ 73,000,000 | |||||||||||||||||||||
Shares of common stock issued in acquisition | shares | 22,500,000 | |||||||||||||||||||||
Shares of common stock issued in acquisition, value | $ 1,600,000,000 | |||||||||||||||||||||
Right to receive conversion of common stock | shares | 0.2492 | |||||||||||||||||||||
Gain or loss recognized in equity transaction | $ 0 | |||||||||||||||||||||
Amount of income taxes recognized in equity primarily attributable to establishing additional regulatory liabilities | $ 40,000,000 | |||||||||||||||||||||
Virginia Electric and Power Company | ||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||
Facility Limit | [3] | 6,000,000,000 | 6,000,000,000 | 6,000,000,000 | ||||||||||||||||||
Short-term debt | 685,000,000 | $ 685,000,000 | 685,000,000 | $ 314,000,000 | [4] | |||||||||||||||||
Repayment of long-term debt | $ 590,000,000 | $ 951,000,000 | ||||||||||||||||||||
Issuance of common stock (in shares) | shares | 0 | 0 | 0 | 0 | ||||||||||||||||||
Virginia Electric and Power Company | Tax Exempt Bonds | ||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||
Number of series of tax exempt bonds | Bond | 4 | |||||||||||||||||||||
Aggregate outstanding principal amount | $ 198,000,000 | |||||||||||||||||||||
Dominion Energy Gas Holdings, LLC | ||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||
Facility Limit | [5] | 1,500,000,000 | $ 1,500,000,000 | $ 1,500,000,000 | ||||||||||||||||||
Short-term debt | 280,000,000 | 280,000,000 | 280,000,000 | $ 10,000,000 | [6] | |||||||||||||||||
Repayment of long-term debt | 3,300,000,000 | $ 250,000,000 | ||||||||||||||||||||
Amount of income taxes recognized in equity primarily attributable to establishing additional regulatory liabilities | (40,000,000) | |||||||||||||||||||||
DESC | ||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||
Line of credit sub-limit | 500,000,000 | 500,000,000 | $ 500,000,000 | |||||||||||||||||||
Repurchase of first mortgage bonds | 552,000,000 | $ 1,200,000,000 | ||||||||||||||||||||
Tender offer expiration description | tender offer that expired in the third quarter of 2019 | |||||||||||||||||||||
SCANA | ||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||
Repurchase of medium term notes | $ 300,000,000 | |||||||||||||||||||||
Shares of common stock issued in acquisition | shares | 95,600,000 | |||||||||||||||||||||
Shares of common stock issued in acquisition, value | $ 6,800,000,000 | |||||||||||||||||||||
Credit Facilities, Maturing in December 2017 with 1 year Automatic Renewals through 2023 | SBL Holdco | ||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||
Facility Limit | 30,000,000 | 30,000,000 | $ 30,000,000 | |||||||||||||||||||
Automatic renewal period | 1 year | |||||||||||||||||||||
Short-term debt | 0 | 0 | $ 0 | |||||||||||||||||||
Credit Facilities, Maturing in May 2018 with 1 year Automatic Renewals through 2024 | Dominion Solar Projects III, Inc | ||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||
Facility Limit | 25,000,000 | 25,000,000 | $ 25,000,000 | |||||||||||||||||||
Automatic renewal period | 1 year | |||||||||||||||||||||
Short-term debt | 0 | 0 | $ 0 | |||||||||||||||||||
Term Loan Credit Agreement [Member] | ||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||
Credit facility, outstanding amount | $ 3,000,000,000 | $ 3,000,000,000 | 3,000,000,000 | |||||||||||||||||||
Weighted average useful life | 364 days | |||||||||||||||||||||
Term Loan Due in 2021 | Cove Point | ||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||
Repayments of principal | $ 3,000,000,000 | $ 3,000,000,000 | ||||||||||||||||||||
Debt maturity year | 2021 | |||||||||||||||||||||
Variable Rate Term Loan | Dominion Energy Midstream Partners, LP | ||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||
Repayment of long-term debt | 300,000,000 | |||||||||||||||||||||
Senior Notes, Due in 2049 | Senior Notes | ||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||
Debt maturity year | 2049 | |||||||||||||||||||||
Total Long-term Debt | $ 400,000,000 | $ 400,000,000 | ||||||||||||||||||||
Interest rate percentage | 4.60% | 4.60% | ||||||||||||||||||||
Senior Notes, Due in 2028 | Senior Notes | ||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||
Debt maturity year | 2028 | |||||||||||||||||||||
Total Long-term Debt | $ 200,000,000 | $ 200,000,000 | ||||||||||||||||||||
Interest rate percentage | 4.25% | 4.25% | ||||||||||||||||||||
Senior Notes, Due in 2024 | Senior Notes | ||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||
Debt maturity year | 2024 | |||||||||||||||||||||
Total Long-term Debt | $ 33,000,000 | |||||||||||||||||||||
Interest rate percentage | 5.49% | |||||||||||||||||||||
1.8% Tax-Exempt Bond | Virginia Electric and Power Company | Tax Exempt Bonds | ||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||
Interest rate percentage | 1.80% | |||||||||||||||||||||
Number of series of tax exempt bonds | Bond | 1 | |||||||||||||||||||||
1.9% Tax-Exempt Bond | Virginia Electric and Power Company | Tax Exempt Bonds | ||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||
Interest rate percentage | 1.90% | |||||||||||||||||||||
Number of series of tax exempt bonds | Bond | 3 | |||||||||||||||||||||
Senior Notes, Due in 2029 | Senior Notes | ||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||
Debt maturity year | 2029 | |||||||||||||||||||||
Total Long-term Debt | $ 500,000,000 | |||||||||||||||||||||
Interest rate percentage | 2.875% | |||||||||||||||||||||
Senior Notes, Due in 2023 | Senior Notes | Private Placement | ||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||
Debt maturity year | 2023 | |||||||||||||||||||||
Total Long-term Debt | $ 1,000,000,000 | |||||||||||||||||||||
Interest rate percentage | 2.45% | |||||||||||||||||||||
Peninsula Ports Authority of Virginia Coal Terminal Revenue Refunding Bonds, Series 2003 Due in 2033, Coupon Rate until 2022 | Dominion Energy Terminal Company | ||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||
Debt maturity year | 2033 | |||||||||||||||||||||
Total Long-term Debt | $ 27,000,000 | |||||||||||||||||||||
Interest rate percentage | 1.70% | 1.55% | 1.55% | 1.55% | ||||||||||||||||||
2014 Series A 2.50% Senior Notes | Dominion Energy Gas Holdings, LLC | ||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||
Interest rate percentage | 2.50% | |||||||||||||||||||||
Debt, amount redeemed | $ 450,000,000 | |||||||||||||||||||||
Debt instrument maturity month and year | 2019-11 | 2019-12 | ||||||||||||||||||||
Remarketable Subordinated Notes, 2016 Series A-1, due 2021 | Capital Unit, Class A | ||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||
Total Long-term Debt | $ 700,000,000 | |||||||||||||||||||||
Interest rate percentage | 2.00% | |||||||||||||||||||||
Remarketable Subordinated Notes, 2016 Series A-2, due 2024 | Capital Unit, Class B | ||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||
Total Long-term Debt | $ 700,000,000 | |||||||||||||||||||||
Interest rate percentage | 2.00% | |||||||||||||||||||||
Series A-1 Junior Subordinated Notes | Unsecured Junior Subordinated Notes | ||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||
Interest rate percentage | 2.715% | |||||||||||||||||||||
Series A-2 Junior Subordinated Notes | Unsecured Junior Subordinated Notes | ||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||
Interest rate percentage | 3.071% | |||||||||||||||||||||
Letter of Credit | ||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||
Facility Limit | $ 2,000,000,000 | $ 2,000,000,000 | $ 2,000,000,000 | |||||||||||||||||||
Letter of Credit | Virginia Electric and Power Company | ||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||
Facility Limit | 2,000,000,000 | 2,000,000,000 | 2,000,000,000 | |||||||||||||||||||
Letter of Credit | Dominion Energy Gas Holdings, LLC | ||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||
Facility Limit | 1,500,000,000 | 1,500,000,000 | 1,500,000,000 | |||||||||||||||||||
Letter of Credit | DESC | ||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||
Terminated credit facility | $ 700,000,000 | |||||||||||||||||||||
Letter of Credit | Credit Facility, Maturing in June 2020 | ||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||
