Commission File Number |
Exact name of Registrant as Specified in its Charter |
IRS Employer Identification No. | ||
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(State or other jurisdiction of incorporation) |
(Address of Principal Executive Offices) |
(Zip Code) |
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Registrant |
Title of Each Class |
Trading Symbol(s) |
Name of Each Exchange on which Registered | |||
DOMINION ENERGY, INC. |
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DOMINION ENERGY GAS HOLDINGS, LLC |
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Item 8.01 |
Other Events. |
Item 9.01 |
Financial Statements and Exhibits. |
Exhibit No. |
Description | |||
99.1 |
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99.2 |
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101 |
The following financial statements for the quarter ended March 31, 2019 from Dominion Energy, Inc.’s Current Report on Form 8-K, filed on November 18, 2019, formatted in iXBRL (Inline eXtensible Business Reporting Language): (i) Consolidated Statements of Income, (ii) Consolidated Statements of Comprehensive Income (iii) Consolidated Balance Sheets, (iv) Consolidated Statements of Equity, (v) Consolidated Statements of Cash Flows, and (vi) the Notes to Consolidated Financial Statements. The following financial statements for the quarter ended March 31, 2019 from Virginia Electric and Power Company’s Current Report on Form 8-K, filed on November 18, 2019, formatted in iXBRL (Inline eXtensible Business Reporting Language): (i) Consolidated Statements of Income, (ii) Consolidated Statements of Comprehensive Income, (iii) Consolidated Balance Sheets, (iv) Consolidated Statements of Common Shareholder’s Equity (v) Consolidated Statements of Cash Flows, and (vi) the Notes to Consolidated Financial Statements. The following financial statements for the quarter ended March 31, 2019 from Dominion Energy Gas Holdings, LLC’s Current Report on Form 8-K, filed on November 18, 2019, formatted in iXBRL (Inline eXtensible Business Reporting Language): (i) Consolidated Statements of Income, (ii) Consolidated Statements of Comprehensive Income, (iii) Consolidated Balance Sheets, (iv) Consolidated Statements of Equity, (v) Consolidated Statements of Cash Flows, and (vi) the Notes to Consolidated Financial Statements. | |||
104 |
Cover Page Interactive Data File (embedded within the Inline XBRL document). |
DOMINION ENERGY, INC. | ||
Registrant | ||
/s/ Michele L. Cardiff | ||
Name: |
Michele L. Cardiff | |
Title: |
Vice President, Controller and Chief Accounting Officer |
VIRGINIA ELECTRIC AND POWER COMPANY | ||
Registrant | ||
/s/ Michele L. Cardiff | ||
Name: |
Michele L. Cardiff | |
Title: |
Vice President, Controller and Chief Accounting Officer |
DOMINION ENERGY GAS HOLDINGS, LLC | ||
Registrant | ||
/s/ Michele L. Cardiff | ||
Name: |
Michele L. Cardiff | |
Title: |
Vice President, Controller and Chief Accounting Officer |
Abbreviation or Acronym |
Definition | |
2016 Equity Units |
Dominion Energy’s 2016 Series A Equity Units issued in August 2016 | |
2017 Tax Reform Act |
An | |
AFUDC |
Allowance for funds used during construction | |
AMI |
Advanced Metering Infrastructure | |
AMR |
Automated meter reading program deployed by East Ohio | |
AOCI |
Accumulated other comprehensive income (loss) | |
ARO |
Asset retirement obligation | |
Atlantic Coast Pipeline |
Atlantic Coast Pipeline, LLC, a limited liability company owned by Dominion Energy, Duke and Southern Company Gas | |
BACT |
Best available control technology | |
Bankruptcy Court |
U.S. Bankruptcy Court for the Southern District of New York | |
bcf |
Billion cubic feet | |
Blue Racer |
Blue Racer Midstream, LLC, a joint venture between Caiman Energy II, LLC and FR BR Holdings, LLC effective December 2018 | |
CAA |
Clean Air Act | |
CAISO |
California Independent System Operator | |
CCR |
Coal combustion residual | |
CEP |
Capital Expenditure Program, as established by House Bill 95, Ohio legislation enacted in 2011, deployed by East Ohio to recover certain costs associated with capital investment | |
CERCLA |
Comprehensive Environmental Response, Compensation and Liability Act of 1980, also known as Superfund | |
CO 2 |
Carbon dioxide | |
Colonial Trail West |
An approximately 142 MW proposed utility-scale solar power station located in Surry County, Virginia | |
Companies |
Dominion Energy, Virginia Power and Dominion Energy Gas, collectively | |
Cove Point |
Dominion Energy Cove Point LNG, LP | |
Cove Point Holdings |
Cove Point GP Holding Company, LLC | |
CPCN |
Certificate of Public Convenience and Necessity | |
CWA |
Clean Water Act | |
DCPI |
The legal entity Dominion Cove Point, LLC (formerly known as Dominion Cove Point, Inc.), one or more of its consolidated subsidiaries, or the Entirety of Dominion Cove Point, LLC and its consolidated subsidiaries | |
DECG |
Dominion Energy Carolina Gas Transmission, LLC | |
DECGS |
|
Dominion Energy Carolina Gas Services, Inc. |
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|
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DEQPS |
Dominion Energy Questar Pipeline Services, Inc. | |
DES |
Dominion Energy Services, Inc. | |
DESC |
Dominion Energy South Carolina, Inc. (formerly known as South Carolina Electric & Gas Company), its consolidated subsidiaries or operating segments, or the entirety of Dominion Energy South Carolina, Inc. and its consolidated subsidiaries | |
DETI |
Dominion Energy Transmission, Inc. | |
DGI |
Dominion Generation, Inc. |
Abbreviation or Acronym |
Definition | |
DGP |
Dominion Gathering and Processing, Inc. | |
DMLPHCII |
Dominion MLP Holding Company II, LLC (formerly known as Dominion MLP Holding Company II, Inc.) | |
DOE |
U.S. Department of Energy | |
Dominion Energy |
The legal entity, Dominion Energy, Inc., one or more of its consolidated subsidiaries (other than Virginia Power and Dominion Energy Gas) or operating segments, or the entirety of Dominion Energy, Inc. and its consolidated subsidiaries | |
Dominion Energy Gas |
The legal entity, Dominion Energy Gas Holdings, LLC, one or more of its consolidated subsidiaries or operating segment, or the entirety of Dominion Energy Gas Holdings, LLC and its consolidated subsidiaries | |
Dominion Energy Gas Restructuring |
The acquisition of DCPI and DMLPHCII from, and the disposition of East Ohio and DGP to, Dominion Energy by Dominion Energy Gas on November 6, 2019 | |
Dominion Energy Midstream |
The legal entity, Dominion Energy Midstream Partners, LP, one or more of its consolidated subsidiaries, Cove Point Holdings, Iroquois GP Holding Company, LLC, DECG and Dominion Energy Questar Pipeline, or the entirety of Dominion Energy Midstream Partners, LP and its consolidated subsidiaries | |
Dominion Energy Questar Pipeline |
Dominion Energy Questar Pipeline, LLC, one or more of its consolidated subsidiaries, or the entirety of Dominion Energy Questar Pipeline, LLC and its consolidated subsidiaries | |
DSM |
Demand-side management | |
Dth |
Dekatherm | |
Duke |
The legal entity, Duke Energy Corporation, one or more of its consolidated subsidiaries or operating segments, or the entirety of Duke Energy Corporation and its consolidated subsidiaries | |
East Ohio |
The East Ohio Gas Company, doing business as Dominion Energy Ohio | |
EPA |
U.S. Environmental Protection Agency | |
EPS |
Earnings per share | |
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Export Customers |
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ST Cove Point, LLC, a joint venture of Sumitomo Corporation and Tokyo Gas Co., Ltd., and GAIL Global (USA) LNG, LLC |
FASB |
Financial Accounting Standards Board | |
FERC |
Federal Energy Regulatory Commission | |
FILOT |
Fee in lieu of taxes | |
Four Brothers |
Four Brothers Solar, LLC, a limited liability company owned by Dominion Energy and Four Brothers Holdings, LLC, a subsidiary of GIP effective August 2018 | |
FTRs |
Financial transmission rights | |
GAAP |
U.S. generally accepted accounting principles | |
Gal |
Gallon | |
Gas Infrastructure |
Gas Infrastructure Group operating segment | |
GHG |
Greenhouse gas | |
GIP |
The legal entity, Global Infrastructure Partners, one or more of its consolidated subsidiaries (including, effective August 2018, Four Brothers Holdings, LLC, Granite Mountain Renewables, LLC, and Iron Springs Renewables, LLC) or operating segments, or the entirety of Global Infrastructure Partners and its consolidated subsidiaries | |
Granite Mountain |
Granite Mountain Holdings, LLC, a limited liability company owned by Dominion Energy and Granite Mountain Renewables, LLC, a subsidiary of GIP effective August 2018 | |
GreenHat |
GreenHat Energy, LLC | |
GTSA |
Virginia Grid Transformation and Security Act of 2018 | |
Iron Springs |
Iron Springs Holdings, LLC, a limited liability company owned by Dominion Energy and Iron Springs Renewables, LLC, a subsidiary of GIP effective August 2018 | |
Iroquois |
Iroquois Gas Transmission System, L.P. |
Abbreviation or Acronym |
Definition | |
ISO-NE |
ISO New England, Inc. | |
Kewaunee |
Kewaunee nuclear power station | |
kV |
Kilovolt | |
LNG |
Liquefied natural gas | |
MATS |
Utility Mercury and Air Toxics Standard Rule | |
MGD |
Million gallons a day | |
MW |
Megawatt | |
MWh |
Megawatt hour | |
NAV |
Net asset value | |
NGL |
Natural gas liquid | |
NND Project |
V.C. Summer Units 2 and 3 new nuclear development project under which SCANA and Santee Cooper undertook to construct two Westinghouse AP1000 Advanced Passive Safety nuclear units in Jenkinsville, South Carolina | |
North Carolina Commission |
North Carolina Utilities Commission | |
NO x |
Nitrogen oxide | |
NRC |
U.S. Nuclear Regulatory Commission | |
NSPS |
New Source Performance Standards | |
ODEC |
Old Dominion Electric Cooperative | |
Ohio Commission |
Public Utilities Commission of Ohio | |
PIR |
Pipeline Infrastructure Replacement program deployed by East Ohio | |
PJM |
PJM Interconnection, L.L.C. | |
Power Delivery |
Power Delivery Group operating segment | |
Power Generation |
Power Generation Group operating segment | |
ppb |
Parts-per-billion | |
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Predecessor |
|
Dominion Energy as the predecessor for accounting purposes for the period of Dominion Energy’s ownership of DCPI and DMLPHCII until the completion of the Dominion Energy Gas Restructuring |
PSD |
Prevention of significant deterioration | |
PSNC |
Public Service Company of North Carolina, Incorporated, doing business as Dominion Energy North Carolina | |
Questar Gas |
Questar Gas Company, doing business as Dominion Energy Utah, Dominion Energy Wyoming and Dominion Energy Idaho | |
Regulation Act |
Legislation effective July 1, 2007, that amended the Virginia Electric Utility Restructuring Act and fuel factor statute, which legislation is also known as the Virginia Electric Utility Regulation Act, as amended in 2015 and 2018 | |
RICO |
Racketeer Influenced and Corrupt Organizations Act | |
Rider U |
A rate adjustment clause associated with the recovery of costs of new underground distribution facilities | |
Rider US-3 |
A rate adjustment clause associated with the recovery of costs related to Colonial Trail West and Spring Grove 1 | |
Riders C1A, C2A and C3A |
Rate adjustment clauses associated with the recovery of costs related to certain DSM programs | |
ROE |
Return on equity | |
Santee Cooper |
South Carolina Public Service Authority | |
SBL Holdco |
SBL Holdco, LLC, a wholly-owned subsidiary of DGI | |
SCANA |
The legal entity, SCANA Corporation, one or more of its consolidated subsidiaries or the entirety of SCANA Corporation and its consolidated subsidiaries | |
SCANA Combination |
Dominion Energy’s acquisition of SCANA completed on January 1, 2019 pursuant to the terms of the SCANA Merger Agreement |
Abbreviation or Acronym |
Definition | |
SCANA Merger Agreement |
Agreement and plan of merger entered on January 2, 2018 between Dominion Energy and SCANA | |
SCANA Merger Approval Order |
Final order issued by the South Carolina Commission on December 21, 2018 setting forth its approval of the SCANA Combination | |
SCDHEC |
South Carolina Department of Health and Environmental Control | |
SCDOR |
South Carolina Department of Revenue | |
SEC |
U.S. Securities and Exchange Commission | |
South Carolina Commission |
Public Service Commission of South Carolina | |
Southeast Energy |
Southeast Energy Group operating segment | |
Spring Grove 1 |
An approximately 98 MW proposed utility-scale solar power station located in Surry County, Virginia | |
Terra Nova Renewable Partners |
A partnership comprised primarily of institutional investors advised by J.P. Morgan Asset Management-Global Real Assets | |
Three Cedars |
Granite Mountain and Iron Springs, collectively | |
VDEQ |
Virginia Department of Environmental Quality | |
VEBA |
Voluntary Employees’ Beneficiary Association | |
VIE |
Variable interest entity | |
Virginia Commission |
Virginia State Corporation Commission | |
Virginia Power |
The legal entity, Virginia Electric and Power Company, one or more of its consolidated subsidiaries or operating segments, or the entirety of Virginia Electric and Power Company and its consolidated subsidiaries | |
VOC |
Volatile organic compounds | |
WECTEC |
WECTEC Global Project Services, Inc. (formerly known as Stone & Webster, Inc.), a wholly-owned subsidiary of Westinghouse | |
Westinghouse |
Westinghouse Electric Company LLC | |
White River Hub |
White River Hub, LLC | |
Wyoming Commission |
Wyoming Public Service Commission |
Three Months Ended March 31, |
||||||||
2019 |
2018 |
|||||||
(millions, except per share amounts) |
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Operating Revenue (1) |
$ |
$ | ||||||
Operating Expenses |
||||||||
Electric fuel and other energy-related purchases |
||||||||
Purchased electric capacity |
||||||||
Purchased gas |
||||||||
Other operations and maintenance |
||||||||
Depreciation, depletion and amortization |
||||||||
Other taxes |
||||||||
Impairment of assets and other charges |
||||||||
Total operating expenses |
||||||||
Income (loss) from operations |
( |
) |
||||||
Other income |
||||||||
Interest and related charges |
||||||||
Income (loss) from operations including noncontrolling interests before income tax expense |
( |
) |
||||||
Income tax expense |
||||||||
Net Income (Loss) Including Noncontrolling Interests |
( |
) |
||||||
Noncontrolling Interests |
||||||||
Net Income (Loss) Attributable to Dominion Energy |
$ |
( |
) |
$ | ||||
Earnings Per Common Share |
||||||||
Net income (loss) attributable to Dominion Energy - Basic |
$ |
( |
) |
$ | ||||
Net income (loss) attributable to Dominion Energy - Diluted |
( |
) |
(1) |
See Note 10 for amounts attributable to related parties. |
Three Months Ended March 31, |
||||||||
2019 |
2018 |
|||||||
(millions) |
||||||||
Net income (loss) including noncontrolling interests |
$ |
( |
) |
$ | ||||
Other comprehensive income (loss), net of taxes: |
||||||||
Net deferred gains (losses) on derivatives-hedging activities (1) |
( |
) |
||||||
Changes in unrealized net gains (losses) on investment securities (2) |
( |
) | ||||||
Amounts reclassified to net income: |
||||||||
Net derivative (gains) losses-hedging activities (3) |
( |
) |
||||||
Net realized (gains) losses on investment securities (4) |
— |
|||||||
Net pension and other postretirement benefit costs (5) |
||||||||
Total other comprehensive income (loss) |
( |
) |
||||||
Comprehensive income (loss) including noncontrolling interests |
( |
) |
||||||
Comprehensive income attributable to noncontrolling interests |
||||||||
Comprehensive income (loss) attributable to Dominion Energy |
$ |
( |
) |
$ | ||||
(1) |
Net of $ |
(2) |
Net of $( |
(3) |
Net of $ |
(4) |
Net of $— million tax for both the three months ended March 31, 2019 and 2018. |
(5) |
Net of $( |
March 31, 2019 |
December 31, 2018 (1) |
|||||||
(millions) |
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ASSETS |
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Current Assets |
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Cash and cash equivalents |
$ |
$ | ||||||
Customer receivables (less allowance for doubtful accounts of $ |
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Other receivables (less allowance for doubtful accounts of $ (2) |
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Inventories |
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Regulatory assets |
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Other |
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Total current assets |
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Investments |
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Nuclear decommissioning trust funds |
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Investment in equity method affiliates |
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Other |
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Total investments |
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Property, Plant and Equipment |
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Property, plant and equipment |
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Accumulated depreciation, depletion and amortization |
( |
) |
( |
) | ||||
Total property, plant and equipment, net |
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Deferred Charges and Other Assets |
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Goodwill |
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Intangible assets, net |
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Regulatory assets |
||||||||
Operating lease assets |
— |
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Other |
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Total deferred charges and other assets |
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Total assets |
$ |
$ | ||||||
(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. |
March 31, 2019 |
December 31, 2018 (1) |
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(millions) |
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LIABILITIES AND EQUITY |
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Current Liabilities |
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Securities due within one year |
$ |
$ | ||||||
Credit facility borrowings |
— |
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Short-term debt |
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Accounts payable |
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Accrued interest, payroll and taxes |
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Regulatory liabilities |
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Other (2) |
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Total current liabilities |
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Long-Term Debt |
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Long-term debt |
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Junior subordinated notes |
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Remarketable subordinated notes |
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Total long-term debt |
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Deferred Credits and Other Liabilities |
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Deferred income taxes and investment tax credits |
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Regulatory liabilities |
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Asset retirement obligations |
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Operating lease liabilities |
— |
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Other |
||||||||
Total deferred credits and other liabilities |
||||||||
Total liabilities |
||||||||
Commitments and Contingencies (see Note 17) |
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Equity |
||||||||
Common stock – no par (3) |
||||||||
Retained earnings |
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Accumulated other comprehensive loss |
( |
) |
( |
) | ||||
Total common shareholders’ equity |
||||||||
Noncontrolling interests |
||||||||
Total equity |
||||||||
Total liabilities and equity |
$ |
$ | ||||||
(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) |
Common Stock |
Dominion Energy Shareholders |
Total Common Shareholders’ Equity |
||||||||||||||||||||||||||
Shares |
Amount |
Retained Earnings |
AOCI |
Noncontrolling Interests |
Total Equity |
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(millions) |
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December 31, 2017 |
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$ | |
$ | |
$ | ( |
) | $ | |
$ | |
$ | |
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Cumulative-effect of changes in accounting principles |
( |
) | |
( |
) | ( |
) | |
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Net income including noncontrolling interests |
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Issuance of common stock |
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Sale of Dominion Energy Midstream common units - net of offering costs |
— |
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Stock awards (net of change in unearned compensation) |
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|||||||||||||||||||||||||
Dividends ($ |
( |
) | ( |
) | ( |
) | ( |
) | ||||||||||||||||||||
Other comprehensive income, net of tax |
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Other |
( |
) | ( |
) | |
( |
) | |||||||||||||||||||||
March 31, 2018 |
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$ | |
$ | |
$ | ( |
) | $ | |
$ | |
$ | |
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December 31, 2018 |
|
$ | |
$ | |
$ | ( |
) | $ | |
$ | |
$ | |
||||||||||||||
Net income (loss) including noncontrolling interests |
( |
) |
( |
) |
|
( |
) | |||||||||||||||||||||
Issuance of common stock |
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||||||||||||||||||||||||
Acquisition of SCANA |
|
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|
||||||||||||||||||||||||
Acquisition of public interest in Dominion Energy Midstream |
|
|
|
( |
) |
( |
) | |||||||||||||||||||||
Dividends ($ |
( |
) |
( |
) |
( |
) |
( |
) | ||||||||||||||||||||
Other comprehensive loss, net of tax |
( |
) |
( |
) |
( |
) | ||||||||||||||||||||||
March 31, 2019 |
|
$ |
|
$ |
|
$ |
( |
) |
$ |
|
$ |
|
$ |
|
||||||||||||||
Three Months Ended March 31, |
2019 |
2018 |
||||||
(millions) |
||||||||
Operating Activities |
||||||||
Net income (loss) including noncontrolling interests |
$ |
( |
) |
$ | ||||
Adjustments to reconcile net income (loss) including noncontrolling interests to net cash provided by operating activities: |
||||||||
Depreciation, depletion and amortization (including nuclear fuel) |
||||||||
Deferred income taxes and investment tax credits |
||||||||
Provision for refunds and rate credits to electric utility customers |
||||||||
Impairment of assets and other charges |
— |
|||||||
Net (gains) losses on nuclear decommissioning trust funds and other investments |
( |
) |
||||||
Revision to future ash pond and landfill closure costs |
( |
) |
— |
|||||
Other adjustments |
( |
) |
( |
) | ||||
Changes in: |
||||||||
Accounts receivable |
||||||||
Inventories |
||||||||
Deferred fuel and purchased gas costs, net |
( |
) | ||||||
Prepayments |
( |
) | ||||||
Accounts payable |
( |
) |
( |
) | ||||
Accrued interest, payroll and taxes |
( |
) |
( |
) | ||||
Customer deposits |
( |
) |
||||||
Margin deposit assets and liabilities |
( |
) | ||||||
Other operating assets and liabilities |
( |
) |
||||||
Net cash provided by operating activities |
||||||||
Investing Activities |
||||||||
Plant construction and other property additions (including nuclear fuel) |
( |
) |
( |
) | ||||
Cash and restricted cash acquired in the SCANA Combination |
— |
|||||||
Acquisition of solar development projects |
( |
) |
( |
) | ||||
Proceeds from sales of securities |
||||||||
Purchases of securities |
( |
) |
( |
) | ||||
Proceeds from sales of assets and equity method investments |
— |
|||||||
Contributions to equity method affiliates |
( |
) |
( |
) | ||||
Other |
( |
) |
||||||
Net cash used in investing activities |
( |
) |
( |
) | ||||
Financing Activities |
||||||||
Issuance (repayment) of short-term debt, net |
( |
) | ||||||
Issuance of short-term notes |
— |
|||||||
Repayment of credit facility borrowings |
( |
) |
— |
|||||
Issuance of long-term debt |
||||||||
Repayment of long-term debt, including redemption premiums |
( |
) |
( |
) | ||||
Issuance of common stock |
||||||||
Common dividend payments |
( |
) |
( |
) | ||||
Other |
( |
) |
( |
) | ||||
Net cash provided by (used in) financing activities |
( |
) |
||||||
Increase in cash, restricted cash and equivalents |
||||||||
Cash, restricted cash and equivalents at beginning of period |
||||||||
Cash, restricted cash and equivalents at end of period |
$ |
$ | ||||||
Supplemental Cash Flow Information |
||||||||
Significant noncash investing and financing activities: (1)(2)(3) |
||||||||
Accrued capital expenditures |
$ |
$ | ||||||
(1) |
See Note 2 for noncash investing and financing activities related to the adoption of a new accounting standard for leasing arrangements. |
(2) |
See Note 3 for noncash investing and financing activities related to the SCANA Combination. |
(3) |
See Note 16 for noncash financing activities related to the acquisition of the public interest in Dominion Energy Midstream. |
Three Months Ended March 31, |
||||||||
2019 |
2018 |
|||||||
(millions) |
||||||||
Operating Revenue (1) |
$ |
$ | ||||||
Operating Expenses |
||||||||
Electric fuel and other energy-related purchases (1) |
||||||||
Purchased electric capacity |
||||||||
Other operations and maintenance: |
||||||||
Affiliated suppliers |
||||||||
Other |
||||||||
Depreciation and amortization |
||||||||
Other taxes |
||||||||
Impairment of assets and other charges |
— |
|||||||
Total operating expenses |
||||||||
Income from operations |
||||||||
Other income |
||||||||
Interest and related charges (1) |
||||||||
Income before income tax expense |
||||||||
Income tax expense |
||||||||
Net Income |
$ |
$ | ||||||
(1) |
See Note 19 for amounts attributable to affiliates. |
Three Months Ended March 31, |
||||||||
2019 |
2018 |
|||||||
(millions) |
||||||||
Net income |
$ |
$ | ||||||
Other comprehensive income (loss), net of taxes: |
||||||||
Net deferred gains (losses) on derivatives-hedging activities (1) |
( |
) |
||||||
Changes in unrealized net gains (losses) on nuclear decommissioning trust funds (2) |
— |
|||||||
Total other comprehensive income (loss) |
( |
) |
||||||
Comprehensive income |
$ |
$ | ||||||
(1) |
Net of $ |
(2) |
Net of $( |
March 31, 2019 |
December 31, 2018 (1) |
|||||||
(millions) |
||||||||
ASSETS |
||||||||
Current Assets |
||||||||
Cash and cash equivalents |
$ |
$ | ||||||
Customer receivables (less allowance for doubtful accounts of $ |
||||||||
Other receivables (less allowance for doubtful accounts of $ |
||||||||
Affiliated receivables |
||||||||
Inventories (average cost method) |
||||||||
Other (2) |
||||||||
Total current assets |
||||||||
Investments |
||||||||
Nuclear decommissioning trust funds |
||||||||
Other |
||||||||
Total investments |
||||||||
Property, Plant and Equipment |
||||||||
Property, plant and equipment |
||||||||
Accumulated depreciation and amortization |
( |
) |
( |
) | ||||
Total property, plant and equipment, net |
||||||||
Deferred Charges and Other Assets |
||||||||
Regulatory assets |
||||||||
Operating lease assets |
— |
|||||||
Other (2) |
||||||||
Total deferred charges and other assets |
||||||||
Total assets |
$ |
$ | ||||||
(1) |
Virginia Power’s Consolidated Balance Sheet at December 31, 2018 has been derived from the audited Consolidated Balance Sheet at that date. |
(2) |
See Note 19 for amounts attributable to affiliates. |
March 31, 2019 |
December 31, 2018 (1) |
|||||||
(millions) |
||||||||
LIABILITIES AND SHAREHOLDER’S EQUITY |
||||||||
Current Liabilities |
||||||||
Securities due within one year |
$ |
$ | ||||||
Short-term debt |
||||||||
Accounts payable |
||||||||
Payables to affiliates |
||||||||
Affiliated current borrowings |
||||||||
Regulatory liabilities |
||||||||
Other (2) |
||||||||
Total current liabilities |
||||||||
Long-Term Debt |
||||||||
Deferred Credits and Other Liabilities |
||||||||
Deferred income taxes and investment tax credits |
||||||||
Asset retirement obligations |
||||||||
Regulatory liabilities |
||||||||
Operating lease liabilities |
— |
|||||||
Other (2) |
||||||||
Total deferred credits and other liabilities |
||||||||
Total liabilities |
||||||||
Commitments and Contingencies (see Note 17) |
||||||||
Common Shareholder’s Equity |
||||||||
Common stock – no par (3) |
||||||||
Other paid-in capital |
||||||||
Retained earnings |
||||||||
Accumulated other comprehensive loss |
( |
) |
( |
) | ||||
Total common shareholder’s equity |
||||||||
Total liabilities and shareholder’s equity |
$ |
$ | ||||||
(1) |
Virginia Power’s Consolidated Balance Sheet at December 31, 2018 has been derived from the audited Consolidated Balance Sheet at that date. |
(2) |
See Note 19 for amounts attributable to affiliates. |
(3) |
Common Stock |
||||||||||||||||||||||||
Shares |
Amount |
Other Paid- In Capital |
Retained Earnings |
AOCI |
Total |
|||||||||||||||||||
(millions, except for shares) |
(thousands) |
|||||||||||||||||||||||
December 31, 2017 |
$ | $ | $ | $ | $ | |||||||||||||||||||
Cumulative-effect of changes in accounting principles |
( |
) | ||||||||||||||||||||||
Net income |
||||||||||||||||||||||||
Dividends |
( |
) | ( |
) | ||||||||||||||||||||
Other comprehensive income, net of tax |
||||||||||||||||||||||||
March 31, 2018 |
$ | $ | $ | $ | ( |
) | $ | |||||||||||||||||
December 31, 2018 |
$ | $ | $ | $ | ( |
) | $ | |||||||||||||||||
Net income |
||||||||||||||||||||||||
Dividends |
( |
) |
( |
) | ||||||||||||||||||||
Other comprehensive loss, net of tax |
( |
) |
( |
) | ||||||||||||||||||||
March 31, 2019 |
$ |
$ |
$ |
$ |
( |
) |
$ |
|||||||||||||||||
Three Months Ended March 31, |
2019 |
2018 |
||||||
(millions) |
||||||||
Operating Activities |
||||||||
Net income |
$ |
$ | ||||||
Adjustments to reconcile net income to net cash provided by operating activities: |
||||||||
Depreciation and amortization (including nuclear fuel) |
||||||||
Deferred income taxes and investment tax credits |
( |
) |
||||||
Revision to future ash pond and landfill closure costs |
( |
) |
— |
|||||
Impairment of assets and other charges |
— |
|||||||
Provision for rate credits to customers |
— |
|||||||
Other adjustments |
( |
) |
( |
) | ||||
Changes in: |
||||||||
Accounts receivable |
||||||||
Affiliated receivables and payables |
( |
) |
( |
) | ||||
Inventories |
( |
) |
||||||
Prepayments |
( |
) |
( |
) | ||||
Deferred fuel expenses, net |
( |
) | ||||||
Accounts payable |
( |
) |
||||||
Accrued interest, payroll and taxes |
( |
) | ||||||
Net realized and unrealized changes related to derivative activities |
||||||||
Other operating assets and liabilities |
( |
) |
( |
) | ||||
Net cash provided by operating activities |
||||||||
Investing Activities |
||||||||
Plant construction and other property additions |
( |
) |
( |
) | ||||
Purchases of nuclear fuel |
( |
) |
( |
) | ||||
Acquisition of solar development projects |
( |
) |
— |
|||||
Proceeds from sales of securities |
||||||||
Purchases of securities |
( |
) |
( |
) | ||||
Other |
( |
) |
( |
) | ||||
Net cash used in investing activities |
( |
) |
( |
) | ||||
Financing Activities |
||||||||
Issuance (repayment) of short-term debt, net |
( |
) | ||||||
Repayment of affiliated current borrowings, net |
( |
) |
( |
) | ||||
Issuance of long-term debt |
— |
|||||||
Repayment of long-term debt |
— |
( |
) | |||||
Common dividend payments to parent |
( |
) |
( |
) | ||||
Other |
( |
) |
( |
) | ||||
Net cash provided by (used in) financing activities |
( |
) |
||||||
Decrease in cash, restricted cash and equivalents |
( |
) |
( |
) | ||||
Cash, restricted cash and equivalents at beginning of period |
||||||||
Cash, restricted cash and equivalents at end of period |
$ |
$ | ||||||
Supplemental Cash Flow Information |
||||||||
Significant noncash investing activities: (1) |
||||||||
Accrued capital expenditures |
$ |
$ | ||||||
(1) |
See Note 2 for noncash investing and financing activities related to the adoption of a new accounting standard for leasing arrangements. |
Three Months Ended March 31, |
||||||||
2019 |
2018 |
|||||||
(millions) |
||||||||
Operating Revenue (1) |
$ |
|
$ | |
||||
Operating Expenses |
||||||||
Purchased gas (1) |
|
|
||||||
Other energy-related purchases |
|
— |
||||||
Other operations and maintenance: |
||||||||
Affiliated suppliers |
|
|
||||||
Other |
|
|
||||||
Depreciation and amortization |
|
|
||||||
Other taxes |
|
|
||||||
Gains on sales of assets |
— |
( |
) | |||||
Total operating expenses |
|
|
||||||
Income from continuing operations |
|
|
||||||
Earnings from equity method investee s |
|
|
||||||
Other income |
|
|
||||||
Interest and related charges (1) |
|
|
||||||
Income from continuing operations before income tax expense |
|
|
||||||
Income tax expense |
|
|
||||||
Net i ncome from continuing operations |
|
|
||||||
Net i ncome from discontinued operations |
|
|
||||||
Net i ncome including noncontrolling interest |
|
|
||||||
Noncontrolling interest |
|
|
||||||
Net i ncome attributable to Dominion Energy Gas. |
$ |
|
$ | |
||||
(1) |
See Note 19 for amounts attributable to related parties. |
Three Months Ended March 31, |
||||||||
2019 |
2018 |
|||||||
(millions) |
||||||||
Net i ncome including noncontrolling interest |
$ |
|
$ | |
||||
Other comprehensive income (loss), net of taxes: |
||||||||
Net deferred gains (losses) on derivatives-hedging activities (1) |
( |
) |
|
|||||
Amounts reclassified to net income: |
||||||||
Net derivative (gains) losses-hedging activities (2) |
|
( |
) | |||||
Net pension and other postretirement benefit costs (3) |
|
|
||||||
Total other comprehensive income (loss) |
( |
) |
|
|||||
Comprehensive income including noncontrolling interests |
|
|
||||||
Comprehensive income attributable to noncontrolling interests |
|
|
||||||
Comprehensive income attributable to Dominion Energy Gas |
$ |
|
$ | |
||||
(1) |
Net of $ |
(2) |
Net of $— million and $ |
(3) |
Net of $( |
March 31, 2019 |
December 31, 2018 (1) |
|||||||
(millions) |
||||||||
ASSETS |
||||||||
Current Assets |
||||||||
Cash and cash equivalents |
$ |
|
$ | |
||||
Customer receivables (less allowance for doubtful accounts of less than $ |
|
|
||||||
Other receivables (2) |
|
|
||||||
Affiliated receivables |
|
|
||||||
Affiliated notes receivable |
|
|
||||||
Inventories |
|
|
||||||
Gas imbalances (2) |
|
|
||||||
Current assets of discontinued operations |
|
|
||||||
Other (2) |
|
|
||||||
Total current assets |
|
|
||||||
Investments |
||||||||
Affiliated notes receivable |
|
|
||||||
Investments in equity method investment |
|
|
||||||
Total investments |
|
|
||||||
Property, Plant and Equipment |
||||||||
Property, plant and equipment |
|
|
||||||
Accumulated depreciation and amortization |
( |
) |
( |
) | ||||
Total property, plant and equipment, net |
|
|
||||||
Deferred Charges and Other Assets |
||||||||
Goodwill |
|
|
||||||
Pension and other postretirement benefit assets (2) |
|
|
||||||
Operating lease assets |
|
— |
||||||
Other |
|
|
||||||
Total deferred charges and other assets |
|
|
||||||
Noncurrent assets of discontinued operations |
|
|
||||||
Total assets |
$ |
|
$ | |
||||
(1) |
Dominion Energy Gas’ Consolidated Balance Sheet at December 31, 2018 has been derived from the audited Consolidated Balance Sheet at that date. |
(2) |
See Note 19 for amounts attributable to related parties. |
March 31, 2019 |
December 31, 2018 (1) |
|||||||
(millions) |
||||||||
LIABILITIES AND EQUITY |
||||||||
Current Liabilities |
||||||||
Securities due within one year |
$ |
|
$ | |
||||
Credit facility borrowings |
— |
|
||||||
Short-term debt |
|
|
||||||
Accounts payable |
|
|
||||||
Payables to affiliates |
|
|
||||||
Affiliated current borrowings |
|
|
||||||
Current liabilities of discontinued operations |
|
|
||||||
Other (2) |
|
|
||||||
Total current liabilities |
|
|
||||||
Long-Term Debt |
|
|
||||||
Affiliated Long-Term Debt |
|
— |
||||||
Deferred Credits and Other Liabilities |
||||||||
Deferred income taxes and investment tax credits |
|
|
||||||
Regulatory liabilities |
|
|
||||||
Operating lease liabilities |
|
— |
||||||
Other |
|
|
||||||
Total deferred credits and other liabilities |
|
|
||||||
Noncurrent liabilities of discontinued operations |
|
|
||||||
Total liabilities |
|
|
||||||
Commitments and Contingencies (see Note 17) |
||||||||
Equity |
||||||||
Predecessor equity |
|
|
||||||
Membership interests |
|
|
||||||
Accumulated other comprehensive loss |
( |
) |
( |
) | ||||
Total members’ equity |
|
|
||||||
Noncontrolling interests |
|
|
||||||
Total equity |
|
|
||||||
Total liabilities and equity |
$ |
|
$ | |
||||
(1) |
Dominion Energy Gas’ Consolidated Balance Sheet at December 31, 2018 has been derived from the audited Consolidated Balance Sheet at that date. |
(2) |
See Note 19 for amounts attributable to related parties. |
Predecessor Equity |
Membership Interests |
AOCI |
Total Members’ Equity |
Noncontrolling Interests |
Total |
|||||||||||||||||||
(millions) |
||||||||||||||||||||||||
December 31, 2017 |
$ | $ | $ | ( |
) | $ | $ | $ | ||||||||||||||||
Cumulative-effect of changes in accounting principles |
( |
) | ||||||||||||||||||||||
Net income |
213 |
|||||||||||||||||||||||
Sale of Dominion Energy Midstream common units |
— |
|||||||||||||||||||||||
Dividends and distributions |
( |
) | ( |
) | ( |
) | ( |
) | ( |
) | ||||||||||||||
Distributions to noncontrolling interest |
( |
) | ( |
) | — |
|||||||||||||||||||
Equity contributions from Dominion Energy |
||||||||||||||||||||||||
Other comprehensive income, net of tax |
||||||||||||||||||||||||
March 31, 2018 |
$ | $ | $ | ( |
) | $ | $ | $ | ||||||||||||||||
December 31, 2018 |
$ | $ | $ | ( |
) | $ | $ | $ | ||||||||||||||||
Net income |
226 |
|||||||||||||||||||||||
Acquisition of public interest in Dominion Energy Midstream |
( |
) |
( |
) | ||||||||||||||||||||
Dividends and distributions |
( |
) |
( |
) |
( |
) |
( |
) | ||||||||||||||||
Other comprehensive loss, net of tax |
( |
) |
( |
) |
( |
) |
( |
) | ||||||||||||||||
Other |
( |
) |
( |
) |
( |
) | ||||||||||||||||||
March 31, 2019 |
$ |
$ |
$ |
( |
) |
$ |
$ |
$ |
||||||||||||||||
Three Months Ended March 31, |
2019 |
2018 |
||||||
(millions) |
||||||||
Operating Activities |
||||||||
Net Income including noncontrolling interest |
$ |
$ | ||||||
Adjustments to reconcile net income to net cash provided by operating activities: |
||||||||
Depreciation and amortization |
||||||||
Deferred income taxes and investment tax credits |
||||||||
Gains on sales of assets |
— |
( |
) | |||||
Other adjustments |
( |
) | ||||||
Changes in: |
||||||||
Accounts receivable |
( |
) |
( |
) | ||||
Affiliated receivables and payables |
( |
) |
||||||
Inventories |
( |
) |
( |
) | ||||
Prepayments |
( |
) | ||||||
Accounts payable |
( |
) |
( |
) | ||||
Accrued interest, payroll and taxes |
( |
) |
( |
) | ||||
Customer deposits |
( |
) |
||||||
Pension and other postretirement benefits |
( |
) |
( |
) | ||||
Other operating assets and liabilities |
( |
) |
||||||
Net cash provided by operating activities |
||||||||
Investing Activities |
||||||||
Plant construction and other property additions |
( |
) |
( |
) | ||||
Proceeds from assignments of shale development rights |
— |
|||||||
Other |
( |
) |
( |
) | ||||
Net cash used in investing activities |
( |
) |
( |
) | ||||
Financing Activities |
||||||||
Issuance (repayment) of short-term debt, net |
( |
) | ||||||
Issuance (repayment) of affiliated current borrowings, net |
( |
) |
||||||
Issuance of long-term debt |
— |
|||||||
Repayment of long-term debt |
( |
) |
( |
) | ||||
Issuance of affiliated long-term debt |
— |
|||||||
Repayment of credit facility borrowings |
( |
) |
— |
|||||
Net proceeds from sale of Dominion Energy Midstream Common Units |
— |
|||||||
Contributions from Domi nion Energy |
— |
|||||||
Dividends and distributions |
( |
) |
( |
) | ||||
Other |
( |
) |
( |
) | ||||
Net cash provided by (used in) financing activities |
( |
) |
||||||
Increase in cash, restricted cash and equivalents |
||||||||
Cash, restricted cash and equivalents at beginning of period |
||||||||
Cash, restricted cash and equivalents at end of period |
$ |
$ | ||||||
Supplemental Cash Flow Information |
||||||||
Significant noncash investing activities: (1) |
||||||||
Accrued capital expenditures |
$ |
$ | ||||||
(1) |
See Note 2 for noncash investing and financing activities related to the adoption of a new accounting standard for leasing arrangements. |
Cash, Restricted Cash and Equivalents at End of Period |
Cash, Restricted Cash and Equivalents at Beginning of Period |
|||||||||||||||
March 31, 2019 |
March 31, 2018 |
December 31, 2018 |
December 31, 2017 |
|||||||||||||
(millions) |
||||||||||||||||
Dominion Energy |
||||||||||||||||
Cash and cash equivalents |
$ |
$ | $ | $ | ||||||||||||
Restricted cash and equivalents (1) |
||||||||||||||||
Cash, restricted cash and equivalents shown in the Consolidated Statements of Cash Flows |
$ |
$ | $ | $ | ||||||||||||
Virginia Power |
||||||||||||||||
Cash and cash equivalents |
$ |
$ | $ | $ | ||||||||||||
Restricted cash and equivalents (1) |
||||||||||||||||
Cash, restricted cash and equivalents shown in the Consolidated Statements of Cash Flows |
$ |
$ | $ | $ | ||||||||||||
Dominion Energy Gas |
||||||||||||||||
Cash and cash equivalents (2) |
$ |
147 |
$ | $ | 108 |
$ | ||||||||||
Restricted cash and equivalents (1) |
||||||||||||||||
Cash, restricted cash and equivalents shown in the Consolidated Statements of Cash Flows |
$ |
$ | $ | $ | ||||||||||||
(1) |
Restricted cash and equivalent balances are presented within other current assets in the Companies’ Consolidated Balance Sheets. |
(2) |
At March 31, 2019, March 31, 2018, December 31, 2018 and December 31, 2017, Dominion Energy Gas had $ |
● |
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 $ |
