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Investments (Tables)
 12 Months Ended
Dec. 31, 2019
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
   
Fair
Value
 
(millions)
 
 
  
   
   
 
December 31, 2019
 
 
 
    
     
     
 
Equity securities:
(1)
  
 
 
    
     
     
 
U.S.
 
$
1,807
 
  
$
2,451
 
  
$
(20
)
 
$
4,238
 
Fixed income securities:
(2)
  
 
 
  
 
 
  
 
 
  
 
 
Corporate debt instruments
 
 
434
 
  
 
29
 
  
 
—
 
  
 
463
 
Government securities
 
 
1,108
 
  
 
39
 
  
 
(2
)
 
 
1,145
 
Common/collective trust funds
 
 
115
 
  
 
4
 
  
 
—
 
  
 
119
 
Insurance contracts
 
 
214
 
  
 
—
 
  
 
—
 
  
 
214
 
Cash equivalents and other
(3)
  
 
13
 
  
 
—
 
  
 
—
 
  
 
13
 
Total
 
$
3,691
 
  
$
2,523
 
  
$
(22
)
(4)
  
$
6,192
 
December 31, 2018
 
 
 
    
     
     
 
Equity securities:
(1)
    
     
     
     
 
U.S.
   
$1,741
      
$1,640
      
$(51)
      
$3,330
  
Fixed income securities:
(2)
    
     
     
     
 
Corporate debt instruments
   
435
      
5
      
(9)
      
431
  
Government securities
   
1,092
      
17
      
(12)
      
1,097
  
Common/collective trust funds
   
76
      
—
      
—
     
76
  
Cash equivalents and other
    
4
      
—
     
—
     
4
  
Total
   
$3,348
      
$1,662
      
$(72)
(4)
      
$4,938
 
 
(1)
Unrealized gains and losses on equity securities are included in other income and the nuclear decommissioning trust regulatory liability as discussed in Note 2.
(2)
Unrealized gains and losses on fixed income securities are included in AOCI and the nuclear decommissioning trust regulatory liability as discussed in Note 2.
(3)
Includes pending purchases of securities of $1 million at December 31, 2019.
(4)
The fair value of securities in an unrealized loss position was $298 million and $833 million at December 31, 2019 and 2018, 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:
 
Year Ended December 31,
 
2019
 
  
2018
 
(millions)
 
 
  
 
Net gains (losses) recognized during the period
 
$
919
 
   $
(245
 )
Less: Net gains recognized during the period on securities sold during the period
 
 
(80
)
   
(58
 )
Unrealized gains (losses) recognized during the period on securities still held at December 31, 2019 and 2018
(1)
  
$
839
 
   $
(303
 )
 
(1)
Included in other income and the nuclear decommissioning trust regulatory liability as discussed in Note 2.
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 December 31, 2019 by contractual maturity is as follows:
 
  
Amount
 
(millions)
 
 
         
Due in one year or less
 
$
198
 
Due after one year through five years
 
 
412
 
Due after five years through ten years
 
 
390
 
Due after ten years
 
 
727
 
Total
 
$
1,727
 
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.
Year Ended December 31,
 
2019
 
  
2018
   
2017
 
(millions)
 
 
  
   
 
                         
Proceeds from sales
 
$
1,712
 
   $
1,804
    $
1,831
 
Realized gains
(1)
  
 
195
 
    
140
     
166
 
Realized losses
(1)
  
 
96
 
    
91
     
71
 
 
(1)
Includes realized gains and losses recorded to the nuclear decommissioning trust regulatory liability as discussed in Note 2.
Other-Than-Temporary Impairment Losses
Dominion Energy recorded other-than-temporary impairment losses on investments held in nuclear decommissioning trust funds as follows:
Year Ended December 31,
 
2019
 
  
2018
   
2017
 
(millions)
 
 
  
   
 
                         
Total other-than-temporary impairment losses
(1)
  
$
3
 
   $
30
    $
44
 
Losses recorded to the nuclear decommissioning trust regulatory liability
 
 
—
 
    
—
      
(16
 )
Losses recognized in other comprehensive income (before taxes)
 
 
(3
)
   