Facility Limit | 21,000,000 | 21,000,000 | 21,000,000 | |||||||||||||||||||
Credit facility, outstanding amount | $ 21,000,000 | $ 21,000,000 | $ 21,000,000 | |||||||||||||||||||
Line of credit facility, termination date | Jun. 30, 2020 | |||||||||||||||||||||
Revolving Credit Facility | Dominion Energy Midstream Partners, LP | ||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||
Terminated credit facility | $ 500,000,000 | |||||||||||||||||||||
Economic Development Authority of the County of Chesterfield Pollution Control Refunding Revenue Bonds, Series 2009A, due in 2023 | Virginia Electric and Power Company | ||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||
Interest rate percentage | 5.00% | |||||||||||||||||||||
Debt, amount redeemed | $ 40,000,000 | |||||||||||||||||||||
[1] | This credit facility matures in March 2023 and can be used by the borrowers under the credit facility to support bank borrowings and the issuance of commercial paper, as well as to support up to a combined $2.0 billion of letters of credit. | |||||||||||||||||||||
[2] | Dominion Energy’s Consolidated Balance Sheet at December 31, 2018 has been derived from the audited Consolidated Balance Sheet at that date. | |||||||||||||||||||||
[3] | The full amount of the facility is available to Virginia Power, less any amounts outstanding to co-borrowers Dominion Energy, Dominion Energy Gas, Questar Gas and DESC. The sub-limit for Virginia Power is set within the facility limit but can be changed at the option of the borrowers under the credit facility multiple times per year. At September 30, 2019, the sub-limit for Virginia Power was $1.5 billion. If Virginia Power has liquidity needs in excess of its sub-limit, the sub-limit may be changed or such needs may be satisfied through short-term intercompany borrowings from Dominion Energy. This credit facility matures in March 2023 and can be used to support bank borrowings and the issuance of commercial paper, as well as to support up to $2.0 billion (or the sub-limit, whichever is less) of letters of credit. | |||||||||||||||||||||
[4] | Virginia Power’s Consolidated Balance Sheet at December 31, 2018 has been derived from the audited Consolidated Balance Sheet at that date. | |||||||||||||||||||||
[5] | A maximum of $1.5 billion of the facility is available to Dominion Energy Gas, assuming adequate capacity is available after giving effect to uses by co-borrowers Dominion Energy, Virginia Power, Questar Gas and DESC. The sub-limit for Dominion Energy Gas is set within the facility limit but can be changed at the option of the borrowers under the credit facility multiple times per year. At September 30, 2019, the sub-limit for Dominion Energy Gas was $750 million. If Dominion Energy Gas has liquidity needs in excess of its sub-limit, the sub-limit may be changed or such needs may be satisfied through short-term intercompany borrowings from Dominion Energy. This credit facility matures in March 2023 and can be used to support bank borrowings and the issuance of commercial paper, as well as to support up to $1.5 billion (or the sub-limit, whichever is less) of letters of credit. | |||||||||||||||||||||
[6] | Dominion Energy Gas’ Consolidated Balance Sheet at December 31, 2018 has been derived from the audited Consolidated Balance Sheet at that date. |
Significant Financing Transac_6
Significant Financing Transactions (Schedule of Equity Units) (Details) - USD ($) shares in Millions, $ in Millions | Jun. 14, 2019 | Aug. 31, 2019 | Sep. 30, 2019 | |
Capital Unit [Line Items] | ||||
Units Issued | 18.5 | |||
Total Preferred Stock | [1] | $ 1,596 | ||
Stock Purchase Contract Liability | 233 | |||
2019 Corporate Units | ||||
Capital Unit [Line Items] | ||||
Units Issued | 16 | |||
Total Net Proceeds | [2] | $ 1,582 | ||
Total Preferred Stock | $ 1,610 | |||
Cumulative Dividend Rate | 1.75% | |||
Stock Purchase Contract Annual Rate | 5.50% | |||
Stock Purchase Contract Liability | [3] | $ 250 | ||
Stock Purchase Contract Settlement Date | Jun. 1, 2022 | |||
[1] | 20 million shares authorized; 2 million shares outstanding at September 30, 2019. | |||
[2] | Issuance costs of $28 million were recorded as a reduction to preferred stock ($14 million) and common stock ($14 million) in the Consolidated Balance Sheets. | |||
[3] | Payments of $17 million were made in September 2019. The stock purchase contract liability was $233 million at September 30, 2019. |
Significant Financing Transac_7
Significant Financing Transactions (Schedule of Equity Units) (Parenthetical) (Details) - USD ($) $ in Millions | Jun. 14, 2019 | Sep. 30, 2019 |
Capital Unit [Line Items] | ||
Issuance costs | $ 28 | |
Corporate units stock purchase contract liability payments | 17 | |
Stock Purchase Contract Liability | $ 233 | |
Preferred Stock | ||
Capital Unit [Line Items] | ||
Issuance costs | 14 | |
Common Stock | ||
Capital Unit [Line Items] | ||
Issuance costs | $ 14 |
Commitments and Contingencies_2
Commitments and Contingencies (Narrative) (Detail) $ in Millions | 1 Months Ended | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||||||||||||||||||
Oct. 31, 2019USD ($) | Sep. 30, 2019USD ($)site | Jul. 31, 2019USD ($) | May 31, 2019USD ($)T | Mar. 31, 2019USD ($)MMcf | Jan. 31, 2019USD ($) | Aug. 31, 2018USD ($) | Jun. 30, 2018USD ($) | Sep. 30, 2017petition | Apr. 30, 2017USD ($)petitionstation | Aug. 31, 2016T | Apr. 30, 2015Facility | Sep. 30, 2019USD ($)site | Jun. 30, 2019USD ($) | Mar. 31, 2019USD ($)MMcf | Sep. 30, 2018USD ($) | Jun. 30, 2018USD ($) | Sep. 30, 2019USD ($)siteIndicatorFacilitygal | Sep. 30, 2018USD ($) | Dec. 31, 2018USD ($) | |||
Loss Contingencies [Line Items] | ||||||||||||||||||||||
Number of separate petitions for reconsideration granted | petition | 2 | |||||||||||||||||||||
Environmental Remediation Expense | $ (113) | |||||||||||||||||||||
Impairment of assets and other charges | $ 85 | $ 12 | 1,232 | $ 147 | ||||||||||||||||||
Property, plant and equipment, net | $ 67,978 | $ 67,978 | 67,978 | $ 54,560 | [1] | |||||||||||||||||
ARO incurred | [2] | $ 2,404 | ||||||||||||||||||||
Nuclear Obligations | ||||||||||||||||||||||
Loss Contingencies [Line Items] | ||||||||||||||||||||||
Maximum liability protection per nuclear incident amount | $ 13,900 | $ 14,100 | ||||||||||||||||||||
SOUTH CAROLINA | ||||||||||||||||||||||
Loss Contingencies [Line Items] | ||||||||||||||||||||||
Amount claimed by plaintiffs in legal matter | $ 100 | |||||||||||||||||||||
Percentage claimed by plaintiffs in legal matter | 100.00% | |||||||||||||||||||||
DESC | ||||||||||||||||||||||
Loss Contingencies [Line Items] | ||||||||||||||||||||||
Equity method investment, ownership percentage | 55.00% | 55.00% | 55.00% | |||||||||||||||||||
Contesting amount for filed liens in Fairfield country | $ 285 | |||||||||||||||||||||
DESC | SCDOR [Member] | ||||||||||||||||||||||
Loss Contingencies [Line Items] | ||||||||||||||||||||||
Proposed assessment amount from audit | $ 410 | |||||||||||||||||||||
Proportional share with NND project | 100.00% | |||||||||||||||||||||
Virginia Electric and Power Company | ||||||||||||||||||||||
Loss Contingencies [Line Items] | ||||||||||||||||||||||
Environmental Remediation Expense | $ (113) | |||||||||||||||||||||
Impairment of assets and other charges | $ 38 | 781 | ||||||||||||||||||||
Property, plant and equipment, net | $ 32,402 | 32,402 | 32,402 | 30,521 | [3] | |||||||||||||||||
Legislation requires for coal combustion residual | MMcf | 6.8 | 6.8 | ||||||||||||||||||||
ARO incurred | [2] | 2,403 | ||||||||||||||||||||
Virginia Electric and Power Company | Cost of Landfills and Beneficial Reuse | ||||||||||||||||||||||
Loss Contingencies [Line Items] | ||||||||||||||||||||||
ARO incurred | $ 2,400 | $ 131 | ||||||||||||||||||||
Virginia Electric and Power Company | Increase In Property Plant And Equipment | ||||||||||||||||||||||
Loss Contingencies [Line Items] | ||||||||||||||||||||||
ARO incurred | 1,300 | 46 | ||||||||||||||||||||
Virginia Electric and Power Company | Increase In Regulatory Assets | ||||||||||||||||||||||
Loss Contingencies [Line Items] | ||||||||||||||||||||||
