Schedule of Segment Reporting Information, by Segment |
| | | | | | | | | | | | | | | | | | | | Year Ended December 31, | DVP |
| Dominion Generation |
| Dominion Energy |
| Corporate and Other |
| Adjustments & Eliminations |
| Consolidated Total |
| (millions) | | | | | | | 2011 | | | | | | | Total revenue from external customers | $ | 3,663 |
| $ | 7,320 |
| $ | 2,044 |
| $ | 54 |
| $ | 1,298 |
| $ | 14,379 |
| Intersegment revenue | 173 |
| 350 |
| 1,077 |
| 596 |
| (2,196 | ) | — |
| Total operating revenue | 3,836 |
| 7,670 |
| 3,121 |
| 650 |
| (898 | ) | 14,379 |
| Depreciation, depletion and amortization | 374 |
| 459 |
| 207 |
| 29 |
| — |
| 1,069 |
| Equity in earnings of equity method investees | — |
| 3 |
| 23 |
| 9 |
| — |
| 35 |
| Interest income | 22 |
| 54 |
| 27 |
| 70 |
| (106 | ) | 67 |
| Interest and related charges | 185 |
| 219 |
| 57 |
| 514 |
| (106 | ) | 869 |
| Income taxes | 318 |
| 601 |
| 323 |
| (497 | ) | — |
| 745 |
| Net income attributable to Dominion | 501 |
| 1,003 |
| 521 |
| (617 | ) | — |
| 1,408 |
| Investment in equity method investees | 8 |
| 415 |
| 104 |
| 26 |
| — |
| 553 |
| Capital expenditures | 1,091 |
| 1,593 |
| 907 |
| 61 |
| — |
| 3,652 |
| Total assets (billions) | 11.5 |
| 22.1 |
| 10.6 |
| 11.4 |
| (10 | ) | 45.6 |
| 2010 | |
| |
| |
| |
| |
| |
| Total revenue from external customers | $ | 3,613 |
| $ | 8,005 |
| $ | 2,335 |
| $ | 19 |
| $ | 1,225 |
| $ | 15,197 |
| Intersegment revenue | 207 |
| 413 |
| 1,166 |
| 750 |
| (2,536 | ) | — |
| Total operating revenue | 3,820 |
| 8,418 |
| 3,501 |
| 769 |
| (1,311 | ) | 15,197 |
| Depreciation, depletion and amortization | 353 |
| 462 |
| 210 |
| 30 |
| — |
| 1,055 |
| Equity in earnings of equity method investees | — |
| 11 |
| 21 |
| 10 |
| — |
| 42 |
| Interest income | 12 |
| 45 |
| 12 |
| 92 |
| (90 | ) | 71 |
| Interest and related charges | 158 |
| 185 |
| 85 |
| 494 |
| (90 | ) | 832 |
| Income taxes | 277 |
| 771 |
| 302 |
| 707 |
| — |
| 2,057 |
| Loss from discontinued operations, net of tax | — |
| — |
| — |
| (155 | ) | — |
| (155 | ) | Net income attributable to Dominion | 448 |
| 1,291 |
| 475 |
| 594 |
| — |
| 2,808 |
| Investment in equity method investees | 8 |
| 426 |
| 106 |
| 31 |
| — |
| 571 |
| Capital expenditures | 1,038 |
| 1,742 |
| 613 |
| 29 |
| — |
| 3,422 |
| Total assets (billions) | 10.8 |
| 20.4 |
| 9.7 |
| 10.8 |
| (8.9 | ) | 42.8 |
| 2009 | |
| |
| |
| |
| |
| |
| Total revenue from external customers | $ | 3,107 |
| $ | 8,390 |
| $ | 2,604 |
| $ | (472 | ) | $ | 1,169 |
| $ | 14,798 |
| Intersegment revenue | 174 |
| 361 |
| 1,206 |
| 711 |
| (2,452 | ) | — |
| Total operating revenue | 3,281 |
| 8,751 |
| 3,810 |
| 239 |
| (1,283 | ) | 14,798 |
| Depreciation, depletion and amortization | 341 |
| 492 |
| 258 |
| 47 |
| — |
| 1,138 |
| Equity in earnings of equity method investees | — |
| 8 |
| 21 |
| 13 |
| — |
| 42 |
| Interest income | 13 |
| 49 |
| 16 |
| 129 |
| (118 | ) | 89 |
| Interest and related charges | 159 |
| 201 |
| 113 |
| 534 |
| (118 | ) | 889 |
| Income taxes | 233 |
| 694 |
| 319 |
| (650 | ) | — |
| 596 |
| Income from discontinued operations, net of tax | — |
| — |
| — |
| 26 |
| — |
| 26 |
| Net income (loss) attributable to Dominion | 384 |
| 1,281 |
| 517 |
| (895 | ) | — |
| 1,287 |
| Capital expenditures | 841 |
| 2,140 |
| 737 |
| 119 |
| — |
| 3,837 |
|
|
Segment Reporting Disclosure |
OPERATING SEGMENTS Dominion and Virginia Power are organized primarily on the basis of products and services sold in the U.S. A description of the operations included in the Companies' primary operating segments is as follows: | | | | | Primary Operating Segment | Description of Operations | Dominion | Virginia Power | DVP | Regulated electric distribution | X | X | | Regulated electric transmission | X | X | | Nonregulated retail energy marketing (electric and gas) | X | | Dominion Generation | Regulated electric fleet | X | X | | Merchant electric fleet | X | | Dominion Energy | Gas transmission and storage | X | | | Gas distribution and storage | X | | | LNG import and storage | X | | | Producer services | X | |
