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Investments (Tables)
 9 Months Ended
Sep. 30, 2019
Equity and Fixed Income Securities, Insurance Contracts and Cash Equivalents in Decommissioning Trust Funds Dominion Energy’s decommissioning trust funds are summarized below:

 

 

 

Amortized

Cost

 

 

Total

Unrealized

Gains

 

 

Total

Unrealized

Losses

 

 

 

Fair

Value

 

(millions)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

September 30, 2019

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Equity securities:(1)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

U.S.

 

$

1,787

 

 

$

2,169

 

 

$

(30

)

 

 

$

3,926

 

Fixed income securities:(2)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Corporate debt instruments

 

 

442

 

 

 

30

 

 

 

—

 

 

 

 

472

 

Government securities

 

 

1,082

 

 

 

44

 

 

 

(4

)

 

 

 

1,122

 

Common/collective trust funds

 

 

105

 

 

 

4

 

 

 

—

 

 

 

 

109

 

Insurance contracts

 

 

210

 

 

 

—

 

 

 

—

 

 

 

 

210

 

Cash equivalents and other(3)

 

 

21

 

 

 

—

 

 

 

—

 

 

 

 

21

 

Total

 

$

3,647

 

 

$

2,247

 

 

$

(34

)

(4)

 

$

5,860

 

December 31, 2018

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Equity securities:(1)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

U.S.

 

$

1,741

 

 

$

1,640

 

 

$

(51

)

 

 

$

3,330

 

Fixed income securities:(2)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Corporate debt instruments

 

 

435

 

 

 

5

 

 

 

(9

)

 

 

 

431

 

Government securities

 

 

1,092

 

 

 

17

 

 

 

(12

)

 

 

 

1,097

 

Common/collective trust funds

 

 

76

 

 

 

—

 

 

 

—

 

 

 

 

76

 

Cash equivalents and other

 

 

4

 

 

 

—

 

 

 

—

 

 

 

 

4

 

Total

 

$

3,348

 

 

$

1,662

 

 

$

(72

)

(4)

 

$

4,938

 

 

(1)

Unrealized gains and losses on equity securities are included in other income and the nuclear decommissioning trust regulatory liability.

(2)

Unrealized gains and losses on fixed income securities are included in AOCI and the nuclear decommissioning trust regulatory liability.

(3)

Includes pending sales of securities of $3 million at September 30, 2019.  

(4)

The fair value of securities in an unrealized loss position was $277 million and $833 million at September 30, 2019 and December 31, 2018, respectively.

 
Unrealized Gain Loss on Equity

The portion of unrealized gains and losses that relates to equity securities held within Dominion Energy’s nuclear decommissioning trusts is summarized below:

 

 

 

Three Months Ended September 30,

 

 

Nine Months Ended September 30,

 

 

 

2019

 

 

2018

 

 

2019

 

 

2018

 

(millions)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net gains recognized during the period

 

$

40

 

 

$

243

 

 

$

610

 

 

$

267

 

Less: Net gains recognized during the period

   on securities sold during the period

 

 

(17

)

 

 

(7

)

 

 

(61

)

 

 

(42

)

Unrealized gains recognized during the period on

   securities still held at September 30, 2019 and 2018(1)

 

$

23

 

 

$

236

 

 

$

549

 

 

$

225

 

 

(1)

Included in other income and the nuclear decommissioning trust regulatory liability.
Investments Classified by Contractual Maturity Date

The fair value of Dominion Energy’s fixed income securities with readily determinable fair values held in nuclear decommissioning trust funds at September 30, 2019 by contractual maturity is as follows:

 

 

 

Amount

 

(millions)

 

 

 

 

Due in one year or less

 

$

212

 

Due after one year through five years

 

 

412

 

Due after five years through ten years

 

 

360

 

Due after ten years

 

 

719

 

Total

 

$

1,703

 

 
Marketable Securities

Presented below is selected information regarding Dominion Energy’s equity and fixed income securities with readily determinable fair values held in nuclear decommissioning trust funds.

 

 

 

Three Months Ended September 30,

 

 

Nine Months Ended September 30,

 

 

 

2019

 

 

2018

 

 

2019

 

 

2018

 

(millions)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Proceeds from sales

 

$

429

 

 

$

457

 

 

$

1,311

 

 

$

1,301

 

Realized gains(1)

 

 

53

 

 

 

24

 

 

 

152

 

 

 

96

 

Realized losses(1)

 

 

25

 

 

 

18

 

 

 

75

 

 

 

60

 

 

(1)

Includes realized gains and losses recorded to the nuclear decommissioning trust regulatory liability.
Other-Than-Temporary Impairment Losses

Dominion Energy recorded other-than-temporary impairment losses on investments held in nuclear decommissioning trust funds as follows:

 

 

 

Three Months Ended September 30,

 

 

Nine Months Ended September 30,

 

 

 

2019

 

 