ARO incurred | 4 | |||||||||||||||||||||
Virginia Electric and Power Company | Future Ash Pond and Landfill Closure Costs | ||||||||||||||||||||||
Loss Contingencies [Line Items] | ||||||||||||||||||||||
ARO incurred | 202 | |||||||||||||||||||||
Virginia Electric and Power Company | Other operations and maintenance | ||||||||||||||||||||||
Loss Contingencies [Line Items] | ||||||||||||||||||||||
ARO incurred | 113 | 81 | ||||||||||||||||||||
ARO incurred, after tax | $ 84 | 60 | ||||||||||||||||||||
Virginia Electric and Power Company | Impairment of Assets and Other Charges | ||||||||||||||||||||||
Loss Contingencies [Line Items] | ||||||||||||||||||||||
Impairment of assets and other charges | 17 | $ 62 | $ 369 | $ 160 | ||||||||||||||||||
Asset impairment charges after tax | 12 | $ 46 | 275 | $ 119 | ||||||||||||||||||
Virginia Electric and Power Company | Minimum | ||||||||||||||||||||||
Loss Contingencies [Line Items] | ||||||||||||||||||||||
Proposed revenue requirement | $ 225 | |||||||||||||||||||||
Dominion Energy Gas Holdings, LLC | ||||||||||||||||||||||
Loss Contingencies [Line Items] | ||||||||||||||||||||||
Impairment of assets and other charges | $ 1 | 13 | $ 127 | |||||||||||||||||||
Property, plant and equipment, net | 11,611 | 11,611 | 11,611 | 11,481 | [4] | |||||||||||||||||
SCANA | ||||||||||||||||||||||
Loss Contingencies [Line Items] | ||||||||||||||||||||||
Litigation settlement, amount received from SCANA | $ 192.5 | |||||||||||||||||||||
SCANA | DESC Ratepayer Case | ||||||||||||||||||||||
Loss Contingencies [Line Items] | ||||||||||||||||||||||
Escrow account | 2,000 | |||||||||||||||||||||
Credit in future electric rate relief | 2,000 | |||||||||||||||||||||
Cash payment | $ 117 | |||||||||||||||||||||
Property, plant and equipment, net | $ 54 | 115 | ||||||||||||||||||||
SCANA | Other Current Liabilities | ||||||||||||||||||||||
Loss Contingencies [Line Items] | ||||||||||||||||||||||
Reserves | 386 | 386 | 386 | |||||||||||||||||||
SCANA | Other Receivables | ||||||||||||||||||||||
Loss Contingencies [Line Items] | ||||||||||||||||||||||
Insurance receivables | $ 173 | 173 | 173 | |||||||||||||||||||
SCANA | Impairment of Assets and Other Charges | ||||||||||||||||||||||
Loss Contingencies [Line Items] | ||||||||||||||||||||||
Impairment of assets and other charges | 38 | 316 | ||||||||||||||||||||
Asset impairment charges after tax | $ 28 | $ 236 | ||||||||||||||||||||
SCANA | Minimum | DESC Ratepayer Case | ||||||||||||||||||||||
Loss Contingencies [Line Items] | ||||||||||||||||||||||
Proceeds from sale of property | 60 | |||||||||||||||||||||
SCANA | Maximum [Member] | Common Stock | ||||||||||||||||||||||
Loss Contingencies [Line Items] | ||||||||||||||||||||||
Litigation settlement amount through stock issuance | $ 32.5 | |||||||||||||||||||||
SCANA | Maximum [Member] | DESC Ratepayer Case | ||||||||||||||||||||||
Loss Contingencies [Line Items] | ||||||||||||||||||||||
Proceeds from sale of property | $ 85 | |||||||||||||||||||||
CCR | EPA | ||||||||||||||||||||||
Loss Contingencies [Line Items] | ||||||||||||||||||||||
Number of petition agreed for reconsideration | petition | 2 | |||||||||||||||||||||
Unfavorable Regulatory Action | EPA | ||||||||||||||||||||||
Loss Contingencies [Line Items] | ||||||||||||||||||||||
Electric generating station facilities heightened entrainment analysis per day | gal | 125 | |||||||||||||||||||||
Unfavorable Regulatory Action | VDEQ | ||||||||||||||||||||||
Loss Contingencies [Line Items] | ||||||||||||||||||||||
Significant emission rate initial carbon cap | T | 28,000,000 | |||||||||||||||||||||
Significant emission rate ultimate carbon cap | T | 19,600,000 | |||||||||||||||||||||
Unfavorable Regulatory Action | CWA | ||||||||||||||||||||||
Loss Contingencies [Line Items] | ||||||||||||||||||||||
Number of facilities that may be subject to final regulations | Facility | 13 | |||||||||||||||||||||
Unfavorable Regulatory Action | CWA | Virginia Electric and Power Company | ||||||||||||||||||||||
Loss Contingencies [Line Items] | ||||||||||||||||||||||
Number of mandatory facility-specific factors | Indicator | 5 | |||||||||||||||||||||
Number of optional facility-specific factors | Indicator | 6 | |||||||||||||||||||||
Number of facilities that may be subject to final regulations | Facility | 7 | |||||||||||||||||||||
Unfavorable Regulatory Action | CWA | EPA | ||||||||||||||||||||||
Loss Contingencies [Line Items] | ||||||||||||||||||||||
Significant emission rate per rear CO2 equivalent | T | 75,000 | |||||||||||||||||||||
Unfavorable Regulatory Action | Coal Tar and Other Potentially Harmful Materials | EPA | ||||||||||||||||||||||
Loss Contingencies [Line Items] | ||||||||||||||||||||||
Number of former manufactured gas plant sites | site | 22 | 22 | 22 | |||||||||||||||||||
Unfavorable Regulatory Action | Coal Tar and Other Potentially Harmful Materials | EPA | Former Gas Plant Site with Post Closure Groundwater Monitoring Program | ||||||||||||||||||||||
Loss Contingencies [Line Items] | ||||||||||||||||||||||
Number of former sites | site | 1 | |||||||||||||||||||||
Unfavorable Regulatory Action | Coal Tar and Other Potentially Harmful Materials | EPA | Virginia Electric and Power Company | ||||||||||||||||||||||
Loss Contingencies [Line Items] | ||||||||||||||||||||||
Number of former manufactured gas plant sites | site | 3 | 3 | 3 | |||||||||||||||||||
Unfavorable Regulatory Action | Coal Tar and Other Potentially Harmful Materials | EPA | Virginia Electric and Power Company | Former Gas Plant Site with Post Closure Groundwater Monitoring Program | ||||||||||||||||||||||
Loss Contingencies [Line Items] | ||||||||||||||||||||||
Estimated compliance costs | $ 18 | $ 18 | ||||||||||||||||||||
Unfavorable Regulatory Action | Coal Tar and Other Potentially Harmful Materials | EPA | Virginia Electric and Power Company | Former Gas Plant Site with Post Closure Groundwater Monitoring Program | Other operations and maintenance | ||||||||||||||||||||||
Loss Contingencies [Line Items] | ||||||||||||||||||||||
Environmental Remediation Expense | 16 | |||||||||||||||||||||
Environmental Remediation Expense, net of tax | $ 12 | |||||||||||||||||||||
Unfavorable Regulatory Action | Coal Tar and Other Potentially Harmful Materials | EPA | Dominion Energy Gas Holdings, LLC | ||||||||||||||||||||||
Loss Contingencies [Line Items] | ||||||||||||||||||||||
Number of former manufactured gas plant sites | site | 12 | 12 | 12 | |||||||||||||||||||
Unfavorable Regulatory Action | Coal Tar and Other Potentially Harmful Materials | EPA | SCANA | ||||||||||||||||||||||
Loss Contingencies [Line Items] | ||||||||||||||||||||||
Estimated compliance costs | $ 10 | $ 10 | $ 10 | |||||||||||||||||||
Number of sites under investigation, remediation and monitoring | site | 4 | |||||||||||||||||||||
Number of sites with an updated remediation work plan | site | 1 | |||||||||||||||||||||
Updated remediation work plan, cost increase | $ 8 | |||||||||||||||||||||
Unfavorable Regulatory Action | CCR | EPA | Environmental Protection Agency Final Rule Regulating Management of CCRs | Facilities Subject to Coal Combustion Residual Final Rule | ||||||||||||||||||||||
Loss Contingencies [Line Items] | ||||||||||||||||||||||
Number of facilities with CCR | Facility | 11 | |||||||||||||||||||||
Unfavorable Regulatory Action | CCR | EPA | Virginia Electric and Power Company | Environmental Protection Agency Final Rule Regulating Management of CCRs | Facilities Subject to Coal Combustion Residual Final Rule | ||||||||||||||||||||||
Loss Contingencies [Line Items] | ||||||||||||||||||||||
Number of facilities with CCR | Facility | 8 | |||||||||||||||||||||
Number of stations | station | 4 | |||||||||||||||||||||
[1] | Dominion Energy’s Consolidated Balance Sheet at December 31, 2018 has been derived from the audited Consolidated Balance Sheet at that date. | |||||||||||||||||||||
[2] | Primarily related to future ash pond and landfill closure costs at certain utility generation facilities. See Note 18 for further information. | |||||||||||||||||||||
[3] | Virginia Power’s Consolidated Balance Sheet at December 31, 2018 has been derived from the audited Consolidated Balance Sheet at that date. | |||||||||||||||||||||