(30
 )    
(5
 )
Net impairment losses recognized in earnings
 
$
—
 
   $
—
     $
23
 
 
(1)
Amounts include other-than-temporary impairment losses for fixed income securities of $5 million at December 31, 2017.
Investments Accounts Under Equity Method of Accounting
Investments that Dominion Energy account for under the equity method of accounting are as follows:
                                 
Company
 
Ownership%
   
Investment
Balance
   
Description
 
As of December 31,
 
 
  
2019
 
  
2018
   
 
(millions)
 
 
  
   
   
 
Atlantic Coast Pipeline
   
48
 %  
$
1,123
 
   $
820
     
Gas transmission system
 
Iroquois
   
50
 %  
 
276
 
    
302
     
Gas transmission system
 
Fowler Ridge
    
50
 %  
 
74
 
    
82
      
Wind-powered merchant     generation facility
  
Wrangler
    
20
 %  
 
77
 
    
—
      
Nonregulated retail     energy marketing
  
Other
(1)(2)
    
various
   
 
96
 
    
74
     
 
Total
 
 
 
  
$
1,646
 
   $
1,278
     
 
 
 
 
 
 
 
(1)
Liability of less than $1 million associated with NedPower recorded to other deferred credits and other liabilities, on the Consolidated Balance Sheets as of December 31, 2018. See additional discussion of NedPower below.
 
 
 
 
 
(2)
Dominion Energy has an $
80
million unfunded commitment to be made to Align RNG by the end of 202
2
.
 
 
 
 
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
   
Fair
Value
 
(millions)
 
 
  
   
   
 
December 31, 2019
 
 
 
    
     
     
 
Equity securities:
(1)
  
 
 
  
 
 
  
 
 
  
 
 
U.S.
 
 
$894
 
  
 
$1,144
 
  
 
$(11)
 
  
 
$2,027
 
Fixed income securities:
(2)
  
 
 
  
 
 
  
 
 
  
 
 
Corporate debt instruments
 
 
241
 
  
 
15
 
  
 
—
 
  
 
256
 
Government securities
 
 
534
 
  
 
14
 
  
 
(2)
 
  
 
546
 
Common/collective trust funds
 
 
51
 
  
 
—
 
  
 
—
 
  
 
51
 
Cash equivalents and other
  
 
1
 
  
 
—
 
  
 
—
 
  
 
1
 
Total
 
 
$1,721
 
  
 
$1,173
 
  
 
$(13)
(4)
 
  
 
$2,881
 
December 31, 2018
 
 
 
    
     
     
 
Equity securities:
(1)
  
 
 
  
 
 
  
 
 
  
 
 
U.S.
   
$   858
     
$751
     
$(24)
     
$1,585
 
Fixed income securities:
(2)
    
     
     
     
 
Corporate debt instruments
   
224
      
2
      
(5)
      
221
  
Government securities
   
504
      
7
      
(5)
      
506
  
Common/collective trust funds
   
51
      
—
     
—
     
51
  
Cash equivalents and other
(3)
    
6
      
—
     
—
     
6
  
Total
   
$1,643
     
$760
     
$(34)
(4)
      
$2,369
 
(1)
Unrealized gains and losses on equity securities, are included in other income and the nuclear decommissioning trust regulatory liability as discussed in Note 2.
(2)
Unrealized gains and losses on fixed income securities are included in AOCI and the nuclear decommissioning trust regulatory liability as discussed in Note 2.
(3)
Includes pending sales of securities of $6 million at December 31, 2018.
(4)
The fair value of securities in an unrealized loss position was $185 million and $404 million at December 31, 2019 and 2018, 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:
Year Ended December 31,
 
2019
 
  
2018
 
(millions)
 
 
  
 
Net gains (losses) recognized during the period
 
$
423
 
   $
(105
 )
Less: Net gains recognized during the period on securities sold during the period
 
 
(20
)
   
(32
 )
Unrealized gains (losses) recognized during the period on securities still held at December 31, 2019 and 2018
(1)
  
$
403
 
   $
(137
 )
 
(1)
Included in other income and the nuclear decommissioning trust regulatory liability as discussed in Note 2.
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 December 31, 2019, by contractual maturity is as follows:
 
Amount
 
(millions)
 
