Quarterly Financial Data (Unaudited)

Nov. 18, 2019

Quarterly Financial Information Disclosure [Abstract]

Quarterly Financial Data (Unaudited)

NOTE 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 impact 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’ quarterly 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.