[4] | Dominion Energy Gas’ Consolidated Balance Sheet at December 31, 2018 has been derived from the audited Consolidated Balance Sheet at that date. |
Commitments and Contingencies_3
Commitments and Contingencies (Guarantees, Surety Bonds and Letters of Credit) (Detail) - USD ($) | 1 Months Ended | 9 Months Ended | |||
Oct. 31, 2019 | Sep. 30, 2019 | Sep. 30, 2018 | Dec. 31, 2018 | ||
Guarantee Obligations [Line Items] | |||||
Facility Limit | [1] | $ 6,000,000,000 | |||
Additional amount borrowed | $ 73,000,000 | ||||
Maximum Exposure | [2] | 5,663,000,000 | |||
Commodity Transactions | |||||
Guarantee Obligations [Line Items] | |||||
Maximum Exposure | [3] | 2,517,000,000 | |||
Nuclear Obligations | |||||
Guarantee Obligations [Line Items] | |||||
Maximum Exposure | [4] | 204,000,000 | |||
Cove Point | |||||
Guarantee Obligations [Line Items] | |||||
Maximum Exposure | [5] | 1,900,000,000 | |||
Virginia Electric and Power Company | |||||
Guarantee Obligations [Line Items] | |||||
Facility Limit | [6] | 6,000,000,000 | |||
Dominion Energy Gas Holdings, LLC | |||||
Guarantee Obligations [Line Items] | |||||
Facility Limit | [7] | 1,500,000,000 | |||
Additional amount borrowed | $ 73,000,000 | ||||
Financial Guarantee [Member] | Equity Method Investee [Member] | |||||
Guarantee Obligations [Line Items] | |||||
Maximum Exposure | 27,000,000 | ||||
Financial Guarantee [Member] | Atlantic Coast Pipeline | Revolving Credit Facility | |||||
Guarantee Obligations [Line Items] | |||||
Facility Limit | $ 3,400,000,000 | ||||
Maximum potential loss exposure, limited guarantee percentage | 48.00% | ||||
Guarantee liability | $ 15,000,000 | $ 21,000,000 | |||
Guarantee recorded amount | 1,700,000,000 | ||||
Additional amount borrowed | $ 41,000,000 | ||||
Solar | |||||
Guarantee Obligations [Line Items] | |||||
Maximum Exposure | [8] | 652,000,000 | |||
Other | |||||
Guarantee Obligations [Line Items] | |||||
Maximum Exposure | [9] | 390,000,000 | |||
Surety Bond [Member] | |||||
Guarantee Obligations [Line Items] | |||||
Maximum Exposure | 185,000,000 | ||||
Surety Bond [Member] | Virginia Electric and Power Company | |||||
Guarantee Obligations [Line Items] | |||||
Maximum Exposure | 81,000,000 | ||||
Surety Bond [Member] | Dominion Energy Gas Holdings, LLC | |||||
Guarantee Obligations [Line Items] | |||||
Maximum Exposure | 31,000,000 | ||||
Financial Standby Letter of Credit [Member] | |||||
Guarantee Obligations [Line Items] | |||||
Maximum Exposure | $ 81,000,000 | ||||
[1] | This credit facility matures in March 2023 and can be used by the borrowers under the credit facility to support bank borrowings and the issuance of commercial paper, as well as to support up to a combined $2.0 billion of letters of credit. | ||||
[2] | Excludes Dominion Energy’s guarantee for the new corporate office property discussed in Note 22 to the Consolidated Financial Statements in the Companies’ Annual Report on Form 10-K for the year ended December 31, 2018, as updated in Current Report on Form 8-K, filed November 18, 2019, and guarantees for debt of certain subsidiaries discussed in Note 17. | ||||
[3] | 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. | ||||
[4] | Guarantees primarily related to certain DGI subsidiaries regarding all aspects of running a nuclear facility. | ||||
[5] | Guarantees related to Cove Point, in support of terminal services, transportation and construction. Cove Point has two guarantees that have no maximum limit and, therefore, are not included in this amount. | ||||
[6] | The full amount of the facility is available to Virginia Power, less any amounts outstanding to co-borrowers Dominion Energy, Dominion Energy Gas, Questar Gas and DESC. The sub-limit for Virginia Power is set within the facility limit but can be changed at the option of the borrowers under the credit facility multiple times per year. At September 30, 2019, the sub-limit for Virginia Power was $1.5 billion. If Virginia Power has liquidity needs in excess of its sub-limit, the sub-limit may be changed or such needs may be satisfied through short-term intercompany borrowings from Dominion Energy. This credit facility matures in March 2023 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. | ||||
[7] | A maximum of $1.5 billion of the facility is available to Dominion Energy Gas, assuming adequate capacity is available after giving effect to uses by co-borrowers Dominion Energy, Virginia Power, Questar Gas and DESC. The sub-limit for Dominion Energy Gas is set within the facility limit but can be changed at the option of the borrowers under the credit facility multiple times per year. At September 30, 2019, the sub-limit for Dominion Energy Gas was $750 million. If Dominion Energy Gas has liquidity needs in excess of its sub-limit, the sub-limit may be changed or such needs may be satisfied through short-term intercompany borrowings from Dominion Energy. This credit facility matures in March 2023 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. | ||||
[8] | Includes guarantees to facilitate the development of solar projects. Also includes guarantees entered into by DGI on behalf of certain subsidiaries to facilitate the acquisition and development of solar projects. | ||||
[9] | Guarantees related to other miscellaneous contractual obligations such as leases, environmental obligations, construction projects and insurance programs. Due to the uncertainty of workers’ compensation claims, the parental guarantee has no stated limit. |
Credit Risk (Narrative) (Detail
Credit Risk (Narrative) (Detail) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2019USD ($)Counterparty | Sep. 30, 2018 | Sep. 30, 2019USD ($)Counterparty | Sep. 30, 2018 | Dec. 31, 2018USD ($) | |
Concentration Risk and Guarantor Obligations [Line Items] | |||||
Gross credit exposure | $ 149 | ||||
Additional collateral to be posted if the credit related contingent features were triggered | $ 4 | 4 | $ 1 | ||
Virginia Electric and Power Company | |||||
Concentration Risk and Guarantor Obligations [Line Items] | |||||
Gross credit exposure | 46 | ||||
Wholesale Customers | Dominion Energy Gas Holdings, LLC | |||||
Concentration Risk and Guarantor Obligations [Line Items] | |||||
Gross credit exposure | $ 32 | ||||
Customer Concentration Risk | Export Customers | Sales Revenue, Net | Dominion Energy Gas Holdings, LLC | |||||
Concentration Risk and Guarantor Obligations [Line Items] | |||||
Concentration risk, percentage | 37.00% | 32.00% | 34.00% | 21.00% | |
Customer Concentration Risk | Largest Customer | Sales Revenue, Net | Dominion Energy Gas Holdings, LLC | |||||
Concentration Risk and Guarantor Obligations [Line Items] | |||||
Concentration risk, percentage | 19.00% | 17.00% | 18.00% | 11.00% | |
Credit Concentration Risk | |||||
Concentration Risk and Guarantor Obligations [Line Items] | |||||
Number of counterparties | Counterparty | 0 | 0 | |||
Amount of exposure for single counterparty | $ 33 | ||||
Credit Concentration Risk | Dominion Energy Gas Holdings, LLC | |||||
Concentration Risk and Guarantor Obligations [Line Items] | |||||
Number of counterparties | Counterparty | 0 | 0 | |||
Amount of exposure for single counterparty | $ 6 | ||||
Credit Concentration Risk | Wholesale Customers | Sales Revenue, Net | Virginia Electric and Power Company | |||||
Concentration Risk and Guarantor Obligations [Line Items] | |||||
Number of counterparties | Counterparty | 0 | 0 | |||
Amount of exposure for single counterparty | $ 32 | ||||
Credit Concentration Risk | Investment Grade | Investment Grade Counterparty | |||||
Concentration Risk and Guarantor Obligations [Line Items] | |||||
Concentration risk, percentage | 91.00% | ||||
Credit Concentration Risk | Investment Grade | Investment Grade Counterparty | Virginia Electric and Power Company | |||||
Concentration Risk and Guarantor Obligations [Line Items] | |||||
Concentration risk, percentage | 88.00% | ||||
Credit Concentration Risk | Investment Grade | Investment Grade Counterparty | Dominion Energy Gas Holdings, LLC | |||||
Concentration Risk and Guarantor Obligations [Line Items] | |||||
Concentration risk, percentage | 90.00% |
