Derivatives and Hedge Accounting Activities (Tables)
|
3 Months Ended |
Mar. 31, 2015
|
Derivative [Line Items] |
|
Offsetting Assets |
The tables below present Dominion's derivative asset and liability balances by type of financial instrument, before and after the effects of offsetting: | | | | | | | | | | | | | | | | | | | | | March 31, 2015 | December 31, 2014 | | Gross Amounts of Recognized Assets | Gross Amounts Offset in the Consolidated Balance Sheet | Net Amounts of Assets Presented in the Consolidated Balance Sheet | Gross Amounts of Recognized Assets | Gross Amounts Offset in the Consolidated Balance Sheet | Net Amounts of Assets Presented in the Consolidated Balance Sheet | (millions) | | | | | | | Interest rate contracts: | | | | | | | Over-the-counter | $ | 18 |
| $ | — |
| $ | 18 |
| $ | 24 |
| $ | — |
| $ | 24 |
| Commodity contracts: | | | | | | | Over-the-counter | 323 |
| — |
| 323 |
| 382 |
| — |
| 382 |
| Exchange | 326 |
| — |
| 326 |
| 298 |
| — |
| 298 |
| Total derivatives, subject to a master netting or similar arrangement | 667 |
| — |
| 667 |
| 704 |
| — |
| 704 |
| Total derivatives, not subject to a master netting or similar arrangement | 12 |
| — |
| 12 |
| 15 |
| — |
| 15 |
| Total | $ | 679 |
| $ | — |
| $ | 679 |
| $ | 719 |
| $ | — |
| $ | 719 |
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | March 31, 2015 | | | December 31, 2014 | | | | Gross Amounts Not Offset in the Consolidated Balance Sheet | | | Gross Amounts Not Offset in the Consolidated Balance Sheet | | | Net Amounts of Assets Presented in the Consolidated Balance Sheet | Financial Instruments | Cash Collateral Received | Net Amounts | Net Amounts of Assets Presented in the Consolidated Balance Sheet | Financial Instruments | Cash Collateral Received | Net Amounts | (millions) | | | | | | | | | Interest rate contracts: | | | | | | | | | Over-the-counter | $ | 18 |
| $ | 18 |
| $ | — |
| $ | — |
| $ | 24 |
| $ | 16 |
| $ | — |
| $ | 8 |
| Commodity contracts: | | | | | | | | | Over-the-counter | 323 |
| 45 |
| — |
| 278 |
| 382 |
| 34 |
| 34 |
| 314 |
| Exchange | 326 |
| 326 |
| — |
| — |
| 298 |
| 298 |
| — |
| — |
| Total | $ | 667 |
| $ | 389 |
| $ | — |
| $ | 278 |
| $ | 704 |
| $ | 348 |
| $ | 34 |
| $ | 322 |
|
|
Offsetting Liabilities |
| | | | | | | | | | | | | | | | | | | | | March 31, 2015 | December 31, 2014 | | Gross Amounts of Recognized Liabilities | Gross Amounts Offset in the Consolidated Balance Sheet | Net Amounts of Liabilities Presented in the Consolidated Balance Sheet | Gross Amounts of Recognized Liabilities | Gross Amounts Offset in the Consolidated Balance Sheet | Net Amounts of Liabilities Presented in the Consolidated Balance Sheet | (millions) | | | | | | | Interest rate contracts: | | | | | | | Over-the-counter | $ | 307 |
| $ | — |
| $ | 307 |
| $ | 202 |
| $ | — |
| $ | 202 |
| Commodity contracts: | | | | | | | Over-the-counter | 83 |
| — |
| 83 |
| 87 |
| — |
| 87 |
| Exchange | 364 |
| — |
| 364 |
| 493 |
| — |
| 493 |
| Total derivatives, subject to a master netting or similar arrangement | 754 |
| — |
| 754 |
| 782 |
| — |
| 782 |
| Total derivatives, not subject to a master netting or similar arrangement | 11 |
| — |
| 11 |
| 12 |
| — |
| 12 |
| Total | $ | 765 |
| $ | — |
| $ | 765 |
| $ | 794 |
| $ | — |
| $ | 794 |
