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Consolidated Statements of Income (USD $)
In Millions, except Per Share data, unless otherwise specified
12 Months Ended
Dec. 31, 2013
Dec. 31, 2012
Dec. 31, 2011
Operating Revenue $ 13,120 $ 12,835 [1] $ 13,765 [1]
Operating Expenses      
Electric fuel and other energy-related purchases 3,885 3,645 [1] 3,942 [1]
Purchased electric capacity 358 387 [1] 454 [1]
Purchased gas 1,331 1,177 [1] 1,764 [1]
Other operations and maintenance 2,459 3,091 [1] 3,178 [1]
Depreciation, depletion and amortization 1,208 1,127 [1] 1,018 [1]
Other taxes 563 550 [1] 529 [1]
Total operating expenses 9,804 9,977 [1] 10,885 [1]
Income from operations 3,316 2,858 [1] 2,880 [1]
Other income 265 223 [1] 178 [1]
Interest and related charges 877 816 [1] 796 [1]
Income from continuing operations including noncontrolling interests before income taxes 2,704 2,265 [1] 2,262 [1]
Income tax expense 892 [2] 811 [1],[2] 778 [1],[2]
Income from continuing operations including noncontrolling interests 1,812 1,454 [1] 1,484 [1]
Income (loss) from discontinued operations (92) (1,125) [1],[3] (58) [1],[3]
Net income including noncontrolling interests 1,720 329 [1] 1,426 [1]
Noncontrolling interests 23 27 [1] 18 [1]
Net income attributable to Dominion 1,697 302 [1] 1,408 [1]
Amounts attributable to Dominion:      
Income from continuing operations, net of tax 1,789 [4] 1,427 [1],[4] 1,466 [1]
Loss from discontinued operations, net of tax (92) (1,125) [1] (58) [1]
Net income attributable to Dominion 1,697 302 [1] 1,408 [1]
Earnings Per Common Share-Basic:      
Income from continuing operations (in dollars per share) $ 3.09 [4] $ 2.49 [1],[4] $ 2.56 [1]
Loss from discontinued operations (in dollars per share) $ (0.16) [4] $ (1.96) [1],[4] $ (0.10) [1]
Net income attributable to Dominion (in dollars per share) $ 2.93 $ 0.53 [1] $ 2.46 [1]
Earnings Per Common Share-Diluted:      
Income from continuing operations (in dollars per share) $ 3.09 [4] $ 2.49 [1],[4] $ 2.55 [1]
Loss from discontinued operations (in dollars per share) $ (0.16) [4] $ (1.96) [1],[4] $ (0.10) [1]
Net income attributable to Dominion (in dollars per share) $ 2.93 $ 0.53 [1] $ 2.45 [1]
Dividends declared per common share $ 2.25 $ 2.11 [1] $ 1.97 [1]
Virginia Electric and Power Company
     
Operating Revenue 7,295 7,226 7,246
Operating Expenses      
Electric fuel and other energy-related purchases 2,304 2,368 2,506
Purchased electric capacity 358 386 452
Affiliated suppliers 290 305 306
Other 1,161 1,161 1,437
Depreciation, depletion and amortization 853 782 718
Other taxes 249 232 222
Total operating expenses 5,215 5,234 5,641
Income from operations 2,080 1,992 1,605
Other income 86 96 88
Interest and related charges 369 385 331
Income from continuing operations including noncontrolling interests before income taxes 1,797 1,703 1,362
Income tax expense 659 [5] 653 [5] 540 [5]
Net income attributable to Dominion 1,138 1,050 822
Amounts attributable to Dominion:      
Net income attributable to Dominion 1,138 1,050 822
Preferred dividends 17 16 17
Balance available for common stock $ 1,121 $ 1,034 $ 805
[1] Recast to reflect Brayton Point and Kincaid as discontinued operations as described in Note 3 to the Consolidated Financial Statements. EPS amounts reflect the per share impact of the recast of $1.92 and $0.06 for 2012 and 2011, respectively.
[2] In 2012, Dominion’s current federal income tax expense for continuing and discontinued operations includes a $195 million benefit related to a carryback of its 2012 net operating loss. In 2011, Dominion’s deferred federal income tax expense includes the recognition of a $346 million benefit, including $51 million related to discontinued operations, for its 2011 net operating loss expected to be used to reduce taxable income in future years.
[3] Includes income tax benefit of $43 million, $692 million, and $33 million in 2013, 2012 and 2011, respectively. For 2012, includes impairment charges of $1.6 billion related to Brayton Point and Kincaid. See Note 6 for additional information.
[4] Amounts attributable to Dominion's common shareholders.
[5] In 2011, Virginia Power’s deferred federal income tax expense includes a $54 million benefit related to a portion of its 2011 net operating loss that is expected to be used in future years. Also, Virginia Power’s current federal income tax expense reflects the amounts of its 2011 net operating losses realized through its participation in a tax sharing agreement with Dominion and its subsidiaries.