Related-Party Transactions (Nar
Related-Party Transactions (Narrative) (Detail) - USD ($) shares in Millions | 1 Months Ended | 3 Months Ended | 9 Months Ended | ||||||
Sep. 30, 2019 | Aug. 31, 2019 | Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | Dec. 31, 2018 | |||
Related Party Transaction [Line Items] | |||||||||
Proceeds From Debt | $ 2,298,000,000 | $ 4,400,000,000 | |||||||
Facility Limit | [1] | $ 6,000,000,000 | $ 6,000,000,000 | 6,000,000,000 | |||||
Derivative Asset | 93,000,000 | 93,000,000 | 93,000,000 | $ 294,000,000 | |||||
Derivative Liabilities | 934,000,000 | 934,000,000 | 934,000,000 | 279,000,000 | |||||
Issuance of common stock to Dominion | 18.5 | ||||||||
Dominion Cove Point L N G L P [Member] | Term Loan Due In Two Thousand Twenty One [Member] | |||||||||
Related Party Transaction [Line Items] | |||||||||
Repayments Of Debt | 3,000,000,000 | 3,000,000,000 | |||||||
Virginia Electric and Power Company | |||||||||
Related Party Transaction [Line Items] | |||||||||
Due From Related Parties Current | 8,000,000 | 8,000,000 | 8,000,000 | 101,000,000 | [2] | ||||
Proceeds From Debt | 698,000,000 | $ 700,000,000 | |||||||
Facility Limit | [3] | 6,000,000,000 | 6,000,000,000 | 6,000,000,000 | |||||
Derivative Asset | 20,000,000 | 20,000,000 | 20,000,000 | 93,000,000 | |||||
Derivative Liabilities | 554,000,000 | 554,000,000 | 554,000,000 | 103,000,000 | |||||
Short term demand note | 9,000,000 | 9,000,000 | 9,000,000 | 224,000,000 | [2] | ||||
Outstanding borrowings, net of repayments, under money pool for non-regulated subsidiaries | 0 | $ 0 | $ 0 | ||||||
Issuance of common stock to Dominion | 0 | 0 | 0 | 0 | |||||
Virginia Electric and Power Company | Pension Benefits | Amounts Associated with the Dominion Pension Plan | |||||||||
Related Party Transaction [Line Items] | |||||||||
Amounts due to Dominion, noncurrent | 750,000,000 | $ 750,000,000 | $ 750,000,000 | 632,000,000 | |||||
Virginia Electric and Power Company | Medical Coverage for Local retirees | Amounts Associated with the Dominion Retiree Health and Welfare Plan | |||||||||
Related Party Transaction [Line Items] | |||||||||
Amounts due from Dominion, noncurrent | 272,000,000 | 272,000,000 | 272,000,000 | 254,000,000 | |||||
Virginia Electric and Power Company | Affiliated Entity | |||||||||
Related Party Transaction [Line Items] | |||||||||
Derivative Asset | 3,000,000 | 3,000,000 | 3,000,000 | 26,000,000 | |||||
Derivative Liabilities | 18,000,000 | 18,000,000 | 18,000,000 | 10,000,000 | |||||
Virginia Electric and Power Company | Principal Owner | |||||||||
Related Party Transaction [Line Items] | |||||||||
Short term demand note | 9,000,000 | 9,000,000 | 9,000,000 | 224,000,000 | |||||
Dominion Energy Gas Holdings, LLC | |||||||||
Related Party Transaction [Line Items] | |||||||||
Due From Related Parties Current | 308,000,000 | 308,000,000 | 308,000,000 | 319,000,000 | [4] | ||||
Interest income | 30,000,000 | 88,000,000 | |||||||
Proceeds From Debt | $ 2,750,000,000 | ||||||||
Facility Limit | [5] | 1,500,000,000 | 1,500,000,000 | 1,500,000,000 | |||||
Derivative Asset | 5,000,000 | 5,000,000 | 5,000,000 | 31,000,000 | |||||
Derivative Liabilities | 117,000,000 | 117,000,000 | 117,000,000 | 19,000,000 | |||||
Amounts due to Dominion, noncurrent | 395,000,000 | 395,000,000 | 395,000,000 | ||||||
Short term demand note | 3,129,000,000 | 3,129,000,000 | 3,129,000,000 | 3,097,000,000 | [4] | ||||
Dominion Energy Gas Holdings, LLC | Revolving Credit Facility | IRCA | |||||||||
Related Party Transaction [Line Items] | |||||||||
Short term demand note | 160,000,000 | 160,000,000 | 160,000,000 | 218,000,000 | |||||
Interest charges | 1,000,000 | $ 1,000,000 | 2,000,000 | 1,000,000 | |||||
Dominion Energy Gas Holdings, LLC | Maximum [Member] | Revolving Credit Facility | IRCA | |||||||||
Related Party Transaction [Line Items] | |||||||||
Interest On Debt | 1,000,000 | ||||||||
Dominion Energy Gas Holdings, LLC | Pension Benefits | Amounts Associated with the Dominion Pension Plan | |||||||||
Related Party Transaction [Line Items] | |||||||||
Amounts due from Dominion, noncurrent | 323,000,000 | 323,000,000 | 323,000,000 | 319,000,000 | |||||
Dominion Energy Gas Holdings, LLC | Medical Coverage for Local retirees | Amounts Associated with the Dominion Retiree Health and Welfare Plan | |||||||||
Related Party Transaction [Line Items] | |||||||||
Amounts due from Dominion, noncurrent | 15,000,000 | 15,000,000 | 15,000,000 | 13,000,000 | |||||
Discontinued Operations [Member] | Medical Coverage for Local retirees | Amounts Associated with the Dominion Pension Plan | |||||||||
Related Party Transaction [Line Items] | |||||||||
Amounts due from Dominion, noncurrent | 4,000,000 | 4,000,000 | 4,000,000 | ||||||
Discontinued Operations [Member] | Dominion Energy Gas Holdings, LLC | Pension Benefits | Amounts Associated with the Dominion Pension Plan | |||||||||
Related Party Transaction [Line Items] | |||||||||
Amounts due from Dominion, noncurrent | 455,000,000 | 455,000,000 | 455,000,000 | 442,000,000 | |||||
Discontinued Operations [Member] | Dominion Energy Gas Holdings, LLC | Medical Coverage for Local retirees | Amounts Associated with the Dominion Pension Plan | |||||||||
Related Party Transaction [Line Items] | |||||||||
Amounts due from Dominion, noncurrent | 4,000,000 | ||||||||
Intersegment Eliminations [Member] | Dominion Energy Gas Holdings, LLC | |||||||||
Related Party Transaction [Line Items] | |||||||||
Distributions | 551,000,000 | 143,000,000 | |||||||
Commercial Paper [Member] | Dominion Cove Point L N G L P [Member] | |||||||||
Related Party Transaction [Line Items] | |||||||||
Proceeds From Debt | 3,000,000,000 | ||||||||
Commercial Paper [Member] | Dominion Energy Midstream Partners L P [Member] | |||||||||
Related Party Transaction [Line Items] | |||||||||
Interest On Debt | 4,000,000 | 9,000,000 | |||||||
Facility Limit | $ 400,000,000 | $ 400,000,000 | $ 400,000,000 | ||||||
Debt Instrument Interest Rate Stated Percentage | 3.50% | 3.50% | 3.50% | ||||||
Amounts due to Dominion, noncurrent | $ 395,000,000 | $ 395,000,000 | $ 395,000,000 | ||||||
Commercial Paper [Member] | Dominion Energy Gas Holdings, LLC | |||||||||
Related Party Transaction [Line Items] | |||||||||
Interest income | 50,000,000 | 22,000,000 | 148,000,000 | 60,000,000 | |||||
East Ohio [Member] | Dominion Energy Gas Holdings, LLC | Revolving Credit Facility | |||||||||
Related Party Transaction [Line Items] | |||||||||
Amounts due from Dominion, noncurrent | 655,000,000 | 655,000,000 | 655,000,000 | ||||||
DGP [Member] | Dominion Energy Gas Holdings, LLC | Revolving Credit Facility | |||||||||
Related Party Transaction [Line Items] | |||||||||
Amounts due from Dominion, noncurrent | 704,000,000 | ||||||||
DCPI [Member] | Dominion Energy Gas Holdings, LLC | Revolving Credit Facility | IRCA | |||||||||
Related Party Transaction [Line Items] | |||||||||
Short term demand note | 2,900,000,000 | 2,900,000,000 | 2,900,000,000 | 2,900,000,000 | |||||
Interest charges | 30,000,000 | 25,000,000 | 88,000,000 | 72,000,000 | |||||
DMLPHCII [Member] | Dominion Energy Gas Holdings, LLC | Revolving Credit Facility | IRCA | |||||||||
Related Party Transaction [Line Items] | |||||||||
Short term demand note | 22,000,000 | 22,000,000 | 22,000,000 | 22,000,000 | |||||
Interest charges | 1,000,000 | $ 1,000,000 | 1,000,000 | $ 1,000,000 | |||||
Unbilled Revenues [Member] | Dominion Energy Gas Holdings, LLC | |||||||||
Related Party Transaction [Line Items] | |||||||||
Due From Related Parties Current | $ 13,000,000 | $ 13,000,000 | $ 13,000,000 | $ 7,000,000 | |||||
[1] | This credit facility matures in March 2023 and can be used by the borrowers under the credit facility to support bank borrowings and the issuance of commercial paper, as well as to support up to a combined $2.0 billion of letters of credit. | ||||||||
[2] | Virginia Power’s Consolidated Balance Sheet at December 31, 2018 has been derived from the audited Consolidated Balance Sheet at that date. | ||||||||