● |
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. |
Amount |
||||
(millions) |
||||
Total current assets (1) |
$ |
|
||
Investments |
|
|||
Property, plant and equipment (2) |
|
|||
Goodwill |
|
|||
Regulatory assets (3) |
|
|||
Other deferred charges and other assets, including intangible assets |
|
|||
Total Assets |
|
|||
Total current liabilities |
|
|||
Long-term debt |
|
|||
Deferred income taxes |
|
|||
Regulatory liabilities |
|
|||
Other deferred credits and other liabilities |
|
|||
Total Liabilities |
|
|||
Total purchase price (4) |
$ |
|
||
(1) |
Includes $ |
(2) |
Includes $ after-tax), included in impairment of assets and other charges. |
(3) |
Includes $ 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. |
(4) |
Includes stock-based compensation awards with an estimated fair value of $ |
Three Months Ended March 31, |
||||||||
2019 (1) |
2018 (1) |
|||||||
(millions, except EPS) |
||||||||
Operating Revenue |
$ |
|
$ | |
||||
Net income attributable to Dominion Energy |
|
|
||||||
Earnings Per Common Share – Basic |
$ |
|
$ | |
||||
Earnings Per Common Share – Diluted |
$ |
|
$ | |
(1) |
Amounts include adjustments for non-recurring costs directly related to the SCANA Combination. |
Three Months Ended March 31, |
||||||||
2019 |
2018 |
|||||||
(millions) |
||||||||
Operating revenue |
$ |
$ | ||||||
Depreciation and amortization |
||||||||
Other operating expenses |
||||||||
Other income |
||||||||
Interest and related charges |
||||||||
Income tax expense |
||||||||
Net income from discontinued operations |
$ |
$ | ||||||
March 31, 2019 |
At December 31, 2018 |
|||||||
(millions) |
||||||||
Current assets of discontinued operations (1) |
$ |
$ | ||||||
Investments |
||||||||
Property, plant and equipment, net |
||||||||
Regulatory assets |
||||||||
Other deferred charges and other assets, including goodwill and intangible assets |
||||||||
Noncurrent assets of discontinued operations |
||||||||
Current liabilities of discontinued operations |
||||||||
Long-term debt |
||||||||
Deferred income taxes and investment tax credits |
||||||||
Regulatory liabilities |
||||||||
Other deferred credits and liabilities |
||||||||
Noncurrent liabilities of discontinued operations |
Three Months Ended March 31, |
||||||||
2019 |
2018 |
|||||||
(millions) |
||||||||
Capital expenditures |
$ |
$ | ||||||
Significant noncash items |
||||||||
Accrued capital expenditures |
Three Months Ended March 31, |
||||||||
2019 |
2018 |
|||||||
(millions) |
||||||||
Operating revenue |
$ |
$ | ||||||
Depreciation and amortization |
||||||||
Other operating expenses |
||||||||
Net income from discontinued operations |
$ |
$ |
||||||
March 31, 2019 |
At December 31, 2018 |
|||||||
(millions) |
||||||||
Current assets of discontinued operations (1) |
$ |
$ | ||||||
Noncurrent assets of discontinued operations (2) |
||||||||
Current liabilities of discontinued operations |
||||||||
Noncurrent liabilities of discontinued operations |
Three Months Ended March 31, |
||||||||
2019 |
2018 |
|||||||
(millions) |
||||||||
Capital expenditures |
$ |
$ |
Three Months Ended March 31, |
||||||||
2019 |
2018 |
|||||||
(millions) |
||||||||
Dominion Energy |
||||||||
Regulated electric sales: |
||||||||
Residential |
$ |
$ | ||||||
Commercial |
||||||||
Industrial |
||||||||
Government and other retail |
||||||||
Wholesale |
||||||||
Nonregulated electric sales |
||||||||
Regulated gas sales: |
||||||||
Residential |
||||||||
Commercial |
||||||||
Other |
||||||||
Nonregulated gas sales |
||||||||
Regulated gas transportation and storage: |
||||||||
FERC-regulated |
||||||||
State-regulated |
||||||||
Nonregulated gas transportation and storage |
||||||||
Other regulated revenues (1) |
||||||||
Other nonregulated revenues (1)(2) |
||||||||
Total operating revenue from contracts with customers |
||||||||
Other revenues (3) |
||||||||
Total operating revenue |
$ |
$ | ||||||
Virginia Power |
||||||||
Regulated electric sales: |
||||||||
Residential |
$ |
$ | ||||||
Commercial |
||||||||
Industrial |
||||||||
Government and other retail |
||||||||
Wholesale |
||||||||
Other regulated revenues |
||||||||
Other nonregulated revenues (2) |
||||||||
Total operating revenue from contracts with customers |
||||||||
Other revenues (2)(3) |
||||||||
Total operating revenue |
$ |
$ | ||||||
Dominion Energy Gas |
||||||||
Regulated gas sales - wholesale |
$ |
|||||||
Nonregulated gas sales (2) |
||||||||
Regulated gas transportation and storage |
||||||||
Nonregulated gas transportation and storage |
$ | |||||||
Management service revenue (2) |
||||||||
Other regulated revenues |
3 |
8 |
||||||
Total operating revenue from contracts with customers |
||||||||
Other revenues |
||||||||
Total operating revenue |
$ |
$ | ||||||
(1) |
Amounts above include $ |
(2) |
See Notes 10 and 19 for amounts attributable to related parties and affiliates. |
(3) |
Amounts above include $ |
Revenue expected to be recognized on multi-year contracts in place at March 31, 2019 |
Thereafter |
Total |
||||||||||||||||||||||||||
(millions) |
||||||||||||||||||||||||||||
Dominion Energy |
$ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||
Virginia Power |
||||||||||||||||||||||||||||
Dominion Energy Gas |
Dominion Energy |
Virginia Power |
Dominion Energy Gas |
||||||||||||||||||||||
Three Months Ended March 31, |
2019 |
2018 |
2019 |
2018 |
2019 |
2018 |
||||||||||||||||||
U.S. statutory rate |
% |
% | % |
% | % |
% | ||||||||||||||||||
Increases (reductions) resulting from: |
||||||||||||||||||||||||
State taxes, net of federal benefit |
||||||||||||||||||||||||
Investment tax credits |
( |
) |
( |
) | ( |
) |
( |
) | — |
— |
||||||||||||||
Production tax credits |
( |
) |
( |
) | ( |
) |
( |
) | — |
— |
||||||||||||||
Reversal of excess deferred income taxes |
( |
) |
( |
) | ( |
) |
( |
) | ( |
) |
( |
) | ||||||||||||
Write-off of regulatory assets |
( |
) |
— |
— |
— |
— |
— |
|||||||||||||||||
Other, net |
( |
) |
( |
) | ( |
) | ( |
) (1) |
( |
) (1) | ||||||||||||||
Effective tax rate |
( |
)% |
% | % |
% | % |
% | |||||||||||||||||
Three Months Ended March 31, |
||||||||
2019 |
2018 |
|||||||
(millions, except EPS) |
||||||||
Net income (loss) attributable to Dominion Energy |
$ |
( |
) |
$ | |
|||
Average shares of common stock outstanding – Basic |
|
|
||||||
Net effect of dilutive securities |
— |
— |
||||||
Average shares of common stock outstanding – Diluted |
|
|
||||||
Earnings Per Common Share – Basic |
$ |
( |
) |
$ | |
|||
Earnings Per Common Share – Diluted |
$ |
( |
) |
$ | |
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 March 31, 2019 |
||||||||||||||||||||
Beginning balance |
$ |
( |
) |
$ |
|
$ |
( |
) |
$ |
( |
) |
$ |
( |
) | ||||||
Other comprehensive income before reclassifications: gains (losses) |
( |
) |
|
— |
— |
( |
) | |||||||||||||
Amounts reclassified from AOCI: (gains) losses (1) |
( |
) |
— |
|
— |
( |
) | |||||||||||||
Net current period other comprehensive income (loss) |
( |
) |
|
|
— |
( |
) | |||||||||||||
Ending balance |
$ |
( |
) |
$ |
|
$ |
( |
) |
$ |
( |
) |
$ |
( |
) | ||||||
Three Months Ended March 31, 2018 |
||||||||||||||||||||
Beginning balance |
$ | ( |
) | $ | |
$ | ( |
) | $ | ( |
) | $ | ( |
) | ||||||
Other comprehensive income before reclassifications: gains (losses) |
|
( |
) | — |
— |
|
||||||||||||||
Amounts reclassified from AOCI: (gains) losses (1) |
|
|
|
— |
|
|||||||||||||||
Net current period other comprehensive income (loss) |
|
( |
) | |
— |
|
||||||||||||||
Cumulative-effect of changes in accounting principle |
( |
) | ( |
) | ( |
) | — |
( |
) | |||||||||||
Less other comprehensive income attributable to noncontrolling interest |
|
— |
— |
— |
|
|||||||||||||||
Ending balance |
$ | ( |
) | $ | |
$ | ( |
) | $ | ( |
) | $ | ( |
) | ||||||
(1) |
See table below for details about these reclassifications. |
Details about AOCI components |
Amounts reclassified from AOCI |
Affected line item in the Consolidated Statements of Income | ||||
(millions) |
||||||
Three Months Ended March 31, 2019 |
||||||
Deferred (gains) and losses on derivatives-hedging activities: |
||||||
Commodity contracts |
$ |
( |
) |
Operating revenue | ||
( |
) |
Purchased gas | ||||
Interest rate contracts |
|
Interest and related charges | ||||
Foreign currency contracts |
|
Other income | ||||
Total |
( |
) |
||||
Tax |
|
Income tax expense | ||||
Total, net of tax |
$ |
( |
) |
|||
Unrecognized pension and other postretirement benefit costs: |
||||||
Amortization of prior-service costs (credits) |
$ |
( |
) |
Other income | ||
Amortization of actuarial losses |
|
Other income | ||||
Total |
|
|||||
Tax |
( |
) |
Income tax expense | |||
Total, net of tax |
$ |
|
||||
Three Months Ended March 31, 2018 |
||||||
Deferred (gains) and losses on derivatives-hedging activities: |
||||||
Commodity contracts |
$ | |
Operating revenue | |||
|
Purchased gas | |||||
( |
) | Electric fuel and other energy-related purchases | ||||
Interest rate contracts |
|
Interest and related charges | ||||
Foreign currency contracts |
( |
) | Other income | |||
Total |
|
|||||
Tax |
( |
) | Income tax expense | |||
Total, net of tax |
$ | |
||||
Unrealized (gains) and losses on investment securities: |
||||||
Realized (gain) loss on sale of securities |
$ | |
Other income | |||
Total |
|
|||||
Tax |
— |
Income tax expense | ||||
Total, net of tax |
$ | |
||||
Unrecognized pension and other postretirement benefit costs: |
||||||
Amortization of prior-service costs (credits) |
$ | ( |
) | Other income | ||
Amortization of actuarial losses |
|
Other income | ||||
Total |
|
|||||
Tax |
( |
) | Income tax expense | |||
Total, net of tax |
$ | |
||||
Deferred gains and losses on derivatives- hedging activities |
Unrealized gains and losses on investment securities |
Total |
||||||||||
(millions) |
||||||||||||
Three Months Ended March 31, 2019 |
||||||||||||
Beginning balance |
$ |
( |
) |
$ |
|
$ |
( |
) | ||||
Other comprehensive income before reclassifications: gains (losses) |
( |
) |
|
( |
) | |||||||
Amounts reclassified from AOCI: (gains) losses |
— |
— |
— |
|||||||||
Net current period other comprehensive income (loss) |
( |
) |
|
( |
) | |||||||
Ending balance |
$ |
( |
) |
$ |
|
$ |
( |
) | ||||
Three Months Ended March 31, 2018 |
||||||||||||
Beginning balance |
$ | ( |
) | $ | |
$ | |
|||||
Other comprehensive income before reclassifications: gains (losses) |
|
— |
|
|||||||||
Amounts reclassified from AOCI: (gains) losses |
— |
— |
— |
|||||||||
Net current period other comprehensive income (loss) |
|
— |
|
|||||||||
Cumulative-effect of changes in accounting principle |
( |
) | ( |
) | ( |
) | ||||||
Ending balance |
$ | ( |
) | $ | |
$ | ( |
) | ||||
Deferred gains and losses on derivatives- hedging activities |
Unrecognized pension costs |
Total |
||||||||||
(millions) |
|
|
|
|||||||||
Three Months Ended March 31, 2019 |
||||||||||||
Beginning balance |
$ |
( |
) |
$ |
( |
) |
$ |
( |
) | |||
Other comprehensive income before reclassifications: gains (losses) |
( |
) |
— |
( |
) | |||||||
Amounts reclassified from AOCI: (gains) losses (1) |
|
|
|
|||||||||
Net current period other comprehensive income (loss) |
( |
) |
|
( |
) | |||||||
Less other comprehensive income attributable to noncontrolling interest |
( |
) |
— |
( |
) | |||||||
Ending balance |
$ |
( |
) |
$ |
( |
) |
$ |
( |
) | |||
Three Months Ended March 31, 2018 |
||||||||||||
Beginning balance |
$ | ( |
) | $ | ( |
) | $ | ( |
) | |||
Other comprehensive income before reclassifications: gains (losses) |
|
— |
|
|||||||||
Amounts reclassified from AOCI: (gains) losses (1) |
( |
) | |
( |
) | |||||||
Net current period other comprehensive income |
|
|
|
|||||||||
Cumulative-effect of changes in accounting principle |
( |
) | ( |
) | ( |
) | ||||||
Less other comprehensive income attributable to noncontrolling interest |
|
— |
|
|||||||||
Ending balance |
$ | ( |
) | $ | ( |
) | $ | ( |
) | |||
(1) |
See table below for details about these reclassifications. |
Details about AOCI components |
Amounts reclassified from AOCI |
Affected line item in the Consolidated Statements of Income | ||||
(millions) |
|
|||||
Three Months Ended March 31, 2019 |
||||||
Deferred (gains) and losses on derivatives-hedging activities: |
||||||
Commodity contracts |
$ |
( |
) |
Net income from discontinued operations | ||
Interest rate contracts |
( |
) |
Interest and related charges | |||
Foreign currency contracts |
|
Other income | ||||
Total |
|
|||||
Tax |
— |
Income tax expense | ||||
Total, net of tax |
$ |
|
||||
Unrecognized pension costs: |
||||||
Actuarial losses |
$ |
|
Other income | |||
Total |
|
|||||
Tax |
( |
) |
Income tax expense | |||
Total, net of tax |
$ |
|
||||
Three Months Ended March 31, 2018 |
||||||
Deferred (gains) and losses on derivatives-hedging activities: |
||||||
Commodity contracts |
$ | |
Net income from discontinued operations | |||
Interest rate contracts |
|
Interest and related charges | ||||
Foreign currency contracts |
( |
) | Other income | |||
Total |
( |
) | ||||
Tax |
|
Income tax expense | ||||
Total, net of tax |
$ | ( |
) | |||
Unrecognized pension costs: |
||||||
Actuarial losses |
$ | |
Other income | |||
Total |
|
|||||
Tax |
( |
) | Income tax expense | |||
Total, net of tax |
$ | |
||||
Fair Value (millions) |
Valuation Techniques |
Unobservable Input |
Range |
Weighted Average (1) |
||||||||||||||||
Assets |
||||||||||||||||||||
Physical and financial forwards and futures: |
||||||||||||||||||||
Natural gas (2) |
$ |
Discounted cash flow |
Market price (per Dth) (3) |
( |
( |
) | ||||||||||||||
FTRs |
Discounted cash flow |
Market price (per MWh) (3) |
( |
|||||||||||||||||
Physical options: |
||||||||||||||||||||
Natural gas |
Option model |
Market price (per Dth) (3) |
||||||||||||||||||
Price volatility (4) |
- |
% | ||||||||||||||||||
Total assets |
$ |
|||||||||||||||||||
Liabilities |
||||||||||||||||||||
Financial forwards: |
||||||||||||||||||||
FTRs |
$ |
Discounted cash flow |
Market price (per MWh) (3) |
( |
||||||||||||||||
Physical options: |
||||||||||||||||||||
Natural gas |
Option model |
Market price (per Dth) (3) |
||||||||||||||||||
Price volatility (4) |
||||||||||||||||||||
Total liabilities |
$ |
|||||||||||||||||||
(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. |
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) |
Level 1 |
Level 2 |
Level 3 |
Total |
|||||||||||||
(millions) |
||||||||||||||||
At March 31, 2019 |
||||||||||||||||
Assets |
||||||||||||||||
Derivatives: |
||||||||||||||||
Commodity |
$ |
$ |
$ |
$ |
||||||||||||
Interest rate |
— |
— |
||||||||||||||
Foreign currency |
— |
— |
||||||||||||||
Investments (1) : |
||||||||||||||||
Equity securities: |
||||||||||||||||
U.S. |
— |
— |
||||||||||||||
Fixed income securities: |
||||||||||||||||
Corporate debt instruments |
— |
— |
||||||||||||||
Government securities |
— |
|||||||||||||||
Cash equivalents and other |
— |
— |
||||||||||||||
Total assets |
$ |
$ |
$ |
$ |
||||||||||||
Liabilities |
||||||||||||||||
Derivatives: |
||||||||||||||||
Commodity |
$ |
— |
$ |
$ |
$ |
|||||||||||
Interest rate |
— |
— |
||||||||||||||
Foreign currency |
— |
— |
||||||||||||||
Total liabilities |
$ |
— |
$ |
$ |
$ |
|||||||||||
At December 31, 2018 |
||||||||||||||||
Assets |
||||||||||||||||
Derivatives: |
||||||||||||||||
Commodity |
$ | — |
$ | $ | $ | |||||||||||
Interest rate |
— |
— |
||||||||||||||
Foreign currency |
— |
— |
||||||||||||||
Investments (1) : |
||||||||||||||||
Equity securities: |
||||||||||||||||
U.S. |
— |
— |
||||||||||||||
Fixed income securities: |
||||||||||||||||
Corporate debt instruments |
— |
— |
||||||||||||||
Government securities |
— |
|||||||||||||||
Cash equivalents and other |
— |
— |
||||||||||||||
Total assets |
$ | $ | $ | $ | ||||||||||||
Liabilities |
||||||||||||||||
Derivatives: |
||||||||||||||||
Commodity |
$ | — |
$ | $ | $ | |||||||||||
Interest rate |
— |
— |
||||||||||||||
Foreign currency |
— |
— |
||||||||||||||
Total liabilities |
$ | — |
$ | $ | $ | |||||||||||
(1) |
Includes investments held in the nuclear decommissioning and rabbi trusts. Excludes $ |
Three Months Ended March 31, |
||||||||
2019 |
2018 |
|||||||
(millions) |
||||||||
Beginning balance |
$ |
$ | ||||||
Total realized and unrealized gains (losses): |
||||||||
Included in earnings: |
||||||||
Operating revenue |
( |
) |
( |
) | ||||
Electric fuel and other energy-related purchases |
( |
) |
( |
) | ||||
Included in other comprehensive income |
— |
|||||||
Included in regulatory assets/liabilities |
( |
) | ||||||
Settlements |
( |
) |
||||||
Purchases |
( |
) |
— |
|||||
Transfers out of Level 3 |
( |
) |
||||||
Ending balance |
$ |
$ | ||||||
Fair Value (millions) |
Valuation Techniques |
Unobservable Input |
Range |
Weighted Average (1) |
||||||||||||
Assets |
||||||||||||||||
Physical and financial forwards and futures: |
||||||||||||||||
Natural gas (2) |
$ |
Discounted cash flow |
Market price (per Dth) (3) |
( |
( |
) | ||||||||||
FTRs |
Discounted cash flow |
Market price (per MWh) (3) |
( |
— |
||||||||||||
Physical options: |
||||||||||||||||
Natural gas |
Option model |
Market price (per Dth) (3) |
||||||||||||||
Price volatility (4) |
- |
% | ||||||||||||||
Total assets |
$ |
|||||||||||||||
Liabilities |
||||||||||||||||
Financial forwards: |
||||||||||||||||
FTRs |
$ |
Discounted cash flow |
Market price (per MWh) (3) |
( |
||||||||||||
Total liabilities |
$ |
|||||||||||||||
(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. |
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) |
Level 1 |
Level 2 |
Level 3 |
Total |
|||||||||||||
(millions) |
||||||||||||||||
At March 31, 2019 |
||||||||||||||||
Assets |
||||||||||||||||
Derivatives: |
||||||||||||||||
Commodity |
$ |
— |
$ |
$ |
$ |
|||||||||||
Investments (1) : |
||||||||||||||||
Equity securities: |
||||||||||||||||
U.S. |
— |
— |
||||||||||||||
Fixed income securities: |
||||||||||||||||
Corporate debt instruments |
— |
— |
||||||||||||||
Government securities |
— |
|||||||||||||||
Total assets |
$ |
$ |
$ |
$ |
||||||||||||
Liabilities |
||||||||||||||||
Derivatives: |
||||||||||||||||
Commodity |
$ |
— |
$ |
$ |
$ |
|||||||||||
Interest rate |
— |
— |
||||||||||||||
Total liabilities |
$ |
— |
$ |
$ |
$ |
|||||||||||
At December 31, 2018 |
||||||||||||||||
Assets |
||||||||||||||||
Derivatives: |
||||||||||||||||
Commodity |
$ | — |
$ | $ | $ | |||||||||||
Interest rate |
— |
— |
||||||||||||||
Investments (1) : |
||||||||||||||||
Equity securities: |
||||||||||||||||
U.S. |
— |
— |
||||||||||||||
Fixed income securities: |
||||||||||||||||
Corporate debt instruments |
— |
— |
||||||||||||||
Government securities |
— |
|||||||||||||||
Total assets |
$ | $ | $ | $ | ||||||||||||
Liabilities |
||||||||||||||||
Derivatives: |
||||||||||||||||
Commodity |
$ | — |
$ | $ | $ | |||||||||||
Interest rate |
— |
— |
||||||||||||||
Total liabilities |
$ | — |
$ | $ | $ | |||||||||||
(1) |
Includes investments held in the nuclear decommissioning trusts. Excludes $ |
Three Months Ended March 31, |
||||||||
2019 |
2018 |
|||||||
(millions) |
||||||||
Beginning balance |
$ |
$ | ||||||
Total realized and unrealized gains (losses): |
||||||||
Included in earnings: |
||||||||
Electric fuel and other energy-related purchases |
( |
) |
( |
) | ||||
Included in regulatory assets/liabilities |
( |
) | ||||||
Settlements |
( |
) |
||||||
Ending balance |
$ |
$ | ||||||
Level 1 |
Level 2 |
Level 3 |
Total |
|||||||||||||
(millions) |
||||||||||||||||
At March 31, 2019 |
||||||||||||||||
Assets |
||||||||||||||||
Foreign currency |
$ |
— |
$ |
|
$ |
— |
$ |
|
||||||||
Total assets |
$ |
— |
$ |
|
$ |
— |
$ |
|
||||||||
Liabilities |
||||||||||||||||
Interest rate |
$ |
— |
$ |
|
$ |
— |
$ |
|
||||||||
Foreign currency |
— |
|
— |
|
||||||||||||
Total liabilities |
$ |
— |
$ |
|
$ |
— |
$ |
|
||||||||
At December 31, 2018 |
||||||||||||||||
Assets |
||||||||||||||||
Commodity |
$ | — |
$ | |
$ | — |
$ | |
||||||||
Interest rate |
— |
|
— |
|
||||||||||||
Foreign currency |
— |
|
— |
|
||||||||||||
Total assets |
$ | — |
$ | |
$ | — |
$ | |
||||||||
Liabilities |
||||||||||||||||
Interest rate |
$ | — |
$ | |
$ | — |
$ | |
||||||||
Foreign currency |
— |
|
— |
|
||||||||||||
Total liabilities |
$ | — |
$ | |
$ | — |
$ | |
||||||||
Three Months Ended |
||||
March 31, |
||||
2018 |
||||
(millions) |
||||
Beginning balance |
$ | ( |
) | |
Total realized and unrealized gains: |
||||
Included in other comprehensive income |
|
|||
Transfers out of Level 3 |
|
|||
Ending balance |
$ | |
||
March 31, 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) |
$ |
|
$ |
|
$ | |
$ | |
||||||||
Credit facility borrowings |
— |
— |
|
|
||||||||||||
Junior subordinated notes (3) |
|
|
|
|
||||||||||||
Remarketable subordinated notes (3) |
|
|
|
|
||||||||||||
Virginia Power |
||||||||||||||||
Long-term debt, including securities due within one year (3) |
$ |
|
$ |
|
$ | |
$ | |
||||||||
Dominion Energy Gas |
||||||||||||||||
Long-term debt, including securities due within one year (4) |
$ |
|
$ |
|
$ | |
$ | |
||||||||
Affiliated long-term debt |
|
|
|
|
|
|
|
|
— |
|
|
|
— |
| ||
Credit facility borrowings |
— |
— |
|
|
||||||||||||
(1) |
Fair value is estimated using market prices, where available, and interest rates currently available for issuance of debt with similar terms and remaining maturities. All fair value measurements are classified as Level 2. The carrying amount of debt issues with short-term maturities and variable rates refinanced at current market rates is a reasonable estimate of their fair value. |
(2) |
Carrying amount includes amounts which represent the unamortized debt issuance costs, discount or premium, and foreign currency remeasurement adjustments. At March 31, 2019 and December 31, 2018, includes the valuation of certain fair value hedges associated with fixed rate debt of $( |
(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. |
March 31, 2019 Gross Amounts Not Offset in the Consolidated Balance Sheet |
December 31, 2018 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 |
$ |
$ |
$ |
$ |
$ | $ | $ | $ | ||||||||||||||||||||||||
Exchange |
||||||||||||||||||||||||||||||||
Interest rate contracts: |
||||||||||||||||||||||||||||||||
Over-the-counter |
||||||||||||||||||||||||||||||||
Foreign currency contracts: |
||||||||||||||||||||||||||||||||
Over-the-counter |
||||||||||||||||||||||||||||||||
Total derivatives, subject to a master netting or similar arrangement |
$ |
$ |
$ |
$ |
$ | $ | $ | $ | ||||||||||||||||||||||||
(1) |
Excludes $ |
March 31, 2019 Gross Amounts Not Offset in the Consolidated Balance Sheet |
December 31, 2018 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 |
$ |
$ |
$ |
$ |
$ | $ | $ | — |
$ | |||||||||||||||||||||||
Exchange |
— |
— |
— |
|||||||||||||||||||||||||||||
Interest rate contracts: |
||||||||||||||||||||||||||||||||
Over-the-counter |
— |
— |
||||||||||||||||||||||||||||||
Foreign currency contracts: |
||||||||||||||||||||||||||||||||
Over-the-counter |
— |
— |
— |
— |
||||||||||||||||||||||||||||
Total derivatives, subject to a master netting or similar arrangement |
$ |
$ |
$ |
$ |
$ | $ | $ | $ | ||||||||||||||||||||||||
(1) |
Excludes $ |
Current |
Noncurrent |
|||||||
Natural Gas (bcf): |
||||||||
Fixed price (1) |
||||||||
Basis |
||||||||
Electricity (MWh): |
||||||||
Fixed price |
||||||||
FTRs |
||||||||
NGLs (Gal) |
||||||||
Interest rate (2) |
$ |
$ |
||||||
Foreign currency (2)(3) |
$ |
$ |
(1) | Includes options. |
(2) | Maturity is determined based on final settlement period. |
(3) | Euro equivalent volumes are € . |
AOCI After-Tax |
Amounts Expected to be Reclassified to Earnings During the Next 12 Months After-Tax |
Maximum Term |
||||||||||
(millions) |
||||||||||||
Commodities: |
||||||||||||
Gas |
$ |
$ |
||||||||||
Electricity |
||||||||||||
Interest rate |
( |
) |
( |
) |
||||||||
Foreign currency |
( |
) |
||||||||||
Total |
$ |
( |
) |
$ |
( |
) |
||||||
Carrying Amount of the Hedged Asset (Liability) |
Cumulative Amount of Fair Value Hedging Adjustments Included in the Carrying Amount of the Hedged Assets(Liabilities) |
|||||||||||||||
March 31, 2019 |
December 31, 2018 |
March 31, 2019 |
December 31, 2018 |
|||||||||||||
(millions) |
||||||||||||||||
Long-term debt |
$ |
( |
) |
$ | ( |
) | $ |
$ |
Fair Value – Derivatives under Hedge Accounting |
Fair Value – Derivatives not under Hedge Accounting |
Total Fair Value |
||||||||||
(millions) |
||||||||||||
March 31, 2019 |
||||||||||||
ASSETS |
||||||||||||
Current Assets |
||||||||||||
Commodity |
$ |
|
$ |
|
$ |
|
||||||
Interest rate |
|
— |
|
|||||||||
Total current derivative assets (1) |
|
|
|
|||||||||
Noncurrent Assets |
||||||||||||
Commodity |
|
|
|
|||||||||
Interest rate |
|
— |
|
|||||||||
Foreign currency |
|
— |
|
|||||||||
Total noncurrent derivative assets (2) |
|
|
|
|||||||||
Total derivative assets |
$ |
|
$ |
|
$ |
|
||||||
LIABILITIES |
||||||||||||
Current Liabilities |
||||||||||||
Commodity |
$ |
|
$ |
|
$ |
|
||||||
Interest rate |
|
|
|
|||||||||
Foreign currency |
|
— |
|
|||||||||
Total current derivative liabilities (3) |
|
|
|
|||||||||
Noncurrent Liabilities |
||||||||||||
Commodity |
|
|
|
|||||||||
Interest rate |
|
|
|
|||||||||
Total noncurrent derivative liabilities (4) |
|
|
|
|||||||||
Total derivative liabilities |
$ |
|
$ |
|
$ |
|
||||||
December 31, 2018 |
||||||||||||
ASSETS |
||||||||||||
Current Assets |
||||||||||||
Commodity |
$ | |
$ | |
$ | |
||||||
Interest rate |
|
— |
|
|||||||||
Total current derivative assets (1) |
|
|
|
|||||||||
Noncurrent Assets |
||||||||||||
Commodity |
|
|
|
|||||||||
Interest rate |
|
— |
|
|||||||||
Foreign currency |
|
— |
|
|||||||||
Total noncurrent derivative assets (2) |
|
|
|
|||||||||
Total derivative assets |
$ | |
$ | |
$ | |
||||||
LIABILITIES |
||||||||||||
Current Liabilities |
||||||||||||
Commodity |
$ | |
$ | |
$ | |
||||||
Interest rate |
|
— |
|
|||||||||
Foreign currency |
|
— |
|
|||||||||
Total current derivative liabilities (3) |
|
|
|
|||||||||
Noncurrent Liabilities |
||||||||||||
Commodity |
|
|
|
|||||||||
Interest rate |
|
— |
|
|||||||||
Total noncurrent derivative liabilities (4) |
|
|
|
|||||||||
Total derivative liabilities |
$ | |
$ | |
$ | |
||||||
(1) |
Current derivative assets are presented in other current assets in Dominion Energy’s Consolidated Balance Sheets. |
(2) |
Noncurrent derivative assets are presented in other deferred charges and other assets in Dominion Energy’s Consolidated Balance Sheets. |
(3) |
Current derivative liabilities are presented in other current liabilities in Dominion Energy’s Consolidated Balance Sheets. |
(4) |
Noncurrent derivative liabilities are presented in other deferred credits and other liabilities in Dominion Energy’s Consolidated Balance Sheets. |
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 Treatment (2) |
|||||||||
(millions) |
||||||||||||
Three Months Ended March 31, 2019 |
||||||||||||
Derivative type and location of gains (losses): |
||||||||||||
Commodity: |
||||||||||||
Operating revenue |
$ |
|
||||||||||
Purchased gas |
|
|||||||||||
Total commodity |
$ |
|
$ |
|
$ |
— |
||||||
Interest rate (3) |
( |
) |
( |
) |
( |
) | ||||||
Foreign currency (4) |
( |
) |
( |
) |
— |
|||||||
Total |
$ |
( |
) |
$ |
|
$ |
( |
) | ||||
Three Months Ended March 31, 2018 |
||||||||||||
Derivative type and location of gains (losses): |
||||||||||||
Commodity: |
||||||||||||
Operating revenue |
$ | ( |
) | |||||||||
Purchased gas |
( |
) | ||||||||||
Electric fuel and other energy-related purchases |
|
|||||||||||
Total commodity |
$ | |
$ | ( |
) | $ | — |
|||||
Interest rate (3) |
|
( |
) | |
||||||||
Foreign currency (4) |
|
|
— |
|||||||||
Total |
$ | |
$ | ( |
) | $ | |
|||||
(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 |
||||||||
March 31, |
||||||||
2019 |
2018 |
|||||||
(millions) |
||||||||
Derivative type and location of gains (losses): |
||||||||
Commodity: |
||||||||
Operating revenue |
$ |
|
$ | |
||||
Purchased gas |
|
— |
||||||
Electric fuel and other energy-related purchases |
( |
) |
( |
) | ||||
Total |
$ |
( |
) |
$ | ( |
) | ||
(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. |
March 31, 2019 Gross Amounts Not Offset in the Consolidated Balance Sheet |
December 31, 2018 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 |
$ |
$ |
$ |
$ |
$ | $ | $ | $ | ||||||||||||||||||||||||
Interest rate contracts: |
||||||||||||||||||||||||||||||||
Over-the-counter |
— |
|||||||||||||||||||||||||||||||
Total derivatives, subject to a master netting or similar arrangement |
$ |
$ |
$ |
$ |
$ | $ | $ | $ | ||||||||||||||||||||||||
(1) |
Excludes $ |
March 31, 2019 Gross Amounts Not Offset in the Consolidated Balance Sheet |
December 31, 2018 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 |
$ |
$ |
$ |
$ |
— |
$ | $ | $ | — |
$ | — |
|||||||||||||||||||||
Interest rate contracts: |
||||||||||||||||||||||||||||||||
Over-the-counter |
— |
— |
— |
— |
||||||||||||||||||||||||||||
Total derivatives, subject to a master netting or similar arrangement |
$ |
$ |
$ |
$ |
$ | $ | $ | — |
$ | |||||||||||||||||||||||
(1) |
Excludes $ |
Current |
Noncurrent |
|||||||
Natural Gas (bcf): |
||||||||
Fixed price (1) |
||||||||
Basis |
||||||||
Electricity (MWh): |
||||||||
FTRs |
||||||||
Interest rate (2) |
$ |
$ |
(1) |
Includes options. |
(2) |
Maturity is determined based on final settlement period. |
AOCI After-Tax |
Amounts Expected to be Reclassified to Earnings During the Next 12 Months After-Tax |
Maximum Term |
||||||||||
(millions) |
||||||||||||
Interest rate |
$ |
( |
) |
$ |
( |
) |
||||||
Total |
$ |
( |
) |
$ |
( |
) |
||||||
Fair Value – Derivatives under Hedge Accounting |
Fair Value – Derivatives not under Hedge Accounting |
Total Fair Value |
||||||||||
(millions) |
||||||||||||
March 31, 2019 |
||||||||||||
ASSETS |
||||||||||||
Current Assets |
||||||||||||
Commodity |
$ |
— |
$ |
|
$ |
|
||||||
Total current derivative assets (1) |
— |
|
|
|||||||||
Noncurrent Assets |
||||||||||||
Commodity |
— |
|
|
|||||||||
Total noncurrent derivative assets (2) |
— |
|
|
|||||||||
Total derivative assets |
$ |
— |
$ |
|
$ |
|
||||||
LIABILITIES |
||||||||||||
Current Liabilities |
||||||||||||
Commodity |
$ |
— |
$ |
|
$ |
|
||||||
Interest rate |
|
— |
|
|||||||||
Total current derivative liabilities (3) |
|
|
|
|||||||||
Noncurrent Liabilities |
||||||||||||
Commodity |
— |
|
|
|||||||||
Interest rate |
|
— |
|
|||||||||
Total noncurrent derivatives liabilities (4) |
|
|
|
|||||||||
Total derivative liabilities |
$ |
|
$ |
|
$ |
|
||||||
December 31, 2018 |
||||||||||||
ASSETS |
||||||||||||
Current Assets |
||||||||||||
Commodity |
$ | — |
$ | |
$ | |
||||||
Interest rate |
|
— |
|
|||||||||
Total current derivative assets (1) |
|
|
|
|||||||||
Noncurrent Assets |
||||||||||||
Commodity |
— |
|
|
|||||||||
Total noncurrent derivative assets (2) |
— |
|
|
|||||||||
Total derivative assets |
$ | |
$ | |
$ | |
||||||
LIABILITIES |
||||||||||||
Current Liabilities |
||||||||||||
Commodity |
$ | — |
$ | |
$ | |
||||||
Interest rate |
|
— |
|
|||||||||
Total current derivative liabilities (3) |
|
|
|
|||||||||
Noncurrent Liabilities |
||||||||||||
Interest rate |
|
— |
|
|||||||||
Total noncurrent derivatives liabilities (4) |
|
— |
|
|||||||||
Total derivative liabilities |
$ | |
$ | |
$ | |
||||||
(1) |
Current derivative assets are presented in other current assets in Virginia Power’s Consolidated Balance Sheets. |
(2) |
Noncurrent derivative assets are presented in other deferred charges and other assets in Virginia Power’s Consolidated Balance Sheets. |
(3) |
Current derivative liabilities are presented in other current liabilities in Virginia Power’s Consolidated Balance Sheets. |
(4) |
Noncurrent derivative liabilities are presented in other deferred credits and other liabilities in Virginia Power’s Consolidated Balance Sheets. |
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 Treatment (2) |
|||||||||
(millions) |
||||||||||||
Three Months Ended March 31, 2019 |
||||||||||||
Derivative type and location of gains (losses): |
||||||||||||
Interest rate (3) |
$ |
( |
) |
$ |
— |
$ |
( |
) | ||||
Total |
$ |
( |
) |
$ |
— |
$ |
( |
) | ||||
Three Months Ended March 31, 2018 |
||||||||||||
Derivative type and location of gains (losses): |
||||||||||||
Interest rate (3) |
$ | |
$ | — |
$ | |
||||||
Total |
$ | |
$ | — |
$ | |
||||||
(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 March 31, |
||||||||
2019 |
2018 |
|||||||
(millions) |
||||||||
Derivative type and location of gains (losses): |
||||||||
Commodity (2) |
$ |
( |
) |
$ | — |
|||
Total |
$ |
( |
) |
$ | — |
|||
(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. |
March 31, 2019 Gross Amounts Not Offset in the Consolidated Balance Sheet |
December 31, 2018 Gross Amounts Not Offset in the Consolidated Balance Sheet |
|||||||||||||||||||||||||||||||
Gross Assets Presented in the Consolidated |
Financial Instruments |
Cash Collateral Received |
Net Amounts |
Gross Assets Presented in the Consolidated |
Financial Instruments |
Cash Collateral Received |
Net Amounts |
|||||||||||||||||||||||||
(millions) |
||||||||||||||||||||||||||||||||
Commodity contracts: |
||||||||||||||||||||||||||||||||
Over-the-counter |
$ |
|
$ |
|
$ |
|
$ |
|
$ | |
$ | — |
$ | |
$ | |
||||||||||||||||
Interest rate contracts: |
||||||||||||||||||||||||||||||||
Over-the-counter |
|
|
|
|
|
|
|
|
||||||||||||||||||||||||
Foreign currency contracts: |
||||||||||||||||||||||||||||||||
Over-the-counter |
|
|
|
|
|
|
|
|
||||||||||||||||||||||||
Total derivatives, subject to a master netting or similar arrangement |
$ |
|
$ |
|
$ |
|
$ |
|
$ | |
$ | |
$ | |
$ | |
||||||||||||||||
March 31, 2019 Gross Amounts Not Offset in the Consolidated Balance Sheet |
December 31, 2018 Gross Amounts Not Offset in the Consolidated Balance Sheet |
|||||||||||||||||||||||||||||||
Gross Liabilities Presented in the Consolidated Balance Sheet |
Financial Instruments |
Cash Collateral Paid |
Net Amounts |
Gross Liabilities Presented in the Consolidated Balance Sheet |
Financial Instruments |
Cash Collateral Paid |
Net Amounts |
|||||||||||||||||||||||||
(millions) |
||||||||||||||||||||||||||||||||
Interest rate contracts: |
||||||||||||||||||||||||||||||||
Over-the-counter |
$ |
|
$ |
|
$ |
— |
$ |
|
$ | |
$ | — |
$ | — |
$ | |
||||||||||||||||
Foreign currency contracts: |
||||||||||||||||||||||||||||||||
Over-the-counter |
|
|
— |
— |
|
|
— |
— |
||||||||||||||||||||||||
Total derivatives, subject to a master netting or similar arrangement |
$ |
|
$ |
|
$ |
— |
$ |
|
$ | |
$ | |
$ | — |
$ | |
||||||||||||||||
Current |
Noncurrent |
|||||||
NGLs (Gal) |
|
|
||||||
Interest rate (1) |
$ |
|
$ |
|
||||
Foreign currency (1)(2) |
$ |
|
$ |
|
(1) |
Maturity is based on final settlement period. |
(2) |
Euro equivalent volumes are € |
AOCI After-Tax |
Amounts Expected to be Reclassified to Earnings During the Next 12 Months After- Tax |
Maximum Term |
||||||||||
(millions) |
||||||||||||
Interest rate |
$ |
( |
) |
$ |
( |
) |
|
|||||
Foreign currency |
|
( |
) |
|
||||||||
Total |
$ |
( |
) |
$ |
( |
) |
||||||
Fair Value- Derivatives Under Hedge Accounting |
Fair Value-Derivatives Not Under Hedge Accounting |
Total Fair Value |
||||||||||
(millions) |
||||||||||||
March 31, 2019 |
||||||||||||
ASSETS |
||||||||||||
Noncurrent Assets |
||||||||||||
Foreign currency |
$ |
$ |
— |
$ |
||||||||
Total noncurrent derivative assets (1) |
— |
|||||||||||
Total derivative assets |
$ |
$ |
— |
$ |
||||||||
LIABILITIES |
||||||||||||
Current Liabilities |
||||||||||||
Interest rate |
$ |
$ |
— |
$ |
||||||||
Foreign currency |
— |
|||||||||||
Total current derivative liabilities (2) |
— |
|||||||||||
Noncurrent Liabilities |
||||||||||||
Interest rate |
— |
|||||||||||
Total noncurrent derivative liabilities (3) |
— |
|||||||||||
Total derivative liabilities |
$ |
$ |
— |
$ |
||||||||
December 31, 2018 |
||||||||||||
ASSETS |
||||||||||||
Current Assets |
||||||||||||
Commodity |
$ | $ | — |
$ | ||||||||
Interest rate |
— |
|||||||||||
Total current derivative assets (4) |
— |
|||||||||||
Noncurrent Assets |
||||||||||||
Foreign currency |
— |
|||||||||||
Total noncurrent derivative assets (1) |
— |
|||||||||||
Total derivative assets |
$ | $ | — |
$ | ||||||||
LIABILITIES |
||||||||||||
Current Liabilities |
||||||||||||
Interest rate |
$ | $ | — |
$ | ||||||||
Foreign currency |
— |
|||||||||||
Total current derivative liabilities (2) |
— |
|||||||||||
Noncurrent Liabilities |
||||||||||||
Interest rate |
— |
|||||||||||
Total noncurrent derivative liabilities (3) |
— |
|||||||||||
Total derivative liabilities |
$ | $ | — |
$ | ||||||||
(1) |
Noncurrent derivatives assets are presented in other deferred charges and other assets in Dominion Energy Gas’ Consolidated Balance Sheets. |
(2) |
Current derivative liabilities are presented in other current liabilities in Dominion Energy Gas’ Consolidated Balance Sheets. |
(3) |
Noncurrent derivative liabilities are presented in other deferred credits and other liabilities in Dominion Energy Gas’ Consolidated Balance Sheets. |
(4) |
Current derivative assets include $ in other current assets, with the remainder recorded in current assets of discontinued operations in Dominion Energy Gas’ Consolidated Balance Sheets. |
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 |
||||||
(millions) |
||||||||
Three Months Ended March 31, 2019 |
||||||||
Derivative Type and Location of Gains (Losses): |
||||||||
Commodity: |
||||||||
Net i ncome from discontinued operations |
$ |
|||||||
Total commodity |
$ |
( |
) |
$ |
||||
Interest rate (2) |
( |
) |
||||||
Foreign currency (3) |
( |
) |
( |
) | ||||
Total |
$ |
( |
) |
$ |
( |
) | ||
Three Months Ended March 31, 2018 |
||||||||
Derivative Type and Location of Gains (Losses): |
||||||||
Commodity: |
||||||||
Net income from discontinued operations |
$ | ( |
) | |||||
Total commodity |
$ | $ | ( |
) | ||||
Interest rate (2) |
( |
) | ||||||
Foreign currency (3) |
||||||||
Total |
$ | $ | ||||||
(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. |
Amortized Cost |
Total Unrealized Gains |
Total Unrealized Losses |
Recorded Value |
|||||||||||||
(millions) |
||||||||||||||||
March 31, 2019 |
||||||||||||||||
Equity securities: (1) |
||||||||||||||||
U.S. |
$ |
$ |
$ |
( |
) |
$ |
||||||||||
Fixed income securities: (2) |
||||||||||||||||
Corporate debt instruments |
( |
) |
||||||||||||||
Government securities |
( |
) |
||||||||||||||
Common/collective trust funds |
— |
— |
||||||||||||||
Insurance contracts |
— |
— |
||||||||||||||
Cash equivalents and other (3) |
— |
— |
||||||||||||||
Total |
$ |
$ |
$ |
( |
) (4) |
$ |
||||||||||
December 31, 2018 |
||||||||||||||||
Equity securities: (1) |
||||||||||||||||
U.S. |
$ | $ | $ | ( |
) | $ | ||||||||||
Fixed income securities: (2) |
||||||||||||||||
Corporate debt instruments |
( |
) | ||||||||||||||
Government securities |
( |
) | ||||||||||||||
Common/collective trust funds |
— |
— |
||||||||||||||
Cash equivalents and other (3) |
— |
— |
||||||||||||||
Total |
$ | $ | $ | ( |
) (4) |
$ | ||||||||||
(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 $ |
(4) |
The fair value of securities in an unrealized loss position was $ |
Three Months Ended March 31, |
||||||||
(millions) |
2019 |
2018 |
||||||
Net gains (losses) recognized during the period |
$ |
$ | ( |
) | ||||
Less: Net gains recognized during the period on securities sold during the period |
( |
) |
( |
) | ||||
Unrealized gains (losses) recognized during the period on securities still held at March 31, 2019 and 2018 (1) |
$ |
$ | ( |
) | ||||
(1) |
Included in other income and the nuclear decommissioning trust regulatory liability. |
Amount |
||||
(millions) |
||||
Due in one year or less |
$ |
|||
Due after one year through five years |
||||
Due after five years through ten years |
||||
Due after ten years |
||||
Total |
$ |
|||
Three Months Ended March 31, |
||||||||
2019 |
2018 |
|||||||
(millions) |
||||||||
Proceeds from sales |
$ |
$ | ||||||
Realized gains (1) |
||||||||
Realized losses (1) |
(1) |
Includes realized gains and losses recorded to the nuclear decommissioning trust regulatory liability. |
Amortized Cost |
Total Unrealized Gains |
Total Unrealized Losses |
Recorded Value |
|||||||||||||
(millions) |
||||||||||||||||
March 31, 2019 |
||||||||||||||||
Equity securities: (1) |
||||||||||||||||
U.S. |
$ |
$ |
$ |
( |
) |
$ |
||||||||||
Fixed income securities: (2) |
||||||||||||||||
Corporate debt instruments |
( |
) |
||||||||||||||
Government securities |
( |
) |
||||||||||||||
Common/collective trust funds |
— |
— |
||||||||||||||
Cash equivalents and other (3) |
— |
— |
||||||||||||||
Total |
$ |
$ |
$ |
( |
) (4) |
$ |
||||||||||
December 31, 2018 |
||||||||||||||||
Equity securities: (1) |
||||||||||||||||
U.S. |
$ | $ | $ | ( |
) | $ | ||||||||||
Fixed income securities: (2) |
||||||||||||||||
Corporate debt instruments |
( |
) | ||||||||||||||
Government securities |
( |
) | ||||||||||||||
Common/collective trust funds |
— |
— |
||||||||||||||
Cash equivalents and other (3) |
— |
— |
||||||||||||||
Total |
$ | $ | $ | ( |
) (4) |
$ | ||||||||||
(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 $ |
(4) |
The fair value of securities in an unrealized loss position was $ |
Three Months Ended March 31, |
||||||||
(millions) |
2019 |
2018 |
||||||
Net gains (losses) recognized during the period |
$ |
$ | ( |
) | ||||
Less: Net gains recognized during the period on securities sold during the period |
( |
) |
( |
) | ||||
Unrealized gains (losses) recognized during the period on securities still held at March 31, 2019 and 2018 (1) |
$ |
$ | ( |
) | ||||
(1) |
Included in other income and the nuclear decommissioning trust regulatory liability. |
Amount |
||||
(millions) |
||||
Due in one year or less |
$ |
|
||
Due after one year through five years |
|
|||
Due after five years through ten years |
|
|||
Due after ten years |
|
|||
Total |
$ |
|
||
Three Months Ended March 31, |
||||||||
2019 |
2018 |
|||||||
(millions) |
||||||||
Proceeds from sales |
$ |
|
$ | |
||||
Realized gains (1) |
|
|
||||||
Realized losses (1) |
|
|
(1) |
Includes realized gains and losses recorded to the nuclear decommissioning trust regulatory liability. |
March 31, 2019 |
December 31, 2018 |
|||||||
(millions) |
||||||||
Dominion Energy |
||||||||
Regulatory assets: |
