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As Of Filer Filing For·On·As Docs:Size Issuer Filing Agent 2/28/20 Dominion Energy, Inc 10-K 12/31/19 229:72M Donnelley … Solutions/FA Virginia Electric & Power Co Dominion Energy Gas Holdings, LLC |
Document/Exhibit Description Pages Size 1: 10-K Annual Report HTML 7.97M 2: EX-4.16 Instrument Defining the Rights of Security Holders HTML 83K 3: EX-4.17 Instrument Defining the Rights of Security Holders HTML 102K 4: EX-4.18 Instrument Defining the Rights of Security Holders HTML 385K 5: EX-4.19 Instrument Defining the Rights of Security Holders HTML 65K 6: EX-4.20 Instrument Defining the Rights of Security Holders HTML 64K 7: EX-4.21 Instrument Defining the Rights of Security Holders HTML 90K 8: EX-10.33 Material Contract HTML 101K 9: EX-10.34 Material Contract HTML 100K 10: EX-10.35 Material Contract HTML 87K 11: EX-21 Subsidiaries List HTML 134K 12: EX-23 Consent of Experts or Counsel HTML 66K 22: EX-99 Miscellaneous Exhibit HTML 684K 13: EX-31.A Certification -- §302 - SOA'02 HTML 67K 14: EX-31.B Certification -- §302 - SOA'02 HTML 67K 15: EX-31.C Certification -- §302 - SOA'02 HTML 67K 16: EX-31.D Certification -- §302 - SOA'02 HTML 67K 17: EX-31.E Certification -- §302 - SOA'02 HTML 67K 18: EX-31.F Certification -- §302 - SOA'02 HTML 67K 19: EX-32.A Certification -- §906 - SOA'02 HTML 64K 20: EX-32.B Certification -- §906 - SOA'02 HTML 64K 21: EX-32.C Certification -- §906 - SOA'02 HTML 64K 221: R1 Cover Page HTML 159K 102: R2 Consolidated Statements of Income HTML 165K 78: R3 Consolidated Statements of Income (Parenthetical) HTML 69K 147: R4 Consolidated Statements of Comprehensive Income HTML 125K 223: R5 Consolidated Statements of Comprehensive Income HTML 88K (Parenthetical) 104: R6 Consolidated Balance Sheets HTML 350K 80: R7 Consolidated Balance Sheets (Parenthetical) HTML 76K 150: R8 Consolidated Statements of Equity HTML 139K 220: R9 Consolidated Statements of Equity (Parenthetical) HTML 68K 37: R10 Virginia Electric and Power Company Consolidated HTML 92K Statements of Equity 112: R11 Dominion Energy Gas Holdings, LLC Consolidated HTML 110K Statements of Equity 183: R12 Consolidated Statements of Cash Flows HTML 317K 158: R13 Consolidated Statements of Cash Flows HTML 66K (Parenthetical) 36: R14 Nature of Operations HTML 70K 111: R15 Significant Accounting Policies HTML 327K 182: R16 Acquisitions And Dispositions HTML 283K 156: R17 Operating Revenue HTML 210K 33: R18 Income Taxes HTML 550K 114: R19 Fair Value Measurements HTML 666K 226: R20 Derivatives and Hedge Accounting Activities HTML 1.05M 155: R21 Earnings Per Share HTML 100K 73: R22 Investments HTML 427K 99: R23 Property Plant And Equipment HTML 294K 225: R24 Goodwill and Intangible Assets HTML 205K 154: R25 Regulatory Assets and Liabilities HTML 303K 71: R26 Regulatory Matters HTML 217K 98: R27 Asset Retirement Obligations HTML 119K 228: R28 Leases HTML 235K 151: R29 Variable Interest Entities HTML 81K 161: R30 Short Term Debt And Credit Agreements HTML 130K 188: R31 Long-Term Debt HTML 368K 106: R32 Preferred Stock HTML 97K 31: R33 Equity HTML 452K 162: R34 Dividend Restrictions HTML 71K 189: R35 Employee Benefit Plans HTML 1.03M 108: R36 Commitments And Contingencies HTML 218K 32: R37 Credit Risk HTML 77K 164: R38 Related-Party Transactions HTML 136K 187: R39 Operating Segments HTML 523K 132: R40 Quarterly Financial Data (Unaudited) HTML 246K 210: R41 Significant Accounting Policies (Policies) HTML 386K 90: R42 Significant Accounting Policies (Tables) HTML 187K 66: R43 Acquisitions and Dispositions (Tables) HTML 203K 133: R44 Operating Revenue (Tables) HTML 210K 211: R45 Income Taxes (Tables) HTML 541K 91: R46 Fair Value Measurements (Tables) HTML 633K 69: R47 Derivatives and Hedge Accounting Activities HTML 1.07M (Tables) 137: R48 Earnings Per Share (Tables) HTML 98K 207: R49 Investments (Tables) HTML 419K 191: R50 Property Plant And Equipment (Tables) HTML 288K 172: R51 Goodwill and Intangible Assets (Tables) HTML 206K 48: R52 Regulatory Assets and Liabilities (Tables) HTML 543K 131: R53 Regulatory Matters (Tables) HTML 137K 190: R54 Asset Retirement Obligations (Tables) HTML 115K 171: R55 Leases (Tables) HTML 235K 46: R56 Short-Term Debt And Credit Agreements (Tables) HTML 124K 128: R57 Long-Term Debt (Tables) HTML 363K 193: R58 Preferred Stock (Tables) HTML 87K 168: R59 Equity (Tables) HTML 432K 61: R60 Employee Benefit Plans (Tables) HTML 1.00M 84: R61 Commitments And Contingencies (Tables) HTML 121K 218: R62 Related-Party Transactions (Tables) HTML 117K 142: R63 Operating Segments (Tables) HTML 471K 58: R64 Quarterly Financial Data (Unaudited) (Tables) HTML 230K 81: R65 Nature of Operations (Narrative) (Detail) HTML 66K 214: R66 Significant Accounting Policies (Narrative) HTML 276K (Detail) 139: R67 Significant Accounting Policies (Checks the HTML 69K Outstanding Accounts Payable but not yet Presented for Payment and Recorded) (Detail) 56: R68 Significant Accounting Policies (Reconciliation of HTML 86K Total Cash, Restricted Cash and Equivalents) (Detail) 86: R69 Significant Accounting Policies (Reconciliation of HTML 67K Total Cash, Restricted Cash and Equivalents) (Parenthetical) (Detail) 120: R70 Significant Accounting Policies (Depreciation HTML 108K Rates and Estimated Useful Life) (Detail) 38: R71 Acquisitions and Dispositions (Acquisition Of HTML 135K Scana) (Narrative) (Detail) 175: R72 Acquisitions and Dispositions (Schedule of HTML 107K Preliminary Allocation of Purchase Price to Assets Acquired and Liabilities Assumed) (Detail) 198: R73 Acquisitions and Dispositions (Schedule of HTML 111K Preliminary Allocation of Purchase Price to Assets Acquired and Liabilities Assumed) (Parenthetical) (Detail) 123: R74 Acquisitions and Dispositions (Schedule of HTML 75K Unaudited Pro Forma Information) (Detail) 41: R75 Acquisitions and Dispositions (Sale of Interest in HTML 70K Cove Point) (Narrative) (Detail) 179: R76 Acquisitions and Dispositions (Results of HTML 81K Operations and Pro Forma Information) (Narrative) (Detail) 202: R77 Acquisitions and Dispositions (Schedule of HTML 105K Acquisitions of Solar Projects) (Detail) 117: R78 Acquisitions and Dispositions (Schedule of HTML 65K Acquisitions of Solar Projects) (Parenthetical) (Detail) 44: R79 Acquisitions and Dispositions (Merchant Solar HTML 79K Projects) (Narrative) (Detail) 121: R80 Acquisitions and Dispositions (Dominion Energy Gas HTML 74K Restructuring) (Narrative) (Detail) 39: R81 Acquisitions and Dispositions (Schedule of Results HTML 95K of Operations Reported As Discontinued Operations) (Detail) 177: R82 Acquisitions and Dispositions (Schedule of Major HTML 113K Classes of Assets and Liabilities Reported As Discontinued Operation) (Detail) 200: R83 Acquisitions and Dispositions (Schedule of Major HTML 72K Classes of Assets and Liabilities Reported As Discontinued Operation) (Parenthetical) (Detail) 122: R84 Acquisitions and Dispositions (Schedule of Capital HTML 84K Expenditures and Significant Noncash Items Reported As Discontinued Operations) (Detail) 40: R85 Operating Revenue (Schedule of Operating Revenue HTML 138K Recognition from Contracts with Customers) (Detail) 178: R86 Operating Revenue (Schedule of Operating Revenue HTML 77K Recognition from Contracts with Customers) (Parenthetical) (Detail) 201: R87 Operating Revenue (Schedule of Aggregate Amount of HTML 105K Transaction Price Allocated To Fixed-price Performance Obligations That Unsatisfied At End of Reporting Period And Expected To be Recognized) (Detail) 119: R88 Operative Revenue (Narrative) (Detail) HTML 76K 45: R89 Operating Revenue (Schedule of Operating Revenue HTML 118K Prior to Revised Guidance of Revenue Recognition From Contracts with Customers) (Detail) 60: R90 Income Taxes (Narrative) (Detail) HTML 170K 83: R91 Income Taxes (Income Tax Expense for Continuing HTML 115K Operations Including Noncontrolling Interests) (Detail) 216: R92 Income Taxes (Income Tax Expense for Continuing HTML 71K Operations Including Noncontrolling Interests) (Parenthetical) (Detail) 141: R93 Income Taxes (Reconciliation of Income Taxes at HTML 127K the U.S. Statutory Federal Income Tax Rate) (Detail) 59: R94 Income Taxes (Reconciliation of Income Taxes at HTML 67K the U.S. Statutory Federal Income Tax Rate) (Parenthetical) (Detail) 82: R95 Income Taxes (Schedule of Deferred Income Taxes) HTML 131K (Detail) 215: R96 Income Taxes (Schedule of Deductible Loss and HTML 121K Credit Carryforwards) (Detail) 140: R97 Income Taxes (Unrecognized Tax Benefits) (Detail) HTML 94K 54: R98 Income Taxes (Unrecognized Tax Benefits) HTML 74K (Parenthetical) (Detail) 85: R99 Income Taxes (Earliest Tax Year) (Detail) HTML 79K 96: R100 Fair Value Measurements (Fair Value, Option, HTML 174K Quantitative Disclosures) (Detail) 74: R101 Fair Value Measurements (Narrative) (Detail) HTML 88K 152: R102 Fair Value Measurements (Assets and Liabilities HTML 188K that are Measured at Fair Value on a Recurring Basis) (Detail) 227: R103 Fair Value Measurements (Assets and Liabilities HTML 68K that are Measured at Fair Value on a Recurring Basis) (Parenthetical) (Detail) 97: R104 Fair Value Measurements (Net Change in the Assets HTML 111K and Liabilities Measured at Fair Value on a Recurring Basis and Included in the Level 3 Fair Value Category) (Detail) 75: R105 Fair Value Measurements (Financial Instruments' HTML 90K Carrying Amounts and Fair Values) (Detail) 153: R106 Fair Value Measurements (Financial Instruments' HTML 65K Carrying Amounts and Fair Values) (Parenthetical) (Detail) 229: R107 Derivatives and Hedge Accounting Activities HTML 112K (Schedule of Offsetting Assets) (Detail) 100: R108 Derivatives and Hedge Accounting Activities HTML 68K (Schedule of Offsetting Assets) (Parenthetical) (Detail) 72: R109 Derivatives and Hedge Accounting Activities HTML 108K (Schedule of Offsetting Liabilities) (Detail) 29: R110 Derivatives and Hedge Accounting Activities HTML 68K (Schedule of Offsetting Liabilities) (Parenthetical) (Detail) 110: R111 Derivatives and Hedge Accounting Activities HTML 115K (Volume of Derivative Activity) (Detail) 186: R112 Derivatives and Hedge Accounting Activities HTML 100K (Selected Information Related to Gains (Losses) on Cash Flow Hedges Included in AOCI) (Detail) 165: R113 Derivatives and Hedge Accounting Activities HTML 75K (Schedule of Amounts Recorded on Balance Sheet Related to Cumulative Basis Adjustments for Fair Value Hedges) (Detail) 28: R114 Derivatives and Hedge Accounting Activities HTML 71K (Schedule of Amounts Recorded on Balance Sheet Related to Cumulative Basis Adjustments for Fair Value Hedges) (Parenthetical) (Detail) 109: R115 Derivatives and Hedge Accounting Activities (Fair HTML 239K Value of Derivatives) (Detail) 185: R116 Derivatives and Hedge Accounting Activities (Fair HTML 68K Value of Derivatives) (Parenthetical) (Detail) 163: R117 Derivatives and Hedge Accounting Activities (Gains HTML 114K and Losses on Derivatives in Cash Flow Hedging Relationships) (Detail) 30: R118 Derivatives and Hedge Accounting Activities HTML 90K (Schedule of Derivatives not Designated as Hedging Instruments) (Detail) 107: R119 Earnings Per Share (Calculation of Basic and HTML 102K Diluted EPS) (Detail) 224: R120 Investments (Narrative) (Detail) HTML 234K 148: R121 Investments (Equity and Debt Securities and Cash HTML 134K Equivalents and Cost Method Investments in Decommissioning Trust Funds) (Detail) 79: R122 Investments (Equity and Debt Securities and Cash HTML 71K Equivalents and Cost Method Investments in Decommissioning Trust Funds) (Parenthetical) (Detail) 103: R123 Investments (Portion of Unrealized Gains and HTML 73K Losses Relates to Equity Securities) (Detail) 222: R124 Investments (Fair Value of our Marketable Debt HTML 84K Securities by Contractual Maturity) (Detail) 146: R125 Investments (Selected Information Regarding HTML 72K Marketable Equity and Debt Securities) (Detail) 77: R126 Investments (Recorded Other-Than-Temporary HTML 78K Impairment Losses on Investments) (Detail) 101: R127 Investments (Recorded Other-Than-Temporary HTML 68K Impairment Losses on Investments) (Parenthetical) (Detail) 219: R128 Investments (Investments Under Equity Method of HTML 94K Accounting) (Detail) 149: R129 Investments (Investments Under Equity Method of HTML 68K Accounting) (Parenthetical) (Detail) 159: R130 Investments (Financial Information Provided Equity HTML 99K Method Investment) (Detail) 180: R131 Property, Plant and Equipment (Property, Plant and HTML 109K Equipment) (Detail) 113: R132 Property, Plant and Equipment (Share of HTML 95K Jointly-Owned Power Stations) (Detail) 34: R133 Property, Plant and Equipment (Narrative) (Detail) HTML 176K 160: R134 Schedule of Acquisitions of Solar Projects HTML 137K (Detail) 181: R135 Goodwill and Intangible Assets (Goodwill) (Detail) HTML 106K 115: R136 Goodwill and Intangible Assets (Narrative) HTML 79K (Detail) 35: R137 Goodwill and Intangible Assets (Components of HTML 74K Intangible Assets) (Detail) 157: R138 Goodwill and Intangible Assets (Annual HTML 82K Amortization Expense of Intangible Assets) (Detail) 184: R139 Regulatory Assets and Liabilities (Schedule of HTML 178K Regulatory Assets) (Detail) 144: R140 Regulatory Assets and Liabilities (Schedule of HTML 126K Regulatory Liabilities) (Detail) 212: R141 Regulatory Assets and Liabilities (Narrative) HTML 73K (Detail) 87: R142 Regulatory Matters (Narrative) (Detail) HTML 727K 55: R143 Regulatory Matters - Summary of Additional HTML 103K Significant Riders Associated with Various Virginia Power Projects (Detail) 145: R144 Regulatory Matters - Summary of Virginia Power HTML 110K Electric Transmission Project Applied (Detail) 213: R145 Asset Retirement Obligations (Changes to AROs) HTML 90K (Detail) 88: R146 Asset Retirement Obligations (Changes to AROs) HTML 77K (Parenthetical) (Detail) 57: R147 Asset Retirement Obligations (Narrative) (Detail) HTML 78K 143: R148 Leases (Lease Assets and Liabilities Recorded in HTML 99K Consolidated Balance Sheets) (Detail) 217: R149 Leases (Lease Assets and Liabilities Recorded in HTML 68K Consolidated Balance Sheets) (Parenthetical) (Detail) 204: R150 Leases (Narrative) (Detail) HTML 96K 174: R151 Leases (Summary of Total Lease Cost) (Detail) HTML 83K 43: R152 Leases (Cash Paid for Amounts Included in HTML 74K Measurement of Lease Liabilities) (Detail) 118: R153 Leases (Weighted Average Remaining Lease Term and HTML 78K Weighted Discounted Rate for Finance and Operating Leases) (Detail) 203: R154 Leases (Scheduled Maturities of Lease Liabilities) HTML 122K (Detail) 173: R155 Variable Interest Entities - (Narrative) (Detail) HTML 134K 42: R156 Short-Term Debt and Credit Agreements (Narrative) HTML 113K (Detail) 116: R157 Short-Term Debt and Credit Agreements (Commercial HTML 83K Paper, Bank Loans and Letters of Credit Outstanding) (Detail) 197: R158 Short-Term Debt and Credit Agreements (Commercial HTML 99K Paper, Bank Loans and Letters of Credit Outstanding) (Parenthetical) (Detail) 176: R159 Long-Term Debt (Total Long Term Debt) (Detail) HTML 201K 64: R160 Long-Term Debt (Total Long Term Debt) HTML 261K (Parenthetical) (Detail) 94: R161 Long-Term Debt (Based on Stated Maturity Dates HTML 132K Rather than Early Redemption Dates that Could be Elected by Instrument Holders) (Detail) 208: R162 Long-Term Debt (Based on Stated Maturity Dates HTML 77K Rather than Early Redemption Dates that Could be Elected by Instrument Holders) (Parenthetical) (Detail) 136: R163 Long-Term Debt (Narrative) (Detail) HTML 188K 63: R164 Preferred Stock (Narrative) (Detail) HTML 132K 93: R165 Preferred Stock (Schedule of Equity Units) HTML 86K (Detail) 206: R166 Preferred Stock (Schedule of Equity Units) HTML 77K (Parenthetical) (Detail) 135: R167 Equity (Narrative) (Detail) HTML 218K 67: R168 Equity (Accumulated Other Comprehensive Income HTML 96K (Loss)) (Detail) 89: R169 Equity (Schedule of Changes in AOCI by Component HTML 130K Net of Tax) (Detail) 125: R170 Equity (Schedule of Reclassifications out of AOCI HTML 147K by Component Net of Tax) (Detail) 51: R171 Equity (Summary of Restricted Stock and Goal-Based HTML 90K Stock Activity) (Detail) 167: R172 Employee Benefit Plans (Narrative) (Detail) HTML 223K 194: R173 Employee Benefit Plans (Summary of Changes in HTML 210K Pension and Other Postretirement Benefit Plans) (Detail) 126: R174 Employee Benefit Plans (Benefit Obligation in HTML 75K Excess of Plan Assets) (Detail) 52: R175 Employee Benefit Plans (Accumulated Benefit HTML 69K Obligation in Excess of Plan Assets) (Detail) 169: R176 Employee Benefit Plans (Benefit Payments Expected HTML 88K Future Service) (Detail) 195: R177 Employee Benefit Plans (Fair values of pension and HTML 217K post retirement plan assets by asset category) (Detail) 130: R178 Employee Benefit Plans (Fair values of pension and HTML 79K post retirement plan assets by asset category) (Parenthetical) (Detail) 49: R179 Employee Benefit Plans (Net Periodic Benefit HTML 161K (Credit) Cost and Amounts Recognized in Other Comprehensive Income and Regulatory Assets and Liabilities) (Detail) 124: R180 Employee Benefit Plans (AOCI and regulatory assets HTML 87K and liabilities that have not been recognized as components of periodic benefit (Credit) Cost) (Detail) 50: R181 Employee Benefit Plans (AOCI and regulatory assets HTML 81K and liabilities that have not been recognized as components of periodic benefit (Credit) Cost) (Parenthetical) (Detail) 166: R182 Employee Benefit Plans (Components of AOCI and HTML 75K Regulatory Assets and Liabilities) (Detail) 192: R183 Employee Benefit Plans (Effect of One Percentage HTML 78K Point Change on Benefit Plans) (Detail) 127: R184 Commitments and Contingencies (Narrative) (Detail) HTML 260K 53: R185 Commitments and Contingencies (Nuclear Operations) HTML 141K (Narrative) (Detail) 170: R186 Commitments and Contingencies (Nuclear Insurance) HTML 75K (Detail) 196: R187 Commitment and Contingencies (Schedule of Long HTML 79K Term Purchase Commitments) (Detail) 129: R188 Commitment and Contingencies (Schedule of Long HTML 68K Term Purchase Commitments) (Parenthetical) (Detail) 47: R189 Commitments and Contingencies (Guarantees, Surety HTML 121K Bonds and Letters of Credit) (Detail) 65: R190 Credit Risk (Narrative) (Detail) HTML 104K 95: R191 Related-Party Transactions (Narrative) (Detail) HTML 228K 209: R192 Related-Party Transactions (Detail) HTML 89K 138: R193 Related-Party Transactions (Parenthetical) HTML 75K (Detail) 62: R194 Operating Segments (Narrative) (Detail) HTML 235K 92: R195 Operating Segments (Schedule of Segment Reporting HTML 278K Information, by Segment) (Detail) 205: R196 Quarterly Financial and Common Stock Data HTML 129K (Unaudited) (Quarterly Financial and Common Stock Data) (Detail) 134: R197 Quarterly Financial and Common Stock Data HTML 118K (Unaudited) (Narrative) (Detail) 70: XML IDEA XML File -- Filing Summary XML 454K 68: XML XBRL Instance -- d854390d10k_htm XML 24.21M 105: EXCEL IDEA Workbook of Financial Reports XLSX 397K 24: EX-101.CAL XBRL Calculations -- d-20191231_cal XML 479K 25: EX-101.DEF XBRL Definitions -- d-20191231_def XML 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10-K |
i i i ☒ / / | ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
i i i ☐ / / | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
Commission File Number |
Exact name of registrants as specified in their charters |
I.R.S. Employer Identification Number | ||
i DOMINION ENERGY, INC. |
i 54-1229715 | |||
i VIRGINIA ELECTRIC AND POWER COMPANY |
i 54-0418825 | |||
i DOMINION ENERGY GAS HOLDINGS, LLC |
i 46-3639580 | |||
VIRGINIA (State or other jurisdiction of incorporation or organization) |
||||
i i i 120
TREDEGAR STREET / / i i i RICHMOND / / ,
VIRGINIA (Address of principal executive offices) |
i i i 23219 / /
(Zip Code) | |||
( i i i 804 / / )
i i i 819-2000 / /
(Registrants’ telephone number) |
Registrant |
Trading Symbol |
Title of Each Class |
Name of Each Exchange on Which Registered | |||
DOMINION ENERGY, INC. |
i D |
i Common Stock, no par value |
i New York Stock Exchange | |||
i DRUA |
i 2016 Series A 5.25% Enhanced Junior Subordinated Notes |
i New York Stock Exchange | ||||
DOMINION ENERGY GAS HOLDINGS, LLC |
i DCUE |
i 2019 Series A Corporate Units i 2014 Series C 4.6% Senior Notes |
i New York Stock Exchange i New York Stock Exchange |
i Large accelerated filer ☒ |
Accelerated filer ☐ |
Non-accelerated filer ☐ |
Smaller reporting company i ☐ | |||
Emerging growth company i ☐ |
Large accelerated filer ☐ |
Accelerated filer ☐ |
i Non-accelerated filer ☒ |
Smaller reporting company i ☐ | |||
Emerging growth company i ☐ |
Large accelerated filer ☐ |
Accelerated filer ☐ |
i Non-accelerated filer ☒ |
Smaller reporting company i ☐ | |||
Emerging growth company i ☐ |
Item Number |
Page Number | |||
3 | ||||
Part I |
||||
1. |
8 | |||
1A. |
28 | |||
1B. |
36 | |||
2. |
37 | |||
3. |
42 | |||
4. |
42 | |||
43 | ||||
Part II |
||||
5. |
44 | |||
6. |
45 | |||
7. |
46 | |||
7A. |
66 | |||
8. |
69 | |||
9. |
196 | |||
9A. |
196 | |||
9B. |
199 | |||
Part III |
||||
10. |
200 | |||
11. |
200 | |||
12. |
200 | |||
13. |
200 | |||
14. |
201 | |||
Part IV |
||||
15. |
202 | |||
16. |
209 |
2 |
Abbreviation or Acronym |
Definition | |
2016 Equity Units |
Dominion Energy’s 2016 Series A Equity Units issued in August 2016, initially in the form of 2016 Series A Corporate Units, consisting of a stock purchase contract and a 1/40 interest in RSNs issued by Dominion Energy | |
2019 Equity Units |
Dominion Energy’s 2019 Series A Equity Units issued in June 2019, initially in the form of 2019 Series A Corporate Units, consisting of a stock purchase contract and a 1/10 interest in a share of the Series A Preferred Stock | |
2017 Tax Reform Act |
An Act to Provide for Reconciliation Pursuant to Titles II and V of the Concurrent Resolution on the Budget for Fiscal Year 2018 (previously known as The Tax Cuts and Jobs Act) enacted on December 22, 2017 | |
2020 Proxy Statement |
Dominion Energy 2020 Proxy Statement, File No. | |
ABO |
Accumulated benefit obligation | |
ACE Rule |
Affordable Clean Energy Rule | |
AFUDC |
Allowance for funds used during construction | |
Align RNG |
Align RNG, LLC, a joint venture between Dominion Energy and Smithfield Foods, Inc. | |
AMI |
Advanced Metering Infrastructure | |
AOCI |
Accumulated other comprehensive income (loss) | |
ARO |
Asset retirement obligation | |
Atlantic Coast Pipeline |
Atlantic Coast Pipeline, LLC, a limited liability company owned by Dominion Energy, Duke and Southern | |
Atlantic Coast Pipeline Project |
An approximately 600-mile natural gas pipeline running from West Virginia through Virginia to North Carolina which will be owned by Dominion Energy, Duke and Southern to be constructed and operated by DETI | |
BACT |
Best available control technology | |
bcf |
Billion cubic feet | |
bcfe |
Billion cubic feet equivalent | |
Bear Garden |
A 590 MW combined-cycle, natural gas-fired power station in Buckingham County, Virginia | |
Blue Racer |
Blue Racer Midstream, LLC, a joint venture between Caiman Energy II, LLC and FR BR Holdings, LLC effective December 2018 | |
BP |
BP Wind Energy North America Inc. | |
Brookfield |
Brookfield Super-Core Infrastructure Partners, an infrastructure fund managed by Brookfield Asset Management Inc. | |
Brunswick County |
A 1,376 MW combined-cycle, natural gas-fired power station in Brunswick County, Virginia | |
CAA |
Clean Air Act | |
CAISO |
California ISO | |
CAO |
Chief Accounting Officer | |
CCR |
Coal combustion residual | |
CEA |
Commodity Exchange Act | |
CEO |
Chief Executive Officer | |
CEP |
Capital Expenditure Program, as established by House Bill 95, Ohio legislation enacted in 2011, deployed by East Ohio to recover certain costs associated with capital investment | |
CERCLA |
Comprehensive Environmental Response, Compensation and Liability Act of 1980, also known as Superfund | |
CFO |
Chief Financial Officer | |
CGN Committee |
Compensation, Governance and Nominating Committee of Dominion Energy’s Board of Directors | |
CNG |
Consolidated Natural Gas Company | |
CO 2 |
Carbon dioxide | |
Colonial Trail West |
A 142 MW utility-scale solar power station located in Surry County, Virginia | |
Companies |
Dominion Energy, Virginia Power and Dominion Energy Gas, collectively | |
Contracted Generation |
Contracted Generation operating segment | |
COO |
Chief Operating Officer | |
Cooling degree days |
Units measuring the extent to which the average daily temperature is greater than 65 degrees Fahrenheit, or 75 degrees Fahrenheit in DESC’s service territory, calculated as the difference between 65 or 75 degrees, as applicable, and the average temperature for that day | |
Cove Point |
Dominion Energy Cove Point LNG, LP | |
Cove Point LNG Facility |
An LNG import/export and storage facility, including the Liquefaction Facility, located on the Chesapeake Bay in Lusby, Maryland | |
Cove Point Pipeline |
A 136 mile natural gas pipeline that connects the Cove Point LNG Facility to interstate natural gas pipelines | |
CPCN |
Certificate of Public Convenience and Necessity | |
CWA |
Clean Water Act | |
DCP |
The legal entity, Dominion Cove Point, LLC (formerly known as Dominion Cove Point, Inc.), one or more of its consolidated subsidiaries, or the entirety of Dominion Cove Point, LLC and its consolidated subsidiaries |
3 |
Abbreviation or Acronym |
Definition | |
DECG |
Dominion Energy Carolina Gas Transmission, LLC | |
DECGS |
Dominion Energy Carolina Gas Services, Inc. | |
DEQPS |
Dominion Energy Questar Pipeline Services, Inc. | |
DES |
Dominion Energy Services, Inc. | |
DESC |
The legal entity, Dominion Energy South Carolina, Inc. (formerly known as South Carolina Electric & Gas Company), one or more of its consolidated entities or operating segment, or the entirety of Dominion Energy South Carolina, Inc. and its consolidated entities | |
DETI |
Dominion Energy Transmission, Inc. | |
DGI |
Dominion Generation, Inc. | |
DGP |
Dominion Gathering and Processing, Inc. | |
DMLPHCII |
Dominion MLP Holding Company II, LLC (formerly known as Dominion MLP Holding Company II, Inc.) | |
Dodd-Frank Act |
The Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 | |
DOE |
U.S. Department of Energy | |
Dominion Energy |
The legal entity, Dominion Energy, Inc., one or more of its consolidated subsidiaries (other than Virginia Power and Dominion Energy Gas) or operating segments, or the entirety of Dominion Energy, Inc. and its consolidated subsidiaries | |
Dominion Energy Direct ® |
A dividend reinvestment and open enrollment direct stock purchase plan | |
Dominion Energy Gas |
The legal entity, Dominion Energy Gas Holdings, LLC, one or more of its consolidated subsidiaries or operating segment, or the entirety of Dominion Energy Gas Holdings, LLC and its consolidated subsidiaries | |
Dominion Energy Gas Restructuring |
The acquisition of DCP and DMLPHCII from, and the disposition of East Ohio and DGP to, Dominion Energy by Dominion Energy Gas on November 6, 2019 | |
Dominion Energy Midstream |
The legal entity, Dominion Energy Midstream Partners, LP, one or more of its consolidated subsidiaries, or the entirety of Dominion Energy Midstream Partners, LP and its consolidated subsidiaries | |
Dominion Energy Questar |
The legal entity, Dominion Energy Questar Corporation, one or more of its consolidated subsidiaries (other than Dominion Energy Gas, effective November 2019), or the entirety of Dominion Energy Questar Corporation and its consolidated subsidiaries | |
Dominion Energy Questar Combination |
Dominion Energy’s acquisition of Dominion Energy Questar completed on September 16, 2016 pursuant to the terms of the agreement and plan of merger entered on January 31, 2016 | |
Dominion Energy Questar Pipeline |
Dominion Energy Questar Pipeline, LLC, one or more of its consolidated subsidiaries, or the entirety of Dominion Energy Questar Pipeline, LLC and its consolidated subsidiaries | |
Dominion Energy South Carolina |
Dominion Energy South Carolina operating segment | |
Dominion Energy Virginia |
Dominion Energy Virginia operating segment | |
DSM |
Demand-side management | |
Dth |
Dekatherm | |
Duke |
The legal entity, Duke Energy Corporation, one or more of its consolidated subsidiaries, or the entirety of Duke Energy Corporation and its consolidated subsidiaries | |
Eagle Solar |
Eagle Solar, LLC, a wholly-owned subsidiary of DGI | |
East Ohio |
The East Ohio Gas Company, doing business as Dominion Energy Ohio | |
Eastern Market Access Project |
Project to provide 150,000 Dths/day of transportation service to help meet demand for natural gas for Washington Gas Light Company, a local gas utility serving customers in D.C., Virginia and Maryland | |
Energy Choice |
Program authorized by the Ohio Commission which provides energy customers with the ability to shop for energy options from a group of suppliers certified by the Ohio Commission | |
EPA |
U.S. Environmental Protection Agency | |
EPACT |
Energy Policy Act of 2005 | |
EPS |
Earnings per share | |
ERISA |
Employee Retirement Income Security Act of 1974 | |
ESA Excess Tax Benefits |
Endangered Species Act Benefits of tax deductions in excess of the compensation cost recognized for stock-based compensation | |
Export Customers |
ST Cove Point, LLC, a joint venture of Sumitomo Corporation and Tokyo Gas Co., LTD., and GAIL Global (USA) LNG, LLC | |
Fairless |
Fairless power station | |
FASB |
Financial Accounting Standards Board | |
FERC |
Federal Energy Regulatory Commission | |
FILOT |
Fee in lieu of taxes | |
Fitch |
Fitch Ratings Ltd. | |
Four Brothers |
Four Brothers Solar, LLC, a limited liability company owned by Dominion Energy and Four Brothers Holdings, LLC, a subsidiary of GIP effective August 2018 | |
Fowler Ridge |
Fowler I Holdings LLC, a wind-turbine facility joint venture with BP in Benton County, Indiana | |
FTRs |
Financial transmission rights | |
GAAP |
U.S. generally accepted accounting principles | |
Gal |
Gallon | |
Gas Distribution |
Gas Distribution operating segment | |
Gas Transmission & Storage |
Gas Transmission & Storage operating segment |
4 |
Abbreviation or Acronym |
Definition | |
GENCO |
South Carolina Generating Company, Inc. | |
GHG |
Greenhouse gas | |
GIP |
The legal entity, Global Infrastructure Partners, one or more of its consolidated subsidiaries (including, effective August 2018, Four Brothers Holdings, LLC, Granite Mountain Renewables, LLC and Iron Springs Renewables, LLC) or operating segments, or the entirety of Global Infrastructure Partners and its consolidated subsidiaries | |
Granite Mountain |
Granite Mountain Holdings, LLC, a limited liability company owned by Dominion Energy and Granite Mountain Renewables, LLC, a subsidiary of GIP effective August 2018 | |
Green Mountain |
Green Mountain Power Corporation | |
GreenHat |
GreenHat Energy, LLC | |
Greensville County |
A 1,588 MW combined-cycle, natural gas-fired power station in Greensville County, Virginia | |
GTSA |
Virginia Grid Transformation and Security Act of 2018 | |
Heating degree days |
Units measuring the extent to which the average daily temperature is less than 65 degrees Fahrenheit, or 60 degrees Fahrenheit in DESC’s service territory, calculated as the difference between 65 or 60 degrees, as applicable, and the average temperature for that day | |
Hope |
Hope Gas, Inc., doing business as Dominion Energy West Virginia | |
Idaho Commission |
Idaho Public Utilities Commission | |
IRCA |
Intercompany revolving credit agreement | |
Iron Springs |
Iron Springs Holdings, LLC, a limited liability company owned by Dominion Energy and Iron Springs Renewables, LLC, a subsidiary of GIP effective August 2018 | |
Iroquois |
Iroquois Gas Transmission System, L.P. | |
IRS |
Internal Revenue Service | |
ISO |
Independent system operator | |
ISO-NE |
ISO New England | |
July 2016 hybrids |
Dominion Energy’s 2016 Series A Enhanced Junior Subordinated Notes due 2076 | |
June 2006 hybrids |
Dominion Energy’s 2006 Series A Enhanced Junior Subordinated Notes due 2066 | |
Kewaunee |
Kewaunee nuclear power station | |
kV |
Kilovolt | |
LIBOR |
London Interbank Offered Rate | |
LIFO |
Last-in-first-out inventory method | |
Liquefaction Facility |
A natural gas export/liquefaction facility at the Cove Point LNG Facility | |
LNG |
Liquefied natural gas | |
LTIP |
Long-term incentive program | |
Manchester |
Manchester power station | |
Massachusetts Municipal |
Massachusetts Municipal Wholesale Electric Company | |
MATS |
Utility Mercury and Air Toxics Standard Rule | |
mcf |
Thousand cubic feet | |
mcfe |
Thousand cubic feet equivalent | |
MD&A |
Management’s Discussion and Analysis of Financial Condition and Results of Operations | |
MGD |
Million gallons a day | |
Millstone |
Millstone nuclear power station | |
Millstone 2019 power purchase agreements |
Power purchase agreements with Eversource Energy and The United Illuminating Company for Millstone to provide nine million MWh per year of electricity for ten years | |
Moody’s |
Moody’s Investors Service | |
Mtpa |
Million metric tons per annum | |
MW |
Megawatt | |
MWh |
Megawatt hour | |
Natural Gas Rate Stabilization Act |
Legislation effective February 2005 designed to improve and maintain natural gas service infrastructure to meet the needs of customers in South Carolina | |
NAV |
Net asset value | |
NedPower |
NedPower Mount Storm LLC, a wind-turbine facility joint venture between Dominion Energy and Shell WindEnergy, Inc. in Grant County, West Virginia | |
NEIL |
Nuclear Electric Insurance Limited | |
NERC |
North American Electric Reliability Corporation | |
NG |
Collectively, North East Transmission Co., Inc. and National Grid IGTS Corp. | |
NGL |
Natural gas liquid | |
NJNR |
NJNR Pipeline Company | |
NND Project |
V.C. Summer Units 2 and 3 nuclear development project under which DESC and Santee Cooper undertook to construct two Westinghouse AP1000 Advanced Passive Safety Nuclear Units in Jenkinsville, South Carolina | |
North Anna |
North Anna nuclear power station | |
North Carolina Commission |
North Carolina Utilities Commission | |
NO X |
Nitrogen oxide | |
NRC |
U.S. Nuclear Regulatory Commission |
5 |
Abbreviation or Acronym |
Definition | |
NRG |
The legal entity, NRG Energy, Inc., one or more of its consolidated subsidiaries (including, effective November 2016 through August 2018, Four Brothers Holdings, LLC, Granite Mountain Renewables, LLC and Iron Springs Renewables, LLC) or operating segments, or the entirety of NRG Energy, Inc. and its consolidated subsidiaries | |
NSPS |
New Source Performance Standards | |
NYSE |
New York Stock Exchange | |
October 2014 hybrids |
Dominion Energy’s 2014 Series A Enhanced Junior Subordinated Notes due 2054 | |
ODEC |
Old Dominion Electric Cooperative | |
Ohio Commission |
Public Utilities Commission of Ohio | |
Order 1000 |
Order issued by FERC adopting requirements for electric transmission planning, cost allocation and development | |
PHMSA |
Pipeline and Hazardous Materials Safety Administration | |
PIR |
Pipeline Infrastructure Replacement program deployed by East Ohio | |
PJM |
PJM Interconnection, L.L.C. | |
ppb |
Parts-per-billion | |
Predecessor |
Dominion Energy as the predecessor for accounting purposes for the period of Dominion Energy’s ownership of DCP and DMLPHCII until the completion of the Dominion Energy Gas Restructuring | |
PREP |
Pipeline Replacement and Expansion Program, a program of replacing, upgrading and expanding natural gas utility infrastructure deployed by Hope | |
PSD |
Prevention of significant deterioration | |
PSNC |
Public Service Company of North Carolina, Incorporated, doing business as Dominion Energy North Carolina | |
PURA |
Connecticut’s Public Utility Regulatory Authority | |
Questar Gas |
Questar Gas Company, doing business as Dominion Energy Utah, Dominion Energy Wyoming and Dominion Energy Idaho | |
RCC |
Replacement Capital Covenant | |
Regulation Act |
Legislation effective July 1, 2007, that amended the Virginia Electric Utility Restructuring Act and fuel factor statute, which legislation is also known as the Virginia Electric Utility Regulation Act, as amended in 2015 and 2018 | |
RGGI |
Regional Greenhouse Gas Initiative | |
RICO |
Racketeer Influenced and Corrupt Organizations Act | |
Rider B |
A rate adjustment clause associated with the recovery of costs related to the conversion of three of Virginia Power’s coal-fired power stations to biomass | |
Rider BW |
A rate adjustment clause associated with the recovery of costs related to Brunswick County | |
Rider E |
A rate adjustment clause associated with the recovery of costs related to certain capital projects at Virginia Power’s electric generating stations to comply with federal and state environmental laws and regulations | |
Rider GV |
A rate adjustment clause associated with the recovery of costs related to Greensville County | |
Rider R |
A rate adjustment clause associated with the recovery of costs related to Bear Garden | |
Rider S |
A rate adjustment clause associated with the recovery of costs related to the Virginia City Hybrid Energy Center | |
Rider T1 |
A rate adjustment clause to recover the difference between revenues produced from transmission rates included in base rates, and the new total revenue requirement developed annually for the rate years effective September 1 | |
Rider U |
A rate adjustment clause associated with the recovery of costs of new underground distribution facilities | |
Rider US-2 |
A rate adjustment clause associated with the recovery of costs related to Woodland Solar, Scott Solar and Whitehouse Solar | |
Rider US-3 |
A rate adjustment clause associated with the recovery of costs related to Colonial Trail West and Spring Grove 1 | |
Rider US-4 |
A rate adjustment clause associated with the recovery of costs related to Sadler Solar | |
Rider W |
A rate adjustment clause associated with the recovery of costs related to Warren County | |
Riders C1A, C2A and C3A |
Rate adjustment clauses associated with the recovery of costs related to certain DSM programs approved in DSM cases | |
ROE |
Return on equity | |
ROIC |
Return on invested capital | |
RSN |
Remarketable subordinated note | |
RTEP |
Regional transmission expansion plan | |
RTO |
Regional transmission organization | |
Sadler Solar |
An approximately 100 MW proposed utility-scale solar power station located in Greensville County, Virginia | |
SAFSTOR |
A method of nuclear decommissioning, as defined by the NRC, in which a nuclear facility is placed and maintained in a condition that allows the facility to be safely stored and subsequently decontaminated to levels that permit release for unrestricted use | |
SAIDI |
System Average Interruption Duration Index, metric used to measure electric service reliability | |
Santee Cooper |
South Carolina Public Service Authority | |
SBL Holdco |
SBL Holdco, LLC, a wholly-owned subsidiary of DGI | |
SCANA |
The legal entity, SCANA Corporation, one or more of its consolidated subsidiaries, or the entirety of SCANA Corporation and its consolidated subsidiaries |
6 |
Abbreviation or Acronym |
Definition | |
SCANA Combination |
Dominion Energy’s acquisition of SCANA completed on January 1, 2019 pursuant to the terms of the agreement and plan of merger entered on January 2, 2018 between Dominion Energy and SCANA | |
SCANA Merger Approval Order |
Final order issued by the South Carolina Commission on December 21, 2018 setting forth its approval of the SCANA Combination | |
SCDHEC |
South Carolina Department of Health and Environmental Control | |
SCDOR |
South Carolina Department of Revenue | |
Scott Solar |
A 17 MW utility-scale solar power station in Powhatan County, Virginia | |
SEC |
U.S. Securities and Exchange Commission | |
SEMI |
SCANA Energy Marketing, Inc. | |
September 2006 hybrids |
Dominion Energy’s 2006 Series B Enhanced Junior Subordinated Notes due 2066 | |
SERC |
Southeast Electric Reliability Council | |
Series A Preferred Stock |
Dominion Energy’s 1.75% Series A Cumulative Perpetual Convertible Preferred Stock, without par value, with a liquidation preference of $1,000 per share | |
Series B Preferred Stock |
Dominion Energy’s 4.65% Series B Fixed-Rate Reset Cumulative Redeemable Perpetual Preferred Stock, without par value, with a liquidation preference of $1,000 per share | |
SO 2 |
Sulfur dioxide | |
South Carolina Commission |
Public Service Commission of South Carolina | |
Southern |
The legal entity, The Southern Company, one or more of its consolidated subsidiaries, or the entirety of The Southern Company and its consolidated subsidiaries | |
Spring Grove 1 |
An approximately 98 MW proposed utility-scale solar power station located in Surry County, Virginia | |
Standard & Poor’s |
Standard & Poor’s Ratings Services, a division of the McGraw-Hill Companies, Inc. | |
Summer |
V.C. Summer nuclear power station | |
SunEdison |
The legal entity, SunEdison, Inc., one or more of its consolidated subsidiaries, or the entirety of SunEdison, Inc. and its consolidated subsidiaries | |
Surry |
Surry nuclear power station | |
Terra Nova Renewable Partners |
A partnership comprised primarily of institutional investors advised by J.P. Morgan Asset Management—Global Real Assets | |
Three Cedars |
Granite Mountain and Iron Springs, collectively | |
TransCanada |
The legal entity, TransCanada Corporation, one or more of its consolidated subsidiaries or operating segments, or the entirety of TransCanada Corporation and its consolidated subsidiaries | |
TSR |
Total shareholder return | |
Utah Commission |
Utah Public Service Commission | |
VDEQ |
Virginia Department of Environmental Quality | |
VEBA |
Voluntary Employees’ Beneficiary Association | |
VIE |
Variable interest entity | |
Virginia City Hybrid Energy Center |
A 610 MW baseload carbon-capture compatible, clean coal powered electric generation facility in Wise County, Virginia | |
Virginia Commission |
Virginia State Corporation Commission | |
Virginia Power |
The legal entity, Virginia Electric and Power Company, one or more of its consolidated subsidiaries or operating segment, or the entirety of Virginia Electric and Power Company and its consolidated subsidiaries | |
VOC |
Volatile organic compounds | |
Warren County |
A 1,350 MW combined-cycle, natural gas-fired power station in Warren County, Virginia | |
WECTEC |
WECTEC Global Project Services, Inc. (formerly known as Stone & Webster, Inc.), a wholly-owned subsidiary of Westinghouse | |
West Virginia Commission |
Public Service Commission of West Virginia | |
Westinghouse |
Westinghouse Electric Company LLC | |
Wexpro |
The legal entity, Wexpro Company, one or more of its consolidated subsidiaries, or the entirety of Wexpro Company and its consolidated subsidiaries | |
Wexpro Agreement |
An agreement which sets forth the rights of Questar Gas to receive certain benefits from Wexpro’s operations, including cost-of-service gas | |
Wexpro II Agreement |
An agreement with the states of Utah and Wyoming modeled after the Wexpro Agreement that allows for the addition of properties under the cost-of-service methodology for the benefit of Questar Gas customers | |
Whitehouse Solar |
A 20 MW utility-scale solar power station in Louisa County, Virginia | |
White River Hub |
White River Hub, LLC | |
Woodland Solar |
A 19 MW utility-scale solar power station in Isle of Wight County, Virginia | |
Wrangler |
Wrangler Retail Gas Holdings, LLC, a partnership between Dominion Energy and Interstate Gas Supply Inc. | |
Wyoming Commission |
Wyoming Public Service Commission |
7 |
8 |
9 |
10 |
Primary Operating Segment |
Description of Operations |
Dominion Energy |
Virginia Power |
Dominion Energy Gas |
||||||||||
Dominion Energy Virginia |
Regulated electric distribution |
X |
X |
|||||||||||
Regulated electric transmission |
X |
X |
||||||||||||
Regulated electric generation fleet (1) |
X |
X |
||||||||||||
Gas Transmission & Storage |
Regulated gas transmission and storage (2) |
X |
X |
|||||||||||
LNG terminalling and storage |
X |
X |
||||||||||||
Nonregulated retail energy marketing |
X |
|||||||||||||
Gas Distribution |
Regulated gas distribution and storage (3) |
X |
||||||||||||
Dominion Energy South Carolina |
Regulated electric distribution |
X |
||||||||||||
Regulated electric transmission |
X |
|||||||||||||
Regulated electric generation fleet |
X |
|||||||||||||
Regulated gas distribution and storage |
X |
|||||||||||||
Contracted Generation |
Merchant electric generation fleet |
X |
(1) |
Includes Virginia Power’s nonjurisdictional generation operations. |
(2) |
Includes gathering and processing activities. |
(3) |
Includes Wexpro’s natural gas development and production operations. |
11 |
• |
Mt. Storm-to-Valley ($290 million); |
• |
Gainesville-to-Haymarket ($170 million); |
• |
Idylwood -to-Tysons ($125 million); |
• |
Glebe substation and North Potomac Yard terminal station underground ($125 million); |
• |
Remington/Gordonsville/Pratts Area Improvement (including Remington-to-Gordonsville, and new Gordonsville substation transformer) ($115 million); |
• |
Idylwood substation ($105 million); |
• |
Harmony Village-to-White Stone ($105 million); |
• |
Elmont-to-Ladysmith ($90 million); |
• |
Lanexa-to-Northern Neck ($90 million); |
• |
Loudoun-to-Ox ($70 million); |
• |
Mt. Storm substation ($70 million); |
• |
Bristers-to-Chancellor ($65 million); and |
• |
Dooms-to-Valley ($65 million). |
12 |
• | Virginia Power plans to acquire or construct certain solar facilities in Virginia and North Carolina. See Notes 10 and 13 to the Consolidated Financial Statements for more information. |
• | Virginia Power continues to consider the construction of a third nuclear unit at a site located at North Anna. See Future Issues and Other Matters |
• | Virginia Power is considering the construction of an approximately $2 billion hydroelectric pumped storage facility in Southwest Virginia. |
• | Virginia Power has announced an approximately $400 million project to replace approximately 1,500 diesel buses with electric buses at school districts in Virginia by 2025. |
• | In November 2018, Virginia Power received approval from the Virginia Commission for its petition seeking a prudency determination as provided in the GTSA with respect to the proposed Coastal Virginia Offshore Wind Pilot project, consisting of two 6 MW wind turbine generators located approximately 27 miles off the coast of Virginia Beach, Virginia in federal waters, and for a CPCN, for the generation tie line connecting the generators to shore. This project is expected to cost approximately $300 million and to be placed into service by the end of 2020. |
