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Leases (Tables)
Nov. 18, 2019
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:
 
March 31, 2019
 
(millions)
   
 
Dominion Energy
 
 
 
Lease assets:
   
 
Operating lease assets
  $
486
 
Finance lease assets
(1)
   
79
 
         
Total lease assets
  $
565
 
         
Lease liabilities:
   
 
Operating lease liabilities
(2)
  $
62
 
Finance lease liabilities
(3)
   
14
 
         
Total lease liabilities - current
   
76
 
         
Operating lease liabilities
   
418
 
Finance lease liabilities
(4)
   
66
 
         
Total lease liabilities - noncurrent
   
484
 
         
Total lease liabilities
  $
560
 
         
Virginia Power
 
 
 
Operating lease assets
  $
202
 
Finance lease assets
(1)
   
8
 
         
Total lease assets
  $
210
 
         
Lease liabilities:
   
 
Operating lease liabilities
(2)
  $
33
 
Finance lease liabilities
(3)
   
2
 
         
Total lease liabilities - current
   
35
 
         
Operating lease liabilities
   
169
 
Finance lease liabilities
(4)
   
5
 
         
Total lease liabilities - noncurrent
   
174
 
         
Total lease liabilities
  $
209
 
         
Dominion Energy Gas
 
 
 
Operating lease assets
  $
41
 
Finance lease assets
(1)
   
1
 
         
Total lease assets
(5)
  $
42
 
         
Lease liabilities:
   
 
Operating lease liabilities
(2)
  $
6
 
Finance lease liabilities
(3)
   
 
         
Total lease liabilities - current
   
6
 
         
Operating lease liabilities
   
33
 
Finance lease liabilities
(4)
   
2
 
         
Total lease liabilities - noncurrent
   
35
 
         
Total lease liabilities
(5)
  $
41
 
         
(1)
Included in property, plant and equipment in the Companies’ Consolidated Balance Sheets, net of $29 million, $2 million and $1 million of accumulated amortization at Dominion Energy, Virginia Power and Dominion Energy Gas, respectively, at March 31, 2019.
(2)
Included in other current liabilities in the Companies’ Consolidated Balance Sheets.
(3)
Included in securities due within one year in the Companies’ Consolidated Balance Sheets.
(4)
Included in long-term debt in the Companies’ Consolidated Balance Sheets.
(5)
Excludes $25 million of lease assets recorded in assets of discontinued operations and $25 million of lease liabilities recorded in liabilities of discontinued operations.
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:
 
Three Months Ended
March 31, 2019
 
(millions)
   
 
Dominion Energy
 
 
 
Finance lease cost:
   
 
Amortization
  $
3
 
Interest
   
1
 
Operating lease cost
 
 
25
 
Short-term lease cost
 
 
6
 
Variable lease cost
 
 
2
 
         
Total lease cost
 
$
37
 
         
Virginia Power
 
 
 
Operating lease cost
 
$
10
 
Short-term lease cost
 
 
2
 
Variable lease cost
 
 
1
 
         
Total lease cost
 
$
13
 
         
Dominion Energy Gas
 
 
 
Operating lease cost
 
$
2
 
Short-term lease cost
 
 
1
 
         
Total lease cost
 
$
3
 
         
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:
 
Three Months Ended
March 31, 2019
 
(millions)
   
 
Dominion Energy
 
 
 
Operating cash flows for finance leases
 
$
1
 
Operating cash flows for operating leases
 
 
32
 
Financing cash flows for finance leases
 
 
3
 
Virginia Power
 
 
 
Operating cash flows for operating leases
 
 
13
 
Dominion Energy Gas
 
 
 
Operating cash flows for operating leases
 
 
3
 
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:
 
March 31, 2019
 
Dominion Energy
 
 
 
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 Power
 
 
 
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
 
 
 
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
%
Scheduled Maturities of Lease Liabilities
The Companies’ lease liabilities have the following scheduled maturities:
Maturity of Lease Liabilities
 
Dominion Energy
   
Virginia Power
   
Dominion Energy Gas
(1)
 
(millions)
 
Operating
   
Finance
   
Operating
   
Finance
   
Operating
   
Finance
 
2019
  $
54
    $
14
    $
30
    $
2
    $
11
    $
1
 
2020
   
66
     
16
     
36
     
1
     
13
     
1
 
2021
   
58
     
14
     
31
     
1
     
11
     
1
 
2022
   
49
     
12
     
24
     
1
     
9
     
1
 
2023
   
39
     
9
     
19
     
1
     
6
     
-
 
After 2023
   
532
     
33
     
162
     
2
     
24
     
1
 
                                                 
Total undiscounted lease payments
   
798
     
98
     
302
     
8
     
74
     
5
 
                                                 
Present value adjustment
   
(318
)    
(18
)    
(100
)    
(1
)    
(13
)    
(1
)
                                                 
Present value of lease liabilities
  $
480
    $
80
    $
202
    $
7
    $
61
    $
4
 
                                                 
 
(1)
Includes amounts reflected in discontinued operations.