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | March 31, 2015 | | | December 31, 2014 | | | | Gross Amounts Not Offset in the Consolidated Balance Sheet | | | Gross Amounts Not Offset in the Consolidated Balance Sheet | | | Net Amounts of Liabilities Presented in the Consolidated Balance Sheet | Financial Instruments | Cash Collateral Paid | Net Amounts | Net Amounts of Liabilities Presented in the Consolidated Balance Sheet | Financial Instruments | Cash Collateral Paid | Net Amounts | (millions) | | | | | | | | | Interest rate contracts: | | | | | | | | | Over-the-counter | $ | 307 |
| $ | 18 |
| $ | — |
| $ | 289 |
| $ | 202 |
| $ | 16 |
| $ | — |
| $ | 186 |
| Commodity contracts: | | | | | | | | | Over-the-counter | 83 |
| 45 |
| — |
| 38 |
| 87 |
| 34 |
| 1 |
| 52 |
| Exchange | 364 |
| 326 |
| 38 |
| — |
| 493 |
| 298 |
| 195 |
| — |
| Total | $ | 754 |
| $ | 389 |
| $ | 38 |
| $ | 327 |
| $ | 782 |
| $ | 348 |
| $ | 196 |
| $ | 238 |
|
|
Volumes of Derivative Activity |
The following table presents the volume of Dominion’s derivative activity as of March 31, 2015. These volumes are based on open derivative positions and represent the combined absolute value of their long and short positions, except in the case of offsetting transactions, for which they represent the absolute value of the net volume of their long and short positions. | | | | | | | | | Current | Noncurrent | Natural Gas (bcf): | | | Fixed price(1) | 55 |
| 10 |
| Basis | 224 |
| 558 |
| Electricity (MWh): | | | Fixed price | 13,610,507 |
| 7,505,325 |
| FTRs | 14,994,541 |
| — |
| Capacity (MW) | 15,250 |
| 3,050 |
| Liquids (Gal)(2) | 77,280,000 |
| 2,016,000 |
| Interest rate | $ | 2,550,000,000 |
| $ | 4,000,000,000 |
|
| | (2) | Includes NGLs and oil. |
|
Cash Flow Hedges Included Accumulated Other Comprehensive Income (Loss) |
The following table presents selected information related to gains (losses) on cash flow hedges included in AOCI in Dominion’s Consolidated Balance Sheet at March 31, 2015: | | | | | | | | | | AOCI After-Tax | Amounts Expected to be Reclassified to Earnings during the next 12 Months After-Tax | Maximum Term | (millions) | | | | Commodities: | | | | Gas | $ | (5 | ) | $ | (5 | ) | 25 months | Electricity | 89 |
| 32 |
| 21 months | Other | — |
| (1 | ) | 14 months | Interest rate | (261 | ) | (6 | ) | 393 months | Total | $ | (177 | ) | $ | 20 |
| |
|
Fair Value of Derivatives |
The following table presents the fair values of Dominion’s derivatives and where they are presented in its Consolidated Balance Sheets: | | | | | | | | | | | | Fair Value – Derivatives under Hedge Accounting | Fair Value – Derivatives not under Hedge Accounting | Total Fair Value | (millions) | | | | At March 31, 2015 | | | | ASSETS | | | | Current Assets | | | | Commodity | $ | 298 |
| $ | 109 |
| $ | 407 |
| Interest rate | 13 |
| — |
| 13 |
| Total current derivative assets(1) | 311 |
| 109 |
| 420 |
| Noncurrent Assets | | | | Commodity | 140 |
| 114 |
| 254 |
| Interest rate | 5 |
| — |
| 5 |
| Total noncurrent derivative assets(2) | 145 |
| 114 |
| 259 |
| Total derivative assets | $ | 456 |
| $ | 223 |
| $ | 679 |
| LIABILITIES | | | | Current Liabilities | | | | Commodity | $ | 253 |
| $ | 118 |
| $ | 371 |
| Interest rate | 229 |
| — |
| 229 |
| Total current derivative liabilities | 482 |
| 118 |
| 600 |
| Noncurrent Liabilities | | | | Commodity | 48 |
| 39 |
| 87 |
| Interest Rate | 78 |
| — |
| 78 |
| Total noncurrent derivative liabilities(3) | 126 |
| 39 |
| 165 |
| Total derivative liabilities | $ | 608 |
| $ | 157 |
| $ | 765 |
| At December 31, 2014 | | | | ASSETS | | | | Current Assets | | | | Commodity | $ | 281 |