||||||||
Deferred cost of fuel used in electric generation (1) |
$ |
$ | ||||||
Deferred rate adjustment clause costs for Virginia electric utility (2)(3) |
||||||||
Deferred nuclear refueling outage costs (4) |
||||||||
Unrecovered NND Project costs (5) |
— |
|||||||
PJM transmission rates (6) |
||||||||
Other |
||||||||
Regulatory assets-current |
||||||||
Deferred cost of fuel used in electric generation (1) |
||||||||
Unrecognized pension and other postretirement benefit costs (7) |
||||||||
Deferred rate adjustment clause costs for Virginia electric utility (2)(3)(8) |
||||||||
Deferred project costs for gas utilities (9) |
||||||||
PJM transmission rates (6) |
||||||||
Interest rate hedges (10) |
||||||||
AROs and related funding (11) |
— |
|||||||
Cost of reacquired debt (12)(13) |
||||||||
Unrecovered NND Project costs (5) |
— |
|||||||
Ash pond and landfill closure costs (14) |
||||||||
Other |
||||||||
Regulatory assets-noncurrent |
||||||||
Total regulatory assets |
$ |
$ | ||||||
Regulatory liabilities: |
||||||||
Provision for future cost of removal and AROs (15) |
$ |
$ | ||||||
Reserve for refunds and rate credits to electric utility customers (16) |
||||||||
Cost-of-service impact of 2017 Tax Reform Act(17) |
||||||||
Income taxes refundable through future rates (18) |
— |
|||||||
Monetization of guarantee settlement (19) |
— |
|||||||
Other |
||||||||
Regulatory liabilities-current |
||||||||
Income taxes refundable through future rates (18) |
||||||||
Provision for future cost of removal and AROs (15) |
||||||||
Nuclear decommissioning trust (20) |
||||||||
Monetization of guarantee settlement (19) |
— |
|||||||
Reserve for refunds and rate credits to electric utility customers (16) |
— |
|||||||
Overrecovered other postretirement benefit costs (21) |
||||||||
Other |
||||||||
Regulatory liabilities-noncurrent |
||||||||
Total regulatory liabilities |
$ |
$ | ||||||
(1) |
Reflects deferred fuel expenses for the Virginia, North Carolina and South Carolina jurisdictions of Dominion Energy’s electric 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 $ 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 |
(5) |
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 |
(6) |
Reflects amounts to be recovered through retail rates in Virginia for payments Virginia Power will make to PJM over a period ending 2028 under the terms of a FERC settlement agreement in May 2018 resolving a PJM cost allocation matter. -year |
(7) |
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. |
(8) |
During the first quarter of 2019, Virginia Power recorded a charge of $ after-tax) to write-off the balance of a regulatory asset for which it is no longer seeking recovery. |
(9) |
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. |
(10) |
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 |
(11) |
Represents deferred depreciation and accretion expense related to legal obligations associated with the future retirement of property, plant and equipment, excluding amounts related to CCRs, for DESC and PSNC. The AROs primarily relate to nuclear decommissioning activities and are expected to be recovered over the related property lives and periods of decommissioning which may range up to approximately |
(12) |
Cost 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 |
(13) |
In March 2019, DESC purchased certain of its first mortgage bonds having an aggregate purchase price of $ write-off of unamortized discount, premium, and debt issuance costs, of $ |
(14) |
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. See Note 17 for additional information. |
(15) |
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. |
(16) |
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 November 18, 2019, and Note 3 in this report for more information. |
(17) |
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 November 18, 2019, and Note 13 in this report for more information. |
(18) |
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. |
(19) |
Reflects amounts to be refunded to DESC electric service customers over a |
(20) |
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. |
(21) |
Reflects a regulatory liability for the collection of postretirement benefit costs allowed in rates in excess of expense incurred. |
March 31, 2019 |
December 31, 2018 |
|||||||
(millions) |
||||||||
Virginia Power |
||||||||
Regulatory assets: |
||||||||
Deferred cost of fuel used in electric generation (1) |
$ |
$ | ||||||
Deferred rate adjustment clause costs (2)(3) |
||||||||
Deferred nuclear refueling outage costs (4) |
||||||||
PJM transmission rates (5) |
||||||||
Other |
||||||||
Regulatory assets-current (6) |
||||||||
Deferred rate adjustment clause costs (2)(3)(7) |
||||||||
PJM transmission rates (5) |
||||||||
Interest rate hedges (8) |
||||||||
Deferred cost of fuel used in electric generation (1) |
||||||||
Ash pond and landfill closure costs (9) |
||||||||
Other |
||||||||
Regulatory assets-noncurrent |
||||||||
Total regulatory assets |
$ |
$ | ||||||
Regulatory liabilities: |
||||||||
Provision for future cost of removal (10) |
$ |
$ | ||||||
Cost-of-service impact of 2017 Tax Reform Act(11) |
||||||||
Reserve for rate credits to electric utility customers (12) |
— |
|||||||
Income taxes refundable through future rates (13) |
— |
|||||||
Other |
||||||||
Regulatory liabilities-current |
||||||||
Income taxes refundable through future rates (13) |
||||||||
Nuclear decommissioning trust (14) |
||||||||
Provision for future cost of removal (10) |
||||||||
Other |
||||||||
Regulatory liabilities-noncurrent |
||||||||
Total regulatory liabilities |
$ |
$ | ||||||
(1) |
Reflects deferred fuel expenses for the Virginia and North Carolina jurisdictions of Virginia Power’s generation operations. |
(2) |
Primarily 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 $ 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 |
(5) |
Reflects amounts to be recovered through retail rates in Virginia for payments Virginia Power will make to PJM over a period ending 2028 under the terms of a FERC settlement agreement in May 2018 resolving a PJM cost allocation matter. -year |
(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 $ 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 |
(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. See Note 17 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 in this report 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. |
March 31, 2019 |
December 31, 2018 |
|||||||
(millions) |
||||||||
Dominion Energy Gas |
||||||||
Regulatory assets: |
||||||||
Unrecovered gas costs (1) |
$ |
$ | ||||||
Other |
||||||||
Regulatory assets-current (2) |
||||||||
Unrecognized pension and other postretirement benefit costs (3) |
||||||||
Interest rate hedges (4) |
||||||||
Other |
||||||||
Regulatory assets-noncurrent (5) |
||||||||
Total regulatory assets |
$ |
$ | ||||||
Regulatory liabilities: |
||||||||
Provision for future cost of removal and AROs (6) |
$ |
$ | ||||||
Overrecovered gas costs (1) |
||||||||
Other |
||||||||
Regulatory liabilities-current (7) |
||||||||
Income taxes refundable through future rates (8) |
||||||||
Provision for future cost of removal and AROs (6) |
||||||||
Overrecovered other postretirement benefit costs (9) |
||||||||
Other |
||||||||
Regulatory liabilities-noncurrent |
||||||||
Total regulatory liabilities |
$ |
$ | ||||||
(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. |
• | 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 March 2019, Virginia Power requested approval of its fourth phase of conversions totaling $ |
• | The Virginia Commission previously approved Riders C1A and C2A in connection with cost recovery for DSM programs. In October 2018, Virginia Power requested approval to implement ten new energy efficiency programs and one new demand-response DSM program for five years, subject to future extensions, with a $ true-up and established Rider C3A. |
Description and Location of Project |
Application Date |
Approval Date |
Type of Line |
Miles of Lines |
Cost Estimate (millions) |
|||||||||||||||
Partial rebuild of overhead transmission lines in Alleghany County, Virginia and Covington, Virginia |
$ | |||||||||||||||||||
Rebuild and operate between Lanexa and the Northern Neck in Virginia |
||||||||||||||||||||
Rebuild and operate the Glebe substation and relocate and operate in Arlington County, Virginia and the City of Alexandria, Virginia existing overhead line underground |
Pending |
< |
||||||||||||||||||
Rebuild and operate between Valley, Virginia and Mt. Storm, West Virginia |
Pending |
March 31, 2019 |
||||
(millions) |
||||
Dominion Energy |
||||
Lease assets: |
||||
Operating lease assets |
$ | |||
Finance lease assets (1) |
||||
Total lease assets |
$ | |||
Lease liabilities: |
||||
Operating lease liabilities (2) |
$ | |||
Finance lease liabilities (3) |
||||
Total lease liabilities - current |
||||
Operating lease liabilities |
||||
Finance lease liabilities (4) |
||||
Total lease liabilities - noncurrent |
||||
Total lease liabilities |
$ | |||
Virginia Power |
||||
Operating lease assets |
$ | |||
Finance lease assets (1) |
||||
Total lease assets |
$ | |||
Lease liabilities: |
||||
Operating lease liabilities (2) |
$ | |||
Finance lease liabilities (3) |
||||
Total lease liabilities - current |
||||
Operating lease liabilities |
||||
Finance lease liabilities (4) |
||||
Total lease liabilities - noncurrent |
||||
Total lease liabilities |
$ | |||
Dominion Energy Gas |
||||
Operating lease assets |
$ | |||
Finance lease assets (1) |
||||
Total lease assets (5) |
$ | |||
Lease liabilities: |
||||
Operating lease liabilities (2) |
$ | |||
Finance lease liabilities (3) |
||||
Total lease liabilities - current |
||||
Operating lease liabilities |
||||
Finance lease liabilities (4) |
||||
Total lease liabilities - noncurrent |
||||
Total lease liabilities (5) |
$ | |||
(1) |
Included in property, plant and equipment in the Companies’ Consolidated Balance Sheets, net of $ |
(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 $ |
Three Months Ended March 31, 2019 |
||||
(millions) |
||||
Dominion Energy |
||||
Finance lease cost: |
||||
Amortization |
$ | |||
Interest |
||||
Operating lease cost |
||||
Short-term lease cost |
||||
Variable lease cost |
||||
Total lease cost |
$ |
|||
Virginia Power |
||||
Operating lease cost |
$ |
|||
Short-term lease cost |
||||
Variable lease cost |
||||
Total lease cost |
$ |
|||
Dominion Energy Gas |
||||
Operating lease cost |
$ |
|||
Short-term lease cost |
||||
Total lease cost |
$ |
|||
Three Months Ended March 31, 2019 |
||||
(millions) |
||||
Dominion Energy |
||||
Operating cash flows for finance leases |
$ |
|||
Operating cash flows for operating leases |
||||
Financing cash flows for finance leases |
||||
Virginia Power |
||||
Operating cash flows for operating leases |
||||
Dominion Energy Gas |
||||
Operating cash flows for operating leases |
March 31, 2019 |
||||
Dominion Energy |
||||
Weighted average remaining lease term - finance leases |
||||
Weighted average remaining lease term - operating leases |
||||
Weighted average discount rate - finance leases |
% | |||
Weighted average discount rate - operating leases |
% | |||
Virginia Power |
||||
Weighted average remaining lease term - finance leases |
||||
Weighted average remaining lease term - operating leases |
||||
Weighted average discount rate - finance leases |
% | |||
Weighted average discount rate - operating leases |
% | |||
Dominion Energy Gas |
||||
Weighted average remaining lease term - finance leases |
||||
Weighted average remaining lease term - operating leases |
||||
Weighted average discount rate - finance leases |
% | |||
Weighted average discount rate - operating leases |
% |
Maturity of Lease Liabilities |
Dominion Energy |
Virginia Power |
Dominion Energy Gas (1) |
|||||||||||||||||||||
(millions) |
Operating |
Finance |
Operating |
Finance |
Operating |
Finance |
||||||||||||||||||
2019 |
$ | $ | $ | $ | $ | $ | ||||||||||||||||||
2020 |
||||||||||||||||||||||||
2021 |
||||||||||||||||||||||||
2022 |
||||||||||||||||||||||||
2023 |
- |
|||||||||||||||||||||||
After 2023 |
||||||||||||||||||||||||
Total undiscounted lease payments |
||||||||||||||||||||||||
Present value adjustment |
( |
) | ( |
) | ( |
) | ( |
) | ( |
) | ( |
) | ||||||||||||
Present value of lease liabilities |
$ | $ | $ | $ | $ | $ | ||||||||||||||||||
(1) |
Includes amounts reflected in discontinued operations. |
Facility Limit |
Outstanding Commercial Paper |
Outstanding Letters of Credit |
Facility Capacity Available |
|||||||||||||
(millions) |
||||||||||||||||
Joint revolving credit facility (1) |
$ |
$ |
$ |
$ |
(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 $ |
Facility Limit (1) |
Outstanding Commercial Paper |
Outstanding Letters of Credit |
||||||||||
(millions) |
||||||||||||
Joint revolving credit facility (1) |
$ |
|
$ |
|
$ |
|
(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 March 31, 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 $sub-limit, whichever is less) of letters of credit. |
Facility Limit (1) |
Outstanding Commercial Paper |
Outstanding Letters of Credit |
||||||||||
(millions) |
||||||||||||
Joint revolving credit facility (1) |
$ |
|
$ |
|
$ |
|
(1) |
A maximum of $ 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 March 31, 2019, the sub-limit for Dominion Energy Gas was $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 $sub-limit, whichever is less) of letters of credit. |
Maximum Exposure | ||
(millions) |
||
Commodity transactions (1) |
$ | |
Nuclear obligations (2) |
||
Cove Point (3) |
||
Solar (4) |
||
Other (5) |
||
Total (6) |
$ | |
(1) |
Guarantees related to commodity commitments of certain subsidiaries. These guarantees were provided to counterparties in order to facilitate physical and financial transaction related commodities and services. |
(2) |
Guarantees related to certain DGI subsidiaries regarding all aspects of running a nuclear facility. |
(3) |
Guarantees related to Cove Point, in support of terminal services, transportation and construction. Cove Point has two guarantees that have no maximum limit and, therefore, are not included in this amount. |
(4) |
Includes guarantees to facilitate the development of solar projects. Also includes guarantees entered into by DGI on behalf of certain subsidiaries to facilitate the acquisition and development of solar projects. |
(5) |
Guarantees related to other miscellaneous contractual obligations such as leases, environmental obligations, construction projects and insurance programs. Due to the uncertainty of workers’ compensation claims, the parental guarantee has no stated limit. |
(6) |
Excludes Dominion Energy’s guarantee for the construction of 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. |
Three Months Ended March 31, |
||||||||
2019 |
2018 |
|||||||
(millions) |
||||||||
Commodity purchases from affiliates |
$ |
$ | ||||||
Services provided by affiliates (1) |
||||||||
Services provided to affiliates |
(1) |
Includes capitalized expenditures of $ |
Three Months Ended March 31, |
||||||||
2019 |
2018 |
|||||||
(millions) |
||||||||
Sales of natural gas and transportation and storage services to affiliates |
$ |
$ | ||||||
Services provided by related parties (1) |
||||||||
Services provided to related parties (2) |
(1) |
Includes capitalized expenditures of $ |
(2) |
Amounts primarily attributable to Atlantic Coast Pipeline, a related-party VIE. |
March 31, 2019 |
December 31, 2018 |
|||||||
(millions) |
||||||||
Other receivables (1) |
$ |
$ | ||||||
Imbalances receivable from affiliates |
||||||||
Imbalances payable to affiliates (2) |
(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. |
Pension Benefits |
Other Postretirement Benefits |
|||||||||||||||
2019 |
2018 |
2019 |
2018 |
|||||||||||||
(millions) |
||||||||||||||||
Three Months Ended March 31, |
||||||||||||||||
Service cost |
$ |
|
$ | |
$ |
|
$ | |
||||||||
Interest cost |
|
|
|
|
||||||||||||
Expected return on plan assets |
( |
) |
( |
) | ( |
) |
( |
) | ||||||||
Amortization of prior service credit |
|
|
( |
) |
( |
) | ||||||||||
Amortization of net actuarial loss |
|
|
|
|
||||||||||||
Settlements |
|
|
|
|
||||||||||||
Net periodic benefit cost (credit) |
$ |
|
$ | |
$ |
( |
) |
$ | ( |
) | ||||||
Pension Benefits |
Other Postretirement Benefits |
|||||||||||||||
2019 |
2018 |
2019 |
2018 |
|||||||||||||
(millions) |
||||||||||||||||
Three Months Ended March 31, |
||||||||||||||||
Service cost |
$ |
|
$ | |
$ |
|
$ | |
||||||||
Interest cost |
|
|
|
|
||||||||||||
Expected return on plan assets |
( |
) |
( |
) | ( |
) |
( |
) | ||||||||
Amortization of prior service credit |
|
|
( |
) |
( |
) | ||||||||||
Amortization of net actuarial loss |
|
|
|
|
||||||||||||
Net periodic benefit credit |
$ |
( |
) |
$ | ( |
) | $ |
( |
) |
$ | ( |
) | ||||
Primary Operating Segment |
Description of Operations |
Dominion Energy |
Virginia Power |
Dominion Energy Gas |
||||||||||
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 |
• | A $ after-tax) charge for refunds of amounts previously collected from retail electric customers of DESC for the NND Project, attributable to Southeast Energy; |
• | A $ after-tax) charge related to the early retirement of certain Virginia Power electric generation facilities, attributable to Power Generation; and |
• | A $ tax-related regulatory assets acquired in the SCANA Combination for which Dominion Energy committed to forgo recovery, attributable to Southeast Energy; |
• | A $ after-tax) charge for a settlement agreement of a DESC ratepayer class action lawsuit, attributable to Southeast Energy; |
• | A $ after-tax) charge related to Virginia Power’s planned early retirement of certain automated meter reading infrastructure, attributable to Power Delivery; |
• | $ after-tax) of merger and integration-related costs associated with the SCANA Combination, attributable to Southeast Energy; and |
• | A $ after-tax) charge for property, plant and equipment acquired in the SCANA Combination for which Dominion Energy committed to forgo recovery, attributable to Southeast Energy; partially offset by |
• | A $ after-tax) net gain related to investments in nuclear decommissioning trust funds, attributable to Power Generation; and |
• | A $ 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. |
• | A $ 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 ($ after-tax); and |
• | Power Delivery ($ after-tax). |
• | A $ after-tax) loss on investments held in nuclear decommissioning trust funds, attributable to Power Generation. |
Power Delivery |
Power Generation |
Gas Infrastructure |
Southeast Energy |
Corporate and Other |
Adjustments/ Eliminations |
Consolidated Total |
||||||||||||||||||||||
(millions) |
||||||||||||||||||||||||||||
Three Months Ended March 31, 2019 |
||||||||||||||||||||||||||||
Total revenue from external customers |
$ |
$ |
$ |
$ |
$ |
( |
) |
$ |
— |
$ |
||||||||||||||||||
Intersegment revenue |
— |
(220 |
) |
— |
||||||||||||||||||||||||
Total operating revenue |
( |
) |
( |
) |
||||||||||||||||||||||||
Net income (loss) attributable to Dominion Energy |
( |
) |
— |
( |
) | |||||||||||||||||||||||
Three Months Ended March 31, 2018 |
||||||||||||||||||||||||||||
Total revenue from external customers |
$ | $ | $ | $ | ( |
) | $ | $ | ||||||||||||||||||||
Intersegment revenue |
(189 |
) | — |
|||||||||||||||||||||||||
Total operating revenue |
( |
) | ( |
) | ||||||||||||||||||||||||
Net income (loss) attributable to Dominion Energy |
( |
) | — |
|||||||||||||||||||||||||
• | A $ after-tax) charge related to the early retirement of certain electric generation facilities, attributable to Power Generation; |
• | A $ after-tax) charge related to the planned early retirement of certain automated meter reading infrastructure, attributable to Power Delivery; and |
• | A $ after-tax) charge related to a portion of rate adjustment clauses for excess deferred taxes which are probable of being returned to customers, attributable to: |
• | Power Generation ($ after-tax); and |
• | Power Delivery ($ after-tax), partially offset by |
• | A $ 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. |
• | A $ 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 ($ after-tax); and |
• | Power Delivery ($ after-tax). |
• | A $ after-tax) charge for storm damage and service restoration costs associated with Winter Storm Riley affecting its Virginia service territory, attributable to Power Delivery. |
Power Delivery |
Power Generation |
Corporate and Other |
Consolidated Total |
|||||||||||||
(millions) |
||||||||||||||||
Three Months Ended March 31, 2019 |
||||||||||||||||
Operating revenue |
$ |
$ |
$ |
( |
) |
$ |
||||||||||
Net income (loss) |
( |
) |
||||||||||||||
Three Months Ended March 31, 2018 |
||||||||||||||||
Operating revenue |
$ | $ | $ | ( |
) | $ | ||||||||||
Net income (loss) |
( |
) | ||||||||||||||
Gas Infrastructure |
Corporate and Other |
Consolidated Total |
||||||||||
(millions) |
||||||||||||
Three Months Ended March 31, 2019 |
||||||||||||
Operating revenue |
$ |
$ |
— |
$ |
||||||||
Net income from discontinued operations |
— |
|||||||||||
Net income attributable to Dominion Energy Gas |
||||||||||||
Three Months Ended March 31, 2018 |
||||||||||||
Operating revenue |
$ |
$ |
— |
$ |
||||||||
Net income from discontinued operations |
— |
|||||||||||
Net income attributable to Dominion Energy Gas |
||||||||||||
Exhibit 99.2
GLOSSARY OF TERMS
The following abbreviations or acronyms used in this Form 8-K are defined below:
Abbreviation or Acronym |
Definition | |
ARO | Asset retirement obligation | |
Atlantic Coast Pipeline | Atlantic Coast Pipeline, LLC, a limited liability company owned by Dominion Energy, Duke and Southern Company Gas | |
bcf | Billion cubic feet | |
Blue Racer | Blue Racer Midstream, LLC, a joint venture between Caiman Energy II, LLC and FR BR Holdings, LLC effective December 2018 | |
Companies | Dominion Energy, Virginia Power and Dominion Energy Gas, collectively | |
Cooling degree days | Units measuring the extent to which the average daily temperature is greater than 65 degrees Fahrenheit, or 75 degrees Fahrenheit in DESCs service territory, calculated as the difference between 65 or 75 degrees, as applicable, and the average temperature for that day | |
Cove Point | Dominion Energy Cove Point LNG, LP | |
Cove Point Holdings | Cove Point GP Holding Company, LLC | |
DECG | Dominion Energy Carolina Gas Transmission, LLC | |
DESC | Dominion Energy South Carolina, Inc. (formerly known as South Carolina Electric & Gas Company), its consolidated subsidiaries or operating segments, or the entirety of Dominion Energy South Carolina, Inc. and its consolidated subsidiaries | |
Dominion Energy | The legal entity, Dominion Energy, Inc., one or more of its consolidated subsidiaries (other than Virginia Power and Dominion Energy Gas) or operating segments, or the entirety of Dominion Energy, Inc. and its consolidated subsidiaries | |
Dominion Energy Gas | The legal entity, Dominion Energy Gas Holdings, LLC, one or more of its consolidated subsidiaries or operating segment, or the entirety of Dominion Energy Gas Holdings, LLC and its consolidated subsidiaries | |
Dominion Energy Midstream |
The legal entity, Dominion Energy Midstream Partners, LP, one or more of its consolidated subsidiaries, Cove Point Holdings, Iroquois GP Holding Company, LLC, DECG and Dominion Energy Questar Pipeline, or the entirety of Dominion Energy Midstream Partners, LP and its consolidated subsidiaries | |
Dominion Energy Questar Pipeline |
Dominion Energy Questar Pipeline, LLC, one or more of its consolidated subsidiaries, or the entirety of Dominion Energy Questar Pipeline, LLC and its consolidated subsidiaries | |
Duke | The legal entity, Duke Energy Corporation, one or more of its consolidated subsidiaries or operating segments, or the entirety of Duke Energy Corporation and its consolidated subsidiaries | |
EPS | Earnings per share | |
Export Customers | ST Cove Point, LLC, a joint venture of Sumitomo Corporation and Tokyo Gas Co., Ltd., and GAIL Global (USA) LNG, LLC | |
FERC | Federal Energy Regulatory Commission | |
Gas Infrastructure | Gas Infrastructure Group operating segment | |
GHG | Greenhouse gas | |
Heating degree days | Units measuring the extent to which the average daily temperature is less than 65 degrees Fahrenheit, or 60 degrees Fahrenheit in DESCs service territory, calculated as the difference between 65 or 60 degrees, as applicable, and the average temperature for that day |
1
Abbreviation or Acronym |
Definition | |
Iroquois | Iroquois Gas Transmission System, L.P. | |
Liquefaction Facility | A natural gas export/liquefaction facility at Cove Point | |
LNG | Liquefied natural gas | |
MD&A | Managements Discussion and Analysis of Financial Condition and Results of Operations | |
Millstone | Millstone nuclear power station | |
MWh | Megawatt hour | |
NND Project | V.C. Summer Units 2 and 3 new nuclear development project under which SCANA and Santee Cooper undertook to construct two Westinghouse AP1000 Advanced Passive Safety nuclear units in Jenkinsville, South Carolina | |
Order 1000 | Order issued by FERC adopting requirements for electric transmission planning, cost allocation and development | |
PJM | PJM Interconnection, L.L.C. | |
Power Delivery | Power Delivery Group operating segment | |
Power Generation | Power Generation Group operating segment | |
PURA | Connecticuts Public Utility Regulatory Authority | |
Santee Cooper | South Carolina Public Service Authority | |
SCANA | The legal entity, SCANA Corporation, one or more of its consolidated subsidiaries or the entirety of SCANA Corporation and its consolidated subsidiaries | |
SCANA Combination | Dominion Energys acquisition of SCANA completed on January 1, 2019 pursuant to the terms of the SCANA Merger Agreement | |
SCANA Merger Agreement | Agreement and plan of merger entered on January 2, 2018 between Dominion Energy and SCANA | |
SEC | U.S. Securities and Exchange Commission | |
Southeast Energy | Southeast Energy Group operating segment | |
Standard & Poors | Standard & Poors Ratings Services, a division of S&P Global Inc. | |
Virginia Power | The legal entity, Virginia Electric and Power Company, one or more of its consolidated subsidiaries or operating segments, or the entirety of Virginia Electric and Power Company and its consolidated subsidiaries | |
Westinghouse | Westinghouse Electric Company LLC |
ITEM 2. MANAGEMENTS DISCUSSION AND ANALYSIS
OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
MD&A discusses Dominion Energys results of operations and general financial condition and Virginia Powers and Dominion Energy Gas results of operations. MD&A should be read in conjunction with the Companies Consolidated Financial Statements. Virginia Power and Dominion Energy Gas meet the conditions to file under the reduced disclosure format, and therefore have omitted certain sections of MD&A.
Contents of MD&A
MD&A consists of the following information:
| Forward-Looking Statements |
2
| Accounting Matters Dominion Energy |
| Dominion Energy |
| Results of Operations |
| Segment Results of Operations |
| Virginia Power |
| Results of Operations |
| Dominion Energy Gas |
| Results of Operations |
| Liquidity and Capital Resources Dominion Energy |
| Future Issues and Other Matters Dominion Energy |
Forward-Looking Statements
This report contains statements concerning the Companies expectations, plans, objectives, future financial performance and other statements that are not historical facts. These statements are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. In most cases, the reader can identify these forward-looking statements by such words as anticipate, estimate, forecast, expect, believe, should, could, plan, may, continue, target or other similar words.
The Companies make forward-looking statements with full knowledge that risks and uncertainties exist that may cause actual results to differ materially from predicted results. Factors that may cause actual results to differ are often presented with the forward-looking statements themselves. Additionally, other factors may cause actual results to differ materially from those indicated in any forward-looking statement. These factors include but are not limited to:
| Unusual weather conditions and their effect on energy sales to customers and energy commodity prices; |
| Extreme weather events and other natural disasters, including, but not limited to, hurricanes, high winds, severe storms, earthquakes, flooding and changes in water temperatures and availability that can cause outages and property damage to facilities; |
| Federal, state and local legislative and regulatory developments, including changes in federal and state tax laws and regulations; |
| Changes to federal, state and local environmental laws and regulations, including those related to climate change, the tightening of emission or discharge limits for GHGs and other substances, more extensive permitting requirements and the regulation of additional substances; |
| Cost of environmental compliance, including those costs related to climate change; |
| Changes in implementation and enforcement practices of regulators relating to environmental standards and litigation exposure for remedial activities; |
| Difficulty in anticipating mitigation requirements associated with environmental and other regulatory approvals or related appeals; |
| Risks associated with the operation of nuclear facilities, including costs associated with the disposal of spent nuclear fuel, decommissioning, plant maintenance and changes in existing regulations governing such facilities; |
| Unplanned outages at facilities in which the Companies have an ownership interest; |
| Fluctuations in energy-related commodity prices and the effect these could have on Dominion Energys and Dominion Energy Gas earnings and the Companies liquidity position and the underlying value of their assets; |
| Counterparty credit and performance risk; |
| Global capital market conditions, including the availability of credit and the ability to obtain financing on reasonable terms; |
| Risks associated with Virginia Powers membership and participation in PJM, including risks related to obligations created by the default of other participants; |
| Risks associated with entities in which Dominion Energy Gas shares ownership with third parties, including risks that result from lack of sole decision making authority, disputes that may arise between Dominion Energy Gas and third party participants and difficulties in exiting these arrangements; |
| Changes in future levels of domestic and international natural gas production, supply or consumption; |
| Fluctuations in future volumes of LNG imports or exports from the U.S. and other countries worldwide or demand for, purchases of, and prices related to natural gas or LNG; |
| Fluctuations in the value of investments held in nuclear decommissioning trusts by Dominion Energy and Virginia Power and in benefit plan trusts by Dominion Energy and Dominion Energy Gas; |
| Fluctuations in interest rates or foreign currency exchange rates; |
3
| Changes in rating agency requirements or credit ratings and their effect on availability and cost of capital; |
| Changes in financial or regulatory accounting principles or policies imposed by governing bodies; |
| Employee workforce factors including collective bargaining agreements and labor negotiations with union employees; |
| Risks of operating businesses in regulated industries that are subject to changing regulatory structures; |
| Impacts of acquisitions, including the recently completed SCANA Combination, divestitures, transfers of assets to joint ventures and retirements of assets based on asset portfolio reviews; |
| Receipt of approvals for, and timing of, closing dates for acquisitions and divestitures; |
| Changes in rules for regional transmission organizations and independent system operators in which Dominion Energy and Virginia Power participate, including changes in rate designs, changes in FERCs interpretation of market rules and new and evolving capacity models; |
| Political and economic conditions, including inflation and deflation; |
| Domestic terrorism and other threats to the Companies physical and intangible assets, as well as threats to cybersecurity; |
| Changes in demand for the Companies services, including industrial, commercial and residential growth or decline in the Companies service areas, changes in supplies of natural gas delivered to Dominion Energy and Dominion Energy Gas pipeline and processing systems, failure to maintain or replace customer contracts on favorable terms, changes in customer growth or usage patterns, including as a result of energy conservation programs, the availability of energy efficient devices and the use of distributed generation methods; |
| Additional competition in industries in which the Companies operate, including in electric markets in which Dominion Energys merchant generation facilities operate and potential competition from the development and deployment of alternative energy sources, such as self-generation and distributed generation technologies, and availability of market alternatives to large commercial and industrial customers; |
| Competition in the development, construction and ownership of certain electric transmission facilities in Dominion Energy and Virginia Powers service territory in connection with Order 1000; |
| Changes in technology, particularly with respect to new, developing or alternative sources of generation and smart grid technologies; |
| Changes to regulated electric rates collected by Dominion Energy and Virginia Power and regulated gas distribution, transportation and storage rates, including LNG storage, collected by Dominion Energy and Dominion Energy Gas; |
| Changes in operating, maintenance and construction costs; |
| Timing and receipt of regulatory approvals necessary for planned construction or growth projects and compliance with conditions associated with such regulatory approvals; |
| The inability to complete planned construction, conversion or growth projects at all, or with the outcomes or within the terms and time frames initially anticipated, including as a result of increased public involvement or intervention in such projects; |
| Adverse outcomes in litigation matters or regulatory proceedings, including matters acquired in the SCANA Combination; and |
| The impact of operational hazards, including adverse developments with respect to pipeline and plant safety or integrity, equipment loss, malfunction or failure, operator error, and other catastrophic events. |
Additionally, other risks that could cause actual results to differ from predicted results are set forth in Item 1A. Risk Factors 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.
The Companies forward-looking statements are based on beliefs and assumptions using information available at the time the statements are made. The Companies caution the reader not to place undue reliance on their forward-looking statements because the assumptions, beliefs, expectations and projections about future events may, and often do, differ materially from actual results. The Companies undertake no obligation to update any forward-looking statement to reflect developments occurring after the statement is made.
4
Accounting Matters
Critical Accounting Policies and Estimates
As of March 31, 2019, there have been no significant changes with regard to the critical accounting policies and estimates disclosed in MD&A 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. The policies disclosed included the accounting for regulated operations, AROs, income taxes, derivative contracts and financial instruments at fair value, impairment testing of goodwill, long-lived assets and equity method investments and employee benefit plans.
Dominion Energy
Results of Operations
Presented below is a summary of Dominion Energys consolidated results:
2019 | 2018 | $ Change | ||||||||||
(millions, except EPS) | ||||||||||||
First Quarter |
||||||||||||
Net income (loss) attributable to Dominion Energy |
$ | (680 | ) | $ | 503 | $ | (1,183 | ) | ||||
Diluted EPS |
(0.86 | ) | 0.77 | (1.63 | ) |
Overview
First Quarter 2019 vs. 2018
Net income attributable to Dominion Energy decreased $1.2 billion, primarily due to charges for refunds of amounts previously collected from retail electric customers of DESC for the NND Project, certain regulatory assets and property, plant and equipment acquired in the SCANA Combination for which Dominion Energy committed to forgo recovery, a settlement agreement of a DESC ratepayer class action lawsuit and the planned early retirement of certain Virginia Power electric generation facilities and automated meter reading infrastructure. These decreases were partially offset by an increase in net investment earnings on nuclear decommissioning trust funds and the absence of a charge associated with Virginia legislation enacted in March 2018.
Analysis of Consolidated Operations
Presented below are selected amounts related to Dominion Energys results of operations:
First Quarter | ||||||||||||
2019 | 2018 | $ Change | ||||||||||
(millions) | ||||||||||||
Operating revenue |
$ | 3,858 | $ | 3,466 | $ | 392 | ||||||
Electric fuel and other energy-related purchases |
791 | 744 | 47 | |||||||||
Purchased electric capacity |
39 | 14 | 25 | |||||||||
Purchased gas |
730 | 340 | 390 | |||||||||
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Net revenue |
2,298 | 2,368 | (70 | ) | ||||||||
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Other operations and maintenance |
1,002 | 795 | 207 | |||||||||
Depreciation, depletion and amortization |
651 | 498 | 153 | |||||||||
Other taxes |
292 | 199 | 93 | |||||||||
Impairment of assets and other charges |
835 | 1 | 834 | |||||||||
Other income |
388 | 100 | 288 | |||||||||
Interest and related charges |
469 | 314 | 155 | |||||||||
Income tax expense |
114 | 135 | (21 | ) | ||||||||
Noncontrolling interests |
3 | 23 | (20 | ) |
5
An analysis of Dominion Energys results of operations follows:
First Quarter 2019 vs. 2018
Net revenue decreased 3%, primarily reflecting:
● | A $390 million net decrease from the SCANA Combination, due to a $1.0 billion charge for refunds of amounts previously collected from retail electric customers of DESC for the NND Project, partially offset by operations acquired ($617 million); |
● | A $47 million decrease from the absence of certain merchant generation facilities sold in 2018; |
● | A $33 million decrease in sales to Virginia Power retail customers from a decrease in heating degree days; |
● | A $16 million decrease due to the annual PJM capacity performance market effective June 2018; and |
● | A $15 million decrease in services performed for Atlantic Coast Pipeline. |
These decreases were partially offset by:
● | The absence of a $215 million charge associated with Virginia legislation enacted in March 2018 that required one-time rate credits of certain amounts to utility customers; and |
● | A $194 million increase due to commencement of commercial operations of the Liquefaction Facility, including terminalling services provided to the Export Customers ($174 million) and regulated gas transportation contracts to serve the Export Customers ($21 million). |
Other operations and maintenance increased 26%, primarily reflecting:
● | A $184 million increase from the operations acquired in the SCANA Combination; |
● | Merger and integration-related costs associated with the SCANA Combination ($111 million); |
● | The absence of gains related to agreements to convey shale development rights under natural gas storage fields ($44 million); and |
● | A $20 million increase in operating expenses from the commercial operations of the Liquefaction Facility and costs associated with regulated gas transportation contracts to serve the Export Customers; partially offset by |
● | A benefit from the revision of future ash pond and landfill closure costs as a result of Virginia legislation enacted in March 2019 ($113 million); |
● | A $25 million decrease in storm damage and service restoration costs at Virginia Power, primarily due to the absence of Winter Storm Riley ($31 million); and |
● | A $15 million decrease in services performed for Atlantic Coast Pipeline. These expenses are billed to Atlantic Coast Pipeline and do not significantly impact net income. |
Depreciation, depletion and amortization increased 31%, primarily due to property, plant and equipment acquired in the SCANA Combination ($128 million) and an increase from various growth projects being placed into service ($51 million), including the Liquefaction Facility ($28 million).
Other taxes increased 47%, primarily due to the SCANA Combination.
Impairment of assets and other charges increased $834 million, primarily due to a $368 million charge related to the early retirement of certain Virginia Power electric generation facilities, a $169 million charge for a settlement agreement of a DESC ratepayer class action lawsuit, a $160 million charge related to Virginia Powers planned early retirement of certain automated meter reading infrastructure and a $105 million charge for property, plant and equipment acquired in the SCANA Combination for which Dominion Energy committed to forgo recovery.
Other income increased $288 million, primarily reflecting an increase in net investment earnings on nuclear decommissioning trust funds.
Interest and related charges increased 49%, primarily due to debt acquired in the SCANA Combination ($93 million), the absence of capitalization of interest expense associated with the Liquefaction Facility upon completion of construction ($42 million) and higher long-term debt interest expense resulting from net debt issuances in 2018 ($19 million).
6
Income tax expense decreased 16%, primarily due to lower pre-tax income ($220 million), partially offset by a charge for certain income tax-related regulatory assets acquired in the SCANA Combination for which Dominion Energy committed to forgo recovery ($198 million).
Noncontrolling interests decreased $20 million, primarily due to the acquisition of the public interest in Dominion Energy Midstream in January 2019.