• | In September 2019, Virginia Power filed an application with PJM for the Coastal Virginia Offshore Wind Commercial project to interconnect 2,640 MW of wind energy between 2024 and 2026 off the coast of Virginia as an expansion of the Coastal Virginia Offshore Wind Pilot project, expected to increase the total cost of the project by up to approximately $8 billion. |
• | Virginia Power is considering the construction of simple cycle combustion turbines in Virginia. These projects are expected to be placed in service beginning 2023. |
Source |
2019 |
2018 |
2017 |
|||||||||
Natural gas |
41 |
% |
33 |
% | 32 |
% | ||||||
Nuclear (1) |
29 |
29 |
32 |
|||||||||
Purchased power, net |
17 |
19 |
14 |
|||||||||
Coal (2) |
8 |
13 |
17 |
|||||||||
Renewable/hydro (3) |
5 |
5 |
5 |
|||||||||
Oil |
— |
1 |
— |
|||||||||
Total |
100 |
% |
100 |
% | 100 |
% |
(1) |
Excludes ODEC’s 11.6% ownership interest in North Anna. |
(2) |
Excludes ODEC’s 50.0% ownership interest in the Clover power station. |
(3) |
Includes solar and biomass. |
13 |
NRC license expiration year |
Most recent cost estimate (2019 dollars) (1) |
|
2019 contributions to trusts |
|||||||||||||
(dollars in millions) |
||||||||||||||||
Surry |
||||||||||||||||
Unit 1 |
2032 |
$ 803 |
$ 815 |
$ — |
||||||||||||
Unit 2 |
2033 |
794 |
803 |
— |
||||||||||||
North Anna |
||||||||||||||||
Unit 1 (2) |
2038 |
720 |
651 |
— |
||||||||||||
Unit 2 (2) |
2040 |
724 |
612 |
— |
||||||||||||
Total |
$3,041 |
$2,881 |
$— |
(1) |
The cost estimates shown above reflect reductions for the expected future recovery of certain spent fuel costs based on Virginia Power’s contracts with the DOE for disposal of spent nuclear fuel consistent with the reductions reflected in Virginia Power’s nuclear decommissioning AROs and includes the expectation that 20-year license extensions are approved for all units. |
(2) |
North Anna is jointly owned by Virginia Power (88.4%) and ODEC (11.6%). However, Virginia Power is responsible for 89.26% of the decommissioning obligation. Amounts reflect 89.26% of the decommissioning cost for both of North Anna’s units. |
14 |
15 |
16 |
17 |
Source |
2019 |
2018 (1) |
||||||
Natural gas |
46 |
% |
37 |
% | ||||
Coal |
27 |
35 |
||||||
Nuclear (2) |
23 |
20 |
||||||
Renewable/hydro (3) |
4 |
8 |
||||||
Total |
100 |
% |
100 |
% |
(1) |
Dominion Energy did not acquire DESC until January 2019. These amounts represent data obtained as part of the due diligence performed by Dominion Energy prior to the SCANA Combination. |
(2) |
Excludes Santee Cooper’s 33.3% undivided ownership interest in Summer. |
(3) |
Includes solar. |
18 |
19 |
20 |
NRC license expiration year |
Most recent cost estimate (2019 dollars) (1) |
|
2019 contributions to trusts |
|||||||||||||
(dollars in millions) |
||||||||||||||||
Millstone |
||||||||||||||||
Unit 1 (2) |
N/A |
$ |
450 |
$ 622 |
$ — |
|||||||||||
Unit 2 |
2035 |
653 |
828 |
— |
||||||||||||
Unit 3 (3) |
2045 |
741 |
813 |
— |
||||||||||||
Kewaunee |
||||||||||||||||
Unit 1 (4) |
N/A |
573 |
834 |
— |
||||||||||||
Total |
$ |
2,417 |
$3,097 |
$ — |
(1) |
The cost estimates shown above reflect reductions for the expected future recovery of certain spent fuel costs based on Dominion Energy’s contracts with the DOE for disposal of spent nuclear fuel consistent with the reductions reflected in Dominion Energy’s nuclear decommissioning AROs. |
(2) |
Unit 1 permanently ceased operations in 1998, before Dominion Energy’s acquisition of Millstone. |
(3) |
Millstone Unit 3 is jointly owned by Dominion Energy Nuclear Connecticut, Inc., with a 6.53% undivided interest in Unit 3 owned by Massachusetts Municipal and Green Mountain. Decommissioning cost is shown at Dominion Energy’s ownership percentage. At December 31, 2019, the minority owners held $49 million of trust funds related to Millstone Unit 3 that are not reflected in the table above. |
(4) |
Permanently ceased operations in 2013. |
21 |
22 |
23 |
24 |
25 |
• | Reduction of GHG emissions; |
• | Energy infrastructure modernization, including natural gas and electric operations; and |
• | Conservation and energy efficiency. |
26 |
Subpart W Segment |
Subpart W Total CH 4 Emissions (mcf CH 4 ) |
|||
Distribution |
1,839,577 |
|||
Production |
736,188 |
|||
Transmission pipelines |
403,164 |
|||
Transmission compressor stations |
219,011 |
|||
Gathering and boosting |
219,056 |
|||
Storage |
88,973 |
|||
LNG import/export |
4,331 |
|||
Processing |
1,880 |
27 |
• | Energy audits and assessments; |
• | Incentives for customers to upgrade or install certain energy efficient measures and/or systems; |
• | Weatherization assistance to help income-eligible customers reduce their energy usage; |
• | Home energy planning, which provides homeowners with a step-by-step roadmap to efficiency improvements to reduce gas usage; and |
• | Rebates for installing high-efficiency equipment. |
28 |
29 |
30 |
31 |
32 |
33 |
34 |
35 |
36 |
37 |
Plant |
Location |
Net Summer Capability (MW) |
Percentage Net Summer Capability |
|||||||||
Gas |
||||||||||||
Greensville County (CC) |
Greensville County, VA |
1,629 |
||||||||||
Brunswick County (CC) |
Brunswick County, VA |
1,376 |
||||||||||
Warren County (CC) |
Warren County, VA |
1,370 |
||||||||||
Ladysmith (CT) |
Ladysmith, VA |
783 |
||||||||||
Bear Garden (CC) |
Buckingham County, VA |
622 |
||||||||||
Remington (CT) |
Remington, VA |
622 |
||||||||||
Possum Point (CC) (1) |
Dumfries, VA |
573 |
||||||||||
Chesterfield (CC) |
Chester, VA |
392 |
||||||||||
Elizabeth River (CT) |
Chesapeake, VA |
330 |
||||||||||
Gordonsville Energy (CC) |
Gordonsville, VA |
218 |
||||||||||
Gravel Neck (CT) |
Surry, VA |
170 |
||||||||||
Darbytown (CT) |
Richmond, VA |
168 |
||||||||||
Rosemary (CC) |
Roanoke Rapids, NC |
160 |
||||||||||
Total Gas |
8,413 |
40 |
% | |||||||||
Coal |
||||||||||||
Mt. Storm |
Mt. Storm, WV |
1,621 |
||||||||||
Chesterfield |
Chester, VA |
1,014 |
||||||||||
Virginia City Hybrid Energy Center |
Wise County, VA |
610 |
||||||||||
Clover |
Clover, VA |
439 |
(2) |
|||||||||
Total Coal |
3,684 |
18 |
||||||||||
Nuclear |
||||||||||||
Surry |
Surry, VA |
1,676 |
||||||||||
North Anna |
Mineral, VA |
1,672 |
(3) |
|||||||||
Total Nuclear |
3,348 |
16 |
||||||||||
Oil |
||||||||||||
Yorktown |
Yorktown, VA |
790 |
||||||||||
Possum Point |
Dumfries, VA |
770 |
||||||||||
Gravel Neck (CT) |
Surry, VA |
198 |
||||||||||
Darbytown (CT) |
Richmond, VA |
168 |
||||||||||
Possum Point (CT) |
Dumfries, VA |
72 |
||||||||||
Low Moor (CT) |
Covington, VA |
48 |
||||||||||
Northern Neck (CT) |
Lively, VA |
47 |
||||||||||
Chesapeake (CT) |
Chesapeake, VA |
39 |
||||||||||
Total Oil |
2,132 |
10 |
||||||||||
Hydro |
||||||||||||
Bath County |
Warm Springs, VA |
1,808 |
(4) |
|||||||||
Gaston |
Roanoke Rapids, NC |
220 |
||||||||||
Roanoke Rapids |
Roanoke Rapids, NC |
95 |
||||||||||
Other |
1 |
|||||||||||
Total Hydro |
2,124 |
10 |
||||||||||
Solar |
||||||||||||
Colonial Trail West |
Surry County, VA |
142 |
||||||||||
Whitehouse Solar |
Louisa County, VA |
20 |
||||||||||
Woodland Solar |
Isle of Wight County, VA |
19 |
||||||||||
Scott Solar |
Powhatan, VA |
17 |
||||||||||
Total Solar |
198 |
1 |
||||||||||
Biomass |
||||||||||||
Altavista |
Altavista, VA |
51 |
||||||||||
Polyester |
Hopewell, VA |
51 |
||||||||||
Southampton |
Southampton, VA |
51 |
||||||||||
Total Biomass |
153 |
1 |
||||||||||
Various |
||||||||||||
Mt. Storm (CT) |
Mt. Storm, WV |
11 |
— |
|||||||||
20,063 |
||||||||||||
Power Purchase Agreements |
782 |
4 |
||||||||||
Total Utility Generation |
20,845 |
100 |
% |
(1) |
Will be retired after meeting capacity obligation to PJM in 2021. See Note 2 to the Consolidated Financial Statements for additional information. |
(2) |
Excludes 50% undivided interest owned by ODEC. |
(3) |
Excludes 11.6% undivided interest owned by ODEC. |
(4) |
Excludes 40% undivided interest owned by Allegheny Generating Company, a subsidiary of FirstEnergy Corp. |
38 |
Plant |
Location |
Net Summer Capability (MW) |
||||||
Solar (1) |
||||||||
Gutenberg |
Garysburg, NC |
80 |
||||||
Pecan |
Pleasant Hill, NC |
75 |
||||||
Gloucester |
Gloucester County, VA |
20 |
||||||
Montross |
Westmoreland County, VA |
20 |
||||||
Morgans Corner |
Pasquotank County, NC |
20 |
||||||
Remington |
Fauquier County, VA |
20 |
||||||
Oceana |
Virginia Beach, VA |
18 |
||||||
Hollyfield |
Manquin, VA |
17 |
||||||
Puller |
Topping, VA |
15 |
||||||
Total Solar |
285 |
(1) |
All solar facilities are alternating current. |
39 |
Plant |
Location |
Net Summer Capability (MW) |
Percentage Net Summer Capability |
|||||||
Gas |
||||||||||
Jasper (CC) (1) |
Hardeeville, SC |
852 |
||||||||
Columbia Energy Center (CC) (1) |
Gaston, SC |
519 |
||||||||
Urquhart (CC) (1) |
Beech Island, SC |
458 |
||||||||
McMeekin |
Irmo, SC |
250 |
||||||||
Hagood (CT) (1) |
Charleston, SC |
126 |
||||||||
Urquhart Unit 3 |
Beech Island, SC |
95 |
||||||||
Urquhart (CT) |
Beech Island, SC |
87 |
||||||||
Parr (CT) (1) |
Jenkinsville, SC |
60 |
||||||||
Williams (CT) (1) |
Goose Creek, SC |
40 |
||||||||
Coit (CT) (1) |
Columbia, SC |
26 |
||||||||
Total Gas (2) |
2,513 |
40 |
% | |||||||
Coal |
||||||||||
Wateree |
Eastover, SC |
684 |
||||||||
Williams |
Goose Creek, SC |
605 |
||||||||
Cope (3) |
Cope, SC |
415 |
||||||||
Total Coal |
1,704 |
27 |
||||||||
Hydro |
||||||||||
Fairfield |
Jenkinsville, SC |
576 |
||||||||
Saluda |
Irmo, SC |
190 |
||||||||
Other |
Various |
18 |
||||||||
Total Hydro |
784 |
13 |
||||||||
Nuclear |
||||||||||
Summer |
Jenkinsville, SC |
650 |
(4) |
|||||||
Total Nuclear |
650 |
10 |
||||||||
Power Purchase Agreements |
596 |
(5) |
10 |
|||||||
Total Utility Generation |
6,247 |
100 |
% |
(1) |
Capable of burning fuel oil as a secondary source. |
(2) |
Excludes the Hardeeville gas combustion turbine which currently does not have any net summer capability. |
(3) |
Capable of burning natural gas as a secondary source. |
(4) |
Excludes 33.3% undivided interest owned by Santee Cooper. |
(5) |
Includes 143MW from agreements with certain solar facilities within Contracted Generation. |
40 |
Plant |
Location |
Net Summer Capability (MW) |
Percentage Net Summer Capability |
|||||||||
Nuclear |
||||||||||||
Millstone |
Waterford, CT |
2,001 |
(1) |
|||||||||
Total Nuclear |
2,001 |
59 |
% | |||||||||
Solar (2) |
||||||||||||
Escalante I, II and III |
Beaver County, UT |
120 |
(3) |
|||||||||
Amazon Solar Farm Virginia—Southampton |
Newsoms, VA |
100 |
(4) |
|||||||||
Amazon Solar Farm Virginia—Accomack |
Oak Hall, VA |
80 |
(4) |
|||||||||
Innovative Solar 37 |
Morven, NC |
79 |
(4) |
|||||||||
Wilkinson |
Pantego, NC |
74 |
||||||||||
Seabrook |
Beaufort County, SC |
72 |
||||||||||
Moffett Solar 1 |
Ridgeland, SC |
71 |
(4) |
|||||||||
Granite Mountain East and West |
Iron County, UT |
65 |
(3) |
|||||||||
Summit Farms Solar |
Moyock, NC |
60 |
(4) |
|||||||||
Enterprise |
Iron County, UT |
40 |
(3) |
|||||||||
Iron Springs |
Iron County, UT |
40 |
(3) |
|||||||||
Pavant Solar |
Holden, UT |
34 |
(5) |
|||||||||
Camelot Solar |
Mojave, CA |
30 |
(5) |
|||||||||
Midway II |
Calipatria, CA |
30 |
(4) |
|||||||||
Indy I, II and III |
Indianapolis, IN |
20 |
(5) |
|||||||||
Amazon Solar Farm Virginia—Buckingham |
Cumberland, VA |
20 |
(4) |
|||||||||
Amazon Solar Farm Virginia—Correctional |
Barhamsville, VA |
20 |
(4) |
|||||||||
Hecate Cherrydale |
Cape Charles, VA |
20 |
(4) |
|||||||||
Amazon Solar Farm Virginia—Sappony |
Stoney Creek, VA |
20 |
(4) |
|||||||||
Amazon Solar Farm Virginia—Scott II |
Powhatan, VA |
20 |
(4) |
|||||||||
Cottonwood Solar |
Kings and Kern Counties, CA |
16 |
(5) |
|||||||||
Adams East Solar |
Tranquility, CA |
13 |
(5) |
|||||||||
Alamo Solar |
San Bernardino, CA |
13 |
(5) |
|||||||||
CID Solar |
Corcoran, CA |
13 |
(5) |
|||||||||
Imperial Valley Solar |
Imperial, CA |
13 |
(5) |
|||||||||
Kansas Solar |
Lenmore, CA |
13 |
(5) |
|||||||||
Kent South Solar |
Lenmore, CA |
13 |
(5) |
|||||||||
Maricopa West Solar |
Kern County, CA |
13 |
(5) |
|||||||||
Old River One Solar |
Bakersfield, CA |
13 |
(5) |
|||||||||
Richland Solar |
Jeffersonville, GA |
13 |
(5) |
|||||||||
West Antelope Solar |
Lancaster, CA |
13 |
(5) |
|||||||||
Catalina 2 Solar |
Kern County, CA |
12 |
(5) |
|||||||||
Mulberry Solar |
Selmer, TN |
11 |
(5) |
|||||||||
Selmer Solar |
Selmer, TN |
11 |
(5) |
|||||||||
Columbia 2 Solar |
Mojave, CA |
10 |
(5) |
|||||||||
Hecate Energy Clarke County |
White Post, VA |
10 |
(4) |
|||||||||
Ridgeland Solar Farm I |
Ridgeland, SC |
10 |
(4) |
|||||||||
Other |
Various |
43 |
(4)(5) |
|||||||||
Total Solar |
1,268 |
37 |
||||||||||
Wind |
||||||||||||
Fowler Ridge (6) |
Benton County, IN |
150 |
(7) |
4 |
||||||||
Total Merchant Generation |
3,419 |
100 |
% |
(1) |
Excludes 6.53% undivided interest in Unit 3 owned by Massachusetts Municipal and Green Mountain. |
(2) |
All solar facilities are alternating current. |
(3) |
Excludes 50% noncontrolling interest owned by GIP. Dominion Energy’s interest is subject to a lien securing Dominion Solar Projects III, Inc.’s debt. |
(4) |
Dominion Energy’s interest is subject to a lien securing Eagle Solar’s debt. |
(5) |
Excludes 33% noncontrolling interest owned by Terra Nova Renewable Partners. Dominion Energy’s interest is subject to a lien securing SBL Holdco’s debt. |
(6) |
Subject to a lien securing the facility’s debt. |
(7) |
Excludes 50% membership interest owned by BP. |
41 |
42 |
Name and Age |
Business Experience Past Five Years (1) | |
Chairman of the Board of Directors, President and CEO from April 2007 to date. | ||
Robert M. Blue (52) |
Executive Vice President and Co-COO from December 2019 to date; Executive Vice President and President & CEO—Power Delivery Group from May 2017 to November 2019; Senior Vice President and President & CEO—Dominion Virginia Power from January 2017 to May 2017; Senior Vice President—Law, Regulation & Policy from February 2016 to December 2016; Senior Vice President—Regulation, Law, Energy Solutions and Policy from May 2015 to January 2016; President of Virginia Power from January 2014 to May 2015. | |
James R. Chapman (50) |
Executive Vice President, CFO and Treasurer from January 2019 to date; Senior Vice President, CFO and Treasurer from November 2018 to December 2018; Senior Vice President—Mergers & Acquisitions and Treasurer from February 2016 to October 2018; Vice President—Corporate Finance and Mergers & Acquisitions and Assistant Treasurer from May 2015 to January 2016; Vice President—Corporate Finance and Mergers & Acquisitions from January 2015 to May 2015. | |
Diane Leopold (53) |
Executive Vice President and Co-COO from December 2019 to date; Executive Vice President and President & CEO—Gas Infrastructure Group from May 2017 to November 2019; Senior Vice President and President & CEO—Dominion Energy from January 2017 to May 2017; President of DETI, East Ohio and DCP from January 2014 to date. | |
P. Rodney Blevins (55) |
President— Dominion Energy South Carolina from December 2019 to date; President & Chief Executive Officer—Southeast Energy Group from January 2019 to November 2019; Senior Vice President and Chief Information Officer from January 2014 to December 2018. | |
Donald R. Raikes (57) |
President—Gas Distribution of Dominion Energy from December 2019 to date and of Hope, East Ohio, PSNC, and Questar Gas from October 2019 to date; Senior Vice President—Gas Transmission Operations of DCP, Dominion Energy Midstream and Dominion Energy Questar Pipeline from February 2019 to September 2019; Senior Vice President—Dominion Midstream Operations of DCP, Dominion Energy Midstream and Dominion Energy Questar Pipeline from August 2017 to January 2019; Senior Vice President—Pipeline Customer Service & Business Development of DCP and DETI from May 2017 to August 2017; Senior Vice President—Customer Service and Business Development of DCP and DETI from November 2014 to May 2017. | |
Paul E. Ruppert (55) |
President—Gas Transmission & Storage from December 2019 to date; President—Gas Transmission of DETI, Dominion Energy Questar Pipeline and DCP from August 2017 to November 2019; President—Dominion Midstream Operations of Dominion Energy Questar Pipeline and DCP from May 2017 to July 2017; Senior Vice President and President—Dominion Midstream Operations of Dominion Energy Midstream from January 2017 to July 2017; Senior Vice President—Dominion Midstream Operations of Dominion Energy Midstream from January 2016 to December 2016; Senior Vice President—Business Development & Generation Construction of Virginia Power from April 2012 to December 2015. | |
Daniel G. Stoddard (57) |
Senior Vice President, Chief Nuclear Officer and President—Contracted Generation from December 2019 to date; Senior Vice President and Chief Nuclear Officer of Virginia Power from October 2016 to date; Senior Vice President—Nuclear Operations of Virginia Power from May 2011 to September 2016. | |
Carlos M. Brown (45) |
Senior Vice President, General Counsel and Chief Compliance Officer from December 2019 to date; Senior Vice President and General Counsel from January 2019 to November 2019; Vice President and General Counsel from January 2017 to December 2018; Deputy General Counsel—Litigation, Labor, and Employment of DES from July 2016 to December 2016; Director—Power Generation Station II of DES from July 2015 to June 2016; Director—Alternative Energy Solutions Business Development & Commercialization of DES from January 2013 to June 2015. | |
William L. Murray (52) |
Senior Vice President—Corporate Affairs & Communications from February 2019 to date; Vice President—State & Electric Public Policy of DES from May 2017 to January 2019; Senior Policy Director—Public Policy of DES from April 2016 to May 2017; Managing Director—Corporate Public Policy of DES from June 2007 to March 2016. | |
Michele L. Cardiff (52) |
Vice President, Controller and CAO from April 2014 to date. |
(1) |
All positions held at Dominion Energy, unless otherwise noted. Any service listed for Virginia Power, DETI, East Ohio, Hope, PSNC, Questar Gas, Dominion Energy Midstream, Dominion Energy Questar Pipeline, DCP and DES reflects service at a subsidiary of Dominion Energy. |
43 |
Dominion Energy Purchases Of Equity Securities |
||||||||||||||||
Period |
Total Number of Shares (or Units) Purchased (1) |
Average Price Paid per Share (or Unit) (2) |
Total Number of Shares (or Units) Purchased as Part of Publicly Announced Plans or Programs |
Maximum Number (or Approximate Dollar Value) of Shares (or Units) that May Yet Be Purchased under the Plans or Programs (3) |
||||||||||||
10/1/19-10/31/19 |
31,435 |
$81.22 |
— |
19,629,059 shares/$ |
1.18 billion |
|||||||||||
11/1/19-11/30/19 |
401 |
83.08 |
— |
19,629,059 shares/$ |
1.18 billion |
|||||||||||
12/1/19-12/31/19 |
2,429 |
83.11 |
— |
19,629,059 shares/$ |
1.18 billion |
|||||||||||
Total |
34,265 |
$81.38 |
— |
19,629,059 shares/$ |
1.18 billion |
(1) |
Represents shares that were tendered by employees to satisfy tax withholding obligations on vested restricted stock. |
(2) |
Represents the weighted-average price paid per share. |
(3) |
The remaining repurchase authorization is pursuant to repurchase authority granted by the Dominion Energy Board of Directors in February 2005, as modified in June 2007. The aggregate authorization granted by the Dominion Energy Board of Directors was 86 million shares (as adjusted to reflect a two-for-one stock split distributed in November 2007) not to exceed $4 billion. |
44 |
Year Ended December 31, |
2019 (1) |
2018 (2) |
2017 (3) |
2016 (4) |
2015 |
|||||||||||||||
(millions, except per share amounts) |
||||||||||||||||||||
Operating revenue |
$ |
16,572 |
$ | 13,366 |
$ | 12,586 |
$ | 11,737 |
$ | 11,683 |
||||||||||
Net income attributable to Dominion Energy |
1,358 |
2,447 |
2,999 |
2,123 |
1,899 |
|||||||||||||||
Net income attributable to Dominion Energy per common share-basic |
1.66 |
3.74 |
4.72 |
3.44 |
3.21 |
|||||||||||||||
Net income attributable to Dominion Energy per common share-diluted |
1.62 |
3.74 |
4.72 |
3.44 |
3.20 |
|||||||||||||||
Dividends declared per common share |
3.67 |
3.34 |
3.035 |
2.80 |
2.59 |
|||||||||||||||
Total assets |
103,823 |
77,914 |
76,585 |
71,610 |
58,648 |
|||||||||||||||
Long-term debt (5) |
33,824 |
31,144 |
30,948 |
30,231 |
23,468 |
(1) |
Includes merger and integration-related costs associated with the SCANA Combination of $1.8 billion after-tax (inclusive of $756 million after-tax charge for refunds of amounts previously collected for the NND Project, $480 million after-tax charge for litigation acquired in the SCANA Combination and $319 million after-tax charge related to a voluntary retirement program), $585 million after-tax charges associated primarily with the planned early retirement of certain electric generation facilities, automated meter reading infrastructure and the termination of a contract with a non-utility generator, partially offset by a $429 million after-tax net gain related to nuclear decommissioning trust funds. |
(2) |
Includes $568 million after-tax gains on sales of certain merchant generation facilities and equity method investments partially offset by $164 million after-tax charge related to the impairment of certain gathering and processing assets and 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. |
(3) |
Includes $851 million of tax benefits resulting from the remeasurement of deferred income taxes to the new corporate income tax rate, partially offset by $96 million of after-tax charges associated with equity method investments in wind-powered generation facilities. |
(4) |
Includes a $122 million after-tax charge related to future ash pond and landfill closure costs at certain utility generation facilities. |
(5) |
Includes finance leases. |
45 |
• | Forward-Looking Statements |
• | Accounting Matters—Dominion Energy |
• | Dominion Energy |
• |
Results of Operations |
• |
Segment Results of Operations |
• | Virginia Power |
• |
Results of Operations |
• | Dominion Energy Gas |
• |
Results of Operations |
• | Liquidity and Capital Resources—Dominion Energy |
• | Future Issues and Other Matters—Dominion Energy |
• | Unusual weather conditions and their effect on energy sales to customers and energy commodity prices; |
• | Extreme weather events and other natural disasters, including, but not limited to, hurricanes, high winds, severe storms, earthquakes, flooding, climate changes and changes in water temperatures and availability that can cause outages and property damage to facilities; |
• | Federal, state and local legislative and regulatory developments, including changes in federal and state tax laws and regulations; |
• | Risks of operating businesses in regulated industries that are subject to changing regulatory structures; |
• | Changes to regulated electric rates collected by Dominion Energy and Virginia Power and regulated gas distribution, transportation and storage rates, including LNG storage, collected by Dominion Energy and Dominion Energy Gas; |
• | Changes in rules for RTOs and ISOs in which Dominion Energy and Virginia Power join and/or participate, including changes in rate designs, changes in FERC’s interpretation of market rules and new and evolving capacity models; |
• | Risks associated with Virginia Power’s membership and participation in PJM, including risks related to obligations created by the default of other participants; |
• | Risks associated with entities in which Dominion Energy and Dominion Energy Gas share ownership with third parties, including risks that result from lack of sole decision making authority, disputes that may arise between Dominion Energy and Dominion Energy Gas and third party participants and difficulties in exiting these arrangements; |
• | Changes in future levels of domestic and international natural gas production, supply or consumption; |
• | Fluctuations in future volumes of LNG imports or exports from the U.S. and other countries worldwide or demand for, purchases of, and prices related to natural gas or LNG; |
• | Timing and receipt of regulatory approvals necessary for planned construction or growth projects and compliance with conditions associated with such regulatory approvals; |
• | The inability to complete planned construction, conversion or growth projects at all, or with the outcomes or within the terms and time frames initially anticipated, including as a result of increased public involvement, intervention or litigation in such projects; |
• | Changes to federal, state and local environmental laws and regulations, including those related to climate change, the tightening of emission or discharge limits for GHGs and other substances, more extensive permitting requirements and the regulation of additional substances; |
• | Cost of environmental compliance, including those costs related to climate change; |
• | Changes in implementation and enforcement practices of regulators relating to environmental standards and litigation exposure for remedial activities; |
• | Difficulty in anticipating mitigation requirements associated with environmental and other regulatory approvals or related appeals; |
• | Unplanned outages at facilities in which the Companies have an ownership interest; |
• | The impact of operational hazards, including adverse developments with respect to pipeline and plant safety or integrity, equipment loss, malfunction or failure, operator error, and other catastrophic events; |
• | Risks associated with the operation of nuclear facilities, including costs associated with the disposal of spent nuclear fuel, decommissioning, plant maintenance and changes in existing regulations governing such facilities; |
• | Changes in operating, maintenance and construction costs; |
• | Domestic terrorism and other threats to the Companies’ physical and intangible assets, as well as threats to cybersecurity; |
• | Additional competition in industries in which the Companies operate, including in electric markets in which Dominion Energy’s merchant generation facilities operate and potential competition from the development and deployment of alternative energy sources, such as self-generation and distributed generation technologies, and availability of market alternatives to large commercial and industrial customers; |
46 |
• | Competition in the development, construction and ownership of certain electric transmission facilities in Dominion Energy and Virginia Power’s service territory in connection with Order 1000; |
• | Changes in technology, particularly with respect to new, developing or alternative sources of generation and smart grid technologies; |
• | Changes in demand for the Companies’ services, including industrial, commercial and residential growth or decline in the Companies’ service areas, changes in supplies of natural gas delivered to Dominion Energy and Dominion Energy Gas’ pipeline systems, failure to maintain or replace customer contracts on favorable terms, changes in customer growth or usage patterns, including as a result of energy conservation programs, the availability of energy efficient devices and the use of distributed generation methods; |
• | Receipt of approvals for, and timing of, closing dates for acquisitions and divestitures; |
• | Impacts of acquisitions, divestitures, transfers of assets to joint ventures and retirements of assets based on asset portfolio reviews; |
• | Adverse outcomes in litigation matters or regulatory proceedings, including matters acquired in the SCANA Combination; |
• | Counterparty credit and performance risk; |
• | Fluctuations in the value of investments held in nuclear decommissioning trusts by Dominion Energy and Virginia Power and in benefit plan trusts by Dominion Energy and Dominion Energy Gas; |
• | Fluctuations in energy-related commodity prices and the effect these could have on Dominion Energy’s earnings and the Companies’ liquidity position and the underlying value of their assets; |
• | Fluctuations in interest rates or foreign currency exchange rates; |
• | Changes in rating agency requirements or credit ratings and their effect on availability and cost of capital; |
• | Global capital market conditions, including the availability of credit and the ability to obtain financing on reasonable terms; |
• | Political and economic conditions, including inflation and deflation; |
• | Employee workforce factors including collective bargaining agreements and labor negotiations with union employees; and |
• | Changes in financial or regulatory accounting principles or policies imposed by governing bodies. |
• |
Orders issued by regulatory commissions, legislation and judicial actions; |
• |
Past experience; |
• |
Discussions with applicable regulatory authorities and legal counsel; |
• |
Forecasted earnings; and |
• |
Considerations around the likelihood of impacts from events such as unusual weather conditions, extreme weather events and other natural disasters and unplanned outages of facilities. |
47 |
48 |
49 |
• | Expected inflation and risk-free interest rate assumptions; |
• | Historical return analysis to determine long-term historic returns as well as historic risk premiums for various asset classes; |
• | Expected future risk premiums, asset classes’ volatilities and correlations; |
• | Forward-looking return expectations derived from the yield on long-term bonds and the expected long-term returns of major capital market assumptions; and |
• | Investment allocation of plan assets. The strategic target asset allocation for Dominion Energy’s pension funds is 28% U.S. equity, 18% non-U.S. equity, 35% fixed income, 3% real estate and 16% other alternative investments, such as private equity investments. |
Increase in 2020 Net Periodic Cost |
||||||||||||
Change in Actuarial Assumptions |
Pension Benefits |
Other Postretirement Benefits |
||||||||||
(millions, except percentages) |
||||||||||||
Discount Rate |
(0.25 |
)% |
19 |
2 |
||||||||
Long-Term rate of return on plan assets |
(0.25 |
)% |
23 |
5 |
||||||||
Health care cost trend rate |
1 |
% |
N/A |
20 |
50 |
Year Ended December 31, |
$ Change |
2018 |
$ Change |
2017 |
||||||||||||||||
(millions, except EPS) |
||||||||||||||||||||
Net Income attributable to Dominion Energy |
$ |
1,358 |
$(1,089) |
$ | 2,447 |
$(552) |
$ | 2,999 |
||||||||||||
Diluted EPS |
1.62 |
(2.12 |
) |
3.74 |
(0.98 |
) | 4.72 |
Year Ended December 31, |
$ Change |
2018 |
$ Change |
2017 |
||||||||||||||||
(millions) |
||||||||||||||||||||
Operating revenue |
$ |
16,572 |
$3,206 |
$ | 13,366 |
$780 |
$ | 12,586 |
||||||||||||
Electric fuel and other energy-related purchases |
2,938 |
124 |
2,814 |
513 |
2,301 |
|||||||||||||||
Purchased electric capacity |
88 |
(34 |
) |
122 |
116 |
6 |
||||||||||||||
Purchased gas |
1,536 |
891 |
645 |
(56 |
) | 701 |
||||||||||||||
Net revenue |
12,010 |
2,225 |
9,785 |
207 |
9,578 |
|||||||||||||||
Other operations and maintenance |
4,428 |
970 |
3,458 |
258 |
3,200 |
|||||||||||||||
Depreciation, depletion and amortization |
2,655 |
655 |
2,000 |
95 |
1,905 |
|||||||||||||||
Other taxes |
1,040 |
337 |
703 |
35 |
668 |
|||||||||||||||
Impairment of assets and related charges |
1,535 |
1,132 |
403 |
388 |
15 |
|||||||||||||||
Gains on sales of assets |
(162 |
) |
218 |
(380 |
) | (233 |
) | (147 |
) | |||||||||||
Other income |
986 |
(35 |
) |
1,021 |
663 |
358 |
||||||||||||||
Interest and related charges |
1,773 |
280 |
1,493 |
288 |
1,205 |
|||||||||||||||
Income tax expense (benefit) |
351 |
(229 |
) |
580 |
610 |
(30 |
) | |||||||||||||
Noncontrolling interests |
18 |
(84 |
) |
102 |
(19 |
) | 121 |
• | A $1.5 billion increase from the SCANA Combination, due to operations acquired ($2.5 billion), partially offset by a $1.0 billion charge for refunds of amounts previously collected from retail electric customers of DESC for the NND Project; |
• | A $348 million increase from Virginia Power rate adjustment clauses; |
• | A $257 million increase from the Liquefaction Facility, including terminalling services provided to the Export Customers ($190 million), a decrease in credits associated with the start-up phase ($44 million) and regulated gas transportation contracts to serve the Export Customers ($23 million); |
• | The absence of a $215 million charge associated with Virginia legislation enacted in March 2018 that required one-time rate credits of certain amounts to utility customers; |
• | A $74 million decrease in Virginia Power electric capacity expense related to the annual PJM capacity performance market effective June 2019 ($63 million) and a contract termination with a non-utility generator ($37 million), partially offset by the annual PJM capacity performance market effective June 2018 ($26 million); |
• | A $57 million increase due to favorable pricing at Millstone, including the effects of the Millstone 2019 power purchase agreements; and |
• | A $40 million decrease in Virginia Power fuel costs due to the expiration of an energy supply contract. |
• | A $211 million decrease from the absence of certain merchant generation facilities sold in 2018; |
51 |
• | A $99 million decrease in services performed for Atlantic Coast Pipeline; and |
• | A $45 million decrease in sales to Virginia Power retail customers from lower heating degree days during the heating season, partially offset by a $25 million increase from higher cooling degree days during the cooling season. |
• | A $735 million increase from operations acquired in the SCANA Combination; |
• | An increase in merger and integration-related costs associated with the SCANA Combination ($474 million), including a charge related to a voluntary retirement program ($291 million); |
• | A $116 million increase in certain Virginia Power transmission and generation-related expenditures. These expenses are primarily recovered through state and FERC rates and do not impact net income; and |
• | A $38 million increase in operating expenses from the commercial operations of the Liquefaction Facility and costs associated with regulated gas transportation contracts to serve the Export Customers. |
• | A $113 million benefit from the revision of future ash pond and landfill closure costs as a result of Virginia legislation enacted in March 2019; |
• | A $99 million decrease in services performed for Atlantic Coast Pipeline. These expenses are billed to Atlantic Coast Pipeline and do not significantly impact net income; |
• | The absence of an $81 million charge associated primarily with future ash pond and landfill closure costs in connection with the enactment of Virginia legislation in April 2018; and |
• | A $43 million decrease from the absence of certain merchant generation facilities sold in 2018. |
• | Charges associated with litigation acquired in the SCANA Combination ($641 million); |
• | A $346 million charge related to the early retirement of certain Virginia Power electric generation facilities; |
• | A $160 million charge related to Virginia Power’s planned early retirement of certain automated meter reading infrastructure; |
• | A $135 million charge related to Virginia Power’s contract termination with a non-utility generator; |
• | A $105 million charge for property, plant and equipment acquired in the SCANA Combination for which Dominion Energy committed to forgo recovery; |
• | A $62 million charge related to the abandonment of a project at a Virginia Power electric generating facility; and |
• | The abandonment of certain property, plant and equipment ($39 million); partially offset by |
• | The absence of a $219 impairment charge on certain gathering and processing assets; |
• | The absence of a $135 million charge for disallowance of FERC-regulated plant; and |
• | The absence of a $37 million write-off associated with the Eastern Market Access Project. |
52 |
• | A $500 million increase due to commencement of commercial operations of the Liquefaction Facility, including terminalling services provided to the Export Customers ($508 million) and regulated gas transportation contracts to serve the Export Customers ($58 million), partially offset by credits associated with the start-up phase of the Liquefaction Facility ($66 million); |
• | An increase in sales to electric utility retail customers from an increase in heating degree days during the heating season of 2018 ($71 million) and an increase in cooling degree days during the cooling season of 2018 ($69 million); |
• | A $130 million increase due to favorable pricing at merchant generation facilities; |
• | A $92 million increase due to growth projects placed in service, other than the Liquefaction Facility; |
• | A $74 million increase in services performed for Atlantic Coast Pipeline; and |
• | A $46 million increase in sales to electric utility retail customers due to customer growth. |
• | A $325 million decrease for regulated electric generation and electric and gas distribution operations as a result of the 2017 Tax Reform Act; |
• | A $215 million charge associated with Virginia legislation enacted in March 2018 that requires one-time rate credits of certain amounts to utility customers; |
• | A $94 million increase in net electric capacity expense related to the annual PJM capacity performance market effective June 2017 ($112 million) and the annual PJM capacity performance market effective June 2018 ($39 million), partially offset by a benefit related to non-utility generators ($57 million); |
• | An $89 million decrease in rate adjustment clauses associated with electric utility operations, which includes the impacts of the 2017 Tax Reform Act; and |
• | A $38 million decrease from scheduled declines in or expiration of certain DETI and Cove Point contracts. |
• | A $102 million increase in storm damage and service restoration costs in the regulated electric service territory; |
• | An $81 million increase due to a charge associated primarily with future ash pond and landfill closure costs in connection with the enactment of Virginia legislation in April 2018; |
• | A $73 million increase in services performed for Atlantic Coast Pipeline. These expenses are billed to Atlantic Coast Pipeline and do not significantly impact net income; |
• | A $47 million increase in operating expenses from the commercial operations of the Liquefaction Facility and costs associated with regulated gas transportation contracts to serve the Export Customers; and |
• | A $38 million increase in salaries, wages and benefits, partially offset by |
• | A $74 million decrease from a reduction in planned outage days at certain merchant and utility generation facilities. |
• | The absence of charges for refunds of amounts previously collected from retail electric customers of DESC for the NND Project; |
• | The absence of charges associated with the early retirement of certain Virginia Power electric generation facilities and automated meter reading infrastructure; |
• | A reduction in merger and integration-related costs associated with the SCANA Combination, including charges related to a voluntary retirement program; |
53 |
• | A decrease in charges associated with litigation acquired in the SCANA Combination; |
• | Construction and operation of growth projects in gas transmission and distribution; |
• | Construction and operation of growth projects in electric utility operations; |
• | Lower depreciation on Virginia Power’s nuclear plants associated with expected approval of license extensions from the NRC; |
• | Reduced interest expense as a result of early redemptions of long-term debt; and |
• | Delivery under the Millstone 2019 power purchase agreements for an entire year. |
• | The absence of a benefit for the revision of future ash pond and landfill closure costs as a result of Virginia legislation enacted in March 2019; |
• | The noncontrolling 25% limited partnership interest in Cove Point sold in December 2019; |
• | An increase in planned outage days at Millstone; and |
• | Share dilution. |
Year Ended December 31, |
2018 |
2017 |
||||||||||||||||||||||
Net income (loss) attributable to Dominion Energy |
Diluted EPS |
Net income (loss) attributable to Dominion Energy |
Diluted EPS |
Net income attributable to Dominion Energy |
Diluted EPS |
|||||||||||||||||||
(millions, except EPS) |
||||||||||||||||||||||||
Dominion Energy Virginia |
$ 1,786 |
$2.21 |
$1,596 |
$2.44 |
$1,466 |
$2.30 |
||||||||||||||||||
Gas Transmission & Storage |
934 |
1.16 |
844 |
1.29 |
552 |
0.87 |
||||||||||||||||||
Gas Distribution |
488 |
0.60 |
373 |
0.57 |
351 |
0.55 |
||||||||||||||||||
Dominion Energy South Carolina |
430 |
0.53 |
— |
— |
— |
— |
||||||||||||||||||
Contracted Generation |
276 |
0.34 |
245 |
0.37 |
253 |
0.40 |
||||||||||||||||||
Corporate and Other |
(2,556 |
) |
(3.22 |
) |
(611 |
) | (0.93 |
) | 377 |
0.60 |
||||||||||||||
Consolidated |
$ 1,358 |
$ 1.62 |
$ 2,447 |
$3.74 |
$2,999 |
$4.72 |
Year Ended December 31, |
% Change |
2018 |
% Change |
2017 |
||||||||||||||||
Electricity delivered (million MWh) |
87.7 |
— |
% | 87.8 |
5 |
% | 83.4 |
|||||||||||||
Electricity supplied (million MWh): |
||||||||||||||||||||
Utility |
88.2 |
— |
88.0 |
4 |
85.0 |
|||||||||||||||
Degree days (electric distribution and utility service area): |
||||||||||||||||||||
Cooling |
2,031 |
1 |
2,019 |
12 |
1,801 |
|||||||||||||||
Heating |
3,259 |
(10 |
) |
3,608 |
16 |
3,104 |
||||||||||||||
Average electric distribution customer accounts (thousands) |
2,626 |
1 |
2,600 |
1 |
2,574 |
Increase (Decrease) |
||||||||
Amount |
EPS |
|||||||
(millions, except EPS) |
||||||||
Regulated electric sales: |
||||||||
Weather |
$ (14 |
) |
$ |
(0.02 |
) | |||
Other |
9 |
0.01 |
||||||
Rate adjustment clause equity return |
84 |
0.13 |
||||||
Electric capacity |
54 |
0.08 |
||||||
Expiration of energy supply contract |
30 |
0.05 |
||||||
Renewable energy investment tax credits |
(14 |
) |
(0.02 |
) | ||||
Other |
41 |
0.06 |
||||||
Share dilution |
— |
(0.52 |
) | |||||
Change in net income contribution |
$190 |
$ |
(0.23 |
) |
Increase (Decrease) |
||||||||
Amount |
EPS |
|||||||
(millions, except EPS) |
||||||||
Regulated electric sales: |
||||||||
Weather |
$ 86 |
$ | 0.14 |
|||||
Other |
43 |
0.07 |
||||||
Rate adjustment clause equity return |
14 |
0.02 |
||||||
Depreciation and amortization |
31 |
0.05 |
||||||
Storm damage and service restoration |
(19 |
) | (0.03 |
) | ||||
Planned outage costs |
12 |
0.02 |
||||||
Electric capacity |
(66 |
) | (0.10 |
) | ||||
Renewable energy investment tax credits |
34 |
0.05 |
||||||
Other |
(5 |
) | (0.01 |
) | ||||
Share dilution |
— |
(0.07 |
) | |||||
Change in net income contribution |
$130 |
$ | 0.14 |
54 |
Year Ended December 31, |
2019 (1) |
% Change |
2018 |
% Change |
2017 |
|||||||||||||||
Average retail energy marketing customer accounts (thousands) |
762 |
2 |
% |
750 |
(47 |
)% | 1,405 |
(1) |
Includes SEMI effective January 2019 until December 2019. |
Increase (Decrease) |
||||||||
Amount |
EPS |
|||||||
(millions, except EPS) |
||||||||
Cove Point export contracts |
$172 |
$ 0.26 |
||||||
Assignment of shale development rights |
(83 |
) |
(0.12 |
) | ||||
Interest expense, net |
(60 |
) |
(0.09 |
) | ||||
State legislative change |
(18 |
) |
(0.03 |
) | ||||
Noncontrolling interest |
62 |
0.09 |
||||||
Atlantic Coast Pipeline equity earnings |
37 |
0.06 |
||||||
Other |
(20 |
) |
(0.03 |
) | ||||
Share dilution |
— |
(0.27 |
) | |||||
Change in net income contribution |
$ 90 |
$ (0.13 |
) |
Increase (Decrease) |
||||||||
Amount |
EPS |
|||||||
(millions, except EPS) |
||||||||
Transmission and storage growth projects |
$ 30 |
$ | 0.05 |
|||||
Cove Point export contracts |
259 |
0.41 |
||||||
Cove Point import contracts |
(12 |
) | (0.02 |
) | ||||
DETI contract declines |
(20 |
) | (0.03 |
) | ||||
Assignment of shale development rights |
27 |
0.04 |
||||||
2017 Tax Reform Act impacts |
113 |
0.18 |
||||||
Interest expense, net |
(81 |
) | (0.13 |
) | ||||
State legislative change |
18 |
0.03 |
||||||
Other |
(42 |
) | (0.07 |
) | ||||
Share dilution |
— |
(0.04 |
) | |||||
Change in net income contribution |
$ 292 |
$ 0.42 |
Year Ended December 31, |
2019 (1) |
% Change |
2018 |
% Change |
2017 |
|||||||||||||||
Gas distribution throughput (bcf): |
||||||||||||||||||||
Sales |
192 |
47 |
% |
131 |
1 |
% | 130 |
|||||||||||||
Transportation |
811 |
12 |
725 |
11 |
654 |
|||||||||||||||
Heating degree days (gas distribution service area): |
||||||||||||||||||||
North Carolina |
2,942 |
|||||||||||||||||||
Ohio and West Virginia |
5,355 |
(6 |
) |
5,693 |
15 |
4,930 |
||||||||||||||
Utah, Wyoming and Idaho |
5,501 |
18 |
4,672 |
(4 |
) | 4,892 |
||||||||||||||
Average gas distribution customer accounts (thousands): |
||||||||||||||||||||
Sales |
1,857 |
48 |
1,258 |
1 |
1,240 |
|||||||||||||||
Transportation |
1,108 |
1 |
1,096 |
1 |
1,086 |
(1) |
Includes PSNC effective January 1, 2019. |
Increase (Decrease) |
||||||||
Amount |
EPS |
|||||||
(millions, except EPS) |
||||||||
Regulated gas sales: |
||||||||
Weather |
$ |
(3 |
) |
$ | — |
|||
Other |
(2 |
) |
— |
|||||
Rate adjustment clause equity return |
16 |
0.02 |
||||||
SCANA Combination |
87 |
0.13 |
||||||
Other |
17 |
0.02 |
||||||
Share dilution |
— |
(0.14 |
) | |||||
Change in net income contribution |
$115 |
$0.03 |
Increase (Decrease) |
||||||||
Amount |
EPS |
|||||||
(millions, except EPS) |
||||||||
Regulated gas sales: |
||||||||
Weather |
$ | 7 |
$ | 0.01 |
||||
Other |
2 |
— |
||||||
Rate adjustment clause equity return |
9 |
0.01 |
||||||
2017 Tax Reform Act impacts |
28 |
0.04 |
||||||
Interest expense |
(4 |
) | — |
|||||
Other |
(20 |
) | (0.02 |
) | ||||
Share dilution |
— |
(0.02 |
) | |||||
Change in net income contribution |
$22 |
$0.02 |
55 |
Year Ended December 31, |
||||
Electricity delivered (million MWh) |
23.0 |
|||
Electricity supplied (million MWh) |
24.1 |
|||
Degree days (electric and gas distribution service areas): |
||||
Cooling |
951 |
|||
Heating |
1,179 |
|||
Average electric distribution customer accounts (thousands) |
739 |
|||
Gas distribution throughput (bcf): |
||||
Sales |
65 |
|||
Average gas distribution customer accounts (thousands) |
386 |
Increase (Decrease) |
||||||||
Amount |
EPS |
|||||||
(millions, except EPS) |
||||||||
SCANA Combination |
$430 |
$0.53 |
Year Ended December 31, |
% Change |
2018 |
% Change |
2017 |
||||||||||||||||
Electricity supplied (million MWh) |
20.2 |
(30 |
)% |
28.8 |
— |
% | 28.9 |
Increase (Decrease) |
||||||||
Amount |
EPS |
|||||||
(millions, except EPS) |
||||||||
Margin |
$ 42 |
$ |
0.06 |
|||||
Renewable energy investment tax credits |
50 |
0.08 |
||||||
Sale of certain electric generation facilities |
(95 |
) |
(0.14 |
) | ||||
Interest expense |
26 |
0.04 |
||||||
Other |
8 |
0.01 |
||||||
Share dilution |
— |
(0.08 |
) | |||||
Change in net income contribution |
$ 31 |
$ |
(0.03 |
) |
Increase (Decrease) |
||||||||
Amount |
EPS |
|||||||
(millions, except EPS) |
||||||||
Margin |
$101 |
$ 0.16 |
||||||
Planned outage costs |
34 |
0.05 |
