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Investments (Tables)
 9 Months Ended
Sep. 30, 2021
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)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

September 30, 2021

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Equity securities:(1)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

U.S.

 

$

1,546

 

 

$

3,247

 

 

$

(11

)

 

 

 

 

 

$

4,782

 

Fixed income securities:(2)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Corporate debt instruments

 

 

842

 

 

 

40

 

 

 

(3

)

 

$

—

 

 

 

879

 

Government securities

 

 

1,414

 

 

 

44

 

 

 

(6

)

 

 

—

 

 

 

1,452

 

Common/collective trust funds

 

 

187

 

 

 

5

 

 

 

—

 

 

 

—

 

 

 

192

 

Insurance contracts

 

 

246

 

 

 

—

 

 

 

—

 

 

 

 

 

 

 

246

 

Cash equivalents and other(3)

 

 

(28

)

 

 

3

 

 

 

(20

)

 

 

—

 

 

 

(45

)

Total

 

$

4,207

 

 

$

3,339

 

 

$

(40

)

(4)

$

—

 

 

$

7,506

 

December 31, 2020

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Equity securities:(1)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

U.S.

 

$

1,756

 

 

$

2,948

 

 

$

(24

)

 

 

 

 

 

$

4,680

 

Fixed income securities:(2)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Corporate debt instruments

 

 

572

 

 

 

58

 

 

 

(1

)

 

$

—

 

 

 

629

 

Government securities

 

 

1,119

 

 

 

66

 

 

 

(1

)

 

 

—

 

 

 

1,184

 

Common/collective trust funds

 

 

170

 

 

 

5

 

 

 

—

 

 

 

—

 

 

 

175

 

Insurance contracts

 

 

237

 

 

 

—

 

 

 

—

 

 

 

 

 

 

 

237

 

Cash equivalents and other(3)

 

 

(8

)

 

 

4

 

 

 

(1

)

 

 

—

 

 

 

(5

)

Total

 

$

3,846

 

 

$

3,081

 

 

$

(27

)

(4)

$

—

 

 

$

6,900

 

 

(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. Changes in allowance for credit losses are included in other income.

(3)

Includes pending purchases of securities of $48 million and $49 million at September 30, 2021 and December 31, 2020, respectively.

(4)

The fair value of securities in an unrealized loss position was $846 million and $293 million at September 30, 2021 and December 31, 2020, 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,

 

 

 

2021

 

 

2020

 

 

2021

 

 

2020

 

(millions)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net gains (losses) recognized during the period

 

$

(15

)

 

$

308

 

 

$

616

 

 

$

20

 

Less: Net (gains) losses recognized during the period

   on securities sold during the period

 

 

(11

)

 

 

(15

)

 

 

(323

)

 

 

(6

)

Unrealized gains (losses) recognized during the period

   on securities still held at period end(1)

 

$

(26

)

 

$

293

 

 

$

293

 

 

$

14

 

 

(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, 2021 by contractual maturity is as follows:

 

 

 

Amount

 

(millions)

 

 

 

 

Due in one year or less

 

$

351

 

Due after one year through five years

 

 

667

 

Due after five years through ten years

 

 

654

 

Due after ten years

 

 

851

 

Total

 

$

2,523

 

 
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,

 

 

 

2021

 

 

2020

 

 

2021

 

 

2020

 

(millions)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Proceeds from sales

 

$

614

 

 

$

1,208

 

 

$

3,324

 

 

$

2,868

 

Realized gains(1)

 

 

25

 

 

 

48

 

 

 

405

 

 

 

188

 

Realized losses(1)

 

 

7

 

 

 

29

 

 

 

81

 

 

 

159

 

 

(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)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

September 30, 2021

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Equity securities:(1)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

U.S.

 

$

829

 

 

$

1,497

 

 

$

(10

)

 

 

 

 

 

$

2,316

 

Fixed income securities:(2)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Corporate debt instruments

 

 

497

 

 

 

21

 

 

 

(1

)

 

$

—

 

 

 

517

 

Government securities

 

 

608

 

 

 

16

 

 

 

(2

)

 

 

—

 

 

 

622

 

Common/collective trust funds

 

 

54

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

54

 

Cash equivalents and other(3)

 

 

(2

)

 

 

—

 

 

 

—

 

 

 

—

 

 

 

(2

)

Total

 

$

1,986

 

 

$

1,534

 

 

$

(13

)

(4)

$

—

 

 

$

3,507

 

December 31, 2020

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Equity securities:(1)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

U.S.

 

$

929

 

 

$

1,371

 

 

$

(21

)

 

 

 

 

 

$

2,279

 

Fixed income securities:(2)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Corporate debt instruments

 

 

315

 

 

 

33

 

 

 

—

 

 

$

—

 

 

 

348

 

Government securities

 

 

484

 

 

 

25

 

 

 

—

 

 

 

—

 

 

 

509

 

Common/collective trust funds

 

 

58

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

58

 

Cash equivalents and other(3)

 

 

3

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

3

 

Total

 

$

1,789

 

 

$

1,429

 

 

$

(21

)

(4)

$

—

 

 

$

3,197

 

 

(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. Changes in allowance for credit losses are included in other income.

(3)

Includes pending purchases of securities of $2 million and $10 million at September 30, 2021 and December 31, 2020, respectively.

(4)

The fair value of securities in an unrealized loss position was $397 million and $142 million at September 30, 2021 and December 31, 2020, 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,

 

 

 

2021

 

 

2020

 

 

2021

 

 

2020

 

(millions)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net gains (losses) recognized during the period

 

$

6

 

 

$

138

 

 

$

319

 

 

$

(16

)

Less: Net (gains) losses recognized during the period

    on securities sold during the period

 

 

(9

)

 

 

(6

)

 

 

(182

)

 

 

(3

)

Unrealized gains (losses) recognized during the period

    on securities still held at period end(1)

 

$

(3

)

 

$

132

 

 

$

137

 

 

$

(19

)

 

(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, 2021 by contractual maturity is as follows:

 

 

 

Amount

 

(millions)

 

 

 

 

Due in one year or less

 

$

83

 

Due after one year through five years

 

 

354

 

Due after five years through ten years

 

 

372

 

Due after ten years

 

 

384

 

Total

 

$

1,193

 

 
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,

 

 

 

2021

 

 

2020

 

 

2021

 

 

2020

 

(millions)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Proceeds from sales

 

$

216

 

 

$

164

 

 

$

1,465

 

 

$

694

 

Realized gains(1)

 

 

17

 

 

 

18

 

 

 

213

 

 

 

73

 

Realized losses(1)

 

 

2

 

 

 

10

 

 

 

28

 

 

 

58

 

 

(1)

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