Dispositions

6 Months Ended

Jun. 30, 2012

Discontinued Operations and Disposal Groups [Abstract]

Dispositions

Dispositions

In June 2012, Dominion entered into an agreement to sell Salem Harbor. FERC approval was received in July 2012 and the transaction is expected to close in the third quarter. In the second quarter of 2012, the assets and liabilities to be disposed were classified as held for sale and adjusted to their estimated fair value less cost to sell, resulting in a pre-tax charge of $27 million ($16 million after-tax), which is included in loss from discontinued operations in Dominion's Consolidated Statements of Income. This was considered a Level 2 fair value measurement as it was based on the negotiated sales price. As of June 30, 2012, Salem Harbor's assets and liabilities classified as held for sale are included in other current assets and other current liabilities, respectively, in Dominion's Consolidated Balance Sheet.

During the second quarter of 2012, Dominion sold State Line, which ceased operations in March 2012.

The following table presents selected information regarding the results of operations of Salem Harbor and State Line, which were reclassified to discontinued operations in Dominion's Consolidated Statements of Income for all periods presented:

	Three Months Ended June 30,						Six Months Ended June 30,
	2012			2011			2012			2011
(millions)
Operating revenue	$	22		$	53		$	52		$	127
Loss before income taxes	(32		)	(8		)	(30		)	(39		)

The carrying amounts of the major classes of Salem Harbor's assets and liabilities classified as held for sale and included in other current assets and other current liabilities in Dominion's Consolidated Balance Sheet are as follows:

	June 30, 2012
(millions)
ASSETS
Inventories	$	22
Disposal group valuation allowance	(22		)
Total assets	—
LIABILITIES
Current liabilities	6
Deferred credits and other liabilities	13
Total liabilities	$	19