[3] | The full amount of the facility is available to Virginia Power, less any amounts outstanding to co-borrowers Dominion Energy, Dominion Energy Gas, Questar Gas and DESC. The sub-limit for Virginia Power is set within the facility limit but can be changed at the option of the borrowers under the credit facility multiple times per year. At September 30, 2019, the sub-limit for Virginia Power was $1.5 billion. If Virginia Power has liquidity needs in excess of its sub-limit, the sub-limit may be changed or such needs may be satisfied through short-term intercompany borrowings from Dominion Energy. This credit facility matures in March 2023 and can be used to support bank borrowings and the issuance of commercial paper, as well as to support up to $2.0 billion (or the sub-limit, whichever is less) of letters of credit. | ||||||||
[4] | Dominion Energy Gas’ Consolidated Balance Sheet at December 31, 2018 has been derived from the audited Consolidated Balance Sheet at that date. | ||||||||
[5] | A maximum of $1.5 billion of the facility is available to Dominion Energy Gas, assuming adequate capacity is available after giving effect to uses by co-borrowers Dominion Energy, Virginia Power, Questar Gas and DESC. The sub-limit for Dominion Energy Gas is set within the facility limit but can be changed at the option of the borrowers under the credit facility multiple times per year. At September 30, 2019, the sub-limit for Dominion Energy Gas was $750 million. If Dominion Energy Gas has liquidity needs in excess of its sub-limit, the sub-limit may be changed or such needs may be satisfied through short-term intercompany borrowings from Dominion Energy. This credit facility matures in March 2023 and can be used to support bank borrowings and the issuance of commercial paper, as well as to support up to $1.5 billion (or the sub-limit, whichever is less) of letters of credit. |
Related-Party Transactions (Det
Related-Party Transactions (Detail) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | Dec. 31, 2018 | ||
Virginia Electric and Power Company | ||||||
Related Party Transaction [Line Items] | ||||||
Commodity purchases from affiliates | $ 170 | $ 196 | $ 561 | $ 733 | ||
Services provided by affiliates | [1] | 107 | 106 | 387 | 338 | |
Virginia Electric and Power Company | Affiliated Entity | ||||||
Related Party Transaction [Line Items] | ||||||
Services provided to related parties | 5 | 6 | 19 | 17 | ||
Dominion Energy Gas Holdings, LLC | ||||||
Related Party Transaction [Line Items] | ||||||
Services provided by affiliates | [2] | 41 | 40 | 145 | 128 | |
Services provided to related parties | [3] | 38 | 65 | 128 | 197 | |
Other receivables | [4] | 9 | 9 | $ 13 | ||
Dominion Energy Gas Holdings, LLC | Affiliated Entity | ||||||
Related Party Transaction [Line Items] | ||||||
Services provided to related parties | 60 | $ 39 | 187 | $ 124 | ||
Imbalances receivable from affiliates | 7 | 7 | 16 | |||
Imbalances payable to affiliates | [5] | $ 1 | $ 1 | $ 4 | ||
[1] | Includes capitalized expenditures of $33 million and $34 million for the three months ended September 30, 2019 and 2018, respectively, and $100 million and $109 million for the nine months ended September 30, 2019 and 2018, respectively. | |||||
[2] | Includes capitalized expenditures of $9 million for both the three months ended September 30, 2019 and 2018 and $20 million and $27 million for the nine months ended September 30, 2019 and 2018, respectively. | |||||
[3] | Includes amounts attributable to Atlantic Coast Pipeline, a related-party VIE. | |||||
[4] | Represents amounts due from Atlantic Coast Pipeline, a related-party VIE. | |||||
[5] | Amounts are presented in other current liabilities in Dominion Energy Gas’ Consolidated Balance Sheets. |
Related-Party Transactions (Par
Related-Party Transactions (Parenthetical) (Detail) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Related Party Transaction [Line Items] | ||||
Capital expenditures | $ 3,407 | $ 3,111 | ||
Virginia Electric and Power Company | ||||
Related Party Transaction [Line Items] | ||||
Capital expenditures | 1,816 | 1,696 | ||
Virginia Electric and Power Company | Services provided by affiliates | Affiliated Entity | ||||
Related Party Transaction [Line Items] | ||||
Capital expenditures | $ 33 | $ 34 | 100 | 109 |
Dominion Energy Gas Holdings, LLC | ||||
Related Party Transaction [Line Items] | ||||
Capital expenditures | 537 | 819 | ||
Dominion Energy Gas Holdings, LLC | Services provided by affiliates | Affiliated Entity | ||||
Related Party Transaction [Line Items] | ||||
Capital expenditures | $ 9 | $ 9 | $ 20 | $ 27 |
Employee Benefit Plans (Net Per
Employee Benefit Plans (Net Periodic Benefit Cost (Credit)) (Detail) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | ||
Pension Benefits | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Service cost | $ 41 | $ 39 | $ 121 | $ 118 | |
Interest cost | 97 | 85 | 296 | 253 | |
Expected return on plan assets | (177) | (165) | (530) | (498) | |
Amortization of prior service cost (credit) | 1 | 1 | |||
Amortization of net actuarial loss | 42 | 48 | 124 | 145 | |
Settlements and curtailment | [1] | 2 | 75 | 0 | |
Net periodic benefit cost (credit) | 5 | 7 | 87 | 19 | |
Pension Benefits | Dominion Energy Gas Holdings, LLC | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Service cost | 4 | 4 | 12 | 13 | |
Interest cost | 7 | 7 | 23 | 21 | |
Expected return on plan assets | (38) | (36) | (116) | (111) | |
Amortization of prior service cost (credit) | 0 | 0 | 0 | 0 | |
Amortization of net actuarial loss | 5 | 4 | 15 | 14 | |
Settlements and curtailment | [2] | 1 | 0 | ||
Net periodic benefit cost (credit) | (22) | (21) | (65) | (63) | |
Other Postretirement Benefits | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Service cost | 7 | 7 | 20 | 20 | |
Interest cost | 17 | 14 | 51 | 42 | |
Expected return on plan assets | (37) | (36) | (105) | (107) | |
Amortization of prior service cost (credit) | (13) | (13) | (39) | (39) | |
Amortization of net actuarial loss | 2 | 3 | 9 | 8 | |
Settlements and curtailment | [1] | 42 | 0 | ||
Net periodic benefit cost (credit) | (24) | (25) | (22) | (76) | |
Other Postretirement Benefits | Dominion Energy Gas Holdings, LLC | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Service cost | 1 | 2 | 3 | ||
Interest cost | 3 | 3 | 8 | 8 | |
Expected return on plan assets | (6) | (7) | (20) | (21) | |
Amortization of prior service cost (credit) | (1) | (1) | (3) | (3) | |
Amortization of net actuarial loss | 0 | 0 | 2 | 2 | |
Settlements and curtailment | [2] | 1 | 0 | ||
Net periodic benefit cost (credit) | $ (4) | $ (4) | $ (10) | $ (11) | |
[1] | Primarily related to a voluntary retirement program. | ||||
[2] | Related to a voluntary retirement program. |
Employee Benefit Plans (Narrati
Employee Benefit Plans (Narrative) (Detail) - USD ($) | 1 Months Ended | 3 Months Ended | 9 Months Ended | |||
Oct. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||||
Contributions to defined benefit pension plans and OPEB plans | $ 0 | |||||
Contributions to defined benefit pension plans | $ 21,000,000 | |||||
Dominion Energy Gas Holdings, LLC | ||||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||||
Contributions to defined benefit pension plans and OPEB plans | 0 | |||||
Expected contribution to voluntary employees' beneficiary association for the remainder of 2019 | $ 12,000,000 | $ 12,000,000 | ||||
Voluntary Retirement Program | ||||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||||
Voluntary retirement program related charges | $ 423,000,000 | |||||
Voluntary retirement program related charges net of tax | 316,000,000 | |||||
Increase in pension benefit obligation | 37,000,000 | 484,000,000 | ||||
Increase in accumulated postretirement benefit obligation | 101,000,000 | |||||
Net periodic benefit cost | $ 7,000,000 | 6,000,000 | ||||
Discount rate percentage | 3.57% | 3.57% | ||||
Voluntary Retirement Program | Other operations and maintenance | ||||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||||
Voluntary retirement program related charges | 288,000,000 | |||||
Voluntary Retirement Program | Other Taxes | ||||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||||
Voluntary retirement program related charges | 23,000,000 | |||||
Voluntary Retirement Program | Other Income | ||||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||||
