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Investments (Tables)
 3 Months Ended
Mar. 31, 2021
Equity and Debt Securities and Cash Equivalents and Cost Method Investments in Decommissioning Trust Funds Dominion Energy’s decommissioning trust funds are summarized below:

 

 

 

Amortized

Cost

 

 

Total

Unrealized

Gains

 

 

Total

Unrealized

Losses

 

 

Allowance for Credit Losses

 

 

Fair

Value

 

(millions)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

March 31, 2021

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Equity securities:(1)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

U.S.

 

$

1,573

 

 

$

3,036

 

 

$

(10

)

 

 

 

 

 

$

4,599

 

Fixed income securities:(2)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Corporate debt instruments

 

 

698

 

 

 

32

 

 

 

(8

)

 

$

—

 

 

 

722

 

Government securities

 

 

1,369

 

 

 

47

 

 

 

(14

)

 

 

—

 

 

 

1,402

 

Common/collective trust funds

 

 

221

 

 

 

6

 

 

 

—

 

 

 

—

 

 

 

227

 

Insurance contracts

 

 

237

 

 

 

—

 

 

 

—

 

 

 

 

 

 

 

237

 

Cash equivalents and other(3)

 

 

(51

)

 

 

3

 

 

 

—

 

 

 

—

 

 

 

(48

)

Total

 

$

4,047

 

 

$

3,124

 

 

$

(32

)

(4)

$

—

 

 

$

7,139

 

December 31, 2020

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Equity securities:(1)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

U.S.

 

$

1,756

 

 

$

2,948

 

 

$

(24

)

 

 

 

 

 

$

4,680

 

Fixed income securities:(2)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Corporate debt instruments

 

 

572

 

 

 

58

 

 

 

(1

)

 

$

—

 

 

 

629

 

Government securities

 

 

1,119

 

 

 

66

 

 

 

(1

)

 

 

—

 

 

 

1,184

 

Common/collective trust funds

 

 

170

 

 

 

5

 

 

 

—

 

 

 

—

 

 

 

175

 

Insurance contracts

 

 

237

 

 

 

—

 

 

 

—

 

 

 

 

 

 

 

237

 

Cash equivalents and other(3)

 

 

(8

)

 

 

4

 

 

 

(1

)

 

 

—

 

 

 

(5

)

Total

 

$

3,846

 

 

$

3,081

 

 

$

(27

)

(4)

$

—

 

 

$

6,900

 

 

(1)

Unrealized gains and losses on equity securities are included in other income and the nuclear decommissioning trust regulatory liability.

(2)

Unrealized gains and losses on fixed income securities are included in AOCI and the nuclear decommissioning trust regulatory liability. Changes in allowance for credit losses are included in other income.

(3)

Includes pending purchases of securities of $63 million and $49 million at March 31, 2021 and December 31, 2020, respectively.

(4)

The fair value of securities in an unrealized loss position was $937 million and $293 million at March 31, 2021 and December 31, 2020, respectively.
Unrealized Gain Loss on Equity

The portion of unrealized gains and losses that relates to equity securities held within Dominion Energy’s nuclear decommissioning trusts is summarized below:

 

 

 

Three Months Ended

March 31,

 

 

 

2021

 

 

2020

 

(millions)

 

 

 

 

 

 

 

 

Net gains (losses) recognized during the period

 

$

279

 

 

$

(898

)

Less: Net (gains) losses recognized during the period

   on securities sold during the period

 

 

(178

)

 

 

14

 

Unrealized gains (losses) recognized during the period

   on securities still held at period end(1)

 

$

101

 

 

$

(884

)

 

(1)

Included in other income and the nuclear decommissioning trust regulatory liability.

 
Investments Classified by Contractual Maturity Date

The fair value of Dominion Energy’s fixed income securities with readily determinable fair values held in nuclear decommissioning trust funds at March 31, 2021 by contractual maturity is as follows:

 

 

 

Amount

 

(millions)

 

 

 

 

Due in one year or less

 

$

292

 

Due after one year through five years

 

 

640

 

Due after five years through ten years

 

 

614

 

Due after ten years

 

 

805

 

Total

 

$

2,351

 

 
Marketable Securities

Presented below is selected information regarding Dominion Energy’s equity and fixed income securities with readily determinable fair values held in nuclear decommissioning trust funds.