| $ | 242 |
| $ | 523 |
| Interest rate | 13 |
| — |
| 13 |
| Total current derivative assets(1) | 294 |
| 242 |
| 536 |
| Noncurrent Assets | |
| |
| |
| Commodity | 71 |
| 101 |
| 172 |
| Interest rate | 11 |
| — |
| 11 |
| Total noncurrent derivative assets(2) | 82 |
| 101 |
| 183 |
| Total derivative assets | $ | 376 |
| $ | 343 |
| $ | 719 |
| LIABILITIES | |
| |
| |
| Current Liabilities | |
| |
| |
| Commodity | $ | 224 |
| $ | 267 |
| $ | 491 |
| Interest rate | 100 |
| — |
| 100 |
| Total current derivative liabilities | 324 |
| 267 |
| 591 |
| Noncurrent Liabilities | |
| |
| |
| Commodity | 55 |
| 46 |
| 101 |
| Interest rate | 102 |
| — |
| 102 |
| Total noncurrent derivative liabilities(3) | 157 |
| 46 |
| 203 |
| Total derivative liabilities | $ | 481 |
| $ | 313 |
| $ | 794 |
|
| | (1) | Current derivative assets are presented in other current assets in Dominion's Consolidated Balance Sheets. |
| | (2) | Noncurrent derivative assets are presented in other deferred charges and other assets in Dominion’s Consolidated Balance Sheets. |
| | (3) | Noncurrent derivative liabilities are presented in other deferred credits and other liabilities in Dominion’s Consolidated Balance Sheets. |
|
Gains and Losses on Derivatives in Cash Flow Hedging Relationships |
The following tables present the gains and losses on Dominion's derivatives, as well as where the associated activity is presented in its Consolidated Balance Sheets and Statements of Income: | | | | | | | | | | | Derivatives in cash flow hedging relationships | Amount of Gain (Loss) Recognized in AOCI on Derivatives (Effective Portion)(1) | Amount of Gain (Loss) Reclassified from AOCI to Income | Increase (Decrease) in Derivatives Subject to Regulatory Treatment(2) | (millions) | | | | Three Months Ended March 31, 2015 | | | | Derivative Type and Location of Gains (Losses) | | | | Commodity: | | | | Operating revenue | | $ | (92 | ) | | Purchased gas | | (5 | ) | | Electric fuel and other energy-related purchases | | 1 |
| | Total commodity | $ | (41 | ) | $ | (96 | ) | $ | 3 |
| Interest rate(3) | (58 | ) | (2 | ) | (49 | ) | Total | $ | (99 | ) | $ | (98 | ) | $ | (46 | ) | Three Months Ended March 31, 2014 | | | | Derivative Type and Location of Gains (Losses) | | | | Commodity: | | | | Operating revenue | | $ | (269 | ) | | Purchased gas | | (1 | ) | | Electric fuel and other energy-related purchases | | 13 |
| | Total commodity | $ | (183 | ) | $ | (257 | ) | $ | 2 |
| Interest rate(3) | (47 | ) | (3 | ) | (23 | ) | Total | $ | (230 | ) | $ | (260 | ) | $ | (21 | ) |
| | (1) | Amounts deferred into AOCI have no associated effect in Dominion’s Consolidated Statements of Income. |
| | (2) | Represents net derivative activity deferred into and amortized out of regulatory assets/liabilities. Amounts deferred into regulatory assets/liabilities have no associated effect in Dominion’s Consolidated Statements of Income. |
| | (3) | Amounts recorded in Dominion’s Consolidated Statements of Income are classified in interest and related charges. |
|
Schedule of Derivatives not Designated as Hedging Instruments |
| | | | | | | | | Amount of Gain (Loss) Recognized in Income on Derivatives(1) | | Three Months Ended March 31, | Derivatives not designated as hedging instruments | 2015 | 2014 | (millions) | | | Derivative Type and Location of Gains (Losses) | | | Commodity | | | Operating revenue | $ | 3 |
| $ | (361 | ) | Purchased gas | (2 | ) | 7 |