Segment Results of Operations
Segment results include the impact of intersegment revenues and expenses, which may result in intersegment profit and loss. Presented below is a summary of contributions by Dominion Energys operating segments to net income attributable to Dominion Energy:
Net Income attributable to Dominion Energy |
Diluted EPS | |||||||||||||||||||||||
2019 | 2018 | $ Change | 2019 | 2018 | $ Change | |||||||||||||||||||
(millions, except EPS) | ||||||||||||||||||||||||
First Quarter |
||||||||||||||||||||||||
Power Delivery |
$ | 155 | $ | 156 | $ | (1 | ) | $ | 0.19 | $ | 0.24 | $ | (0.05 | ) | ||||||||||
Power Generation |
308 | 348 | (40 | ) | 0.39 | 0.54 | (0.15 | ) | ||||||||||||||||
Gas Infrastructure |
359 | 327 | 32 | 0.45 | 0.50 | (0.05 | ) | |||||||||||||||||
Southeast Energy |
132 | | 132 | 0.17 | | 0.17 | ||||||||||||||||||
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Primary operating segments |
954 | 831 | 123 | 1.20 | 1.28 | (0.08 | ) | |||||||||||||||||
Corporate and Other |
(1,634 | ) | (328 | ) | (1,306 | ) | (2.06 | ) | (0.51 | ) | (1.55 | ) | ||||||||||||
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Consolidated |
$ | (680 | ) | $ | 503 | $ | (1,183 | ) | $ | (0.86 | ) | $ | 0.77 | $ | (1.63 | ) | ||||||||
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Power Delivery
Presented below are selected operating statistics related to Power Deliverys operations:
First Quarter | ||||||||||||
2019 | 2018 | % Change | ||||||||||
Electricity delivered (million MWh) |
21.8 | 22.1 | (1 | )% | ||||||||
Degree days (electric distribution service area): |
||||||||||||
Cooling |
5 | 8 | (38 | ) | ||||||||
Heating |
1,892 | 2,022 | (6 | ) | ||||||||
Average electric distribution customer accounts (thousands)(1) |
2,617 | 2,591 | 1 |
(1) | Period average. |
Presented below, on an after-tax basis, are the key factors impacting Power Deliverys net income contribution:
First Quarter 2019 vs. 2018 Increase (Decrease) |
||||||||
Amount | EPS | |||||||
(millions, except EPS) | ||||||||
Regulated electric sales: |
||||||||
Weather |
$ | (8 | ) | $ | (0.01 | ) | ||
Other |
3 | | ||||||
Rate adjustment clause equity return |
12 | 0.02 | ||||||
Other |
(8 | ) | (0.01 | ) | ||||
Share dilution |
| (0.05 | ) | |||||
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Change in net income contribution |
$ | (1 | ) | $ | (0.05 | ) | ||
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7
Power Generation
Presented below are selected operating statistics related to Power Generations operations:
First Quarter | ||||||||||||
2019 | 2018 | % Change | ||||||||||
Electricity supplied (million MWh): |
||||||||||||
Utility |
21.9 | 22.3 | (2 | )% | ||||||||
Merchant |
5.2 | 7.3 | (29 | ) | ||||||||
Degree days (electric utility service area): |
||||||||||||
Cooling |
5 | 8 | (38 | ) | ||||||||
Heating |
1,892 | 2,022 | (6 | ) |
Presented below, on an after-tax basis, are the key factors impacting Power Generations net income contribution:
First Quarter 2019 vs. 2018 Increase (Decrease) |
||||||||
Amount | EPS | |||||||
(millions, except EPS) | ||||||||
Merchant generation margin |
$ | (10 | ) | $ | (0.01 | ) | ||
Regulated electric sales: |
||||||||
Weather |
(16 | ) | (0.03 | ) | ||||
Other |
(4 | ) | (0.01 | ) | ||||
Electric capacity |
(11 | ) | (0.02 | ) | ||||
Sale of certain merchant generation facilities |
(14 | ) | (0.02 | ) | ||||
Other |
15 | 0.02 | ||||||
Share dilution |
| (0.08 | ) | |||||
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|
|||||
Change in net income contribution |
$ | (40 | ) | $ | (0.15 | ) | ||
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Gas Infrastructure
Presented below are selected operating statistics related to Gas Infrastructures operations:
First Quarter | ||||||||||||
2019 | 2018 | % Change | ||||||||||
Gas distribution throughput (bcf): |
||||||||||||
Sales |
64 | 57 | 12% | |||||||||
Transportation |
223 | 214 | 4 | |||||||||
Heating degree days (gas distribution service area): |
||||||||||||
Eastern region |
2,915 | 2,915 | | |||||||||
Western region |
2,570 | 2,095 | 23 | |||||||||
Average gas distribution customer accounts |
||||||||||||
Sales |
1,272 | 1,257 | 1 | |||||||||
Transportation |
1,111 | 1,098 | 1 | |||||||||
Average retail energy marketing customer accounts |
376 | 862 | (56 | ) |
(1) | Period average. |
8
Presented below, on an after-tax basis, are the key factors impacting Gas Infrastructures net income contribution:
First Quarter 2019 vs. 2018 Increase (Decrease) |
||||||||
Amount | EPS | |||||||
(millions, except EPS) | ||||||||
Cove Point export contracts |
$ | 112 | $ | 0.17 | ||||
Noncontrolling interest(1) |
14 | 0.02 | ||||||
Interest expense, net |
(50 | ) | (0.07 | ) | ||||
Assignment of shale development rights |
(32 | ) | (0.05 | ) | ||||
Other |
(12 | ) | (0.02 | ) | ||||
Share dilution |
| (0.10 | ) | |||||
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|||||
Change in net income contribution |
$ | 32 | $ | (0.05 | ) | |||
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(1) | Reflects the acquisition of the public interest in Dominion Energy Midstream in January 2019. |
Southeast Energy
Presented below are selected operating statistics related to Southeast Energys operations:
First Quarter 2019 |
||||
Electricity delivered (million MWh) |
5.1 | |||
Electricity supplied (million MWh) |
5.2 | |||
Degree days (electric distribution service area): |
||||
Cooling |
| |||
Heating |
660 | |||
Average electric distribution customer accounts |
734 | |||
Gas distribution throughput (bcf): |
||||
Sales |
42 | |||
Transportation |
17 | |||
Heating degree days (gas distribution service area) |
759 | |||
Average gas distribution customer accounts |
963 | |||
Average retail energy marketing customer accounts |
423 |
(1) | Period average. |
Presented below, on an after-tax basis, are the key factors impacting Southeast Energys net income contribution:
First Quarter 2019 vs. 2018 Increase |
||||||||
Amount | EPS | |||||||
(millions, except EPS) | ||||||||
SCANA Combination |
$ | 132 | $ | 0.17 | ||||
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Change in net income contribution |
$ | 132 | $ | 0.17 | ||||
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9
Corporate and Other
Presented below are the Corporate and Other segments after-tax results:
First Quarter | ||||||||||||
2019 | 2018 | $ Change | ||||||||||
(millions, except EPS) | ||||||||||||
Specific items attributable to operating segments |
$ | (1,375 | ) | $ | (218 | ) | $ | (1,157 | ) | |||
Specific items attributable to Corporate and Other segment |
(178 | ) | (20 | ) | (158 | ) | ||||||
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Total specific items |
(1,553 | ) | (238 | ) | (1,315 | ) | ||||||
Other corporate operations(1) |
(81 | ) | (90 | ) | 9 | |||||||
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Total net expense |
$ | (1,634 | ) | $ | (328 | ) | $ | (1,306 | ) | |||
EPS impact |
$ | (2.06 | ) | $ | (0.51 | ) | $ | (1.55 | ) | |||
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(1) | Primarily consists of net interest expense. |
Total Specific Items
Corporate and Other includes specific items attributable to Dominion Energys primary operating segments that are not included in profit measures evaluated by executive management in assessing those segments performance or in allocating resources. See Note 21 to the Consolidated Financial Statements in this report for discussion of these items in more detail. Corporate and Other also includes items attributable to the Corporate and Other segment.
Virginia Power
Results of Operations
Presented below is a summary of Virginia Powers consolidated results:
First Quarter | ||||||||||||
2019 | 2018 | $ Change | ||||||||||
(millions) | ||||||||||||
Net income |
$ | 20 | $ | 184 | $ | (164 | ) |
Overview
First Quarter 2019 vs. 2018
Net income decreased 89%, primarily due to charges associated with the planned early retirement of certain electric generation facilities and automated meter reading infrastructure. This decrease was partially offset by the absence of a charge associated with Virginia legislation enacted in March 2018 and a benefit from the revision of future ash pond and landfill closure costs as a result of Virginia legislation signed in March 2019.
Analysis of Consolidated Operations
Presented below are selected amounts related to Virginia Powers results of operations:
First Quarter | ||||||||||||
2019 | 2018 | $ Change | ||||||||||
(millions) | ||||||||||||
Operating revenue |
$ | 1,965 | $ | 1,748 | $ | 217 | ||||||
Electric fuel and other energy-related purchases |
596 | 591 | 5 | |||||||||
Purchased electric capacity |
33 | 14 | 19 | |||||||||
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Net revenue |
1,336 | 1,143 | 193 | |||||||||
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Other operations and maintenance |
279 | 399 | (120 | ) | ||||||||
Depreciation and amortization |
304 | 297 | 7 | |||||||||
Other taxes |
85 | 83 | 2 | |||||||||
Impairment of assets and other charges |
546 | | 546 | |||||||||
Other income |
37 | 3 | 34 | |||||||||
Interest and related charges |
135 | 132 | 3 | |||||||||
Income tax expense |
4 | 51 | (47 | ) |
10
An analysis of Virginia Powers results of operations follows:
First Quarter 2019 vs. 2018
Net revenue increased 17%, primarily reflecting:
| The absence of a $215 million charge associated with Virginia legislation enacted in March 2018 that required one-time rate credits of certain amounts to utility customers; |
| A $14 million increase from rate adjustment clauses; partially offset by |
| A $33 million decrease in sales to retail customers from a decrease in heating degree days; and |
| A $16 million increase in net electric capacity expense related to the annual PJM capacity performance market effective June 2018. |
Other operations and maintenance decreased 30%, primarily reflecting:
| A benefit from the revision of future ash pond and landfill closure costs as a result of Virginia legislation enacted in March 2019 ($113 million); |
| A $25 million decrease in storm damage and service restoration costs, primarily due to the absence of Winter Storm Riley ($31 million); partially offset by |
| A $10 million increase in certain electric transmission-related expenditures. These expenses are primarily recovered through state and FERC rates and do not impact net income. |
Impairment of assets and other charges increased $546 million, primarily due to a $368 million charge related to the early retirement of certain electric generation facilities, a $160 million charge related to the planned early retirement of certain automated meter reading infrastructure and a $17 million charge to write-off the balance of a regulatory asset for which Virginia Power is no longer seeking recovery.
Other income increased $34 million, primarily reflecting an increase in net investment earnings on nuclear decommissioning trust funds.
Income tax expense decreased 92%, primarily due to lower pre-tax income.
Dominion Energy Gas
Results of Operations
Presented below is a summary of Dominion Energy Gas consolidated results:
First Quarter | ||||||||||||
2019 | 2018 | $ Change | ||||||||||
(millions) | ||||||||||||
Net income attributable to Dominion Energy Gas |
$ | 190 | $ | 180 | $ | 10 |
Overview
First Quarter 2019 vs. 2018
Net income increased 6%, primarily due to the commencement of commercial operations of the Liquefaction Facility. This increase was partially offset by the absence of gains related to agreements to convey shale development rights under natural gas storage fields and an increase in interest and related charges.
11
Analysis of Consolidated Operations
Presented below are selected amounts related to Dominion Energy Gas results of operations:
First Quarter | ||||||||||||
2019 | 2018 | $ Change | ||||||||||
(millions) | ||||||||||||
Operating revenue |
$ | 566 | $ | 389 | $ | 177 | ||||||
Purchased gas |
12 | 14 | (2 | ) | ||||||||
Other energy-related purchases |
1 | | 1 | |||||||||
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Net revenue |
553 | 375 | 178 | |||||||||
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Other operations and maintenance |
176 | 162 | 14 | |||||||||
Depreciation and amortization |
91 | 63 | 28 | |||||||||
Other taxes |
39 | 27 | 12 | |||||||||
Gains on sales of assets |
| (44 | ) | 44 | ||||||||
Earnings from equity method investees |
13 | 20 | (7 | ) | ||||||||
Other income |
42 | 17 | 25 | |||||||||
Interest and related charges |
87 | 4 | 83 | |||||||||
Income tax expense |
43 | 43 | | |||||||||
Net income from discontinued operations |
54 | 56 | (2 | ) | ||||||||
Noncontrolling interests |
36 | 33 | 3 |
An analysis of Dominion Energy Gas results of operations follows:
First Quarter 2019 vs. 2018
Net revenue increased 47%, primarily reflecting:
| A $194 million increase due to commencement of commercial operations of the Liquefaction Facility, including terminalling services provided to the Export Customers ($174 million) and regulated gas transportation contracts to serve the Export Customers ($21 million); partially offset by |
| A $15 million decrease in services performed for Atlantic Coast Pipeline; and |
| An $8 million increase in net fuel costs. |
Other operations and maintenance increased 9%, primarily reflecting:
| A $20 million increase in operating expenses from the commercial operations of the Liquefaction Facility and costs associated with regulated gas transportation contracts to serve the Export Customers; partially offset by |
| A $15 million decrease in services performed for Atlantic Coast Pipeline. These expenses are billed to Atlantic Coast Pipeline and do not significantly impact net income. |
Depreciation and amortization increased 44%, primarily due to the Liquefaction Facility being placed into service.
Other taxes increased 44%, primarily due to higher property taxes being paid in relation to the completion of the Liquefaction Facility.
Gains on sales of assets decreased $44 million due to the absence of gains related to agreements to convey shale development rights under natural gas storage fields.
Earnings from equity method investee decreased 35%, primarily due to lower earnings from unsubscribed capacity as a result of a decrease in heating degree days at Iroquois.
Other income increased $25 million, primarily due to interest income from Cove Points promissory notes from Dominion Energy issued in 2018.
Interest and related charges increased $83 million, primarily due to the absence of capitalization of interest expense associated with the Liquefaction Facility upon completion of construction ($42 million) and Cove Points term loan borrowings in 2018 ($35 million).
12
Liquidity and Capital Resources
Dominion Energy depends on both internal and external sources of liquidity to provide working capital and as a bridge to long-term debt financings. Short-term cash requirements not met by cash provided by operations are generally satisfied with proceeds from short-term borrowings. Long-term cash needs are met through issuances of debt and/or equity securities.
At March 31, 2019, Dominion Energy had $3.5 billion of unused capacity under its credit facility. See Note 16 to the Consolidated Financial Statements for more information.
A summary of Dominion Energys cash flows is presented below:
2019 | 2018 | |||||||
(millions) | ||||||||
Cash, restricted cash and equivalents at January 1 |
$ | 391 | $ | 185 | ||||
Cash flows provided by (used in): |
||||||||
Operating activities |
1,171 | 1,232 | ||||||
Investing activities |
(552 | ) | (1,183 | ) | ||||
Financing activities |
(383 | ) | 100 | |||||
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Net increase in cash, restricted cash and equivalents |
236 | 149 | ||||||
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|||||
Cash, restricted cash and equivalents at March 31 |
$ | 627 | $ | 334 | ||||
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Operating Cash Flows
Net cash provided by Dominion Energys operating activities decreased $61 million, primarily due to an increase in property tax payments, decreased customer deposits, increased interest and net changes in other working capital items, partially offset by higher deferred fuel cost recoveries, the commencement of commercial operations of the Liquefaction Facility and operations acquired in the SCANA Combination.
Dominion Energy believes that its operations provide a stable source of cash flow to contribute to planned levels of capital expenditures and maintain or grow the dividend on common shares.
Dominion Energys operations are subject to risks and uncertainties that may negatively impact the timing or amounts of operating cash flows, which are discussed in Item 1A. Risk Factors 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.
Credit Risk
Dominion Energys exposure to potential concentrations of credit risk results primarily from its energy marketing and price risk management activities. Presented below is a summary of Dominion Energys credit exposure as of March 31, 2019 for these activities. Gross credit exposure for each counterparty is calculated prior to the application of collateral and represents outstanding receivables plus any unrealized on- or off-balance sheet exposure, taking into account contractual netting rights.
Gross Credit Exposure |
Credit Collateral |
Net Credit Exposure |
||||||||||
(millions) | ||||||||||||
Investment grade(1) |
$ | 98 | $ | | $ | 98 | ||||||
Non-investment grade(2) |
12 | | 12 | |||||||||
No external ratings: |
||||||||||||
Internally ratedinvestment grade(3) |
18 | 1 | 17 | |||||||||
Internally ratednon-investment grade(4) |
56 | | 56 | |||||||||
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Total |
$ | 184 | $ | 1 | $ | 183 | ||||||
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(1) | Designations as investment grade are based upon minimum credit ratings assigned by Moodys Investors Service and Standard & Poors. The five largest counterparty exposures, combined, for this category represented approximately 43% of the total net credit exposure. |
(2) | The five largest counterparty exposures, combined, for this category represented approximately 6% of the total net credit exposure. |
(3) | The five largest counterparty exposures, combined, for this category represented approximately 10% of the total net credit exposure. |
13
(4) | The five largest counterparty exposures, combined, for this category represented approximately 25% of the total net credit exposure. |
Investing Cash Flows
Net cash used in Dominion Energys investing activities decreased $631 million, primarily due to cash acquired in the SCANA Combination, proceeds from the sale of Blue Racer and a decrease in plant construction and other property additions.
Financing Cash Flows and Liquidity
Dominion Energy relies on capital markets as significant sources of funding for capital requirements not satisfied by cash provided by its operations. As discussed further in Credit Ratings and Debt Covenants in MD&A 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, the ability to borrow funds or issue securities and the return demanded by investors are affected by credit ratings. In addition, the raising of external capital is subject to certain regulatory requirements, including registration with the SEC for certain issuances.
Dominion Energy currently meets the definition of a well-known seasoned issuer under SEC rules governing the registration, communications and offering processes under the Securities Act of 1933, as amended. The rules provide for a streamlined shelf registration process to provide registrants with timely access to capital. This allows Dominion Energy to use automatic shelf registration statements to register any offering of securities, other than those for exchange offers or business combination transactions.
Net cash used by Dominion Energys financing activities was $383 million for the three months ended March 31, 2019, compared to net cash provided by financing activities of $100 million for the three months ended March 31, 2018, primarily due to lower issuance of common stock and higher common dividend payments.
In November 2017, Dominion Energy filed an SEC shelf registration statement for the sale of up to $3.0 billion of variable denomination floating rate demand notes, called Dominion Energy Reliability InvestmentSM. The registration limits the principal amount that may be outstanding at any one time to $1.0 billion. The notes are offered on a continuous basis and bear interest at a floating rate per annum determined by the Dominion Energy Reliability Investment Committee, or its designee, on a weekly basis. The notes have no stated maturity date, are non-transferable and may be redeemed in whole or in part by Dominion Energy or at the investors option at any time. The balance as of March 31, 2019 was $19 million. The notes are short-term debt obligations on Dominion Energys Consolidated Balance Sheets. The proceeds will be used for general corporate purposes and to repay debt.
In January 2019, Dominion Energy acquired all outstanding partnership interests of Dominion Energy Midstream not owned by Dominion Energy through the issuance of 22.5 million common shares. See Note 16 to the Consolidated Financial Statements for additional information.
In January 2019, in connection with the SCANA Combination, 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 outstanding at closing. SCANAs outstanding debt totaled $6.9 billion at closing.
See Note 16 to the Consolidated Financial Statements in this report for further information regarding Dominion Energys credit facilities, liquidity and significant financing transactions.
Credit Ratings
Credit ratings are intended to provide banks and capital market participants with a framework for comparing the credit quality of securities and are not a recommendation to buy, sell or hold securities. In the Credit Ratings section of MD&A 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, there is a discussion on the use of capital markets by Dominion Energy as well as the impact of credit ratings on the accessibility and costs of using these markets. As of March 31, 2019, there have been no changes in Dominion Energys credit ratings.
Debt Covenants
In the Debt Covenants section of MD&A 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, there is a discussion on the various covenants present in the enabling agreements underlying Dominion Energys debt. As of March 31, 2019, there have been no material changes to debt covenants, nor any events of default under Dominion Energys debt covenants.
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Future Cash Payments for Contractual Obligations and Planned Capital Expenditures
As of March 31, 2019, there have been no material changes outside the ordinary course of business to Dominion Energys contractual obligations nor any material changes to planned capital expenditures as disclosed in MD&A 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.
Use of Off-Balance Sheet Arrangements
As of March 31, 2019, there have been no material changes in the off-balance sheet arrangements disclosed in MD&A 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.
Future Issues and Other Matters
The following discussion of future issues and other information includes current developments of previously disclosed matters and new issues arising during the period covered by, and subsequent to, the dates of Dominion Energys Consolidated Financial Statements that may impact future results of operations, financial condition and/or cash flows. This section should be read in conjunction with Item 1. Business and Future Issues and Other Matters in MD&A 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 17 to the Consolidated Financial Statements in this report for additional information on various environmental matters.
Environmental Matters
Dominion Energy is 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. See 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 Note 17 in this report for additional information on various environmental matters.
Legal Matters
See Notes 3, 13 and 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 Notes 13 and 17 to the Consolidated Financial Statements in this report for additional information on various legal matters.
Regulatory Matters
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 November 18, 2019, and Note 13 to the Consolidated Financial Statements in this report for additional information on various regulatory matters.
Atlantic Coast Pipeline
In September 2014, Dominion Energy, along with Duke and Southern Company Gas, announced the formation of Atlantic Coast Pipeline. Atlantic Coast Pipeline is focused on constructing an approximately 600-mile natural gas pipeline running from West Virginia through Virginia to North Carolina. During the third and fourth quarters of 2018, a FERC stop work order together with delays in obtaining permits necessary for construction and delays in construction due to judicial actions impacted the cost and schedule for the project. As a result project cost estimates have increased from between $6.0 billion to $6.5 billion to between $7.0 billion to $7.5 billion, excluding financing costs. Atlantic Coast Pipeline expects to achieve a late 2020 in-service date for at least key segments of the project, while the remainder may extend into early 2021. Alternatively, if it takes longer to resolve the judicial issues, such as through appeal to the Supreme Court of the U.S., full in-service could extend to the end of 2021 with total project cost estimated to increase an additional $250 million, resulting in total project cost estimates of $7.25 billion to $7.75 billion excluding financing costs. Abnormal weather, work delays (including due to judicial or regulatory action) and other conditions may result in further cost or schedule modifications in the future, which could result in a material impact to Dominion Energys cash flows, financial position and/or results of operations.
Millstone Agreement
In November 2017, Connecticut adopted the Act Concerning Zero Carbon Solicitation and Procurement, which allows nuclear generating facilities to compete for power purchase agreements in a state sponsored procurement for electricity. In February 2018, Connecticut regulators recommended pursuing the procurement. In May 2018 Millstone petitioned to be considered an existing
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resource confirmed at risk and subsequently participated in the state sponsored procurement for electricity. Being considered at risk allows the Department of Energy and Environmental Protection to consider factors other than price, such as environmental and economic benefits, when evaluating Dominion Energys bids. In December 2018, PURA confirmed that Millstone should be considered an existing resource confirmed at risk in the states Department of Energy and Environmental Protection zero carbon procurement. An agreement was reached in March 2019 between Dominion Energy, Eversource Energy and The United Illuminating Company for Millstone to provide nine million MWh per year of electricity for ten years. This agreement is required to be approved by PURA, which is expected by the end of 2019.
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Earnings Per Share (Calculation of Basic and Diluted EPS) (Detail) - USD ($) $ / shares in Units, shares in Millions, $ in Millions |
3 Months Ended | |
---|---|---|
Mar. 31, 2019 |
Mar. 31, 2018 |
|
Earnings Per Share [Abstract] | ||
Net income (loss) attributable to Dominion Energy | $ (680) | $ 503 |
Average shares of common stock outstanding – Basic | 793.1 | 650.5 |
Average shares of common stock outstanding – Diluted | 793.1 | 650.5 |
Earnings Per Common Share – Basic | $ (0.86) | $ 0.77 |
Earnings Per Common Share – Diluted | $ (0.86) | $ 0.77 |
Significant Financing Transactions (Commercial Paper, Bank Loans and Letters of Credit Outstanding) (Parenthetical) (Detail) |
Mar. 31, 2019
USD ($)
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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 | 2,000,000,000.0 | |||||||
Letter of Credit | Virginia Electric and Power Company | ||||||||
Line of Credit Facility [Line Items] | ||||||||
Facility Limit | 2,000,000,000.0 | |||||||
Letter of Credit | Dominion Energy Gas Holdings, LLC | ||||||||
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 | |||||||
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Regulatory Assets and Liabilities (Narrative) (Detail) $ in Millions |
3 Months Ended |
---|---|
Mar. 31, 2019
USD ($)
| |
Public Utilities General Disclosures [Line Items] | |
Regulatory assets past expenditures not earning return | $ 1,500 |
Period for which expenditures are expected to be recovered | 2 years |
Dominion Energy Gas Holdings, LLC | |
Public Utilities General Disclosures [Line Items] | |
Regulatory assets past expenditures not earning return | $ 295 |
Virginia Electric and Power Company | |
Public Utilities General Disclosures [Line Items] | |
Regulatory assets past expenditures not earning return | $ 42 |
Acquisitions and Dispositions (Schedule of Significant Non Cash Items and Capital Expenditure) (Detail) - USD ($) $ in Millions |
3 Months Ended | ||||||||
---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2019 |
Mar. 31, 2018 |
||||||||
Significant noncash items | |||||||||
Accrued capital expenditures | [1],[2],[3] | $ 201 | $ 175 | ||||||
Dominion Energy Gas Holdings, LLC | |||||||||
Significant noncash items | |||||||||
Accrued capital expenditures | [2] | 31 | 56 | ||||||
East Ohio | Dominion Energy Gas Holdings, LLC | |||||||||
Business Acquisition [Line Items] | |||||||||
Capital expenditures | 65 | 58 | |||||||
Significant noncash items | |||||||||
Accrued capital expenditures | 6 | 6 | |||||||
DGP | Dominion Energy Gas Holdings, LLC | |||||||||
Business Acquisition [Line Items] | |||||||||
Capital expenditures | $ 3 | $ 1 | |||||||
|
Investments (Selected Information Regarding Equity and Fixed Income Securities) (Detail) - USD ($) $ in Millions |
3 Months Ended | ||||
---|---|---|---|---|---|
Mar. 31, 2019 |
Mar. 31, 2018 |
||||
Schedule of Available-for-sale Securities [Line Items] | |||||
Proceeds from sales | $ 506 | $ 419 | |||
Realized gains | [1] | 43 | 36 | ||
Realized losses | [1] | 23 | 19 | ||
Virginia Electric and Power Company | |||||
Schedule of Available-for-sale Securities [Line Items] | |||||
Proceeds from sales | 253 | 218 | |||
Realized gains | [1] | 10 | 18 | ||
Realized losses | [1] | $ 9 | $ 5 | ||
|
Operating Revenue (Narrative) (Detail) - USD ($) $ in Millions |
3 Months Ended | |
---|---|---|
Mar. 31, 2019 |
Dec. 31, 2018 |
|
Revenues From Contract With Customer [Line Items] | ||
Contract asset balances | $ 40 | $ 42 |
Contract liability balances | 77 | 106 |
Revenue recognized from contract liability balances | 85 | |
Dominion Energy Gas Holdings, LLC | ||
Revenues From Contract With Customer [Line Items] | ||
Contract asset balances | 55 | 58 |
Contract liability balances | 35 | 49 |
Revenue recognized from contract liability balances | 25 | |
Virginia Electric and Power Company | ||
Revenues From Contract With Customer [Line Items] | ||
Contract liability balances | 21 | $ 22 |
Revenue recognized from contract liability balances | $ 22 |
Consolidated Statements of Equity (Unaudited) (Parenthetical) - $ / shares |
3 Months Ended | |
---|---|---|
Mar. 31, 2019 |
Mar. 31, 2018 |
|
Statement of Stockholders' Equity [Abstract] | ||
Dividends declared per common share | $ 0.9175 | $ 0.835 |
Significant Financing Transactions (Tables) |
Nov. 18, 2019 |
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Debt Instrument [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Line of Credit Facilities | At March 31, 2019, Dominion Energy’s commercial paper and letters of credit outstanding, as well as its capacity available under the credit facility, were as follows:
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Virginia Electric and Power Company | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Line of Credit Facilities | At March 31, 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:
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Dominion Energy Gas Holdings, LLC | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Line of Credit Facilities | At March 31, 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:
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Consolidated Statements of Comprehensive Income (Unaudited) (Parenthetical) - USD ($) $ in Millions |
3 Months Ended | |
---|---|---|
Mar. 31, 2019 |
Mar. 31, 2018 |
|
Net deferred gains (losses) on derivative-hedging activities, tax | $ 5 | $ (37) |
Changes in unrealized net gains (losses) on investment securities, tax | (6) | 4 |
Net derivative (gains) losses-hedging activities, tax | 10 | (3) |
Net pension and other postretirement benefit costs, tax | (14) | (1) |
Virginia Electric and Power Company | ||
Net deferred gains (losses) on derivative-hedging activities, tax | 2 | (2) |
Changes in unrealized net gains (losses) on investment securities, tax | (1) | 1 |
Dominion Energy Gas Holdings, LLC | ||
Net deferred gains (losses) on derivative-hedging activities, tax | 9 | (5) |
Net derivative (gains) losses-hedging activities, tax | 1 | |
Net pension and other postretirement benefit costs, tax | $ (1) | $ (1) |
Investments (Tables) |
Nov. 18, 2019 |
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Equity and Fixed Income Securities, Insurance Contracts and Cash Equivalents in Decommissioning Trust Funds | Dominion Energy’s decommissioning trust funds are summarized below:
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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:
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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 March 31, 2019 by contractual maturity is as follows:
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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.
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Equity and Fixed Income Securities, Insurance Contracts and Cash Equivalents in Decommissioning Trust Funds | Virginia Power’s decommissioning trust funds are summarized below:
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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:
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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 March 31, 2019 by contractual maturity is as follows:
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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.
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Regulatory Assets and Liabilities |
Nov. 18, 2019 |
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Regulatory Assets and Liabilities | Note 12. Regulatory Assets and Liabilities Regulatory assets and liabilities include the following:
At March 31, 2019, $1.5 billion of Dominion Energy’s, $295 million of Virginia Power’s and $42 million of Dominion Energy Gas’ regulatory assets represented past expenditures on which they do not currently earn a return. With the exception of the items discussed above, the majority of these expenditures are expected to be recovered within the next years. |
Significant Financing Transactions |
Nov. 18, 2019 |
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Significant Financing Transactions | Note 16. 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 March 31, 2019, Dominion Energy’s commercial paper and letters of credit outstanding, as well as its capacity available under the credit facility, were as follows:
In addition to the credit facility mentioned above, Dominion Energy also has a credit facility with a maturity date in which allows Dominion Energy to issue up to approximately $21 million in letters of credit. At March 31, 2019, Dominion Energy had $21 million in letters of credit outstanding under this agreement. 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 March 31, 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 renewals through the maturity of the SBL Holdco term loan agreement in 2023. Dominion Solar Projects III, Inc. has $25 million of credit facilities which had an original stated maturity date of May 2018 with automatic -year renewals through the maturity of the Dominion Solar Projects III, Inc. term loan agreement in 2024. At March 31, 2019, no amounts were outstanding under either of these facilities. -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. 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 March 31, 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:
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 March 31, 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:
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 April 2019, Virginia Power provided notice to redeem its $40 million 5.0% Economic Development Authority of the County of Chesterfield Pollution Control Refunding Revenue Bonds, Series 2009A, due in 2023. At March 31, 2019, the bonds were included in securities due within one year in the Consolidated Balance Sheets. The bonds were redeemed in May 2019 at the principal outstanding plus accrued interest. Noncontrolling Interest in Dominion Energy Midstream 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. Issuance of Common Stock See Note 3 to the Consolidated Financial Statements 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. 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. |
Operating Revenue (Tables) |
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Schedule of Operating Revenue | The Companies’ operating revenue consists of the following:
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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.
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Operating Segments |
Nov. 18, 2019 |
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Operating Segments | Note 21. 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:
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 three months ended March 31, 2019, Dominion Energy reported after-tax net expenses of $1.6 billion for specific items in the Corporate and Other segment, with $1.4 billion of net expenses attributable to its operating segments. In the three months ended March 31, 2018, Dominion Energy reported after-tax net expenses of $238 million for specific items in the Corporate and Other segment, with $218 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:
The net expense for specific items attributable to Dominion Energy’s operating segments in 2018 primarily related to the impact of the following items:
The following table presents segment information pertaining to Dominion Energy’s operations:
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 three months ended March 31, 2019, Virginia Power reported after-tax net expenses of $344 million for specific items in the Corporate and Other segment, with $324 million of net expenses attributable to its operating segments. In the three months ended March 31, 2018, Virginia Power reported after-tax net expenses of $197 million for specific items in the Corporate and Other segment, with $189 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:
The net expense for specific items attributable to Virginia Power’s operating segments in 2018 primarily related to the impact of the following items:
The following table presents segment information pertaining to Virginia Power’s operations:
Dominion Energy Gas The Corporate and Other Segment of Dominion Energy Gas In addition, Corporate and Other includes the net impact of discontinued operations, which are discussed in Note 3. In both the three months ended March 31, 2019 and 2018, Dominion Energy Gas reported an immaterial amount of specific items in the Corporate and Other segment. The following table presents segment information pertaining to Dominion Energy Gas’ operations:
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Fair Value Measurements |
Nov. 18, 2019 |
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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, 2019. See Note 9 in this report for further information about the Companies’ derivatives and hedge accounting activities.The Companies enter into certain physical and financial forwards, futures, options and swaps, which are considered Level 3 as they have one or more inputs that are not observable and are significant to the valuation. The discounted cash flow method is used to value Level 3 physical and financial forwards, futures, and swaps contracts. An option model is used to value Level 3 physical 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 March 31, 2019. The range and weighted average are presented in dollars for market price inputs and percentages for price volatility.
Sensitivity of the fair value measurements to changes in the significant unobservable inputs is as follows:
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:
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:
The unrealized gains or losses included in earnings in the Level 3 fair value category relating to assets/liabilities still held at the reporting date were not material for the three months ended March 31, 2019 and 2018. Virginia Power The following table presents Virginia Power’s quantitative information about Level 3 fair value measurements at March 31, 2019. The range and weighted average are presented in dollars for market price inputs and percentages for price volatility.
Sensitivity of the fair value measurements to changes in the significant unobservable inputs is as follows:
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:
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:
There were no unrealized gains or losses included in earnings in the Level 3 fair value category relating to assets/liabilities still held at the reporting date for the three months ended March 31, 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.
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 months ended March 31, 2019.
There were no gains or losses included in earnings in the Level 3 fair value category for the three months ended March 31, 2019 and 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 three months ended March 31, 2019 and 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:
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Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Millions |
3 Months Ended | ||||||||
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Mar. 31, 2019 |
Mar. 31, 2018 |
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Operating Activities | |||||||||
Net income (loss) including noncontrolling interests | $ (677) | $ 526 | |||||||
Net income | (680) | 503 | |||||||
Adjustments to reconcile net income (loss) including noncontrolling interests to net cash provided by operating activities: | |||||||||
Depreciation, depletion and amortization (including nuclear fuel) | 734 | 572 | |||||||
Deferred income taxes and investment tax credits | 106 | 131 | |||||||
Provision for refunds and rate credits to electric utility customers | 988 | 215 | |||||||
Impairment of assets and other charges | 835 | ||||||||
Net (gains) losses on nuclear decommissioning trust funds and other investments | (271) | 25 | |||||||
Revision to future ash pond and landfill closure costs | (113) | ||||||||
Other adjustments | (11) | (56) | |||||||
Changes in: | |||||||||
Accounts receivable | 153 | 47 | |||||||
Inventories | 53 | 104 | |||||||
Deferred fuel and purchased gas costs, net | 27 | (264) | |||||||
Prepayments | 89 | (3) | |||||||
Accounts payable | (284) | (57) | |||||||
Accrued interest, payroll and taxes | (329) | (103) | |||||||
Customer deposits | (35) | 101 | |||||||
Margin deposit assets and liabilities | 93 | (33) | |||||||
Other operating assets and liabilities | (187) | 27 | |||||||
Net cash provided by operating activities | 1,171 | 1,232 | |||||||
Investing Activities | |||||||||
Plant construction and other property additions (including nuclear fuel) | (1,002) | (1,103) | |||||||
Cash and restricted cash acquired in the SCANA Combination | 389 | ||||||||
Acquisition of solar development projects | (29) | (7) | |||||||
Proceeds from sales of securities | 506 | 419 | |||||||
Purchases of securities | (494) | (453) | |||||||
Proceeds from sales of assets and equity method investments | 154 | ||||||||
Contributions to equity method affiliates | (69) | (87) | |||||||
Other | (7) | 48 | |||||||
Net cash used in investing activities | (552) | (1,183) | |||||||
Financing Activities | |||||||||
Issuance (repayment) of short-term debt, net | 1,905 | (585) | |||||||
Issuance of short-term notes | 950 | ||||||||
Repayment of credit facility borrowings | (113) | ||||||||
Repayment of long-term debt, including redemption premiums | (2,217) | (1,180) | |||||||
Issuance of long-term debt | 600 | 950 | |||||||
Issuance of common stock | 247 | 581 | |||||||
Common dividend payments | (733) | (544) | |||||||
Other | (72) | (72) | |||||||
Net cash provided by (used in) financing activities | (383) | 100 | |||||||
Increase (decrease) in cash, restricted cash and equivalents | 236 | 149 | |||||||
Cash, restricted cash and equivalents at beginning of period | 391 | 185 | |||||||
Cash, restricted cash and equivalents at end of period | 627 | 334 | |||||||
Significant noncash investing and financing activities: | |||||||||
Accrued capital expenditures | [1],[2],[3] | 201 | 175 | ||||||
Virginia Electric and Power Company | |||||||||
Operating Activities | |||||||||
Net income | 20 | 184 | |||||||
Adjustments to reconcile net income (loss) including noncontrolling interests to net cash provided by operating activities: | |||||||||
Depreciation, depletion and amortization (including nuclear fuel) | 346 | 343 | |||||||
Deferred income taxes and investment tax credits | (49) | 83 | |||||||
Impairment of assets and other charges | 546 | ||||||||
Revision to future ash pond and landfill closure costs | (113) | ||||||||
Provision for rate credits to customers | 215 | ||||||||
Other adjustments | (39) | (1) | |||||||
Changes in: | |||||||||
Accounts receivable | 62 | 78 | |||||||
Affiliated receivables and payables | (63) | (59) | |||||||
Inventories | (19) | 54 | |||||||
Deferred fuel and purchased gas costs, net | 24 | (328) | |||||||
Prepayments | (2) | (11) | |||||||
Accounts payable | (33) | 3 | |||||||
Accrued interest, payroll and taxes | 15 | (5) | |||||||
Other operating assets and liabilities | (66) | (26) | |||||||
Net realized and unrealized changes related to derivative activities | 14 | 49 | |||||||
Net cash provided by operating activities | 643 | 579 | |||||||
Investing Activities | |||||||||
Plant construction and other property additions (including nuclear fuel) | (563) | (570) | |||||||
Purchases of nuclear fuel | (11) | (46) | |||||||
Acquisition of solar development projects | (27) | ||||||||
Proceeds from sales of securities | 253 | 218 | |||||||
Purchases of securities | (269) | (235) | |||||||
Other | (3) | (6) | |||||||
Net cash used in investing activities | (620) | (639) | |||||||
Financing Activities | |||||||||
Issuance (repayment) of short-term debt, net | 281 | (116) | |||||||
Issuance (repayment) of affiliated current borrowings, net | (200) | (22) | |||||||
Repayment of long-term debt, including redemption premiums | (350) | ||||||||
Issuance of long-term debt | 700 | ||||||||
Common dividend payments | (118) | (154) | |||||||
Other | (1) | (6) | |||||||
Net cash provided by (used in) financing activities | (38) | 52 | |||||||
Increase (decrease) in cash, restricted cash and equivalents | (15) | (8) | |||||||
Cash, restricted cash and equivalents at beginning of period | 38 | 24 | |||||||
Cash, restricted cash and equivalents at end of period | 23 | 16 | |||||||
Significant noncash investing and financing activities: | |||||||||
Accrued capital expenditures | [2] | 117 | 104 | ||||||
Dominion Energy Gas Holdings, LLC | |||||||||
Operating Activities | |||||||||
Net income (loss) including noncontrolling interests | 226 | 213 | |||||||
Net income | 190 | 180 | |||||||
Adjustments to reconcile net income (loss) including noncontrolling interests to net cash provided by operating activities: | |||||||||
Gains on sales of assets | (44) | ||||||||
Depreciation, depletion and amortization (including nuclear fuel) | 113 | 84 | |||||||
Deferred income taxes and investment tax credits | 21 | 110 | |||||||
Other adjustments | 4 | (5) | |||||||
Changes in: | |||||||||
Accounts receivable | (32) | (25) | |||||||
Affiliated receivables and payables | (26) | 92 | |||||||
Inventories | (20) | (11) | |||||||
Prepayments | 33 | (135) | |||||||
Accounts payable | (23) | (42) | |||||||
Accrued interest, payroll and taxes | (40) | (33) | |||||||
Pension and other postretirement benefits | (35) | (36) | |||||||
Customer deposits | (32) | 99 | |||||||
Other operating assets and liabilities | (14) | 22 | |||||||
Net cash provided by operating activities | 175 | 289 | |||||||
Investing Activities | |||||||||
Plant construction and other property additions (including nuclear fuel) | (150) | (291) | |||||||
Proceeds from assignments of shale development rights | 44 | ||||||||
Other | (1) | (5) | |||||||
Net cash used in investing activities | (151) | (252) | |||||||
Financing Activities | |||||||||
Issuance (repayment) of short-term debt, net | 270 | (15) | |||||||
Issuance (repayment) of affiliated current borrowings, net | (145) | 106 | |||||||
Repayment of credit facility borrowings | (73) | ||||||||
Issuance of affiliated long-term debt | 395 | ||||||||
Repayment of long-term debt, including redemption premiums | (300) | (250) | |||||||
Issuance of long-term debt | 250 | ||||||||
Net proceeds from sale of Dominion Energy Midstream Common Units | 4 | ||||||||
Contributions from Domionion Energy | 25 | ||||||||
Common dividend payments | (159) | (47) | |||||||
Other | (1) | (23) | |||||||
Net cash provided by (used in) financing activities | (13) | 71 | |||||||
Increase (decrease) in cash, restricted cash and equivalents | 11 | 108 | |||||||
Cash, restricted cash and equivalents at beginning of period | 198 | 57 | |||||||
Cash, restricted cash and equivalents at end of period | 209 | 165 | |||||||
Significant noncash investing and financing activities: | |||||||||
Accrued capital expenditures | [2] | $ 31 | $ 56 | ||||||
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Operating Revenue |
Nov. 18, 2019 |
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Operating Revenue | Note 4. Operating Revenue The Companies’ operating revenue consists of the following:
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.