||||||
Depreciation and amortization |
(9 |
) | (0.01 |
) | ||||
Renewable energy investment tax credits |
(172 |
) | (0.28 |
) | ||||
2017 Tax Reform Act impacts |
45 |
0.07 |
||||||
Other |
(7 |
) | (0.01 |
) | ||||
Share dilution |
— |
(0.01 |
) | |||||
Change in net income contribution |
$ (8 |
) | $(0.03 |
) |
Year Ended December 31, |
2018 |
2017 |
||||||||||
(millions, except EPS) |
||||||||||||
Specific items attributable to operating segments |
$ |
(2,039 |
) |
$ | (88 |
) | $ | 861 |
||||
Specific items attributable to Corporate and Other segment |
(50 |
) |
(116 |
) | (151 |
) | ||||||
Total specific items |
(2,089 |
) |
(204 |
) | 710 |
|||||||
Other corporate operations: |
||||||||||||
2017 Tax Reform Act impacts |
— |
(81 |
) | — |
||||||||
Interest expense, net |
(430 |
) |
(358 |
) | (334 |
) | ||||||
Other |
(37 |
) |
32 |
1 |
||||||||
Total other corporate operations |
(467 |
) |
(407 |
) | (333 |
) | ||||||
Total net income (expense) |
(2,556 |
) |
(611 |
) | 377 |
|||||||
EPS impact |
$ |
(3.22 |
) |
$ | (0.93 |
) | $ | 0.60 |
Year Ended December 31, |
$ Change |
2018 |
$ Change |
2017 |
||||||||||||||||
(millions) |
||||||||||||||||||||
Net Income |
$ |
1,149 |
$(133 |
) |
$ | 1,282 |
$(258 |
) | $ | 1,540 |
56 |
Year Ended December 31, |
$ Change |
2018 |
$ Change |
2017 |
||||||||||||||||
(millions) |
||||||||||||||||||||
Operating revenue |
$ |
8,108 |
$ 489 |
$ | 7,619 |
$ 63 |
$ | 7,556 |
||||||||||||
Electric fuel and other energy-related purchases |
2,178 |
(140 |
) |
2,318 |
409 |
1,909 |
||||||||||||||
Purchased electric capacity |
40 |
(82 |
) |
122 |
116 |
6 |
||||||||||||||
Net revenue |
5,890 |
711 |
5,179 |
(462 |
) | 5,641 |
||||||||||||||
Other operations and maintenance |
1,743 |
67 |
1,676 |
198 |
1,478 |
|||||||||||||||
Depreciation and amortization |
1,223 |
91 |
1,132 |
(9 |
) | 1,141 |
||||||||||||||
Other taxes |
328 |
28 |
300 |
10 |
290 |
|||||||||||||||
Impairment of assets and other charges |
757 |
757 |
— |
— |
— |
|||||||||||||||
Other income |
98 |
76 |
22 |
(54 |
) | 76 |
||||||||||||||
Interest and related charges |
524 |
13 |
511 |
17 |
494 |
|||||||||||||||
Income tax expense |
264 |
(36 |
) |
300 |
(474 |
) | 774 |
• | A $348 million increase from rate adjustment clauses; |
• | The absence of a $215 million charge associated with Virginia legislation enacted in March 2018 that required one-time rate credits of certain amounts to utility customers; |
• | A $74 million decrease in electric capacity expense primarily related to the annual PJM capacity performance market effective June 2019 ($63 million) and a contract termination with a non-utility generator ($37 million), partially offset by the annual PJM capacity performance market effective June 2018 ($26 million); and |
• | A $40 million decrease in fuel costs due to the expiration of an energy supply contract; partially offset by |
• | A $45 million decrease in sales to retail customers from lower heating degree days during the heating season, partially offset by a $25 million increase from higher cooling degree days during the cooling season. |
• | A $190 million charge related to a voluntary retirement program; and |
• | A $116 million increase in certain transmission and generation-related expenses. These expenses were primarily |
• | A $113 million benefit from the revision of future ash pond and landfill closure costs as a result of Virginia legislation enacted in March 2019; |
• | The absence of an $81 million charge associated primarily with future ash pond and landfill closure costs in connection with the enactment of Virginia legislation in April 2018; and |
• | A $25 million decrease in storm damage and service restoration costs. |
• | A $346 million charge related to the early retirement of certain electric generation facilities; |
• | A $160 million charge related to the planned early retirement of certain automated meter reading infrastructure; |
• | A $135 million charge related to contract termination with a non-utility generator; and |
• | A $62 million charge related to the abandonment of a project at an electric generating facility. |
• | A $238 million decrease for regulated generation and distribution operations as a result of the 2017 Tax Reform Act; |
• | A $215 million charge associated with Virginia legislation enacted in March 2018 that requires one-time rate credits of certain amounts to utility customers; |
• | A $94 million increase in net electric capacity expense related to the annual PJM capacity performance market effective June 2017 ($112 million) and the annual PJM capacity performance market effective June 2018 ($39 million), partially offset by a benefit related to non-utility generators ($57 million); and |
• | An $89 million decrease from rate adjustment clauses, which includes the impacts of the 2017 Tax Reform Act; partially offset by |
• | An increase in sales to retail customers from an increase in heating degree days during the heating season of 2018 ($71 million) and an increase in cooling degree days during the cooling season of 2018 ($69 million); and |
• | A $46 million increase in sales to retail customers due to customer growth. |
57 |
• | A $102 million increase due to storm damage and service restoration costs; and |
• | An $81 million increase due to a charge associated primarily with future ash pond and landfill closure costs in connection with the enactment of Virginia legislation in April 2018; partially offset by |
• | A $19 million decrease from a reduction in planned outage days at certain generation facilities. |
Year Ended December 31, |
$ Change |
2018 |
$ Change |
2017 |
||||||||||||||||
(millions) |
||||||||||||||||||||
Net income attributable to Dominion Energy Gas |
$721 |
$240 |
$481 |
$(222) |
$703 |
Year Ended December 31, |
$ Change |
2018 |
$ Change |
2017 |
||||||||||||||||
(millions) |
||||||||||||||||||||
Operating revenue |
$ |
2,169 |
$ 173 |
$ | 1,996 |
$ 473 |
$ | 1,523 |
||||||||||||
Purchased (excess) gas |
7 |
17 |
(10 |
) | (119 |
) | 109 |
|||||||||||||
Other energy-related purchases |
2 |
(2 |
) |
4 |
— |
4 |
||||||||||||||
Net revenue |
2,160 |
158 |
2,002 |
592 |
1,410 |
|||||||||||||||
Other operations and maintenance |
724 |
8 |
716 |
144 |
572 |
|||||||||||||||
Depreciation and amortization |
367 |
34 |
333 |
91 |
242 |
|||||||||||||||
Other taxes |
154 |
34 |
120 |
21 |
99 |
|||||||||||||||
Impairment of assets and related charges |
13 |
(150 |
) |
163 |
148 |
15 |
||||||||||||||
Gains on sales of assets |
(2 |
) |
115 |
(117 |
) | (47 |
) | (70 |
) | |||||||||||
Earnings from equity method investees |
43 |
(11 |
) |
54 |
7 |
47 |
||||||||||||||
Other income |
166 |
77 |
89 |
27 |
62 |
|||||||||||||||
Interest and related charges |
311 |
137 |
174 |
114 |
60 |
|||||||||||||||
Income tax expense (benefit) |
101 |
(23 |
) |
124 |
189 |
(65 |
) | |||||||||||||
Net Income from discontinued operations |
141 |
117 |
24 |
(139 |
) | 163 |
||||||||||||||
Noncontrolling interests |
121 |
(54 |
) |
175 |
49 |
126 |
• | A $257 million increase from the Liquefaction Facility, including terminalling services provided to the Export Customers ($190 million), a decrease in credits associated with the start-up phase ($44 million) and regulated gas transportation contracts to serve the Export Customers ($23 million); and |
• | An $18 million increase due to DETI contract changes; partially offset by |
• | A $99 million decrease in services performed for Atlantic Coast Pipeline; and |
• | A $42 million increase in net fuel carrying costs as a result of depressed natural gas market conditions. |
58 |
• | A $45 million increase in operating expenses from the commercial operations of the Liquefaction Facility and costs associated with regulated gas transportation contracts to serve the Export Customers; |
• | A $39 million charge related to a voluntary retirement program; and |
• | A $10 million increase in salaries, wages and benefits and general administrative expenses; substantially offset by |
• | A $99 million decrease in services performed for Atlantic Coast Pipeline. These expenses are billed to Atlantic Coast Pipeline and do not significantly impact net income. |
• | A $500 million increase due to commencement of commercial operations of the Liquefaction Facility, including terminalling services provided to the Export Customers ($508 million) and regulated gas transportation contracts to serve the Export Customers ($58 million), partially offset by credits associated with the start-up phase of the Liquefaction Facility ($66 million); |
• | A $74 million increase in services performed for Atlantic Coast Pipeline; and |
• | A $57 million increase due to regulated natural gas transmission growth projects placed in service, other than the Liquefaction Facility; partially offset by |
• | A $38 million decrease from scheduled declines in or expiration of certain DETI and Cove Point contracts. |
• | A $73 million increase in services performed for Atlantic Coast Pipeline. These expenses are billed to Atlantic Coast Pipeline and do not significantly impact net income; |
• | A $47 million increase in operating expenses from the commercial operations of the Liquefaction Facility and costs associated with regulated gas transportation contracts to serve the Export Customers; and |
• | A $13 million increase in salaries, wages and benefits and general administrative expenses. |
59 |
Year Ended December 31, |
2018 |
2017 |
||||||||||
(millions) |
||||||||||||
Cash, restricted cash and equivalents at beginning of year |
$ |
391 |
$ | 185 |
$ | 322 |
||||||
Cash flows provided by (used in): |
||||||||||||
Operating activities |
5,204 |
4,773 |
4,502 |
|||||||||
Investing activities |
(4,622 |
) |
(2,358 |
) | (5,942 |
) | ||||||
Financing activities |
(704 |
) |
(2,209 |
) | 1,303 |
|||||||
Net increase (decrease) in cash, restricted cash and equivalents |
(122 |
) |
206 |
(137 |
) | |||||||
Cash, restricted cash and equivalents at end of year |
$ |
269 |
$ | 391 |
$ | 185 |
Gross Credit Exposure |
Credit Collateral |
Net Credit Exposure |
||||||||||
(millions) |
||||||||||||
Investment grade (1) |
$87 |
$— |
$87 |
|||||||||
No external ratings: |
||||||||||||
Internally rated—investment grade (2) |
119 |
— |
119 |
|||||||||
Internally rated—non-investment grade(3) |
27 |
— |
27 |
|||||||||
Total (4) |
$233 |
$— |
$233 |
(1) |
Designations as investment grade are based upon minimum credit ratings assigned by Moody’s and Standard & Poor’s. The five largest counterparty exposures, combined, for this category represented approximately 25% of the total net credit exposure. |
(2) |
The five largest counterparty exposures, combined, for this category represented approximately 51% of the total net credit exposure. |
(3) |
The five largest counterparty exposures, combined, for this category represented approximately 11% of the total net credit exposure. |
(4) |
Excludes Millstone 2019 power purchase agreements. |
60 |
Facility Limit |
Outstanding Commercial Paper (1) |
Outstanding Letters of Credit |
Facility Capacity Available |
|||||||||||||
(millions) |
||||||||||||||||
Joint revolving credit facility (2) |
$ |
6,000 |
$836 |
$89 |
$ |
5,075 |
(1) |
The weighted-average interest rate of the outstanding commercial paper supported by Dominion Energy’s credit facility was 2.10% at December 31, 2019. |
(2) |
This credit facility matures in March 2023 and can be used by the borrowers under the credit facility to support bank borrowings and the issuance of commercial paper, as well as to support up to a combined $2.0 billion of letters of credit. |
Type |
Issuer |
Principal |
Rate |
Maturity |
||||||||||||
(millions) |
||||||||||||||||
Senior notes |
Dominion Energy |
$ |
200 |
4.250 |
% |
2028 |
||||||||||
Senior notes |
Dominion Energy |
400 |
4.600 |
% |
2049 |
|||||||||||
Senior notes |
Virginia Power |
500 |
2.875 |
% |
2029 |
|||||||||||
Senior notes |
Virginia Power |
550 |
3.300 |
% |
2049 |
|||||||||||
Senior notes |
Dominion Energy Gas |
600 |
2.500 |
% |
2024 |
|||||||||||
Senior notes |
Dominion Energy Gas |
600 |
3.000 |
% |
2029 |
|||||||||||
Senior notes |
Dominion Energy Gas |
300 |
3.900 |
% |
2049 |
|||||||||||
Total notes issued |
$ |
3,150 |
• | In August 2019, Dominion Energy issued $1.0 billion of 2.45% senior notes that mature in 2023 through a private placement. The proceeds were used for general corporate purposes and to repay short-term debt, including commercial paper. |
• | In May 2019, Virginia Power remarketed four series of tax-exempt bonds, with an aggregate outstanding principal of $198 million to new investors. One of the bonds will bear interest at a coupon rate of 1.8% until April 2022, after which it will bear interest at a market rate to be determined at that time. Three of the bonds will bear interest at a coupon rate of 1.9% until June 2023, after which they will bear interest at a market rate to be determined at that time. |
• | In June 2019, Dominion Energy successfully remarketed its $700 million 2016 Series A-1 2.0% RSNs due 2021 and $700 million 2016 Series A-2 2.0% RSNs due 2024 pursuant to the terms of the 2016 Equity Units. In connection with the remarketing, the interest rates on the Series A-1 and Series A-2 notes were reset to 2.715% and 3.071%, respectively. Dominion Energy did not receive any proceeds from the remarketing. |
• | In October 2019, Dominion Energy Terminal Company remarketed its $27 million Peninsula Ports Authority of Virginia Coal |
61 |
Terminal Revenue Refunding Bonds, Series 2003 due in 2033 resulting in a reset of the interest rate from 1.55% to 1.70% until October 2022. |
• | In February 2019, Dominion Energy Midstream repaid its $300 million variable rate term loan agreement due in December 2019 at the principal outstanding plus accrued interest. |
• | In February and March 2019, DESC purchased certain of its first mortgage bonds having an aggregate purchase price of $1.2 billion pursuant to tender offers. Also in March 2019, SCANA purchased certain of its medium term notes having an aggregate purchase price of $300 million pursuant to a tender offer. Both DESC tender offers and the SCANA tender offer expired in the first quarter of 2019. |
• | In May 2019, Virginia Power redeemed its $40 million 5.0% Economic Development Authority of the County of Chesterfield Pollution Control Refunding Revenue Bonds, Series 2009A, due in 2023 at the principal outstanding plus accrued interest. |
• | In May 2019, GENCO redeemed its 5.49% senior secured notes due in 2024 at the remaining principal outstanding of $33 million plus accrued interest. In June 2019, the first mortgage lien on an electric generating facility that previously secured these notes was released. |
• | In June 2019, Dominion Energy purchased and canceled $12 million and $13 million of its June 2006 hybrids and September 2006 hybrids, respectively. All purchases were conducted in compliance with the applicable RCC. |
• | In September 2019, DESC purchased certain of its first mortgage bonds with an outstanding principal balance of $552 million pursuant to a tender offer that expired in the third quarter of 2019. |
• | In November 2019, Dominion Energy Gas redeemed its $450 million 2014 Series A 2.50% senior notes which would have otherwise matured in December 2019. |
62 |
Fitch |
Moody’s |
Standard & Poor’s |
||||||||||
Dominion Energy |
||||||||||||
Issuer |
BBB+ |
Baa2 |
BBB+ |
|||||||||
Senior unsecured debt securities |
BBB+ |
Baa2 |
BBB |
|||||||||
Junior subordinated notes |
BBB |
Baa3 |
BBB |
|||||||||
Enhanced junior subordinated notes |
BBB- |
Baa3 |
BBB- |
|||||||||
Preferred Stock |
BBB- |
Ba1 |
BBB- |
|||||||||
Commercial paper |
F2 |
P-2 |
A-2 |
|||||||||
Outlook |
Stable |
Stable |
Stable |
• | The timely payment of principal and interest; |
• | Information requirements, including submitting financial reports and information about changes in Dominion Energy’s credit ratings to lenders; |
• | Performance obligations, audits/inspections, continuation of the basic nature of business, restrictions on certain matters related to merger or consolidation and restrictions on disposition of all or substantially all assets; |
• | Compliance with collateral minimums or requirements related to mortgage bonds; and |
• | Limitations on liens. |
Company |
Maximum Allowed Ratio |
Actual Ratio (1) |
||||||
Dominion Energy |
67.5 |
% |
50.3% |
(1) |
Indebtedness as defined by the bank agreements excludes certain junior subordinated notes reflected as long-term debt as well as AOCI reflected as equity in the Consolidated Balance Sheets. |
63 |
2020 |
2021- 2022 |
2023- 2024 |
2025 and thereafter |
Total |
||||||||||||||||
(millions) |
||||||||||||||||||||
Long-term debt (1 ) |
$ |
2,325 |
$ |
4,284 |
$ |
5,256 |
$ |
25,253 |
$ |
37,118 |
||||||||||
Interest payments ( 2 ) |
1,602 |
2,917 |
2,524 |
19,742 |
26,785 |
|||||||||||||||
Leases |
||||||||||||||||||||
Operating Leases |
72 |
120 |
81 |
582 |
855 |
|||||||||||||||
Finance Leases |
34 |
60 |
45 |
9 |
148 |
|||||||||||||||
Purchase obligations ( : 3 ) |
||||||||||||||||||||
Purchased electric capacity for utility operations |
59 |
116 |
114 |
664 |
953 |
|||||||||||||||
Fuel commitments for utility operations |
1,061 |
932 |
318 |
946 |
3,257 |
|||||||||||||||
Fuel commitments for nonregulated operations |
160 |
184 |
213 |
222 |
779 |
|||||||||||||||
Pipeline transportation and storage |
591 |
961 |
640 |
2,459 |
4,651 |
|||||||||||||||
Other ( 4 ) |
574 |
81 |
40 |
— |
695 |
|||||||||||||||
Other long-term liabilities( :5 ) |
||||||||||||||||||||
Other contractual obligations ( 6 ) |
29 |
44 |
14 |
56 |
143 |
|||||||||||||||
Total cash payments |
$ |
6,507 |
$ |
9,699 |
$ |
9,245 |
$ |
49,933 |
$ |
75,384 |
(1) |
Based on stated maturity dates rather than the earlier redemption dates that could be elected by instrument holders. |
(2) |
Includes interest payments over the terms of the debt and payments on stock purchase contracts. Interest is calculated using the applicable interest rate or forward interest rate curve at December 31, 2019 and outstanding principal for each instrument with the terms ending at each instrument’s stated maturity. See Note 18 to the Consolidated Financial Statements. Does not reflect Dominion Energy’s ability to defer stock purchase contract payments on the 2019 Equity Units, initially in the form of corporate units. |
(3) |
Amounts exclude open purchase orders for services that are provided on demand, the timing of which cannot be determined. |
(4) |
Includes capital, operations and maintenance commitments. |
(5) |
Excludes regulatory liabilities, AROs and employee benefit plan obligations, which are not contractually fixed as to timing and amount. See Notes 12, 14 and 22 to the Consolidated Financial Statements. Due to uncertainty about the timing and amounts that will ultimately be paid, $118 million of income taxes payable associated with unrecognized tax benefits are excluded. Deferred income taxes are also excluded since cash payments are based primarily on taxable income for each discrete fiscal year. See Note 5 to the Consolidated Financial Statements. |
(6) |
Includes interest rate and foreign currency swap agreements. |
64 |
65 |
66 |
67 |
68 |
Page Number |
||||
Dominion Energy, Inc. |
||||
71 |
||||
74 |
||||
75 |
||||
76 |
||||
78 |
||||
79 |
||||
Virginia Electric and Power Company |
||||
81 |
||||
82 |
||||
83 |
||||
84 |
||||
86 |
||||
87 |
||||
Dominion Energy Gas Holdings, LLC |
||||
89 |
||||
90 |
||||
91 |
||||
92 |
||||
94 |
||||
95 |
||||
97 |
69 |
70 |
• |
We tested the effectiveness of controls over management’s impairment analysis, including determination of the judgments regarding the resolution of the outstanding permitting issues within the project timeframe and the likelihood of obtaining amended contacts with the customers. |
71 |
• |
We evaluated the reasonableness of management’s permitting, project timeframe, and customer contract assumptions by: |
• | Assessing the reasonableness of management’s plans to resolve outstanding permitting issues and the corresponding impact on project timeframes by inquiring with legal counsel and executive management and considering other potential outcomes. |
• | Assessing the reasonableness of the various projected in-service dates by inquiring with Atlantic Cost Pipeline’s project managers and engineers and comparing the in-service dates to the project’s timeframe. |
• | Obtaining and reading correspondence between Atlantic Coast Pipeline and the third-party pipeline construction contractor regarding the feasibility of the various projected in-service dates assumed by management. |
• | Obtaining and reading correspondence, including draft terms, between Atlantic Coast Pipeline and major customers. |
• | Searching for disconfirming evidence by listening to earnings calls, reading press releases, news articles and other publicly available information. |
• |
We read and analyzed the minutes of the Board of Managers of Atlantic Coast Pipeline for discussions of changes in legal, regulatory, or business factors which could impact management’s assumptions of the resolution of the outstanding permitting issues within the project timeframe and the likelihood of obtaining amended contacts with the customers. |
• |
We tested the effectiveness of controls over management’s technical accounting assessment of the balance sheet classification of the components of the 2019 Equity Units. |
• |
We read the applicable agreements and compared the key terms from the agreements to management’s analysis of the transaction. |
• |
With the assistance of professionals in our firm having expertise in accounting for debt and equity instruments, we evaluated management’s conclusions regarding the balance sheet classification of the components of the 2019 Equity Units through evaluation of the terms within the applicable agreements and considering the applicable generally accepted accounting standards. |
• |
We evaluated Dominion Energy’s disclosures related to the financial statement impacts of the transaction. |
72 |
• |
We tested the effectiveness of management’s controls over the evaluation of the likelihood of (1) recovery of regulatory assets through future rates, and (2) whether a regulatory liability is due to customers. We also tested the effectiveness of management’s controls over the initial recognition of amounts as regulatory assets or liabilities; and the monitoring and evaluation of regulatory developments that may impact the assessment of whether recovery of regulatory assets through future rates or a regulatory liability due to customers is probable. |
• |
We evaluated Dominion Energy’s disclosures related to the consolidated financial statement impacts of rate regulation. |
• |
We read and evaluated orders issued by the relevant commissions, as well as relevant regulatory statutes, interpretations, procedural memorandums, filings made by interveners, existing laws and other publicly available information to assess whether this external information was properly considered by management in concluding upon the financial statement impacts of rate regulation. |
• |
We considered the likelihood of (1) recovery of regulatory assets through future rates and (2) whether a regulatory liability is due to customers based on precedence established by the relevant commissions’ previous orders and Dominion Energy’s past experience with the relevant commissions. |
• |
For regulatory matters in process, we inspected associated documents and testimony filed with the relevant commissions for any evidence that might contradict management’s assertions. |
• |
We read and analyzed the minutes of the Boards of Directors of Dominion Energy and Dominion Energy’s rate-regulated subsidiaries for discussions of changes in legal, regulatory, or business factors which could impact management’s conclusions with respect to the financial statement impacts of rate regulation. |
73 |
Year Ended December 31, |
2018 |
2017 |
||||||||||
(millions, except per share amounts) |
||||||||||||
Operating Revenue (1) |
$ |
i 16,572 |
$ | i 13,366 |
$ | i 12,586 |
||||||
Operating Expenses |
||||||||||||
Electric fuel and other energy-related purchases |
i 2,938 |
i 2,814 |
i 2,301 |
|||||||||
Purchased electric capacity |
i 88 |
i 122 |
i 6 |
|||||||||
Purchased gas |
i 1,536 |
i 645 |
i 701 |
|||||||||
Other operations and maintenance |
i 4,428 |
i 3,458 |
i 3,200 |
|||||||||
Depreciation, depletion and amortization |
i 2,655 |
i 2,000 |
i 1,905 |
|||||||||
Other taxes |
i 1,040 |
i 703 |
i 668 |
|||||||||
Impairment of assets and related charges |
i 1,535 |
i 403 |
i 15 |
|||||||||
Gains on sales of assets |
( i 162 |
) |
( i 380 |
) | ( i 147 |
) | ||||||
Total operating expenses |
i 14,058 |
i 9,765 |
i 8,649 |
|||||||||
Income from operations |
i 2,514 |
i 3,601 |
i 3,937 |
|||||||||
Other income (1) |
i 986 |
i 1,021 |
i 358 |
|||||||||
Interest and related charges |
i 1,773 |
i 1,493 |
i 1,205 |
|||||||||
Income from operations including noncontrolling interests before income tax expense (benefit) |
i 1,727 |
i 3,129 |
i 3,090 |
|||||||||
Income tax expense (benefit) |
i 351 |
i 580 |
( i 30 |
) | ||||||||
Net Income Including Noncontrolling Interests |
i 1,376 |
i 2,549 |
i 3,120 |
|||||||||
Noncontrolling Interests |
i 18 |
i 102 |
i 121 |
|||||||||
Net Income Attributable to Dominion Energy |
$ |
i 1,358 |
$ | i 2,447 |
$ | i 2,999 |
||||||
Earnings Per Common Share |
||||||||||||
Net income attributable to Dominion Energy—Basic |
$ |
i 1.66 |
$ | i 3.74 |
$ | i 4.72 |
||||||
Net income attributable to Dominion Energy—Diluted |
$ |
i 1.62 |
$ | i 3.74 |
$ | i 4.72 |
(1) |
See Note 9 for amounts attributable to related parties. |
74 |
Year Ended December 31, |
2018 |
2017 |
||||||||||
(millions) |
||||||||||||
Net Income Including Noncontrolling Interests |
$ |
i 1,376 |
$ | i 2,549 |
$ | i 3,120 |
||||||
Other comprehensive income (loss), net of taxes: |
||||||||||||
Net deferred gains (losses) on derivatives-hedging activities, net of $ i 35, $( i 10)
and $( i 3) tax |
( i 110 |
) |
i 30 |
i 8 |
||||||||
Changes in unrealized net gains (losses) on investment securities, net of $( i 14), $ i 5
and $( i 121) tax |
i 39 |
( i 18 |
) | i 215 |
||||||||
Changes in net unrecognized pension and other postretirement benefit costs, net of $( i 4), $ i 75
and $ i 32 tax |
( i 22 |
) |
( i 215 |
) | ( i 69 |
) | ||||||
Amounts reclassified to net income: |
||||||||||||
Net derivative (gains) losses-hedging activities, net of $ i 21, $( i 35)
and $ i 18 tax |
( i 62 |
) |
i 102 |
( i 29 |
) | |||||||
Net realized (gains) losses on investment securities, net of $ i 1, $( i 2)
and $ i 21 tax |
( i 4 |
) |
i 5 |
( i 37 |
) | |||||||
Net pension and other postretirement benefit costs, net of $( i 23), $( i 21)
and $( i 32) tax |
i 66 |
i 78 |
i 50 |
|||||||||
Changes in other comprehensive gains (losses) from equity method investees, net of $—, $( i 1) and $( i 2)
tax |
— |
i 1 |
i 3 |
|||||||||
Total other comprehensive income (loss) |
( i 93 |
) |
( i 17 |
) | i 141 |
|||||||
Comprehensive income including noncontrolling interests |
i 1,283 |
i 2,532 |
i 3,261 |
|||||||||
Comprehensive income attributable to noncontrolling interests |
i 18 |
i 103 |
i 122 |
|||||||||
Comprehensive income attributable to Dominion Energy |
$ |
i 1,265 |
$ | i 2,429 |
$ | i 3,139 |
75 |
At December 31, |
2018 |
|||||||
(millions) |
||||||||
Assets |
||||||||
Current Assets |
||||||||
Cash and cash equivalents |
$ |
i 166 |
$ | i 268 |
||||
Customer receivables (less allowance for doubtful accounts of $ i 20 and $ i 14) |
i 2,278 |
i 1,749 |
||||||
Other receivables (less allowance for doubtful accounts of $ i 3 and $ i 4 (1 ) |
i 367 |
i 331 |
||||||
Inventories: |
||||||||
Materials and supplies |
i 1,193 |
i 1,039 |
||||||
Fossil fuel |
i 412 |
i 287 |
||||||
Gas stored |
i 137 |
i 92 |
||||||
Prepayments |
i 328 |
i 265 |
||||||
Regulatory assets |
i 879 |
i 496 |
||||||
Other |
i 328 |
i 634 |
||||||
Total current assets |
i 6,088 |
i 5,161 |
||||||
Investments |
||||||||
Nuclear decommissioning trust funds |
i 6,192 |
i 4,938 |
||||||
Investment in equity method affiliates |
i 1,646 |
i 1,278 |
||||||
Other |
i 379 |
i 344 |
||||||
Total investments |
i 8,217 |
i 6,560 |
||||||
Property, Plant and Equipment |
||||||||
Property, plant and equipment |
i 97,466 |
i 76,578 |
||||||
Accumulated depreciation, depletion and amortization |
( i 28,384 |
) |
( i 22,018 |
) | ||||
Total property, plant and equipment, net |
i 69,082 |
i 54,560 |
||||||
Deferred Charges and Other Assets |
||||||||
Goodwill |
i 8,946 |
i 6,410 |
||||||
Pension and other postretirement benefit assets |
i 1,708 |
i 1,279 |
||||||
Intangible assets, net |
i 791 |
i 670 |
||||||
Regulatory assets |
i 7,687 |
i 2,676 |
||||||
Other |
i 1,304 |
i 598 |
||||||
Total deferred charges and other assets |
i 20,436 |
i 11,633 |
||||||
Total assets |
$ |
i 103,823 |
$ | i 77,914 |
(1) |
See Note 9 for amounts attributable to related parties. |
76 |
At December 31, |
2018 |
||||||||
(millions) |
|||||||||
Liabilities and Equity |
|||||||||
Current Liabilities |
|||||||||
Securities due within one year |
$ |
i 3,162 |
$ | i 3,624 |
|||||
Credit facility borrowings |
— |
i 73 |
|||||||
Short-term debt |
i 911 |
i 334 |
|||||||
Accounts payable |
i 1,115 |
i 914 |
|||||||
Accrued interest, payroll and taxes |
i 1,323 |
i 836 |
|||||||
Regulatory liabilities |
i 497 |
i 356 |
|||||||
Reserves for SCANA legal proceedings |
i 696 |
i — |
|||||||
Other (1) |
i 2,235 |
i 1,510 |
|||||||
Total current liabilitie s |
i 9,939 |
i 7,647 |
|||||||
Long-Term Debt |
|||||||||
Long-term debt |
i 30,313 |
i 26,293 |
|||||||
Junior subordinated notes |
i 3,406 |
i 3,430 |
|||||||
Remarketable subordinated notes |
— |
i 1,386 |
|||||||
Finance leases |
i 105 |
i 35 |
|||||||
Total long-term debt |
i 33,824 |
i 31,144 |
|||||||
Deferred Credits and Other Liabilities |
|||||||||
Deferred income taxes and investment tax credits |
i 6,277 |
i 5,116 |
|||||||
Regulatory liabilities |
i 11,001 |
i 6,840 |
|||||||
Asset retirement obligations |
i 4,866 |
i 2,250 |
|||||||
Pension and other postretirement benefit liability |
i 2,366 |
i 2,328 |
|||||||
Other (1) |
i 1,517 |
i 541 |
|||||||
Total deferred credits and other liabilities |
i 26,027 |
i 17,075 |
|||||||
Total liabilities |
i 69,790 |
i 55,866 |
|||||||
Commitments and Contingencies (see Note 23) |
i |
i |
|||||||
Equity |
|||||||||
Preferred stock (See Note 19) |
i 2,387 |
i — |
|||||||
Common stock – no par ( 2 ) |
i 23,824 |
i 12,588 |
|||||||
Retained earnings |
i 7,576 |
i 9,219 |
|||||||
Accumulated other comprehensive loss |
( i 1,793 |
) |
( i 1,700 |
) | |||||
Total shareholders’ equity |
i 31,994 |
i 20,107 |
|||||||
Noncontrolling interests |
i 2,039 |
i 1,941 |
|||||||
Total equity |
i 34,033 |
i 22,048 |
|||||||
Total liabilities and equity |
$ |
i 103,823 |
$ | i 77,914 |
(1) |
See Note 9 for amounts attributable to related parties. |
(2) |
i i 1.8 / billion shares authorized; i 838 million
shares and i 681 million shares outstanding at December 31, 2019 and 2018, respectively. |
77 |
Preferred Stock |
Common Stock |
Dominion Energy Shareholders |
||||||||||||||||||||||||||||||||||
Shares |
Amount |
Shares |
Amount |
Retained Earnings |
Accumulated Other Comprehensive Income (Loss) |
Total Shareholders’ Equity |
Noncontrolling Interests |
Total Equity |
||||||||||||||||||||||||||||
(millions except per share amounts) |
||||||||||||||||||||||||||||||||||||
i 628 |
$ | i 8,550 |
$ | i 6,854 |
$ ( i 799 |
) | $ i 14,605 |
$ i 2,235 |
$ | i 16,840 |
||||||||||||||||||||||||||
Net income including noncontrolling interests |
i 2,999 |
i 2,999 |
i 121 |
i 3,120 |
||||||||||||||||||||||||||||||||
Contributions from NRG to Four Brothers and Three Cedars |
— |
i 9 |
i 9 |
|||||||||||||||||||||||||||||||||
Issuance of common stock |
i 17 |
i 1,302 |
i 1,302 |
i 1,302 |
||||||||||||||||||||||||||||||||
Sale of Dominion Energy Midstream common units—net of offering costs |
— |
i 18 |
i 18 |
|||||||||||||||||||||||||||||||||
Stock awards (net of change in unearned compensation) |
i 22 |
i 22 |
i 22 |
|||||||||||||||||||||||||||||||||
Dividends ($ i 3.035 per common share) and distributions |
( i 1,931 |
) | ( i 1,931 |
) | ( i 156 |
) | ( i 2,087 |
) | ||||||||||||||||||||||||||||
Other comprehensive income, net of tax |
i 140 |
i 140 |
i 1 |
i 141 |
||||||||||||||||||||||||||||||||
Other |
( i 9 |
) | i 14 |
i 5 |
i 5 |
|||||||||||||||||||||||||||||||
i 645 |
$ | i 9,865 |
$ | i 7,936 |
$ ( i 659 |
) | $ i 17,142 |
$ i 2,228 |
$ | i 19,370 |
||||||||||||||||||||||||||
Cumulative-effect of changes in accounting principles |
( i 127 |
) | i 1,029 |
( i 1,023 |
) | ( i 121 |
) | i 127 |
i 6 |
|||||||||||||||||||||||||||
Net income including noncontrolling interests |
i 2,447 |
i 2,447 |
i 102 |
i 2,549 |
||||||||||||||||||||||||||||||||
Issuance of common stock |
i 36 |
i 2,461 |
i 2,461 |
i 2,461 |
||||||||||||||||||||||||||||||||
Sale of Dominion Energy Midstream common units—net of offering costs |
— |
i 4 |
i 4 |
|||||||||||||||||||||||||||||||||
Remeasurement of noncontrolling interest in Dominion Energy Midstream |
i 375 |
i 375 |
( i 375 |
) | — |
|||||||||||||||||||||||||||||||
Stock awards (net of change in unearned compensation) |
i 22 |
i 22 |
i 22 |
|||||||||||||||||||||||||||||||||
Dividends ($ i 3.34 per common share) and distributions |
( i 2,185 |
) | ( i 2,185 |
) | ( i 146 |
) | ( i 2,331 |
) | ||||||||||||||||||||||||||||
Other comprehensive income (loss), net of tax |
( i 18 |
) | ( i 18 |
) | i 1 |
( i 17 |
) | |||||||||||||||||||||||||||||
Other |
( i 8 |
) | ( i 8 |
) | ( i 16 |
) | ( i 16 |
) | ||||||||||||||||||||||||||||
i 681 |
$ | i 12,588 |
$ | i 9,219 |
$( i 1,700 |
) | $ i 20,107 |
$ i 1,941 |
$ | i 22,048 |
||||||||||||||||||||||||||
Net income including noncontrolling interests |
i 1,358 |
i 1,358 |
i 18 |
i 1,376 |
||||||||||||||||||||||||||||||||
Issuance of Stock |
i 2 |
i 2,387 |
i 39 |
i 3,014 |
i 5,401 |
i 5,401 |
||||||||||||||||||||||||||||||
Stock purchase contract component of 2019 Equity Units |
( i 264 |
) |
( i 264 |
) |
( i 264 |
) | ||||||||||||||||||||||||||||||
Acquisition of SCANA |
i 96 |
i 6,818 |
i 6,818 |
i 6,818 |
||||||||||||||||||||||||||||||||
Acquisition of public interest in Dominion Energy Midstream |
i 22 |
i 1,181 |
i 1,181 |
( i 1,221 |
) |
( i 40 |
) | |||||||||||||||||||||||||||||
Sale of interest in Cove Point |
i 476 |
i 476 |
i 1,386 |
i 1,862 |
||||||||||||||||||||||||||||||||
Stock awards (net of change in unearned compensation) |
i 24 |
i 24 |
i 24 |
|||||||||||||||||||||||||||||||||
Preferred stock dividends (See Note 19) |
( i 17 |
) |
( i 17 |
) |
( i 17 |
) | ||||||||||||||||||||||||||||||
Common dividends ($ i 3.67 per common share) and distributions |
( i 2,983 |
) |
( i 2,983 |
) |
( i 85 |
) |
( i 3,068 |
) | ||||||||||||||||||||||||||||
Other comprehensive loss, net of tax |
( i 93 |
) |
( i 93 |
) |
( i 93 |
) | ||||||||||||||||||||||||||||||
Other |
( i 13 |
) |
( i 1 |
) |
( i 14 |
) |
( i 14 |
) | ||||||||||||||||||||||||||||
i 2 |
$ |
i 2,387 |
i 838 |
$ |
i 23,824 |
$ |
i 7,576 |
$( i 1,793 |
) |
$ i 31,994 |
$ i 2,039 |
$ |
i 34,033 |
78 |
Year Ended December 31, |
2018 |
2017 |
||||||||||
(millions) |
||||||||||||
Operating Activities |
||||||||||||
Net income including noncontrolling interests |
$ |
i 1,376 |
$ | i 2,549 |
$ | i 3,120 |
||||||
Adjustments to reconcile net income including noncontrolling interests to net cash provided by operating activities: |
||||||||||||
Depreciation, depletion and amortization (including nuclear fuel) |
i 2,977 |
i 2,280 |
i 2,202 |
|||||||||
Deferred income taxes and investment tax credits |
i 216 |
i 517 |
( i 3 |
) | ||||||||
Proceeds from assignment of tower rental portfolio |
— |
— |
i 91 |
|||||||||
Contribution to pension plan |
( i 21 |
) |
— |
( i 75 |
) | |||||||
Provision for refunds and rate credits to electric utility customers |
i 800 |
i 77 |
i — |
|||||||||
Impairment of assets and other charges |
i 1,333 |
i 395 |
i 15 |
|||||||||
Charge related to a voluntary retirement program |
i 320 |
— |
— |
|||||||||
Gains on sales of assets and equity method investments |
( i 167 |
) |
( i 1,006 |
) | ( i 148 |
) | ||||||
Net (gains) losses on nuclear decommissioning trusts funds and other investments |
( i 626 |
) |
i 102 |
( i 117 |
) | |||||||
Charges associated with equity method investments |
— |
— |
i 158 |
|||||||||
Charge (revision) for future ash pond and landfill closure costs |
( i 113 |
) |
i 81 |
— |
||||||||
Other adjustments |
( i 5 |
) |
i 19 |
i 33 |
||||||||
Changes in: |
||||||||||||
Accounts receivable |
( i 71 |
) |
( i 110 |
) | ( i 103 |
) | ||||||
Inventories |
( i 90 |
) |
( i 29 |
) | i 15 |
|||||||
Deferred fuel and purchased gas costs, net |
i 195 |
( i 247 |
) | ( i 71 |
) | |||||||
Prepayments |
( i 225 |
) |
( i 51 |
) | ( i 62 |
) | ||||||
Accounts payable |
( i 225 |
) |
i 67 |
( i 89 |
) | |||||||
Accrued interest, payroll and taxes |
( i 78 |
) |
( i 12 |
) | i 64 |
|||||||
Customer deposits |
( i 101 |
) |
i 54 |
i 15 |
||||||||
Margin deposit assets and liabilities |
i 60 |
— |
( i 10 |
) | ||||||||
Net realized and unrealized changes related to derivative activities |
i 43 |
i 181 |
i 44 |
|||||||||
Asset retirement obligations |
i 41 |
( i 35 |
) | ( i 94 |
) | |||||||
Pension and other postretirement benefits |
( i 148 |
) |
( i 114 |
) | ( i 177 |
) | ||||||
Other operating assets and liabilities |
( i 287 |
) |
i 55 |
( i 306 |
) | |||||||
Net cash provided by operating activities |
i 5,204 |
i 4,773 |
i 4,502 |
|||||||||
Investing Activities |
||||||||||||
Plant construction and other property additions (including nuclear fuel) |
( i 4,980 |
) |
( i 4,254 |
) | ( i 5,504 |
) | ||||||
Cash and restricted cash acquired in the SCANA Combination |
i 389 |
— |
— |
|||||||||
Acquisition of solar development projects |
( i 341 |
) |
( i 151 |
) | ( i 405 |
) | ||||||
Proceeds from sales of securities |
i 1,712 |
i 1,804 |
i 1,831 |
|||||||||
Purchases of securities |
( i 1,749 |
) |
( i 1,894 |
) | ( i 1,940 |
) | ||||||
Proceeds from sales of assets and equity method investments |
i 447 |
i 2,542 |
i 138 |
|||||||||
Contributions to equity method affiliates |
( i 209 |
) |
( i 428 |
) | ( i 370 |
) | ||||||
Distributions from equity method affiliates |
i 9 |
i 36 |
i 275 |
|||||||||
Other |
i 100 |
( i 13 |
) | i 33 |
||||||||
Net cash used in investing activities |
( i 4,622 |
) |
( i 2,358 |
) | ( i 5,942 |
) | ||||||
Financing Activities |
||||||||||||
Issuance (repayment) of short-term debt, net |
i 404 |
( i 2,964 |
) | i 143 |
||||||||
Issuance of short-term notes |
i 3,000 |
i 1,450 |
— |
|||||||||
Repayment and repurchase of short-term notes |
( i 3,000 |
) |
( i 1,450 |
) | ( i 250 |
) | ||||||
Credit facility borrowings |
i — |
i 73 |
— |
|||||||||
Repayment of credit facility borrowings |
|
|
( i 113 |
) |
|
|
— | |
|
|
— | |
Issuance and remarketing of long-term debt |
i 4,374 |
i 6,362 |
i 3,880 |
|||||||||
Repayment and repurchase of long-term debt (including redemption premiums) |
( i 9,116 |
) |
( i 5,682 |
) | ( i 1,572 |
) | ||||||
Proceeds from sale of interest in Cove Point |
i 2,078 |
— |
— |
|||||||||
Net proceeds from issuance of Dominion Energy Midstream common units |
— |
i 4 |
i 18 |
|||||||||
Issuance of 2019 Equity Units |
i 1,582 |
— |
— |
|||||||||
Issuance of Series B Preferred Stock |
i 791 |
— |
— |
|||||||||
Issuance of common stock |
i 2,515 |
i 2,461 |
i 1,302 |
|||||||||
Common dividend payments |
( i 2,983 |
) |
( i 2,185 |
) | ( i 1,931 |
) | ||||||
Other |
( i 236 |
) |
( i 278 |
) | ( i 287 |
) | ||||||
Net cash provided by (used in) financing activities |
( i 704 |
) |
( i 2,209 |
) | i 1,303 |
|||||||
Increase (decrease) in cash, restricted cash and equivalents |
( i 122 |
) |
i 206 |
( i 137 |
) | |||||||
Cash, restricted cash and equivalents at beginning of period |
i 391 |
i 185 |
i 322 |
|||||||||
Cash, restricted cash and equivalents at end of period |
$ |
i 269 |
$ | i 391 |
$ | i 185 |
||||||
Supplemental Cash Flow Information |
||||||||||||
Cash paid during the year for: |
||||||||||||
Interest and related charges, excluding capitalized amounts |
$ |
i 1,643 |
$ | i 1,362 |
i 1,083 |
|||||||
Income taxes |
i 106 |
i 89 |
i 9 |
|||||||||
Significant noncash investing and financing activities: (1)(2)(3)(4)(5) |
||||||||||||
Accrued capital expenditures |
i 555 |
i 307 |
i 343 |
|||||||||
Leases (6) |
i 157 |
— |
— |
|||||||||
Receivables from sales of assets and equity method investments |
i 5 |
i 159 |
— |
|||||||||
Guarantee provided by equity method affiliate |
— |
— |
i 30 |
(1) |
See Note 2 for noncash investing and financing activities related to the adoption of a new accounting standard for leasing arrangements. |
(2) |
See Note 3 for noncash investing and financing activities related to the SCANA Combination. |
(3) |
See Note 5 for noncash activities related to the sale of a noncontrolling interest in Cove Point. |
(4) |
See Note 9 for noncash investing activities related to the acquisition of a noncontrolling interest in Wrangler. |
(5) |
See Notes 18,19 and 20 for noncash financing activities related to the acquisition of the public interest in Dominion Energy Midstream, the remarketing of RSNs, the issuance of stock purchase contracts associated with the 2019 Equity Units and the contribution of stock to Dominion Energy’s qualified defined benefit pension plan. |
( 6 ) |
Includes $ i 113 million of finance leases and $ i 44 million of operating leases. |
79 |
80 |
81 |
Year Ended December 31, |
2018 |
2017 |
||||||||||
(millions) |
||||||||||||
Operating Revenue (1) |
$ |
i 8,108 |
$ | i 7,619 |
$ | i 7,556 |
||||||
Operating Expenses |
||||||||||||
Electric fuel and other energy-related purchases (1) |
i 2,178 |
i 2,318 |
i 1,909 |
|||||||||
Purchased electric capacity |
i 40 |
i 122 |
i 6 |
|||||||||
Other operations and maintenance: |
||||||||||||
Affiliated suppliers |
i 367 |
i 305 |
i 309 |
|||||||||
Other |
i 1,376 |
i 1,371 |
i 1,169 |
|||||||||
Depreciation and amortization |
i 1,223 |
i 1,132 |
i 1,141 |
|||||||||
Other taxes |
i 328 |
i 300 |
i 290 |
|||||||||
Impairment of assets and other charges |
i 757 |
— |
— |
|||||||||
Total operating expenses |
i 6,269 |
i 5,548 |
i 4,824 |
|||||||||
Income from operations |
i 1,839 |
i 2,071 |
i 2,732 |
|||||||||
Other income |
i 98 |
i 22 |
i 76 |
|||||||||
Interest and related charges (1) |
i 524 |
i 511 |
i 494 |
|||||||||
Income from operations before income tax expense |
i 1,413 |
i 1,582 |
i 2,314 |
|||||||||
Income tax expense |
i 264 |
i 300 |
i 774 |
|||||||||
Net Income |
$ |
i 1,149 |
$ | i 1,282 |
$ | i 1,540 |
(1) |
See Note 25 for amounts attributable to affiliates. |
82 |
Year Ended December 31, |
2018 |
2017 |
||||||||||
(millions) |
||||||||||||
Net Income |
$ |
i 1,149 |
$ | i 1,282 |
$ | i 1,540 |
||||||
Other comprehensive income (loss), net of taxes: |
||||||||||||
Net deferred gains (losses) on derivatives-hedging activities, net of $ i 8, $( i 1)
and $ i 3 tax |
( i 22 |
) |
i 1 |
( i 5 |
) | |||||||
Changes in unrealized net gains (losses) on nuclear decommissioning trust funds, net of $( i 2), $— and $( i 16)
tax |
i 5 |
— |
i 24 |
|||||||||
Amounts reclassified to net income: |
||||||||||||
Net derivative (gains) losses-hedging activities, net of $—, $— and $— tax |
i 1 |
i 1 |
i 1 |
|||||||||
Net realized (gains) losses on nuclear decommissioning trust funds, net of $ i 1, $— and $ i 3
tax |
( i 1 |
) |
— |
( i 4 |
) | |||||||
Other comprehensive income (loss) |
( i 17 |
) |
i 2 |
i 16 |
||||||||
Comprehensive income |
$ |
i 1,132 |
$ | i 1,284 |
$ | i 1,556 |
83 |
At December 31, |
2018 |
|||||||
(millions) |
||||||||
Assets |
||||||||
Current Assets |
||||||||
Cash and cash equivalents |
$ |
i 17 |
$ | i 29 |
||||
Customer receivables (less allowance for doubtful accounts of $ i i 9 /
at both dates) |
i 1,163 |
i 999 |
||||||
Other receivables (less allowance for doubtful accounts of $ i 2 and $ i 3)
|
i 106 |
i 76 |
||||||
Affiliated receivables |
i 27 |
i 101 |
||||||
Inventories (average cost method): |
||||||||
Materials and supplies |
i 549 |
i 550 |
||||||
Fossil fuel |
i 324 |
i 287 |
||||||
Prepayments |
i 27 |
i 28 |
||||||
Regulatory assets |
i 433 |
i 424 |
||||||
Other (1) |
i 30 |
i 77 |
||||||
Total current assets |
i 2,676 |
i 2,571 |
||||||
Investments |
||||||||
Nuclear decommissioning trust funds |
i 2,881 |
i 2,369 |
||||||
Other |
i 3 |
i 3 |
||||||
Total investments |
i 2,884 |
i 2,372 |
||||||
Property, Plant and Equipment |
||||||||
Property, plant and equipment |
i 47,038 |
i 44,524 |
||||||
Accumulated depreciation and amortization |
( i 14,156 |
) |
( i 14,003 |
) | ||||
Total property, plant and equipment, net |
i 32,882 |
i 30,521 |
||||||
Deferred Charges and Other Assets |
||||||||
Pension and other postretirement benefit assets (1) |
i 287 |
i 254 |
||||||
Intangible assets, net |
i 271 |
i 250 |
||||||
Regulatory assets |
i 1,863 |
i 737 |
||||||
Other (1) |
i 565 |
i 175 |
||||||
Total deferred charges and other assets |
i 2,986 |
i 1,416 |
||||||
Total assets |
$ |
i 41,428 |
$ | i 36,880 |
(1) |
See Note 25 for amounts attributable to affiliates. |
84 |
At December 31, |
2018 |
||||||||
(millions) |
|||||||||
Liabilities And Common Shareholder’s Equity |
|||||||||
Current Liabilities |
|||||||||
Securities due within one year |
$ |
i 4 |
$ | i 350 |
|||||
Short-term debt |
i 243 |
i 314 |
|||||||
Accounts payable |
i 334 |
i 339 |
|||||||
Payables to affiliates |
i 210 |
i 209 |
|||||||
Affiliated current borrowings |
i 107 |
i 224 |
|||||||
Accrued interest, payroll and t axes |
i 253 |
i 248 |
|||||||
Asset retirement obligations |
i 340 |
i 245 |
|||||||
Regulatory liabilities |
i 167 |
i 299 |
|||||||
Derivative liabilities (1) |
i 243 |
i 25 |
|||||||
Customer deposits |
i 121 |
i 121 |
|||||||
Other current liabilities |
i 450 |
i 441 |
|||||||
Total current liabilities |
i 2,472 |
i 2,815 |
|||||||
Long-Term Debt |
|||||||||
Long-term debt |
i 12,325 |
i 11,320 |
|||||||
Finance leases |
i 16 |
i 1 |
|||||||
Total long-term debt |
i 12,341 |
i 11,321 |
|||||||
Deferred Credits and Other Liabilities |
|||||||||
Deferred income taxes and investment tax credits |
i 2,962 |
i 3,017 |
|||||||
Asset retirement obligations |
i 3,241 |
i 1,200 |
|||||||
Regulatory liabilities |
i 5,074 |
i 4,647 |
|||||||
Pension and other postretirement benefit liability (1) |
i 782 |
i 632 |
|||||||
Other (1) |
i 567 |
i 201 |
|||||||
Total deferred credits and other liabilities |
i 12,626 |
i 9,697 |
|||||||
Total liabilities |
i 27,439 |
i 23,833 |
|||||||
Commitments and Contingencies (see Note 23) |
i |
i |
|||||||
Common Shareholder’s Equity |
|||||||||
Common stock – no par (2) |
i 5,738 |
i 5,738 |
|||||||