| Electric fuel and other energy-related purchases | 6 |
| 133 |
| Total | $ | 7 |
| $ | (221 | ) |
| | (1) | Includes derivative activity amortized out of regulatory assets/liabilities. Amounts deferred into regulatory assets/liabilities have no associated effect in Dominion’s Consolidated Statements of Income. |
|
Virginia Electric and Power Company |
|
Derivative [Line Items] |
|
Offsetting Assets |
The tables below present Virginia Power's derivative asset and liability balances by type of financial instrument, before and after the effects of offsetting: | | | | | | | | | | | | | | | | | | | | | March 31, 2015 | December 31, 2014 | | Gross Amounts of Recognized Assets | Gross Amounts Offset in the Consolidated Balance Sheet | Net Amounts of Assets Presented in the Consolidated Balance Sheet | Gross Amounts of Recognized Assets | Gross Amounts Offset in the Consolidated Balance Sheet | Net Amounts of Assets Presented in the Consolidated Balance Sheet | (millions) | | | | | | | Commodity contracts: | | | | | | | Over-the-counter | $ | 82 |
| $ | — |
| $ | 82 |
| $ | 106 |
| $ | — |
| $ | 106 |
| Total derivatives, subject to a master netting or similar arrangement | 82 |
| — |
| 82 |
| 106 |
| — |
| 106 |
| Total derivatives, not subject to a master netting or similar arrangement | 24 |
| — |
| 24 |
| 7 |
| — |
| 7 |
| Total | $ | 106 |
| $ | — |
| $ | 106 |
| $ | 113 |
| $ | — |
| $ | 113 |
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | March 31, 2015 | | | December 31, 2014 | | | | Gross Amounts Not Offset in the Consolidated Balance Sheet | | | Gross Amounts Not Offset in the Consolidated Balance Sheet | | | Net Amounts of Assets Presented in the Consolidated Balance Sheet | Financial Instruments | Cash Collateral Received | Net Amounts | Net Amounts of Assets Presented in the Consolidated Balance Sheet | Financial Instruments | Cash Collateral Received | Net Amounts | (millions) | | | | | | | | | Commodity contracts: | | | | | | | | | Over-the-counter | $ | 82 |
| $ | 4 |
| $ | — |
| $ | 78 |
| $ | 106 |
| $ | 4 |
| $ | — |
| $ | 102 |
| Total | $ | 82 |
| $ | 4 |
| $ | — |
| $ | 78 |
| $ | 106 |
| $ | 4 |
| $ | — |
| $ | 102 |
|
|
Offsetting Liabilities |
| | | | | | | | | | | | | | | | | | | | | March 31, 2015 | December 31, 2014 | | Gross Amounts of Recognized Liabilities | Gross Amounts Offset in the Consolidated Balance Sheet | Net Amounts of Liabilities Presented in the Consolidated Balance Sheet | Gross Amounts of Recognized Liabilities | Gross Amounts Offset in the Consolidated Balance Sheet | Net Amounts of Liabilities Presented in the Consolidated Balance Sheet | (millions) | | | | | | | Interest rate contracts: | | | | | | | Over-the-counter | $ | 128 |
| $ | — |
| $ | 128 |
| $ | 72 |
| $ | — |
| $ | 72 |
| Commodity contracts: | | | | | | | Over-the-counter | 5 |
| — |
| 5 |
| 8 |
| — |
| 8 |
| Total derivatives, subject to a master netting or similar arrangement | 133 |
| — |
| 133 |
| 80 |
| — |
| 80 |
| Total derivatives, not subject to a master netting or similar arrangement | 6 |
| — |
| 6 |
| 7 |
| — |
| 7 |
| Total | $ | 139 |
| $ | — |
| $ | 139 |
| $ | 87 |
| $ | — |
| $ | 87 |
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | March 31, 2015 | | | December 31, 2014 | | | | Gross Amounts Not Offset in the Consolidated Balance Sheet | | | Gross Amounts Not Offset in the Consolidated Balance Sheet | | | Net Amounts of Liabilities Presented in the Consolidated Balance Sheet | Financial Instruments | Cash Collateral Paid | Net Amounts | Net Amounts of Liabilities Presented in the Consolidated Balance Sheet | Financial Instruments | Cash Collateral Paid | Net Amounts | (millions) | | | | | | | | | Interest rate contracts: | | | | | | | | | Over-the-counter | $ | 128 |