Voluntary retirement program related charges | 112,000,000 | |||||
Voluntary Retirement Program | Net income from discontinued operations | ||||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||||
Voluntary retirement program related charges | 32,000,000 | |||||
Voluntary Retirement Program | Virginia Electric and Power Company | ||||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||||
Voluntary retirement program related charges | 194,000,000 | |||||
Voluntary retirement program related charges net of tax | 144,000,000 | |||||
Voluntary Retirement Program | Virginia Electric and Power Company | Other operations and maintenance | ||||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||||
Voluntary retirement program related charges | 186,000,000 | |||||
Voluntary Retirement Program | Virginia Electric and Power Company | Other Taxes | ||||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||||
Voluntary retirement program related charges | 8,000,000 | |||||
Voluntary Retirement Program | Dominion Energy Gas Holdings, LLC | ||||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||||
Voluntary retirement program related charges | 74,000,000 | |||||
Voluntary retirement program related charges net of tax | 58,000,000 | |||||
Increase in pension benefit obligation | 32,000,000 | |||||
Increase in accumulated postretirement benefit obligation | 8,000,000 | |||||
Net periodic benefit cost | 4,000,000 | |||||
Voluntary Retirement Program | Dominion Energy Gas Holdings, LLC | Other operations and maintenance | ||||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||||
Voluntary retirement program related charges | 39,000,000 | |||||
Voluntary Retirement Program | Dominion Energy Gas Holdings, LLC | Other Taxes | ||||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||||
Voluntary retirement program related charges | 2,000,000 | |||||
Voluntary Retirement Program | Dominion Energy Gas Holdings, LLC | Other Income | ||||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||||
Voluntary retirement program related charges | 1,000,000 | |||||
Pension Benefits | ||||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||||
Increase in fair value of plan assets | $ 51,000,000 | $ 671,000,000 | ||||
Net periodic benefit cost | 5,000,000 | $ 7,000,000 | $ 87,000,000 | $ 19,000,000 | ||
Pension Benefits | Minimum | ||||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||||
Discount rate percentage | 4.07% | |||||
Pension Benefits | Maximum [Member] | ||||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||||
Discount rate percentage | 4.10% | |||||
Pension Benefits | Dominion Energy Gas Holdings, LLC | ||||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||||
Increase in fair value of plan assets | $ 146,000,000 | |||||
Net periodic benefit cost | (22,000,000) | (21,000,000) | (65,000,000) | (63,000,000) | ||
Discount rate percentage | 4.10% | |||||
Other Postretirement Benefits | ||||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||||
Increase in fair value of plan assets | $ 156,000,000 | |||||
Net periodic benefit cost | (24,000,000) | (25,000,000) | (22,000,000) | (76,000,000) | ||
Expected contribution to voluntary employees' beneficiary association for the remainder of 2019 | 12,000,000 | 12,000,000 | ||||
Other Postretirement Benefits | Minimum | ||||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||||
Discount rate percentage | 4.05% | |||||
Other Postretirement Benefits | Maximum [Member] | ||||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||||
Discount rate percentage | 4.08% | |||||
Other Postretirement Benefits | Dominion Energy Gas Holdings, LLC | ||||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||||
Increase in fair value of plan assets | $ 29,000,000 | |||||
Net periodic benefit cost | $ (4,000,000) | $ (4,000,000) | $ (10,000,000) | $ (11,000,000) | ||
Discount rate percentage | 4.05% |
Operating Segments (Narrative)
Operating Segments (Narrative) (Detail) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2019 | Sep. 30, 2018 | Mar. 31, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Segment Reporting Information [Line Items] | |||||
Gain loss on investments held in nuclear decommissioning trust funds, after tax | $ (94) | $ 18 | $ (77) | $ 163 | |
Revision to future ash pond and landfill closure costs | (113) | ||||
SCANA | |||||
Segment Reporting Information [Line Items] | |||||
Merger and integration related costs | 570 | ||||
Merger and integration-related costs, after tax | 429 | ||||
Charge related to a voluntary retirement program | 444 | ||||
Charge related to a voluntary retirement program, after-tax | 332 | ||||
Income tax related to regulatory assets acquired | 264 | 264 | |||
Income tax related to regulatory assets acquired, after tax | 198 | 198 | |||
Virginia Electric and Power Company | |||||
Segment Reporting Information [Line Items] | |||||
Gain loss on investments held in nuclear decommissioning trust funds, after tax | (15) | 3 | (29) | 8 | |
Revision to future ash pond and landfill closure costs | (113) | ||||
Dominion Energy Gas Holdings, LLC | |||||
Segment Reporting Information [Line Items] | |||||
Gain loss on investments held in nuclear decommissioning trust funds, after tax | (27) | $ 10 | (45) | 17 | |
Operating Segments | |||||
Segment Reporting Information [Line Items] | |||||
After- tax net expenses | 2,000 | 188 | |||
Operating Segments | Virginia Electric and Power Company | |||||
Segment Reporting Information [Line Items] | |||||
After- tax net expenses | 653 | 226 | |||
Charge related to a voluntary retirement program | 197 | ||||
Charge related to a voluntary retirement program, after-tax | 146 | ||||
Operating Segments | Virginia Electric and Power Company | Virginia Legislation | |||||
Segment Reporting Information [Line Items] | |||||
One-time rate credit amount | $ 215 | 215 | |||
One-time rate credit amount after tax | 160 | 160 | |||
Operating Segments | Dominion Energy Gas Holdings, LLC | |||||
Segment Reporting Information [Line Items] | |||||
After- tax net expenses | 97 | ||||
Corporate and Other | Operating Segments | |||||
Segment Reporting Information [Line Items] | |||||
After- tax net expenses | 2,100 | 253 | |||
Corporate and Other | Operating Segments | Virginia Electric and Power Company | |||||
Segment Reporting Information [Line Items] | |||||
After- tax net expenses | 673 | 229 | |||
Corporate and Other | Operating Segments | Dominion Energy Gas Holdings, LLC | |||||
Segment Reporting Information [Line Items] | |||||
After- tax net expenses | 66 | 98 | |||
Southeast Energy | |||||
Segment Reporting Information [Line Items] | |||||
Charge for refund of amounts from customers | $ 1,000 | 1,000 | |||
Charge for refund of amounts from customers, after tax | 760 | ||||
Charge for property, plant and equipment acquired but committed to forgo recovery | 114 | ||||
Charge for property, plant and equipment acquired but committed to forgo recovery, after tax | 86 | ||||
Southeast Energy | SCANA | |||||
Segment Reporting Information [Line Items] | |||||
Merger and integration-related costs, after tax | 160 | ||||
Litigation settlement expense | 316 | ||||
Litigation settlement expense, after tax | 237 | ||||
Power Generation | SCANA | |||||
Segment Reporting Information [Line Items] | |||||
Merger and integration-related costs, after tax | 110 | ||||
Power Generation | Virginia Electric and Power Company | |||||
Segment Reporting Information [Line Items] | |||||
Asset early retirement expense | 369 | ||||
Asset early retirement expense, after tax | 275 | ||||
Contract termination with a non-utility generator | 135 | ||||
Contract termination with a non-utility generator, after tax | 100 | ||||
Power Generation | Virginia Electric and Power Company | Virginia Legislation | |||||
Segment Reporting Information [Line Items] | |||||
Benefit from revision of future closure costs | 113 | ||||
Benefit from revision of future closure costs, after tax | 84 | ||||
Power Generation | Operating Segments | |||||
Segment Reporting Information [Line Items] | |||||
Gain loss on investments held in nuclear decommissioning trust funds | 364 | 156 | |||
