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Investments (Tables)
 3 Months Ended
Mar. 31, 2022
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)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

March 31, 2022

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Equity securities:(1)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

U.S.

 

$

1,586

 

 

$

3,498

 

 

$

(13

)

 

 

 

 

 

$

5,071

 

Fixed income securities:(2)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Corporate debt instruments

 

 

876

 

 

 

9

 

 

 

(45

)

 

$

—

 

 

 

840

 

Government securities

 

 

1,358

 

 

 

14

 

 

 

(48

)

 

 

—

 

 

 

1,324

 

Common/collective trust funds

 

 

150

 

 

 

3

 

 

 

—

 

 

 

—

 

 

 

153

 

Insurance contracts

 

 

242

 

 

 

—

 

 

 

—

 

 

 

 

 

 

 

242

 

Cash equivalents and other(3)

 

 

26

 

 

 

5

 

 

 

(47

)

 

 

—

 

 

 

(16

)

Total

 

$

4,238

 

 

$

3,529

 

 

$

(153

)

(4)

$

—

 

 

$

7,614

 

December 31, 2021

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Equity securities:(1)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

U.S.

 

$

1,567

 

 

$

3,734

 

 

$

(13

)

 

 

 

 

 

$

5,288

 

Fixed income securities:(2)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Corporate debt instruments

 

 

854

 

 

 

32

 

 

 

(5

)

 

$

—

 

 

 

881

 

Government securities

 

 

1,382

 

 

 

43

 

 

 

(7

)

 

 

—

 

 

 

1,418

 

Common/collective trust funds

 

 

168

 

 

 

4

 

 

 

—

 

 

 

—

 

 

 

172

 

Insurance contracts

 

 

255

 

 

 

—

 

 

 

—

 

 

 

 

 

 

 

255

 

Cash equivalents and other(3)

 

 

9

 

 

 

2

 

 

 

(75

)

 

 

—

 

 

 

(64

)

Total

 

$

4,235

 

 

$

3,815

 

 

$

(100

)

(4)

$

—

 

 

$

7,950

 

 

(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 $1 million and $35 million at March 31, 2022 and December 31, 2021, respectively.

(4)

The fair value of securities in an unrealized loss position was $1.6 billion and $883 million at March 31, 2022 and December 31, 2021, 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

March 31,

 

 

 

2022

 

 

2021

 

(millions)

 

 

 

 

 

 

 

 

Net gains (losses) recognized during the period

 

$

(206

)

 

$

279

 

Less: Net (gains) losses recognized during the period

   on securities sold during the period

 

 

(1

)

 

 

(178

)

Unrealized gains (losses) recognized during the period

   on securities still held at period end(1)

 

$

(207

)

 

$

101

 

 

(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 March 31, 2022 by contractual maturity is as follows:

 

 

 

Amount

 

(millions)

 

 

 

 

Due in one year or less

 

$

274

 

Due after one year through five years

 

 

610

 

Due after five years through ten years

 

 

596

 

Due after ten years

 

 

837

 

Total

 

$

2,317

 

 
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

March 31,

 

 

 

2022

 

 

2021

 

(millions)

 

 

 

 

 

 

 

 

Proceeds from sales

 

$

814

 

 

$

1,765

 

Realized gains(1)

 

 

40

 

 

 

232

 

Realized losses(1)

 

 

54

 

 

 

59

 

 

(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)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

March 31, 2022

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Equity securities:(1)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

U.S.

 

$

857

 

 

$

1,619

 

 

$

(12

)

 

 

 

 

 

$

2,464

 

Fixed income securities:(2)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Corporate debt instruments

 

 

535

 

 

 

4

 

 

 

(30

)

 

$

—

 

 

 

509

 

Government securities

 

 

568

 

 

 

4

 

 

 

(19

)

 

 

—

 

 

 

553

 

Common/collective trust funds

 

 

55

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

55

 

Cash equivalents and other(3)

 

 

(4

)

 

 

—

 

 

 

—

 

 

 

—

 

 

 

(4

)

Total

 

$

2,011

 

 

$

1,627

 

 

$

(61

)

(4)

$

—

 

 

$

3,577

 

December 31, 2021

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Equity securities:(1)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

U.S.

 

$

841

 

 

$

1,720

 

 

$

(11

)

 

 

 

 

 

$

2,550

 

Fixed income securities:(2)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Corporate debt instruments

 

 

517

 

 

 

17

 

 

 

(3

)

 

$

—

 

 

 

531

 

Government securities

 

 

584

 

 

 

16

 

 

 

(2

)

 

 

—

 

 

 

598

 

Common/collective trust funds

 

 

53

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

53

 

Cash equivalents and other(3)

 

 

2

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

2

 

Total

 

$

1,997

 

 

$

1,753

 

 

$

(16

)

(4)

$

—

 

 

$

3,734

 

 

(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 $2 million at March 31, 2022, and pending sales of securities of $5 million at December 31, 2021.

(4)

The fair value of securities in an unrealized loss position was $863 million and $425 million at March 31, 2022 and December 31, 2021, 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

March 31,

 

 

 

2022

 

 

2021

 

(millions)

 

 

 

 

 

 

 

 

Net gains (losses) recognized during the period

 

$

(102

)

 

$

143

 

Less: Net (gains) losses recognized during the period

    on securities sold during the period

 

 

(4

)

 

 

(88

)

Unrealized gains (losses) recognized during the period

    on securities still held at period end(1)

 

$

(106

)

 

$

55

 

 

(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 March 31, 2022 by contractual maturity is as follows:

 

 

 

Amount

 

(millions)

 

 

 

 

Due in one year or less

 

$

83

 

Due after one year through five years

 

 

302

 

Due after five years through ten years

 

 

358

 

Due after ten years

 

 

374

 

Total

 

$

1,117

 

 
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

March 31,

 

 

 

2022

 

 

2021

 

(millions)

 

 

 

 

 

 

 

 

Proceeds from sales

 

$

392

 

 

$

789

 

Realized gains(1)

 

 

16

 

 

 

106

 

Realized losses(1)

 

 

19

 

 

 

23

 

 

(1)

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