| $ | — |
| $ | — |
| $ | 128 |
| $ | 72 |
| $ | — |
| $ | — |
| $ | 72 |
| Commodity contracts: | | | | | | | | | Over-the-counter | 5 |
| 4 |
| — |
| 1 |
| 8 |
| 4 |
| — |
| 4 |
| Total | $ | 133 |
| $ | 4 |
| $ | — |
| $ | 129 |
| $ | 80 |
| $ | 4 |
| $ | — |
| $ | 76 |
|
|
Volumes of Derivative Activity |
The following table presents the volume of Virginia Power’s derivative activity as of March 31, 2015. These volumes are based on open derivative positions and represent the combined absolute value of their long and short positions, except in the case of offsetting transactions, for which they represent the absolute value of the net volume of their long and short positions. | | | | | | | | | Current | Noncurrent | Natural Gas (bcf): | | | Fixed price(1) | 12 |
| — |
| Basis | 84 |
| 493 |
| Electricity (MWh): | | | FTRs | 13,486,569 |
| — |
| Capacity (MW) | 15,250 |
| 3,050 |
| Interest rate | $ | 1,000,000,000 |
| $ | 750,000,000 |
|
|
Fair Value of Derivatives |
The following table presents the fair values of Virginia Power’s derivatives and where they are presented in its Consolidated Balance Sheets: | | | | | | | | | | | | Fair Value – Derivatives under Hedge Accounting | Fair Value – Derivatives not under Hedge Accounting | Total Fair Value | (millions) | | | | At March 31, 2015 | | | | ASSETS | | | | Current Assets | | | | Commodity | $ | — |
| $ | 28 |
| $ | 28 |
| Total current derivative assets(1) | — |
| 28 |
| 28 |
| Noncurrent Assets | | | | Commodity | — |
| 78 |
| 78 |
| Total noncurrent derivative assets(2) | — |
| 78 |
| 78 |
| Total derivative assets | $ | — |
| $ | 106 |
| $ | 106 |
| LIABILITIES | | | | Current Liabilities | | | | Commodity | $ | 1 |
| $ | 10 |
| $ | 11 |
| Interest rate | 96 |
| — |
| 96 |
| Total current derivative liabilities(3) | 97 |
| 10 |
| 107 |
| Noncurrent Liabilities | | | | Interest rate | 32 |
| — |
| 32 |
| Total noncurrent derivatives liabilities (4) | 32 |
| — |
| 32 |
| Total derivative liabilities | $ | 129 |
| $ | 10 |
| $ | 139 |
| December 31, 2014 | | | | ASSETS | | | | Current Assets | | | | Commodity | $ | — |
| $ | 51 |
| $ | 51 |
| Total current derivative assets(1) | — |
| 51 |
| 51 |
| Noncurrent Assets | | | | Commodity | — |
| 62 |
| 62 |
| Total noncurrent derivative assets(2) | — |
| 62 |
| 62 |
| Total derivative assets | $ | — |
| $ | 113 |
| $ | 113 |
| LIABILITIES | |
| |
| |
| Current Liabilities | |
| |
| |
| Commodity | $ | 3 |
| $ | 12 |
| $ | 15 |
| Interest rate | 45 |
| — |
| 45 |
| Total current derivative liabilities(3) | 48 |
| 12 |
| 60 |
| Noncurrent Liabilities | | | | Interest rate | 27 |
| — |
| 27 |
| Total noncurrent derivative liabilities(4) | 27 |
| — |
| 27 |
| Total derivative liabilities | $ | 75 |
| $ | 12 |
| $ | 87 |
|
| | (1) | Current derivative assets are presented in other current assets in Virginia Power's Consolidated Balance Sheets. |
| | (2) | Noncurrent derivative assets are presented in other deferred charges and other assets in Virginia Power's Consolidated Balance Sheets. |
| | (3) | Current derivative liabilities are presented in other current liabilities in Virginia Power's Consolidated Balance Sheets. |
