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Investments (Tables)
 6 Months Ended
Jun. 30, 2021
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

 

 

Allowance for Credit Losses

 

 

Fair

Value

 

(millions)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

June 30, 2021

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Equity securities:(1)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

U.S.

 

$

1,529

 

 

$

3,251

 

 

$

(9

)

 

 

 

 

 

$

4,771

 

Fixed income securities:(2)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Corporate debt instruments

 

 

830

 

 

 

43

 

 

 

(2

)

 

$

—

 

 

 

871

 

Government securities

 

 

1,435

 

 

 

60

 

 

 

(5

)

 

 

—

 

 

 

1,490

 

Common/collective trust funds

 

 

171

 

 

 

5

 

 

 

—

 

 

 

—

 

 

 

176

 

Insurance contracts

 

 

246

 

 

 

—

 

 

 

—

 

 

 

 

 

 

 

246

 

Cash equivalents and other(3)

 

 

(22

)

 

 

5

 

 

 

(16

)

 

 

—

 

 

 

(33

)

Total

 

$

4,189

 

 

$

3,364

 

 

$

(32

)

(4)

$

—

 

 

$

7,521

 

December 31, 2020

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Equity securities:(1)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

U.S.

 

$

1,756

 

 

$

2,948

 

 

$

(24

)

 

 

 

 

 

$

4,680

 

Fixed income securities:(2)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Corporate debt instruments

 

 

572

 

 

 

58

 

 

 

(1

)

 

$

—

 

 

 

629

 

Government securities

 

 

1,119

 

 

 

66

 

 

 

(1

)

 

 

—

 

 

 

1,184

 

Common/collective trust funds

 

 

170

 

 

 

5

 

 

 

—

 

 

 

—

 

 

 

175

 

Insurance contracts

 

 

237

 

 

 

—

 

 

 

—

 

 

 

 

 

 

 

237

 

Cash equivalents and other(3)

 

 

(8

)

 

 

4

 

 

 

(1

)

 

 

—

 

 

 

(5

)

Total

 

$

3,846

 

 

$

3,081

 

 

$

(27

)

(4)

$

—

 

 

$

6,900

 

 

(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. Changes in allowance for credit losses are included in other income.

(3)

Includes pending purchases of securities of $33 million and $49 million at June 30, 2021 and December 31, 2020, respectively.

(4)

The fair value of securities in an unrealized loss position was $611 million and $293 million at June 30, 2021 and December 31, 2020, 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,

 

 

 

2021

 

 

2020

 

 

2021

 

 

2020

 

(millions)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net gains (losses) recognized during the period

 

$

352

 

 

$

610

 

 

$

631

 

 

$

(288

)

Less: Net (gains) losses recognized during the period

   on securities sold during the period

 

 

(134

)

 

 

(5

)

 

 

(312

)

 

 

9

 

Unrealized gains (losses) recognized during the period

   on securities still held at period end(1)

 

$

218

 

 

$

605

 

 

$

319

 

 

$

(279

)

 

(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, 2021 by contractual maturity is as follows:

 

 

 

Amount

 

(millions)

 

 

 

 

Due in one year or less

 

$

293

 

Due after one year through five years

 

 

673

 

Due after five years through ten years

 

 

677

 

Due after ten years

 

 

894

 

Total

 

$

2,537

 

 
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,

 

 

 

2021

 

 

2020

 

 

2021

 

 

2020

 

(millions)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Proceeds from sales

 

$

945

 

 

$

1,058

 

 

$

2,710

 

 

$

1,660

 

Realized gains(1)

 

 

148

 

 

 

74

 

 

 

380

 

 

 

140

 

Realized losses(1)

 

 

15

 

 

 

61

 

 

 

74

 

 

 

130

 

 

(1)

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

 

 

Allowance for Credit Losses

 

 

Fair

Value

 

(millions)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

June 30, 2021

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Equity securities:(1)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

U.S.

 

$

817

 

 

$

1,497

 

 

$

(8

)

 

 

 

 

 

$

2,306

 

Fixed income securities:(2)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Corporate debt instruments

 

 

463

 

 

 

24

 

 

 

(1

)

 

$

—

 

 

 

486

 

Government securities

 

 

645

 

 

 

24

 

 

 

(1

)

 

 

—

 

 

 

668

 

Common/collective trust funds

 

 

55

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

55

 

Cash equivalents and other(3)

 

 

(4

)

 

 

—

 

 

 

—

 

 

 

—

 

 

 

(4

)

Total

 

$

1,976

 

 

$

1,545

 

 

$

(10

)

(4)

$

—

 

 

$

3,511

 

December 31, 2020

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Equity securities:(1)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

U.S.

 

$

929

 

 

$

1,371

 

 

$

(21

)

 

 

 

 

 

$

2,279

 

Fixed income securities:(2)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Corporate debt instruments

 

 

315

 

 

 

33

 

 

 

—

 

 

$

—

 

 

 

348

 

Government securities

 

 

484

 

 

 

25

 

 

 

—

 

 

 

—

 

 

 

509

 

Common/collective trust funds

 

 

58

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

58

 

Cash equivalents and other(3)

 

 

3

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

3

 

Total

 

$

1,789

 

 

$

1,429

 

 

$

(21

)

(4)

$

—

 

 

$

3,197

 

 

(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. Changes in allowance for credit losses are included in other income.

(3)

Includes pending purchases of securities of $4 million and $10 million at June 30, 2021 and December 31, 2020, respectively.

(4)

The fair value of securities in an unrealized loss position was $228 million and $142 million at June 30, 2021 and December 31, 2020, 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,

 

 

 

2021

 

 

2020

 

 

2021

 

 

2020

 

(millions)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net gains (losses) recognized during the period

 

$

170

 

 

$

269

 

 

$

313

 

 

$

(154

)

Less: Net (gains) losses recognized during the period

    on securities sold during the period

 

 

(85

)

 

 

(3

)

 

 

(173

)

 

 

3

 

Unrealized gains (losses) recognized during the period

    on securities still held at period end(1)

 

$

85

 

 

$

266

 

 

$

140

 

 

$

(151

)

 

(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, 2021 by contractual maturity is as follows:

 

 

 

Amount

 

(millions)

 

 

 

 

Due in one year or less

 

$

82

 

Due after one year through five years

 

 

340

 

Due after five years through ten years

 

 

401

 

Due after ten years

 

 

386

 

Total

 

$

1,209

 

 
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,

 

 

 

2021

 

 

2020

 

 

2021

 

 

2020

 

(millions)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Proceeds from sales

 

$

460

 

 

$

236

 

 

$

1,249

 

 

$

530

 

Realized gains(1)

 

 

90

 

 

 

24

 

 

 

196

 

 

 

55

 

Realized losses(1)

 

 

3

 

 

 

17

 

 

 

26

 

 

 

48

 

 

(1)

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