 

 

 

Three Months Ended

March 31,

 

 

 

2021

 

 

2020

 

(millions)

 

 

 

 

 

 

 

 

Proceeds from sales

 

$

1,765

 

 

$

602

 

Realized gains(1)

 

 

232

 

 

 

66

 

Realized losses(1)

 

 

59

 

 

 

69

 

 

(1)

Includes realized gains and losses recorded to the nuclear decommissioning trust regulatory liability.
Virginia Electric and Power Company  
Equity and Debt Securities and Cash Equivalents and Cost Method Investments in Decommissioning Trust Funds Virginia Power’s decommissioning trust funds are summarized below:

 

 

 

Amortized

Cost

 

 

Total

Unrealized

Gains

 

 

Total

Unrealized

Losses

 

 

Allowance for Credit Losses

 

 

Fair

Value

 

(millions)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

March 31, 2021

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Equity securities:(1)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

U.S.

 

$

839

 

 

$

1,414

 

 

$

(9

)

 

 

 

 

 

$

2,244

 

Fixed income securities:(2)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Corporate debt instruments

 

 

385

 

 

 

18

 

 

 

(3

)

 

$

—

 

 

 

400

 

Government securities

 

 

601

 

 

 

18

 

 

 

(3

)

 

 

—

 

 

 

616

 

Common/collective trust funds

 

 

86

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

86

 

Cash equivalents and other(3)

 

 

(24

)

 

 

—

 

 

 

—

 

 

 

—

 

 

 

(24

)

Total

 

$

1,887

 

 

$

1,450

 

 

$

(15

)

(4)

$

—

 

 

$

3,322

 

December 31, 2020

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Equity securities:(1)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

U.S.

 

$

929

 

 

$

1,371

 

 

$

(21

)

 

 

 

 

 

$

2,279

 

Fixed income securities:(2)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Corporate debt instruments

 

 

315

 

 

 

33

 

 

 

—

 

 

$

—

 

 

 

348

 

Government securities

 

 

484

 

 

 

25

 

 

 

—

 

 

 

—

 

 

 

509

 

Common/collective trust funds

 

 

58

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

58

 

Cash equivalents and other(3)

 

 

3

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

3

 

Total

 

$

1,789

 

 

$

1,429

 

 

$

(21

)

(4)

$

—

 

 

$

3,197

 

 

(1)

Unrealized gains and losses on equity securities are included in other income and the nuclear decommissioning trust regulatory liability.

(2)

Unrealized gains and losses on fixed income securities are included in AOCI and the nuclear decommissioning trust regulatory liability. Changes in allowance for credit losses are included in other income.

(3)

Includes pending purchases of securities of $24 million and $10 million at March 31, 2021 and December 31, 2020, respectively.

(4)

The fair value of securities in an unrealized loss position was $434 million and $142 million at March 31, 2021 and December 31, 2020, respectively.

 

 
Unrealized Gain Loss on Equity

The portion of unrealized gains and losses that relates to equity securities held within Virginia Power’s nuclear decommissioning trusts is summarized below:

 

 

 

Three Months Ended

March 31,

 

 

 

2021

 

 

2020

 

(millions)

 

 

 

 

 

 

 

 

Net gains (losses) recognized during the period

 

$

143

 

 

$

(423

)

Less: Net (gains) losses recognized during the period

   on securities sold during the period

 

 

(88

)

 

 

6

 

Unrealized gains (losses) recognized during the period

   on securities still held at period end(1)

 

$

55

 

 

$

(417

)

 

(1)

Included in other income and the nuclear decommissioning trust regulatory liability.
Investments Classified by Contractual Maturity Date

The fair value of Virginia Power’s fixed income securities with readily determinable fair values held in nuclear decommissioning trust funds at March 31, 2021 by contractual maturity is as follows:

 

 

 

Amount

 

(millions)

 

 

 

 

Due in one year or less

 

$

111

 

Due after one year through five years

 

 

314

 

Due after five years through ten years

 

 

365

 

Due after ten years

 

 

312

 

Total

 

$

1,102

 

 
Marketable Securities

Presented below is selected information regarding Virginia Power’s equity and fixed income securities with readily determinable fair values held in nuclear decommissioning trust funds.

 

 

 

Three Months Ended

March 31,

 

 

 

2021

 

 

2020

 

(millions)

 

 

 

 

 

 

 

 

Proceeds from sales

 

$

789

 

 

$

294

 

Realized gains(1)

 

 

106

 

 

 

31

 

Realized losses(1)

 

 

23

 

 

 

31

 

 

(1)

Includes realized gains and losses recorded to the nuclear decommissioning trust regulatory liability.