| | (4) | Noncurrent derivative liabilities are presented in other deferred credits and other liabilities in Virginia Power’s Consolidated Balance Sheets. |
|
Gains and Losses on Derivatives in Cash Flow Hedging Relationships |
The following tables present the gains and losses on Virginia Power's derivatives, as well as where the associated activity is presented in its Consolidated Balance Sheets and Statements of Income: | | | | | | | | | | | Derivatives in cash flow hedging relationships | Amount of Gain (Loss) Recognized in AOCI on Derivatives (Effective Portion)(1) | Amount of Gain (Loss) Reclassified from AOCI to Income | Increase (Decrease) in Derivatives Subject to Regulatory Treatment(2) | (millions) | | | | Three Months Ended March 31, 2015 | | | | Derivative Type and Location of Gains (Losses) | | | | Commodity: | | | | Electric fuel and other energy-related purchases | | $ | (1 | ) | | Total commodity | $ | — |
| $ | (1 | ) | $ | 3 |
| Interest rate(3) | (6 | ) | — |
| (49 | ) | Total | $ | (6 | ) | $ | (1 | ) | $ | (46 | ) | Three Months Ended March 31, 2014 | | | | Derivative Type and Location of Gains (Losses) | | | | Commodity: | | | | Electric fuel and other energy-related purchases | | $ | 5 |
| | Total commodity | $ | 6 |
| $ | 5 |
| $ | 2 |
| Interest rate(3) | (3 | ) | — |
| (23 | ) | Total | $ | 3 |
| $ | 5 |
| $ | (21 | ) |
| | (1) | Amounts deferred into AOCI have no associated effect in Virginia Power’s Consolidated Statements of Income. |
| | (2) | Represents net derivative activity deferred into and amortized out of regulatory assets/liabilities. Amounts deferred into regulatory assets/liabilities have no associated effect in Virginia Power’s Consolidated Statements of Income. |
| | (3) | Amounts recorded in Virginia Power’s Consolidated Statements of Income are classified in interest and related charges. |
|
Schedule of Derivatives not Designated as Hedging Instruments |
| | | | | | | | | Amount of Gain (Loss) Recognized in Income on Derivatives(1) | | Three Months Ended March 31, | Derivatives not designated as hedging instruments | 2015 | 2014 | (millions) | | | Derivative Type and Location of Gains (Losses) | | | Commodity(2) | $ | 7 |
| $ | 119 |
| Total | $ | 7 |
| $ | 119 |
|
| | (1) | Includes derivative activity amortized out of regulatory assets/liabilities. Amounts deferred into regulatory assets/liabilities have no associated effect in Virginia Power’s Consolidated Statements of Income. |
| | (2) | Amounts recorded in Virginia Power's Consolidated Statements of Income are classified in electric fuel and other energy-related purchases. |
|
Dominion Gas Holdings, LLC |
|
Derivative [Line Items] |
|
Offsetting Assets |
The tables below present Dominion Gas' derivative asset and liability balances by type of financial instrument, before and after the effects of offsetting. | | | | | | | | | | | | | | | | | | | | | March 31, 2015 | December 31, 2014 | | Gross Amounts of Recognized Assets | Gross Amounts Offset in the Consolidated Balance Sheet | Net Amounts of Assets Presented in the Consolidated Balance Sheet | Gross Amounts of Recognized Assets | Gross Amounts Offset in the Consolidated Balance Sheet | Net Amounts of Assets Presented in the Consolidated Balance Sheet | (millions) | | | | | | | Commodity contracts: | | | | | | | Over-the-counter | $ | 3 |
| $ | — |
| $ | 3 |
| $ | 2 |
| $ | — |
| $ | 2 |
| Total derivatives, subject to a master netting or similar arrangement | $ | 3 |
| $ | — |
| $ | 3 |
| $ | 2 |
| $ | — |
| $ | 2 |