Other paid-in capital |
i 1,113 |
i 1,113 |
|||||||
Retained earnings |
i 7,167 |
i 6,208 |
|||||||
Accumulated other comprehensive loss |
( i 29 |
) |
( i 12 |
) | |||||
Total common shareholder’s equity |
i 13,989 |
i 13,047 |
|||||||
Total liabilities and shareholder’s equity |
$ |
i 41,428 |
$ | i 36,880 |
(1) |
See Note 25 for amounts attributable to affiliates. |
(2) |
85 |
Common Stock |
Other Paid-In Capital |
Retained Earnings |
Accumulated Other Comprehensive Income (Loss) |
Total |
||||||||||||||||||||
Shares |
Amount |
|||||||||||||||||||||||
(millions, except for shares) |
(thousands) |
|||||||||||||||||||||||
i 275 |
$ | i 5,738 |
$ | i 1,113 |
$ | i 4,968 |
$ i 46 |
$ | i 11,865 |
|||||||||||||||
Net income |
i 1,540 |
i 1,540 |
||||||||||||||||||||||
Dividends |
( i 1,199 |
) | ( i 1,199 |
) | ||||||||||||||||||||
Other comprehensive income, net of tax |
i 16 |
i 16 |
||||||||||||||||||||||
Other |
i 2 |
i 2 |
||||||||||||||||||||||
i 275 |
i 5,738 |
i 1,113 |
i 5,311 |
i 62 |
i 12,224 |
|||||||||||||||||||
Cumulative-effect of changes in accounting principles |
i 79 |
( i 76 |
) | i 3 |
||||||||||||||||||||
Net income |
i 1,282 |
i 1,282 |
||||||||||||||||||||||
Dividends |
( i 464 |
) | ( i 464 |
) | ||||||||||||||||||||
Other comprehensive income, net of tax |
i 2 |
i 2 |
||||||||||||||||||||||
i 275 |
i 5,738 |
i 1,113 |
i 6,208 |
( i 12 |
) | i 13,047 |
||||||||||||||||||
Net income |
i 1,149 |
i 1,149 |
||||||||||||||||||||||
Dividends |
( i 190 |
) |
( i 190 |
) | ||||||||||||||||||||
Other comprehensive loss, net of tax |
( i 17 |
) |
( i 17 |
) | ||||||||||||||||||||
i 275 |
$ |
i 5,738 |
$ |
i 1,113 |
$ |
i 7,167 |
$( i 29 |
) |
$ |
i 13,989 |
86 |
Year Ended December 31, |
2018 |
2017 |
||||||||||
(millions) |
||||||||||||
Operating Activities |
||||||||||||
Net income |
$ |
i 1,149 |
$ | i 1,282 |
$ | i 1,540 |
||||||
Adjustments to reconcile net income to net cash provided by operating activities: |
||||||||||||
Depreciation and amortization (including nuclear fuel) |
i 1,392 |
i 1,309 |
i 1,333 |
|||||||||
Deferred income taxes and investment tax credits |
( i 80 |
) |
i 224 |
i 269 |
||||||||
Proceeds from assignment of rental portfolio |
— |
— |
i 91 |
|||||||||
Charge (revision) for future ash pond and landfill closure costs |
( i 113 |
) |
i 81 |
— |
||||||||
Impairment of assets and other charges |
i 624 |
— |
— |
|||||||||
Provision for rate credits to customers |
— |
i 77 |
— |
|||||||||
Charge related to a voluntary retirement program |
i 116 |
— |
— |
|||||||||
Other adjustments |
( i 86 |
) |
( i 21 |
) | ( i 36 |
) | ||||||
Changes in: |
||||||||||||
Accounts receivable |
( i 196 |
) |
( i 60 |
) | ( i 27 |
) | ||||||
Affiliated receivables and payables |
i 75 |
( i 14 |
) | i 125 |
||||||||
Inventories |
( i 56 |
) |
i 13 |
i 3 |
||||||||
Prepayments |
i 1 |
( i 1 |
) | i 3 |
||||||||
Deferred fuel expenses, net |
i 243 |
( i 269 |
) | ( i 59 |
) | |||||||
Accounts payable |
( i 31 |
) |
( i 26 |
) | ( i 42 |
) | ||||||
Accrued interest, payroll and taxes |
i 5 |
( i 8 |
) | i 17 |
||||||||
Net realized and unrealized changes related to derivative activities |
i 21 |
i 119 |
i 13 |
|||||||||
Asset retirement obligations |
i 51 |
( i 54 |
) | ( i 88 |
) | |||||||
Other operating assets and liabilities |
( i 331 |
) |
i 188 |
( i 181 |
) | |||||||
Net cash provided by operating activities |
i 2,784 |
i 2,840 |
i 2,961 |
|||||||||
Investing Activities |
||||||||||||
Plant construction and other property additions |
( i 2,642 |
) |
( i 2,228 |
) | ( i 2,496 |
) | ||||||
Purchases of nuclear fuel |
( i 157 |
) |
( i 173 |
) | ( i 192 |
) | ||||||
Acquisition of solar development projects |
( i 182 |
) |
( i 141 |
) | ( i 41 |
) | ||||||
Proceeds from sales of securities |
i 858 |
i 887 |
i 849 |
|||||||||
Purchases of securities |
( i 905 |
) |
( i 925 |
) | ( i 884 |
) | ||||||
Other |
( i 37 |
) |
( i 63 |
) | ( i 41 |
) | ||||||
Net cash used in investing activities |
( i 3,065 |
) |
( i 2,643 |
) | ( i 2,805 |
) | ||||||
Financing Activities |
||||||||||||
Issuance (repayment) of short-term debt, net |
( i 71 |
) |
( i 228 |
) | i 477 |
|||||||
Issuance (repayment) of affiliated current borrowings, net |
( i 117 |
) |
i 191 |
( i 229 |
) | |||||||
Issuance and remarketing of long-term debt |
i 1,248 |
i 1,300 |
i 1,500 |
|||||||||
Repayment and repurchase of long-term debt |
( i 591 |
) |
( i 964 |
) | ( i 681 |
) | ||||||
Common dividend payments to parent |
( i 190 |
) |
( i 464 |
) | ( i 1,199 |
) | ||||||
Other |
( i 12 |
) |
( i 18 |
) | ( i 11 |
) | ||||||
Net cash provided by (used in) financing activities |
i 267 |
( i 183 |
) | ( i 143 |
) | |||||||
Increase (decrease) in cash, restricted cash and equivalents |
( i 14 |
) |
i 14 |
i 13 |
||||||||
Cash, restricted cash and equivalents at beginning of year |
i 38 |
i 24 |
i 11 |
|||||||||
Cash, restricted cash and equivalents at end of year |
$ |
i 24 |
$ | i 38 |
$ | i 24 |
||||||
Supplemental Cash Flow Information |
||||||||||||
Cash paid during the year for: |
||||||||||||
Interest and related charges, excluding capitalized amounts |
$ |
i 495 |
$ | i 498 |
$ | i 458 |
||||||
Income taxes |
i 272 |
i 128 |
i 362 |
|||||||||
Significant noncash investing and financing activities: (1) |
||||||||||||
Accrued capital expenditures |
i 292 |
i 204 |
i 169 |
|||||||||
Leases (2) |
i 55 |
— |
— |
(1) |
See Note 2 for noncash investing and financing activities related to the adoption of a new accounting standard for leasing arrangements. |
(2) |
Includes $ i 20 million of finance leases and $ i 35 million of operating leases. |
87 |
88 |
89 |
Year Ended December 31, |
2018 |
2017 |
||||||||||
(millions) |
||||||||||||
Operating Revenue (1) |
$ |
i 2,169 |
$ | i 1,996 |
$ | i 1,523 |
||||||
Operating Expenses |
||||||||||||
Purchased (excess) gas (1) |
i 7 |
( i 10 |
) | i 109 |
||||||||
Other energy-related purchases |
i 2 |
i 4 |
i 4 |
|||||||||
Other operations and maintenance: |
||||||||||||
Affiliated suppliers |
i 168 |
i 132 |
i 123 |
|||||||||
Other (1) |
i 556 |
i 584 |
i 449 |
|||||||||
Depreciation and amortization |
i 367 |
i 333 |
i 242 |
|||||||||
Other taxes |
i 154 |
i 120 |
i 99 |
|||||||||
Impairment of assets and related charges |
i 13 |
i 163 |
i 15 |
|||||||||
Gains on sales of assets |
( i 2 |
) |
( i 117 |
) | ( i 70 |
) | ||||||
Total operating expenses |
i 1,265 |
i 1,209 |
i 971 |
|||||||||
Income from continuing operations |
i 904 |
i 787 |
i 552 |
|||||||||
Earnings from equity method investees |
i 43 |
i 54 |
i 47 |
|||||||||
Other income |
i 166 |
i 89 |
i 62 |
|||||||||
Interest and related charges (1) |
i 311 |
i 174 |
i 60 |
|||||||||
Income from continuing operations before income tax expense |
i 802 |
i 756 |
i 601 |
|||||||||
Income tax expense (benefit) |
i 101 |
i 124 |
( i 65 |
) | ||||||||
Net Income from Continuing Operations |
i 701 |
i 632 |
i 666 |
|||||||||
Net Income from discontinued operations (2) |
i 141 |
i 24 |
i 163 |
|||||||||
Net Income including noncontrolling interests |
i 842 |
i 656 |
i 829 |
|||||||||
Noncontrolling interests |
i 121 |
i 175 |
i 126 |
|||||||||
Net Income Attributable to Dominion Energy Gas |
$ |
i 721 |
$ | i 481 |
$ | i 703 |
(1) |
See Note 25 for amounts attributable to related parties. |
(2) |
Includes income tax expense of $ i 33 million, less than $ i 1 million
and $ i 91 million in 2019, 2018 and 2017, respectively. |
90 |
Year Ended December 31, |
2018 |
2017 |
||||||||||
(millions) |
||||||||||||
Net Income including noncontrolling interests |
$ |
i 842 |
$ | i 656 |
$ | i 829 |
||||||
Other comprehensive income (loss), net of taxes: |
||||||||||||
Net deferred gains (losses) on derivatives-hedging activities, net of $ i 22, $ i 5
and $( i 3) tax |
( i 61 |
) |
( i 16 |
) | i 6 |
|||||||
Changes in net unrecognized pension benefit (costs) , net of $( i 13), $ i 20
and $( i 8) tax |
i 33 |
( i 52 |
) | i 20 |
||||||||
Amounts reclassified to net income: |
||||||||||||
Net derivative (gains) losses-hedging activities, net of $( i 2), $( i 7)
and $ i 2 tax |
i 5 |
i 19 |
( i 4 |
) | ||||||||
Net pension and other postretirement benefit costs, net of $( i 2), $( i 2)
and $( i 2) tax |
i 5 |
i 4 |
i 4 |
|||||||||
Total other comprehensive income (loss) |
( i 18 |
) |
( i 45 |
) | i 26 |
|||||||
Comprehensive income including noncontrolling interests |
i 824 |
i 611 |
i 855 |
|||||||||
Comprehensive income attributable to noncontrolling interests |
i 120 |
i 175 |
i 127 |
|||||||||
Comprehensive income attributable to Dominion Energy Gas |
$ |
i 704 |
$ | i 436 |
$ | i 728 |
91 |
At December 31, |
2018 |
|||||||
(millions) |
||||||||
Assets |
||||||||
Current Assets |
||||||||
Cash and cash equivalents |
$ |
i 27 |
$ | i 99 |
||||
Customer receivables (less allowance for doubtful accounts of $ i 2 and less than $ i 1)(1) |
i 173 |
i 187 |
||||||
Other receivables (1) |
i 26 |
i 18 |
||||||
Affiliated receivables |
i 362 |
i 319 |
||||||
Affiliated notes receivable |
— |
i 819 |
||||||
Inventories: |
||||||||
Materials and supplies |
i 120 |
i 95 |
||||||
Gas stored |
i 2 |
i 2 |
||||||
Prepayments |
i 73 |
i 77 |
||||||
Gas imbalances (1) |
i 52 |
i 187 |
||||||
Current assets of discontinued operations |
i — |
i 444 |
||||||
Other |
i 23 |
i 101 |
||||||
Total current assets |
i 858 |
i 2,348 |
||||||
Investments |
||||||||
Affiliated notes receivables |
i 3,437 |
i 4,317 |
||||||
Investment in equity method affiliates |
i 312 |
i 339 |
||||||
Total investments |
i 3,749 |
i 4,656 |
||||||
Property, Plant and Equipment |
||||||||
Property, plant and equipment |
i 15,166 |
i 14,700 |
||||||
Accumulated depreciation and amortization |
( i 3,538 |
) |
( i 3,219 |
) | ||||
Total property, plant and equipment, net |
i 11,628 |
i 11,481 |
||||||
Deferred Charges and Other Assets |
||||||||
Goodwill |
i 1,471 |
i 1,471 |
||||||
Intangible assets, net |
i 106 |
i 115 |
||||||
Pension and other postretirement benefit assets (1) |
i 840 |
i 705 |
||||||
Regulatory assets |
i 40 |
i 52 |
||||||
Other (1) |
i 92 |
i 74 |
||||||
Total deferred charges and other assets |
i 2,549 |
i 2,417 |
||||||
Noncurrent Assets of Discontinued Operations |
— |
i 5,849 |
||||||
Total assets |
$ |
i 18,784 |
$ | i 26,751 |
(1) |
See Note 25 for amounts attributable to related parties. |
92 |
At December 31, |
2018 |
||||||||
(millions) |
|||||||||
Liabilities and Equity |
|||||||||
Current Liabilities |
|||||||||
Securities due within one year |
$ |
i 700 |
$ | i 748 |
|||||
Credit facility borrowings |
— |
i 73 |
|||||||
Short-term debt |
i 62 |
i 10 |
|||||||
Accounts payable |
i 59 |
i 76 |
|||||||
Payables to affiliates |
i 82 |
i 124 |
|||||||
Affiliated current borrowings |
i 260 |
i 3,097 |
|||||||
Accrued interest, payroll and taxe s |
i 128 |
i 116 |
|||||||
Current liabilities of discontinued operations |
— |
i 1,273 |
|||||||
Other (1) |
i 161 |
i 238 |
|||||||
Total current liabilities |
i 1,452 |
i 5,755 |
|||||||
Long-Term Debt |
|||||||||
Long-term debt |
i 4,821 |
i 7,022 |
|||||||
Finance leases |
i 5 |
i — |
|||||||
Total Long-Term Debt |
i 4,826 |
i 7,022 |
|||||||
Deferred Credits and Other Liabilities |
|||||||||
Deferred income taxes and investment tax credits |
i 1,288 |
i 1,330 |
|||||||
Regulatory liabilities |
i 800 |
i 765 |
|||||||
Other |
i 189 |
i 118 |
|||||||
Total deferred credits and other liabilities |
i 2,277 |
i 2,213 |
|||||||
Noncurrent Liabilities of Discontinued Operations |
— |
i 2,896 |
|||||||
Total liabilities |
i 8,555 |
i 17,886 |
|||||||
Commitments and Contingencies (see Note 23) |
i |
i |
|||||||
Equity |
|||||||||
Predecessor equity |
— |
i 1,804 |
|||||||
Membership interests |
i 9,031 |
i 4,566 |
|||||||
Accumulated other comprehensive loss |
( i 187 |
) |
( i 169 |
) | |||||
Total members’ equity |
i 8,844 |
i 6,201 |
|||||||
Noncontrolling interests |
i 1,385 |
i 2,664 |
|||||||
Total equity |
i 10,229 |
i 8,865 |
|||||||
Total liabilities and equity |
$ |
i 18,784 |
$ | i 26,751 |
(1) |
See Note 25 for amounts attributable to related parties. |
93 |
Predecessor Equity |
Membership Interests |
Accumulated Other Comprehensive Income (Loss) |
Total Members’ Equity |
Noncontrolling Interests |
Total |
|||||||||||||||||||
(millions) |
||||||||||||||||||||||||
$ i 1,438 |
$ i 3,659 |
$( i 123 |
) | $ | i 4,974 |
$ i 2,713 |
$ | i 7,687 |
||||||||||||||||
Net income including noncontrolling interests |
i 88 |
i 615 |
i 703 |
i 126 |
i 829 |
|||||||||||||||||||
Sale of Dominion Energy Midstream common units—net of offering costs |
— |
i 18 |
i 18 |
|||||||||||||||||||||
Dividends and distributions |
( i 19 |
) | ( i 15 |
) | ( i 34 |
) | ( i 87 |
) | ( i 121 |
) | ||||||||||||||
Distributions to noncontrolling interests |
( i 193 |
) | ( i 193 |
) | i 193 |
— |
||||||||||||||||||
Equity contributions from Dominion Energy |
i 44 |
i 44 |
i 7 |
i 51 |
||||||||||||||||||||
Other comprehensive income, net of tax |
i 25 |
i 25 |
i 1 |
i 26 |
||||||||||||||||||||
Other |
i 3 |
i 2 |
i 5 |
i 5 |
||||||||||||||||||||
i 1,361 |
i 4,261 |
( i 98 |
) | i 5,524 |
i 2,971 |
i 8,495 |
||||||||||||||||||
Cumulative-effect of changes in accounting principles |
i 29 |
( i 26 |
) | i 3 |
i 3 |
|||||||||||||||||||
Net income including noncontrolling interests |
i 180 |
i 301 |
i 481 |
i 175 |
i 656 |
|||||||||||||||||||
Sale of Dominion Energy Midstream common units—net of offering costs |
— |
i 4 |
i 4 |
|||||||||||||||||||||
Remeasurement of noncontrolling interest in Dominion Energy Midstream |
i 375 |
i 375 |
( i 375 |
) | — |
|||||||||||||||||||
Dividends and distributions |
( i 133 |
) | ( i 25 |
) | ( i 158 |
) | ( i 138 |
) | ( i 296 |
) | ||||||||||||||
Distributions to noncontrolling interests |
( i 27 |
) | ( i 27 |
) | i 27 |
|||||||||||||||||||
Equity contributions from Dominion Energy |
i 48 |
i 48 |
i 48 |
|||||||||||||||||||||
Other comprehensive loss, net of tax |
( i 45 |
) | ( i 45 |
) | ( i 45 |
) | ||||||||||||||||||
i 1,804 |
i 4,566 |
( i 169 |
) | i 6,201 |
i 2,664 |
i 8,865 |
||||||||||||||||||
Net income including noncontrolling interests |
i 232 |
i 489 |
i 721 |
i 121 |
i 842 |
|||||||||||||||||||
Acquisition of public interest in Dominion Energy Midstream |
i 1,181 |
i 1,181 |
( i 1,221 |
) |
( i 40 |
) | ||||||||||||||||||
Dividends and distributions |
( i 457 |
) |
( i 457 |
) |
( i 179 |
) |
( i 636 |
) | ||||||||||||||||
Equity contributions from Dominion Energy |
i 3,385 |
i 3,385 |
i 3,385 |
|||||||||||||||||||||
Dominion Energy Gas Restructuring |
( i 6,145 |
) |
i 3,978 |
( i 1 |
) |
( i 2,168 |
) |
( i 2,168 |
) | |||||||||||||||
Other comprehensive loss, net of tax |
( i 17 |
) |
( i 17 |
) |
( i 1 |
) |
( i 18 |
) | ||||||||||||||||
Other |
|
( i 2 |
) |
( i 2 |
) |
i 1 |
( i 1 |
) | ||||||||||||||||
$ — |
$ i 9,031 |
$( i 187 |
) |
$ |
i 8,844 |
$ i 1,385 |
$ |
i 10,229 |
94 |
Year Ended December 31, |
2018 |
2017 |
||||||||||
(millions) |
||||||||||||
Operating Activities |
||||||||||||
Net Income including noncontrolling interests |
$ |
i 842 |
$ | i 656 |
$ | i 829 |
||||||
Adjustments to reconcile net income to net cash provided by operating activities: |
||||||||||||
Depreciation and amortization |
i 445 |
i 424 |
i 328 |
|||||||||
Deferred income taxes and investment tax credits |
( i 3 |
) |
i 380 |
( i 19 |
) | |||||||
Charge related to a voluntary retirement program |
i 20 |
— |
— |
|||||||||
Gains on sales of assets |
( i 7 |
) |
( i 109 |
) | ( i 70 |
) | ||||||
Impairment of assets and related charges |
i 13 |
i 385 |
i 15 |
|||||||||
Other adjustments |
i 69 |
i 21 |
i 14 |
|||||||||
Changes in: |
||||||||||||
Accounts receivable |
i 69 |
( i 101 |
) | ( i 4 |
) | |||||||
Affiliated receivables and payables |
( i 51 |
) |
( i 310 |
) | i 26 |
|||||||
Inventories |
( i 50 |
) |
( i 28 |
) | ( i 5 |
) | ||||||
Prepayments |
i 59 |
( i 23 |
) | ( i 20 |
) | |||||||
Accounts payable |
( i 109 |
) |
i 1 |
( i 7 |
) | |||||||
Accrued interest, payroll and taxes |
( i 52 |
) |
i 22 |
i 26 |
||||||||
Pension and other postretirement benefits |
( i 142 |
) |
( i 153 |
) | ( i 143 |
) | ||||||
Other operating assets and liabilities |
( i 37 |
) |
i 30 |
( i 13 |
) | |||||||
Net cash provided by operating activities |
i 1,066 |
i 1,195 |
i 957 |
|||||||||
Investing Activities |
||||||||||||
Plant construction and other property additions |
( i 704 |
) |
( i 1,109 |
) | ( i 1,815 |
) | ||||||
Loan to Dominion Energy |
( i 1,757 |
) |
— |
— |
||||||||
Loan to East Ohio |
( i 115 |
) |
— |
— |
||||||||
Loan to Dominion Energy from Cove Point |
— |
( i 2,986 |
) | — |
||||||||
Repayment of loan by Dominion Energy to Cove Point |
i 2,986 |
— |
— |
|||||||||
Repayment of loan to East Ohio |
i 115 |
— |
— |
|||||||||
Repayment of affiliated notes receivable, net |
i 647 |
— |
i 32 |
|||||||||
Proceeds from assignments of shale development rights |
— |
i 109 |
i 70 |
|||||||||
Other |
( i 22 |
) |
( i 20 |
) | ( i 27 |
) | ||||||
Net cash provided by (used in) investing activities |
i 1,150 |
( i 4,006 |
) | ( i 1,740 |
) | |||||||
Financing Activities |
||||||||||||
Issuance (repayment) of short-term debt, net |
i 52 |
( i 619 |
) | i 169 |
||||||||
Issuance (repayment) of affiliated current borrowings, net |
( i 2,837 |
) |
i 291 |
i 628 |
||||||||
Issuance of long-term debt |
i 1,500 |
i 3,750 |
— |
|||||||||
Issuance of affiliated long-term debt |
i 395 |
— |
— |
|||||||||
Repayment of long-term debt |
( i 3,750 |
) |
( i 255 |
) | — |
|||||||
Repayment of affiliated long-term debt |
( i 395 |
) |
— |
— |
||||||||
Credit facility borrowings |
— |
i 73 |
— |
|||||||||
Repayment of credit facility borrowings |
( i 73 |
) |
— |
— |
||||||||
Net proceeds from sale of Dominion Energy Midstream common units |
i — |
i 4 |
i 18 |
|||||||||
Contributions from Dominion Energy |
i 3,385 |
i 25 |
i 25 |
|||||||||
Dividends and distributions |
( i 636 |
) |
( i 296 |
) | ( i 121 |
) | ||||||
Other |
( i 16 |
) |
( i 21 |
) | — |
|||||||
Net cash provided by (used in) financing activities |
( i 2,375 |
) |
i 2,952 |
i 719 |
||||||||
Increase (decrease) in cash, restricted cash and cash equivalents |
( i 159 |
) |
i 141 |
( i 64 |
) | |||||||
Cash, restricted cash and equivalents at beginning of year |
i 198 |
i 57 |
i 121 |
|||||||||
Cash, restricted cash and equivalents at end of year |
$ |
i 39 |
$ | i 198 |
$ | i 57 |
||||||
Supplemental Cash Flow Information |
||||||||||||
Cash paid during the year for: |
||||||||||||
Interest and related charges, excluding capitalized amounts |
$ |
i 291 |
$ | i 162 |
$ | i 55 |
||||||
Income taxes |
i 65 |
i 79 |
i 11 |
|||||||||
Significant noncash investing and financing activities: (1)(2) |
||||||||||||
Accrued capital expenditures |
i 25 |
i 59 |
i 69 |
|||||||||
Equity contributions from Dominion Energy |
i — |
i 23 |
i 26 |
|||||||||
Finance leases |
i 6 |
— |
— |
(1) |
See Note 2 for noncash investing and financing activities related to the adoption of a new accounting standard for lease arrangements. |
(2) |
See Notes 3 and 25 for noncash investing and financing activities related to the Dominion Energy Gas Restructuring and related-party transactions. |
95 |
96 |
97 |
• | Regulated electric sales |
• | Nonregulated electric sales |
• | Regulated gas sales |
• | Nonregulated gas sales |
• | Regulated gas transportation and storage sales |
• | Nonregulated gas transportation and storage sales |
• | Other regulated revenue |
• | Other nonregulated revenue |
• | Other revenue |
• | Regulated electric sales |
• | Nonregulated electric sales |
• | Regulated gas sales |
• | Nonregulated gas sales |
• | Gas transportation and storage sales |
• | Other revenue |
• | Regulated electric sales |
• | Other regulated revenue |
• | Other nonregulated revenue non-jurisdictional customers from certain solar facilities, revenue from renting space on certain electric transmission poles and distribution towers and service concession arrangements. |
• | Other revenue |
• | Regulated electric sales |
98 |
• | Other revenue |
• | Regulated gas sales—wholesale |
• | Nonregulated gas sales |
• | Regulated gas transportation and storage sales |
• | Nonregulated gas transportation and storage sales |
• | Management service revenue |
• | Other regulated revenue |
• | Other nonregulated revenue |
• | Other revenue |
• | Regulated gas sales |
• | Nonregulated gas sales |
• | Gas transportation and storage sales |
• | Other revenue |
99 |
100 |
At December 31, |
2018 |
|||||||
(millions) |
||||||||
Dominion Energy |
$ |
i 29 |
$ | i 35 |
||||
Virginia Power |
i 9 |
i 16 |
||||||
Dominion Energy Gas |
i 6 |
i 7 |
Cash, Restricted Cash and Equivalents at End/Beginning of Year |
||||||||||||||||
(millions) |
||||||||||||||||
Dominion Energy |
||||||||||||||||
Cash and cash equivalents |
$ i 166 |
$ i 268 |
$ i 120 |
$ i 261 |
||||||||||||
Restricted cash and equivalents (1) |
i 103 |
i 123 |
i 65 |
i 61 |
||||||||||||
Cash, restricted cash and equivalents shown in the Consolidated Statements of Cash Flows |
$ i 269 |
$ i 391 |
$ i 185 |
$ i 322 |
||||||||||||
Virginia Power |
||||||||||||||||
Cash and cash equivalents |
$ i 17 |
$ i 29 |
$ i 14 |
$ i 11 |
||||||||||||
Restricted cash and equivalents (1) |
i 7 |
i 9 |
i 10 |
— |
||||||||||||
Cash, restricted cash and equivalents shown in the Consolidated Statements of Cash Flows |
$ i 24 |
$ i 38 |
$ i 24 |
$ i 11 |
||||||||||||
Dominion Energy Gas |
||||||||||||||||
Cash and cash equivalents (2) |
$ i 27 |
$108 |
$ i 18 |
$ i 76 |
||||||||||||
Restricted cash and equivalents (1) |
i 12 |
i 90 |
i 39 |
i 45 |
||||||||||||
Cash, restricted cash and equivalents shown in the Consolidated Statements of Cash Flows |
$ i 39 |
$ i 198 |
$ i 57 |
$ i 121 |
(1) |
Restricted cash and equivalent balances are presented within other current assets in the Companies’ Consolidated Balance Sheets. |
(2) |
At December 31, 2018, 2017 and 2016, Dominion Energy Gas had $ i 9 million, $ i 3 million
and $ i 14 million of cash and cash equivalents included in current assets of discontinued operations, respectively. |
101 |
102 |
• |
In January 2019, Virginia Power committed to a plan to retire certain automated metering reading infrastructure associated with its electric operations before the end of its estimated useful life and replace such equipment with more current AMI technology. As a result, Virginia Power recorded a charge of $ i 160 million ($ i 119 million
after-tax). This charge is considered a component of Virginia Power’s base rates deemed recovered under the GTSA, subject to review as discussed in Note 13. |
• |
In March 2019, Virginia Power committed to retire certain electric generating units before the end of their useful lives and completed the retirement of certain units at i six facilities representing i 1,292
MW of electric generating capacity, which had previously been placed in cold reserve. An additional unit at Possum Point power station will be retired after it meets its capacity obligation to PJM in 2021. As a result, Virginia Power recorded a charge of $ i 346 million ($ i 257 million
after-tax ). This charge is considered a component of Virginia Power’s base rates deemed recovered under the GTSA, subject to review as discussed in Note 13. |
• |
In May 2019, Virginia Power abandoned a coal rail project at its Mt. Storm generating facility. As a result, Virginia Power recorded a charge of $ i 62 million ($ i 46 million
after-tax). |
• |
In September 2019, Dominion Energy and Virginia Power abandoned certain property, plant and equipment before the end of its useful life. As a result, Dominion Energy recorded a charge of $ i 26 million ($ i 19 million
after-tax) and Virginia Power recorded a charge of $ i 17 million ($ i 12 million
after-tax). |
Year Ended December 31, |
2018 |
2017 |
||||||||||
(percent) |
||||||||||||
Dominion Energy |
||||||||||||
Generation |
i 2.84 |
i 2.71 |
i 2.94 |
|||||||||
Transmission |
i 2.47 |
i 2.54 |
i 2.55 |
|||||||||
Distribution |
i 2.80 |
i 2.97 |
i 3.00 |
|||||||||
Storage |
i 2.40 |
i 2.40 |
i 2.48 |
|||||||||
General and other |
i 4.04 |
i 4.20 |
i 4.38 |
|||||||||
Virginia Power |
||||||||||||
Generation |
i 2.94 |
i 2.71 |
i 2.94 |
|||||||||
Transmission |
i 2.54 |
i 2.52 |
i 2.54 |
|||||||||
Distribution |
i 3.14 |
i 3.31 |
i 3.32 |
|||||||||
General and other |
i 4.40 |
i 4.52 |
i 4.68 |
|||||||||
Dominion Energy Gas (1) |
||||||||||||
Transmission |
i 2.43 |
i 2.66 |
i 2.67 |
|||||||||
Storage |
i 2.53 |
i 2.42 |
i 2.51 |
|||||||||
General and other |
i 4.59 |
i 4.18 |
i 5.08 |
(1) |
Excludes rates for depreciation reported as discontinued operations. |
103 |
Asset |
Estimated Useful Lives |
|||
Merchant generation-nuclear |
i 44 years |
|||
Merchant generation-other |
i 15- i 30 years |
|||
Nonutility gas gathering and processing |
i 3- i 50 years |
|||
LNG facility |
i 40 years |
|||
General and other |
i 5- i 59 years |
• | Orders issued by regulatory commissions, legislation and judicial actions; |
• | Past experience; |
• | Discussions with applicable regulatory authorities and legal counsel; |
• | Forecasted earnings; and |
• | Considerations around the likelihood of impacts from events such as unusual weather conditions, extreme weather events and other natural disasters and unplanned outages of facilities. |
104 |
• | Debt securities classified as trading securities |
• | Debt securities classified as available-for-sale securities available-for-sale debt securities, including those held in Dominion Energy’s merchant generation nuclear decommissioning trusts, net realized gains and losses (including any other-than-temporary impairments) are included in other income and unrealized gains and losses are reported as a component of AOCI, after-tax.
|
• | Equity method investments |
105 |
investee. Dominion Energy and Dominion Energy Gas’ investments are included in investments in equity method affiliates in their Consolidated Balance Sheets. Dominion Energy and Dominion Energy Gas record equity method adjustments in other income and earnings from equity method investees, respectively, in their Consolidated Statements of Income, including their proportionate share of investee income or loss, gains or losses resulting from investee capital transactions, amortization of certain differences between the carrying value and the equity in the net assets of the investee at the date of investment and other adjustments required by the equity method. |
• | Cost method investments |
• | The recognition provisions of other-than-temporary impairment guidance apply only to debt securities classified as available-for-sale or held-to-maturity. |
• | Using information obtained from their nuclear decommissioning trust fixed-income investment managers, Dominion Energy and Virginia Power record in earnings any unrealized loss for a debt security when the manager intends to sell the debt security or it is more-likely-than-not that the manager will have to sell the debt security before recovery of its fair value up to its cost basis. If that is not the case, but the debt security is deemed to have experienced a credit loss, Dominion Energy and Virginia Power record the credit loss in earnings and any remaining portion of the unrealized loss in AOCI. Credit losses are evaluated primarily by considering the credit ratings of the issuer, prior instances of non-performance by the issuer and other factors. |
106 |
107 |
108 |
• | DESC will not file an application for a general rate case with the South Carolina Commission with a requested effective date earlier than January 2021; |
• | PSNC will not file an application for a general rate case with the North Carolina Commission with a requested effective date earlier than April 2021; |
• | Dominion Energy has committed to increasing SCANA’s historical level of corporate contributions to charities by $ i 1 million per year over i five years; |
• | Dominion Energy will maintain DESC and PSNC’s headquarters in Cayce, South Carolina and Gastonia, North Carolina, respectively; and |
• | Dominion Energy will seek to minimize reductions in local employment by allowing some DES employees supporting shared and common services functions and activities to be located in Cayce, South Carolina where it makes economic and practical sense to do so. |
Amount |
||||
(millions) |
||||
Total current assets (1) |
$ |
i 1,782 |
||
Investments (2) |
i 224 |
|||
Property, plant and equipment (3)(4) |
i 11,006 |
|||
Goodwill |
i 2,609 |
|||
Regulatory assets (5) |
i 3,940 |
|||
Other deferred charges and other assets, including intangible assets (6) |
i 430 |
|||
Total Assets |
i 19,991 |
|||
Total current liabilities (7) |
i 1,556 |
|||
Long-term debt |
i 6,707 |
|||
Deferred income taxes |
i 1,068 |
|||
Regulatory liabilities |
i 2,706 |
|||
Other deferred credits and other liabilities (8) |
i 1,115 |
|||
Total Liabilities |
i 13,152 |
|||
Total purchase price (9) |
$ |
i 6,839 |
(1) |
Includes $ i 389 million of cash, restricted cash and equivalents, of which $ i 115 million
is considered restricted. |
(2) |
Includes $ i 31 million for equity method investments. The fair value adjustment on the equity method investments is considered to be equity method goodwill and is not amortized. |
( 3 ) |
Includes $ i 105 million of certain property, plant and equipment associated with the NND Project for which Dominion Energy committed to forgo recovery in accordance with the SCANA Merger Approval Order. As a result, Dominion Energy’s Consolidated Statements of Income for the year ended December 31, 2019
include a charge of $ i 105 million ($ i 79 million
after-tax), included in impairment of assets and other charges (reflected in the Corporate and Other segment). |
( 4 ) |
Nonregulated property, plant and equipment, excluding land, will be depreciated on a straight-line basis over the remaining useful lives of such property, primarily ranging from i 5 to i 78
years. |
( 5 ) |
Includes $ i 258 million of certain income tax-related regulatory assets associated with the NND Project for which Dominion Energy committed to forgo recovery in accordance with the SCANA Merger Approval Order. See Note 5 for additional information. |
( 6 ) |
Intangible assets have an estimated weighted-average amortization period of approximately i five years. |
( 7 ) |
Includes $ i 40 million outstanding under letters of credit advances, which were repaid in January 2019, as well as $ i 173 million
outstanding commercial paper under various credit facilities. As discussed in Note 17, all credit facilities were terminated in 2019. |
( 8 ) |
Includes a $ i 379 million pension and other postretirement benefit liability. |
( 9 ) |
Includes stock-based compensation awards with a fair value of $ i 21 million. |
109 |
2019 (1) |
2018 (1) |
|||||||
(millions, except EPS) |
||||||||
Operating Revenue |
$ |
i 17,579 |
$ | i 17,505 |
||||
Net income attributable to Dominion Energy |
i 3,266 |
i 2,081 |
||||||
Earnings Per Common Share – Basic |
$ |
i 4.04 |
$ | i 2.78 |
||||
Earnings Per Common Share – Diluted |
$ |
i 4.00 |
$ | i 2.77 |
(1) |
Amounts include adjustments for non-recurring costs directly related to the SCANA Combination. |
Completed Acquisition Date |
Seller |
Number of Projects |
Project Location |
Project Name(s) |
Initial Acquisition (millions) (1) |
Project Cost (millions) (2) |
Date of Commercial Operations |
MW Capacity |
||||||||||||||||||||||||
February 2017 |
Community Energy Solar, LLC |
i 1 |
Virginia |
Amazon Solar Farm Virginia—Southhampton |
$ | i 29 |
$ | i 205 |
December 2017 |
i 100 |
||||||||||||||||||||||
March 2017 |
Solar Frontier Americas Holding LLC |
i 1 |
(3) |
California |
Midway II |
i 77 |
i 78 |
June 2017 |
i 30 |
|||||||||||||||||||||||
May 2017 |
Cypress Creek Renewables, LLC |
i 1 |
North Carolina |
IS37 |
i 154 |
i 160 |
June 2017 |
i 79 |
||||||||||||||||||||||||
June 2017 |
Hecate Energy Virginia C&C LLC |
i 1 |
Virginia |
Clarke County |
i 16 |
i 16 |
August 2017 |
i 10 |
||||||||||||||||||||||||
June 2017 |
Strata Solar Development, LLC/Moorings Farm 2 Holdco, LLC |
i 2 |
North Carolina |
Fremont, Moorings 2 |
i 20 |
i 20 |
November 2017 |
i 10 |
||||||||||||||||||||||||
September 2017 |
Hecate Energy Virginia C&C LLC |
i 1 |
Virginia |
Cherrydale |
i 40 |
i 41 |
November 2017 |
i 20 |
||||||||||||||||||||||||
October 2017 |
Strata Solar Development, LLC |
i 2 |
North Carolina |
Clipperton, Pikeville |
i 20 |
i 21 |
November 2017 |
i 10 |
(1) |
The purchase price was primarily allocated to property, plant and equipment. |
(2) |
Includes acquisition cost. |
(3) |
In April 2017, Dominion Energy discontinued efforts on the acquisition of the additional i 20 MW solar project from Solar Frontier Americas Holding LLC. |
110 |
Period Ended November 6, 2019 |
Year Ended December 31, 2018 |
Year Ended December 31, 2017 |
||||||||||
(millions) |
||||||||||||
Operating revenue |
$ |
i 594 |
$ | i 729 |
$ | i 728 |
||||||
Depreciation and amortization |
i 73 |
i 76 |
i 71 |
|||||||||
Other operating expenses |
i 399 |
i 444 |
i 428 |
|||||||||
Other income |
i 61 |
i 72 |
i 50 |
|||||||||
Interest and related charges |
i 33 |
i 37 |
i 33 |
|||||||||
Income tax expense |
i 26 |
i 53 |
i 86 |
|||||||||
Net income from discontinued operations |
i 124 |
i 191 |
i 160 |
(millions) |
||||
Current assets of discontinued operations (1) |
$ | i 423 |
||
Investments |
i 2 |
|||
Property, plant and equipment, net |
i 3,669 |
|||
Regulatory assets |
i 711 |
|||
Other deferred charges and other assets, including goodwill and intangible assets |
i 1,275 |
|||
Noncurrent assets of discontinued operations |
i 5,657 |
|||
Current liabilities of discontinued operations |
i 1,262 |
|||
Long-term debt |
i 1,300 |
|||
Deferred income taxes and investment tax credits |
i 716 |
|||
Regulatory liabilities |
i 747 |
|||
Other deferred credits and liabilities |
i 108 |
|||
Noncurrent liabilities of discontinued operations |
i 2,871 |
(1) |
Includes cash and cash equivalents of $ i 9 million as of December 31, 2018. |
Period Ended November 6, 2019 |
Year Ended December 31, 2018 |
Year Ended December 31, 2017 |
||||||||||
(millions) |
||||||||||||
Capital expenditures |
$ |
i 299 |
$ | i 352 |
$ | i 348 |
||||||
Significant noncash items : |
||||||||||||
Charge related to a voluntary retirement program |
i 20 |
i — |
i — |
|||||||||
Accrued capital expenditures |
i 2 |
i 5 |
i 8 |
Period Ended November 6, 2019 |
Year Ended December 31, 2018 |
Year Ended December 31, 2017 |
||||||||||
(millions) |
||||||||||||
Operating revenue |
$ |
i 125 |
$ | i 220 |
$ | i 114 |
||||||
Depreciation and amortization |
i 4 |
i 15 |
i 15 |
|||||||||
Impairment of assets and related charges |
— |
i 219 |
— |
|||||||||
Other operating expenses |
i 97 |
i 206 |
i 91 |
|||||||||
Income tax expense (benefit) |
i 7 |
( i 53 |
) | i 5 |
||||||||
Net income (loss) from discontinued operations |
$ |
i 17 |
$ | ( i 167 |
) | $ | i 3 |
111 |
(millions) |
||||
Current assets of discontinued operations (1) |
$ | i 21 |
||
Noncurrent assets of discontinued operations (2) |
i 192 |
|||
Current liabilities of discontinued operations |
i 11 |
|||
Noncurrent liabilities of discontinued operations |
i 25 |
(1) |
Includes i cash and cash equivalents of less than $1 million. |
(2) |
Primarily property, plant and equipment, net. |
Period Ended November 6, 2019 |
Year Ended December 31, 2018 |
Year Ended December 31, 2017 |
||||||||||
(millions) |
||||||||||||
Capital expenditures |
$ |
i 11 |
$ | i 6 |
$ | i 8 |
||||||
Significant noncash items : |
||||||||||||
Impairment of assets and related charges |
i — |
( i 219 |
) | i — |
Year Ended December 31, |
2018 |
|||||||
(millions) |
||||||||
Dominion Energy |
||||||||
Regulated electric sales: |
||||||||
Residential |
$ |
i 4,325 |
$ | i 3,413 |
||||
Commercial |
i 3,219 |
i 2,503 |
||||||
Industrial |
i 683 |
i 490 |
||||||
Government and other retail |
i 873 |
i 854 |
||||||
Wholesale |
i 176 |
i 137 |
||||||
Nonregulated electric sales |
i 926 |
i 1,294 |
||||||
Regulated gas sales: |
||||||||
Residential |
i 1,343 |
i 818 |
||||||
Commercial |
i 457 |
i 221 |
||||||
Other |
i 117 |
i 36 |
||||||
Nonregulated gas sales |
i 496 |
i 214 |
||||||
Regulated gas transportation and storage: |
||||||||
FERC-regulated |
i 1,057 |
i 1,091 |
||||||
State-regulated |
i 742 |
i 640 |
||||||
Nonregulated gas transportation and storage |
i 676 |
i 442 |
||||||
Other regulated revenues |
i 259 |
i 179 |
||||||
Other nonregulated revenues (1)(2) |
i 415 |
i 563 |
||||||
Total operating revenue from contracts with customers |
i 15,764 |
i 12,895 |
||||||
Other revenues (2)(3) |
i 808 |
i 471 |
||||||
Total operating revenue |
$ |
i 16,572 |
$ | i 13,366 |
||||
Virginia Power |
||||||||
Regulated electric sales: |
||||||||
Residential |
$ |
i 3,657 |
$ | i 3,413 |
||||
Commercial |
i 2,712 |
i 2,503 |
||||||
Industrial |
i 455 |
i 490 |
||||||
Government and other retail |
i 823 |
i 854 |
||||||
Wholesale |
i 128 |
i 137 |
||||||
Other regulated revenues |
i 190 |
i 132 |
||||||
Other nonregulated revenues (1)(2) |
i 71 |
i 55 |
||||||
Total operating revenue from contracts with customers |
i 8,036 |
i 7,584 |
||||||
Other revenues (1)(3) |
i 72 |
i 35 |
||||||
Total operating revenue |
$ |
i 8,108 |
$ | i 7,619 |
||||
Dominion Energy Gas |
||||||||
Regulated gas sales—wholesale |
$ |
i 9 |
$ | i 25 |
||||
Nonregulated gas sales (1) |
i 6 |
i 7 |
||||||
Regulated gas transportation and storage |
i 1,300 |
i 1,249 |
||||||
Nonregulated gas transportation and storage |
i 676 |
i 442 |
||||||
Management service revenue (1) |
i 162 |
i 257 |
||||||
Other regulated revenues (1 )(2 ) |
i 7 |
i 19 |
||||||
Other nonregulated revenues (1 )(2 ) |
i 5 |
i 3 |
||||||
Total operating revenue from contracts with customers |
i 2,165 |
i 2,002 |
||||||
Other revenues |
i 4 |
( i 6 |
) | |||||
Total operating revenue |
$ |
i 2,169 |
$ | i 1,996 |
112 |
(1) |
See Notes 9 and 25 for amounts attributable to related parties and affiliates. |
(2) |
Amounts above include sales which are considered to be goods transferred at a point in time. For the years ended December 31, 2019 and 2018, such amounts included $ i 171 million and $ i 241 million,
respectively, at Dominion Energy and $ i 5 million and $ i 10 million,
respectively, at Dominion Energy Gas, primarily consisting of NGL sales. Additionally, amounts above include sales of renewable energy credits. For the years ended December 31, 2019 and 2018, such sales were $ i 24 million and $ i 17 million,
respectively, at Dominion Energy and $ i 17 million and $ i 11 million,
respectively, at Virginia Power. |
(3) |
Includes alternative revenue of $ i 66 million and $ i 52 million for the year ended December 31,
2019 at Dominion Energy and Virginia Power, respectively, and $ i i 15 / million
for year ended December 31, 2018 at both Dominion Energy and Virginia Power. |
Revenue expected to be recognized on multi-year contracts in place at December 31, 2019 |
2020 |
2021 |
2022 |
2023 |
2024 |
Thereafter |
Total |
|||||||||||||||||||||
(millions) |
||||||||||||||||||||||||||||
Dominion Energy |
$ |
i 1,569 |
$ | i 1,470 |
$ | i 1,363 |
$ | i 1,216 |
$ | i 1,104 |
$ | i 12,519 |
$ | i 19,241 |
||||||||||||||
Virginia Power |
i 3 |
i 1 |
i — |
i — |
i — |
i — |
i 4 |
|||||||||||||||||||||
Dominion Energy Gas |
i 1,723 |
i 1,624 |
i 1,495 |
i 1,325 |
i 1,185 |
i 12,783 |
i 20,135 |
Year Ended December 31 |
2017 |
|||
(millions) |
||||
Dominion Energy |
||||
Electric sales: |
||||
Regulated |
$ | i 7,383 |
||
Nonregulated |
i 1,429 |
|||
Gas sales: |
||||
Regulated |
i 1,067 |
|||
Nonregulated |
i 457 |
|||
Gas transportation and storage |
i 1,786 |
|||
Other |
i 464 |
|||
Total operating revenue |
$ | i 12,586 |
||
Virginia Power |
||||
Regulated electric sales |
$ | i 7,383 |
||
Other |
i 173 |
|||
Total operating revenue |
$ | i 7,556 |
||
Dominion Energy Gas |
||||
Gas sales: |
||||
Regulated |
$ | i 6 |
||
Nonregulated |
i 6 |
|||
Gas transportation and storage |
i 1,291 |
|||
Other |
i 220 |
|||
Total operating revenue |
$ | i 1,523 |
113 |
Dominion Energy |
Virginia Power |
Dominion Energy Gas |
||||||||||||||||||||||||||||||||||
Year Ended December 31, |
2018 |
2017 |
2019 |
2018 |
2017 |
2019 |
2018 |
2017 |
||||||||||||||||||||||||||||
(millions) |
||||||||||||||||||||||||||||||||||||
Current: |
||||||||||||||||||||||||||||||||||||
Federal |
$ |
i 32 |
$ | ( i 45 |
) | $ | ( i 1 |
) | $ |
i 286 |
$ | i 36 |
$ | i 432 |
$ |
i 130 |
$ | ( i 227 |
) | $ | i 75 |
|||||||||||||||
State |
i 103 |
i 108 |
( i 26 |
) | i 58 |
i 40 |
i 73 |
i 17 |
i 31 |
i 13 |
||||||||||||||||||||||||||
Total current expense (benefit) |
i 135 |
i 63 |
( i 27 |
) | i 344 |
i 76 |
i 505 |
i 147 |
( i 196 |
) | i 88 |
|||||||||||||||||||||||||
Deferred: |
||||||||||||||||||||||||||||||||||||
Federal |
||||||||||||||||||||||||||||||||||||
2017 Tax Reform Act impact (1) |
— |
i 46 |
( i 851 |
) | i — |
i 21 |
( i 93 |
) | — |
( i 6 |
) | ( i 246 |
) | |||||||||||||||||||||||
Taxes before operating loss carryforwards, investment tax credits and tax reform |
i 182 |
i 436 |
i 739 |
( i 128 |
) |
i 199 |
i 319 |
( i 36 |
) |
i 343 |
i 88 |
|||||||||||||||||||||||||
Tax utilization expense (benefit) of operating loss carryforwards |
i 119 |
i 92 |
i 174 |
i — |
i — |
i 4 |
i — |
i — |
i — |
|||||||||||||||||||||||||||
Investment tax credits |
( i 51 |
) |
( i 56 |
) | ( i 200 |
) | ( i 34 |
) |
( i 51 |
) | ( i 23 |
) | i — |
i — |
i — |
|||||||||||||||||||||
State |
( i 93 |
) |
( i 1 |
) | i 132 |
i 22 |
i 55 |
i 59 |
( i 10 |
) |
( i 17 |
) | i 5 |
|||||||||||||||||||||||
Total deferred expense (benefit) |
i 157 |
i 517 |
( i 6 |
) | ( i 140 |
) |
i 224 |
i 266 |
( i 46 |
) |
i 320 |
( i 153 |
) | |||||||||||||||||||||||
Investment tax credit-gross deferral |
i 62 |
i 2 |
i 5 |
i 62 |
i 2 |
i 5 |
i — |
i — |
i — |
|||||||||||||||||||||||||||
Investment tax credit-amortization |
( i 3 |
) |
( i 2 |
) | ( i 2 |
) | ( i 2 |
) |
( i 2 |
) | ( i 2 |
) | i — |
i — |
i — |
|||||||||||||||||||||
Total income tax expense (benefit) |
$ |
i 351 |
$ | i 580 |
$ | ( i 30 |
) | $ |
i 264 |
$ | i 300 |
$ | i 774 |
$ |
i 101 |
$ | i 124 |
$ | ( i 65 |
) |
(1) |
The 2017 Tax Reform Act impact for Dominion Energy Gas includes an expense of $ i 8 million for the year ended December 31, 2018 and a benefit of $ i 93
million for the year ended December 31, 2017 arising from discontinued operations. |
114 |
Dominion Energy |
Virginia Power |
Dominion Energy Gas |
||||||||||||||||||||||||||||||||||
Year Ended December 31, |
2018 |
2017 |
2019 |
2018 |
2017 |
2019 |
2018 |
2017 |
||||||||||||||||||||||||||||
U.S. statutory rate |
i 21.0 |
% |
i 21.0 |
% | i 35.0 |
% | i 21.0 |
% |
i 21.0 |
% | i 35.0 |
% | i 21.0 |
% |
i 21.0 |
% | i 35.0 |
% | ||||||||||||||||||
Increases (reductions) resulting from: |
||||||||||||||||||||||||||||||||||||
State taxes, net of federal benefit |
i 1.3 |
i 3.0 |
i 2.0 |
i 4.5 |
i 4.7 |
i 3.7 |
i 2.5 |
i 3.2 |
i 2.6 |
|||||||||||||||||||||||||||
Investment tax credits |
( i 5.7 |
) |
( i 1.9 |
) | ( i 6.3 |
) | ( i 2.9 |
) |
( i 3.5 |
) | ( i 0.8 |
) | i — |
i — |
i — |
|||||||||||||||||||||
Production tax credits |
( i 1.1 |
) |
( i 0.7 |
) | ( i 0.7 |
) | ( i 0.7 |
) |
( i 0.7 |
) | ( i 0.4 |
) | i — |
i — |
i — |
|||||||||||||||||||||
Valuation allowances |
i 0.1 |
i 0.3 |
i 0.2 |
i — |
i — |
i — |
( i 0.2 |
) |
i — |
i 0.3 |
||||||||||||||||||||||||||
Reversal of excess deferred income taxes |
( i 2.0 |
) |
( i 2.0 |
) | i — |
( i 3.1 |
) |
( i 3.2 |
) | i — |
( i 0.8 |
) |
( i 0.6 |
) | i — |
|||||||||||||||||||||
Federal legislative change |
i — |
i 1.5 |
( i 27.5 |
) | i — |
i 1.3 |
( i 4.0 |
) | i — |
( i 0.5 |
) | ( i 41.0 |
) | |||||||||||||||||||||||
State legislative change |
i — |
( i 0.6 |
) | i — |
i — |
i — |
i — |
i — |
( i 2.0 |
) | (0.7 |
) | ||||||||||||||||||||||||
Write-off of regulatory assets |
i 10.9 |
i — |
i — |
i — |
i — |
i — |
i — |
i — |
i — |
|||||||||||||||||||||||||||
Change in tax status |
( i 2.8 |
) |
i — |
i — |
i — |
i — |
i — |
( i 6.0 |
) |
i — |
i — |
|||||||||||||||||||||||||
AFUDC—equity |
( i 1.8 |
) |
( i 0.8 |
) | ( i 1.4 |
) | i — |
( i 0.5 |
) | ( i 0.6 |
) | ( i 0.5 |
) |
( i 0.3 |
) | ( i 0.9 |
) | |||||||||||||||||||
Employee stock ownership plan deduction |
( i 0.7 |
) |
( i 0.4 |
) | ( i 0.6 |
) | i — |
i — |
i — |
i — |
i — |
i — |
||||||||||||||||||||||||
Other, net |
i 1.1 |
( i 0.9 |
) | ( i 1.7 |
) | ( i 0.2 |
) |
( i 0.1 |
) | i 0.6 |
( i 3.4 |
) (1) |
( i 4.4 |
) (1) |
( i 6.0 |
) (1) | ||||||||||||||||||||
Effective tax rate |
i 20.3 |
% |
i 18.5 |
% | ( i 1.0 |
)% | i 18.6 |
% |
i 19.0 |
% | i 33.5 |
% | i 12.6 |
% |
i 16.4 |
% | ( i 10.7 |
)% |
(1) |
Includes ( i 3.2)%, ( i 4.6)%
and ( i 6.7)% relating to the absence of tax on noncontrolling interest in 2019, 2018 and 2017, respectively. |
115 |
Dominion Energy |
Virginia Power |
Dominion Energy Gas |
||||||||||||||||||||||
At December 31, |
2018 |
2019 |
2018 |
2019 |
2018 |
|||||||||||||||||||
(millions) |
||||||||||||||||||||||||
Deferred income taxes: |
||||||||||||||||||||||||
Total deferred income tax assets |
$ |
i 3,736 |
$ | i 2,748 |
$ |
i 1,207 |
$ i 1,054 |
$ i 206 |
$ | i 296 |
||||||||||||||
Total deferred income tax liabilities |
i 9,883 |
i 7,813 |
i 4,058 |
i 4,020 |
i 1,494 |
i 1,626 |
||||||||||||||||||
Total net deferred income tax liabilities |
$ |
i 6,147 |
$ | i 5,065 |
$ |
i 2,851 |
$ i 2,966 |
$ i 1,288 |
$ | i 1,330 |
||||||||||||||
Total deferred income taxes: |
||||||||||||||||||||||||
Plant and equipment, primarily depreciation method and basis differences |
$ |
i 6,616 |
$ | i 4,933 |
$ |
i 3,359 |
$ | i 3,367 |
$ |
i 742 |
$ | i 671 |
||||||||||||
Excess deferred income taxes |
( i 1,306 |
) |
( i 993 |
) | ( i 672 |
) |
( i 678 |
) | ( i 149 |
) |
( i 156 |
) | ||||||||||||
Unrecovered NND Project costs |
i 553 |
i — |
i — |
i — |
i — |
i — |
||||||||||||||||||
DESC rate refund |
( i 169 |
) |
i — |
i — |
i — |
i — |
i — |
|||||||||||||||||
Toshiba Settlement |
( i 219 |
) |
i — |
i — |
i — |
i — |
i — |
|||||||||||||||||
Nuclear decommissioning |
i 909 |
i 815 |
i 290 |
i 273 |
i — |
i — |
||||||||||||||||||
Deferred state income taxes |
i 863 |
i 626 |
i 302 |
i 284 |
i 199 |
i 203 |
||||||||||||||||||
Federal benefit of deferred state income taxes |
( i 184 |
) |
( i 132 |
) | ( i 63 |
) |
( i 60 |
) | ( i 42 |
) |
( i 43 |
) | ||||||||||||
Deferred fuel, purchased energy and gas costs |
i 30 |
i 60 |
i 1 |
i 59 |
i — |
( i 1 |
) | |||||||||||||||||
Pension benefits |
i 174 |
i 81 |
( i 153 |
) |
( i 132 |
) | i 154 |
i 134 |
||||||||||||||||
Other postretirement benefits |
( i 37 |
) |
( i 5 |
) | i 62 |
i 55 |
( i 6 |
) |
( i 3 |
) | ||||||||||||||
Loss and credit carryforwards |
( i 1,832 |
) |
( i 1,546 |
) | ( i 280 |
) |
( i 183 |
) | ( i 1 |
) |
( i 5 |
) | ||||||||||||
Valuation allowances |
i 161 |
i 158 |
i 5 |
i 5 |
i 1 |
i 6 |
||||||||||||||||||