Contract assets represent an entity’s right to consideration in exchange for goods and services that the entity has transferred to a customer. At March 31, 2019 and December 31, 2018, Dominion Energy’s contract asset balances were $40 million and $42 million, respectively. Dominion Energy Gas’ contract asset balances were $55 million and $58 million at March 31, 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 March 31, 2019 and December 31, 2018, Dominion Energy’s contract liability balances were $77 million and $106 million, respectively. At March 31, 2019 and December 31, 2018, Virginia Power’s contract liability balances were $21 million and $22 million, respectively. At March 31, 2019 and December 31, 2018, Dominion Energy Gas’ contract liability balances were $35 million and $49 million, respectively. During the three months ended March 31, 2019, Dominion Energy, Virginia Power and Dominion Energy Gas recognized revenue of $85 million, $22 million and $25 million, respectively, from the beginning contract liability balances as the Companies fulfilled their obligations to provide service to their customers. The Companies’ contract liabilities are recorded in other current liabilities and other deferred credits and other liabilities in the Consolidated Balance Sheets. |
Fair Value Measurements (Assets and Liabilities that are Measured at Fair Value on a Recurring Basis) (Parenthetical) (Detail) - USD ($) $ in Millions |
Mar. 31, 2019 |
Dec. 31, 2018 |
---|---|---|
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets measured at fair value using NAV | $ 213 | $ 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 | $ 150 | $ 160 |
Derivatives and Hedge Accounting Activities (Volume of Derivative Activity) (Parenthetical) (Detail) - Foreign currency |
Mar. 31, 2019
EUR (€)
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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 Accounting Activities (Schedule of Offsetting Assets) (Parenthetical) (Detail) - USD ($) $ in Millions |
Mar. 31, 2019 |
Dec. 31, 2018 |
---|---|---|
Offsetting Assets [Line Items] | ||
Derivative assets, not subject to a master netting or similar arrangement | $ 2 | $ 7 |
Virginia Electric and Power Company | ||
Offsetting Assets [Line Items] | ||
Derivative assets, not subject to a master netting or similar arrangement | $ 5 | $ 26 |
Leases (Scheduled Maturities of Lease Liabilities) (Detail) $ in Millions |
Mar. 31, 2019
USD ($)
|
|||
---|---|---|---|---|
Maturity of Operating Lease Liabilities | ||||
Maturity of Lease Liabilities, Operating, 2019 | $ 54 | |||
Maturity of Lease Liabilities, Operating, 2020 | 66 | |||
Maturity of Lease Liabilities, Operating, 2021 | 58 | |||
Maturity of Lease Liabilities, Operating, 2022 | 49 | |||
Maturity of Lease Liabilities, Operating, 2023 | 39 | |||
Maturity of Lease Liabilities, Operating, After 2023 | 532 | |||
Maturity of Lease Liabilities, Operating, Total undiscounted lease payments | 798 | |||
Present value adjustment, Operating | (318) | |||
Present value of lease liabilities, Operating | 480 | |||
Maturity of Finance Lease Liabilities | ||||
Maturity of Lease Liabilities, Finance, 2019 | 14 | |||
Maturity of Lease Liabilities, Finance, 2020 | 16 | |||
Maturity of Lease Liabilities, Finance, 2021 | 14 | |||
Maturity of Lease Liabilities, Finance, 2022 | 12 | |||
Maturity of Lease Liabilities, Finance, 2023 | 9 | |||
Maturity of Lease Liabilities, Finance, After 2023 | 33 | |||
Maturity of Lease Liabilities, Finance, Total undiscounted lease payments | 98 | |||
Present value adjustment, Finance | (18) | |||
Present value of lease liabilities, Finance | 80 | |||
Virginia Electric and Power Company | ||||
Maturity of Operating Lease Liabilities | ||||
Maturity of Lease Liabilities, Operating, 2019 | 30 | |||
Maturity of Lease Liabilities, Operating, 2020 | 36 | |||
Maturity of Lease Liabilities, Operating, 2021 | 31 | |||
Maturity of Lease Liabilities, Operating, 2022 | 24 | |||
Maturity of Lease Liabilities, Operating, 2023 | 19 | |||
Maturity of Lease Liabilities, Operating, After 2023 | 162 | |||
Maturity of Lease Liabilities, Operating, Total undiscounted lease payments | 302 | |||
Present value adjustment, Operating | (100) | |||
Present value of lease liabilities, Operating | 202 | |||
Maturity of Finance Lease Liabilities | ||||
Maturity of Lease Liabilities, Finance, 2019 | 2 | |||
Maturity of Lease Liabilities, Finance, 2020 | 1 | |||
Maturity of Lease Liabilities, Finance, 2021 | 1 | |||
Maturity of Lease Liabilities, Finance, 2022 | 1 | |||
Maturity of Lease Liabilities, Finance, 2023 | 1 | |||
Maturity of Lease Liabilities, Finance, After 2023 | 2 | |||
Maturity of Lease Liabilities, Finance, Total undiscounted lease payments | 8 | |||
Present value adjustment, Finance | (1) | |||
Present value of lease liabilities, Finance | 7 | |||
Dominion Energy Gas Holdings, LLC | ||||
Maturity of Operating Lease Liabilities | ||||
Maturity of Lease Liabilities, Operating, 2019 | 11 | [1] | ||
Maturity of Lease Liabilities, Operating, 2020 | 13 | [1] | ||
Maturity of Lease Liabilities, Operating, 2021 | 11 | [1] | ||
Maturity of Lease Liabilities, Operating, 2022 | 9 | [1] | ||
Maturity of Lease Liabilities, Operating, 2023 | 6 | [1] | ||
Maturity of Lease Liabilities, Operating, After 2023 | 24 | [1] | ||
Maturity of Lease Liabilities, Operating, Total undiscounted lease payments | 74 | [1] | ||
Present value adjustment, Operating | (13) | [1] | ||
Present value of lease liabilities, Operating | 61 | [1] | ||
Maturity of Finance Lease Liabilities | ||||
Maturity of Lease Liabilities, Finance, 2019 | 1 | [1] | ||
Maturity of Lease Liabilities, Finance, 2020 | 1 | [1] | ||
Maturity of Lease Liabilities, Finance, 2021 | 1 | [1] | ||
Maturity of Lease Liabilities, Finance, 2022 | 1 | [1] | ||
Maturity of Lease Liabilities, Finance, After 2023 | 1 | [1] | ||
Maturity of Lease Liabilities, Finance, Total undiscounted lease payments | 5 | [1] | ||
Present value adjustment, Finance | (1) | [1] | ||
Present value of lease liabilities, Finance | $ 4 | [1] | ||
|
Accumulated Other Comprehensive Income (Schedule of Changes in AOCI by Component Net of Tax) (Detail) - USD ($) $ in Millions |
3 Months Ended | |||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2019 |
Mar. 31, 2018 |
|||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||||||
Beginning balance | [1] | $ 20,107 | ||||||||||
Ending balance | 26,909 | |||||||||||
Virginia Electric and Power Company | ||||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||||||
Beginning balance | 13,047 | [2] | $ 12,224 | |||||||||
Ending balance | 12,944 | 12,262 | ||||||||||
Dominion Energy Gas Holdings, LLC | ||||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||||||
Beginning balance | [3] | 6,201 | ||||||||||
Ending balance | 7,429 | |||||||||||
Deferred Gains and Losses on Derivatives-Hedging Activities | ||||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||||||
Beginning balance | (235) | (302) | ||||||||||
Other comprehensive income before reclassifications: gains (losses) | (24) | 111 | ||||||||||
Amounts reclassified from AOCI: (gains) losses | [4] | (31) | 8 | |||||||||
Net current period other comprehensive income (loss) | (55) | 119 | ||||||||||
Cumulative-effect of changes in accounting principle | (64) | |||||||||||
Less other comprehensive income attributable to noncontrolling interest | 1 | |||||||||||
Ending balance | (290) | (248) | ||||||||||
Deferred Gains and Losses on Derivatives-Hedging Activities | Virginia Electric and Power Company | ||||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||||||
Beginning balance | (13) | (12) | ||||||||||
Other comprehensive income before reclassifications: gains (losses) | (7) | 5 | ||||||||||
Net current period other comprehensive income (loss) | (7) | 5 | ||||||||||
Cumulative-effect of changes in accounting principle | (3) | |||||||||||
Ending balance | (20) | (10) | ||||||||||
Deferred Gains and Losses on Derivatives-Hedging Activities | Dominion Energy Gas Holdings, LLC | ||||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||||||
Beginning balance | (25) | (23) | ||||||||||
Other comprehensive income before reclassifications: gains (losses) | (27) | 13 | ||||||||||
Amounts reclassified from AOCI: (gains) losses | [4] | 3 | (2) | |||||||||
Net current period other comprehensive income (loss) | (24) | 11 | ||||||||||
Cumulative-effect of changes in accounting principle | (5) | |||||||||||
Less other comprehensive income attributable to noncontrolling interest | (1) | 1 | ||||||||||
Ending balance | (48) | (16) | ||||||||||
Unrealized Gains and Losses on Investment Securities | ||||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||||||
Beginning balance | 2 | 747 | ||||||||||
Other comprehensive income before reclassifications: gains (losses) | 16 | (13) | ||||||||||
Amounts reclassified from AOCI: (gains) losses | [4] | 1 | ||||||||||
Net current period other comprehensive income (loss) | 16 | (12) | ||||||||||
Cumulative-effect of changes in accounting principle | (732) | |||||||||||
Ending balance | 18 | 3 | ||||||||||
Unrealized Gains and Losses on Investment Securities | Virginia Electric and Power Company | ||||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||||||
Beginning balance | 1 | 74 | ||||||||||
Other comprehensive income before reclassifications: gains (losses) | 2 | |||||||||||
Net current period other comprehensive income (loss) | 2 | |||||||||||
Cumulative-effect of changes in accounting principle | (73) | |||||||||||
Ending balance | 3 | 1 | ||||||||||
Unrecognized Pension and Other Postretirement Benefit Costs | ||||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||||||
Beginning balance | (1,465) | (1,101) | ||||||||||
Amounts reclassified from AOCI: (gains) losses | [4] | 8 | 25 | |||||||||
Net current period other comprehensive income (loss) | 8 | 25 | ||||||||||
Cumulative-effect of changes in accounting principle | (227) | |||||||||||
Ending balance | (1,457) | (1,303) | ||||||||||
Unrecognized Pension and Other Postretirement Benefit Costs | Dominion Energy Gas Holdings, LLC | ||||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||||||
Beginning balance | (144) | (75) | ||||||||||
Amounts reclassified from AOCI: (gains) losses | [4] | 1 | 1 | |||||||||
Net current period other comprehensive income (loss) | 1 | 1 | ||||||||||
Cumulative-effect of changes in accounting principle | (21) | |||||||||||
Ending balance | (143) | (95) | ||||||||||
Other Comprehensive Loss From Equity Method Investee | ||||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||||||
Beginning balance | (2) | (3) | ||||||||||
Ending balance | (2) | (3) | ||||||||||
Accumulated Other Comprehensive Income (Loss) | ||||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||||||
Beginning balance | (1,700) | (659) | ||||||||||
Other comprehensive income before reclassifications: gains (losses) | (8) | 98 | ||||||||||
Amounts reclassified from AOCI: (gains) losses | [4] | (23) | 34 | |||||||||
Net current period other comprehensive income (loss) | (31) | 132 | ||||||||||
Cumulative-effect of changes in accounting principle | (1,023) | |||||||||||
Less other comprehensive income attributable to noncontrolling interest | 1 | |||||||||||
Ending balance | (1,731) | (1,551) | ||||||||||
Accumulated Other Comprehensive Income (Loss) | Virginia Electric and Power Company | ||||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||||||
Beginning balance | (12) | 62 | ||||||||||
Other comprehensive income before reclassifications: gains (losses) | (5) | 5 | ||||||||||
Net current period other comprehensive income (loss) | (5) | 5 | ||||||||||
Cumulative-effect of changes in accounting principle | (76) | |||||||||||
Ending balance | (17) | (9) | ||||||||||
Accumulated Other Comprehensive Income (Loss) | Dominion Energy Gas Holdings, LLC | ||||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||||||
Beginning balance | (169) | (98) | ||||||||||
Other comprehensive income before reclassifications: gains (losses) | (27) | 13 | ||||||||||
Amounts reclassified from AOCI: (gains) losses | [4] | 4 | (1) | |||||||||
Net current period other comprehensive income (loss) | (23) | 12 | ||||||||||
Cumulative-effect of changes in accounting principle | (26) | |||||||||||
Less other comprehensive income attributable to noncontrolling interest | (1) | 1 | ||||||||||
Ending balance | $ (191) | $ (113) | ||||||||||
|
Derivatives and Hedge Accounting Activities (Fair Value of Derivatives) (Parenthetical) (Detail) - USD ($) $ in Millions |
Mar. 31, 2019 |
Dec. 31, 2018 |
|||||
---|---|---|---|---|---|---|---|
Derivatives, Fair Value [Line Items] | |||||||
Derivative asset | $ 173 | $ 294 | |||||
Other Current Assets [Member] | |||||||
Derivatives, Fair Value [Line Items] | |||||||
Derivative asset | [1] | 96 | 223 | ||||
Dominion Energy Gas Holdings, LLC | |||||||
Derivatives, Fair Value [Line Items] | |||||||
Derivative asset | 13 | 31 | |||||
Dominion Energy Gas Holdings, LLC | Other Current Assets [Member] | |||||||
Derivatives, Fair Value [Line Items] | |||||||
Derivative asset | [2] | 5 | |||||
Dominion Energy Gas Holdings, LLC | Other Current Assets [Member] | Discontinued Operations [Member] | |||||||
Derivatives, Fair Value [Line Items] | |||||||
Derivative asset | $ 2 | $ 2 | |||||
|
Fair Value Measurements (Financial Instruments' Carrying Amounts and Fair Values) (Parenthetical) (Detail) - USD ($) $ in Millions |
Mar. 31, 2019 |
Dec. 31, 2018 |
---|---|---|
Fair Value Disclosures [Abstract] | ||
Valuation of certain fair value hedges associated with fixed rate debt | $ (11) | $ (20) |
Regulatory Matters (Narrative) (Detail) ft³ in Millions, customer in Millions, $ in Millions |
1 Months Ended | 3 Months Ended | 12 Months Ended | |||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Nov. 01, 2019
USD ($)
|
May 03, 2019
USD ($)
|
May 31, 2019
USD ($)
|
Apr. 30, 2019
ft³
|
Mar. 31, 2019
USD ($)
|
Feb. 28, 2019
USD ($)
|
Jan. 31, 2019
USD ($)
|
Oct. 31, 2018
USD ($)
|
Jul. 31, 2018
USD ($)
|
Nov. 30, 2013
kV
mi
|
Mar. 31, 2019
USD ($)
|
Dec. 31, 2017
customer
|
Dec. 31, 2011 |
Dec. 31, 2018
USD ($)
|
|
SCE&G [Member] | ||||||||||||||
Public Utilities General Disclosures [Line Items] | ||||||||||||||
Recover of cost and net lost revenue with incentive | $ 30 | |||||||||||||
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 amount | 13 | |||||||||||||
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 | $ 135 | |||||||||||||
Return of equity percentage | 10.75% | |||||||||||||
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 | Virginia Regulation | Rider U | ||||||||||||||
Public Utilities General Disclosures [Line Items] | ||||||||||||||
Proposed revenue requirement | $ 52 | |||||||||||||
Projected capital investment | $ 123 | |||||||||||||
Virginia Electric and Power Company | Virginia Regulation | DSM Programs | ||||||||||||||
Public Utilities General Disclosures [Line Items] | ||||||||||||||
Proposed revenue requirement | 49 | |||||||||||||
Projected capital investment | 262 | |||||||||||||
Increase (decrease) in revenue requirement | $ 18 | |||||||||||||
Virginia Electric and Power Company | Virginia Regulation | Rider C3A | ||||||||||||||
Public Utilities General Disclosures [Line Items] | ||||||||||||||
Proposed revenue requirement | $ 49 | |||||||||||||
Virginia Electric and Power Company | Virginia Regulation | Solar Development Project | Rider US-3 | Operating Segments | ||||||||||||||
Public Utilities General Disclosures [Line Items] | ||||||||||||||
Proposed revenue requirement | $ 10 | |||||||||||||
Virginia Electric and Power Company | North Carolina Regulation | ||||||||||||||
Public Utilities General Disclosures [Line Items] | ||||||||||||||
Return of equity percentage | 10.75% | |||||||||||||
Percentage of earned return | 7.52% | |||||||||||||
Authorized return percentage | 9.90% | |||||||||||||
Virginia Electric and Power Company | North Carolina Regulation | Annual Base Fuel Revenues | ||||||||||||||
Public Utilities General Disclosures [Line Items] | ||||||||||||||
Increase (decrease) in revenue requirement | $ 27 | |||||||||||||
East Ohio | Ohio Regulation | Pipeline Infrastructure Replacement Program | ||||||||||||||
Public Utilities General Disclosures [Line Items] | ||||||||||||||
Proposed revenue requirement | $ 190 | |||||||||||||
Percentage replacement of pipeline system | 25.00% | |||||||||||||
Total estimated cost | $ 1,600 | $ 202 | ||||||||||||
East Ohio | Ohio Regulation | Automated Meter Reading Program | ||||||||||||||
Public Utilities General Disclosures [Line Items] | ||||||||||||||
Proposed revenue requirement | $ 4 | |||||||||||||
Number of customers with automated meter reading technology | customer | 1.2 | |||||||||||||
East Ohio | Ohio Regulation | CEP Program | ||||||||||||||
Public Utilities General Disclosures [Line Items] | ||||||||||||||
Proposed revenue requirement | $ 83 | |||||||||||||
Total estimated cost | $ 723 | |||||||||||||
Percentage to defer expenses on capital investments | 6.50% | |||||||||||||
Questar Gas | Utah And Wyoming Regulation | ||||||||||||||
Public Utilities General Disclosures [Line Items] | ||||||||||||||
LNG storage facility, liquefaction rate per day | ft³ | 8.2 | |||||||||||||
Number of days to make prudency determination | 180 days | |||||||||||||
Cove Point | Federal Energy Regulatory Commission | ||||||||||||||
Public Utilities General Disclosures [Line Items] | ||||||||||||||
Annual transportation cost rate adjustment, approval amount requested to recover amount | $ 24 |
Leases (Narrative) (Detail) - USD ($) $ in Millions |
1 Months Ended | 3 Months Ended | ||||
---|---|---|---|---|---|---|
Jul. 31, 2016 |
Mar. 31, 2019 |
Dec. 31, 2018 |
[1] | |||
Leases Disclosure [Line Items] | ||||||
Property, plant and equipment, net | $ 66,567 | $ 54,560 | ||||
Accumulated depreciation, depletion and amortization | 26,918 | $ 22,018 | ||||
Option to extend, existence, finance lease | true | |||||
Corporate office | Agreement with Lessor to Construct and Lease Corporate Office Property | ||||||
Leases Disclosure [Line Items] | ||||||
Requested cash draws from lessor to fund project costs | $ 310 | |||||
Required percentage payment of funded amount under certain events of default | 89.90% | |||||
Required percentage payment for specific full recourse events | 100.00% | |||||
Option to extend, description, 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. | |||||
Lease term | 5 years | |||||
Extension term of lease | 5 years | |||||
Required percentage payment to lessor for difference between project costs and sales proceeds | 87.00% | |||||
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 | |||||
Accumulated depreciation, depletion and amortization | 294 | |||||
Rental revenue | 29 | |||||
Depreciation expense | $ 23 | |||||
|
Significant Accounting Policies (Reconciliation of Total Cash, Restricted Cash and Equivalents (Parenthetical) (Detail) - USD ($) $ in Millions |
Mar. 31, 2019 |
Dec. 31, 2018 |
Mar. 31, 2018 |
Dec. 31, 2017 |
---|---|---|---|---|
Dominion Energy Gas Holdings, LLC | ||||
Cash Cash Equivalents And Restricted Cash [Line Items] | ||||
Cash And Cash Equivalent Discontinued Operation | $ 4 | $ 9 | $ 4 | $ 3 |
Acquisitions and Dispositions (Results of Operations and Pro Forma Information) (Narrative) (Detail) - Dominion Energy Questar Corporation $ in Millions |
3 Months Ended |
---|---|
Mar. 31, 2019
USD ($)
| |
Business Acquisition [Line Items] | |
Increase in operating revenue | $ 170 |
Decrease in net income | 1,100 |
Other operations and maintenance | |
Business Acquisition [Line Items] | |
Merger and integration related costs | 115 |
Interest and related charges | |
Business Acquisition [Line Items] | |
Merger and integration related costs | $ 9 |
Income Taxes (Tables) |
Nov. 18, 2019 |
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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:
(1) Includes (3.6) % relating to the absence of tax on noncontrolling interest in both 2019 and 2018. |
Significant Accounting Policies (Policies) |
Nov. 18, 2019 |
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Accounting Policies [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Basis of Accounting | As permitted by the rules and regulations of the SEC, the Companies’ accompanying unaudited Consolidated Financial Statements contain certain condensed financial information and exclude certain footnote disclosures normally included in annual audited consolidated financial statements prepared in accordance with GAAP. These unaudited Consolidated Financial Statements should be read in conjunction with the Consolidated Financial Statements and Notes in the Companies’ Annual Report on Form
10-K for the year ended December 31, 2018, as updated in Current Report on Form 8-K, filed November 18, 2019. |
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Estimates | The Companies make certain estimates and assumptions in preparing their Consolidated Financial Statements in accordance with GAAP. These estimates and assumptions affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses for the periods presented. Actual results may differ from those estimates. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Consolidation | The Companies’ accompanying unaudited Consolidated Financial Statements include, after eliminating intercompany transactions and balances, their accounts, those of their respective majority-owned subsidiaries and
non-wholly-owned entities in which they have a controlling financial interest. For certain partnership structures, income is allocated based on the liquidation value of the underlying contractual arrangements. At December 31, 2018, Dominion Energy owned the general partner, 60.9 % of the common units and 37.5 % of the convertible preferred interests in Dominion Energy Midstream, with the public’s ownership interest reflected as noncontrolling interest in Dominion Energy’s Consolidated Financial Statements. In January 2019, Dominion Energy acquired all outstanding partnership interests not owned by Dominion Energy and Dominion Energy Midstream became a wholly-owned subsidiary of Dominion Energy. 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 . Also, at March 31, 2019, Dominion Energy owns 50% of the units in and consolidates Four Brothers and Three Cedars. GIP’s ownership interest in Four Brothers and Three Cedars, as well as Terra Nova Renewable Partners’ 33% interest in certain Dominion Energy merchant solar projects, is reflected as noncontrolling interest in Dominion Energy’s Consolidated Financial Statements. Terra Nova Renewable Partners has a future option to buy all or a portion of Dominion Energy’s remaining 67% ownership in the projects upon the occurrence of certain events, none of which had occurred at March 31, 2019 nor are expected to occur in the remainder of 2019. |
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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 three months ended March 31, 2019 and 2018:
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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), included in impairment of assets and other charges in its Consolidated Statements of Income. This charge is considered a component of Virginia Power’s base rates deemed recovered under the GTSA, subject to review as discussed in Note 13 to the Consolidated Financial Statements in Virginia Power’s Annual Report on Form 10-K , 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 after-tax), primarily included in impairment of assets and other charges in its Consolidated Statements of Income. This charge is considered a component of Virginia Power’s base rates deemed recovered under the GTSA, subject to review as discussed in Note 13 to the Consolidated Financial Statements in Virginia Power’s Annual Report on Form 10- K, as updated in Current Report on Form 8-K, filed November 18, 2019. |
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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. 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 asset in the Companies’ Consolidated Statements of Income.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. The exercise of renewal options is solely at the Companies’ discretion. A right-of-use asset and corresponding lease liability for leases with original lease terms of one year or less are not included in the Consolidated Balance Sheets, unless such leases containrenewal options that the Companies are reasonably certain will be exercised. Additionally, certain of the Companies’ leases contain escalation clauses whereby payments are adjusted for consumer price or other indices or contain fixed dollar or percentage increases. The Companies also have leases with variable payments based upon usage of, or revenues associated with, the leased assets. 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. |
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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 asset are recorded on the balance sheet for all leases, including those leases classified as operating leases, while also refining the definition of a lease. In addition, lessees are required to disclose key information about the amount, timing and uncertainty of cash flows arising from leasing arrangements. Lessor accounting remains largely unchanged.The guidance 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 assets and liabilities for operating leases in effect at the adoption date. As a result of the Dominion Energy Gas Restructuring, $25 million of such right-or-use assets and liabilities for operating leases recorded at Dominion Energy Gas were associated with discontinued operations. See Note 14 for additional information. |
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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. |
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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. |
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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. |
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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. |
Dominion Energy Gas Holdings, LLC Consolidated Statements of Equity (Unaudited) - USD ($) $ in Millions |
Total |
Dominion Energy Gas Holdings, LLC |
Predecessor Equity
Dominion Energy Gas Holdings, LLC
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Member Units
Dominion Energy Gas Holdings, LLC
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AOCI |
AOCI
Dominion Energy Gas Holdings, LLC
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Total Members' equity |
Total Members' equity
Dominion Energy Gas Holdings, LLC
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Noncontrolling Interests |
Noncontrolling Interests
Dominion Energy Gas Holdings, LLC
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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 | 3 | 29 | $ (1,023) | (26) | $ (121) | 3 | $ 127 | ||
Net income | 503 | 180 | 14 | 166 | 180 | 33 | ||||
Sale of Dominion Energy Midstream common units | 4 | 4 | 4 | 4 | ||||||
Dividends and distributions | (575) | (47) | (9) | (13) | (544) | (22) | (31) | (25) | ||
Distributions to noncontrolling interest | (21) | (21) | 21 | |||||||
Equity contributions from Dominion Energy | 580 | 25 | 25 | 580 | 25 | |||||
Other comprehensive income (loss), net of tax | 132 | 13 | 1 | 131 | 11 | 131 | 12 | 1 | 1 | |
Other | 4 | 5 | (1) | |||||||
Ending balance at Mar. 31, 2018 | 8,706 | 1,371 | 4,443 | (113) | 5,701 | 3,005 | ||||
Beginning balance at Dec. 31, 2018 | 8,865 | 1,804 | 4,566 | (169) | 6,201 | 2,664 | ||||
Net income | (680) | 190 | 74 | 116 | 190 | 36 | ||||
Acquisition of public interest in Dominion Energy Midstream | (40) | (40) | 1,181 | 1,181 | 1,181 | (1,221) | (1,221) | |||
Dividends and distributions | (766) | (159) | (113) | (733) | (113) | $ (33) | (46) | |||
Equity contributions from Dominion Energy | 247 | 247 | ||||||||
Other comprehensive income (loss), net of tax | $ (31) | (23) | $ (31) | (22) | $ (31) | (22) | (1) | |||
Other | (8) | (8) | (8) | |||||||
Ending balance at Mar. 31, 2019 | $ 8,861 | $ 2,938 | $ 4,682 | $ (191) | $ 7,429 | $ 1,432 |
Acquisitions and Dispositions |
Nov. 18, 2019 |
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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 for the year ended December 31, 2018, as updated in Current Report on Form 8-K, filed November 18, 2019 and Notes 13, 16 and 17 in this report for more information on the SCANA Combination, including merger approval and, conditions, 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 is 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 period ending in 2039.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 is 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 period. As a result, Dominion Energy’s Consolidated Statement of Income for the three months ended March 31, 2019 includes a $756 million after-tax charge.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 is considered current, will be collected over a 20-year period, including a return on investment. In January 2019, DESC filed the NND Project rider in accordance with the terms of the SCANA Merger Approval Order for rates effective in February 2019 for DESC’s retail electric customers. The South Carolina Commission approved this filing in January 2019.Other Terms and Conditions
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 an adjustment related to income taxes identified during the first quarter 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 amounts in the allocation of the purchase price below are preliminary and may change as Dominion Energy completes its analysis and review of applicable tax matters.
See Note 3 to the Consolidated Financial Statements in the Companies’ Annual Report on Form 10- K, 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 for the three months ended March 31, 2019 was an increase of $170 million and a decrease of $1.1 billion, respectively. Dominion Energy incurred merger and integration-related costs, of which $115 million was recorded in other operations and maintenance expense and $9 million was recorded in interest and related charges in the Consolidated Statements of Income for the three months ended March 31, 2019. 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.
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 F inancial S tatements and Notes of Dominion Energ have been retrospectively adjusted to include the historical results and financial position of DCPI and DMLPHCII. The 25% interest in Cove Point retained by Dominion Energy and the y Gas non-Dominion Energy held interest in Dominion Energy Midstream are reflected as noncontrolling interest.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:
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:
(1) Includes cash and cash equivalents of $4 million and $9 million as of March 31, 2019 and December 31, 2018, respectively. Capital expenditures and significant noncash items relating to East Ohio included the following:
The following table represents selected information regarding the results of operations of DGP, which are reported as discontinued operations in Dominion Energy Gas’ Consolidated Statements of Income:
The carrying amounts of major classes of assets and liabilities relating to DGP, which are reported as discontinued operations in Dominion Energy Gas’ Consolidated Balance Sheets were as follows:
(1) Includes cash and cash equivalents of less than a million dollars as of March 31, 2019 and December 31, 2018. (2) Primarily property, plant and equipment, net. Capital expenditures and significant noncash items of DGP included the following:
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Accumulated Other Comprehensive Income |
Nov. 18, 2019 |
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Accumulated Other Comprehensive Income | Note 7. Accumulated Other Comprehensive Income Dominion Energy The following table presents Dominion Energy’s changes in AOCI by component, net of tax:
The following table presents Dominion Energy’s reclassifications out of AOCI by component:
Virginia Power The following table presents Virginia Power’s changes in AOCI by component, net of tax:
Dominion Energy Gas The following table presents Dominion Energy Gas’ changes in AOCI by component, net of tax:
The following table presents Dominion Energy Gas’ reclassifications out of AOCI by component:
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Derivatives and Hedge Accounting Activities (Gains and Losses on Derivatives in Cash Flow Hedging Relationships) (Detail) - Cash Flow Hedges - USD ($) $ in Millions |
3 Months Ended | ||||||||||||||||||||||
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Mar. 31, 2019 |
Mar. 31, 2018 |
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Derivative Instruments Gain Loss [Line Items] | |||||||||||||||||||||||
Amount of Gain (Loss) Recognized in AOCI on Derivatives | [1] | $ (29) | $ 148 | ||||||||||||||||||||
Amount of Gain (Loss) Reclassified From AOCI to Income | 41 | (11) | |||||||||||||||||||||
Increase (Decrease) in Derivatives Subject to Regulatory Treatment | [2] | (84) | 68 | ||||||||||||||||||||
Virginia Electric and Power Company | |||||||||||||||||||||||
Derivative Instruments Gain Loss [Line Items] | |||||||||||||||||||||||
Amount of Gain (Loss) Recognized in AOCI on Derivatives | [3] | (9) | 7 | ||||||||||||||||||||
Increase (Decrease) in Derivatives Subject to Regulatory Treatment | [4] | (84) | 68 | ||||||||||||||||||||
Dominion Energy Gas Holdings, LLC | |||||||||||||||||||||||
Derivative Instruments Gain Loss [Line Items] | |||||||||||||||||||||||
Amount of Gain (Loss) Recognized in AOCI on Derivatives | [5] | (36) | 19 | ||||||||||||||||||||
Amount of Gain (Loss) Reclassified From AOCI to Income | (3) | 3 | |||||||||||||||||||||
Commodity | |||||||||||||||||||||||
Derivative Instruments Gain Loss [Line Items] | |||||||||||||||||||||||
Amount of Gain (Loss) Recognized in AOCI on Derivatives | [1] | 66 | 97 | ||||||||||||||||||||
Amount of Gain (Loss) Reclassified From AOCI to Income | 57 | (7) | |||||||||||||||||||||
Commodity | Dominion Energy Gas Holdings, LLC | |||||||||||||||||||||||
Derivative Instruments Gain Loss [Line Items] | |||||||||||||||||||||||
Amount of Gain (Loss) Recognized in AOCI on Derivatives | [5] | (1) | 4 | ||||||||||||||||||||
Amount of Gain (Loss) Reclassified From AOCI to Income | 2 | (3) | |||||||||||||||||||||
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) | |||||||||||||||||||||
Commodity | Operating Revenue | |||||||||||||||||||||||
Derivative Instruments Gain Loss [Line Items] | |||||||||||||||||||||||
Amount of Gain (Loss) Reclassified From AOCI to Income | 54 | (12) | |||||||||||||||||||||
Commodity | Purchased Gas | |||||||||||||||||||||||
Derivative Instruments Gain Loss [Line Items] | |||||||||||||||||||||||
Amount of Gain (Loss) Reclassified From AOCI to Income | 3 | (2) | |||||||||||||||||||||
Commodity | Electric Fuel and Other Energy-Related Purchases | |||||||||||||||||||||||
Derivative Instruments Gain Loss [Line Items] | |||||||||||||||||||||||
Amount of Gain (Loss) Reclassified From AOCI to Income | 7 | ||||||||||||||||||||||
Interest rate | |||||||||||||||||||||||
Derivative Instruments Gain Loss [Line Items] | |||||||||||||||||||||||
Amount of Gain (Loss) Recognized in AOCI on Derivatives | [1],[6] | (84) | 38 | ||||||||||||||||||||
Amount of Gain (Loss) Reclassified From AOCI to Income | [6] | (10) | (12) | ||||||||||||||||||||
Increase (Decrease) in Derivatives Subject to Regulatory Treatment | [2],[6] | (84) | 68 | ||||||||||||||||||||
Interest rate | Virginia Electric and Power Company | |||||||||||||||||||||||
Derivative Instruments Gain Loss [Line Items] | |||||||||||||||||||||||
Amount of Gain (Loss) Recognized in AOCI on Derivatives | [3],[7] | (9) | 7 | ||||||||||||||||||||
Increase (Decrease) in Derivatives Subject to Regulatory Treatment | [4],[7] | (84) | 68 | ||||||||||||||||||||
Interest rate | Dominion Energy Gas Holdings, LLC | |||||||||||||||||||||||
Derivative Instruments Gain Loss [Line Items] | |||||||||||||||||||||||
Amount of Gain (Loss) Recognized in AOCI on Derivatives | [5],[8] | (24) | 2 | ||||||||||||||||||||
Amount of Gain (Loss) Reclassified From AOCI to Income | [8] | 1 | (2) | ||||||||||||||||||||
Foreign currency | |||||||||||||||||||||||
Derivative Instruments Gain Loss [Line Items] | |||||||||||||||||||||||
Amount of Gain (Loss) Recognized in AOCI on Derivatives | [1],[9] | (11) | 13 | ||||||||||||||||||||
Amount of Gain (Loss) Reclassified From AOCI to Income | [9] | (6) | 8 | ||||||||||||||||||||
Foreign currency | Dominion Energy Gas Holdings, LLC | |||||||||||||||||||||||
Derivative Instruments Gain Loss [Line Items] | |||||||||||||||||||||||
Amount of Gain (Loss) Recognized in AOCI on Derivatives | [5],[10] | (11) | 13 | ||||||||||||||||||||
Amount of Gain (Loss) Reclassified From AOCI to Income | [10] | $ (6) | $ 8 | ||||||||||||||||||||
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Regulatory Matters - Summary of Additional Virginia Power Electric Transmission Projects Approved and Applied (Detail) - Virginia Electric and Power Company - Virginia Regulation $ in Millions |
3 Months Ended |
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Mar. 31, 2019
USD ($)
kV
mi
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Partial Rebuild of Overhead Transmission Lines in Alleghany County, Virginia and Covington, Virginia | |
Public Utilities General Disclosures [Line Items] | |
Application Date | 2018-08 |
Approval Date | 2019-04 |
Type of Line | kV | 138 |
Miles of Lines | mi | 5 |
Cost Estimate (millions) | $ | $ 15 |
Rebuild and Operate Between Lanexa and Northern Neck in Virginia | |
Public Utilities General Disclosures [Line Items] | |
Application Date | 2018-06 |
Approval Date | 2019-02 |
Type of Line | kV | 230 |
Miles of Lines | mi | 3 |
Cost Estimate (millions) | $ | $ 30 |
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 |
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 Between Valley, Virginia and Mt. Storm, West Virginia | |
Public Utilities General Disclosures [Line Items] | |
Application Date | 2019-04 |
Type of Line | kV | 500 |
Miles of Lines | mi | 65 |
Cost Estimate (millions) | $ | $ 290 |
Derivatives and Hedge Accounting Activities (Schedule of Offsetting Assets) (Detail) - USD ($) $ in Millions |
Mar. 31, 2019 |
Dec. 31, 2018 |
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Offsetting Assets [Line Items] | ||||||||
Gross Assets Presented in the Consolidated Balance Sheet | [1] | $ 171 | $ 287 | |||||
Gross Amounts Not Offset in the Consolidated Balance Sheet, Financial Instruments | 38 | 83 | ||||||
Gross Amounts Not Offset in the Consolidated Balance Sheet, Cash Collateral Received | 0 | 0 | ||||||
Net Amounts | 133 | 204 | ||||||
Virginia Electric and Power Company | ||||||||
Offsetting Assets [Line Items] | ||||||||
Gross Assets Presented in the Consolidated Balance Sheet | [2] | 61 | 67 | |||||
Gross Amounts Not Offset in the Consolidated Balance Sheet, Financial Instruments | 2 | 6 | ||||||
Gross Amounts Not Offset in the Consolidated Balance Sheet, Cash Collateral Received | 0 | 0 | ||||||
Net Amounts | 59 | 61 | ||||||
Dominion Energy Gas Holdings, LLC | ||||||||
Offsetting Assets [Line Items] | ||||||||
Gross Assets Presented in the Consolidated Balance Sheet | 13 | 31 | ||||||
Gross Amounts Not Offset in the Consolidated Balance Sheet, Financial Instruments | 7 | 2 | ||||||
Gross Amounts Not Offset in the Consolidated Balance Sheet, Cash Collateral Received | 0 | 0 | ||||||
Net Amounts | 6 | 29 | ||||||
Commodity | Over-the-counter | ||||||||
Offsetting Assets [Line Items] | ||||||||
Gross Assets Presented in the Consolidated Balance Sheet | 77 | 175 | [1] | |||||
Gross Amounts Not Offset in the Consolidated Balance Sheet, Financial Instruments | 5 | 12 | ||||||
Gross Amounts Not Offset in the Consolidated Balance Sheet, Cash Collateral Received | 0 | 0 | ||||||
Net Amounts | 72 | 163 | ||||||
Commodity | Exchange | ||||||||
Offsetting Assets [Line Items] | ||||||||
Gross Assets Presented in the Consolidated Balance Sheet | 78 | 68 | [1] | |||||
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 | 52 | 0 | ||||||
Commodity | Virginia Electric and Power Company | Over-the-counter | ||||||||
Offsetting Assets [Line Items] | ||||||||
Gross Assets Presented in the Consolidated Balance Sheet | [2] | 61 | 64 | |||||
Gross Amounts Not Offset in the Consolidated Balance Sheet, Financial Instruments | 2 | 6 | ||||||
Gross Amounts Not Offset in the Consolidated Balance Sheet, Cash Collateral Received | 0 | 0 | ||||||
Net Amounts | 59 | 58 | ||||||
Commodity | Dominion Energy Gas Holdings, LLC | Over-the-counter | ||||||||
Offsetting Assets [Line Items] | ||||||||
Gross Assets Presented in the Consolidated Balance Sheet | 0 | 3 | ||||||
Gross Amounts Not Offset in the Consolidated Balance Sheet, Financial Instruments | 0 | |||||||
Gross Amounts Not Offset in the Consolidated Balance Sheet, Cash Collateral Received | 0 | 0 | ||||||
Net Amounts | 0 | 3 | ||||||
Interest rate | Over-the-counter | ||||||||
Offsetting Assets [Line Items] | ||||||||
Gross Assets Presented in the Consolidated Balance Sheet | 3 | 18 | [1] | |||||
Gross Amounts Not Offset in the Consolidated Balance Sheet, Financial Instruments | 0 | 1 | ||||||
Gross Amounts Not Offset in the Consolidated Balance Sheet, Cash Collateral Received | 0 | 0 | ||||||
Net Amounts | 3 | 17 | ||||||
Interest rate | Virginia Electric and Power Company | Over-the-counter | ||||||||
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 | |||||||
Gross Amounts Not Offset in the Consolidated Balance Sheet, Cash Collateral Received | 0 | 0 | ||||||
Net Amounts | 0 | 3 | ||||||
Interest rate | Dominion Energy Gas Holdings, LLC | Over-the-counter | ||||||||
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 | 13 | 26 | [1] | |||||
Gross Amounts Not Offset in the Consolidated Balance Sheet, Financial Instruments | 7 | 2 | ||||||
Gross Amounts Not Offset in the Consolidated Balance Sheet, Cash Collateral Received | 0 | 0 | ||||||
Net Amounts | 6 | 24 | ||||||
Foreign currency | Dominion Energy Gas Holdings, LLC | Over-the-counter | ||||||||
Offsetting Assets [Line Items] | ||||||||
Gross Assets Presented in the Consolidated Balance Sheet | 13 | 26 | ||||||
Gross Amounts Not Offset in the Consolidated Balance Sheet, Financial Instruments | 7 | 2 | ||||||
Gross Amounts Not Offset in the Consolidated Balance Sheet, Cash Collateral Received | 0 | 0 | ||||||
Net Amounts | $ 6 | $ 24 | ||||||
|
Leases (Summary of Total Lease Cost) (Detail) $ in Millions |
3 Months Ended |
---|---|
Mar. 31, 2019
USD ($)
| |
Finance lease cost: | |
Finance lease cost, Amortization | $ 3 |
Finance lease cost, Interest | 1 |
Operating lease cost | 25 |
Short-term lease cost | 6 |
Variable lease cost | 2 |
Total lease cost | 37 |
Virginia Electric and Power Company | |
Finance lease cost: | |
Operating lease cost | 10 |
Short-term lease cost | 2 |
Variable lease cost | 1 |
Total lease cost | 13 |
Dominion Energy Gas Holdings, LLC | |
Finance lease cost: | |
Operating lease cost | 2 |
Short-term lease cost | 1 |
Total lease cost | $ 3 |
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 | |
---|---|---|
Mar. 31, 2019 |
Mar. 31, 2018 |
|
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward] | ||
Beginning balance | $ 64 | $ 150 |
Total realized and unrealized gains (losses): | ||
Included in other comprehensive income | 1 | |
Included in regulatory assets/liabilities | 7 | (21) |
Settlements | (1) | 7 |
Purchases | (10) | |
Transfers out of Level 3 | (2) | 1 |
Ending balance | 53 | 120 |
Virginia Electric and Power Company | ||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward] | ||
Beginning balance | 60 | 147 |
Total realized and unrealized gains (losses): | ||
Included in regulatory assets/liabilities | 8 | (19) |
Settlements | (5) | 6 |
Ending balance | 59 | 117 |
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 | |
Operating Revenue | ||
Total realized and unrealized gains (losses): | ||
Included in earnings | (1) | (1) |
Electric Fuel and Other Energy-Related Purchases | ||
Total realized and unrealized gains (losses): | ||
Included in earnings | (4) | (17) |
Electric Fuel and Other Energy-Related Purchases | Virginia Electric and Power Company | ||