In addition to the operating segments above, the Companies also report a Corporate and Other segment. The Corporate and Other Segment of Virginia Power primarily includes specific items attributable to its operating segments that are not included in profit measures evaluated by executive management in assessing the segments' performance or allocating resources among the segments. The Corporate and Other Segment of Dominion includes its corporate, service company and other functions (including unallocated debt) and the net impact of the operations and sale of Peoples, which is discussed in Note 4. In addition, Corporate and Other includes specific items attributable to Dominion's operating segments that are not included in profit measures evaluated by executive management in assessing the segments' performance or allocating resources among the segments. DOMINION In 2011, Dominion reported after-tax net expense of $346 million for specific items in the Corporate and Other segment, with $375 million of these net expenses attributable to its operating segments. The net expenses for specific items in 2011 primarily related to the impact of the following items: | | • | A $228 million ($139 million after-tax) charge reflecting plant balances that are not expected to be recovered in future periods due to the anticipated retirement of certain utility coal-fired generating units, attributable to Dominion Generation; |
| | • | A $96 million ($59 million after-tax) charge reflecting restoration costs associated with damage caused by Hurricane Irene, primarily attributable to DVP; |
| | • | A $66 million ($39 million after-tax) loss from the operations of Kewaunee, attributable to Dominion Generation. Kewaunee's results of operations have been reflected in the Corporate and Other segment due to Dominion's decision in the first quarter of 2011 to pursue the sale of Kewaunee; |
| | • | A $55 million ($39 million after-tax) impairment charge related to State Line, attributable to Dominion Generation; and |
| | • | A $57 million ($34 million after-tax) charge related to the impairment of SO2 emissions allowances not expected to be consumed due to CSAPR, attributable to Dominion Generation. |
In 2010, Dominion reported after-tax net benefits of $837 million for specific items in the Corporate and Other segment, with $1 billion of these net benefits attributable to its operating segments. The net benefits for specific items in 2010 primarily related to the impact of the following items: | | • | A $2.5 billion ($1.4 billion after-tax) benefit resulting from the gain on the sale of substantially all of Dominion's Appalachian E&P operations net of charges related to the divestiture, attributable to Dominion Energy; partially offset by |
| | • | A $338 million ($206 million after-tax) charge primarily reflecting severance pay and other benefits related to a workforce reduction program, attributable to: |
| | • | DVP ($67 million after-tax); |
| | • | Dominion Energy ($24 million after-tax); and |
| | • | Dominion Generation ($115 million after-tax); |
| | • | A $134 million ($155 million after-tax) loss from the discontinued operations of Peoples primarily reflecting a net loss on the sale, attributable to the Corporate and Other segment; and |
| | • | A $194 million ($127 million after-tax) impairment charge at certain merchant generation power stations, attributable to Dominion Generation. |
In 2009, Dominion reported after-tax net expenses of $655 million for specific items in the Corporate and Other segment, with $688 million of these net expenses attributable to its operating segments. The net expenses for specific items in 2009 primarily related to the impact of the following items: | | • | A $455 million ($281 million after-tax) ceiling test impairment charge related to the carrying value of Dominion's E&P properties, attributable to Dominion Energy; and |