Partnership basis differences |
i 823 |
i 1,135 |
i — |
i — |
i 423 |
i 570 |
||||||||||||||||||
Other |
( i 235 |
) |
( i 67 |
) | i — |
( i 24 |
) | ( i 33 |
) |
( i 46 |
) | |||||||||||||
Total net deferred income tax liabilities |
$ |
i 6,147 |
$ | i 5,065 |
$ |
i 2,851 |
$ i 2,966 |
$ i 1,288 |
$ | i 1,330 |
||||||||||||||
Deferred Investment Tax Credits – Regulated Operations |
i 130 |
i 51 |
i 111 |
i 51 |
i — |
i — |
||||||||||||||||||
Total Deferred Taxes and Deferred Investment Tax Credits |
$ |
i 6,277 |
$ | i 5,116 |
$ |
i 2,962 |
$ i 3,017 |
$ i 1,288 |
$ | i 1,330 |
Deductible Amount |
Deferred Tax Asset |
Valuation Allowance |
Expiration Period |
|||||||||||||
(millions) |
||||||||||||||||
Federal losses |
$ i 1,361 |
$ |
i 286 |
$ — |
i 2037 |
|||||||||||
Federal investment credits |
— |
i 922 |
— |
i 2035- i 2039 |
||||||||||||
Federal production credits |
— |
i 126 |
— |
i 2035- i 2039 |
||||||||||||
Other federal credits |
— |
i 40 |
— |
i 2035- i 2038 |
||||||||||||
State losses |
i 3,074 |
i 173 |
( i 57 |
) |
i 2020- i 2038 |
|||||||||||
State minimum tax credits |
— |
i 165 |
— |
No expiration |
||||||||||||
State investment and other credits |
— |
i 144 |
( i 98 |
) |
i 2020- i 2031 |
|||||||||||
Total |
$ i 4,435 |
$ |
i 1,856 |
$( i 155) |
Deductible Amount |
Deferred Tax Asset |
Valuation Allowance |
Expiration Period |
|||||||||||||
(millions) |
||||||||||||||||
Federal investment credits |
$ — |
$ i 213 |
$ — |
i 2035- i 2039
|
||||||||||||
Federal production and other credits |
— |
i 58 |
— |
i 2035- i 2039
|
||||||||||||
State investment credits |
— |
i 9 |
( i 5 |
) |
i 2024 |
|||||||||||
Total |
$ — |
$ i 280 |
$ ( i 5 |
) |
116 |
Dominion Energy |
Virginia Power |
Dominion Energy Gas |
||||||||||||||||||||||||||||||||||
2019 |
2018 |
2017 |
2019 |
2018 |
2017 |
2019 |
2018 |
2017 |
||||||||||||||||||||||||||||
(millions) |
||||||||||||||||||||||||||||||||||||
Balance at January 1 |
$ |
i 44 |
$ | i 38 |
$ | i 64 |
$ |
i 2 |
$ | i 4 |
$ | i 13 |
$ i 2 |
$ | i 2 |
$ i 9 |
||||||||||||||||||||
Acquired unrecognized tax benefits |
i 129 |
(1) |
i — |
i — |
i — |
i — |
i — |
i — |
i — |
i — |
||||||||||||||||||||||||||
Increases-prior period positions |
i — |
i 10 |
i 1 |
i — |
i — |
i — |
i — |
i — |
i — |
|||||||||||||||||||||||||||
Decreases-prior period positions |
i — |
i — |
( i 9 |
) | i — |
i — |
( i 1 |
) | i — |
i — |
i — |
|||||||||||||||||||||||||
Increases-current period positions |
i 9 |
i 10 |
i 5 |
i — |
i — |
i — |
i — |
i — |
i — |
|||||||||||||||||||||||||||
Settlements with tax authorities |
( i 7 |
) |
( i 6 |
) | ( i 23 |
) | ( i 2 |
) |
( i 1 |
) | ( i 8 |
) | i — |
i — |
( i 7 |
) | ||||||||||||||||||||
Expiration of statutes of limitations |
i — |
( i 8 |
) | i — |
i — |
( i 1 |
) | i — |
i — |
i — |
i — |
|||||||||||||||||||||||||
Balance at December 31 |
$ |
i 175 |
$ | i 44 |
$ | i 38 |
$ |
i — |
$ | i 2 |
$ | i 4 |
$ i 2 |
$ | i 2 |
$ i 2 |
(1) |
Acquired unrecognized tax benefits reflect $ i 106 million plus increases in prior period positions of $ i 76
million and decreases in prior period positions of $ i 53 million that were recorded through purchase accounting. |
State |
Earliest Open Tax Year |
|||
Pennsylvania (1) |
i 2012 |
|||
Connecticut |
i 2016 |
|||
Virginia (2) |
i 2016 |
|||
West Virginia (1) |
i 2016 |
|||
New York (1) |
i 2015 |
|||
Utah |
i 2016 |
|||
South Carolina |
i 2012 |
(1) |
Considered a major state for Dominion Energy Gas’ operations. |
(2) |
Considered a major state for Virginia Power’s operations. |
117 |
• |
Forward commodity prices |
• |
Transaction prices |
• |
Price volatility |
• |
Price correlation |
• |
Volumes |
• |
Commodity location |
• |
Interest rates |
• |
Credit quality of counterparties and the Companies |
• |
Credit enhancements |
• |
Time value |
• |
Interest rate curves |
• |
Credit quality of counterparties and the Companies |
• |
Notional value |
• |
Credit enhancements |
• |
Time value |
• |
Foreign currency forward exchange rates |
• |
Interest rates |
• |
Credit quality of counterparties and the Companies |
• |
Notional value |
• |
Credit enhancements |
• |
Time value |
• |
Quoted securities prices and indices |
• |
Securities trading information including volume and restrictions |
• |
Maturity |
• |
Interest rates |
• |
Credit quality |
• | Level 1—Quoted prices (unadjusted) in active markets for identical assets and liabilities that they have the ability to access at the measurement date. Instruments categorized in Level 1 primarily consist of financial instruments such as certain exchange-traded derivatives, and exchange-listed equities, U.S. and international equity securities, mutual funds and certain Treasury securities held in nuclear decommissioning trust funds for Dominion Energy and Virginia Power, benefit plan trust funds for Dominion Energy and Dominion Energy Gas, and rabbi trust funds for Dominion Energy. |
• | Level 2—Inputs other than quoted prices included within Level 1 that are either directly or indirectly observable for the asset or liability, including quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in inactive markets, inputs other than quoted prices that are observable for the asset or liability, and inputs that are derived from observable market data by correlation or other means. Instruments categorized in Level 2 primarily include commodity forwards and swaps, interest rate swaps, foreign currency swaps and cash and cash equivalents, corporate debt instruments, government securities and other fixed income investments held in nuclear decommissioning trust funds for Dominion Energy and Virginia Power, benefit plan trust funds for Dominion Energy and Dominion Energy Gas and rabbi trust funds for Dominion Energy. |
• | Level 3—Unobservable inputs for the asset or liability, including situations where there is little, if any, market activity for the asset or liability. Instruments categorized in Level 3 for the Companies consist of long-dated commodity derivatives, FTRs, certain natural gas and power options and other modeled commodity derivatives. |
118 |
Fair Value (millions) |
Valuation Techniques |
Unobservable Input |
Range |
Weighted Average (1) |
||||||||||||||||
Assets |
||||||||||||||||||||
Physical and financial forwards: |
||||||||||||||||||||
Natural gas (2) |
$ i 13 |
Discounted cash flow |
Market price (per Dth) (3) |
( i 1) - |
— |
|||||||||||||||
FTRs |
i 6 |
Discounted cash flow |
Market price (per MWh) (3) |
( i 1) - i 5
|
i 1 |
|||||||||||||||
Total assets |
$ i 19 |
|||||||||||||||||||
Liabilities |
||||||||||||||||||||
Physical and financial forwards: |
||||||||||||||||||||
Natural gas (2) |
$ 43 |
Discounted cash flow |
Market price (per Dth) (3) |
( i 2) - i 4
|
( i 1 |
) | ||||||||||||||
FTRs |
i 5 |
Discounted cash flow |
Market price (per MWh) (3) |
( i 4) - i 4
|
— |
|||||||||||||||
Physical options: |
||||||||||||||||||||
Natural gas |
i 8 |
Option model |
Market price (per Dth) (3) |
i 1 - i 4
|
i 3
|
|||||||||||||||
Price volatility (4) |
i 24% - i 66%
|
i 37
|
% | |||||||||||||||||
Total liabilities |
$ i 56 |
(1) |
Averages weighted by volume. |
(2) |
Includes basis. |
(3) |
Represents market prices beyond defined terms for Levels 1 and 2. |
(4) |
Represents volatilities unrepresented in published markets. |
Significant Unobservable Inputs |
Position |
Change to Input |
Impact on Fair Value Measurement |
|||||||||
Market price |
Buy |
Increase (decrease) |
Gain (loss) |
|||||||||
Market price |
Sell |
Increase (decrease) |
Loss (gain) |
|||||||||
Price volatility |
Buy |
Increase (decrease) |
Gain (loss) |
|||||||||
Price volatility |
Sell |
Increase (decrease) |
Loss (gain) |
119 |
Level 1 |
Level 2 |
Level 3 |
Total |
|||||||||||||
(millions) |
||||||||||||||||
Assets |
||||||||||||||||
Derivatives: |
||||||||||||||||
Commodity |
$ |
— |
$ |
i 55 |
$ i 19 |
$ |
i 74 |
|||||||||
Interest rate |
— |
i 11 |
— |
i 11 |
||||||||||||
Foreign currency |
— |
i 8 |
— |
i 8 |
||||||||||||
Investments (1) : |
||||||||||||||||
Equity securities: |
||||||||||||||||
U.S. |
i 4,195 |
— |
— |
i 4,195 |
||||||||||||
Fixed income: |
||||||||||||||||
Corporate debt instruments |
— |
i 463 |
— |
i 463 |
||||||||||||
Government securities |
i 473 |
i 719 |
— |
i 1,192 |
||||||||||||
Cash equivalents and other |
i 19 |
i 1 |
— |
i 20 |
||||||||||||
Total assets |
$ |
i 4,687 |
$ |
i 1,257 |
$ i 19 |
$ |
i 5,963 |
|||||||||
Liabilities |
||||||||||||||||
Derivatives: |
||||||||||||||||
Commodity |
$ |
— |
$ |
i 75 |
$ i 56 |
$ |
i 131 |
|||||||||
Interest rate |
— |
i 606 |
— |
i 606 |
||||||||||||
Foreign currency |
— |
i 3 |
— |
i 3 |
||||||||||||
Total liabilities |
$ |
— |
$ |
i 684 |
$ i 56 |
$ |
i 740 |
|||||||||
Assets |
||||||||||||||||
Derivatives: |
||||||||||||||||
Commodity |
$ | — |
$ | i 180 |
$ i 70 |
$ | i 250 |
|||||||||
Interest rate |
— |
i 18 |
— |
i 18 |
||||||||||||
Foreign currency |
— |
i 26 |
— |
i 26 |
||||||||||||
Investments (1) : |
||||||||||||||||
Equity securities: |
||||||||||||||||
U.S. |
i 3,277 |
— |
— |
i 3,277 |
||||||||||||
Fixed income: |
||||||||||||||||
Corporate debt instruments |
— |
i 431 |
— |
i 431 |
||||||||||||
Government securities |
i 455 |
i 688 |
— |
i 1,143 |
||||||||||||
Cash equivalents and other |
i 11 |
— |
— |
i 11 |
||||||||||||
Total assets |
$ | i 3,743 |
$ | i 1,343 |
$ i 70 |
$ | i 5,156 |
|||||||||
Liabilities |
||||||||||||||||
Derivatives: |
||||||||||||||||
Commodity |
$ | — |
$ | i 129 |
$ i 6 |
$ | i 135 |
|||||||||
Interest rate |
— |
i 142 |
— |
i 142 |
||||||||||||
Foreign currency |
— |
i 2 |
— |
i 2 |
||||||||||||
Total liabilities |
$ | — |
$ | i 273 |
$ i 6 |
$ | i 279 |
(1) |
Includes investments held in the nuclear decommissioning and rabbi trusts. Excludes $ i 274 million and $ i 220 million of assets at December 31, 2019 and 2018,
respectively, measured at fair value using NAV (or its equivalent) as a practical expedient which are not required to be categorized in the fair value hierarchy. |
120 |
2019 |
2018 |
2017 |
||||||||||
(millions) |
||||||||||||
Balance at January 1, |
$ |
i 64 |
$ | i 150 |
$ | i 139 |
||||||
Total realized and unrealized gains (losses): |
||||||||||||
Included in earnings: |
||||||||||||
Operating Revenue |
( i 1 |
) |
( i 2 |
) | i 3 |
|||||||
Electric fuel and other energy-related purchases |
( i 22 |
) |
( i 15 |
) | ( i 42 |
) | ||||||
Purchased gas |
i 2 |
i — |
i 1 |
|||||||||
Included in other comprehensive income (loss) |
i — |
i 1 |
( i 2 |
) | ||||||||
Included in regulatory assets/liabilities |
( i 90 |
) |
( i 44 |
) | i 42 |
|||||||
Settlements |
i 17 |
( i 27 |
) | i 6 |
||||||||
Purchases |
( i 10 |
) |
i — |
i — |
||||||||
Sales |
i 6 |
i — |
i — |
|||||||||
Transfers out of Level 3 |
( i 3 |
) |
i 1 |
i 3 |
||||||||
Balance at December 31, |
$ |
( i 37 |
) |
$ | i 64 |
$ | i 150 |
|||||
The amount of total gains (losses) for the period included in earnings attributable to the change in unrealized gains (losses) relating to assets still held at the reporting date: |
||||||||||||
Operating Revenue |
$ |
i — |
$ | i — |
$ | i 2 |
121 |
Fair Value (millions) |
Valuation Techniques |
Unobservable Input |
Range |
Weighted Average (1) |
||||||||||||||||
Assets |
||||||||||||||||||||
Physical and financial forwards: |
||||||||||||||||||||
Natural gas (2) |
$ i 13 |
Discounted cash flow |
Market price (per Dth) (3) |
( i 1)
- i 4 |
— |
|||||||||||||||
FTRs |
i 6 |
Discounted cash flow |
Market price (per MWh) (3) |
( i 1)
- i 5 |
i 1
|
|||||||||||||||
Total assets |
$ i 19 |
|||||||||||||||||||
Liabilities |
||||||||||||||||||||
Physical and financial forwards: |
||||||||||||||||||||
Natural gas (2) |
$ i 43 |
Discounted cash flow |
Market price (per Dth) (3) |
( i 2)
- i 4 |
( i 1 |
) | ||||||||||||||
FTRs |
i 5 |
Discounted cash flow |
Market price (per MWh) (3) |
( i 4)
- i 4 |
— |
|||||||||||||||
Physical options: |
||||||||||||||||||||
Natural gas |
i 8 |
Option model |
Market price (per Dth) (3) |
i 1 - i 4
|
i 3
|
|||||||||||||||
Price volatility (4) |
i 24%— i 66%
|
i 37
|
% | |||||||||||||||||
Total liabilities |
$ i 56 |
(1) |
Averages weighted by volume. |
(2) |
Includes basis. |
(3) |
Represents market prices beyond defined terms for Levels 1 and 2. |
(4) |
Represents volatilities unrepresented in published markets. |
122 |
Significant Unobservable Inputs |
Position |
Change to Input |
Impact on Fair Value Measurement |
|||||||||
Market price |
Buy |
Increase (decrease) |
Gain (loss) |
|||||||||
Market price |
Sell |
Increase (decrease) |
Loss (gain) |
|||||||||
Price volatility |
Buy |
Increase (decrease) |
Gain (loss) |
|||||||||
Price volatility |
Sell |
Increase (decrease) |
Loss (gain) |
Level 1 |
Level 2 |
Level 3 |
Total |
|||||||||||||
(millions) |
||||||||||||||||
Assets |
||||||||||||||||
Derivatives: |
||||||||||||||||
Commodity |
$ |
i — |
$ i 3 |
$ i 19 |
$ |
i 22 |
||||||||||
Interest rate |
i — |
i 2 |
i — |
i 2 |
||||||||||||
Investments (1) : |
||||||||||||||||
Equity securities: |
||||||||||||||||
U.S. |
i 1,920 |
i — |
i — |
i 1,920 |
||||||||||||
Fixed income: |
||||||||||||||||
Corporate debt instruments |
i — |
i 256 |
i — |
i 256 |
||||||||||||
Government securities |
i 186 |
i 361 |
i — |
i 547 |
||||||||||||
Cash equivalents and other |
— |
1 |
— |
i 1 |
||||||||||||
Total assets |
$ |
i 2,106 |
$ i 623 |
$ i 19 |
$ |
i 2,748 |
||||||||||
Liabilities |
||||||||||||||||
Derivatives: |
||||||||||||||||
Commodity |
$ |
i — |
$ i 47 |
$ i 56 |
$ |
i 103 |
||||||||||
Interest rate |
i — |
i 363 |
i — |
i 363 |
||||||||||||
Total liabilities |
$ |
i — |
$ i 410 |
$ i 56 |
$ |
i 466 |
||||||||||
Assets |
||||||||||||||||
Derivatives: |
||||||||||||||||
Commodity |
$ | — |
$ i 24 |
$ i 66 |
$ | i 90 |
||||||||||
Interest rate |
— |
i 3 |
— |
i 3 |
||||||||||||
Investments (1) : |
||||||||||||||||
Equity securities: |
||||||||||||||||
U.S. |
i 1,476 |
— |
— |
i 1,476 |
||||||||||||
Fixed income: |
||||||||||||||||
Corporate debt instruments |
— |
i 221 |
— |
i 221 |
||||||||||||
Government securities |
i 164 |
i 343 |
— |
i 507 |
||||||||||||
Total assets |
$ | i 1,640 |
$ i 591 |
$ i 66 |
$ | i 2,297 |
||||||||||
Liabilities |
||||||||||||||||
Derivatives: |
||||||||||||||||
Commodity |
$ | — |
$ i 9 |
$ i 6 |
$ | i 15 |
||||||||||
Interest rate |
— |
i 88 |
— |
i 88 |
||||||||||||
Total liabilities |
$ | — |
$ i 97 |
$ i 6 |
$ | i 103 |
(1) |
Includes investments held in the nuclear decommissioning trusts. Excludes $ i 159 million and $ i 160 million
of assets at December 31, 2019 and 2018, respectively, measured at fair value using NAV (or its equivalent) as a practical expedient which are not required to be categorized in the fair value hierarchy. |
2019 |
2018 |
2017 |
||||||||||
(millions) |
||||||||||||
Balance at January 1, |
$ |
i 60 |
$ | i 147 |
$ | i 143 |
||||||
Total realized and unrealized gains (losses): |
||||||||||||
Included in earnings: |
||||||||||||
Electric fuel and other energy-related purchases |
( i 22 |
) |
( i 17 |
) | ( i 43 |
) | ||||||
Included in regulatory assets/liabilities |
( i 88 |
) |
( i 45 |
) | i 40 |
|||||||
Settlements |
i 13 |
( i 25 |
) | i 7 |
||||||||
Balance at December 31, |
$ |
( i 37 |
) |
$ | i 60 |
$ | i 147 |
Level 1 |
Level 2 |
Level 3 |
Total |
|||||||||||||
(millions) |
||||||||||||||||
Assets |
||||||||||||||||
Foreign currency |
$ — |
$ i 8 |
$ — |
$ i 8 |
||||||||||||
Total assets |
$ — |
$ i 8 |
$ — |
$ i 8 |
||||||||||||
Liabilities |
||||||||||||||||
Interest rate |
$ — |
$ i 83 |
$ — |
$ i 83 |
||||||||||||
Foreign currency |
— |
i 3 |
— |
i 3 |
||||||||||||
Total liabilities |
$ — |
$ i 86 |
$ — |
$ i 86 |
||||||||||||
Assets |
||||||||||||||||
Commodity |
$ — |
$ i 3 |
$ — |
$ i 3 |
||||||||||||
Interest rate |
— |
i 2 |
— |
i 2 |
||||||||||||
Foreign currency |
— |
i 26 |
— |
i 26 |
||||||||||||
Total assets |
$ — |
$ i 31 |
$ — |
$ i 31 |
||||||||||||
Liabilities |
||||||||||||||||
Interest rate |
$ — |
$ i 17 |
$ — |
$ i 17 |
||||||||||||
Foreign currency |
— |
i 2 |
— |
i 2 |
||||||||||||
Total liabilities |
$ — |
$ i 19 |
$ — |
$ i 19 |
2018 |
2017 |
|||||||
(millions) |
||||||||
Balance at January 1, |
$( i 2 |
) | $( i 2 |
) | ||||
Total realized and unrealized gains (losses): |
||||||||
Included in other comprehensive income (loss) |
i 1 |
( i 3 |
) | |||||
Transfers out of Level 3 |
i 1 |
i 3 |
||||||
Balance at December 31, |
$— |
$( i 2 |
) |
123 |
2018 |
||||||||||||||||
Carrying Amount |
Estimated Fair Value (1) |
Carrying Amount |
Estimated Fair Value (1) |
|||||||||||||
(millions) |
||||||||||||||||
Dominion Energy |
||||||||||||||||
Long-term debt (2) |
$ |
i 32,055 |
$ i 36,155 |
$ | i 29,952 |
$ i 31,045 |
||||||||||
Credit facility borrowings |
i — |
i — |
i 73 |
i 73 |
||||||||||||
Junior subordinated notes (3) |
i 4,797 |
i 4,953 |
i 3,430 |
i 3,358 |
||||||||||||
Remarketable subordinated notes (3) |
i — |
i — |
i 1,386 |
i 1,340 |
||||||||||||
Virginia Power |
||||||||||||||||
Long-term debt (3) |
$ |
i 12,326 |
$ i 14,281 |
$ | i 11,671 |
$ i 12,400 |
||||||||||
Dominion Energy Gas |
||||||||||||||||
Long-term debt (4) |
$ |
i 5,520 |
$ i 5,738 |
$ | i 7,770 |
$ i 7,803 |
||||||||||
Credit facility borrowings |
i — |
i — |
i 73 |
i 73 |
(1) |
Fair value is estimated using market prices, where available, and interest rates currently available for issuance of debt with similar terms and remaining maturities. All fair value measurements are classified as Level 2. The carrying amount of debt issuances with short-term maturities and variable rates refinanced at current market rates is a reasonable estimate of their fair value. |
(2) |
Carrying amount includes current portions included in securities due within one year and amounts which represent the unamortized debt issuance costs, discount or premium, and foreign currency remeasurement adjustments. At December 31, 2019 and 2018, includes the valuation of certain fair value hedges associated with Dominion Energy’s fixed rate debt of $ i 4 million and $( i 20) million,
respectively. |
(3) |
Carrying amount includes current portions included in securities due within one year and amounts which represent the unamortized debt issuance costs, discount or premium. |
(4) |
Carrying amount includes current portions included in securities due within one year and amounts which represent the unamortized debt issuance costs, discount or premium, and foreign currency remeasurement adjustments. |
124 |
Gross Amounts Not Offset in the Consolidated Balance Sheet |
Gross Amounts Not Offset in the Consolidated Balance Sheet |
|||||||||||||||||||||||||||||||
Gross Assets Presented in the Consolidated Balance Sheet (1) |
Financial Instruments |
Cash Collateral Received |
Net Amounts |
Gross Assets Presented in the Consolidated Balance Sheet (1) |
Financial Instruments |
Cash Collateral Received |
Net Amounts |
|||||||||||||||||||||||||
(millions) |
||||||||||||||||||||||||||||||||
Commodity contracts: |
||||||||||||||||||||||||||||||||
Over-the-counter |
$ i 35 |
$ i 21 |
$ i — |
$ i 14 |
$ i 175 |
$ i 12 |
$ i — |
$ i 163 |
||||||||||||||||||||||||
Exchange |
i 37 |
i 21 |
i — |
i 16 |
i 68 |
i 68 |
i — |
— |
||||||||||||||||||||||||
Interest rate contracts: |
||||||||||||||||||||||||||||||||
Over-the-counter |
i 11 |
i 3 |
i — |
i 8 |
i 18 |
i 1 |
i — |
i 17 |
||||||||||||||||||||||||
Foreign currency contracts: |
||||||||||||||||||||||||||||||||
Over-the-counter |
i 8 |
i 8 |
i — |
i — |
i 26 |
i 2 |
i — |
i 24 |
||||||||||||||||||||||||
Total derivatives, subject to a master netting or similar arrangement |
$ i 91 |
$ i 53 |
$ i — |
$ i 38 |
$ i 287 |
$ i 83 |
$ i — |
$ i 204 |
(1) |
Excludes $ i 2 million and $ i 7 million of derivative assets at December 31,
2019 and 2018, respectively, which are not subject to master netting or similar arrangements. |
Gross Amounts Not Offset in the Consolidated Balance Sheet |
Gross Amounts Not Offset in the Consolidated Balance Sheet |
|||||||||||||||||||||||||||||||
Gross Liabilities Presented in the Consolidated Balance Sheet (1) |
Financial Instruments |
Cash Collateral Paid |
Net Amounts |
Gross Liabilities Presented in the Consolidated Balance Sheet (1) |
Financial Instruments |
Cash Collateral Paid |
Net Amounts |
|||||||||||||||||||||||||
(millions) |
||||||||||||||||||||||||||||||||
Commodity contracts: |
||||||||||||||||||||||||||||||||
Over-the-counter |
$ i 105 |
$ i 21 |
$— |
$ i 84 |
$ i 19 |
$ i 12 |
$— |
$ i 7 |
||||||||||||||||||||||||
Exchange |
i 21 |
i 21 |
— |
— |
i 115 |
i 68 |
i 47 |
i — |
||||||||||||||||||||||||
Interest rate contracts: |
||||||||||||||||||||||||||||||||
Over-the-counter |
i 606 |
i 8 |
i 35 |
i 563 |
i 142 |
i 1 |
— |
i 141 |
||||||||||||||||||||||||
Foreign currency contracts: |
||||||||||||||||||||||||||||||||
Over-the-counter |
i 3 |
i 3 |
— |
— |
i 2 |
i 2 |
— |
— |
||||||||||||||||||||||||
Total derivatives, subject to a master netting or similar arrangement |
$ i 735 |
$ i 53 |
$ i 35 |
$ i 647 |
$ i 278 |
$ i 83 |
$ i 47 |
$ i 148 |
(1) |
Excludes $ i 5 million and $ i 1 million of derivative liabilities
at December 31, 2019 and 2018, respectively, which are not subject to master netting or similar arrangements. |
125 |
Current |
Noncurrent |
|||||||
Natural Gas (bcf): |
||||||||
Fixed price (1) |
i 79 |
i 34 |
||||||
Basis |
i 227 |
i 495 |
||||||
Electricity (MWh): |
||||||||
Fixed price (1) |
i 3,810,015 |
i — |
||||||
FTRs |
i 46,585,304 |
i — |
||||||
Liquids (Gal) (2) |
i 52,374,000 |
i — |
||||||
Interest rate (3) |
$ |
i 2,450,000,000 |
$ |
i 3,976,014,497 |
||||
Foreign currency (3) |
i — |
€ |
i 250,000,000 |
€ |
(1) |
Includes options. |
(2) |
Includes NGLs. |
(3) |
Maturity is determined based on final settlement period. |
AOCI After-Tax |
Amounts Expected to be Reclassified to Earnings During the Next 12 Months After-Tax |
Maximum Term |
||||||||||
(millions) |
||||||||||||
Commodities: |
||||||||||||
Gas |
$ |
( i 4 |
) |
$ |
( i 4 |
) |
i 24 months |
|||||
Electricity |
i 19 |
i 19 |
i 12 months |
|||||||||
Other |
i 1 |
i 1 |
i 12 months |
|||||||||
Interest rate |
( i 426 |
) |
( i 64 |
) |
i 384 months |
|||||||
Foreign currency |
i 3 |
( i 2 |
) |
i 78 months |
||||||||
Total |
$ |
( i 407 |
) |
$ |
( i 50 |
) |
126 |
Carrying Amount of the Hedged Asset (Liability) (1) |
Cumulative Amount of Fair Value Hedging Adjustments Included in the Carrying Amount of the Hedged Assets (Liabilities) (2) |
|||||||||||||||
(millions) |
||||||||||||||||
Long-term debt |
$ |
( i 1,154 |
) |
$ | ( i 1,631 |
) | $ |
( i 4 |
) |
$ i 20 |
(1) |
Includes $( i 397) million and $( i 892)
million related to discontinued hedging relationships at December 31, 2019 and December 31, 2018, respectively. |
(2) |
Includes $ i 3 million and $ i 8 million
of hedging adjustments on discontinued hedging relationships at December 31, 2019 and December 31, 2018, respectively. |
Fair Value – Derivatives under Hedge Accounting |
Fair Value – Derivatives not under Hedge Accounting |
Total Fair Value |
||||||||||
(millions) |
||||||||||||
ASSETS |
||||||||||||
Current Assets |
||||||||||||
Commodity |
$ i 30 |
$ i 37 |
$ |
i 67 |
||||||||
Interest rate |
i 1 |
i — |
i 1 |
|||||||||
Total current derivative assets (1) |
i 31 |
i 37 |
i 68 |
|||||||||
Noncurrent Assets |
||||||||||||
Commodity |
i 1 |
i 6 |
i 7 |
|||||||||
Interest rate |
i 10 |
i — |
i 10 |
|||||||||
Foreign currency |
i 8 |
i — |
i 8 |
|||||||||
Total noncurrent derivative assets (2) |
i 19 |
i 6 |
i 25 |
|||||||||
Total derivative assets |
$ i 50 |
$ i 43 |
$ |
i 93 |
||||||||
LIABILITIES |
||||||||||||
Current Liabilities |
||||||||||||
Commodity |
$ i 6 |
$ i 77 |
$ |
i 83 |
||||||||
Interest rate |
i 321 |
i 1 |
i 322 |
|||||||||
Foreign currency |
i 3 |
i — |
i 3 |
|||||||||
Total current derivative liabilities (3) |
i 330 |
i 78 |
i 408 |
|||||||||
Noncurrent Liabilities |
||||||||||||
Commodity |
i 1 |
i 47 |
i 48 |
|||||||||
Interest rate |
i 267 |
i 17 |
i 284 |
|||||||||
Total noncurrent derivative liabilities (4) |
i 268 |
i 64 |
i 332 |
|||||||||
Total derivative liabilities |
$ i 598 |
$ i 142 |
$ |
i 740 |
||||||||
ASSETS |
||||||||||||
Current Assets |
||||||||||||
Commodity |
$ i 55 |
$ i 154 |
$ | i 209 |
||||||||
Interest rate |
i 14 |
i — |
i 14 |
|||||||||
Total current derivative assets (1) |
i 69 |
i 154 |
i 223 |
|||||||||
Noncurrent Assets |
||||||||||||
Commodity |
i 6 |
i 35 |
i 41 |
|||||||||
Interest rate |
i 4 |
i — |
i 4 |
|||||||||
Foreign currency |
i 26 |
i — |
i 26 |
|||||||||
Total noncurrent derivative assets (2) |
i 36 |
i 35 |
i 71 |
|||||||||
Total derivative assets |
$ i 105 |
$ i 189 |
$ | i 294 |
||||||||
LIABILITIES |
||||||||||||
Current Liabilities |
||||||||||||
Commodity |
$ i 17 |
$ i 112 |
$ | i 129 |
||||||||
Interest rate |
i 26 |
i — |
i 26 |
|||||||||
Foreign currency |
i 2 |
i — |
i 2 |
|||||||||
Total current derivative liabilities (3) |
i 45 |
i 112 |
i 157 |
|||||||||
Noncurrent Liabilities |
||||||||||||
Commodity |
i 5 |
i 1 |
i 6 |
|||||||||
Interest rate |
i 116 |
i — |
i 116 |
|||||||||
Total noncurrent derivative liabilities (4) |
i 121 |
i 1 |
i 122 |
|||||||||
Total derivative liabilities |
$ i 166 |
$ i 113 |
$ | i 279 |
127 |
(1) |
Current derivative assets are presented in other current assets in Dominion Energy’s Consolidated Balance Sheets. |
(2) |
Noncurrent derivative assets are presented in other deferred charges and other assets in Dominion Energy’s Consolidated Balance Sheets. |
(3) |
Current derivative liabilities are presented in other current liabilities in Dominion Energy’s Consolidated Balance Sheets. |
(4) |
Noncurrent derivative liabilities are presented in other deferred credits and other liabilities in Dominion Energy’s Consolidated Balance Sheets. |
Derivatives in cash flow hedging relationships |
Amount of Gain (Loss) Recognized in AOCI on Derivatives (Effective Portion) (1) |
Amount of Gain (Loss) Reclassified From AOCI to Income |
Increase (Decrease) in Derivatives Subject to Regulatory Treatment (2) |
|||||||||
(millions) |
||||||||||||
Year Ended December 31, 2019 |
||||||||||||
Derivative type and location of gains (losses): |
||||||||||||
Commodity: |
||||||||||||
Operating revenue |
$ i 146 |
|||||||||||
Purchased gas |
( i 3 |
) |
||||||||||
Total commodity |
$ i 125 |
$ i 143 |
$ — |
|||||||||
Interest rate (3) |
( i 252 |
) |
( i 54 |
) |
( i 255 |
) | ||||||
Foreign currency (4) |
( i 18 |
) |
( i 6 |
) |
— |
|||||||
Total |
$( i 145 |
) |
$ i 83 |
$( i 255 |
) | |||||||
Year Ended December 31, 2018 |
||||||||||||
Derivative type and location of gains (losses): |
||||||||||||
Commodity: |
||||||||||||
Operating revenue |
$( i 90 |
) | ||||||||||
Electric fuel and other energy-related purchases |
i 14 |
|||||||||||
Total commodity |
$ i 64 |
$( i 76 |
) | $ — |
||||||||
Interest rate (3) |
( i 18 |
) | ( i 48 |
) | i 39 |
|||||||
Foreign currency (4) |
( i 6 |
) | ( i 13 |
) | — |
|||||||
Total |
$ i 40 |
$( i 137 |
) | $ i 39 |
||||||||
Year Ended December 31, 2017 |
||||||||||||
Derivative type and location of gains (losses): |
||||||||||||
Commodity: |
||||||||||||
Operating revenue |
$ i 81 |
|||||||||||
Purchased gas |
( i 2 |
) | ||||||||||
Total commodity |
$ i 1 |
$ i 79 |
$ — |
|||||||||
Interest rate (3) |
( i 8 |
) | ( i 52 |
) | ( i 58 |
) | ||||||
Foreign currency (4) |
i 18 |
i 20 |
— |
|||||||||
Total |
$ i 11 |
$ i 47 |
$ ( i 58 |
) |
(1) |
Amounts deferred into AOCI have no associated effect in Dominion Energy’s Consolidated Statements of Income. |
(2) |
Represents net derivative activity deferred into and amortized out of regulatory assets/liabilities. Amounts deferred into regulatory assets/liabilities have no associated effect in Dominion Energy’s Consolidated Statements of Income. |
(3) |
Amounts recorded in Dominion Energy’s Consolidated Statements of Income are classified in interest and related charges. |
(4) |
Amounts recorded in Dominion Energy’s Consolidated Statements of Income are classified in other income. |
128 |
Derivatives not designated as hedging instruments |
Amount of Gain (Loss) Recognized in Income on Derivatives (1) |
|||||||||||
Year Ended December 31, |
2018 |
2017 |
||||||||||
(millions) |
||||||||||||
Derivative type and location of gains (losses): |
||||||||||||
Commodity: |
||||||||||||
Operating revenue |
$ |
i 45 |
$ | ( i 28 |
) | $ | i 18 |
|||||
Purchased gas |
( i 28 |
) |
i 11 |
( i 3 |
) | |||||||
Electric fuel and other energy-related purchases |
( i 46 |
) |
( i 9 |
) | ( i 59 |
) | ||||||
Other operations & maintenance |
i — |
i — |
( i 1 |
) | ||||||||
Interest rate |
i 3 |
— |
— |
|||||||||
Total |
$ |
( i 26 |
) |
$ | ( i 26 |
) | $ | ( i 45 |
) |
(1) |
Includes derivative activity amortized out of regulatory assets/liabilities. Amounts deferred into regulatory assets/liabilities have no associated effect in Dominion Energy’s Consolidated Statements of Income. |
Gross Amounts Not Offset in the Consolidated Balance Sheet |
Gross Amounts Not Offset in the Consolidated Balance Sheet |
|||||||||||||||||||||||||||||||
Gross Assets Presented in the Consolidated Balance Sheet (1) |
Financial Instruments |
Cash Collateral Received |
Net Amounts |
Gross Assets Presented in the Consolidated Balance Sheet (1) |
Financial Instruments |
Cash Collateral Received |
Net Amounts |
|||||||||||||||||||||||||
(millions) |
||||||||||||||||||||||||||||||||
Commodity contracts: |
||||||||||||||||||||||||||||||||
Over-the-counter |
$ i 19 |
$ i 18 |
$— |
$ i 1 |
$ i 64 |
$ i 6 |
$— |
$ i 58 |
||||||||||||||||||||||||
Interest rate contracts: |
||||||||||||||||||||||||||||||||
Over-the-counter |
i 2 |
i — |
i — |
i 2 |
i 3 |
i — |
i — |
i 3 |
||||||||||||||||||||||||
Total derivatives, subject to a master netting or similar arrangement |
$ i 21 |
$ i 18 |
$— |
$ i 3 |
$ i 67 |
$ i 6 |
$— |
$ i 61 |
(1) |
Excludes $ i 3 million and $ i 26 million
of derivative assets at December 31, 2019 and 2018, respectively, which are not subject to master netting or similar arrangements. |
Gross Amounts Not Offset in the Consolidated Balance Sheet |
Gross Amounts Not Offset in the Consolidated Balance Sheet |
|||||||||||||||||||||||||||||||
Gross Liabilities Presented in the Consolidated Balance Sheet (1) |
Financial Instruments |
Cash Collateral Paid |
Net Amounts |
Gross Liabilities Presented in the Consolidated Balance Sheet (1) |
Financial Instruments |
Cash Collateral Paid |
Net Amounts |
|||||||||||||||||||||||||
(millions) |
||||||||||||||||||||||||||||||||
Commodity contracts: |
||||||||||||||||||||||||||||||||
Over-the-counter |
$ i 59 |
$ i 18 |
$— |
$ i 41 |
$ i 6 |
$ i 6 |
$— |
$— |
||||||||||||||||||||||||
Interest rate contracts: |
||||||||||||||||||||||||||||||||
Over-the-counter |
i 363 |
i — |
i — |
i 363 |
i 88 |
i — |
i — |
i 88 |
||||||||||||||||||||||||
Total derivatives, subject to a master netting or similar arrangement |
$ i 422 |
$ i 18 |
$— |
$ i 404 |
$ i 94 |
$ i 6 |
$— |
$ i 88 |
(1) |
Excludes $ i 44 million and $ i 9 million
of derivative liabilities at December 31, 2019 and 2018, respectively, which are not subject to master netting or similar arrangements. |
129 |
Current |
Noncurrent |
|||||||
Natural Gas (bcf): |
||||||||
Fixed price (1) |
i 41 |
i 9 |
||||||
Basis |
i 132 |
i 448 |
||||||
Electricity (MWh): |
||||||||
FTRs |
i 46,585,304 |
— |
||||||
Interest rate (2) |
$ |
i 900,000,000 |
$ |
i 950,000,000 |
(1) |
Includes options. |
(2) |
Maturity is determined based on final settlement period. |
AOCI After-Tax |
Amounts Expected to be Reclassified to Earnings During the Next 12 Months After-Tax |
Maximum Term |
||||||||||
(millions) |
||||||||||||
Interest rate |
$ |
( i 34 |
) |
$ |
( i 1 |
) |
i 384 months |
|||||
Total |
$ |
( i 34 |
) |
$ |
( i 1 |
) |
130 |
Fair Value – Derivatives under Hedge Accounting |
Fair Value – Derivatives not under Hedge Accounting |
Total Fair Value |
||||||||||
(millions) |
||||||||||||
ASSETS |
||||||||||||
Current Assets |
||||||||||||
Commodity |
$ — |
$ i 20 |
$ |
i 20 |
||||||||
Total current derivative assets (1) |
i — |
i 20 |
i 20 |
|||||||||
Noncurrent Assets |
||||||||||||
Commodity |
i — |
i 2 |
i 2 |
|||||||||
Interest rate |
i 2 |
i — |
i 2 |
|||||||||
Total noncurrent derivative assets (2) |
i 2 |
i 2 |
i 4 |
|||||||||
Total derivative assets |
$ i 2 |
$ i 22 |
$ |
i 24 |
||||||||
LIABILITIES |
||||||||||||
Current Liabilities |
||||||||||||
Commodity |
$ — |
$ i 58 |
$ |
i 58 |
||||||||
Interest rate |
i 185 |
i — |
i 185 |
|||||||||
Total current derivative liabilities |
i 185 |
i 58 |
i 243 |
|||||||||
Noncurrent Liabilities |
||||||||||||
Commodity |
i — |
i 45 |
i 45 |
|||||||||
Interest rate |
i 178 |
i — |
i 178 |
|||||||||
Total noncurrent derivatives liabilities (3) |
i 178 |
i 45 |
i 223 |
|||||||||
Total derivative liabilities |
$ i 363 |
$ i 103 |
$ |
i 466 |
||||||||
ASSETS |
||||||||||||
Current Assets |
||||||||||||
Commodity |
$ — |
$ i 60 |
$ | i 60 |
||||||||
Interest rate |
i 3 |
i — |
i 3 |
|||||||||
Total current derivative assets (1) |
i 3 |
i 60 |
i 63 |
|||||||||
Noncurrent Assets |
||||||||||||
Commodity |
i — |
i 30 |
i 30 |
|||||||||
Total noncurrent derivative assets (2) |
i — |
i 30 |
i 30 |
|||||||||
Total derivative assets |
$ i 3 |
$ i 90 |
$ | i 93 |
||||||||
LIABILITIES |
||||||||||||
Current Liabilities |
||||||||||||
Commodity |
$ — |
$ i 15 |
$ | i 15 |
||||||||
Interest rate |
i 10 |
i — |
i 10 |
|||||||||
Total current derivative liabilities |
i 10 |
i 15 |
i 25 |
|||||||||
Noncurrent Liabilities |
||||||||||||
Interest rate |
i 78 |
i — |
i 78 |
|||||||||
Total noncurrent derivative liabilities (3) |
i 78 |
i — |
i 78 |
|||||||||
Total derivative liabilities |
$ i 88 |
$ i 15 |
$ | i 103 |
(1) |
Current derivative assets are presented in other current assets in Virginia Power’s Consolidated Balance Sheets. |
(2) |
Noncurrent derivative assets are presented in other deferred charges and other assets in Virginia Power’s Consolidated Balance Sheets. |
(3) |
Noncurrent derivative liabilities are presented in other deferred credits and other liabilities in Virginia Power’s Consolidated Balance Sheets. |
Derivatives in cash flow hedging relationships |
Amount of Gain (Loss) Recognized in AOCI on Derivatives (Effective Portion) (1) |
Amount of Gain (Loss) Reclassified From AOCI to Income |
Increase (Decrease) in Derivatives Subject to Regulatory Treatment (2) |
|||||||||
(millions) |
||||||||||||
Year Ended December 31, 2019 |
||||||||||||
Derivative type and location of gains (losses): |
||||||||||||
Interest rate (3) |
$( i 30 |
) |
$( i 1 |
) |
$( i 259 |
) | ||||||
Total |
$( i 30 |
) |
$( i 1 |
) |
$( i 259 |
) | ||||||
Year Ended December 31, 2018 |
||||||||||||
Derivative type and location of gains (losses): |
||||||||||||
Interest rate (3) |
$ i 2 |
$( i 1 |
) | $ i 39 |
||||||||
Total |
$ i 2 |
$( i 1 |
) | $ i 39 |
||||||||
Year Ended December 31, 2017 |
||||||||||||
Derivative type and location of gains (losses): |
||||||||||||
Interest rate (3) |
$ ( i 8 |
) | $( i 1 |
) | $( i 58 |
) | ||||||
Total |
$ ( i 8 |
) | $( i 1 |
) | $( i 58 |
) |
(1) |
Amounts deferred into AOCI have no associated effect in Virginia Power’s Consolidated Statements of Income. |
(2) |
Represents net derivative activity deferred into and amortized out of regulatory assets/liabilities. Amounts deferred into regulatory assets/liabilities have no associated effect in Virginia Power’s Consolidated Statements of Income. |
(3) |
Amounts recorded in Virginia Power’s Consolidated Statements of Income are classified in interest and related charges. |
Derivatives not designated as hedging instruments |
Amount of Gain (Loss) Recognized in Income on Derivatives (1) |
|||||||||||
Year Ended December 31, |
2018 |
2017 |
||||||||||
(millions) |
||||||||||||
Derivative type and location of gains (losses): |
||||||||||||
Commodity (2) |
$ |
( i 45 |
) |
$ i 2 |
$( i 57) |
|||||||
Total |
$ |
( i 45 |
) |
$ i 2 |
$( i 57) |
(1) |
Includes derivative activity amortized out of regulatory assets/liabilities. Amounts deferred into regulatory assets/liabilities have no associated effect in Virginia Power’s Consolidated Statements of Income. |
(2) |
Amounts recorded in Virginia Power’s Consolidated Statements of Income are classified in electric fuel and other energy-related purchases. |
131 |
Gross Amounts Not Offset in the Consolidated Balance Sheet |
Gross Amounts Not Offset in the Consolidated Balance Sheet |
|||||||||||||||||||||||||||||||
Gross Assets Presented in the Consolidated Balance Sheet |
Financial Instruments |
Cash Collateral Received |
Net Amounts |
Gross Assets Presented in the Consolidated Balance Sheet |
Financial Instruments |
Cash Collateral Received |
Net Amounts |
|||||||||||||||||||||||||
(millions) |
||||||||||||||||||||||||||||||||
Commodity contracts: |
||||||||||||||||||||||||||||||||
Over-the-counter |
$ i — |
$ i — |
$ i — |
$ i — |
$ i 3 |
$ i — |
$ i — |
$ i 3 |
||||||||||||||||||||||||
Interest rate contracts: |
||||||||||||||||||||||||||||||||
Over-the-counter |
i — |
i — |
i — |
i — |
i 2 |
i — |
i — |
i 2 |
||||||||||||||||||||||||
Foreign currency contracts: |
||||||||||||||||||||||||||||||||
Over-the-counter |
i 8 |
i 8 |
i — |
i — |
i 26 |
i 2 |
i — |
i 24 |
||||||||||||||||||||||||
Total derivatives, subject to a master netting or similar arrangement |
$ i 8 |
$ i 8 |
$ i — |
$ i — |
$ i 31 |
$ i 2 |
$ i — |
$ i 29 |
Gross Amounts Not Offset in the Consolidated Balance Sheet |
Gross Amounts Not Offset in the Consolidated Balance Sheet |
|||||||||||||||||||||||||||||||
Gross Liabilities Presented in the Consolidated Balance Sheet |
Financial Instruments |
Cash Collateral Paid |
Net Amounts |
Gross Liabilities Presented in the Consolidated Balance Sheet |
Financial Instruments |
Cash Collateral Paid |
Net Amounts |
|||||||||||||||||||||||||
(millions) |
||||||||||||||||||||||||||||||||
Interest rate contracts: |
||||||||||||||||||||||||||||||||
Over-the-counter |
$ i 83 |
$ i 5 |
$ i — |
$ i 78 |
$ i 17 |
$ i — |
$ i — |
$ i 17 |
||||||||||||||||||||||||
Foreign currency contracts: |
||||||||||||||||||||||||||||||||
Over-the-counter |
i 3 |
i 3 |
i — |
i — |
i 2 |
i 2 |
i — |
i — |
||||||||||||||||||||||||
Total derivatives, subject to a master netting or similar arrangement |
$ i 86 |
$ i 8 |
$ i — |
$ i 78 |
$ i 19 |
$ i 2 |
$ i — |
$ i 17 |
132 |
Current |
Noncurrent |
|||||||
Interest rate (1) |
$ |
i 250,000,000 |
$ |
i 1,050,000,000 |
||||
Foreign currency (1) |
€ |
i — |
€ |
i 250,000,000 |
(1) |
Maturity is determined based on final settlement period. |
AOCI After-Tax |
Amounts Expected to be Reclassified to Earnings During the Next 12 Months After-Tax |
Maximum Term |
||||||||||
(millions) |
||||||||||||
Interest rate |
$( i 84 |
) |
$ i 15 |
i 300 months |
||||||||
Foreign currency |
i 3 |
( i 2 |
) |
i 78 months |
||||||||
Total |
$( i 81 |
) |
$ i 13 |
Fair Value – Derivatives under Hedge Accounting |
Fair Value – Derivatives not under Hedge Accounting |
Total Fair Value |
||||||||||
(millions) |
||||||||||||
ASSETS |
||||||||||||
Noncurrent Assets |
||||||||||||
Foreign currency |
$ i 8 |
$ — |
$ |
i 8 |
||||||||
Total noncurrent derivative assets (1) |
i 8 |
— |
i 8 |
|||||||||
Total derivative assets |
$ i 8 |
$ — |
$ |
i 8 |
||||||||
LIABILITIES |
||||||||||||
Current Liabilities |
||||||||||||
Interest rate |
$ i 30 |
$ — |
$ |
i 30 |
||||||||
Foreign currency |
i 3 |
— |
i 3 |
|||||||||
Total current derivative liabilities (2) |
i 33 |
— |
i 33 |
|||||||||
Noncurrent Liabilities |
||||||||||||
Interest rate |
i 53 |
— |
i 53 |
|||||||||
Total noncurrent derivative liabilities (3) |
i 53 |
— |
i 53 |
|||||||||
Total derivative liabilities |
$ i 86 |
$ — |
$ |
i 86 |
||||||||
ASSETS |
||||||||||||
Current Assets |
||||||||||||
Commodity |
$ i 3 |
$ — |
$ | i 3 |
||||||||
Interest rate |
i 2 |
— |
i 2 |
|||||||||
Total current derivative assets (4) |
i 5 |
— |
i 5 |
|||||||||
Noncurrent Assets |
||||||||||||
Foreign currency |
i 26 |
— |
i 26 |
|||||||||
Total noncurrent derivative assets (1) |
i 26 |
— |
i 26 |
|||||||||
Total derivative assets |
$ i 31 |
$ — |
$ | i 31 |
||||||||
LIABILITIES |
||||||||||||
Current Liabilities |
||||||||||||
Interest rate |
$ i 9 |
$ — |
$ | i 9 |
||||||||
Foreign currency |
i 2 |
— |
i 2 |
|||||||||
Total current derivative liabilities (2) |
i 11 |
— |
i 11 |
|||||||||
Noncurrent Liabilities |
||||||||||||
Interest rate |
i 8 |
— |
i 8 |
|||||||||
Total noncurrent derivative liabilities (3) |
i 8 |
— |
i 8 |
|||||||||
Total derivative liabilities |
$ i 19 |
$ — |
$ | i 19 |
(1) |
Noncurrent derivative assets are presented in other deferred charges and other assets in Dominion Energy Gas’ Consolidated Balance Sheets. |
(2) |
Current derivative liabilities are presented in other current liabilities in Dominion Energy Gas’ Consolidated Balance Sheets . |
(3) |
Noncurrent derivative liabilities are presented in other deferred credits and other liabilities in Dominion Energy Gas’ Consolidated Balance Sheets. |
(4) |
Current derivative assets include $ i 2 million in other current assets, with the remainder recorded in current assets of discontinued operations in Dominion Energy Gas’ Consolidated Balance Sheets. |
133 |
Derivatives in cash flow hedging relationships |
Amount of Gain (Loss) Recognized in AOCI on Derivatives (Effective Portion) (1) |
Amount of Gain (Loss) Reclassified From AOCI to Income |
||||||
(millions) |
||||||||
Year Ended December 31, 2019 |
||||||||
Derivative type and location of gains (losses): |
||||||||
Commodity: |
||||||||
Net income from discontinued operations |
$ i 4 |
|||||||
Total commodity |
$ i 1 |
$ i 4 |
||||||
Interest rate (2) |
( i 68 |
) |
( i 5 |
) | ||||
Foreign currency (3) |
( i 18 |
) |
( i 6 |
) | ||||
Total |
$ ( i 85 |
) |
$ ( i 7 |
) | ||||
Year Ended December 31, 2018 |
||||||||
Derivative type and location of gains (losses): |
||||||||
Commodity: |
||||||||
Net income from discontinued operations |
$ ( i 8 |
) | ||||||
Total commodity |
$ i 1 |
$ ( i 8 |
) | |||||
Interest rate (2) |
( i 16 |
) | ( i 5 |
) | ||||
Foreign currency (3) |
( i 6 |
) | ( i 13 |
) | ||||
Total |
$ ( i 21 |
) | $ ( i 26 |
) | ||||
Year Ended December 31, 2017 |
||||||||
Derivative type and location of gains (losses): |
||||||||
Commodity: |
||||||||
Net income from discontinued operations |
$ ( i 8 |
) | ||||||
Total commodity |
$ ( i 10 |
) | $ ( i 8 |
) | ||||
Interest rate (2) |
i 1 |
( i 6 |
) | |||||
Foreign currency (3) |
i 18 |
i 20 |
||||||
Total |
$ i 9 |
$ i 6 |
(1) |
Amounts deferred into AOCI have no associated effect in Dominion Energy Gas’ Consolidated Statements of Income. |
(2) |
Amounts recorded in Dominion Energy Gas’ Consolidated Statements of Income are classified in interest and related charges. |
(3) |
Amounts recorded in Dominion Energy Gas’ Consolidated Statements of Income are classified in other income. |
Derivatives not designated as hedging instruments |
Amount of Gain (Loss) Recognized in Income on Derivatives |
|||||||||||
Year Ended December 31, |
2018 |
2017 |
||||||||||
(millions) |
||||||||||||
Derivative type and location of gains (losses): |
||||||||||||
Commodity |
||||||||||||
Operating revenue |
$— |
$( i 11 |
) | $— |
||||||||
Total |
$— |
$( i 11 |
) | $— |
2019 |
2018 |
2017 |
||||||||||
(millions, except EPS) |
||||||||||||
Net income attributable to Dominion Energy |
$ |
i 1,358 |
$ | i 2,447 |
$ | i 2,999 |
||||||
Preferred stock dividends (see Note 19) |
( i 17 |
) |
— |
— |
||||||||
Net income attributable to Dominion Energy – Basic |
i 1,341 |
i 2,447 |
i 2,999 |
|||||||||
Dilutive effect of Series A Preferred Stock |
( i 28 |
) |
— |
— |
||||||||
Net income attributable to Dominion Energy – Diluted |
i 1,313 |
i 2,447 |
i 2,999 |
|||||||||
Average shares of common stock outstanding – Basic |
i 808.8 |
i 654.2 |
i 636.0 |
|||||||||
Net effect of dilutive securities (1) |
i 0.1 |
i 0.7 |
— |
|||||||||
Average shares of common stock outstanding – Diluted |
i 808.9 |
i 654.9 |
i 636.0 |
|||||||||
Earnings Per Common Share – Basic |
$ |
i 1.66 |
$ | i 3.74 |
$ | i 4.72 |
||||||
Earnings Per Common Share – Diluted |
$ |
i 1.62 |
$ | i 3.74 |
$ | i 4.72 |
(1) |
Dilutive securities for 2018 consist primarily of forward sale agreements, effective April 2018 to December 2018. See Notes 17 and 19 for more information. |
134 |
Amortized Cost |
Total Unrealized Gains |
Total Unrealized Losses |
Fair Value |
|||||||||||||
(millions) |
||||||||||||||||
Equity securities: (1) |
||||||||||||||||
U.S. |
$ |
i 1,807 |
$ |
i 2,451 |
$ |
( i 20 |
) |
$ |
i 4,238 |
|||||||
Fixed income securities: (2) |
||||||||||||||||
Corporate debt instruments |
i 434 |
i 29 |
— |
i 463 |
||||||||||||
Government securities |
i 1,108 |
i 39 |
( i 2 |
) |
i 1,145 |
|||||||||||
Common/collective trust funds |
i 115 |
i 4 |
— |
i 119 |
||||||||||||
Insurance contracts |
i 214 |
— |
— |
i 214 |
||||||||||||
Cash equivalents and other (3) |
i 13 |
— |
— |
i 13 |
||||||||||||
Total |
$ |
i 3,691 |
$ |
i 2,523 |
$ |
( i 22 |
) (4) |
$ |
i 6,192 |
|||||||
Equity securities: (1) |
||||||||||||||||
U.S. |
$ i 1,741 |
$ i 1,640 |
$( i 51) |
$ i 3,330 |
||||||||||||
Fixed income securities: (2) |
||||||||||||||||
Corporate debt instruments |
i 435 |
i 5 |
( i 9) |
i 431 |
||||||||||||
Government securities |
i 1,092 |
i 17 |
( i 12) |
i 1,097 |
||||||||||||
Common/collective trust funds |
i 76 |
i — |
— |
i 76 |
||||||||||||
Cash equivalents and other |
i 4 |
— |
— |
i 4 |
||||||||||||
Total |
$ i 3,348 |
$ i 1,662 |
$( i 72) (4) |
$ i 4,938 |
(1) |
Unrealized gains and losses on equity securities are included in other income and the nuclear decommissioning trust regulatory liability as discussed in Note 2. |
(2) |
Unrealized gains and losses on fixed income securities are included in AOCI and the nuclear decommissioning trust regulatory liability as discussed in Note 2. |
(3) |
Includes pending purchases of securities of $ i 1 million at December 31, 2019. |
(4) |
The fair value of securities in an unrealized loss position was $ i 298 million and $ i 833
million at December 31, 2019 and 2018, respectively. |
Year Ended December 31, |
2018 |
|||||||
(millions) |
||||||||
Net gains (losses) recognized during the period |
$ |
i 919 |
$ | ( i 245 |
) | |||
Less: Net gains recognized during the period on securities sold during the period |
( i 80 |
) |
( i 58 |
) | ||||
Unrealized gains (losses) recognized during the period on securities still held at December 31, 2019 and 2018 (1) |
$ |
i 839 |
$ | ( i 303 |
) |
(1) |
Included in other income and the nuclear decommissioning trust regulatory liability as discussed in Note 2. |
Amount |
||||
(millions) |
||||
Due in one year or less |
$ |
i 198 |
||
Due after one year through five years |
i 412 |
|||
Due after five years through ten years |
i 390 |
|||
Due after ten years |
i 727 |
|||
Total |
$ |
i 1,727 |
135 |
Year Ended December 31, |
2018 |
2017 |
||||||||||
(millions) |
||||||||||||