Total realized and unrealized gains (losses): | ||
Included in earnings | $ (4) | $ (17) |
Derivatives and Hedge Accounting Activities (Selected Information Related to Gains (Losses) on Cash Flow Hedges Included in AOCI) (Detail) $ in Millions |
3 Months Ended |
---|---|
Mar. 31, 2019
USD ($)
| |
Derivative Instruments Gain Loss [Line Items] | |
AOCI After-Tax | $ (290) |
Amounts Expected to be Reclassified to Earnings During the Next 12 Months After-Tax | (7) |
Virginia Electric and Power Company | |
Derivative Instruments Gain Loss [Line Items] | |
AOCI After-Tax | (20) |
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 | (48) |
Amounts Expected to be Reclassified to Earnings During the Next 12 Months After-Tax | (6) |
Commodity | Natural Gas | |
Derivative Instruments Gain Loss [Line Items] | |
AOCI After-Tax | 2 |
Commodities, Amounts Expected to be Reclassified to Earnings During the Next 12 Months After-Tax | $ 1 |
Maximum Term | 43 months |
Commodity | Electricity | |
Derivative Instruments Gain Loss [Line Items] | |
AOCI After-Tax | $ 33 |
Commodities, Amounts Expected to be Reclassified to Earnings During the Next 12 Months After-Tax | $ 24 |
Maximum Term | 21 months |
Interest rate | |
Derivative Instruments Gain Loss [Line Items] | |
AOCI After-Tax | $ (333) |
Interest rate, Amounts Expected to be Reclassified to Earnings During the Next 12 Months After-Tax | $ (31) |
Maximum Term | 393 months |
Interest rate | Virginia Electric and Power Company | |
Derivative Instruments Gain Loss [Line Items] | |
AOCI After-Tax | $ (20) |
Interest rate, Amounts Expected to be Reclassified to Earnings During the Next 12 Months After-Tax | $ (1) |
Maximum Term | 393 months |
Interest rate | Dominion Energy Gas Holdings, LLC | |
Derivative Instruments Gain Loss [Line Items] | |
AOCI After-Tax | $ (56) |
Interest rate, Amounts Expected to be Reclassified to Earnings During the Next 12 Months After-Tax | $ (5) |
Maximum Term | 309 months |
Foreign currency | |
Derivative Instruments Gain Loss [Line Items] | |
AOCI After-Tax | $ 8 |
Foreign currency, Amounts Expected to be Reclassified to Earnings During the Next 12 Months After-Tax | $ (1) |
Maximum Term | 87 months |
Foreign currency | Dominion Energy Gas Holdings, LLC | |
Derivative Instruments Gain Loss [Line Items] | |
AOCI After-Tax | $ 8 |
Foreign currency, Amounts Expected to be Reclassified to Earnings During the Next 12 Months After-Tax | $ (1) |
Maximum Term | 87 months |
Derivatives and Hedge Accounting Activities (Schedule of Offsetting Liabilities) (Detail) - USD ($) $ in Millions |
Mar. 31, 2019 |
Dec. 31, 2018 |
||||||
---|---|---|---|---|---|---|---|---|
Offsetting Liabilities [Line Items] | ||||||||
Gross Liabilities Presented in the Consolidated Balance Sheet | [1] | $ 369 | $ 278 | |||||
Gross Amounts Not Offset in the Consolidated Balance Sheet, Financial Instruments | 38 | 83 | ||||||
Gross Amounts Not Offset in the Consolidated Balance Sheet, Cash Collateral | 1 | 47 | ||||||
Net Amounts | 330 | 148 | ||||||
Virginia Electric and Power Company | ||||||||
Offsetting Liabilities [Line Items] | ||||||||
Gross Liabilities Presented in the Consolidated Balance Sheet | [2] | 184 | 94 | |||||
Gross Amounts Not Offset in the Consolidated Balance Sheet, Financial Instruments | 2 | 6 | ||||||
Gross Amounts Not Offset in the Consolidated Balance Sheet, Cash Collateral | 1 | |||||||
Net Amounts | 181 | 88 | ||||||
Dominion Energy Gas Holdings, LLC | ||||||||
Offsetting Liabilities [Line Items] | ||||||||
Gross Liabilities Presented in the Consolidated Balance Sheet | 42 | 19 | ||||||
Gross Amounts Not Offset in the Consolidated Balance Sheet, Financial Instruments | 7 | 2 | ||||||
Net Amounts | 35 | 17 | ||||||
Commodity | Over-the-counter | ||||||||
Offsetting Liabilities [Line Items] | ||||||||
Gross Liabilities Presented in the Consolidated Balance Sheet | 19 | 19 | [1] | |||||
Gross Amounts Not Offset in the Consolidated Balance Sheet, Financial Instruments | 5 | 12 | ||||||
Gross Amounts Not Offset in the Consolidated Balance Sheet, Cash Collateral | 1 | |||||||
Net Amounts | 13 | 7 | ||||||
Commodity | Exchange | ||||||||
Offsetting Liabilities [Line Items] | ||||||||
Gross Liabilities Presented in the Consolidated Balance Sheet | 26 | 115 | [1] | |||||
Gross Amounts Not Offset in the Consolidated Balance Sheet, Financial Instruments | 26 | 68 | ||||||
Gross Amounts Not Offset in the Consolidated Balance Sheet, Cash Collateral | 47 | |||||||
Commodity | Virginia Electric and Power Company | Over-the-counter | ||||||||
Offsetting Liabilities [Line Items] | ||||||||
Gross Liabilities Presented in the Consolidated Balance Sheet | [2] | 3 | 6 | |||||
Gross Amounts Not Offset in the Consolidated Balance Sheet, Financial Instruments | 2 | 6 | ||||||
Gross Amounts Not Offset in the Consolidated Balance Sheet, Cash Collateral | 1 | |||||||
Interest rate | Over-the-counter | ||||||||
Offsetting Liabilities [Line Items] | ||||||||
Gross Liabilities Presented in the Consolidated Balance Sheet | 323 | 142 | [1] | |||||
Gross Amounts Not Offset in the Consolidated Balance Sheet, Financial Instruments | 6 | 1 | ||||||
Net Amounts | 317 | 141 | ||||||
Interest rate | Virginia Electric and Power Company | Over-the-counter | ||||||||
Offsetting Liabilities [Line Items] | ||||||||
Gross Liabilities Presented in the Consolidated Balance Sheet | [2] | 181 | 88 | |||||
Net Amounts | 181 | 88 | ||||||
Interest rate | Dominion Energy Gas Holdings, LLC | Over-the-counter | ||||||||
Offsetting Liabilities [Line Items] | ||||||||
Gross Liabilities Presented in the Consolidated Balance Sheet | 41 | 17 | ||||||
Gross Amounts Not Offset in the Consolidated Balance Sheet, Financial Instruments | 6 | |||||||
Net Amounts | 35 | 17 | ||||||
Foreign currency | Over-the-counter | ||||||||
Offsetting Liabilities [Line Items] | ||||||||
Gross Liabilities Presented in the Consolidated Balance Sheet | 1 | 2 | [1] | |||||
Gross Amounts Not Offset in the Consolidated Balance Sheet, Financial Instruments | 1 | 2 | ||||||
Foreign currency | Dominion Energy Gas Holdings, LLC | Over-the-counter | ||||||||
Offsetting Liabilities [Line Items] | ||||||||
Gross Liabilities Presented in the Consolidated Balance Sheet | 1 | 2 | ||||||
Gross Amounts Not Offset in the Consolidated Balance Sheet, Financial Instruments | $ 1 | $ 2 | ||||||
|
Accumulated Other Comprehensive Income (Schedule of Reclassifications out of AOCI by Component Net of Tax) (Detail) - USD ($) $ in Millions |
3 Months Ended | ||||||
---|---|---|---|---|---|---|---|
Mar. 31, 2019 |
Mar. 31, 2018 |
||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||||
Operating revenue | [1] | $ (3,858) | $ (3,466) | ||||
Purchased gas | 730 | 340 | |||||
Interest and related charges | 469 | 314 | |||||
Other income | (388) | (100) | |||||
Income from operations before income tax expense | 563 | (661) | |||||
Income tax expense | 114 | 135 | |||||
Electric fuel and other energy-related purchases | 791 | 744 | |||||
Dominion Energy Gas Holdings, LLC | |||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||||
Net Income from discontinued operations | 54 | 56 | |||||
Operating revenue | [2] | (566) | (389) | ||||
Purchased gas | [2] | 12 | 14 | ||||
Interest and related charges | [2] | 87 | 4 | ||||
Other income | (42) | (17) | |||||
Income from operations before income tax expense | (215) | (200) | |||||
Income tax expense | 43 | 43 | |||||
Income (loss) including noncontrolling interests, net of tax | (172) | (157) | |||||
Deferred (gains) and losses on derivatives-hedging activities: | Amounts Reclassified From AOCI | |||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||||
Income from operations before income tax expense | (41) | 11 | |||||
Income tax expense | 10 | (3) | |||||
Income (loss) including noncontrolling interests, net of tax | (31) | 8 | |||||
Deferred (gains) and losses on derivatives-hedging activities: | Amounts Reclassified From AOCI | Dominion Energy Gas Holdings, LLC | |||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||||
Income from operations before income tax expense | 3 | (3) | |||||
Income tax expense | 1 | ||||||
Income (loss) including noncontrolling interests, net of tax | 3 | (2) | |||||
Deferred (gains) and losses on derivatives-hedging activities: | Amounts Reclassified From AOCI | Commodity contracts | |||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||||
Operating revenue | (54) | 12 | |||||
Purchased gas | (3) | 2 | |||||
Electric fuel and other energy-related purchases | (7) | ||||||
Deferred (gains) and losses on derivatives-hedging activities: | 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 | |||||
Deferred (gains) and losses on derivatives-hedging activities: | Amounts Reclassified From AOCI | Interest rate contracts | |||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||||
Interest and related charges | 10 | 12 | |||||
Deferred (gains) and losses on derivatives-hedging activities: | Amounts Reclassified From AOCI | Interest rate contracts | Dominion Energy Gas Holdings, LLC | |||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||||
Interest and related charges | (1) | 2 | |||||
Deferred (gains) and losses on derivatives-hedging activities: | Amounts Reclassified From AOCI | Foreign currency | |||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||||
Other income | 6 | (8) | |||||
Deferred (gains) and losses on derivatives-hedging activities: | Amounts Reclassified From AOCI | Foreign currency | Dominion Energy Gas Holdings, LLC | |||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||||
Other income | 6 | (8) | |||||
Unrealized (gains) and losses on investment securities: | Amounts Reclassified From AOCI | |||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||||
Income from operations before income tax expense | 1 | ||||||
Income (loss) including noncontrolling interests, net of tax | 1 | ||||||
Realized (gain) loss on sale of securities | 1 | ||||||
Amortization of prior-service costs (credits) | Amounts Reclassified From AOCI | |||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||||
Other income | (5) | (5) | |||||
Unrecognized pension and other postretirement benefit costs: | |||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||||
Unrecognized pension and other postretirement benefit costs, before tax | 22 | 26 | |||||
Unrecognized pension and other postretirement benefit costs, income tax expense | (14) | (1) | |||||
Unrecognized pension and other postretirement benefit costs, net of tax | 8 | 25 | |||||
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 | 2 | 2 | |||||
Unrecognized pension and other postretirement benefit costs, income tax expense | (1) | (1) | |||||
Unrecognized pension and other postretirement benefit costs, net of tax | 1 | 1 | |||||
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 | 2 | 2 | |||||
Amortization of actuarial losses | Amounts Reclassified From AOCI | |||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||||
Other income | $ 27 | $ 31 | |||||
|
Variable Interest Entities (Narrative) (Detail) $ in Millions |
3 Months Ended | ||||||||
---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2019
USD ($)
MW
Generator
|
Mar. 31, 2018
USD ($)
|
Mar. 30, 2019
USD ($)
|
Dec. 31, 2018
USD ($)
|
||||||
Virginia Electric and Power Company | |||||||||
Variable Interest Entity [Line Items] | |||||||||
Securities due within one year | $ 392 | $ 350 | [1] | ||||||
Long term debt | 11,288 | 11,321 | [1] | ||||||
Payables to affiliates | 104 | 209 | [1] | ||||||
Dominion Energy Gas Holdings, LLC | |||||||||
Variable Interest Entity [Line Items] | |||||||||
Securities due within one year | 450 | 748 | [2] | ||||||
Long term debt | 7,023 | 7,022 | [2] | ||||||
Payables to affiliates | 106 | 124 | [2] | ||||||
Dominion Energy Gas Holdings, LLC | DECGS | |||||||||
Variable Interest Entity [Line Items] | |||||||||
Shared services purchased | 4 | $ 4 | |||||||
Payables to affiliates | $ 5 | ||||||||
Dominion Energy Gas Holdings, LLC | DEQPS | |||||||||
Variable Interest Entity [Line Items] | |||||||||
Shared services purchased | 8 | 7 | |||||||
Payables to affiliates | 6 | ||||||||
Variable Interest Entity, Primary Beneficiary | SBL Holdco | |||||||||
Variable Interest Entity [Line Items] | |||||||||
Securities due within one year | 29 | 31 | |||||||
Long term debt | $ 301 | 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 | ||||||||
Remaining purchase commitments | $ 159 | ||||||||
Payment for electric capacity | 13 | 13 | |||||||
Payment for electric energy | 1 | 5 | |||||||
Variable Interest Entity, Not Primary Beneficiary | Virginia Electric and Power Company | DES | |||||||||
Variable Interest Entity [Line Items] | |||||||||
Shared services purchased | 89 | 89 | |||||||
Payables to affiliates | 22 | 107 | |||||||
Variable Interest Entity, Not Primary Beneficiary | Dominion Energy Gas Holdings, LLC | DES | |||||||||
Variable Interest Entity [Line Items] | |||||||||
Shared services purchased | $ 28 | $ 28 | |||||||
Payables to affiliates | 8 | 43 | |||||||
Variable Interest Entity, Not Primary Beneficiary | Dominion Energy Gas Holdings, LLC | DES | Discontinued Operations | |||||||||
Variable Interest Entity [Line Items] | |||||||||
Variable interest entity, current liabilities | $ 5 | $ 18 | |||||||
|
Operating Segments (Schedule of Segment Reporting Information, by Segment) (Detail) - USD ($) $ in Millions |
3 Months Ended | ||||||||
---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2019 |
Mar. 31, 2018 |
||||||||
Segment Reporting Information [Line Items] | |||||||||
Operating revenue | [1] | $ 3,858 | $ 3,466 | ||||||
Net income | (680) | 503 | |||||||
Virginia Electric and Power Company | |||||||||
Segment Reporting Information [Line Items] | |||||||||
Operating revenue | [2] | 1,965 | 1,748 | ||||||
Net income | 20 | 184 | |||||||
Dominion Energy Gas Holdings, LLC | |||||||||
Segment Reporting Information [Line Items] | |||||||||
Net Income from discontinued operations | 54 | 56 | |||||||
Operating revenue | [3] | 566 | 389 | ||||||
Net income | 190 | 180 | |||||||
Intersegment revenue | |||||||||
Segment Reporting Information [Line Items] | |||||||||
Operating revenue | 134 | 46 | |||||||
Operating Segments | Dominion Energy Gas Holdings, LLC | |||||||||
Segment Reporting Information [Line Items] | |||||||||
Net Income from discontinued operations | 54 | 56 | |||||||
Operating revenue | 566 | 389 | |||||||
Net income | 190 | 180 | |||||||
Adjustments/Eliminations | |||||||||
Segment Reporting Information [Line Items] | |||||||||
Operating revenue | 28 | ||||||||
Eliminations | |||||||||
Segment Reporting Information [Line Items] | |||||||||
Operating revenue | (220) | (161) | |||||||
Power Delivery | |||||||||
Segment Reporting Information [Line Items] | |||||||||
Operating revenue | 598 | 563 | |||||||
Net income | 155 | 156 | |||||||
Power Delivery | Intersegment revenue | |||||||||
Segment Reporting Information [Line Items] | |||||||||
Operating revenue | 6 | 6 | |||||||
Power Delivery | Operating Segments | |||||||||
Segment Reporting Information [Line Items] | |||||||||
Operating revenue | 604 | 569 | |||||||
Power Delivery | Operating Segments | Virginia Electric and Power Company | |||||||||
Segment Reporting Information [Line Items] | |||||||||
Operating revenue | 598 | 563 | |||||||
Net income | 154 | 154 | |||||||
Power Generation | |||||||||
Segment Reporting Information [Line Items] | |||||||||
Operating revenue | 1,745 | 1,860 | |||||||
Net income | 308 | 348 | |||||||
Power Generation | Intersegment revenue | |||||||||
Segment Reporting Information [Line Items] | |||||||||
Operating revenue | 4 | 2 | |||||||
Power Generation | Operating Segments | |||||||||
Segment Reporting Information [Line Items] | |||||||||
Operating revenue | 1,749 | 1,862 | |||||||
Power Generation | Operating Segments | Virginia Electric and Power Company | |||||||||
Segment Reporting Information [Line Items] | |||||||||
Operating revenue | 1,396 | 1,400 | |||||||
Net income | 204 | 222 | |||||||
Gas Infrastructure | |||||||||
Segment Reporting Information [Line Items] | |||||||||
Operating revenue | 1,373 | 1,222 | |||||||
Net income | 359 | 327 | |||||||
Gas Infrastructure | Intersegment revenue | |||||||||
Segment Reporting Information [Line Items] | |||||||||
Operating revenue | 26 | 6 | |||||||
Gas Infrastructure | Operating Segments | |||||||||
Segment Reporting Information [Line Items] | |||||||||
Operating revenue | 1,399 | 1,228 | |||||||
Gas Infrastructure | Operating Segments | Dominion Energy Gas Holdings, LLC | |||||||||
Segment Reporting Information [Line Items] | |||||||||
Operating revenue | 566 | 389 | |||||||
Net income | 138 | 123 | |||||||
Southeast Energy | |||||||||
Segment Reporting Information [Line Items] | |||||||||
Operating revenue | 1,182 | ||||||||
Net income | 132 | ||||||||
Southeast Energy | Operating Segments | |||||||||
Segment Reporting Information [Line Items] | |||||||||
Operating revenue | 1,182 | ||||||||
Corporate and Other | |||||||||
Segment Reporting Information [Line Items] | |||||||||
Operating revenue | (1,040) | (207) | |||||||
Net income | (1,634) | (328) | |||||||
Corporate and Other | Intersegment revenue | |||||||||
Segment Reporting Information [Line Items] | |||||||||
Operating revenue | 184 | 175 | |||||||
Corporate and Other | Operating Segments | |||||||||
Segment Reporting Information [Line Items] | |||||||||
Operating revenue | (856) | (32) | |||||||
Corporate and Other | Operating Segments | Virginia Electric and Power Company | |||||||||
Segment Reporting Information [Line Items] | |||||||||
Operating revenue | (29) | (215) | |||||||
Net income | (338) | (192) | |||||||
Corporate and Other | Operating Segments | Dominion Energy Gas Holdings, LLC | |||||||||
Segment Reporting Information [Line Items] | |||||||||
Net Income from discontinued operations | 54 | 56 | |||||||
Net income | $ 52 | $ 57 | |||||||
|
Significant Accounting Policies (Reconciliation of Total Cash, Restricted Cash and Equivalents (Detail) - USD ($) $ in Millions |
Mar. 31, 2019 |
Dec. 31, 2018 |
Mar. 31, 2018 |
Dec. 31, 2017 |
||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Cash Cash Equivalents And Restricted Cash [Line Items] | ||||||||||||||||||
Cash and cash equivalents | $ 422 | $ 268 | [1] | $ 189 | $ 120 | |||||||||||||
Restricted cash and equivalents | [2] | 205 | 123 | 145 | 65 | |||||||||||||
Cash, restricted cash and equivalents shown in the Consolidated Statements of Cash Flows | 627 | 391 | 334 | 185 | ||||||||||||||
Virginia Electric and Power Company | ||||||||||||||||||
Cash Cash Equivalents And Restricted Cash [Line Items] | ||||||||||||||||||
Cash and cash equivalents | 14 | 29 | [3] | 6 | 14 | |||||||||||||
Restricted cash and equivalents | [2] | 9 | 9 | 10 | 10 | |||||||||||||
Cash, restricted cash and equivalents shown in the Consolidated Statements of Cash Flows | 23 | 38 | 16 | 24 | ||||||||||||||
Dominion Energy Gas Holdings, LLC | ||||||||||||||||||
Cash Cash Equivalents And Restricted Cash [Line Items] | ||||||||||||||||||
Cash and cash equivalents | 143 | 99 | [4] | 38 | [5] | 18 | [5] | |||||||||||
Restricted cash and equivalents | [2] | 62 | 90 | 127 | 39 | |||||||||||||
Cash, restricted cash and equivalents shown in the Consolidated Statements of Cash Flows | $ 209 | $ 198 | $ 165 | $ 57 | ||||||||||||||
|
Acquisitions and Dispositions (Schedule of Preliminary Allocation of Purchase Price to Assets Acquired and Liabilities Assumed) (Parenthetical) (Detail) - USD ($) $ in Millions |
3 Months Ended | ||||
---|---|---|---|---|---|
Mar. 31, 2019 |
Mar. 31, 2019 |
Mar. 31, 2018 |
Dec. 31, 2018 |
Dec. 31, 2017 |
|
Business Acquisition [Line Items] | |||||
Cash, restricted cash and equivalents | $ 627 | $ 627 | $ 334 | $ 391 | $ 185 |
Impairment of assets and other charges | 835 | $ 1 | |||
SCANA | |||||
Business Acquisition [Line Items] | |||||
Cash, restricted cash and equivalents | 389 | 389 | |||
Restricted cash | 115 | 115 | |||
Income tax regulatory assets | 264 | 264 | |||
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 |
Acquisitions and Dispositions (Schedule Of Discontinued Operations Income Statement) (Parenthetical) (Detail) - USD ($) $ in Millions |
Mar. 31, 2019 |
Dec. 31, 2018 |
Mar. 31, 2018 |
Dec. 31, 2017 |
|||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Business Acquisition [Line Items] | |||||||||||||
Cash and cash equivalents | $ 422 | $ 268 | [1] | $ 189 | $ 120 | ||||||||
Dominion Energy Gas Holdings, LLC | |||||||||||||
Business Acquisition [Line Items] | |||||||||||||
Cash and cash equivalents | 143 | 99 | [2] | $ 38 | [3] | $ 18 | [3] | ||||||
East Ohio | Dominion Energy Gas Holdings, LLC | |||||||||||||
Business Acquisition [Line Items] | |||||||||||||
Cash and cash equivalents | $ 4 | $ 9 | |||||||||||
|
Related-Party Transactions (Parenthetical) (Detail) - USD ($) $ in Millions |
3 Months Ended | |
---|---|---|
Mar. 31, 2019 |
Mar. 31, 2018 |
|
Related Party Transaction [Line Items] | ||
Capital expenditures | $ 1,002 | $ 1,103 |
Virginia Electric and Power Company | ||
Related Party Transaction [Line Items] | ||
Capital expenditures | 563 | 570 |
Virginia Electric and Power Company | Services provided by affiliates | Affiliated Entity | ||
Related Party Transaction [Line Items] | ||
Capital expenditures | 33 | 37 |
Dominion Energy Gas Holdings, LLC | ||
Related Party Transaction [Line Items] | ||
Capital expenditures | 150 | 291 |
Dominion Energy Gas Holdings, LLC | Services provided by affiliates | Affiliated Entity | ||
Related Party Transaction [Line Items] | ||
Capital expenditures | $ 6 | $ 12 |
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 | ||||||||
---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2019 |
Mar. 31, 2018 |
||||||||
Derivative Instruments Gain Loss [Line Items] | |||||||||
Amount of Gain (Loss) Recognized in Income on Derivatives | [1] | $ (3) | $ (7) | ||||||
Virginia Electric and Power Company | |||||||||
Derivative Instruments Gain Loss [Line Items] | |||||||||
Amount of Gain (Loss) Recognized in Income on Derivatives | (9) | ||||||||
Commodity | Virginia Electric and Power Company | |||||||||
Derivative Instruments Gain Loss [Line Items] | |||||||||
Amount of Gain (Loss) Recognized in Income on Derivatives | [2],[3] | (9) | |||||||
Commodity | Operating Revenue | |||||||||
Derivative Instruments Gain Loss [Line Items] | |||||||||
Amount of Gain (Loss) Recognized in Income on Derivatives | [1] | 3 | 6 | ||||||
Commodity | Purchased Gas | |||||||||
Derivative Instruments Gain Loss [Line Items] | |||||||||
Amount of Gain (Loss) Recognized in Income on Derivatives | [1] | 3 | |||||||
Commodity | Electric Fuel and Other Energy-Related Purchases | |||||||||
Derivative Instruments Gain Loss [Line Items] | |||||||||
Amount of Gain (Loss) Recognized in Income on Derivatives | [1] | $ (9) | $ (13) | ||||||
|
Investments (Fair Value of Fixed Income Securities by Contractual Maturity) (Detail) $ in Millions |
Mar. 31, 2019
USD ($)
|
---|---|
Schedule of Held-to-maturity Securities [Line Items] | |
Due in one year or less | $ 187 |
Due after one year through five years | 382 |
Due after five years through ten years | 394 |
Due after ten years | 680 |
Total | 1,643 |
Virginia Electric and Power Company | |
Schedule of Held-to-maturity Securities [Line Items] | |
Due in one year or less | 77 |
Due after one year through five years | 145 |
Due after five years through ten years | 219 |
Due after ten years | 359 |
Total | $ 800 |
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 |
Mar. 31, 2019
USD ($)
|
---|---|
Revenues From Contract With Customer [Line Items] | |
Revenue, expected to be recognized on multi-year contracts | $ 20,254 |
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 | $ 1,197 |
Revenue, expected to be recognized on multi-year contracts, period | 9 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 | $ 1,547 |
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 | $ 1,448 |
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 | $ 1,334 |
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 | $ 1,166 |
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 | $ 13,562 |
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 | $ 20 |
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 | $ 16 |
Revenue, expected to be recognized on multi-year contracts, period | 9 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 | $ 20,998 |
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 | $ 1,266 |
Revenue, expected to be recognized on multi-year contracts, period | 9 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 | $ 1,657 |
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 | $ 1,557 |
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 | $ 1,422 |
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 | $ 1,231 |
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 | $ 13,865 |
Revenue, expected to be recognized on multi-year contracts, period |
Commitments and Contingencies (Guarantees, Surety Bonds and Letters of Credit) (Detail) - USD ($) |
3 Months Ended | |||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2019 |
Mar. 31, 2019 |
Dec. 31, 2018 |
||||||||||||||||||||
Guarantee Obligations [Line Items] | ||||||||||||||||||||||
Facility Limit | [1] | $ 6,000,000,000 | ||||||||||||||||||||
Maximum Exposure | [2] | 5,499,000,000 | ||||||||||||||||||||
Commodity Transactions | ||||||||||||||||||||||
Guarantee Obligations [Line Items] | ||||||||||||||||||||||
Maximum Exposure | [3] | 2,334,000,000 | ||||||||||||||||||||
Nuclear Obligations | ||||||||||||||||||||||
Guarantee Obligations [Line Items] | ||||||||||||||||||||||
Maximum Exposure | [4] | 180,000,000 | ||||||||||||||||||||
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 | ||||||||||||||||||||
Financial Guarantee [Member] | Equity Method Investee [Member] | ||||||||||||||||||||||
Guarantee Obligations [Line Items] | ||||||||||||||||||||||
Maximum Exposure | 48,000,000 | |||||||||||||||||||||
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 | $ 19,000,000 | $ 21,000,000 | ||||||||||||||||||||
Guarantee recorded amount | 1,600,000,000 | |||||||||||||||||||||
Additional amount borrowed | $ 47,000,000 | |||||||||||||||||||||
Solar | ||||||||||||||||||||||
Guarantee Obligations [Line Items] | ||||||||||||||||||||||
Maximum Exposure | [8] | 659,000,000 | ||||||||||||||||||||
Other | ||||||||||||||||||||||
Guarantee Obligations [Line Items] | ||||||||||||||||||||||
Maximum Exposure | [9] | 426,000,000 | ||||||||||||||||||||
Surety Bond [Member] | ||||||||||||||||||||||
Guarantee Obligations [Line Items] | ||||||||||||||||||||||
Maximum Exposure | 175,000,000 | |||||||||||||||||||||
Surety Bond [Member] | Virginia Electric and Power Company | ||||||||||||||||||||||
Guarantee Obligations [Line Items] | ||||||||||||||||||||||
Maximum Exposure | 72,000,000 | |||||||||||||||||||||
Surety Bond [Member] | Dominion Energy Gas Holdings, LLC | ||||||||||||||||||||||
Guarantee Obligations [Line Items] | ||||||||||||||||||||||
Maximum Exposure | 34,000,000 | |||||||||||||||||||||
Financial Standby Letter of Credit [Member] | ||||||||||||||||||||||
Guarantee Obligations [Line Items] | ||||||||||||||||||||||
Maximum Exposure | $ 90,000,000 | |||||||||||||||||||||
|
Significant Financing Transactions (Commercial Paper, Bank Loans and Letters of Credit Outstanding) (Detail) |
Mar. 31, 2019
USD ($)
|
|||||||
---|---|---|---|---|---|---|---|---|
Line of Credit Facility [Line Items] | ||||||||
Facility Limit | $ 6,000,000,000 | [1] | ||||||
Outstanding Commercial Paper | 2,393,000,000 | [1] | ||||||
Outstanding Letters of Credit | 90,000,000 | [1] | ||||||
Facility Capacity Available | 3,517,000,000 | [1] | ||||||
Virginia Electric and Power Company | ||||||||
Line of Credit Facility [Line Items] | ||||||||
Facility Limit | 6,000,000,000 | [2] | ||||||
Outstanding Commercial Paper | 595,000,000 | [2] | ||||||
Outstanding Letters of Credit | 16,000,000 | [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] | ||||||
|
Income Taxes (Narrative) (Detail) - USD ($) $ in Millions |
3 Months Ended | 12 Months Ended | |
---|---|---|---|
Mar. 31, 2019 |
Mar. 31, 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 | 51 | ||
Increase in goodwill | 40 | ||
Unrecognized Tax Benefits, | $ 106 |
Regulatory Assets and Liabilities (Schedule of Regulatory Liabilities) (Detail) - USD ($) $ in Millions |
Mar. 31, 2019 |
Dec. 31, 2018 |
||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Regulatory Liabilities [Line Items] | ||||||||||||||||||||||||||||||||||||||
Regulatory liabilities-current | $ 612 | $ 356 | [1] | |||||||||||||||||||||||||||||||||||
Regulatory liabilities-noncurrent | 10,799 | 6,840 | [1] | |||||||||||||||||||||||||||||||||||
Total regulatory liabilities | 11,411 | 7,196 | ||||||||||||||||||||||||||||||||||||
Virginia Electric and Power Company | ||||||||||||||||||||||||||||||||||||||
Regulatory Liabilities [Line Items] | ||||||||||||||||||||||||||||||||||||||
Regulatory liabilities-current | 281 | 299 | [2] | |||||||||||||||||||||||||||||||||||
Regulatory liabilities-noncurrent | 4,808 | 4,647 | [2] | |||||||||||||||||||||||||||||||||||
Total regulatory liabilities | 5,089 | 4,946 | ||||||||||||||||||||||||||||||||||||
Dominion Energy Gas Holdings, LLC | ||||||||||||||||||||||||||||||||||||||
Regulatory Liabilities [Line Items] | ||||||||||||||||||||||||||||||||||||||
Regulatory liabilities-current | [3] | 29 | 24 | |||||||||||||||||||||||||||||||||||
Regulatory liabilities-noncurrent | 816 | 765 | [4] | |||||||||||||||||||||||||||||||||||
Total regulatory liabilities | 845 | 789 | ||||||||||||||||||||||||||||||||||||
Provision for future cost of removal and AROs | ||||||||||||||||||||||||||||||||||||||
Regulatory Liabilities [Line Items] | ||||||||||||||||||||||||||||||||||||||
Regulatory liabilities-current | [5] | 117 | 117 | |||||||||||||||||||||||||||||||||||
Regulatory liabilities-noncurrent | [5] | 2,222 | 1,409 | |||||||||||||||||||||||||||||||||||
Provision for future cost of removal and AROs | Virginia Electric and Power Company | ||||||||||||||||||||||||||||||||||||||
Regulatory Liabilities [Line Items] | ||||||||||||||||||||||||||||||||||||||
Regulatory liabilities-current | [6] | 92 | 92 | |||||||||||||||||||||||||||||||||||
Provision for future cost of removal and AROs | Dominion Energy Gas Holdings, LLC | ||||||||||||||||||||||||||||||||||||||
Regulatory Liabilities [Line Items] | ||||||||||||||||||||||||||||||||||||||
Regulatory liabilities-current | [7] | 10 | 9 | |||||||||||||||||||||||||||||||||||
Regulatory liabilities-noncurrent | [7] | 115 | 113 | |||||||||||||||||||||||||||||||||||
Overrecovered gas costs | ||||||||||||||||||||||||||||||||||||||
Regulatory Liabilities [Line Items] | ||||||||||||||||||||||||||||||||||||||
Regulatory liabilities-current | [8] | 7 | 7 | |||||||||||||||||||||||||||||||||||
Other | ||||||||||||||||||||||||||||||||||||||
Regulatory Liabilities [Line Items] | ||||||||||||||||||||||||||||||||||||||
Regulatory liabilities-current | 71 | 64 | ||||||||||||||||||||||||||||||||||||
Regulatory liabilities-noncurrent | 301 | 170 | ||||||||||||||||||||||||||||||||||||
Other | Virginia Electric and Power Company | ||||||||||||||||||||||||||||||||||||||
Regulatory Liabilities [Line Items] | ||||||||||||||||||||||||||||||||||||||
Regulatory liabilities-current | 27 | 41 | ||||||||||||||||||||||||||||||||||||
Regulatory liabilities-noncurrent | 102 | 58 | ||||||||||||||||||||||||||||||||||||
Other | Dominion Energy Gas Holdings, LLC | ||||||||||||||||||||||||||||||||||||||
Regulatory Liabilities [Line Items] | ||||||||||||||||||||||||||||||||||||||
Regulatory liabilities-current | 12 | 8 | ||||||||||||||||||||||||||||||||||||
Regulatory liabilities-noncurrent | 16 | 16 | ||||||||||||||||||||||||||||||||||||
Nuclear decommissioning trust | ||||||||||||||||||||||||||||||||||||||
Regulatory Liabilities [Line Items] | ||||||||||||||||||||||||||||||||||||||
Regulatory liabilities-noncurrent | [9] | 1,247 | 1,070 | |||||||||||||||||||||||||||||||||||
Nuclear decommissioning trust | Virginia Electric and Power Company | ||||||||||||||||||||||||||||||||||||||
Regulatory Liabilities [Line Items] | ||||||||||||||||||||||||||||||||||||||
Regulatory liabilities-noncurrent | [10] | 1,247 | 1,070 | |||||||||||||||||||||||||||||||||||
Monetization of guarantee settlement | ||||||||||||||||||||||||||||||||||||||
Regulatory Liabilities [Line Items] | ||||||||||||||||||||||||||||||||||||||
Regulatory liabilities-current | [11] | 67 | ||||||||||||||||||||||||||||||||||||
Regulatory liabilities-noncurrent | [11] | 1,020 | ||||||||||||||||||||||||||||||||||||
Cost-of-service impact of 2017 Tax Reform Act | ||||||||||||||||||||||||||||||||||||||
Regulatory Liabilities [Line Items] | ||||||||||||||||||||||||||||||||||||||
Regulatory liabilities-current | [12] | 93 | 104 | |||||||||||||||||||||||||||||||||||
Cost-of-service impact of 2017 Tax Reform Act | Virginia Electric and Power Company | ||||||||||||||||||||||||||||||||||||||
Regulatory Liabilities [Line Items] | ||||||||||||||||||||||||||||||||||||||
Regulatory liabilities-current | [13] | 88 | 95 | |||||||||||||||||||||||||||||||||||
Reserve for refunds and rate credits to electric utility customers | ||||||||||||||||||||||||||||||||||||||
Regulatory Liabilities [Line Items] | ||||||||||||||||||||||||||||||||||||||
Regulatory liabilities-current | [14] | 137 | 71 | |||||||||||||||||||||||||||||||||||
Regulatory liabilities-noncurrent | [14] | 846 | ||||||||||||||||||||||||||||||||||||
Reserve for refunds and rate credits to electric utility customers | Virginia Electric and Power Company | ||||||||||||||||||||||||||||||||||||||
Regulatory Liabilities [Line Items] | ||||||||||||||||||||||||||||||||||||||
Regulatory liabilities-current | [15] | 71 | ||||||||||||||||||||||||||||||||||||
Income taxes refundable through future rates | ||||||||||||||||||||||||||||||||||||||
Regulatory Liabilities [Line Items] | ||||||||||||||||||||||||||||||||||||||
Regulatory liabilities-current | 127 | |||||||||||||||||||||||||||||||||||||
Regulatory liabilities-noncurrent | 5,034 | 4,071 | ||||||||||||||||||||||||||||||||||||
Income taxes refundable through future rates | Virginia Electric and Power Company | ||||||||||||||||||||||||||||||||||||||
Regulatory Liabilities [Line Items] | ||||||||||||||||||||||||||||||||||||||
Regulatory liabilities-current | [16] | 74 | ||||||||||||||||||||||||||||||||||||
Regulatory liabilities-noncurrent | [16] | 2,500 | 2,579 | |||||||||||||||||||||||||||||||||||
Income taxes refundable through future rates | Dominion Energy Gas Holdings, LLC | ||||||||||||||||||||||||||||||||||||||
Regulatory Liabilities [Line Items] | ||||||||||||||||||||||||||||||||||||||
Regulatory liabilities-noncurrent | [16] | 572 | 530 | |||||||||||||||||||||||||||||||||||
Overrecovered Other Postretirement Benefit Costs | ||||||||||||||||||||||||||||||||||||||
Regulatory Liabilities [Line Items] | ||||||||||||||||||||||||||||||||||||||
Regulatory liabilities-noncurrent | [17] | 129 | 120 | |||||||||||||||||||||||||||||||||||
Overrecovered Other Postretirement Benefit Costs | Dominion Energy Gas Holdings, LLC | ||||||||||||||||||||||||||||||||||||||
Regulatory Liabilities [Line Items] | ||||||||||||||||||||||||||||||||||||||
Regulatory liabilities-noncurrent | [17] | 113 | 106 | |||||||||||||||||||||||||||||||||||
Provision For Future Cost Of Removal | Virginia Electric and Power Company | ||||||||||||||||||||||||||||||||||||||
Regulatory Liabilities [Line Items] | ||||||||||||||||||||||||||||||||||||||
Regulatory liabilities-noncurrent | [6] | $ 959 | $ 940 | |||||||||||||||||||||||||||||||||||
|
Commitments and Contingencies (Tables) |
Nov. 18, 2019 |
|||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Commitments and Contingencies Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||
Schedule Of Subsidiary Guarantees | At March 31, 2019, Dominion Energy had issued the following subsidiary guarantees:
|
Consolidated Balance Sheets (Unaudited) - USD ($) $ in Millions |
Mar. 31, 2019 |
Dec. 31, 2018 |
||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Current Assets | ||||||||||||||||||||||||||||
Cash and cash equivalents | $ 422 | $ 268 | [1] | |||||||||||||||||||||||||
Customer receivables (less allowance for doubtful accounts) | 2,236 | 1,749 | [1] | |||||||||||||||||||||||||
Other receivables (less allowance for doubtful accounts) | [2] | 203 | 331 | [1] | ||||||||||||||||||||||||
Inventories | 1,657 | 1,418 | [1] | |||||||||||||||||||||||||
Regulatory assets | 725 | 496 | [1] | |||||||||||||||||||||||||
Other | 732 | 899 | [1] | |||||||||||||||||||||||||
Total current assets | 5,975 | 5,161 | [1] | |||||||||||||||||||||||||
Investments | ||||||||||||||||||||||||||||
Nuclear decommissioning trust funds | 5,580 | 4,938 | [1] | |||||||||||||||||||||||||
Investment in equity method affiliates | 1,433 | 1,278 | [1] | |||||||||||||||||||||||||
Other | 357 | 344 | [1] | |||||||||||||||||||||||||
Total investments | 7,370 | 6,560 | [1] | |||||||||||||||||||||||||
Property, Plant and Equipment | ||||||||||||||||||||||||||||
Property, plant and equipment | 93,485 | 76,578 | [1] | |||||||||||||||||||||||||
Accumulated depreciation, depletion and amortization | (26,918) | (22,018) | [1] | |||||||||||||||||||||||||
Total property, plant and equipment, net | 66,567 | 54,560 | [1] | |||||||||||||||||||||||||
Deferred Charges and Other Assets | ||||||||||||||||||||||||||||
Goodwill | 8,960 | 6,410 | [1] | |||||||||||||||||||||||||
Intangible assets, net | 887 | 670 | [1] | |||||||||||||||||||||||||
Regulatory assets | 7,575 | 2,676 | [1] | |||||||||||||||||||||||||
Operating lease assets | 486 | |||||||||||||||||||||||||||
Other | 2,234 | 1,877 | [1] | |||||||||||||||||||||||||
Total deferred charges and other assets | 20,142 | 11,633 | [1] | |||||||||||||||||||||||||
Total assets | 100,054 | 77,914 | [1] | |||||||||||||||||||||||||
Current Liabilities | ||||||||||||||||||||||||||||
Securities due within one year | 3,080 | 3,624 | [1] | |||||||||||||||||||||||||
Credit facility borrowings | [1] | 73 | ||||||||||||||||||||||||||
Short-term debt | 2,412 | 334 | [1] | |||||||||||||||||||||||||
Accounts payable | 920 | 914 | [1] | |||||||||||||||||||||||||
Accrued interest, payroll and taxes | 957 | 836 | [1] | |||||||||||||||||||||||||
Regulatory liabilities | 612 | 356 | [1] | |||||||||||||||||||||||||
Other | 1,795 | 1,510 | [1] | |||||||||||||||||||||||||
Total current liabilities | 9,776 | 7,647 | [1] | |||||||||||||||||||||||||
Long-Term Debt | ||||||||||||||||||||||||||||
Long-term debt | 32,043 | 26,328 | [1] | |||||||||||||||||||||||||
Junior subordinated notes | 3,431 | 3,430 | [1] | |||||||||||||||||||||||||
Remarketable subordinated notes | 1,387 | 1,386 | [1] | |||||||||||||||||||||||||
Total long-term debt | 36,861 | 31,144 | [1] | |||||||||||||||||||||||||
Deferred Credits and Other Liabilities | ||||||||||||||||||||||||||||
Deferred income taxes and investment tax credits | 6,108 | 5,116 | [1] | |||||||||||||||||||||||||
Regulatory liabilities | 10,799 | 6,840 | [1] | |||||||||||||||||||||||||
Asset retirement obligations | 4,985 | 2,250 | [1] | |||||||||||||||||||||||||
Operating lease liabilities | 418 | |||||||||||||||||||||||||||
Other | 3,508 | 2,869 | [1] | |||||||||||||||||||||||||
Total deferred credits and other liabilities | 25,818 | 17,075 | [1] | |||||||||||||||||||||||||
Total liabilities | 72,455 | 55,866 | [1] | |||||||||||||||||||||||||
Commitments and Contingencies (see Note 17) | [1] | |||||||||||||||||||||||||||
Equity | ||||||||||||||||||||||||||||
Common stock - no par | [3] | 20,834 | 12,588 | [1] | ||||||||||||||||||||||||
Retained earnings | 7,806 | 9,219 | [1] | |||||||||||||||||||||||||
Accumulated other comprehensive income (loss) | (1,731) | (1,700) | [1] | |||||||||||||||||||||||||
Total common shareholders' equity | 26,909 | 20,107 | [1] | |||||||||||||||||||||||||
Noncontrolling interests | 690 | 1,941 | [1] | |||||||||||||||||||||||||
Total equity | 27,599 | 22,048 | [1] | |||||||||||||||||||||||||
Total liabilities and equity | 100,054 | 77,914 | [1] | |||||||||||||||||||||||||
Virginia Electric and Power Company | ||||||||||||||||||||||||||||
Current Assets | ||||||||||||||||||||||||||||
Cash and cash equivalents | 14 | 29 | [4] | |||||||||||||||||||||||||
Customer receivables (less allowance for doubtful accounts) | 935 | 999 | [4] | |||||||||||||||||||||||||
Other receivables (less allowance for doubtful accounts) | 75 | 76 | [4] | |||||||||||||||||||||||||
Affiliated receivables | 59 | 101 | [4] | |||||||||||||||||||||||||
Inventories | 836 | 837 | [4] | |||||||||||||||||||||||||
Regulatory assets | [5] | 387 | 424 | |||||||||||||||||||||||||
Other | [6] | 454 | 529 | [4] | ||||||||||||||||||||||||
Total current assets | 2,373 | 2,571 | [4] | |||||||||||||||||||||||||
Investments | ||||||||||||||||||||||||||||
Nuclear decommissioning trust funds | 2,591 | 2,369 | [4] | |||||||||||||||||||||||||
Other | 3 | 3 | [4] | |||||||||||||||||||||||||
Total investments | 2,594 | 2,372 | [4] | |||||||||||||||||||||||||
Property, Plant and Equipment | ||||||||||||||||||||||||||||
Property, plant and equipment | 45,107 | 44,524 | [4] | |||||||||||||||||||||||||
Accumulated depreciation, depletion and amortization | (13,614) | (14,003) | [4] | |||||||||||||||||||||||||
Total property, plant and equipment, net | 31,493 | 30,521 | [4] | |||||||||||||||||||||||||
Deferred Charges and Other Assets | ||||||||||||||||||||||||||||
Regulatory assets | 1,719 | 737 | [4] | |||||||||||||||||||||||||
Operating lease assets | 202 | |||||||||||||||||||||||||||
Other | [6] | 893 | 679 | [4] | ||||||||||||||||||||||||
Total deferred charges and other assets | 2,814 | 1,416 | [4] | |||||||||||||||||||||||||
Total assets | 39,274 | 36,880 | [4] | |||||||||||||||||||||||||
Current Liabilities | ||||||||||||||||||||||||||||
Securities due within one year | 392 | 350 | [4] | |||||||||||||||||||||||||
Short-term debt | 595 | 314 | [4] | |||||||||||||||||||||||||
Accounts payable | 255 | 339 | [4] | |||||||||||||||||||||||||
Payables to affiliates | 104 | 209 | [4] | |||||||||||||||||||||||||
Affiliated current borrowings | 24 | 224 | [4] | |||||||||||||||||||||||||
Regulatory liabilities | 281 | 299 | [4] | |||||||||||||||||||||||||
Other | [6] | 1,105 | 1,080 | [4] | ||||||||||||||||||||||||
Total current liabilities | 2,756 | 2,815 | [4] | |||||||||||||||||||||||||
Long-Term Debt | ||||||||||||||||||||||||||||
Long-Term Debt | 11,288 | 11,321 | [4] | |||||||||||||||||||||||||
Deferred Credits and Other Liabilities | ||||||||||||||||||||||||||||
Deferred income taxes and investment tax credits | 2,985 | 3,017 | [4] | |||||||||||||||||||||||||
Regulatory liabilities | 4,808 | 4,647 | [4] | |||||||||||||||||||||||||
Asset retirement obligations | 3,375 | 1,200 | [4] | |||||||||||||||||||||||||
Operating lease liabilities | 169 | |||||||||||||||||||||||||||
Other | [6] | 949 | 833 | [4] | ||||||||||||||||||||||||
Total deferred credits and other liabilities | 12,286 | 9,697 | [4] | |||||||||||||||||||||||||
Total liabilities | 26,330 | 23,833 | [4] | |||||||||||||||||||||||||
Commitments and Contingencies (see Note 17) | [4] | |||||||||||||||||||||||||||
Equity | ||||||||||||||||||||||||||||
Common stock - no par | [7] | 5,738 | 5,738 | [4] | ||||||||||||||||||||||||
Other paid-in capital | 1,113 | 1,113 | [4] | |||||||||||||||||||||||||
Retained earnings | 6,110 | 6,208 | [4] | |||||||||||||||||||||||||
Accumulated other comprehensive income (loss) | (17) | (12) | [4] | |||||||||||||||||||||||||
Total common shareholders' equity | 12,944 | 13,047 | [4] | |||||||||||||||||||||||||
Total liabilities and equity | 39,274 | 36,880 | [4] | |||||||||||||||||||||||||
Dominion Energy Gas Holdings, LLC | ||||||||||||||||||||||||||||
Current Assets | ||||||||||||||||||||||||||||
Cash and cash equivalents | 143 | 99 | [8] | |||||||||||||||||||||||||
Customer receivables (less allowance for doubtful accounts) | [9] | 168 | 187 | [8] | ||||||||||||||||||||||||
Other receivables (less allowance for doubtful accounts) | [9] | 13 | 18 | [8] | ||||||||||||||||||||||||
Affiliated receivables | 315 | 319 | [8] | |||||||||||||||||||||||||
Affiliated notes receivable | 716 | 819 | [8] | |||||||||||||||||||||||||
Inventories | 116 | 97 | [8] | |||||||||||||||||||||||||
Gas imbalances | [9] | 88 | 187 | [8] | ||||||||||||||||||||||||
Current assets of discontinued operations | 459 | 444 | [8] | |||||||||||||||||||||||||