| | • | A $712 million ($435 million after-tax) charge in connection with the settlement of Virginia Power's 2009 base rate case proceedings, attributable to: |
| | • | Dominion Generation ($257 million after-tax); and |
| | • | DVP ($178 million after-tax). |
The following table presents segment information pertaining to Dominion's operations: | | | | | | | | | | | | | | | | | | | | Year Ended December 31, | DVP |
| Dominion Generation |
| Dominion Energy |
| Corporate and Other |
| Adjustments & Eliminations |
| Consolidated Total |
| (millions) | | | | | | | 2011 | | | | | | | Total revenue from external customers | $ | 3,663 |
| $ | 7,320 |
| $ | 2,044 |
| $ | 54 |
| $ | 1,298 |
| $ | 14,379 |
| Intersegment revenue | 173 |
| 350 |
| 1,077 |
| 596 |
| (2,196 | ) | — |
| Total operating revenue | 3,836 |
| 7,670 |
| 3,121 |
| 650 |
| (898 | ) | 14,379 |
| Depreciation, depletion and amortization | 374 |
| 459 |
| 207 |
| 29 |
| — |
| 1,069 |
| Equity in earnings of equity method investees | — |
| 3 |
| 23 |
| 9 |
| — |
| 35 |
| Interest income | 22 |
| 54 |
| 27 |
| 70 |
| (106 | ) | 67 |
| Interest and related charges | 185 |
| 219 |
| 57 |
| 514 |
| (106 | ) | 869 |
| Income taxes | 318 |
| 601 |
| 323 |
| (497 | ) | — |
| 745 |
| Net income attributable to Dominion | 501 |
| 1,003 |
| 521 |
| (617 | ) | — |
| 1,408 |
| Investment in equity method investees | 8 |
| 415 |
| 104 |
| 26 |
| — |
| 553 |
| Capital expenditures | 1,091 |
| 1,593 |
| 907 |
| 61 |
| — |
| 3,652 |
| Total assets (billions) | 11.5 |
| 22.1 |
| 10.6 |
| 11.4 |
| (10 | ) | 45.6 |
| 2010 | |
| |
| |
| |
| |
| |
| Total revenue from external customers | $ | 3,613 |
| $ | 8,005 |
| $ | 2,335 |
| $ | 19 |
| $ | 1,225 |
| $ | 15,197 |
| Intersegment revenue | 207 |
| 413 |
| 1,166 |
| 750 |
| (2,536 | ) | — |
| Total operating revenue | 3,820 |
| 8,418 |
| 3,501 |
| 769 |
| (1,311 | ) | 15,197 |
| Depreciation, depletion and amortization | 353 |
| 462 |
| 210 |
| 30 |
| — |
| 1,055 |
| Equity in earnings of equity method investees | — |
| 11 |
| 21 |
| 10 |
| — |
| 42 |
| Interest income | 12 |
| 45 |
| 12 |
| 92 |
| (90 | ) | 71 |
| Interest and related charges | 158 |
| 185 |
| 85 |
| 494 |
| (90 | ) | 832 |
| Income taxes | 277 |
| 771 |
| 302 |
| 707 |
| — |
| 2,057 |
| Loss from discontinued operations, net of tax | — |
| — |
| — |
| (155 | ) | — |
| (155 | ) | Net income attributable to Dominion | 448 |
| 1,291 |
| 475 |
| 594 |
| — |
| 2,808 |
| Investment in equity method investees | 8 |
| 426 |
| 106 |
| 31 |
| — |
| 571 |
| Capital expenditures | 1,038 |
| 1,742 |
| 613 |
| 29 |
| — |
| 3,422 |
| Total assets (billions) | 10.8 |
| 20.4 |
| 9.7 |
| 10.8 |
| (8.9 | ) | 42.8 |
| 2009 | |
| |
| |
| |
| |
| |
| Total revenue from external customers | $ | 3,107 |
| $ | 8,390 |
| $ | 2,604 |
| $ | (472 | ) | $ | 1,169 |
| $ | 14,798 |
| Intersegment revenue | 174 |
| 361 |
| 1,206 |
| 711 |
| (2,452 | ) | — |
| Total operating revenue | 3,281 |
| 8,751 |
| 3,810 |
| 239 |
| (1,283 | ) | 14,798 |
| Depreciation, depletion and amortization | 341 |
| 492 |
| 258 |
| 47 |
| — |
| 1,138 |
| Equity in earnings of equity method investees | — |
| 8 |
| 21 |
| 13 |
| — |
| 42 |
| Interest income | 13 |
| 49 |
| 16 |
| 129 |
| (118 | ) | 89 |
| Interest and related charges | 159 |
| 201 |
| 113 |
| 534 |
| (118 | ) | 889 |
| Income taxes | 233 |
| 694 |
| 319 |
| (650 | ) | — |
| 596 |
| Income from discontinued operations, net of tax | — |
| — |
| — |
| 26 |
| — |
| 26 |
| Net income (loss) attributable to Dominion | 384 |
| 1,281 |
| 517 |
| (895 | ) | — |
| 1,287 |
| Capital expenditures | 841 |
| 2,140 |
| 737 |
| 119 |
| — |
| 3,837 |
|
At December 31, 2011, 2010, and 2009, none of Dominion's long-lived assets and no significant percentage of its operating revenues were associated with international operations.