Proceeds from sales |
$ |
i 1,712 |
$ | i 1,804 |
$ | i 1,831 |
||||||
Realized gains (1) |
i 195 |
i 140 |
i 166 |
|||||||||
Realized losses (1) |
i 96 |
i 91 |
i 71 |
(1) |
Includes realized gains and losses recorded to the nuclear decommissioning trust regulatory liability as discussed in Note 2. |
Year Ended December 31, |
2018 |
2017 |
||||||||||
(millions) |
||||||||||||
Total other-than-temporary impairment losses (1) |
$ |
i 3 |
$ | i 30 |
$ | i 44 |
||||||
Losses recorded to the nuclear decommissioning trust regulatory liability |
i — |
i — |
( i 16 |
) | ||||||||
Losses recognized in other comprehensive income (before taxes) |
( i 3 |
) |
( i 30 |
) | ( i 5 |
) | ||||||
Net impairment losses recognized in earnings |
$ |
i — |
$ | i — |
$ | i 23 |
(1) |
Amounts include other-than-temporary impairment losses for fixed income securities of $ i 5 million at December 31, 2017. |
Amortized Cost |
Total Unrealized Gains |
Total Unrealized Losses |
Fair Value |
|||||||||||||
(millions) |
||||||||||||||||
Equity securities: (1) |
||||||||||||||||
U.S. |
$ i 894 |
$ i 1,144 |
$( i 11) |
$ i 2,027 |
||||||||||||
Fixed income securities: (2) |
||||||||||||||||
Corporate debt instruments |
i 241 |
i 15 |
— |
i 256 |
||||||||||||
Government securities |
i 534 |
i 14 |
( i 2) |
i 546 |
||||||||||||
Common/collective trust funds |
i 51 |
— |
— |
i 51 |
||||||||||||
Cash equivalents and other |
i 1 |
— |
— |
i 1 |
||||||||||||
Total |
$ i 1,721 |
$ i 1,173 |
$( i 13) (4) |
$ i 2,881 |
||||||||||||
Equity securities: (1) |
||||||||||||||||
U.S. |
$ i 858 |
$ i 751 |
$( i 24) |
$ i 1,585 |
||||||||||||
Fixed income securities: (2) |
||||||||||||||||
Corporate debt instruments |
i 224 |
i 2 |
( i 5) |
i 221 |
||||||||||||
Government securities |
i 504 |
i 7 |
( i 5) |
i 506 |
||||||||||||
Common/collective trust funds |
i 51 |
— |
— |
i 51 |
||||||||||||
Cash equivalents and other (3) |
i 6 |
— |
— |
i 6 |
||||||||||||
Total |
$ i 1,643 |
$ i 760 |
$( i 34) (4) |
$ i 2,369 |
(1) |
Unrealized gains and losses on equity securities, are included in other income and the nuclear decommissioning trust regulatory liability as discussed in Note 2. |
(2) |
Unrealized gains and losses on fixed income securities are included in AOCI and the nuclear decommissioning trust regulatory liability as discussed in Note 2. |
(3) |
Includes pending sales of securities of $ i 6 million at December 31, 2018. |
(4) |
The fair value of securities in an unrealized loss position was $ i 185 million and $ i 404
million at December 31, 2019 and 2018, respectively. |
Year Ended December 31, |
2018 |
|||||||
(millions) |
||||||||
Net gains (losses) recognized during the period |
$ |
i 423 |
$ | ( i 105 |
) | |||
Less: Net gains recognized during the period on securities sold during the period |
( i 20 |
) |
( i 32 |
) | ||||
Unrealized gains (losses) recognized during the period on securities still held at December 31, 2019 and 2018 (1) |
$ |
i 403 |
$ | ( i 137 |
) |
(1) |
Included in other income and the nuclear decommissioning trust regulatory liability as discussed in Note 2. |
Amount |
||||
(millions) |
||||
Due in one year or less |
$ i 91 |
|||
Due after one year through five years |
i 175 |
|||
Due after five years through ten years |
i 206 |
|||
Due after ten years |
i 381 |
|||
Total |
$ i 853 |
Year Ended December 31, |
2018 |
2017 |
||||||||||
(millions) |
||||||||||||
Proceeds from sales |
$ |
i 858 |
$ | i 887 |
$ | i 849 |
||||||
Realized gains (1) |
i 58 |
i 60 |
i 75 |
|||||||||
Realized losses (1) |
i 22 |
i 27 |
i 30 |
(1) |
Includes realized gains and losses recorded to the nuclear decommissioning trust regulatory liability as discussed in Note 2. |
136 |
Year Ended December 31, |
2018 |
2017 |
||||||||||
(millions) |
||||||||||||
Total other-than-temporary impairment losses (1) |
$ |
i 2 |
$ | i 15 |
$ | i 20 |
||||||
Losses recorded to the nuclear decommissioning trust regulatory liability |
i — |
i — |
( i 16 |
) | ||||||||
Losses recognized in other comprehensive income (before taxes) |
( i 2 |
) |
( i 15 |
) | ( i 2 |
) | ||||||
Net impairment losses recognized in earnings |
$ |
i — |
$ | i — |
$ | i 2 |
(1) |
Amounts include other-than-temporary impairment losses for fixed income securities of $ i 2 million at December 31, 2017. |
Company |
Ownership% |
Investment Balance |
Description |
|||||||||||||
As of December 31, |
2018 |
|||||||||||||||
(millions) |
||||||||||||||||
Atlantic Coast Pipeline |
i 48 |
% | $ |
i 1,123 |
$ | i 820 |
i Gas transmission system |
|||||||||
Iroquois |
i 50 |
% | i 276 |
i 302 |
i Gas transmission system |
|||||||||||
Fowler Ridge |
i 50 |
% | i 74 |
i 82 |
i Wind-powered merchant generation facility |
|||||||||||
Wrangler |
i 20 |
% | i 77 |
i — |
i Nonregulated retail energy marketing |
|||||||||||
Other (1)(2) |
various |
i 96 |
i 74 |
|||||||||||||
Total |
$ |
i 1,646 |
$ | i 1,278 |
(1) |
Liability of less than $ i 1 million associated with NedPower recorded to other deferred credits and other liabilities, on the Consolidated Balance Sheets as of December 31, 2018. See additional discussion of NedPower below. |
(2) |
Dominion Energy has an $ 80 million unfunded commitment to be made to Align RNG by the end of 2022 . |
137 |
138 |
Company |
Ownership% |
Investment Balance |
Description |
|||||||||||||
As of December 31, |
2018 |
|||||||||||||||
(millions) |
||||||||||||||||
Iroquois |
i 50 |
% | $ i 276 |
$ i 302 |
i Gas transmission system |
|||||||||||
White River Hub |
i 50 |
% | i 36 |
i 37 |
i Gas transmission system |
|||||||||||
Total |
$ i 312 |
$ i 339 |
(millions) |
||||||||
Current assets |
$ i 79 |
$ | i 112 |
|||||
Noncurrent assets |
i 586 |
i 588 |
||||||
Current liabilities |
i 37 |
i 165 |
||||||
Noncurrent liabilities |
i 334 |
i 193 |
Year Ended |
Year Ended |
Year Ended |
||||||||||
(millions) |
||||||||||||
Revenues |
$ i 180 |
$ i 194 |
$ i 194 |
|||||||||
Operating income |
i 93 |
i 108 |
i 110 |
|||||||||
Net income |
i 82 |
i 94 |
i 93 |
(millions) |
||||||||
Current assets |
$ 3 |
$ 3 |
||||||
Noncurrent assets |
i 39 |
i 41 |
||||||
Current liabilities |
i 2 |
i 2 |
Year Ended |
Year Ended |
Year Ended |
||||||||||
(millions) |
||||||||||||
Revenues |
$ i 10 |
$ i 12 |
$ i 10 |
|||||||||
Operating income |
i 6 |
i 8 |
i 7 |
|||||||||
Net income |
i 6 |
i 8 |
i 7 |
139 |
At December 31, |
2018 |
|||||||
(millions) |
||||||||
Dominion Energy |
||||||||
Utility: |
||||||||
Generation |
$ |
i 25,317 |
$ | i 18,896 |
||||
Transmission |
i 20,486 |
i 16,666 |
||||||
Distribution |
i 25,748 |
i 18,535 |
||||||
Storage |
i 3,227 |
i 2,906 |
||||||
Nuclear fuel |
i 2,296 |
i 1,626 |
||||||
Oil and gas |
i 1,792 |
i 1,763 |
||||||
General and other |
i 2,413 |
i 1,783 |
||||||
Plant under construction |
i 2,956 |
i 2,348 |
||||||
Total utility |
i 84,235 |
i 64,523 |
||||||
Non-jurisdictional—including plant under construction |
i 854 |
i 407 |
||||||
Nonutility: |
||||||||
Merchant generation-nuclear |
i 1,652 |
i 1,550 |
||||||
Merchant generation-other |
i 3,985 |
i 3,802 |
||||||
Nuclear fuel |
i 930 |
i 1,025 |
||||||
Gas gathering and processing |
i 190 |
i 185 |
||||||
LNG facility |
i 4,425 |
i 3,977 |
||||||
Other—including plant under construction |
i 1,195 |
i 1,109 |
||||||
Total nonutility |
i 12,377 |
i 11,648 |
||||||
Total property, plant and equipment |
$ |
i 97,466 |
$ | i 76,578 |
||||
Virginia Power |
||||||||
Utility: |
||||||||
Generation |
$ |
i 19,552 |
$ | i 18,896 |
||||
Transmission |
i 10,229 |
i 9,391 |
||||||
Distribution |
i 12,095 |
i 11,771 |
||||||
Nuclear fuel |
i 1,688 |
i 1,626 |
||||||
General and other |
i 825 |
i 820 |
||||||
Plant under construction |
i 1,784 |
i 1,602 |
||||||
Total utility |
i 46,173 |
i 44,106 |
||||||
Non-jurisdictional—including plant under construction |
i 854 |
i 407 |
||||||
Other |
i 11 |
i 11 |
||||||
Total property, plant and equipment |
$ |
i 47,038 |
$ | i 44,524 |
||||
Dominion Energy Gas |
||||||||
Utility: |
||||||||
Transmission |
$ |
i 7,014 |
$ | i 6,790 |
||||
Storage |
i 2,799 |
i 2,615 |
||||||
General and other |
i 219 |
i 210 |
||||||
Plant under construction |
i 574 |
i 732 |
||||||
Total utility |
i 10,606 |
i 10,347 |
||||||
Nonutility: |
||||||||
LNG facility |
i 4,425 |
i 3,977 |
||||||
Other—including plant under construction |
i 135 |
i 376 |
||||||
Total nonutility |
i 4,560 |
i 4,353 |
||||||
Total property, plant and equipment |
$ |
i 15,166 |
$ | i 14,700 |
Bath County Pumped Storage Station (1) |
North Anna Units 1 and 2 (1) |
Clover Power Station (1) |
Millstone Unit 3 (2) |
Summer Unit 1 (2) |
||||||||||||||||
(millions, except percentages) |
||||||||||||||||||||
Ownership interest |
i 60 |
% |
i 88.4 |
% |
i 50 |
% |
i 93.5 |
% |
i 66.7 |
% | ||||||||||
Plant in service |
i 1,058 |
i 2,564 |
i 610 |
i 1,267 |
i 1,394 |
|||||||||||||||
Accumulated depreciation |
( i 661 |
) |
( i 1,321 |
) |
( i 247 |
) |
( i 449 |
) |
( i 659 |
) | ||||||||||
Nuclear fuel |
— |
i 793 |
— |
i 483 |
i 608 |
|||||||||||||||
Accumulated amortization of nuclear fuel |
— |
( i 634 |
) |
— |
( i 390 |
) |
( i 389 |
) | ||||||||||||
Plant under construction |
i 7 |
i 143 |
i 5 |
i 87 |
i 77 |
(1) |
Units jointly owned by Virginia Power. |
(2) |
Unit jointly owned by Dominion Energy. |
140 |
Date Agreement Entered |
Date Agreement Closed |
Project Location |
Project Name |
Project Cost (millions) (1) |
Date of Commercial Operations |
MW Capacity |
||||||||||||||||||
i September 2017 |
i October 2018 |
North Carolina |
Pecan |
$ i 140 |
i December 2018 |
i 75 |
||||||||||||||||||
i September 2017 |
i June 2019 |
North Carolina |
Gutenberg |
i 142 |
i September 2019 |
i 80 |
||||||||||||||||||
i June 2018 |
i February 2019 |
Virginia |
Gloucester |
i 37 |
i April 2019 |
i 20 |
||||||||||||||||||
i August 2018 |
i May 2019 |
Virginia |
Grasshopper |
i 130 |
i Expected 2020 |
i 80 |
||||||||||||||||||
i August 2018 |
i May 2019 |
North Carolina |
Chestnut |
i 130 |
i Expected 2020 |
i 75 |
||||||||||||||||||
i June 2019 |
i June 2019 |
Virginia |
Ft. Powhatan |
i 270 |
i Expected 2021 |
i 150 |
||||||||||||||||||
i June 2019 |
i August 2019 |
Virginia |
Belcher |
i 160 |
i Expected 2020 |
i 88 |
||||||||||||||||||
i August 2019 |
i November 2019 |
Virginia |
Bedford |
i 110 |
i Expected 2021 |
i 70 |
||||||||||||||||||
i October 2019 |
i October 2019 |
Virginia |
Maplewood |
i 190 |
i Expected 2022 |
i 120 |
||||||||||||||||||
i December 2019 |
i January 2020 |
Virginia |
Rochambeau |
i 35 |
i Expected 2021 |
i 20 |
(1) |
Includes acquisition costs. |
Date Agreement Entered |
Date Agreement Closed |
Project Location |
Project Name |
Project Cost (millions) (1) |
Date of Commercial Operations |
MW Capacity |
||||||||||||||||||
i August 2019 |
i August 2019 |
Virginia |
Greensville |
$ i 130 |
i Expected 2020 |
i 80 |
||||||||||||||||||
i August 2019 |
i August 2019 |
Virginia |
Myrtle |
i 35 |
i Expected 2020 |
i 15 |
||||||||||||||||||
i September 2019 |
i September 2019 |
South Carolina |
Seabrook |
i 103 |
i December 2019 |
i 72 |
||||||||||||||||||
i November 2019 |
i November 2019 |
North Carolina |
Wilkinson |
i 153 |
i December 2019 |
i 74 |
(1) |
Includes acquisition costs. |
141 |
Dominion Energy Virginia |
Gas Transmission & Storage |
Gas Distribution |
Dominion Energy South Carolina |
Contracted Generation |
Corporate and Other |
Total |
||||||||||||||||||||||
(millions) |
||||||||||||||||||||||||||||
Dominion Energy |
||||||||||||||||||||||||||||
Balance at December 31, 2017 (1) |
$ | i 2,106 |
$ | i 1,561 |
$ | i 2,496 |
$ | — |
$ | i 242 |
$— |
$ | i 6,405 |
|||||||||||||||
Purchase Accounting Adjustment |
— |
i 4 |
i 1 |
— |
— |
— |
i 5 |
|||||||||||||||||||||
Balance at December 31, 2018 (1) |
$ | i 2,106 |
$ | i 1,565 |
$ | i 2,497 |
$ | — |
$ | i 242 |
$— |
$ | i 6,410 |
|||||||||||||||
SCANA Combination (2) |
— |
i 73 |
i 1,015 |
i 1,521 |
— |
— |
i 2,609 |
|||||||||||||||||||||
Contribution of SEMI to Wrangler (3) |
— |
( i 73 |
) |
— |
— |
— |
— |
( i 73 |
) | |||||||||||||||||||
Balance at December 31, 2019 (1) |
$ |
i 2,106 |
$ |
i 1,565 |
$ |
i 3,512 |
$ |
i 1,521 |
$ |
i 242 |
$— |
$ |
i 8,946 |
|||||||||||||||
Dominion Energy Gas |
||||||||||||||||||||||||||||
Balance at December 31, 2017 (1) |
$ | — |
$ | i 1,466 |
$ | — |
$ | — |
$ | — |
$— |
$ | i 1,466 |
|||||||||||||||
Purchase Accounting Adjustment |
— |
i 5 |
— |
— |
— |
— |
i 5 |
|||||||||||||||||||||
Balance at December 31, 2018 (1) |
$ | — |
$ | i 1,471 |
$ | — |
$ | — |
$ | — |
$— |
$ | i 1,471 |
|||||||||||||||
No events affecting goodwill |
i — |
i — |
i — |
i — |
i — |
i — |
i — |
|||||||||||||||||||||
Balance at December 31, 2019 (1) |
$ |
— |
$ |
i 1,471 |
$ |
— |
$ |
— |
$ |
— |
$— |
$ |
i 1,471 |
(1) |
Goodwill amounts do not contain any accumulated impairment losses. |
(2) |
See Note 3 for discussion of Dominion Energy’s acquisitions. |
(3) |
See Note 9 for additional information. |
142 |
2019 |
2018 |
|||||||||||||||
At December 31, |
Gross Carrying Amount |
Accumulated Amortization |
Gross Carrying Amount |
Accumulated Amortization |
||||||||||||
(millions) |
||||||||||||||||
Dominion Energy |
||||||||||||||||
Software, licenses and other |
$ |
i 1,340 |
$ i 549 |
$ | i 1,033 |
$ i 363 |
||||||||||
Virginia Power |
||||||||||||||||
Software, licenses and other |
$ |
i 406 |
$ i 135 |
$ | i 384 |
$ i 134 |
||||||||||
Dominion Energy Gas |
||||||||||||||||
Software, licenses and other |
$ |
i 178 |
$ i 72 |
$ | i 179 |
$ i 64 |
2020 |
2021 |
2022 |
2023 |
2024 |
||||||||||||||||
(millions) |
||||||||||||||||||||
Dominion Energy |
$ |
i 88 |
$ |
i 78 |
$ |
i 70 |
$ |
i 56 |
$ |
i 49 |
||||||||||
Virginia Power |
$ |
i 25 |
$ |
i 19 |
$ |
i 15 |
$ |
i 8 |
$ |
i 6 |
||||||||||
Dominion Energy Gas |
$ |
i 9 |
$ |
i 8 |
$ |
i 8 |
$ |
i 5 |
$ |
i 4 |
At December 31, |
2018 |
|||||||
(millions) |
||||||||
Dominion Energy |
||||||||
Regulatory assets: |
||||||||
Deferred cost of fuel used in electric generation (1) |
$ |
i 48 |
$ | i 174 |
||||
Deferred project costs and DSM programs for gas utilities (2) |
i 21 |
i 17 |
||||||
Unrecovered gas costs (3) |
i 102 |
i 14 |
||||||
Deferred rate adjustment clause costs for Virginia electric utility (4)(5) |
i 109 |
i 78 |
||||||
Deferred nuclear refueling outage costs (6) |
i 68 |
i 69 |
||||||
NND Project costs (7) |
i 138 |
— |
||||||
PJM transmission rates (8) |
i 121 |
i 45 |
||||||
Other |
i 272 |
i 99 |
||||||
Regulatory assets-current |
i 879 |
i 496 |
||||||
Deferred cost of fuel used in electric generation (1) |
— |
i 83 |
||||||
P ension and other postretirement benefit costs(9) |
i 1,431 |
i 1,497 |
||||||
Deferred rate adjustment clause costs for Virginia electric utility (4)(5)(10) |
i 235 |
i 230 |
||||||
PJM transmission rates (8) |
i 85 |
i 192 |
||||||
Deferred project costs for gas utilities (2) |
i 521 |
i 335 |
||||||
Interest rate hedges (11) |
i 741 |
i 184 |
||||||
AROs and related funding (12) |
i 311 |
— |
||||||
Cost of reacquired debt (13)(14) |
i 262 |
i 3 |
||||||
NND Project costs (7) |
i 2,503 |
— |
||||||
Ash pond and landfill closure costs (15) |
i 1,016 |
i 27 |
||||||
Other |
i 582 |
i 125 |
||||||
Regulatory assets-noncurrent |
i 7,687 |
i 2,676 |
||||||
Total regulatory assets |
$ |
i 8,566 |
$ | i 3,172 |
||||
Regulatory liabilities: |
||||||||
Provision for future cost of removal and AROs (16) |
$ |
i 142 |
$ | i 117 |
||||
Reserve for refunds and rate credits to electric utility customers (17) |
i 143 |
i 71 |
||||||
Cost-of-service impact of 2017 Tax Reform Act(18) |
i 4 |
i 104 |
||||||
Income taxes refundable through future rates (19) |
i 77 |
i — |
||||||
Monetization of guarantee settlement (20) |
i 67 |
i — |
||||||
Other |
i 64 |
i 64 |
||||||
Regulatory liabilities-current |
i 497 |
i 356 |
||||||
Income taxes refundable through future rates (19) |
i 5,088 |
i 4,071 |
||||||
Provision for future cost of removal and AROs (16) |
i 2,302 |
i 1,409 |
||||||
Nuclear decommissioning trust (21) |
i 1,471 |
i 1,070 |
||||||
Monetization of guarantee settlement (20) |
i 970 |
i — |
||||||
Reserve for refunds and rate credits to electric utility customers (17) |
i 656 |
— |
||||||
Overrecovered other postretirement benefit costs (22) |
i 189 |
i 120 |
||||||
Other |
i 325 |
i 170 |
||||||
Regulatory liabilities-noncurrent |
i 11,001 |
i 6,840 |
||||||
Total regulatory liabilities |
$ |
i 11,498 |
$ | i 7,196 |
(1) |
Reflects deferred fuel expenses for the Virginia, North Carolina and South Carolina jurisdictions of Dominion Energy’s electric generation operations. |
(2) |
Primarily reflects amounts expected to be collected from or owed to gas customers in Dominion Energy’s service territories associated with current and prospective rider projects, including CEP, PIR and pipeline integrity management. See Note 13 for more information. |
(3) |
Reflects unrecovered or overrecovered gas costs at regulated gas operations, which are recovered or refunded through filings with the applicable regulatory authority. |
143 |
(4) |
Reflects deferrals under Virginia Power’s electric transmission FERC formula rate and the deferral of costs associated with certain current and prospective rider projects, net of income taxes refundable from the 2017 Tax Reform Act for Virginia Power. See Note 13 for more information. |
(5) |
As a result of actions from the Virginia Commission in the first quarter of 2019 regarding the ratemaking treatment of excess deferred taxes from the adoption of the 2017 Tax Reform Act for all existing rate adjustment clauses, Virginia Power recorded a $ i 29 million ($ i 22 million
after-tax) charge in operating revenue in the Consolidated Statements of Income for amounts which are probable of being returned to customers. |
(6) |
Legislation enacted in Virginia in April 2014 requires Virginia Power to defer operation and maintenance costs incurred in connection with the refueling of any nuclear-powered generating plant. These deferred costs will be amortized over the refueling cycle, not to exceed i 18 months. |
(7) |
Reflects expenditures by DESC associated with the NND Project, which pursuant to the SCANA Merger Approval Order, will be recovered from DESC electric service customers over a i 20-year period ending in 2039. See Note 3 for more information. |
(8) |
Reflects amounts to be recovered through retail rates in Virginia for payments Virginia Power will make to PJM over a ten-year period ending 2028 under the terms of a FERC settlement agreement in May 2018 resolving a PJM cost allocation matter. |
(9) |
Represents unrecognized pension and other postretirement employee benefit costs expected to be recovered or refunded through future rates generally over the expected remaining service period of plan participants by certain of Dominion Energy’s rate-regulated subsidiaries. |
(10) |
During 2019, Virginia Power recorded a charge of $ i 17 million ($ i 13 million
after-tax) in impairment of assets and other charges (reflected in the Corporate and Other segment) to write-off the balance of a regulatory asset for which it is no longer seeking recovery. |
(11) |
Reflects interest rate hedges recoverable from or refundable to customers. Certain of these instruments are settled and any related payments are being amortized into interest expense over the life of the related debt, which has a weighted-average useful life of approximately i 27 years as of December 31, 2019. |
(12) |
Represents deferred depreciation and accretion expense related to legal obligations associated with the future retirement of generation, transmission and distribution properties. The AROs primarily relate to DESC’s electric generating facilities, including Summer, and are expected to be recovered over the related property lives and periods of decommissioning which may range up to approximately i 105 |
(13) |
Costs of the reacquisition of debt are deferred and amortized as interest expense over the would-be remaining life of the reacquired debt. The reacquired debt costs had a weighted-average life of approximately i 26 years as of December 31, 2019. |
(14) |
During 2019, DESC purchased certain of its first mortgage bonds as discussed in Note 18. As a result of these transactions, DESC incurred net costs, including write-offs of unamortized discount, premium and debt issuance costs, of $ i 270 million. |
(15) |
Primarily reflects legislation enacted in Virginia in March 2019 which requires any CCR unit located at certain Virginia Power stations to be closed by removing the CCRs to an approved landfill or through recycling for beneficial reuse. Subject to approval by the Virginia Commission, amounts are expected to be collected over a period between i 15 and i 18
years commencing no earlier than i 2021. Virginia Power is entitled to collect carrying costs once expenditures have been made. See Note 23 for additional information. |
(16) |
Rates charged to customers by Dominion Energy’s regulated businesses include a provision for the cost of future activities to remove assets that are expected to be incurred at the time of retirement. |
(17) |
Reflects amounts previously collected from retail electric customers of DESC for the NND Project to be credited over an estimated 11-year period in connection with the SCANA Merger Approval Order and Virginia legislation enacted in March 2018 that required one-time rate credits of certain amounts to utility customers in Virginia. See Notes 3 and 13 for additional information. |
(18) |
Balance refundable to customers related to the decrease in revenue requirements for recovery of income taxes at the Companies’ regulated electric generation and electric and natural gas distribution operations. See Notes 3 and 13 for additional information. |
(19) |
Amounts recorded to pass the effect of reduced income taxes from the 2017 Tax Reform Act to customers in future periods, which will reverse at the weighted average tax rate that was used to build the reserves over the remaining book life of the property, net of amounts to be recovered through future rates to pay income taxes that become payable when rate revenue is provided to recover AFUDC equity. |
(20) |
Reflects amounts to be refunded to DESC electric service customers over a 20-year period ending in 2039 associated with the monetization of a bankruptcy settlement agreement. See Note 3 for additional information. |
(21) |
Primarily reflects a regulatory liability representing amounts collected from Virginia jurisdictional customers and placed in external trusts (including income, losses and changes in fair value thereon, as applicable) for the future decommissioning of Dominion Energy’s utility nuclear generation stations, in excess of the related AROs. |
(22) |
Reflects a regulatory liability for the collection of postretirement benefit costs allowed in rates in excess of expense incurred. |
At December 31, |
2018 |
|||||||
(millions) |
||||||||
Virginia Power |
||||||||
Regulatory assets: |
||||||||
Deferred cost of fuel used in electric generation (1) |
$ |
i 48 |
$ | i 174 |
||||
Deferred rate adjustment clause costs (2)(3) |
i 109 |
i 78 |
||||||
Deferred nuclear refueling outage costs (4) |
i 68 |
i 69 |
||||||
PJM transmission rates (5) |
i 121 |
i 45 |
||||||
Other |
i 87 |
i 58 |
||||||
Regulatory assets-current |
i 433 |
i 424 |
||||||
Deferred rate adjustment clause costs (2)(3)(6) |
i 235 |
i 230 |
||||||
PJM transmission rates (5) |
i 85 |
i 192 |
||||||
Interest rate hedges (7) |
i 404 |
i 151 |
||||||
Deferred cost of fuel used in electric generation (1) |
— |
i 83 |
||||||
Ash pond and landfill closure costs (8) |
i 1,016 |
i 27 |
||||||
Other |
i 123 |
i 54 |
||||||
Regulatory assets-noncurrent |
i 1,863 |
i 737 |
||||||
Total regulatory assets |
$ |
i 2,296 |
$ | i 1,161 |
||||
Regulatory liabilities: |
||||||||
Provision for future cost of removal (9) |
$ |
i 103 |
$ | i 92 |
||||
Cost-of-service impact of 2017 Tax Reform Act(10) |
— |
i 95 |
||||||
Reserve for rate credits to electric utility customers (11`) |
— |
i 71 |
||||||
Income taxes refundable through future rates (12) |
i 54 |
i — |
||||||
Other |
i 10 |
i 41 |
||||||
Regulatory liabilities-current |
i 167 |
i 299 |
||||||
Income taxes refundable through future rates (12) |
i 2,438 |
i 2,579 |
||||||
Nuclear decommissioning trust (13) |
i 1,471 |
i 1,070 |
||||||
Provision for future cost of removal (9) |
i 1,054 |
i 940 |
||||||
Other |
i 111 |
i 58 |
||||||
Regulatory liabilities-noncurrent |
i 5,074 |
i 4,647 |
||||||
Total regulatory liabilities |
$ |
i 5,241 |
$ | i 4,946 |
(1) |
Reflects deferred fuel expenses for the Virginia and North Carolina jurisdictions of Virginia Power’s generation operations. |
(2) |
Reflects deferrals under Virginia Power’s electric transmission FERC formula rate and the deferral of costs associated with certain current and prospective rider projects, net of income taxes refundable from the 2017 Tax Reform Act for Virginia Power. See Note 13 for more information. |
(3) |
As a result of actions from the Virginia Commission in the first quarter of 2019 regarding the ratemaking treatment of excess deferred taxes from the adoption of the 2017 Tax Reform Act for all existing rate adjustment clauses, Virginia Power recorded a $ i 29 million ($ i 22 million
after-tax) charge in operating revenue in the Consolidated Statements of Income for amounts which are probable of being returned to customers. |
(4) |
Legislation enacted in Virginia in April 2014 requires Virginia Power to defer operation and maintenance costs incurred in connection with the refueling of any nuclear-powered generating plant. These deferred costs will be amortized over the refueling cycle, not to exceed i 18 months. |
(5) |
Reflects amounts to be recovered through retail rates in Virginia for payments Virginia Power will make to PJM over a ten-year period ending 2028 under the terms of a FERC settlement agreement in May 2018 resolving a PJM cost allocation matter. |
144 |
(6) |
During 2019, Virginia Power recorded a charge of $ i 17 million ($ i 13 million
after-tax) in impairment of assets and other charges (reflected in the Corporate and Other segment) to write-off the balance of a regulatory asset for which it is no longer seeking recovery. |
(7) |
Reflects interest rate hedges recoverable from or refundable to customers. Certain of these instruments are settled and any related payments are being amortized into interest expense over the life of the related debt, which has a weighted-average useful life of approximately i 24 years as of December 31, 2019. |
(8) |
Primarily reflects legislation enacted in Virginia in March 2019 which requires any CCR unit located at certain Virginia Power stations to be closed by removing the CCR to an approved landfill or through recycling for beneficial reuse. Subject to approval by the Virginia Commission, amounts are expected to be collected over a period between i 15 and i 18
years commencing no earlier than i 2021. Virginia Power is entitled to collect carrying costs once expenditures have been made. See Note 23 for additional information. |
(9) |
Rates charged to customers by Virginia Power’s regulated businesses include a provision for the cost of future activities to remove assets that are expected to be incurred at the time of retirement. |
(10) |
Balance refundable to customers related to the decrease in revenue requirements for recovery of income taxes at regulated electric generation and distribution operations. See Note 13 for additional information. |
(11) |
Charge associated with Virginia legislation enacted in March 2018 that required one-time rate credits of certain amounts to utility customers. See Note 13 for additional information. |
(12) |
Amounts recorded to pass the effect of reduced income taxes from the 2017 Tax Reform Act to customers in future periods, which will reverse at the weighted average tax rate that was used to build the reserves over the remaining book life of the property, net of amounts to be recovered through future rates to pay income taxes that become payable when rate revenue is provided to recover AFUDC equity. |
(13) |
Primarily reflects a regulatory liability representing amounts collected from Virginia jurisdictional customers and placed in external trusts (including income, losses and changes in fair value thereon) for the future decommissioning of Virginia Power’s utility nuclear generation stations, in excess of the related AROs. |
At December 31, |
2018 |
|||||||
(millions) |
||||||||
Dominion Energy Gas |
||||||||
Regulatory assets: |
||||||||
Unrecovered gas costs (1) |
$ |
i 2 |
$ | i 1 |
||||
Other |
i 6 |
i 7 |
||||||
Regulatory assets-current (2) |
i 8 |
i 8 |
||||||
Unrecognized pension and other postretirement benefit costs (3) |
— |
i 15 |
||||||
Interest rate hedges (4) |
i 32 |
i 33 |
||||||
Other |
i 8 |
i 4 |
||||||
Regulatory assets-noncurrent |
i 40 |
i 52 |
||||||
Total regulatory assets |
$ |
i 48 |
$ | i 60 |
||||
Regulatory liabilities: |
||||||||
Provision for future cost of removal and AROs (5) |
$ |
i 18 |
$ | i 9 |
||||
Overrecovered gas costs (1) |
i 8 |
i 7 |
||||||
Other |
i 15 |
i 8 |
||||||
Regulatory liabilities-current (6) |
i 41 |
i 24 |
||||||
Income taxes refundable through future rates (7) |
i 560 |
i 530 |
||||||
Provision for future cost of removal and AROs (6) |
i 95 |
i 113 |
||||||
Overrecovered other postretirement benefit costs (8) |
i 133 |
i 106 |
||||||
Other |
i 12 |
i 16 |
||||||
Regulatory liabilities-noncurrent |
i 800 |
i 765 |
||||||
Total regulatory liabilities |
$ |
i 841 |
$ | i 789 |
(1) |
Reflects unrecovered or overrecovered gas costs at regulated gas operations, which are recovered or refunded through filings with the applicable regulatory authority. |
(2) |
Current regulatory assets are presented in other current assets in Dominion Energy Gas’ Consolidated Balance Sheets. |
(3) |
Represents unrecognized pension and other postretirement employee benefit costs expected to be recovered or refunded through future rates generally over the expected remaining service period of plan participants by certain of Dominion Energy Gas’ rate-regulated subsidiaries. |
(4) |
Reflects interest rate hedges recoverable from or refundable to customers. Certain of these instruments are settled and any related payments are being amortized into interest expense over the life of the related debt, which has a weighted average useful life of approximately i 30 years. |
(5) |
Rates charged to customers by Dominion Energy Gas’ regulated businesses include a provision for the cost of future activities to remove assets that are expected to be incurred at the time of retirement. |
(6) |
Current regulatory liabilities are presented in other current liabilities in Dominion Energy Gas’ Consolidated Balance Sheets. |
(7) |
Amounts recorded to pass the effect of reduced income taxes from the 2017 Tax Reform Act to customers in future periods, which will reverse at the weighted average tax rate that was used to build the reserves over the remaining book life of the property, net of amounts to be recovered through future rates to pay income taxes that become payable when rate revenue is provided to recover AFUDC equity. |
(8) |
Reflects a regulatory liability for the collection of postretirement benefit costs allowed in rates in excess of expense incurred. |
145 |
146 |
147 |
148 |
• | In July 2018, Virginia Power filed an application with the Virginia Commission for CPCNs to construct i two solar facilities. Colonial Trail West and Spring Grove 1 are estimated to cost approximately $ i 410 million,
excluding financing costs. Colonial Trail West commenced commercial operations in December 2019 and Spring Grove 1 is expected to commence commercial operations in the fourth quarter of 2020. Virginia Power also applied for approval of Rider US-3 associated with these projects with a proposed $ i 10 million
total revenue requirement for the rate year beginning June 1, 2019. In January 2019, the Virginia Commission issued a final order granting CPCNs to construct the solar facilities, subject to a i 20-year
performance guarantee of the facilities at a i 25% solar capacity factor when normalized for force majeure events. In April 2019, the Virginia Commission approved Rider US-3. |
• | In July 2019, Virginia Power filed an application with the Virginia Commission for a CPCN to construct Sadler Solar, which is estimated to cost approximately $ i 146 million, excluding financing costs. Sadler Solar is expected to commence commercial operations, subject to regulatory approvals associated with
the project, in the fourth quarter of 2020. Virginia Power also applied for approval of Rider US-4 associated with this project with a proposed $ i 9 million total revenue requirement for the rate year beginning June 1,
2020. In January 2020, the Virginia Commission issued a final order granting the CPCN to construct Sadler Solar, subject to a i 20- year performance guarantee of the facility
at a i 22% solar capacity factor when normalized for force majeure events. This matter regarding Rider US-4 is pending. |
• | The Virginia Commission previously approved Rider T1 concerning transmission rates. In May 2019, Virginia Power |
• | The Virginia Commission previously approved Rider U in conjunction with cost recovery to move certain electric distribution facilities underground as authorized by Virginia legislation. In October 2019, the Virginia Commission approved Virginia Power’s proposed fourth phase of conversions totaling $ i 123 million and a total $ i 52 million revenue requirement for the rate year beginning February 1, 2020 for continuing recovery of the previously approved phase conversions and the proposed fourth phase conversions. |
• | The Virginia Commission previously approved Riders C1A, C2A and C3A in connection with cost recovery for DSM programs. In December 2019, Virginia Power filed a petition to approve an additional i 10 new energy efficiency programs and i one new demand response DSM program for i five years, subject to future extension, with a $ i 186 million cost cap, and proposed a total $ i 60 million revenue requirement for the rate year beginning September 1, 2020. This total revenue requirement represents an $ i 11 million increase over the previous year. |
• | In December 2018, Virginia Power filed a petition requesting approval of Rider E and proposed a $ i 114 million total revenue requirement for the rate year beginning November 1, 2019. In August 2019, the Virginia Commission issued an order approving in part and denying in part the petition. As a result, Virginia Power recorded a $ i 21 million
($ i 16 million after-tax) charge in impairment of assets and other charges in the Consolidated Statements of Income for the three and nine months ended September 30, 2019 to write-off
certain disallowed environmental property, plant and equipment and regulatory assets. In August 2019, the Virginia Commission granted Virginia Power’s petition for reconsideration of the disallowed amount and stayed the order issued earlier in August 2019. In October 2019, the Virginia Commission approved Virginia Power’s request to implement a total revenue requirement of $ i 104 million on an interim basis, subject to true-up,
pending resolution of the petition for reconsideration. In November 2019, the Virginia Commission denied the petition for reconsideration and the $ i 104 million total revenue requirement remains in effect. |
• | Additional significant riders associated with various Virginia Power projects are as follows: |
Rider Name |
Application Date |
Approval Date |
Rate Year Beginning |
Total Revenue Requirement (millions) |
Increase (Decrease) Over Previous Year (millions) |
|||||||||||||||
Rider S |
May 2019 |
February 2020 |
i April 2020 |
$ i 195 |
$( i 20 |
) | ||||||||||||||
Rider GV |
i May 2019 |
i February 2020 |
i April 2020 |
i 132 |
i 12 |
|||||||||||||||
Rider W |
i May 2019 |
i February 2020 |
i April 2020 |
i 106 |
i 1 |
|||||||||||||||
Rider R |
i May 2019 |
i February 2020 |
i April 2020 |
i 44 |
( i 13 |
) | ||||||||||||||
Rider B |
i May 2019 |
i February 2020 |
i April 2020 |
i 32 |
( i 6 |
) | ||||||||||||||
Rider US-3 |
i July 2019 |
i Pending |
i June 2020 |
i 31 |
i 21 |
|||||||||||||||
Rider BW |
i October 2019 |
i Pending |
i September 2020 |
i 120 |
i 1 |
|||||||||||||||
Rider US-2 |
i October 2019 |
i Pending |
i i September 2020 /
|
i 10 |
( i 5 |
) | ||||||||||||||
Rider E |
i January 2020 |
i Pending |
i November 2020 |
i 88 |
( i 16 |
) |
149 |
Description and Location of Project |
Application Date |
Approval Date |
Type of Line |
Miles of Lines |
Cost Estimate (millions) |
|||||||||||||||
Rebuild and operate transmission line between Lanexa and the Northern Neck in Virginia |
i June 2018 |
February 2019 |
i 230 kV |
i 3 |
$ i 30 |
|||||||||||||||
Build a new substation and connect three existing transmission lines thereto in Fluvanna County, Virginia |
October 2018 |
i June 2019 |
i 230 kV |
< i 1 |
i 30 |
|||||||||||||||
Rebuild and operate the Glebe substation and relocate and operate in Arlington County, Virginia and the City of Alexandria, Virginia existing overhead line underground |
i March 2019 |
September 2019 |
i 230 kV |
< i 1 |
i 125 |
|||||||||||||||
Rebuild and operate transmission line between Valley, Virginia and Mt. Storm, West Virginia |
i April 2019 |
i November 2019 |
i 500 kV |
i 65 |
i 290 |
|||||||||||||||
Rebuild and operate transmission line between the Suffolk substation and the Virginia/North Carolina state line |
i May 2019 |
i November 2019 |
i 230 kV |
i 11 |
i 20 |
|||||||||||||||
Rebuild and operate five segments between the Loudoun and Ox substations |
i August 2019 |
i Pending |
i 230 kV |
i 19 |
i 70 |
|||||||||||||||
Build new Evergreen Mills switching station and line loops in Loudoun County, Virginia |
December 2019 |
i Pending |
i 230 kV |
i 2 |
i 30 |
|||||||||||||||
Build new Lockridge substation and line loop in Loudoun County, Virginia |
i December 2019 |
i Pending |
i 230 kV |
< i 1 |
i 35 |
150 |
151 |
152 |
Amount |
||||
(millions) |
||||
Dominion Energy |
||||
AROs at December 31, 2017 |
$ | i 2,432 |
||
Obligations incurred during the period |
i 20 |
|||
Obligations settled during the period |
( i 159 |
) | ||
Revisions in estimated cash flows (2) |
i 120 |
|||
Accretion |
i 119 |
|||
AROs at December 31, 2018 (1) |
$ | i 2,532 |
||
Obligations incurred during the period (2) |
i 2,413 |
|||
Obligations settled during the period |
( i 137 |
) | ||
AROs acquired in the SCANA Combination |
i 577 |
|||
Revisions in estimated cash flows (3) |
( i 324 |
) | ||
Accretion |
i 213 |
|||
AROs at December 31, 2019 (1) |
$ |
i 5,274 |
||
Virginia Power |
||||
AROs at December 31, 2017 |
$ | i 1,365 |
||
Obligations incurred during the period |
i 14 |
|||
Obligations settled during the period |
( i 119 |
) | ||
Revisions in estimated cash flows (2) |
i 120 |
|||
Accretion |
i 65 |
|||
AROs at December 31, 2018 |
$ | i 1,445 |
||
Obligations incurred during the period ( 2 ) |
i 2,408 |
|||
Obligations settled during the period |
( i 81 |
) | ||
Revisions in estimated cash flows (3) |
( i 323 |
) | ||
Accretion |
i 132 |
|||
AROs at December 31, 2019 |
$ |
i 3,581 |
||
Dominion Energy Gas |
||||
AROs at December 31, 2017 |
$ | i 85 |
||
Obligations incurred during the period |
i 3 |
|||
Obligations settled during the period |
( i 6 |
) | ||
Accretion |
i 6 |
|||
AROs at December 31, 2018 ( 4 ) |
$ | i 88 |
||
Obligations settled during the period |
( i 3 |
) | ||
Accretion |
i 4 |
|||
AROs at December 31, 2019 ( 4 ) |
$ |
i 89 |
(1) |
Includes $ i 282 million and $ i 408 million
reported in other current liabilities at December 31, 2018, and 2019, respectively. |
(2) |
Reflects future ash pond and landfill closure costs at certain utility generation facilities. See Note 23 for further information. |
(3) |
Reflects revisions to future ash pond and landfill closure costs at certain utility generation facilities as well as revisions for i 20 year license extensions for regulated nuclear power stations in Virginia. |
(4) |
Includes $ i 74 million and $ i 75 million
reported in other deferred credits and other liabilities, with the remainder recorded in other current liabilities, at December 31, 2018 and 2019, respectively. |
(millions) |
||||
Dominion Energy |
||||
Lease assets: |
||||
Operating lease assets (1) |
$ |
i 499 |
||
Finance lease assets (2) |
i 140 |
|||
Total lease assets |
$ |
i 639 |
||
Lease liabilities: |
||||
Operating lease liabilities (3) |
$ |
i 59 |
||
Finance lease liabilities (4) |
i 29 |
|||
Total lease liabilities—current |
i 88 |
|||
Operating lease liabilities (5) |
i 442 |
|||
Finance lease liabilities |
i 105 |
|||
Total lease liabilities—noncurrent |
i 547 |
|||
Total lease liabilities |
$ |
i 635 |
||
Virginia Power |
||||
Operating lease assets (1) |
$ |
i 212 |
||
Finance lease assets (2) |
i 19 |
|||
Total lease assets |
$ |
i 231 |
||
Lease liabilities: |
||||
Operating lease liabilities (3) |
$ |
i 30 |
||
Finance lease liabilities (4) |
i 3 |
|||
Total lease liabilities—current |
i 33 |
|||
Operating lease liabilities (5) |
i 180 |
|||
Finance lease liabilities |
i 16 |
|||
Total lease liabilities—noncurrent |
i 196 |
|||
Total lease liabilities |
$ |
i 229 |
||
Dominion Energy Gas |
||||
Operating lease assets (1) |
$ |
i 37 |
||
Finance lease assets (2) |
i 6 |
|||
Total lease assets |
$ |
i 43 |
||
Lease liabilities: |
||||
Operating lease liabilities (3) |
$ |
i 6 |
||
Finance lease liabilities (4) |
i 1 |
|||
Total lease liabilities—current |
i 7 |
|||
Operating lease liabilities (5) |
i 29 |
|||
Finance lease liabilities |
i 5 |
|||
Total lease liabilities—noncurrent |
i 34 |
|||
Total lease liabilities |
$ |
i 41 |
(1) |
Included in other deferred charges and other assets in the Companies’ Consolidated Balance Sheets. |
(2) |
Included in property, plant and equipment in the Companies’ Consolidated Balance Sheets, net of $ i 27 million, $ i 4 million
and $ i 1 million of accumulated amortization at Dominion Energy, Virginia Power and Dominion Energy Gas, respectively, at December 31, 2019. |
(3) |
Included in other current liabilities in the Companies’ Consolidated Balance Sheets. |
(4) |
Included in securities due within one year in the Companies’ Consolidated Balance Sheets. |
(5) |
Included in other deferred credits and other liabilities in the Companies’ Consolidated Balance Sheets. |
153 |
Year Ended |
||||
(millions) |
||||
Dominion Energy |
||||
Finance lease cost: |
||||
Amortization |
$ |
i 20 |
||
Interest |
i 4 |
|||
Operating lease cost |
i 87 |
|||
Short-term lease cost |
i 30 |
|||
Variable lease cost |
i 6 |
|||
Total lease cost |
$ |
i 147 |
||
Virginia Power |
||||
Operating lease cost |
$ |
i 41 |
||
Short-term lease cost |
i 13 |
|||
Variable lease cost |
i 2 |
|||
Total lease cost |
$ |
i 56 |
||
Dominion Energy Gas |
||||
Operating lease cost |
$ |
i 7 |
||
Short-term lease cost |
i 7 |
|||
Total lease cost |
$ |
i 14 |
Year Ended |
||||
(millions) |
||||
Dominion Energy |
||||
Operating cash flows for finance leases |
$ |
i 4 |
||
Operating cash flows for operating leases |
i 121 |
|||
Financing cash flows for finance leases |
i 20 |
|||
Virginia Power |
||||
Operating cash flows for operating leases |
i 56 |
|||
Dominion Energy Gas |
||||
Operating cash flows for operating leases |
i 14 |
Dominion Energy |
||||
Weighted average remaining lease term—finance leases |
5 years |
|||
Weighted average remaining lease term—operating leases |
21 years |
|||
Weighted average discount rate—finance leases |
i 3.84 |
% | ||
Weighted average discount rate—operating leases |
i 4.47 |
% | ||
Virginia Power |
||||
Weighted average remaining lease term—finance leases |
6 years |
|||
Weighted average remaining lease term—operating leases |
20 years |
|||
Weighted average discount rate—finance leases |
i 4.12 |
% | ||
Weighted average discount rate—operating leases |
i 4.29 |
% | ||
Dominion Energy Gas |
||||
Weighted average remaining lease term—finance leases |
i 6 years |
|||
Weighted average remaining lease term—operating leases |
i 11 years |
|||
Weighted average discount rate—finance leases |
i 4.08 |
% | ||
Weighted average discount rate—operating leases |
i 4.37 |
% |
Maturity of Lease Liabilities |
Dominion Energy |
Virginia Power |
Dominion Energy Gas |
|||||||||||||||||||||
Operating |
Finance |
Operating |
Finance |
Operating |
Finance |
|||||||||||||||||||
(millions) |
||||||||||||||||||||||||
2020 |
$ | i 72 |
$ | i 34 |
$ | i 34 |
$ | i 4 |
$ | i 7 |
$ | i 2 |
||||||||||||
2021 |
i 65 |
i 31 |
i 30 |
i 4 |
i 6 |
i 1 |
||||||||||||||||||
2022 |
i 55 |
i 29 |
i 24 |
i 4 |
i 5 |
i 1 |
||||||||||||||||||
2023 |
i 45 |
i 26 |
i 19 |
i 3 |
i 4 |
i 1 |
||||||||||||||||||
2024 |
i 36 |
i 19 |
i 14 |
i 3 |
i 3 |
i 1 |
||||||||||||||||||
After 2024 |
i 582 |
i 9 |
i 205 |
i 4 |
i 20 |
i 1 |
||||||||||||||||||
Total undiscounted lease payments |
i 855 |
i 148 |
i 326 |
i 22 |
i 45 |
i 7 |
||||||||||||||||||
Present value adjustment |
( i 377 |
) | ( i 14 |
) | ( i 139 |
) | ( i 3 |
) | ( i 10 |
) | ( i 1 |
) | ||||||||||||
Present value of lease liabilities |
$ | i 478 |
$ | i 134 |
$ | i 187 |
$ | i 19 |
$ | i 35 |
$ | i 6 |
154 |
155 |
Facility Limit |
Outstanding Commercial Paper (1) |
Outstanding Letters of Credit |
Facility Capacity Available |
|||||||||||||
(millions) |
||||||||||||||||
Joint revolving credit facility (2) |
$ |
i 6,000 |
$ i 836 |
$ i 89 |
$ |
i 5,075 |
||||||||||
Joint revolving credit facility (2) |
$ | i 6,000 |
$ i 324 |
$ i 88 |
$ | i 5,588 |
156 |
(1) |
The weighted-average interest rates of the outstanding commercial paper supported by Dominion Energy’s credit facility was i 2.10% and i 2.93%
at December 31, 2019 and 2018, respectively. |
(2) |
This credit facility matures in March 2023 and can be used by the borrowers under the credit facility to support bank borrowings and the issuance of commercial paper, as well as to support up to a combined $ i 2.0 billion of letters of credit. |
Facility Limit |
Outstanding Commercial Paper (1) |
Outstanding Letters of Credit |
||||||||||
(millions) |
||||||||||||
Joint revolving credit facility (2) |
$ i 6,000 |
$ i 243 |
$ i 7 |
|||||||||
Joint revolving credit facility (2) |
$ i 6,000 |
$ i 314 |
$ i 16 |
(1) |
The weighted-average interest rates of the outstanding commercial paper supported by the credit facility was i 2.10% and i 2.94%
at December 31, 2019 and 2018, respectively. |
(2) |
The full amount of the facility is available to Virginia Power, less any amounts outstanding to co-borrowers Dominion Energy, Dominion Energy Gas, Questar Gas and DESC. The sub-limit for Virginia Power is set within the facility limit but can be changed at the option of the borrowers under the credit facility multiple times per year. At December 31, 2019, the sub-limit for Virginia Power was $ i 1.5 billion.