Regulatory assets | [10] | 8 | 8 | |||||||||||||||||||||||||
Other | 132 | 178 | [8] | |||||||||||||||||||||||||
Total current assets | 2,150 | 2,348 | [8] | |||||||||||||||||||||||||
Investments | ||||||||||||||||||||||||||||
Affiliated notes receivable | 4,566 | 4,317 | [8] | |||||||||||||||||||||||||
Investment in equity method affiliates | 337 | 339 | [8] | |||||||||||||||||||||||||
Total investments | 4,903 | 4,656 | [8] | |||||||||||||||||||||||||
Property, Plant and Equipment | ||||||||||||||||||||||||||||
Property, plant and equipment | 14,835 | 14,700 | [8] | |||||||||||||||||||||||||
Accumulated depreciation, depletion and amortization | (3,298) | (3,219) | [8] | |||||||||||||||||||||||||
Total property, plant and equipment, net | 11,537 | 11,481 | [8] | |||||||||||||||||||||||||
Deferred Charges and Other Assets | ||||||||||||||||||||||||||||
Goodwill | 1,471 | 1,471 | [8] | |||||||||||||||||||||||||
Pension and other postretirement benefit assets | [9] | 721 | 705 | [8] | ||||||||||||||||||||||||
Regulatory assets | [11] | 52 | 52 | |||||||||||||||||||||||||
Operating lease assets | 41 | |||||||||||||||||||||||||||
Other | [9] | 225 | 241 | [8] | ||||||||||||||||||||||||
Total deferred charges and other assets | 2,458 | 2,417 | [8] | |||||||||||||||||||||||||
Noncurrent assets of discontinued operations | 5,969 | 5,849 | [8] | |||||||||||||||||||||||||
Total assets | 27,017 | 26,751 | [8] | |||||||||||||||||||||||||
Current Liabilities | ||||||||||||||||||||||||||||
Securities due within one year | 450 | 748 | [8] | |||||||||||||||||||||||||
Credit facility borrowings | [8] | 73 | ||||||||||||||||||||||||||
Short-term debt | 280 | 10 | [8] | |||||||||||||||||||||||||
Accounts payable | 52 | 76 | [8] | |||||||||||||||||||||||||
Payables to affiliates | 106 | 124 | [8] | |||||||||||||||||||||||||
Affiliated current borrowings | 2,952 | 3,097 | [8] | |||||||||||||||||||||||||
Current liabilities of discontinued operations | 1,097 | 1,273 | [8] | |||||||||||||||||||||||||
Regulatory liabilities | [12] | 29 | 24 | |||||||||||||||||||||||||
Other | [9] | 310 | 354 | [8] | ||||||||||||||||||||||||
Total current liabilities | 5,247 | 5,755 | [8] | |||||||||||||||||||||||||
Long-Term Debt | ||||||||||||||||||||||||||||
Long-Term Debt | 7,023 | 7,022 | [8] | |||||||||||||||||||||||||
Affiliated Long-Term Debt | 395 | |||||||||||||||||||||||||||
Deferred Credits and Other Liabilities | ||||||||||||||||||||||||||||
Deferred income taxes and investment tax credits | 1,329 | 1,330 | [8] | |||||||||||||||||||||||||
Regulatory liabilities | 816 | 765 | [8] | |||||||||||||||||||||||||
Operating lease liabilities | 33 | |||||||||||||||||||||||||||
Other | 132 | 118 | [8] | |||||||||||||||||||||||||
Total deferred credits and other liabilities | 2,310 | 2,213 | [8] | |||||||||||||||||||||||||
Noncurrent liabilities of discontinued operations | 3,181 | 2,896 | [8] | |||||||||||||||||||||||||
Total liabilities | 18,156 | 17,886 | [8] | |||||||||||||||||||||||||
Commitments and Contingencies (see Note 17) | [8] | |||||||||||||||||||||||||||
Equity | ||||||||||||||||||||||||||||
Predecessor equity | 2,938 | 1,804 | [8] | |||||||||||||||||||||||||
Membership interests | 4,682 | 4,566 | [8] | |||||||||||||||||||||||||
Accumulated other comprehensive income (loss) | (191) | (169) | [8] | |||||||||||||||||||||||||
Total common shareholders' equity | 7,429 | 6,201 | [8] | |||||||||||||||||||||||||
Noncontrolling interests | 1,432 | 2,664 | [8] | |||||||||||||||||||||||||
Total equity | 8,861 | 8,865 | [8] | |||||||||||||||||||||||||
Total liabilities and equity | $ 27,017 | $ 26,751 | [8] | |||||||||||||||||||||||||
|
Cover Page |
Nov. 18, 2019 |
---|---|
Document Information [Line Items] | |
Document Type | 8-K |
Amendment Flag | false |
Entity Central Index Key | 0000715957 |
Entity Registrant Name | DOMINION ENERGY, INC. |
Document Period End Date | Nov. 18, 2019 |
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, 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 |
Entity Address, State or Province | VA |
Entity Address, City or Town | Richmond |
Common Stock | |
Document Information [Line Items] | |
Trading Symbol | D |
Title of 12(b) Security | Common Stock, no par value |
Security Exchange Name | NYSE |
2016 Series A 5.25% Enhanced Junior Subordinated Notes | |
Document Information [Line Items] | |
Trading Symbol | DRUA |
Title of 12(b) Security | 2016 Series A 5.25% Enhanced Junior Subordinated Notes |
Security Exchange Name | NYSE |
2019 Series A Corporate Units | |
Document Information [Line Items] | |
Trading Symbol | DCUE |
Title of 12(b) Security | 2019 Series A Corporate Units |
Security Exchange Name | NYSE |
Virginia Electric and Power Company | |
Document Information [Line Items] | |
Document Type | 8-K |
Amendment Flag | false |
Entity Central Index Key | 0000103682 |
Entity Registrant Name | VIRGINIA ELECTRIC & POWER CO |
Document Period End Date | Nov. 18, 2019 |
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, Postal Zip Code | 23219 |
City Area Code | 804 |
Local Phone Number | 819-2000 |
Entity Emerging Growth Company | false |
Entity Address, State or Province | VA |
Entity Address, City or Town | Richmond |
Dominion Energy Gas Holdings, LLC | |
Document Information [Line Items] | |
Document Type | 8-K |
Amendment Flag | false |
Entity Central Index Key | 0001603291 |
Entity Registrant Name | DOMINION ENERGY GAS HOLDINGS, LLC |
Document Period End Date | Nov. 18, 2019 |
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, Postal Zip Code | 23219 |
City Area Code | 804 |
Local Phone Number | 819-2000 |
Entity Emerging Growth Company | false |
Entity Address, State or Province | VA |
Entity Address, City or Town | Richmond |
Dominion Energy Gas Holdings, LLC | 2014 Series C 4.6% Senior Notes | |
Document Information [Line Items] | |
Title of 12(b) Security | 2014 Series C 4.6% Senior Notes |
Security Exchange Name | NYSE |
No Trading Symbol Flag | true |
Regulatory Assets and Liabilities (Tables) |
Nov. 18, 2019 |
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Regulated Operations [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Regulatory Assets | Regulatory assets and liabilities include the following:
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Schedule of Regulatory Liabilities | Regulatory assets and liabilities include the following:
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Virginia Electric and Power Company Consolidated Statements of Equity (Unaudited) - USD ($) $ in Millions |
Total |
Virginia Electric and Power Company |
Common Stock |
Common Stock
Virginia Electric and Power Company
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Other Paid-In Capital
Virginia Electric and Power Company
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Retained Earnings |
Retained Earnings
Virginia Electric and Power Company
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AOCI |
AOCI
Virginia Electric and Power Company
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Beginning balance at Dec. 31, 2017 | $ 12,224 | $ 5,738 | $ 1,113 | $ 5,311 | $ (659) | $ 62 | |||||||||
Beginning balance (in shares) at Dec. 31, 2017 | 645,000,000 | 275,000 | |||||||||||||
Cumulative-effect of changes in accounting principles | $ 6 | 3 | $ (127) | $ 1,029 | 79 | (1,023) | (76) | ||||||||
Net income | 503 | 184 | 184 | ||||||||||||
Dividends and distributions | (575) | (154) | (544) | (154) | |||||||||||
Other comprehensive income (loss), net of tax | 132 | 5 | 131 | 5 | |||||||||||
Ending balance at Mar. 31, 2018 | 12,262 | $ 5,738 | 1,113 | 5,420 | (1,551) | (9) | |||||||||
Ending balance (in shares) at Mar. 31, 2018 | 653,000,000 | 275,000 | |||||||||||||
Beginning balance at Dec. 31, 2018 | 20,107 | [1] | 13,047 | [2] | $ 5,738 | 1,113 | 6,208 | (1,700) | (12) | ||||||
Beginning balance (in shares) at Dec. 31, 2018 | 681,000,000 | 275,000 | |||||||||||||
Net income | (680) | 20 | 20 | ||||||||||||
Dividends and distributions | (766) | (118) | $ (733) | (118) | |||||||||||
Other comprehensive income (loss), net of tax | (31) | (5) | (31) | (5) | |||||||||||
Ending balance at Mar. 31, 2019 | $ 26,909 | $ 12,944 | $ 5,738 | $ 1,113 | $ 6,110 | $ (1,731) | $ (17) | ||||||||
Ending balance (in shares) at Mar. 31, 2019 | 802,000,000 | 275,000 | |||||||||||||
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Property Plant and Equipment |
Nov. 18, 2019 |
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Property, Plant and Equipment [Abstract] | |
Property Plant and Equipment | Note 11. Property, Plant and Equipment Virginia Power Acquisition of Solar Projects In February 2019, Virginia Power completed the acquisition of a solar development project in Virginia. The facility commenced commercial operations in April 2019, generating 20 MW, at a cost of $37 million, including the initial acquisition cost. Virginia Power anticipates claiming federal investment tax credits on this solar project. In August 2018, Virginia Power entered into agreements to acquire two solar development projects in North Carolina and Virginia. The first acquisition is expected to close prior to the project commencing commercial operations, which is expected by the end of 2019, and cost approximately $120 million once constructed, including the initial acquisition cost. The second acquisition was completed in March 2019. The project is expected to commence commercial operations by the end of 2020 and cost approximately $ 130 million once constructed, including the initial acquisition cost. The projects are expected to generate approximately 155 MW combined. Virginia Power anticipates claiming federal investment tax credits on these solar projects. Dominion Energy Gas Assignment of Shale Development Rights 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. |
Variable Interest Entities |
Nov. 18, 2019 |
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Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Variable Interest Entities | Note 15. 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 March 31, 2019 and December 31, 2018, Dominion Energy’s securities due within one year includes $29 million and $31 million, respectively, and long-term debt includes $301 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 has long-term power and capacity contracts with one non-utility generator with an aggregate summer generation capacity of approximately 218 MW. Virginia Power is not subject to any risk of loss from this potential VIE other than its remaining purchase commitments which totaled $159 million as of March 31, 2019. Virginia Power paid $13 million and $13 million for electric capacity and $1 million and $5 million for electric energy to the non-utility generator in the three months ended March 31, 2019 and 2018, respectively.Dominion Energy Gas Dominion Energy Gas purchased shared services from DECGS and DEQPS of $4 million and $8 million for the three months ended March 31, 2019 and $4 million and $7 million for the three months ended March 31, 2018, respectively. Dominion Energy Gas’ Consolidated Balance Sheets included amounts due to DECGS and DEQPS of $5 million and $6 million at March 31 , 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 $89 million and $28 million for the three months ended March 31, 2019 and $89 million and $28 million for the three months ended March 31, 2018, respectively. Virginia Power’s Consolidated Balance Sheets included amounts due to DES of $22 million and $107 million at March 31, 2019 and December 31, 2018, respectively recorded in payables to affiliates. At March 30, 2019 and December 31, 2018, Dominion Energy Gas’ Consolidated Balance Sheets included amounts due to DES of $8 million and $43 million, recorded in payables to affiliates, and $5 million and $18 million, recorded in current liabilities of discontinued operations, respectively. , |
Nature of Operations |
Nov. 18, 2019 |
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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 further discussion of the Dominion Energh Gas Restruct . uring |
Income Taxes |
Nov. 18, 2019 |
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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:
(1) Includes (3.6) % relating to the absence of tax on noncontrolling interest in both 2019 and 2018. 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 for the year ended December 31, 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.In connection with the SCANA Combination, Dominion Energy committed to forgo, or limit, the recovery of certain income tax-related regulatory assets associated with the NND Project. Dominion Energy’s effective tax rate reflects deferred income tax expense of $198 million in satisfaction of this commitment. Dominion Energy’s effective tax rate also reflects the changes in consolidated state income taxes resulting from the SCANA Combination.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. This adjustment resulted in an increase to goodwill of $40 million and had no impact on Dominion Energy’s income tax expense. It is reasonably possible that settlement negotiations could decrease this unrecognized tax benefit in the next twelve months. As of March 31, 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 for the year ended December 31, 2018, a s updated in Current Report on Form 8-K, filed November 18, 2019, 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. |
Acquisitions and Dispositions (Tables) |
Nov. 18, 2019 |
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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.
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Schedule Of Discontinued Operations Income Statement | 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:
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:
(1) Includes cash and cash equivalents of $4 million and $9 million as of March 31, 2019 and December 31, 2018, respectively. 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:
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:
(1) Includes cash and cash equivalents of less than a million dollars as of March 31, 2019 and December 31, 2018. (2) Primarily property, plant and equipment, net. |
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East Ohio | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule Of Significant Non Cash Items And Capital Expenditure | Capital expenditures and significant noncash items relating to East Ohio included the following:
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DGP | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule Of Significant Non Cash Items And Capital Expenditure | Capital expenditures and significant noncash items of DGP included the following:
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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 an adjustment related to income taxes identified during the first quarter 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 amounts in the allocation of the purchase price below are preliminary and may change as Dominion Energy completes its analysis and review of applicable tax matters.
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Employee Benefit Plans |
Nov. 18, 2019 |
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Retirement Benefits [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Employee Benefit Plans | Note 20. Employee Benefit Plans Dominion Energy The components of Dominion Energy’s provision for net periodic benefit cost (credit) were as follows:
Voluntary Retirement Program In March 2019, the Companies announced a voluntary retirement program to employees that meet certain age and service requirements. The Companies expect to incur a charge in the second quarter of 2019 as determinations are made concerning the number of employees that elect to participate in the program. The voluntary retirement program will not compromise safety or the Companies’ ability to comply with applicable laws and regulations. While the Companies are unable to estimate the amount, it could be material to the Companies’ results of operations and financial condition. Employer Contributions During the three months ended March 31, 2019, Dominion Energy made no contributions to its defined benefit pension plans or other postretirement benefit plans. Dominion Energy expects to contribute approximately $21 million and $12 million to its defined benefit pension plans and other postretirement benefit plans through VEBAs, respectively, 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 19 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:
Employer Contributions During the three months ended March 31, 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. |
Accumulated Other Comprehensive Income (Tables) |
Nov. 18, 2019 |
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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:
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Reclassification out of Accumulated Other Comprehensive Income | The following table presents Dominion Energy’s reclassifications out of AOCI by component:
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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:
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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:
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Reclassification out of Accumulated Other Comprehensive Income | The following table presents Dominion Energy Gas’ reclassifications out of AOCI by component:
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Employee Benefit Plans (Narrative) (Detail) |
3 Months Ended |
---|---|
Mar. 31, 2019
USD ($)
| |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |
Contributions to defined benefit pension plans and OPEB plans | $ 0 |
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 |
Pension Benefits | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |
Expected contribution to voluntary employees' beneficiary association for the remainder of 2019 | 21,000,000 |
Other Postretirement Benefits | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |
Expected contribution to voluntary employees' beneficiary association for the remainder of 2019 | $ 12,000,000 |
Acquisitions and Dispositions (Schedule of Unaudited Pro Forma Information) (Detail) - Dominion Energy Questar Corporation - USD ($) $ / shares in Units, $ in Millions |
3 Months Ended | ||||
---|---|---|---|---|---|
Mar. 31, 2019 |
Mar. 31, 2018 |
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Business Acquisition [Line Items] | |||||
Operating Revenue | [1] | $ 4,887 | $ 4,636 | ||
Net income attributable to Dominion Energy | [1] | $ 605 | $ 675 | ||
Earnings Per Common Share – Basic | [1] | $ 0.76 | $ 0.90 | ||
Earnings Per Common Share – Diluted | [1] | $ 0.76 | $ 0.90 | ||
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Operating Segments (Tables) |
Nov. 18, 2019 |
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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:
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Schedule of Segment Reporting Information, by Segment | The following table presents segment information pertaining to Dominion Energy’s operations:
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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:
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Acquisitions and Dispositions (Acquisition of SCANA) (Narrative) (Detail) - USD ($) $ in Millions |
1 Months Ended | 2 Months Ended | 3 Months Ended | ||||||||
---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 16, 2016 |
Jan. 31, 2019 |
Oct. 31, 2017 |
Mar. 31, 2019 |
Mar. 31, 2018 |
Dec. 31, 2018 |
||||||
Business Acquisition And Dispositions [Line Items] | |||||||||||
Stock issued during period for acquisition, value | $ 6,818 | ||||||||||
Regulatory Liabilities | 11,411 | $ 7,196 | |||||||||
Regulatory liabilities-current | 612 | 356 | [1] | ||||||||
Net income | $ (680) | $ 503 | |||||||||
Cove Point, DECG And Dominion Energy Questar Pipeline | |||||||||||
Business Acquisition And Dispositions [Line Items] | |||||||||||
Percentage Of Controlling Ownership | 75.00% | ||||||||||
Dominion Energy Gas Holdings, LLC | White River Hub | |||||||||||
Business Acquisition And Dispositions [Line Items] | |||||||||||
Minority Interest Ownership Percentage By Parent | 50.00% | ||||||||||
Dominion Energy Gas Holdings, LLC | Iroquois | |||||||||||
Business Acquisition And Dispositions [Line Items] | |||||||||||
Minority Interest Ownership Percentage By Parent | 25.93% | ||||||||||
Dominion Energy Gas Holdings, LLC | Cove Point | |||||||||||
Business Acquisition And Dispositions [Line Items] | |||||||||||
Minority Interest Ownership Percentage By Noncontrolling Owners | 25.00% | ||||||||||
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 | 13,083 | |||||||||
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] | ||||||||
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 | ||||||||||
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Leases (Lease Assets and Liabilities Recorded in Consolidated Balance Sheets) (Parenthetical) (Detail) $ in Millions |
Mar. 31, 2019
USD ($)
|
---|---|
Lessee Lease Disclosure [Line Items] | |
Finance lease assets, accumulated amortization | $ 29 |
Virginia Electric and Power Company | |
Lessee Lease Disclosure [Line Items] | |
Finance lease assets, accumulated amortization | 2 |
Dominion Energy Gas Holdings, LLC | |
Lessee Lease Disclosure [Line Items] | |
Finance lease assets, accumulated amortization | 1 |
Operating lease assets | 25 |
Operating Lease Liabilities | $ 25 |
Leases (Weighted Average Remaining Lease Term and Weighted Discounted Rate for Finance and Operating Leases) (Detail) |
Mar. 31, 2019 |
---|---|
Lessee Lease Disclosure [Line Items] | |
Weighted average remaining lease term - finance leases | 7 years |
Weighted average remaining lease term - operating leases | 21 years |
Weighted average discount rate - finance leases | 4.66% |
Weighted average discount rate - operating leases | 4.61% |
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 | 16 years |
Weighted average discount rate - finance leases | 4.99% |
Weighted average discount rate - operating leases | 4.47% |
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 | 5.04% |
Weighted average discount rate - operating leases | 4.44% |
Fair Value Measurements (Financial Instruments' Carrying Amounts and Fair Values) (Detail) - USD ($) $ in Millions |
Mar. 31, 2019 |
Dec. 31, 2018 |
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---|---|---|---|---|---|---|---|---|---|---|---|
Carrying Amount | |||||||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||||||||
Long-term debt, including securities due within one year | [1] | $ 35,123 | $ 29,952 | ||||||||
Credit facility borrowings | 73 | ||||||||||
Junior subordinated notes | [2] | 3,431 | 3,430 | ||||||||
Remarketable subordinated notes | [2] | 1,387 | 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] | 37,531 | 31,045 | ||||||||
Credit facility borrowings | 73 | ||||||||||
Junior subordinated notes | [2],[3] | 3,471 | 3,358 | ||||||||
Remarketable subordinated notes | [2],[3] | 1,398 | 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] | 11,680 | 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] | 12,782 | 12,400 | ||||||||
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] | 7,473 | 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] | 7,586 | 7,803 | ||||||||
Affiliated long-term debt | [3] | $ 395 | |||||||||
Credit facility borrowings | $ 73 | ||||||||||
|
Derivatives and Hedge Accounting Activities (Fair Value of Derivatives) (Detail) - USD ($) $ in Millions |
Mar. 31, 2019 |
Dec. 31, 2018 |
|||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Derivatives Fair Value [Line Items] | |||||||||||||||||||||||||||
Derivative Asset | $ 173 | $ 294 | |||||||||||||||||||||||||
Derivative Liabilities | 369 | 279 | |||||||||||||||||||||||||
Virginia Electric and Power Company | |||||||||||||||||||||||||||
Derivatives Fair Value [Line Items] | |||||||||||||||||||||||||||
Derivative Asset | 66 | 93 | |||||||||||||||||||||||||
Derivative Liabilities | 190 | 103 | |||||||||||||||||||||||||
Dominion Energy Gas Holdings, LLC | |||||||||||||||||||||||||||
Derivatives Fair Value [Line Items] | |||||||||||||||||||||||||||
Derivative Asset | 13 | 31 | |||||||||||||||||||||||||
Derivative Liabilities | 42 | 19 | |||||||||||||||||||||||||
Current Assets | |||||||||||||||||||||||||||
Derivatives Fair Value [Line Items] | |||||||||||||||||||||||||||
Derivative Asset | [1] | 96 | 223 | ||||||||||||||||||||||||
Current Assets | Virginia Electric and Power Company | |||||||||||||||||||||||||||
Derivatives Fair Value [Line Items] | |||||||||||||||||||||||||||
Derivative Asset | [2] | 24 | 63 | ||||||||||||||||||||||||
Current Assets | Dominion Energy Gas Holdings, LLC | |||||||||||||||||||||||||||
Derivatives Fair Value [Line Items] | |||||||||||||||||||||||||||
Derivative Asset | [3] | 5 | |||||||||||||||||||||||||
Current Assets | Commodity | |||||||||||||||||||||||||||
Derivatives Fair Value [Line Items] | |||||||||||||||||||||||||||
Derivative Asset | 94 | 209 | |||||||||||||||||||||||||
Current Assets | Commodity | Virginia Electric and Power Company | |||||||||||||||||||||||||||
Derivatives Fair Value [Line Items] | |||||||||||||||||||||||||||
Derivative Asset | 24 | 60 | |||||||||||||||||||||||||
Current Assets | Commodity | Dominion Energy Gas Holdings, LLC | |||||||||||||||||||||||||||
Derivatives Fair Value [Line Items] | |||||||||||||||||||||||||||
Derivative Asset | 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] | 77 | 71 | ||||||||||||||||||||||||
Noncurrent Assets | Virginia Electric and Power Company | |||||||||||||||||||||||||||
Derivatives Fair Value [Line Items] | |||||||||||||||||||||||||||
Derivative Asset | [5] | 42 | 30 | ||||||||||||||||||||||||
Noncurrent Assets | Dominion Energy Gas Holdings, LLC | |||||||||||||||||||||||||||
Derivatives Fair Value [Line Items] | |||||||||||||||||||||||||||
Derivative Asset | [6] | 13 | 26 | ||||||||||||||||||||||||
Noncurrent Assets | Commodity | |||||||||||||||||||||||||||
Derivatives Fair Value [Line Items] | |||||||||||||||||||||||||||
Derivative Asset | 63 | 41 | |||||||||||||||||||||||||
Noncurrent Assets | Commodity | Virginia Electric and Power Company | |||||||||||||||||||||||||||
Derivatives Fair Value [Line Items] | |||||||||||||||||||||||||||
Derivative Asset | 42 | 30 | |||||||||||||||||||||||||
Noncurrent Assets | Interest rate | |||||||||||||||||||||||||||
Derivatives Fair Value [Line Items] | |||||||||||||||||||||||||||
Derivative Asset | 1 | 4 | |||||||||||||||||||||||||
Noncurrent Assets | Foreign currency | |||||||||||||||||||||||||||
Derivatives Fair Value [Line Items] | |||||||||||||||||||||||||||
Derivative Asset | 13 | 26 | |||||||||||||||||||||||||
Noncurrent Assets | Foreign currency | Dominion Energy Gas Holdings, LLC | |||||||||||||||||||||||||||
Derivatives Fair Value [Line Items] | |||||||||||||||||||||||||||
Derivative Asset | 13 | 26 | |||||||||||||||||||||||||
Current Liabilities | |||||||||||||||||||||||||||
Derivatives Fair Value [Line Items] | |||||||||||||||||||||||||||
Derivative Liabilities | [7] | 119 | 157 | ||||||||||||||||||||||||
Current Liabilities | Virginia Electric and Power Company | |||||||||||||||||||||||||||
Derivatives Fair Value [Line Items] | |||||||||||||||||||||||||||
Derivative Liabilities | [8] | 50 | 25 | ||||||||||||||||||||||||
Current Liabilities | Dominion Energy Gas Holdings, LLC | |||||||||||||||||||||||||||
Derivatives Fair Value [Line Items] | |||||||||||||||||||||||||||
Derivative Liabilities | [9] | 19 | 11 | ||||||||||||||||||||||||
Current Liabilities | Commodity | |||||||||||||||||||||||||||
Derivatives Fair Value [Line Items] | |||||||||||||||||||||||||||
Derivative Liabilities | 38 | 129 | |||||||||||||||||||||||||
Current Liabilities | Commodity | Virginia Electric and Power Company | |||||||||||||||||||||||||||
Derivatives Fair Value [Line Items] | |||||||||||||||||||||||||||
Derivative Liabilities | 6 | 15 | |||||||||||||||||||||||||
Current Liabilities | Interest rate | |||||||||||||||||||||||||||
Derivatives Fair Value [Line Items] | |||||||||||||||||||||||||||
Derivative Liabilities | 80 | 26 | |||||||||||||||||||||||||
Current Liabilities | Interest rate | Virginia Electric and Power Company | |||||||||||||||||||||||||||
Derivatives Fair Value [Line Items] | |||||||||||||||||||||||||||
Derivative Liabilities | 44 | 10 | |||||||||||||||||||||||||
Current Liabilities | Interest rate | Dominion Energy Gas Holdings, LLC | |||||||||||||||||||||||||||
Derivatives Fair Value [Line Items] | |||||||||||||||||||||||||||
Derivative Liabilities | 18 | 9 | |||||||||||||||||||||||||
Current Liabilities | Foreign currency | |||||||||||||||||||||||||||
Derivatives Fair Value [Line Items] | |||||||||||||||||||||||||||
Derivative Liabilities | 1 | 2 | |||||||||||||||||||||||||
Current Liabilities | Foreign currency | Dominion Energy Gas Holdings, LLC | |||||||||||||||||||||||||||
Derivatives Fair Value [Line Items] | |||||||||||||||||||||||||||
Derivative Liabilities | 1 | 2 | |||||||||||||||||||||||||
Noncurrent Liabilities [Member] | |||||||||||||||||||||||||||
Derivatives Fair Value [Line Items] | |||||||||||||||||||||||||||
Derivative Liabilities | [10] | 250 | 122 | ||||||||||||||||||||||||
Noncurrent Liabilities [Member] | Virginia Electric and Power Company | |||||||||||||||||||||||||||
Derivatives Fair Value [Line Items] | |||||||||||||||||||||||||||
Derivative Liabilities | [11] | 140 | 78 | ||||||||||||||||||||||||
Noncurrent Liabilities [Member] | Dominion Energy Gas Holdings, LLC | |||||||||||||||||||||||||||
Derivatives Fair Value [Line Items] | |||||||||||||||||||||||||||
Derivative Liabilities | [12] | 23 | 8 | ||||||||||||||||||||||||
Noncurrent Liabilities [Member] | Commodity | |||||||||||||||||||||||||||
Derivatives Fair Value [Line Items] | |||||||||||||||||||||||||||
Derivative Liabilities | 7 | 6 | |||||||||||||||||||||||||
Noncurrent Liabilities [Member] | Commodity | Virginia Electric and Power Company | |||||||||||||||||||||||||||
Derivatives Fair Value [Line Items] | |||||||||||||||||||||||||||
Derivative Liabilities | 3 | ||||||||||||||||||||||||||
Noncurrent Liabilities [Member] | Interest rate | |||||||||||||||||||||||||||
Derivatives Fair Value [Line Items] | |||||||||||||||||||||||||||
Derivative Liabilities | 243 | 116 | |||||||||||||||||||||||||
Noncurrent Liabilities [Member] | Interest rate | Virginia Electric and Power Company | |||||||||||||||||||||||||||
Derivatives Fair Value [Line Items] | |||||||||||||||||||||||||||
Derivative Liabilities | 137 | 78 | |||||||||||||||||||||||||
Noncurrent Liabilities [Member] | Interest rate | Dominion Energy Gas Holdings, LLC | |||||||||||||||||||||||||||
Derivatives Fair Value [Line Items] | |||||||||||||||||||||||||||
Derivative Liabilities | 23 | 8 | |||||||||||||||||||||||||
Designated as Hedging Instrument | |||||||||||||||||||||||||||
Derivatives Fair Value [Line Items] | |||||||||||||||||||||||||||
Derivative Asset | 66 | 105 | |||||||||||||||||||||||||
Derivative Liabilities | 328 | 166 | |||||||||||||||||||||||||
Designated as Hedging Instrument | Virginia Electric and Power Company | |||||||||||||||||||||||||||
Derivatives Fair Value [Line Items] | |||||||||||||||||||||||||||
Derivative Asset | 3 | ||||||||||||||||||||||||||
Derivative Liabilities | 181 | 88 | |||||||||||||||||||||||||
Designated as Hedging Instrument | Dominion Energy Gas Holdings, LLC | |||||||||||||||||||||||||||
Derivatives Fair Value [Line Items] | |||||||||||||||||||||||||||
Derivative Asset | 13 | 31 | |||||||||||||||||||||||||
Derivative Liabilities | 42 | 19 | |||||||||||||||||||||||||
Designated as Hedging Instrument | Current Assets | |||||||||||||||||||||||||||
Derivatives Fair Value [Line Items] | |||||||||||||||||||||||||||
Derivative Asset | [1] | 37 | 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] | 5 | |||||||||||||||||||||||||
Designated as Hedging Instrument | Current Assets | Commodity | |||||||||||||||||||||||||||
Derivatives Fair Value [Line Items] | |||||||||||||||||||||||||||
Derivative Asset | 35 | 55 | |||||||||||||||||||||||||
Designated as Hedging Instrument | Current Assets | Commodity | Dominion Energy Gas Holdings, LLC | |||||||||||||||||||||||||||
Derivatives Fair Value [Line Items] | |||||||||||||||||||||||||||
Derivative Asset | 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] | 29 | 36 | ||||||||||||||||||||||||
Designated as Hedging Instrument | Noncurrent Assets | Dominion Energy Gas Holdings, LLC | |||||||||||||||||||||||||||
Derivatives Fair Value [Line Items] | |||||||||||||||||||||||||||
Derivative Asset | [6] | 13 | 26 | ||||||||||||||||||||||||
Designated as Hedging Instrument | Noncurrent Assets | Commodity | |||||||||||||||||||||||||||
Derivatives Fair Value [Line Items] | |||||||||||||||||||||||||||
Derivative Asset | 15 | 6 | |||||||||||||||||||||||||
Designated as Hedging Instrument | Noncurrent Assets | Interest rate | |||||||||||||||||||||||||||
Derivatives Fair Value [Line Items] | |||||||||||||||||||||||||||
Derivative Asset | 1 | 4 | |||||||||||||||||||||||||
Designated as Hedging Instrument | Noncurrent Assets | Foreign currency | |||||||||||||||||||||||||||
Derivatives Fair Value [Line Items] | |||||||||||||||||||||||||||
Derivative Asset | 13 | 26 | |||||||||||||||||||||||||
Designated as Hedging Instrument | Noncurrent Assets | Foreign currency | Dominion Energy Gas Holdings, LLC | |||||||||||||||||||||||||||
Derivatives Fair Value [Line Items] | |||||||||||||||||||||||||||
Derivative Asset | 13 | 26 | |||||||||||||||||||||||||
Designated as Hedging Instrument | Current Liabilities | |||||||||||||||||||||||||||
Derivatives Fair Value [Line Items] | |||||||||||||||||||||||||||
Derivative Liabilities | [7] | 97 | 45 | ||||||||||||||||||||||||
Designated as Hedging Instrument | Current Liabilities | Virginia Electric and Power Company | |||||||||||||||||||||||||||
Derivatives Fair Value [Line Items] | |||||||||||||||||||||||||||
Derivative Liabilities | [8] | 44 | 10 | ||||||||||||||||||||||||
Designated as Hedging Instrument | Current Liabilities | Dominion Energy Gas Holdings, LLC | |||||||||||||||||||||||||||
Derivatives Fair Value [Line Items] | |||||||||||||||||||||||||||
Derivative Liabilities | [9] | 19 | 11 | ||||||||||||||||||||||||
Designated as Hedging Instrument | Current Liabilities | Commodity | |||||||||||||||||||||||||||
Derivatives Fair Value [Line Items] | |||||||||||||||||||||||||||
Derivative Liabilities | 17 | 17 | |||||||||||||||||||||||||
Designated as Hedging Instrument | Current Liabilities | Interest rate | |||||||||||||||||||||||||||
Derivatives Fair Value [Line Items] | |||||||||||||||||||||||||||
Derivative Liabilities | 79 | 26 | |||||||||||||||||||||||||
Designated as Hedging Instrument | Current Liabilities | Interest rate | Virginia Electric and Power Company | |||||||||||||||||||||||||||
Derivatives Fair Value [Line Items] | |||||||||||||||||||||||||||
Derivative Liabilities | 44 | 10 | |||||||||||||||||||||||||
Designated as Hedging Instrument | Current Liabilities | Interest rate | Dominion Energy Gas Holdings, LLC | |||||||||||||||||||||||||||
Derivatives Fair Value [Line Items] | |||||||||||||||||||||||||||
Derivative Liabilities | 18 | 9 | |||||||||||||||||||||||||
Designated as Hedging Instrument | Current Liabilities | Foreign currency | |||||||||||||||||||||||||||
Derivatives Fair Value [Line Items] | |||||||||||||||||||||||||||
Derivative Liabilities | 1 | 2 | |||||||||||||||||||||||||
Designated as Hedging Instrument | Current Liabilities | Foreign currency | Dominion Energy Gas Holdings, LLC | |||||||||||||||||||||||||||
Derivatives Fair Value [Line Items] | |||||||||||||||||||||||||||
Derivative Liabilities | 1 | 2 | |||||||||||||||||||||||||
Designated as Hedging Instrument | Noncurrent Liabilities [Member] | |||||||||||||||||||||||||||
Derivatives Fair Value [Line Items] | |||||||||||||||||||||||||||
Derivative Liabilities | [10] | 231 | 121 | ||||||||||||||||||||||||
Designated as Hedging Instrument | Noncurrent Liabilities [Member] | Virginia Electric and Power Company | |||||||||||||||||||||||||||
Derivatives Fair Value [Line Items] | |||||||||||||||||||||||||||
Derivative Liabilities | [11] | 137 | 78 | ||||||||||||||||||||||||
Designated as Hedging Instrument | Noncurrent Liabilities [Member] | Dominion Energy Gas Holdings, LLC | |||||||||||||||||||||||||||
Derivatives Fair Value [Line Items] | |||||||||||||||||||||||||||
Derivative Liabilities | [12] | 23 | 8 | ||||||||||||||||||||||||
Designated as Hedging Instrument | Noncurrent Liabilities [Member] | Commodity | |||||||||||||||||||||||||||
Derivatives Fair Value [Line Items] | |||||||||||||||||||||||||||
Derivative Liabilities | 1 | 5 | |||||||||||||||||||||||||
Designated as Hedging Instrument | Noncurrent Liabilities [Member] | Interest rate | |||||||||||||||||||||||||||
Derivatives Fair Value [Line Items] | |||||||||||||||||||||||||||
Derivative Liabilities | 230 | 116 | |||||||||||||||||||||||||
Designated as Hedging Instrument | Noncurrent Liabilities [Member] | Interest rate | Virginia Electric and Power Company | |||||||||||||||||||||||||||
Derivatives Fair Value [Line Items] | |||||||||||||||||||||||||||
Derivative Liabilities | 137 | 78 | |||||||||||||||||||||||||
Designated as Hedging Instrument | Noncurrent Liabilities [Member] | Interest rate | Dominion Energy Gas Holdings, LLC | |||||||||||||||||||||||||||
Derivatives Fair Value [Line Items] | |||||||||||||||||||||||||||
Derivative Liabilities | 23 | 8 | |||||||||||||||||||||||||
Fair Value - Derivatives not under Hedge Accounting | |||||||||||||||||||||||||||
Derivatives Fair Value [Line Items] | |||||||||||||||||||||||||||
Derivative Asset | 107 | 189 | |||||||||||||||||||||||||
Derivative Liabilities | 41 | 113 | |||||||||||||||||||||||||
Fair Value - Derivatives not under Hedge Accounting | Virginia Electric and Power Company | |||||||||||||||||||||||||||
Derivatives Fair Value [Line Items] | |||||||||||||||||||||||||||
Derivative Asset | 66 | 90 | |||||||||||||||||||||||||
Derivative Liabilities | 9 | 15 | |||||||||||||||||||||||||
Fair Value - Derivatives not under Hedge Accounting | Current Assets | |||||||||||||||||||||||||||
Derivatives Fair Value [Line Items] | |||||||||||||||||||||||||||
Derivative Asset | [1] | 59 | 154 | ||||||||||||||||||||||||
Fair Value - Derivatives not under Hedge Accounting | Current Assets | Virginia Electric and Power Company | |||||||||||||||||||||||||||
Derivatives Fair Value [Line Items] | |||||||||||||||||||||||||||
Derivative Asset | [2] | 24 | 60 | ||||||||||||||||||||||||
Fair Value - Derivatives not under Hedge Accounting | Current Assets | Commodity | |||||||||||||||||||||||||||
Derivatives Fair Value [Line Items] | |||||||||||||||||||||||||||
Derivative Asset | 59 | 154 | |||||||||||||||||||||||||
Fair Value - Derivatives not under Hedge Accounting | Current Assets | Commodity | Virginia Electric and Power Company | |||||||||||||||||||||||||||
Derivatives Fair Value [Line Items] | |||||||||||||||||||||||||||
Derivative Asset | 24 | 60 | |||||||||||||||||||||||||
Fair Value - Derivatives not under Hedge Accounting | Noncurrent Assets | |||||||||||||||||||||||||||
Derivatives Fair Value [Line Items] | |||||||||||||||||||||||||||
Derivative Asset | [4] | 48 | 35 | ||||||||||||||||||||||||
Fair Value - Derivatives not under Hedge Accounting | Noncurrent Assets | Virginia Electric and Power Company | |||||||||||||||||||||||||||
Derivatives Fair Value [Line Items] | |||||||||||||||||||||||||||
Derivative Asset | [5] | 42 | 30 | ||||||||||||||||||||||||
Fair Value - Derivatives not under Hedge Accounting | Noncurrent Assets | Commodity | |||||||||||||||||||||||||||
Derivatives Fair Value [Line Items] | |||||||||||||||||||||||||||
Derivative Asset | 48 | 35 | |||||||||||||||||||||||||
Fair Value - Derivatives not under Hedge Accounting | Noncurrent Assets | Commodity | Virginia Electric and Power Company | |||||||||||||||||||||||||||
Derivatives Fair Value [Line Items] | |||||||||||||||||||||||||||
Derivative Asset | 42 | 30 | |||||||||||||||||||||||||
Fair Value - Derivatives not under Hedge Accounting | Current Liabilities | |||||||||||||||||||||||||||
Derivatives Fair Value [Line Items] | |||||||||||||||||||||||||||
Derivative Liabilities | [7] | 22 | 112 | ||||||||||||||||||||||||
Fair Value - Derivatives not under Hedge Accounting | Current Liabilities | Virginia Electric and Power Company | |||||||||||||||||||||||||||
Derivatives Fair Value [Line Items] | |||||||||||||||||||||||||||
Derivative Liabilities | [8] | 6 | 15 | ||||||||||||||||||||||||
Fair Value - Derivatives not under Hedge Accounting | Current Liabilities | Commodity | |||||||||||||||||||||||||||
Derivatives Fair Value [Line Items] | |||||||||||||||||||||||||||
Derivative Liabilities | 21 | 112 | |||||||||||||||||||||||||
Fair Value - Derivatives not under Hedge Accounting | Current Liabilities | Commodity | Virginia Electric and Power Company | |||||||||||||||||||||||||||
Derivatives Fair Value [Line Items] | |||||||||||||||||||||||||||
Derivative Liabilities | 6 | 15 | |||||||||||||||||||||||||
Fair Value - Derivatives not under Hedge Accounting | Current Liabilities | Interest rate | |||||||||||||||||||||||||||
Derivatives Fair Value [Line Items] | |||||||||||||||||||||||||||
Derivative Liabilities | 1 | ||||||||||||||||||||||||||
Fair Value - Derivatives not under Hedge Accounting | Noncurrent Liabilities [Member] | |||||||||||||||||||||||||||
Derivatives Fair Value [Line Items] | |||||||||||||||||||||||||||
Derivative Liabilities | [10] | 19 | 1 | ||||||||||||||||||||||||
Fair Value - Derivatives not under Hedge Accounting | Noncurrent Liabilities [Member] | Virginia Electric and Power Company | |||||||||||||||||||||||||||
Derivatives Fair Value [Line Items] | |||||||||||||||||||||||||||
Derivative Liabilities | [11] | 3 | |||||||||||||||||||||||||
Fair Value - Derivatives not under Hedge Accounting | Noncurrent Liabilities [Member] | Commodity | |||||||||||||||||||||||||||
Derivatives Fair Value [Line Items] | |||||||||||||||||||||||||||
Derivative Liabilities | 6 | $ 1 | |||||||||||||||||||||||||
Fair Value - Derivatives not under Hedge Accounting | Noncurrent Liabilities [Member] | Commodity | Virginia Electric and Power Company | |||||||||||||||||||||||||||
Derivatives Fair Value [Line Items] | |||||||||||||||||||||||||||
Derivative Liabilities | 3 | ||||||||||||||||||||||||||
Fair Value - Derivatives not under Hedge Accounting | Noncurrent Liabilities [Member] | Interest rate | |||||||||||||||||||||||||||
Derivatives Fair Value [Line Items] | |||||||||||||||||||||||||||
Derivative Liabilities | $ 13 | ||||||||||||||||||||||||||
|
Derivatives and Hedge Accounting Activities (Volume of Derivative Activity) (Detail) |
3 Months Ended | |||||||||
---|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2019
USD ($)
MWh
Bcf
gal
| ||||||||||
Fixed Price - Natural Gas - Current Derivative Contract | ||||||||||
Derivative [Line Items] | ||||||||||
Volume of derivative activity | Bcf | 78 | |||||||||
Fixed Price - Natural Gas - Current Derivative Contract | Virginia Electric and Power Company | ||||||||||
Derivative [Line Items] | ||||||||||
Volume of derivative activity | Bcf | 20 | [1] | ||||||||
Fixed Price - Natural Gas - Non-current Derivative Contract | ||||||||||
Derivative [Line Items] | ||||||||||
Volume of derivative activity | Bcf | 61 | |||||||||
Fixed Price - Natural Gas - Non-current Derivative Contract | Virginia Electric and Power Company | ||||||||||
Derivative [Line Items] | ||||||||||
Volume of derivative activity | Bcf | 26 | [1] | ||||||||
Basis - Natural Gas - Current Derivative Contract | ||||||||||
Derivative [Line Items] | ||||||||||
Volume of derivative activity | Bcf | 277 | |||||||||
Basis - Natural Gas - Current Derivative Contract | Virginia Electric and Power Company | ||||||||||
Derivative [Line Items] | ||||||||||
Volume of derivative activity | Bcf | 182 | |||||||||
Basis - Natural Gas - Non-current Derivative Contract | ||||||||||
Derivative [Line Items] | ||||||||||
Volume of derivative activity | Bcf | 547 | |||||||||
Basis - Natural Gas - Non-current Derivative Contract | Virginia Electric and Power Company | ||||||||||
Derivative [Line Items] | ||||||||||