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | March 31, 2015 | | | December 31, 2014 | | | | Gross Amounts Not Offset in the Consolidated Balance Sheet | | | Gross Amounts Not Offset in the Consolidated Balance Sheet | | | Net Amounts of Assets Presented in the Consolidated Balance Sheet | Financial Instruments | Cash Collateral Received | Net Amounts | Net Amounts of Assets Presented in the Consolidated Balance Sheet | Financial Instruments | Cash Collateral Received | Net Amounts | (millions) | | | | | | | | | Commodity contracts: | | | | | | | | | Over-the-counter | $ | 3 |
| $ | 3 |
| $ | — |
| $ | — |
| $ | 2 |
| $ | — |
| $ | — |
| $ | 2 |
| Total | $ | 3 |
| $ | 3 |
| $ | — |
| $ | — |
| $ | 2 |
| $ | — |
| $ | — |
| $ | 2 |
|
|
Offsetting Liabilities |
| | | | | | | | | | | | | | | | | | | | | March 31, 2015 | December 31, 2014 | | Gross Amounts of Recognized Liabilities | Gross Amounts Offset in the Consolidated Balance Sheet | Net Amounts of Liabilities Presented in the Consolidated Balance Sheet | Gross Amounts of Recognized Liabilities | Gross Amounts Offset in the Consolidated Balance Sheet | Net Amounts of Liabilities Presented in the Consolidated Balance Sheet | (millions) | | | | | | | Interest rate contracts: | | | | | | | Over-the-counter | $ | 13 |
| $ | — |
| $ | 13 |
| $ | 9 |
| $ | — |
| $ | 9 |
| Commodity contracts: | | | | | | | Over-the-counter | 3 |
| — |
| 3 |
| — |
| — |
| — |
| Total derivatives, subject to a master netting or similar arrangement | $ | 16 |
| $ | — |
| $ | 16 |
| $ | 9 |
| $ | — |
| $ | 9 |
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | March 31, 2015 | | | December 31, 2014 | | | | Gross Amounts Not Offset in the Consolidated Balance Sheet | | | Gross Amounts Not Offset in the Consolidated Balance Sheet | | | Net Amounts of Liabilities Presented in the Consolidated Balance Sheet | Financial Instruments | Cash Collateral Paid | Net Amounts | Net Amounts of Liabilities Presented in the Consolidated Balance Sheet | Financial Instruments | Cash Collateral Paid | Net Amounts | (millions) | | | | | | | | | Interest rate contracts: | | | | | | | | | Over-the-counter | $ | 13 |
| $ | — |
| $ | — |
| $ | 13 |
| $ | 9 |
| $ | — |
| $ | — |
| $ | 9 |
| Commodity contracts: | | | | | | | | | Over-the-counter | 3 |
| 3 |
| — |
| — |
| — |
| — |
| — |
| — |
| Total | $ | 16 |
| $ | 3 |
| $ | — |
| $ | 13 |
| $ | 9 |
| $ | — |
| $ | — |
| $ | 9 |
|
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Volumes of Derivative Activity |
The following table presents the volume of Dominion Gas' derivative activity as of March 31, 2015. These volumes are based on open derivative positions and represent the combined absolute value of their long and short positions, except in the case of offsetting transactions, for which they represent the absolute value of the net volume of their long and short positions. | | | | | | | | | Current |
| Noncurrent |
| Natural Gas (bcf): | | | Fixed price | 7 |
| — |
| Basis | 8 |
| — |
| NGLs (Gal) | 72,912,000 |
| — |
| Interest rate | $ | — |
| $ | 250,000,000 |
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Cash Flow Hedges Included Accumulated Other Comprehensive Income (Loss) |
The following table presents selected information related to losses on cash flow hedges included in AOCI in Dominion Gas' Consolidated Balance Sheet at March 31, 2015: | | | | | | | | | | AOCI After-Tax |
| Amounts Expected to be Reclassified to Earnings during the next 12 Months After-Tax |
