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Investments (Tables)
 3 Months Ended
Mar. 31, 2020
Equity and Debt Securities and Cash Equivalents and Cost Method Investments in Decommissioning Trust Funds Dominion Energy’s decommissioning trust funds are summarized below:

 

 

 

Amortized

Cost

 

 

Total

Unrealized

Gains

 

 

Total

Unrealized

Losses

 

 

Allowance for Credit Losses

 

 

Fair

Value

 

(millions)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

March 31, 2020

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Equity securities:(1)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

U.S.

 

$

1,813

 

 

$

1,709

 

 

$

(161

)

 

$

—

 

 

$

3,361

 

Fixed income securities:(2)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Corporate debt instruments

 

 

491

 

 

 

18

 

 

 

—

 

 

 

(13

)

 

 

496

 

Government securities

 

 

1,084

 

 

 

55

 

 

 

—

 

 

 

(6

)

 

 

1,133

 

Common/collective trust funds

 

 

118

 

 

 

2

 

 

 

—

 

 

 

(2

)

 

 

118

 

Insurance contracts

 

 

209

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

209

 

Cash equivalents and other(3)

 

 

—

 

 

 

—

 

 

 

(4

)

 

 

—

 

 

 

(4

)

Total

 

$

3,715

 

 

$

1,784

 

 

$

(165

)

(4)

$

(21

)

 

$

5,313

 

December 31, 2019

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Equity securities:(1)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

U.S.

 

$

1,807

 

 

$

2,451

 

 

$

(20

)

 

$

—

 

 

$

4,238

 

Fixed income securities:(2)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Corporate debt instruments

 

 

434

 

 

 

29

 

 

 

—

 

 

 

—

 

 

 

463

 

Government securities

 

 

1,108

 

 

 

39

 

 

 

(2

)

 

 

—

 

 

 

1,145

 

Common/collective trust funds

 

 

115

 

 

 

4

 

 

 

—

 

 

 

—

 

 

 

119

 

Insurance contracts

 

 

214

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

214

 

Cash equivalents and other(3)

 

 

13

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

13

 

Total

 

$

3,691

 

 

$

2,523

 

 

$

(22

)

(4)

$

—

 

 

$

6,192

 

 

(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. Effective January 2020, changes in allowance for credit losses are included in other income (expense).

(3)

Includes pending purchases of securities of $12 million and $1 million at March 31, 2020 and December 31, 2019, respectively.  

(4)

The fair value of securities in an unrealized loss position was $415 million and $298 million at March 31, 2020 and December 31, 2019, 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 March 31,

 

 

 

2020

 

 

2019

 

(millions)

 

 

 

 

 

 

 

 

Net gains (losses) recognized during the period

 

$

(898

)

 

$

414

 

Less: Net (gains) losses recognized during the period

   on securities sold during the period

 

 

14

 

 

 

(19

)

Unrealized gains (losses) recognized during the period

   on securities still held at March 31, 2020 and 2019(1)

 

$

(884

)

 

$

395

 

 

(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 March 31, 2020 by contractual maturity is as follows:

 

 

 

Amount

 

(millions)

 

 

 

 

Due in one year or less

 

$

178

 

Due after one year through five years

 

 

430

 

Due after five years through ten years

 

 

389

 

Due after ten years

 

 

750

 

Total

 

$

1,747

 

 
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 March 31,

 

 

 

2020

 

 

2019

 

(millions)

 

 

 

 

 

 

 

 

Proceeds from sales

 

$

602

 

 

$

506

 

Realized gains(1)

 

 

66

 

 

 

43

 

Realized losses(1)

 

 

69

 

 

 

23

 

 

(1)

Includes realized gains and losses recorded to the nuclear decommissioning trust regulatory liability.
Virginia Electric and Power Company  
Equity and Debt Securities and Cash Equivalents and Cost Method Investments in Decommissioning Trust Funds Virginia Power’s decommissioning trust funds are summarized below:

 

 

 

Amortized

Cost

 

 

Total

Unrealized

Gains

 

 

Total

Unrealized

Losses

 

 

Allowance for Credit Losses

 

 

Fair

Value

 

(millions)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

March 31, 2020

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Equity securities:(1)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

U.S.

 

$

898

 

 

$

796

 

 

$

(80

)

 

$

—

 

 

$

1,614

 

Fixed income securities:(2)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Corporate debt instruments

 

 

284

 

 

 

9

 

 

 

—

 

 

 

(8

)

 

 

285

 

Government securities

 

 

504

 

 

 

18

 

 

 

—

 

 

 

(4

)

 

 

518

 

Common/collective trust funds

 

 

49

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

49

 

Cash equivalents and other(3)

 

 

2

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

2

 

Total

 

$

1,737

 

 

$

823

 

 

$

(80

)

(4)

$

(12

)

 

$

2,468

 

December 31, 2019

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Equity securities:(1)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

U.S.

 

$

894

 

 

$

1,144

 

 

$

(11

)

 

$

—

 

 

$

2,027

 

Fixed income securities:(2)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Corporate debt instruments

 

 

241

 

 

 

15

 

 

 

—

 

 

 

—

 

 

 

256

 

Government securities

 

 

534

 

 

 

14

 

 

 

(2

)

 

 

—

 

 

 

546

 

Common/collective trust funds

 

 

51

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

51

 

Cash equivalents and other

 

 

1

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

1

 

Total

 

$

1,721

 

 

$

1,173

 

 

$

(13

)

(4)

$

—

 

 

$

2,881

 

 

(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. Effective January 2020, changes in allowance for credit losses are included in other income (expense).

(3)

Includes pending sales of securities of $2 million at March 31, 2020.

(4)

The fair value of securities in an unrealized loss position was $241 million and $185 million at March 31, 2020 and December 31, 2019, 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 March 31,

 

 

 

2020

 

 

2019

 

(millions)

 

 

 

 

 

 

 

 

Net gains (losses) recognized during the period

 

$

(423

)

 

$

186

 

Less: Net (gains) losses recognized during the period

   on securities sold during the period

 

 

6

 

 

 

(1

)

Unrealized gains (losses) recognized during the period

   on securities still held at March 31, 2020 and 2019(1)

 

$

(417

)

 

$

185

 

 

(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 March 31, 2020 by contractual maturity is as follows:

 

 

 

Amount

 

(millions)

 

 

 

 

Due in one year or less

 

$

73

 

Due after one year through five years

 

 

200

 

Due after five years through ten years

 

 

211

 

Due after ten years

 

 

368

 

Total

 

$

852

 

 
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 March 31,

 

 

 

2020

 

 

2019

 

(millions)

 

 

 

 

 

 

 

 

Proceeds from sales

 

$

294

 

 

$

253

 

Realized gains(1)

 

 

31

 

 

 

10

 

Realized losses(1)

 

 

31

 

 

 

9

 

 

(1)

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