 
Due in one year or less
 
 
$  91
 
Due after one year through five years
 
 
175
 
Due after five years through ten years
 
 
206
 
Due after ten years
 
 
381
 
Total
 
 
$853
 
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.
Year Ended December 31,
 
2019
 
  
2018
   
2017
 
(millions)
 
 
  
   
 
Proceeds from sales
 
$
858
 
   $
887
    $
849
 
Realized gains
(1)
  
 
58
 
    
60
     
75
 
Realized losses
(1)
  
 
22
 
    
27
     
30
 
 
(1)
Includes realized gains and losses recorded to the nuclear decommissioning trust regulatory liability as discussed in Note 2.
Other-Than-Temporary Impairment Losses
Virginia Power recorded other-than-temporary impairment losses on investments held in nuclear decommissioning trust funds as follows:
                         
Year Ended December 31,
 
2019
 
  
2018
   
2017
 
(millions)
 
 
  
   
 
                         
Total other-than-temporary impairment losses
(1)
  
$
2
 
   $
15
     $
20
  
Losses recorded to the nuclear decommissioning trust regulatory liability
 
 
—
 
    
—
      
(16
 )
Losses recognized in other comprehensive income (before taxes)
 
 
(2
)
   
(15
 )    
(2
 )
Net impairment losses recognized in earnings
 
$
—
 
   $
—
     $
2
 
 
 
 
 
 
 
(1)
Amounts include other-than-temporary impairment losses for fixed income securities of $2 million at December 31, 2017.
 
 
 
 
Dominion Energy Gas Holdings, LLC  
Investments Accounts Under Equity Method of Accounting
Investments that Dominion Energy Gas account for under the equity method of accounting are as follows:
                                 
Company
 
Ownership%
   
Investment
Balance
   
Description
 
As of December 31,
 
 
  
2019
 
  
2018
   
 
(millions)
 
 
  
 
  
   
 
Iroquois
   
50
 %  
 
$276
 
    
$302
     
Gas transmission system
 
White River Hub
   
50
 %  
 
36
 
    
37
     
Gas transmission system
 
Total
 
 
 
  
 
$312
 
    
$339
     
 
 
 
 
 
 
Dominion Energy Gas Holdings, LLC | Iroquois  
Investments Accounts Under Equity Method of Accounting
Summarized financial information provided to Dominion Energy Gas by Iroquois for 100% of Iroquois at December 31, 2019 and 2018
,
and for the years ended December 31, 2019, 2018 and 2017
,
is presented below.
                 
 
At December 31, 2019
 
  
At December 31, 2018
 
(millions)
 
 
  
 
Current assets
 
 
$  79
 
                           $
112
  
Noncurrent assets
 
 
586
 
    
588
  
Current liabilities
 
 
37
 
    
165
  
Noncurrent liabilities
 
 
334
 
    
193
  
 
 
 
 
 
                         
 
Year Ended 
December 31, 2019
 
  
Year Ended 
December 31, 2018
   
Year Ended 
December 31, 2017
 
(millions)
 
 
  
   
 
Revenues
 
 
$180
 
    
$194
     
$194
 
Operating income
  
 
93
 
    
108
     
110
 
Net income
  
 
82
 
    
94
     
93
 
 
 
 
 
 
Dominion Energy Gas Holdings, LLC | White River Hub LLC  
Investments Accounts Under Equity Method of Accounting
Summarized financial information provided to Dominion Energy Gas by White River Hub for 100% of White River Hub at December 31, 2019 and 2018 and for the years ended December 31, 2019, 2018 and 2017 is presented below.
                 
 
At December 31, 2019
 
  
At December 31, 2018
 
(millions)
 
 
  
 
Current assets
 
 
$  3
 
    
$  3
 
Noncurrent assets
 
 
39
 
    
41
 
Current liabilities
 
 
2
 
    
2
 
 
 
 
 
 
                         
 
Year Ended 
December 31, 2019
 
  
Year Ended 
December 31, 2018
   
Year Ended 
December 31, 2017
 
(millions)
 
   
   
 
Revenues
 
 
$10
 
    
$12
     
$10
 
Operating income
  
 
6
 
    
8
     
7
 
Net income
  
 
6
 
    
8
     
7