| Maximum Term | (millions) | | | | Commodities: | | | | NGLs | $ | (1 | ) | $ | — |
| 12 months | Interest rate | (23 | ) | — |
| 357 months | Total | $ | (24 | ) | $ | — |
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Fair Value of Derivatives |
The following tables present the fair values of Dominion Gas' commodity and interest rate derivatives and where they are presented in its Consolidated Balance Sheets: | | | | | | | | | | | | Fair Value - Derivatives under Hedge Accounting |
| Fair Value - Derivatives not under Hedge Accounting |
| Total Fair Value |
| (millions) | | | | At March 31, 2015 | | | | ASSETS | | | | Current Assets | | | | Commodity | $ | 2 |
| $ | 1 |
| $ | 3 |
| Total current derivative assets(1) | 2 |
| 1 |
| 3 |
| Total derivative assets | $ | 2 |
| $ | 1 |
| $ | 3 |
| LIABILITIES | |
| |
| |
| Current Liabilities | |
| |
| |
| Commodity | $ | 3 |
| $ | — |
| $ | 3 |
| Total current derivative liabilities(2) | 3 |
| — |
| 3 |
| Noncurrent Liabilities | | | | Interest rate | 13 |
| — |
| 13 |
| Total noncurrent derivative liabilities(3) | 13 |
| — |
| 13 |
| Total derivative liabilities | $ | 16 |
| $ | — |
| $ | 16 |
| At December 31, 2014 | | | | ASSETS | | | | Current Assets | | | | Commodity | $ | 2 |
| $ | — |
| $ | 2 |
| Total current derivative assets(1) | 2 |
| — |
| 2 |
| Total derivative assets | $ | 2 |
| $ | — |
| $ | 2 |
| LIABILITIES | |
| |
| |
| Noncurrent Liabilities | |
| |
| |
| Interest rate | $ | 9 |
| $ | — |
| $ | 9 |
| Total noncurrent derivative liabilities(3) | 9 |
| — |
| 9 |
| Total derivative liabilities | $ | 9 |
| $ | — |
| $ | 9 |
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| | (1) | Current derivative assets are presented in other current assets in Dominion Gas' Consolidated Balance Sheets. |
| | (2) | Current derivative liabilities are presented in other current liabilities in Dominion Gas' Consolidated Balance Sheets. |
| | (3) | Noncurrent derivative liabilities are presented in other deferred credits and other liabilities in Dominion Gas’ Consolidated Balance Sheets. |
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Gains and Losses on Derivatives in Cash Flow Hedging Relationships |
The following table presents the gains and losses on Dominion Gas' derivatives, as well as where the associated activity is presented in its Consolidated Balance Sheets and Statements of Income: | | | | | | | | Derivatives in cash flow hedging relationships | Amount of Gain (Loss) Recognized in AOCI on Derivatives (Effective Portion)(1) |
| Amount of Gain (Loss) Reclassified from AOCI to Income |
| (millions) | | | Three Months Ended March 31, 2015 | | | Derivative Type and Location of Gains (Losses) | | | Commodity | | | Operating revenue |
|
| $ | — |
| Total commodity | $ | (2 | ) | $ | — |
| Interest rate(2) | (4 | ) | — |
| Total | $ | (6 | ) | $ | — |
| Three Months Ended March 31, 2014 | | | Derivative Type and Location of Gains (Losses) | | | Commodity | | | Operating revenue |
|
| $ | (6 | ) | Purchased gas |
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| (2 | ) | Total commodity | $ | 1 |
| $ | (8 | ) | Interest rate(2) | (14 | ) | — |
| Total | $ | (13 | ) | $ | (8 | ) |
| | (1) | Amounts deferred into AOCI have no associated effect in Dominion Gas' Consolidated Statements of Income. |
| | (2) | Amounts recorded in Dominion Gas' Consolidated Statements of Income are classified in interest and related charges. |
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