XML 61 R44.htm IDEA: XBRL DOCUMENT v3.19.2
Investments (Tables)
 6 Months Ended
Jun. 30, 2019
Equity and Fixed Income Securities, Insurance Contracts and Cash Equivalents in Decommissioning Trust Funds Dominion Energy’s decommissioning trust funds are summarized below:

 

 

 

Amortized

Cost

 

 

Total

Unrealized

Gains

 

 

Total

Unrealized

Losses

 

 

 

Fair

Value

 

(millions)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

June 30, 2019

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Equity securities:(1)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

U.S.

 

$

1,776

 

 

$

2,120

 

 

$

(21

)

 

 

$

3,875

 

Fixed income securities:(2)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Corporate debt instruments

 

 

474

 

 

 

27

 

 

 

(1

)

 

 

 

500

 

Government securities

 

 

1,073

 

 

 

41

 

 

 

(2

)

 

 

 

1,112

 

Common/collective trust funds

 

 

63

 

 

 

—

 

 

 

—

 

 

 

 

63

 

Insurance contracts

 

 

206

 

 

 

—

 

 

 

—

 

 

 

 

206

 

Cash equivalents and other(3)

 

 

11

 

 

 

—

 

 

 

—

 

 

 

 

11

 

Total

 

$

3,603

 

 

$

2,188

 

 

$

(24

)

(4)

 

$

5,767

 

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.

(2)

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

(3)

Includes pending sales of securities of $3 million at June 30, 2019.  

(4)

The fair value of securities in an unrealized loss position was $208 million and $833 million at June 30, 2019 and December 31, 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:

 

 

Three Months Ended June 30,

 

 

Six Months Ended June 30,

 

 

 

2019

 

 

2018

 

 

2019

 

 

2018

 

(millions)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net gains recognized during the period

 

$

156

 

 

$

89

 

 

$

570

 

 

$

24

 

Less: Net gains recognized during the period

   on securities sold during the period

 

 

(25

)

 

 

(16

)

 

 

(44

)

 

 

(35

)

Unrealized gains (losses) recognized during the period on

   securities still held at June 30, 2019 and 2018(1)

 

$

131

 

 

$

73

 

 

$

526

 

 

$

(11

)

(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 June 30, 2019 by contractual maturity is as follows:

 

 

 

Amount

 

(millions)

 

 

 

 

Due in one year or less

 

$

203

 

Due after one year through five years

 

 

397

 

Due after five years through ten years

 

 

387

 

Due after ten years

 

 

688

 

Total

 

$

1,675

 

 
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 June 30,

 

 

Six Months Ended June 30,

 

 

 

2019

 

 

2018

 

 

2019

 

 

2018

 

(millions)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Proceeds from sales

 

$

376

 

 

$

425

 

 

$

882

 

 

$

844

 

Realized gains(1)

 

 

56

 

 

 

36

 

 

 

99

 

 

 

72

 

Realized losses(1)

 

 

27

 

 

 

23

 

 

 

50

 

 

 

42

 

(1)

Includes realized gains and losses recorded to the nuclear decommissioning trust regulatory liability.
Virginia Electric and Power Company  
Equity and Fixed Income Securities, Insurance Contracts and Cash Equivalents in Decommissioning Trust Funds Virginia Power’s decommissioning trust funds are summarized below:

 

 

 

Amortized

Cost

 

 

Total

Unrealized

Gains

 

 

Total

Unrealized

Losses

 

 

 

Fair

Value

 

(millions)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

June 30, 2019

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Equity securities:(1)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

U.S.

 

$

888

 

 

$

981

 

 

$

(11

)

 

 

$

1,858

 

Fixed income securities:(2)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Corporate debt instruments

 

 

244

 

 

 

13

 

 

 

—

 

 

 

 

257

 

Government securities

 

 

500

 

 

 

18

 

 

 

(1

)

 

 

 

517

 

Common/collective trust funds

 

 

47

 

 

 

—

 

 

 

—

 

 

 

 

47

 

Cash equivalents and other(3)

 

 

3

 

 

 

—

 

 

 

—

 

 

 

 

3

 

Total

 

$

1,682

 

 

$

1,012

 

 

$

(12

)

(4)

 

$

2,682

 

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.

(2)

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

(3)

Includes pending sales of securities of $3 million and $6 million at June 30, 2019 and December 31, 2018, respectively.

(4)

The fair value of securities in an unrealized loss position was $97 million and $404 million at June 30, 2019 and December 31, 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:

 

 

 

Three Months Ended June 30,

 

 

Six Months Ended June 30,

 

 

 

2019

 

 

2018

 

 

2019

 

 

2018

 

(millions)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net gains recognized during the period

 

$

70

 

 

$

44

 

 

$

256

 

 

$

12

 

Less: Net gains recognized during the period

   on securities sold during the period

 

 

(7

)

 

 

(8

)

 

 

(8

)

 

 

(23

)

Unrealized gains (losses) recognized during the period on

   securities still held at June 30, 2019 and 2018(1)

 

$

63

 

 

$

36

 

 

$

248

 

 

$

(11

)

(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 June 30, 2019 by contractual maturity is as follows:

 

 

 

Amount

 

(millions)

 

 

 

 

Due in one year or less

 

$

98

 

Due after one year through five years

 

 

154

 

Due after five years through ten years

 

 

212

 

Due after ten years

 

 

357

 

Total

 

$

821

 

 

 
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 June 30,

 

 

Six Months Ended June 30,

 

 

 

2019

 

 

2018

 

 

2019

 

 

2018

 

(millions)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Proceeds from sales

 

$

194

 

 

$

196

 

 

$

447

 

 

$

414

 

Realized gains(1)

 

 

15

 

 

 

15

 

 

 

25

 

 

 

33

 

Realized losses(1)

 

 

3

 

 

 

7

 

 

 

12

 

 

 

12

 

(1)

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