If Virginia Power has liquidity needs in excess of its sub-limit, the sub-limit may be changed or such needs may be satisfied through short-term intercompany borrowings from Dominion Energy. This credit facility matures in March 2023 and can be used to support bank borrowings and the issuance of commercial paper, as well as to support up to $ i 2.0 billion
(or the sub-limit, whichever is less) of letters of credit. |
Facility Limit |
Outstanding Commercial Paper (1) |
Outstanding Letters of Credit |
||||||||||
(millions) |
||||||||||||
Joint revolving credit facility (2) |
$ i 1,500 |
$ i 62 |
$— |
|||||||||
Joint revolving credit facility (2) |
$ i 1,500 |
$ i 10 |
$— |
(1) |
The weighted-average interest rates of the outstanding commercial paper supported by the credit facility was i 1.98% and i 2.58%
at December 31, 2019 and 2018, respectively. |
(2) |
A maximum of $ i 1.5 billion of the facility is available to Dominion Energy Gas, assuming adequate capacity is available after giving effect to uses by co-borrowers Dominion Energy, Virginia Power, Questar Gas and DESC. The sub-limit for Dominion Energy Gas is set within the facility limit but can be changed at the option of the borrowers under the credit facility
multiple times per year. At December 31, 2019, the sub-limit for Dominion Energy Gas was $ i 750 million. If Dominion Energy Gas has liquidity needs in excess of its sub-limit, the sub-limit may be changed or such needs may be satisfied through short-term intercompany borrowings from Dominion Energy. This credit facility matures in March 2023 and
can be used to support bank borrowings and the issuance of commercial paper, as well as to support up to $ i 1.5 billion (or the sub-limit, whichever is less) of letters of credit. |
157 |
At December 31, |
Weighted- average Coupon (1) |
2019 |
2018 |
|||||||||
(millions, except percentages) |
||||||||||||
Dominion Energy Gas Holdings, LLC: |
||||||||||||
Unsecured senior notes: |
||||||||||||
Variable rate, due 2021 |
i 2.49 |
% |
$ |
i 500 |
$ | i 500 |
||||||
i 2.5% to i 4.8%,
due 2019 to 2049 (2) |
i 3.44 |
% |
i 4,631 |
i 3,587 |
||||||||
Cove Point, term loan, due 2021 (3) |
— |
i 3,000 |
||||||||||
Dominion Energy Midstream: |
||||||||||||
Term loan, variable rate, due 2019 |
— |
i 300 |
||||||||||
Revolving credit agreement, variable rate, due 2021 (4) |
— |
i 73 |
||||||||||
Dominion Energy Questar Pipeline, unsecured senior notes, i 3.53% to i 4.875%,
due 2028 to 2041 |
i 4.23 |
% |
i 430 |
i 430 |
||||||||
Dominion Energy Gas Holdings, LLC total principal |
$ |
i 5,561 |
$ | i 7,890 |
||||||||
Securities due within one year |
i 2.80 |
% |
( i 699 |
) |
( i 748 |
) | ||||||
Credit facility borrowings (4) |
— |
( i 73 |
) | |||||||||
Unamortized discount and debt issuance costs |
( i 41 |
) |
( i 47 |
) | ||||||||
Finance leases |
5 |
— |
||||||||||
Dominion Energy Gas Holdings, LLC total long-term debt |
$ |
i 4,826 |
$ | i 7,022 |
||||||||
Virginia Electric and Power Company: |
||||||||||||
Unsecured senior notes: |
||||||||||||
i 2.75% to i 8.875%,
due 2019 to 2049 |
i 4.27 |
% |
$ |
i 11,789 |
$ | i 11,090 |
||||||
Tax- exempt financings, i 1.80% to i 5.0%,
due 2023 to 2041(5) (6) |
i 2.02 |
% |
i 625 |
i 664 |
||||||||
Virginia Electric and Power Company total principal |
$ |
i 12,414 |
$ | i 11,754 |
||||||||
Securities due within one year |
i 4.29 |
% |
( i 1 |
) |
( i 350 |
) | ||||||
Unamortized discount, premium and debt issuances costs, net |
( i 88 |
) |
( i 83 |
) | ||||||||
Finance leases |
16 |
— |
||||||||||
Virginia Electric and Power Company total long-term debt |
$ |
i 12,341 |
$ | i 11,321 |
||||||||
Dominion Energy, Inc.: |
||||||||||||
Unsecured senior notes: |
||||||||||||
Variable rates, due 2019 and 2020 |
i 2.31 |
% |
$ |
i 300 |
$ | i 800 |
||||||
i 1.6% to i 7.0%,
due 2019 to 2049 (7) |
i 4.15 |
% |
i 7,688 |
i 7,488 |
||||||||
Unsecured junior subordinated notes: |
||||||||||||
i 2.579% to i 4.104%,
due 2019 to 2024 |
i 3.01 |
% |
i 2,950 |
i 2,100 |
||||||||
Payable to affiliated trust, i 8.4%, due 2031 |
i 8.40 |
% |
i 10 |
i 10 |
||||||||
Enhanced junior subordinated notes: |
||||||||||||
Variable rates, due 2066 (8) |
i 4.41 |
% |
i 397 |
i 422 |
||||||||
i 5.25% and i 5.75%,
due 2054 and 2076 |
i 5.48 |
% |
i 1,485 |
i 1,485 |
||||||||
Remarketable subordinated notes, i 2.0%, due 2021 and 2024 |
— |
i 1,400 |
||||||||||
Questar Gas, unsecured senior notes, i 2.98% to i 7.20%,
due 2024 to 2051 |
i 4.25 |
% |
i 750 |
i 750 |
||||||||
SCANA: |
||||||||||||
Unsecured medium term notes, i 4.125% to i 6.25%,
due 2020 to 2022 (9)(10) |
i 5.06 |
% |
i 508 |
— |
||||||||
Unsecured senior notes, variable rate, due 2034 (11) |
i 2.61 |
% |
i 66 |
— |
||||||||
PSNC, senior debentures and notes, i 4.13% to i 7.45%,
due 2020 to 2047 |
i 5.05 |
% |
i 700 |
— |
||||||||
DESC: |
||||||||||||
First mortgage bonds, i 3.22% to i 6.625%,
due 2021 to 2065 (12) |
i 5.42 |
% |
i 3,267 |
— |
||||||||
Tax- exempt financings:(13) |
||||||||||||
Variable rate due 2038 |
i 1.65 |
% |
i 35 |
— |
||||||||
GENCO, variable rates due 2038 (14) |
i 1.65 |
% |
i 33 |
— |
||||||||
i 3.625% and i 4.00%,
due 2028 and 2033 |
i 3.90 |
% |
i 54 |
— |
||||||||
Other |
i 3.69 |
% |
i 1 |
— |
||||||||
Secured senior notes, i 4.82%, due 2042 (15) |
i 4.82 |
% |
i 345 |
i 362 |
||||||||
Term loans, variable rates, due 2023 and 2024 (15) |
i 4.24 |
% |
i 527 |
i 582 |
||||||||
Tax- exempt financing, i 1.7%, due 2033 |
i 1.70 |
% |
i 27 |
i 27 |
||||||||
Dominion Energy Gas Holdings, LLC total principal (from above) |
i 5,561 |
i 7,890 |
||||||||||
Virginia Electric and Power Company total principal (from above) |
i 12,414 |
i 11,754 |
||||||||||
Dominion Energy, Inc. total principal |
$ |
i 37,118 |
$ | i 35,070 |
||||||||
Fair value hedge valuation (16) |
i 4 |
( i 20 |
) | |||||||||
Securities due within one year (8)(10)(11)(17) |
i 3.41 |
% |
( i 3,133 |
) |
( i 3,624 |
) | ||||||
Credit facility borrowings (4) |
— |
( i 73 |
) | |||||||||
Unamortized discount, premium and debt issuance costs, net |
( i 270 |
) |
( i 248 |
) | ||||||||
Finance leases |
105 |
i 39 |
||||||||||
Dominion Energy, Inc. total long-term debt |
$ |
i 33,824 |
$ | i 31,144 |
158 |
(1) |
Represents weighted-average coupon rates for debt outstanding as of December 31, 2019. |
(2) |
Amount includes foreign currency remeasurement adjustments. |
(3) |
In September 2019, Cove Point repaid its $ i 3.0 billion term loan due in 2021. |
(4) |
In February 2019, Dominion Energy Midstream repaid its $ i 300 million variable rate term loan due in December 2019 and terminated the credit facility due in March 2021 subsequent to repaying the $ i 73
million outstanding balance. As such, credit facility borrowings are presented within current liabilities in Dominion Energy Gas’ Consolidated Balance Sheets at December 31, 2018. |
(5) |
These financings relate to certain pollution control equipment at Virginia Power’s generating facilities. |
(6) |
In May 2019, Virginia Power redeemed its $ i 40 million i 5.0%
Economic Development Authority of the County of Chesterfield Pollution Control Refunding Revenue Bonds, Series 2009A, due in 2023 at the principal outstanding plus accrued interest. |
(7) |
Includes debt assumed by Dominion Energy from the merger of its former CNG subsidiary. |
(8) |
In February 2020, Dominion Energy purchased and cancelled the remaining $ i 111 million and $ i 286
million of its June 2006 hybrids and September 2006 hybrids, respectively, both of which would have otherwise matured in 2066. As such, these borrowings are presented within securities due within one year in Dominion Energy’s Consolidated Balance Sheets at December 31, 2019. |
(9) |
In March 2019, SCANA purchased certain of its medium term notes having an aggregate purchase price of $ i 300 million pursuant to tender offer that expired in the first quarter of 2019. |
(10) |
In February 2020, SCANA provided notice to redeem the remaining principal outstanding of $ i 183 million of its i 4.75%
medium-term notes and $ i 155 million of its i 4.125%
medium-term notes plus accrued interest and make-whole premiums in March 2020. i The notes would have otherwise matured in May 2021 and February 2022, respectively. As such, these borrowings are presented within securities due within one year in Dominion Energy’s Consolidated Balance Sheets at December 31, 2019. |
(11) |
In January 2020, SCANA provided notice to redeem its floating rate senior notes at the remaining principal outstanding of $ i 66 million plus accrued interest in March 2020. i The
notes would have otherwise matured in June 2034. As such, these borrowings are presented within securities due within one year in Dominion Energy’s Consolidated Balance Sheets at December 31, 2019. |
(12) |
In February, March and September 2019, DESC purchased certain of its first mortgage bonds having an aggregate purchase price of $ i 1.8 billion pursuant to tender offers. The February and March tender offers expired in the first quarter of 2019 and the September tender offer expired in the third quarter of 2019. |
(13) |
Industrial revenue bonds totaling $ i 68 million are secured by letters of credit that expire, subject to renewal, in the fourth quarter of 2020. |
(1 4 ) |
In May 2019, GENCO redeemed its i 5.49% senior secured notes due in 2024 at the remaining principal outstanding of $ i 33
million plus accrued interest. In June 2019, the first mortgage lien on an electric generating facility that previously secured these notes was released. |
(1 5 ) |
Represents debt associated with Eagle Solar, SBL Holdco and Dominion Solar Projects III, Inc. The debt is nonrecourse to Dominion Energy and is secured by Eagle Solar’s, SBL Holdco’s and Dominion Solar Projects III, Inc’s interest in certain solar facilities. |
(1 6 ) |
Represents the valuation of certain fair value hedges associated with Dominion Energy’s fixed rate debt. |
(1 7 ) |
Includes $ i 20 million of estimated mandatory prepayments due within one year based on estimated cash flows in excess of debt service at SBL Holdco and Dominion Solar Projects III, Inc. |
2020 |
2021 |
2022 |
2023 |
2024 |
Thereafter |
Total |
||||||||||||||||||||||
(millions, except percentages) |
||||||||||||||||||||||||||||
Dominion Energy Gas |
$ |
i 700 |
$ |
i 500 |
$ |
— |
$ |
i 650 |
$ |
i 1,050 |
$ |
i 2,661 |
$ |
i 5,561 |
||||||||||||||
Weighted-average coupon |
i 2.80 |
% |
i 2.49 |
% |
— |
i 3.29 |
% |
i 2.97 |
% |
i 3.95 |
% |
|||||||||||||||||
Virginia Power |
||||||||||||||||||||||||||||
Unsecured senior notes |
$ |
— |
$ |
— |
$ |
i 750 |
$ |
i 700 |
$ |
i 350 |
$ |
i 9,989 |
$ |
i 11,789 |
||||||||||||||
Tax- exempt financings |
— |
— |
— |
— |
i 625 |
i 625 |
||||||||||||||||||||||
Total |
$ |
— |
$ |
— |
$ |
i 750 |
$ |
i 700 |
$ |
i 350 |
$ |
i 10,614 |
$ |
i 12,414 |
||||||||||||||
Weighted-average coupon |
— |
— |
i 3.15 |
% |
i 2.75 |
% |
i 3.45 |
% |
i 4.35 |
% |
||||||||||||||||||
Dominion Energy |
||||||||||||||||||||||||||||
Term loans (1 ) |
$ |
i 35 |
$ |
i 35 |
$ |
i 34 |
$ |
i 259 |
$ |
i 164 |
$ |
— |
$ |
i 527 |
||||||||||||||
First mortgage bonds |
— |
i 33 |
— |
— |
— |
i 3,234 |
i 3,267 |
|||||||||||||||||||||
Unsecured senior notes (2)(3) |
i 1,275 |
i 1,237 |
i 1,659 |
i 2,355 |
i 1,745 |
i 19,092 |
i 27,363 |
|||||||||||||||||||||
Secured senior notes |
i 15 |
i 17 |
i 19 |
i 16 |
i 17 |
i 261 |
i 345 |
|||||||||||||||||||||
Tax- exempt financings |
— |
— |
— |
— |
— |
i 774 |
i 774 |
|||||||||||||||||||||
Unsecured junior subordinated notes payable to affiliated trusts |
— |
— |
— |
— |
— |
i 10 |
i 10 |
|||||||||||||||||||||
Unsecured junior subordinated notes |
i 1,000 |
i 1,250 |
i — |
— |
i 700 |
— |
i 2,950 |
|||||||||||||||||||||
Enhanced junior subordinated notes (4) |
— |
— |
— |
— |
— |
i 1,882 |
i 1,882 |
|||||||||||||||||||||
Total |
$ |
i 2,325 |
$ |
i 2,572 |
$ |
i 1,712 |
$ |
i 2,630 |
$ |
i 2,626 |
$ |
i 25,253 |
$ |
i 37,118 |
||||||||||||||
Weighted-average coupon |
i 3.09 |
% |
i 3.15% |
i 3.10 |
% |
i 2.95% |
i 3.19% |
i 4.62 |
% |
(1) |
Excludes mandatory prepayments associated with SBL Holdco and Dominion Solar Projects III, Inc. based on cash flows in excess of debt service. At December 31, 2019, $ i 20 million of estimated mandatory prepayments due within one year were included in securities due within one year in Dominion Energy’s Consolidated Balance Sheets. |
(2) |
In January 2020, SCANA provided notice to redeem its floating rate senior notes at the remaining principal outstanding of $ i 66 million plus accrued interest in March 2020. The notes would have otherwise matured in June 2034. |
(3) |
In February 2020, SCANA provided notice to redeem the remaining principal outstanding of $ i 183 million of its i 4.75%
medium-term notes and $ i 155 million of its i 4.125%
medium-term notes plus accrued interest and make-whole premiums in March 2020. i The notes would have otherwise matured in May 2021 and February 2022, respectively. |
(4) |
In February 2020, Dominion Energy purchased and cancelled the remaining $ i 111 million and $ i 286 million
of its June 2006 hybrids and September 2006 hybrids, respectively, both of which would have otherwise matured in 2066. As such, these borrowings are presented within current liabilities in Dominion Energy’s Consolidated Balance Sheets at December 31, 2019. |
159 |
160 |
Issuance Date |
Units Issued |
Total Net Proceeds (1) |
Total Preferred Stock (2) |
Cumulative Dividend Rate |
Stock Purchase Contract Annual Rate |
Stock Purchase Contract Liability (3) |
Stock Purchase Contract Settlement Date |
|||||||||||||||||||||
(millions except interest rates) |
||||||||||||||||||||||||||||
6/14/2019 |
i 16 |
$ |
i 1,582 |
$ i 1,610 |
i 1.75 |
% |
i 5.5 |
% |
$ i 250 |
6/1/2022 |
(1) |
Issuance costs of $ i 28 million were recorded as a reduction to preferred stock ($ i 14 million) and common
stock ($ i 14 million) in the Consolidated Balance Sheets. |
(2) |
Dominion Energy recorded dividends of $ i 15 million ($ i 9.479 per share) for the
year ended December 31, 2019. |
(3) |
Payments of $ i 38 million were made in 2019. The stock purchase contract liability was $ i 212 million
at December 31, 2019. |
161 |
162 |
At December 31, |
2018 |
|||||||
(millions) |
||||||||
Dominion Energy |
||||||||
Net deferred losses on derivatives-hedging activities, net of $ i 135 and $ i 79
tax |
$ |
( i 407 |
) |
$ | ( i 234 |
) | ||
Net unrealized gains on nuclear decommissioning trust funds, net of $( i 13) and $— tax |
i 37 |
i 2 |
||||||
Net unrecognized pension and other postretirement benefit costs, net of $ i 492 and $ i 519
tax |
( i 1,421 |
) |
( i 1,465 |
) | ||||
Other comprehensive loss from equity method investees, net of $ i 1 and $— tax |
( i 2 |
) |
( i 2 |
) | ||||
Total AOCI, including noncontrolling interests |
$ |
( i 1,793 |
) |
$ | ( i 1,699 |
) | ||
Less other comprehensive income attributable to noncontrolling interests |
i — |
i 1 |
||||||
Total AOCI, excluding noncontrolling interests |
$ |
( i 1,793 |
) |
$ | ( i 1,700 |
) | ||
Virginia Power |
||||||||
Net deferred losses on derivatives-hedging activities, net of $ i 11 and $ i 4
tax |
$ |
( i 34 |
) |
$ | ( i 13 |
) | ||
Net unrealized gains on nuclear decommissioning trust funds, net of $( i 1) and $ i —
tax |
i 5 |
i 1 |
||||||
Total AOCI |
$ |
( i 29 |
) |
$ | ( i 12 |
) | ||
Dominion Energy Gas |
||||||||
Net deferred losses on derivatives-hedging activities, net of $ i 28 and $ i 8
tax |
$ |
( i 82 |
) |
$ | ( i 25 |
) | ||
Net unrecognized pension costs, net of $ i 41 and $ i 56
tax |
( i 106 |
) |
( i 144 |
) | ||||
Total AOCI, including noncontrolling interests |
( i 188 |
) |
( i 169 |
) | ||||
Less other comprehensive income (loss) attributable to noncontrolling interests |
( i 1 |
) |
— |
|||||
Total AOCI, excluding noncontrolling interests |
$ |
( i 187 |
) |
$ | ( i 169 |
) |
163 |
Deferred gains and losses on derivatives- hedging activities |
Unrealized gains and losses on investment securities |
Unrecognized pension and other postretirement benefit costs |
Other comprehensive loss from equity method investees |
Total |
||||||||||||||||
(millions) |
||||||||||||||||||||
Year Ended December 31, 2019 |
||||||||||||||||||||
Beginning balance |
$( i 235) |
$ i 2 |
$( i 1,465 |
) |
$( i 2 |
) |
$( i 1,700) |
|||||||||||||
Other comprehensive income before reclassifications: gains (losses) |
( i 110) |
i 39 |
( i 22) |
i — |
( i 93) |
|||||||||||||||
Amounts reclassified from AOCI: (gains) losses (1) |
( i 62) |
( i 4) |
i 66 |
i — |
i — |
|||||||||||||||
Net current period other comprehensive income (loss) |
( i 172) |
i 35 |
i 44 |
i — |
( i 93 |
) | ||||||||||||||
Ending balance |
$( i 407) |
$ i 37 |
$( i 1,421 |
) |
$( i 2 |
) |
$( i 1,793 |
) | ||||||||||||
Year Ended December 31, 2018 |
||||||||||||||||||||
Beginning balance |
$( i 302) |
$ i 747 |
$( i 1,101) |
$( i 3) |
$( i 659 |
) | ||||||||||||||
Other comprehensive income before reclassifications: gains (losses) |
i 30 |
( i 18 |
) | ( i 215) |
i 1 |
( i 202 |
) | |||||||||||||
Amounts reclassified from AOCI: (gains) losses (1) |
i 102 |
i 5 |
i 78 |
— |
i 185 |
|||||||||||||||
Net current period other comprehensive income (loss) |
i 132 |
( i 13) |
( i 137) |
i 1 |
( i 17) |
|||||||||||||||
Cumulative-effect of changes in accounting principle |
( i 64) |
( i 732) |
( i 227) |
— |
( i 1,023 |
) | ||||||||||||||
Less other comprehensive income (loss) attributable to noncontrolling interests |
i 1 |
— |
— |
— |
i 1 |
|||||||||||||||
Ending balance |
$( i 235) |
$ i 2 |
$( i 1,465) |
$( i 2) |
$ ( i 1,700 |
) |
(1) |
See table below for details about these reclassifications. |
Details about AOCI components |
Amounts reclassified from AOCI |
Affected line item in the Consolidated Statements of Income | ||||
(millions) |
||||||
Year Ended December 31, 2019 |
||||||
Deferred (gains) and losses on derivatives-hedging activities: |
||||||
Commodity contracts |
$( i 146) |
Operating revenue | ||||
i 3 |
Purchased gas | |||||
Interest rate contracts |
i 54 |
Interest and related charges | ||||
Foreign currency contracts |
i 6 |
Other Income | ||||
Total |
( i 83 |
) |
||||
Tax |
i 21 |
Income tax expense | ||||
Total, net of tax |
$( i 62 |
) |
||||
Unrealized (gains) and losses on investment securities: |
||||||
Realized (gain) loss on sale of securities |
$( i 5) |
Other income | ||||
Total |
( i 5) |
|||||
Tax |
i 1 |
Income tax expense | ||||
Total, net of tax |
$( i 4 |
) |
||||
Unrecognized pension and other postretirement benefit costs: |
||||||
Amortization of prior-service costs (credits) |
$( i 24) |
Other income | ||||
Amortization of actuarial losses |
i 113 |
Other income | ||||
Total |
i 89 |
|||||
Tax |
( i 23 |
) |
Income tax expense | |||
Total, net of tax |
$ i 66 |
|||||
Year Ended December 31, 2018 |
||||||
Deferred (gains) and losses on derivatives-hedging activities: |
||||||
Commodity contracts |
$ i 90 |
Operating revenue | ||||
( i 14 |
) | Purchased gas | ||||
Interest rate contracts |
i 48 |
Interest and related charges | ||||
Foreign currency contracts |
i 13 |
Other Income | ||||
Total |
i 137 |
|||||
Tax |
( i 35 |
) | Income tax expense | |||
Total, net of tax |
$ i 102 |
|||||
Unrealized (gains) and losses on investment securities: |
||||||
Realized (gain) loss on sale of securities |
$ i 7 |
Other income | ||||
Total |
i 7 |
|||||
Tax |
( i 2 |
) | Income tax expense | |||
Total, net of tax |
$ i 5 |
|||||
Unrecognized pension and other postretirement benefit costs: |
||||||
Prior-service costs (credits) |
$( i 21 |
) | Other income | |||
Actuarial losses |
i 120 |
Other income | ||||
Total |
i 99 |
|||||
Tax |
( i 21 |
) | Income tax expense | |||
Total, net of tax |
$ i 78 |
164 |
Deferred gains and losses on derivatives- hedging activities |
Unrealized gains and losses on investment securities |
Total |
||||||||||
(millions) |
||||||||||||
Year Ended December 31, 2019 |
||||||||||||
Beginning balance |
$( i 13 |
) |
$ |
i 1 |
$( i 12) |
|||||||
Other comprehensive income before reclassifications: gains (losses) |
( i 22 |
) |
i 5 |
( i 17) |
||||||||
Amounts reclassified from AOCI: (gains) losses (1) |
i 1 |
( i 1 |
) |
i — |
||||||||
Net current period other comprehensive income (loss) |
( i 21 |
) |
i 4 |
( i 17) |
||||||||
Ending balance |
$( i 34 |
) |
$ |
i 5 |
$( i 29) |
|||||||
Year Ended December 31, 2018 |
||||||||||||
Beginning balance |
$( i 12 |
) | $ | i 74 |
$ | i 62 |
||||||
Other comprehensive income before reclassifications: gains (losses) |
i 1 |
i — |
i 1 |
|||||||||
Amounts reclassified from AOCI: gains (losses) (1) |
i 1 |
i — |
i 1 |
|||||||||
Net current period other comprehensive income (loss) |
i 2 |
i — |
i 2 |
|||||||||
Cumulative-effect of changes in accounting principle |
( i 3 |
) | ( i 73 |
) | ( i 76) |
|||||||
Ending balance |
$( i 13 |
) | $ | i 1 |
$ | ( i 12) |
(1) |
See table below for details about these reclassifications. |
Details about AOCI components |
Amounts reclassified from AOCI |
Affected line item in the Consolidated Statements of Income | ||||
(millions) |
||||||
Year Ended December 31, 2019 |
||||||
(Gains) losses on cash flow hedges: |
||||||
Interest rate contracts |
$ i 1 |
Interest and related charges | ||||
Total |
i 1 |
|||||
Tax |
— |
Income tax expense | ||||
Total, net of tax |
$ i 1 |
|||||
Unrealized (gains) and losses on investment securities: |
||||||
Realized (gain) loss on sale of securities |
$ ( i 2) |
Other income | ||||
Impairment |
i — |
Other income | ||||
Total |
( i 2) |
|||||
Tax |
i 1 |
Income tax expense | ||||
Total, net of tax |
$ ( i 1) |
|||||
Year Ended December 31, 2018 |
||||||
(Gains) losses on cash flow hedges: |
||||||
Interest rate contracts |
$ i 1 |
Interest and related charges | ||||
Total |
i 1 |
|||||
Tax |
— |
Income tax expense | ||||
Total, net of tax |
$ i 1 |
Deferred gains and losses on derivatives- hedging activities |
Unrecognized pension and other postretirement benefit costs |
Total |
||||||||||
(millions) |
||||||||||||
Year Ended December 31, 2019 |
||||||||||||
Beginning balance |
$( i 25 |
) |
$( i 144 |
) |
$ |
( i 169) |
||||||
Other comprehensive income before reclassifications: gains (losses) |
( i 61 |
) |
i 33 |
( i 28 |
) | |||||||
Amounts reclassified from AOCI: (gains) losses (1) |
i 5 |
i 5 |
i 10 |
|||||||||
Net current period other comprehensive income (loss) |
( i 56 |
) |
i 38 |
( i 18 |
) | |||||||
Dominion Energy Gas Restructuring |
( i 1 |
) |
i — |
( i 1 |
) | |||||||
Less other comprehensive income attributable to noncontrolling interests |
( i 1 |
) |
i — |
( i 1 |
) | |||||||
Ending balance |
$( i 81 |
) |
$( i 106 |
) |
$ |
( i 187 |
) | |||||
Year Ended December 31, 2018 |
||||||||||||
Beginning balance |
$( i 23 |
) | $( i 75 |
) | $ | ( i 98 |
) | |||||
Other comprehensive income before reclassifications: gains (losses) |
( i 16 |
) | ( i 52 |
) | ( i 68 |
) | ||||||
Amounts reclassified from AOCI: gains (losses) (1) |
i 19 |
i 4 |
i 23 |
|||||||||
Net current period other comprehensive income (loss) |
i 3 |
( i 48 |
) | ( i 45 |
) | |||||||
Cumulative-effect of changes in accounting principle |
( i 5 |
) | ( i 21 |
) | ( i 26 |
) | ||||||
Ending balance |
$( i 25 |
) | $( i 144 |
) | $( i 169 |
) |
(1) |
See table below for details about these reclassifications. |
165 |
Details about AOCI components |
Amounts reclassified from AOCI |
Affected line item in the Consolidated Statements of Income | ||||
(millions) |
||||||
Year Ended December 31, 2019 |
||||||
Deferred (gains) and losses on derivatives-hedging activities: |
||||||
Commodity contracts |
$ ( i 4) |
Net income from discontinued operations | ||||
Interest rate contracts |
i 5 |
Interest and related charges | ||||
Foreign currency contracts |
i 6 |
Other income | ||||
Total |
i 7 |
|||||
Tax |
( i 2) |
Income tax expense | ||||
Total, net of tax |
$ i 5 |
|||||
Unrecognized pension costs: |
||||||
Actuarial losses |
$ i 7 |
Other income | ||||
Total |
i 7 |
|||||
Tax |
( i 2) |
Income tax expense | ||||
Total, net of tax |
$ i 5 |
|||||
Year Ended December 31, 2018 |
||||||
Deferred (gains) and losses on derivatives-hedging activities: |
||||||
Commodity contracts |
$ i 8 |
Net income from discontinued operations | ||||
Interest rate contracts |
i 5 |
Interest and related charges | ||||
Foreign currency contracts |
i 13 |
Other income | ||||
Total |
i 26 |
|||||
Tax |
( i 7) |
Income tax expense | ||||
Total, net of tax |
$ i 19 |
|||||
Unrecognized pension costs: |
||||||
Actuarial losses |
$ i 6 |
Other income | ||||
Total |
i 6 |
|||||
Tax |
( i 2) |
Income tax expense | ||||
Total, net of tax |
$ i 4 |
Shares |
Weighted—average Grant Date Fair Value |
|||||||
(thousands) |
||||||||
Nonvested at December 31, 2016 |
i 886 |
$ i 71.40 |
||||||
Granted |
i 454 |
i 74.24 |
||||||
Vested |
( i 287 |
) | i 68.90 |
|||||
Cancelled and forfeited |
( i 10 |
) | i 72.37 |
|||||
Nonvested at December 31, 2017 |
i 1,043 |
$ i 73.32 |
||||||
Granted |
i 534 |
i 72.92 |
||||||
Vested |
( i 316 |
) | i 73.59 |
|||||
Cancelled and forfeited |
( i 53 |
) | i 74.25 |
|||||
Nonvested at December 31, 2018 |
i 1,208 |
$ i 73.03 |
||||||
Granted |
i 614 |
i 76.49 |
||||||
Vested |
( i 324 |
) |
i 71.75 |
|||||
Cancelled and forfeited |
( i 96 |
) |
i 77.16 |
|||||
Nonvested at December 31, 2019 |
i 1,402 |
$ i 74.77 |
166 |
167 |
168 |
Pension Benefits |
Other Postretirement Benefits |
|||||||||||||||
Year Ended December 31, |
2018 |
2019 |
2018 |
|||||||||||||
(millions, except percentages) |
||||||||||||||||
Dominion Energy |
||||||||||||||||
Changes in benefit obligation: |
||||||||||||||||
Benefit obligation at beginning of year |
$ |
i 8,500 |
$ | i 9,052 |
$ |
i 1,363 |
$ | i 1,529 |
||||||||
Dominion Energy SCANA Combination (See Note 3) |
i 854 |
— |
i 253 |
— |
||||||||||||
Service cost |
i 162 |
i 157 |
i 26 |
i 27 |
||||||||||||
Interest cost |
i 394 |
i 337 |
i 68 |
i 56 |
||||||||||||
Benefits paid |
( i 470 |
) |
( i 358 |
) | ( i 96 |
) |
( i 87 |
) | ||||||||
Actuarial (gains) losses during the year |
i 1,054 |
( i 688 |
) | i 111 |
( i 158 |
) | ||||||||||
Plan amendments |
— |
— |
— |
( i 4 |
) | |||||||||||
Settlements and curtailments (1) |
( i 48 |
) |
— |
i 44 |
— |
|||||||||||
Benefit obligation at end of year |
$ |
i 10,446 |
$ | i 8,500 |
$ |
i 1,769 |
$ | i 1,363 |
||||||||
Changes in fair value of plan assets: |
||||||||||||||||
Fair value of plan assets at beginning of year |
$ |
i 7,197 |
$ | i 8,062 |
$ |
i 1,581 |
$ | i 1,729 |
||||||||
Dominion Energy SCANA Combination (See Note 3) |
i 727 |
— |
— |
— |
||||||||||||
Actual return (loss) on plan assets |
i 1,747 |
( i 513 |
) | i 349 |
( i 92 |
) | ||||||||||
Employer contributions |
i 557 |
i 6 |
i 12 |
i 12 |
||||||||||||
Benefits paid |
( i 470 |
) |
( i 358 |
) | ( i 62 |
) |
( i 68 |
) | ||||||||
Settlements (2) |
( i 127 |
) |
— |
— |
— |
|||||||||||
Fair value of plan assets at end of year |
$ |
i 9,631 |
$ | i 7,197 |
$ |
i 1,880 |
$ | i 1,581 |
||||||||
Funded status at end of year |
$ |
( i 815 |
) |
$ | ( i 1,303 |
) | $ |
i 111 |
$ | i 218 |
||||||
Amounts recognized in the Consolidated Balance Sheets at December 31: |
||||||||||||||||
Noncurrent pension and other postretirement benefit assets |
$ |
i 1,266 |
$ | i 1,003 |
$ |
i 442 |
$ | i 276 |
||||||||
Other current liabilities |
( i 29 |
) |
( i 34 |
) | ( i 17 |
) |
( i 2 |
) | ||||||||
Noncurrent pension and other postretirement benefit liabilities |
( i 2,052 |
) |
( i 2,272 |
) | ( i 314 |
) |
( i 56 |
) | ||||||||
Net amount recognized |
$ |
( i 815 |
) |
$ | ( i 1,303 |
) | $ |
i 111 |
$ | i 218 |
||||||
Significant assumptions used to determine benefit obligations as of December 31: |
||||||||||||||||
Discount rate |
i 3.47%– i 3.63%
|
i 4.42%– i 4.43%
|
i 3.44%– i 3.52%
|
i 4.37%– i 4.38%
|
||||||||||||
Weighted average rate of increase for compensation |
i 4.23% |
i 4.32% |
n/a |
n/a |
||||||||||||
Dominion Energy Gas |
||||||||||||||||
Changes in benefit obligation: |
||||||||||||||||
Benefit obligation at beginning of year |
$ |
i 730 |
$ | i 773 |
$ |
i 256 |
$ | i 290 |
||||||||
Dominion Energy Gas Restructuring (See Note 3) |
( i 468 |
) |
— |
( i 135 |
) |
— |
||||||||||
Service cost |
i 6 |
i 18 |
i 1 |
i 4 |
||||||||||||
Interest cost |
i 11 |
i 29 |
i 5 |
i 11 |
||||||||||||
Benefits paid |
( i 15 |
) |
( i 34 |
) | ( i 8 |
) |
( i 18 |
) | ||||||||
Actuarial (gains) losses during the year |
i 30 |
( i 56 |
) | i 1 |
( i 27 |
) | ||||||||||
Plan amendments |
— |
— |
— |
( i 4 |
) | |||||||||||
Settlements and curtailments (1) |
i 1 |
— |
i 1 |
— |
||||||||||||
Benefit obligation at end of year |
$ |
i 295 |
$ | i 730 |
$ |
i 121 |
$ | i 256 |
||||||||
Changes in fair value of plan assets: |
||||||||||||||||
Fair value of plan assets at beginning of year |
$ |
i 1,656 |
$ | i 1,803 |
$ |
i 311 |
$ | i 333 |
||||||||
Dominion Energy Gas Restructuring |
( i 1,084 |
) |
— |
$ |
( i 126 |
) |
— |
|||||||||
Actual return (loss) on plan assets |
i 129 |
( i 113 |
) | i 38 |
( i 16 |
) | ||||||||||
Employer contributions |
i — |
— |
i 12 |
i 12 |
||||||||||||
Benefits paid |
( i 15 |
) |
( i 34 |
) | ( i 8 |
) |
( i 18 |
) | ||||||||
Fair value of plan assets at end of year |
$ |
i 686 |
$ | i 1,656 |
$ |
i 227 |
$ | i 311 |
||||||||
Funded status at end of year |
$ |
i 391 |
$ | i 926 |
$ |
i 106 |
$ | i 55 |
||||||||
Amounts recognized in the Consolidated Balance Sheets at December 31: |
||||||||||||||||
Noncurrent pension and other postretirement benefit assets |
$ |
i 391 |
$ | i 310 |
$ |
i 106 |
$ | i 63 |
||||||||
Noncurrent assets of discontinued operations |
— |
i 616 |
— |
— |
||||||||||||
Noncurrent liabilities of discontinued operations |
— |
— |
— |
( i 8 |
) | |||||||||||
Net amount recognized |
$ |
i 391 |
$ | i 926 |
$ |
i 106 |
$ | i 55 |
||||||||
Significant assumptions used to determine benefit obligations as of December 31: |
||||||||||||||||
Discount rate |
i 3.63 |
% |
i 4.42 |
% | i 3.44 |
% |
i 4.37 |
% | ||||||||
Weighted average rate of increase for compensation |
i 4.64 |
% |
i 4.55 |
% | n/a |
n/a |
(1) |
2019 amounts relate primarily to a settlement as a result of the voluntary retirement program. |
169 |
Pension Benefits |
Other Postretirement Benefits |
|||||||||||||||
As of December 31, |
2018 |
2019 |
2018 |
|||||||||||||
(millions) |
||||||||||||||||
Dominion Energy |
||||||||||||||||
Benefit obligation |
$ |
i 9,552 |
$ | i 7,705 |
$ |
i 341 |
$ | i 164 |
||||||||
Fair value of plan assets |
i 7,471 |
i 5,398 |
i 10 |
i 136 |
||||||||||||
Dominion Energy Gas |
||||||||||||||||
Benefit obligation |
$ |
— |
$ | — |
$ |
— |
$ | i 134 |
||||||||
Fair value of plan assets |
— |
— |
— |
i 126 |
As of December 31, |
2018 |
|||||||
(millions) |
||||||||
Accumulated benefit obligation |
$ |
i 8,852 |
$ | i 7,056 |
||||
Fair value of plan assets |
i 7,471 |
i 5,398 |
Estimated Future Benefit Payments |
||||||||
Pension Benefits |
Other Postretirement Benefits |
|||||||
(millions) |
||||||||
Dominion Energy |
||||||||
2020 |
$ |
i 535 |
$ |
i 120 |
||||
2021 |
i 472 |
i 117 |
||||||
2022 |
i 511 |
i 116 |
||||||
2023 |
i 519 |
i 114 |
||||||
2024 |
i 536 |
i 113 |
||||||
2025-2029 |
i 2,792 |
i 528 |
||||||
Dominion Energy Gas |
||||||||
2020 |
$ |
i 15 |
$ |
i 8 |
||||
2021 |
i 15 |
i 8 |
||||||
2022 |
i 15 |
i 8 |
||||||
2023 |
i 15 |
i 8 |
||||||
2024 |
i 15 |
i 8 |
||||||
2025-2029 |
i 79 |
i 36 |
170 |
At December 31, |
2018 |
|||||||||||||||||||||||||||||||
Level 1 |
Level 2 |
Level 3 |
Total |
Level 1 |
Level 2 |
Level 3 |
Total |
|||||||||||||||||||||||||
(millions) |
||||||||||||||||||||||||||||||||
Dominion Energy |
||||||||||||||||||||||||||||||||
Cash and cash equivalents |
$ |
i 22 |
$ |
i 1 |
$ — |
$ |
i 23 |
$ | i 17 |
$ | i 1 |
$— |
$ | i 18 |
||||||||||||||||||
Common and preferred stocks: |
||||||||||||||||||||||||||||||||
U.S. (1) |
i 2,284 |
— |
— |
i 2,284 |
i 1,645 |
— |
— |
i 1,645 |
||||||||||||||||||||||||
International |
i 1,634 |
— |
— |
i 1,634 |
i 1,061 |
— |
— |
i 1,061 |
||||||||||||||||||||||||
Insurance contracts |
— |
i 360 |
— |
i 360 |
— |
i 318 |
— |
i 318 |
||||||||||||||||||||||||
Corporate debt instruments |
i 273 |
i 859 |
— |
i 1,132 |
i 23 |
i 729 |
— |
i 752 |
||||||||||||||||||||||||
Government securities |
i 58 |
i 757 |
— |
i 815 |
i 25 |
i 605 |
— |
i 630 |
||||||||||||||||||||||||
Total recorded at fair value |
$ |
i 4,271 |
$ |
i 1,977 |
$— |
$ |
i 6,248 |
$ | i 2,771 |
$ | i 1,653 |
$— |
$ | i 4,424 |
||||||||||||||||||
Assets recorded at NAV (2) : |
||||||||||||||||||||||||||||||||
Common/collective trust funds |
i 2,355 |
i 1,849 |
||||||||||||||||||||||||||||||
Alternative investments: |
||||||||||||||||||||||||||||||||
Real estate funds |
i 91 |
i 108 |
||||||||||||||||||||||||||||||
Private equity funds |
i 787 |
i 633 |
||||||||||||||||||||||||||||||
Debt funds |
i 159 |
i 155 |
||||||||||||||||||||||||||||||
Hedge funds |
i 14 |
i 17 |
||||||||||||||||||||||||||||||
Total recorded at NAV |
$ |
i 3,406 |
$ | i 2,762 |
||||||||||||||||||||||||||||
Total investments (3) |
$ |
i 9,654 |
$ | i 7,186 |
||||||||||||||||||||||||||||
Dominion Energy Gas |
||||||||||||||||||||||||||||||||
Cash and cash equivalents |
$ |
i 1 |
$ |
— |
$ — |
$ |
i 1 |
$ | i 4 |
$ | — |
$— |
$ | i 4 |
||||||||||||||||||
Common and preferred stocks: |
||||||||||||||||||||||||||||||||
U.S. |
i 177 |
— |
— |
i 177 |
i 378 |
— |
— |
i 378 |
||||||||||||||||||||||||
International |
i 114 |
— |
— |
i 114 |
i 244 |
— |
— |
i 244 |
||||||||||||||||||||||||
Insurance contracts |
— |
i 28 |
— |
i 28 |
— |
i 73 |
— |
i 73 |
||||||||||||||||||||||||
Corporate debt instruments |
i 3 |
i 66 |
— |
i 69 |
i 5 |
i 168 |
— |
i 173 |
||||||||||||||||||||||||
Government securities |
i 2 |
i 59 |
— |
i 61 |
i 6 |
i 139 |
— |
i 145 |
||||||||||||||||||||||||
Total recorded at fair value |
$ |
i 297 |
$ |
i 153 |
$— |
$ |
i 450 |
$ | i 637 |
$ | i 380 |
$— |
$ | i 1,017 |
||||||||||||||||||
Assets recorded at NAV (2) : |
||||||||||||||||||||||||||||||||
Common/collective trust funds |
i 157 |
i 425 |
||||||||||||||||||||||||||||||
Alternative investments: |
||||||||||||||||||||||||||||||||
Real estate funds |
i 7 |
i 25 |
||||||||||||||||||||||||||||||
Private equity funds |
i 61 |
i 146 |
||||||||||||||||||||||||||||||
Debt funds |
i 12 |
i 36 |
||||||||||||||||||||||||||||||
Hedge funds |
i 1 |
i 4 |
||||||||||||||||||||||||||||||
Total recorded at NAV |
$ |
i 238 |
$ | i 636 |
||||||||||||||||||||||||||||
Total investments (4) |
$ |
i 688 |
$ | i 1,653 |
(1) |
Includes $ i 508 million of Dominion Energy common stock at December 31, 2019. |
(2) |
These investments that are measured at fair value using the NAV per share (or its equivalent) as a practical expedient which are not required to be categorized in the fair value hierarchy. |
(3) |
Excludes net assets related to pending sales of securities of $ i 52 million, net accrued income of $ i 24 million,
and includes net assets related to pending purchases of securities of $ i 99 million at December 31, 2019. Excludes net assets related to pending sales of securities of $ i 12 million,
net accrued income of $ i 21 million, and includes net assets related to pending purchases of securities of $ i 22 million
at December 31, 2018. |
(4) |
Excludes net assets related to pending sales of securities of $ i 2 million, net accrued income of $ i 2 million,
and includes net assets related to pending purchases of securities of $ i 6 million at December 31, 2019. Excludes net assets related to pending sales of securities of $ i 3 million,
net accrued income of $ i 5 million, and includes net assets related to pending purchases of securities of $ i 5 million
at December 31, 2018. |
171 |
At December 31, |
2018 |
|||||||||||||||||||||||||||||||
Level 1 |
Level 2 |
Level 3 |
Total |
Level 1 |
Level 2 |
Level 3 |
Total |
|||||||||||||||||||||||||
(millions) |
||||||||||||||||||||||||||||||||
Dominion Energy |
||||||||||||||||||||||||||||||||
Cash and cash equivalents |
$ |
i 2 |
$ |
— |
$— |
$ |
i 2 |
$ | i 1 |
$ | i 1 |
$— |
$ | i 2 |
||||||||||||||||||
Common and preferred stocks: |
||||||||||||||||||||||||||||||||
U.S. |
i 719 |
— |
— |
i 719 |
i 554 |
— |
— |
i 554 |
||||||||||||||||||||||||
International |
i 206 |
— |
— |
i 206 |
i 170 |
— |
— |
i 170 |
||||||||||||||||||||||||
Insurance contracts |
— |
i 21 |
— |
i 21 |
— |
i 19 |
— |
i 19 |
||||||||||||||||||||||||
Corporate debt instruments |
i 1 |
i 50 |
— |
i 51 |
i 1 |
i 44 |
— |
i 45 |
||||||||||||||||||||||||
Government securities |
i 2 |
i 44 |
— |
i 46 |
i 2 |
i 37 |
— |
i 39 |
||||||||||||||||||||||||
Total recorded at fair value |
$ |
i 930 |
$ |
i 115 |
$— |
$ |
i 1,045 |
$ | i 728 |
$ | i 101 |
$— |
$ | i 829 |
||||||||||||||||||
Assets recorded at NAV (1) : |
||||||||||||||||||||||||||||||||
Common/collective trust funds |
i 717 |
i 650 |
||||||||||||||||||||||||||||||
Alternative investments: |
||||||||||||||||||||||||||||||||
Real estate funds |
i 8 |
i 10 |
||||||||||||||||||||||||||||||
Private equity funds |
i 100 |
i 80 |
||||||||||||||||||||||||||||||
Debt funds |
i 10 |
i 10 |
||||||||||||||||||||||||||||||
Hedge funds |
i 1 |
i 1 |
||||||||||||||||||||||||||||||
Total recorded at NAV |
$ |
i 836 |
$ | i 751 |
||||||||||||||||||||||||||||
Total investments (2) |
$ |
i 1,881 |
$ | i 1,580 |
||||||||||||||||||||||||||||
Dominion Energy Gas |
||||||||||||||||||||||||||||||||
Common and preferred stocks: |
||||||||||||||||||||||||||||||||
U.S. |
$ |
i 86 |
$ |
— |
$— |
$ |
i 86 |
$ | i 113 |
$ | — |
$— |
$ | i 113 |
||||||||||||||||||
International |
i 21 |
— |
— |
i 21 |
i 30 |
— |
— |
i 30 |
||||||||||||||||||||||||
Total recorded at fair value |
$ |
i 107 |
$ |
— |
$— |
$ |
i 107 |
$ | i 143 |
$ | — |
$— |
$ | i 143 |
||||||||||||||||||
Assets recorded at NAV (1) : |
||||||||||||||||||||||||||||||||
Common/collective trust funds |
i 105 |
i 148 |
||||||||||||||||||||||||||||||
Alternative investments: |
||||||||||||||||||||||||||||||||
Real estate funds |
i 1 |
i 2 |
||||||||||||||||||||||||||||||
Private equity funds |
i 14 |
i 18 |
||||||||||||||||||||||||||||||
Debt funds |
— |
— |
||||||||||||||||||||||||||||||
Total recorded at NAV |
$ |
i 120 |
$ | i 168 |
||||||||||||||||||||||||||||
Total investments |
$ |
i 227 |
$ | i 311 |
(1) |
These investments that are measured at fair value using the NAV per share (or its equivalent) as a practical expedient which are not required to be categorized in the fair value hierarchy. |
(2) |
Excludes net assets related to pending sales of securities of $ i 2 million, net accrued income of $ i 2 million,
and includes net assets related to pending purchases of securities of $ i 5 million at December 31, 2019. Excludes net assets related to pending sales of securities of $ i 1 million,
net accrued income of $ i 2 million, and includes net assets related to pending purchases of securities of $ i 2 million
at December 31, 2018. |
172 |
• | Cash and Cash Equivalents |
• | Common and Preferred Stocks |
• | Insurance Contracts |
• | Corporate Debt Instruments |
• | Government Securities |
• | Common/Collective Trust Funds |
• | Alternative Investments |
173 |
Pension Benefits |
Other Postretirement Benefits |
|||||||||||||||||||||||
Year Ended December 31, |
2018 |
2017 |
2019 |
2018 |
2017 |
|||||||||||||||||||
(millions, except percentages) |
||||||||||||||||||||||||
Dominion Energy |
||||||||||||||||||||||||
Service cost |
$ |
i 162 |
$ | i 157 |
$ | i 138 |
$ |
i 26 |
$ | i 27 |
$ | i 26 |
||||||||||||
Interest cost |
i 394 |
i 337 |
i 345 |
i 68 |
i 56 |
i 60 |
||||||||||||||||||
Expected return on plan assets |
( i 708 |
) |
( i 663 |
) | ( i 639 |
) | ( i 140 |
) |
( i 143 |
) | ( i 128 |
) | ||||||||||||
Amortization of prior service (credit) cost |
i 1 |
i 1 |
i 1 |
( i 52 |
) |
( i 52 |
) | ( i 51 |
) | |||||||||||||||
Amortization of net actuarial loss |
i 172 |
i 193 |
i 162 |
i 10 |
i 11 |
i 13 |
||||||||||||||||||
Settlements and curtailments |
i 72 |
i — |
i — |
i 42 |
i — |
i — |
||||||||||||||||||
Net periodic benefit (credit) cost |
$ |
i 93 |
$ | i 25 |
$ | i 7 |
$ |
( i 46 |
) |
$ | ( i 101 |
) | $ | ( i 80 |
) | |||||||||
Changes in plan assets and benefit obligations recognized in other comprehensive income and regulatory assets and liabilities: |
||||||||||||||||||||||||
Current year net actuarial (gain) loss |
$ |
i 16 |
$ | i 490 |
$ | i 142 |
$ |
( i 98 |
) |
$ | i 78 |
$ | i 12 |
|||||||||||
Prior service (credit) cost |
i — |
i — |
i 5 |
i 2 |
( i 4 |
) | ( i 73 |
) | ||||||||||||||||
Settlements and curtailments |
i 6 |
i — |
i 1 |
i — |
i — |
i 2 |
||||||||||||||||||
Less amounts included in net periodic benefit cost: |
||||||||||||||||||||||||
Amortization of net actuarial loss |
( i 172 |
) |
( i 193 |
) | ( i 162 |
) | ( i 10 |
) |
( i 11 |
) | ( i 13 |
) | ||||||||||||
Amortization of prior service credit (cost) |
( i 1 |
) |
( i 1 |
) | ( i 1 |
) | i 52 |
i 52 |
i 51 |
|||||||||||||||
Total recognized in other comprehensive income and regulatory assets and liabilities |
$ |
( i 151 |
) |
$ | i 296 |
$ | ( i 15 |
) | $ |