Gain loss on investments held in nuclear decommissioning trust funds, after tax | 272 | 121 | |||
Power Generation | Operating Segments | Virginia Regulation | |||||
Segment Reporting Information [Line Items] | |||||
Revision to future ash pond and landfill closure costs | 81 | ||||
Environmental Remediation Expense, net of tax | 60 | ||||
Power Generation | Operating Segments | Virginia Electric and Power Company | |||||
Segment Reporting Information [Line Items] | |||||
Charge related to a voluntary retirement program, after-tax | 72 | ||||
Asset early retirement expense | 369 | ||||
Asset early retirement expense, after tax | 275 | ||||
Contract termination with a non-utility generator | 135 | ||||
Contract termination with a non-utility generator, after tax | 100 | ||||
Abandonment expense | 62 | ||||
Abandonment expense, after tax | 46 | ||||
Power Generation | Operating Segments | Virginia Electric and Power Company | Virginia Legislation | |||||
Segment Reporting Information [Line Items] | |||||
Benefit from revision of future closure costs | 113 | ||||
Benefit from revision of future closure costs, after tax | 84 | ||||
Charge associated with one-time rate credits of certain amounts to utility customers, after tax | 109 | 109 | |||
Revision to future ash pond and landfill closure costs | 81 | ||||
Environmental Remediation Expense, net of tax | 60 | ||||
Power Delivery | SCANA | |||||
Segment Reporting Information [Line Items] | |||||
Merger and integration-related costs, after tax | 77 | ||||
Power Delivery | Virginia Electric and Power Company | |||||
Segment Reporting Information [Line Items] | |||||
Asset early retirement expense | 160 | ||||
Asset early retirement expense, after tax | 119 | ||||
Power Delivery | Operating Segments | Virginia Electric and Power Company | |||||
Segment Reporting Information [Line Items] | |||||
Charge related to a voluntary retirement program, after-tax | 74 | ||||
Asset early retirement expense | 160 | ||||
Asset early retirement expense, after tax | 119 | ||||
Power Delivery | Operating Segments | Virginia Electric and Power Company | Virginia Legislation | |||||
Segment Reporting Information [Line Items] | |||||
Charge associated with one-time rate credits of certain amounts to utility customers, after tax | $ 51 | 51 | |||
Gas Infrastructure | SCANA | |||||
Segment Reporting Information [Line Items] | |||||
Merger and integration-related costs, after tax | 82 | ||||
Gas Infrastructure | Operating Segments | FERC-Regulated Plant | |||||
Segment Reporting Information [Line Items] | |||||
Charge for disallowance of FERC-regulated plant | 124 | ||||
Charge for disallowance of FERC-regulated plant, after tax | 88 | ||||
Gas Infrastructure | Operating Segments | Dominion Energy Gas Holdings, LLC | |||||
Segment Reporting Information [Line Items] | |||||
Charge related to a voluntary retirement program | 42 | ||||
Charge related to a voluntary retirement program, after-tax | $ 31 | ||||
Gas Infrastructure | Operating Segments | Dominion Energy Gas Holdings, LLC | FERC-Regulated Plant | |||||
Segment Reporting Information [Line Items] | |||||
Charge for disallowance of FERC-regulated plant | 124 | ||||
Charge for disallowance of FERC-regulated plant, after tax | $ 88 |
Operating Segments (Schedule of
Operating Segments (Schedule of Segment Reporting Information, by Segment) (Detail) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | ||
Segment Reporting Information [Line Items] | |||||
Operating revenue | [1] | $ 4,269 | $ 3,451 | $ 12,097 | $ 10,005 |
Net income (loss) | 975 | 854 | 349 | 1,806 | |
Virginia Electric and Power Company | |||||
Segment Reporting Information [Line Items] | |||||
Operating revenue | [2] | 2,264 | 2,232 | 6,167 | 5,809 |
Net income (loss) | 602 | 520 | 722 | 1,043 | |
Dominion Energy Gas Holdings, LLC | |||||
Segment Reporting Information [Line Items] | |||||
Operating revenue | [3] | 502 | 533 | 1,598 | 1,431 |
Net Income from discontinued operations | 45 | 33 | 125 | 135 | |
Net income (loss) | 151 | 191 | 460 | 454 | |
Intersegment revenue | |||||
Segment Reporting Information [Line Items] | |||||
Operating revenue | (203) | (175) | (726) | (551) | |
Operating Segments | |||||
Segment Reporting Information [Line Items] | |||||
Operating revenue | 4,269 | 3,451 | 12,097 | 10,005 | |
Adjustments/Eliminations | |||||
Segment Reporting Information [Line Items] | |||||
Operating revenue | (2) | 40 | |||
Net income (loss) | 0 | ||||
Eliminations | |||||
Segment Reporting Information [Line Items] | |||||
Operating revenue | (203) | (177) | (726) | (511) | |
Power Delivery | |||||
Segment Reporting Information [Line Items] | |||||
Operating revenue | 678 | 596 | 1,861 | 1,687 | |
Net income (loss) | 185 | 163 | 496 | 464 | |
Power Delivery | Intersegment revenue | |||||
Segment Reporting Information [Line Items] | |||||
Operating revenue | 5 | 5 | 17 | 17 | |
Power Delivery | Operating Segments | |||||
Segment Reporting Information [Line Items] | |||||
Operating revenue | 683 | 601 | 1,878 | 1,704 | |
Power Delivery | Operating Segments | Virginia Electric and Power Company | |||||
Segment Reporting Information [Line Items] | |||||
Operating revenue | 677 | 595 | 1,860 | 1,686 | |
Net income (loss) | 184 | 163 | 494 | 462 | |
Power Generation | |||||
Segment Reporting Information [Line Items] | |||||
Operating revenue | 1,848 | 2,021 | 5,191 | 5,516 | |
Net income (loss) | 490 | 414 | 1,048 | 1,038 | |
Power Generation | Intersegment revenue | |||||
Segment Reporting Information [Line Items] | |||||
Operating revenue | 6 | 3 | 15 | 8 | |
Power Generation | Operating Segments | |||||
Segment Reporting Information [Line Items] | |||||
Operating revenue | 1,854 | 2,024 | 5,206 | 5,524 | |
Power Generation | Operating Segments | Virginia Electric and Power Company | |||||
Segment Reporting Information [Line Items] | |||||
Operating revenue | 1,587 | 1,637 | 4,336 | 4,338 | |
Net income (loss) | 444 | 347 | 885 | 796 | |
Gas Infrastructure | |||||
Segment Reporting Information [Line Items] | |||||
Operating revenue | 788 | 836 | 3,042 | 2,972 | |
Net income (loss) | 232 | 264 | 838 | 840 | |
Gas Infrastructure | Intersegment revenue | |||||
Segment Reporting Information [Line Items] | |||||
Operating revenue | 28 | 7 | 83 | 21 | |
Gas Infrastructure | Operating Segments | |||||
Segment Reporting Information [Line Items] | |||||
Operating revenue | 816 | 843 | 3,125 | 2,993 | |
Gas Infrastructure | Operating Segments | Dominion Energy Gas Holdings, LLC | |||||
Segment Reporting Information [Line Items] | |||||
Operating revenue | 525 | 533 | 1,621 | 1,431 | |
Net income (loss) | 134 | 173 | 423 | 426 | |
Southeast Energy | |||||
Segment Reporting Information [Line Items] | |||||
Operating revenue | 973 | 3,070 | |||
Net income (loss) | 147 | 361 | |||
Southeast Energy | Operating Segments | |||||
Segment Reporting Information [Line Items] | |||||
Operating revenue | 973 | 3,070 | |||
Corporate and Other | |||||
Segment Reporting Information [Line Items] | |||||
Operating revenue | (18) | (1,067) | (210) | ||
Net income (loss) | (79) | 13 | (2,394) | (536) | |
Corporate and Other | Dominion Energy Gas Holdings, LLC | |||||
Segment Reporting Information [Line Items] | |||||
Net Income from discontinued operations | 45 | 33 | 125 | 135 | |
Corporate and Other | Intersegment revenue | |||||
Segment Reporting Information [Line Items] | |||||
Operating revenue | 164 | 160 | 611 | 505 | |
Corporate and Other | Operating Segments | |||||
Segment Reporting Information [Line Items] | |||||
Operating revenue | 146 | 160 | (456) | 295 | |
Corporate and Other | Operating Segments | Virginia Electric and Power Company | |||||
Segment Reporting Information [Line Items] | |||||
Operating revenue | 0 | 0 | (29) | (215) | |
Net income (loss) | (26) | 10 | (657) | (215) | |
Corporate and Other | Operating Segments | Dominion Energy Gas Holdings, LLC | |||||
Segment Reporting Information [Line Items] | |||||
Operating revenue | (23) | (23) | |||
Net income (loss) | $ 17 | $ 18 | $ 37 | $ 28 | |
[1] | See Note 10 for amounts attributable to related parties. | ||||
[2] | See Note 20 for amounts attributable to affiliates. | ||||
[3] | See Note 20 for amounts attributable to related parties. |