Volume of derivative activity | Bcf | 473 | |||||||||
Fixed Price - Electricity - Current Derivative Contract | ||||||||||
Derivative [Line Items] | ||||||||||
Volume of electricity | MWh | 7,915,870 | |||||||||
Fixed Price - Electricity - Non-current Derivative Contract | ||||||||||
Derivative [Line Items] | ||||||||||
Volume of electricity | MWh | 1,100,600 | |||||||||
Financial Transmission Rights - Electricity- Current Derivative Contract | ||||||||||
Derivative [Line Items] | ||||||||||
Volume of electricity | MWh | 18,146,928 | |||||||||
Financial Transmission Rights - Electricity- Current Derivative Contract | Virginia Electric and Power Company | ||||||||||
Derivative [Line Items] | ||||||||||
Volume of electricity | MWh | 18,146,928 | |||||||||
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 - Current Derivative Contract | ||||||||||
Derivative [Line Items] | ||||||||||
Volume of derivative activity | gal | 25,074,000 | |||||||||
NGLs - Current Derivative Contract | Dominion Energy Gas Holdings, LLC | ||||||||||
Derivative [Line Items] | ||||||||||
Volume of derivative activity | gal | 25,074,000 | |||||||||
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 - Current Derivative Contract | ||||||||||
Derivative [Line Items] | ||||||||||
Interest rate / Foreign currency (US Dollars, Euros) | $ 2,554,400,000 | |||||||||
Interest Rate - Current Derivative Contract | Virginia Electric and Power Company | ||||||||||
Derivative [Line Items] | ||||||||||
Interest rate / Foreign currency (US Dollars, Euros) | 850,000,000 | [2] | ||||||||
Interest Rate - Current Derivative Contract | Dominion Energy Gas Holdings, LLC | ||||||||||
Derivative [Line Items] | ||||||||||
Interest rate / Foreign currency (US Dollars, Euros) | 300,000,000 | [3] | ||||||||
Interest Rate - Non-current Derivative Contract | ||||||||||
Derivative [Line Items] | ||||||||||
Interest rate / Foreign currency (US Dollars, Euros) | 5,001,010,256 | |||||||||
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 | [2] | ||||||||
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 | [3] | ||||||||
Foreign Exchange - Current Derivative Contract | ||||||||||
Derivative [Line Items] | ||||||||||
Interest rate / Foreign currency (US Dollars, Euros) | 0 | |||||||||
Foreign Exchange - Current Derivative Contract | Dominion Energy Gas Holdings, LLC | ||||||||||
Derivative [Line Items] | ||||||||||
Interest rate / Foreign currency (US Dollars, Euros) | 0 | [3],[4] | ||||||||
Foreign Exchange - Non- Current Derivative Contract | ||||||||||
Derivative [Line Items] | ||||||||||
Interest rate / Foreign currency (US Dollars, Euros) | 280,000,000 | |||||||||
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] | ||||||||
|
Fair Value Measurements (Assets and Liabilities that are Measured at Fair Value on a Recurring Basis) (Detail) - USD ($) $ in Millions |
Mar. 31, 2019 |
Dec. 31, 2018 |
|||||
---|---|---|---|---|---|---|---|
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||
Derivative Asset | $ 173 | $ 294 | |||||
Derivative Liabilities | 369 | 279 | |||||
Virginia Electric and Power Company | |||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||
Derivative Asset | 66 | 93 | |||||
Derivative Liabilities | 190 | 103 | |||||
Dominion Energy Gas Holdings, LLC | |||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||
Derivative Asset | 13 | 31 | |||||
Derivative Liabilities | 42 | 19 | |||||
Fair Value, Measurements, Recurring | |||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||
Total assets | 5,488 | 5,156 | |||||
Total Liabilities | 369 | 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 | 2,502 | 2,297 | |||||
Total Liabilities | 190 | 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 | 13 | 31 | |||||
Total Liabilities | 42 | 19 | |||||
Fair Value, Measurements, Recurring | Equity securities: | U.S. | |||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||
Investments | [1] | 3,688 | 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] | 1,683 | 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] | 470 | 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] | 233 | 221 | ||||
Fair Value, Measurements, Recurring | Fixed Income | Government Securities | |||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||
Investments | [1] | 1,146 | 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] | 520 | 507 | ||||
Fair Value, Measurements, Recurring | Cash equivalents and other | |||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||
Investments | [1] | 11 | 11 | ||||
Fair Value, Measurements, Recurring | Commodity | |||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||
Derivative Asset | 157 | 250 | |||||
Derivative Liabilities | 45 | 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 | 66 | 90 | |||||
Derivative Liabilities | 9 | 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 | 3 | ||||||
Fair Value, Measurements, Recurring | Interest rate | |||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||
Derivative Asset | 3 | 18 | |||||
Derivative Liabilities | 323 | 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 | 181 | 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 | 41 | 17 | |||||
Fair Value, Measurements, Recurring | Foreign currency | |||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||
Derivative Asset | 13 | 26 | |||||
Derivative Liabilities | 1 | 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 | 13 | 26 | |||||
Derivative Liabilities | 1 | 2 | |||||
Fair Value, Measurements, Recurring | Level 1 | |||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||
Total assets | 4,169 | 3,743 | |||||
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 | 1,875 | 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] | 3,688 | 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] | 1,683 | 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] | 468 | 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] | 192 | 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] | 11 | 11 | ||||
Fair Value, Measurements, Recurring | Level 1 | Commodity | |||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||
Derivative Asset | 2 | ||||||
Fair Value, Measurements, Recurring | Level 2 | |||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||
Total assets | 1,256 | 1,343 | |||||
Total Liabilities | 359 | 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 | 565 | 591 | |||||
Total Liabilities | 187 | 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 | 13 | 31 | |||||
Total Liabilities | 42 | 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] | 470 | 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] | 233 | 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] | 678 | 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] | 328 | 343 | ||||
Fair Value, Measurements, Recurring | Level 2 | Commodity | |||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||
Derivative Asset | 92 | 180 | |||||
Derivative Liabilities | 35 | 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 | 4 | 24 | |||||
Derivative Liabilities | 6 | 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 | 3 | ||||||
Fair Value, Measurements, Recurring | Level 2 | Interest rate | |||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||
Derivative Asset | 3 | 18 | |||||
Derivative Liabilities | 323 | 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 | 181 | 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 | 41 | 17 | |||||
Fair Value, Measurements, Recurring | Level 2 | Foreign currency | |||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||
Derivative Asset | 13 | 26 | |||||
Derivative Liabilities | 1 | 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 | 13 | 26 | |||||
Derivative Liabilities | 1 | 2 | |||||
Fair Value, Measurements, Recurring | Level 3 | |||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||
Total assets | 63 | 70 | |||||
Total Liabilities | 10 | 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 | 62 | 66 | |||||
Total Liabilities | 3 | 6 | |||||
Fair Value, Measurements, Recurring | Level 3 | Commodity | |||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||
Derivative Asset | 63 | 70 | |||||
Derivative Liabilities | 10 | 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 | 62 | 66 | |||||
Derivative Liabilities | $ 3 | $ 6 | |||||
|
Leases (Tables) |
Nov. 18, 2019 |
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Leases [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Lease Assets and Liabilities Recorded in Consolidated Balance Sheets | At March 31, 2019, the Companies had the following lease assets and liabilities recorded in the Consolidated Balance Sheets:
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Summary of Total Lease Cost | For the three months ended March 31, 2019, total lease cost associated with the Companies’ lessee leasing arrangements consisted of the following:
|
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Cash Paid for Amounts Included in Measurement of Lease Liabilities | For the three months ended March 31, 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:
|
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Weighted Average Remaining Lease Term and Weighted Discounted Rate for Finance and Operating Leases | At March 31, 2019, the weighted average remaining lease term and weighted discount rate for the Companies’ finance and operating leases were as follows:
|
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Scheduled Maturities of Lease Liabilities | The Companies’ lease liabilities have the following scheduled maturities:
|
Consolidated Statements of Equity (Unaudited) - USD ($) $ in Millions |
Total |
Common Stock |
Retained Earnings |
AOCI |
Total Common 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 | 645,000,000 | ||||||||
Cumulative-effect of changes in accounting principles | 6 | $ (127) | 1,029 | (1,023) | (121) | 127 | |||
Net income (loss) including noncontrolling interests | 526 | 503 | 503 | 23 | |||||
Issuance of common stock | 580 | $ 580 | 580 | ||||||
Issuance of common stock (in shares) | 8,000,000 | ||||||||
Sale of Dominion Energy Midstream common units - net of offering costs | 4 | 4 | |||||||
Stock awards (net of change in unearned compensation) | 3 | $ 3 | 3 | ||||||
Dividends and distributions | (575) | (544) | (544) | (31) | |||||
Other comprehensive income (loss), net of tax | 132 | 131 | 131 | 1 | |||||
Other | (4) | (5) | (5) | 1 | |||||
Ending balance at Mar. 31, 2018 | 20,042 | $ 10,316 | 8,924 | (1,551) | 17,689 | 2,353 | |||
Ending balance (in shares) at Mar. 31, 2018 | 653,000,000 | ||||||||
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 | 681,000,000 | ||||||||
Net income (loss) including noncontrolling interests | (677) | (680) | (680) | 3 | |||||
Issuance of common stock | 247 | $ 247 | 247 | ||||||
Issuance of common stock (in shares) | 3,000,000 | ||||||||
Acquisition of SCANA | 6,818 | $ 6,818 | 6,818 | ||||||
Acquisition of SCANA (in shares) | 96,000,000 | ||||||||
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) | 22,000,000 | ||||||||
Dividends and distributions | (766) | (733) | (733) | (33) | |||||
Other comprehensive income (loss), net of tax | (31) | (31) | (31) | ||||||
Ending balance at Mar. 31, 2019 | $ 27,599 | $ 20,834 | $ 7,806 | $ (1,731) | $ 26,909 | $ 690 | |||
Ending balance (in shares) at Mar. 31, 2019 | 802,000,000 | ||||||||
|
Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Millions |
3 Months Ended | ||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2019 |
Mar. 31, 2018 |
||||||||||||||||||||||
Net income (loss) including noncontrolling interests | $ (677) | $ 526 | |||||||||||||||||||||
Net income | (680) | 503 | |||||||||||||||||||||
Other comprehensive income (loss), net of taxes: | |||||||||||||||||||||||
Net deferred gains (losses) on derivatives-hedging activities | [1] | (24) | 111 | ||||||||||||||||||||
Changes in unrealized net gains (losses) on investment securities | [2] | 16 | (13) | ||||||||||||||||||||
Amounts reclassified to net income: | |||||||||||||||||||||||
Net derivative (gains) losses-hedging activities | [3] | (31) | 8 | ||||||||||||||||||||
Net realized (gains) losses on investment securities | [4] | 1 | |||||||||||||||||||||
Net pension and other postretirement benefit costs | [5] | 8 | 25 | ||||||||||||||||||||
Total other comprehensive income (loss) | (31) | 132 | |||||||||||||||||||||
Comprehensive income (loss) including noncontrolling interests | (708) | 658 | |||||||||||||||||||||
Comprehensive income attributable to noncontrolling interests | 3 | 24 | |||||||||||||||||||||
Comprehensive income (loss) | (711) | 634 | |||||||||||||||||||||
Virginia Electric and Power Company | |||||||||||||||||||||||
Net income | 20 | 184 | |||||||||||||||||||||
Other comprehensive income (loss), net of taxes: | |||||||||||||||||||||||
Net deferred gains (losses) on derivatives-hedging activities | [6] | (7) | 5 | ||||||||||||||||||||
Changes in unrealized net gains (losses) on investment securities | [7] | 2 | |||||||||||||||||||||
Amounts reclassified to net income: | |||||||||||||||||||||||
Total other comprehensive income (loss) | (5) | 5 | |||||||||||||||||||||
Comprehensive income (loss) | 15 | 189 | |||||||||||||||||||||
Dominion Energy Gas Holdings, LLC | |||||||||||||||||||||||
Net income (loss) including noncontrolling interests | 226 | 213 | |||||||||||||||||||||
Net income | 190 | 180 | |||||||||||||||||||||
Other comprehensive income (loss), net of taxes: | |||||||||||||||||||||||
Net deferred gains (losses) on derivatives-hedging activities | [8] | (27) | 14 | ||||||||||||||||||||
Amounts reclassified to net income: | |||||||||||||||||||||||
Net derivative (gains) losses-hedging activities | [9] | 3 | (2) | ||||||||||||||||||||
Net pension and other postretirement benefit costs | [10] | 1 | 1 | ||||||||||||||||||||
Total other comprehensive income (loss) | (23) | 13 | |||||||||||||||||||||
Comprehensive income (loss) including noncontrolling interests | 203 | 226 | |||||||||||||||||||||
Comprehensive income attributable to noncontrolling interests | 35 | 34 | |||||||||||||||||||||
Comprehensive income (loss) | $ 168 | $ 192 | |||||||||||||||||||||
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Derivatives and Hedge Accounting Activities (Tables) |
Nov. 18, 2019 |
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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:
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Offsetting Liabilities |
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Schedule of Volume of Derivative Activity | The following table presents the volume of Dominion Energy’s derivative activity at March 31, 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.
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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 March 31, 2019:
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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:
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Fair Value of Derivatives | 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:
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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.
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Schedule of Other Derivatives Not Designated as Hedging Instruments, Statements of Financial Performance |
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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:
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Offsetting Liabilities |
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Schedule of Volume of Derivative Activity | The following table presents the volume of Virginia Power’s derivative activity at March 31, 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.
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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 March 31, 2019:
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Fair Value of Derivatives | 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:
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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:
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Schedule of Other Derivatives Not Designated as Hedging Instruments, Statements of Financial Performance |
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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:
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Offsetting Liabilities |
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Schedule of Volume of Derivative Activity | The following table presents the volume of Dominion Energy Gas’ derivative activity at March 31, 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.
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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 March 31, 2019:
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Fair Value of Derivatives | 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:
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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:
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Employee Benefit Plans (Tables) |
Nov. 18, 2019 |
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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:
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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:
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Operating Revenue (Schedule of Operating Revenue) (Detail) - USD ($) $ in Millions |
3 Months Ended | ||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2019 |
Mar. 31, 2018 |
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Public Utilities General Disclosures [Line Items] | |||||||||||||||
Operating revenue from contracts with customers | $ 3,631 | $ 3,324 | |||||||||||||
Other revenues | 227 | 142 | |||||||||||||
Operating revenue | [1] | 3,858 | 3,466 | ||||||||||||
Regulated Electric Sales | Residential | |||||||||||||||
Public Utilities General Disclosures [Line Items] | |||||||||||||||
Operating revenue from contracts with customers | 646 | 817 | |||||||||||||
Regulated Electric Sales | Commercial | |||||||||||||||
Public Utilities General Disclosures [Line Items] | |||||||||||||||
Operating revenue from contracts with customers | 496 | 524 | |||||||||||||
Regulated Electric Sales | Industrial | |||||||||||||||
Public Utilities General Disclosures [Line Items] | |||||||||||||||
Operating revenue from contracts with customers | 30 | 107 | |||||||||||||
Regulated Electric Sales | Government and Other Retail | |||||||||||||||
Public Utilities General Disclosures [Line Items] | |||||||||||||||
Operating revenue from contracts with customers | 200 | 213 | |||||||||||||
Regulated Electric Sales | Wholesale | |||||||||||||||
Public Utilities General Disclosures [Line Items] | |||||||||||||||
Operating revenue from contracts with customers | 48 | 42 | |||||||||||||
Nonregulated Electric Sales | |||||||||||||||
Public Utilities General Disclosures [Line Items] | |||||||||||||||
Operating revenue from contracts with customers | 316 | 418 | |||||||||||||
Regulated Gas Sales | Residential | |||||||||||||||
Public Utilities General Disclosures [Line Items] | |||||||||||||||
Operating revenue from contracts with customers | 602 | 364 | |||||||||||||
Regulated Gas Sales | Commercial | |||||||||||||||
Public Utilities General Disclosures [Line Items] | |||||||||||||||
Operating revenue from contracts with customers | 191 | 103 | |||||||||||||
Regulated Gas Sales | Other | |||||||||||||||
Public Utilities General Disclosures [Line Items] | |||||||||||||||
Operating revenue from contracts with customers | 38 | 10 | |||||||||||||
Nonregulated Gas Sales | |||||||||||||||
Public Utilities General Disclosures [Line Items] | |||||||||||||||
Operating revenue from contracts with customers | 247 | 88 | |||||||||||||
Regulated Gas Transporation and Storage | FERC-regulated | |||||||||||||||
Public Utilities General Disclosures [Line Items] | |||||||||||||||
Operating revenue from contracts with customers | 277 | 262 | |||||||||||||
Regulated Gas Transporation and Storage | State-regulated | |||||||||||||||
Public Utilities General Disclosures [Line Items] | |||||||||||||||
Operating revenue from contracts with customers | 213 | 190 | |||||||||||||
Nonregulated Gas Transporation and Storage | |||||||||||||||
Public Utilities General Disclosures [Line Items] | |||||||||||||||
Operating revenue from contracts with customers | 174 | 0 | |||||||||||||
Other Regulated Revenues | |||||||||||||||
Public Utilities General Disclosures [Line Items] | |||||||||||||||
Operating revenue from contracts with customers | [2] | 58 | 50 | ||||||||||||
Other Nonregulated Revenues | |||||||||||||||
Public Utilities General Disclosures [Line Items] | |||||||||||||||
Operating revenue from contracts with customers | [2],[3] | 95 | 136 | ||||||||||||
Virginia Electric and Power Company | |||||||||||||||
Public Utilities General Disclosures [Line Items] | |||||||||||||||
Operating revenue from contracts with customers | 1,951 | 1,748 | |||||||||||||
Other revenues | [3],[4] | 14 | 0 | ||||||||||||
Operating revenue | [5] | 1,965 | 1,748 | ||||||||||||
Virginia Electric and Power Company | Regulated Electric Sales | Residential | |||||||||||||||
Public Utilities General Disclosures [Line Items] | |||||||||||||||
Operating revenue from contracts with customers | 923 | 817 | |||||||||||||
Virginia Electric and Power Company | Regulated Electric Sales | Commercial | |||||||||||||||
Public Utilities General Disclosures [Line Items] | |||||||||||||||
Operating revenue from contracts with customers | 636 | 524 | |||||||||||||
Virginia Electric and Power Company | Regulated Electric Sales | Industrial | |||||||||||||||
Public Utilities General Disclosures [Line Items] | |||||||||||||||
Operating revenue from contracts with customers | 112 | 107 | |||||||||||||
Virginia Electric and Power Company | Regulated Electric Sales | Government and Other Retail | |||||||||||||||
Public Utilities General Disclosures [Line Items] | |||||||||||||||
Operating revenue from contracts with customers | 204 | 213 | |||||||||||||
Virginia Electric and Power Company | Regulated Electric Sales | Wholesale | |||||||||||||||
Public Utilities General Disclosures [Line Items] | |||||||||||||||
Operating revenue from contracts with customers | 37 | 42 | |||||||||||||
Virginia Electric and Power Company | Other Regulated Revenues | |||||||||||||||
Public Utilities General Disclosures [Line Items] | |||||||||||||||
Operating revenue from contracts with customers | 33 | 32 | |||||||||||||
Virginia Electric and Power Company | Other Nonregulated Revenues | |||||||||||||||
Public Utilities General Disclosures [Line Items] | |||||||||||||||
Operating revenue from contracts with customers | [3] | 6 | 13 | ||||||||||||
Dominion Energy Gas Holdings, LLC | |||||||||||||||
Public Utilities General Disclosures [Line Items] | |||||||||||||||
Operating revenue from contracts with customers | 565 | 388 | |||||||||||||
Other revenues | 1 | 1 | |||||||||||||
Operating revenue | [6] | 566 | 389 | ||||||||||||
Dominion Energy Gas Holdings, LLC | Regulated Gas Sales | Wholesale | |||||||||||||||
Public Utilities General Disclosures [Line Items] | |||||||||||||||
Operating revenue from contracts with customers | 2 | 5 | |||||||||||||
Dominion Energy Gas Holdings, LLC | Nonregulated Gas Sales | |||||||||||||||
Public Utilities General Disclosures [Line Items] | |||||||||||||||
Operating revenue from contracts with customers | [3] | 2 | 2 | ||||||||||||
Dominion Energy Gas Holdings, LLC | Regulated Gas Transporation and Storage | |||||||||||||||
Public Utilities General Disclosures [Line Items] | |||||||||||||||
Operating revenue from contracts with customers | 340 | 314 | |||||||||||||
Dominion Energy Gas Holdings, LLC | Nonregulated Gas Transporation and Storage | |||||||||||||||
Public Utilities General Disclosures [Line Items] | |||||||||||||||
Operating revenue from contracts with customers | 174 | 0 | |||||||||||||
Dominion Energy Gas Holdings, LLC | Management Service | |||||||||||||||
Public Utilities General Disclosures [Line Items] | |||||||||||||||
Operating revenue from contracts with customers | [3] | $ 44 | $ 59 | ||||||||||||
|
Investments (Equity and Fixed Income Securities, Insurance Contracts and Cash Equivalents in Decommissioning Trust Funds) (Detail) - USD ($) $ in Millions |
3 Months Ended | 12 Months Ended | ||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2019 |
Dec. 31, 2018 |
|||||||||||||||||||
Investment Holdings [Line Items] | ||||||||||||||||||||
Fixed income securities Recorded Value | $ 1,643 | |||||||||||||||||||
Amortized Cost, Total | 3,557 | $ 3,348 | ||||||||||||||||||
Total Unrealized Gains | 2,046 | 1,662 | ||||||||||||||||||
Total Unrealized Losses | [1] | (23) | (72) | |||||||||||||||||
Recorded Value, Total | 5,580 | 4,938 | [2] | |||||||||||||||||
Fair value of securities in an unrealized loss position | 405 | 833 | ||||||||||||||||||
Net assets related to pending sales and purchases of securities | 4 | |||||||||||||||||||
Virginia Electric and Power Company | ||||||||||||||||||||
Investment Holdings [Line Items] | ||||||||||||||||||||
Fixed income securities Recorded Value | 800 | |||||||||||||||||||
Amortized Cost, Total | 1,659 | 1,643 | ||||||||||||||||||
Total Unrealized Gains | 943 | 760 | ||||||||||||||||||
Total Unrealized Losses | [3] | (11) | (34) | |||||||||||||||||
Recorded Value, Total | 2,591 | 2,369 | [4] | |||||||||||||||||
Fair value of securities in an unrealized loss position | 178 | 404 | ||||||||||||||||||
Net assets related to pending sales and purchases of securities | 7 | 6 | ||||||||||||||||||
Fixed Income | ||||||||||||||||||||
Investment Holdings [Line Items] | ||||||||||||||||||||
Cash equivalents and other Amortized Cost | [5] | 6 | 4 | |||||||||||||||||
Cash equivalents and other Recorded Value | [5] | 6 | 4 | |||||||||||||||||
Common/collective trust funds | Fixed Income | ||||||||||||||||||||
Investment Holdings [Line Items] | ||||||||||||||||||||
Fixed income securities Amortized Cost, Total | [6] | 72 | 76 | |||||||||||||||||
Fixed income securities Recorded Value | [6] | 72 | 76 | |||||||||||||||||
Common/collective trust funds | Fixed Income | Virginia Electric and Power Company | ||||||||||||||||||||
Investment Holdings [Line Items] | ||||||||||||||||||||
Fixed income securities Amortized Cost, Total | [6] | 48 | 51 | |||||||||||||||||
Fixed income securities Recorded Value | [6] | 48 | 51 | |||||||||||||||||
Corporate debt instruments | Fixed Income | ||||||||||||||||||||
Investment Holdings [Line Items] | ||||||||||||||||||||
Fixed income securities Amortized Cost, Total | [6] | 457 | 435 | |||||||||||||||||
Fixed income securities Total Unrealized Gains | [6] | 15 | 5 | |||||||||||||||||
Fixed income securities Total Unrealized Losses | [6] | (2) | (9) | |||||||||||||||||
Fixed income securities Recorded Value | [6] | 470 | 431 | |||||||||||||||||
Corporate debt instruments | Fixed Income | Virginia Electric and Power Company | ||||||||||||||||||||
Investment Holdings [Line Items] | ||||||||||||||||||||
Fixed income securities Amortized Cost, Total | [6] | 227 | 224 | |||||||||||||||||
Fixed income securities Total Unrealized Gains | [6] | 7 | 2 | |||||||||||||||||
Fixed income securities Total Unrealized Losses | [6] | (1) | (5) | |||||||||||||||||
Fixed income securities Recorded Value | [6] | 233 | 221 | |||||||||||||||||
Government Securities | Fixed Income | ||||||||||||||||||||
Investment Holdings [Line Items] | ||||||||||||||||||||
Fixed income securities Amortized Cost, Total | [6] | 1,076 | 1,092 | |||||||||||||||||
Fixed income securities Total Unrealized Gains | [6] | 29 | 17 | |||||||||||||||||
Fixed income securities Total Unrealized Losses | [6] | (4) | (12) | |||||||||||||||||
Fixed income securities Recorded Value | [6] | 1,101 | 1,097 | |||||||||||||||||
Government Securities | Fixed Income | Virginia Electric and Power Company | ||||||||||||||||||||
Investment Holdings [Line Items] | ||||||||||||||||||||
Fixed income securities Amortized Cost, Total | [6] | 506 | 504 | |||||||||||||||||
Fixed income securities Total Unrealized Gains | [6] | 14 | 7 | |||||||||||||||||
Fixed income securities Total Unrealized Losses | [6] | (1) | (5) | |||||||||||||||||
Fixed income securities Recorded Value | [6] | 519 | 506 | |||||||||||||||||
Equity securities: | U.S. | ||||||||||||||||||||
Investment Holdings [Line Items] | ||||||||||||||||||||
Equity securities Amortized Cost | [7] | 1,747 | 1,741 | |||||||||||||||||
Equity securities Total Unrealized Gains | [7] | 2,002 | 1,640 | |||||||||||||||||
Equity securities Total Unrealized Losses | [7] | (17) | (51) | |||||||||||||||||
Equity securities Recorded Value | [7] | 3,732 | 3,330 | |||||||||||||||||
Equity securities: | U.S. | Virginia Electric and Power Company | ||||||||||||||||||||
Investment Holdings [Line Items] | ||||||||||||||||||||
Equity securities Amortized Cost | [7] | 871 | 858 | |||||||||||||||||
Equity securities Total Unrealized Gains | [7] | 922 | 751 | |||||||||||||||||
Equity securities Total Unrealized Losses | [7] | (9) | (24) | |||||||||||||||||
Equity securities Recorded Value | [7] | 1,784 | 1,585 | |||||||||||||||||
Insurance Contracts | ||||||||||||||||||||
Investment Holdings [Line Items] | ||||||||||||||||||||
Fixed income securities Amortized Cost, Total | 199 | |||||||||||||||||||
Fixed income securities Recorded Value | 199 | |||||||||||||||||||
Cash Equivalents and Other | Virginia Electric and Power Company | ||||||||||||||||||||
Investment Holdings [Line Items] | ||||||||||||||||||||
Cash equivalents and other Amortized Cost | [8] | 7 | 6 | |||||||||||||||||
Cash equivalents and other Recorded Value | [8] | $ 7 | $ 6 | |||||||||||||||||
|
Property Plant and Equipment (Narrative) (Detail) $ in Millions |
1 Months Ended | 3 Months Ended | 12 Months Ended | ||||||||
---|---|---|---|---|---|---|---|---|---|---|---|
Apr. 30, 2019
USD ($)
MW
|
Jan. 31, 2019
MW
|
Aug. 31, 2018
project
|
Mar. 31, 2018
USD ($)
a
field
|
Feb. 28, 2018
USD ($)
|
Jan. 31, 2018
a
|
Mar. 31, 2019
USD ($)
|
Mar. 31, 2018
USD ($)
a
field
|
Dec. 31, 2020
USD ($)
MW
|
Dec. 31, 2019
USD ($)
|
Nov. 30, 2014
a
field
|
|
Property Plant And Equipment [Line Items] | |||||||||||
Cost of project | $ 29 | $ 7 | |||||||||
Virginia Electric and Power Company | |||||||||||
Property Plant And Equipment [Line Items] | |||||||||||
Cost of project | $ 27 | ||||||||||
MW Capacity | MW | 1,292 | ||||||||||
Virginia Electric and Power Company | Solar Development Project in Virginia | |||||||||||
Property Plant And Equipment [Line Items] | |||||||||||
Cost of project | $ 37 | ||||||||||
MW Capacity | MW | 20 | ||||||||||
Virginia Electric and Power Company | Two Solar Development Projects | |||||||||||
Property Plant And Equipment [Line Items] | |||||||||||
Number of Projects | project | 2 | ||||||||||
Virginia Electric and Power Company | Two Solar Development Projects | Scenario Forecast | |||||||||||
Property Plant And Equipment [Line Items] | |||||||||||
MW Capacity | MW | 155 | ||||||||||
Virginia Electric and Power Company | First Solar Development Project | Subsequent Event | |||||||||||
Property Plant And Equipment [Line Items] | |||||||||||
Cost of project | $ 120 | ||||||||||
Virginia Electric and Power Company | Second Solar Development Project | Scenario Forecast | |||||||||||
Property Plant And Equipment [Line Items] | |||||||||||
Cost of project | $ 130 | ||||||||||
Dominion Energy Gas Holdings, LLC | Marcellus Shale | Oil and Gas Properties | |||||||||||
Property Plant And Equipment [Line Items] | |||||||||||
Development rights (number of acres) | a | 18,000 | 24,000 | |||||||||
Number of natural gas storage fields | field | 1 | ||||||||||
Gas and oil area developed net remaining interest conveyed percentage | 50.00% | ||||||||||
Amount of consideration | $ 28 | ||||||||||
Dominion Energy Gas Holdings, LLC | Utica and Point Pleasant Shale | Oil and Gas Properties | |||||||||||
Property Plant And Equipment [Line Items] | |||||||||||
Development rights (number of acres) | a | 11,000 | 11,000 | |||||||||
Number of natural gas storage fields | field | 1 | 1 | |||||||||
Amount of consideration | $ 16 | $ 16 | |||||||||
Proceeds from assignment of Shale Development Rights | 16 | ||||||||||
Dominion Energy Gas Holdings, LLC | Other operations and maintenance | Marcellus Shale | Oil and Gas Properties | |||||||||||
Property Plant And Equipment [Line Items] | |||||||||||
Gain on sale | 28 | ||||||||||
After tax gain on sale | $ 20 | ||||||||||
Dominion Energy Gas Holdings, LLC | Other operations and maintenance | Utica and Point Pleasant Shale | Oil and Gas Properties | |||||||||||
Property Plant And Equipment [Line Items] | |||||||||||
Gain on sale | 16 | ||||||||||
After tax gain on sale | $ 12 |
Income Taxes (Reconciliation of Income Taxes at the U.S. Statutory Federal Income Tax Rate) (Detail) |
3 Months Ended | 12 Months Ended | |||
---|---|---|---|---|---|
Mar. 31, 2019 |
Mar. 31, 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 | 2.20% | 4.10% | |||
Investment tax credits | (1.50%) | (0.50%) | |||
Production tax credits | (0.80%) | (0.60%) | |||
Reversal of excess deferred income taxes | (5.10%) | (1.40%) | |||
Write-off of regulatory assets | (34.10%) | ||||
Other, net | (2.00%) | (2.10%) | |||
Effective tax rate | (20.30%) | 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 | 4.60% | 4.50% | |||
Investment tax credits | (3.20%) | (0.90%) | |||
Production tax credits | (1.00%) | (0.70%) | |||
Reversal of excess deferred income taxes | (5.00%) | (2.00%) | |||
Other, net | 0.10% | (0.30%) | |||
Effective tax rate | 16.50% | 21.60% | |||
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 | 3.40% | 5.50% | |||
Reversal of excess deferred income taxes | (0.70%) | (0.80%) | |||
Other, net | [1] | (3.80%) | (4.00%) | ||
Effective tax rate | 19.90% | 21.70% | |||
|
Related-Party Transactions (Narrative) (Detail) - USD ($) shares in Millions |
3 Months Ended | 12 Months Ended | ||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2019 |
Mar. 31, 2018 |
Dec. 31, 2019 |
Dec. 31, 2018 |
|||||||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||||||||||
Facility Limit | [1] | $ 6,000,000,000 | ||||||||||||||||||||
Revenues | [2] | 3,858,000,000 | $ 3,466,000,000 | |||||||||||||||||||
Derivative Asset | 173,000,000 | $ 294,000,000 | ||||||||||||||||||||
Derivative Liabilities | 369,000,000 | 279,000,000 | ||||||||||||||||||||
Virginia Electric and Power Company | ||||||||||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||||||||||
Due From Related Parties Current | 59,000,000 | 101,000,000 | [3] | |||||||||||||||||||
Facility Limit | [4] | 6,000,000,000 | ||||||||||||||||||||
Revenues | [5] | 1,965,000,000 | $ 1,748,000,000 | |||||||||||||||||||
Derivative Asset | 66,000,000 | 93,000,000 | ||||||||||||||||||||
Derivative Liabilities | 190,000,000 | 103,000,000 | ||||||||||||||||||||
Short term demand note | 24,000,000 | 224,000,000 | [3] | |||||||||||||||||||
Outstanding borrowings, net of repayments, under money pool for non-regulated subsidiaries | $ 0 | 0 | ||||||||||||||||||||
Issuance of common stock (in shares) | 0 | 0 | ||||||||||||||||||||
Virginia Electric and Power Company | Pension Benefits | Amounts Associated with the Dominion Pension Plan | ||||||||||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||||||||||
Long Term Debt | $ 661,000,000 | 632,000,000 | ||||||||||||||||||||
Amounts due to Dominion, noncurrent | 661,000,000 | 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] | ||||||||||||||||||||||
Due From Affiliate Noncurrent | 265,000,000 | 254,000,000 | ||||||||||||||||||||
Amounts due from Dominion, noncurrent | 265,000,000 | 254,000,000 | ||||||||||||||||||||
Virginia Electric and Power Company | Affiliated Entity | ||||||||||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||||||||||
Derivative Asset | 6,000,000 | 26,000,000 | ||||||||||||||||||||
Derivative Liabilities | 6,000,000 | 10,000,000 | ||||||||||||||||||||
Virginia Electric and Power Company | Principal Owner | ||||||||||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||||||||||
Short term demand note | 24,000,000 | 224,000,000 | ||||||||||||||||||||
Dominion Energy Gas Holdings, LLC | ||||||||||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||||||||||
Due From Affiliate Noncurrent | 395,000,000 | |||||||||||||||||||||
Due From Related Parties Current | 315,000,000 | 319,000,000 | [6] | |||||||||||||||||||
Facility Limit | [7] | 1,500,000,000 | ||||||||||||||||||||
Revenues | [8] | 566,000,000 | $ 389,000,000 | |||||||||||||||||||
Derivative Asset | 13,000,000 | 31,000,000 | ||||||||||||||||||||
Derivative Liabilities | 42,000,000 | 19,000,000 | ||||||||||||||||||||
Amounts due from Dominion, noncurrent | 395,000,000 | |||||||||||||||||||||
Short term demand note | 2,952,000,000 | 3,097,000,000 | [6] | |||||||||||||||||||
Dominion Energy Gas Holdings, LLC | Revolving Credit Facility | IRCA | ||||||||||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||||||||||
Interest charges | 1,000,000 | |||||||||||||||||||||
Short term demand note | 47,000,000 | 218,000,000 | ||||||||||||||||||||
Dominion Energy Gas Holdings, LLC | Pension Benefits | Amounts Associated with the Dominion Retiree Health and Welfare Plan | ||||||||||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||||||||||
Due From Affiliate Noncurrent | 322,000,000 | 319,000,000 | ||||||||||||||||||||
Amounts due from Dominion, noncurrent | 322,000,000 | 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] | ||||||||||||||||||||||
Due From Affiliate Noncurrent | 14,000,000 | 13,000,000 | ||||||||||||||||||||
Amounts due from Dominion, noncurrent | 14,000,000 | 13,000,000 | ||||||||||||||||||||
Intersegment Eliminations [Member] | ||||||||||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||||||||||
Revenues | 134,000,000 | 46,000,000 | ||||||||||||||||||||
Commercial Paper | Dominion Energy Midstream Partners, LP | ||||||||||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||||||||||
Facility Limit | $ 400,000,000 | |||||||||||||||||||||
Debt Instrument Interest Rate Stated Percentage | 3.50% | |||||||||||||||||||||
Long Term Debt | $ 395,000,000 | |||||||||||||||||||||
Interest On Debt | 2,000,000 | |||||||||||||||||||||
Amounts due to Dominion, noncurrent | 395,000,000 | |||||||||||||||||||||
Commercial Paper | Dominion Energy Gas Holdings, LLC | ||||||||||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||||||||||
Interest income | 49,000,000 | 19,000,000 | ||||||||||||||||||||
East Ohio | Dominion Energy Gas Holdings, LLC | Revolving Credit Facility | ||||||||||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||||||||||
Due From Affiliate Noncurrent | 601,000,000 | |||||||||||||||||||||
Amounts due from Dominion, noncurrent | 601,000,000 | |||||||||||||||||||||
DGP | Dominion Energy Gas Holdings, LLC | Revolving Credit Facility | ||||||||||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||||||||||
Due From Affiliate Noncurrent | 704,000,000 | |||||||||||||||||||||
Amounts due from Dominion, noncurrent | 704,000,000 | |||||||||||||||||||||
DCPI | IRCA | ||||||||||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||||||||||
Short term demand note | 2,900,000,000 | 2,900,000,000 | ||||||||||||||||||||
DCPI | Dominion Energy Gas Holdings, LLC | Revolving Credit Facility | IRCA | ||||||||||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||||||||||
Interest charges | 29,000,000 | 22,000,000 | ||||||||||||||||||||
DMLPHCII | Dominion Energy Gas Holdings, LLC | Revolving Credit Facility | IRCA | ||||||||||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||||||||||
Interest charges | $ 1,000,000 | $ 1,000,000 | ||||||||||||||||||||
Short term demand note | 22,000,000 | 22,000,000 | ||||||||||||||||||||
Unbilled Revenues | Dominion Energy Gas Holdings, LLC | ||||||||||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||||||||||
Due From Related Parties Current | 13,000,000 | 7,000,000 | ||||||||||||||||||||
Discontinued Operations | Dominion Energy Gas Holdings, LLC | Pension Benefits | Amounts Associated with the Dominion Pension Plan | ||||||||||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||||||||||
Due From Affiliate Noncurrent | 447,000,000 | 442,000,000 | ||||||||||||||||||||
Amounts due from Dominion, noncurrent | 447,000,000 | 442,000,000 | ||||||||||||||||||||
Discontinued Operations | 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] | ||||||||||||||||||||||
Due From Affiliate Noncurrent | 5,000,000 | 4,000,000 | ||||||||||||||||||||
Amounts due from Dominion, noncurrent | $ 5,000,000 | $ 4,000,000 | ||||||||||||||||||||
|
Significant Financing Transactions (Narrative) (Detail) - USD ($) |
1 Months Ended | 3 Months Ended | |||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2019 |
Feb. 28, 2019 |
Jan. 31, 2019 |
Mar. 31, 2019 |
Mar. 31, 2018 |
Apr. 30, 2019 |
Dec. 31, 2018 |
|||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Facility Limit | [1] | $ 6,000,000,000 | $ 6,000,000,000 | ||||||||||||||
Short-term debt | 2,412,000,000 | 2,412,000,000 | $ 334,000,000 | [2] | |||||||||||||
Repayment of long-term debt | $ 2,217,000,000 | $ 1,180,000,000 | |||||||||||||||
Tender offer expiration description | Both DESC tender offers and the SCANA tender offer expired in the first quarter of 2019. | ||||||||||||||||
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 | 247,000,000 | 581,000,000 | |||||||||||||||
Issuance of common stock value | $ 247,000,000 | 580,000,000 | |||||||||||||||
Shelf Registration For Sale Of Common Stock Through At Market Program | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Issuance of common stock (in shares) | 2,100,000 | ||||||||||||||||
Cash proceeds received from common stock | $ 154,000,000 | ||||||||||||||||
Fees and commissions paid | 2,000,000 | ||||||||||||||||
Issuance of common stock value | 645,000,000 | ||||||||||||||||
Dominion Energy Midstream Partners, LP | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Repayment of long-term debt | $ 73,000,000 | ||||||||||||||||
Shares of common stock issued in acquisition | 22,500,000 | ||||||||||||||||
Shares of common stock issued in acquisition, value | $ 1,600,000,000 | ||||||||||||||||
Right to receive conversion of common stock | 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 | ||||||||||||||
Short-term debt | 595,000,000 | $ 595,000,000 | $ 314,000,000 | [4] | |||||||||||||
Repayment of long-term debt | $ 350,000,000 | ||||||||||||||||
Issuance of common stock (in shares) | 0 | 0 | |||||||||||||||
DESC | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Line of credit sub-limit | 500,000,000 | $ 500,000,000 | |||||||||||||||
Repurchase of first mortgage bonds | 1,200,000,000 | ||||||||||||||||
SCANA | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Repurchase of medium term notes | 300,000,000 | ||||||||||||||||
Shares of common stock issued in acquisition | 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 | |||||||||||||||
Automatic renewal period | 1 year | ||||||||||||||||
Short-term debt | 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 | |||||||||||||||
Automatic renewal period | 1 year | ||||||||||||||||
Short-term debt | 0 | $ 0 | |||||||||||||||
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] | |||||||||||||||||
Total Long-term Debt | $ 400,000,000 | $ 400,000,000 | |||||||||||||||
Interest rate percentage | 4.60% | 4.60% | |||||||||||||||
Debt maturity year | 2049 | ||||||||||||||||
Senior Notes, Due in 2028 | Senior Notes | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Total Long-term Debt | $ 200,000,000 | $ 200,000,000 | |||||||||||||||
Interest rate percentage | 4.25% | 4.25% | |||||||||||||||
Debt maturity year | 2028 | ||||||||||||||||
Letter of Credit | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Facility Limit | $ 2,000,000,000.0 | $ 2,000,000,000.0 | |||||||||||||||
Letter of Credit | Virginia Electric and Power Company | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Facility Limit | 2,000,000,000.0 | 2,000,000,000.0 | |||||||||||||||
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 | |||||||||||||||
Credit facility, outstanding amount | $ 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 | ||||||||||||||||
|
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