( i 54 |
) |
$ | i 115 |
$ | ( i 21 |
) | ||||||||
Significant assumptions used to determine periodic cost: |
||||||||||||||||||||||||
Discount rate |
i 3.57%- i 4.43 |
% |
i 3.80%- i 3.81 |
% | i 3.31%- i 4.50 |
% | i 4.05% - i 4.41 |
% |
i 3.76 |
% | i 3.92%- i 4.47 |
% | ||||||||||||
Expected long-term rate of return on plan assets |
i 7.00%- i 8.65 |
% |
i 8.75 |
% | i 8.75 |
% | i 8.50 |
% |
i 8.50 |
% | i 8.50 |
% | ||||||||||||
Weighted average rate of increase for compensation |
i 4.20 |
% |
i 4.09 |
% | i 4.09 |
% | n/a |
n/a |
n/a |
|||||||||||||||
Healthcare cost trend rate (1) |
i 6.50% - i 6.60 |
% |
i 7.00 |
% | i 7.00 |
% | ||||||||||||||||||
Rate to which the cost trend rate is assumed to decline (the ultimate trend rate) (1) |
i 5.00 |
% |
i 5.00 |
% | i 5.00 |
% | ||||||||||||||||||
Year that the rate reaches the ultimate trend rate (1) |
i 2023- i 2025 |
i 2022 |
i 2021 |
|||||||||||||||||||||
Dominion Energy Gas (2) |
||||||||||||||||||||||||
Service cost |
$ |
i 6 |
$ | i 18 |
$ | i 15 |
$ |
i 1 |
$ | i 4 |
$ | i 4 |
||||||||||||
Interest cost |
i 11 |
i 29 |
i 30 |
i 5 |
i 11 |
i 12 |
||||||||||||||||||
Expected return on plan assets |
( i 54 |
) |
( i 150 |
) | ( i 141 |
) | ( i 16 |
) |
( i 28 |
) | ( i 24 |
) | ||||||||||||
Amortization of prior service (credit) cost |
i — |
i — |
i — |
( i 5 |
) |
( i 4 |
) | ( i 3 |
) | |||||||||||||||
Amortization of net actuarial loss |
i 7 |
i 19 |
i 16 |
i 3 |
i 3 |
i 2 |
||||||||||||||||||
Settlements and curtailments |
i 1 |
— |
— |
i 1 |
— |
— |
||||||||||||||||||
Net periodic benefit (credit) cost |
$ |
( i 29 |
) |
$ | ( i 84 |
) | $ | ( i 80 |
) | $ |
( i 11 |
) |
$ | ( i 14 |
) | $ | ( i 9 |
) | ||||||
Changes in plan assets and benefit obligations recognized in other comprehensive income and regulatory assets and liabilities: |
||||||||||||||||||||||||
Current year net actuarial (gain) loss |
$ |
( i 46 |
) |
$ | i 207 |
$ | ( i 75 |
) | $ |
( i 21 |
) |
$ | i 16 |
$ | i 18 |
|||||||||
Prior service cost |
i — |
i — |
i — |
i — |
( i 4 |
) | ( i 61 |
) | ||||||||||||||||
Less amounts included in net periodic benefit cost: |
||||||||||||||||||||||||
Amortization of net actuarial loss |
( i 7 |
) |
( i 19 |
) | ( i 16 |
) | ( i 3 |
) |
( i 3 |
) | ( i 2 |
) | ||||||||||||
Amortization of prior service credit (cost) |
— |
— |
— |
i 5 |
i 4 |
i 3 |
||||||||||||||||||
Total recognized in other comprehensive income and regulatory assets and liabilities |
$ |
( i 53 |
) |
$ | i 188 |
$ | ( i 91 |
) | $ |
( i 19 |
) |
$ | i 13 |
$ | ( i 42 |
) | ||||||||
Significant assumptions used to determine periodic cost: |
||||||||||||||||||||||||
Discount rate |
i 4.10%- i 4.42 |
% |
i 3.81 |
% | i 4.50 |
% | i 4.05%- i 4.37
|
% |
i 3.81 |
% | i 4.47 |
% | ||||||||||||
Expected long-term rate of return on plan assets |
i 8.65 |
% |
i 8.75 |
% | i 8.75 |
% | i 8.50 |
% |
i 8.50 |
% | i 8.50 |
% | ||||||||||||
Weighted average rate of increase for compensation |
i 4.55 |
% |
i 4.11 |
% | i 4.11 |
% | n/a |
n/a |
n/a |
|||||||||||||||
Healthcare cost trend rate (1) |
i 6.50 |
% |
i 7.00 |
% | i 7.00 |
% | ||||||||||||||||||
Rate to which the cost trend rate is assumed to decline (the ultimate trend rate) (1) |
i 5.00 |
% |
i 5.00 |
% | i 5.00 |
% | ||||||||||||||||||
Year that the rate reaches the ultimate trend rate (1) |
i 2025 |
i 2022 |
i 2021 |
(1) |
Assumptions used to determine net periodic cost for the following year. |
(2) |
Amounts related to East Ohio are presented within discontinued operations. |
174 |
Pension Benefits |
Other Postretirement Benefits |
|||||||||||||||
At December 31, |
2018 |
2019 |
2018 |
|||||||||||||
(millions) |
||||||||||||||||
Dominion Energy |
||||||||||||||||
Net actuarial loss |
$ |
i 3,327 |
$ | i 3,477 |
$ |
i 241 |
$ | i 350 |
||||||||
Prior service (credit) cost |
i 5 |
i 7 |
( i 339 |
) |
( i 393 |
) | ||||||||||
Total (1) |
$ |
i 3,332 |
$ | i 3,484 |
$ |
( i 98 |
) |
$ | ( i 43 |
) | ||||||
Dominion Energy Gas |
||||||||||||||||
Net actuarial loss |
$ |
i 150 |
$ | i 555 |
$ |
i 44 |
$ | i 89 |
||||||||
Prior service (credit) cost |
i — |
i — |
( i 49 |
) |
( i 52 |
) | ||||||||||
Total (2) |
$ |
i 150 |
$ | i 555 |
$ |
( i 5 |
) |
$ | i 37 |
(1) |
As of December 31, 2019, of the $ i 3.3 billion and $( i 98)
million related to pension benefits and other postretirement benefits, $ i 2.0 billion and $( i 65)
million, respectively, are included in AOCI, with the remainder included in regulatory assets and liabilities. As of December 31, 2018, of the $ i 3.5 billion and $( i 43)
million related to pension benefits and other postretirement benefits, $ i 2.0 billion and $( i 41)
million, respectively, are included in AOCI, with the remainder included in regulatory assets and liabilities. |
(2) |
As of December 31, 2019, of the $ i 150 million related to pension benefits, $ i 147 million
is included in AOCI, with the remainder included in regulatory assets and liabilities; the $( i 5) million related to other postretirement benefits is included entirely in regulatory assets and liabilities. As of December 31,
2018, of the $ i 555 million related to pension benefits, $ i 200 million
is included in AOCI, with the remainder included in noncurrent assets of discontinued operations; of the $ i 37 million related to other postretirement benefits, $ i 22 million
is included in noncurrent assets of discontinued operations with the remainder included in regulatory assets and liabilities. |
Pension Benefits |
Other Postretirement Benefits |
|||||||
(millions) |
||||||||
Dominion Energy |
||||||||
Net actuarial loss |
$ i 194 |
$ i 5 |
||||||
Prior service (credit) cost |
i 1 |
( i 50 |
) | |||||
Dominion Energy Gas |
||||||||
Net actuarial loss |
$ i 7 |
$ i 2 |
||||||
Prior service (credit) cost |
i — |
( i 5 |
) |
• | Expected inflation and risk-free interest rate assumptions; |
• | Historical return analysis to determine long term historic returns as well as historic risk premiums for various asset classes; |
• | Expected future risk premiums, asset classes’ volatilities and correlations; |
• | Forward-looking return expectations derived from the yield on long-term bonds and the expected long-term returns of major capital market assumptions; and |
• | Investment allocation of plan assets. |
Other Postretirement Benefits |
||||||||
One percentage point increase |
One percentage point decrease |
|||||||
(millions) |
||||||||
Dominion Energy |
||||||||
Effect on net periodic cost for 2020 |
$ i 20 |
$( i 11) |
||||||
Effect on other postretirement benefit obligation at December 31, 2019 |
i 153 |
( i 128) |
||||||
Dominion Energy Gas |
||||||||
Effect on net periodic cost for 2020 |
$ i 2 |
$( i 2) |
||||||
Effect on other postretirement benefit obligation at December 31, 2019 |
i 14 |
( i 12) |
175 |
176 |
177 |
178 |
179 |
180 |
181 |
182 |
183 |
Coverage |
||||
(billions) |
||||
Dominion Energy |
||||
Millstone |
$ |
i 1.70 |
||
Kewaunee |
i 0.05 |
|||
Summer |
i 2.75 |
|||
Virginia Power (1) |
||||
Surry |
$ |
i 1.70 |
||
North Anna |
i 1.70 |
(1) |
Surry and North Anna share a blanket property limit of $200 million. |
184 |
2020 |
2021 |
2022 |
2023 |
2024 |
Thereafter |
Total |
||||||||||||||||||||||
(millions) |
||||||||||||||||||||||||||||
Purchased electric capacity (1) |
$ i 45 |
$ i 44 |
$ i 44 |
$ i 44 |
$ i 44 |
$ i 494 |
$ i 715 |
(1) |
Commitments represent estimated amounts payable for energy under power purchase contracts with qualifying facilities which expire at various dates through 2046. Energy payments are generally based on fixed dollar amounts per month and totaled $ i 29 million for the year ended December 31, 2019. |
185 |
Maximum Exposure |
||||
(millions) |
||||
Commodity transactions (1) |
$ |
i 2,215 |
||
Nuclear obligations (2) |
i 182 |
|||
Cove Point (3) |
i 1,900 |
|||
Solar (4) |
i 477 |
|||
Other (5) |
i 377 |
|||
Total (6) |
$ |
i 5,151 |
(1) |
Guarantees related to commodity commitments of certain subsidiaries. These guarantees were provided to counterparties in order to facilitate physical and financial transaction related commodities and services. |
(2) |
Guarantees primarily related to certain DGI subsidiaries’ regarding all aspects of running a nuclear facility. |
(3) |
Guarantees related to Cove Point, in support of terminal services, transportation and construction. Cove Point has two guarantees that have no maximum limit and, therefore, are not included in this amount. |
(4) |
Includes guarantees to facilitate the development of solar projects. Also includes guarantees entered into by DGI on behalf of certain subsidiaries to facilitate the acquisition and development of solar projects. |
(5) |
Guarantees related to other miscellaneous contractual obligations such as leases, environmental obligations, construction projects and insurance programs. Due to the uncertainty of worker’s compensation claims, the parental guarantee has no stated limit. |
(6) |
Excludes Dominion Energy’s guarantees for the new corporate office properties discussed further within Note 15. |
186 |
187 |
Year Ended December 31, |
2018 |
2017 |
||||||||||
(millions) |
||||||||||||
Commodity purchases from affiliates |
$ |
i 690 |
$ | i 930 |
$ | i 674 |
||||||
Services provided by affiliates (1) |
i 503 |
i 450 |
i 453 |
|||||||||
Services provided to affiliates |
i 24 |
i 24 |
i 25 |
(1) |
Includes capitalized expenditures of $ i 133 million, $ i 145 million
and $ i 144 million for the year ended December 31, 2019, 2018 and 2017, respectively. |
Year Ended December 31, |
2018 |
2017 |
||||||||||
(millions) |
||||||||||||
Sales of natural gas and transportation and storage services |
$ |
i 249 |
$ | i 168 |
$ | i 173 |
||||||
Purchases of natural gas and transportation and storage services |
i 12 |
— |
i 10 |
|||||||||
Services provided by related parties (1) |
i 226 |
i 169 |
i 193 |
|||||||||
Services provided to related parties (2) |
i 164 |
i 260 |
i 190 |
(1) |
Includes capitalized expenditures of $ i 19 million, $ i 37 million
and $ i 53 million for the year ended December 31, 2019, 2018 and 2017, respectively. |
(2) |
Amounts primarily attributable to Atlantic Coast Pipeline, a related party VIE. |
At December 31, |
2018 |
|||||||
(millions) |
||||||||
Other receivables (1) |
$ |
i 7 |
$ | i 13 |
||||
Imbalances receivable from affiliates |
i 8 |
i 16 |
||||||
Imbalances payable from affiliates (2) |
i 1 |
i 4 |
||||||
Other deferred charges and other assets |
i 12 |
— |
(1) |
Represents amounts due from Atlantic Coast Pipeline, a related party VIE. |
(2) |
Amounts are presented in other current liabilities in Dominion Energy Gas’ Consolidated Balance Sheets. |
188 |
Primary Operating Segment |
Description of Operations |
Dominion Energy |
Virginia Power |
Dominion Energy Gas | ||||
Dominion Energy Virginia |
Regulated electric distribution |
X |
X |
|||||
Regulated electric transmission |
X |
X |
||||||
Regulated electric generation fleet (1) |
X |
X |
||||||
Gas Transmission & Storage |
Regulated gas transmission and storage (2) |
X |
X | |||||
LNG terminalling and storage |
X |
X | ||||||
Nonregulated retail energy marketing |
X |
|||||||
Gas Distribution |
Regulated gas distribution and storage (3) |
X |
||||||
Dominion Energy South Carolina |
Regulated electric distribution |
X |
||||||
Regulated electric transmission |
X |
|||||||
Regulated electric generation fleet |
X |
|||||||
Regulated gas distribution and storage |
X |
|||||||
Contracted Generation |
Merchant electric generation fleet |
X |
189 |
(1) |
Includes Virginia Power’s nonjurisdictional generation operations. |
(2) |
Includes gathering and processing activities. |
(3) |
Includes Wexpro’s natural gas development and production operations. |
• | A $ i 1.0 billion ($ i 756 million
after-tax) charge for refunds of amounts previously collected from retail electric customers of DESC for the NND Project, attributable to Dominion Energy South Carolina; |
• | $ i 641 million ($ i 480 million
after-tax) of charges associated with litigation acquired in the SCANA Combination, attributable to Dominion Energy South Carolina; |
• | $ i 484 million ($ i 315 million
after-tax) of charges for merger and integration-related costs associated with the SCANA Combination, including a $ i 444 million ($ i 332 million
after-tax) charge related to a voluntary retirement program, attributable to: |
• |
Dominion Energy Virginia ($ i 151 million after-tax); |
• |
Gas Distribution ($ i 56 million after-tax); |
• |
Dominion Energy South Carolina ($ i 75 million after-tax); and |
• |
Contracted Generation ($ i 38 million after-tax); partially offset by |
• |
Gas Transmission & Storage ($ i 5 million after-tax benefit); |
• | A $ i 346 million ($ i 257 million
after-tax) charge related to the early retirement of certain Virginia Power electric generation facilities, attributable to Dominion Energy Virginia; |
• | A $ i 194 million tax charge for $ i 258 million
of income tax-related regulatory assets acquired in the SCANA Combination for which Dominion Energy committed to forgo recovery, attributable to Dominion Energy South Carolina; |
• | A $ i 160 million ($ i 119 million
after-tax) charge related to Virginia Power’s planned early retirement of certain automated meter reading infrastructure, attributable to Dominion Energy Virginia; |
• | A $ i 135 million ($ i 100 million
after-tax) charge related to Virginia Power’s contract termination with a non-utility generator, attributable to Dominion Energy Virginia; |
• | A $ i 114 million ($ i 86 million
after-tax) charge for property, plant and equipment acquired in the SCANA Combination primarily for which Dominion Energy committed to forgo recovery, attributable to Dominion Energy South Carolina; partially offset by |
• | A $ i 553 million ($ i 411 million after-tax)
net gain related to investments in nuclear decommissioning trust funds attributable to: |
• |
Dominion Energy Virginia ($ i 49 million after-tax); and |
• |
Contracted Generation ($ i 362 million after-tax); and |
• | A $ i 113 million ($ i 84 million
after-tax) benefit from the revision of future ash pond and landfill closure costs as a result of Virginia legislation enacted in March 2019, attributable to Dominion Energy Virginia. |
• | A $ i 219 million ($ i 164 million
after-tax) charge related to the impairment of certain gathering and processing assets attributable to Gas Transmission & Storage; |
• | A $ i 215 million ($ i 160 million
after-tax) charge associated with Virginia legislation enacted in March 2018 that requires one-time rate credits of certain amounts to utility customers, attributable to Dominion Energy Virginia; |
• | A $ i 170 million ($ i 134 million after-tax)
net loss related to our investments in nuclear decommissioning trust funds attributable to: |
• |
Dominion Energy Virginia ($ i 14 million after-tax); and |
• |
Contracted Generation ($ i 120 million after-tax); |
• | A $ i 124 million ($ i 88 million
after-tax) charge for disallowance of FERC-regulated plant attributable to Gas Transmission & Storage; |
• | An $ i 81 million ($ i 60 million
after-tax) charge associated primarily with the asset retirement obligations for ash ponds and landfills at certain utility generation facilities in connection with the enactment of Virginia legislation in April 2018 attributable to Dominion Energy Virginia; and |
• | A $ i 70 million ($ i 52 million
after-tax) charge associated with major storm damage and service restoration attributable to Dominion Energy Virginia; partially offset by |
• | An $ i 828 million ($ i 619 million
after-tax) benefit associated with the sale of certain merchant generation facilities and equity method investments attributable to: |
• |
Contracted Generation ($ i 229 million after-tax); and |
• |
Gas Transmission & Storage ($ i 390 million after-tax). |
• | A $ i 1.0 billion tax benefit resulting from the remeasurement of deferred income taxes as a result of the 2017 Tax Reform Act, primarily attributable to: |
• |
Dominion Energy Virginia ($ i 83 million); |
• |
Gas Transmission & Storage ($ i 302 million); |
• |
Gas Distribution ($ i 56 million); |
• |
Contracted Generation ($ i 569 million); partially offset by |
• | $ i 158 million ($ i 96 million
after-tax) of charges associated with equity method investments in wind-powered generation facilities, attributable to Contracted Generation. |
190 |
Year Ended December 31, |
Dominion Energy Virginia |
Gas Transmission & Storage |
Gas Distribution |
Dominion Energy South Carolina |
Contracted Generation |
Corporate and Other |
Adjustments & Eliminations |
Consolidated Total |
||||||||||||||||||||||||
(millions) |
||||||||||||||||||||||||||||||||
2019 |
||||||||||||||||||||||||||||||||
Total revenue from external customers |
$ i 8,170 |
$ i 3,074 |
$ i 2,367 |
$ i 2,948 |
$ i 1,135 |
$( i 1,122 |
) |
$ — |
$ i 16,572 |
|||||||||||||||||||||||
Intersegment revenue |
( i 13 |
) |
i 247 |
i 18 |
i 4 |
i 15 |
i 1,199 |
( i 1,470 |
) |
— |
||||||||||||||||||||||
Total operating revenue |
i 8,157 |
i 3,321 |
i 2,385 |
i 2,952 |
i 1,150 |
i 77 |
( i 1,470 |
) |
i 16,572 |
|||||||||||||||||||||||
Depreciation, depletion and amortization |
i 1,216 |
i 400 |
i 335 |
i 452 |
i 179 |
i 73 |
— |
i 2,655 |
||||||||||||||||||||||||
Equity in earnings of equity method investees |
— |
i 161 |
i 2 |
( i 4 |
) |
( i 1 |
) |
i 10 |
— |
i 168 |
||||||||||||||||||||||
Interest income |
i 11 |
i 211 |
i 4 |
i 9 |
i 92 |
i 160 |
( i 386 |
) |
i 101 |
|||||||||||||||||||||||
Interest and related charges |
i 530 |
i 405 |
i 116 |
i 242 |
i 98 |
i 768 |
( i 386 |
) |
i 1,773 |
|||||||||||||||||||||||
Income tax expense (benefit) |
i 482 |
i 262 |
i 114 |
i 163 |
i 20 |
( i 690 |
) |
— |
i 351 |
|||||||||||||||||||||||
Net income (loss) attributable to Dominion Energy |
i 1,786 |
i 934 |
i 488 |
i 430 |
i 276 |
( i 2,556 |
) |
— |
i 1,358 |
|||||||||||||||||||||||
Investment in equity method investees |
— |
i 1,517 |
i 32 |
— |
i 74 |
i 23 |
— |
i 1,646 |
||||||||||||||||||||||||
Capital expenditures |
i 3,002 |
i 431 |
i 848 |
i 562 |
i 367 |
i 111 |
— |
i 5,321 |
||||||||||||||||||||||||
Total assets (billions) |
i 43.7 |
i 20.9 |
i 16.0 |
i 15.8 |
i 10.2 |
i 6.9 |
( i 9.7 |
) |
i 103.8 |
|||||||||||||||||||||||
2018 |
||||||||||||||||||||||||||||||||
Total revenue from external customers |
$ i 8,401 |
$ i 1,867 |
$ i 1,769 |
$ — |
$ i 1,487 |
$ ( i 249 |
) | $ i 91 |
$ i 13,366 |
|||||||||||||||||||||||
Intersegment revenue |
( i 552 |
) | i 723 |
i 16 |
— |
i 8 |
i 723 |
( i 918 |
) | — |
||||||||||||||||||||||
Total operating revenue |
i 7,849 |
i 2,590 |
i 1,785 |
— |
i 1,495 |
i 474 |
( i 827 |
) | i 13,366 |
|||||||||||||||||||||||
Depreciation, depletion and amortization |
i 1,158 |
i 348 |
i 263 |
— |
i 213 |
i 18 |
— |
i 2,000 |
||||||||||||||||||||||||
Equity in earnings of equity method investees |
— |
i 178 |
— |
— |
i 18 |
i 1 |
— |
i 197 |
||||||||||||||||||||||||
Interest income |
i 10 |
i 143 |
— |
— |
i 80 |
i 122 |
( i 271 |
) | i 84 |
|||||||||||||||||||||||
Interest and related charges |
i 516 |
i 262 |
i 79 |
— |
i 124 |
i 784 |
( i 272 |
) | i 1,493 |
|||||||||||||||||||||||
Income tax expense (benefit) |
i 380 |
i 236 |
i 95 |
— |
i 75 |
( i 206 |
) | — |
i 580 |
|||||||||||||||||||||||
Net income (loss) attributable to Dominion Energy |
i 1,596 |
i 844 |
i 373 |
— |
i 245 |
( i 611 |
) | — |
i 2,447 |
|||||||||||||||||||||||
Investment in equity method investees |
— |
i 1,159 |
— |
— |
i 82 |
i 37 |
— |
i 1,278 |
||||||||||||||||||||||||
Capital expenditures |
i 2,640 |
i 765 |
i 647 |
— |
i 247 |
i 106 |
— |
i 4,405 |
||||||||||||||||||||||||
Total assets (billions) |
i 39.1 |
i 22.6 |
i 11.8 |
— |
i 9.0 |
i 8.3 |
( i 12.9 |
) | i 77.9 |
|||||||||||||||||||||||
2017 |
||||||||||||||||||||||||||||||||
Total revenue from external customers |
$ i 8,254 |
$ i 1,054 |
$ i 1,778 |
$ — |
$ i 1,345 |
$ ( i 27 |
) | $ i 182 |
$ i 12,586 |
|||||||||||||||||||||||
Intersegment revenue |
( i 688 |
) | i 946 |
i 17 |
— |
i 9 |
i 724 |
( i 1,008 |
) | — |
||||||||||||||||||||||
Total operating revenue |
i 7,566 |
i 2,000 |
i 1,795 |
— |
i 1,354 |
i 697 |
( i 826 |
) | i 12,586 |
|||||||||||||||||||||||
Depreciation, depletion and amortization |
i 1,141 |
i 260 |
i 258 |
— |
i 200 |
i 46 |
— |
i 1,905 |
||||||||||||||||||||||||
Equity in earnings of equity method investees |
— |
i 158 |
— |
— |
( i 171 |
) | ( i 5 |
) | — |
( i 18 |
) | |||||||||||||||||||||
Interest income |
i 19 |
i 114 |
— |
— |
i 77 |
i 94 |
( i 222 |
) | i 82 |
|||||||||||||||||||||||
Interest and related charges |
i 497 |
i 100 |
i 72 |
— |
i 110 |
i 648 |
( i 222 |
) | i 1,205 |
|||||||||||||||||||||||
Income tax expense (benefit) |
i 865 |
i 291 |
i 195 |
— |
( i 160 |
) | ( i 1,221 |
) | — |
( i 30 |
) | |||||||||||||||||||||
Net income (loss) attributable to Dominion Energy |
i 1,466 |
i 552 |
i 351 |
— |
i 253 |
i 377 |
— |
i 2,999 |
||||||||||||||||||||||||
Capital expenditures |
i 2,726 |
i 1,489 |
i 452 |
— |
i 979 |
i 263 |
— |
i 5,909 |
191 |
• | A $ i 346 million ($ i 257 million
after-tax) charge related to the early retirement of certain electric generation facilities; |
• | A $ i 198 million ($ i 146 million
after-tax) charge related to a voluntary retirement program; |
• | A $ i 160 million ($ i 119 million
after-tax) charge related to the planned early retirement of certain automated meter reading infrastructure; |
• | A $ i 135 million ($ i 100 million
after-tax) charge related to a contract termination with a non-utility generator; and |
• | A $ i 62 million ($ i 46 million
after-tax) charge related to the abandonment of a project at an electric generating facility, partially offset by |
• | A $ i 113 million ($ i 84 million
after-tax) benefit from the revision of future ash pond and landfill closure costs as a result of Virginia legislation enacted in March 2019. |
• | A $ i 215 million ($ i 160 million
after-tax) charge associated with Virginia legislation enacted in March 2018 that requires one-time rate credits of certain amounts to utility customers; |
• | An $ i 81 million ($ i 60 million
after-tax) charge associated primarily with the asset retirement obligations for ash ponds and landfills at certain utility generation facilities in connection with the enactment of Virginia legislation in April 2018; and |
• | A $ i 70 million ($ i 52 million
after-tax) charge associated with major storm damage and service restoration. |
• | A $ i 93 million tax benefit resulting from the remeasurement of deferred income taxes as a result of the 2017 Tax Reform Act. |
Year Ended December 31, |
Dominion Energy Virginia |
Corporate and Other |
Consolidated Total |
|||||||||
(millions) |
||||||||||||
2019 |
||||||||||||
Operating revenue |
$ i 8,137 |
$ ( i 29 |
) |
$ i 8,108 |
||||||||
Depreciation and amortization |
i 1,215 |
i 8 |
i 1,223 |
|||||||||
Interest income |
i 11 |
— |
i 11 |
|||||||||
Interest expense (benefit) and related charges |
i 529 |
( i 5 |
) |
i 524 |
||||||||
Income tax expense (benefit) |
i 481 |
( i 217 |
) |
i 264 |
||||||||
Net income (loss) |
i 1,783 |
( i 634 |
) |
i 1,149 |
||||||||
Capital expenditures |
i 2,981 |
— |
i 2,981 |
|||||||||
Total assets (billions) |
i 41.4 |
— |
i 41.4 |
|||||||||
2018 |
||||||||||||
Operating revenue |
$ i 7,835 |
$( i 216 |
) | $ i 7,619 |
||||||||
Depreciation and amortization |
i 1,157 |
( i 25 |
) | i 1,132 |
||||||||
Interest income (expense) |
i 10 |
— |
i 10 |
|||||||||
Interest expense (benefit) and related charges |
i 516 |
( i 5 |
) | i 511 |
||||||||
Income tax expense (benefit) |
i 378 |
( i 78 |
) | i 300 |
||||||||
Net income (loss) |
i 1,594 |
( i 312 |
) | i 1,282 |
||||||||
Capital expenditures |
i 2,542 |
— |
i 2,542 |
|||||||||
Total assets (billions) |
i 37.0 |
( i 0.1 |
) | i 36.9 |
||||||||
2017 |
||||||||||||
Operating revenue |
$ i 7,556 |
$ — |
$ i 7,556 |
|||||||||
Depreciation and amortization |
i 1,141 |
— |
i 1,141 |
|||||||||
Interest income (expense) |
i 19 |
— |
i 19 |
|||||||||
Interest expense (benefit) and related charges |
i 497 |
( i 3 |
) | i 494 |
||||||||
Income tax expense (benefit) |
i 868 |
( i 94 |
) | i 774 |
||||||||
Net income |
i 1,466 |
i 74 |
i 1,540 |
|||||||||
Capital expenditures |
i 2,729 |
— |
i 2,729 |
192 |
• | A $ i 48 million tax benefit resulting from changes in tax status of certain subsidiaries in connection with the Dominion Energy Gas Restructuring ; and |
• | A $ i 42 million ($ i 31 million
after-tax) charge related to a voluntary retirement program. |
Year Ended December 31, |
Gas Transmission & Storage |
Corporate and Other |
Consolidated Total |
|||||||||
(millions) |
||||||||||||
2019 |
||||||||||||
Operating revenue |
$ i 2,186 |
$ ( i 17 |
) |
$ i 2,169 |
||||||||
Depreciation and amortization |
i 367 |
— |
i 367 |
|||||||||
Equity in earnings of equity method investees |
i 43 |
— |
i 43 |
|||||||||
Interest income |
i 105 |
i — |
i 105 |
|||||||||
Interest and related charges |
i 309 |
i 2 |
i 311 |
|||||||||
Income tax expense (benefit) |
i 170 |
( i 69 |
) |
i 101 |
||||||||
Net Income from discontinued operations |
— |
i 141 |
i 141 |
|||||||||
Net Income attributable to Dominion Energy Gas |
i 594 |
i 127 |
i 721 |
|||||||||
Investment in equity method investees |
i 312 |
— |
i 312 |
|||||||||
Capital expenditures |
i 391 |
i 313 |
i 704 |
|||||||||
Total assets (billions) |
i 18.8 |
i — |
i 18.8 |
|||||||||
2018 |
||||||||||||
Operating revenue |
$ i 1,996 |
$ — |
$ i 1,996 |
|||||||||
Depreciation and amortization |
i 333 |
— |
i 333 |
|||||||||
Equity in earnings of equity method investees |
i 54 |
— |
i 54 |
|||||||||
Interest income |
i 26 |
— |
i 26 |
|||||||||
Interest and related charges |
i 173 |
i 1 |
i 174 |
|||||||||
Income tax expense (benefit) |
i 226 |
( i 102 |
) | i 124 |
||||||||
Net Income from discontinued operations |
— |
i 24 |
i 24 |
|||||||||
Net Income (loss) attributable to Dominion Energy Gas |
i 571 |
( i 90 |
) | i 481 |
||||||||
Investment in equity method investees |
i 339 |
— |
i 339 |
|||||||||
Capital expenditures |
i 749 |
i 360 |
i 1,109 |
|||||||||
Total assets (billions) |
i 19.9 |
i 6.9 |
i 26.8 |
|||||||||
2017 |
||||||||||||
Operating revenue |
$ i 1,523 |
$ — |
$ i 1,523 |
|||||||||
Depreciation and amortization |
i 242 |
— |
i 242 |
|||||||||
Equity in earnings of equity method investees |
i 47 |
— |
i 47 |
|||||||||
Interest income |
i 4 |
— |
i 4 |
|||||||||
Interest and related charges |
i 60 |
— |
i 60 |
|||||||||
Income tax expense (benefit) |
i 189 |
( i 254 |
) | ( i 65 |
) | |||||||
Net Income from discontinued operations |
— |
i 163 |
i 163 |
|||||||||
Net Income attributable to Dominion Energy Gas |
i 314 |
i 389 |
i 703 |
|||||||||
Capital expenditures |
i 1,459 |
i 356 |
i 1,815 |
193 |
First Quarter |
Second Quarter |
Third Quarter |
Fourth Quarter |
|||||||||||||
(millions) |
||||||||||||||||
2019 |
||||||||||||||||
Operating revenue |
$ |
i 3,858 |
$ |
i 3,970 |
$ |
i 4,269 |
$ |
i 4,475 |
||||||||
Income (loss) from operations |
( i 482 |
) |
i 461 |
i 1,314 |
i 1,221 |
|||||||||||
Net income (loss) including noncontrolling interests |
( i 677 |
) |
i 58 |
i 985 |
i 1,010 |
|||||||||||
Net income (loss) attributable to Dominion Energy |
( i 680 |
) |
i 54 |
i 975 |
i 1,009 |
|||||||||||
Basic EPS: |
||||||||||||||||
Net income (loss) attributable to Dominion Energy |
( i 0.86 |
) |
i 0.07 |
i 1.19 |
i 1.22 |
|||||||||||
Diluted EPS: |
||||||||||||||||
Net income (loss) attributable to Dominion Energy |
( i 0.86 |
) |
i 0.05 |
i 1.17 |
i 1.21 |
|||||||||||
Dividends per share (Series A Preferred Stock) |
— |
i 0.729 |
i 4.375 |
i 4.375 |
||||||||||||
Dividends per share (Series B Preferred Stock) |
— |
— |
— |
i 1.9375 |
||||||||||||
Dividends declared per common share |
i 0.9175 |
i 0.9175 |
i 0.9175 |
i 0.9175 |
||||||||||||
2018 |
||||||||||||||||
Operating revenue |
$ | i 3,466 |
$ | i 3,088 |
$ | i 3,451 |
$ | i 3,361 |
||||||||
Income from operations |
i 875 |
i 742 |
i 1,150 |
i 834 |
||||||||||||
Net income including noncontrolling interests |
i 526 |
i 478 |
i 883 |
i 662 |
||||||||||||
Net income attributable to Dominion Energy |
i 503 |
i 449 |
i 854 |
i 641 |
||||||||||||
Basic EPS: |
||||||||||||||||
Net income attributable to Dominion Energy |
i 0.77 |
i 0.69 |
i 1.31 |
i 0.97 |
||||||||||||
Diluted EPS: |
||||||||||||||||
Net income attributable to Dominion Energy |
i 0.77 |
i 0.69 |
i 1.30 |
i 0.97 |
||||||||||||
Dividends declared per common share |
i 0.835 |
i 0.835 |
i 0.835 |
i 0.835 |
• | Fourth quarter results include a $ i 244 million after-tax charge related to litigation acquired in the SCANA Combination, offset by a $ i 150 million net gain related to nuclear decommissioning trust funds. |
• | Second quarter results include a $ i 316 million after-tax charge related to a voluntary retirement program, a $ i 100 million after-tax charge related to a contract termination with a non-utility generator and a $ i 75 million after-tax charge for litigation acquired in the SCANA Combination. |
• | First quarter results include $ i 1.3 billion of after-tax merger and integration-related costs related to the SCANA Combination (inclusive of a $ i 756
million after-tax charge for refunds of amounts previously collected from retail electric customers of DESC for the NND Project, a $ i 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 $ i 134
million after-tax charge for litigation acquired in the SCANA Combination) and a $ i 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 $ i 197
million after-tax net gain related to nuclear decommissioning trust funds and an $ i 84 million after-tax revision to future ash ponds and landfill closure costs. |
• | Fourth quarter results include $ i 536 million of after-tax gains from the sale of certain merchant generation facilities and equity method investments partially offset by a $ i 164 million
after-tax impairment charge for certain gathering and processing assets. |
• | Second quarter results include an $ i 89 million after-tax charge for disallowance of FERC-regulated plant. |
• | First quarter results include a $ i 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. |
First Quarter |
Second Quarter |
Third Quarter |
Fourth Quarter |
|||||||||||||
(millions) |
||||||||||||||||
2019 |
||||||||||||||||
Operating revenue |
$ |
i 1,965 |
$ |
i 1,938 |
$ |
i 2,264 |
$ |
i 1,941 |
||||||||
Income from operations |
i 122 |
i 238 |
i 820 |
i 659 |
||||||||||||
Net income |
i 20 |
i 100 |
i 602 |
i 427 |
||||||||||||
2018 |
||||||||||||||||
Operating revenue |
$ | i 1,748 |
$ | i 1,829 |
$ | i 2,232 |
$ | i 1,810 |
||||||||
Income from operations |
i 364 |
i 533 |
i 756 |
i 418 |
||||||||||||
Net income |
i 184 |
i 339 |
i 520 |
i 239 |
• | Second quarter results include a $ i 144 million after-tax charge related to a voluntary retirement program, a $ i 100 million after-tax charge related to a contract termination with a non-utility generator and a $ i 47 million after-tax charge for the abandonment of a project at an electric generation facility. |
• | First quarter results include a $ i 409 million after-tax charge for the planned early retirement of certain electric generation facilities and automated metering reading infrastructure, partially offset by an $ i 84
million after-tax revision to future ash ponds and landfill closure costs. |
194 |
• | First quarter results include a $ i 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. |
First Quarter |
Second Quarter |
Third Quarter |
Fourth Quarter |
|||||||||||||
(millions) |
||||||||||||||||
2019 |
||||||||||||||||
Operating revenue |
$ i 566 |
$ i 530 |
$ i 502 |
$ i 571 |
||||||||||||
Income from continuing operations |
i 247 |
i 179 |
i 202 |
i 276 |
||||||||||||
Net income from continuing operations |
i 172 |
i 123 |
i 130 |
i 276 |
||||||||||||
Net income from discontinued operations |
i 54 |
i 26 |
i 45 |
i 16 |
||||||||||||
Net income including noncontrolling interests |
|
|
i 226 |
|
|
|
i 149 |
|
|
|
i 175 |
|
|
|
i 292 |
|
Net income attributable to Dominion Energy Gas |
i 190 |
i 119 |
i 151 |
i 261 |
||||||||||||
2018 |
||||||||||||||||
Operating revenue |
$ i 389 |
$ i 508 |
$ i 533 |
$ i 566 |
||||||||||||
Income from continuing operations |
i 167 |
i 90 |
i 302 |
i 228 |
||||||||||||
Net income from continuing operations |
i 157 |
i 84 |
i 209 |
i 182 |
||||||||||||
Net income (loss) from discontinued operations |
i 56 |
i 45 |
i 33 |
( i 110 |
) | |||||||||||
Net income including noncontrolling interests |
|
|
i 213 |
|
|
|
i 129 |
|
|
|
i 242 |
|
|
|
i 72 |
|
Net income attributable to Dominion Energy Gas |
i 180 |
i 83 |
i 191 |
i 27 |
• | Second quarter results include a $ i 58 million after-tax charge related to a voluntary retirement program , including $ i 32
million in discontinued operations. |
• | Fourth quarter results include a $ i 165 million after-tax impairment charge for certain gathering and processing assets, included in discontinued operations. |
• | Second quarter results include an $ i 89 million after-tax charge for disallowance of FERC-regulated plant. |
195 |
196 |
197 |
198 |
199 |
• | Information regarding the directors required by this item is found under the heading Election of Directors |
• | Information regarding compliance with Section 16 of the Securities Exchange Act of 1934, as amended, required by this item is found under the heading Delinquent Section 16(a) Reports |
• | Information regarding the Dominion Energy Audit Committee Financial expert(s) required by this item is found under the heading The Committees of the Board—Audit Committee |
• | Information regarding the Dominion Energy Audit Committee required by this item is found under the headings The Committees of the Board—Audit Committee Audit Committee Report |
• | Information regarding Dominion Energy’s Code of Ethics and Business Conduct required by this item is found under the heading Other Information Code of Ethics and Business Conduct |
200 |
Type of Fees |
2019 |
2018 |
||||||
(millions) |
||||||||
Virginia Power |
||||||||
Audit fees |
$2.13 |
$ | 1.68 |
|||||
Audit-related fees |
— |
— |
||||||
Tax fees |
— |
— |
||||||
All other fees |
— |
— |
||||||
Total Fees |
$2.13 |
$ | 1.68 |
|||||
Dominion Energy Gas |
||||||||
Audit fees |
$2.31 |
$ | 0.97 |
|||||
Audit-related fees |
0.26 |
0.26 |
||||||
Tax fees |
— |
— |
||||||
All other fees |
— |
— |
||||||
Total Fees |
$2.57 |
$ | 1.23 |
201 |
Exhibit Number |
Description |
Dominion Energy |
Virginia Power |
Dominion Energy Gas |
||||||||||||
2.1 |
X |
|||||||||||||||
3.1.a |
X |
|||||||||||||||
3.1.b |
X |
|||||||||||||||
3.1.c |
X |
|||||||||||||||
3.1.d |
X |
|||||||||||||||
3.2.a |
X |
|||||||||||||||
3.2.b |
X |
|||||||||||||||
3.2.c |
X |
|||||||||||||||
4 |
Dominion Energy, Inc., Virginia Electric and Power Company and Dominion Energy Gas Holdings, LLC agree to furnish to the Securities and Exchange Commission upon request any other instrument with respect to long-term debt as to which the total amount of securities authorized does not exceed 10% of any of their total consolidated assets. |
X |
X |
X |
||||||||||||
4.1.a |
X |
|
||||||||||||||
4.1.b |
|
X |
||||||||||||||
4.2 |
Indenture of Mortgage of Virginia Electric and Power Company, dated November 1, 1935, as supplemented and modified by Fifty-Eighth Supplemental Indenture (Exhibit 4(ii), Form 10-K for the fiscal year ended December 31, 1985, File No. 1-2255); Ninety-Second Supplemental Indenture, dated as of July 1, 2012 (Exhibit 4.1, Form 10-Q for the quarter ended June 30, 2012 filed August 1, 2012, File No. 1-2255). |
X |
X |
202 |
203 |
204 |
205 |
206 |
207 |
Exhibit Number |
Description |
Dominion Energy |
Virginia Power |
Dominion Energy Gas |
||||||||||||
10.27* |
X |
X |
X |
|||||||||||||
10.28* |
X |
X |
X |
|||||||||||||
10.29* |
X |
X |
X |
|||||||||||||
10.30* |
X |
X |
X |
|||||||||||||
10.31* |
X |
X |
X |
|||||||||||||
10.32* |
X |
X |
X |
|||||||||||||
10.33* |
X |
X |
X |
|||||||||||||
10.34* |
X |
X |
X |
|||||||||||||
10.35* |
X |
X |
X |
|||||||||||||
21 |
X |
|
||||||||||||||
23 |
X |
X |
X |
|||||||||||||
31.a |
X |
|||||||||||||||
31.b |
X |
|||||||||||||||
31.c |
X |
|||||||||||||||
31.d |
X |
|
||||||||||||||
31.e |
X |
|||||||||||||||
31.f |
X |
|||||||||||||||
32.a |
X |
|||||||||||||||
32.b |
X |
208 |
Exhibit Number |
Description |
Dominion Energy |
Virginia Power |
Dominion Energy Gas |
||||||||||||
32.c |
X |
|||||||||||||||
99 |
X |
|||||||||||||||
101 |
The following financial statements from Dominion Energy, Inc.’s Annual Report on Form 10-K for the year ended December 31, 2019, filed on February 28, 2020, formatted in iXBRL (Inline eXtensible Business Reporting Language): (i) Consolidated Statements of Income, (ii) Consolidated Statements of Comprehensive Income (iii) Consolidated Balance Sheets, (iv) Consolidated Statements of Equity, (v) Consolidated Statements of Cash Flows, and (vi) the Notes to Consolidated Financial Statements. The following financial statements from Virginia Electric and Power Company’s Annual Report on Form 10-K for the year ended December 31, 2019, filed on February 28, 2020, formatted in iXBRL (Inline eXtensible Business
Reporting Language): (i) Consolidated Statements of Income, (ii) Consolidated Statements of Comprehensive Income, (iii) Consolidated Balance Sheets, (iv) Consolidated Statements of Common Shareholder’s Equity (v) Consolidated Statements of Cash Flows, and (vi) the Notes to Consolidated Financial Statements. The following financial statements from Dominion Energy Gas Holdings, LLC’s Annual Report on Form 10-K for the year ended December 31, 2019, filed on February 28, 2020, formatted in iXBRL (Inline eXtensible Business Reporting Language): (i) Consolidated Statements of Income, (ii) Consolidated Statements of Comprehensive Income, (iii) Consolidated Balance Sheets, (iv) Consolidated Statements of Equity, (v) Consolidated Statements of Cash Flows, and (vi) the Notes to Consolidated Financial Statements. |
X |
X |
X |
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104 |
Cover Page Interactive Data File formatted in iXBRL (Inline eXtensible Business Reporting Language) and contained in Exhibit 101. |
X |
X |
X |
* |
Indicates management contract or compensatory plan or arrangement. |
209 |
DOMINION ENERGY, INC. | ||||
By: |
||||
(Thomas F. Farrell, II, Chairman, President and Chief Executive Officer) |
Signature |
Title | |
Chairman of the Board of Directors, President and Chief Executive Officer | ||
/s/ James A. Bennett |
Director | |
/s/ Helen E. Dragas |
Director | |
Director | ||
Director | ||
/s/ John W. Harris |
Director | |
/s/ Ronald W. Jibson |
Director | |
/s/ Mark J. Kington |
Director | |
/s/ Joseph M. Rigby |
Director | |
/s/ Pamela J. Royal |
Director | |
Director | ||
/s/ Susan N. Story |
Director | |
Director | ||
/s/ James R. Chapman |
Executive Vice President, Chief Financial Officer and Treasurer | |
Vice President, Controller and Chief Accounting Officer |
210 |
VIRGINIA ELECTRIC AND POWER COMPANY | ||||
By: |
||||
(Thomas F. Farrell, II, Chairman of the Board of Directors and Chief Executive Officer) |
Signature |
Title | |
Chairman of the Board of Directors and Chief Executive Officer | ||
/s/ Robert M. Blue |
Director | |
/s/ Carlos M. Brown |
Director | |
/s/ James R. Chapman |
Executive Vice President, Chief Financial Officer and Treasurer | |
Vice President, Controller and Chief Accounting Officer |
211 |
DOMINION ENERGY GAS HOLDINGS, LLC | ||||
By: |
||||
(Thomas F. Farrell, II, Chairman of the Board of Directors and Chief Executive Officer) |
Signature |
Title | |
Chairman of the Board of Directors and Chief Executive Officer | ||
/s/ Carlos M. Brown |
Director | |
/s/ James R. Chapman |
Director, Executive Vice President, Chief Financial Officer and Treasurer | |
Vice President, Controller and Chief Accounting Officer |
212 |
This ‘10-K’ Filing | Date | Other Filings | ||
---|---|---|---|---|
12/15/24 | ||||
10/1/24 | ||||
3/15/22 | ||||
3/15/21 | ||||
12/31/20 | ||||
9/1/20 | ||||
8/1/20 | ||||
7/1/20 | ||||
6/30/20 | 10-Q | |||
6/15/20 | ||||
6/1/20 | ||||
5/1/20 | ||||
3/26/20 | ||||
3/1/20 | ||||
Filed on: | 2/28/20 | 4 | ||
2/25/20 | 4 | |||
2/14/20 | ||||
2/11/20 | 8-K | |||
2/1/20 | 4 | |||
1/1/20 | ||||
For Period end: | 12/31/19 | 11-K | ||
11/6/19 | ||||
11/1/19 | 10-Q, 8-K, 8-K/A | |||
9/30/19 | 10-Q | |||
9/1/19 | ||||
7/1/19 | ||||
6/30/19 | 10-Q | |||
6/1/19 | ||||
4/1/19 | 424B5 | |||
3/31/19 | 10-Q | |||
1/1/19 | 3, 4, 8-K | |||
12/31/18 | 10-K, 11-K | |||
12/21/18 | ||||
7/1/18 | 3 | |||
6/30/18 | 10-Q | |||
1/2/18 | 8-K | |||
1/1/18 | ||||
12/31/17 | 10-K, 11-K | |||
12/22/17 | ||||
12/1/17 | 8-K | |||
9/27/17 | ||||
7/1/17 | ||||
6/30/17 | 10-Q, 8-K, S-3ASR | |||
3/31/17 | 10-Q | |||
1/1/17 | 3 | |||
12/31/16 | 10-K, 11-K | |||
9/16/16 | 3, 4, 8-K | |||
7/1/16 | 25-NSE | |||
6/30/16 | 10-Q, 4 | |||
1/31/16 | 8-K | |||
1/1/16 | ||||
12/31/15 | 10-K, 11-K, 4 | |||
7/1/15 | 4 | |||
1/1/15 | ||||
1/1/14 | 3 | |||
9/1/08 | 4 | |||
1/1/08 | ||||
7/1/07 | ||||
1/31/98 | ||||
List all Filings |