VIRGINIA POWER The majority of Virginia Power's revenue is provided through tariff rates. Generally, such revenue is allocated for management reporting based on an unbundled rate methodology among Virginia Power's DVP and Dominion Generation segments. In 2011, Virginia Power reported after-tax net expenses of $268 million for specific items attributable to its operating segments in the Corporate and Other segment. The net expenses for specific items in 2011 primarily related to the impact of the following: | | • | A $228 million ($139 million after-tax) charge reflecting plant balances that are not expected to be recovered in future periods due to the anticipated retirement of certain coal-fired generating units, attributable to Dominion Generation; |
| | • | A $96 million ($59 million after-tax) charge reflecting restoration costs associated with damage caused by Hurricane Irene, primarily attributable to DVP; |
| | • | A $43 million ($26 million after-tax) charge related to the impairment of SO2 emissions allowances not expected to be consumed due to CSAPR, attributable to Dominion Generation. |
In 2010, Virginia Power reported after-tax net expenses of $153 million for specific items attributable to its operating segments in the Corporate and Other segment. The net expenses for specific items in 2010 primarily related to the impact of the following: | | • | A $202 million ($123 million after-tax) charge primarily reflecting severance pay and other benefits related to a workforce reduction program, attributable to: |
| | • | DVP ($63 million after-tax); and |
| | • | Dominion Generation ($60 million after-tax). |
In 2009, Virginia Power reported after-tax net expenses of $430 million for specific items attributable to its operating segments in the Corporate and Other segment. The net expenses primarily related to a $700 million ($427 million after-tax) charge in connection with the settlement of the 2009 base rate case proceedings, attributable to Dominion Generation ($257 million after-tax) and DVP ($170 million after-tax). The following table presents segment information pertaining to Virginia Power's operations: | | | | | | | | | | | | | | | | | Year Ended December 31, | DVP |
| Dominion Generation |
| Corporate and Other |
| Adjustments & Eliminations |
| Consolidated Total |
| (millions) | | | | | | 2011 | | | | | | Operating revenue | $ | 1,793 |
| $ | 5,546 |
| $ | (93 | ) | $ | — |
| $ | 7,246 |
| Depreciation and amortization | 368 |
| 350 |
| — |
| — |
| 718 |
| Interest income | 10 |
| 8 |
| — |
| — |
| 18 |
| Interest and related charges | 182 |
| 199 |
| (50 | ) | — |
| 331 |
| Income taxes | 265 |
| 447 |
| (172 | ) | — |
| 540 |
| Net income (loss) | 426 |
| 664 |
| (268 | ) | — |
| 822 |
| Capital expenditures | 1,081 |
| 1,009 |
| — |
| — |
| 2,090 |
| Total assets (billions) | 10.7 |
| 14.3 |
| — |
| (1.5 | ) | 23.5 |
| 2010 | |
| |
| |
| |
| |
| Operating revenue | $ | 1,680 |
| $ | 5,546 |
| $ | (7 | ) | $ | — |
| $ | 7,219 |
| Depreciation and amortization | 344 |
| 327 |
| — |
| — |
| 671 |
| Interest income | 11 |
| 4 |
| — |
| — |
| 15 |
| Interest and related charges | 158 |
| 189 |
| — |
| — |
| 347 |
| Income taxes | 228 |
| 385 |
| (71 | ) | — |
| 542 |
| Net income (loss) | 377 |
| 630 |
| (155 | ) | — |
| 852 |
| Capital expenditures | 1,035 |
| 1,199 |
| — |
| — |
| 2,234 |
| Total assets (billions) | 9.9 |
| 13.8 |
| — |
| (1.4 | ) | 22.3 |
| 2009 | |
| |
| |
| |
| |
| Operating revenue | $ | 1,465 |
| $ | 5,560 |
| $ | (441 | ) | $ | — |
| $ | 6,584 |
| Depreciation and amortization | 320 |
| 320 |
| 1 |
| — |
| 641 |
| Interest income | 11 |
| 6 |
| — |
| — |
| 17 |
| Interest and related charges | 158 |
| 191 |
| — |
| — |
| 349 |
| Income taxes | 183 |
| 241 |
| (277 | ) | — |
| 147 |
| Net income (loss) | 313 |
| 475 |
| (432 | ) | — |
| 356 |
| Capital expenditures | 839 |
| 1,649 |
| — |
| — |
| 2,488 |
|
|