2018

 

 

2019

 

 

2018

 

(millions)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total other-than-temporary impairment losses

 

$

1

 

 

$

8

 

 

$

1

 

 

$

25

 

Losses recognized in other comprehensive income (before taxes)

 

 

(1

)

 

 

(8

)

 

 

(1

)

 

 

(25

)

Net impairment losses recognized in earnings

 

$

—

 

 

$

—

 

 

$

—

 

 

$

—

 
Virginia Electric and Power Company  
Equity and Fixed Income Securities, Insurance Contracts and Cash Equivalents in Decommissioning Trust Funds Virginia Power’s decommissioning trust funds are summarized below:

 

 

 

Amortized

Cost

 

 

Total

Unrealized

Gains

 

 

Total

Unrealized

Losses

 

 

 

Fair

Value

 

(millions)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

September 30, 2019

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Equity securities:(1)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

U.S.

 

$

890

 

 

$

1,013

 

 

$

(15

)

 

 

$

1,888

 

Fixed income securities:(2)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Corporate debt instruments

 

 

257

 

 

 

16

 

 

 

—

 

 

 

 

273

 

Government securities

 

 

504

 

 

 

17

 

 

 

(1

)

 

 

 

520

 

Common/collective trust funds

 

 

46

 

 

 

—

 

 

 

—

 

 

 

 

46

 

Cash equivalents and other(3)

 

 

11

 

 

 

—

 

 

 

—

 

 

 

 

11

 

Total

 

$

1,708

 

 

$

1,046

 

 

$

(16

)

(4)

 

$

2,738

 

December 31, 2018

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Equity securities:(1)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

U.S.

 

$

858

 

 

$

751

 

 

$

(24

)

 

 

$

1,585

 

Fixed income securities:(2)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Corporate debt instruments

 

 

224

 

 

 

2

 

 

 

(5

)

 

 

 

221

 

Government securities

 

 

504

 

 

 

7

 

 

 

(5

)

 

 

 

506

 

Common/collective trust funds

 

 

51

 

 

 

—

 

 

 

—

 

 

 

 

51

 

Cash equivalents and other(3)

 

 

6

 

 

 

—

 

 

 

—

 

 

 

 

6

 

Total

 

$

1,643

 

 

$

760

 

 

$

(34

)

(4)

 

$

2,369

 

 

(1)

Unrealized gains and losses on equity securities are included in other income and the nuclear decommissioning trust regulatory liability.

(2)

Unrealized gains and losses on fixed income securities are included in AOCI and the nuclear decommissioning trust regulatory liability.

(3)

Includes pending sales of securities of $5 million and $6 million at September 30, 2019 and December 31, 2018, respectively.

(4)

The fair value of securities in an unrealized loss position was $164 million and $404 million at September 30, 2019 and December 31, 2018, respectively.

 
Unrealized Gain Loss on Equity

The portion of unrealized gains and losses that relates to equity securities held within Virginia Power’s nuclear decommissioning trusts is summarized below:

 

 

 

Three Months Ended September 30,

 

 

Nine Months Ended September 30,

 

 

 

2019

 

 

2018

 

 

2019

 

 

2018

 

(millions)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net gains recognized during the period

 

$

30

 

 

$

106

 

 

$

286

 

 

$

118

 

Less: Net gains recognized during the period

   on securities sold during the period

 

 

(7

)

 

 

(3

)

 

 

(15

)

 

 

(26

)

Unrealized gains recognized during the period on

   securities still held at September 30, 2019 and 2018(1)

 

$

23

 

 

$

103

 

 

$

271

 

 

$

92

 

 

(1)

Included in other income and the nuclear decommissioning trust regulatory liability.
Investments Classified by Contractual Maturity Date

The fair value of Virginia Power’s fixed income securities with readily determinable fair values held in nuclear decommissioning trust funds at September 30, 2019 by contractual maturity is as follows:

 

 

 

Amount

 

(millions)

 

 

 

 

Due in one year or less

 

$

99

 

Due after one year through five years

 

 

183

 

Due after five years through ten years

 

 

180

 

Due after ten years

 

 

377

 

Total

 

$

839

 

 

 
Marketable Securities

Presented below is selected information regarding Virginia Power’s equity and fixed income securities with readily determinable fair values held in nuclear decommissioning trust funds.

 

 

 

Three Months Ended September 30,

 

 

Nine Months Ended September 30,

 

 

 

2019

 

 

2018

 

 

2019

 

 

2018

 

(millions)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Proceeds from sales

 

$

230

 

 

$

237

 

 

$

677

 

 

$

651

 

Realized gains(1)

 

 

21

 

 

 

11

 

 

 

46

 

 

 

44

 

Realized losses(1)

 

 

6

 

 

 

5

 

 

 

18

 

 

 

17

 

 

(1)

Includes realized gains and losses recorded to the nuclear decommissioning trust regulatory liability.