Quarterly Financial Data (Unaudited)

12 Months Ended

Dec. 31, 2019

Quarterly Financial Information Disclosure [Abstract]

Quarterly Financial Data (Unaudited)

Note 27. Quarterly Financial Data (Unaudited)

A summary of the Companies’ quarterly results of operations for the years ended December 31, 2019 and 2018 follows. Amounts reflect all adjustments necessary in the opinion of management for a fair statement of the results for the interim periods. Results for interim periods may fluctuate as a result of weather conditions, changes in rates and other factors.

Dominion Energy

	First Quarter			Second Quarter		Third Quarter		Fourth Quarter
(millions)
2019
Operating revenue	$	3,858		$	3,970	$	4,269	$	4,475
Income (loss) from operations		(482	)		461		1,314		1,221
Net income (loss) including noncontrolling interests		(677	)		58		985		1,010
Net income (loss) attributable to Dominion Energy		(680	)		54		975		1,009
Basic EPS:
Net income (loss) attributable to Dominion Energy		(0.86	)		0.07		1.19		1.22
Diluted EPS:
Net income (loss) attributable to Dominion Energy		(0.86	)		0.05		1.17		1.21
Dividends per share (Series A Preferred Stock)		—			0.729		4.375		4.375
Dividends per share (Series B Preferred Stock)		—			—		—		1.9375
Dividends declared per common share		0.9175			0.9175		0.9175		0.9175
2018
Operating revenue	$	3,466		$	3,088	$	3,451	$	3,361
Income from operations		875			742		1,150		834
Net income including noncontrolling interests		526			478		883		662
Net income attributable to Dominion Energy		503			449		854		641
Basic EPS:
Net income attributable to Dominion Energy		0.77			0.69		1.31		0.97
Diluted EPS:
Net income attributable to Dominion Energy		0.77			0.69		1.30		0.97
Dividends declared per common share		0.835			0.835		0.835		0.835

Dominion Energy’s 2019 results include the impact of the following significant items:

• Fourth quarter results include a $244 million after-tax charge related to litigation acquired in the SCANA Combination, offset by a $150 million net gain related to nuclear decommissioning trust funds.

• Second quarter results include a $316 million after-tax charge related to a voluntary retirement program, a $100 million after-tax charge related to a contract termination with a non-utility generator and a $75 million after-tax charge for litigation acquired in the SCANA Combination.

• First quarter results include $1.3 billion of after-tax merger and integration-related costs related to the SCANA Combination (inclusive of a $756 million after-tax charge for refunds of amounts previously collected from retail electric customers of DESC for the NND Project, a $277 million after-tax charge for certain regulatory assets and property, plant and equipment acquired in the SCANA Combination for which Dominion Energy committed to forego recovery and $134 million after-tax charge for litigation acquired in the SCANA Combination) and a $409 million after-tax charge for the planned early retirement of certain Virginia Power electric generation facilities and automated metering reading infrastructure, partially offset by $197 million after-tax net gain related to nuclear decommissioning trust funds and an $84 million after-tax revision to future ash ponds and landfill closure costs.

Dominion Energy’s 2018 results include the impact of the following significant items:

• Fourth quarter results include $536 million of after-tax gains from the sale of certain merchant generation facilities and equity method investments partially offset by a $164 million after-tax impairment charge for certain gathering and processing assets.

• Second quarter results include an $89 million after-tax charge for disallowance of FERC-regulated plant.

• First quarter results include a $160 million after-tax charge associated with Virginia legislation enacted in March 2018 that required one-time rate credits of certain amounts to utility customers.

Virginia Power

Virginia Power’s quarterly results of operations were as follows:

	First Quarter		Second Quarter		Third Quarter		Fourth Quarter
(millions)
2019
Operating revenue	$	1,965	$	1,938	$	2,264	$	1,941
Income from operations		122		238		820		659
Net income		20		100		602		427
2018
Operating revenue	$	1,748	$	1,829	$	2,232	$	1,810
Income from operations		364		533		756		418
Net income		184		339		520		239

Virginia Power’s 2019 results include the impact of the following significant item:

• Second quarter results include a $144 million after-tax charge related to a voluntary retirement program, a $100 million after-tax charge related to a contract termination with a non-utility generator and a $47 million after-tax charge for the abandonment of a project at an electric generation facility.

• First quarter results include a $409 million after-tax charge for the planned early retirement of certain electric generation facilities and automated metering reading infrastructure, partially offset by an $84 million after-tax revision to future ash ponds and landfill closure costs.

Virginia Power’s 2018 results include the impact of the following significant item:

• First quarter results include a $160 million after-tax charge associated with Virginia legislation enacted in March 2018 that required one-time rate credits of certain amounts to utility customers.

Dominion Energy Gas

Dominion Energy Gas’ quarterly results of operations were as follows:

	First Quarter		Second Quarter		Third Quarter		Fourth Quarter
(millions)
2019
Operating revenue		$566		$530		$502		$571
Income from continuing operations		247		179		202		276
Net income from continuing operations		172		123		130		276
Net income from discontinued operations		54		26		45		16
Net income including noncontrolling interests		226		149		175		292
Net income attributable to Dominion Energy Gas	190		119		151		261
2018
Operating revenue		$389		$508		$533		$566
Income from continuing operations		167		90		302		228
Net income from continuing operations		157		84		209		182
Net income (loss) from discontinued operations		56		45		33		(110	)
Net income including noncontrolling interests		213		129		242		72
Net income attributable to Dominion Energy Gas		180		83		191		27

Dominion Energy Gas’s 2019 results include the impact of the following significant items:

• Second quarter results include a $58 million after-tax charge related to a voluntary retirement program, including $32 million in discontinued operations.

Dominion Energy Gas’s 2018 results include the impact of the following significant items:

• Fourth quarter results include a $165 million after-tax impairment charge for certain gathering and processing assets, included in discontinued operations.

• Second quarter results include an $89 million after-tax charge for disallowance of FERC-regulated plant.