Quarterly Financial Data (Unaudited)

12 Months Ended

Dec. 31, 2020

Quarterly Financial Information Disclosure [Abstract]

NOTE 27. QUARTERLY FINANCIAL DATA (UNAUDITED)

A summary of the Companies’ quarterly results of operations for the years ended December 31, 2020 and 2019 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. In addition, Dominion Energy’s results have been recast reflecting the presentation of operations included in the GT&S Transaction, Q-Pipe Transaction and investment in Atlantic Coast Pipeline as discontinued operations. See Notes 3 and 9 for more information.

Dominion Energy

	First Quarter			Second Quarter			Third Quarter			Fourth Quarter
(millions)
2020
Operating revenue	$	3,938		$	3,106		$	3,607		$	3,521
Income from continuing operations		368			804			27			856
Net income (loss) from continuing operations including noncontrolling interests		(468	)		869			112			815
Net income (loss) from discontinued operations including noncontrolling interest		229			(2,001	)		19			(125	)
Net income (loss) including noncontrolling interests		(239	)		(1,132	)		131			690
Net income (loss) attributable to Dominion Energy		(270	)		(1,169	)		356			682
Basic EPS:
Net income (loss) from continuing operations		(0.57	)		1.01			0.42			0.98
Net income (loss) from discontinued operations		0.23			(2.42	)		(0.01	)		(0.16	)
Net income (loss) attributable to Dominion Energy		(0.34	)		(1.41	)		0.41			0.82
Diluted EPS:
Net income (loss) from continuing operations		(0.57	)		0.90			0.42			0.98
Net income (loss) from discontinued operations		0.23			(2.42	)		(0.01	)		(0.16	)
Net income (loss) attributable to Dominion Energy		(0.34	)		(1.52	)		0.41			0.82
Dividends declared per preferred share (Series A)		4.375			4.375			4.375			4.375
Dividends declared per preferred share (Series B)		11.625			11.625			11.625			11.625
Dividends declared per common share		0.9400			0.9400			0.9400			0.6300
2019
Operating revenue	$	3,281		$	3,443		$	3,782		$	3,895
Income (loss) from continuing operations		(744	)		248			1,104			936
Net income (loss) from continuing operations including noncontrolling interests		(908	)		(199	)		947			820
Net income (loss) from discontinued operations including noncontrolling interest		231			257			38			190
Net income (loss) including noncontrolling interests		(677	)		58			985			1,010
Net income (loss) attributable to Dominion Energy		(680	)		54			975			1,009
Basic EPS:
Net income (loss) from continuing operations		(1.14	)		(0.25	)		1.14			0.99
Net income from discontinued operations		0.28			0.32			0.05			0.22
Net income (loss) attributable to Dominion Energy		(0.86	)		0.07			1.19			1.21
Diluted EPS:
Net income (loss) continuing operations		(1.14	)		(0.25	)		1.12			0.99
Net income from discontinued operations		0.28			0.32			0.05			0.22
Net income (loss) attributable to Dominion Energy		(0.86	)		0.07			1.17			1.21
Dividends per share (Series A Preferred Stock)		—			0.729			4.375			4.375
Dividends per share (Series B Preferred Stock)		—			—			—			1.9375
Dividends declared per common share		0.9175			0.9175			0.9175			0.9175

Dominion Energy’s 2020 results include the impact of the following significant items:

•	Fourth quarter results include a $94 million after-tax charge for the forgiveness of Virginia retail electric customer accounts in arrears pursuant to legislation enacted in November 2020.

•

Third quarter results include a $298 million after-tax charge associated with certain nonregulated solar generation facilities, a $170 million after-tax charge associated with the sale of Fowler Ridge and a $149 million after-tax charge for the expected CCRO to be provided to Virginia retail electric customers under the GTSA.

•	Second quarter results include $2.2 billion of after-tax charges presented in discontinued operations associated with the cancellation of the Atlantic Coast Pipeline Project and the related portions of the Supply Header Project.

•	First quarter results include a $566 million after-tax charge primarily related to the planned early retirement of certain Virginia Power electric generation facilities.

Dominion Energy’s 2019 results include the impact of the following significant items:

•	Fourth quarter results include a $244 million after-tax charge related to litigation acquired in the SCANA Combination, offset by a $150 million net gain related to nuclear decommissioning trust funds.

•	Second quarter results include a $283 million after-tax charge related to a voluntary retirement program, a $100 million after-tax charge related to a contract termination with a non-utility generator and a $75 million after-tax charge for litigation acquired in the SCANA Combination.

•

First quarter results include $1.3 billion of after-tax merger and integration-related costs related to the SCANA Combination (inclusive of a $756 million after-tax charge for refunds of amounts previously collected from retail electric customers of DESC for the NND Project, a $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 $134 million after-tax charge for litigation acquired in the SCANA Combination) and a $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 $197 million after-tax net gain related to nuclear decommissioning trust funds and an $84 million after-tax revision to future ash ponds and landfill closure costs.

Virginia Power

Virginia Power’s quarterly results of operations were as follows:

	First Quarter			Second Quarter		Third Quarter		Fourth Quarter
(millions)
2020
Operating revenue	$	1,930		$	1,805	$	2,248	$	1,780
Income (loss) from operations		(133	)		635		687		497
Net income (loss)		(280	)		490		475		336
2019
Operating revenue	$	1,965		$	1,938	$	2,264	$	1,941
Income from operations		122			238		820		659
Net income		20			100		602		427

Virginia Power’s 2020 results include the impact of the following significant items:

•	Fourth quarter results include a $94 million after-tax charge for the forgiveness of Virginia retail electric customer accounts in arrears pursuant to legislation enacted in November 2020.

•	Third quarter results include a $149 million after-tax charge for the expected CCRO to be provided to Virginia retail electric customers under the GTSA.

•	First quarter results include a $561 million after-tax charge primarily related to the planned early retirement of certain Virginia Power electric generation facilities.

Virginia Power’s 2019 results include the impact of the following significant items:

•

Second quarter results include a $144 million after-tax charge related to a voluntary retirement program, a $100 million after-tax charge related to a contract termination with a non-utility generator and a $47 million after-tax charge for the abandonment of a project at an electric generation facility.

•	First quarter results include a $409 million after-tax charge for the planned early retirement of certain electric generation facilities and automated metering reading infrastructure, partially offset by an $84 million after-tax revision to future ash ponds and landfill closure costs.