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Quarterly Financial Data (Unaudited)
Nov. 18, 2019
Quarterly Financial Information Disclosure [Abstract]  
Quarterly Financial Data (Unaudited)
N
OTE 26. QUARTERLY FINANCIAL DATA (UNAUDITED)
A summary of the Companies’ quarterly results of operations for the years ended December 31, 2018 and 2017 follows. Amounts reflect all adjustments necessary in the opinion of management for a fair statement of the results for the interim periods. Results for interim periods may fluctuate as a result of weather conditions, changes in rates and other factors.
Dominion Energy
                                                                                         
 
First Quarter
   
Second Quarter
   
Third Quarter
   
Fourth Quarter
 
(millions)
 
   
   
   
 
2018
 
 
 
 
 
 
 
 
 
 
 
 
Operating revenue
 
$
 
 
 
 
 
3,466
 
 
$
3,088
 
 
$
3,451
 
 
$
3,361
 
Income from operations
 
 
875
 
 
 
742
 
 
 
1,150
 
 
 
834
 
Net income including noncontrolling interests
 
 
526
 
 
 
478
 
 
 
883
 
 
 
662
 
Net income attributable to Dominion Energy
 
 
503
 
 
 
449
 
 
 
854
 
 
 
641
 
                                 
Basic EPS:
   
     
     
     
 
Net income attributable to Dominion Energy
 
 
0.77
 
 
 
0.69
 
 
 
1.31
 
 
 
0.97
 
Diluted EPS:
   
     
     
     
 
Net income attributable to Dominion Energy
 
 
0.77
 
 
 
0.69
 
 
 
1.30
 
 
 
0.97
 
                                 
Dividends declared per common share
 
 
0.835
 
 
 
0.835
 
 
 
0.835
 
 
 
0.835
 
2017
 
 
 
 
 
 
 
 
 
 
 
 
Operating revenue
  $
3,384
    $
2,813
    $
3,179
    $
3,210
 
Income from operations
   
1,079
     
753
     
1,152
     
953
 
Net income including noncontrolling interests
   
674
     
417
     
696
     
1,333
 
Net income attributable to Dominion Energy
   
632
     
390
     
665
     
1,312
 
                                 
Basic EPS:
   
     
     
     
 
Net income attributable to Dominion Energy
   
1.01
     
0.62
     
1.03
     
2.04
 
Diluted EPS:
   
     
     
     
 
Net income attributable to Dominion Energy
   
1.01
     
0.62
     
1.03
     
2.04
 
                                 
Dividends declared per common share
   
0.755
     
0.755
     
0.770
     
0.770
 
Dominion Energy’s 2018 results include the impact of the following significant items:
Fourth quarter results include $536 million of
after-tax
gains from the sale of certain merchant generation facilities and equity method investments partially offset by a $164 million
after-tax
impairment charge for certain gathering and processing assets.
Second quarter results include an $89 million
after-tax
charge for disallowance of FERC-regulated plant.
First quarter results include 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.
Dominion Energy’s 2017 results include the impact of the following significant item:
Fourth quarter results include $
851
 million tax benefit resulting from the remeasurement of deferred income taxes as a result of the 2017 Tax Reform Act, partially offset by $
96
 million of
after-tax
charges associated with our equity method investments in wind-powered generation facilities.
Virginia Power
Virginia Power’s quarterly results of operations were as follows:
                                                                                                     
 
First Quarter
 
 
Second Quarter
 
 
Third Quarter
 
 
Fourth Quarter
 
(millions)
 
 
 
 
 
 
 
 
2018
 
 
 
 
 
 
 
 
 
 
 
 
Operating revenue
 
$
1,748
 
 
$
1,829
 
 
$
2,232
 
 
$
1,810
 
Income from operations
 
 
364
 
 
 
533
 
 
 
756
 
 
 
418
 
Net income
 
 
184
 
 
 
339
 
 
 
520
 
 
 
239
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
2017
 
 
 
 
 
 
 
 
 
 
 
 
Operating revenue
 
$
1,831
 
 
$
1,747
 
 
$
2,154
 
 
$
1,824
 
Income from operations
 
 
653
 
 
 
613
 
 
 
847
 
 
 
619
 
Net income
 
 
356
 
 
 
318
 
 
 
459
 
 
 
407
 
 
 
 
 
 
 
 
Virginia Power’s 2018 results include the im
p
act of the following significant item:
First quarter results include 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.
 
 
 
 
 
 
 
 
 
 
 
 
 
Virginia Power’s 2017 results include the impact of the following significant item:
Fourth quarter results include a $93 million tax benefit resulting from the remeasurement of deferred income taxes as a result of the 2017 Tax Reform Act.
 
 
 
 
 
 
 
 
 
 
 
 
 
Dominion Energy Gas
Dominion Energy Gas’ quart
e
rly results of operations were as follows:
                                                                                                     
 
 
First Quarter
   
Second
Quarter
 
 
 
 
Third Quarter
 
 
 
 
 
 
 
 
 
 
 
Fourth Quarter
 
(millions)
 
 
 
 
 
 
 
 
2018
 
 
 
 
 
 
 
 
 
 
 
 
Operating revenue
 
$
389
 
 
$
508
 
 
$
533
 
 
$
566
 
Income from
continuing 
operations
 
 
167
 
 
 
90
 
 
 
302
 
 
 
228
 
Net income including noncontrolling interest
 
 
213
 
 
 
129
 
 
 
242
 
 
 
72
 
Net income from continuing operations
 
 
157
 
 
 
84
 
 
 
209
 
 
 
182
 
Net income (loss) from discontinued operations
 
 
56
 
 
 
45
 
 
 
33
 
 
 
(110
)
Net income attributable to Dominion Energy Gas
 
 
180
 
 
 
83
 
 
 
191
 
 
 
27
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
2017
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Operating revenue
 
$
404
 
 
$
363
 
 
$
351
 
 
$
405
 
Income from
continuing 
operations
 
 
147
 
 
 
97
 
 
 
166
 
 
 
142
 
Net income including noncontrolling interest
 
 
156
 
 
 
109
 
 
 
151
 
 
 
412
 
Net income from continuing operations
 
 
113
 
 
 
73
 
 
 
115
 
 
 
365
 
Net income from discontinued operations
 
 
44
 
 
 
36
 
 
 
36
 
 
 
47
 
Net income attributable to Dominion Energy Gas
   
119
     
78
     
119
     
387
 
                                 
 
 
 
 
 
 
 
 
 
 
 
 
Dominion Energy Gas’s 2018 results include the impact of the following significant items:
Fourth quarter results include a $165 million
after-tax
impairment charge for certain gathering and processing assets
, included in discontinued operations
.
 
 
 
 
 
 
 
 
 
 
 
 
 
Second quarter results include an $89 million
after-tax
charge for disallowance of FERC-regulated plant.
 
 
 
 
 
 
 
 
 
 
 
Dominion Energy Gas’s 2017 results include the impact of the following significant item:
Fourth quarter results include a $246 million tax benefit resulting from the remeasurement of deferred income taxes as a result of the 2017 Tax Reform Act.